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):

  þ 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 19th 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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qit1:SAndPFiveHundredTotalReturnIndexMember 2011-10-30 2012-10-29 0000870355 qit1:S000028027Member rr:AfterTaxesOnDistributionsMember qit1:C000085297Member 2011-10-30 2012-10-29 0000870355 qit1:S000028027Member rr:AfterTaxesOnDistributionsAndSalesMember qit1:C000085297Member 2011-10-30 2012-10-29 0000870355 qit1:S000028027Member qit1:SAndPFiveHundredTotalReturnIndexMember 2011-10-30 2012-10-29 pure iso4217:USD 2012-09-30 2012-09-30 2012-09-30 2012-09-30 2012-09-30 2012-09-30 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleShareholderFeesQuakerMidCapValue column period compact * ~</div> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleShareholderFeesQuakerSmall-CapGrowthTacticalAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleShareholderFeesQuakerGlobalTacticalAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleShareholderFeesQuakerStrategicGrowth column period compact * ~</div> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleShareholderFeesQuakerSmallCapValue column period compact * ~</div> 2012-09-30 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleShareholderFeesQUAKEREVENTARBITRAGEFUND column period compact * ~</div> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleShareholderFeesQuakerAkrosAbsoluteReturnFund column period compact * ~</div> 1703 1591 1093 <font style="font-family:Arial Narrow" size="2"><b>EXPENSE EXAMPLES</b></font> <font style="font-family:Arial Narrow" size="2"><b>EXPENSE EXAMPLES</b></font> 1892 1784 1296 1713 1601 1103 <font style="font-family:Arial Narrow" size="2"><b>EXPENSE EXAMPLES</b></font> <font style="font-family:Arial Narrow" size="2"><b>EXPENSE EXAMPLES</b></font> <font style="font-family:Arial Narrow" size="2"><b>EXPENSE EXAMPLES </b></font> <font 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During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 178.23% of the average value of its portfolio. </font> 0.6051 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund&#146;s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 625.61% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund&#146;s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 41.70% of the average value of its portfolio. </font> 1549 1435 928 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund&#146;s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 157.77% of the average value of its portfolio. </font> 0.0864 1564 1450 944 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund&#146;s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 156.57% of the average value of its portfolio. </font> 0.1101 <font style="font-family:Arial Narrow" size="2">www.quakerfunds.com</font> <font style="font-family:Arial Narrow" size="2">www.quakerfunds.com</font> 0.0619 1563 1449 943 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund&#146;s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 103.42% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">www.quakerfunds.com</font> 0.3076 0.504 <font style="font-family:Arial Narrow" size="2"> www.quakerfunds.com</font> <font style="font-family:Arial Narrow" size="2"> www.quakerfunds.com</font> <font style="font-family:Arial Narrow" size="2">www.quakerfunds.com</font> <font style="font-family:Arial Narrow" size="2">www.quakerfunds.com</font> 0.055 0 0 <font style="font-family:Arial Narrow" size="6">Fund Summaries </font><br/><font style="font-family:Arial Narrow" size="5"><b>Quaker Global Tactical Allocation Fund</b></font> <font style="font-family:Arial Narrow" size="2"><b>Shareholder Fees<br/>(fees paid directly<br/>from your investment)</b></font> 0.055 0 <font style="font-family:Arial Narrow" size="6">Fund Summaries </font><br/><font style="font-family:Arial Narrow" size="5"><b>Quaker Strategic Growth Fund</b></font> <font style="font-family:Arial Narrow" size="2"><b>Shareholder Fees<br/>(fees paid directly<br/>from your investment)</b></font> 0.055 0 0 0.055 0 0 <font style="font-family:Arial Narrow" size="6">Fund Summaries </font><br/><font style="font-family:Arial Narrow" size="5"><b>Quaker Small-Cap Growth Tactical Allocation Fund</b></font> <font style="font-family:Arial Narrow" size="2"><b>Shareholder Fees<br/>(fees paid directly<br/>from your investment)</b></font> <font style="font-family:Arial Narrow" size="6">Fund Summaries </font><br/><font style="font-family:Arial Narrow" size="5"><b>Quaker Mid-Cap Value Fund</b></font> <font style="font-family:Arial Narrow" size="2"><b>Shareholder Fees<br/>(fees paid directly<br/>from your investment)</b></font> <font style="font-family:Arial Narrow" size="6">Fund Summaries </font><br/><font style="font-family:Arial Narrow" size="5"><b>Quaker Small-Cap Value Fund</b></font> <font style="font-family:Arial Narrow" size="2"><b>Shareholder Fees<br/>(fees paid directly<br/>from your investment)</b></font> 0.055 0 0 <font style="font-family:Arial Narrow" size="6">Fund Summaries </font><br/><font style="font-family:Arial Narrow" size="5"><b>Quaker Event Arbitrage Fund</b></font> <font style="font-family:Arial Narrow" size="2">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 <b>&#147;Reduction or Waiver of Front-End Sales Charges&#148;</b> section on page 44 of the Fund&#146;s Prospectus and in the <b>&#147;Shareholder Information&#148;</b> section on page 45 of the Trust&#146;s Statement of Additional Information (&#147;SAI&#148;). </font> 50000 <font style="font-family:Arial Narrow" size="2"><b>Shareholder Fees<br/>(fees paid directly<br/>from your investment)</b></font> 0.055 0 0 <font style="font-family:Arial Narrow" size="6">Fund Summaries </font><br/><font style="font-family:Arial Narrow" size="5"><b>Quaker Akros Absolute Return Fund</b></font> <font style="font-family:Arial Narrow" size="2"><b>Shareholder Fees<br/>(fees paid directly<br/>from your investment)</b></font> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualFundOperatingExpensesQuakerMidCapValue column period compact * ~</div> 0.055 0 0 <font style="font-family:Arial Narrow" size="2">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.</font> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualFundOperatingExpensesQuakerSmall-CapGrowthTacticalAllocationFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">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 <b>&#147;Reduction or Waiver of Front-End Sales Charges&#148;</b> section on page 44 of the Fund&#146;s Prospectus and in the <b>&#147;Shareholder Information&#148;</b> section on page 45 of the Trust&#146;s (&#147;SAI&#148;) Information. </font> 50000 <font style="font-family:Arial Narrow" size="2">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.</font> 50000 <font style="font-family:Arial Narrow" size="2">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.</font> <font style="font-family:Arial Narrow" size="2">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 <b>&#147;Reduction or Waiver of Front-End Sales Charges&#148;</b> section on page 44 of the Fund&#146;s Prospectus and in the <b>&#147;Shareholder Information&#148;</b> section on page 45 of the Trust&#146;s Statement of Additional Information (&#147;SAI&#148;). </font> 50000 0.0959 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualFundOperatingExpensesQuakerGlobalTacticalAllocationFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">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.</font> <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> <font style="font-family:Arial Narrow" size="2">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 <b>&#147;Reduction or Waiver of Front-End Sales Charges&#148;</b> section on page 44 of the Fund&#146;s Prospectus and in the <b>&#147;Shareholder Information&#148;</b> section on page 45 of the Trust&#146;s Statement of Additional Information (&#147;SAI&#148;). </font> 0 0.0449 <font style="font-family:Arial Narrow" size="2"> 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 <b>&#147;Reduction or Waiver of Front-End Sales Charges&#148;</b> section on page 44 of the Fund&#146;s Prospectus and the <b> &#147;Shareholder Information&#148;</b> section on page 45 of the Trust&#146;s Statement of Additional Information (the &#147;SAI&#148;). </font> 50000 -0.0494 <font style="font-family:Arial Narrow" size="2">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 &#147;<b>Reduction or Waiver of Front-End Sales Charges&#148;</b>section on page 44 of the Fund&#146;s Prospectus and in the &#147;<b>Shareholder Information&#148;</b>section on page 45 of the Trust&#146;s Statement of Additional Information (&#147;SAI&#148;). </font> 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> <font style="font-family:Arial Narrow" size="2"> 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 &#147;<b>Reduction or Waiver of Front-End Sales Charges&#148;</b>section on page 44 of the Fund&#146;s Prospectus and in the &#147;<b>Shareholder Information&#148;</b>section on page 45 of the Trust&#146;s Statement of Additional Information (&#147;SAI&#148;). </font> 50000 768 306 206 1223 936 637 <font style="font-family:Arial Narrow" size="2">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 <b>&#147;Reduction or Waiver of Front-End Sales Charges&#148;</b> section on page 44 of the Fund&#146;s Prospectus and in the <b>&#147;Shareholder Information&#148;</b> section on page 45 of the Trust&#146;s (&#147;SAI&#148;) Information. </font> <font style="font-family:Arial Narrow" size="2"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">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 <b>&#147;Reduction or Waiver of Front-End Sales Charges&#148;</b> section on page 44 of the Fund&#146;s Prospectus and in the <b>&#147;Shareholder Information&#148;</b> section on page 45 of the Trust&#146;s Statement of Additional Information (&#147;SAI&#148;). </font> <font style="font-family:Arial Narrow" size="2"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">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 Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font> 806 346 246 <font style="font-family:Arial Narrow" size="2">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 Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font> 1337 1053 758 770 308 208 1229 942 <font style="font-family:Arial Narrow" size="2">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 <b>&#147;Reduction or Waiver of Front-End Sales Charges&#148;</b> section on page 44 of the Fund&#146;s Prospectus and in the <b>&#147;Shareholder Information&#148;</b> section on page 45 of the Trust&#146;s Statement of Additional Information (&#147;SAI&#148;). </font> 762 299 199 <font style="font-family:Arial Narrow" size="2"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT STRATEGIES </b></font> <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT STRATEGIES </b></font> <font style="font-family:Arial Narrow" size="2">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 Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font> -0.2148 <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT STRATEGIES </b></font> <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"><font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">17.50% in 3</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">rd</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2009</font></td></tr> <tr> <td height="5"></td> <td height="5" colspan="2"></td></tr> <tr> <td valign="bottom" nowrap="nowrap"><font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&#150;32.09% in 3</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">rd</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2008</font></td></tr> </table><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s cumulative year-to-date return through September 30, 2012 was 8.64%. </b></font></p> 485BPOS <font style="font-family:Arial Narrow" size="2"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT STRATEGIES </b></font> <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"><font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">23.97% in 2</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">nd</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2003</font></td></tr> <tr> <td height="5"></td> <td height="5" colspan="2"></td></tr> <tr> <td valign="bottom" nowrap="nowrap"><font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">-23.99% in 4</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">th</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2008</font></td></tr> </table><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s cumulative year-to-date return through September 30, 2012 was 11.84%. </b></font></p> <font style="font-family:Arial Narrow" size="2"><b>Average Annual Total Returns as of December 31, 2011</b></font> <font style="font-family:Arial Narrow" size="2">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 <b>&#147;Reduction or Waiver of Front-End Sales Charges&#148;</b> section on page 44 of the Fund&#146;s Prospectus and in the <b>&#147;Shareholder Information&#148;</b> section on page 45 of the Trust&#146;s Statement of Additional Information (&#147;SAI&#148;). </font> <font style="font-family:Arial Narrow" size="2"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">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 Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font> <font style="font-family:Arial Narrow" size="2"><b>Average Annual Total Returns as of December 31, 2011</b></font> <font style="font-family:Arial Narrow" size="2"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT STRATEGIES </b></font> <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT STRATEGIES </b></font> 738 274 174 <font style="font-family:Arial Narrow" size="2"><b>Average Annual Total Returns as of December 31, 2011</b></font> QUAKER INVESTMENT TRUST 2012-10-29 <font style="font-family:Arial Narrow" size="2">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 &#147;<b>Reduction or Waiver of Front-End Sales Charges&#148;</b> section on page 44 of the Fund&#146;s Prospectus and in the &#147;<b>Shareholder Information&#148;</b> section on page 45 of the Trust&#146;s Statement of Additional Information (&#147;SAI&#148;). </font> <font style="font-family:Arial Narrow" size="2">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 Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font> <font style="font-family:Arial Narrow" size="2">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 <b>&#147;Reduction or Waiver of Front-End Sales Charges&#148;</b> section on page 44 of the Fund&#146;s Prospectus and the <b> &#147;Shareholder Information&#148;</b> section on page 45 of the Trust&#146;s Statement of Additional Information (the &#147;SAI&#148;). </font> -0.0038 -0.0038 -0.0038 2008-05-01 2008-05-01 2008-07-23 <font style="font-family:Arial Narrow" size="2">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 &#147;<b>Reduction or Waiver of Front-End Sales Charges&#148;</b>section on page 44 of the Fund&#146;s Prospectus and in the &#147;<b>Shareholder Information&#148;</b>section on page 45 of the Trust&#146;s Statement of Additional Information (&#147;SAI&#148;). </font> <font style="font-family:Arial Narrow" size="2">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 Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font> 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"><font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font></td><td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">18.01% in 2</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">nd</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2009</font></td></tr><tr><td height="5"></td> <td height="5" colspan="2"></td></tr><tr><td valign="bottom" nowrap="nowrap"><font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font></td> <td valign="bottom"><font size="1"></font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&#150;15.47% in 3</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">rd</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2011</font></td></tr> </table><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s cumulative year-to-date return through September 30, 2012 was 6.19%. </b></font></p> <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"><font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font></td><td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">17.48% in 2</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">nd</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2003</font></td></tr><tr><td height="5"></td> <td height="5" colspan="2"></td></tr><tr><td valign="bottom" nowrap="nowrap"><font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font></td> <td valign="bottom"><font size="1"></font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&#150;30.69% in 3</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">rd</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2008</font></td></tr> </table><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s cumulative year-to-date return through September 30, 2012 was 9.59%. </b></font></p> <font style="font-family:Arial Narrow" size="2">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 investor&#146;s 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 Trust&#146;s website at www.quakerfunds.com or by calling toll-free 800-220-8888. </font> <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"><font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font></td><td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">23.12% in 4</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">th</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2003</font></td></tr><tr><td height="5"></td> <td height="5" colspan="2"></td></tr><tr><td valign="bottom" nowrap="nowrap"><font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font></td> <td valign="bottom"><font size="1"></font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&#150;27.80% in 3</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">rd</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2002</font></td></tr> </table><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s cumulative year-to-date return through September 30, 2012 was 11.01%. </b> </font></p> <font style="font-family:Arial Narrow" size="2">The total annual fund operating expense ratios in this table do not match the ratio of expenses to average net assets in the &#147;Financial Highlights&#148; section of the prospectus because the &#147;Financial Highlights&#148; are not required to reflect any acquired fund fees and expenses. </font> <font style="font-family:Arial Narrow" size="2">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 investor&#146;s 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 Trust&#146;s website at www.quakerfunds.com or by calling toll-free 800-220-8888. </font> <font style="font-family:Arial Narrow" size="2">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 investor&#146;s 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 Trust&#146;s website at www.quakerfunds.com or by calling toll-free 800-220-8888. </font> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualTotalReturnsQuakerSmall-CapGrowthTacticalAllocationFundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>Average Annual Total Returns as of December 31, 2011</b></font> <font style="font-family:Arial Narrow" size="2"><b>Average Annual Total Returns as of December 31, 2011</b></font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on an investor&#146;s 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.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on an investor&#146;s 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.</font> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualTotalReturnsQuakerMidCapValueBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">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: </font> <font style="font-family:Arial Narrow" size="2">800-220-8888</font> 741 277 177 <font style="font-family:Arial Narrow" size="2">800-220-8888</font> <font style="font-family:Arial Narrow" size="2"><b>Average Annual Total Returns as of December 31, 2011 </b></font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on an investor&#146;s 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.</font> <font style="font-family:Arial Narrow" size="2">800-220-8888</font> <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT STRATEGIES </b></font> -0.1709 <font style="font-family:Arial Narrow" size="2">The total annual fund operating expense ratios in this table do not match the ratio of expenses to average net assets in the &#147;Financial Highlights&#148; section of the prospectus because the &#147;Financial Highlights&#148; are not required to reflect any acquired fund fees and expenses. </font> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAnnualTotalReturnsQuakerGlobalTacticalAllocationFundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">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.</font> -0.1421 <font style="font-family:Arial Narrow" size="2"> Actual after-tax returns depend on an investor&#146;s 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. </font> <font style="font-family:Arial Narrow" size="2">800-220-8888</font> <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"><font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font></td><td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">8.93% in 2</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">nd</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2009</font></td></tr><tr><td height="5"></td> <td height="5" colspan="2"></td></tr><tr><td valign="bottom" nowrap="nowrap"><font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font></td> <td valign="bottom"><font size="1"></font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&#150;8.79% in 4</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">th</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2008</font></td></tr> </table><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s cumulative year-to-date return through September 30, 2012 was -4.94%. </b></font></p> <font style="font-family:Arial Narrow" size="2"><b>Average Annual Total Returns as of December 31, 2011</b></font> <font style="font-family:Arial Narrow" size="2">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 investor&#146;s 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 Trust&#146;s website at www.quakerfunds.com or by calling toll-free at 800-220-8888. </font> <font style="font-family:Arial Narrow" size="2">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.</font> <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"><font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font></td><td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">14.27% in 4</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">th</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2004</font></td></tr><tr><td height="5"></td> <td height="5" colspan="2"></td></tr><tr><td valign="bottom" nowrap="nowrap"><font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font></td> <td valign="bottom"><font size="1"></font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">-11.93% in 4</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">th</sup></font><font style="font-family:Arial Narrow" size="2"> quarter of 2008</font></td></tr> </table><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s cumulative year-to-date return through September 30, 2012 was 4.49%. </b></font></p> <font style="font-family:Arial Narrow" size="2">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 investor&#146;s 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 Trust&#146;s website at www.quakerfunds.com or by calling toll-free 800-220-8888. </font> <font style="font-family:Arial Narrow" size="2">The total annual fund operating expense ratios in this table do not match the ratio of expenses to average net assets in the &#147;Financial Highlights&#148; section of the prospectus because the &#147;Financial Highlights&#148; are not required to reflect any acquired fund fees and expenses. </font> <font style="font-family:Arial Narrow" size="2">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 investor&#146;s 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 Trust&#146;s website at www.quakerfunds.com or by calling toll-free 800-220-8888. </font> <font style="font-family:Arial Narrow" size="2"> Actual after-tax returns depend on an investor&#146;s 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.</font> <font style="font-family:arial" size="2"><i>Non-Diversification Risk.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund is not a &#147;diversified&#148; 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.</font> <font style="font-family:Arial Narrow" size="2">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.</font> <font style="font-family:Arial Narrow" size="2"> 800-220-8888</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on an investor&#146;s 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.</font> <font style="font-family:Arial Narrow" size="2">800-220-8888</font> <font style="font-family:Arial Narrow" size="2">800-220-8888</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on an investor&#146;s 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, </font><font style="font-family:Arial Narrow" size="2"> such as 401(k) plans or individual retirement accounts.</font> <font style="font-family:Arial Narrow" size="2">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 investor&#146;s 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, </font><font style="font-family:Arial Narrow" size="2"> 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. </font><font style="font-family:Arial Narrow" size="2">Updated performance information for the Fund is available on the Trust&#146;s website at www.quakerfunds.com or by calling toll-free 800-220-8888. </font> <font style="font-family:arial" size="2"><i>Non-Diversification Risk.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund is not a &#147;diversified&#148; 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. </font> 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 <font style="font-family:Arial Narrow" size="2"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> 0.0025 0.01 0 0.0228 0.0303 0.0203 <font style="font-family:Arial Narrow" size="2"><b>INVESTMENT OBJECTIVES</b></font> <font style="font-family:Arial Narrow" size="2"><b>FUND FEES AND EXPENSES</b></font> -0.0505 0 0.0025 0.01 0.0112 <font style="font-family:Arial Narrow" size="2"><b>INVESTMENT OBJECTIVES</b></font> 0.0112 0.0112 <font style="font-family:Arial Narrow" size="2"><b>FUND FEES AND EXPENSES</b></font> 0.0006 0.0006 0.0006 0.0268 0.0343 0.0243 0.0025 0.01 0 0.023 0.0305 0.0205 <font style="font-family:Arial Narrow" size="2"><b>INVESTMENT OBJECTIVES</b></font> 0.0025 0.01 0 0.0221 0.0296 0.0196 <font style="font-family:Arial Narrow" size="2"><b>FUND FEES AND EXPENSES</b></font> 643 1203 915 615 <font style="font-family:Arial Narrow" size="2"><b>PORTFOLIO TURNOVER</b></font> <font style="font-family:Arial Narrow" size="2"><b>PORTFOLIO TURNOVER</b></font> <font style="font-family:Arial Narrow" size="2"><b>PORTFOLIO TURNOVER</b></font> 0.0562 <font style="font-family:Arial Narrow" size="2"><b>Annual Total Returns &#151; Class A Shares as of December 31, 2011</b></font> -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 <font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font> 2008-12-31 <font style="font-family:Arial Narrow" size="2">To achieve its investment objective, the Fund&#146;s investment sub-adviser, DG Capital Management (the &#147;Sub-adviser&#148;), will, under normal market conditions, employ the following strategies: </font><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Common Stocks. </i></font><font style="font-family:Arial Narrow" size="2">The Fund invests at least 65% of its total assets in common stocks of U.S. companies without regard to market capitalization. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Growth Stocks.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund invests its assets in equity securities of companies which the Fund&#146;s Sub-adviser believes show a high probability for superior growth. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Special Situations.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund invests up to 25% of its total assets in &#147;special situation&#148; securities when the Fund&#146;s Sub-adviser believes such investments will benefit the Fund. A special situation arises when, in the sub-adviser&#146;s 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Foreign Securities.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest up to 25% of its net assets in foreign securities, including American Depositary Receipts (&#147;ADRs&#148;).</font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Large- and Mid-Cap Securities.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund seeks to achieve a balance between investments in &#147;special situation&#148; investments and investments in large- to mid-capitalization equities (in excess of $3 billion in market capitalization) with high or accelerating profitability. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Short Sales.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest up to 25% of its assets in short sales. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Portfolio Turnover.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund employs an aggressive strategy of portfolio trading to respond to changes in the marketplace. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Tactical Allocation. </i></font><font style="font-family:Arial Narrow" size="2">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.</font></li></ul> <font style="font-family:Arial Narrow" size="2">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: </font><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Common Stock Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Small and Mid-Cap Stocks Risk</i></font><font style="font-family:Arial Narrow" size="2">. 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. </font> </li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Growth Stock Risk.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund invests in companies that appear to be growth-oriented companies. If the Fund&#146;s perceptions of a company&#146;s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund&#146;s return. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Foreign Securities Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Emerging Markets Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Special Situations Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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 company&#146;s price that the Sub-adviser expects, which could negatively impact the Fund.</font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Portfolio Turnover Risk.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund&#146;s 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Short Selling Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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 Fund&#146;s share price may be more volatile than if no leverage were used. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Management Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul> -0.0821 <font style="font-family:Arial Narrow" size="2"><b>INVESTMENT OBJECTIVES </b></font> <font style="font-family:Arial Narrow" size="2"><b>INVESTMENT OBJECTIVES</b></font> <font style="font-family:Arial Narrow" size="2"><b>FUND FEES AND EXPENSES</b></font> <font style="font-family:Arial Narrow" size="2"><b>PORTFOLIO TURNOVER</b></font> <font style="font-family:Arial Narrow" size="2"><b>FUND FEES AND EXPENSES </b></font> <font style="font-family:Arial Narrow" size="2"><b>Annual Total Returns &#151; Class A Shares as of December 31, 2011</b></font> <font style="font-family:Arial Narrow" size="2">To achieve its investment objective, the Fund&#146;s investment sub-adviser, Van Den Berg Management I, Inc., dba Century Management (the &#147;Sub-adviser&#148;), will, under normal market conditions, employ the following strategies: </font><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Common Stocks.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund invests at least 80% of the its total assets in common stocks, American Depositary Receipts (&#147;ADRs&#148;) and foreign securities traded on U.S. stock exchanges, with market capitalizations within the range of companies included in the Russell 2000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Growth Stocks. </i></font><font style="font-family:Arial Narrow" size="2">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 Fund&#146;s 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<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index. The market capitalization of companies in the Russell 2000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index ranged from approximately $1.63 million to $3.51 billion as of September 30, 2012. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Foreign Securities.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest in foreign securities traded on U.S. stock exchanges and ADRs. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Exchange-Traded Funds.</i></font><font style="font-family:Arial Narrow" size="2"> 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 (&#147;ETFs&#148;). </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Short Sales.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest up to 25% of its assets in short sales at any given time. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Tactical Allocation. </i></font><font style="font-family:Arial Narrow" size="2">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. </font></li></ul><font style="font-family:Arial Narrow" size="2">In selecting individual securities for the Fund&#146;s portfolio, the Sub-adviser uses a &#147;bottom-up&#148; approach of extensively analyzing the financial, management and overall economic conditions of each potential investment, in particular, under this &#147;bottom-up&#148; 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. </font> 0.0025 0.01 0 0.0196 0.0271 0.0171 2012-06-30 <font style="font-family:Arial Narrow" size="2"><b>INVESTMENT OBJECTIVES</b></font> <font style="font-family:Arial Narrow" size="2"><b>FUND FEES AND EXPENSES</b></font> <font style="font-family:Arial Narrow" size="2"><b>PORTFOLIO TURNOVER </b></font> <font style="font-family:Arial Narrow" size="2"><b>PORTFOLIO TURNOVER</b></font> <font style="font-family:Arial Narrow" size="2">To achieve its investment objective, the Fund&#146;s investment sub-adviser, DG Capital Management (the &#147;Sub-adviser&#148;), will, under normal market conditions, employ the following strategies: </font><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Common Stock. </i></font><font style="font-family:Arial Narrow" size="2">The Fund invests its assets in common stocks of U.S. companies and common stocks and American Depositary Receipts (&#147;ADRs&#148;) 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.</font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Growth Stock.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Foreign Securities.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest without limit in foreign securities, including ADRs and European Depositary Receipts (&#147;EDRs&#148;). </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Emerging Markets.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest without limit in companies located in developing or emerging markets. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Special Situation Securities.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund invests up to 20% of its total assets in &#147;special situation&#148; securities when the Fund&#146;s Sub-adviser believes such investments will benefit the Fund. A special situation arises when, in the Sub-adviser&#146;s 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Portfolio Turnover.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund employs an aggressive strategy of portfolio trading to respond to changes in the marketplace. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Short Sales.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest up to 25% of its assets in short sales at any given time. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Tactical Allocation.</i></font><font style="font-family:Arial Narrow" size="2"> 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.</font></li></ul> <font style="font-family:Arial Narrow" size="2"><b>Annual Total Returns &#151; Class A Shares as of December 31, 2011</b></font> 1131 841 539 0000870355 false <font style="font-family:Arial Narrow" size="2">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: </font><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Common Stock Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Growth Stock Risk.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund invests in companies that appear to be growth-oriented companies. If the Fund&#146;s perceptions of a company&#146;s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund&#146;s return. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Small-Cap Stock Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Foreign Securities Risk. </i></font><font style="font-family:Arial Narrow" size="2">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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Exchange-Traded Fund Risk. </i></font><font style="font-family:Arial Narrow" size="2">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 Fund&#146;s direct fees and expenses. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Short Selling Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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 Fund&#146;s share price may be more volatile than if no leverage were used.</font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Management Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul> 2012-10-29 <font style="font-family:Arial Narrow" size="2"><b>INVESTMENT OBJECTIVES</b></font> <font style="font-family:Arial Narrow" size="2"><b>FUND FEES AND EXPENSES</b></font> 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 <font style="font-family:Arial Narrow" size="2">To achieve its investment objective, the Fund&#146;s investment Sub-adviser, Kennedy Capital Management, Inc. (the &#147;Sub-adviser&#148;), will, under normal market conditions, employ the following strategies: </font> <ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Mid-Cap Stocks.</i></font><font style="font-family:Arial Narrow" size="2"> 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<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index. The market capitalization of companies in the Russell MidCap<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index ranged from approximately $1.35 billion to $17.40 billion as of September 30, 2012. </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Value Securities.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul> <font style="font-family:Arial Narrow" size="2">In selecting individual securities for the Fund&#146;s 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: </font> <ul type="square"><li style="margin-left:-20px"><font style="font-family:Arial Narrow" size="2">strong balance sheets and high credit quality; </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="font-family:Arial Narrow" size="2">low price-to-earnings, price-to-sales, price-to-value ratios; </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="font-family:Arial Narrow" size="2">demonstrated consistent earnings growth in the past and are likely to achieve consistent earnings growth in the future; </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="font-family:Arial Narrow" size="2">high profit margins and the business strategies to protect and maintain such margins; </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="font-family:Arial Narrow" size="2">high historical return on investment; and </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="font-family:Arial Narrow" size="2">ability to increase earnings through new products or sensible acquisitions. </font></li></ul> <font style="font-family:Arial Narrow" size="2">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. </font> -0.0794 -0.0554 <font style="font-family:Arial Narrow" size="2"><b>Annual Total Returns &#151; Class A Shares as of December 31, 2011</b></font> 0.0237 0.0312 0.0212 -0.1168 -0.1168 -0.0966 -0.1097 -0.0749 -0.0446 2009-06-30 0.1801 <font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font> <font style="font-family:Arial Narrow" size="2">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: </font> <ul type="square"><li style="margin-left:-20px"><font style="font-family:Arial Narrow" size="2"></font><font style="font-family:arial" size="2"><i>Common Stock Risk. </i></font><font style="font-family:Arial Narrow" size="2">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. </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Mid-Cap Stock Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Value Securities Risk. </i></font><font style="font-family:Arial Narrow" size="2">The Fund invests in companies that appear to be &#147;undervalued&#148; in the marketplace (i.e., trading at prices below the company&#146;s true worth). If the Fund&#146;s perceptions of value are wrong, the securities purchased may not perform as expected, reducing the Fund&#146;s return. </font></li></ul> 2011-09-30 <font style="font-family:Arial Narrow" size="2">As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.</font> 0.0025 0.01 0 <font style="font-family:Arial Narrow" size="2"><b>Annual Total Returns &#151; Class A Shares as of December 31, 2011</b></font> <font style="font-family:Arial Narrow" size="2"><b>Annual Total Returns &#151; Class A Shares as of December 31, 2011</b></font> 1140 850 548 0.0105 0.0105 0.0105 0.0011 0.0011 0.0011 0.0267 0.0342 0.0242 <font style="font-family:Arial Narrow" size="2">To achieve its investment objective, the Fund&#146;s investment Sub-adviser, Aronson Johnson Ortiz, LP (the &#147;Sub-adviser&#148;), will, under normal market conditions, employ the following strategies:</font><ul type="square"><li><font style="font-family:arial" size="2"><i>Small-Cap Stocks</i></font><font style="font-family:Arial Narrow" size="2">. 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<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Index and Russell 2500<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Index.The market capitalization of companies in the Russell 2000<font style="font family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> 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<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Index ranged from approximately $11.74 million to $10.02 billion as of September 30, 2012. </font></li></ul><ul type="square"><li><font style="font-family:arial" size="2"><i>Value Securities</i></font><font style="font-family:Arial Narrow" size="2">. The Fund invests in companies considered by the Fund&#146;s Sub-adviser to have consistent earnings and above-average core assets, selling at relatively low market valuations, with attractive growth and momentum characteristics.</font></li></ul><font style="font-family:Arial Narrow" size="2">In selecting stocks for the portfolio, the Fund&#146;s 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. </font><br/><br/><font style="font-family:Arial Narrow" size="2">The Fund&#146;s 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<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> (the &#147;benchmark&#148;) and Russell 2500<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> 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<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> and the Russell 2500<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> indices. </font> -0.1027 -0.1166 -0.0664 -0.0588 -0.049 -0.0291 -0.1272 -0.1272 -0.0827 -0.0835 -0.0747 0.0211 <font style="font-family:Arial Narrow" size="2">As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.</font> 0.0232 0.0122 0.0162 0.0214 0.0315 0.0292 2003-12-31 0.2312 <font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font> 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 <font style="font-family:Arial Narrow" size="2">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.</font> <font style="font-family:Arial Narrow" size="2">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.</font> <font style="font-family:Arial Narrow" size="2">As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.</font> 1139 850 547 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedQuakerMidCapValue column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>PORTFOLIO TURNOVER</b></font> <font style="font-family:Arial Narrow" size="2">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.</font> <font style="font-family:Arial Narrow" size="2">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: </font><ul type="square"><li><font style="font-family:arial" size="2"><i>Common Stock Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li><font style="font-family:arial" size="2"><i>Small-Cap Stock Risk</i></font><font style="font-family:Arial Narrow" size="2">. 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. </font></li></ul><ul type="square"><li><font style="font-family:arial" size="2"><i>Value Securities Risk.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund invests in companies that appear to be &#147;undervalued&#148; in the marketplace (i.e., trading at prices below the company&#146;s true worth). If the Fund&#146;s perceptions of value are wrong, the securities purchased may not perform as expected, reducing the Fund&#146;s return. </font></li></ul> 0.1444 <font style="font-family:Arial Narrow" size="2">As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.</font> -0.4599 -0.0764 <font style="font-family:Arial Narrow" size="2">To achieve its investment objective, the Fund&#146;s investment adviser, Quaker Funds, Inc. (the &#147;Adviser&#148;) invests in the securities of publicly traded companies involved in mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, or similar events (&#147;corporate reorganizations&#148;). 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: </font><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Merger Arbitrage.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund invests in the securities of companies subject to publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, or similar events (&#147;corporate reorganizations&#148;). </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Capital Structure Arbitrage.</i></font><font style="font-family:Arial Narrow" size="2"> 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.</font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Distressed Securities Investments.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Debt Instruments.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest in all types of fixed-income securities including convertible debt, options and futures, as well as privately negotiated options. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Structured Notes.</i></font><font style="font-family:Arial Narrow" size="2"> 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 &#147;factors.&#148; 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.</font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Proxy Fight Investments.</i></font><font style="font-family:Arial Narrow" size="2"> 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 company&#146;s 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 &#147;proxy fight investment&#148; 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Short Sales.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest up to 50% of its net assets in short sales at any given time. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Tactical Allocation.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Foreign Securities Investments.</i></font><font style="font-family:Arial Narrow" size="2"> 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, &#147;foreign securities&#148;). The Fund may seek exposure to foreign securities by investing in Depositary Receipts. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Derivative Instruments (Including Futures, Options and Swaps).</i></font><font style="font-family:Arial Narrow" size="2"> 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.</font></li></ul><font style="font-family:Arial Narrow" size="2">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 Fund&#146;s investment strategies to be less dependent on the overall direction of stock prices. </font> 2003-06-30 0.1748 <font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font> 2008-09-30 <font style="font-family:Arial Narrow" size="2">As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.</font> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedQuakerGlobalTacticalAllocationFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"> 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. </font> 0.0991 -0.3185 -0.0007 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedQuakerStrategicGrowth column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">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: </font><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Common Stock Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Short Selling Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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 Fund&#146;s share price may be more volatile than if no leverage were used. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Exchange-Traded Fund Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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 Fund&#146;s direct fees and expenses. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Derivative Instruments (Including Futures, Options and Swaps) Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Foreign Securities Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Small- and Mid-Cap Company Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Large-Cap Company Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Interest Rate Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Debt Instruments Risk.</i></font><font style="font-family:Arial Narrow" size="2"> Debt instruments are generally subject to the risk that the issuer will default on interest or principal payments. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Below Investment Grade Debt Risk.</i></font><font style="font-family:Arial Narrow" size="2"> Adverse changes in the creditworthiness of an issuer can have an adverse effect on the value of the issuer&#146;s 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.</font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Mortgage-Backed and Asset-Backed Securities Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Portfolio Turnover Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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 Fund&#146;s after-tax performance. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Non-Diversification Risk.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund is not a &#147;diversified&#148; 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Management Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></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 <font style="font-family:Arial Narrow" size="2">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: </font><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Common Stock Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Growth Risk.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund invests in companies that appear to be growth-oriented companies. If the Fund&#146;s perceptions of a company&#146;s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund&#146;s return.</font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Special Situation Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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 company&#146;s price that the Fund&#146;s sub-adviser expects, which could negatively impact the Fund. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Foreign Securities Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Mid-Cap Stock Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Short Selling Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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 Fund&#146;s share price may be more volatile than if no leverage were used. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Portfolio Turnover Risk.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund&#146;s 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Management Risk. </i></font><font style="font-family:Arial Narrow" size="2">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. </font></li></ul> <font style="font-family:Arial Narrow" size="2"><b>Annual Total Returns &#151; Class A Shares as of December 31, 2011</b></font> 2003-06-30 0.2397 <font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font> 2008-12-31 -0.0289 -0.0492 <font style="font-family:Arial Narrow" size="2">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: </font> <ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Merger Arbitrage Risk.</i></font><font style="font-family:Arial Narrow" size="2"> Certain of the proposed reorganizations in which the Fund invests may be renegotiated or terminated, in which case losses may be realized.</font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Capital Structure Arbitrage Risk.</i></font><font style="font-family:Arial Narrow" size="2"> The perceived mispricing identified by the Fund&#146;s Adviser may not disappear or may even increase, in which case losses may be realized.</font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Distressed Securities Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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 issuer&#146;s 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Debt Instruments Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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 issuer&#146;s securities. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Interest Rate Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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.</font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Structured Note Investment Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Proxy Fight Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Short Selling Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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 Fund&#146;s share price may be more volatile than if no leverage were used. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Management Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Foreign Securities Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Derivative Instruments (Including Futures, Options and Swaps) Risk.</i></font><font style="font-family:Arial Narrow" size="2"> 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 (&#147;OTC&#148;) market. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Non-Diversification Risk.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund is not a &#147;diversified&#148; 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. </font></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 <font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font> 2008-12-31 0.1243 -0.2574 -0.057 <font style="font-family:Arial Narrow" size="2">As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.</font> <font style="font-family:Arial Narrow" size="2"> 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.</font> <font style="font-family:Arial Narrow" size="2"> 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.</font> -0.1088 -0.1151 -0.0699 -0.0641 -0.0545 0.0211 2009-06-30 0.0893 <font style="font-family:Arial Narrow" size="2">Lowest Performing Quarter:</font> 2008-12-31 <font style="font-family:Arial Narrow" size="2">October 28, 2012 to October 28, 2013</font> <font style="font-family:Arial Narrow" size="2">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.</font> <font style="font-family:Arial Narrow" size="2">As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.</font> <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> <font style="font-family:Arial Narrow" size="2">The Fund employs absolute return strategies to seek positive returns regardless of market conditions. The Fund&#146;s investment sub-adviser, Akros Capital, LLC (the &#147;Sub-adviser&#148;), will invest in securities, including common and preferred stock, of companies of any size, debt securities and derivatives: </font><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Common Stocks.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest in common stocks of U.S. companies of any size and common stocks of American Depositary Receipts (&#147;ADRs&#148;) of foreign companies. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Short Sales.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest up to 50% of its net assets in short sales at any given time. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Exchange-Traded Funds</i></font><font style="font-family:Arial Narrow" size="2">. 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 (&#147;ETFs&#148;). </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Derivative Instruments (Including Futures, Options and Swaps).</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font> </li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Foreign Securities.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest up to 30% of its net assets in foreign securities, including ADRs and European Depositary Receipts (&#147;EDRs&#148;). </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Debt Instruments.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest up to 100% of its net assets in debt instruments, including convertible debt. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Below Investment Grade Debt Instruments.</i></font><font style="font-family:Arial Narrow" size="2"> The Fund may invest up to 30% of its net assets in debt securities that fall below investment grade debt &#151; commonly referred to as &#147;junk bonds.&#148; </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Mortgage-Backed and Asset-Backed Securities.</i></font><font style="font-family:Arial Narrow" size="2"> 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. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="font-family:arial" size="2"><i>Tactical Allocation. </i></font><font style="font-family:Arial Narrow" size="2">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. </font></li></ul><font style="font-family:Arial Narrow" size="2">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. </font> <br/><br/><font style="font-family:Arial Narrow" size="2">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 company&#146;s 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. </font><br/><br/><font style="font-family:Arial Narrow" size="2">The Sub-adviser determines the asset allocation mix of the portfolio by assessing the macro environment, analyzing the Fund&#146;s risk exposure and then investing in a manner consistent with those findings. </font> <font style="font-family:Arial Narrow" size="2">The Quaker Akros Absolute Return Fund (the &#147;Fund&#148;) seeks to provide long-term capital appreciation and income, while seeking to protect principal during unfavorable market conditions. </font> 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 <font style="font-family:Arial Narrow" size="2">The Quaker Strategic Growth Fund (the &#147;Fund&#148;) seeks to provide long-term growth of capital. </font> 0.0118 0.0118 0.0118 0.013 0.013 0.013 0.0075 0.0075 0.0075 <font style="font-family:Arial Narrow" size="2">The total annual fund operating expense ratios in this table do not match the ratio of expenses to average net assets in the &#147;Financial Highlights&#148; section of the prospectus because the &#147;Financial Highlights&#148; are not required to reflect any acquired fund fees and expenses. </font> 0.0105 0.0105 0.0105 0.0091 0.0091 0.0091 <font style="font-family:Arial Narrow" size="2">The Quaker Small-Cap Growth Tactical Allocation Fund (the &#147;Fund&#148;) seeks to provide long-term growth of capital. </font> 3397 3712 2766 3041 3365 2379 2954 3280 2285 8.7975 <font style="font-family:Arial Narrow" size="2">The total annual fund operating expense ratios in this table do not match the ratio of expenses to average net assets in the &#147;Financial Highlights&#148; section of the prospectus because the &#147;Financial Highlights&#148; are not required to reflect any acquired fund fees and expenses. </font> <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT RISKS</b></font> <font style="font-family:Arial Narrow" size="2"><b>PAST PERFORMANCE</b></font> <font style="font-family:Arial Narrow" size="2">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. </font> 0.2487 0.0804 0 0.3304 0.2617 -0.0233 -0.0247 -0.0198 -0.0196 -0.0097 0.0004 <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT RISKS</b></font> <font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font> -0.3209 0.1966 0.1548 <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT RISKS</b></font> <font style="font-family:Arial Narrow" size="2">The Quaker Mid-Cap Value Fund (the &#147;Fund&#148;) seeks to provide long-term growth of capital. </font> <font style="font-family:Arial Narrow" size="2"><b>PAST PERFORMANCE</b></font> <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT RISKS</b></font> 0.01 0.01 0.01 0.0071 0.0071 0.0071 0.417 <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT RISKS</b></font> <font style="font-family:Arial Narrow" size="2"><b>PAST PERFORMANCE</b></font> 2710 3041 2019 2012-10-29 <font style="font-family:Arial Narrow" size="2">The Quaker Small-Cap Value Fund (the &#147;Fund&#148;) seeks to provide long-term growth of capital. </font> <font style="font-family:Arial Narrow" size="2"><b>PAST PERFORMANCE</b></font> <font style="font-family:Arial Narrow" size="2">year-to-date return</font> 1.5777 0.013 0.013 0.013 <font style="font-family:Arial Narrow" size="2">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. </font> 0.0082 0.0082 0.0082 <font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font> 0.0199 0.0274 0.0174 <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT RISKS </b></font> -0.1514 <font style="font-family:Arial Narrow" size="2"><b>PAST PERFORMANCE </b></font> <font style="font-family:Arial Narrow" size="2">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. </font> 0.0125 0.0125 0.0125 <font style="font-family:Arial Narrow" size="2">Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.</font> <font style="font-family:Arial Narrow" size="2"><b>PAST PERFORMANCE</b></font> <font style="font-family:Arial Narrow" size="2">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. </font> <font style="font-family:Arial Narrow" size="2">Past performance does not guarantee or predict future results. </font> 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 <font style="font-family:Arial Narrow" size="2">year-to-date return</font> <font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font> -0.278 0.0638 1.5657 <font style="font-family:Arial Narrow" size="2">Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. </font> <font style="font-family:Arial Narrow" size="2">Past performance does not guarantee or predict future results.</font> <font style="font-family:Arial Narrow" size="2">After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.</font> <font style="font-family:Arial Narrow" size="2">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. </font> 1.7823 <font style="font-family:Arial Narrow" size="2">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 Fund&#146;s average daily net assets (the &#147;Annualized Expense Ratio&#148;). The Adviser currently has no intention to terminate this arrangement, although it may do so at any time in its sole discretion. </font><br/><br/><font style="font-family:Arial Narrow" size="2">The total annual fund operating expense ratios in this table do not match the ratio of expenses to average net assets in the &#147;Financial Highlights&#148; section of the prospectus because the &#147;Financial Highlights&#148; are not required to reflect any acquired fund fees and expenses. </font> <font style="font-family:Arial Narrow" size="2">After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.</font> <font style="font-family:Arial Narrow" size="2">Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.</font> <font style="font-family:Arial Narrow" size="2">year-to-date return</font> <font style="font-family:Arial Narrow" size="2">Past performance does not guarantee or predict future results. </font> 2737 3068 2049 <font style="font-family:Arial Narrow" size="2">After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.</font> 6.2561 0.1687 0.0513 0.3307 0.1592 0.1352 <font style="font-family:Arial Narrow" size="2">year-to-date return</font> <font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font> -0.3069 <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleExpenseExampleTransposedQuakerGlobalTacticalAllocationFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"> Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.</font> <font style="font-family:Arial Narrow" size="2">Past performance does not guarantee or predict future results. </font> <font style="font-family:Arial Narrow" size="2">Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included. </font> <font style="font-family:Arial Narrow" size="2"> Past performance does not guarantee or predict future results. </font> 0.2047 0.166 -0.0621 0.2085 <font style="font-family:Arial Narrow" size="2"> After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown. </font> <font style="font-family:Arial Narrow" size="2"><b>PRINCIPAL INVESTMENT RISKS</b></font> <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 <font style="font-family:Arial Narrow" size="2"><b>PAST PERFORMANCE</b></font> <font style="font-family:Arial Narrow" size="2">year-to-date return</font> <font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font> -0.2399 0.0157 -0.005 0.1394 0.0207 <font style="font-family:Arial Narrow" size="2">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. </font> <font style="font-family:Arial Narrow" size="2">Past performance does not guarantee or predict future results. </font> <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 <font style="font-family:Arial Narrow" size="2">year-to-date return</font> <font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font> -0.1193 <font style="font-family:Arial Narrow" size="2">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. </font> 0.2685 <font style="font-family:Arial Narrow" size="2">The Quaker Global Tactical Allocation Fund (the &#147;Fund&#148;) seeks to provide long-term growth of capital. </font> 0.1123 -0.0003 0.2784 0.0745 1.0342 <font style="font-family:Arial Narrow" size="2"> After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.</font> <font style="font-family:Arial Narrow" size="2">Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.</font> <div style="display:none">~ http://www.quakerfunds.com/role/ScheduleExpenseExampleTransposedQuakerSmall-CapGrowthTacticalAllocationFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">Past performance does not guarantee or predict future results. </font> -0.0189 -0.0233 -0.0177 -0.0025 0.051 0.0376 0.0373 -0.0266 -0.0178 0.0452 <font style="font-family:Arial Narrow" size="2"> After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.</font> <font style="font-family:Arial Narrow" size="2">year-to-date return</font> <font style="font-family:Arial Narrow" size="2">Highest Performing Quarter:</font> -0.0879 <font style="font-family:Arial Narrow" size="2">After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.</font> <font style="font-family:Arial Narrow" size="2">The Adviser, pursuant to a contractual fee waiver agreement (the &#147;Fee Waiver Agreement&#148;) 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 Fund&#146;s average daily net assets (the &#147;Annualized Expense Ratio&#148;). 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. </font> <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> <font style="font-family:Arial Narrow" size="2">The Quaker Event Arbitrage Fund (the &#147;Fund&#148;) seeks to provide long-term growth of capital. </font> <font style="font-family:Arial Narrow" size="2">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. </font> <font style="font-family:Arial Narrow" size="2"> Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.</font> 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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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName QUAKER INVESTMENT TRUST
Prospectus Date rr_ProspectusDate Oct. 29, 2012
Quaker Strategic Growth
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summaries
Quaker Strategic Growth Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVES
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Quaker Strategic Growth Fund (the “Fund”) seeks to provide long-term growth of capital.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly
from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 178.23% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 178.23%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expense Example [Heading] rr_ExpenseExampleHeading EXPENSE EXAMPLES
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock To achieve its investment objective, the Fund’s investment sub-adviser, DG Capital Management (the “Sub-adviser”), will, under normal market conditions, employ the following strategies:
  • Common Stocks. The Fund invests at least 65% of its total assets in common stocks of U.S. companies without regard to market capitalization.
  • Growth Stocks. The Fund invests its assets in equity securities of companies which the Fund’s Sub-adviser believes show a high probability for superior growth.
  • Special Situations. The Fund invests up to 25% of its total assets in “special situation” securities when the Fund’s Sub-adviser believes such investments will benefit the Fund. A special situation arises when, in the sub-adviser’s 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.
  • Foreign Securities. The Fund may invest up to 25% of its net assets in foreign securities, including American Depositary Receipts (“ADRs”).
  • 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.
  • Short Sales. The Fund may invest up to 25% of its assets in short sales.
  • Portfolio Turnover. The Fund employs an aggressive strategy of portfolio trading to respond to changes in the marketplace.
  • 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.
Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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:
  • 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.
  • Growth Risk. The Fund invests in companies that appear to be growth-oriented companies. If the Fund’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.
  • 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 company’s price that the Fund’s sub-adviser expects, which could negatively impact the Fund.
  • 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.
  • 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.
  • 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 Fund’s share price may be more volatile than if no leverage were used.
  • Portfolio Turnover Risk. The Fund’s 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.
  • 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.
Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PAST PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-220-8888
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.quakerfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance does not guarantee or predict future results.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Highest Performing Quarter: 17.48% in 2nd quarter of 2003
Lowest Performing Quarter: –30.69% in 3rd quarter of 2008

The Fund’s cumulative year-to-date return through September 30, 2012 was 9.59%.

Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of December 31, 2011
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s 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.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free 800-220-8888.
Quaker Strategic Growth | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 1.30%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.75%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.30%
One Year rr_ExpenseExampleYear01 770
Three Years rr_ExpenseExampleYear03 1,229
Five Years rr_ExpenseExampleYear05 1,713
Ten Years rr_ExpenseExampleYear10 3,041
2002 rr_AnnualReturn2002 (17.09%)
2003 rr_AnnualReturn2003 30.76%
2004 rr_AnnualReturn2004 16.87%
2005 rr_AnnualReturn2005 14.44%
2006 rr_AnnualReturn2006 5.13%
2007 rr_AnnualReturn2007 33.07%
2008 rr_AnnualReturn2008 (45.99%)
2009 rr_AnnualReturn2009 15.92%
2010 rr_AnnualReturn2010 13.52%
2011 rr_AnnualReturn2011 (7.64%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 9.59%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Performing Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 17.48%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Performing Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (30.69%)
1 Year rr_AverageAnnualReturnYear01 (12.72%)
5 Years rr_AverageAnnualReturnYear05 (3.76%)
10 Years rr_AverageAnnualReturnYear10 2.32%
Quaker Strategic Growth | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.30%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.75%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.05%
One Year rr_ExpenseExampleYear01 308
Three Years rr_ExpenseExampleYear03 942
Five Years rr_ExpenseExampleYear05 1,601
Ten Years rr_ExpenseExampleYear10 3,365
1 Year rr_AverageAnnualReturnYear01 (8.35%)
5 Years rr_AverageAnnualReturnYear05 (3.39%)
10 Years rr_AverageAnnualReturnYear10 2.14%
Quaker Strategic Growth | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.30%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.75%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.05%
One Year rr_ExpenseExampleYear01 208
Three Years rr_ExpenseExampleYear03 643
Five Years rr_ExpenseExampleYear05 1,103
Ten Years rr_ExpenseExampleYear10 2,379
1 Year rr_AverageAnnualReturnYear01 (7.47%)
5 Years rr_AverageAnnualReturnYear05 (2.44%)
10 Years rr_AverageAnnualReturnYear10 3.15%
Quaker Strategic Growth | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (12.72%)
5 Years rr_AverageAnnualReturnYear05 (4.84%)
10 Years rr_AverageAnnualReturnYear10 1.22%
Quaker Strategic Growth | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.27%)
5 Years rr_AverageAnnualReturnYear05 (3.50%)
10 Years rr_AverageAnnualReturnYear10 1.62%
Quaker Strategic Growth | S&P 500 Total Return Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11%
5 Years rr_AverageAnnualReturnYear05 (0.25%)
10 Years rr_AverageAnnualReturnYear10 2.92%
XML 14 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Quaker Small Cap Value Fund
Fund Summaries
Quaker Small-Cap Value Fund
INVESTMENT OBJECTIVES
The Quaker Small-Cap Value Fund (the “Fund”) seeks to provide long-term growth of capital.
FUND FEES AND EXPENSES
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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly
from your investment)
Shareholder Fees Quaker Small Cap Value Fund
Class A
Class C
Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) 5.50% none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Quaker Small Cap Value Fund
Class A
Class C
Institutional Class
Management Fees 1.00% 1.00% 1.00%
Distribution (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.71% 0.71% 0.71%
Total Annual Fund Operating Expenses 1.96% 2.71% 1.71%
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.
EXPENSE EXAMPLES
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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Quaker Small Cap Value Fund (USD $)
One Year
Three Years
Five Years
Ten Years
CLASS A
738 1,131 1,549 2,710
CLASS C
274 841 1,435 3,041
INSTITUTIONAL CLASS
174 539 928 2,019
PORTFOLIO TURNOVER
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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 157.77% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
To achieve its investment objective, the Fund’s investment Sub-adviser, Aronson Johnson Ortiz, LP (the “Sub-adviser”), will, under normal market conditions, employ the following strategies:
  • 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.
  • Value Securities. The Fund invests in companies considered by the Fund’s Sub-adviser to have consistent earnings and above-average core assets, selling at relatively low market valuations, with attractive growth and momentum characteristics.
In selecting stocks for the portfolio, the Fund’s 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 Fund’s 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.
PRINCIPAL INVESTMENT RISKS
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:
  • 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.
  • 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.
  • Value Securities Risk. The Fund invests in companies that appear to be “undervalued” in the marketplace (i.e., trading at prices below the company’s true worth). If the Fund’s perceptions of value are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.
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.
Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart
Highest Performing Quarter: 23.97% in 2nd quarter of 2003
Lowest Performing Quarter: -23.99% in 4th quarter of 2008

The Fund’s cumulative year-to-date return through September 30, 2012 was 11.84%.

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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free 800-220-8888.
Average Annual Total Returns as of December 31, 2011
Average Annual Total Returns Quaker Small Cap Value Fund
1 Year
5 Years
10 Years
Class A
(5.56%) (1.78%) 8.61%
Class A Return After Taxes on Distributions
(5.56%) (2.66%) 4.86%
Class A Return After Taxes on Distributions and Sale of Fund Shares
(3.62%) (1.83%) 4.95%
Class C
(0.85%) (1.41%) 5.98%
Institutional Class
0.13% (0.42%) 7.03%
Russell 2000 Index
(4.18%) 0.15% 5.62%
XML 15 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
QUAKER EVENT ARBITRAGE FUND
Fund Summaries
Quaker Event Arbitrage Fund
INVESTMENT OBJECTIVES
The Quaker Event Arbitrage Fund (the “Fund”) seeks to provide long-term growth of capital.
FUND FEES AND EXPENSES
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 Fund’s Prospectus and in the “Shareholder Information”section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly
from your investment)
Shareholder Fees QUAKER EVENT ARBITRAGE FUND
Class A
Class C
Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) 5.50% none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses QUAKER EVENT ARBITRAGE FUND
Class A
Class C
Institutional Class
Management Fees 1.30% 1.30% 1.30%
Distribution (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.81% 0.81% 0.81%
Dividends on Short Positions 0.01% 0.01% 0.01%
Total Other Expenses 0.82% 0.82% 0.82%
Total Annual Fund Operating Expenses 2.37% 3.12% 2.12%
Fee Waiver and/or Expense Reimbursement (0.38%) (0.38%) (0.38%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.99% 2.74% 1.74%
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 Fund’s 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.
EXPENSE EXAMPLES
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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example QUAKER EVENT ARBITRAGE FUND (USD $)
One Year
Three Years
Five Years
Ten Years
CLASS A
741 1,140 1,564 2,739
CLASS C
277 850 1,450 3,070
INSTITUTIONAL CLASS
177 548 944 2,052
PORTFOLIO TURNOVER
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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 156.57% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
To achieve its investment objective, the Fund’s 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:
  • 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”).
  • 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.
  • 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.
  • 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.
  • 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.
  • 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 company’s 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.
  • Short Sales. The Fund may invest up to 50% of its net assets in short sales at any given time.
  • 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.
  • 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.
  • 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.
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 Fund’s investment strategies to be less dependent on the overall direction of stock prices.
PRINCIPAL INVESTMENT RISKS
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:
  • 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.
  • Capital Structure Arbitrage Risk. The perceived mispricing identified by the Fund’s Adviser may not disappear or may even increase, in which case losses may be realized.
  • 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 issuer’s 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.
  • 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 issuer’s securities.
  • 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.
  • 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.
  • 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.
  • 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 Fund’s share price may be more volatile than if no leverage were used.
  • 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.
  • 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.
  • 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.
  • 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.
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.
Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart
[1] 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.
Highest Performing Quarter: 14.27% in 4th quarter of 2004
Lowest Performing Quarter: -11.93% in 4th quarter of 2008

The Fund’s 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, 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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free 800-220-8888.
Average Annual Total Returns as of December 31, 2011
Average Annual Total Returns QUAKER EVENT ARBITRAGE FUND
1 Year
5 Years
Lifetime
Inception Date
Class A
[1] (10.88%) (1.89%) 5.10% Nov. 21, 2003
Class A Return After Taxes on Distributions
[1] (11.51%) (2.33%) 3.76%  
Class A Return After Taxes on Distributions and Sale of Fund Shares
[1] (6.99%) (1.77%) 3.73%  
Class C
[1] (6.41%)    (2.66%) Jun. 07, 2010
Institutional Class
[1] (5.45%)    (1.78%) Jun. 07, 2010
S&P 500 Total Return Index
[1] 2.11% (0.25%) 4.52%  
[1] 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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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName QUAKER INVESTMENT TRUST
Prospectus Date rr_ProspectusDate Oct. 29, 2012
Quaker Small Cap Value Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summaries
Quaker Small-Cap Value Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVES
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Quaker Small-Cap Value Fund (the “Fund”) seeks to provide long-term growth of capital.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly
from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 157.77% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 157.77%
Expense Footnotes [Text Block] rr_ExpenseFootnotesTextBlock 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.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 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 Fund’s Prospectus and in the “Shareholder Information”section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expense Example [Heading] rr_ExpenseExampleHeading EXPENSE EXAMPLES
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock To achieve its investment objective, the Fund’s investment Sub-adviser, Aronson Johnson Ortiz, LP (the “Sub-adviser”), will, under normal market conditions, employ the following strategies:
  • 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.
  • Value Securities. The Fund invests in companies considered by the Fund’s Sub-adviser to have consistent earnings and above-average core assets, selling at relatively low market valuations, with attractive growth and momentum characteristics.
In selecting stocks for the portfolio, the Fund’s 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 Fund’s 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.
Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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:
  • 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.
  • 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.
  • Value Securities Risk. The Fund invests in companies that appear to be “undervalued” in the marketplace (i.e., trading at prices below the company’s true worth). If the Fund’s perceptions of value are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.
Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PAST PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-220-8888
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.quakerfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance does not guarantee or predict future results.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Highest Performing Quarter: 23.97% in 2nd quarter of 2003
Lowest Performing Quarter: -23.99% in 4th quarter of 2008

The Fund’s cumulative year-to-date return through September 30, 2012 was 11.84%.

Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of December 31, 2011
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s 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.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free 800-220-8888.
Quaker Small Cap Value Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.71%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.96%
One Year rr_ExpenseExampleYear01 738
Three Years rr_ExpenseExampleYear03 1,131
Five Years rr_ExpenseExampleYear05 1,549
Ten Years rr_ExpenseExampleYear10 2,710
2002 rr_AnnualReturn2002 (14.21%)
2003 rr_AnnualReturn2003 50.40%
2004 rr_AnnualReturn2004 20.47%
2005 rr_AnnualReturn2005 9.91%
2006 rr_AnnualReturn2006 16.60%
2007 rr_AnnualReturn2007 (6.21%)
2008 rr_AnnualReturn2008 (31.85%)
2009 rr_AnnualReturn2009 20.85%
2010 rr_AnnualReturn2010 25.29%
2011 rr_AnnualReturn2011 (0.07%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 11.84%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Performing Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 23.97%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Performing Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (23.99%)
1 Year rr_AverageAnnualReturnYear01 (5.56%)
5 Years rr_AverageAnnualReturnYear05 (1.78%)
10 Years rr_AverageAnnualReturnYear10 8.61%
Quaker Small Cap Value Fund | CLASS C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.71%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.71%
One Year rr_ExpenseExampleYear01 274
Three Years rr_ExpenseExampleYear03 841
Five Years rr_ExpenseExampleYear05 1,435
Ten Years rr_ExpenseExampleYear10 3,041
1 Year rr_AverageAnnualReturnYear01 (0.85%)
5 Years rr_AverageAnnualReturnYear05 (1.41%)
10 Years rr_AverageAnnualReturnYear10 5.98%
Quaker Small Cap Value Fund | INSTITUTIONAL CLASS
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.71%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.71%
One Year rr_ExpenseExampleYear01 174
Three Years rr_ExpenseExampleYear03 539
Five Years rr_ExpenseExampleYear05 928
Ten Years rr_ExpenseExampleYear10 2,019
1 Year rr_AverageAnnualReturnYear01 0.13%
5 Years rr_AverageAnnualReturnYear05 (0.42%)
10 Years rr_AverageAnnualReturnYear10 7.03%
Quaker Small Cap Value Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.56%)
5 Years rr_AverageAnnualReturnYear05 (2.66%)
10 Years rr_AverageAnnualReturnYear10 4.86%
Quaker Small Cap Value Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (3.62%)
5 Years rr_AverageAnnualReturnYear05 (1.83%)
10 Years rr_AverageAnnualReturnYear10 4.95%
Quaker Small Cap Value Fund | Russell 2000 Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.18%)
5 Years rr_AverageAnnualReturnYear05 0.15%
10 Years rr_AverageAnnualReturnYear10 5.62%

XML 18 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName QUAKER INVESTMENT TRUST
Prospectus Date rr_ProspectusDate Oct. 29, 2012
Quaker Mid Cap Value Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summaries
Quaker Mid-Cap Value Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVES
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Quaker Mid-Cap Value Fund (the “Fund”) seeks to provide long-term growth of capital.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly
from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 41.70% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 41.70%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expense Example [Heading] rr_ExpenseExampleHeading EXPENSE EXAMPLES
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock To achieve its investment objective, the Fund’s investment Sub-adviser, Kennedy Capital Management, Inc. (the “Sub-adviser”), will, under normal market conditions, employ the following strategies:
  • 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.
  • 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.
In selecting individual securities for the Fund’s 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:
  • strong balance sheets and high credit quality;
  • low price-to-earnings, price-to-sales, price-to-value ratios;
  • demonstrated consistent earnings growth in the past and are likely to achieve consistent earnings growth in the future;
  • high profit margins and the business strategies to protect and maintain such margins;
  • high historical return on investment; and
  • ability to increase earnings through new products or sensible acquisitions.
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.
Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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:
  • 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.
  • 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.
  • Value Securities Risk. The Fund invests in companies that appear to be “undervalued” in the marketplace (i.e., trading at prices below the company’s true worth). If the Fund’s perceptions of value are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.
Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PAST PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-220-8888
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.quakerfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance does not guarantee or predict future results.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Highest Performing Quarter: 23.12% in 4th quarter of 2003
Lowest Performing Quarter: –27.80% in 3rd quarter of 2002

The Fund’s cumulative year-to-date return through September 30, 2012 was 11.01%.

Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of December 31, 2011
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s 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.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free 800-220-8888.
Quaker Mid Cap Value Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 1.05%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.91%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.21%
One Year rr_ExpenseExampleYear01 762
Three Years rr_ExpenseExampleYear03 1,203
Five Years rr_ExpenseExampleYear05 1,670
Ten Years rr_ExpenseExampleYear10 2,954
2002 rr_AnnualReturn2002 (21.48%)
2003 rr_AnnualReturn2003 60.51%
2004 rr_AnnualReturn2004 24.87%
2005 rr_AnnualReturn2005 5.62%
2006 rr_AnnualReturn2006 8.04%
2007 rr_AnnualReturn2007 0.00%
2008 rr_AnnualReturn2008 (42.52%)
2009 rr_AnnualReturn2009 33.04%
2010 rr_AnnualReturn2010 26.17%
2011 rr_AnnualReturn2011 (2.52%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 11.01%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Performing Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 23.12%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Performing Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2002
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (27.80%)
1 Year rr_AverageAnnualReturnYear01 (7.88%)
5 Years rr_AverageAnnualReturnYear05 (2.33%)
10 Years rr_AverageAnnualReturnYear10 5.29%
Quaker Mid Cap Value Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.05%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.91%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.96%
One Year rr_ExpenseExampleYear01 299
Three Years rr_ExpenseExampleYear03 915
Five Years rr_ExpenseExampleYear05 1,557
Ten Years rr_ExpenseExampleYear10 3,280
1 Year rr_AverageAnnualReturnYear01 (3.29%)
5 Years rr_AverageAnnualReturnYear05 (1.96%)
10 Years rr_AverageAnnualReturnYear10 4.59%
Quaker Mid Cap Value Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.05%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.91%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.96%
One Year rr_ExpenseExampleYear01 199
Three Years rr_ExpenseExampleYear03 615
Five Years rr_ExpenseExampleYear05 1,057
Ten Years rr_ExpenseExampleYear10 2,285
1 Year rr_AverageAnnualReturnYear01 (2.30%)
5 Years rr_AverageAnnualReturnYear05 (0.97%)
10 Years rr_AverageAnnualReturnYear10 5.64%
Quaker Mid Cap Value Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (7.88%)
5 Years rr_AverageAnnualReturnYear05 (2.47%)
10 Years rr_AverageAnnualReturnYear10 4.03%
Quaker Mid Cap Value Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.12%)
5 Years rr_AverageAnnualReturnYear05 (1.98%)
10 Years rr_AverageAnnualReturnYear10 3.88%
Quaker Mid Cap Value Fund | Russell MidCap Value Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.38%)
5 Years rr_AverageAnnualReturnYear05 0.04%
10 Years rr_AverageAnnualReturnYear10 7.67%
XML 19 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
Quaker Strategic Growth
Fund Summaries
Quaker Strategic Growth Fund
INVESTMENT OBJECTIVES
The Quaker Strategic Growth Fund (the “Fund”) seeks to provide long-term growth of capital.
FUND FEES AND EXPENSES
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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly
from your investment)
Shareholder Fees Quaker Strategic Growth
Class A
Class C
Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) 5.50% none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Quaker Strategic Growth
Class A
Class C
Institutional Class
Management Fees 1.30% 1.30% 1.30%
Distribution (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.75% 0.75% 0.75%
Total Annual Fund Operating Expenses 2.30% 3.05% 2.05%
EXPENSE EXAMPLES
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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Quaker Strategic Growth (USD $)
One Year
Three Years
Five Years
Ten Years
CLASS A
770 1,229 1,713 3,041
CLASS C
308 942 1,601 3,365
INSTITUTIONAL CLASS
208 643 1,103 2,379
PORTFOLIO TURNOVER
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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 178.23% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
To achieve its investment objective, the Fund’s investment sub-adviser, DG Capital Management (the “Sub-adviser”), will, under normal market conditions, employ the following strategies:
  • Common Stocks. The Fund invests at least 65% of its total assets in common stocks of U.S. companies without regard to market capitalization.
  • Growth Stocks. The Fund invests its assets in equity securities of companies which the Fund’s Sub-adviser believes show a high probability for superior growth.
  • Special Situations. The Fund invests up to 25% of its total assets in “special situation” securities when the Fund’s Sub-adviser believes such investments will benefit the Fund. A special situation arises when, in the sub-adviser’s 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.
  • Foreign Securities. The Fund may invest up to 25% of its net assets in foreign securities, including American Depositary Receipts (“ADRs”).
  • 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.
  • Short Sales. The Fund may invest up to 25% of its assets in short sales.
  • Portfolio Turnover. The Fund employs an aggressive strategy of portfolio trading to respond to changes in the marketplace.
  • 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.
PRINCIPAL INVESTMENT RISKS
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:
  • 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.
  • Growth Risk. The Fund invests in companies that appear to be growth-oriented companies. If the Fund’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.
  • 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 company’s price that the Fund’s sub-adviser expects, which could negatively impact the Fund.
  • 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.
  • 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.
  • 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 Fund’s share price may be more volatile than if no leverage were used.
  • Portfolio Turnover Risk. The Fund’s 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.
  • 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.
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.
Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart
Highest Performing Quarter: 17.48% in 2nd quarter of 2003
Lowest Performing Quarter: –30.69% in 3rd quarter of 2008

The Fund’s 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, 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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free 800-220-8888.
Average Annual Total Returns as of December 31, 2011
Average Annual Total Returns Quaker Strategic Growth
1 Year
5 Years
10 Years
Class A
(12.72%) (3.76%) 2.32%
Class A Return After Taxes on Distributions
(12.72%) (4.84%) 1.22%
Class A Return After Taxes on Distributions and Sale of Fund Shares
(8.27%) (3.50%) 1.62%
Class C
(8.35%) (3.39%) 2.14%
Institutional Class
(7.47%) (2.44%) 3.15%
S&P 500 Total Return Index
2.11% (0.25%) 2.92%
XML 20 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Quaker Small-Cap Growth Tactical Allocation Fund
Fund Summaries
Quaker Small-Cap Growth Tactical Allocation Fund
INVESTMENT OBJECTIVES
The Quaker Small-Cap Growth Tactical Allocation Fund (the “Fund”) seeks to provide long-term growth of capital.
FUND FEES AND EXPENSES
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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly
from your investment)
Shareholder Fees Quaker Small-Cap Growth Tactical Allocation Fund
Class A
Class C
Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) 5.50% none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Quaker Small-Cap Growth Tactical Allocation Fund
Class A
Class C
Institutional Class
Management Fees 1.00% 1.00% 1.00%
Distribution (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.99% 0.99% 0.99%
Acquired Fund Fees 0.04% 0.04% 0.04%
Total Annual Fund Operating Expenses 2.28% 3.03% 2.03%
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.
EXPENSE EXAMPLES
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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Quaker Small-Cap Growth Tactical Allocation Fund (USD $)
One Year
Three Years
Five Years
Ten Years
CLASS A
768 1,223 1,703 3,022
CLASS C
306 936 1,591 3,346
INSTITUTIONAL CLASS
206 637 1,093 2,358
PORTFOLIO TURNOVER
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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 625.61% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
To achieve its investment objective, the Fund’s investment sub-adviser, Van Den Berg Management I, Inc., dba Century Management (the “Sub-adviser”), will, under normal market conditions, employ the following strategies:
  • 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.
  • 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 Fund’s 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.
  • Foreign Securities. The Fund may invest in foreign securities traded on U.S. stock exchanges and ADRs.
  • 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”).
  • Short Sales. The Fund may invest up to 25% of its assets in short sales at any given time.
  • 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.
In selecting individual securities for the Fund’s 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.
PRINCIPAL INVESTMENT RISKS
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:
  • 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.
  • Growth Stock Risk. The Fund invests in companies that appear to be growth-oriented companies. If the Fund’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.
  • 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.
  • 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.
  • 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 Fund’s direct fees and expenses.
  • 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 Fund’s share price may be more volatile than if no leverage were used.
  • 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.
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.
Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart
Highest Performing Quarter: 18.01% in 2nd quarter of 2009
Lowest Performing Quarter: –15.47% in 3rd quarter of 2011

The Fund’s cumulative year-to-date return through September 30, 2012 was 6.19%.

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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free 800-220-8888.
Average Annual Total Returns as of December 31, 2011
Average Annual Total Returns Quaker Small-Cap Growth Tactical Allocation Fund
1 Year
Lifetime
Inception Date
Class A
(10.27%) 0.63% Sep. 30, 2008
Class A Return After Taxes on Distributions
(11.66%) (1.56%)  
Class A Return After Taxes on Distributions and Sale of Fund Shares
(6.64%) (0.69%)  
Class C
(5.88%) 1.61% Sep. 30, 2008
Institutional Class
(4.90%) 2.67% Sep. 30, 2008
Russell 2000 Growth Index
(2.91%) 6.38%  
XML 21 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName QUAKER INVESTMENT TRUST
Prospectus Date rr_ProspectusDate Oct. 29, 2012
Quaker Akros Absolute Return Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summaries
Quaker Akros Absolute Return Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVES
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock 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.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Fund’s Prospectus and the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (the “SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly
from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 103.42% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 103.42%
Expense Footnotes [Text Block] rr_ExpenseFootnotesTextBlock 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 Fund’s 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.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 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 Fund’s Prospectus and the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (the “SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXPENSE EXAMPLES
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund employs absolute return strategies to seek positive returns regardless of market conditions. The Fund’s 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:
  • 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.
  • Short Sales. The Fund may invest up to 50% of its net assets in short sales at any given time.
  • 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”).
  • 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.
  • Foreign Securities. The Fund may invest up to 30% of its net assets in foreign securities, including ADRs and European Depositary Receipts (“EDRs”).
  • Debt Instruments. The Fund may invest up to 100% of its net assets in debt instruments, including convertible debt.
  • 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.”
  • 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.
  • 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.
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 company’s 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 Fund’s risk exposure and then investing in a manner consistent with those findings.
Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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:
  • 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.
  • 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 Fund’s share price may be more volatile than if no leverage were used.
  • 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 Fund’s direct fees and expenses.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Debt Instruments Risk. Debt instruments are generally subject to the risk that the issuer will default on interest or principal payments.
  • Below Investment Grade Debt Risk. Adverse changes in the creditworthiness of an issuer can have an adverse effect on the value of the issuer’s 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.
  • 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.
  • 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 Fund’s after-tax performance.
  • 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.
  • 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.
Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PAST PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-220-8888
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.quakerfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance does not guarantee or predict future results.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Highest Performing Quarter: 8.93% in 2nd quarter of 2009
Lowest Performing Quarter: –8.79% in 4th quarter of 2008

The Fund’s cumulative year-to-date return through September 30, 2012 was -4.94%.

Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of December 31, 2011
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s 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.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free at 800-220-8888.
Quaker Akros Absolute Return Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_Component1OtherExpensesOverAssets 1.05%
Dividends on Short Positions rr_Component2OtherExpensesOverAssets 0.11%
Total Other Expenses rr_OtherExpensesOverAssets 1.16%
Acquired Fund Fees rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.67%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.99%
One Year rr_ExpenseExampleYear01 741
Three Years rr_ExpenseExampleYear03 1,139
Five Years rr_ExpenseExampleYear05 1,563
Ten Years rr_ExpenseExampleYear10 2,737
2006 rr_AnnualReturn2006 1.57% [1]
2007 rr_AnnualReturn2007 (0.50%) [1]
2008 rr_AnnualReturn2008 (2.89%) [1]
2009 rr_AnnualReturn2009 13.94% [1]
2010 rr_AnnualReturn2010 2.07% [1]
2011 rr_AnnualReturn2011 (4.92%) [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (4.94%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Performing Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.93%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Performing Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (8.79%)
1 Year rr_AverageAnnualReturnYear01 (10.15%) [1]
5 Year rr_AverageAnnualReturnYear05 0.19% [1]
Lifetime rr_AverageAnnualReturnSinceInception 0.31% [1]
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2005 [1]
Quaker Akros Absolute Return Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_Component1OtherExpensesOverAssets 1.05%
Dividends on Short Positions rr_Component2OtherExpensesOverAssets 0.11%
Total Other Expenses rr_OtherExpensesOverAssets 1.16%
Acquired Fund Fees rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.42%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.74%
One Year rr_ExpenseExampleYear01 277
Three Years rr_ExpenseExampleYear03 850
Five Years rr_ExpenseExampleYear05 1,449
Ten Years rr_ExpenseExampleYear10 3,068
1 Year rr_AverageAnnualReturnYear01 (5.61%) [1]
5 Year rr_AverageAnnualReturnYear05    [1]
Lifetime rr_AverageAnnualReturnSinceInception (4.98%) [1]
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 04, 2010 [1]
Quaker Akros Absolute Return Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_Component1OtherExpensesOverAssets 1.05%
Dividends on Short Positions rr_Component2OtherExpensesOverAssets 0.11%
Total Other Expenses rr_OtherExpensesOverAssets 1.16%
Acquired Fund Fees rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.42%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.74%
One Year rr_ExpenseExampleYear01 177
Three Years rr_ExpenseExampleYear03 547
Five Years rr_ExpenseExampleYear05 943
Ten Years rr_ExpenseExampleYear10 2,049
1 Year rr_AverageAnnualReturnYear01 (4.69%) [1]
5 Year rr_AverageAnnualReturnYear05    [1]
Lifetime rr_AverageAnnualReturnSinceInception (3.90%) [1]
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 04, 2010 [1]
Quaker Akros Absolute Return Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (10.15%) [1]
5 Year rr_AverageAnnualReturnYear05 (0.93%) [1]
Lifetime rr_AverageAnnualReturnSinceInception (0.91%) [1]
Quaker Akros Absolute Return Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.60%) [1]
5 Year rr_AverageAnnualReturnYear05 (0.45%) [1]
Lifetime rr_AverageAnnualReturnSinceInception (0.40%) [1]
Quaker Akros Absolute Return Fund | S&P 500 Total Return Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11% [1]
5 Year rr_AverageAnnualReturnYear05 (0.25%) [1]
Lifetime rr_AverageAnnualReturnSinceInception 2.51% [1]
[1] 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.
XML 22 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Quaker Akros Absolute Return Fund
Fund Summaries
Quaker Akros Absolute Return Fund
INVESTMENT OBJECTIVES
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.
FUND FEES AND EXPENSES
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 Fund’s Prospectus and the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (the “SAI”).
Shareholder Fees
(fees paid directly
from your investment)
Shareholder Fees Quaker Akros Absolute Return Fund
Class A
Class C
Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) 5.50% none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Quaker Akros Absolute Return Fund
Class A
Class C
Institutional Class
Management Fees 1.25% 1.25% 1.25%
Distribution (12b-1) Fees 0.25% 1.00% none
Other Expenses 1.05% 1.05% 1.05%
Dividends on Short Positions 0.11% 0.11% 0.11%
Total Other Expenses 1.16% 1.16% 1.16%
Acquired Fund Fees 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses 2.67% 3.42% 2.42%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.99% 2.74% 1.74%
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 Fund’s 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.
EXPENSE EXAMPLES
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:
Expense Example Quaker Akros Absolute Return Fund (USD $)
One Year
Three Years
Five Years
Ten Years
CLASS A
741 1,139 1,563 2,737
CLASS C
277 850 1,449 3,068
INSTITUTIONAL CLASS
177 547 943 2,049
PORTFOLIO TURNOVER
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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 103.42% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund employs absolute return strategies to seek positive returns regardless of market conditions. The Fund’s 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:
  • 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.
  • Short Sales. The Fund may invest up to 50% of its net assets in short sales at any given time.
  • 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”).
  • 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.
  • Foreign Securities. The Fund may invest up to 30% of its net assets in foreign securities, including ADRs and European Depositary Receipts (“EDRs”).
  • Debt Instruments. The Fund may invest up to 100% of its net assets in debt instruments, including convertible debt.
  • 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.”
  • 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.
  • 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.
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 company’s 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 Fund’s risk exposure and then investing in a manner consistent with those findings.
PRINCIPAL INVESTMENT RISKS
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:
  • 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.
  • 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 Fund’s share price may be more volatile than if no leverage were used.
  • 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 Fund’s direct fees and expenses.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Debt Instruments Risk. Debt instruments are generally subject to the risk that the issuer will default on interest or principal payments.
  • Below Investment Grade Debt Risk. Adverse changes in the creditworthiness of an issuer can have an adverse effect on the value of the issuer’s 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.
  • 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.
  • 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 Fund’s after-tax performance.
  • 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.
  • 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.
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.
Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart
[1] 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.
Highest Performing Quarter: 8.93% in 2nd quarter of 2009
Lowest Performing Quarter: –8.79% in 4th quarter of 2008

The Fund’s cumulative year-to-date return through September 30, 2012 was -4.94%.

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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free at 800-220-8888.
Average Annual Total Returns as of December 31, 2011
Average Annual Total Returns Quaker Akros Absolute Return Fund
1 Year
5 Year
Lifetime
Inception Date
Class A
[1] (10.15%) 0.19% 0.31% Sep. 30, 2005
Class A Return After Taxes on Distributions
[1] (10.15%) (0.93%) (0.91%)  
Class A Return After Taxes on Distributions and Sale of Fund Shares
[1] (6.60%) (0.45%) (0.40%)  
Class C
[1] (5.61%)    (4.98%) Oct. 04, 2010
Institutional Class
[1] (4.69%)    (3.90%) Oct. 04, 2010
S&P 500 Total Return Index
[1] 2.11% (0.25%) 2.51%  
[1] 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.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName QUAKER INVESTMENT TRUST
Prospectus Date rr_ProspectusDate Oct. 29, 2012
Quaker Global Tactical Allocation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summaries
Quaker Global Tactical Allocation Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVES
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Quaker Global Tactical Allocation Fund (the “Fund”) seeks to provide long-term growth of capital.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s (“SAI”) Information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly
from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 879.75% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 879.75%
Expense Footnotes [Text Block] rr_ExpenseFootnotesTextBlock 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.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s (“SAI”) Information.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXPENSE EXAMPLES
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock To achieve its investment objective, the Fund’s investment sub-adviser, DG Capital Management (the “Sub-adviser”), will, under normal market conditions, employ the following strategies:
  • 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.
  • 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.
  • Foreign Securities. The Fund may invest without limit in foreign securities, including ADRs and European Depositary Receipts (“EDRs”).
  • Emerging Markets. The Fund may invest without limit in companies located in developing or emerging markets.
  • Special Situation Securities. The Fund invests up to 20% of its total assets in “special situation” securities when the Fund’s Sub-adviser believes such investments will benefit the Fund. A special situation arises when, in the Sub-adviser’s 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.
  • Portfolio Turnover. The Fund employs an aggressive strategy of portfolio trading to respond to changes in the marketplace.
  • Short Sales. The Fund may invest up to 25% of its assets in short sales at any given time.
  • 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.
Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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:
  • 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.
  • 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.
  • Growth Stock Risk. The Fund invests in companies that appear to be growth-oriented companies. If the Fund’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.
  • 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.
  • 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.
  • 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 company’s price that the Sub-adviser expects, which could negatively impact the Fund.
  • Portfolio Turnover Risk. The Fund’s 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.
  • 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 Fund’s share price may be more volatile than if no leverage were used.
  • 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.
Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PAST PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-220-8888
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.quakerfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance does not guarantee or predict future results.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Highest Performing Quarter: 17.50% in 3rd quarter of 2009
Lowest Performing Quarter: –32.09% in 3rd quarter of 2008

The Fund’s cumulative year-to-date return through September 30, 2012 was 8.64%.

Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of December 31, 2011
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s 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.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free 800-220-8888.
Quaker Global Tactical Allocation Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_Component1OtherExpensesOverAssets 1.12%
Dividends on Short Positions rr_Component2OtherExpensesOverAssets 0.06%
Total Other Expenses rr_OtherExpensesOverAssets 1.18%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.68%
One Year rr_ExpenseExampleYear01 806
Three Years rr_ExpenseExampleYear03 1,337
Five Years rr_ExpenseExampleYear05 1,892
Ten Years rr_ExpenseExampleYear10 3,397
2009 rr_AnnualReturn2009 19.66%
2010 rr_AnnualReturn2010 15.48%
2011 rr_AnnualReturn2011 (8.21%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 8.64%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Performing Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 17.50%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Performing Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (32.09%)
1 Year rr_AverageAnnualReturnYear01 (13.26%)
Lifetime rr_AverageAnnualReturnSinceInception (11.68%)
Inception Date rr_AverageAnnualReturnInceptionDate May 01, 2008
Quaker Global Tactical Allocation Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_Component1OtherExpensesOverAssets 1.12%
Dividends on Short Positions rr_Component2OtherExpensesOverAssets 0.06%
Total Other Expenses rr_OtherExpensesOverAssets 1.18%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.43%
One Year rr_ExpenseExampleYear01 346
Three Years rr_ExpenseExampleYear03 1,053
Five Years rr_ExpenseExampleYear05 1,784
Ten Years rr_ExpenseExampleYear10 3,712
1 Year rr_AverageAnnualReturnYear01 (8.80%)
Lifetime rr_AverageAnnualReturnSinceInception (10.97%)
Inception Date rr_AverageAnnualReturnInceptionDate May 01, 2008
Quaker Global Tactical Allocation Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_Component1OtherExpensesOverAssets 1.12%
Dividends on Short Positions rr_Component2OtherExpensesOverAssets 0.06%
Total Other Expenses rr_OtherExpensesOverAssets 1.18%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.43%
One Year rr_ExpenseExampleYear01 246
Three Years rr_ExpenseExampleYear03 758
Five Years rr_ExpenseExampleYear05 1,296
Ten Years rr_ExpenseExampleYear10 2,766
1 Year rr_AverageAnnualReturnYear01 (7.94%)
Lifetime rr_AverageAnnualReturnSinceInception (7.49%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 23, 2008
Quaker Global Tactical Allocation Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (13.26%)
Lifetime rr_AverageAnnualReturnSinceInception (11.68%)
Quaker Global Tactical Allocation Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.62%)
Lifetime rr_AverageAnnualReturnSinceInception (9.66%)
Quaker Global Tactical Allocation Fund | MSCI World Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.54%)
Lifetime rr_AverageAnnualReturnSinceInception (4.46%)
XML 25 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName QUAKER INVESTMENT TRUST
Prospectus Date rr_ProspectusDate Oct. 29, 2012
Quaker Small-Cap Growth Tactical Allocation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summaries
Quaker Small-Cap Growth Tactical Allocation Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVES
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Quaker Small-Cap Growth Tactical Allocation Fund (the “Fund”) seeks to provide long-term growth of capital.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly
from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 625.61% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 625.61%
Expense Footnotes [Text Block] rr_ExpenseFootnotesTextBlock 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.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXPENSE EXAMPLES
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock To achieve its investment objective, the Fund’s investment sub-adviser, Van Den Berg Management I, Inc., dba Century Management (the “Sub-adviser”), will, under normal market conditions, employ the following strategies:
  • 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.
  • 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 Fund’s 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.
  • Foreign Securities. The Fund may invest in foreign securities traded on U.S. stock exchanges and ADRs.
  • 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”).
  • Short Sales. The Fund may invest up to 25% of its assets in short sales at any given time.
  • 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.
In selecting individual securities for the Fund’s 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.
Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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:
  • 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.
  • Growth Stock Risk. The Fund invests in companies that appear to be growth-oriented companies. If the Fund’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.
  • 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.
  • 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.
  • 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 Fund’s direct fees and expenses.
  • 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 Fund’s share price may be more volatile than if no leverage were used.
  • 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.
Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PAST PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-220-8888
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.quakerfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance does not guarantee or predict future results.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Highest Performing Quarter: 18.01% in 2nd quarter of 2009
Lowest Performing Quarter: –15.47% in 3rd quarter of 2011

The Fund’s cumulative year-to-date return through September 30, 2012 was 6.19%.

Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of December 31, 2011
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s 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.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free 800-220-8888.
Quaker Small-Cap Growth Tactical Allocation Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.99%
Acquired Fund Fees rr_AcquiredFundFeesAndExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.28%
One Year rr_ExpenseExampleYear01 768
Three Years rr_ExpenseExampleYear03 1,223
Five Years rr_ExpenseExampleYear05 1,703
Ten Years rr_ExpenseExampleYear10 3,022
2009 rr_AnnualReturn2009 18.71%
2010 rr_AnnualReturn2010 1.59%
2011 rr_AnnualReturn2011 (5.05%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 6.19%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Performing Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 18.01%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Performing Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (15.14%)
1 Year rr_AverageAnnualReturnYear01 (10.27%)
Lifetime rr_AverageAnnualReturnSinceInception 0.63%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2008
Quaker Small-Cap Growth Tactical Allocation Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.99%
Acquired Fund Fees rr_AcquiredFundFeesAndExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.03%
One Year rr_ExpenseExampleYear01 306
Three Years rr_ExpenseExampleYear03 936
Five Years rr_ExpenseExampleYear05 1,591
Ten Years rr_ExpenseExampleYear10 3,346
1 Year rr_AverageAnnualReturnYear01 (5.88%)
Lifetime rr_AverageAnnualReturnSinceInception 1.61%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2008
Quaker Small-Cap Growth Tactical Allocation Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.99%
Acquired Fund Fees rr_AcquiredFundFeesAndExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.03%
One Year rr_ExpenseExampleYear01 206
Three Years rr_ExpenseExampleYear03 637
Five Years rr_ExpenseExampleYear05 1,093
Ten Years rr_ExpenseExampleYear10 2,358
1 Year rr_AverageAnnualReturnYear01 (4.90%)
Lifetime rr_AverageAnnualReturnSinceInception 2.67%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2008
Quaker Small-Cap Growth Tactical Allocation Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (11.66%)
Lifetime rr_AverageAnnualReturnSinceInception (1.56%)
Quaker Small-Cap Growth Tactical Allocation Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.64%)
Lifetime rr_AverageAnnualReturnSinceInception (0.69%)
Quaker Small-Cap Growth Tactical Allocation Fund | Russell 2000 Growth Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.91%)
Lifetime rr_AverageAnnualReturnSinceInception 6.38%
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Document and Entity Information
12 Months Ended
Oct. 29, 2012
Risk/Return:  
Document Type 485BPOS
Document Period End Date Jun. 30, 2012
Registrant Name QUAKER INVESTMENT TRUST
Central Index Key 0000870355
Amendment Flag false
Document Creation Date Oct. 29, 2012
Document Effective Date Oct. 29, 2012
Prospectus Date Oct. 29, 2012
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Quaker Mid Cap Value Fund
Fund Summaries
Quaker Mid-Cap Value Fund
INVESTMENT OBJECTIVES
The Quaker Mid-Cap Value Fund (the “Fund”) seeks to provide long-term growth of capital.
FUND FEES AND EXPENSES
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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly
from your investment)
Shareholder Fees Quaker Mid Cap Value Fund
Class A
Class C
Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) 5.50% none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Quaker Mid Cap Value Fund
Class A
Class C
Institutional Class
Management Fees 1.05% 1.05% 1.05%
Distribution (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.91% 0.91% 0.91%
Total Annual Fund Operating Expenses 2.21% 2.96% 1.96%
EXPENSE EXAMPLES
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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Quaker Mid Cap Value Fund (USD $)
One Year
Three Years
Five Years
Ten Years
CLASS A
762 1,203 1,670 2,954
CLASS C
299 915 1,557 3,280
INSTITUTIONAL CLASS
199 615 1,057 2,285
PORTFOLIO TURNOVER
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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 41.70% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
To achieve its investment objective, the Fund’s investment Sub-adviser, Kennedy Capital Management, Inc. (the “Sub-adviser”), will, under normal market conditions, employ the following strategies:
  • 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.
  • 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.
In selecting individual securities for the Fund’s 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:
  • strong balance sheets and high credit quality;
  • low price-to-earnings, price-to-sales, price-to-value ratios;
  • demonstrated consistent earnings growth in the past and are likely to achieve consistent earnings growth in the future;
  • high profit margins and the business strategies to protect and maintain such margins;
  • high historical return on investment; and
  • ability to increase earnings through new products or sensible acquisitions.
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.
PRINCIPAL INVESTMENT RISKS
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:
  • 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.
  • 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.
  • Value Securities Risk. The Fund invests in companies that appear to be “undervalued” in the marketplace (i.e., trading at prices below the company’s true worth). If the Fund’s perceptions of value are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.
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.
Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart
Highest Performing Quarter: 23.12% in 4th quarter of 2003
Lowest Performing Quarter: –27.80% in 3rd quarter of 2002

The Fund’s cumulative year-to-date return through September 30, 2012 was 11.01%.

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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free 800-220-8888.
Average Annual Total Returns as of December 31, 2011
Average Annual Total Returns Quaker Mid Cap Value Fund
1 Year
5 Years
10 Years
Class A
(7.88%) (2.33%) 5.29%
Class A Return After Taxes on Distributions
(7.88%) (2.47%) 4.03%
Class A Return After Taxes on Distributions and Sale of Fund Shares
(5.12%) (1.98%) 3.88%
Class C
(3.29%) (1.96%) 4.59%
Institutional Class
(2.30%) (0.97%) 5.64%
Russell MidCap Value Index
(1.38%) 0.04% 7.67%
XML 29 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName QUAKER INVESTMENT TRUST
Prospectus Date rr_ProspectusDate Oct. 29, 2012
QUAKER EVENT ARBITRAGE FUND
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summaries
Quaker Event Arbitrage Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVES
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Quaker Event Arbitrage Fund (the “Fund”) seeks to provide long-term growth of capital.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Fund’s Prospectus and in the “Shareholder Information”section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly
from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination October 28, 2012 to October 28, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 156.57% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 156.57%
Expense Footnotes [Text Block] rr_ExpenseFootnotesTextBlock 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 Fund’s 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.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 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 Fund’s Prospectus and in the “Shareholder Information”section on page 45 of the Trust’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expense Example [Heading] rr_ExpenseExampleHeading EXPENSE EXAMPLES
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock To achieve its investment objective, the Fund’s 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:
  • 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”).
  • 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.
  • 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.
  • 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.
  • 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.
  • 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 company’s 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.
  • Short Sales. The Fund may invest up to 50% of its net assets in short sales at any given time.
  • 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.
  • 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.
  • 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.
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 Fund’s investment strategies to be less dependent on the overall direction of stock prices.
Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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:
  • 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.
  • Capital Structure Arbitrage Risk. The perceived mispricing identified by the Fund’s Adviser may not disappear or may even increase, in which case losses may be realized.
  • 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 issuer’s 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.
  • 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 issuer’s securities.
  • 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.
  • 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.
  • 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.
  • 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 Fund’s share price may be more volatile than if no leverage were used.
  • 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.
  • 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.
  • 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.
  • 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.
Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PAST PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-220-8888
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.quakerfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance does not guarantee or predict future results.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Highest Performing Quarter: 14.27% in 4th quarter of 2004
Lowest Performing Quarter: -11.93% in 4th quarter of 2008

The Fund’s cumulative year-to-date return through September 30, 2012 was 4.49%.

Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of December 31, 2011
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s 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.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free 800-220-8888.
QUAKER EVENT ARBITRAGE FUND | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 1.30%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_Component1OtherExpensesOverAssets 0.81%
Dividends on Short Positions rr_Component2OtherExpensesOverAssets 0.01%
Total Other Expenses rr_OtherExpensesOverAssets 0.82%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.37%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.38%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.99%
One Year rr_ExpenseExampleYear01 741
Three Years rr_ExpenseExampleYear03 1,140
Five Years rr_ExpenseExampleYear05 1,564
Ten Years rr_ExpenseExampleYear10 2,739
2004 rr_AnnualReturn2004 26.85% [1]
2005 rr_AnnualReturn2005 12.43% [1]
2006 rr_AnnualReturn2006 11.23% [1]
2007 rr_AnnualReturn2007 (0.03%) [1]
2008 rr_AnnualReturn2008 (25.74%) [1]
2009 rr_AnnualReturn2009 27.84% [1]
2010 rr_AnnualReturn2010 7.45% [1]
2011 rr_AnnualReturn2011 (5.70%) [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 4.49%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Performing Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2004
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.27%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Performing Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (11.93%)
1 Year rr_AverageAnnualReturnYear01 (10.88%) [1]
5 Years rr_AverageAnnualReturnYear05 (1.89%) [1]
Lifetime rr_AverageAnnualReturnSinceInception 5.10% [1]
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 21, 2003 [1]
QUAKER EVENT ARBITRAGE FUND | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.30%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_Component1OtherExpensesOverAssets 0.81%
Dividends on Short Positions rr_Component2OtherExpensesOverAssets 0.01%
Total Other Expenses rr_OtherExpensesOverAssets 0.82%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.12%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.38%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.74%
One Year rr_ExpenseExampleYear01 277
Three Years rr_ExpenseExampleYear03 850
Five Years rr_ExpenseExampleYear05 1,450
Ten Years rr_ExpenseExampleYear10 3,070
1 Year rr_AverageAnnualReturnYear01 (6.41%) [1]
5 Years rr_AverageAnnualReturnYear05    [1]
Lifetime rr_AverageAnnualReturnSinceInception (2.66%) [1]
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 07, 2010 [1]
QUAKER EVENT ARBITRAGE FUND | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.30%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_Component1OtherExpensesOverAssets 0.81%
Dividends on Short Positions rr_Component2OtherExpensesOverAssets 0.01%
Total Other Expenses rr_OtherExpensesOverAssets 0.82%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.12%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.38%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.74%
One Year rr_ExpenseExampleYear01 177
Three Years rr_ExpenseExampleYear03 548
Five Years rr_ExpenseExampleYear05 944
Ten Years rr_ExpenseExampleYear10 2,052
1 Year rr_AverageAnnualReturnYear01 (5.45%) [1]
5 Years rr_AverageAnnualReturnYear05    [1]
Lifetime rr_AverageAnnualReturnSinceInception (1.78%) [1]
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 07, 2010 [1]
QUAKER EVENT ARBITRAGE FUND | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (11.51%) [1]
5 Years rr_AverageAnnualReturnYear05 (2.33%) [1]
Lifetime rr_AverageAnnualReturnSinceInception 3.76% [1]
QUAKER EVENT ARBITRAGE FUND | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.99%) [1]
5 Years rr_AverageAnnualReturnYear05 (1.77%) [1]
Lifetime rr_AverageAnnualReturnSinceInception 3.73% [1]
QUAKER EVENT ARBITRAGE FUND | S&P 500 Total Return Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11% [1]
5 Years rr_AverageAnnualReturnYear05 (0.25%) [1]
Lifetime rr_AverageAnnualReturnSinceInception 4.52% [1]
[1] 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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Quaker Global Tactical Allocation Fund
Fund Summaries
Quaker Global Tactical Allocation Fund
INVESTMENT OBJECTIVES
The Quaker Global Tactical Allocation Fund (the “Fund”) seeks to provide long-term growth of capital.
FUND FEES AND EXPENSES
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 Fund’s Prospectus and in the “Shareholder Information” section on page 45 of the Trust’s (“SAI”) Information.
Shareholder Fees
(fees paid directly
from your investment)
Shareholder Fees Quaker Global Tactical Allocation Fund
Class A
Class C
Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) 5.50% none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Quaker Global Tactical Allocation Fund
Class A
Class C
Institutional Class
Management Fees 1.25% 1.25% 1.25%
Distribution (12b-1) Fees 0.25% 1.00% none
Other Expenses 1.12% 1.12% 1.12%
Dividends on Short Positions 0.06% 0.06% 0.06%
Total Other Expenses 1.18% 1.18% 1.18%
Total Annual Fund Operating Expenses 2.68% 3.43% 2.43%
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.
EXPENSE EXAMPLES
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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Quaker Global Tactical Allocation Fund (USD $)
One Year
Three Years
Five Years
Ten Years
CLASS A
806 1,337 1,892 3,397
CLASS C
346 1,053 1,784 3,712
INSTITUTIONAL CLASS
246 758 1,296 2,766
PORTFOLIO TURNOVER
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 Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 879.75% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
To achieve its investment objective, the Fund’s investment sub-adviser, DG Capital Management (the “Sub-adviser”), will, under normal market conditions, employ the following strategies:
  • 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.
  • 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.
  • Foreign Securities. The Fund may invest without limit in foreign securities, including ADRs and European Depositary Receipts (“EDRs”).
  • Emerging Markets. The Fund may invest without limit in companies located in developing or emerging markets.
  • Special Situation Securities. The Fund invests up to 20% of its total assets in “special situation” securities when the Fund’s Sub-adviser believes such investments will benefit the Fund. A special situation arises when, in the Sub-adviser’s 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.
  • Portfolio Turnover. The Fund employs an aggressive strategy of portfolio trading to respond to changes in the marketplace.
  • Short Sales. The Fund may invest up to 25% of its assets in short sales at any given time.
  • 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.
PRINCIPAL INVESTMENT RISKS
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:
  • 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.
  • 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.
  • Growth Stock Risk. The Fund invests in companies that appear to be growth-oriented companies. If the Fund’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.
  • 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.
  • 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.
  • 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 company’s price that the Sub-adviser expects, which could negatively impact the Fund.
  • Portfolio Turnover Risk. The Fund’s 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.
  • 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 Fund’s share price may be more volatile than if no leverage were used.
  • 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.
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.
Annual Total Returns — Class A Shares as of December 31, 2011
Bar Chart
Highest Performing Quarter: 17.50% in 3rd quarter of 2009
Lowest Performing Quarter: –32.09% in 3rd quarter of 2008

The Fund’s cumulative year-to-date return through September 30, 2012 was 8.64%.

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 investor’s 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 Trust’s website at www.quakerfunds.com or by calling toll-free 800-220-8888.
Average Annual Total Returns as of December 31, 2011
Average Annual Total Returns Quaker Global Tactical Allocation Fund
1 Year
Lifetime
Inception Date
Class A
(13.26%) (11.68%) May 01, 2008
Class A Return After Taxes on Distributions
(13.26%) (11.68%)  
Class A Return After Taxes on Distributions and Sale of Fund Shares
(8.62%) (9.66%)  
Class C
(8.80%) (10.97%) May 01, 2008
Institutional Class
(7.94%) (7.49%) Jul. 23, 2008
MSCI World Index
(5.54%) (4.46%)  
XML 32 R51.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName QUAKER INVESTMENT TRUST
Prospectus Date rr_ProspectusDate Oct. 29, 2012
Document Creation Date dei_DocumentCreationDate Oct. 29, 2012
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