PERFORMANCE SUMMARY

Performance data quoted below represents past performance; past performance does not guarantee future results. Short term performance, in particular, is not a good indication of a fund's future performance. An Investment should not be made based solely on returns. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted.

Table 1, Total Return before sales charges, does not reflect the deduction of sales charges which, when reflected, reduces performance quoted. For Total Returns after sales charges, page down to Table 2.

TABLE 1: TOTAL RETURN BEFORE SALES CHARGES
       
05/19/2017
Month Ended 04/30/2017
Quarter Ended 03/31/2017
           CUMULATIVE (%) ANNUALIZED (%) ANNUALIZED (%)
Class Class Inception Expense Ratio Symbol Daily YTD 1 MO YTD 3 MOS 1 YR 3 YRS 5YRS 10 YRS SINCE INCEP 1 YR 3 YRS 5YRS 10 YRS SINCE INCEP
 
Quaker Event Arbitrage Fund
A* 11/21/2003 1.99 QEAAX 5.30 1.27 4.24 2.73 12.70 3.29 4.57 1.95 5.62 15.44 2.58 4.26 1.92 5.56
C 06/07/2010 2.74 QEACX 4.91 1.24 3.98 2.59 11.90 2.51 3.80 n/a 2.83 14.60 1.84 3.47 n/a 2.68
I 06/07/2010 1.74 QEAIX 5.42 1.25 4.37 2.79 13.01 3.55 4.85 n/a 3.84 15.84 2.87 4.54 n/a 3.70
S&P 500 Total Return Index 7.24 1.03 7.16 5.16 17.92 10.47 13.68 7.15 8.62 17.17 10.37 13.30 7.51 8.60
Net expense ratio for Fund shown. Gross Expense Ratio: A: 2.41%; C: 3.16%; I: 2.16%.
Quaker Global Tactical Allocation Fund
A 05/01/2008 1.80 QTRAX 3.30 -0.19 3.30 1.72 5.45 2.92 7.39 n/a 0.69 5.44 2.46 7.20 n/a 0.72
C 05/01/2008 2.55 QTRCX 3.01 -0.20 3.11 1.63 4.74 2.17 6.60 n/a -0.06 4.73 1.69 6.40 n/a -0.03
I 07/23/2008 1.55 QTRIX 3.36 -0.16 3.45 1.82 5.76 3.20 7.70 n/a 2.39 5.84 2.77 7.50 n/a 2.43
MSCI World Index Net (USD) 9.18 1.48 7.95 5.41 14.65 5.68 9.94 n/a 4.60 14.77 5.52 9.37 n/a 4.47
Net expense ratio for Fund shown. Gross Expense Ratio: A: 2.10%; C: 2.85%; I: 1.85%.
Quaker Mid-Cap Value Fund
A 12/31/1997 2.17 QMCVX 2.45 -0.21 3.57 1.68 18.95 6.38 11.09 5.11 7.61 20.65 6.70 10.78 5.51 7.66
C 07/31/2000 2.92 QMCCX 2.19 -0.29 3.30 1.47 18.08 5.58 10.26 4.33 7.81 19.71 5.90 9.95 4.73 7.87
I 11/21/2000 1.92 QMVIX 2.54 -0.20 3.63 1.73 19.24 6.65 11.37 5.38 9.07 20.95 6.96 11.07 5.78 9.13
Russell Midcap Value Total Return 2.88 0.19 3.96 2.24 17.52 8.86 14.26 7.16 9.50 19.82 8.94 14.07 7.47 9.53
Quaker Small-Cap Value Fund
A 11/25/1996 1.98 QUSVX -1.51 1.87 2.55 3.50 19.74 6.12 11.19 5.49 9.94 18.11 5.11 10.46 5.60 9.88
C 07/28/2000 2.73 QSVCX -1.77 1.87 2.35 3.37 18.90 5.34 10.36 4.71 8.68 17.21 4.33 9.62 4.80 8.61
I 09/12/2000 1.73 QSVIX -1.43 1.89 2.62 3.56 20.04 6.38 11.46 5.75 9.10 18.36 5.37 10.73 5.86 9.02
Russell 2000 Total Return Index 1.23 1.10 3.59 3.18 25.63 9.03 12.95 7.05 8.42 26.22 7.22 12.35 7.12 8.39
Quaker Strategic Growth Fund
A 11/25/1996 1.87 QUAGX 4.02 0.26 3.99 3.36 14.22 6.51 10.09 3.95 10.83 14.07 5.86 9.82 4.40 10.86
C 07/11/2000 2.62 QAGCX 3.68 0.17 3.68 3.13 13.35 5.70 9.25 3.17 3.99 13.21 5.07 9.00 3.62 4.00
I 07/20/2000 1.62 QAGIX 4.11 0.25 4.03 3.40 14.48 6.76 10.35 4.20 4.94 14.38 6.13 10.10 4.65 4.95
S&P 500 Total Return Index 7.24 1.03 7.16 5.16 17.92 10.47 13.68 7.15 7.78 17.17 10.37 13.30 7.51 7.75
TABLE 2: TOTAL RETURN AFTER SALES CHARGES
       
05/19/2017
Month Ended 04/30/2017
Quarter Ended 03/31/2017
           CUMULATIVE (%) ANNUALIZED (%) ANNUALIZED (%)
Class Class Inception Expense Ratio Symbol Daily YTD 1 MO YTD 3 MOS 1 YR 3 YRS 5YRS 10 YRS SINCE INCEP 1 YR 3 YRS 5YRS 10 YRS SINCE INCEP
 
Quaker Event Arbitrage Fund
A* 11/21/2003 1.99 QEAAX -0.46 -4.34 -1.46 -2.89 6.54 1.36 3.40 1.37 5.18 9.09 0.66 3.09 1.35 5.11
C 06/07/2010 2.74 QEACX 4.91 1.24 3.98 2.59 11.90 2.51 3.80 n/a 2.83 14.60 1.84 3.47 n/a 2.68
I 06/07/2010 1.74 QEAIX 5.42 1.25 4.37 2.79 13.01 3.55 4.85 n/a 3.84 15.84 2.87 4.54 n/a 3.70
S&P 500 Total Return Index 7.24 1.03 7.16 5.16 17.92 10.47 13.68 7.15 8.62 17.17 10.37 13.30 7.51 8.60
Net expense ratio for Fund shown. Gross Expense Ratio: A: 2.41%; C: 3.16%; I: 2.16%.
Quaker Global Tactical Allocation Fund
A 05/01/2008 1.80 QTRAX -2.39 -5.67 -2.39 -3.88 -0.37 0.99 6.19 n/a 0.06 -0.37 0.54 5.99 n/a 0.08
C 05/01/2008 2.55 QTRCX 3.01 -0.20 3.11 1.63 4.74 2.17 6.60 n/a -0.06 4.73 1.69 6.40 n/a -0.03
I 07/23/2008 1.55 QTRIX 3.36 -0.16 3.45 1.82 5.76 3.20 7.70 n/a 2.39 5.84 2.77 7.50 n/a 2.43
MSCI World Index Net (USD) 9.18 1.48 7.95 5.41 14.65 5.68 9.94 n/a 4.60 14.77 5.52 9.37 n/a 4.47
Net expense ratio for Fund shown. Gross Expense Ratio: A: 2.10%; C: 2.85%; I: 1.85%.
Quaker Mid-Cap Value Fund
A 12/31/1997 2.17 QMCVX -3.20 -5.72 -2.14 -3.93 12.42 4.39 9.84 4.52 7.30 14.00 4.71 9.54 4.92 7.34
C 07/31/2000 2.92 QMCCX 2.19 -0.29 3.30 1.47 18.08 5.58 10.26 4.33 7.81 19.71 5.90 9.95 4.73 7.87
I 11/21/2000 1.92 QMVIX 2.54 -0.20 3.63 1.73 19.24 6.65 11.37 5.38 9.07 20.95 6.96 11.07 5.78 9.13
Russell Midcap Value Total Return 2.88 0.19 3.96 2.24 17.52 8.86 14.26 7.16 9.50 19.82 8.94 14.07 7.47 9.53
Quaker Small-Cap Value Fund
A 11/25/1996 1.98 QUSVX -6.92 -3.73 -3.08 -2.19 13.16 4.14 9.94 4.89 9.63 11.60 3.14 9.21 5.00 9.57
C 07/28/2000 2.73 QSVCX -1.77 1.87 2.35 3.37 18.90 5.34 10.36 4.71 8.68 17.21 4.33 9.62 4.80 8.61
I 09/12/2000 1.73 QSVIX -1.43 1.89 2.62 3.56 20.04 6.38 11.46 5.75 9.10 18.36 5.37 10.73 5.86 9.02
Russell 2000 Total Return Index 1.23 1.10 3.59 3.18 25.63 9.03 12.95 7.05 8.42 26.22 7.22 12.35 7.12 8.39
Quaker Strategic Growth Fund
A 11/25/1996 1.87 QUAGX -1.69 -5.26 -1.72 -2.32 7.92 4.52 8.84 3.36 10.53 7.81 3.88 8.58 3.81 10.56
C 07/11/2000 2.62 QAGCX 3.68 0.17 3.68 3.13 13.35 5.70 9.25 3.17 3.99 13.21 5.07 9.00 3.62 4.00
I 07/20/2000 1.62 QAGIX 4.11 0.25 4.03 3.40 14.48 6.76 10.35 4.20 4.94 14.38 6.13 10.10 4.65 4.95
S&P 500 Total Return Index 7.24 1.03 7.16 5.16 17.92 10.47 13.68 7.15 7.78 17.17 10.37 13.30 7.51 7.75

PERFORMANCE NOTES

Cumulative returns represent performance for a period of less than one year.

Class A Shares of the Funds carry a maximum sales charge of 5.50%.

*On June 7, 2010, the Pennsylvania Avenue Event Driven Fund (“the Pennsylvania Avenue Fund”), a series of Pennsylvania Avenue Funds, was reorganized into the Quaker Event Arbitrage Fund. Prior to the Reorganization the Pennsylvania Avenue Fund did not impose a sales charge.

The net expense ratios for Quaker Event Arbitrage Fund and Quaker Global Tactical Allocation Fund reflect a contractual commitment by the Fund’s investment adviser to waive fees and reimburse expenses. Absent the waiver and reimbursement,  performance would have been less favorable. The fee waiver is effective through November 1, 2017.

ABOUT INVESTMENT RISK

Investing in the Quaker Funds may involve special risks including, but not limited to, investments in smaller companies, non-diversification, short sales, foreign securities, special situation companies, debt securities and value and growth investing. Please refer to the prospectus for more complete information.

Index Definitions