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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.
The Adviser, 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, acquired fund fees and expenses, taxes, interest, short sale & dividend interest expense, brokerage fees and other costs relating to reorganizations or liquidations) when they exceed 1.74% of the Fund's average daily net assets (the "Annualized Expense Ratio"). This agreement will continue in effect from October 28, 2013 to October 28, 2014. 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, provided that such recoupment does not cause the Total Annual Fund Operating Expenses to exceed the Annualized Expense Ratio. This 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.
The Sub-Adviser, 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, acquired fund fees and expenses, taxes, interest, short sale & dividend interest expense, brokerage fees and other costs relating to reorganizations or liquidations) when they exceed 1.99% of the Fund's average daily net assets (the "Annualized Expense Ratio"). This agreement will continue in effect from October 28, 2013 to October 28, 2014. Any waivers and reimbursements made by the Sub-Adviser to the Fund are subject to recoupment by the Adviser within three (3) years following the time at which the Sub-Adviser waived fees and/or assumed expenses for the Fund, provided that such recoupment does not cause the Total Annual Fund Operating Expenses to exceed the Annualized Expense Ratio. This 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.
QUAKER INVESTMENT TRUST
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Quaker Akros Absolute Return Fund
PAST PERFORMANCE
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">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 style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font></font></font></font> </div>
Annual Total Returns - Class A Shares as of December 31, 2012 (1)
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0.1394
0.0207
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Highest Performing Quarter:
0.0893
2009-06-30
Lowest Performing Quarter:
-0.0879
2008-12-31
year-to-date return
0.0220
2013-09-30
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Highest Performing Quarter: 8.93% in 2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font> quarter of 2009</font> </div> <br/><div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Lowest Performing Quarter: -8.79% in 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> quarter of 2008</font></font> </div> <br/><div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s cumulative year-to-date return through September 30, <font style="font-family: arial; font-size: 10pt;">2013</font> was <font style="font-family: arial; font-size: 10pt;">2.20</font>%.</font> </div>
<table cellpadding="0" cellspacing="0" id="list-22" style="font-size: 10pt; font-family: times new roman; width: 100%;"> <tr valign="top"> <td style="text-align: left; width: 18pt;"> <div style="text-align: left;"> <font style="display: inline; font-family: Arial; font-size: 10pt; font-weight: bold;"><font style="font-family: Arial; font-size: 10pt;"><font style="font-family: Arial; font-size: 10pt;"><font style="display: inline; font-size: 70%; vertical-align: text-top;">(1)</font>  </font></font></font> </div> </td> <td> <div align="justify" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: Arial; font-size: 10pt;">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.</font> </div> </td> </tr> </table>
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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 <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt; TEXT-DECORATION: underline">www.quakerfunds.com</font>  or by calling toll-free at 800-220-8888.</font> </div>
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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.
Past performance does not guarantee or predict future results.
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.
www.quakerfunds.com
Fund performance shown does not reflect Class A Shares' sales charges. Performance would be lower if sales charges were included.
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.
800-220-8888
Average Annual Total Returns As Of December 31, 2012
After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.
INVESTMENT OBJECTIVES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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.</font> </div>
PORTFOLIO TURNOVER
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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 <font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">215.38</font>% of the average value of its portfolio.</font> </div>
2.1538
EXPENSE EXAMPLES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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.  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> </div>
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PRINCIPAL INVESTMENT RISKS
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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> </div> <br/><table cellpadding="0" cellspacing="0" id="list-8" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Common Stock Risk</font>.  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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-9" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Short Selling Risk.</font>  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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-10" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Exchange-Traded Fund Risk</font>.  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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-11" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Derivative Instruments (Including Futures, Options and Swaps) Risk.</font>  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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-12" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Foreign Securities Risk</font>.  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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-13" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Small- and Mid-Cap Company Risk.</font>  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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-14" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Large-Cap Company Risk.</font>  Larger, more established <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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></font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-15" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Interest Rate Risk</font>.  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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-16" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Debt Instruments Risk.</font>  Debt instruments are generally subject to the risk that the issuer will default on interest or principal payments.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-17" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Below Investment Grade Debt Risk.</font>  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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-18" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Mortgage-Backed and Asset-Backed Securities Risk.</font>  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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-19" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Portfolio Turnover Risk</font>.  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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-21" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Management Risk.</font>  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></font></font> </div> </td> </tr> </table>
As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
PRINCIPAL INVESTMENT STRATEGIES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●</font>  </font></font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic">Common Stocks.</font>  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.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-0" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic">Short Sales.</font>  The Fund may invest up to 50% of its net assets in short sales at any given time.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-1" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Exchange-Traded Funds</font>. 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”).</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-2" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Derivative Instruments (Including Futures, Options and Swaps).</font>  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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-3" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Foreign Securities</font>.  The Fund may invest up to 30% of its net assets in foreign securities, including ADRs and European Depositary Receipts (“EDRs”).</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-4" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Debt Instruments.</font>  The Fund may invest up to 100% of its net assets in debt instruments, including convertible debt.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-5" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Below Investment Grade Debt Instruments.</font>  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.”</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-6" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Mortgage-Backed and Asset-Backed Securities.</font>  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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-7" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Tactical Allocation</font>.  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></font></font> </div> </td> </tr> </table> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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.</font> </div>
FUND FEES AND EXPENSES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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 <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“Reduction or Waiver of Front-End Sales Charges”</font> section on page <font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">49</font> of the Fund’s Prospectus and the <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shareholder Information</font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">”</font> section on page <font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">60</font> of the Trust’s Statement of Additional Information (the “SAI”).</font> </div>
0.0550
0.0000
0.0000
0.0125
0.0125
0.0125
0.0025
0.0100
0.0000
0.0247
0.0247
0.0247
0.0012
0.0012
0.0012
0.0036
0.0036
0.0036
0.0295
0.0295
0.0295
0.0001
0.0001
0.0001
0.0446
0.0521
0.0421
~ http://quakerfunds.com/20131029/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact cik0000870355_S000029612Member row primary compact * ~
~ http://quakerfunds.com/20131029/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact cik0000870355_S000029612Member row primary compact * ~
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 49 of the Fund's Prospectus and the "Shareholder Information" section on page 60 of the Trust's Statement of Additional Information (the "SAI").
50000
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder Fees (fees paid directly from your investment)
QUAKER EVENT ARBITRAGE FUND
PAST PERFORMANCE
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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> </div>
Annual Total Returns - Class A Shares as of December 31, 2012(1)
0.2685
0.1243
0.1123
-0.0003
-0.2574
0.2784
0.0745
-0.0570
0.0586
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Highest Performing Quarter:
0.1427
2004-12-31
Lowest Performing Quarter:
-0.1193
2008-12-31
year-to-date return
0.0297
2013-09-30
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Highest Performing Quarter: 14.27% in 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> quarter of 2004</font> </div> <br/><div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Lowest Performing Quarter: -11.93% in 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> quarter of 2008</font></font> </div> <br/><div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s cumulative year-to-date return through September 30, <font style="font-family: arial; font-size: 10pt;">2013</font> was <font style="font-family: arial; font-size: 10pt;">2.97</font>%.</font> </div>
<table cellpadding="0" cellspacing="0" id="list-48" style="font-size: 10pt; font-family: times new roman; width: 100%;"> <tr valign="top"> <td style="text-align: left; width: 18pt;"> <div style="text-align: left;"> <font style="display: inline; font-family: Arial; font-size: 10pt;"><font style="font-family: Arial; font-size: 10pt;"><font style="font-family: Arial; font-size: 10pt;"><font style="display: inline; font-size: 70%; vertical-align: text-top;">(1)</font>  </font></font></font> </div> </td> <td> <div align="justify" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: Arial; font-size: 10pt;">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.</font> </div> </td> </tr> </table>
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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 <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt; TEXT-DECORATION: underline">www.quakerfunds.com</font> or by calling toll-free 800-220-8888.</font> </div>
0.0007
-0.0076
0.0518
-0.0015
-0.0097
0.0397
0.0025
-0.0073
0.0383
0.0499
0.0025
0.0603
0.0119
0.1600
0.0166
0.0573
2010-06-07
2003-11-21
2010-06-07
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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.
Past performance does not guarantee or predict future results.
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.
www.quakerfunds.com
Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.
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.
800-220-8888
Average Annual Total Returns as of December 31, 2012
After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.
INVESTMENT OBJECTIVES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">The Quaker Event Arbitrage Fund (the “Fund”) seeks to provide long-term growth of capital.</font> </div>
PORTFOLIO TURNOVER
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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 <font style="FONT-FAMILY: arial; FONT-SIZE: 10pt">186.15</font>% of the average value of its portfolio.</font> </div>
1.8615
EXPENSE EXAMPLES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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:</font> </div>
741
1215
1713
3080
277
927
1602
3403
177
627
1104
2422
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PRINCIPAL INVESTMENT RISKS
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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> </div> <br/><table cellpadding="0" cellspacing="0" id="list-34" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Merger Arbitrage Risk.  </font>Certain of the proposed reorganizations in which the Fund invests may be renegotiated or terminated, in which case losses may be realized.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-35" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Capital Structure Arbitrage Risk.  </font>The perceived mispricing identified by the Fund’s Adviser may not disappear or may even increase, in which case losses may be realized.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-36" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Distressed Securities Risk.  </font>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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-37" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Debt Instruments Risk.  </font>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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-38" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Interest Rate Risk.  </font>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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-39" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Structured Note Investment Risk.  </font>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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-40" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Proxy Fight Risk.  </font>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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-41" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Short Selling Risk.  </font>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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-42" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Management Risk.  </font>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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-43" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Foreign Securities Risk.  </font>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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-44" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">Derivative Instruments (Including Futures, Options and Swaps) Risk.</font>  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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-46" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">●   </font></font></font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Special Situations Risk.  </font> Special situations often involve much greater risk than is found in the normal course of investing.  Special situation investments may not have the effect on a company’s price that the Adviser expects, which could negatively impact the Fund.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-47" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">●   </font></font></font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Initial Public Offering Risk.  </font> IPO shares frequently are volatile in price, and may be held for only a short period of time, leading to increased portfolio turnover and expenses, such as commissions and transaction costs. When sold, IPO shares may result in realized taxable gains.</font></font></font> </div> </td> </tr> </table>
As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
PRINCIPAL INVESTMENT STRATEGIES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-23" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Merger Arbitrage.  </font>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”).</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-24" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Capital Structure Arbitrage.</font>  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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-25" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Distressed Securities Investments.</font>  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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-26" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Debt Instruments</font>.  The Fund may invest in all types of fixed-income securities including convertible debt, options and futures, as well as privately negotiated options.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-27" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Structured Notes</font>.  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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-28" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Proxy Fight Investments.</font>  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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-29" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Short Sales.</font>  The Fund may invest up to 50% of its net assets in short sales at any given time.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-30" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Tactical Allocation.</font>  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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-31" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Foreign Securities Investments.</font>  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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-32" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Derivative Instruments (Including Futures, Options and Swaps).</font>  The event arbitrage strategy employed by the Fund may include the use of derivatives.  Derivatives may be used for hedging purposes, 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 underlying securities 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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-33" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">●   </font></font></font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Special Situation Securities.  </font> The Fund may also invest in “special situation” securities when the Fund’s Adviser believes such investments will benefit the Fund.  A special situation arises when, in the 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:  material litigation, technological breakthroughs and new management or management policies.  Special situation investments may include illiquid or restricted securities, such as private equity investments, and initial public offerings.</font></font></font> </div> </td> </tr> </table> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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.</font> </div>
FUND FEES AND EXPENSES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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 <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“Reduction or Waiver of Front-End Sales Charges”</font> section on page <font style="FONT-FAMILY: arial; FONT-SIZE: 10pt">49</font> of the Fund’s Prospectus and in the <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“Shareholder Information”</font> section on page <font style="FONT-FAMILY: arial; FONT-SIZE: 10pt">60</font> of the Trust’s Statement of Additional Information (“SAI”).</font> </div>
0.0550
0.0000
0.0000
0.0130
0.0130
0.0130
0.0025
0.0100
0.0000
0.0069
0.0069
0.0069
0.0010
0.0010
0.0010
0.0003
0.0003
0.0003
0.0082
0.0082
0.0082
0.0237
0.0312
0.0212
-0.0038
-0.0038
-0.0038
0.0199
0.0274
0.0174
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~ http://quakerfunds.com/20131029/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact cik0000870355_S000028027Member row primary compact * ~
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 49 of the Fund's Prospectus and in the "Shareholder Information" section on page 60 of the Trust's Statement of Additional Information ("SAI").
2014-10-28
50000
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder Fees (fees paid directly from your investment)
Quaker Global Tactical Allocation Fund
PAST PERFORMANCE
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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> </div>
Annual Total Returns - Class A Shares as of December 31, 2012
0.1966
0.1548
-0.0821
0.1073
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Highest Performing Quarter:
0.1750
2009-09-30
Lowest Performing Quarter:
-0.3209
2008-09-30
year-to-date return
0.0928
2013-09-30
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Highest Performing Quarter: 17.50% in 3<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">rd</font> quarter of 2009</font> </div> <br/><div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Lowest Performing Quarter: -32.09% in 3<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">rd</font> quarter of 2008</font></font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The Fund’s cumulative year-to-date return through September 30, <font style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2013</font> was <font style="FONT-FAMILY: arial; FONT-SIZE: 10pt">9.28</font>%.</font> </div>
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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 <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt; TEXT-DECORATION: underline">www.quakerfunds.com</font> or by calling toll-free 800-220-8888.</font> </div>
0.0465
-0.0729
0.0465
-0.0729
0.0302
-0.0606
0.0980
-0.0688
0.1085
-0.0364
0.1571
-0.0084
2008-05-01
2008-07-23
2008-05-01
~ http://quakerfunds.com/20131029/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_LegalEntityAxis compact cik0000870355_S000013296Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
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.
Past performance does not guarantee or predict future results.
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.
www.quakerfunds.com
Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.
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.
800-220-8888
After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.
Average Annual Total Returns As Of December 31, 2012
INVESTMENT OBJECTIVES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">The Quaker Global Tactical Allocation Fund (the “Fund”) seeks to provide long-term growth of capital.</font> </div>
PORTFOLIO TURNOVER
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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 <font style="FONT-FAMILY: arial; FONT-SIZE: 10pt">484.31</font>% of the average value of its portfolio.</font> </div>
4.8431
EXPENSE EXAMPLES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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:</font> </div>
820
1379
1962
3533
361
1097
1855
3845
261
802
1370
2915
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PRINCIPAL INVESTMENT RISKS
<table cellpadding="0" cellspacing="0" id="list-57" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-58" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Common Stock Risk.  </font>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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-59" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Small and Mid-Cap Stocks Risk.</font> 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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-60" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Growth Stock Risk.  </font>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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-61" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Foreign Securities Risk.  </font>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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-62" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Emerging Markets Risk.  </font>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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-63" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Special Situations Risk.  </font>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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-64" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Portfolio Turnover Risk.  </font>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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-65" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Short Selling Risk.  </font>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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-66" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Management Risk.</font> 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></font></font> </div> </td> </tr> </table>
As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
PRINCIPAL INVESTMENT STRATEGIES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-49" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Common Stock.  </font>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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-50" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Growth Stock.  </font>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></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-51" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Foreign Securities.  </font>The Fund may invest without limit in foreign securities, including ADRs and European Depositary Receipts (“EDRs”).</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-52" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Emerging Markets.  </font>The Fund may invest without limit in companies located in developing or emerging markets.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-53" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Special Situation Securities.  </font>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.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-54" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Portfolio Turnover.  </font>The Fund employs an aggressive strategy of portfolio trading to respond to changes in the marketplace.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-55" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Short Sales.  </font>The Fund may invest up to 25% of its assets in short sales at any given time.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-56" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Tactical Allocation.  </font>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></font></font> </div> </td> </tr> </table>
FUND FEES AND EXPENSES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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 <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“Reduction or Waiver of Front-End Sales Charges”</font> section on page <font style="FONT-FAMILY: arial; FONT-SIZE: 10pt">49</font> of the Fund’s Prospectus and in the <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“Shareholder Information”</font> section on page <font style="FONT-FAMILY: arial; FONT-SIZE: 10pt">60</font><font style="FONT-FAMILY: arial; FONT-SIZE: 10pt"> </font>of the Trust’s (“SAI”) Information.</font> </div>
0.0550
0.0000
0.0000
0.0125
0.0125
0.0125
0.0025
0.0100
0.0000
0.0127
0.0127
0.0127
0.0006
0.0006
0.0006
0.0133
0.0133
0.0133
0.0283
0.0358
0.0258
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~ http://quakerfunds.com/20131029/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact cik0000870355_S000013296Member row primary compact * ~
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 49 of the Fund's Prospectus and in the "Shareholder Information" section on page 60 of the Trust's ("SAI") Information.
50000
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder Fee (fees paid directly from your investment)
Quaker Mid Cap Value
PAST PERFORMANCE
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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> </div>
Annual Total Returns - Class A Shares as of December 31, 2012
0.6051
0.2487
0.0562
0.0804
0.0000
-0.4252
0.3304
0.2617
-0.0252
0.1230
~ http://quakerfunds.com/20131029/role/ScheduleAnnualTotalReturnsBarChart20025 column dei_LegalEntityAxis compact cik0000870355_S000008770Member column rr_ProspectusShareClassAxis compact cik0000870355_C000023879Member row primary compact * ~
Highest Performing Quarter:
0.2312
2003-12-31
Lowest Performing Quarter:
-0.2329
2008-12-31
year-to-date return
0.0579
2013-09-30
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">Highest Performing Quarter: 23.12% in 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> quarter of 2003</font> </div> <br/><div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Lowest Performing Quarter: -23.29% in 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> quarter of 2008</font></font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The Fund’s cumulative year-to-date return through September 30, 2013 was 5.79%.</font> </div>
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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.  </font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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.</font> </div>
0.0610
-0.0004
0.0860
0.0610
-0.0004
0.0799
0.0397
-0.0003
0.0743
0.1148
0.0036
0.0842
0.1261
0.0135
0.0951
0.1851
0.0379
0.1063
1997-12-31
2000-11-21
2000-07-31
~ http://quakerfunds.com/20131029/role/ScheduleAverageAnnualReturnsTransposed20026 column dei_LegalEntityAxis compact cik0000870355_S000008770Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
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.
Past performance does not guarantee or predict future results.
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.
www.quakerfunds.com
Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.
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.
Average Annual Total Returns As Of December 31, 2012
800-220-8888
INVESTMENT OBJECTIVES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">The Quaker Mid-Cap Value Fund (the “Fund”) seeks to provide long-term growth of capital.</font> </div>
EXPENSE EXAMPLES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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:</font> </div>
760
1197
1660
2935
297
910
1548
3261
197
609
1047
2264
~ http://quakerfunds.com/20131029/role/ScheduleExpenseExampleTransposed20024 column dei_LegalEntityAxis compact cik0000870355_S000008770Member row primary compact * ~
PORTFOLIO TURNOVER
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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 46.91% of the average value of its portfolio.</font> </div>
0.4691
PRINCIPAL INVESTMENT RISKS
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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> </div> <br/><table cellpadding="0" cellspacing="0" id="list-75" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Common Stock Risk.</font>  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></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-76" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Mid-Cap Stock Risk.</font>  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></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-77" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Value Securities Risk.</font>  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.</font></font> </div> </td> </tr> </table>
As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
FUND FEES AND EXPENSES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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 <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“Reduction or Waiver of Front-End Sales Charges”</font> section on page 49 of the Fund’s Prospectus and in the <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“Shareholder Information”</font> section on page 60 of the Trust’s Statement of Additional Information (“SAI”).</font> </div>
0.0550
0.0000
0.0000
0.0105
0.0105
0.0105
0.0025
0.0100
0.0000
0.0082
0.0082
0.0082
0.0007
0.0007
0.0007
0.0089
0.0089
0.0089
0.0219
0.0294
0.0194
~ http://quakerfunds.com/20131029/role/ScheduleShareholderFees20022 column dei_LegalEntityAxis compact cik0000870355_S000008770Member row primary compact * ~
~ http://quakerfunds.com/20131029/role/ScheduleAnnualFundOperatingExpenses20023 column dei_LegalEntityAxis compact cik0000870355_S000008770Member row primary compact * ~
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 49 of the Fund's Prospectus and in the "Shareholder Information" section on page 60 of the Trust's Statement of Additional Information ("SAI").
50000
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder Fees (fees paid directly from your investment)
PRINCIPAL INVESTMENT STRATEGIES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-67" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">●</font></font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">Mid-Cap Stocks</font>.  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 $888.21 million to $26.16 billion as of September 30, 2013.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-68" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Value Securities.</font>  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></font> </div> </td> </tr> </table> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-69" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 54pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">strong balance sheets and high credit quality;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-70" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 54pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">low price-to-earnings, price-to-sales, price-to-value ratios;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-71" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 54pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">demonstrated consistent earnings growth in the past and are likely to achieve consistent earnings growth in the future;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-72" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 54pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">high profit margins and the business strategies to protect and maintain such margins;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-73" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 54pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">high historical return on investment; and</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-74" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 54pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">ability to increase earnings through new products or sensible acquisitions.</font> </div> </td> </tr> </table> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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> </div>
Quaker Small-Cap Growth Tactical Allocation Fund
PAST PERFORMANCE
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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> </div>
Annual Total Returns - Class A Shares as of December 31, 2012
0.1871
0.0159
-0.0505
0.0241
~ http://quakerfunds.com/20131029/role/ScheduleAnnualTotalReturnsBarChart20032 column dei_LegalEntityAxis compact cik0000870355_S000023165Member column rr_ProspectusShareClassAxis compact cik0000870355_C000067455Member row primary compact * ~
Highest Performing Quarter:
0.1801
2009-06-30
Lowest Performing Quarter:
-0.1547
2011-09-30
year-to-date return
0.0740
2013-09-30
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Highest Performing Quarter: 18.01% in 2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font> quarter of 2009</font> </div> <br/><div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Lowest Performing Quarter: -15.47% in 3<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">rd</font> quarter of 2011</font></font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The Fund’s cumulative year-to-date return through September 30, 2013 was 7.40%.</font> </div>
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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</font> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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.</font> </div>
-0.0325
0.0105
-0.0325
-0.0063
-0.0211
-0.0006
0.0165
0.0162
0.0261
0.0266
0.1459
0.0826
2008-09-30
2008-09-30
2008-09-30
~ http://quakerfunds.com/20131029/role/ScheduleAverageAnnualReturnsTransposed20033 column dei_LegalEntityAxis compact cik0000870355_S000023165Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
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.
Past performance does not guarantee or predict future results.
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.
www.quakerfunds.com
Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.
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.
Average Annual Total Returns As Of December 31, 2012
800-220-8888
INVESTMENT OBJECTIVES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">The Quaker Small-Cap Growth Tactical Allocation Fund (the “Fund”) seeks to provide long-term growth of capital.</font> </div>
EXPENSE EXAMPLES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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:</font> </div>
789
1286
1807
3230
328
1001
1698
3549
228
703
1205
2585
~ http://quakerfunds.com/20131029/role/ScheduleExpenseExampleTransposed20031 column dei_LegalEntityAxis compact cik0000870355_S000023165Member row primary compact * ~
PORTFOLIO TURNOVER
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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 441.74% of the average value of its portfolio.</font> </div>
4.4174
PRINCIPAL INVESTMENT RISKS
<table cellpadding="0" cellspacing="0" id="list-84" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-85" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Common Stock Risk.  </font>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></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-86" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Growth Stock Risk.  </font>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.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-87" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Small-Cap Stock Risk.  </font>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></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-88" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Foreign Securities Risk.  </font>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></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-89" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Exchange-Traded Fund Risk.  </font>The cost of investing in an ETF will generally be higher than the cost of investing directly in the underlying fund shares.  Shareholders will indirectly bear fees and expenses charged by the underlying funds in addition to the Fund’s direct fees and expenses.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-90" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Short Selling Risk.  </font>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.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-91" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Management Risk.  </font>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></font> </div> </td> </tr> </table>
As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
FUND FEES AND EXPENSES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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 <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“Reduction or Waiver of Front-End Sales Charges”</font> section on page 49 of the Fund’s Prospectus and in the <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“Shareholder Information”</font> section on page 60 of the Trust’s Statement of Additional Information (“SAI”).</font> </div>
0.0550
0.0000
0.0000
0.0100
0.0100
0.0100
0.0025
0.0100
0.0000
0.0109
0.0109
0.0109
0.0011
0.0011
0.0011
0.0120
0.0120
0.0120
0.0005
0.0005
0.0005
0.0250
0.0325
0.0225
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~ http://quakerfunds.com/20131029/role/ScheduleAnnualFundOperatingExpenses20030 column dei_LegalEntityAxis compact cik0000870355_S000023165Member row primary compact * ~
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 49 of the Fund's Prospectus and in the "Shareholder Information" section on page 60 of the Trust's Statement of Additional Information ("SAI").
50000
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder Fees (fees paid directly from your investment)
PRINCIPAL INVESTMENT STRATEGIES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-78" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Common Stocks.  </font>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<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">®</font> Growth Index.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-79" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">● </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">Growth Stocks.  </font>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<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">®</font> Growth Index.  The market capitalization of companies in the Russell 2000<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">®</font> Growth Index ranged from approximately $47.47 million to $4.81 billion as of September 30, 2013.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-80" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Foreign Securities.  </font>The Fund may invest in foreign securities traded on U.S. stock exchanges and ADRs.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-81" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Exchange-Traded Funds</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">.  </font>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”).</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-82" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Short Sales.  </font>The Fund may invest up to 25% of its assets in short sales at any given time.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-83" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Tactical Allocation.  </font>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></font> </div> </td> </tr> </table> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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.</font> </div>
Quaker Small Cap Value
PAST PERFORMANCE
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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> </div>
Annual Total Returns - Class A Shares as of December 31, 2012
0.5040
0.2047
0.0991
0.1660
-0.0621
-0.3185
0.2085
0.2529
-0.0007
0.1270
~ http://quakerfunds.com/20131029/role/ScheduleAnnualTotalReturnsBarChart20039 column dei_LegalEntityAxis compact cik0000870355_S000008771Member column rr_ProspectusShareClassAxis compact cik0000870355_C000023883Member row primary compact * ~
Highest Performing Quarter:
0.2397
2003-06-30
Lowest Performing Quarter:
-0.2399
2008-12-31
year-to-date return
0.0795
2013-09-30
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Highest Performing Quarter: 23.97% in 2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font> quarter of 2003</font> </div> <br/><div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Lowest Performing Quarter: -23.99% in 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> quarter of 2008</font></font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The Fund’s cumulative year-to-date return through September 30, 2013 was 7.95%.</font> </div>
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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.</font> </div>
0.0651
0.0190
0.0912
0.0649
0.0189
0.0792
0.0425
0.0162
0.0764
0.1190
0.0230
0.0893
0.1298
0.0332
0.1000
0.1635
0.0356
0.0972
2000-09-12
2000-07-28
1996-11-25
~ http://quakerfunds.com/20131029/role/ScheduleAverageAnnualReturnsTransposed20040 column dei_LegalEntityAxis compact cik0000870355_S000008771Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
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.
Past performance does not guarantee or predict future results.
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.
www.quakerfunds.com
Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.
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.
Average Annual Total Returns As Of December 31, 2012
800-220-8888
INVESTMENT OBJECTIVES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">The Quaker Small-Cap Value Fund (the “Fund”) seeks to provide long-term growth of capital.</font> </div>
EXPENSE EXAMPLES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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:</font> </div>
735
1123
1535
2680
271
832
1420
3012
171
530
913
1987
~ http://quakerfunds.com/20131029/role/ScheduleExpenseExampleTransposed20038 column dei_LegalEntityAxis compact cik0000870355_S000008771Member row primary compact * ~
PORTFOLIO TURNOVER
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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 142.27% of the average value of its portfolio.</font> </div>
1.4227
PRINCIPAL INVESTMENT RISKS
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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> </div> <br/><table cellpadding="0" cellspacing="0" id="list-95" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Common Stock Risk.</font>  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></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-96" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Small-Cap Stock Risk.</font>  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></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-97" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Value Securities Risk.</font>  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.</font></font> </div> </td> </tr> </table>
As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
FUND FEES AND EXPENSES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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 <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“Reduction or Waiver of Front-End Sales Charges”</font> section on page 49 of the Fund’s Prospectus and in the <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“Shareholder Information”</font> section on page 60 of the Trust’s Statement of Additional Information (“SAI”).</font> </div>
0.0550
0.0000
0.0000
0.0100
0.0100
0.0100
0.0025
0.0100
0.0000
0.0066
0.0066
0.0066
0.0002
0.0002
0.0002
0.0068
0.0068
0.0068
0.0193
0.0268
0.0168
~ http://quakerfunds.com/20131029/role/ScheduleShareholderFees20036 column dei_LegalEntityAxis compact cik0000870355_S000008771Member row primary compact * ~
~ http://quakerfunds.com/20131029/role/ScheduleAnnualFundOperatingExpenses20037 column dei_LegalEntityAxis compact cik0000870355_S000008771Member row primary compact * ~
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 49 of the Fund's Prospectus and in the "Shareholder Information" section on page 60 of the Trust's Statement of Additional Information ("SAI").
50000
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder Fees (fees paid directly from your investment)
PRINCIPAL INVESTMENT STRATEGIES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-93" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">● </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">Small-Cap Stocks</font>.  The Fund invests at least 80% of its total assets in U.S. common stocks of companies with market capitalizations similar to the market capitalizations of companies included in the Russell 2000<font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">Ò</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"> </font>Index and Russell 2500<font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">Ò</font> Index.  The market capitalization of companies in the Russell 2000<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">®</font> Index ranged from approximately $42.35 million to $4.81 billion as of September 30, 2013.  The market capitalization of companies in the Russell 2500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">®</font> Index ranged from approximately $42.35 million to $10.11 billion as of September 30, 2013.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-94" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Value Securities.  </font>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.</font></font> </div> </td> </tr> </table> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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<font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">Ò</font> (the “benchmark”) and Russell 2500<font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">Ò</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="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">®</font></font></font> and the Russell 2500<font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">®</font></font></font> indices.</font> </div>
Quaker Strategic Growth
PAST PERFORMANCE
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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> </div>
Annual Total Returns - Class A Shares as of December 31, 2012
0.3076
0.1687
0.1444
0.0513
0.3307
-0.4599
0.1592
0.1352
-0.0764
0.1025
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Highest Performing Quarter:
0.1748
2003-06-30
Lowest Performing Quarter:
-0.3069
2008-09-30
year-to-date return
0.0979
2013-09-30
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Highest Performing Quarter: 17.48% in 2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font> quarter of 2003</font> </div> <br/><div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Lowest Performing Quarter: -30.69% in 3<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">rd</font> quarter of 2008</font></font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The Fund’s cumulative year-to-date return through September 30, 2013 was 9.79%.</font> </div>
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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.  </font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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.</font> </div>
0.0419
-0.0732
0.0528
0.0419
-0.0796
0.0415
0.0272
-0.0638
0.0416
0.0948
-0.0696
0.0509
0.1051
-0.0605
0.0613
0.1600
0.0166
0.0710
1996-11-25
2000-07-11
2000-07-20
~ http://quakerfunds.com/20131029/role/ScheduleAverageAnnualReturnsTransposed20047 column dei_LegalEntityAxis compact cik0000870355_S000008762Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
Past performance does not guarantee or predict future results.
Fund performance shown does not reflect Class A Shares sales charges. Performance would be lower if sales charges were included.
800-220-8888
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.
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.
www.quakerfunds.com
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.
Average Annual Total Returns As Of December 31, 2012
After-tax returns for the other classes of shares will vary from the Class A Shares after-tax returns shown.
INVESTMENT OBJECTIVES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">The Quaker Strategic Growth Fund (the “Fund”) seeks to provide long-term growth of capital.</font> </div>
PORTFOLIO TURNOVER
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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 294.35% of the average value of its portfolio.</font> </div>
2.9435
EXPENSE EXAMPLES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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:</font> </div>
765
1235
1731
3089
302
949
1620
3412
202
649
1123
2432
~ http://quakerfunds.com/20131029/role/ScheduleExpenseExampleTransposed20045 column dei_LegalEntityAxis compact cik0000870355_S000008762Member row primary compact * ~
PRINCIPAL INVESTMENT RISKS
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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> </div> <br/><table cellpadding="0" cellspacing="0" id="list-106" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Common Stock Risk.  </font>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></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-107" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Growth Risk.  </font>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.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-108" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">● </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">Special Situation Risk.  </font>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.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-109" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Foreign Securities Risk.  </font>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 <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">the U.S. dollar, which will subject the Fund to the risks associated with fluctuations in currency values.</font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-110" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Mid-Cap Stock Risk.  </font>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></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-111" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Short Selling Risk.  </font>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.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-112" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Portfolio Turnover Risk.  </font>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.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-113" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Management Risk.  </font>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></font> </div> </td> </tr> </table>
As with all mutual funds, there is the risk that you could lose money on your investment in the Fund.
PRINCIPAL INVESTMENT STRATEGIES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">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:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-98" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Common Stocks.  </font>The Fund invests at least 65% of its total assets in U.S. common stocks of companies without regard to market capitalization.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-99" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Growth Stocks.  </font>The Fund invests its assets in equity securities of companies which the Fund’s Sub-adviser believes show a high probability for superior growth.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-100" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">● </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">Special Situations.  </font>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.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-101" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Foreign Securities.  </font>The Fund may invest up to 25% of its net assets in foreign securities, including American Depositary Receipts (“ADRs”).</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-102" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Large- and Mid-Cap Securities.  </font>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.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-103" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Short Sales.  </font>The Fund may invest up to 25% of its assets in short sales.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-104" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Portfolio Turnover.  </font>The Fund employs an aggressive strategy of portfolio trading to respond to changes in the marketplace.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-105" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">●  </font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Tactical Allocation.  </font>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></font> </div> </td> </tr> </table>
FUND FEES AND EXPENSES
<div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt">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 <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“Reduction or Waiver of Front-End Sales Charges”</font> section on page 49 of the Fund’s Prospectus and in the <font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">“Shareholder Information”</font> section on page 60 of the Trust’s Statement of Additional Information (“SAI”).</font> </div>
0.0550
0.0000
0.0000
0.0130
0.0130
0.0130
0.0025
0.0100
0.0000
0.0068
0.0068
0.0068
0.0013
0.0013
0.0013
0.0081
0.0081
0.0081
0.0236
0.0311
0.0211
-0.0012
-0.0012
-0.0012
0.0224
0.0299
0.0199
~ http://quakerfunds.com/20131029/role/ScheduleShareholderFees20043 column dei_LegalEntityAxis compact cik0000870355_S000008762Member row primary compact * ~
~ http://quakerfunds.com/20131029/role/ScheduleAnnualFundOperatingExpenses20044 column dei_LegalEntityAxis compact cik0000870355_S000008762Member row primary compact * ~
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 49 of the Fund's Prospectus and in the "Shareholder Information" section on page 60 of the Trust's Statement of Additional Information ("SAI").
2014-10-28
50000
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder Fees (fees paid directly from your investment)