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)

 
03/09/2010
Month Ended 02/28/2010 Quarter Ended 12/31/2009
    Cumulative (%) Annualized (%) Annualized (%)
  Class
Inception
Expense
Ratio %
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
TACTICAL ALLOCATION FUNDS
Quaker Global Tactical Allocation Fund
Class A 5/1/2008 2.38 QTRAX 2.84 2.81 -1.58 -1.27 30.06 n/a n/a n/a -22.78 19.66 n/a n/a n/a -23.97
Class C 5/1/2008 3.13 QTRCX 2.56 2.68 -1.76 -1.44 28.99 n/a n/a n/a -23.40 18.82 n/a n/a n/a -24.55
Class I 7/23/2008 2.13 QTRIX 2.79 2.77 -1.67 -1.26 30.02 n/a n/a n/a -19.52 19.50 n/a n/a n/a -20.61
MSCI World Index 0.79 1.41 -2.78 -1.04 54.30 n/a n/a n/a -12.75 29.99 n/a n/a n/a -12.43
Quaker Long-Short Tactical Allocation Fund
Class A* 12/31/2002 2.99 QLSAX -2.42 -3.14 0.73 -3.82 1.71 -7.10 -4.62 n/a 4.17 -14.57 -7.29 -5.06 n/a 4.18
Class C 06/16/2009 3.74 QLSCX -2.67 -3.16 0.61 -3.94 n/a n/a n/a n/a -21.52 n/a n/a n/a n/a -21.90
Class I 06/16/2009 2.74 QLSIX -2.42 -3.02 0.72 -3.70 n/a n/a n/a n/a -20.95 n/a n/a n/a n/a -21.52
S&P 500 Index 2.67 3.10 -0.61 1.31 53.62 -5.66 0.37 n/a 5.30 26.46 -5.62 0.42 n/a 5.52
Quaker Small-Cap Growth Tactical Allocation Fund
Class A 9/30/2008 2.59 QGASX 7.32 5.27 2.89 9.07 43.97 n/a n/a n/a 10.51 18.71 n/a n/a n/a 9.43
Class C 9/30/2008 3.34 QGCSX 7.08 5.22 2.71 8.92 42.91 n/a n/a n/a 9.74 17.87 n/a n/a n/a 8.72
Class I 9/30/2008 2.34 QGISX 7.27 5.24 2.87 9.12 44.54 n/a n/a n/a 10.92 19.35 n/a n/a n/a 9.90
Russell 2000 Growth Index 6.20 4.36 -0.31 8.22 61.85 n/a n/a n/a -1.94 34.47 n/a n/a n/a -1.95
Quaker Strategic Growth Fund
Class A* 11/25/1996 1.89 QUAGX 3.19 3.38 -0.35 0.35 27.51 -5.76 -0.66 0.93 11.60 15.92 -5.90 0.05 3.03 11.78
Class C 7/11/2000 2.64 QAGCX 3.03 3.31 -0.46 0.15 26.52 -6.45 -1.40 n/a 0.69 15.01 -6.59 -0.70 n/a 0.75
Class I 7/20/2000 1.64 QAGIX 3.24 3.50 -0.27 0.48 27.85 -5.50 -0.41 n/a 1.55 16.14 -5.65 0.30 n/a 1.61
S&P 500 Index 2.67 3.10 -0.61 1.31 53.62 -5.66 0.37 -0.31 4.70 26.46 -5.62 0.42 -0.95 4.81
TRADITIONAL FUNDS
Quaker Capital Opportunities Fund
Class A 1/31/2002 1.88 QUKTX -0.93 0.97 -3.38 -0.84 29.13 -2.87 -0.37 n/a 3.19 19.67 -1.81 1.40 n/a 3.70
Class C 5/02/2002 2.63 QCOCX -0.99 0.91 -3.47 -1.14 28.29 -3.57 -1.11 n/a 2.63 18.65 -2.56 0.65 n/a 3.16
Class I 5/05/2009 1.63 QCOIX -0.81 1.09 -3.26 -0.72 n/a n/a n/a n/a 16.39 n/a n/a n/a n/a 20.31
S&P 500 Index 2.67 3.10 -0.61 1.31 53.62 -5.66 0.37 n/a 1.69 26.46 -5.62 0.42 n/a 1.80
Quaker Mid-Cap Value Fund§
Class A* 12/31/1997 1.94 QMCVX 6.61 4.61 2.42 6.52 59.71 -9.28 -2.25 5.42 5.02 33.04 -8.55 -2.69 5.38 4.88
Class C 7/31/2000 2.69 QMCCX 6.50 4.49 2.29 6.28 58.22 -9.98 -2.99 n/a 5.25 32.04 -9.25 -3.41 n/a 5.09
Class I 11/21/2000 1.69 QMVIX 6.71 4.62 2.51 6.55 59.90 -9.05 -2.01 n/a 6.54 33.30 -8.33 -2.45 n/a 6.37
Russell Midcap Value Index 6.58 5.04 2.18 7.52 74.74 -7.07 2.20 8.93 6.80 34.21 -6.61 1.98 7.57 6.70
Quaker Small-Cap Value Fund§
Class A* 11/25/1996 1.75 QUSVX 5.78 5.18 0.34 6.58 51.84 -8.47 -0.52 7.91 8.50 20.85 -8.24 -0.20 6.96 8.58
Class C 7/28/2000 2.50 QSVCX 5.60 5.17 0.19 6.35 50.65 -9.15 -1.26 n/a 6.41 19.91 -8.91 -0.93 n/a 6.50
Class I 9/12/2000 1.50 QSVIX 5.83 5.17 0.32 6.62 52.28 -8.24 -0.28 n/a 6.29 21.16 -7.99 0.06 n/a 6.37
Russell 2000 Index 7.27 4.50 0.66 8.76 63.95 -6.12 1.16 2.18 5.83 27.17 -6.06 0.51 3.51 5.85

 

 

Funds Performance

Table 2: Total Return (after sales charges)

 
03/09/2010
Month Ended 02/28/2010 Quarter Ended 12/31/2009
    Cumulative (%) Annualized (%) Annualized (%)
  Class
Inception
Expense
Ratio
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
TACTICAL ALLOCATION FUNDS
Quaker Global Tactical Allocation Fund
Class A 5/1/2008 2.38 QTRAX -2.81 -2.85 -6.99 -6.70 22.91 n/a n/a n/a -25.13 13.08 n/a n/a n/a -26.51
Class C 5/1/2008 3.13 QTRCX 2.56 2.68 -1.76 -1.44 28.99 n/a n/a n/a -23.40 18.82 n/a n/a n/a -24.55
Class I 7/23/2008 2.13 QTRIX 2.79 2.77 -1.67 -1.26 30.02 n/a n/a n/a -19.52 19.50 n/a n/a n/a -20.61
MSCI World Index 0.79 1.41 -2.78 -1.04 54.30 n/a n/a n/a -12.75 29.99 n/a n/a n/a -12.43
Quaker Long-Short Tactical Allocation Fund
Class A* 12/31/2002 2.99 QLSAX -7.79 -8.47 -4.81 -9.11 -3.88 -8.84 -5.69 n/a 3.35 -19.26 -9.02 -6.13 n/a 3.34
Class C 06/16/2009 3.74 QLSCX -2.67 -3.16 0.61 -3.94 n/a n/a n/a n/a -21.52 n/a n/a n/a n/a -21.90
Class I 06/16/2009 2.74 QLSIX -2.42 -3.02 0.72 -3.70 n/a n/a n/a n/a -20.95 n/a n/a n/a n/a -21.52
S&P 500 Index 2.67 3.10 -0.61 1.31 53.62 -5.66 0.37 n/a 5.30 26.46 -5.62 0.42 n/a 5.52
Quaker Small-Cap Growth Tactical Allocation Fund
Class A 9/30/2008 2.59 QGASX 1.42 -0.52 -2.77 3.07 36.05 n/a n/a n/a 6.18 12.18 n/a n/a n/a 4.60
Class C 9/30/2008 3.34 QGCSX 7.08 5.22 2.71 8.92 42.91 n/a n/a n/a 9.74 17.87 n/a n/a n/a 8.72
Class I 9/30/2008 2.34 QGISX 7.27 5.24 2.87 9.12 44.54 n/a n/a n/a 10.92 19.35 n/a n/a n/a 9.90
Russell 2000 Growth Index 6.20 4.36 -0.31 8.22 61.85 n/a n/a n/a -1.94 34.47 n/a n/a n/a -1.95
Quaker Strategic Growth Fund
Class A* 11/25/1996 1.89 QUAGX -2.49 -2.30 -5.83 -5.17 20.49 -7.52 -1.78 0.36 11.12 9.54 -7.66 -1.08 2.45 11.29
Class C 7/11/2000 2.64 QAGCX 3.03 3.31 -0.46 0.15 26.52 -6.45 -1.40 n/a 0.69 15.01 -6.59 -0.70 n/a 0.75
Class I 7/20/2000 1.64 QAGIX 3.24 3.50 -0.27 0.48 27.85 -5.50 -0.41 n/a 1.55 16.14 -5.65 0.30 n/a 1.61
S&P 500 Index 2.67 3.10 -0.61 1.31 53.62 -5.66 0.37 -0.31 4.70 26.46 -5.62 0.42 -0.95 4.81
TRADITIONAL FUNDS
Quaker Capital Opportunities Fund
Class A 1/31/2002 1.88 QUKTX -6.38 -4.58 -8.69 -6.29 22.03 -4.68 -1.49 n/a 2.47 13.08 -3.65 0.26 n/a 2.96
Class C 5/02/2002 2.63 QCOCX -0.99 0.91 -3.47 -1.14 28.29 -3.57 -1.11 n/a 2.63 18.65 -2.56 0.65 n/a 3.16
Class I 5/05/2009 1.63 QCOIX -0.81 1.09 -3.26 -0.72 n/a n/a n/a n/a 16.39 n/a n/a n/a n/a 20.31
S&P 500 Index 2.67 3.10 -0.61 1.31 53.62 -5.66 0.37 n/a 1.69 26.46 -5.62 0.42 n/a 1.80
Quaker Mid-Cap Value Fund§
Class A* 12/31/1997 1.94 QMCVX 0.74 -1.14 -3.21 0.66 50.93 -10.97 -3.35 4.83 4.53 25.72 -10.25 -3.78 4.79 4.39
Class C 7/31/2000 2.69 QMCCX 6.50 4.49 2.29 6.28 58.22 -9.98 -2.99 n/a 5.25 32.04 -9.25 -3.41 n/a 5.09
Class I 11/21/2000 1.69 QMVIX 6.71 4.62 2.51 6.55 59.90 -9.05 -2.01 n/a 6.54 33.30 -8.33 -2.45 n/a 6.37
Russell Midcap Value Index 6.58 5.04 2.18 7.52 74.74 -7.07 2.20 8.93 6.80 34.21 -6.61 1.98 7.57 6.70
Quaker Small-Cap Value Fund§
Class A* 11/25/1996 1.75 QUSVX -0.04 -0.60 -5.18 0.72 43.49 -10.18 -1.64 7.30 8.04 14.20 -9.95 -1.32 6.36 8.11
Class C 7/28/2000 2.50 QSVCX 5.60 5.17 0.19 6.35 50.65 -9.15 -1.26 n/a 6.41 19.91 -8.91 -0.93 n/a 6.50
Class I 9/12/2000 1.50 QSVIX 5.83 5.17 0.32 6.62 52.28 -8.24 -0.28 n/a 6.29 21.16 -7.99 0.06 n/a 6.37
Russell 2000 Index 7.27 4.50 0.66 8.76 63.95 -6.12 1.16 2.18 5.83 27.17 -6.06 0.51 3.51 5.85

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 minimum sales charge of 5.50%.

*The returns shown above reflect the performance of the former No-Load Class of Strategic Growth, Mid-Cap Value and Small-Cap Value for periods ending before June 23, 2000, and Class A Shares thereafter. Performance data shown after sales charges for periods after June 23, 2000 for Strategic Growth, Mid-Cap Value and Small-Cap Value reflects the Class A maximum sales charge of 5.50%. On June 15, 2009, the Top Flight Long-Short Fund, a series of the Rock Canyon Funds, was reorganized into the Quaker Long-Short Tactical Allocation Fund. Class A performance information prior to June 15, 2009 represents that of the former No-Load Class of Top Flight Long- Short Fund. Performance data shown after sales charges for periods after June 15, 2009 for Quaker Long-Short Tactical Allocation 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.

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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Mutual fund investing involves risk including the possible loss of principal.