Performance data quoted below represents past performance; past performance does not guarantee future results. 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.

Funds Performance

Table 1: Total Return (before sales charges)

				05/08/2008	Month Ended 4/30/2008								Quarter Ended 3/31/2008
				Cumulative (%)					Annualized (%)				Annualized (%)
	Class Inception	Expense Ratio % 6/30/2007	Symbol	Daily YTD	1 Mo	YTD	3 Mos	1 Year	3 Years	5 Years	10 Years	Since Inception	1 Year	3 Years	5 Years	10 Years	Since Inception
GROWTH FUNDS
Quaker Strategic Growth Fund
Class A^*	11/25/1996	1.90	QUAGX	5.49	8.36	0.63	10.91	24.65	17.42	19.69	17.09	18.43	20.43	13.38	18.96	16.30	17.73
Class B	8/01/2000	2.65	QAGBX	5.23	8.29	0.36	10.70	23.66	16.53	18.80	n/a	7.49	19.50	12.52	18.07	n/a	6.46
Class C	7/11/2000	2.65	QAGCX	5.21	8.28	0.40	10.70	23.73	16.53	18.81	n/a	7.41	19.55	12.54	18.07	n/a	6.39
Class I	7/20/2000	1.65	QAGIX	5.61	8.40	0.73	10.98	25.04	17.71	20.00	n/a	8.31	20.79	13.67	19.26	n/a	7.28
S&P 500 Index	n/a			-4.13	4.87	-5.03	1.03	-4.68	8.22	10.61	3.89	7.16	-5.08	5.85	11.31	3.50	6.77
Quaker Capital Opportunities Fund
Class A	1/31/2002	1.76	QUKTX	-6.40	0.10	-6.69	0.10	1.15	6.21	13.09	n/a	6.66	4.88	4.71	13.38	n/a	6.73
Class B	5/02/2002	2.51	QCOBX	-6.59	0.11	-6.89	-0.11	0.39	5.40	12.27	n/a	6.30	4.02	3.90	12.53	n/a	6.37
Class C	5/02/2002	2.51	QCOCX	-6.69	0.11	-6.89	0.00	0.41	5.41	12.28	n/a	6.30	4.04	3.91	12.53	n/a	6.37
S&P 500 Index	n/a			-4.13	4.87	-5.03	1.03	-4.68	8.22	10.61	n/a	5.20	-5.08	5.85	11.31	n/a	4.46
Quaker Biotech-Pharma Healthcare Fund
Class A	10/14/2002	2.34	QBPAX	-1.83	4.36	-2.00	2.55	-0.89	6.78	8.56	n/a	8.48	-2.00	4.45	8.17	n/a	7.77
Class B	9/23/2002	3.09	QBPBX	-2.19	4.29	-2.37	2.29	-1.69	5.96	7.74	n/a	7.59	-2.78	3.66	7.36	n/a	6.90
Class C	11/20/2002	3.09	CBPCX	-2.10	4.28	-2.28	2.39	-1.69	5.99	7.75	n/a	7.80	-2.77	3.66	7.38	n/a	7.08
Nasdaq Biotech Index	n/a			-4.62	2.35	-4.28	-0.73	-5.04	7.31	6.83	n/a	11.31	0.51	6.27	8.79	n/a	11.02
VALUE FUNDS
Quaker Mid-Cap Value Fund^§
Class A^*	12/31/1997	1.64	QMCVX	0.13	8.03	-1.09	0.65	-8.61	7.17	16.85	7.22	8.36	-12.32	1.96	16.77	6.62	7.61
Class B	1/05/2001	2.39	QMCBX	-0.14	8.01	-1.29	0.48	-9.26	6.41	16.00	n/a	10.23	-12.97	1.21	15.92	n/a	9.18
Class C	7/31/2000	2.39	QMCCX	-0.14	7.92	-1.31	0.49	-9.29	6.39	16.00	n/a	9.98	-12.93	1.23	15.93	n/a	9.01
Class I	11/21/2000	1.39	QMVIX	0.19	8.06	-0.99	0.69	-8.33	7.45	17.16	n/a	11.60	-12.06	2.24	17.08	n/a	10.56
Russell Midcap Value Index	n/a			-1.41	6.10	-3.08	1.55	-11.65	9.65	16.42	8.85	9.50	-14.12	6.56	16.75	8.15	8.95
Quaker Small-Cap Value Fund^§
Class A^*	11/25/1996	1.82	QUSVX	-1.86	4.69	-3.17	1.37	-14.76	7.62	14.33	7.96	11.46	-16.22	3.93	15.33	7.73	11.10
Class B	11/14/2000	2.57	QSVBX	-2.11	4.65	-3.39	1.18	-15.43	6.78	13.46	n/a	9.49	-16.90	3.14	14.44	n/a	8.93
Class C	7/28/2000	2.57	QSVCX	-2.11	4.58	-3.37	1.15	-15.39	6.80	13.51	n/a	10.40	-16.83	3.18	14.52	n/a	9.88
Class I	9/12/2000	1.57	QSVIX	-1.74	4.70	-3.08	1.40	-14.56	7.86	14.60	n/a	10.05	-16.04	4.20	15.59	n/a	9.50
Russell 2000 Index	n/a			-5.66	4.19	-6.12	0.75	-10.96	8.61	13.75	5.33	7.75	-13.00	5.05	14.88	4.96	7.42

Funds Performance

Table 2: Total Return (after sales charges)

				05/08/2008	Month Ended 4/30/2008								Quarter Ended 3/31/2008
				Cumulative (%)					Annualized (%)				Annualized (%)
	Class Inception	Expense Ratio % 6/30/2007	Symbol	Daily YTD	1 Mo	YTD	3 Mos	1 Year	3 Years	5 Years	10 Years	Since Inception	1 Year	3 Years	5 Years	10 Years	Since Inception
GROWTH FUNDS
Quaker Strategic Growth Fund
Class A^*	11/25/1996	1.90	QUAGX	-0.31	2.40	-4.90	4.81	17.80	15.22	18.35	16.43	17.84	13.81	11.27	17.62	15.64	17.15
Class B	8/01/2000	2.65	QAGBX	0.23	3.29	-4.64	5.70	18.66	15.79	18.60	n/a	7.49	14.50	11.73	17.86	n/a	6.46
Class C	7/11/2000	2.65	QAGCX	4.21	7.28	-0.60	9.70	22.73	16.53	18.81	n/a	7.41	18.55	12.54	18.07	n/a	6.39
Class I	7/20/2000	1.65	QAGIX	5.61	8.40	0.73	10.98	25.04	17.71	20.00	n/a	8.31	20.79	13.67	19.26	n/a	7.28
S&P 500 Index	n/a			-4.13	4.87	-5.03	1.03	-4.68	8.22	10.61	3.89	7.16	-5.08	5.85	11.31	3.50	6.77
Quaker Capital Opportunities Fund
Class A	1/31/2002	1.76	QUKTX	-11.54	-5.40	-11.82	-5.40	-4.41	4.22	11.82	n/a	5.69	-0.89	2.76	12.11	n/a	5.76
Class B	5/02/2002	2.51	QCOBX	-11.26	-4.89	-11.55	-5.10	-3.84	4.64	12.02	n/a	6.19	-0.36	3.15	12.28	n/a	6.25
Class C	5/02/2002	2.51	QCOCX	-7.62	-0.89	-7.82	-1.00	-0.44	5.41	12.28	n/a	6.30	3.16	3.91	12.53	n/a	6.37
S&P 500 Index	n/a			-4.13	4.87	-5.03	1.03	-4.68	8.22	10.61	n/a	5.20	-5.08	5.85	11.31	n/a	4.46
Quaker Biotech-Pharma Healthcare Fund
Class A	10/14/2002	2.34	QBPAX	-7.23	-1.38	-7.39	-3.09	-6.34	4.79	7.34	n/a	7.38	-7.39	2.50	6.95	n/a	6.66
Class B	9/23/2002	3.09	QBPBX	-7.08	-0.71	-7.25	-2.71	-6.09	5.10	7.44	n/a	7.47	-7.13	2.81	7.06	n/a	6.76
Class C	11/20/2002	3.09	CBPCX	-3.08	3.28	-3.26	1.39	-2.57	5.99	7.75	n/a	7.80	-3.64	3.66	7.38	n/a	7.08
Nasdaq Biotech Index	n/a			-4.62	2.35	-4.28	-0.73	-5.04	7.31	6.83	n/a	11.31	0.51	6.27	8.79	n/a	11.02
VALUE FUNDS
Quaker Mid-Cap Value Fund^§
Class A^*	12/31/1997	1.64	QMCVX	-5.38	2.09	-6.53	-4.89	-13.64	5.17	15.54	6.61	7.76	-17.14	0.06	15.46	6.02	7.02
Class B	1/05/2001	2.39	QMCBX	-5.13	3.01	-6.22	-4.52	-13.61	5.54	15.78	n/a	10.23	-17.14	0.38	15.69	n/a	9.18
Class C	7/31/2000	2.39	QMCCX	-1.14	6.92	-2.30	-0.51	-10.16	6.39	16.00	n/a	9.98	-13.76	1.23	15.93	n/a	9.01
Class I	11/21/2000	1.39	QMVIX	0.19	8.06	-0.99	0.69	-8.33	7.45	17.16	n/a	11.60	-12.06	2.24	17.08	n/a	10.56
Russell Midcap Value Index	n/a			-1.41	6.10	-3.08	1.55	-11.65	9.65	16.42	8.85	9.50	-14.12	6.56	16.75	8.15	8.95
Quaker Small-Cap Value Fund^§
Class A^*	11/25/1996	1.82	QUSVX	-7.26	-1.06	-8.50	-4.20	-19.45	5.61	13.05	7.35	10.91	-20.82	1.99	14.04	7.12	10.55
Class B	11/14/2000	2.57	QSVBX	-7.00	-0.35	-8.22	-3.82	-18.82	6.12	13.22	n/a	9.49	-20.23	2.51	14.21	n/a	8.93
Class C	7/28/2000	2.57	QSVCX	-3.09	3.58	-4.33	0.15	-16.07	6.80	13.51	n/a	10.40	-17.49	3.18	14.52	n/a	9.88
Class I	9/12/2000	1.57	QSVIX	-1.74	4.70	-3.08	1.40	-14.56	7.86	14.60	n/a	10.05	-16.04	4.20	15.59	n/a	9.50
Russell 2000 Index	n/a			-5.66	4.19	-6.12	0.75	-10.96	8.61	13.75	5.33	7.75	-13.00	5.05	14.88	4.96	7.42

Performance Notes
Performance data quoted represents past performance; past performance does not guarantee future results. 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.

^*The returns shown above reflect the performance of the former No-Load Class for periods ending before June 23, 2000, and Class A Shares thereafter. Performance data shown before sales charges does not reflect the deduction of the sales load for periods end. Performance data shown after sales charges for periods after June 23, 2000 reflects the Class A maximum sales charge of 5.50%.

^§The fund received expense reimbursements from the sub-adviser without which the performance would have been less favorable.

Class A Shares of the Funds have a maximum sales charge of 5.50%. Class B shares have a maximum deferred sales charge of 5.00%. Class C Shares have a maximum deferred sales charge of 1.00%.

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 Descriptions
The S&P 500® Total Return Index is a widely recognized, unmanaged index of the approximately 500 largest companies in the United States as measured by market capitalization.

The Russell 2000® Index is a widely recognized, unmanaged market capitalization weighted index that measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represent approximately 8% of the total market capitalization of the Russell 3000® Index.

The Russell MidCap® Value Index is a widely recognized, unmanaged index of companies included in the Russell 1000® Index with current market capitalizations between $1.4 billion and $17.2 billion.

The NASDAQ Biotechnology Index contains companies primarily engaged in using biomedical research for the discovery or development of novel treatments or cures for human disease, which also meet other eligibility criteria. The Index is calculated under a modified capitalization-weighted methodology.

The indices assume reinvestment of all dividends and distributions and do not reflect any asset-based charges for investment management or other expenses.

Indices are not investment products available for purchase.

Mutual fund investing involves risk including the possible loss of principal. Consider the investment objectives, risks, charges and expenses of the Quaker Funds carefully before investing. The prospectus contains this and other information about the Funds and is available by downloading the prospectus or calling 1-800-220-8888. Please read the prospectus carefully before investing.