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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.

Funds Performance

Table 1: Total Return (before sales charges)

Funds Performance

Table 2: Total Return (after sales charges)

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 represent performance for a period of less than one year.

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

^*On May 24, 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. On October 4, 2010, the Akros Absolute Return Fund, advised by Akros Capital, LLC, was reorganized into Quaker Akros Return Fund. Prior to the Reorganization the Pennsylvania Avenue Fund and Akros Absolute Return Fund did not impose a sales charge.

^§The net expense ratio reflects a contractual commitment by the Fund's investment adviser to waive fees and reimburse expenses through October 28, 2012.

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 Morgan Stanley Capital International (MSCI) World Index measures developed-market equity performance throughout the world.

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.

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