X0101 EFFECT 33 LIVE 2010-05-18 13:15:00

N-14

0000870355 QUAKER INVESTMENT TRUST 333-165857 0000870355 QUAKER INVESTMENT TRUST S000028027 QUAKER EVENT ARBITRAGE FUND C000085297 CLASS A 0001199131 PENNSYLVANIA AVENUE FUNDS S000000124 Pennsylvania Avenue Event-Driven Fund C000000275 Investor Class 0000870355 QUAKER INVESTMENT TRUST S000028027 QUAKER EVENT ARBITRAGE FUND C000085297 CLASS A 0001199131 PENNSYLVANIA AVENUE FUNDS S000000124 Pennsylvania Avenue Event-Driven Fund C000000276 Adviser Class