Quaker Funds Top 25 Fund Holdings

Click a fund to view its top 25 holdings as of the most recent month end,
December 31, 2011 (as reported by Morningstar.com).

FUND% Net Assets

Quaker Akros Absolute Return Fund

Morgan Stanley	5.73
Goldman Sachs Group, Inc.	4.95
Cummins, Inc.	2.26
Citigroup, Inc.	2.24
Investment Technology Group, Inc.	1.95
Prime Acquisition Corp.	1.87
Intel Corp.	1.87
Total S.A.	1.77
Microsoft Corp.	1.67
SandRidge Energy, Inc.	1.50
Marvell Technology Group Ltd.	1.44
Knight Capital Group, Inc.	1.38
FibroGen, Inc.	1.35
Nokia OYJ	1.31
Stryker Corp.	1.28
Baxter International, Inc.	1.27
Nautilus Marine Acquisition Corp.	1.26
AOL, Inc.	1.16
Cazador Acquisition Corp. Ltd.	1.15
Broadcom Corp.	1.13
HF Financial Corp.	1.02
Merck & Co., Inc.	0.97
CenturyLink, Inc.	0.96
Lam Research Corp.	0.95
Ventrus Biosciences, Inc.	0.92

Quaker Capital Opportunities Fund

Ford Motor Co.	2.08
Home Depot, Inc.	1.85
Chevron Corp.	1.84
CBS Corp.	1.75
Verizon Communications, Inc.	1.67
JPMorgan Chase & Co.	1.52
Apple, Inc.	1.49
Arrow Electronics, Inc.	1.48
Norfolk Southern Corp.	1.38
Micron Technology, Inc.	1.33
Timken Co.	1.23
Barrick Gold Corp.	1.16
Prudential Financial, Inc.	1.12
Lincoln Electric Holdings, Inc.	1.11
Aetna, Inc.	1.10
Diageo PLC	1.07
Walter Energy, Inc.	0.98
Unilever NV	0.96
Caterpillar, Inc.	0.96
Exxon Mobil Corp.	0.94
Corn Products International, Inc.	0.94
Cigna Corp.	0.91
Thomas & Betts Corp.	0.91
First Republic Bank	0.90
PepsiCo, Inc.	0.89

Quaker Event Arbitrage Fund

Ally Financial, Inc.	2.85
Countrywide Asset-Backed Certificates	2.19
Netlogic Microsystems, Inc.	2.09
SuccessFactors, Inc.	2.08
Goodrich Corp.	2.07
Novell, Inc.	2.04
Motorola Mobility Holdings, Inc.	2.03
Winn-Dixie Stores, Inc.	1.96
Jakks Pacific, Inc.	1.81
Lennar Corp. Class B	1.66
Pennichuck Corp.	1.41
Complete Production Services, Inc.	1.40
DSP Group, Inc.	1.38
InSight Health Services Holdings Corp.	1.38
Metorex Ltd.	1.37
CCA Industries, Inc.	1.35
AuRico Gold, Inc.	1.34
Novastar Home Equity Loan	1.34
Standard Financial Corp.	1.33
BlueLinx Holdings, Inc.	1.30
Leap Wireless International, Inc.	1.28
Extreme Networks	1.23
ModusLink Global Solutions, Inc.	1.21
Alliance Bancorp, Inc. of Pennsylvania	1.18
InterDigital, Inc.	1.18

Quaker Global Tactical Allocation Fund

Cenovus Energy, Inc.	4.35
Apple, Inc.	4.05
Monsanto Co.	3.58
Occidental Petroleum Corp.	3.57
Anheuser-Busch InBev NV	3.57
Mead Johnson Nutrition Co.	3.56
ACE Ltd.	3.28
Google, Inc.	3.11
Novartis AG	3.09
Las Vegas Sands Corp.	3.08
Sanofi-Aventis S.A.	3.06
Novo Nordisk	2.80
CRH PLC	2.64
Verisk Analytics, Inc.	2.59
GlaxoSmithKline PLC	2.10
Freeport-McMoRan Copper & Gold, Inc.	2.10
Ensco International PLC	2.08
Arch Capital Group Ltd.	2.07
Barrick Gold Corp.	2.07
Potash Corp. of Saskatchewan, Inc.	2.06
Anadarko Petroleum Corp.	2.06
Marsh & McLennan Cos., Inc.	2.04
Adidas AG	2.03
Visa, Inc.	2.03
Humana, Inc.	2.01

Quaker Mid-Cap Value Fund

Allied World Assurance Co. Holdings Ltd.	2.70
Hormel Foods Corp.	2.66
Steel Dynamics, Inc.	2.59
Ameriprise Financial, Inc.	2.58
Torchmark Corp.	2.55
Valspar Corp.	2.49
AGCO Corp.	2.47
Huntington Bancshares, Inc.	2.42
Harman International Industries, Inc.	2.36
Trimble Navigation Ltd.	2.35
Advance Auto Parts, Inc.	2.28
Fifth Third Bancorp	2.23
Oil States International, Inc.	2.21
Mylan, Inc.	2.19
Navistar International Corp.	2.19
UGI Corp.	2.13
Kennametal, Inc.	2.13
WMS Industries, Inc.	2.09
Regal-Beloit Corp.	2.08
Reinsurance Group of America, Inc.	2.06
Atwood Oceanics, Inc.	2.03
ON Semiconductor Corp.	2.03
Xcel Energy, Inc.	1.99
Westar Energy, Inc.	1.99
Centerpoint Energy, Inc.	1.98

Quaker Small-Cap Growth Tactical Allocation Fund

Netlogic Microsystems, Inc.	5.59
Healthspring, Inc.	5.10
Rightnow Technologies, Inc.	5.07
ProShares UltraPro Short Russell2000	4.88
99 Cents Only Stores	4.81
Harleysville Group, Inc.	4.57
Direxion Daily Small Cap Bear 3X Shares	4.37
Hexcel Corp.	3.91
Spirit Airlines, Inc.	3.35
Altisource Portfolio Solutions S.A.	3.34
DemandTec, Inc.	3.21
PharMerica Corp.	3.20
Mitcham Industries, Inc.	2.91
Allied World Assurance Co. Holdings Ltd.	2.86
PennyMac Mortgage Investment Trust	2.79
Dusa Pharmaceuticals, Inc.	2.76
Lincoln Electric Holdings, Inc.	2.70
MTS Systems Corp.	2.68
Nu Skin Enterprises, Inc.	2.62
Liquidity Services, Inc.	2.55
Watts Water Technologies, Inc.	2.54
Spectrum Pharmaceuticals, Inc.	2.34
Wabtec Corp./DE	2.18
Dawson Geophysical Co.	1.83
Mitek Systems, Inc.	1.78

Quaker Small-Cap Value Fund

Netlogic Microsystems, Inc.	5.59
Healthspring, Inc.	5.10
Rightnow Technologies, Inc.	5.07
ProShares UltraPro Short Russell2000	4.88
99 Cents Only Stores	4.81
Harleysville Group, Inc.	4.57
Direxion Daily Small Cap Bear 3X Shares	4.37
Hexcel Corp.	3.91
Spirit Airlines, Inc.	3.35
Altisource Portfolio Solutions S.A.	3.34
DemandTec, Inc.	3.21
PharMerica Corp.	3.20
Mitcham Industries, Inc.	2.91
Allied World Assurance Co. Holdings Ltd.	2.86
PennyMac Mortgage Investment Trust	2.79
Dusa Pharmaceuticals, Inc.	2.76
Lincoln Electric Holdings, Inc.	2.70
MTS Systems Corp.	2.68
Nu Skin Enterprises, Inc.	2.62
Liquidity Services, Inc.	2.55
Watts Water Technologies, Inc.	2.54
Spectrum Pharmaceuticals, Inc.	2.34
Wabtec Corp./DE	2.18
Dawson Geophysical Co.	1.83
Mitek Systems, Inc.	1.78

Quaker Strategic Growth Fund

Apple, Inc.	3.98
Cenovus Energy, Inc.	3.83
Monsanto Co.	3.62
Occidental Petroleum Corp.	3.54
Anheuser-Busch InBev NV	3.53
Mead Johnson Nutrition Co.	3.52
Las Vegas Sands Corp.	3.22
ACE Ltd.	3.10
Google, Inc.	3.07
Verisk Analytics, Inc.	2.77
Ensco International PLC	2.44
Anadarko Petroleum Corp.	2.05
Freeport-McMoRan Copper & Gold, Inc.	2.05
Philip Morris International, Inc.	2.03
Accenture PLC	2.02
Yum! Brands, Inc.	2.02
Marsh & McLennan Cos., Inc.	2.02
Visa, Inc.	2.01
Nike, Inc.	2.00
Humana, Inc.	1.99
Unilever NV	1.91
Arch Capital Group Ltd.	1.79
PepsiCo, Inc.	1.79
Xylem, Inc.	1.77
McDonald's Corp.	1.75

Fund holdings are subject to change at anytime, and should not be considered recommendations to buy or sell any security.

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

Consider a fund's investment objectives, risks, charges and expenses carefully before investing. The Statutory and, where available, The Summary Prospectuses contain this and other important information and are available by downloading a prospectus or calling 1-800-220-8888. Read carefully before investing.