Quaker Investment Trust asks shareholders to consider fund liquidation

By Toni Weeks

San Diego, Oct. 6 - Quaker Investment Trust announced it will hold a meeting of shareholders of the Quaker Long-Short Tactical Allocation Fund to consider and vote on the proposed liquidation of the fund.

According to a schedule 14(a) filing with the Securities and Exchange Commission, the fund's manager, Quaker Funds, Inc., has recommended that the fund be liquidated and dissolved because of its small asset size, its recent performance and the lack of prospects for growth in asset size and net shareholders. The trustees also determined that the fund was unlikely to be an optimally efficient investment vehicle for shareholder assets.

The meeting will be held at the office of Quaker Funds, Inc. at 10:30 a.m. ET on Oct. 24. Shareholders of record as of close of business on Sept. 22 will be sent a notification on or about Sept. 28.

Quaker said it has reviewed possible alternatives for the fund, including continuing it with an increased marketing effort, merging it into or selling it to similar investment companies, gradually liquidating it and initiating a prompt liquidation of it. The manager said that a prompt liquidation was the only viable alternative, the filing noted.

If liquidation is approved at the meeting, the fund expects to make liquidating distributions to shareholders within about one month of approval.

Shareholders are free to redeem their shares immediately without a redemption fee prior to the plan effective date or to exchange their shares for shares in another Quaker Fund. An exchange constitutes a taxable event. More information can be obtained by contacting U.S. Bancorp Fund Services, LLC (800 220-8888). Shareholders may also elect to wait until after the effective date for a redemption check.

The plan effective date will be the date on which the plan is approved by a majority of the fund's outstanding shares of record represented in person or by proxy at the meeting, at which a quorum is present.

As of close of business on the record date, the fund had 287,954.65 shares outstanding and net assets of $1,764,871.13. There are currently no claims pending against the fund.

The trust is located in Malvern, Pa.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.