485BPOS SBRL

0001193125-12-475162.txt : 20121119 0001193125-12-475162.hdr.sgml : 20121119 20121119121155 ACCESSION NUMBER: 0001193125-12-475162 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20121119 DATE AS OF CHANGE: 20121119 EFFECTIVENESS DATE: 20121119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: QUAKER INVESTMENT TRUST CENTRAL INDEX KEY: 0000870355 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-38074 FILM NUMBER: 121213735 BUSINESS ADDRESS: STREET 1: 309 TECHNOLOGY DRIVE CITY: MALVERN STATE: PA ZIP: 19355 BUSINESS PHONE: 888-220-8888 MAIL ADDRESS: STREET 1: 309 TECHNOLOGY DRIVE CITY: MALVERN STATE: PA ZIP: 19355 FILER: COMPANY DATA: COMPANY CONFORMED NAME: QUAKER INVESTMENT TRUST CENTRAL INDEX KEY: 0000870355 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06260 FILM NUMBER: 121213736 BUSINESS ADDRESS: STREET 1: 309 TECHNOLOGY DRIVE CITY: MALVERN STATE: PA ZIP: 19355 BUSINESS PHONE: 888-220-8888 MAIL ADDRESS: STREET 1: 309 TECHNOLOGY DRIVE CITY: MALVERN STATE: PA ZIP: 19355

0000870355 S000008762 Quaker Strategic Growth

C000023851 Quaker Strategic Growth - Class A QUAGX

C000023853 Quaker Strategic Growth - Class C QAGCX

C000023854 Quaker Strategic Growth - Institutional Class QAGIX

0000870355 S000008770 Quaker Mid Cap Value

C000023879 Quaker Mid Cap Value - Class A QMCVX

C000023881 Quaker Mid Cap Value - Class C QMCCX

C000023882 Quaker Mid Cap Value - Institutional Class QMVIX

0000870355 S000008771 Quaker Small Cap Value

C000023883 Quaker Small Cap Value - Class A QUSVX

C000023885 Quaker Small Cap Value - Class C QSVCX

C000023886 Quaker Small Cap Value - Institutional Class QSVIX

0000870355 S000013296 Quaker Global Tactical Allocation Fund

C000035752 Quaker Global Tactical Allocation Fund - Class A QTRAX

C000035753 Quaker Global Tactical Allocation Fund - Class C QTRCX

C000068042 Global Tactical Allocation Fund Institutional Class QTRIX

0000870355 S000023165 Quaker Small-Cap Growth Tactical Allocation Fund

C000067455 Class A QGASX

C000067456 Institutional Class QGISX

C000067457 Class C QGCSX

0000870355 S000028027 QUAKER EVENT ARBITRAGE FUND

C000085297 CLASS A QEAAX

C000085298 CLASS C QEACX

C000085299 CLASS I QEAIX

0000870355 S000029612 Quaker Akros Absolute Return Fund

C000090919 Class A

C000090920 Class C

C000090921 Institutional Class

485BPOS 1 d421725d485bpos.htm 485BPOS SBRL 485BPOS SBRL

As filed with the Securities and Exchange Commission on November 19, 2012

Securities Act File No. 033-38074

Investment Company Act No. 811-06260

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

UNDER


*THE SECURITIES ACT OF 1933*
Post-effective Amendment No. 62						þ

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940


Post-effective Amendment No. 60						þ

(Check appropriate box or boxes)

QUAKER INVESTMENT TRUST

309 Technology Drive

Malvern, PA 19355

(Address of Principal Executive Offices)

Registrant’s Telephone Number; including Area Code: 1-800-220-8888

Copies of Communications to:

Jonathan Kopcsik

Stradley Ronon Stevens & Young, LLP

2600 One Commerce Square

Philadelphia, PA 19103

(Name and Address of Agent for Service of Process)

Jeffry H. King, Sr.
Quaker Investment Trust
309 Technology Drive
Malvern, PA 19355

610-455-2299

It is proposed that this filing will become effective (check appropriate box):

immediately upon filing pursuant to paragraph (b)

on (date) pursuant to paragraph (b)

60 days after filing pursuant to paragraph (a)(1)

On (date) pursuant to paragraph (a)(1)

On (date) pursuant to paragraph (a)(3)

75 days after filing pursuant to paragraph (a)(2)

On (date) pursuant to paragraph (a)(2) of rule 485

EXPLANATORY NOTE

These Post-Effective Amendments Nos. 62/60 (“PEA Nos. 62/60”) to the Registration Statement of Quaker Investment Trust (the “Trust”) hereby incorporates the Trust’s PEA No. 60 on Form N-1A filed on October 29, 2012. PEA Nos. 62/60 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 60 to the Trust’s Registration Statement.

The exhibits filed herewith do not constitute the complete publicly filed disclosure of the Trust and should be used in conjunction with the complete prospectuses of the Trust.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, Quaker Investment Trust certifies that it meets all of the requirements for effectiveness of this registration statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this post-effective amendment Nos. 62/60 to the registration statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Malvern, PA on the 19^th day of November, 2012.


QUAKER INVESTMENT TRUST

By:		/s/ Jeffry H. King, Sr.
		Jeffry H. King, Sr.
		Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, as amended, this post-effective amendment No. 62 to the registration statement on Form N-1A has been signed below by the following persons in the capacities indicated:


Signature	Title	Date

/s/ Jeffry H. King, Sr.		November 19, 2012
Jeffry H. King, Sr.	Chief Executive Officer / Chairman and Trustee

/s/ Laurie Keyes		November 19, 2012
Laurie Keyes	Treasurer and Trustee

		November 19, 2012
James R. Brinton*	Trustee

		November 19, 2012
Gary E. Shugrue*	Trustee

		November 19, 2012
Warren West*	Trustee

		November 19, 2012
Everett T. Keech*	Trustee



*By:		/s/ Jeffry H. King, Sr.
		Jeffry H. King, Sr.
		Attorney-in-Fact

(Pursuant to Powers of Attorney previously filed)

Exhibit Index


Exhibit Number		Description

EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Taxonomy Extension Schema Document

EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE		XBRL Taxomony Extension Presentation Linkbase

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During the most recent fiscal year, the Funds portfolio turnover rate was 178.23% of the average value of its portfolio. 0.6051 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 the Funds shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 625.61% of the average value of its portfolio. 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 the Funds shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 41.70% of the average value of its portfolio. 1549 1435 928 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 the Funds shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 157.77% of the average value of its portfolio. 0.0864 1564 1450 944 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 the Funds shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 156.57% of the average value of its portfolio. 0.1101 www.quakerfunds.com www.quakerfunds.com 0.0619 1563 1449 943 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 the Funds shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 103.42% of the average value of its portfolio. www.quakerfunds.com 0.3076 0.504 www.quakerfunds.com www.quakerfunds.com www.quakerfunds.com www.quakerfunds.com 0.055 0 0 Fund Summaries Quaker Global Tactical Allocation Fund Shareholder Fees (fees paid directly from your investment) 0.055 0 Fund Summaries Quaker Strategic Growth Fund Shareholder Fees (fees paid directly from your investment) 0.055 0 0 0.055 0 0 Fund Summaries Quaker Small-Cap Growth Tactical Allocation Fund Shareholder Fees (fees paid directly from your investment) Fund Summaries Quaker Mid-Cap Value Fund Shareholder Fees (fees paid directly from your investment) Fund Summaries Quaker Small-Cap Value Fund Shareholder Fees (fees paid directly from your investment) 0.055 0 0 Fund Summaries Quaker Event Arbitrage Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Charges section on page 44 of the Funds Prospectus and in the Shareholder Information section on page 45 of the Trusts Statement of Additional Information (SAI). 50000 Shareholder Fees (fees paid directly from your investment) 0.055 0 0 Fund Summaries Quaker Akros Absolute Return Fund Shareholder Fees (fees paid directly from your investment) <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualFundOperatingExpensesQuakerMidCapValue column period compact * ~</div> 0.055 0 0 The bar chart below displays the annual return of the Fund over the past ten years. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualFundOperatingExpensesQuakerSmall-CapGrowthTacticalAllocationFund column period compact * ~</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Charges section on page 44 of the Funds Prospectus and in the Shareholder Information section on page 45 of the Trusts (SAI) Information. 50000 The bar chart below displays the annual return of the Fund over the lifetime of the Fund. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. 50000 The bar chart below displays the annual return of the Fund over the past ten years. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Charges section on page 44 of the Funds Prospectus and in the Shareholder Information section on page 45 of the Trusts Statement of Additional Information (SAI). 50000 0.0959 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualFundOperatingExpensesQuakerGlobalTacticalAllocationFund column period compact * ~</div> The bar chart below displays the annual return of the Fund over the past ten years. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualFundOperatingExpensesQuakerStrategicGrowth column period compact * ~</div> 0.1184 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualFundOperatingExpensesQuakerSmallCapValue column period compact * ~</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Charges section on page 44 of the Funds Prospectus and in the Shareholder Information section on page 45 of the Trusts Statement of Additional Information (SAI). 0 0.0449 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Charges section on page 44 of the Funds Prospectus and the Shareholder Information section on page 45 of the Trusts Statement of Additional Information (the SAI). 50000 -0.0494 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Chargessection on page 44 of the Funds Prospectus and in the Shareholder Informationsection on page 45 of the Trusts Statement of Additional Information (SAI). 50000 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualFundOperatingExpensesQUAKEREVENTARBITRAGEFUND column period compact * ~</div> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualFundOperatingExpensesQuakerAkrosAbsoluteReturnFund column period compact * ~</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Chargessection on page 44 of the Funds Prospectus and in the Shareholder Informationsection on page 45 of the Trusts Statement of Additional Information (SAI). 50000 768 306 206 1223 936 637 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Charges section on page 44 of the Funds Prospectus and in the Shareholder Information section on page 45 of the Trusts (SAI) Information. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Charges section on page 44 of the Funds Prospectus and in the Shareholder Information section on page 45 of the Trusts Statement of Additional Information (SAI). Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 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 Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 806 346 246 The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 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 Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1337 1053 758 770 308 208 1229 942 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Charges section on page 44 of the Funds Prospectus and in the Shareholder Information section on page 45 of the Trusts Statement of Additional Information (SAI). 762 299 199 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 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 Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: -0.2148 PRINCIPAL INVESTMENT STRATEGIES <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="38%"></td> <td valign="bottom" width="1%"></td> <td width="61%"></td></tr> <tr> <td valign="bottom" nowrap="nowrap">Highest Performing Quarter:</td> <td valign="bottom"> </td> <td valign="bottom">17.50% in 3rd quarter of 2009</td></tr> <tr> <td height="5"></td> <td height="5" colspan="2"></td></tr> <tr> <td valign="bottom" nowrap="nowrap">Lowest Performing Quarter:</td> <td valign="bottom"> </td> <td valign="bottom">32.09% in 3rd quarter of 2008</td></tr> </table>The Funds cumulative year-to-date return through September 30, 2012 was 8.64%. 485BPOS Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) PRINCIPAL INVESTMENT STRATEGIES <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="38%"></td> <td valign="bottom" width="1%"></td> <td width="61%"></td></tr> <tr> <td valign="bottom" nowrap="nowrap">Highest Performing Quarter:</td> <td valign="bottom"> </td> <td valign="bottom">23.97% in 2nd quarter of 2003</td></tr> <tr> <td height="5"></td> <td height="5" colspan="2"></td></tr> <tr> <td valign="bottom" nowrap="nowrap">Lowest Performing Quarter:</td> <td valign="bottom"> </td> <td valign="bottom">-23.99% in 4th quarter of 2008</td></tr> </table>The Funds cumulative year-to-date return through September 30, 2012 was 11.84%. Average Annual Total Returns as of December 31, 2011 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Charges section on page 44 of the Funds Prospectus and in the Shareholder Information section on page 45 of the Trusts Statement of Additional Information (SAI). Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 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 Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Average Annual Total Returns as of December 31, 2011 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES 738 274 174 Average Annual Total Returns as of December 31, 2011 QUAKER INVESTMENT TRUST 2012-10-29 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Charges section on page 44 of the Funds Prospectus and in the Shareholder Information section on page 45 of the Trusts Statement of Additional Information (SAI). The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 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 Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Charges section on page 44 of the Funds Prospectus and the Shareholder Information section on page 45 of the Trusts Statement of Additional Information (the SAI). -0.0038 -0.0038 -0.0038 2008-05-01 2008-05-01 2008-07-23 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Quaker Funds. More information about these and other discounts is available from your financial professional and in the Reduction or Waiver of Front-End Sales Chargessection on page 44 of the Funds Prospectus and in the Shareholder Informationsection on page 45 of the Trusts Statement of Additional Information (SAI). The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example gives effect to the contractual expense reimbursement for the 1 year and the first of 3 years, 5 years and 10 years. 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 Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 741 277 177 <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"><tr><td width="38%"></td> <td valign="bottom" width="1%"></td> <td width="61%"></td></tr><tr><td valign="bottom" nowrap="nowrap">Highest Performing Quarter:</td><td valign="bottom"> </td> <td valign="bottom">18.01% in 2nd quarter of 2009</td></tr><tr><td height="5"></td> <td height="5" colspan="2"></td></tr><tr><td valign="bottom" nowrap="nowrap">Lowest Performing Quarter:</td> <td valign="bottom"></td> <td valign="bottom">15.47% in 3rd quarter of 2011</td></tr> </table>The Funds cumulative year-to-date return through September 30, 2012 was 6.19%. <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"><tr><td width="38%"></td> <td valign="bottom" width="1%"></td> <td width="61%"></td></tr><tr><td valign="bottom" nowrap="nowrap">Highest Performing Quarter:</td><td valign="bottom"> </td> <td valign="bottom">17.48% in 2nd quarter of 2003</td></tr><tr><td height="5"></td> <td height="5" colspan="2"></td></tr><tr><td valign="bottom" nowrap="nowrap">Lowest Performing Quarter:</td> <td valign="bottom"></td> <td valign="bottom">30.69% in 3rd quarter of 2008</td></tr> </table>The Funds cumulative year-to-date return through September 30, 2012 was 9.59%. The table shows the risks of investing in the Fund by illustrating how the average annual returns for one-year and life-of-class for each class of the Fund before taxes compare to those of a broad-based securities market index. In addition, after-tax returns are presented for Class A Shares of the Fund. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. Past performance (before and after taxes) is not an indication of future results. Updated performance information for the Fund is available on the Trusts website at www.quakerfunds.com or by calling toll-free 800-220-8888. <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"><tr><td width="38%"></td> <td valign="bottom" width="1%"></td> <td width="61%"></td></tr><tr><td valign="bottom" nowrap="nowrap">Highest Performing Quarter:</td><td valign="bottom"> </td> <td valign="bottom">23.12% in 4th quarter of 2003</td></tr><tr><td height="5"></td> <td height="5" colspan="2"></td></tr><tr><td valign="bottom" nowrap="nowrap">Lowest Performing Quarter:</td> <td valign="bottom"></td> <td valign="bottom">27.80% in 3rd quarter of 2002</td></tr> </table>The Funds cumulative year-to-date return through September 30, 2012 was 11.01%. The total annual fund operating expense ratios in this table do not match the ratio of expenses to average net assets in the Financial Highlights section of the prospectus because the Financial Highlights are not required to reflect any acquired fund fees and expenses. The table shows the risks of investing in the Fund by illustrating how the average annual returns for one-year, five-years and ten-years for each class of the Fund before taxes compare to those of a broad-based securities market index. In addition, after-tax returns are presented for Class A Shares of the Fund. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. Past performance (before and after taxes) is not an indication of future results. Updated performance information for the Fund is available on the Trusts website at www.quakerfunds.com or by calling toll-free 800-220-8888. The table shows the risks of investing in the Fund by illustrating how the average annual returns for one-year, five-years and ten-years for each class of the Fund before taxes compare to those of a broad-based securities market index. In addition, after-tax returns are presented for Class A Shares of the Fund. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. Past performance (before and after taxes) is not an indication of future results. Updated performance information for the Fund is available on the Trusts website at www.quakerfunds.com or by calling toll-free 800-220-8888. <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualTotalReturnsQuakerSmall-CapGrowthTacticalAllocationFundBarChart column period compact * ~</div> Average Annual Total Returns as of December 31, 2011 Average Annual Total Returns as of December 31, 2011 Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualTotalReturnsQuakerMidCapValueBarChart column period compact * ~</div> The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example gives effect to the voluntary expense reimbursement for 1 year and the first year of 3 years, 5 years and 10 years. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes a 5% return each year, with operating expenses staying the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 800-220-8888 741 277 177 800-220-8888 Average Annual Total Returns as of December 31, 2011 Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 800-220-8888 PRINCIPAL INVESTMENT STRATEGIES -0.1709 The total annual fund operating expense ratios in this table do not match the ratio of expenses to average net assets in the Financial Highlights section of the prospectus because the Financial Highlights are not required to reflect any acquired fund fees and expenses. <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualTotalReturnsQuakerGlobalTacticalAllocationFundBarChart column period compact * ~</div> The bar chart below displays the annual return of the Fund over the lifetime of the Fund. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. -0.1421 Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 800-220-8888 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualTotalReturnsQuakerStrategicGrowthBarChart column period compact * ~</div> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"><tr><td width="38%"></td> <td valign="bottom" width="1%"></td> <td width="61%"></td></tr><tr><td valign="bottom" nowrap="nowrap">Highest Performing Quarter:</td><td valign="bottom"> </td> <td valign="bottom">8.93% in 2nd quarter of 2009</td></tr><tr><td height="5"></td> <td height="5" colspan="2"></td></tr><tr><td valign="bottom" nowrap="nowrap">Lowest Performing Quarter:</td> <td valign="bottom"></td> <td valign="bottom">8.79% in 4th quarter of 2008</td></tr> </table>The Funds cumulative year-to-date return through September 30, 2012 was -4.94%. Average Annual Total Returns as of December 31, 2011 The table shows the risks of investing in the Fund by illustrating how the average annual returns for one-year, five-years and life-of-class for each class of the Fund before taxes compare to those of a broad-based securities market index. In addition, after-tax returns are presented for Class A Shares of the Fund. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. Past performance (before and after taxes) is not an indication of future results. Updated performance information for the Fund is available on the Trusts website at www.quakerfunds.com or by calling toll-free at 800-220-8888. The bar chart below displays the annual return of the Fund over the lifetime of the Fund. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualTotalReturnsQuakerSmallCapValueBarChart column period compact * ~</div> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"><tr><td width="38%"></td> <td valign="bottom" width="1%"></td> <td width="61%"></td></tr><tr><td valign="bottom" nowrap="nowrap">Highest Performing Quarter:</td><td valign="bottom"> </td> <td valign="bottom">14.27% in 4th quarter of 2004</td></tr><tr><td height="5"></td> <td height="5" colspan="2"></td></tr><tr><td valign="bottom" nowrap="nowrap">Lowest Performing Quarter:</td> <td valign="bottom"></td> <td valign="bottom">-11.93% in 4th quarter of 2008</td></tr> </table>The Funds cumulative year-to-date return through September 30, 2012 was 4.49%. The table shows the risks of investing in the Fund by illustrating how the average annual returns for one-year and life-of-class for each class of the Fund before taxes compare to those of a broad-based securities market index. In addition, after-tax returns are presented for Class A Shares of the Fund. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. Past performance (before and after taxes) is not an indication of future results. Updated performance information for the Fund is available on the Trusts website at www.quakerfunds.com or by calling toll-free 800-220-8888. The total annual fund operating expense ratios in this table do not match the ratio of expenses to average net assets in the Financial Highlights section of the prospectus because the Financial Highlights are not required to reflect any acquired fund fees and expenses. The table shows the risks of investing in the Fund by illustrating how the average annual returns for one-year, five-years and life-of-class for each class of the Fund before taxes compare to those of a broad-based securities market index. In addition, after-tax returns are presented for Class A Shares of the Fund. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. Past performance (before and after taxes) is not an indication of future results. Updated performance information for the Fund is available on the Trusts website at www.quakerfunds.com or by calling toll-free 800-220-8888. Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Non-Diversification Risk. The Fund is not a diversified fund, which means the Fund may allocate its investments to a relatively small number of issuers or to a single industry, making it more susceptible to adverse developments of a single issuer or industry. As a result, investing in the Fund is potentially more risky than investing in a diversified fund that is otherwise similar to the Fund. The bar chart below displays the annual return of the Fund over the lifetime of the Fund. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. 800-220-8888 Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 800-220-8888 800-220-8888 Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The table shows the risks of investing in the Fund by illustrating how the average annual returns for one-year, five-years and ten-years for each class of the Fund before taxes compare to those of a broad-based securities market index. In addition, after-tax returns are presented for Class A Shares of the Fund. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. Past performance (before and after taxes) is not an indication of future results. Updated performance information for the Fund is available on the Trusts website at www.quakerfunds.com or by calling toll-free 800-220-8888. Non-Diversification Risk. The Fund is not a diversified fund, which means the Fund may allocate its investments to a relatively small number of issuers or to a single industry making it more susceptible to adverse developments of a single issuer or industry. As a result, investing in the Fund is potentially more risky than investing in a diversified fund that is otherwise similar to the Fund. 2005-09-30 2010-10-04 2010-10-04 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualTotalReturnsQUAKEREVENTARBITRAGEFUNDBarChart column period compact * ~</div> 2008-09-30 2008-09-30 2008-09-30 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualTotalReturnsQuakerAkrosAbsoluteReturnFundBarChart column period compact * ~</div> 2003-11-21 2010-06-07 2010-06-07 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.01 0 0.0228 0.0303 0.0203 INVESTMENT OBJECTIVES FUND FEES AND EXPENSES -0.0505 0 0.0025 0.01 0.0112 INVESTMENT OBJECTIVES 0.0112 0.0112 FUND FEES AND EXPENSES 0.0006 0.0006 0.0006 0.0268 0.0343 0.0243 0.0025 0.01 0 0.023 0.0305 0.0205 INVESTMENT OBJECTIVES 0.0025 0.01 0 0.0221 0.0296 0.0196 FUND FEES AND EXPENSES 643 1203 915 615 PORTFOLIO TURNOVER PORTFOLIO TURNOVER PORTFOLIO TURNOVER 0.0562 Annual Total Returns Class A Shares as of December 31, 2011 -0.4252 -0.0252 -0.0788 -0.0788 -0.0512 -0.023 -0.0138 -0.0329 0.0529 0.0403 0.0388 0.0459 0.0564 0.0767 2009-09-30 0.175 Lowest Performing Quarter: 2008-12-31 To achieve its investment objective, the Funds investment sub-adviser, DG Capital Management (the Sub-adviser), will, under normal market conditions, employ the following strategies: <ul type="square"><li style="margin-left:-20px">Common Stocks. The Fund invests at least 65% of its total assets in common stocks of U.S. companies without regard to market capitalization. </li></ul><ul type="square"><li style="margin-left:-20px">Growth Stocks. The Fund invests its assets in equity securities of companies which the Funds Sub-adviser believes show a high probability for superior growth. </li></ul><ul type="square"><li style="margin-left:-20px">Special Situations. The Fund invests up to 25% of its total assets in special situation securities when the Funds Sub-adviser believes such investments will benefit the Fund. A special situation arises when, in the sub-advisers opinion, the securities of a company will experience an unusual gain or loss solely by reason of a development particularly or uniquely applicable to that company. Such situations include, but are not limited to: spin-offs, corporate restructurings, liquidations, reorganizations, recapitalizations or mergers, material litigation, technological breakthroughs and new management or management policies. Special situation investments may include illiquid or restricted securities, such as private equity investments. </li></ul><ul type="square"><li style="margin-left:-20px">Foreign Securities. The Fund may invest up to 25% of its net assets in foreign securities, including American Depositary Receipts (ADRs).</li></ul><ul type="square"><li style="margin-left:-20px">Large- and Mid-Cap Securities. The Fund seeks to achieve a balance between investments in special situation investments and investments in large- to mid-capitalization equities (in excess of $3 billion in market capitalization) with high or accelerating profitability. </li></ul><ul type="square"><li style="margin-left:-20px">Short Sales. The Fund may invest up to 25% of its assets in short sales. </li></ul><ul type="square"><li style="margin-left:-20px">Portfolio Turnover. The Fund employs an aggressive strategy of portfolio trading to respond to changes in the marketplace. </li></ul><ul type="square"><li style="margin-left:-20px">Tactical Allocation. Because the Fund is a tactical allocation fund, the assets of the Fund will shift on a short-term basis to take advantage of perceived differences in relative values of the various asset classes. The Fund will tactically allocate capital among a diverse range of trading strategies and markets, wherever the portfolio manager perceives opportunity.</li></ul> As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. The following risks could affect the value of your investment: <ul type="square"><li style="margin-left:-20px">Common Stock Risk. Common stock risks include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence or instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change. </li></ul><ul type="square"><li style="margin-left:-20px">Small and Mid-Cap Stocks Risk. The Fund invests in companies with small and medium market capitalizations. Because these companies are relatively small compared to large-capitalization companies, they may be engaged in business mostly within their own geographic region and may be less well known to the investment community. Also, these companies often have less liquidity, less management depth, narrower market penetrations, less diverse product lines and fewer resources than larger companies. As a result of these factors, small and mid-capitalization stock prices have greater volatility than large company securities. </li></ul><ul type="square"><li style="margin-left:-20px">Growth Stock Risk. The Fund invests in companies that appear to be growth-oriented companies. If the Funds perceptions of a companys growth potential are wrong, the securities purchased may not perform as expected, reducing the Funds return. </li></ul><ul type="square"><li style="margin-left:-20px">Foreign Securities Risk. Investments in foreign securities involve greater risks compared to domestic investments for the following reasons: foreign companies may not be subject to the regulatory requirements of U.S. companies, so there may be less publicly available information about foreign issuers than U.S. companies; foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards; dividends and interest on foreign securities may be subject to foreign withholding taxes and such taxes may reduce the net return to Fund shareholders; and foreign securities are often denominated in a currency other than the U.S. dollar. Accordingly, the Fund will be subject to the risks associated with fluctuations in currency values. Although the Fund will only invest in foreign securities of issuers that are domiciled in nations considered to have stable governments, issuers of foreign securities may still be subject to the risk of expropriation, confiscation, taxation, currency blockage, or political or social instability, any of which could negatively affect the Fund. </li></ul><ul type="square"><li style="margin-left:-20px">Emerging Markets Risk. The Fund invests in developing countries which may experience high rates of inflation or sharply devalue their currencies against the U.S. dollar, causing the value of investments in companies located in those countries to decline. Transaction costs are often higher in developing countries and there may be delays in the settlement process. </li></ul><ul type="square"><li style="margin-left:-20px">Special Situations Risk. Special situations often involve much greater risk than is found in the normal course of investing. Liquidations, reorganizations, recapitalizations, material litigation, technological breakthroughs and new management or management policies may not have the effect on a companys price that the Sub-adviser expects, which could negatively impact the Fund.</li></ul><ul type="square"><li style="margin-left:-20px">Portfolio Turnover Risk. The Funds portfolio manager may engage in aggressive portfolio trading. As a result, the Fund could experience higher than average portfolio turnover. A high rate of portfolio turnover in any year may increase brokerage commissions paid and could generate greater taxes for shareholders on realized investment gains. </li></ul><ul type="square"><li style="margin-left:-20px">Short Selling Risk. Positions in shorted securities are speculative and more risky than long positions. Such investments involve the risk of an unlimited increase in the market price of the security sold short, which could result in a theoretically unlimited loss. Short sale strategies are often categorized as a form of leveraging or speculative investment. The use of leverage may multiply small price movements in securities into large changes in value. As a result of using leverage, the Funds share price may be more volatile than if no leverage were used. </li></ul><ul type="square"><li style="margin-left:-20px">Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result. </li></ul> -0.0821 INVESTMENT OBJECTIVES INVESTMENT OBJECTIVES FUND FEES AND EXPENSES PORTFOLIO TURNOVER FUND FEES AND EXPENSES Annual Total Returns Class A Shares as of December 31, 2011 To achieve its investment objective, the Funds investment sub-adviser, Van Den Berg Management I, Inc., dba Century Management (the Sub-adviser), will, under normal market conditions, employ the following strategies: <ul type="square"><li style="margin-left:-20px">Common Stocks. The Fund invests at least 80% of the its total assets in common stocks, American Depositary Receipts (ADRs) and foreign securities traded on U.S. stock exchanges, with market capitalizations within the range of companies included in the Russell 2000® Growth Index. </li></ul><ul type="square"><li style="margin-left:-20px">Growth Stocks. The Fund invests in securities that include a broadly diversified number of equity securities, including U.S. securities and foreign securities traded on U.S. stock exchanges, which the Funds Sub-adviser believes show a high probability of superior prospects for above average growth. These securities will have market capitalizations within the range of companies included in the Russell 2000® Growth Index. The market capitalization of companies in the Russell 2000® Growth Index ranged from approximately $1.63 million to $3.51 billion as of September 30, 2012. </li></ul><ul type="square"><li style="margin-left:-20px">Foreign Securities. The Fund may invest in foreign securities traded on U.S. stock exchanges and ADRs. </li></ul><ul type="square"><li style="margin-left:-20px">Exchange-Traded Funds. Beyond pursuing its investment objective by direct investment, the Fund may also invest in shares of other investment companies that invest in the types of securities mentioned above, including shares of exchange-traded funds (ETFs). </li></ul><ul type="square"><li style="margin-left:-20px">Short Sales. The Fund may invest up to 25% of its assets in short sales at any given time. </li></ul><ul type="square"><li style="margin-left:-20px">Tactical Allocation. Because the Fund is a tactical allocation fund, the assets of the Fund will shift on a short-term basis to take advantage of perceived differences in relative values of the various asset classes. The Fund will tactically allocate capital among a diverse range of trading strategies and markets, wherever the portfolio manager perceives opportunity. </li></ul>In selecting individual securities for the Funds portfolio, the Sub-adviser uses a bottom-up approach of extensively analyzing the financial, management and overall economic conditions of each potential investment, in particular, under this bottom-up approach, the Sub-adviser analyzes various factors such as capitalization illiquidity ratios (e.g., sales growth, earnings per share and internal profitability), momentum ratios (e.g., price, sales, earnings per share and cash flow), valuation ratios (e.g., price to sales and price to earnings) and volatility ratios. 0.0025 0.01 0 0.0196 0.0271 0.0171 2012-06-30 INVESTMENT OBJECTIVES FUND FEES AND EXPENSES PORTFOLIO TURNOVER PORTFOLIO TURNOVER To achieve its investment objective, the Funds investment sub-adviser, DG Capital Management (the Sub-adviser), will, under normal market conditions, employ the following strategies: <ul type="square"><li style="margin-left:-20px">Common Stock. The Fund invests its assets in common stocks of U.S. companies and common stocks and American Depositary Receipts (ADRs) of foreign companies without regard to market capitalization. ADRs are receipts issued by a U.S. depository (usually a U.S. bank) that represent an ownership interest in an underlying foreign security that is held by the depository. Under normal circumstances, the Fund will invest at least 40% of its net assets in common stocks and ADRs of foreign companies.</li></ul><ul type="square"><li style="margin-left:-20px">Growth Stock. The Fund invests its assets in equity securities of companies that the Sub-adviser believes have experienced above-average long-term growth in earnings and show a high probability for superior future growth. This focus on individual companies includes dissecting earnings by doing detailed balance sheet analysis and generating earnings models internally. The Sub-adviser looks for companies that display good cash flow prospects, have strong experienced management teams, sturdy business models and have historically grown earnings organically. </li></ul><ul type="square"><li style="margin-left:-20px">Foreign Securities. The Fund may invest without limit in foreign securities, including ADRs and European Depositary Receipts (EDRs). </li></ul><ul type="square"><li style="margin-left:-20px">Emerging Markets. The Fund may invest without limit in companies located in developing or emerging markets. </li></ul><ul type="square"><li style="margin-left:-20px">Special Situation Securities. The Fund invests up to 20% of its total assets in special situation securities when the Funds Sub-adviser believes such investments will benefit the Fund. A special situation arises when, in the Sub-advisers opinion, the securities of a company will experience an unusual gain or loss solely by reason of a development particularly or uniquely applicable to that company. Such situations include, but are not limited to: spin-offs, corporate restructurings, liquidations, reorganizations, recapitalizations or mergers, material litigation, technological breakthroughs and new management or management policies. Special situation investments may include illiquid or restricted securities, such as private equity investments. </li></ul><ul type="square"><li style="margin-left:-20px">Portfolio Turnover. The Fund employs an aggressive strategy of portfolio trading to respond to changes in the marketplace. </li></ul><ul type="square"><li style="margin-left:-20px">Short Sales. The Fund may invest up to 25% of its assets in short sales at any given time. </li></ul><ul type="square"><li style="margin-left:-20px">Tactical Allocation. Because the Fund is a tactical allocation fund, the assets of the Fund will shift on a short-term basis to take advantage of perceived differences in relative values of the various asset classes. The Fund will tactically allocate capital among a diverse range of trading strategies and markets, wherever the portfolio manager perceives opportunity.</li></ul> Annual Total Returns Class A Shares as of December 31, 2011 1131 841 539 0000870355 false As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. The following risks could affect the value of your investment: <ul type="square"><li style="margin-left:-20px">Common Stock Risk. Common stock risks include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change. </li></ul><ul type="square"><li style="margin-left:-20px">Growth Stock Risk. The Fund invests in companies that appear to be growth-oriented companies. If the Funds perceptions of a companys growth potential are wrong, the securities purchased may not perform as expected, reducing the Funds return. </li></ul><ul type="square"><li style="margin-left:-20px">Small-Cap Stock Risk. The Fund invests in companies with small market capitalizations (generally less than $3.3 billion). Because these companies are relatively small compared to large-capitalization companies, they may be engaged in business mostly within their own geographic region, may be less well known to the investment community and may have more volatile share prices. Also, small companies often have less liquidity, less management depth, narrower market penetrations, less diverse product lines and fewer resources than larger companies. As a result, their stock prices have greater volatility than large company securities. </li></ul><ul type="square"><li style="margin-left:-20px">Foreign Securities Risk. Investments in foreign securities involve greater risks compared to domestic investments for the following reasons: foreign companies may not be subject to the regulatory requirements of U.S. companies, so there may be less publicly available information about foreign issuers than U.S. companies; foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards; dividends and interest on foreign securities may be subject to foreign withholding taxes; such taxes may reduce the net return to Fund shareholders; foreign securities are often denominated in a currency other than the U.S. dollar; accordingly, the Fund will be subject to the risks associated with fluctuations in currency values; although the Fund will only invest in foreign securities of issuers that are domiciled in nations considered to have stable and friendly governments, issuers of foreign securities may still be subject to the risk of expropriation, confiscation, taxation, currency blockage, or political or social instability any of which could negatively affect the Fund. </li></ul><ul type="square"><li style="margin-left:-20px">Exchange-Traded Fund Risk. The cost of investing in an ETF will generally be higher than the cost of investing directly in the underlying securities held by the ETF. Shareholders will indirectly bear fees and expenses charged by the underlying ETFs in addition to the Funds direct fees and expenses. </li></ul><ul type="square"><li style="margin-left:-20px">Short Selling Risk. Positions in shorted securities are speculative and more risky than long positions. Such investments involve the risk of an unlimited increase in the market price of the security sold short, which could result in a theoretically unlimited loss. Short sale strategies are often categorized as a form of leveraging or speculative investment. The use of leverage may multiply small price movements in securities into large changes in value. As a result of using leverage, the Funds share price may be more volatile than if no leverage were used.</li></ul><ul type="square"><li style="margin-left:-20px">Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result. </li></ul> 2012-10-29 INVESTMENT OBJECTIVES FUND FEES AND EXPENSES 0.0025 0.01 0 0.0081 0.0081 0.0081 0.0001 0.0001 0.0001 -0.1326 -0.1326 -0.0862 -0.088 To achieve its investment objective, the Funds investment Sub-adviser, Kennedy Capital Management, Inc. (the Sub-adviser), will, under normal market conditions, employ the following strategies: <ul type="square"><li style="margin-left:-20px">Mid-Cap Stocks. The Fund invests at least 80% of its total assets in common stocks or securities convertible into common stocks of companies with market capitalizations similar to the market capitalizations of the companies included in the Russell MidCap® Value Index. The market capitalization of companies in the Russell MidCap® Value Index ranged from approximately $1.35 billion to $17.40 billion as of September 30, 2012. </li></ul> <ul type="square"><li style="margin-left:-20px">Value Securities. The Fund invests in stocks of companies that exhibit attractive fundamental valuation measures such as price-to-earnings or price-to-book ratios. The Fund invests in stocks that are typically considered out of favor by the market as a result of decelerating revenue growth, declining profit margins and increasing competition. </li></ul> In selecting individual securities for the Funds portfolio, the Sub-adviser believes that there are three factors that influence equity returns, namely: quality, value and business prospects of the issuer. In order to choose the securities in which the Fund invests, the Sub-adviser analyzes approximately 1,800 U.S. issuers of common stock. The Sub-adviser then identifies and selects securities of companies with a market capitalization of between $1 billion to $18 billion that it believes to be undervalued relative to comparable alternate investments, and which demonstrate strong sales and earnings momentum, high profitability and rising earnings expectations. Furthermore, the Sub-adviser seeks to identify companies that exhibit some or all of the following criteria: <ul type="square"><li style="margin-left:-20px">strong balance sheets and high credit quality; </li></ul> <ul type="square"><li style="margin-left:-20px">low price-to-earnings, price-to-sales, price-to-value ratios; </li></ul> <ul type="square"><li style="margin-left:-20px">demonstrated consistent earnings growth in the past and are likely to achieve consistent earnings growth in the future; </li></ul> <ul type="square"><li style="margin-left:-20px">high profit margins and the business strategies to protect and maintain such margins; </li></ul> <ul type="square"><li style="margin-left:-20px">high historical return on investment; and </li></ul> <ul type="square"><li style="margin-left:-20px">ability to increase earnings through new products or sensible acquisitions. </li></ul> Through these selection criteria, the Sub-adviser identifies securities which it believes to be undervalued, and that have shown consistent earnings with a potential for further growth. -0.0794 -0.0554 Annual Total Returns Class A Shares as of December 31, 2011 0.0237 0.0312 0.0212 -0.1168 -0.1168 -0.0966 -0.1097 -0.0749 -0.0446 2009-06-30 0.1801 Lowest Performing Quarter: As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. The following risks could affect the value of your investment: <ul type="square"><li style="margin-left:-20px">Common Stock Risk. Common stock risks include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change. </li></ul> <ul type="square"><li style="margin-left:-20px">Mid-Cap Stock Risk. The Fund invests in companies with medium market capitalizations. Because these companies are relatively small compared to large-capitalization companies, they may be engaged in business mostly within their own geographic region and may be less well known to the investment community. Also, these companies often have less liquidity, less management depth, narrower market penetrations, less diverse product lines and fewer resources than larger companies. As a result of these factors, mid-capitalization stock prices have greater volatility than large company securities. </li></ul> <ul type="square"><li style="margin-left:-20px">Value Securities Risk. The Fund invests in companies that appear to be undervalued in the marketplace (i.e., trading at prices below the companys true worth). If the Funds perceptions of value are wrong, the securities purchased may not perform as expected, reducing the Funds return. </li></ul> 2011-09-30 As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. 0.0025 0.01 0 Annual Total Returns Class A Shares as of December 31, 2011 Annual Total Returns Class A Shares as of December 31, 2011 1140 850 548 0.0105 0.0105 0.0105 0.0011 0.0011 0.0011 0.0267 0.0342 0.0242 To achieve its investment objective, the Funds investment Sub-adviser, Aronson Johnson Ortiz, LP (the Sub-adviser), will, under normal market conditions, employ the following strategies:<ul type="square"><li>Small-Cap Stocks. The Fund invests at least 80% of its total assets in common stocks of U.S. companies with market capitalizations similar to the market capitalizations of companies included in the Russell 2000® Index and Russell 2500® Index.The market capitalization of companies in the Russell 2000® Index ranged from approximately $11.74 million to $3.51 billion as of September 30, 2012. The market capitalization of companies in the Russell 2500® Index ranged from approximately $11.74 million to $10.02 billion as of September 30, 2012. </li></ul><ul type="square"><li>Value Securities. The Fund invests in companies considered by the Funds Sub-adviser to have consistent earnings and above-average core assets, selling at relatively low market valuations, with attractive growth and momentum characteristics.</li></ul>In selecting stocks for the portfolio, the Funds Sub-adviser focuses on asset-rich companies, selling at relatively low multiples of earnings, with proven and confident management, and earnings growth and price momentum. The Fund will normally remain fully invested in these securities at all times, subject to a minimum cash balance maintained for operational purposes. The Funds Sub-adviser screens a broad universe of U.S. securities to identify a subset of issuers with ample trading volume, at least three years of operating history, and market capitalizations similar to the companies in the Russell 2000® (the benchmark) and Russell 2500® indices. The resulting stocks are divided into 34 industries. Within each industry, the Sub-adviser identifies the most attractive stocks by considering a number of balance sheet and income statement criteria, as well as the effectiveness and outlook of management and measures of momentum. The Sub-adviser then creates a portfolio that is sector-neutral to the benchmark. The chosen securities attempt to maximize return but are well-diversified in terms of industry, fundamental characteristics, and other statistical measures of risk as compared to the blended characteristics of the Russell 2000® and the Russell 2500® indices. -0.1027 -0.1166 -0.0664 -0.0588 -0.049 -0.0291 -0.1272 -0.1272 -0.0827 -0.0835 -0.0747 0.0211 As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. 0.0232 0.0122 0.0162 0.0214 0.0315 0.0292 2003-12-31 0.2312 Lowest Performing Quarter: 2002-09-30 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedQuakerSmall-CapGrowthTacticalAllocationFund column period compact * ~</div> 0.0063 -0.0156 -0.0069 0.0161 0.0267 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. 1139 850 547 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedQuakerMidCapValue column period compact * ~</div> PORTFOLIO TURNOVER The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. The following risks could affect the value of your investment: <ul type="square"><li>Common Stock Risk. Common stock risks include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change. </li></ul><ul type="square"><li>Small-Cap Stock Risk. The Fund invests in companies with small market capitalizations (as described above). Because these companies are relatively small compared to large-capitalization companies, they may be engaged in business mostly within their own geographic region, may be less well known to the investment community, and may have more volatile share prices. Also, small companies often have less liquidity,less management depth, narrower market penetrations, less diverse product lines and fewer resources than larger companies. As a result, small-capitalization stock prices have greater volatility than large company securities. </li></ul><ul type="square"><li>Value Securities Risk. The Fund invests in companies that appear to be undervalued in the marketplace (i.e., trading at prices below the companys true worth). If the Funds perceptions of value are wrong, the securities purchased may not perform as expected, reducing the Funds return. </li></ul> 0.1444 As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. -0.4599 -0.0764 To achieve its investment objective, the Funds investment adviser, Quaker Funds, Inc. (the Adviser) invests in the securities of publicly traded companies involved in mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, or similar events (corporate reorganizations). A variety of strategies can be employed to capitalize on the mispricing of corporate securities during corporate reorganizations, including transactions involving common and preferred stock, debt instruments and derivative securities. In addition, the Fund may invest in a variety of debt instruments, including U.S. Government securities and structured notes: <ul type="square"><li style="margin-left:-20px">Merger Arbitrage. The Fund invests in the securities of companies subject to publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, or similar events (corporate reorganizations). </li></ul><ul type="square"><li style="margin-left:-20px">Capital Structure Arbitrage. A variety of strategies can be employed to capitalize on the mispricing of corporate securities during reorganizations, including transactions involving common and preferred stock, debt instruments and derivative securities. Many companies issue different types of securities in addition to equity securities, and sometimes issue different types of equity securities. Capital structure arbitrage involves investing in two different types of securities issued by the same company if they are believed to be mispriced relative to each other. The securities typically differ in their voting rights, dividend or interest rates and rights, liquidation preference, liquidity in the financial markets, seniority or other factors. Typically, one of these securities is purchased, while the other is sold short. The profit or loss realized by the Fund will depend on the relative price performance of the two securities as well as their relative dividends rates.</li></ul><ul type="square"><li style="margin-left:-20px">Distressed Securities Investments. The Fund invests in distressed securities, which are securities of companies that are in or believed to be near bankruptcy or whose securities are otherwise undergoing extreme financial situations that put the continuation of the issuer as a going concern at risk. Distressed securities include below investment-grade securities. </li></ul><ul type="square"><li style="margin-left:-20px">Debt Instruments. The Fund may invest in all types of fixed-income securities including convertible debt, options and futures, as well as privately negotiated options. </li></ul><ul type="square"><li style="margin-left:-20px">Structured Notes. The Fund may invest in structured notes. A structured note is a type of derivative security for which the amount of principal repayments and/or interest payments is based upon the movement of one or more factors. The impact of the movements of these factors may increase or decrease through the use of multipliers or deflators. Structured notes may be designed to have particular quality and maturity characteristics and may vary from money market quality to below investment grade.</li></ul><ul type="square"><li style="margin-left:-20px">Proxy Fight Investments. The Fund invests in securities of issuers that in the opinion of the Adviser may become subject to a change of control fight. There are typically proxy fights by minority investors seeking to have their representatives elected to the board of trustees, often with the intention of replacing existing management or selling the company. Profits are expected from the eventual success of the new board of trustees in increasing the companys value. The Fund may invest with the intention of participating actively in the change of control, or staying passive. Although some of the companies the Fund targets as a proxy fight investment may be considered potential candidates for a merger takeover, proxy fights differ from merger arbitrage in that no concrete acquisition may have been proposed yet, and may not be proposed in the future. </li></ul><ul type="square"><li style="margin-left:-20px">Short Sales. The Fund may invest up to 50% of its net assets in short sales at any given time. </li></ul><ul type="square"><li style="margin-left:-20px">Tactical Allocation. Because the Fund is a tactical allocation fund, the assets of the Fund will shift on a short-term basis to take advantage of perceived differences in relative values of the various asset classes. The Fund will tactically allocate capital among a diverse range of trading strategies and markets, wherever the portfolio manager perceives opportunity. </li></ul><ul type="square"><li style="margin-left:-20px">Foreign Securities Investments. The Fund may invest in securities of foreign issuers, securities traded principally in securities markets outside the United States, U.S. traded securities of foreign issuers and/or securities denominated in foreign currencies (together, foreign securities). The Fund may seek exposure to foreign securities by investing in Depositary Receipts. </li></ul><ul type="square"><li style="margin-left:-20px">Derivative Instruments (Including Futures, Options and Swaps). The event arbitrage strategy employed by the Fund may include the use of derivatives. Derivatives may be used for hedging purposes (such as managing foreign currency or commodity exposure), as a substitute for investments in the underlying securities, to increase or decrease exposure (leverage), or for the purpose of generating income. The Fund may buy call or put options to implement its principal investment strategies. The Fund may write (sell) call options on securities that it owns. This allows the Fund to generate income on securities that the Portfolio Manager believes have a low likelihood of appreciating significantly until the option expiration. Similarly, options may be written (sold) if the Portfolio Manager is willing to purchase the underlying securities at a lower price. Hedging through derivatives may be done on underlyings such as individual securities, market indices, as well as foreign currency or commodity exposure. Options and futures contracts may be used to decrease (hedge) or increase market exposure, exposure to specific securities or exposure to other factors that may influence an event. When engaged in hedging activities, the Portfolio Manager may enter into derivative contracts that relate to a specific security or market index.</li></ul>Some of these strategies involve the use of arbitrage, which involves taking advantage of small price differences between two otherwise equivalent assets. As compared with conventional investing, the Adviser considers the Funds investment strategies to be less dependent on the overall direction of stock prices. 2003-06-30 0.1748 Lowest Performing Quarter: 2008-09-30 As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedQuakerGlobalTacticalAllocationFund column period compact * ~</div> The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. 0.0991 -0.3185 -0.0007 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedQuakerStrategicGrowth column period compact * ~</div> As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. The following risks could affect the value of your investment: <ul type="square"><li style="margin-left:-20px">Common Stock Risk. Risks include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence or instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change. </li></ul><ul type="square"><li style="margin-left:-20px">Short Selling Risk. Positions in shorted securities are speculative and more risky than long positions. Such investments involve the risk of an unlimited increase in the market price of the security sold short, which could result in a theoretically unlimited loss. Short sale strategies are often categorized as a form of leveraging or speculative investment. The use of leverage may multiply small price movements in securities into large changes in value. As a result of using leverage, the Funds share price may be more volatile than if no leverage were used. </li></ul><ul type="square"><li style="margin-left:-20px">Exchange-Traded Fund Risk. The cost of investing in an ETF will generally be higher than the cost of investing directly in the underlying securities held by the ETF. Shareholders will indirectly bear fees and expenses charged by the underlying ETFs in addition to the Funds direct fees and expenses. </li></ul><ul type="square"><li style="margin-left:-20px">Derivative Instruments (Including Futures, Options and Swaps) Risk. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, are not correlated with the performance of other investments which they are used to hedge, or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the price of derivatives. </li></ul><ul type="square"><li style="margin-left:-20px">Foreign Securities Risk. Investments in foreign securities involve greater risks compared to domestic investments for the following reasons: foreign companies may not be subject to the regulatory requirements of U.S. companies, so there may be less publicly available information about foreign issuers than U.S. companies; foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards; dividends and interest on foreign securities may be subject to foreign withholding taxes; such taxes may reduce the net return to Fund shareholders; foreign securities are often denominated in a currency other than the U.S. dollar, which will subject the Fund to the risks associated with fluctuations in currency values. </li></ul><ul type="square"><li style="margin-left:-20px">Small- and Mid-Cap Company Risk. Investing in small and medium-size companies, even indirectly, may involve greater volatility than investing in larger and more established companies. Small companies may have limited product lines, markets or financial resources and their management may be dependent on a limited number of key individuals. Securities of those companies may have limited market liquidity, and their prices may be more volatile. </li></ul><ul type="square"><li style="margin-left:-20px">Large-Cap Company Risk. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. </li></ul><ul type="square"><li style="margin-left:-20px">Interest Rate Risk. Fixed-income securities are subject to the risk that the securities could lose value because of interest rate changes. For example, bonds tend to decrease in value as interest rates rise. Debt obligations with longer maturities sometimes offer higher yields, but are subject to greater price shifts as a result of interest rate changes than debt obligations with shorter maturities. </li></ul><ul type="square"><li style="margin-left:-20px">Debt Instruments Risk. Debt instruments are generally subject to the risk that the issuer will default on interest or principal payments. </li></ul><ul type="square"><li style="margin-left:-20px">Below Investment Grade Debt Risk. Adverse changes in the creditworthiness of an issuer can have an adverse effect on the value of the issuers securities. Investments in below investment grade debt are considered to be more speculative and susceptible to credit risk than higher quality fixed income securities. Lower rated securities, including junk bonds, also involve higher risks in that they are especially subject to price fluctuations in response to changes in interest rates.</li></ul><ul type="square"><li style="margin-left:-20px">Mortgage-Backed and Asset-Backed Securities Risk. Falling interest rates could cause faster than expected prepayments of the obligations underlying mortgage- and asset-backed securities, which the Fund would have to invest at lower interest rates. Conversely, rising interest rates could cause prepayments of the obligations to decrease, extending the life of mortgage- and asset-backed securities with lower payment rates. </li></ul><ul type="square"><li style="margin-left:-20px">Portfolio Turnover Risk. Because the Fund has a very high rate of portfolio turnover, it will incur significant additional costs due to brokerage commission expenses (and dealer spreads built into the cost of securities) than those incurred by a fund with a lower portfolio turnover rate. The higher portfolio turnover rate may result in the realization for federal income tax purposes of additional net capital gains, which also may result in substantial ordinary income to shareholders and negatively affect the Funds after-tax performance. </li></ul><ul type="square"><li style="margin-left:-20px">Non-Diversification Risk. The Fund is not a diversified fund, which means the Fund may allocate its investments to a relatively small number of issuers or to a single industry, making it more susceptible to adverse developments of a single issuer or industry. As a result, investing in the Fund is potentially more risky than investing in a diversified fund that is otherwise similar to the Fund. </li></ul><ul type="square"><li style="margin-left:-20px">Management Risk. The Sub-adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result. </li></ul> -0.0556 -0.0556 -0.0362 -0.0085 0.0013 -0.0418 0.0861 0.0486 0.0495 0.0598 0.0703 0.0562 As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. The following risks could affect the value of your investment: <ul type="square"><li style="margin-left:-20px">Common Stock Risk. Common stock risks include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change. </li></ul><ul type="square"><li style="margin-left:-20px">Growth Risk. The Fund invests in companies that appear to be growth-oriented companies. If the Funds perceptions of a companys growth potential are wrong, the securities purchased may not perform as expected, reducing the Funds return.</li></ul><ul type="square"><li style="margin-left:-20px">Special Situation Risk. Special situations often involve much greater risk than is found in the normal course of investing. Liquidations, reorganizations, recapitalizations, material litigation, technological breakthroughs and new management or management policies may not have the effect on a companys price that the Funds sub-adviser expects, which could negatively impact the Fund. </li></ul><ul type="square"><li style="margin-left:-20px">Foreign Securities Risk. Investments in foreign securities involve greater risks compared to domestic investments for the following reasons: foreign companies may not be subject to the regulatory requirements of U.S. companies, so there may be less publicly available information about foreign issuers than U.S. companies; foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards; dividends and interest on foreign securities may be subject to foreign withholding taxes; such taxes may reduce the net return to Fund shareholders; foreign securities are often denominated in a currency other than the U.S. dollar, which will subject the Fund to the risks associated with fluctuations in currency values. </li></ul><ul type="square"><li style="margin-left:-20px">Mid-Cap Stock Risk. Because mid-cap companies are relatively small compared to large-capitalization companies, they may be engaged in business mostly within their own geographic region and may be less well known to the investment community. Also, these companies may have less liquidity, less management depth, narrower market penetrations, less diverse product lines and fewer resources than larger companies. As a result of these factors, mid-cap stock prices may have greater volatility than large company securities. </li></ul><ul type="square"><li style="margin-left:-20px">Short Selling Risk. Positions in shorted securities are speculative and more risky than long positions. Such investments involve the risk of an unlimited increase in the market price of the security sold short, which could result in a theoretically unlimited loss. Short sale strategies are often categorized as a form of leveraging or speculative investment. The use of leverage may multiply small price movements in securities into large changes in value. As a result of using leverage, the Funds share price may be more volatile than if no leverage were used. </li></ul><ul type="square"><li style="margin-left:-20px">Portfolio Turnover Risk. The Funds portfolio manager may engage in aggressive portfolio trading. As a result, the Fund could experience higher than average portfolio turnover, resulting in the realization of gains and losses which could have negative tax consequences to Fund shareholders. </li></ul><ul type="square"><li style="margin-left:-20px">Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result. </li></ul> Annual Total Returns Class A Shares as of December 31, 2011 2003-06-30 0.2397 Lowest Performing Quarter: 2008-12-31 -0.0289 -0.0492 As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. The following risks could affect the value of your investment: <ul type="square"><li style="margin-left:-20px">Merger Arbitrage Risk. Certain of the proposed reorganizations in which the Fund invests may be renegotiated or terminated, in which case losses may be realized.</li></ul><ul type="square"><li style="margin-left:-20px">Capital Structure Arbitrage Risk. The perceived mispricing identified by the Funds Adviser may not disappear or may even increase, in which case losses may be realized.</li></ul><ul type="square"><li style="margin-left:-20px">Distressed Securities Risk. Investment in distressed securities may be considered speculative and may present substantial risk of loss. Below investment- grade securities involve greater risks of default or downgrade and are more volatile than investment- grade securities. Additionally, below investment-grade securities involve greater risk of price declines than investment-grade securities due to actual or perceived changes in the issuers creditworthiness. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could adversely affect the market value of the securities. </li></ul><ul type="square"><li style="margin-left:-20px">Debt Instruments Risk. Debt instruments are generally subject to the risk that the issuer will default on interest or principal payments. The Fund could lose money if an issuer of a fixed income security cannot meet its financial obligations or goes bankrupt. Adverse changes in the creditworthiness of an issuer can have an adverse effect on the value of the issuers securities. </li></ul><ul type="square"><li style="margin-left:-20px">Interest Rate Risk. Fixed-income securities are subject to the risk that the securities could lose value because of interest rate changes. For example, bonds tend to decrease in value if interest rates rise. Debt obligations with longer maturities sometimes offer higher yields, but are subject to greater price shifts as a result of interest rate changes than debt obligations with shorter maturities.</li></ul><ul type="square"><li style="margin-left:-20px">Structured Note Investment Risk. Principal repayments and/or interest payments on structured notes are dependent upon one or more of the following factors: currency exchange rates, interest rates, stock and stock indices, which may adversely affect the principal repayments and/or payments. The use of multipliers or deflators may increase such risks. </li></ul><ul type="square"><li style="margin-left:-20px">Proxy Fight Risk. A proxy fight may not be concluded successfully, or the increase in value anticipated through the change of control may not materialize, in which case losses may be realized. </li></ul><ul type="square"><li style="margin-left:-20px">Short Selling Risk. Positions in shorted securities are speculative and more risky than long positions. Such investments involve the risk of an unlimited increase in the market price of the security sold short, which could result in a theoretically unlimited loss. Short sale strategies are often categorized as a form of leveraging or speculative investment. The use of leverage may multiply small price movements in securities into large changes in value. As a result of using leverage, the Funds share price may be more volatile than if no leverage were used. </li></ul><ul type="square"><li style="margin-left:-20px">Management Risk. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result. </li></ul><ul type="square"><li style="margin-left:-20px">Foreign Securities Risk. Investments in foreign securities involve greater risks compared to domestic investments for the following reasons: foreign companies may not be subject to the regulatory requirements of U.S. companies, so there may be less publicly available information about foreign issuers than U.S. companies; foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards; dividends and interest on foreign securities may be subject to foreign withholding taxes and such taxes may reduce the net return to Fund shareholders; and foreign securities are often denominated in a currency other than the U.S. dollar, which will subject the Fund to the risks associated with fluctuations in currency values. </li></ul><ul type="square"><li style="margin-left:-20px">Derivative Instruments (Including Futures, Options and Swaps) Risk. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, are not correlated with the performance of other investments which they are used to hedge, or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or may suddenly become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices of derivatives. Moreover, the Fund may be exposed to counterparty risk, in particular on derivatives that are invested in the over the counter (OTC) market. </li></ul><ul type="square"><li style="margin-left:-20px">Non-Diversification Risk. The Fund is not a diversified fund, which means the Fund may allocate its investments to a relatively small number of issuers or to a single industry making it more susceptible to adverse developments of a single issuer or industry. As a result, investing in the Fund is potentially more risky than investing in a diversified fund that is otherwise similar to the Fund. </li></ul> -0.1015 -0.1015 -0.066 -0.0561 -0.0469 0.0211 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedQuakerSmallCapValue column period compact * ~</div> 2004-12-31 0.1427 Lowest Performing Quarter: 2008-12-31 0.1243 -0.2574 -0.057 As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. -0.1088 -0.1151 -0.0699 -0.0641 -0.0545 0.0211 2009-06-30 0.0893 Lowest Performing Quarter: 2008-12-31 October 28, 2012 to October 28, 2013 The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedQUAKEREVENTARBITRAGEFUND column period compact * ~</div> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedQuakerAkrosAbsoluteReturnFund column period compact * ~</div> The Fund employs absolute return strategies to seek positive returns regardless of market conditions. The Funds investment sub-adviser, Akros Capital, LLC (the Sub-adviser), will invest in securities, including common and preferred stock, of companies of any size, debt securities and derivatives: <ul type="square"><li style="margin-left:-20px">Common Stocks. The Fund may invest in common stocks of U.S. companies of any size and common stocks of American Depositary Receipts (ADRs) of foreign companies. </li></ul><ul type="square"><li style="margin-left:-20px">Short Sales. The Fund may invest up to 50% of its net assets in short sales at any given time. </li></ul><ul type="square"><li style="margin-left:-20px">Exchange-Traded Funds. Beyond pursuing its investment objective by direct investment, the Fund may also invest in shares of other investment companies that invest in the types of securities mentioned above, including shares of exchange-traded funds (ETFs). </li></ul><ul type="square"><li style="margin-left:-20px">Derivative Instruments (Including Futures, Options and Swaps). The absolute return strategies employed by the Fund may include the use of derivatives. For example, the Fund may write (sell) call options on securities that it owns. This would allow the Fund to generate income on securities that the Portfolio Manager is willing to sell at higher prices. In addition, the Fund may write (sell) put options on securities that the Portfolio Manager is willing to buy at lower prices. The Fund may also buy put and call options from time to time. Similarly, futures contracts may be used to decrease (hedge) or increase market exposure, but are more often used to decrease (hedge) exposure. The Fund may invest (up to 20% of its net assets in margin requirements) in futures contracts on stock indexes, a wide variety of swap agreements, options on futures contracts and other financial instruments such as options on securities and stock index options. </li></ul><ul type="square"><li style="margin-left:-20px">Foreign Securities. The Fund may invest up to 30% of its net assets in foreign securities, including ADRs and European Depositary Receipts (EDRs). </li></ul><ul type="square"><li style="margin-left:-20px">Debt Instruments. The Fund may invest up to 100% of its net assets in debt instruments, including convertible debt. </li></ul><ul type="square"><li style="margin-left:-20px">Below Investment Grade Debt Instruments. The Fund may invest up to 30% of its net assets in debt securities that fall below investment grade debt commonly referred to as junk bonds. </li></ul><ul type="square"><li style="margin-left:-20px">Mortgage-Backed and Asset-Backed Securities. The Fund may invest in asset-backed securities, such as automobile receivables, credit-card receivables, equipment leases, health-care receivables, home-equity loans, litigation-finance notes and student loans, as well as mortgage-backed securities and Federal Home Loan Bank securities, and other fixed-income securities of higher credit quality. </li></ul><ul type="square"><li style="margin-left:-20px">Tactical Allocation. Because the Fund is a tactical allocation fund, the assets of the Fund will shift on a short-term basis to take advantage of perceived differences in relative values of the various asset classes. The Fund will tactically allocate capital among a diverse range of trading strategies and markets, wherever the portfolio manager perceives opportunity. </li></ul>The maximum position of the Fund in stocks, either directly through stocks or indirectly through options, futures and swaps, will be limited to 125% of its net assets. The Sub-adviser invests mainly in common stocks of U.S. and non-U.S. companies. Investments in equity securities (growth or value stocks or both) are of companies of any size. The Sub-adviser may consider, among other things, a companys valuation, financial strength, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell equity investments. The Sub-adviser also uses derivatives, such as futures, options, warrants and swap contracts, for both hedging and non-hedging purposes. The Sub-adviser may also invest in fixed income securities of short- to long-term maturities that are either investment-grade or below investment-grade in quality. The Sub-adviser may also invest in other fixed income securities, such as mortgage-backed investments. When deciding whether to buy or sell fixed income instruments, the Sub-adviser may consider, among other things, credit, interest rate, and prepayment risks, as well as general market conditions. The Sub-adviser may also select other investments that do not fall within these asset classes. The Sub-adviser determines the asset allocation mix of the portfolio by assessing the macro environment, analyzing the Funds risk exposure and then investing in a manner consistent with those findings. The Quaker Akros Absolute Return Fund (the Fund) seeks to provide long-term capital appreciation and income, while seeking to protect principal during unfavorable market conditions. 0.01 0.01 0.01 0.0099 0.0099 0.0099 0.0004 0.0004 0.0004 3022 3346 2358 0.1871 0.0159 0.0125 0.0125 0.0125 The Quaker Strategic Growth Fund (the Fund) seeks to provide long-term growth of capital. 0.0118 0.0118 0.0118 0.013 0.013 0.013 0.0075 0.0075 0.0075 The total annual fund operating expense ratios in this table do not match the ratio of expenses to average net assets in the Financial Highlights section of the prospectus because the Financial Highlights are not required to reflect any acquired fund fees and expenses. 0.0105 0.0105 0.0105 0.0091 0.0091 0.0091 The Quaker Small-Cap Growth Tactical Allocation Fund (the Fund) seeks to provide long-term growth of capital. 3397 3712 2766 3041 3365 2379 2954 3280 2285 8.7975 The total annual fund operating expense ratios in this table do not match the ratio of expenses to average net assets in the Financial Highlights section of the prospectus because the Financial Highlights are not required to reflect any acquired fund fees and expenses. PRINCIPAL INVESTMENT RISKS PAST PERFORMANCE The bar chart below displays the annual return of the Fund over the lifetime of the Fund. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. Past performance does not guarantee or predict future results. 0.2487 0.0804 0 0.3304 0.2617 -0.0233 -0.0247 -0.0198 -0.0196 -0.0097 0.0004 PRINCIPAL INVESTMENT RISKS Highest Performing Quarter: -0.3209 0.1966 0.1548 PRINCIPAL INVESTMENT RISKS The Quaker Mid-Cap Value Fund (the Fund) seeks to provide long-term growth of capital. PAST PERFORMANCE PRINCIPAL INVESTMENT RISKS 0.01 0.01 0.01 0.0071 0.0071 0.0071 0.417 PRINCIPAL INVESTMENT RISKS PAST PERFORMANCE 2710 3041 2019 2012-10-29 The Quaker Small-Cap Value Fund (the Fund) seeks to provide long-term growth of capital. PAST PERFORMANCE year-to-date return 1.5777 0.013 0.013 0.013 The bar chart below displays the annual return of the Fund over the lifetime of the Fund. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. Past performance does not guarantee or predict future results. 0.0082 0.0082 0.0082 Highest Performing Quarter: 0.0199 0.0274 0.0174 PRINCIPAL INVESTMENT RISKS -0.1514 PAST PERFORMANCE The bar chart below displays the annual return of the Fund over the past ten years. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. Past performance does not guarantee or predict future results. 0.0125 0.0125 0.0125 Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. PAST PERFORMANCE The bar chart below displays the annual return of the Fund over the past ten years. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. Past performance does not guarantee or predict future results. Past performance does not guarantee or predict future results. 2739 3070 2052 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleExpenseExampleTransposedQuakerMidCapValue column period compact * ~</div> 0.0116 0.0116 0.0116 0.0001 0.0001 0.0001 0.0199 0.0274 0.0174 -0.0376 -0.0484 -0.035 -0.0339 -0.0025 -0.0244 year-to-date return Highest Performing Quarter: -0.278 0.0638 1.5657 Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. Past performance does not guarantee or predict future results. After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. The bar chart below displays the annual return of the Fund over the past ten years. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. Past performance does not guarantee or predict future results. 1.7823 The Adviser has voluntarily agreed to waive its management fees and/or assume expenses to the extent necessary to reduce the Total Annual Fund Operating Expenses (excluding 12b-1 fees) when they exceed 1.74% of the Funds average daily net assets (the Annualized Expense Ratio). The Adviser currently has no intention to terminate this arrangement, although it may do so at any time in its sole discretion. The total annual fund operating expense ratios in this table do not match the ratio of expenses to average net assets in the Financial Highlights section of the prospectus because the Financial Highlights are not required to reflect any acquired fund fees and expenses. After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. year-to-date return Past performance does not guarantee or predict future results. 2737 3068 2049 After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. 6.2561 0.1687 0.0513 0.3307 0.1592 0.1352 year-to-date return Highest Performing Quarter: -0.3069 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleExpenseExampleTransposedQuakerGlobalTacticalAllocationFund column period compact * ~</div> Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. Past performance does not guarantee or predict future results. Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. Past performance does not guarantee or predict future results. 0.2047 0.166 -0.0621 0.2085 After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. PRINCIPAL INVESTMENT RISKS <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleExpenseExampleTransposedQuakerStrategicGrowth column period compact * ~</div> 0.2529 -0.0178 -0.0266 -0.0183 -0.0141 -0.0042 0.0015 PAST PERFORMANCE year-to-date return Highest Performing Quarter: -0.2399 0.0157 -0.005 0.1394 0.0207 The bar chart below displays the annual return of the Fund over the lifetime of the Fund. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. Past performance does not guarantee or predict future results. Past performance does not guarantee or predict future results. <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleExpenseExampleTransposedQuakerSmallCapValue column period compact * ~</div> 0.0019 -0.0093 -0.0045 -0.0025 0.0031 -0.0091 -0.004 -0.0498 -0.039 0.0251 year-to-date return Highest Performing Quarter: -0.1193 The Adviser has voluntarily agreed to waive its advisory fees to the extent that the total operating expenses of the Fund (exclusive of interest, taxes, brokerage commissions and other costs incurred in connection with the purchase or sale of portfolio securities, and extraordinary items) exceed the annual rate of 2.60% for Class A Shares, 3.35% for C Shares, and 2.35% for Institutional Class Shares, of the average net assets of each class, respectively. The Adviser currently has no intention to terminate this arrangement, although it may do so at any time in its sole discretion. 0.2685 The Quaker Global Tactical Allocation Fund (the Fund) seeks to provide long-term growth of capital. 0.1123 -0.0003 0.2784 0.0745 1.0342 After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleExpenseExampleTransposedQuakerSmall-CapGrowthTacticalAllocationFund column period compact * ~</div> Past performance does not guarantee or predict future results. -0.0189 -0.0233 -0.0177 -0.0025 0.051 0.0376 0.0373 -0.0266 -0.0178 0.0452 After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. year-to-date return Highest Performing Quarter: -0.0879 After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. The Adviser, pursuant to a contractual fee waiver agreement (the Fee Waiver Agreement) has agreed to waive its management fees and/or assume expenses to the extent necessary to reduce the Total Annual Fund Operating Expenses (excluding 12b-1 fees) when they exceed 1.74% of the Funds average daily net assets (the Annualized Expense Ratio). The Fee Waiver Agreement has been approved for the period from October 28, 2012 to October 28, 2013. In accordance with the Fee Waiver Agreement, any waivers and reimbursements made by the Adviser to the Fund are subject to recoupment by the Adviser within three (3) years following the time at which the Adviser waived fees and/or assumed expenses for the Fund under the Fee Waiver Agreement, provided that such recoupment does not cause the Total Annual Fund Operating Expenses to exceed the Annualized Expense Ratio. This Fee Waiver Agreement shall be terminated upon the termination of the Advisory Agreement or, with respect to the Fund, in the event of its merger or liquidation. <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleExpenseExampleTransposedQUAKEREVENTARBITRAGEFUND column period compact * ~</div> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleExpenseExampleTransposedQuakerAkrosAbsoluteReturnFund column period compact * ~</div> The Quaker Event Arbitrage Fund (the Fund) seeks to provide long-term growth of capital. The bar chart below displays the annual return of the Fund over the lifetime of the Fund. The bar chart also illustrates the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. Past performance does not guarantee or predict future results. Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. Performance information prior to October 4, 2010 represents that of the Akros Absolute Return Fund (the "Akros Fund") a series of the Trust for Professional Managers. On October 4, 2010, the Akros Fund was reorganized into the Fund (the "Reorganization"). Prior to the Reorganization, the Fund had no assets or liabilities. The Fund has investment objectives, strategies and policies substantially similar to those of the Akros Fund, which was advised by the Fund's sub-adviser, Akros Capital, LLC. Performance information prior to June 7, 2010 represents that of the Pennsylvania Avenue Event-Driven Fund (the "Pennsylvania Avenue Fund") a series of the Pennsylvania Avenue Funds. On June 7, 2010, the Pennsylvania Avenue Fund was reorganized into the Fund (the "Reorganization"). Prior to the Reorganization, the Fund had no assets or liabilities. The Fund has investment objectives, strategies and policies substantially similar to those of the Pennsylvania Avenue Fund, which was managed by the Fund's Portfolio Manager, Thomas Kirchner. 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