[GRAPHIC OMITTED: THE QUAKER FAMILY OF MUTUAL FUNDS LOGO]
SEMI-ANNUAL
REPORT
- -----------------
December 31, 1999
February 2000
Dear Shareholder:
We are pleased to present this semi-annual report of the Quaker Family
of Mutual Funds for the six month period from July 1, 1999 through
December 31, 1999. It contains valuable information on each of the six
Quaker Funds, including a complete list of portfolio holdings,
performance and financial information, and a discussion of the portfolio
management of each fund.
The six months covered by this report have been an exciting period for
the Quaker Funds. During this period the funds reached their third year
of operations, an important time period for many prospective investors.
As well, several of the funds received significant favorable publicity
related to superb investment performance.
A summary of the portfolio management and performance of each of the
Quaker Funds is presented below, with portfolio holdings and financial
information following.
Quaker Core Equity Fund (QUCEX)
For the six month period ended December 31, 1999, the Quaker Core Equity
Fund was up 18.57%, as compared to up 7.71% for the S&P 500. For all of
1999 the Fund was up 30.62% versus 21.04% for the S&P 500. This
outstanding performance was achieved even in a difficult market
environment for the investment philosophy of Fund's Adviser- Geewax,
Terker & Co. The portfolio concentrates on stocks of companies with
above average financial quality. As described above, this was a tough
period for stocks of companies with high quality financial
characteristics. Nonetheless, the Fund has consistently outperformed
the S&P 500. For the three-year period ended December 31, 1999 its
average annual return is 29.45%, as compared to 27.55% for the S&P 500.
According to Morningstar, the Fund is a HHHH fund.
Quaker Aggressive Growth Fund (QUAGX)
For the six month period ended December 31, 1999, the Quaker Aggressive
Growth Fund was up 49.59% as compared to up 7.71% for the S&P 500. For
all of 1999 the Fund was up 96.99% versus 21.04% for the S&P 500. This
spectacular performance was as a result of several factors, including
the Fund's exposure to mid-sized companies with increasing earnings.
Over the period, as the high tech sector of the market soared,
technology stocks were reduced- moving from about 72% of the portfolio
to less than 50% at year-end. The skillful investment selection by the
Fund's Adviser, Manu Daftary of DG Capital, has propelled the Fund into
the top 1% of all Aggressive Growth Funds over the past three years.
According to Morningstar, the Fund is a HHHHH fund.
Quaker Large-Cap Value Fund (QUESX)
For the six month period ended December 31, 1999, the Quaker Large-Cap
Value Fund was down 7.66% as compared to up 7.71% for the S&P 500. For
all of 1999, the Fund was up 4.22%. This compares to 21.04% for the S&P
500 and 8.95% for the S&P Barra Value index. The Fund's relative
performance was hurt by the markets rewarding of growth stocks as
described above.
Quaker Mid-Cap Value Fund (QMCVX)
For the six month period ended December 31, 1999, the Quaker Mid-Cap
Value Fund was down 6.45%% as compared to up 6.71% for the S&P Mid-Cap
400. For all of 1999 the Fund was down 2.73% as compared to up 14.77%
for the S&P Mid-Cap 400 and 2.34% for the S&P Mid-Cap Value Index. The
trend of growth stocks leading performance also hurt the relative
performance of the Fund, as its Advisor- Chris O'Keefe of Compu-Val
Investments- focuses stock selection on those companies with improving
fundamentals and cash flows.
Quaker Small-Cap Value Fund (QUSVX)
For the six month period ended December 31, 1999, the Quaker Small-Cap
Value Fund was up 1.14% as compared to up 10.28% for the Russell 2000.
For all of 1999 the Fund was up 1.30% as compared to up 21.27% for the
Russell 2000 and down 1.55% for the Russell 2000 Value. The fund, like
other value funds, was also hindered by the overall market appetite for
growth stocks. The Fund's focus on seasoned, solvent, liquid companies
has propelled it into the top 10% of all small-cap value funds for the
past three years. The Fund's average annual performance for the past
three years ending December 31, 1999 was a favorable 14.63%, as compared
to 6.68% for the Russell 2000 Value.
Quaker Fixed Income Fund (QUFIX)
For the six month period ended December 31, 1999, the Quaker Fixed
Income Fund was down .33% as compared to up .73% for the for the Salomon
Brothers Broad Investment Grade Index. For all of 1999 the Fund was
down 3.00% versus down .84% for the Salomon Broad Investment Grade.
Thank you for your investments in the Quaker Funds.
Sincerely,
/S/ DAVID C. DAMERON
David C. Dameron
President
<TABLE>
<CAPTION>
QUAKER CORE EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 1999
Number Market
of Shares Value
------------ ------------
<S> <C> <C>
COMMON STOCK -- 92.33%
Advertising -- 0.09%
TMP Worldwide, Inc.* 200 $28,400
------------
Aerospace & Defense -- 0.11%
United Technologies Corp. 500 32,500
------------
Automobile & Trucks -- 0.09%
Tower Automotive, Inc.* 1,700 26,244
------------
Banks -- 0.83%
Fifth Third Bancorp 800 58,700
First Tennessee National Corp. 1,800 51,300
Northern Trust Corp. 2,600 137,800
------------
247,800
------------
Broadcasting -- 1.99%
Cablevision Systems Corp.* 700 52,850
Comcast Corp.* 5,500 276,375
Cox Communications, Inc.* 1,800 92,700
Time Warner, Inc. 2,400 173,850
------------
595,775
------------
Building Maintenance & Services -- 0.51%
Ecolab, Inc. 3,900 152,588
------------
Business Equipment & Services -- 0.50%
Symantec Corp.* 400 23,450
Synopsys, Inc.* 300 20,025
Ticketmaster Online City Search, Inc. Cl B* 800 30,750
VeriSign, Inc.* 400 76,300
------------
150,525
------------
Computer Hardware -- 12.08%
Dell Computer Corp.* 10,650 543,150
Cisco Systems, Inc.* 19,800 2,121,075
EMC Corp.* 5,250 573,563
Sun Microsystems, Inc.* 4,900 379,444
------------
3,617,231
------------
Computer Services & Software -- 18.17%
3Com Corp.* 900 42,300
America Online, Inc.* 14,600 1,101,388
At Home Corp.* 1,900 81,463
BEA Systems, Inc. 1,300 90,919
Bisys Group, Inc.* 300 19,575
BroadVision, Inc.* 500 85,031
Computer Associates International, Inc. 2,100 146,869
Comverse Technology, Inc.* 1,200 173,700
Convergys Corp.* 500 15,375
Doubleclick, Inc.* 700 177,144
First Data Corp. 400 19,725
Inktomi Corp.* 800 71,000
Intuit, Inc.* 1,100 65,931
Lycos, Inc.* 600 47,738
Microsoft Corp.* 17,000 1,984,750
Network Appliance, Inc.* 1,300 107,981
PE Corp. - PE Biosystems Group 1,300 156,406
Pixar, Inc.* 400 14,150
SEI Corp. 200 23,803
USWeb Corp.* 600 26,663
VERITAS Software Corp.* 3,000 429,375
VERITAS Software Corp. Rights-Exp. 6/16/09* 1,000 --
Yahoo!, Inc.* 1,300 562,494
------------
5,443,778
------------
Conglomerates -- 8.08%
Berkshire Hathaway, Inc. Cl B* 7 12,810
General Electric Co. 15,400 2,383,150
Textron, Inc. 300 23,006
------------
2,418,966
------------
Consumer Products -- 2.27%
Kimberly Clark Corp. 1,200 78,300
Procter & Gamble Co. 5,500 602,594
------------
680,894
------------
Electronics & Electrical Equipment -- 7.06%
Altera Corp.* 700 34,694
Applied Micro Circuits Corp.* 500 63,625
Conexant Systems, Inc.* 600 39,825
Intel Corp. 15,500 1,275,844
KLA-Tencor Corp.* 400 44,550
L-3 Communications Holdings, Inc. 500 20,813
Linear Technology Corp. 1,000 71,563
LSI Logic Corp.* 600 40,500
Microchip Technology, Inc.* 400 27,375
Micron Technology, Inc.* 200 15,550
Motorola, Inc. 100 14,725
QLogic Corp.* 350 55,956
Sanmina Corp.* 400 39,950
Texas Instruments, Inc. 600 58,125
Uniphase Corp. 1,000 161,313
Vitesse Semiconductor Corp.* 780 40,901
Xilinx, Inc.* 2,400 109,125
------------
2,114,433
------------
Finance -- 4.25%
American Express Co. 1,400 232,750
Associates First Capital Corp. 2,600 71,338
Citigroup, Inc. 7,050 391,716
Concord EFS, Inc.* 2,000 51,500
Federal Home Loan Mortgage Corp. 2,400 112,950
MBNA Corp. 1,800 49,050
Paychex, Inc. 6,600 264,000
Providian Financial Corp. 550 50,084
SLM Holding Corp. 1,200 50,700
------------
1,274,088
------------
Food & Beverage -- 1.28%
Keebler Foods Co.* 500 14,063
Pepsico, Inc. 4,400 155,100
Quaker Oats Co. 1,100 72,188
Sysco Corp. 3,600 142,425
------------
383,775
------------
Health Care -- 0.77%
Andrx Corp.* 300 12,694
Beckman Coulter, Inc. 400 20,350
Forest Laboratories, Inc.* 1,000 61,438
Guidant Corp.* 1,400 65,800
Ivax Corp. 800 20,600
Stryker Corp. 700 48,738
------------
229,619
------------
Insurance -- 0.38%
AFLAC, Inc. 2,400 113,250
------------
Manufacturing -- 2.45%
Applied Materials, Inc.* 4,400 557,425
Black & Decker Corp. 800 41,800
Danaher Corp. 700 33,775
Harley-Davidson, Inc. 1,000 64,063
Millipore Corp. 1,000 38,625
------------
735,688
------------
Office Equipment -- 0.48%
Avery Dennison Corp. 500 36,438
Lexmark International Group, Inc. Cl A* 500 45,250
Pitney Bowes, Inc. 1,300 62,806
------------
144,494
------------
Oil & Gas -- 0.04%
BJ Services Co.* 100 4,181
Dynegy, Inc. 300 7,294
------------
11,475
------------
Pharmaceuticals -- 11.01%
Abbott Laboratories 7,400 268,713
Adelphia Communications Corp. Cl A* 500 32,813
Allergan, Inc. 1,200 59,700
Amgen, Inc.* 4,200 252,263
Baush & Lomb, Inc. 300 20,532
Biogen, Inc.* 1,000 84,500
Bristol-Myers Squibb Co. 12,400 795,925
Johnson & Johnson 2,800 260,750
Lilly, (Eli) & Co. 1,000 66,500
Medimmune, Inc.* 500 82,938
Merck & Company, Inc. 13,375 896,961
Schering-Plough Corp. 11,300 476,719
------------
3,298,312
------------
Real Estate -- 0.04%
Catellus Development Corp.* 900 11,531
------------
Retail -- 10.48%
American Eagle Outfitters, Inc.* 600 27,000
BJ's Wholesale Club, Inc.* 4,100 149,650
Circuit City Stores, Inc. 1,000 45,063
Costco Cos., Inc.* 1,380 125,925
CVS Corp. 2,600 103,838
Dollar Tree Stores, Inc.* 800 38,750
Family Dollar Stores, Inc. 600 9,788
Home Depot, Inc. 16,500 1,131,281
Kohl's Corp.* 900 64,969
Lowe's Cos., Inc. 2,200 131,450
Staples, Inc.* 6,400 132,800
Tandy Corp. 1,400 68,863
Tiffany & Co. 200 17,850
Wal-Mart Stores, Inc. 15,800 1,092,175
------------
3,139,400
------------
Technology -- 0.75%
Honeywell International, Inc. 1,900 109,606
Network Solutions, Inc. Cl A* 100 21,756
Safeguard Scientifics, Inc.* 200 32,413
Scient Corp. 200 17,288
SDL, Inc.* 200 43,600
------------
224,663
------------
Telecommunications -- 7.85%
A T & T Corp. 4,670 237,003
ADC Telecommunications, Inc.* 1,700 123,356
AllTel Corp. 1,500 124,031
Lucent Technologies, Inc. 6,650 497,503
MCI WorldCom, Inc.* 10,620 563,524
NEXTEL Communications, Inc. Cl A* 1,400 144,375
Qualcomm, Inc.* 2,800 493,500
SBC Communications, Inc. 2,900 141,375
Western Wireless Corp. Cl A* 400 26,700
------------
2,351,367
------------
Transportation -- 0.39%
Southwest Airlines Co. 7,200 116,550
------------
Utilities -- 0.38%
AES Corp. 800 59,800
American Power Conversion Corp.* 800 21,100
Calpine Corp.* 500 32,000
------------
112,900
------------
Total Common Stock (Cost $20,278,455) 27,656,243
------------
INVESTMENT COMPANIES -- 0.36%
Evergreen Money Market Treasury Institutional Treasury
Money Market Fund Institutional Service Shares 109,244 $109,244
------------
Total Investment Companies (Cost $109,244) 109,244
------------
MISCELLANEOUS INVESTMENTS -- 6.77%
Amex S&P Depository Receipts 10,105 $1,484,172
S&P Mid-Cap 400 Depository Receipts 6,700 543,538
------------
Total Miscellaneous Investments (Cost $1,899,187) 2,027,709
------------
Total Value of Investments (Cost $22,286,886)+ 99.46% $29,793,196
Other Assets, Less Liabilities 0.54% 162,211
------------ ------------
Net Assets 100.00% $29,955,407
============ ============
* Non-income producing investment.
+ Aggregate cost for financial reporting and federal income tax purposes is the same.
Unrealized appreciation of investments for financial reporting and federal income
tax purposes is as follows:
Unrealized appreciation $8,136,548
Unrealized depreciation (630,238)
------------
Net unrealized appreciation $7,506,310
============
See notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
QUAKER AGGRESSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 1999
Number Market
of Shares Value
------------ ------------
<S> <C> <C>
COMMON STOCK -- 56.35%
Advertising -- 0.47%
Snyder Communications, Inc. 2,000 $38,500
------------
Areospace & Defense -- 0.31%
Remec, Inc. 1,000 25,500
------------
Banks -- 0.89%
Republic New York Corp. 1,000 72,000
------------
Computer Hardware -- 0.70%
Compaq Computer Corp. 1,000 27,063
Kronos, Inc.* 500 30,000
------------
57,063
------------
Computer Services & Software -- 22.11%
Actuate Software Corp.* 500 21,438
Backweb Technologies Ltd.* 1,500 63,188
Banyan Systems, Inc.* 2,500 50,000
BEA Systems, Inc.* 1,400 97,913
BroadVision, Inc.* 300 51,019
Check Point Software Technologies Ltd.* 500 99,375
CIRCLE.COM * 4,000 49,250
Citrix Systems, Inc.* 1,000 123,000
Clarent Corporation* 500 38,875
Commtouch Software, Ltd.* 500 24,281
Comverse Technology, Inc.* 450 65,138
Cysive, Inc.* 1,000 72,063
Diversinet Corp.* 4,000 88,000
Documentum, Inc.* 1,000 59,875
Extended Systems, Inc.* 2,500 119,688
Focus Enhancements, Inc.* 1,500 12,375
i2 Technologies, Inc.* 400 78,000
Microsoft Corp. 500 58,375
MSC.Software Corp.* 500 5,063
National Instrument Corp.* 1,000 38,250
Netegrity, Inc.* 5,700 324,544
Portal Software, Inc. 500 51,438
Puma Technology, Inc.* 500 65,313
Siebel Systems, Inc.* 500 42,000
USWeb Corp.* 500 22,219
Vignette Corp.* 500 81,500
------------
1,802,175
------------
Conglomerates -- 2.38%
Corning, Inc. 1,500 193,406
------------
Electronics and Electrical Equipment -- 13.82%
Alpha Industries, Inc.* 1,500 85,969
Altera Corp.* 700 34,694
Anadigics, Inc.* 1,000 47,188
Analog Devices Inc.* 1,000 93,000
Anaren Microwave, Inc.* 500 27,063
ASM Lithography Holding N.V.* 500 56,875
Conexant Systems, Inc.* 1,000 66,375
Dense-Pac Microsytems, Inc.* 1,000 8,031
Fairchild Semiconductor Int'l Cl A* 1,000 29,750
InterTAN, Inc.* 500 13,063
Kopin Corp.* 2,000 84,000
Lam Research Corp.* 500 55,781
LSI Logic Corp.* 1,000 67,500
Methode Electronics, Inc. 500 16,063
Motorola, Inc. Rights* 500 --
Netro Corp.* 900 45,900
Power Integrations, Inc.* 1,100 52,731
Sawtek, Inc.* 1,000 66,563
SDL, Inc.* 500 109,000
TriQuint Semiconductor, Inc.* 1,000 111,250
Zoran Corp.* 1,000 55,750
------------
1,126,544
------------
Food & Beverage -- 0.25%
Coca-Cola Enterprises, Inc. 1,000 20,125
------------
Insurance -- 0.43%
Ace, Ltd. 2,100 35,044
------------
Machinery, General Industrial -- 0.08%
Trikon Technologies, Inc.* 650 6,906
------------
Marketing Services -- 0.41%
Marketing Services Group, Inc. 2,000 33,500
------------
Office Equipment -- 0.05%
Lanier Worldwide, Inc.* 1,000 3,875
------------
Oil and Gas -- 0.33%
Texaco, Inc. 500 27,156
------------
Technology -- 1.58%
Gemstar International Group Ltd.* 1,000 71,250
Powerwave Technologies, Inc.* 500 29,188
Spectrian Corp.* 1,000 28,250
------------
128,688
------------
Telecommunications -- 11.62%
Adaptive Broadband Corp.* 1,600 118,100
Amdocs Limited * 500 17,250
Applied Signal Technology, Inc.* 1,000 14,063
Cylink Corp.* 5,500 74,250
E-Tek Dynamics, Inc.* 2,000 269,250
ITXC Corp.* 500 16,813
Metalink Ltd.* 700 14,263
Metromedia Fiber Network, Inc.* 500 23,969
MRV Communications, Inc.* 1,500 94,313
Next Level Communications, Inc.* 500 37,438
Nortel Networks Corp. 1,000 101,000
Qwest Communications International, Inc.* 1,000 43,000
Voicestream Wireless Corp.* 400 56,925
Western Wireless Corp. Cl A* 1,000 66,750
------------
947,381
------------
Transportation -- 0.92%
Kansas City Southern Industries, Inc. 1,000 74,625
------------
Total Common Stock (Cost $2,975,077) 4,592,488
------------
INVESTMENT COMPANIES -- 42.97%
Evergreen Money Market Treasury Institutional Treasury
Money Market Fund Institutional Service Shares 3,502,526 3,502,526
------------
Total Investment Companies (Cost $3,502,526) 3,502,526
------------
Total Value of Investments (Cost $6,477,603)+ 99.32% $8,095,013
Other Assets, Less Liabilities 0.68% 55,687
------------ ------------
Net Assets 100.00% $8,150,700
============ ============
* Non-income producing investment.
+ Aggregate cost for financial reporting and federal income tax purposes is the same.
Unrealized appreciation of investments for financial reporting and federal income
tax purposes is as follows:
Unrealized appreciation $1,641,898
Unrealized depreciation (24,488)
------------
Net unrealized appreciation $1,617,410
============
See notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
QUAKER LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 1999
Number Market
of Shares Value
------------ ------------
<S> <C> <C>
COMMON STOCK -- 99.10%
Aerospace & Defense -- 2.85%
General Dynamics Corp. 5,000 263,750
------------
Banks -- 15.79%
Bank of America Corp. 6,400 321,200
Bank of New York Co., Inc. 7,150 286,000
Chase Manhattan Corp. 4,700 365,131
Fleet Boston Financial Corp. 7,698 267,986
Northern Trust Corp. 4,200 222,600
------------
1,462,917
------------
Chemicals -- 2.09%
du Pont, (E.I.) de Nemours & Co. 2,947 194,134
------------
Commercial Services -- 2.13%
Cendant Corp.* 7,440 197,625
------------
Computer Hardware -- 4.78%
Compaq Computer Corp. 6,000 162,375
International Business Machines, Inc. 2,600 280,800
------------
443,175
------------
Computer Services and Software -- 1.36%
Computer Associates International, Inc. 1,800 125,888
------------
Consumer Products -- 4.08%
Kimberly-Clark Corp. 5,800 378,450
------------
Entertainment & Leisure -- 3.35%
Carnival Corp. 6,500 310,781
------------
Food & Beverage -- 3.50%
PepsiCo, Inc. 9,200 324,300
------------
Forest & Paper Products -- 3.49%
WeyerHaeuser Co. 4,500 323,156
------------
Healthcare -- 2.26%
Manor Care, Inc.* 13,100 209,600
------------
Industrial -- 2.56%
Rockwell International Corp. 4,950 236,981
------------
Insurance -- 1.22%
Allstate Corp. 4,700 112,800
------------
Oil & Gas -- 17.03%
Burlington Resources, Inc. 9,500 314,094
Conoco, Inc. Cl B 11,728 291,734
Exxon Mobil Corp. 3,168 255,222
Halliburton Co. 6,800 273,700
Texaco, Inc. 4,900 266,131
Williams Cos., Inc. 5,800 177,263
------------
1,578,144
------------
Pharmaceuticals -- 4.86%
Bristol-Myers Squibb Co. 3,200 205,400
Schering-Plough Corp. 5,800 244,688
------------
450,088
------------
Retail -- 7.21%
Kmart Corp.* 18,300 184,144
Lowe's Cos., Inc. 8,100 483,975
------------
668,119
------------
Technology -- 4.31%
Honeywell International, Inc. 6,925 399,486
------------
Telecommunications -- 15.51%
SBC Communications, Inc. 4,500 219,375
GTE Corp. 4,000 282,250
Nortel Networks Corp. 7,400 747,400
Sprint Corp. 2,800 188,475
------------
1,437,500
------------
Waste Management -- 0.72%
Waste Management, Inc. 3,900 67,031
------------
Total Common Stock (Cost $8,824,696) 9,183,924
------------
INVESTMENT COMPANIES -- 1.09%
Evergreen Money Market Treasury Institutional Treasury
Money Market Fund Institutional Service Shares 101,362 $101,362
------------
Total Investment Companies (Cost $101,362) 101,362
------------
Total Value of Investments (Cost $8,926,058)+ 100.19% $9,285,286
Liabilities in Excess of Other Assets (0.19%) (17,198)
------------
Net Assets 100.00% $9,268,088
============
* Non-income producing investment.
+ Aggregate cost for financial reporting and federal income tax purposes is the same.
Unrealized appreciation of investments for financial reporting and federal income
tax purposes is as follows:
Unrealized appreciation $1,196,381
Unrealized depreciation (837,153)
------------
Net unrealized appreciation $359,228
============
See notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
QUAKER MID-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 1999
Number Market
of Shares Value
------------ ------------
<S> <C> <C>
COMMON STOCK -- 95.77%
Advertising -- 3.62%
Telespectrum Worldwide, Inc.* 48,400 $344,850
------------
Banks -- 11.79%
City National Corp. 12,500 411,719
Hibernia Corp. Cl A 22,300 236,938
Regions Financial Corp. 1,500 37,688
Roslyn Bancorp, Inc. 23,700 438,450
------------
1,124,794
------------
Building -- 0.16%
Huttig Building Products, Inc.* 3,000 14,813
------------
Business Equipment and Services -- 0.84%
Synopsys, Inc.* 1,200 80,100
------------
Computer Services & Software -- 17.40%
Daisytek International Corp.* 25,000 582,813
Reynolds & Reynolds Co. 17,600 396,000
Symantec Corp.* 11,600 680,050
------------
1,658,863
------------
Containers -- 0.59%
Smurfit-Stone Container Corp.* 2,300 56,350
------------
Electronics & Electrical Equipment -- 11.16%
Tektronix, Inc. 13,600 528,700
Varian Semiconductor Equipment Associates, Inc.* 6,500 221,000
Varian, Inc.* 14,000 315,000
------------
1,064,700
------------
Finance -- 2.23%
FINOVA Group, Inc. 6,000 213,000
------------
Forest & Paper Products -- 2.44%
Willamette Industries, Inc. 5,000 232,188
------------
Healthcare -- 7.81%
Becton, Dickinson & Co. 11,200 299,600
Manor Care, Inc.* 16,400 262,400
Healthsouth Corp.* 33,900 182,213
------------
744,213
------------
Insurance -- 3.60%
Protective Life Corp. 7,700 244,956
Reliastar Financial Corp. 2,500 97,969
------------
342,925
------------
Manufacturing -- 2.81%
Crane Co. 13,500 268,313
------------
Oil & Gas -- 18.61%
Amerada Hess Corp. 5,300 300,775
Apache Corp. 3,700 136,669
Coastal Corp. 9,400 333,113
ENSCO International, Inc. 8,200 187,575
Newfield Exploration Co.* 14,800 395,900
Ocean Energy, Inc.* 19,844 153,791
Questar Corp. 17,800 267,000
------------
1,774,822
------------
Pharmaceuticals -- 2.18%
Bergen Brunswig Corp. 25,000 207,813
------------
Retail -- 10.53%
BJ's Wholesale Club, Inc.* 11,400 416,100
Kmart Corp.* 12,000 120,750
Officemax, Inc.* 46,700 256,850
Toys 'R' Us, Inc.* 14,700 210,394
------------
1,004,094
------------
Total Common Stock (Cost $9,215,171) 9,131,835
------------
INVESTMENT COMPANIES -- 2.83%
Evergreen Money Market Treasury Institutional Treasury
Money Market Fund Institutional Service Shares 269,992 $269,992
------------
Total Investment Companies (Cost $269,992) 269,992
------------
Total Value of Investments (Cost $9,485,163)+ 98.60% $9,401,827
Other Assets, Less Liabilities 1.40% 133,211
------------ ------------
Net Assets 100.00% $9,535,038
============ ============
* Non-income producing investment.
+ Aggregate cost for financial reporting and federal income tax purposes is the same.
Unrealized depreciation of investments for financial reporting and federal income
tax purposes is as follows:
Unrealized appreciation $1,486,243
Unrealized depreciation (1,569,579)
------------
Net unrealized depreciation $(83,336)
============
See notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
QUAKER SMALL-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 1999
Number Market
of Shares Value
------------ ------------
<S> <C> <C>
COMMON STOCK -- 97.58%
Advertising -- 0.50%
Valassis Communications, Inc.* 1,450 $61,263
------------
Aerospace & Defense -- 1.25%
Alliant Techsystems, Inc.* 600 37,388
Cordant Technologies, Inc. 900 29,700
Northrop Grumman Corp. 1,600 86,500
------------
153,588
------------
Agriculture -- 0.56%
Agribrands International, Inc.* 1,500 69,000
------------
Apparel -- 0.63%
Oshkosh B'Gosh, Inc. Cl A 3,700 77,931
------------
Auto Parts & Equipment -- 1.40%
Briggs & Stratton Corp. 800 42,900
Navistar International Corp.* 1,800 85,275
Paccar, Inc. 1,000 44,313
Standard Products Rights* 4,000 --
------------
172,488
------------
Banks -- 6.86%
Banco Latino-Americano De Exporta 3,800 89,300
Bank United Corp. Cl A 3,100 84,475
Bay View Capital Corp. 2,900 41,144
City National Corp. 2,800 92,225
Dime Community Bancshares, Inc. 4,100 75,850
Downey Financial Corp. 2,900 58,544
Espirito Santo Financial Group SA ADR 3,800 59,850
First Bancorp/Puerto Rico 1,100 22,825
First Federal Financial Corp.* 5,800 81,563
Independence Community Bank Corp. 8,500 106,250
Pacific Century Financial Corp. 5,800 108,388
Popular, Inc. 800 22,350
------------
842,763
------------
Business Services -- 4.24%
Interim Services, Inc.* 5,900 146,025
Kelly Services, Inc. Cl A 800 20,100
Manpower, Inc. 2,100 79,013
Personnel Group America, Inc.* 6,300 63,788
Plexus Corp.* 1,400 61,600
Rcm Technologies, Inc.* 1,500 25,875
SEI Investments Co. 900 107,114
Volt Information Sciences, Inc.* 700 16,713
------------
520,227
------------
Chemicals -- 1.47%
Ethyl Corp. 13,400 52,763
Geon Co. 500 16,250
Lubrizol Corp. 3,600 111,150
------------
180,163
------------
Computer Services & Software -- 7.31%
Adaptec, Inc.* 2,300 114,713
American Management Systems, Inc.* 1,800 56,475
Anixter International, Inc.* 3,800 78,375
Bell & Howell Co.* 1,000 31,813
BMC Industries, Inc. 3,900 19,013
CDW Computer Center, Inc.* 2,000 157,250
Fair Issac & Co., Inc. 1,900 100,700
Harman International Industries, Inc. 2,100 117,863
Pomeroy Computer Resources, Inc.* 3,100 41,075
Progress Software Corp.* 1,800 102,150
Wallace Computer Services, Inc. 4,700 78,138
------------
897,563
------------
Consulting Services -- 0.73%
Remedy Corp.* 1,900 90,013
------------
Consumer Products -- 1.64%
Scotts Co.* 2,600 104,650
Toro Co. 2,600 97,013
------------
201,663
------------
Distribution Wholesale -- 1.10%
CellStar Corp.* 6,700 66,163
Insight Enterprises, Inc.* 1,700 69,063
------------
135,225
------------
Diversified Conglomerates -- 1.16%
National Service Industries, Inc. 1,500 44,250
U.S. Industries, Inc. 7,000 98,000
------------
142,250
------------
Education -- 0.46%
Education Management Corp.* 4,000 56,000
------------
Electronics & Electrical Equipment -- 10.21%
Aavid Thermal Technologies, Inc.* 2,300 56,494
Arrow Electronics, Inc.* 3,300 83,738
Artesyn Technologies, Inc.* 2,700 56,700
Avnet, Inc. 300 18,150
Belden, Inc. 2,700 56,700
Cable Design Technologies Corp.* 3,300 75,900
Conectiv, Inc. 2,000 33,625
CTS Corp. 1,400 105,525
Dupont Photomasks, Inc.* 700 33,775
Esterline Technologies Corp.* 4,400 50,875
HADCO Corp.* 1,200 61,200
International Rectifier Corp.* 3,000 78,000
Kemet Corp.* 3,100 139,694
MEMC Electronic Materials, Inc. Rights* 3,933 --
Microchip Technology, Inc.* 1,100 75,281
Park Electrochemical Corp. 2,500 66,406
Pioneer Standard Electronics, Inc. 5,600 80,850
AVX Corp. 1,200 59,925
Vishay Intertechnology, Inc.* 3,800 120,175
------------
1,253,013
------------
Engineering & Construction -- 5.06%
Centex Construction Products, Inc. 2,600 101,400
IT Group, Inc.* 9,100 83,606
Jacobs Engineering Group, Inc.* 2,600 84,500
MDC Holdings, Inc. 4,600 72,163
NCI Building Systems, Inc.* 2,100 38,850
Nortek, Inc.* 1,500 42,000
Ryland Group, Inc. 4,200 96,863
Standard Pacific Corp. 3,900 42,900
URS Corp.* 2,700 58,556
------------
620,838
------------
Entertainment & Leisure -- 1.74%
Aztar Corp.* 4,600 50,025
GTECH Holdings Corp.* 4,700 103,400
Station Casinos, Inc.* 2,700 60,581
------------
214,006
------------
Finance -- 3.15%
Advanta Corp. Cl A 3,600 65,700
Deluxe Corp. 1,200 32,925
Doral Financial Corp. 6,100 75,106
Edwards (A.G.), Inc. 2,250 72,141
METRIS Cos., Inc. 2,200 78,513
Waddell & Reed Financial, Inc. Cl A 2,300 62,388
------------
386,772
------------
Food & Beverage -- 1.33%
Fleming Companies, Inc. 7,900 80,975
IBP Co. Ltd. 4,600 82,800
------------
163,775
------------
Forest & Paper Products -- 1.74%
Boise Cascade Corp. 3,100 125,550
Chesapeake Corp. 1,500 45,750
Louisiana-Pacific Corp. 3,000 42,750
------------
214,050
------------
Health Care -- 5.43%
Apria Healthcare Group, Inc.* 3,500 62,781
C.R. Bard, Inc. 1,800 95,400
Foundation Health Systems Cl A* 5,700 56,644
Ivax Corp. 4,800 123,600
Mallinckrodt, Inc. 3,300 104,981
Pacificare Health Systems Inc. Cl A* 1,300 68,900
Trigon Healthcare, Inc.* 3,400 100,300
Universal Health Services, Inc.* 1,500 54,000
------------
666,606
------------
Insurance -- 5.13%
Allmerica Financial Corp. 2,100 116,813
Delphi Financial Group, Inc.* 742 22,260
Everest Reinsurance Holdings, Inc. 2,800 62,475
Leucadia National Corp. 2,100 48,563
Old Republic International Corp. 4,600 62,675
PMI Group, Inc. 2,550 124,472
Renaissance Re Holdings 2,200 89,925
UICI* 1,800 19,013
White Mountains Insurance Group 700 84,350
------------
630,544
------------
Manufacturing -- 6.94%
Commercial Metals Co. 3,300 111,994
Commercial Metals Co. Rights* 3,300 --
Cooper Tire & Rubber Co. 3,400 52,913
ITT Industries, Inc. 3,500 117,031
JLG Industries, Inc. 5,100 80,963
La-Z-Boy, Inc. 2,800 47,075
Lafarge Corp. 1,500 41,438
National R.V. Holdings, Inc.* 2,300 44,275
Salton, Inc.* 2,350 78,578
Thermo Electron Corp.* 3,700 55,500
Trinity Industries, Inc. 2,200 62,563
Trinity Industries, Inc. Rights* 2,200 --
USG Corp. 2,500 117,813
Vitro SA ADR 1,200 6,600
York International Corp. 1,300 35,669
------------
852,409
------------
Materials and Processing -- 0.63%
Birmingham Steel Corp. 14,500 77,031
------------
Office Equipment -- 0.36%
John H. Harland Co. 2,400 43,950
------------
Oil & Gas -- 3.77%
Apache Corp. 2,900 107,119
Energy East Corp. 3,600 74,925
Eog Resources, Inc. 2,400 42,150
Murphy Oil Corp. 1,000 57,375
Tesoro Petroleum Corp. 5,900 68,219
Ultramar Diamond Shamrock Corp. 5,000 113,438
------------
463,225
------------
Pharmaceuticals -- 1.32%
Bindley Western Industries, Inc. 5,333 80,328
Dura Pharmaceuticals, Inc.* 4,700 65,506
Herbalife International, Inc. Cl A 1,133 16,287
------------
162,121
------------
Real Estate -- 0.84%
LNR Property Corp. 5,200 103,350
------------
Retail -- 8.08%
Brinker International, Inc.* 4,600 110,400
Darden Restaurants, Inc. 4,000 72,500
Dollar Thrifty Automotive Group, Inc.* 3,800 90,963
Genesco, Inc.* 7,300 94,900
Handleman Co. 3,100 41,463
Jack In The Box, Inc.* 3,000 62,063
Lone Star Steakhouse & Saloon, Inc.* 6,000 53,531
Media Arts Group, Inc.* 3,000 10,313
Micro Warehouse, Inc.* 2,200 40,700
Musicland Stores Corp.* 4,900 41,344
Rent-A-Center, Inc.* 4,400 87,175
Ryan's Family Steak Houses, Inc.* 8,000 68,000
Sonic Corp.* 3,600 102,600
Ross Stores, Inc. 2,000 35,875
Tecumseh Products Company Cl A 1,700 80,219
------------
992,044
------------
Technology -- 0.63%
Imation Corp.* 2,300 77,194
------------
Telecommunications -- 4.85%
Able Telecom Holding Corp.* 7,600 60,800
Interdigital Communications Corp.* 4,700 352,500
PT Telekomunikasi Indonesia Sp ADR 7,300 80,300
TALK.com, Inc.* 2,900 51,475
Telephone & Data Systems, Inc. 400 50,400
------------
595,475
------------
Tobacco -- 0.37%
Universal Corp. 2,000 45,625
------------
Transportation -- 3.74%
America West Holdings Corp. Cl B* 3,300 68,475
Avis Rent-A-Car, Inc.* 5,100 130,369
Continental Airlines, Inc. Rights 1,400 --
Landstar System, Inc.* 1,700 72,781
Transportation Technologies Industries, Inc.* 3,100 55,994
UAL Corp.* 1,700 131,856
------------
459,475
------------
Utilities -- 2.95%
Cia Paranaense de Energia SP ADR 13,800 128,513
Huaneng Power International, Inc. ADR 6,800 71,825
MidAmerican Energy Holdings Co. 1,800 60,638
Public Service Company of New Mexico 6,200 100,750
------------
361,725
------------
Total Common Stock (Cost $11,071,128) 11,983,361
------------
INVESTMENT COMPANIES -- 1.47%
Evergreen Money Market Treasury Institutional Treasury
Money Market Fund Institutional Service Shares 180,266 180,266
------------
Total Investment Companies (Cost $180,266) 180,266
------------
Total Value of Investments (Cost $11,251,394)+ 99.05% $12,163,627
Other Assets, Less Liabilities 0.95% 116,352
------------ ------------
Net Assets 100.00% $12,279,979
============ ============
* Non-income producing investment.
ADR-American Depository Receipt
+ Aggregate cost for financial reporting and federal income tax purposes is the same.
Unrealized appreciation of investments for financial reporting and federal income
tax purposes is as follows:
Unrealized appreciation $1,837,461
Unrealized depreciation (925,228)
------------
Net unrealized appreciation $912,233
============
See notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
QUAKER FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 1999
Interest Maturity
Principal Rate Date Value
------------ --------- ---------- ------------
<S> <C> <C> <C> <C>
ASSET BACKED SECURITIES -- 1.57%
Conseco Financial Home Equity
(cnfhe) 99-H Af4 105,000 7.32% 15-Sep-04 $103,564
------------
Total Asset Backed Securities
(Cost $104,979) 103,564
------------
CORPORATE BONDS -- 11.14%
Abbott Laboratories 200,000 5.40% 15-Sep-08 178,379
AID-ISRAEL 350,000 5.625% 15-Sep-03 336,326
General Electric Capital Corp. 150,000 7.375% 15-Sep-04 151,960
Lockheed Martin Corp. 70,000 7.45% 15-Jun-04 68,738
------------
Total Corporate Bonds (Cost $789,175) 735,403
------------
MORTGAGED BACKED SECURITIES -- 25.73%
Federal Home Loan Mortgage Corp. 150,000 6.30% 01-Jun-04 145,552
Federal Home Loan Mortgage Corp. 1,600,000 6.625% 15-Sep-09 1,552,726
------------
Total Mortgage Backed Securities
(Cost $1,738,900) 1,698,278
------------
U.S. GOVERNMENT OBLIGATIONS -- 43.94%
U.S. Treasury Bond 270,000 10.375% 15-Nov-12 328,135
U.S. Treasury Note 1,693,000 4.75% 15-Nov-08 1,494,072
U.S. Treasury Note 210,000 5.50% 28-Feb-03 205,013
U.S. Treasury Note 91,000 5.50% 31-May-03 88,583
U.S. Treasury Note 585,000 5.625% 15-May-08 550,449
U.S. Treasury Note 234,000 6.25% 31-Aug-02 233,927
------------
Total U.S. Government Obligations
(Cost $2,987,652) 2,900,179
------------
Number of
Shares Value
------------ ------------
INVESTMENT COMPANIES -- 18.21%
Evergreen Money Market Treasury
Institutional Treasury Money
Market Fund Institutional Service
shares 1,202,295 $1,202,295
------------
Total Investment Companies
(Cost $1,202,295) 1,202,295
------------
Total Value of Investments
(Cost $6,823,001)+ 100.59% $6,639,719
Liabilities in Excess
of Other Assets (0.59%) (39,160)
--------- ------------
Net Assets 100.00% $6,600,559
========= ============
+ Aggregate cost for financial reporting and federal income tax purposes is the same.
Unrealized depreciation of investments for financial reporting and federal income
tax purposes is as follows:
Unrealized appreciation $--
Unrealized depreciation (183,282)
------------
Net unrealized depreciation $(183,282)
============
See notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
QUAKER INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
December 31, 1999
Core Equity Aggressive Large-Cap Mid-Cap Small-Cap Fixed Income
Fund Growth Fund Value Fund Value Fund Value Fund Fund
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (cost
$22,286,886, $6,477,603,
$8,926,058, $9,485,163,
$11,251,394 and $6,823,001)
(note 2) $29,793,196 $8,095,013 $9,285,286 $9,401,827 $12,163,627 $6,639,719
Cash -- -- 1,095 -- -- --
Receivables:
Dividends and interest 21,074 13,895 11,831 6,544 5,067 76,840
Fund shares sold 229,461 70,109 -- 104,877 111,033 --
Investment securities sold -- 22,064 -- -- -- --
Due from fund sponsor -- -- 293 898 -- 1,099
Deferred organization expenses,
net (notes 2 and 4) 12,371 12,352 12,371 5,994 12,371 12,371
Prepaid expenses and other assets 17,310 6,329 10,186 18,009 14,556 12,217
----------- ---------- ---------- ---------- ----------- ----------
Total assets 30,073,412 8,219,762 9,321,062 9,538,149 12,306,654 6,742,246
----------- ---------- ---------- ---------- ----------- ----------
LIABILITIES:
Payables:
Fund shares redeemed 102,771 -- 49,628 -- 19,721 135,515
Investment securities purchased -- 62,147 -- -- -- --
Distributions -- 1,326 481 -- 1,374 271
Accrued expenses 6,928 5,062 2,865 3,111 4,453 5,531
Due to fund sponsor (notes 2 and 3) 3,306 527 -- -- 377 --
Other liabilities 5,000 -- -- -- 750 370
----------- ---------- ---------- ---------- ----------- ----------
Total liabilities 118,005 69,062 52,974 3,111 26,675 141,687
----------- ---------- ---------- ---------- ----------- ----------
NET ASSETS
(Applicable to 1,447,303,
418,041, 759,993, 926,883,
978,906 and 670,408 shares
outstanding, respectively;
unlimited shares of $0.01
par value, beneficial
interest authorized) $29,955,407 $8,150,700 $9,268,088 $9,535,038 $12,279,979 $6,600,559
=========== ========== ========== ========== =========== ==========
NET ASSET VALUE, REDEMPTION
AND OFFERING PRICE PER SHARE $20.70 $19.50 $12.19 $10.29 $12.54 $9.85
=========== ========== ========== ========== =========== ==========
NET ASSETS CONSIST OF:
Paid--in capital $21,835,754 $5,776,587 $9,115,412 $9,466,575 $11,259,577 $7,003,515
Undistributed net investment
income (loss) (96,136) 10,390 3,377 (11,139) (13,143) --
Accumulated net realized gain
(loss) on investments 709,479 746,313 (209,929) 162,938 121,312 (219,674)
Net unrealized appreciation
(depreciation) on investments 7,506,310 1,617,410 359,228 (83,336) 912,233 (183,282)
----------- ---------- ---------- ---------- ----------- ----------
$29,955,407 $8,150,700 $9,268,088 $9,535,038 $12,279,979 $6,600,559
=========== ========== ========== ========== =========== ==========
See notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
QUAKER INVESTMENT TRUST
STATEMENTS OF OPERATIONS (Unaudited)
Year Ended December 31, 1999
Core Equity Aggressive Large-Cap Mid-Cap Small-Cap Fixed Income
Fund Growth Fund Value Fund Value Fund Value Fund Fund
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Dividends $75,985 $1,654 $63,508 $53,740 $62,831 $--
Interest 2,887 68,723 11,139 7,489 3,740 204,978
---------- ---------- ---------- ---------- ---------- ----------
Total income 78,872 70,377 74,647 61,229 66,571 204,978
---------- ---------- ---------- ---------- ---------- ----------
Expenses:
Investment advisory fees (note 2) 97,156 21,004 35,361 40,190 43,819 15,861
Fund administration fees (note 2) 10,375 1,768 3,328 3,744 3,938 2,886
Fund accounting fees (note 2) 7,141 7,141 7,141 7,141 7,141 7,141
Custody fees 2,253 2,676 1,964 1,233 2,700 749
Shareholder servicing fees 6,302 6,302 6,302 6,302 6,302 6,302
Shareholder servicing distribution
fees (note 3) 32,385 7,000 11,139 13,397 15,344 5,287
Trustee fees and meeting expenses 1,546 243 597 748 800 471
Audit fees 5,202 394 985 2,455 2,633 1,418
Distribution fees (note 2) 963 56 675 3,426 815 243
Registration and filing expenses 2,636 2,105 2,420 2,435 3,434 2,022
Printing expenses 3,143 326 889 1,640 1,739 1,072
Amortization of deferred
organizational expenses (note 4) 3,406 3,406 3,406 1,008 3,406 3,406
Other operating expenses 10,684 1,164 3,122 6,287 6,363 2,879
---------- ---------- ---------- ---------- ---------- ----------
Total expenses 183,192 53,585 77,329 90,006 98,434 49,737
Less:
Investment advisory fees waived
(note 2) (6,136) (12,035) (10,147) (12,633) (14,069) (13,318)
Shareholder service fees waived
(note 3) (2,048) (4,081) (3,499) (5,005) (4,651) (4,670)
---------- ---------- ---------- ---------- ---------- ----------
Net expenses 175,008 37,469 63,683 72,368 79,714 31,749
---------- ---------- ---------- ---------- ---------- ----------
Net investment income (loss) (96,136) 32,908 10,964 (11,139) (13,143) 173,229
---------- ---------- ---------- ---------- ---------- ----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) from
investments 1,260,961 1,325,886 (143,370) 162,857 636,558 (219,674)
Net unrealized appreciation
(depreciation) on investments 3,509,937 1,123,434 (608,220) (994,370) (538,583) 15,098
---------- ---------- ---------- ---------- ---------- ----------
Net realized and unrealized gain
(loss) on investments 4,770,898 2,449,320 (751,590) (831,513) 97,975 (204,576)
---------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net
assets resulting from operations $4,674,762 $2,482,228 $(740,626) $(842,652) $84,832 $(31,347)
========== ========== ========== ========== ========== ==========
See notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
QUAKER INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
Core Equity Aggressive Large-Cap Mid-Cap Small-Cap Fixed Income
For the Period Ended December 31, 1999 Fund Growth Fund Value Fund Value Fund Value Fund Fund
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss) $(96,136) $32,908 $10,964 $(11,139) $(13,143) $173,229
Net realized gain (loss) on from
investment transactions 1,260,961 1,325,886 (143,370) 162,857 636,558 (219,674)
Net unrealized appreciation
(depreciation) on investments 3,509,937 1,123,434 (608,220) (994,370) (538,583) 15,098
----------- ---------- ---------- ----------- ----------- ----------
Net increase (decrease) in net
assets resulting from operations 4,674,762 2,482,228 (740,626) (842,652) 84,832 (31,347)
----------- ---------- ---------- ----------- ----------- ----------
Distributions to shareholders from:
Net investment income -- (22,518) (11,115) -- -- (173,229)
Net realized gain from investment
transactions (543,296) (583,162) (44,096) -- (388,757) --
Total Distributions (543,296) (605,680) (55,211) -- (388,757) (173,229)
----------- ---------- ---------- ----------- ----------- ----------
Capital share transactions
Increase (decrease) in net assets
from Fund share transactions
(note 6) 416,929 2,409,220 321,777 (1,777,804) (436,571) (870,283)
----------- ---------- ---------- ----------- ----------- ----------
Total increase (decrease) in
net assets 4,548,395 4,285,768 (474,060) (2,620,456) (740,496) (1,074,859)
NET ASSETS
Beginning of period 25,407,012 3,864,932 9,742,148 12,155,494 13,020,475 7,675,418
----------- ---------- ---------- ----------- ----------- ----------
End of period $29,955,407 $8,150,700 $9,268,088 $9,535,038 $12,279,979 $6,600,559
=========== ========== ========== =========== =========== ==========
For the Year Ended June 30, 1999
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $(85,069) $25,918 $25,112 $(4,946) $(39,554) $311,014
Net realized gain (loss) on from
investment transactions 855,029 659,185 125,381 10,689 (166,810) 17,710
Net unrealized appreciation
(depreciation) on investments 3,265,525 425,043 846,719 409,810 1,144,461 (252,989)
----------- ---------- ---------- ----------- ----------- ----------
Net increase in net assets
resulting from operations 4,035,485 1,110,146 997,212 415,553 938,097 75,735
----------- ---------- ---------- ----------- ----------- ----------
Distributions to shareholders from:
Net investment income (982) (25,918) (25,111) -- -- (311,798)
Net realized gain from investment
transactions (875,797) (747,729) (343,499) (140,565) (81,104) (3,926)
----------- ---------- ---------- ----------- ----------- ----------
Total Distributions (876,779) (773,647) (368,610) (140,565) (81,104) (315,724)
----------- ---------- ---------- ----------- ----------- ----------
Capital share transactions
Increase in net assets from Fund
share transactions (note 6) 17,471,206 1,814,848 7,515,012 2,847,326 8,176,756 2,233,255
----------- ---------- ---------- ----------- ----------- ----------
Total increase in net assets 20,629,912 2,151,347 8,143,614 3,122,314 9,033,749 1,993,266
NET ASSETS
Beginning of period 4,777,100 1,713,585 1,598,534 9,033,180 3,986,726 5,682,152
----------- ---------- ---------- ----------- ----------- ----------
End of period $25,407,012 $3,864,932 $9,742,148 $12,155,494 $13,020,475 $7,675,418
=========== ========== ========== =========== =========== ==========
See notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
QUAKER INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (Unaudited)
(For a Share Outstanding Throughout the Period)
Core Equity Fund
- ----------------------------------------------------------------------------------------------------
For the
period from
Period Year Year November 25, 1996
Ended Ended Ended (commencement of
December 31, June 30, June 30, operations) to
1999 1999 1998 June 30, 1997
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $17.78 $14.42 $11.61 $10.00
------- ------- ------- -------
Income from investment operations:
Net investment income (loss) (0.01) (0.06) 0.00 0.04
Net realized and unrealized gain on investments 3.31 4.10 2.81 1.61
------- ------- ------- -------
Total from investment operations 3.30 4.04 2.81 1.65
======= ======= ======= =======
Distributions to shareholders from:
Net investment income 0.00 0.00 0.00 (0.04)
Net realized capital gain (0.38) (0.68) 0.00 0.00
------- ------- ------- -------
Total distributions (0.38) (0.68) 0.00 (0.04)
======= ======= ======= =======
Net Asset Value - End of Period $20.70 $17.78 $14.42 $11.61
======= ======= ======= =======
Total Return 18.57% 28.16% 24.20% 16.50%(b)
Ratios/supplemental data
Net assets, end of period (000's omitted) $29,955 $25,407 $4,777 $519
Ratio of expenses to average net assets:
Before expense reimbursements and waived fees 1.41%(a) 1.44% 3.48% 21.30%(a)
After expense reimbursements and waived fees 1.35%(a) 1.29% 1.35% 1.35%(a)
Ratio of net investment income (loss) to
average net assets:
Before expense reimbursements and waived fees (0.80)%(a) (0.73)% (2.10)% (19.47)%(a)
After expense reimbursements and waived fees (0.74)%(a) (0.58)% 0.03% 0.49%(a)
Portfolio turnover rate 37.59% 78.45% 64.36% 11.49%
(a) Annualized.
(b) Aggregate total return, not annualized.
</TABLE>
<TABLE>
<CAPTION>
Aggressive Growth Fund
- ----------------------------------------------------------------------------------------------------
For the
period from
Period Year Year November 25, 1996
Ended Ended Ended (commencement of
December 31, June 30, June 30, operations) to
1999 1999 1998 June 30, 1997
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $14.10 $12.01 $11.16 $10.00
------- ------- ------- -------
Income from investment operations:
Net investment income 0.08 0.12 0.00 0.04
Net realized and unrealized gain on investments 6.90 5.54 2.69 1.23
------- ------- ------- -------
Total from investment operations 6.98 5.66 2.69 1.27
------- ------- ------- -------
Distributions to shareholders from:
Net investment income (0.06) (0.12) 0.00 (0.04)
Net realized capital gain (1.52) (3.45) (1.38) (0.07)
Distribution in excess of net realized gain 0.00 0.00 (0.46) 0.00
------- ------- ------- -------
Total distributions (1.58) (3.57) (1.84) (0.11)
======= ======= ======= =======
Net Asset Value - End of Period $19.50 $14.10 $12.01 $11.16
======= ======= ======= =======
Total Return 49.59% 49.44% 26.57% 12.68%(b)
Ratios/supplemental data
Net assets, end of period (000's omitted) $8,151 $3,865 $1,714 $1,121
Ratio of expenses to average net assets:
Before expense reimbursements and waived fees 1.92%(a) 2.84% 8.09% 13.44%(a)
After expense reimbursements and waived fees 1.35%(a) 1.35% 1.35% 1.34%(a)
Ratio of net investment income (loss) to average
net assets:
Before expense reimbursements and waived fees 0.60%(a) (0.45)% (6.72)% (9.18)%(a)
After expense reimbursements and waived fees 1.17%(a) 1.04% (0.04)% 0.64%(a)
Portfolio turnover rate 300.68% 1696.00% 887.13% 778.01%
(a) Annualized.
(b) Aggregate total return, not annualized.
See notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
QUAKER INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (Unaudited)
(For a Share Outstanding Throughout the Period)
Large-Cap Value Fund
- ----------------------------------------------------------------------------------------------------
For the
period from
Period Year Year November 25, 1996
Ended Ended Ended (commencement of
December 31, June 30, June 30, operations) to
1999 1999 1998 June 30, 1997
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $13.28 $14.02 $11.83 $10.00
------- ------- ------- -------
Income from investment operations:
Net investment income 0.01 0.04 0.07 0.07
Net realized and unrealized gain (loss)
on investments (1.03) 1.69 3.10 1.83
------- ------- ------- -------
Total from investment operations (1.02) 1.73 3.17 1.90
------- ------- ------- -------
Distributions to shareholders from:
Net investment income (0.01) (0.07) (0.04) (0.07)
Net realized capital gain (0.06) (2.40) (0.94) 0.00
------- ------- ------- -------
Total distributions (0.07) (2.47) (0.98) (0.07)
======= ======= ======= =======
Net Asset Value - End of Period $12.19 $13.28 $14.02 $11.83
======= ======= ======= =======
Total Return (7.66)% 19.05% 28.32% 19.04%(b)
Ratios/supplemental data
Net assets, end of period (000's omitted) $9,268 $9,742 $1,599 $783
Ratio of expenses to average net assets:
Before expense reimbursements and waived fees 1.64%(a) 2.02% 5.58% 16.44%(a)
After expense reimbursements and waived fees 1.35%(a) 0.81% 1.00% 1.00%(a)
Ratio of net investment income (loss) to average
net assets:
Before expense reimbursements and waived fees (0.06)%(a) (0.47)% (3.99)% (14.32)%(a)
After expense reimbursements and waived fees 0.23%(a) 0.74% 0.59% 1.14%(a)
Portfolio turnover rate 12.03% 136.81% 274.63% 34.26%
(a) Annualized.
(b) Aggregate total return, not annualized.
See notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
QUAKER INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (Unaudited)
(For a Share Outstanding Throughout the Period)
Mid-Cap Value Fund
- ----------------------------------------------------------------------------------------------------
For the
period from
Period Year January 6, 1998
Ended Ended (commencement of
December 31, June 30, operations) to
1999 1999 June 30, 1998
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $11.00 $10.93 $10.00
------- ------- -------
Income from investment operations:
Net investment income (loss) (0.01) 0.00 (0.02)
Net realized and unrealized gain (loss) on investments (0.70) 0.23 0.95
------- ------- -------
Total from investment operations (0.71) 0.23 0.93
------- ------- -------
Distributions to shareholders from:
Net realized capital gain 0.00 (0.16) 0.00
------- ------- -------
Total distributions 0.00 (0.16) 0.00
======= ======= =======
Net Asset Value - End of Period $10.29 $11.00 $10.93
======= ======= =======
Total Return (6.45)% 2.68% 9.30%(b)
Ratios/supplemental data
Net assets, end of period (000's omitted) $9,535 $12,155 $9,033
Ratio of expenses to average net assets:
Before expense reimbursements and waived fees 1.68%(a) 1.63% 1.97%
After expense reimbursements and waived fees 1.35%(a) 1.35% 1.35%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements and waived fees (0.54)%(a) (0.33)% (0.93)%
After expense reimbursements and waived fees (0.21)%(a) (0.05)% (0.31)%
Portfolio turnover rate 17.53% 69.59% 13.86%
(a) Annualized.
(b) Aggregate total return, not annualized.
See notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
QUAKER INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (Unaudited)
(For a Share Outstanding Throughout the Period)
Small-Cap Value Fund
- ----------------------------------------------------------------------------------------------------
For the
period from
Period Year Year November 25, 1996
Ended Ended Ended (commencement of
December 31, June 30, June 30, operations) to
1999 1999 1998 June 30, 1997
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $12.81 $13.47 $11.53 $10.00
------- ------- ------- -------
Income from investment operations:
Net investment income (loss) 0.03 (0.04) (0.01) 0.01
Net realized and unrealized gain (loss)
on investments 0.11 (0.40) 2.99 2.02
------- ------- ------- -------
Total from investment operations 0.14 (0.44) 2.98 2.03
------- ------- ------- -------
Distributions to shareholders from:
Net investment income 0.00 0.00 0.00 (0.01)
Net realized capital gain (0.41) (0.22) (1.04) (0.49)
------- ------- ------- -------
Total distributions (0.41) (0.22) (1.04) (0.50)
======= ======= ======= =======
Net Asset Value - End of Period $12.54 $12.81 $13.47 $11.53
======= ======= ======= =======
Total Return 1.14% (2.96)% 27.04% 20.35%(b)
Ratios/supplemental data
Net assets, end of period (000's omitted) $12,280 $13,020 $3,792 $1,333
Ratio of expenses to average net assets:
Before expense reimbursements and waived fees 1.60%(a) 1.78% 4.20% 10.50%(a)
After expense reimbursements and waived fees 1.30%(a) 1.35% 1.35% 1.31%(a)
Ratio of net investment income (loss) to
average net assets
Before expense reimbursements and waived fees (0.52)%(a) (0.82)% (3.03)% (8.96)%(a)
After expense reimbursements and waived fees (0.21)%(a) (0.40)% (0.18)% 0.22%(a)
Portfolio turnover rate 60.45% 113.99% 129.58% 90.63%
(a) Annualized.
(b) Aggregate total return, not annualized.
See notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
QUAKER INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (Unaudited)
(For a Share Outstanding Throughout the Period)
Fixed Income Fund
- ----------------------------------------------------------------------------------------------------
For the
period from
Period Year Year November 25, 1996
Ended Ended Ended (commencement of
December 31, June 30, June 30, operations) to
1999 1999 1998 June 30, 1997
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $10.13 $10.41 $9.89 $10.00
------- ------- ------- -------
Income from investment operations:
Net investment income 0.25 0.48 0.47 0.26
Net realized and unrealized gain (loss)
on investments (0.28) (0.27) 0.50 (0.11)
------- ------- ------- -------
Total from investment operations (0.03) 0.21 0.97 0.15
------- ------- ------- -------
Distributions to shareholders from:
Net investment income (0.25) (0.48) (0.45) (0.26)
Net realized capital gain 0.00 (0.01) 0.00 0.00
------- ------- ------- -------
Total distributions (0.25) (0.49) (0.45) (0.26)
======= ======= ======= =======
Net Asset Value - End of Period $9.85 $10.13 $10.41 $9.89
======= ======= ======= =======
Total Return (0.33)% 1.84% 9.97% 1.57%(b)
Ratios/supplemental data
Net assets, end of period (000's omitted) $6,601 $7,675 $5,682 $576
Ratio of expenses to average net assets:
Before expense reimbursements and waived fees 1.41%(a) 1.41% 2.53% 16.56%(a)
After expense reimbursements and waived fees 0.90%(a) 0.90% 0.90% 0.90%(a)
Ratio of net investment income (loss) to
average net assets
Before expense reimbursements and waived fees 4.41%(a) 4.03% 2.96% (10.87)%(a)
After expense reimbursements and waived fees 4.92%(a) 4.54% 4.59% 4.79%(a)
Portfolio turnover rate 98.83% 276.94% 81.55% 0.00%
(a) Annualized.
(b) Aggregate total return, not annualized.
See notes to the financial statements.
</TABLE>
QUAKER INVESTMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1999
- ------------------------------------------------------------------------
NOTE 1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER
INFORMATION
The Quaker Investment Trust (the "Trust"), a diversified, open-end
management investment company, was organized as a Massachusetts Business
Trust on October 24, 1990, and is registered under the Investment
Company Act of 1940, as amended. The Trust's Agreement and Declaration
of Trust permits the Trustees to issue an unlimited number of shares
of beneficial interest. The Trust has established six series: the Quaker
Core Equity Fund, the Quaker Aggressive Growth Fund, the Quaker Large-
Cap Value Fund, the Quaker Small-Cap Value Fund, the Quaker Mid-Cap
Value Fund and the Quaker Fixed Income Fund (each a "Fund" and
collectively, the "Funds"). The Investment objectives of each Fund are
set forth below.
The Quaker Core Equity Fund (the "Core Equity Fund"), the Quaker
Aggressive Growth Fund (the "Aggressive Growth Fund"), the Quaker Large-
Cap Value Fund (the "Large-Cap Value Fund") and the Quaker Small-Cap
Value Fund (the "Small-Cap Value Fund") all commenced operations on
November 25, 1996. The Quaker Mid-Cap Value Fund (the "Mid-Cap Value
Fund") commenced operations on January 6, 1998. The investment objective
of these Funds is to provide shareholders with long-term capital growth
by investing primarily in equity securities of domestic U.S. companies.
The Quaker Fixed Income Fund (the "Fixed Income Fund") commenced
operations on November 25, 1996. The investment objective of this Fund
is to generate current income, preserve capital and maximize total
returns through active management of investment grade income securities.
A. Security Valuation. Each Fund's investments in securities are carried
at value. Securities listed on an exchange or quoted on a national
market system are valued at 4:00 p.m. (3:00 p.m. for securities of the
Fixed Income Fund), New York time on the day of valuation. Other
securities traded in the over-the-counter market and listed securities
for which no sale was reported on that date are valued at the most
recent bid price. Securities for which market quotations are not readily
available, if any, are valued by using an independent pricing service or
by following procedures approved by the Board of Trustees. Short-term
investments are valued at amortized cost, which approximates fair market
value.
B. Federal Income Taxes. No provision has been made for federal income
taxes or personal holding company taxes since it is the policy of each
Fund to comply with the provisions of the Internal Revenue Code
applicable to regulated investment companies and personal holding
companies and to make sufficient distributions of taxable income to
relieve it from substantially all federal income taxes.
Net investment income (loss) and net realized gains (losses) may differ
for financial statement and income tax purposes primarily due to
investments which have a different basis for financial statement and
income tax purposes. The character of distributions made during the year
from net investment income or net realized gains may differ from their
ultimate characterization for federal income tax purposes. Also, due to
the timing of dividend distributions, the fiscal year in which amounts
are distributed may differ from the year that the income or realized
gains were recorded by each Fund.
C. Investment Transactions. Investment transactions are recorded on the
trade date. Realized gains and losses are determined using the specific
identification cost method. Interest income is recorded daily on an
accrual basis. Discounts and premiums on debt securities are amortized
to income over their respective lives. Dividend income is recorded on
the ex-dividend date, or as soon as information is available to the
Fund.
The Aggressive Growth Fund makes short sales of investments, which are
transactions in which the Fund sells a security it does not own. To
complete such a transaction, the Fund must borrow the security to make
delivery to the buyer. The Fund is then obligated to replace the
security borrowed by purchasing it at the market price at the time of
replacement. The proceeds of short sales are retained by the broker to
the extent necessary to meet margin requirements, until the short
position is closed out.
D. Distributions to Shareholders. Except for the Fixed Income Fund which
declares dividends monthly, each Fund generally declares dividends
annually, payable in December, on a date selected by the Trust's
Trustees. In addition, distributions may be made annually in December
out of net realized gains through October 31, of that year.
Distributions to shareholders are recorded on the ex-dividend date. Each
Fund may make a supplemental distribution subsequent to the end of its
fiscal year ending June 30.
E. Use of Estimates. The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that may affect the
reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those estimates.
NOTE 2 -- INVESTMENT ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS
Pursuant to separate investment advisory agreements, the Advisors,
Geewax, Terker & Co., Inc. for the Core Equity Fund, DG Capital
Management, Inc. for the Aggressive Growth Fund, Aronson + Partners for
the Small-Cap Value Fund, Compu-Val Investments, Inc. for the Mid-Cap
Value Fund and Large-Cap Value Fund (formerly the Enhanced Stock Market
Fund) and Fiduciary Asset Management Company for the Fixed Income Fund
(the "Advisors") provides each Fund with a continuous program of
supervision of the Fund's assets, including the composition of its
portfolio, and furnishes advice and recommendations with respect to
investments, investment policies and the purchase and sale of
securities. Investors Trust, Inc. became investment advisors for the
Fixed Income Fund pursuant to an Investment Advisory Agreement dated
January 1, 2000 following the resignation of Fiduciary Asset Management
Co.. Compu-Val Investments, Inc. became investment advisor for the
Large-Cap Value Fund pursuant to an Investment Advisory Agreement dated
February 26, 1999 following the resignation of Fiduciary Asset
Management Co. As compensation for its services, the Advisor receives a
fee at an annual rate of the Fund's average daily net assets. The
Advisors intend to voluntarily waive all or a portion of their fees.
There can be no assurance that the foregoing voluntary fee waivers will
continue. For the period ended December 31, 1999, each Advisor has
voluntarily waived its fee as follows:
Advisory Fee Advisory Fee
Rate Waiver
------------ ------------
Large-Cap Value Fund 0.75% $10,147
Core Equity Fund 0.75 6,136
Aggressive Growth Fund 0.75 12,035
Mid-Cap Value Fund 0.75 12,633
Small-Cap Value Fund 0.90 14,069
Fixed Income Fund 0.45 13,318
The Declaration Service Company (the "Administrator") serves as the
Administrator for each Fund. The Administrator provides administrative
services to and is generally responsible for the overall management and
day-to-day operations of each Fund pursuant to an accounting and
administrative agreement with the Trust. As compensation for its
services, the Administrator receives a fee at the annual rate of 0.05%
of each Fund's first $25 million of average daily net assets, 0.09% of
the next $25 million of average daily net assets, 0.07% of the next $50
million of average daily net assets, and 0.06% of its average daily net
assets in excess of $100 million. The Administrator also receives an
annual fee of $17,000 for accounting and record keeping services.
Additionally, the Administrator charges each Fund for servicing of
shareholder accounts and registration of each Fund's shares. The
Administrator also charges each Fund for certain expenses involved with
the daily valuation of portfolio securities.
The Declaration Service Company (the "Transfer Agent") serves as the
Transfer Agent for each Fund. The Transfer Agent maintains the records
of each shareholder's account, answers shareholder inquiries concerning
accounts, processes purchases and redemptions of Fund shares, acts as
dividend and distribution disbursing agent, and performs other
shareholder servicing functions. As compensation for its services, the
Transfer Agent receives an annual fee of $15,000.
A separate plan of distribution has been adopted under Rule 12b-1 of the
Investment Company Act of 1940 for each Fund. With respect to all shares
offered by the Funds, each plan provides that each Fund may pay a
servicing or Rule 12b-1 fee of 0.25% of the Fund's average net assets
(1/12 of 0.25% monthly) to persons or institutions for performing
certain servicing functions for the Fund's shareholders. The
distribution plan also allows the Fund to pay or reimburse expenditures
in connection with sales and promotional services related to
distribution of the Fund's shares, including personal services provided
to prospective and existing shareholders.
Certain Trustees and officers of the Trust are also officers of the
Advisor, the Distributor or the Administrator.
Certain organizational expenses totaling $10,000 were paid by Quaker
Funds, Inc. on behalf of the Mid-Cap Value Fund to a company controlled
by the Fund's former Administrator, The Nottingham Company.
NOTE 3 -- SERVICE FEES
The Board of Trustees, including a majority of the Trustees who are not
"interested persons" of the Trust as defined in the Investment Company
Act of 1940 (the "Act"), adopted a Shareholder Servicing Agreement (the
"Agreement"). Pursuant to this Agreement, Quaker Funds, Inc. (the
"Sponsor") will provide oversight with respect to each Fund's investment
advisor, arrange for payment of investment advisory and administrative
fees, coordinate payments under each Fund's Distribution Plan, develop
communications with existing Fund shareholders, assist in responding to
shareholder inquiries, and will provide other shareholder services. As
compensation for these services, Quaker Funds, Inc. receives a fee
according to the table below of each Fund's average daily net assets.
The Sponsor intends to voluntarily waive all or a portion of its fee and
reimburse expenses of each Fund to limit total Fund operating expenses.
There can be no assurance that the voluntary fee waivers or
reimbursements will continue. For the period ended December 31, 1999,
the amounts are as follows:
Sponsor Operating Fee
Fee1 Expenses1 Waivers
---------- ---------- ----------
Large-Cap Value Fund 0.25% 1.35% $3,499
Core Equity Fund 0.25 1.35 2,048
Aggressive Growth Fund 0.25 1.35 4,081
Mid-Cap Value Fund 0.25 1.35 5,005
Small-Cap Value Fund 0.25 1.30 4,651
Fixed Income Fund 0.15 0.90 4,670
1 Percentage of average daily net assets.
NOTE 4 -- DEFERRED ORGANIZATION EXPENSES
Expenses totaling $33,324 incurred in connection with its organization
and the registration of its shares, which were originally paid by the
Fund's Sponsor, have been assumed by each Fund except the Mid-Cap Value
Fund. The Mid-Cap Value Fund incurred $10,000 in connection with its
organization and registration of shares and has assumed that amount.
The organization expenses are being amortized using the straight-line
method over a period of sixty months. Investors purchasing shares of the
Fund bear such expenses only as they are amortized against the Fund's
investment income.
NOTE 5 -- PURCHASES AND SALES OF INVESTMENTS
During the period ended December 31, 1999, purchases and sales of
investment securities (excluding short-term investments) aggregated as
follows:
Purchases Sales
------------------ ------------------
Large-Cap Value Fund $2,043,889 $1,055,511
Core Equity Fund 9,667,750 9,900,267
Aggressive Growth Fund 7,670,839 7,613,409
Mid-Cap Value Fund 1,803,181 3,423,492
Small-Cap Value Fund 7,297,975 8,204,116
Fixed Income Fund 6,216,635 7,895,415
During the period ended December 31, 1999, purchases and sales of U.S.
government securities aggregated as follows:
Purchases Sales
------------------ ------------------
Fixed Income Fund $1,949,825 $2,853,824
NOTE 6 -- FUND SHARE TRANSACTIONS
At December 31, 1999, there were an unlimited number of shares of
beneficial interest with a $0.01 par value, authorized. The following
table summarizes the activity in shares of each Fund:
<TABLE>
<CAPTION>
Core Equity Fund
For the Period For the Year
Ended Ended
December 31, 1999 June 30, 1999
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Shares sold 116,748 $2,224,858 1,092,220 $17,328,878
Shares issued to shareholders in
reinvestment of distributions 26,200 540,951 49,309 876,541
Shares redeemed (124,290) (2,348,881) (44,140) (734,213)
----------- ----------- ----------- -----------
Net increase 18,658 $416,928 1,097,389 $17,471,206
=========== =========== =========== ===========
Shares outstanding:
Beginning of period 1,428,645 331,256
----------- -----------
End of period 1,447,303 1,428,645
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
Aggressive Growth Fund
For the Period For the Year
Ended Ended
December 31, 1999 June 30, 1999
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Shares sold 161,834 $2,604,842 110,734 $1,553,423
Shares issued to shareholders in
reinvestment of distributions 31,314 604,352 55,995 766,399
Shares redeemed (49,174) (799,974) (35,397) (504,974)
----------- ----------- ----------- -----------
Net increase 143,974 $2,409,220 131,332 $1,814,848
=========== =========== =========== ===========
Shares outstanding:
Beginning of period 274,067 142,735
----------- -----------
End of period 418,041 274,067
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
Large-Cap Value Fund
For the Period For the Year
Ended Ended
December 31, 1999 June 30, 1999
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Shares sold 141,274 $1,724,182 718,919 $8,774,739
Shares issued to shareholders in
reinvestment of distributions 5,912 73,588 35,540 368,292
Shares redeemed (121,060) (1,475,994) (134,643) (1,628,019)
----------- ----------- ----------- -----------
Net increase 26,126 $321,776 619,816 $7,515,012
=========== =========== =========== ===========
Shares outstanding:
Beginning of period 733,867 114,051
----------- -----------
End of period 759,993 733,867
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
Mid-Cap Value Fund
For the Period For the Year
Ended Ended
December 31, 1999 June 30, 1999
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Shares sold 142,894 $1,444,405 614,368 $6,128,387
Shares issued to shareholders in
reinvestment of distributions 0 0 16,378 140,370
Shares redeemed (320,954) (3,222,209) (352,272) (3,421,350)
----------- ----------- ----------- -----------
Net increase / (decrease) (178,060) $(1,777,804) 278,474 $2,847,407
=========== =========== =========== ===========
Shares outstanding:
Beginning of period 1,104,943 826,469
----------- -----------
End of period 926,883 1,104,943
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
Small-Cap Value Fund
For the Period For the Year
Ended Ended
December 31, 1999 June 30, 1999
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Shares sold 116,455 $1,422,554 960,420 $10,984,707
Shares issued to shareholders
in reinvestment of distributions 29,546 364,010 7,536 79,279
Shares redeemed (183,619) (2,223,135) (247,483) (2,887,230)
----------- ----------- ----------- -----------
Net increase / (decrease) (37,618) $(436,571) 720,473 $8,176,756
=========== =========== =========== ===========
Shares outstanding:
Beginning of period 1,016,524 296,051
----------- -----------
End of period 978,906 1,016,524
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
Fixed Income Fund
For the Period For the Year
Ended Ended
December 31, 1999 June 30, 1999
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Shares sold 57,517 $574,986 216,961 $2,292,899
Shares issued to shareholders in
reinvestment of distributions 17,165 171,340 32,500 340,455
Shares redeemed (161,742) (1,616,609) (38,022) (400,099)
----------- ----------- ----------- -----------
Net increase / (decrease) (87,060) $(870,283) 211,439 $2,233,255
=========== =========== =========== ===========
Shares outstanding:
Beginning of period 757,468 546,029
----------- -----------
End of period 670,408 757,468
=========== ===========
</TABLE>
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