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Archer Investment Series Trust
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<p><b><font style="font-family:Times New Roman">Investment Objective</font></b></p>
<p><font style="font-family:Times New Roman">The Archer Balanced Fund (the “Fund”) seeks total return. </font></p>
<p><b><font style="font-family:Times New Roman">Fees and Expenses of Investing in the Fund</font></b></p>
<p><font style="font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></p>
<p><b><font style="font-family:Times New Roman">Shareholder Fees (fees paid directly from your investment)</font></b></p>
<p><b><font style="font-family:Times New Roman">Annual Fund Operating Expenses (expenses that you pay each year as a percentage        of your investment)</font></b></p>
<p><b><font style="font-family:Times New Roman">Example</font></b></p>
<p><font style="font-family:Times New Roman">This Example is intended to help you compare the cost of investing in the Archer Balanced Fund with the cost of investing in other mutual funds.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<b><font style="font-size:11.0pt; font-family:Times New Roman">Portfolio Turnover </font></b>
<p><font style="font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 76.14% of the average value of its portfolio. </font></p>
<p><b><font style="font-family:Times New Roman">Principal Investment Strategies of the Fund</font></b></p>
<p><font style="font-family:Times New Roman">The Fund seeks to achieve its objective of total return, by investing in a diversified portfolio of equity and fixed income securities. Total return is composed of both income and capital appreciation.  The advisor uses a top-down approach to evaluate industries and sectors of the economy that are depressed or have fallen out of favor with investors and then seeks quality companies in those industries or sectors that have value in the advisor’s opinion. Within each, the advisor seeks to find companies with solid financial strength and strong management that are selling below their intrinsic value. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            As a Balanced Fund, under normal circumstances, the Fund will invest up to 70%, but not less than 25% of its total assets in equity securities. The equity component of the Fund’s portfolio will primarily consist of securities of large capitalization companies (i.e., companies with market capitalizations over $10 billion), but the Fund may also invest in small- and mid-capitalization companies if the advisor believes that such investments provide opportunities for greater returns. Equity securities in which the Fund may invest include primarily common stocks, as well as securities convertible into common stocks, and exchange-traded funds (ETFs) that invest primarily in equity securities. The Fund may also invest in real estate investment trusts (REITs).</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            Further, under normal circumstances, the Fund will invest at least 30%, but not less than 25% of its total assets in fixed income securities, cash and cash equivalents. Fixed income securities in which the Fund may invest include securities issued by the U.S. government and its agencies and instrumentalities, corporate bonds, foreign government bonds, municipal bonds, and zero-coupon bonds, structured notes and similar products, mortgage REIT’s, money market mutual funds and other money market instruments, hybrid certificates of deposit, and investment companies (such as EFT’s) that invest primarily in fixed income securities. The fixed income securities in the Fund’s portfolio will primarily have maturities of 5 years or less; however, from time to time, the Fund may invest in fixed income securities with maturities of up to 30 years. The Fund typically invests in fixed income securities rated investment grade at the time of purchase (at least BBB/Baa or higher) as determined by one of the following rating organizations: Standard and Poor’s Ratings Group (“S&P”), Fitch Ratings (“Fitch”) or Moody’s Investors Service, Inc. (“Moody’s”) or, if unrated, determined by the advisor to be of comparable quality. From time to time, depending on general market conditions and the prospects presented by the individual security, the Fund may invest in non-investment grade fixed income securities, commonly known as junk bonds. The Fund will not invest more than 5% of its assets in junk bonds (determined at the time of purchase). </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            The Fund may invest in equity or fixed income securities of foreign companies operating in developed countries. Equity securities will be limited to sponsored or unsponsored American Depositary Receipts (ADRs) traded on U.S. stock exchanges. ADRs typically are issued by a U.S. bank or trust company and represent ownership of underlying securities issued by a foreign company. The Fund may pursue its investment objective directly or indirectly by investing in ETFs, so long as such investment otherwise conforms to the Fund’s investment policies. In evaluating ETFs, the advisor considers the ETF’s investment strategy, the experience of its sponsor, its performance history, volatility, comparative return and risk data, asset size, and expense ratio. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            For cash management purposes, the Fund may also invest in short-term, high quality money market instruments such as short-term obligations of the U.S. Government, its agencies or instrumentalities, bank obligations, commercial paper or money market mutual funds. By keeping some cash or cash equivalents, the Fund may be able to avoid realizing gains and losses from selling stocks when there are shareholder redemptions. However, the Fund may have difficulty meeting its investment objective when holding a significant cash position.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            The Fund will not seek to realize profits by anticipating short-term market movements. The advisor intends to purchase securities which meet it mainly for the long-term goals. However, when the advisor deems that change will benefit the Fund, portfolio turnover will not be a limiting factor. Accordingly, the Funs may experience a higher than normal portfolio turnover rate.  </font></p> <p><font style="font-family:Times New Roman"> </font></p> <font style="font-size:11.0pt; font-family:Times New Roman">            The Fund may sell holdings that the advisor believes have reduced potential for capital appreciation and/or income, have underperformed the market or their relevant economic sectors, have exceeded their fair market values, have experienced a change in fundamentals or are subject to other factors that may contribute to relative underperformance. </font>
<p><b><font style="font-family:Times New Roman">Principal Risks of Investing in the Fund </font></b></p>
<p><font style="font-family:Times New Roman">Investors in the Fund should have a long-term perspective and, for example, be able to tolerate potentially sharp declines in value.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">The prices of securities held by the Fund may decline in response to certain events taking place around the world, including those directly involving the companies whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate and commodity price fluctuations. The common stock and other equity type securities purchased by the Fund may involve large price swings and potential for loss.</font></p> <p><font style="font-family:Times New Roman">  </font></p> <p><font style="font-family:Times New Roman">                                                                                    Investments in securities issued by entities based outside the United States may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. These risks may be heightened in connection with investments in emerging markets. Investments in securities issued by entities domiciled in the United States may also be subject to many of these risks. </font></p> <p><font style="font-family:Times New Roman">            Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">You may lose money by investing in the Fund.  The Fund’s performance could be hurt by:</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><i><font style="font-family:Times New Roman">Management Risk.</font></i><font style="font-family:Times New Roman"> The advisor’s investment strategy may fail to produce the intended results.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Company Risk.</i> The value of the Fund may decrease in response to the activities and financial prospects of an individual company in the Fund’s portfolio. The value of an individual company can be more volatile than the market as a whole.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Value Risk.</i> The Fund invests in undervalued securities. The market may not agree with the advisor’s determination that a security is undervalued, and the security’s price may not increase to what the advisor believes is its full value. It may even decrease in value.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Equity Risks.</i> Stock markets can be volatile. In other words, the prices of stocks can rise or fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. The Fund’s investments may decline in value if the stock markets perform poorly. There is also a risk that the Fund’s investments will under-perform either the securities markets generally or particular segments of the securities markets.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Small and Mid-Size Company Risk.</i> Small and mid-size companies involve greater risk of loss and price fluctuation than larger companies. Their securities may also be less liquid and more volatile. As a result, the Fund could have greater difficulty buying or selling a security of a micro- or small-cap issuer at an acceptable price, especially in periods of market volatility.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <b>Fixed Income Risks</b></font></p> <p><font style="font-family:Times New Roman">                        </font></p> <p><i><font style="font-family:Times New Roman">Credit Risk.</font></i><font style="font-family:Times New Roman"> The issuer of a fixed income security may not be able to make interest and principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation.</font></p> <p><font style="font-family:Times New Roman">                        </font></p> <p><i><font style="font-family:Times New Roman">Change in Rating Risk.</font></i><font style="font-family:Times New Roman"> If a rating agency gives a debt security a lower rating, the value of the debt security will decline because investors will demand a higher rate of return.</font></p> <p><font style="font-family:Times New Roman">                        </font></p> <p><i><font style="font-family:Times New Roman">Interest Rate Risk.</font></i><font style="font-family:Times New Roman"> The value of the Fund may fluctuate based upon changes in interest rates and market conditions. As interest rates decline, the value of the Fund’s investments may go down. Securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. In addition, the issuers of certain types of securities may prepay principal earlier than scheduled when interest rates rise, forcing the Fund to reinvest in lower yielding securities. Slower than expected principal payments may also extend the average life of fixed income securities, locking in below-market interest rates and reducing the value of these securities. </font></p> <p><font style="font-family:Times New Roman">                        </font></p> <p><i><font style="font-family:Times New Roman">Duration Risk.</font></i><font style="font-family:Times New Roman"> Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>High Yield Securities Risk.</i> To the extent the Fund invests in high yield securities (junk bonds), it will be subject to greater levels of interest rate and credit risks than funds that do not invest in such securities. These securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose its entire investment. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Zero Coupon Bonds.</i> The Fund is required to distribute income accrued with respect to zero coupon bonds to shareholders even where no income is actually received on the bond. From time to time, the Fund may have to liquidate other portfolio securities to satisfy its distribution obligations on such zero coupon bonds.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Foreign Risks.</i> To the extent that the Fund invests in foreign securities, it will be subject to additional risks that can increase the potential for losses in the Fund. These risks may include, among others, country risks (political, diplomatic, regional conflicts, terrorism, war, social and economic instability, currency devaluations and policies that have the effect of limiting or restricting foreign investment or the movement of assets), different trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Investment Company Securities Risk.</i> When the Fund invests in other investment companies, such as money market mutual funds or ETFs, it indirectly bears its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds (such as the use of derivatives by the underlying funds). ETFs are also subject to the following risks: (i) the market price of an ETF’s shares may trade above or below its net asset value; (ii) the ETF may employ an investment strategy that utilizes high leverage ratios; or (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. The Fund has no control over the risks taken by the underlying funds in which it invests.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Real Estate Risk.</i> To the extent the Fund invests in REITs, it is subject to risks generally associated with investing in real estate, such as (i) possible declines in the value of real estate, (ii) adverse general and local economic conditions, (iii) possible lack of availability of mortgage funds, (iv) changes in interest rates, and (v) environmental problems. In addition, REITs are subject to certain other risks related specifically to their structure and focus such as: dependency upon management skills; limited diversification; the risks of locating and managing financing for projects; heavy cash flow dependency; possible default by borrowers; the costs and potential losses of self-liquidation of one or more holdings; the possibility of failing to maintain exemptions from securities registration; and, in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <b>Government Securities Risks</b></font></p> <p><font style="font-family:Times New Roman">                        </font></p> <p><i><font style="font-family:Times New Roman">Agency Risk.</font></i><font style="font-family:Times New Roman"> It is possible that the U.S. Government would not provide financial support to its agencies or instrumentalities if it is not required to do so by law. If a U.S. Government agency or instrumentality in which the Fund invests defaults and the U.S. Government does not stand behind the obligation, the Fund’s share price or yield could fall. Securities of certain U.S. Government sponsored entities, such as Freddie Mac or Fannie Mae, are neither issued nor guaranteed by the U.S. Government.</font></p> <p><font style="font-family:Times New Roman">                        </font></p> <p><i><font style="font-family:Times New Roman">No Guarantee.</font></i><font style="font-family:Times New Roman"> The U.S. Government's guarantee of ultimate payment of principal and timely payment of interest on certain U.S. Government securities owned by the Fund does not imply that the Fund's shares are guaranteed or that the price of the Fund's shares will not fluctuate.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Hybrid Certificates of Deposit Risk.</i> Unlike a regular CD, a callable CD fluctuates in value. If interest rates go down, the CD gains value; if interest rates go up, the CD loses value. Hybrid CDs typically offer higher interest rates than those available on, and often have longer maturities than, regular CDs. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Portfolio Turnover Risk.</i> The Fund’s investment strategy may result in a high portfolio turnover rate. High portfolio turnover would result in correspondingly greater brokerage commission expenses and may result in the distribution to shareholders of additional capital gains for tax purposes. These factors may negatively affect the Fund’s performance.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Option Risk.</i> Specific market movements of an option and the underlying security cannot be predicted with certainty. When the Fund writes a covered call option, it receives a premium, but also gives up the opportunity to profit from a price increase in the underlying security above the exercise price as long as its obligation as a writer continues, and it retains the risk of loss if the price of the security declines. Other risks associated with writing covered call options include the possible inability to effect closing transactions at favorable prices and an appreciation limit on the securities set aside for settlement. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Structured Notes Risk.</i> Structured notes 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 the imbedded derivative features, structured notes generally are subject to more risk that investing in a simple note or bond issued by the same issuer. It is impossible to predict whether the referenced factor (such as an index or interest rate) or prices of the underlying securities will rise or fall. To the extent that the fixed income portion of the Fund’s portfolio includes structured notes, the Fund may be more volatile than other balanced funds that do not invest in structured notes. The actual trading prices of structured notes may be significantly different from the principal amount of the notes. If the Fund sells the structured notes prior to maturity, it may suffer a loss of principal. At final maturity, structured notes may be redeemed in cash or in kind, which is at the discretion of the issuer. If the notes are redeemed in kind, the Fund would receive shares of stock at a depressed price. To the extent that a structured note is not principal-protected through an insurance feature, the note’s principal will not be protected. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            The Fund is not a complete investment program. As with any mutual fund investment, the Fund’s returns will vary and you could lose money.</font></p>
<p><b><font style="font-family:Times New Roman">Past Performance </font></b></p>
<p><font style="font-family:Times New Roman">The performance information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, and 10 years with those of a broad-based market index and a performance average of similar mutual funds.  The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </font></p>
<p><b><font style="font-family:Times New Roman">Archer Balanced Fund </font></b></p> <p><b><font style="font-family:Times New Roman">Calendar Year returns as of December 31,</font></b></p>
<p><font style="font-family:Times New Roman">The calendar year-to-date return for the Fund as of November 30, 2012 was 5.64%.  During the period shown, the highest return for a quarter was 12.02% (quarter ended June 30, 2009); and the lowest return was -14.67% (quarter ended December 31, 2008). </font></p>
<p><b><font style="font-family:Times New Roman">AVERAGE ANNUAL TOTAL RETURNS</font></b></p> <p><b><font style="font-family:Times New Roman">(for the periods ended December 31, 2011)</font></b></p>
.7614
<font style="font-size:11.0pt; font-family:Times New Roman">You may lose money by investing in the Fund.  </font>
<p><font style="font-family:Times New Roman">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </font></p>
<font style="font-size:11.0pt; font-family:Times New Roman">Highest return for a quarter </font>
2009-06-30
.1202
<font style="font-size:11.0pt; font-family:Times New Roman">Lowest return for a quarter </font>
2008-12-31
-.1467
<font style="font-size:9.0pt; font-family:Times New Roman">After-tax returns are calculated using the historical highest individual federal marginal income tax rates </font>
<p><font style="font-size:9.0pt; font-family:Times New Roman">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p>
<p><b><font style="font-family:Times New Roman">Investment Objective</font></b></p>
<p><font style="font-family:Times New Roman">The investment objective of the Archer Income Fund (the “Fund”) is to provide you with current income while secondarily striving for capital appreciation </font></p>
<p><b><font style="font-family:Times New Roman">Fees and Expenses of the Fund</font></b></p>
<font style="font-size:11.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  </font>
<p><b><font style="font-family:Times New Roman">Shareholder Fees (fees paid directly from your investment)</font></b></p>
<p><b><font style="font-family:Times New Roman">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></b></p>
<p><b><font style="font-family:Times New Roman">Example</font></b></p>
<p><font style="font-family:Times New Roman">This Example is intended to help you compare the cost of investing in the Archer Income Fund with the cost of investing in other mutual funds.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p><b><font style="font-family:Times New Roman">Portfolio Turnover </font></b></p>
<p><font style="font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 24.29% of the average value of its portfolio.</font></p>
<p><b><font style="font-family:Times New Roman">Principal Investment Strategies of the Fund</font></b></p>
<p><font style="font-family:Times New Roman">Under normal conditions, at least 50% of the Fund’s total assets will be invested in U.S. government obligations, mortgage and asset-backed securities, corporate and municipal bonds, collateralized mortgage obligations (CMOs),  certificates of deposit linked to an index. The securities purchased will be rated BBB or better by either Standard & Poor’s Ratings Group (S&P), Fitch Ratings (Fitch), or Moody’s Investors Service (Moody’s), or other equivalently rated nationally recognized organization (NRSRO).  Further, under normal conditions, up to 20% of the Fund’s total assets will be invested in below investment-grade fixed income securities, commonly referred to as high-yield or “junk” bonds.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">The Fund will invest up to 25% of its assets in foreign debt securities denominated in U.S. dollars and foreign currencies.  These include foreign fixed income securities issued by corporations and governments and emerging market fixed income securities issued by corporations and governments.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">The Fund will invest up to 10% of its assets in covered call options on the debt securities it owns. The Fund will sell covered call options to obtain market exposure or to manage risk or hedge against adverse market conditions.  The option is “covered” because the Fund owns the securities at the time it sells the option.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">The Fund will invest in fixed income securities primarily through exchange-traded funds ("ETFs") and mutual funds (collectively, the "Underlying Funds") that are not affiliated with the Fund or the adviser.  The Fund will invest in ETFs as it may be more cost efficient than investing in individual fixed income securities while gaining exposure to a particular sector or index.  An ETF is typically a registered investment company that seeks to track the performance of a particular market index.  These indices include not only broad-market indices, but more specific indices as well, including those relating to particular sectors, markets, regions, or industries.  An ETF is traded like a stock on a securities exchange and may be purchased and sold throughout the day based on its market price.  </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">When deciding whether to purchase or sell a particular security, the Advisor considers an appraisal of the economy, the relative yields of securities and the investment prospects for issuers.  The Advisor also, carefully assesses the particular security’s yield-to-maturity, credit quality, liquidity, call risk and current yield.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">The Fund will invest in a broad range of fixed income instruments without benchmark constraints or significant sector/instrument limitations.</font></p>
<p><b><font style="font-family:Times New Roman">Principal Risks of Investing in the Fund </font></b></p>
<p><font style="font-family:Times New Roman">You may lose money by investing in the Fund. The Fund’s performance could be hurt by:</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Issuer Risk.</i>  Securities held by the Fund may decline in value because of changes in the financial condition of or other events affecting, the issuers of these securities.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Asset-Backed Securities Investment Risk.</i> The Fund may run the risk that the impairment of the value of the assets underlying a security in which the Fund invests such as non-payment of loans, will result in a reduction in the value of the security.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Management Risk.</i>  The adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s or sub-adviser's judgments will produce the desired results.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Interest Rate Risk.</i>  When the Fund invests in bonds or in Underlying Funds that own bonds, the value of your investment in the Fund will fluctuate with changes in interest rates.  Typically, a rise in interest rates causes a decline in the value of bond funds owned by the Fund.  In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Credit Risk.</i>  A security’s price may decline due to deterioration in the issuer’s financial condition, or the issuer may fail to repay interest and/or principal in a timely manner. The risk is higher for below investment grade bonds.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Call Risk.</i>  During periods of falling interest rates, issuers of callable bonds may repay securities with higher interest rates before maturity.  This could cause the Fund to lose potential price appreciation if it reinvests the proceeds at lower interest rates.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Liquidity Risk.</i>  If the Fund invests in illiquid assets, or if asset become illiquid there may be no willing buyer of the securities and the Fund may have to sell those securities at a lower price or may not be able to sell the securities at all each of which would have a negative effect on performance. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>ETF Risk.</i> The Fund will incur higher and duplicative expenses when it invests in Underlying Funds. There is also the risk that the Fund may suffer losses due to the investment practices of the Underlying Funds (such as the use of derivatives). The ETFs in which the Fund invests may not be able to replicate exactly the performance of the indices they track, due to transactions costs and other expenses of the underlying funds. The shares of closed-end funds frequently trade at a discount to their net asset value. Accordingly, there can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease, and it is possible that the discount may increase. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Mortgage Backed Securities Risk.</i> Mortgage-backed securities have several risks, including: </font></p> <p><font style="font-family:Times New Roman">- credit and market risks of mortgage-backed securities: the mortgage loans or the guarantees underlying the mortgage-backed securities may default or otherwise fail leading to non-payment of interest and principal. </font></p> <p><font style="font-family:Times New Roman">- prepayment risk of mortgage-backed securities: in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund will have to replace them with securities having a lower yield. </font></p> <p><font style="font-family:Times New Roman">- extension risk of mortgage-backed securities: in times of rising interest rates mortgage prepayments will slow causing portfolio securities considered short or intermediate term to be long-term securities which fluctuate more widely in response to changes in interest rates than shorter term securities. </font></p> <p><font style="font-family:Times New Roman">- inverse floater, interest- and principal-only securities risk: these securities are extremely sensitive to changes in interest rates and prepayment rates. </font></p> <p><font style="font-family:Times New Roman">- illiquidity of mortgage markets: the mortgage markets are currently facing additional economic pressures such as the devaluation of the underlying collateral, increased loan underwriting standards which limits the number of real estate purchasers, and excess supply of properties in certain geographic regions, which puts additional downward pressure on the value of real estate in these regions. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Foreign Risk.</i> Investments in foreign securities may be affected by currency controls and exchange rates; different accounting, auditing, financial reporting, and legal standards and practices; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. These risks may be heightened in connection with investments in emerging or developing countries. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Foreign Currency Risk.</i>  To the extent the Fund invests in securities or Underlying Funds that hold securities that are denominated in foreign currencies, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.  Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.  These currency movements may negatively impact the value of the Fund even when there is no change in the value of the security in the issuer’s home country.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Emerging Markets Risk.</i> Countries with emerging markets may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and inefficient securities markets</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Junk Bonds Risk.</i>  Investments in junk bonds involve a greater risk of default and are subject to a substantially higher degree of credit risk or price changes than other types of debt securities. These securities are considered speculative because they have a higher risk of issuer default, are subject to greater price volatility and may be illiquid.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>General Fixed-Income Securities Risk.</i>  The market prices of bonds, including those issued by the U.S. government, go up as interest rates fall, and go down as interest rates rise.  As a result, the net asset value of the Fund will fluctuate with conditions in the bond markets.  In the case of corporate bonds and commercial paper, values may fluctuate as perceptions of credit quality change.  In addition, investment grade bonds may be downgraded or default.  During periods of declining interest rates, or for other reasons, bonds may be “called”, or redeemed, by the bond issuer prior to the bond’s maturity date, resulting in the Fund receiving payment earlier than expected.  This may reduce the Fund’s income if the proceeds are reinvested at a lower interest rate.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Government Securities Risk.</i>  Economic, business, or political developments may affect the ability of government sponsored guarantors to repay principal and to make interest payments on the securities in which the Fund invests.  In addition, certain of these securities, including those issued or guaranteed by FNMA (Federal National Mortgage Association, or Fannie Mae) and FHLMC (Federal Home Loan Mortgage Corporation, or Freddie Mac), are not backed by the full faith and credit of the U.S. government.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Municipal Securities Risk.</i>  Municipal Securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. </font></p>
.2429
<font style="font-size:11.0pt; font-family:Times New Roman">You may lose money by investing in the Fund. </font>
<p><b><font style="font-family:Times New Roman">Investment Objective</font></b></p>
<font style="font-size:11.0pt; font-family:Times New Roman">The investment objective of the Archer Stock Fund (the “Fund”) is capital appreciation </font>
<p><b><font style="font-family:Times New Roman">Fees and Expenses of the Fund</font></b></p>
<font style="font-size:11.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  </font>
<b><font style="font-size:11.0pt; font-family:Times New Roman">Shareholder Fees (fees paid directly from your investment)</font></b>
<p><b><font style="font-family:Times New Roman">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></b></p>
<p><b><font style="font-family:Times New Roman">Example</font></b></p>
<p><font style="font-family:Times New Roman">This Example is intended to help you compare the cost of investing in the Archer Stock Fund with the cost of investing in other mutual funds.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p><b><font style="font-family:Times New Roman">Portfolio Turnover </font></b></p>
<p><font style="font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 399.91% of the average value of its portfolio.</font></p>
<p><b><font style="font-family:Times New Roman">Principal Investment Strategies of the Fund</font></b></p>
<p><font style="font-family:Times New Roman">Under normal market conditions, the Fund will invest in a portfolio of common stocks and equity securities which include preferred stock and depository receipts of companies of all sizes. The Adviser employs security selection based on research and analysis of the company’s historical data.  In selecting securities to purchase, the Adviser evaluates factors that include, but are not limited to: market capitalization, valuation metrics, and earnings and price momentum over time.  Portfolio securities may be sold generally upon periodic rebalancing of the Fund’s portfolio. The Adviser considers the same factors it uses in evaluating a security for purchase and generally sells securities when it believes such securities no longer meet its investment criteria.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman"> The Fund will invest up to 30% of its total assets in the securities of foreign issuers, including those in emerging markets, and will invest up to 10% of its total assets in real estate investment trusts (“REITS”) or foreign real estate companies.  The Adviser expects that the Fund’s investment strategy may result in a portfolio turnover rate in excess of 100% on an annual basis.</font></p>
<p><b><font style="font-family:Times New Roman">Principal Risks of Investing in the Fund </font></b></p>
<p><font style="font-family:Times New Roman">You may lose money by investing in the Fund.   The Fund’s performance could be hurt by:</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Market Risk.</i> Overall stock market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Small and Mid-Cap Risk.</i> Direct investments in individual small capitalization companies may be more vulnerable than larger, more established organizations to adverse business or economic developments.  In particular, small capitalization companies may have limited product lines, markets, and financial resources and may be more dependent upon a relatively small management group.</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Foreign Securities Risk.</i> Investments in foreign securities may be affected by currency controls and exchange rates; different accounting, auditing, financial reporting, and legal standards and practices; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. These risks may be heightened in connection with investments in emerging or developing countries. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Real Estate Risks.</i> The value of Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while the value of mortgage REITs may be affected by the quality of any credit extended. Investment in REITs involves risks similar to those associated with investing in small capitalization companies, and REITs (especially mortgage REITs) are subject to interest rate risks. Because REITs incur expenses like management fees, investments in REITs also add an additional layer of expenses</font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Active Trading Risk.</i> Active trading could raise transaction costs (thus lowering return). In addition, active trading could result in increased taxable distributions to shareholders and distributions that will be taxable to shareholders at higher federal income tax rates. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Equity Risk.</i> Equity securities generally have greater price volatility than fixed income securities. </font></p> <p><font style="font-family:Times New Roman"> </font></p> <p><font style="font-family:Times New Roman">            <i>Management Risk.</i> The advisor’s investment strategy may fail to produce the intended results. The Adviser’s management practices and investment strategies might not work to meet the Fund’s investment objective.</font></p>
3.9991
<font style="font-size:11.0pt; font-family:Times New Roman">You may lose money by investing in the Fund.   </font>
<p><b><font style="font-family:Times New Roman">Past Performance </font></b></p>
<p><font style="font-family:Times New Roman">Performance information for the Archer Income Fund is not available at this time because the Fund does not have annual returns for a full calendar year as of the date of this Prospectus.  In the future the Fund will include a bar chart and table which will include such information that will provide some indication of the risks of investing in the Fund by showing the variability of performance and by comparing the Fund's performance to a broad measure of market performance. </font></p>
<p><b><font style="font-family:Times New Roman">Past Performance</font></b></p>
<p><font style="font-family:Times New Roman">Performance information for the Archer Stock Fund is not available at this time because the Fund does not have annual returns for a full calendar year as of the date of this Prospectus.  In the future the Fund will include a bar chart and table which will include such information that will provide some indication of the risks of investing in the Fund by showing the variability of performance and by comparing the Fund's performance to a broad measure of market performance.</font></p>
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2012-12-28
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iso4217:USD
The Fund has adopted a Rule 12b-1 Plan that allows the Fund to pay an annual fee of up to 0.25% to financial institutions that provide distribution and/or shareholder servicing. The Plan will not be activated through December 31, 2016.
Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of investing in money market funds or other investment companies that have their own expenses. The fees and expenses are not used to calculate the Fund's net asset value and do not correlate to the ratio of Expenses to Average Net Assets found in the 'Financial Highlights' section of this Prospectus.
The Advisor contractually has agreed to waive its management fee and/or reimburse certain Fund operating expenses, but only to the extent necessary so that the Fund's total operating expenses, excluding brokerage fees and commissions, any 12b-1 fees, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, extraordinary expenses and any indirect expenses (such as Fees and Expenses of Acquired Funds), do not exceed 1.20% of the Fund's average daily net assets. The contractual agreement is in place through December 31, 2016. Each waiver or reimbursement by the advisor is subject to repayment by the Fund within the three fiscal years following the fiscal year in which the particular expense was incurred, provided that the Fund is able to make the repayment without exceeding the 1.20% expense limitation. The Management Services Agreement may, on sixty (60) days written notice, be terminated with respect to a Fund, at any time without the payment of any penalty, by the Board of Trustees or by a vote of a majority of the outstanding voting securities of the Fund, or by Management
The Archer Balanced Fund Inception Date was September 27, 2005.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes or the lower rate on long-term capital gains when shares are held for more than 12 months. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
The Index is an unmanaged benchmark that assumes reinvestment of all distributions and excludes the effect of taxes and fees. The Dow Jones U.S. Moderate Relative Risk Index represents a diversified portfolio of U.S. stocks, bonds and cash, and seeks to capture 60% of the risk of the stock market. The Index is representative of a broader market and range of securities than is found in the Fund's portfolio.
The Advisor contractually has agreed to waive its management fee and/or reimburse certain Fund operating expenses, but only to the extent necessary so that the Fund's total operating expenses, excluding brokerage fees and commissions, any 12b-1 fees, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, extraordinary expenses and any indirect expenses (such as Fees and Expenses of Acquired Funds), do not exceed 1.45% of the Fund's average daily net assets. The contractual agreement is in place through December 31, 2016. Each waiver or reimbursement by the advisor is subject to repayment by the Fund within the three fiscal years following the fiscal year in which the particular expense was incurred, provided that the Fund is able to make the repayment without exceeding the 1.45% expense limitation. The Management Services Agreement may, on sixty (60) days written notice, be terminated with respect to a Fund, at any time without the payment of any penalty, by the Board of Trustees or by a vote of a majority of the outstanding voting securities of the Fund, or by Management