Quaker Investment Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number (811-06260)

Quaker Investment Trust
(Exact name of registrant as specified in charter)

1180 W. Swedesford Road, Suite 150

Berwyn, PA 19312
(Address of principal executive offices) (Zip code)

Jeffry H. King, Sr.

Quaker Investment Trust

1180 W. Swedesford Road, Suite 150

Berwyn, PA 19312
(Name and address of agent for service)

(800) 220-8888

Registrant's telephone number, including area code

Date of fiscal year end: June 30, 2016

Date of reporting period: December 31, 2015

Item 1. Report to Stockholders.

Semi-Annual Report

December 31, 2015

Quaker Event Arbitrage Fund

Quaker Global Tactical Allocation Fund

Quaker Mid-Cap Value Fund

Quaker Small-Cap Value Fund

Quaker Strategic Growth Fund


	Mutual fund investing involves risk. Principal loss is possible. Investing in the Quaker Funds may involve special risk including, but not limited to, investments in smaller companies, short sales, foreign securities, special situations, debt securities and value growth investing. Please refer to the prospectus for more complete information. This report must be preceded or accompanied by a current prospectus. The opinions expressed are those of the adviser or sub-advisers through the end of the period for this report, are subject to change, are not a guarantee, and should not be considered investment advice. Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security. Current and future holdings are subject to risk.

Chairman’s Letter to the Shareholders (unaudited)

December 31, 2015

Dear Fellow Shareholder:

The premise upon which Quaker Funds, Inc. was founded was the desire to afford everyday investors access to the same tactical and allocation strategies used by professional money managers to augment traditional investing strategies within a holistic asset allocation mix. Our commitment to this principle is still as strong today as it was the day we opened our doors.

Our management team continually strives to provide our shareholders with innovative investment alternatives and advisers that constantly seek superior returns. Thank you for your trust and investment in the Quaker Funds.

Sincerely,

Jeffry H. King, Sr.

Chairman & CEO

Quaker Investment Trust


	Table of Contents
		Page
	Chairman’s Letter to the Shareholders	1
	Performance Update:
	Quaker Event Arbitrage Fund	2
	Quaker Global Tactical Allocation Fund	4
	Quaker Mid-Cap Value Fund	6
	Quaker Small-Cap Value Fund	8
	Quaker Strategic Growth Fund	10
	Expense Information	12
	Schedule of Investments	14
	Statements of Assets and Liabilities	32
	Statements of Operations	34
	Statements of Changes in Net Assets	36
	Financial Highlights	38
	Notes to the Financial Statements	53
	General Information	73

Performance Update (unaudited)

Quaker Event Arbitrage Fund (QEAAX, QEACX, QEAIX)

OBJECTIVES AND PRINCIPAL STRATEGIES

The Quaker Event Arbitrage Fund (“Fund”) seeks to provide long-term growth of capital. The Fund generally invests in the securities of publicly traded companies involved in mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations or similar events.

Average Annualized Total Return

									Commencement
									of operations
	Expense	Inception							through
	Ratio*	Date	One Year		Five Year		Ten Year		12/31/2015
			with	without	with	without	with	without	with	without
			sales	sales	sales	sales	sales	sales	sales	sales
			charge	charge	charge	charge	charge	charge	charge	charge
Class A	1.99%	11/21/03	-13.57%	-8.57%	-0.22%	0.91%	1.15%	1.73%	4.28%	4.77%
Class C	2.74%	6/7/10	-9.25%	-9.25%	0.15%	0.15%	N/A	N/A	0.57%	0.57%
Institutional Class	1.74%	6/7/10	-8.30%	-8.30%	1.16%	1.16%	N/A	N/A	1.55%	1.55%
S&P 500^® Total Return Index**			1.38%	1.38%	12.57%	12.57%	7.31%	7.31%	7.98%	7.98%

*	As stated in the Prospectus dated October 28, 2015. Net Expense Ratio shown. Gross Expense Ratio: A:2.17%, C:2.92%, I:1.92%. The net expense ratio reflects a contractual commitment by the Fund’s investment adviser to waive fees and reimburse expenses through October 28, 2016. Absent the waiver and reimbursement, performance would have been less favorable.
**	The benchmark since inception returns are calculated since commencement of November 21, 2003 through December 31, 2015.

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. Performance data current to the most recent month end is available at www.quakerfunds.com or by calling us toll free at 800-220-8888. Total return includes reinvestment of dividends and capital gains.

Class A shares of the Fund have a maximum sales charge of 5.50%.

The performance table does not reflect the deduction of taxes that a shareholder might pay on fund distributions or the redemption of fund shares. Total return calculations reflect expense reimbursements and fee waivers in the applicable periods. See financial highlights for periods where fees were waived or reimbursed.

The Fund’s portfolio holdings may differ significantly from the securities held in the index and, unlike a mutual fund, an unmanaged index assumes no transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index.

The S&P 500® Total Return Index (“S&P 500® Index”) is a widely recognized, unmanaged index consisting of the approximately 500 largest companies in the United States as measured by market capitalization. The S&P 500® Index assumes reinvestment of all dividends and distributions.

2015 SEMI-ANNUAL REPORT

Performance Update (unaudited) (continued)

Quaker Event Arbitrage Fund (QEAAX, QEACX, QEAIX)

ADVISER:

Quaker Funds, Inc.

TOTAL NET ASSETS:

AS OF DECEMBER 31, 2015

$59,195,285

Top 10 Holdings* (% of net assets)


Pfizer Inc.	3.8%
Mondelez International Inc.	3.3%
AGL Resources Inc.	3.2%
API Technologies Corp.	2.8%
GFI Group Inc.	2.7%
QUALCOMM Inc.	2.6%
AbbVie Inc.	2.6%
PepsiCo Inc.	2.5%
Anheuser-Busch InBev NV - ADR	2.4%
IEC Electronics Corp.	2.4%
% Fund Total	28.3%

*	Includes Long-Term Investments only.

Sectors (% of net assets)

2015 SEMI-ANNUAL REPORT

Performance Update (unaudited)

Quaker Global Tactical Allocation Fund (QTRAX, QTRCX, QTRIX)

OBJECTIVES AND PRINCIPAL STRATEGIES

The Quaker Global Tactical Allocation Fund (“Fund”) seeks to provide long-term growth of capital. The Fund invests in common stocks of U.S. companies and American Depositary Receipts (“ADRs”) of foreign companies without regard to market capitalization. Under normal circumstances, the Fund will invest at least 40% of its total assets in common stocks and ADRs of foreign companies.

Average Annualized Total Return

									Commencement
									of operations
	Expense	Inception							through
	Ratio*	Date	One Year		Five Year		Ten Year		12/31/2015
			with	without	with	without	with	without	with	without
			sales	sales	sales	sales	sales	sales	sales	sales
			charge	charge	charge	charge	charge	charge	charge	charge
Class A	2.29%	5/1/08	-5.05%	0.46%	7.09%	8.32%	N/A	N/A	0.39%	1.13%
Class C	3.04%	5/1/08	-0.39%	-0.39%	7.50%	7.50%	N/A	N/A	0.36%	0.36%
Institutional Class	2.04%	7/23/08	0.72%	0.72%	8.58%	8.58%	N/A	N/A	3.09%	3.09%
MSCI World® Index**			-0.87%	-0.87%	7.59%	7.59%	N/A	N/A	3.39%	3.39%

*	As stated in the Prospectus dated October 28, 2015.
**	The benchmark since inception returns are calculated since commencement of May 1, 2008 through December 31, 2015.

Class A shares of the Fund have a maximum sales charge of 5.50%.

The Morgan Stanley Capital International World Index (“MSCI World® Index”) measures developed-market equity performance throughout the world. The MSCI World® Index assumes reinvestment of all dividends and distributions.

2015 SEMI-ANNUAL REPORT

Performance Update (unaudited) (continued)

Quaker Global Tactical Allocation Fund (QTRAX, QTRCX, QTRIX)

SUB-ADVISER:

DG Capital Management, Inc.

TOTAL NET ASSETS:

AS OF DECEMBER 31, 2015

$9,872,230

Top 10 Holdings* (% of net assets)

Amazon.com Inc.	4.5%
Alphabet Inc. CI A & C	4.5%
Adobe Systems Inc.	3.8%
Eli Lilly & Co.	3.5%
Amgen Inc.	3.3%
Gilead Sciences Inc.	2.9%
Visa Inc. Cl A	2.8%
Roche Holding AG	2.8%
Bristol-Myers Squibb Co.	2.6%
MasterCard Inc. Cl A	2.6%
% Fund Total	33.3%

*	Includes Long-Term Investments only.

Country Allocation (% of net assets)

2015 SEMI-ANNUAL REPORT

Performance Update (unaudited)

Quaker Mid-Cap Value Fund (QMCVX, QMCCX, QMVIX)

OBJECTIVES AND PRINCIPAL STRATEGIES

The Quaker Mid-Cap Value Fund (the “Fund”) seeks to provide long-term growth of capital. Current income is not a significant investment consideration and any such income realized will be considered incidental to the Fund’s investment objective. The Fund invests primarily in common stocks comparable to the companies included in the Russell Midcap® Value Index.

Average Annualized Total Return

									Commencement
									of operations
	Expense	Inception							through
	Ratio*	Date	One Year		Five Year		Ten Year		12/31/2015
			with	without	with	without	with	without	with	without
			sales	sales	sales	sales	sales	sales	sales	sales
			charge	charge	charge	charge	charge	charge	charge	charge
Class A	1.98%	12/31/97	-15.60%	-10.70%	6.73%	7.95%	3.74%	4.33%	6.48%	6.82%
Class C	2.73%	7/31/00	-11.38%	-11.38%	7.13%	7.13%	3.56%	3.56%	6.96%	6.96%
Institutional Class	1.73%	11/21/00	-10.44%	-10.44%	8.22%	8.22%	4.60%	4.60%	8.22%	8.22%
Russell Mid-Cap® Value Index**			-4.78%	-4.78%	11.25%	11.25%	7.61%	7.61%	8.89%	8.89%

*	As stated in the Prospectus dated October 28, 2015.
**	The benchmark since inception returns are calculated since commencement of December 31,1997 through December 31, 2015.

Class A shares of the Fund have a maximum sales charge of 5.50%.

The Russell Midcap® Value Index is a widely recognized, unmanaged index of companies included in the Russell 1000 Index with current market capitalizations between $2.4 billion to $28.7 billion. The Russell Midcap® Value index assumes reinvestment of all dividends.

2015 SEMI-ANNUAL REPORT

Performance Update (unaudited) (continued)

Quaker Mid-Cap Value Fund (QMCVX, QMCCX, QMVIX)

SUB-ADVISER:

Kennedy Capital Management, Inc.

TOTAL NET ASSETS:

AS OF DECEMBER 31, 2015

$7,202,191

Top 10 Holdings* (% of net assets)

Brixmor Property Group Inc.	3.0%
Mid-America Apartment Communities Inc.	2.8%
Reinsurance Group of America Inc. Cl A	2.6%
Teradyne Inc.	2.3%
UGI Corp.	2.3%
Woodward Inc.	2.3%
Torchmark Corp.	2.2%
Xcel Energy Inc.	2.2%
Regions Financial Corp.	2.2%
DTE Energy Co.	2.2%
% Fund Total	24.1%

*	Includes Long-Term Investments only.

Sectors (% of net assets)

2015 SEMI-ANNUAL REPORT

Performance Update (unaudited)

Quaker Small-Cap Value Fund (QUSVX, QSVCX, QSVIX)

OBJECTIVES AND PRINCIPAL STRATEGIES

The Quaker Small-Cap Value Fund (“Fund”) seeks to provide long-term growth of capital. Current income is not a significant investment consideration, and any such income realized will be considered incidental to the Fund’s investment objective. The Fund invests primarily in common stocks of U.S. companies with market capitalizations similar to the market capitalizations of companies included in the Russell 2000® Index and Russell 2500® Index. The Fund invests in companies considered by the Fund’s sub-adviser to have consistent earnings and above-average core assets, selling at relatively low market valuations, with attractive growth and momentum characteristics.

Average Annualized Total Return

									Commencement
									of operations
	Expense	Inception							through
	Ratio*	Date	One Year		Five Year		Ten Year		12/31/2015
			with	without	with	without	with	without	with	without
			sales	sales	sales	sales	sales	sales	sales	sales
			charge	charge	charge	charge	charge	charge	charge	charge
Class A	1.79%	11/25/96	-8.90%	-3.60%	8.27%	9.50%	5.32%	5.92%	9.32%	9.64%
Class C	2.54%	7/28/00	-4.34%	-4.34%	8.68%	8.68%	5.12%	5.12%	8.29%	8.29%
Institutional Class	1.54%	9/12/00	-3.36%	-3.36%	9.77%	9.77%	6.18%	6.18%	8.64%	8.64%
Russell 2000® Index**			-4.41%	-4.41%	9.19%	9.19%	6.80%	6.80%	7.73%	7.73%

*	As stated in the Prospectus dated October 28, 2015.
**	The benchmark since inception returns are calculated since commencement of November 25, 1996 through December 31, 2015.

Class A shares of the Fund have a maximum sales charge of 5.50%.

The Russell 2000^® Index is a widely recognized, unmanaged index comprised of the smallest 2000 companies represented in the Russell 3000^® Index. The Russell 2000^® Index currently represents approximately 8% of the market capitalization of the Russell 3000^® Index.

2015 SEMI-ANNUAL REPORT

Performance Update (unaudited) (continued)

Quaker Small-Cap Value Fund (QUSVX, QSVCX, QSVIX)

SUB-ADVISER:

Aronson Johnson Ortiz, LP

TOTAL NET ASSETS:

AS OF DECEMBER 31, 2015

$33,720,523

Top 10 Holdings* (% of net assets)

Alaska Air Group Inc.	1.5%
Emergent BioSolutions Inc.	1.4%
Take-Two Interactive Software Inc.	1.4%
United Therapeutics Corp.	1.4%
Everest Re Group Ltd.	1.4%
EMCOR Group Inc.	1.4%
Ligand Pharmaceuticals Inc.	1.4%
Wabash National Corp.	1.4%
Kaiser Aluminum Corp.	1.4%
Cooper Tire & Rubber Co.	1.4%
% Fund Total	14.1%

*	Includes Long-Term Investments only.

Sectors (% of net assets)

2015 SEMI-ANNUAL REPORT

Performance Update (unaudited)

Quaker Strategic Growth Fund (QUAGX, QAGCX, QAGIX)

OBJECTIVES AND PRINCIPAL STRATEGIES

The Quaker Strategic Growth Fund (“Fund”) seeks to provide long-term growth of capital. Current income is not a significant investment consideration. The Fund invests primarily in equity securities of domestic U.S. companies which the Fund’s sub-adviser believes show a high probability for superior growth.

Average Annualized Total Return

									Commencement
									of operations
	Expense	Inception							through
	Ratio*	Date	One Year		Five Year		Ten Year		12/31/2015
			with	without	with	without	with	without	with	without
			sales	sales	sales	sales	sales	sales	sales	sales
			charge	charge	charge	charge	charge	charge	charge	charge
Class A	2.24%	11/25/96	-4.82%	0.71%	8.19%	9.41%	3.95%	4.54%	10.92%	11.25%
Class C	2.99%	7/11/00	0.00%	0.00%	8.60%	8.60%	3.76%	3.76%	3.97%	3.97%
Institutional Class	1.99%	7/20/00	0.98%	0.98%	9.66%	9.66%	4.79%	4.79%	4.91%	4.91%
S&P 500® Total Return Index**			1.38%	1.38%	12.57%	12.57%	7.31%	7.31%	7.31%	7.31%

*	As stated in the Prospectus dated October 28, 2015.
**	The benchmark since inception returns are calculated since commencement of November 25, 1996 through December 31, 2015.

Class A shares of the Fund have a maximum sales charge of 5.50%.

2015 SEMI-ANNUAL REPORT

Performance Update (unaudited) (continued)

Quaker Strategic Growth Fund (QUAGX, QAGCX, QAGIX)

SUB-ADVISER:

DG Capital Management, Inc.

TOTAL NET ASSETS:

AS OF DECEMBER 31, 2015

$104,080,171

Top 10 Holdings* (% of net assets)

Roche Holding AG	6.0%
Alphabet Inc. Cl A&C	4.6%
Amazon.com Inc.	4.5%
Adobe Systems Inc.	3.9%
Eli Lilly & Co.	3.5%
Amgen Inc.	3.3%
Mastercard Inc. Cl A	3.3%
Visa Inc. Cl A	3.2%
Gilead Sciences Inc.	2.9%
NIKE Inc.	2.9%
% Fund Total	38.1%

*	Includes Long-Term Investments only.

Sectors (% of net assets)

2015 SEMI-ANNUAL REPORT

Expense Information (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the (six-month) period and held for the entire period July 1, 2015 through December 31, 2015.

ACTUAL EXPENSES

The first section of each table below provides information about actual account values and actual expenses for each of the Funds. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the applicable line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of each table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

		Beginning	Annualized	Ending
		Account Value	Expense Ratio	Account Value	Expenses Paid
		(7/1/2015)	for the Period	(12/31/2015)	During the Period*
Event Arbitrage
Example based on actual return of:
Class A	-11.44%	$1,000.00	1.99%	$ 885.60	$ 9.43
Class C	-11.69%	1,000.00	2.74%	883.10	12.97
Institutional Class	-11.38%	1,000.00	1.74%	886.20	8.25
Hypothetical example based on assumed 5% return:
Class A		1,000.00	1.99%	1,015.13	10.08
Class C		1,000.00	2.74%	1,011.36	13.85
Institutional Class		1,000.00	1.74%	1,016.39	8.82

2015 SEMI-ANNUAL REPORT

Expense Information (unaudited) (continued)

		Beginning	Annualized	Ending
		Account Value	Expense Ratio	Account Value	Expenses Paid
		(7/1/2015)	for the Period	(12/31/2015)	During the Period*
Global Tactical Allocation
Example based on actual return of:
Class A	-5.30%	$1,000.00	2.25%	$ 947.00	$11.01
Class C	-5.77%	1,000.00	3.00%	942.30	14.65
Institutional Class	-5.22%	1,000.00	2.00%	947.80	9.79
Hypothetical example based on assumed 5% return:
Class A		1,000.00	2.25%	1,013.83	11.39
Class C		1,000.00	3.00%	1,010.05	15.16
Institutional Class		1,000.00	2.00%	1,015.08	10.13

Mid-Cap Value
Example based on actual return of:
Class A	-10.73%	1,000.00	2.06%	892.70	9.80
Class C	-11.09%	1,000.00	2.81%	889.10	13.34
Institutional Class	-10.61%	1,000.00	1.81%	893.90	8.62
Hypothetical example based on assumed 5% return:
Class A		1,000.00	2.06%	1,014.78	10.43
Class C		1,000.00	2.81%	1,011.01	14.20
Institutional Class		1,000.00	1.81%	1,016.04	9.17

Small-Cap Value
Example based on actual return of:
Class A	-7.91%	1,000.00	1.82%	920.90	8.79
Class C	-8.27%	1,000.00	2.57%	917.30	12.39
Institutional Class	-7.79%	1,000.00	1.57%	922.10	7.59
Hypothetical example based on assumed 5% return:
Class A		1,000.00	1.82%	1,015.99	9.22
Class C		1,000.00	2.57%	1,012.22	13.00
Institutional Class		1,000.00	1.57%	1,017.24	7.96

Strategic Growth
Example based on actual return of:
Class A	-3.31%	1,000.00	2.24%	966.90	11.07
Class C	-3.65%	1,000.00	2.99%	963.50	14.76
Institutional Class	-3.19%	1,000.00	1.99%	968.10	9.84
Hypothetical example based on assumed 5% return:
Class A		1,000.00	2.24%	1,013.88	11.34
Class C		1,000.00	2.99%	1,010.10	15.11
Institutional Class		1,000.00	1.99%	1,015.13	10.08

*	Expenses are equal to the Funds’ annualized six-month expense ratios multiplied by the average account value over the period multiplied by the number of days in the most recent fiscal half year (184) divided by 366 to reflect the one-half year period.

2015 SEMI-ANNUAL REPORT

Schedule of Investments

Quaker Event Arbitrage Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value
Long-Term Investments — 86.9%

Common Stocks — 65.4%

Basic Materials — 1.8%

Chemicals — 1.8%
MPM Holdings Inc. (a)^		34,576	$	332,967
Platform Specialty
Products Corp. (a)(b)		56,000		718,480
				1,051,447
Mining — 0.0%
Sacre-Coeur Minerals Ltd. (a)f*#^		109,444		0
Total Basic Materials
(Cost $1,887,488)				1,051,447

Communications — 6.5%

Internet — 3.2%
30DC Inc. (a) ^•●		50,000		2,650
FTD Cos. Inc. (a)(b)		47,700		1,248,309
Yahoo! Inc. (a)		20,000		665,200
				1,916,159
Media — 1.4%
Tribune Media Co. Cl A (b)**		24,600		831,726

Telecommunications — 1.9%
NII Holdings Inc. (a)(b)		89,529		452,121
Vodafone Group PLC - ADR f		21,000		677,460
				1,129,581
Total Communications
(Cost $5,455,306)				3,877,466

Consumer, Cyclical — 0.9%

Distribution/Wholesale — 0.3%
Medion AG f		9,211		172,825

Lodging — 0.0%
Trump Entertainment
Resorts Inc. (a)*^		8,949		0
Trump Entertainment
Resorts Inc. (a)*^		135		0
				0
Retail — 0.6%
Punch Taverns PLC (a) f		177,546		335,027
Total Consumer, Cyclical
(Cost $542,094)				507,852

Consumer, Non-cyclical — 26.2%

Beverages — 4.9%
Anheuser-Busch InBev NV - ADR f		11,500		1,437,500
PepsiCo Inc.		14,700		1,468,824
				2,906,324
Commercial Services — 5.5%
Hertz Global Holdings Inc. (a)		68,500		974,755
PayPal Holdings Inc. (a)		37,700		1,364,740
Sotheby’s (b)		35,300		909,328
				3,248,823
Food — 3.3%
Mondelez International Inc. (b)**		43,200		1,937,088

Healthcare-Products — 0.0%
Synovis Life Technologies Inc. (a)^		43,000		15,931

Healthcare-Services — 1.3%
Brookdale Senior Living Inc. (a)		42,000		775,320

Pharmaceuticals — 11.2%
AbbVie Inc. **		25,500		1,510,620
Celesio AG f		16,996		462,778
GlaxoSmithKline PLC - ADR f		26,400		1,065,240
INYX Inc. (a)		167,850		504
Pfizer Inc. **		70,600		2,278,968
Zoetis Inc.		28,000		1,341,760
				6,659,870
Total Consumer, Non-cyclical
(Cost $15,686,534)				15,543,356

Diversified — 2.6%

Holding Companies-Diversified — 2.6%
Atlantic Alliance
Partnership Corp. (a) f •^●		72,000		731,160
GP Investments
Acquisition Corp. (a) f		81,750		812,595
Stoneleigh Partners
Acquisition Corp. (a)*^		400		0
				1,543,755
Total Diversified
(Cost $1,546,744)				1,543,755

Energy — 3.7%

Oil & Gas — 1.5%
Hess Corp.		17,000		824,160
OGX Austria Petroleo e
Gas SA-SP-ADR (a) f• ^●		55,075		35
Southwestern Energy Co. (a)(b)		12,300		87,453
				911,648

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Event Arbitrage Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value

Common Stocks (Continued)

Oil & Gas Services — 1.6%
Halliburton Co.		28,300	$	963,332

Pipelines — 0.6%
Energy Transfer Equity LP **		24,000		329,760
Total Energy
(Cost $3,358,319)				2,204,740

Financial — 5.1%

Diversified Financial Services — 2.7%
GFI Group Inc. (a)(b)		257,083		1,568,206

Insurance — 0.7%
Ambac Financial Group Inc. (a)**		28,500		401,565

Real Estate — 1.7%
CA Immobilien Anlagen AG f		55,000		1,005,956
Safeway Casa Ley CVR (a)*^		47,000		10,575
Safeway Property Development
Center LLC CVR (a)*^		47,000		10,575
				1,027,106
Total Financial
(Cost $3,283,133)				2,996,877

Healthcare — 2.0%

Healthcare-Services — 2.0%
Diagnostic Services
Holdings Inc. (a)^		10,221		1,163,958
Total Healthcare
(Cost $735,000)				1,163,958

Industrial — 8.8%

Aerospace & Defense — 5.4%
API Technologies Corp. (a)		1,220,229		1,683,916
B/E Aerospace Inc.		18,100		766,897
Rolls-Royce Holdings PLC (a)f		85,000		720,519
				3,171,332
Electronics — 2.4%
IEC Electronics Corp. (a)		439,042		1,431,277

Miscellaneous Manufacturing — 1.0%
Pentair PLC (b)f		12,000		594,360
Total Industrial
(Cost $7,638,061)				5,196,969

Technology — 4.6%

Computers — 0.0%
Computer Horizons Corp. (a)*^		65,000		0

Semiconductors — 2.6%
QUALCOMM Inc.		30,500		1,524,543

Software — 2.0%
Contra Softbrands Inc. (a)*^		5,000		0
Microsoft Corp.		21,700		1,203,916
				1,203,916
Total Technology
(Cost $2,989,946)				2,728,459

Utilities — 3.2%

Gas — 3.2%
AGL Resources Inc.		30,000		1,914,300
Total Utilities
(Cost $1,835,244)				1,914,300
Total Common Stocks
(Cost $44,957,869)				38,729,179

Preferred Stocks — 1.7%

Energy — 0.1%

Oil & Gas — 0.1%
GeoMet Inc., 12.50% -
Convertible Series A^p^●		3		5
Southwestern Energy Co.,
6.25% - Convertible Series B		1,700		31,535
				31,540
Total Energy
(Cost $85,022)				31,540

Financial — 0.6%

Insurance — 0.3%
MBIA Insurance Corp., 4.71% (a)*#^		10		150,000

Mortgage Agencies — 0.3%
Federal Home Loan Mortgage Corp.,
0.00%, Series G (a)^p		3,000		12,600
Federal Home Loan Mortgage Corp.,
0.00%, Series M (a)		9,500		44,650
Federal Home Loan Mortgage Corp.,
0.00%, Series Q (a)^p		1,000		4,010
Federal Home Loan Mortgage Corp.,
0.00%, Series S (a)^p		25,000		102,750
Federal Home Loan Mortgage Corp.,
5.00%, Series F (a)		4,500		20,070
				184,080
Total Financial
(Cost $1,051,290)				334,080

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Event Arbitrage Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value

Preferred Stocks (Continued)

Healthcare — 1.0%

Healthcare-Services — 1.0%
Diagnostic Services Holdings
Inc., 0.00% (a)*^		613	$	613,000
Total Healthcare
(Cost $613,000)				613,000
Total Preferred Stocks
(Cost $1,749,312)				978,620

Structured Notes — 7.8%

Bloomberg Gold Subindex
Stub Structured Note,
Expiration: 01/29/2016 (a)^●		14,200		1,164,968
Ryanair Holdings PLC
Structured Note,
Expiration: 09/10/2016 (a)^●		31,440		1,206,195
The Swatch Group AG
Structured Note,
Expiration: 04/20/2016 f ^●		5,750		1,250,493
Yahoo Japan Corp. Structured Note,
Expiration: 05/31/2016 (a)^●		75,000		1,010,550
				4,632,206
Total Structured Notes
(Cost $5,408,786)				4,632,206

	Par
	Value

Asset Backed Securities — 0.4%

AFC Home Equity Loan Trust
Class 1A, Series 2000-2,
1.21%, 06/25/2030 ^p●	$	9,140		8,208
Citigroup Mortgage Loan Trust Inc.
Class M3, Series 2005-OPT1,
0.93%, 02/25/2035 ^p●		221,430		179,002
Countrywide Home Equity Loan Trust
Class 2A, Series 2005-A,
0.57%, 04/15/2035 ^p●		22,905		19,619
				206,829
Total Asset Backed Securities
(Cost $220,839)				206,829

Convertible Bonds — 3.2%

Basic Materials — 0.0%

Mining — 0.0%
Talvivaara Mining Co. PLC,
4.00%, 12/16/2015 f +^	€	12,900,000		0
Total Basic Materials
(Cost $1,141,281)				0

Consumer, Cyclical — 0.2%

Auto Parts & Equipment — 0.2%
Exide Technologies,
7.00%, 04/30/2025^●	$	154,226		104,874
Total Consumer, Cyclical
(Cost $147,516)				104,874

Financial — 3.0%

Banks — 0.7%
BNP Paribas Fortis SA,
1.867%, 12/29/2049 f ^p^●	€	500,000		393,949

Real Estate — 2.3%
Conwert Immobilien Invest SE,
5.25%, 02/01/2016 f ^●		1,000,000		1,393,764
Total Financial
(Cost $1,694,344)				1,787,713
Total Convertible Bonds
(Cost $2,983,141)				1,892,587

Corporate Bonds — 6.6%

Consumer, Cyclical — 0.6%

Auto Parts & Equipment — 0.6%
Exide Technologies,
8.625%, 02/01/2018 *^	$	1,000,000		15,000
Exide Technologies,
8.625%, 02/12/2018 *^		1,000,000		0
Exide Technologies,
11.00%, 04/30/2020 *^●		407,375		334,048
				349,048
Total Consumer, Cyclical
(Cost $974,519)				349,048

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Event Arbitrage Fund

December 31, 2015 (unaudited)

	Par		Fair
	Value		Value
Corporate Bonds (Continued)

Energy — 5.1%

Oil & Gas — 5.1%
Gastar Exploration Inc.,
8.625%, 05/15/2018^●	$	1,000,000	$	525,000
Halcon Resources Corp.,
12.00%, 02/15/2022 (b) #^●		390,000		250,000
Ithaca Energy Inc.,
8.125%, 07/01/2019 f #		1,000,000		740,000
Kosmos Energy Ltd.,
7.875%, 08/01/2021 (b) f#^●		1,000,000		805,000
Tullow Oil PLC,
6.00%, 11/01/2020 f#^●		1,000,000		695,000
				3,015,000
Total Energy
(Cost $4,195,278)				3,015,000

Financial — 0.9%

Diversified Financial Services — 0.6%
Hellas Telecommunications
Luxembourg II SCA,
0.00%, 01/15/2015 f*+#^		5,000,000		50,000
Lehman Brothers Holdings Inc.,
4.55%, 07/08/2014 +^●		110,000		8,112
Lehman Brothers Holdings Inc.,
5.32%, 02/17/2015 +^●		130,000		9,425
Lehman Brothers Holdings Inc.,
5.50%, 02/27/2020 +^●		100,000		7,250
Lehman Brothers Holdings Inc.,
7.00%, 01/28/2020 ^p^●		100,000		7,250
Lehman Brothers Holdings Inc.,
8.25%, 09/23/2020 ^p^●		100,000		7,250
Lehman Brothers Holdings Inc.,
8.75%, 02/14/2023 ^p^●		200,000		14,500
Twin Reefs Pass-Through Trust,
0.01%, 12/29/2049 *#^p^		1,000,000		290,000
				393,787
Insurance — 0.3%
Ambac Assurance Corp.,
5.10%, 06/07/2020 #^		221,329		174,983

Venture Capital — 0.0%
Infinity Capital Group,
7.00%, 12/31/2049 *+^		25,000		0
Total Financial
(Cost $821,207)				568,770
Total Corporate Bonds
(Cost $5,991,004)				3,932,818

Mortgage Backed Securities — 0.4%

GSR Mortgage Loan Trust
Class B2, Series 2005-5F,
5.75%, 06/25/2035^●		628,584		261,732
				261,732
Total Mortgage Backed Securities
(Cost $531,762)				261,732

Foreign Government Agency Issues — 1.4%

Ukraine Government,
0.00%, 05/31/2040 f #^●		200,000		79,000
Ukraine Government,
7.75%, 09/01/2019 f #^●		830,000		768,232
				847,232
Total Foreign Government Agency Issues
(Cost $830,000)				847,232

Escrow Notes — 0.0%

Mirant Corp. (a)*^		20,000		0
NewPage Corp. (a)*^		300,000		0
Petrocorp Inc. (a)*^		200		0
				0
Total Escrow Notes
(Cost $198,770)				0
Total Long-Term Investments
(Cost $62,871,483)				51,481,203

	Number of
	Contracts
	(100 Shares
	Per Contract)
Purchased Options — 0.8%

Call Options — 0.5%
QUALCOMM Inc.,
Expiration: January, 2016
Exercise Price: $67.50		800		1,600
Southwestern Energy Co.,
Expiration: January, 2016
Exercise Price: $6.00		404		49,288

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Event Arbitrage Fund

December 31, 2015 (unaudited)

	Number
	of Contracts
	(100 Shares		Fair
	Per Contract)		Value

Purchased Options (Continued)

Call Options (Continued)
Tenet Healthcare Corp.,
Expiration: May, 2016
Exercise Price: $35.00		400	$	92,000
Tenet Healthcare Corp.,
Expiration: May, 2016
Exercise Price: $45.00^●		600		33,000
The Williams Cos. Inc.,
Expiration: January, 2016
Exercise Price: $22.00^●		240		86,400
Total Call Options
(Cost $411,479)				262,288

Put Options — 0.3%
AGL Resources Inc.,
Expiration: January, 2016
Exercise Price: $59.00^		300		600
CurrencyShares Euro Trust,
Expiration: April, 2016
Exercise Price: $110.00		432		194,400
Total Put Options
(Cost $266,664)				195,000
Total Purchased Options
(Cost $678,143)				457,288

	Number
	of Shares
Investments Purchased with Proceeds
from Securities Lending — 6.3%

Money Market Funds — 6.3%
Mount Vernon Securities
Lending Trust Prime Portfolio,
0.47% (c)(d)		3,714,588		3,714,588
Total Investments Purchased with
Proceeds from Securities Lending
(Cost $3,714,588)				3,714,588
Total Investments
(Cost $67,264,214) — 94.0%				55,653,079
Other Assets in Excess
of Liabilities, Net 6.0%				3,542,206
Total Net Assets — 100.0%			$	59,195,285
Schedule of Securities Sold Short (a)

Common Stocks

Alibaba Group Holding Ltd. - ADR f		8,134		661,050
Yahoo Japan Corp. f		16,500		67,815
Total Common Stocks				728,865
Total Securities Sold Short
(Proceeds $761,581)			$	728,865

	Number
	of Contracts
	(100 Shares
	Per Contract)
Written Options

Call Options
CurrencyShares Euro Trust,
Expiration: April, 2016
Exercise Price: $110.00		432		42,336
Microsoft Corp.,
Expiration: January, 2016
Exercise Price: $56.50		71		2,911
Mondelez International Inc.,
Expiration: January, 2016
Exercise Price: $46.00		88		3,784
PepsiCo Inc.,
Expiration: January, 2016
Exercise Price: $102.00		40		1,640
Pfizer Inc.,
Expiration: January, 2016
Exercise Price: $33.00		92		1,288
QUALCOMM Inc.,
Expiration: January, 2016
Exercise Price: $51.50		78		3,354
Tenet Healthcare Corp.,
Expiration: May, 2016
Exercise Price: $55.00^●		1,000		25,000
Zoetis Inc.,
Expiration: January, 2016
Exercise Price: $49.00^●		83		4,358
Total Call Options
(Premiums Received $104,643)				84,671

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Event Arbitrage Fund

December 31, 2015 (unaudited)

	Number
	of Contracts
	(100 Shares		Fair
	Per Contract)		Value
Written Options (Continued)

Put Options
Southwestern Energy Co.,
Expiration: January, 2016
Exercise Price: $6.00		251	$	3,765
VMware Inc.,
Expiration: January, 2016
Exercise Price: $60.00		165		76,890
The Williams Cos. Inc.,
Expiration: January, 2016
Exercise Price: $22.00•		240		15,840
Total Put Options
(Premiums Received $134,547)				96,495
Total Written Options
(Premiums Received $239,190)			$	181,166

ADR - American Depositary Receipt

CVR - Contingent Value Rights

€ - Euro

(a)	Non-income producing security.
(b)	All or a portion of the security is out on loan. The total market value of securities on loan was $3,475,334. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(c)	Rate shown is the annualized seven-day effective yield at period end.
(d)	Represents investments of collateral received from securities lending transactions.
f	Foreign issued security.
*	Indicates an illiquid security. Total market value for illiquid securities is $1,473,198, representing 2.5% of net assets.
**	All or a portion of the shares have been committed as collateral for open securities sold short or written options.
+	Defaulted bonds.
#	Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended.
^p	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.
●	Level 2 securities.
^	Indicates a fair valued security. Total market value for fair valued securities is $2,827,589 representing 4.8% of net assets and Level 3 securities.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments

Quaker Global Tactical Allocation Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value
Long-Term Investments - 92.8%

Common Stocks — 89.5%

Communications — 20.0%

Internet — 18.3%
58.com Inc. - ADR
(Cayman Islands) (a)		1,140	$	75,194
Alphabet Inc. Cl A (a)		283		220,177
Alphabet Inc. Cl C (a)(b)		293		222,352
Amazon.com Inc. (a)		655		442,708
Ctrip.com International Ltd. - ADR
(Cayman Islands) (a)		4,625		214,276
Expedia Inc.		695		86,389
Facebook Inc. Cl A (a)		2,278		238,415
LinkedIn Corp. Cl A (a)		315		70,900
Netflix Inc. (a)(b)		1,507		172,371
The Priceline Group Inc. (a)		50		63,748
				1,806,530
Media — 1.1%
Liberty Global PLC - LiLAC Class C
(United Kingdom) (a)		199		8,557
Liberty Global PLC - Series C
(United Kingdom) (a)		2,355		96,013
				104,570
Telecommunications — 0.6%
Palo Alto Networks Inc. (a)(b)		360		63,410
Sub-Total Communications —
Foreign (Cost $347,544)				394,040
Sub-Total Communications —
United States (Cost $1,419,770)				1,580,470
Total Communications (Cost $1,767,314)				1,974,510

Consumer, Cyclical — 12.4%

Airlines — 2.9%
American Airlines Group Inc.		3,302		139,823
AMR Corp. Escrow (a)*^		7,600		13,756
Delta Air Lines Inc.		2,582		130,882
				284,461
Apparel — 2.7%
Adidas AG - ADR (Germany)		340		16,493
NIKE Inc. (b)		4,042		252,625
				269,118
Auto Manufacturers — 1.7%
Bayerische Motoren
Werke AG - ADR (Germany)		4,590		160,030
Tata Motors Ltd. - ADR (India) (a)		130		3,845
				163,875
Leisure Time — 0.8%
Norwegian Cruise Line
Holdings Ltd. (Bermuda) (a)		1,260		73,836

Lodging — 0.7%
InterContinental Hotels Group
PLC - ADR (United Kingdom)		1,764		68,337

Retail — 3.6%
McDonald’s Corp.		750		88,605
The TJX Cos. Inc. (b)		1,870		132,602
Ulta Salon Cosmetics &
Fragrance Inc. (a)		750		138,750
				359,957
Sub-Total Consumer, Cyclical —
Foreign (Cost $315,176)				322,541
Sub-Total Consumer, Cyclical —
United States (Cost $827,355)				897,043
Total Consumer, Cyclical (Cost $1,142,531)				1,219,584

Consumer, Non-cyclical — 35.2%

Beverages — 1.8%
Anheuser-Busch InBev NV -
ADR (Belgium)		1,390		173,750

Biotechnology — 11.7%
Amgen Inc.		2,001		324,822
Biogen Inc. (a)		575		176,151
Celgene Corp. (a)(b)		1,015		121,556
Gilead Sciences Inc.		2,805		283,838
Incyte Corp. (a)(b)		610		66,155
Regeneron Pharmaceuticals Inc. (a)(b)		201		109,117
Vertex Pharmaceuticals Inc. (a)		595		74,869
				1,156,508
Commercial Services — 2.0%
PayPal Holdings Inc. (a)		2,395		86,699
Sabre Corp.		3,810		106,566
				193,265
Food — 1.4%
Mondelez International Inc.		3,205		143,712

Healthcare-Products — 2.3%
Abbott Laboratories		2,834		127,275

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Global Tactical Allocation Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value

Common Stocks (Continued)

Healthcare-Products (Continued)
Intuitive Surgical Inc. (a)		185	$	101,040
				228,315
Pharmaceuticals — 16.0%
AbbVie Inc.		3,750		222,150
Alkermes PLC (Ireland) (a)		595		47,231
Allergan PLC (Ireland) (a)		605		189,063
AstraZeneca PLC - SP-ADR
(United Kingdom) (b)		2,605		88,440
Bristol-Myers Squibb Co.		3,720		255,899
Eli Lilly & Co.		4,086		344,286
Novartis AG - ADR (Switzerland)		1,295		111,422
Roche Holding AG (Switzerland)		7,885		271,796
Shire PLC - ADR (Jersey)		220		45,100
				1,575,387
Sub-Total Consumer, Non-cyclical —
Foreign (Cost $879,085)				926,802
Sub-Total Consumer, Non-cyclical —
United States (Cost $2,519,435)				2,544,135
Total Consumer, Non-cyclical (Cost $3,398,520)				3,470,937

Energy — 1.0%

Oil & Gas — 1.0%
Concho Resources Inc. (a)(b)		240		22,286
Diamondback Energy Inc. (a)		335		22,412
Encana Corp. (Canada)		3,155		16,059
Memorial Resource
Development Corp. (a)(b)		1,265		20,430
Occidental Petroleum Corp.		325		21,973
				103,160
Sub-Total Energy — Foreign
(Cost $23,302)				16,059
Sub-Total Energy — United States
(Cost $98,041)				87,101
Total Energy (Cost $121,343)				103,160

Financial — 11.0%

Banks — 3.9%
The Goldman Sachs Group Inc.		960		173,021
HDFC Bank Ltd. - ADR (India) (b)		2,277		140,263
UBS Group AG (Switzerland)		3,625		70,216
				383,500
Diversified Financial Services — 5.4%
MasterCard Inc. Cl A		2,625		255,570
Visa Inc. Cl A (b)		3,618		280,576
				536,146
Insurance — 1.7%
Arch Capital Group Ltd.
(Bermuda) (a)		1,105		77,074
Prudential PLC - ADR
(United Kingdom)		2,015		90,836
				167,910
Sub-Total Financial — Foreign
(Cost $337,231)				378,389
Sub-Total Financial — United States
(Cost $633,966)				709,167
Total Financial (Cost $971,197)				1,087,556

Industrial — 1.4%

Electronics — 0.7%
Honeywell International Inc.		655		67,838

Transportation — 0.7%
FedEx Corp.		460		68,535
Sub-Total Industrial — United States
(Cost $137,555)				136,373
Total Industrial (Cost $137,555)				136,373

Technology — 8.5%

Computers — 1.2%
Apple Inc.		1,174		123,575

Software — 7.3%
Adobe Systems Inc. (a)		3,990		374,821
Intuit Inc.		820		79,130
Microsoft Corp. (b)		1,730		95,980
NetEase Inc. - ADR (Cayman Islands)		385		69,777
salesforce.com Inc. (a)(b)		1,235		96,824
				716,532
Sub-Total Technology — Foreign
(Cost $61,399)				69,777
Sub-Total Technology — United States
(Cost $726,738)				770,330
Total Technology (Cost $788,137)				840,107
Total Common Stocks
(Cost $8,326,597)				8,832,227

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Global Tactical Allocation Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value

Exchange Traded Funds — 3.3%

Deutsche X-trackers MSCI
Japan Hedged Equity ETF		4,060	$	154,645
WisdomTree Europe
Hedged Equity Fund		3,255		175,152
Sub-Total Exchange Traded Funds —
United States (Cost $379,107)				329,797
Total Exchange Traded Funds
Cost ($379,107)				329,797
Total Long-Term Investments
Cost ($8,705,704)				9,162,024

Investments Purchased with Proceeds
from Securities Lending — 15.9%

Money Market Funds — 15.9%
Mount Vernon Securities
Lending Trust Prime Portfolio,
0.47% (c)(d)		1,572,303		1,572,303
Total Investments Purchased with
Proceeds from Securities Lending
(Cost $1,572,303)				1,572,303
Total Investments
(Cost $10,278,007) — 108.7%				10,734,327
Liabilities in Excess of
Other Assets, Net (8.7%)				(862,097	)
Total Net Assets — 100.0%			$	9,872,230
Schedule of Securities Sold Short (a)

Common Stocks

Cabot Oil & Gas Corp.		2,925		51,743
Pioneer Natural Resources Co.		190		23,822
Total Common Stocks				75,565
Total Securities Sold Short
(Proceeds $77,051)			$	75,565

ADR - American Depositary Receipt

(a)	Non-income producing security.
(b)	All or a portion of the security is out on loan. The total market value of securities on loan was $1,529,417. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(c)	The rate shown is the annualized seven-day effective yield at period end.
(d)	Represents investments of collateral received from securities lending transactions.
*	Indicates an illiquid security. Total market value for illiquid securities is $13,756, representing 0.1% of net assets.
^	Indicates a fair valued security. Total market value for fair valued securities is $13,756, representing 0.1% of net assets and Level 3 securities.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments

Quaker Mid-Cap Value Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value
Long-Term Investments - 97.4%

Common Stocks — 82.4%

Basic Materials — 3.9%

Chemicals — 0.7%
Axiall Corp.		3,411	$	52,530

Iron & Steel — 2.1%
Reliance Steel & Aluminum Co.		2,580		149,408

Mining — 1.1%
Freeport-McMoRan Inc. (b)		11,312		76,582
Total Basic Materials
(Cost $413,400)				278,520

Communications — 1.6%

Internet — 1.6%
F5 Networks Inc. (a)		1,227		118,970
Total Communications
(Cost $139,028)				118,970

Consumer, Cyclical — 12.8%

Apparel — 3.4%
Gildan Activewear Inc. Cl A (b)f		3,818		108,508
Ralph Lauren Corp. (b)		1,202		133,999
				242,507
Distribution & Wholesale — 1.5%
LKQ Corp. (a)		3,754		111,231

Home Furnishings — 3.6%
Harman International Industries Inc.		1,512		142,446
Whirlpool Corp.		787		115,587
				258,033
Leisure Time — 1.3%
Polaris Industries Inc.		1,060		91,107

Retail — 2.0%
Best Buy Co. Inc.		4,838		147,317

Toys, Games & Hobbies — 1.0%
Hasbro Inc. (b)		1,039		69,987
Total Consumer, Cyclical
(Cost $941,286)				920,182

Consumer, Non-cyclical — 6.2%

Food — 3.5%
Ingredion Inc. (b)		1,266		121,333
Tyson Foods Inc. (b)		2,498		133,218
				254,551
Healthcare-Products — 1.5%
Zimmer Biomet Holdings Inc. (b)		1,060		108,745

Healthcare-Services — 1.2%
Brookdale Senior Living Inc. (a)		4,552		84,030
Total Consumer, Non-cyclical
(Cost $439,901)				447,326

Energy — 5.6%

Oil & Gas — 5.6%
Concho Resources Inc. (a)(b)		1,382		128,333
Diamond Offshore Drilling Inc. (b)		2,791		58,890
Helmerich & Payne Inc. (b)		2,756		147,584
Whiting Petroleum Corp. (a)		7,259		68,525
				403,332
Total Energy
(Cost $516,925)				403,332

Financial — 17.5%

Banks — 9.0%
Citizens Financial Group Inc.		5,460		142,997
Huntington Bancshares Inc. (b)		10,608		117,324
PacWest Bancorp (b)		2,698		116,284
Regions Financial Corp.		16,284		156,326
Zions Bancorporation (b)		4,110		112,203
				645,134
Diversified Financial Services — 1.6%
Invesco Ltd. f		3,451		115,539

Insurance — 6.9%
Lincoln National Corp.		3,081		154,851
Reinsurance Group of America Inc. Cl A		2,192		187,526
Torchmark Corp. (b)		2,770		158,333
				500,710
Total Financial
(Cost $1,008,836)				1,261,383

Industrial — 12.9%

Aerospace & Defense — 1.0%
Teledyne Technologies Inc. (a)		803		71,226

Electronics — 2.3%
Woodward Inc. (b)		3,300		163,878

Engineering & Construction — 1.6%
Fluor Corp. (b)		2,410		113,800

Hand & Machine Tools — 1.2%
Regal-Beloit Corp.		1,484		86,844

Machinery-Diversified — 3.7%
AGCO Corp. (b)		2,585		117,333

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Mid-Cap Value Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value

Common Stocks (Continued)

Machinery-Diversified (Continued)
Roper Technologies Inc. (b)		789	$	149,744
				267,077
Miscellaneous Manufacturing — 2.1%
Carlisle Cos. Inc.		1,743		154,587

Transportation — 1.0%
Old Dominion Freight Line Inc. (a)		1,235		72,951
Total Industrial
(Cost $888,455)				930,363

Technology — 11.1%

Computers — 5.4%
Cadence Design Systems Inc. (a)		6,516		135,598
MAXIMUS Inc. (b)		2,622		147,488
NetApp Inc.		3,918		103,945
				387,031
Semiconductors — 5.7%
Micron Technology Inc. (a)		6,451		91,346
ON Semiconductor Corp. (a)		15,760		154,448
Teradyne Inc.		7,991		165,174
				410,968
Total Technology
(Cost $815,586)				797,999

Utilities — 10.8%

Electric — 5.4%
DTE Energy Co.		1,946		156,050
Pepco Holdings Inc.		2,955		76,860
Xcel Energy Inc.		4,385		157,465
				390,375
Gas — 5.4%
CenterPoint Energy Inc. (b)		5,929		108,856
Questar Corp.		5,811		113,198
UGI Corp.		4,875		164,580
				386,634
Total Utilities
(Cost $712,603)				777,009
Total Common Stocks
(Cost $5,876,020)				5,935,084

Real Estate Investment Trusts — 15.0%

Alexandria Real Estate Equities Inc. (b)		1,662		150,178
Brixmor Property Group Inc.		8,393		216,707
Camden Property Trust (b)		1,983		152,215
Corporate Office Properties Trust		6,802		148,488
DDR Corp.		7,337		123,555
Duke Realty Corp.		3,840		80,717
Mid-America Apartment
Communities Inc. (b)		2,255		204,777
				1,076,637
Total Real Estate Investment Trusts
(Cost $1,006,878)				1,076,637
Total Long-Term Investments
(Cost $6,882,898)				7,011,721

Investments Purchased with Proceeds
from Securities Lending — 40.3%

Money Market Funds — 40.3%
Mount Vernon Securities
Lending Trust Prime Portfolio,
0.47% (c)(d)		2,903,093		2,903,093
Total Investments Purchased with
Proceeds from Securities Lending
(Cost $2,903,093)				2,903,093
Total Investments
(Cost $9,785,991) — 137.7%				9,914,814
Liabilities in Excess
of Other Assets, Net (37.7%)				(2,712,623	)
Total Net Assets — 100.0%			$	7,202,191

(a)	Non-income producing security.
(b)	All or a portion of the security is out on loan. The total market value of securities on loan was $2,817,619. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(c)	The rate shown is the annualized seven-day effective yield at period end.
(d)	Represents investments of collateral received from securities lending transactions.
f	Foreign issued security.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments

Quaker Small-Cap Value Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value
Long-Term Investments — 99.4%

Common Stocks — 91.0%

Basic Materials — 4.7%

Chemicals — 1.5%
Chemtura Corp. (a)(b)		3,772	$	102,862
KMG Chemicals Inc.		1,171		26,956
Kraton Performance Polymers Inc. (a)		20,740		344,491
OMNOVA Solutions Inc. (a)		5,850		35,861
				510,170
Forest Products & Paper — 1.6%
Domtar Corp. (b)		7,616		281,411
Mercer International Inc.		19,600		177,380
Schweitzer-Mauduit International Inc.		1,900		79,781
				538,572
Mining — 1.6%
Kaiser Aluminum Corp.		5,462		456,951
Nevsun Resources Ltd. f		25,770		69,837
				526,788
Total Basic Materials
(Cost $1,806,893)				1,575,530

Communications — 7.6%

Internet — 4.5%
DHI Group Inc. (a)		14,922		136,835
IAC/InterActiveCorp.		2,800		168,140
magicJack VocalTec Ltd. (a)f		9,340		88,263
RetailMeNot Inc. (a)		26,183		259,735
Shutterfly Inc. (a)(b)		4,688		208,897
Travelzoo Inc. (a)		16,690		139,695
United Online Inc. (a)		12,945		152,622
Web.com Group Inc. (a)		18,257		365,323
				1,519,510
Media — 0.4%
MSG Networks Inc. (a)		6,465		134,472

Telecommunications — 2.7%
Black Box Corp.		4,001		38,130
EarthLink Holdings Corp.		26,153		194,317
Extreme Networks Inc. (a)		47,042		191,931
FairPoint Communications Inc. (a)(b)		7,000		112,490
General Communication Inc. (a)		2,700		53,406
Inteliquent Inc.		3,536		62,835
NeuStar Inc. (a)(b)		10,970		262,951
				916,060
Total Communications
(Cost $2,634,049)				2,570,042

Consumer, Cyclical — 17.8%

Airlines — 3.2%
Alaska Air Group Inc. (b)		6,080		489,501
Hawaiian Holdings Inc. (a)		6,660		235,298
JetBlue Airways Corp. (a)(b)		12,639		286,273
SkyWest Inc.		3,980		75,700
				1,086,772
Apparel — 0.4%
Deckers Outdoor Corp. (a)(b)		2,519		118,897

Auto Manufacturers — 1.4%
Wabash National Corp. (a)(b)		39,041		461,855

Auto Parts & Equipment — 5.4%
American Axle & Manufacturing
Holdings Inc. (a)		4,704		89,094
Cooper Tire & Rubber Co.		12,046		455,941
Dana Holding Corp. (b)		2,800		38,640
The Goodyear Tire & Rubber Co.		3,823		124,897
Lear Corp.		3,376		414,674
Meritor Inc. (a)		18,522		154,659
Modine Manufacturing Co. (a)		13,380		121,089
Tower International Inc.		14,540		415,408
				1,814,402
Entertainment — 1.3%
Penn National Gaming Inc. (a)		28,295		453,286

Home Builders — 0.3%
NVR Inc. (a)		60		98,580

Home Furnishings — 0.2%
La-Z-Boy, Inc.		2,812		68,669

Retail — 5.6%
Abercrombie & Fitch Co. (b)		2,767		74,709
American Eagle Outfitters Inc. (b)		4,100		63,550
Big Lots Inc. (b)		3,521		135,699
Bravo Brio Restaurant Group Inc. (a)		19,921		179,289
Cash America International Inc. (b)		14,524		434,994
Chico’s FAS Inc.		5,352		57,106
The Children’s Place Inc.		3,420		188,784

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Small-Cap Value Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value

Common Stocks (Continued)

Retail (Continued)
Chuy’s Holdings Inc. (a)(b)		1,311	$	41,087
Express Inc. (a)(b)		26,015		449,539
Movado Group Inc.		6,098		156,780
Ruth’s Hospitality Group Inc.		6,711		106,839
				1,888,376
Total Consumer, Cyclical
(Cost $5,438,300)				5,990,837

Consumer, Non-cyclical — 22.0%

Biotechnology — 6.6%
Acorda Therapeutics Inc. (a)(b)		2,640		112,939
Aegerion Pharmaceuticals Inc. (a)(b)		15,525		156,803
Emergent BioSolutions Inc. (a)(b)		12,086		483,561
Geron Corp. (a)(b)		18,981		91,868
Ligand Pharmaceuticals Inc. (a)(b)		4,286		464,688
Myriad Genetics Inc. (a)(b)		2,500		107,900
Repligen Corp. (a)		7,322		207,139
Spectrum Pharmaceuticals Inc. (a)		22,263		134,246
United Therapeutics Corp. (a)		3,066		480,166
				2,239,310
Commercial Services — 5.1%
Aaron’s Inc.		8,987		201,219
The Brink’s Co.		3,697		106,695
Colliers International Group Inc. f		4,600		204,930
Cross Country Healthcare Inc. (a)		3,900		63,921
Ennis Inc.		7,050		135,713
INC Research Holdings Inc. (a)		1,239		60,104
Insperity Inc.		5,494		264,536
K12 Inc. (a)		3,370		29,656
Medifast Inc. (b)		3,500		106,330
Net 1 UEPS Technologies Inc. (a)		24,507		331,090
Nutrisystem Inc.		6,600		142,824
TrueBue Inc. (a)(b)		2,276		58,630
				1,705,648
Cosmetics & Personal Care — 0.3%
Avon Products Inc. (b)		21,697		87,873

Food — 1.4%
Dean Foods Co. (b)		25,858		443,465
SpartanNash Co.		2,100		45,444
				488,909
Healthcare-Products — 3.1%
Hill-Rom Holdings Inc.		8,355		401,541
Masimo Corp. (a)		9,803		406,923
Orthofix International NV (a)f		5,873		230,280
				1,038,744
Healthcare-Services — 1.3%
Air Methods Corp. (a)(b)		4,522		189,607
Amedisys Inc. (a)		4,435		174,384
Providence Services Corp. (a)(b)		1,310		61,465
				425,456
Household Products & Wares — 0.3%
Central Garden & Pet Corp. (a)		6,600		89,760

Pharmaceuticals — 3.9%
Array BioPharma Inc. (a)		21,039		88,785
Eagle Pharmaceuticals Inc. (a)(b)		426		37,773
Enanta Pharmaceuticals Inc. (a)(b)		1,216		40,152
Herbalife Ltd. (a)(b)f		749		40,161
Inotek Pharmaceuticals Corp. (a)		4,661		52,809
Omega Protein Corp. (a)(b)		10,675		236,985
Owens & Minor Inc. (b)		10,698		384,914
PharMerica Corp. (a)		6,546		229,110
Recro Pharma Inc. (a)(b)		4,565		41,085
SciClone Pharmaceuticals Inc. (a)		21,026		193,439
				1,345,213
Total Consumer, Non-cyclical
(Cost $7,063,704)				7,420,913

Energy — 2.5%

Oil & Gas — 2.5%
Atwood Oceanics Inc. (b)		24,768		253,377
Ensco PLC (b)f		10,460		160,979
Noble Corp. PLC (b)f		20,720		218,596
Ocean Rig UDW Inc. f		14,780		24,091
Rowan Companies PLC (b)f		11,750		199,163
				856,206
Total Energy
(Cost $1,531,792)				856,206

Financial — 14.6%

Banks — 1.0%
Banco Latinoamericano de
Comercio Exterior SA f		2,710		70,270
Customers Bancorp Inc. (a)		3,607		98,183
Huntington Bancshares Inc. (b)		12,850		142,121

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Small-Cap Value Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value

Common Stocks (Continued)

Banks (Continued)
Walker & Dunlop Inc. (a)		1,447	$	41,688
				352,262
Diversified Financial Services — 1.6%
Altisource Portfolio
Solutions SA (a)(b)f		6,169		171,560
Encore Capital Group Inc. (a)(b)		1,930		56,124
FBR & Co.		6,512		129,589
Federal Agricultural Mortgage Corp.		5,757		181,749
				539,022
Insurance — 9.0%
Aspen Insurance Holdings Ltd. f		9,227		445,664
Assured Guaranty Ltd. f		16,880		446,138
Everest Re Group Ltd. f		2,583		472,921
Federated National Holding Co.		1,961		57,967
Genworth Financial Inc. (a)		22,795		85,025
HCI Group Inc. (b)		10,039		349,859
MGIC Investment Corp. (a)		23,574		208,158
Old Republic International Corp. (b)		5,040		93,895
Reinsurance Group
of America Inc. Cl A		4,860		415,773
Validus Holdings Ltd. f		9,577		443,319
				3,018,719
Real Estate — 1.3%
Jones Lang LaSalle Inc.		2,730		436,418

Savings & Loans — 1.7%
Banc of California Inc.		4,478		65,468
Flagstar Bancorp Inc. (a)		19,165		442,903
United Community Financial Corp.		10,630		62,717
				571,088
Total Financial
(Cost $4,468,694)				4,917,509

Industrial — 10.9%

Aerospace & Defense — 0.6%
Spirit AeroSystems Holdings Inc. (a)		4,285		214,550

Electrical Components & Equipment — 1.0%
General Cable Corp.		25,371		340,733

Electronics — 3.4%
Flextronics International Ltd. (a)f		26,766		300,047
Jabil Circuit Inc.		8,508		198,151
Orbotech Ltd. (a)f		19,332		427,817
Sanmina Corp. (a)		4,188		86,189
ZAGG Inc. (a)		12,940		141,564
				1,153,768
Engineering & Construction — 3.8%
Aegion Corp. (a)		22,528		435,016
Argan Inc.		6,182		200,297
Comfort Systems U.S.A. Inc.		5,900		167,678
EMCOR Group Inc.		9,775		469,591
				1,272,582
Miscellaneous Manufacturing — 0.2%
Sturm, Ruger & Company Inc.		626		37,316
Trinity Industries Inc. (b)		1,000		24,020
				61,336
Shipbuilding — 1.3%
Huntington Ingalls Industries Inc.		3,490		442,707

Transportation — 0.6%
Tsakos Energy Navigation Ltd. f		23,912		189,383
Total Industrial
(Cost $3,100,215)				3,675,059

Technology — 7.4%

Computers — 1.4%
Cadence Design Systems Inc. (a)		12,975		270,010
Convergys Corp. (b)		2,163		53,837
Insight Enterprises Inc. (a)		5,952		149,514
				473,361
Semiconductors — 0.9%
ChipMOS TECHNOLOGIES
Bermuda Ltd. f		10,549		208,870
Cirrus Logic Inc. (a)		1,829		54,010
ON Semiconductor Corp. (a)		2,850		27,930
				290,810
Software — 5.1%
Aspen Technology Inc. (a)		11,507		434,504
AVG Technologies NV (a)f		8,850		177,443
CSG Systems International Inc. (b)		3,466		124,707
Progress Software Corp. (a)		15,810		379,440
Quality Systems Inc.		7,510		121,061
Take-Two Interactive
Software Inc. (a)(b)		13,822		481,558
				1,718,713
Total Technology
(Cost $2,411,347)				2,482,884

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Small-Cap Value Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value

Common Stocks (Continued)

Utilities — 3.5%

Electric — 2.1%
NRG Energy, Inc. (b)		6,705	$	78,918
Portland General Electric Co.		11,065		402,434
Talen Energy Corp. (a)(b)		35,877		223,514
				704,866
Gas — 1.4%
Southwest Gas Corp.		1,022		56,374
UGI Corp.		12,920		436,179
				492,553
Total Utilities
(Cost $1,233,962)				1,197,419
Total Common Stocks
(Cost $29,688,956)				30,686,399

Real Estate Investment Trusts — 7.9%

Ashford Hospitality Trust Inc.		67,025		422,928
CBL & Associates Properties Inc.		26,670		329,908
Hersha Hospitality Trust		19,245		418,771
Hospitality Properties Trust		15,000		392,250
Mack-Cali Realty Corp.		16,099		375,912
Ryman Hospitality Properties Inc. (b)		5,745		296,672
Summit Hotel Properties Inc.		35,490		424,105
				2,660,546
Total Real Estate Investment Trusts
(Cost $2,817,015)				2,660,546

Closed End Mutual Funds — 0.5%

THL Credit Inc.		15,733		168,343
Total Closed End Mutual Funds
(Cost $194,488)				168,343
Total Long-Term Investments
(Cost 32,700,459)				33,515,288

Investments Purchased with Proceeds
from Securities Lending — 26.2%

Money Market Funds — 26.2%
Mount Vernon Securities
Lending Trust Prime Portfolio,
0.47% (c)(d)		8,822,492		8,822,492
Total Investments Purchased with
Proceeds from Securities Lending
(Cost $8,822,492)				8,822,492
Total Investments
(Cost $41,522,951) — 125.6%				42,337,780
Liabilities in Excess of
Other Assets, Net (25.6%)				(8,617,257	)
Total Net Assets — 100.0%			$	33,720,523

(a)	Non-income producing security.
(b)	All or a portion of the security is out on loan. The total market value of securities on loan was $8,403,655. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(c)	The rate shown is the annualized seven-day effective yield at period end.
(d)	Represents investments of collateral received from securities lending transactions.
f	Foreign issued security.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments

Quaker Strategic Growth Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value

Long-Term Investments - 94.7%

Common Stocks — 94.7%

Communications — 19.4%

Internet — 18.7%
58.com Inc. (a)f		12,185	$	803,723
Alphabet Inc. Cl A (a)		3,055		2,376,821
Alphabet Inc. Cl C (a)		3,133		2,377,571
Amazon.com Inc. (a)		6,920		4,677,159
Ctrip.com International Ltd. (a)f		49,740		2,304,454
Expedia Inc. (b)		7,445		925,413
Facebook Inc. Cl A (a)		24,690		2,584,055
LinkedIn Corp. Cl A (a)		3,385		761,896
Netflix Inc. (a)		16,167		1,849,181
The Priceline Group Inc. (a)		630		803,219
				19,463,492
Telecommunications — 0.7%
Palo Alto Networks Inc. (a)(b)		4,165		733,623
Total Communications
(Cost $17,753,294)				20,197,115

Consumer, Cyclical — 14.2%

Airlines — 3.4%
American Airlines Group Inc.		37,403		1,584,017
AMR Corp. Escrow (a)*^		211,235		382,335
Delta Air Lines Inc.		31,133		1,578,132
				3,544,484
Apparel — 2.9%
NIKE Inc.		47,484		2,967,750

Leisure Time — 0.7%
Norwegian Cruise Line
Holdings Ltd. (a)f		13,345		782,017

Retail — 7.2%
L Brands Inc.		11,445		1,096,660
McDonald’s Corp.		10,100		1,193,214
Starbucks Corp.		34,690		2,082,441
The TJX Cos. Inc. (b)		22,845		1,619,939
Ulta Salon Cosmetics &
Fragrance Inc. (a)		7,985		1,477,225
				7,469,479
Total Consumer, Cyclical
(Cost $13,230,511)				14,763,730

Consumer, Non-cyclical — 39.3%

Beverages — 1.8%
Anheuser-Busch InBev
NV - ADR (b)f		14,855		1,856,875

Biotechnology — 12.1%
Amgen Inc. **		21,410		3,475,485
Biogen Inc. (a)		6,219		1,905,191
Celgene Corp. (a)(b)		10,755		1,288,019
Gilead Sciences Inc.		29,923		3,027,908
Incyte Corp. (a)		7,360		798,192
Regeneron Pharmaceuticals Inc. (a)(b)		2,456		1,333,289
Vertex Pharmaceuticals Inc. (a)		6,343		798,140
				12,626,224
Commercial Services — 2.2%
PayPal Holdings Inc. (a)		29,045		1,051,429
Sabre Corp.		46,295		1,294,871
				2,346,300
Food — 1.6%
Mondelez International Inc.		36,260		1,625,898

Healthcare-Products — 2.9%
Abbott Laboratories		35,040		1,573,646
Intuitive Surgical Inc. (a)		2,575		1,406,362
				2,980,008
Pharmaceuticals — 18.7%
AbbVie Inc.		41,225		2,442,169
Allergan PLC (a)f		6,386		1,995,625
AstraZeneca PLC - SP-ADR f		15,510		526,565
Bristol-Myers Squibb Co.		39,646		2,727,248
Eli Lilly & Co.		43,761		3,687,302
Novartis AG - ADR f		15,650		1,346,526
Roche Holding AG f		179,880		6,200,464
Shire PLC f		2,650		543,250
				19,469,149
Total Consumer, Non-cyclical
(Cost $41,071,467)				40,904,454

Financial — 12.1%

Banks — 3.5%
The Goldman Sachs Group Inc.		11,310		2,038,401
HDFC Bank Ltd. - ADR (b)f		26,715		1,645,644
				3,684,045

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Strategic Growth Fund

December 31, 2015 (unaudited)

	Number		Fair
	of Shares		Value

Common Stocks (Continued)

Diversified Financial Services — 7.4%
The Charles Schwab Corp. (b)		32,350	$	1,065,285
Mastercard Inc. Cl A **		34,755		3,383,747
Visa Inc. Cl A (b)		42,430		3,290,446
				7,739,478
Insurance — 1.2%
Marsh & McLennan Cos. Inc.		21,873		1,212,858
Total Financial
(Cost $11,242,818)				12,636,381

Industrial — 1.6%

Electronics — 0.8%
Honeywell International Inc.		7,875		815,614

Transportation — 0.8%
FedEx Corp.		5,415		806,781
Total Industrial
(Cost $1,697,490)				1,622,395

Technology — 8.1%

Computers — 1.3%
Apple Inc.		12,277		1,292,277

Software — 6.8%
Adobe Systems Inc. (a)		42,764		4,017,250
Intuit Inc.		10,130		977,545
Microsoft Corp.		19,025		1,055,507
salesforce.com Inc. (a)(b)		13,350		1,046,640
				7,096,942
Total Technology
(Cost $7,745,099)				8,389,219
Total Common Stocks
(Cost $92,740,679)				98,513,294
Total Long-Term Investments
(Cost $92,740,679)				98,513,294

Investments Purchased with Proceeds
from Securities Lending — 13.0%

Money Market Funds — 13.0%
Mount Vernon Securities
Lending Trust Prime Portfolio,
0.47% (c)(d)		13,546,644	$	13,546,644
Total Investments Purchased with
Proceeds from Securities Lending
(Cost $13,546,644)				13,546,644
Total Investments
(Cost $106,287,323) — 107.7%				112,059,938
Liabilities in Excess of
Other Assets, Net (7.7%)				(7,979,767	)
Total Net Assets — 100.0%			$	104,080,171

Schedule of Securities Sold Short (a)

Common Stocks

Cabot Oil & Gas Corp.		30,930		547,152
Pioneer Natural Resources Co.		2,230		279,597
Total Common Stocks				826,749
Total Securities Sold Short
(Proceeds $843,840)			$	826,749

ADR - American Depositary Receipt

(a)	Non-income producing security.
(b)	All or a portion of the security is out on loan. The total market value of securities on loan was $13,229,921. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(c)	The rate shown is the annualized seven-day effective yield at period end.
(d)	Represents investments of collateral received from securities lending transactions.
f	Foreign issued security.
*	Indicates an illiquid security. Total market value for illiquid securities is $382,335, representing 0.4% of net assets.
**	All or a portion of the shares have been committed as collateral for open securities sold short.
^	Indicates a fair valued security. Total market value for fair valued securities is $382,335, representing 0.4% of net assets and Level 3 securities.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

(This Page Intentionally Left Blank.)

2015 SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

December 31, 2015 (unaudited)

			Quaker Global		Quaker		Quaker		Quaker
	Quaker Event		Tactical		Mid-Cap		Small-Cap		Strategic
	Arbitrage Fund		Allocation Fund		Value Fund		Value Fund		Growth Fund
ASSETS:
Investments, at value (Note 11)	$	55,653,079	$	10,734,327	$	9,914,814	$	42,337,780	$	112,059,938
Cash		6,883,985		1,089,582		193,098		205,718		5,149,182
Foreign currency, at value		159,922		—		—		—		—
Cash held at brokers for short sales		448,287		67,700		—		—		764,853
Receivables:
Dividends and interest		332,765		5,767		14,254		43,595		73,399
Capital shares sold		211,951		94,173		129		60		437,049
Investment securities sold		1,838,792		7,009		—		—		917,716
Securities lending income		985		254		477		3,577		1,724
Prepaid expenses and other assets		64,595		4,741		5,013		20,279		91,657
Total assets		65,594,361		12,003,553		10,127,785		42,611,009		119,495,518

LIABILITIES:
Written options, at value	$	181,166	$	—	$	—	$	—	$	—
Securities sold short, at value		728,865		75,565		—		—		826,749
Payables:
Due to advisor (Note 3)		59,799		9,599		6,520		29,541		103,181
Capital shares redeemed		1,577,436		21,152		157		130		191,250
Upon return of securities loaned		3,714,588		1,572,303		2,903,093		8,822,492		13,546,644
Investment securities purchased		9,950		435,587		—		—		517,346
Shareholder distributions		191		—		—		—		—
Distribution fees		18,939		6,402		5,574		4,964		68,623
Trustee expenses		8,549		710		671		2,880		12,462
Chief compliance officer fees		5,129		409		423		1,548		8,080
Accrued expenses		94,464		9,596		9,156		28,931		141,012
Total liabilities		6,399,076		2,131,323		2,925,594		8,890,486		15,415,347
Net assets	$	59,195,285	$	9,872,230	$	7,202,191	$	33,720,523	$	104,080,171

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Statements of Assets and Liabilities (continued)

December 31, 2015 (unaudited)

				Quaker Global			Quaker			Quaker			Quaker
	Quaker Event			Tactical			Mid-Cap			Small-Cap			Strategic
	Arbitrage Fund			Allocation Fund			Value Fund			Value Fund			Growth Fund
NET ASSETS CONSIST OF:
Paid-in capital	$	75,003,960		$	19,893,141		$	12,031,992		$	33,125,541		$	458,011,216
Accumulated net investment income (loss)		(48,565	)		(107,759	)		(29,974	)		(33,475	)		(1,868,737	)
Accumulated net realized
gain (loss) on investments		(4,227,557	)		(10,370,958	)		(4,928,650	)		(186,372	)		(357,852,014	)
Net unrealized appreciation (depreciation)
on investments:
Securities		(11,611,135	)		456,320			128,823			814,829			5,772,615
Securities sold short		32,716			1,486			—			—			17,091
Written option contracts		58,024			—			—			—			—
Foreign currency transactions		(12,158	)		—			—			—			—
Total net assets	$	59,195,285		$	9,872,230		$	7,202,191		$	33,720,523		$	104,080,171
Total investments, at cost	$	67,264,214		$	10,278,007		$	9,785,991		$	41,522,951		$	106,287,323
Includes loaned securities
with a market value of	$	3,475,334		$	1,529,417		$	2,817,619		$	8,403,655		$	13,229,921
Total foreign currency, at cost	$	161,763		$	—		$	—		$	—		$	—
Premiums on written options		239,190			—			—			—			—
Proceeds from securities sold short		761,581			77,051			—			—			843,840
Class A shares:
Net assets	$	19,141,498		$	4,477,234		$	4,330,596		$	6,945,026		$	68,632,665
Shares of beneficial interest outstanding⁽¹⁾		1,765,981			410,924			195,772			338,094			2,673,328
Net asset value per share and
redemption price per share	$	10.84		$	10.90		$	22.12		$	20.54		$	25.67
Offering price per share
(100/94.50 x net asset value per share)	$	11.47		$	11.53		$	23.41		$	21.74		$	27.16
Class C shares:
Net assets	$	5,185,759		$	2,184,954		$	1,613,038		$	1,651,795		$	18,421,207
Shares of beneficial interest outstanding⁽¹⁾		495,483			212,468			83,474			99,441			821,270
Net asset value per share and
redemption price per share	$	10.47		$	10.28		$	19.32		$	16.61		$	22.43
Institutional Class Shares:
Net assets	$	34,868,028		$	3,210,042		$	1,258,557		$	25,123,702		$	17,026,299
Shares of beneficial interest outstanding⁽¹⁾		3,194,513			255,968			54,142			1,162,117			636,789
Net asset value per share and
redemption price per share	$	10.91	*	$	12.54		$	23.25		$	21.62		$	26.74

⁽¹⁾	Unlimited number of shares of beneficial interest with a 0.01 par value authorized.
*	See Note 2.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Statements of Operations

For the Six-Month Period Ended December 31, 2015 (unaudited)

				Quaker Global			Quaker			Quaker			Quaker
	Quaker Event			Tactical			Mid-Cap			Small-Cap			Strategic
	Arbitrage Fund			Allocation Fund			Value Fund			Value Fund			Growth Fund
INVESTMENT INCOME (LOSS)
Income:
Dividends (net of foreign withholding taxes)	$	633,325		$	42,127		$	72,970		$	252,560		$	579,024
Interest		307,868			—			—			—			—
Securities lending income		17,010			1,690			3,376			16,414			10,987
Other Income		15,528			44			40			177			762
Total Income		973,731			43,861			76,386			269,151			590,773
Expenses:
Investment advisory fees (Note 3)		670,155			57,066			42,216			180,901			946,116
Funds administration and accounting fees		58,464			6,360			5,779			22,360			76,078
Transfer agent fees		136,398			11,853			11,255			25,029			183,936
Custody fees		15,131			3,257			1,164			6,931			8,818
Trustee fees and meeting expenses		17,076			1,440			1,312			5,692			24,753
Legal fees		13,500			797			732			3,161			13,728
Audit fees		12,800			1,083			983			4,273			18,566
Distribution fee — Class A		34,730			6,345			6,133			9,251			91,047
Distribution fee — Class C		30,695			9,718			8,840			8,491			95,869
Insurance		25,211			1,984			2,055			8,402			36,242
Officers’ compensation fees		30,902			2,602			2,375			10,298			44,880
Registration and filing expenses		38,748			2,726			3,021			12,672			54,883
Printing expenses		12,119			1,324			1,172			4,123			17,531
Dividends and interest on securities sold short		6,256			65			—			—			1,093
Other operating expenses		1,309			810			796			936			1,533
Total expenses		1,103,494			107,430			87,833			302,520			1,615,073
Investment advisory fees
(reimbursed) or recovered (Note 3)		(141,092	)		—			—			—			20,130
Net expenses		962,402			107,430			87,833			302,520			1,635,203
Net investment income (loss)		11,329			(63,569	)		(11,447	)		(33,369	)		(1,044,430	)

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Statements of Operations (continued)

For the Six-Month Period Ended December 31, 2015 (unaudited)

				Quaker Global			Quaker			Quaker			Quaker
	Quaker Event			Tactical			Mid-Cap			Small-Cap			Strategic
	Arbitrage Fund			Allocation Fund			Value Fund			Value Fund			Growth Fund
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments:
Securities	$	(3,663,010	)	$	(70,527	)	$	(57,233	)	$	(167,920	)	$	4,145,106
Securities sold short		(190,632	)		(2,130	)		—			—			(49,707	)
Written options		(14,215	)		—			—			—			—
Foreign currency transactions		(78,196	)		15			—			—			—
Net realized gain (loss) on investments		(3,946,053	)		(72,642	)		(57,233	)		(167,920	)		4,095,399
Capital gain distributions from
regulated investments companies		—			9,574			—			—			—
Net change in unrealized appreciation
(depreciation) of investments:
Securities		(9,071,281	)		(474,683	)		(855,396	)		(2,744,920	)		(8,070,849	)
Securities sold short		44,658			1,486			—			—			17,091
Written options		19,843			—			—			—			—
Foreign currency transactions		(15,763	)		—			—			—			—
Net change in unrealized appreciation
(depreciation) of investments		(9,022,543	)		(473,197	)		(855,396	)		(2,744,920	)		(8,053,758	)
Net realized and unrealized
gain (loss) on investments		(12,968,596	)		(536,265	)		(912,629	)		(2,912,840	)		(3,958,359	)
Net increase (decrease) in net assets
resulting from operations	$	(12,957,267	)	$	(599,834	)	$	(924,076	)	$	(2,946,209	)	$	(5,002,789	)
(Foreign withholding taxes on
dividends/tax reclaims/interest)	$	(16,993	)	$	(552	)	$	(94	)	$	(649	)	$	(7,611	)

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

For the Six-Month Period Ended December 31, 2015 (unaudited)

				Quaker Global			Quaker			Quaker			Quaker
	Quaker Event			Tactical			Mid-Cap			Small-Cap			Strategic
	Arbitrage Fund			Allocation Fund			Value Fund			Value Fund			Growth Fund
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	11,329		$	(63,569	)	$	(11,447	)	$	(33,369	)	$	(1,044,430	)
Net realized gain (loss)
on investment transactions:
Securities		(3,663,010	)		(70,527	)		(57,233	)		(167,920	)		4,145,106
Securities sold short		(190,632	)		(2,130	)		—			—			(49,707	)
Written options		(14,215	)		—			—			—			—
Foreign currency transactions		(78,196	)		15			—			—			—
Capital gain distributions from
regulated investment companies		—			9,574			—			—			—
Net change in unrealized appreciation
(depreciation) of investment transactions:
Securities		(9,071,281	)		(474,683	)		(855,396	)		(2,744,920	)		(8,070,849	)
Securities sold short		44,658			1,486			—			—			17,091
Written options		19,843			—			—			—			—
Foreign currency transactions		(15,763	)		—			—			—			—
Net increase (decrease) in
net assets resulting from operations		(12,957,267	)		(599,834	)		(924,076	)		(2,946,209	)		(5,002,789	)
Distributions to shareholders from:
Net realized capital gain — Class A		(1,695,347	)		—			—			(539,696	)		—
Net realized capital gain — Class C		(467,044	)		—			—			(156,220	)		—
Net realized capital gain — Institutional Class		(3,193,513	)		—			—			(1,869,051	)		—
Total distributions		(5,355,904	)		—			—			(2,564,967	)		—
Capital share transactions:
Increase (decrease) in net assets
from fund share transactions (Note 8)		(36,323,352	)		1,441,129			(841,586	)		1,230,909			(54,766,436	)
Total increase (decrease) in net assets		(54,636,523	)		841,295			(1,765,662	)		(4,280,267	)		(59,769,225	)

NET ASSETS
Beginning of period		113,831,808			9,030,935			8,967,853			38,000,790			163,849,396
End of period	$	59,195,285		$	9,872,230		$	7,202,191		$	33,720,523		$	104,080,171
Undistributed (Accumulated) net investment
income (loss), at end of period	$	(48,565	)	$	(107,759	)	$	(29,974	)	$	(33,475	)	$	(1,868,737	)

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Statements of Changes in Net Assets (continued)

For the Fiscal Year Ended June 30, 2015

				Quaker Global			Quaker			Quaker			Quaker
	Quaker Event			Tactical			Mid-Cap			Small-Cap			Strategic
	Arbitrage Fund			Allocation Fund			Value Fund			Value Fund			Growth Fund
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	(207,986	)	$	(94,156	)	$	(48,045	)	$	(39,328	)	$	(1,959,026	)
Net realized gain (loss)
on investment transactions:
Securities		3,901,091			1,157,680			1,496,645			3,153,654			25,961,573
Securities sold short		99,814			41,962			—			—			—
Written options		2,578,054			—			—			—			—
Foreign currency transactions		(115,622	)		1			—			—			—
Net change in unrealized appreciation
(depreciation) of investment transactions:
Securities		(5,541,358	)		(334,971	)		(1,409,699	)		(1,282,781	)		(8,663,583	)
Securities sold short		221,999			(10,087	)		—			—			—
Written options		74,248			—			—			—			—
Foreign currency transactions		(13,869	)		—			—			—			—
Net increase (decrease) in
net assets resulting from operations		996,371			760,429			38,901			1,831,545			15,338,964
Distributions to shareholders from:
Net investment income — Class A		(306,809	)		—			—			—			—
Net investment income — Class C		(11,982	)		—			—			—			—
Net investment income — Institutional Class		(812,515	)		—			—			—			—
Net realized capital gain — Class A		(1,997,309	)		—			—			(414,711	)		—
Net realized capital gain — Class C		(340,345	)		—			—			(107,437	)		—
Net realized capital gain — Institutional Class		(3,851,430	)		—			—			(1,402,902	)		—
Total distributions		(7,320,390	)		—			—			(1,925,050	)		—
Capital share transactions:
Increase (decrease) in net assets
from fund share transactions (Note 8)		1,091,370			945,368			(1,096,913	)		(92,858	)		(20,472,584	)
Total increase (decrease) in net assets		(5,232,649	)		1,705,797			(1,058,012	)		(186,363	)		(5,133,620	)

NET ASSETS
Beginning of period		119,064,457			7,325,138			10,025,865			38,187,153			168,983,016
End of period	$	113,831,808		$	9,030,935		$	8,967,853		$	38,000,790		$	163,849,396
Undistributed (Accumulated) net investment
income (loss), at end of period	$	(59,894	)	$	(44,190	)	$	(18,527	)	$	(106	)	$	(824,307	)

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Event Arbitrage Fund

(For a Share Outstanding Throughout the Period)

	Class A
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	13.39		$	14.07		$	12.81		$	11.93		$	12.50		$	12.54
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.01	)		(0.04	)		0.41			0.37			0.11			—
Net realized and unrealized
gain (loss) on investments		(1.52	)		0.21			0.93			0.65			(0.41	)		0.06
Total from investment operations		(1.53	)		0.17			1.34			1.02			(0.30	)		0.06
Distributions to shareholders from:
Net investment income		—			(0.11	)		(0.01	)		(0.01	)		—			(0.06	)
Net realized capital gain		(1.02	)		(0.74	)		(0.07	)		(0.13	)		(0.27	)		(0.04	)
Total distributions		(1.02	)		(0.85	)		(0.08	)		(0.14	)		(0.27	)		(0.10	)
Net asset value, end of period	$	10.84		$	13.39		$	14.07		$	12.81		$	11.93		$	12.50
Total Return⁽²⁾		(11.44	)%*		1.38	%		10.47	%		8.70	%		(2.31	)%		0.47	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	19,141		$	31,817		$	53,035		$	35,232		$	34,725		$	25,413
Ratio of expenses to average net assets:
Expense before reductions⁽³⁾⁽⁴⁾		2.26	%**		2.17	%		2.15	%		2.37	%		2.37	%		2.30	%
Expense net of fee waivers, if any⁽³⁾⁽⁵⁾		1.99	%**		1.99	%		1.99	%		1.99	%		1.99	%		1.99	%
Ratio of net investment income (loss)
to average net assets ***:
Before waiver and expense reimbursement⁽³⁾		(0.37	)%**		(0.47	%)		2.85	%		2.64	%		0.55	%		(0.28	)%
After waiver and expense reimbursement⁽³⁾		(0.10	)%**		(0.29	%)		3.01	%		3.02	%		0.92	%		0.04	%
Portfolio turnover rate		83	%*		237	%		280	%		186	%		157	%		99	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
(3)	Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred.
(4)	Expenses before reductions (excluding dividend and interest expense for securities sold short) were 2.25%**, 2.16%, 2.14%, 2.34%, 2.35% and 2.24% for the six-month period from July 1, 2015 to December 31, 2015, and for the years ended June 30, 2015, 2014, 2013, 2012 and 2011, respectively.
(5)	Expenses net of all reductions (excluding dividend and interest expense for securities sold short) were 1.98%**, 1.98%, 1.98%, 1.96%, 1.98% and 1.93% for the six-month period from July 1, 2015 to December 31, 2015, and for the years ended June 30, 2015, 2014, 2013, 2012 and 2011, respectively.
*	Not annualized.
**	Annualized.
***	The net investment income (loss) ratios include dividends on short positions.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Event Arbitrage Fund

(For a Share Outstanding Throughout the Period)

	Class C
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	13.01		$	13.72		$	12.57		$	11.78		$	12.45		$	12.55
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.05	)		(0.14	)		0.30			0.28			0.02			(0.07	)
Net realized and unrealized
gain (loss) on investments		(1.47	)		0.20			0.92			0.64			(0.42	)		0.04
Total from investment operations		(1.52	)		0.06			1.22			0.92			(0.40	)		(0.03	)
Distributions to shareholders from:
Net investment income		—			(0.03	)		—			—			—			(0.03	)
Net realized capital gain		(1.02	)		(0.74	)		(0.07	)		(0.13	)		(0.27	)		(0.04	)
Total distributions		(1.02	)		(0.77	)		(0.07	)		(0.13	)		(0.27	)		(0.07	)
Net asset value, end of period	$	10.47		$	13.01		$	13.72		$	12.57		$	11.78		$	12.45
Total Return⁽²⁾		(11.69	)%*		0.52	%		9.72	%		7.91	%		(3.13	)%		(0.24	)%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	5,186		$	6,595		$	6,555		$	5,954		$	7,195		$	4,369
Ratio of expenses to average net assets:
Expense before reductions⁽³⁾⁽⁴⁾		3.01	%**		2.92	%		2.90	%		3.12	%		3.12	%		3.08	%
Expense net of fee waivers, if any⁽³⁾⁽⁵⁾		2.74	%**		2.74	%		2.74	%		2.74	%		2.74	%		2.74	%
Ratio of net investment income (loss)
to average net assets ***:
Before waiver and expense reimbursement⁽³⁾		(1.12	)%**		(1.22	)%		2.10	%		1.89	%		(0.17	)%		(0.91	)%
After waiver and expense reimbursement⁽³⁾		(0.85	)%**		(1.04	)%		2.26	%		2.27	%		0.21	%		(0.57	)%
Portfolio turnover rate		83	%*		237	%		280	%		186	%		157	%		99	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
(3)	Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred.
(4)	Expenses before reductions (excluding dividend and interest expense for securities sold short) were 3.00%**, 2.91%, 2.89%, 3.09%, 3.10% and 3.02% for the six-month period from July 1, 2015 to December 31, 2015, and for the years ended June 30, 2015, 2014, 2013, 2012 and 2011, respectively.
(5)	Expenses net of all reductions (excluding dividend and interest expense for securities sold short) were 2.73%**, 2.73%, 2.73%, 2.71%, 2.73% and 2.68% for the six-month period from July 1, 2015 to December 31, 2015, and for the years ended June 30, 2015, 2014, 2013, 2012 and 2011, respectively.
*	Not annualized.
**	Annualized.
***	The net investment income (loss) ratios include dividends on short positions.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Event Arbitrage Fund

(For a Share Outstanding Throughout the Period)

	Institutional Class
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	13.46		$	14.15		$	12.86		$	11.97		$	12.52		$	12.54
Income from investment operations:
Net investment income (loss)⁽¹⁾		0.01			(0.01	)		0.44			0.40			0.13			0.08
Net realized and unrealized
gain (loss) on investments		(1.54	)		0.21			0.94			0.67			(0.41	)		0.02
Total from investment operations		(1.53	)		0.20			1.38			1.07			(0.28	)		0.10
Distributions to shareholders from:
Net investment income		—			(0.15	)		(0.02	)		(0.05	)		—			(0.08	)
Net realized capital gain		(1.02	)		(0.74	)		(0.07	)		(0.13	)		(0.27	)		(0.04	)
Total distributions		(1.02	)		(0.89	)		(0.09	)		(0.18	)		(0.27	)		(0.12	)
Net asset value, end of period	$	10.91		$	13.46		$	14.15		$	12.86		$	11.97		$	12.52
Total Return⁽²⁾		(11.38	)%*		1.61	%		10.77	%		9.04	%		(2.14	)%		0.72	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	34,868		$	75,420		$	59,474		$	24,929		$	13,292		$	19,941
Ratio of expenses to average net assets:
Expense before reductions⁽³⁾⁽⁴⁾		2.01	%**		1.92	%		1.90	%		2.12	%		2.09	%		2.11	%
Expense net of fee waivers, if any⁽³⁾⁽⁵⁾		1.74	%**		1.74	%		1.74	%		1.74	%		1.74	%		1.74	%
Ratio of net investment income (loss)
to average net assets***:
Before waiver and expense reimbursement⁽³⁾		(0.12	)%**		(0.22	)%		3.10	%		2.89	%		0.75	%		0.26	%
After waiver and expense reimbursement⁽³⁾		0.15	%**		(0.04	)%		3.26	%		3.27	%		1.11	%		0.62	%
Portfolio turnover rate		83	%*		237	%		280	%		186	%		157	%		99	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
(3)	Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred.
(4)	Expenses before reductions (excluding dividend and interest expense for securities sold short) were 2.00%**, 1.91%, 1.89%, 2.09%, 2.08% and 2.06%, for the six-month period from July 1, 2015 to December 31, 2015, and for the years ended June 30, 2015, 2014, 2013, 2012 and 2011, respectively.
(5)	Expenses net of all reductions (excluding dividend and interest expense for securities sold short) were 1.73%**, 1.73%, 1.73%, 1.71%, 1.73% and 1.70% for the six-month period from July 1, 2015 to December 31, 2015, and for the years ended June 30, 2015, 2014, 2013, 2012 and 2011, respectively.
*	Not annualized.
**	Annualized.
***	The net investment income (loss) ratios include dividends on short positions.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Global Tactical Allocation Fund

(For a Share Outstanding Throughout the Period)

	Class A
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	11.51		$	10.46		$	8.30		$	7.12		$	7.51		$	5.92
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.07	)		(0.11	)		(0.08	)		(0.09	)		(0.10	)		(0.09	)
Net realized and unrealized
gain (loss) on investments		(0.54	)		1.16			2.24			1.27			(0.29	)		1.68
Total from investment operations		(0.61	)		1.05			2.16			1.18			(0.39	)		1.59
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	10.90		$	11.51		$	10.46		$	8.30		$	7.12		$	7.51
Total Return⁽²⁾		(5.30	)%*		10.04	%		26.02	%		16.57	%		(5.19	)%		26.86	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	4,477		$	5,707		$	3,992		$	3,856		$	5,707		$	11,708
Ratio of expenses to average net assets⁽³⁾		2.25	%**		2.27	%		2.19	%		2.83	%		2.68	%		2.41	%
Ratio of net investment income (loss)
to average net assets ***		(1.29	)%**		(1.03	)%		(0.80	)%		(1.22	)%		(1.41	)%		(1.30	)%
Portfolio turnover rate		79	%*		125	%		130	%		484	%		880	%		732	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
(3)	Ratio of expenses (excluding dividend and interest expense for securities sold short) were 2.23%**, 2.25%, 2.15% and 2.83% for the six-month period from July 1, 2015 to December 31, 2015 and for the years ended June 30, 2015, 2014 and 2013, respectively.
*	Not annualized.
**	Annualized.
***	The net investment income (loss) ratios include dividends on short positions.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Global Tactical Allocation Fund

(For a Share Outstanding Throughout the Period)

	Class C
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	10.91		$	9.99		$	7.98		$	6.90		$	7.34		$	5.82
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.11	)		(0.19	)		(0.14	)		(0.14	)		(0.15	)		(0.14	)
Net realized and unrealized
gain (loss) on investments		(0.52	)		1.11			2.15			1.22			(0.29	)		1.66
Total from investment operations		(0.63	)		0.92			2.01			1.08			(0.44	)		1.52
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	10.28		$	10.91		$	9.99		$	7.98		$	6.90		$	7.34
Total Return⁽²⁾		(5.77	)%*		9.21	%		25.19	%		15.65	%		(5.99	)%		26.12	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	2,185		$	1,851		$	2,093		$	2,124		$	3,158		$	6,880
Ratio of expenses to average net assets⁽³⁾		3.00	%**		3.02	%		2.94	%		3.58	%		3.43	%		3.16	%
Ratio of net investment income (loss)
to average net assets ***		(2.04	)%**		(1.78	)%		(1.55	)%		(1.97	)%		(2.15	)%		(2.07	)%
Portfolio turnover rate		79	%*		125	%		130	%		484	%		880	%		732	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
(3)	Ratio of expenses (excluding dividend and interest expense for securities sold short) were 2.98%**, 3.00%, 2.90% and 3.58% for the six-month period from July 1, 2015 to December 31, 2015 and for the years ended June 30, 2015, 2014 and 2013, respectively.
*	Not annualized.
**	Annualized.
***	The net investment income (loss) ratios include dividends on short positions.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Global Tactical Allocation Fund

(For a Share Outstanding Throughout the Period)

	Institutional Class
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	13.23		$	12.00		$	9.49		$	8.12		$	8.55		$	6.71
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.07	)		(0.10	)		(0.06	)		(0.08	)		(0.09	)		(0.08	)
Net realized and unrealized
gain (loss) on investments		(0.62	)		1.33			2.57			1.45			(0.34	)		1.92
Total from investment operations		(0.69	)		1.23			2.51			1.37			(0.43	)		1.84
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	12.54		$	13.23		$	12.00		$	9.49		$	8.12		$	8.55
Total Return⁽²⁾		(5.22	)%*		10.25	%		26.45	%		16.87	%		(5.03	)%		27.42	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	3,210		$	1,474		$	1,240		$	625		$	899		$	987
Ratio of expenses to average net assets⁽³⁾		2.00	%**		2.02	%		1.94	%		2.58	%		2.47	%		2.16	%
Ratio of net investment income (loss)
to average net assets ***		(1.04	)%**		(0.78	)%		(0.55	)%		(0.97	)%		(1.12	)%		(1.05	)%
Portfolio turnover rate		79	%*		125	%		130	%		484	%		880	%		732	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
(3)	Ratio of expenses (excluding dividend and interest expense for securities sold short) were 1.98%**, 2.00%, 1.90% and 2.58% for the six-month period from July 1, 2015 to December 31, 2015 and for the years ended June 30, 2015, 2014 and 2013, respectively.
*	Not annualized.
**	Annualized.
***	The net investment income (loss) ratios include dividends on short positions.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Mid-Cap Value Fund

(For a Share Outstanding Throughout the Period)

	Class A
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	24.78		$	24.62		$	18.99		$	15.73		$	16.03		$	11.99
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.02	)		(0.10	)		(0.09	)		(0.14	)		(0.11	)		(0.13	)
Net realized and unrealized
gain (loss) on investments		(2.64	)		0.26			5.72			3.40			(0.19	)		4.17
Total from investment operations		(2.66	)		0.16			5.63			3.26			(0.30	)		4.04
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	22.12		$	24.78		$	24.62		$	18.99		$	15.73		$	16.03
Total Return⁽²⁾		(10.73	)%*		0.65	%		29.65	%		20.72	%		(1.87	)%		33.69	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	4,331		$	5,520		$	5,724		$	6,029		$	6,114		$	7,229
Ratio of expenses to average net assets		2.06	%**		1.98	%		2.03	%		2.19	%		2.21	%		2.13	%
Ratio of net investment income (loss)
to average net assets		(0.16	)%**		(0.39	)%		(0.42	)%		(0.80	)%		(0.70	)%		(0.88	)%
Portfolio turnover rate		25	%*		49	%		62	%		47	%		42	%		27	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
*	Not annualized.
**	Annualized.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Mid-Cap Value Fund

(For a Share Outstanding Throughout the Period)

	Class C
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	21.73		$	21.75		$	16.91		$	14.11		$	14.48		$	10.92
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.09	)		(0.25	)		(0.22	)		(0.24	)		(0.20	)		(0.22	)
Net realized and unrealized
gain (loss) on investments		(2.32	)		0.23			5.06			3.04			(0.17	)		3.78
Total from investment operations		(2.41	)		(0.02	)		4.84			2.80			(0.37	)		3.56
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	19.32		$	21.73		$	21.75		$	16.91		$	14.11		$	14.48
Total Return⁽²⁾		(11.09	)%*		(0.09	)%		28.62	%		19.84	%		(2.56	)%		32.60	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	1,613		$	1,944		$	2,086		$	1,815		$	1,950		$	2,577
Ratio of expenses to average net assets		2.81	%**		2.73	%		2.78	%		2.94	%		2.96	%		2.88	%
Ratio of net investment income (loss)
to average net assets		(0.91	)%**		(1.14	)%		(1.17	)%		(1.55	)%		(1.45	)%		(1.63	)%
Portfolio turnover rate		25	%*		49	%		62	%		47	%		42	%		27	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
*	Not annualized.
**	Annualized.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Mid-Cap Value Fund

(For a Share Outstanding Throughout the Period)

	Institutional Class
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	26.01		$	25.77		$	19.83		$	16.39		$	16.66		$	12.43
Income from investment operations:
Net investment income (loss)⁽¹⁾		0.01			(0.04	)		(0.04	)		(0.10	)		(0.07	)		(0.10	)
Net realized and unrealized
gain (loss) on investments		(2.77	)		0.28			5.98			3.54			(0.20	)		4.33
Total from investment operations		(2.76	)		0.24			5.94			3.44			(0.27	)		4.23
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	23.25		$	26.01		$	25.77		$	19.83		$	16.39		$	16.66
Total Return⁽²⁾		(10.61	)%*		0.93	%		29.95	%		20.99	%		(1.62	)%		34.03	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	1,258		$	1,504		$	2,216		$	1,060		$	351		$	433
Ratio of expenses to average net assets		1.81	%**		1.73	%		1.78	%		1.94	%		1.96	%		1.87	%
Ratio of net investment income (loss)
to average net assets		0.09	%**		(0.14	)%		(0.17	)%		(0.55	)%		(0.45	)%		(0.62	)%
Portfolio turnover rate		25	%*		49	%		62	%		47	%		42	%		27	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
*	Not annualized.
**	Annualized.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Small-Cap Value Fund

(For a Share Outstanding Throughout the Period)

	Class A
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	24.15		$	24.28		$	19.50		$	15.85		$	16.53		$	11.54
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.04	)		(0.06	)		(0.11	)		0.09			(0.08	)		(0.05	)
Net realized and unrealized
gain (loss) on investments		(1.85	)		1.22			4.95			3.58			(0.60	)		5.04
Total from investment operations		(1.89	)		1.16			4.84			3.67			(0.68	)		4.99
Distributions to shareholders from:
Net investment income		—			—			(0.06	)		(0.02	)		—			—
Net realized capital gain		(1.72	)		(1.29	)		—			—			—			—
Total distributions		(1.72	)		(1.29	)		(0.06	)		(0.02	)		—			—
Net asset value, end of period	$	20.54		$	24.15		$	24.28		$	19.50		$	15.85		$	16.53
Total Return⁽²⁾		(7.91	)%*		4.96	%		24.83	%		23.17	%		(4.11	)%		43.24	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	6,945		$	7,790		$	8,512		$	7,727		$	8,347		$	14,168
Ratio of expenses to average net assets		1.82	%**		1.78	%		1.83	%		1.93	%		1.96	%		1.98	%
Ratio of net investment income (loss)
to average net assets		(0.34	)%**		(0.26	)%		(0.47	)%		0.49	%		(0.52	)%		(0.35	)%
Portfolio turnover rate		58	%*		128	%		176	%		142	%		158	%		131	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
*	Not annualized.
**	Annualized.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Small-Cap Value Fund

(For a Share Outstanding Throughout the Period)

	Class C
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	19.96		$	20.43			16.49		$	13.49		$	14.17		$	9.98
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.10	)		(0.20	)		(0.23	)		(0.04	)		(0.16	)		(0.14	)
Net realized and unrealized
gain (loss) on investments		(1.53	)		1.02			4.17			3.04			(0.52	)		4.33
Total from investment operations		(1.63	)		0.82			3.94			3.00			(0.68	)		4.19
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		(1.72	)		(1.29	)		—			—			—			—
Total distributions		(1.72	)		(1.29	)		—			—			—			—
Net asset value, end of period	$	16.61		$	19.96		$	20.43		$	16.49		$	13.49		$	14.17
Total Return⁽²⁾		(8.27	)%*		4.20	%		23.89	%		22.24	%		(4.80	)%		41.98	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	1,652		$	1,684		$	1,806		$	1,625		$	1,863		$	2,524
Ratio of expenses to average net assets		2.57	%**		2.53	%		2.58	%		2.68	%		2.70	%		2.73	%
Ratio of net investment income (loss)
to average net assets		(1.09	)%**		(1.01	)%		(1.22	)%		(0.26	)%		(1.25	)%		(1.15	)%
Portfolio turnover rate		58	%*		128	%		176	%		142	%		158	%		131	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
*	Not annualized.
**	Annualized.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Small-Cap Value Fund

(For a Share Outstanding Throughout the Period)

	Institutional Class
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	25.29		$	25.30		$	20.29		$	16.50		$	17.15		$	11.96
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.01	)	(0.00)^				(0.05	)		0.13			(0.04	)		(0.01	)
Net realized and unrealized
gain (loss) on investments		(1.94	)		1.28			5.14			3.73			(0.61	)		5.20
Total from investment operations		(1.95	)		1.28			5.09			3.86			(0.65	)		5.19
Distributions to shareholders from:
Net investment income		—			—			(0.08	)		(0.07	)		—			—
Net realized capital gain		(1.72	)		(1.29	)		—			—			—			—
Total distributions		(1.72	)		(1.29	)		(0.08	)		(0.07	)		—			—
Net asset value, end of period	$	21.62		$	25.29		$	25.30		$	20.29		$	16.50		$	17.15
Total Return⁽²⁾		(7.79	)%*		5.24	%		25.13	%		23.44	%		(3.79	)%		43.39	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	25,124		$	28,528		$	27,868		$	23,393		$	20,028		$	23,073
Ratio of expenses to average net assets		1.57	%**		1.53	%		1.58	%		1.68	%		1.71	%		1.73	%
Ratio of net investment income (loss)
to average net assets		(0.09	)%**		(0.01	)%		(0.22	)%		0.74	%		(0.25	)%		(0.07	)%
Portfolio turnover rate		58	%*		128	%		176	%		142	%		158	%		131	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
^	Amount is less than 0.005 per share.
*	Not annualized.
**	Annualized.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Strategic Growth Fund

(For a Share Outstanding Throughout the Period)

	Class A
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	26.55		$	24.19		$	19.31		$	16.13		$	16.53		$	13.33
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.19	)		(0.30	)		(0.26	)		(0.15	)		(0.15	)		(0.14	)
Net realized and unrealized
gain (loss) on investments		(0.69	)		2.66			5.14			3.33			(0.25	)		3.34
Total from investment operations		(0.88	)		2.36			4.88			3.18			(0.40	)		3.20
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	25.67		$	26.55		$	24.19		$	19.31		$	16.13		$	16.53
Total Return⁽²⁾		(3.31	)%*		9.76	%		25.27	%		19.71	%		(2.42	)%		24.01	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	68,633		$	77,188		$	87,053		$	88,970		$	111,778		$	186,877
Ratio of expenses to average net assets:
Before expense reimbursements
or recoveries⁽³⁾⁽⁴⁾		2.21	%**		2.12	%		2.15	%		2.36	%		2.30	%		2.21	%
After expense reimbursements
or recoveries⁽³⁾⁽⁵⁾		2.24	%**		2.24	%		2.24	%		2.24	%		2.24	%		1.99	%
Ratio of net investment income (loss)
to average net assets***:
Before expense reimbursements or recoveries⁽³⁾		(1.40	)%**		(1.06	)%		(1.06	)%		(0.98	)%		(1.03	)%		(1.14	%)
After expense reimbursements or recoveries⁽³⁾		(1.43	)%**		(1.18	)%		(1.15	)%		(0.86	)%		(0.98	)%		(0.92	%)
Portfolio turnover rate		86	%*		149	%		170	%		294	%		178	%		136	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
(3)	Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. These reimbursed amounts would increase the net investment loss ratio or decrease the net investment income ratio and recovered amounts would decrease the net investment loss ratio or increase the net investment income ratio, as applicable, had such reductions or increases not occurred.
(4)	Expenses before reductions (excluding dividend and interest expense for securities sold short) was 2.21%** for the six-month period from July 1, 2015 to December 31, 2015.
(5)	Expenses net of all reductions (excluding dividend and interest expense for securities sold short) was 2.24%** for the six-month period from July 1, 2015 to December 31, 2015.
*	Not annualized.
**	Annualized.
***	The net investment income (loss) ratios include dividends on short positions.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Strategic Growth Fund

(For a Share Outstanding Throughout the Period)

	Class C
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	23.28		$	21.37		$	17.19		$	14.47		$	14.94		$	12.14
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.25	)		(0.43	)		(0.37	)		(0.25	)		(0.24	)		(0.23	)
Net realized and unrealized
gain (loss) on investments		(0.60	)		2.34			4.55			2.97			(0.23	)		3.03
Total from investment operations		(0.85	)		1.91			4.18			2.72			(0.47	)		2.80
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	22.43		$	23.28		$	21.37		$	17.19		$	14.47		$	14.94
Total Return⁽²⁾		(3.65	)%*		8.94	%		24.32	%		18.80	%		(3.15	)%		23.06	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	18,421		$	20,140		$	22,931		$	22,968		$	27,102		$	42,729
Ratio of expenses to average net assets:
Before expense reimbursements
or recoveries⁽³⁾⁽⁴⁾		2.96	%**		2.87	%		2.90	%		3.11	%		3.04	%		2.96	%
After expense reimbursements
or recoveries⁽³⁾⁽⁵⁾		2.99	%**		2.99	%		2.99	%		2.99	%		2.99	%		2.74	%
Ratio of net investment income (loss)
to average net assets***:
Before expense reimbursements or recoveries⁽³⁾		(2.15	)%**		(1.81	)%		(1.81	)%		(1.74	)%		(1.77	)%		(1.90	)%
After expense reimbursements or recoveries⁽³⁾		(2.18	)%**		(1.93	)%		(1.90	)%		(1.62	)%		(1.72	)%		(1.68	)%
Portfolio turnover rate		86	%*		149	%		170	%		294	%		178	%		136	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
(3)	Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. These reimbursed amounts would increase the net investment loss ratio or decrease the net investment income ratio and recovered amounts would decrease the net investment loss ratio or increase the net investment income ratio, as applicable, had such reductions or increases not occurred.
(4)	Expenses before reductions (excluding dividend and interest expense for securities sold short) was 2.96%** for the six-month period from July 1, 2015 to December 31, 2015.
(5)	Expenses net of all reductions (excluding dividend and interest expense for securities sold short) was 2.99%** for the six-month period from July 1, 2015 to December 31, 2015.
*	Not annualized.
**	Annualized.
***	The net investment income (loss) ratios include dividends on short positions.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Financial Highlights

Quaker Strategic Growth Fund

(For a Share Outstanding Throughout the Period)

	Institutional Class
	(unaudited)
	For the
	Six-Month
	Period from
	July 1, 2015
	to December 31,			Years Ended June 30,
	2015			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	27.62		$	25.10		$	19.99		$	16.66		$	17.03		$	13.71
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.16	)		(0.25	)		(0.21	)		(0.11	)		(0.11	)		(0.11	)
Net realized and unrealized
gain (loss) on investments		(0.72	)		2.77			5.32			3.44			(0.26	)		3.43
Total from investment operations		(0.88	)		2.52			5.11			3.33			(0.37	)		3.32
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	26.74		$	27.62		$	25.10		$	19.99		$	16.66		$	17.03
Total Return⁽²⁾		(3.19	)%*		10.04	%		25.56	%		19.99	%		(2.17	)%		24.22	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	17,026		$	66,521		$	58,999		$	45,851		$	40,288		$	41,519
Ratio of expenses to average net assets:
Before expense reimbursements
or recoveries⁽³⁾⁽⁴⁾		1.96	%**		1.87	%		1.90	%		2.11	%		2.03	%		1.97	%
After expense reimbursements
or recoveries⁽³⁾⁽⁵⁾		1.99	%**		1.99	%		1.99	%		1.99	%		1.99	%		1.74	%
Ratio of net investment income (loss)
to average net assets***:
Before expense reimbursements or recoveries⁽³⁾		(1.15	)%**		(0.81	)%		(0.81	)%		(0.74	)%		(0.72	)%		(0.89	)%
After expense reimbursements or recoveries⁽³⁾		(1.18	)%**		(0.93	)%		(0.90	)%		(0.62	)%		(0.68	)%		(0.66	)%
Portfolio turnover rate		86	%*		149	%		170	%		294	%		178	%		136	%

(1)	The average shares outstanding method has been applied for per share information.
(2)	Total investment return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
(3)	Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. These reimbursed amounts would increase the net investment loss ratio or decrease the net investment income ratio and recovered amounts would decrease the net investment loss ratio or increase the net investment income ratio, as applicable, had such reductions or increases not occurred.
(4)	Expenses before reductions (excluding dividend and interest expense for securities sold short) was 1.96%** for the six-month period from July 1, 2015 to December 31, 2015.
(5)	Expenses net of all reductions (excluding dividend and interest expense for securities sold short) was 1.99%** for the six-month period from July 1, 2015 to December 31, 2015.
*	Not annualized.
**	Annualized.
***	The net investment income (loss) ratios include dividends on short positions.

The accompanying notes are an integral part of the financial statements.

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited)

Note 1 — Organization

The Quaker Investment Trust (“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 (“1940 Act”). The Trust’s Amended and Restated Declaration of Trust permits the Trustees to issue an unlimited number of shares of beneficial interest. The Trust currently has five series: Quaker Event Arbitrage Fund (“Event Arbitrage”), Quaker Global Tactical Allocation Fund (“Global Tactical Allocation”), Quaker Mid-Cap Value Fund (“Mid-Cap Value”), Quaker Small-Cap Value Fund (“Small-Cap Value”) and Quaker Strategic Growth Fund (“Strategic Growth”) (each a “Fund” and collectively, “Funds”). All Funds are diversified. The investment objectives of each Fund are set forth below.

Strategic Growth and Small-Cap Value commenced operations on November 25, 1996. Mid-Cap Value commenced operations on December 31, 1997. Global Tactical Allocation commenced operations on May 1, 2008. Event Arbitrage commenced operations on June 7, 2010 in conjunction with the reorganization of the Pennsylvania Avenue Event Driven Fund (“Event Driven Fund”). The predecessor to the Event Driven Fund, the Pennsylvania Avenue Fund, commenced operations on September 19, 2002. The investment objective of these Funds is to seek long-term growth of capital. The investment objective of these funds is non-fundamental in that this objective may be changed by the Board of Trustees (“Board” or “Trustees”) without shareholder approval. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies.”

The Funds currently offer three classes of shares (Class A, Class C and Institutional Class shares). Class A shares are charged a front-end sales charge and a distribution and servicing fee; Class C shares are charged a distribution fee, but bear no front-end sales charge or contingent deferred sales charge (“CDSC”); and Institutional Class shares bear no front-end sales charge or CDSC, but have higher minimum investment thresholds. Quaker Funds, Inc. (“QFI”), the investment adviser to each of the Funds, has the ability to waive the minimum investment for Institutional Class shares at its discretion.

Note 2 — Summary of Significant Accounting Policies and Other Information

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

A. Security Valuation. The Funds’ investments in securities are carried at market value. Securities listed on an exchange or quoted on a national market system are generally valued at the last quoted sales price at the time 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. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board.

Short-term investments are valued at amortized cost, which approximates fair market value.

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 2 — Summary of Significant Accounting Policies and Other Information (Continued)

The Funds may enter into forward foreign currency contracts to lock in the U.S. dollar cost of purchase and sale transactions or to defend the portfolio against currency fluctuations. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. These contracts are valued daily, and the Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the end of the reporting period, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

For financial reporting purposes, investment transactions are recorded on the trade date; however, for purposes of executing shareholder transactions, the Funds record changes in holdings of portfolio securities no later than the first business day after the trade date in accordance with Rule 2a-4 of the 1940 Act. Accordingly, certain differences between net asset value for financial reporting and for executing shareholder transactions may arise.

The Funds have adopted fair valuation procedures to value securities at fair market value in certain circumstances, and the Trust has established a Valuation Committee responsible for determining when fair valuing a security is necessary and appropriate. The Funds will value securities at fair market value when market quotations are not readily available or when securities cannot be accurately valued within established pricing procedures. The Valuation Committee may also fair value foreign securities whose prices may have been affected by events occurring after the close of trading in their respective markets but prior to the time the Fund holding the foreign securities calculates its net asset value. The Funds’ fair valuation procedures are designed to help ensure that prices at which Fund shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders.

The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is defined as the price that the Fund may receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. The disclosure requirements utilize a three-tier hierarchy to maximize the use of observable market data, minimize the use of unobservable inputs and establish classification of fair value measurements for disclosure purposes. A financial instrument’s level within the fair value hierarchy is based on the lowest level that is significant to the fair value measurement. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including the pricing model used and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The significant unobservable inputs used in the fair value measurement of the reporting entity’s private equity holdings are, the last traded price, the cost of prior transactions, single broker quotes, uncertainty of future payout, pricing service price adjusted for recent payout distribution, last trade price on per-conversion bond

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 2 — Summary of Significant Accounting Policies and Other Information (Continued)

and discounts applied for lack of marketability. Significant increases (decreases) in any of those inputs in isolation could result in a significantly lower (higher) fair value measurement.

Various inputs may be used to determine the value of each Fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Prices determined using significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) municipal securities, long-term U.S. Government obligations and corporate debt securities are valued in accordance with the evaluated price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, warrants and structured notes that do not trade on an exchange, OTC options and international equity securities valued by an independent third party in order to adjust for stale pricing and foreign market holidays.

Level 3 — Prices determined using significant unobservable inputs (including the Fund’s own assumptions). For restricted equity securities where observable inputs are limited, assumptions about market activity and risk are used in determining fair value. These are categorized as Level 3 in the hierarchy.

For international equity securities traded on a foreign exchange or market which closes prior to a Fund’s Valuation Time, in order to adjust for events which occur between the close of the foreign exchange they are traded on and the close of the New York Stock Exchange, a fair valuation model is used, and these securities are categorized as Level 2.

A Fund may hold securities, some of which are classified as Level 3 investments (as defined below). Level 3 investments have significant unobservable inputs, as they trade infrequently. In determining the fair value of these investments, management uses the market approach which includes as the primary input the capital balance reported; however, adjustments to the reported capital balance may be made based on various factors, including, but not limited to, the attributes of the interest held, including the rights and obligations, and any restrictions or illiquidity of such interests, and the fair value of these securities.

The value of a foreign security is generally determined as of the close of trading on the foreign stock exchange on which the security is primarily traded, or as of the close of trading on the New York Stock Exchange (“NYSE”), if earlier. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at the close of the NYSE (generally 4:00 p.m. Eastern time) on the day that the value of the foreign security is determined. If no sale is reported at that time, the foreign security will be valued within the range of the most recent quoted bid and ask prices. If market quotations are not readily available for a foreign security or an event has occurred that caused a quotation to be unavailable or unreliable, the Valuation Committee will fair value foreign securities using the procedures described below.

The Trust has adopted fair valuation procedures to value securities at fair market value when independent prices are unavailable or unreliable, and the Trust has established a Valuation Committee that is responsible for determining when fair valuing a security is necessary and appropriate. Securities and assets for which market

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 2 — Summary of Significant Accounting Policies and Other Information (Continued)

quotations are not readily available may be valued based upon valuation methods that include: (i) multiple of earnings; (ii) yield to maturity with respect to debt issues; (iii) discounts from market prices of similar freely traded securities; or (iv) a combination of these or other methods. Securities may also be priced using fair value pricing methods when their closing prices do not reflect their market values at the time the Fund calculates its net asset value (“NAV”) because an event had occurred since the closing prices were established on the domestic or foreign exchange or market but before the Fund’s NAV calculation.

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Description EVENT ARBITRAGE FUND	Level 1			Level 2			Level 3		Total
Common Stocks	$	36,461,328		$	733,845		$	1,534,006	$	38,729,179
Preferred Stocks		215,615			5			763,000		978,620
Structured Notes		—			4,632,206			—		4,632,206
Asset Backed Securities		—			206,829			—		206,829
Convertible Bonds		—			1,892,587			0		1,892,587
Corporate Bonds		—			3,402,835			529,983		3,932,818
Mortgage Backed Securities		—			261,732			—		261,732
Foreign Government Agency Issues		—			847,232			—		847,232
Escrow Notes		—			—			0		0
Purchased Options		337,288			119,400			600		457,288
Investments Purchased with
Proceeds from Securities Lending		3,714,588			—			—		3,714,588
Total Investments in Securities	$	40,728,819		$	12,096,671		$	2,827,589	$	55,653,079
Common Stocks sold short		(728,865	)		—			—		(728,865	)
Written Options		(135,968	)		(45,198	)		—		(181,166	)
Total Investments in Securities sold short	$	(864,833	)	$	(45,198	)	$	—	$	(910,031	)

Description GLOBAL TACTICAL ALLOCATION FUND	Level 1			Level 2			Level 3		Total
Common Stocks	$	8,818,471		$	—		$	13,756	$	8,832,227
Exchange Traded Funds		329,797			—			—		329,797
Investments Purchased with
Proceeds from Securities Lending		1,572,303			—			—		1,572,303
Total Investments in Securities	$	10,720,571		$	—		$	13,756	$	10,734,327
Common Stocks sold short		(75,565	)		—			—		(75,565	)
Total Investments in Securities sold short	$	(75,565	)	$	—		$	—	$	(75,565	)

Description MID-CAP VALUE FUND	Level 1			Level 2			Level 3		Total
Common Stocks	$	5,935,084		$	—		$	—	$	5,935,084
Real Estate Investment Trusts		1,076,637			—			—		1,076,637
Investments Purchased with
Proceeds from Securities Lending		2,903,093			—			—		2,903,093
Total Investments in Securities	$	9,914,814		$	—		$	—	$	9,914,814

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 2 — Summary of Significant Accounting Policies and Other Information (Continued)

Description SMALL-CAP VALUE FUND	Level 1			Level 2		Level 3		Total
Common Stocks	$	30,686,399		$	—	$	—	$	30,686,399
Real Estate Investment Trusts		2,660,546			—		—		2,660,546
Closed End Mutual Funds		168,343			—		—		168,343
Investments Purchased with
Proceeds from Securities Lending		8,822,492			—		—		8,822,492
Total Investments in Securities	$	42,337,780		$	—	$	—	$	42,337,780

Description STRATEGIC GROWTH FUND	Level 1			Level 2		Level 3		Total
Common Stocks	$	98,130,959		$	—	$	382,335	$	98,513,294
Investments Purchased with
Proceeds from Securities Lending		13,546,644			—		—		13,546,644
Total Investments in Securities	$	111,677,603		$	—	$	382,335	$	112,059,938
Common Stocks sold short		(826,749	)		—		—		(826,749	)
Total Investments in Securities sold short	$	(826,749	)	$	—	$	—	$	(826,749	)

Refer to the Fund’s Schedules of Investments for industry classifications.

Level 3 Reconciliation

The following is a reconciliation of Event Arbitrage’s, Global Tactical Allocation’s and Strategic Growth’s Level 3 investments for which significant unobservable inputs were used in determining value. See Schedules of Investments for industry classifications:

EVENT ARBITRAGE FUND

	Balance											Net										Balance
	as of											Unrealized			Amortized		Transfers		Transfers			as of
	June 30,								Realized			appreciation			discounts/		in to		out of			December
	2015			Purchases		Sales			gain (loss)			(depreciation)			premiums		Level 3		Level 3				31, 2015
Common Stocks	$	2,360,386		$	170,149	$	(7,162	)	$	(4,877	)	$	(865,336	)	$	—	$	332,967	$	(452,121	)	$	1,534,006
Preferred Stocks		813,000			—		—			—			(50,000	)		—		—		—			763,000
Convertible Bonds		277,047			6,078		(100,000	)		—			(78,509	)		258		—		(104,874	)		0
Corporate Bonds		738,396			—		—			—			(209,375	)		997		—		(35	)		529,983
Term Loan		511,054			—		(511,054	)		—			—			—		—		—			—
Escrow Notes		0			—		—			—			—			—		—		—			0
Purchased Options		—			48,720		—			—			(48,120	)		—		—		—			600
	$	4,699,883		$	224,947	$	(618,216	)	$	(4,877	)	$	(1,251,340	)	$	1,255	$	332,967	$	(557,030	)	$	2,827,589
Written Options	$	(21,420	)	$	—	$	—		$	47,735		$	(26,315	)	$	—	$	—	$	—		$	—
Net change in unrealized appreciation (depreciation) for Level 3 investments still held as of December 31, 2015																						$	(419,619	)

GLOBAL TACTICAL ALLOCATION FUND

	Balance											Net										Balance
	as of											Unrealized			Amortized		Transfers		Transfers			as of
	June 30,								Realized			appreciation			discounts/		in to		out of			December
		2015		Purchases		Sales			gain (loss)			(depreciation)			premiums		Level 3		Level 3				31, 2015
Common Stocks	$	13,756		$	—	$	—		$	—		$	—		$	—	$	—	$	—		$	13,756
	$	13,756		$	—	$	—		$	—		$	—		$	—	$	—	$	—		$	13,756
Net change in unrealized appreciation (depreciation) for Level 3 investments still held as of December 31, 2015																						$	—

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 2 — Summary of Significant Accounting Policies and Other Information (Continued)

STRATEGIC GROWTH FUND

	Balance								Net								Balance
	as of								Unrealized		Amortized		Transfers		Transfers		as of
	June 30,						Realized		appreciation		discounts/		in to		out of		December
	2015		Purchases		Sales		gain (loss)		(depreciation)		premiums		Level 3		Level 3			31, 2015
Common Stocks	$	382,335	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	382,335
	$	382,335	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	382,335
Net change in unrealized appreciation (depreciation) for Level 3 investments still held as of December 31, 2015																	$	—

Transfers are recognized at the end of the reporting period.

There have been no transfers in and out of Level 1 and Level 2 fair value measurements as of December 31, 2015, except for the Quaker Event Arbitrage Fund listed below:

Transfers out of Level 1 into Level 2	$0	Due to a decrease of market activity.
Transfers out of Level 1 into Level 3	$0	Due to a decrease of market activity.
Transfers out of Level 2 into Level 1	$0	Due to an increase of market activity.
Transfers out of Level 2 into Level 3	$332,967	Due to a decrease of market activity.
Transfers out of Level 3 into Level 1	$452,121	Due to an increase of market activity.
Transfers out of Level 3 into Level 2	$104,909	Due to an increase of market activity.

The following presents information about significant unobservable inputs related to Level 3 investments at December 31, 2015:

EVENT ARBITRAGE FUND

	Fair Value at	Valuation	Unobservable
	December 31, 2015	Technique	Input
Common Stocks	$ 0	Profitability weighted	Uncertainty of any
		expected return method	additional future payout
Common Stocks	0	Market approach	Priced at zero, company stopped reporting
			financials and has stopped operations
Common Stocks	15,931	Market approach	Last traded price of non-restricted
			shares less a discount
Common Stocks	21,150	Market approach	Single broker quote, since
			shares are not listed yet
Common Stocks	1,163,958	Market approach	Last traded price adjusted
			by movement in index
Common Stocks	332,967	Market approach	Last traded price, this
			trades by appointment
Preferred Stocks	150,000	Market approach	Single broker quote
Preferred Stocks	613,000	Market approach	Prior transaction cost
Convertible Bonds	0	Profitability weighted	Uncertainty of any
		expected return method	additional future payout
Corporate Bonds	0	Profitability weighted	Uncertainty of any
		expected return method	additional future payout
Corporate Bonds	340,000	Market approach	Single broker quote
Corporate Bonds	174,983	Market approach	IDC Price adjusted
			for recent payout
Corporate Bonds	15,000	Market approach	Last traded price
			of pre-conversion bond
Escrow Notes	0	Profitability weighted	Uncertainty of any
		expected return method	additional future payout
Purchased Options	600	Options pricing model	Implied volatility

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 2 — Summary of Significant Accounting Policies and Other Information (Continued)

GLOBAL TACTICAL ALLOCATION FUND
	Fair Value at	Valuation	Unobservable
	December 31, 2015	Technique	Input
Common Stocks	$ 13,756	Market approach	Projected final distribution, discounted
			for lack of marketability

STRATEGIC GROWTH FUND
	Fair Value at	Valuation	Unobservable
	December 31, 2015	Technique	Input
Common Stocks	$ 382,335	Market approach	Projected final distribution, discounted
			for lack of marketability

B. Federal Income Taxes. It is the Funds’ policy to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of their taxable income to shareholders. Therefore, no federal income tax provision is required.

In accordance with Financial Accounting Standards Board (“FASB”) Interpretation ASC 740, (“ASC 740”), each Fund recognizes a tax benefit from an uncertain position only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. If this threshold is met, a Fund measures the tax benefit as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management has reviewed the tax positions for each of the three open tax years as of June 30, 2015 and has determined that the implementation of ASC 740 does not have a material impact on the Funds’ financial statements. Each Fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

Net investment income or loss and net realized gains or losses may differ for financial statement and income tax purposes primarily due to investments that 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. Permanent differences in the recognition of earnings are reclassified to additional paid-in capital. Distributions in excess of tax-basis earnings are recorded as a return of capital.

C. Security Transactions and Investment Income. Security transactions are recorded on the trade date. Realized gains and losses are determined using the specific identification cost method. Interest income on debt securities is recorded daily on the accrual basis. Discounts and premiums on debt securities are amortized over their respective lives. Dividend income is recorded on the ex-dividend date, or as soon as information is available to the Fund.

D. Short Sales of Investments. Certain Funds may make short sales of investments, which are transactions in which a Fund sells a security it does not own in anticipation of a decline in the fair value of that security. 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 broker retains the proceeds of short sales to the extent necessary to meet margin requirements until the short position is closed out.

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 2 — Summary of Significant Accounting Policies and Other Information (Continued)

If a security pays a dividend while the Fund holds it short, the Fund will need to pay the dividend to the original owner of the security. Since the Fund borrowed the shares and sold them to a third party, the third party will receive the dividend from the security and the Fund will pay the original owner the dividend directly. The Fund is not entitled to the dividend because it does not own the shares. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale.

E. Written Options Contracts. Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the difference between the premium and the amount for effecting a closing purchase transaction, including brokerage commission, is also treated as a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund.

A risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised.

In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

F. Purchased Options. Certain Funds may purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize either no gain or a loss on the purchase of the call option. A Fund will normally purchase put options in anticipation of a decline in the market value of securities in its portfolio (“protective puts”) or in securities in which it may invest. The purchase of a put option will entitle the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund’s securities. Put options may also be purchased by a Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own. The Fund will ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise the Fund will realize either no gain or a loss on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.

G. Futures Contracts. Certain Funds may enter into financial futures contracts, to the extent permitted by their investment policies and objectives, for bona fide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase. Upon entering into a financial futures contract, a Fund is required to deposit cash or securities as initial margin.

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 2 — Summary of Significant Accounting Policies and Other Information (Continued)

Additional securities are also segregated as collateral up to the current market value of the financial futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund, depending on the fluctuation in the value of the underlying financial instruments. The Fund recognizes an unrealized gain or loss equal to the variation margin. When the financial futures contracts are closed, a realized gain or loss is recognized equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts. The risks associated with entering into financial futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in financial futures contracts involves the risk that the Fund could lose more than the original margin deposit and subsequent payments required for a futures transaction. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

H. Foreign Currency Transactions. Securities and other assets and liabilities denominated in foreign currencies are converted each business day into U.S. dollars based on the prevailing rates of exchange. Purchases and sales of portfolio securities and income and expenses are converted into U.S. dollars on the respective dates of such transactions.

Gains and losses resulting from changes in exchange rates applicable to foreign securities are not reported separately from gains and losses arising from movements in securities prices.

Net realized foreign exchange gains and losses include gains and losses from sales and maturities of foreign currency exchange contracts, gains and losses realized between the trade and settlement dates of foreign securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes on the Funds’ books and the U.S. dollar equivalent of the amounts actually received. Net unrealized foreign exchange gains and losses include gains and losses from changes in the fair value of assets and liabilities denominated in foreign currencies other than portfolio securities, resulting from changes in exchange rates.

I. Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

J. Portfolio Investment Risks. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign government laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries. Certain countries may also impose substantial restrictions on investments in their capital markets by

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 2 — Summary of Significant Accounting Policies and Other Information (Continued)

foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

K. Multiple Class Allocations. Each class of shares has equal rights as to earnings and assets except that each class bears different distribution and shareholder servicing expenses. Each class of shares has exclusive voting rights with respect to matters that affect just that class. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

L. Expense Allocations. Expenses are allocated to each series based upon its relative proportion of net assets to the Trust’s total net assets.

M. Distributions to Shareholders. Each Fund generally declares dividends at least annually, payable in December, on a date selected by the Board. In addition, distributions may be made annually in December out of net realized gains through October 31 of that calendar 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.

N. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent 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, and those differences could be significant.

O. Security Loans. The Funds receive compensation in the form of fees, or retain a portion of interest on the investment of any cash received as collateral. The Funds also continue to receive interest or dividends on the securities loaned. The loans are secured by collateral at least equal, at all times, to 102% of the market value of the loaned securities. Gain or loss in the fair value of the securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the lending agreement to recover the securities from the borrower on demand.

P. Derivative Instruments. The Funds have adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Funds disclose: a) how and why an entity uses derivative instruments; and b) how derivative instruments and related hedged items affect an entity’s financial position, financial performance and cash flows.

The Funds may trade financial instruments where they are considered to be a seller of credit derivatives in accordance with authoritative guidance under GAAP on derivatives and hedging.

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 2 — Summary of Significant Accounting Policies and Other Information (Continued)

The fair value of derivative instruments whose primary underlying risk exposure is equity price risk at December 31, 2015 were as follows:

EVENT ARBITRAGE

	Fair Value
Derivative	Asset Derivatives⁽¹⁾	Liability Derivatives⁽²⁾
Written Options	$ —	$181,166
Purchased Options	457,288	—

(1)	Statement of Assets and Liabilities location: Investments, at value.
(2)	Statement of Assets and Liabilities location: Written options, at value.

The effect of derivative instruments on the Statement of Operations whose underlying risk exposure is equity price risk for the period ended December 31, 2015 were as follows:

EVENT ARBITRAGE

		Change in Unrealized
	Realized Gain(Loss)	Appreciation
	on Derivatives	(Depreciation) on
	Recognized in	Derivatives Recognized
Derivative	Income⁽¹⁾	in Income⁽²⁾
Written Options	$ (14,215)	$19,843
Purchased Options	(351,164)	91,728

(1)	Statement of Operations location: Net realized gain (loss) from written options and net realized gain (loss) from securities.
(2)	Statement of Operations location: Net unrealized appreciation (depreciation) on written options and net unrealized appreciation (depreciation) on securities.

For the six-month period ending December 31, 2015, the Event Arbitrage Fund had: long option contracts (8,678 contracts) were purchased and $2,400,513 in premiums were paid, written option contracts (20,939 contracts) were opened and $2,948,595 in premiums were received.

Note 3 — Investment Advisory Fee and Other Related Party Transactions

QFI serves as investment adviser to each Fund. Pursuant to separate investment sub-advisory agreements, QFI has selected the following investment advisory firms to serve as sub-advisers:

Fund	Sub-adviser
Event Arbitrage	N/A
Global Tactical Allocation	DG Capital Management, Inc.
Mid-Cap Value	Kennedy Capital Management, Inc.
Small-Cap Value	Aronson Johnson Ortiz, LP
Strategic Growth	DG Capital Management, Inc.

QFI or the sub-advisers provide each Fund with a continuous program of supervision of the Fund’s assets, including the composition of its portfolio, and furnish advice and recommendations with respect to investments, investment policies and the purchase and sale of securities.

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 3 — Investment Advisory Fee and Other Related Party Transactions (Continued)

Each Fund paid QFI aggregate fees shown in the table below for the six-month period ending December 31, 2015. Amounts are expressed as an annualized percentage of average net assets.

			Advisory &
	Aggregate	Subadvisory	subadvisory
	advisory fee	fee paid by QFI	(reimbursed)/
	paid to QFI	to the sub-adviser	recovered
Event Arbitrage	1.30%	N/A	(0.27)%
Global Tactical Allocation	1.25%	0.75%	N/A
Mid-Cap Value	1.05%	0.75%	N/A
Small-Cap Value	1.00%	0.65%	N/A
Strategic Growth	1.30%	0.75%	0.03%

For the six-month period ending December 31, 2015, QFI and the sub-advisers earned and reimbursed fees as follows:

			Advisory &
	Aggregate	Subadvisory	subadvisory
	advisory fee	fee paid by QFI	(reimbursed)/
	paid to QFI	to the sub-adviser	recovered
Event Arbitrage	$670,155	N/A	$(141,092)
Global Tactical Allocation	22,826	34,240	N/A
Mid-Cap Value	12,062	30,154	N/A
Small-Cap Value	63,315	117,586	N/A
Strategic Growth	400,280	545,836	20,130

QFI contractually agreed to waive its management fee to the extent that the total operating expenses of Event Arbitrage (exclusive of interest, taxes, brokerage commissions and other costs incurred in connection with the purchase or sale of portfolio securities, and extraordinary items) exceed the annual rate of 1.99% for Class A shares, 2.74% for Class C shares, and 1.74% for Institutional Class shares of the average net assets of each class, respectively. QFI currently has no intention to terminate this arrangement; however, it may do so at any time in its sole discretion.

If, at any time, the annualized expenses of Event Arbitrage were less than the annualized expense ratio, the Trust, on behalf of Event Arbitrage, would reimburse QFI for any fees previously waived and/or expenses previously assumed; provided, however, that repayment would be payable only to the extent that it (a) can be made during the three (3) years following the time at which the adviser waived fees or assumed expenses for Event Arbitrage, and (b) can be repaid without causing the expenses of Event Arbitrage to exceed the annualized expense ratio. This fee waiver agreement shall continue in effect from October 28, 2015 until October 28, 2016. This agreement shall automatically terminate upon termination of the advisory agreement between QFI and the Trust or, with respect to Event Arbitrage, in the event of its merger or liquidation.

Additionally, QFI contractually agreed to waive its management fee to the extent that the total operating expenses of Strategic Growth (exclusive of interest, taxes, brokerage commissions and other costs incurred in connection with the purchase or sale of portfolio securities, and extraordinary items) exceed the annual rate of 2.24% for Class A shares, 2.99% for Class C shares, and 1.99% for Institutional Class shares of the average net assets of each class, respectively. QFI has agreed to pass these waivers onto the shareholders. QFI currently has no intention to terminate this arrangement; however, it may do so at any time in its sole discretion.

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 3 — Investment Advisory Fee and Other Related Party Transactions (Continued)

If, at any time, the annualized expenses of Strategic Growth were less than the annualized expense ratio, the Trust, on behalf of Strategic Growth, would reimburse the sub-adviser for any fees previously waived and/or expenses previously assumed, provided, however, that the repayment shall be payable only to the extent that it: (a) can be made during the five years following 2011 and the three years following 2013 at which the sub-adviser waived fees or assumed expenses for Strategic Growth, and (b) can be repaid without causing the expenses of Strategic Growth to exceed the annualized expense ratio. This fee waiver agreement shall continue in effect from October 28, 2015 until October 28, 2016. This agreement shall automatically terminate upon termination of the advisory agreement, sub-advisory agreement or, with respect to Strategic Growth, in the event of its merger or liquidation.

At December 31, 2015, the cumulative unreimbursed amount paid and/or waived by the Adviser on behalf of Event Arbitrage and Strategic Growth that may be recovered are $709,386 and $384,655, respectively. The Adviser may recapture portions of the above amounts no later than the dates stated below.

	June 30,	June 30,	June 30,	June 30,
	2016	2017	2018	2019
Event Arbitrage	$218,279	$143,771	$206,244	$141,092
Strategic Growth	384,655	—	—	—

Foreside Fund Services, LLC (“Distributor”) serves as principal underwriter for the Trust. The Trust has adopted distribution and shareholder servicing plans pursuant to Rule 12b-1 of the 1940 Act for Class A and Class C shares described below. There is no Rule 12b-1 distribution plan for Institutional Class shares of the Funds. The Class A Plan provides that each Fund may pay a servicing or Rule 12b-1 fee at an annual rate of 0.25% of the Class A average net assets on a monthly basis to persons or institutions for performing certain servicing functions for the Class A shareholders. The Class A 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. The Class C Plan provides that each Fund may compensate QFI and others for services provided and expenses incurred in the distribution of shares at an annual rate of 1.00% of the average net assets of each class on a monthly basis.

For the six month period ending December 31, 2015, the Distributor received underwriter concessions from the sale of Funds shares as follows:

Fund	Amount
Event Arbitrage	$1,014
Global Tactical Allocation	1,531
Mid-Cap Value	57
Small-Cap Value	81
Strategic Growth	1,380

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 3 — Investment Advisory Fee and Other Related Party Transactions (Continued)

Except for the Trust’s Chief Compliance Officer (“CCO”), employees and Officers of QFI do not receive any compensation from the Trust. The CCO of the Trust also serves as general counsel to QFI. For the six-month period ending December 31, 2015, the Funds compensated the CCO as follows:

Fund	Amount
Event Arbitrage	$30,902
Global Tactical Allocation	2,602
Mid-Cap Value	2,375
Small-Cap Value	10,298
Strategic Growth	44,880

Note 4 — Purchases and Sales of Investments

For the fiscal year ending December 31, 2015 aggregate purchases and sales of investment securities (excluding short-term investments) for each Fund were as follows:

	Purchases	Sales
Event Arbitrage	$ 63,358,537	$ 94,145,777
Global Tactical Allocation	7,874,375	6,953,105
Mid-Cap Value	1,974,324	2,821,633
Small-Cap Value	20,471,852	21,595,235
Strategic Growth	112,488,773	161,352,383

Note 5 — Options Written

A summary of option contracts written by the Trust during the six-month period ending December 31, 2015 are as follows:

	Event Arbitrage
	Number of			Option
	Contracts			Premiums
Options outstanding at beginning of period		7,732		$	1,306,276
Options written		20,939			2,948,595
Options closed		(9,159	)		(1,769,468	)
Options exercised		(7,112	)		(1,268,189	)
Options expired		(9,860	)		(978,024	)
Options outstanding at end of period		2,540		$	239,190

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 6 — Tax Matters

For U.S. federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation (depreciation) of investments at June 30, 2015 for each Fund were as follows:

			Gross		Gross			Net Appreciation
Fund	Cost		Appreciation		Depreciation			(Depreciation)
Event Arbitrage	$	106,198,102	$	6,398,489	$	(9,279,723	)	$	(2,881,234	)
Global Tactical Allocation		9,355,714		1,080,343		(179,516	)		900,827
Mid-Cap Value		9,700,784		1,510,829		(567,118	)		943,711
Small-Cap Value		41,606,398		4,888,618		(1,347,416	)		3,541,202
Strategic Growth		155,347,539		16,934,994		(4,100,354	)		12,834,640

As of June 30, 2015, the components of distributable earnings on a tax basis were as follows:

	Unrealized			Undistributed				Other								Total
	Appreciation			Ordinary		Undistributed		Accumulated		Capital Loss			Late Year			Distributable
Fund	(Depreciation)			Income		Capital Gain		Gain (Loss)		Carryforward			Loss			Earnings/(Loss)
Event Arbitrage	$	(2,881,234	)	$	5,355,886	$	—	$	29,844	$	—		$	—		$	2,504,496
Global Tactical Allocation		900,827			—		—		—		(10,277,714	)		(44,190	)		(9,421,077	)
Mid-Cap Value		943,711			—		—		—		(4,830,909	)		(18,527	)		(3,905,725	)
Small-Cap Value		3,541,202			—		2,564,956		—		—			—			6,106,158
Strategic Growth		12,834,640			—		—		—		(360,938,589	)		(824,307	)		(348,928,256	)

The difference between book basis and tax basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and straddles from options, and the differing book/tax treatment of unrealized appreciation/depreciation on partnership adjustments.

The undistributed ordinary income, capital gains and carryforward losses shown above differ from the corresponding accumulated net investment income and accumulated net realized gain (loss) figures reported in the statements of assets and liabilities due to differing book/tax treatment of short-term capital gains, and certain temporary book/tax differences such as the deferral of realized losses on wash sales, PFIC mark to market, partnership adjustments, straddles from options and net losses realized after October 31 and from ordinary losses incurred after December 31.

Under current tax law, foreign currency and net capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. The Funds elected to defer net capital and currency losses as indicated in the chart below.

At June 30, 2015, the capital loss carryovers for the Funds were as follows:

	Capital Loss Carryovers Expiring				Late Year		Capital Loss
Fund	2018		2017		Loss		Utilized
Event Arbitrage	$	—	$	—	$	—	$	—
Global Tactical Allocation		2,718,683		7,559,031		44,190		1,196,565
Mid-Cap Value		1,170,572		3,660,337		18,527		1,489,525
Small-Cap Value		—		—		—		—
Strategic Growth		164,714,297		196,224,292		824,307		26,398,443

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 7 — Distributions to Shareholders

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. The information set forth below is for each Fund as required by federal securities laws.

The tax character of dividends and distributions paid during the six-month period ending December 31, 2015* and for the fiscal year ending June 30, 2015 were as follows:

	Ordinary Income				Long-Term Capital Gain
	Six-Month		Fiscal Year		Six-Month		Fiscal Year
	Period Ending		Ending		Period Ending		Ending
	December 31,		June 30,		December 31,		June 30,
Fund	2015		2015		2015		2015
Event Arbitrage	$	5,355,904	$	4,575,077	$	—	$	2,745,313
Global Tactical Allocation		—		—		—		—
Mid-Cap Value		—		—		—		—
Small-Cap Value		—		485,728		2,564,967		1,439,322
Strategic Growth		—		—		—		—

*	Tax information for the six-month period ending December 31, 2015 is an estimate and the tax character of dividends and distributions may be redesignated at the fiscal year ending June 30,2016.

Note 8 — Fund Share Transactions

At December 31, 2015, 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:

	Event Arbitrage
	Six Months Ended 12/31/15						Year Ended 6/30/15
	Shares			Value			Shares			Value
Shares Sold:
Class A		108,654		$	1,398,405			905,363		$	12,254,338
Class C		40,487			490,229			115,337			1,524,645
Institutional Class		1,290,848			16,478,615			4,039,138			55,213,233
Shares issued to shareholders due
to reinvestment of distributions:
Class A		131,922			1,436,632			153,700			1,999,629
Class C		40,419			424,799			26,248			333,092
Institutional Class		188,327			2,064,058			259,644			3,390,950
		1,800,657		$	22,292,738			5,499,430		$	74,715,887
Shares Redeemed:
Class A		(851,559	)		(10,403,674	)		(2,451,002	)		(33,109,361	)
Class C		(92,146	)		(1,093,819	)		(112,778	)		(1,488,382	)
Institutional Class		(3,889,129	)		(47,118,597	)		(2,897,825	)		(39,026,774	)
		(4,832,834	)	$	(58,616,090	)		(5,461,605	)	$	(73,624,517	)
Net increase (decrease)		(3,032,177	)	$	(36,323,352	)		37,825		$	1,091,370

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 8 — Fund Share Transactions (Continued)

	Global Tactical Allocation
	Six Months Ended 12/31/15						Year Ended 6/30/15
	Shares			Value			Shares			Value
Shares Sold:
Class A		74,277		$	812,358			171,068		$	1,873,645
Class C		61,630			657,388			5,188			54,684
Institutional Class		153,029			1,976,275			23,969			292,810
Shares issued to shareholders due
to reinvestment of distributions:
Class A		—			—			—			—
Class C		—			—			—			—
Institutional Class		—			—			—			—
		288,936		$	3,446,021			200,225		$	2,221,139
Shares Redeemed:
Class A		(159,028	)		(1,698,758	)		(56,889	)		(613,616	)
Class C		(18,790	)		(200,262	)		(45,102	)		(461,761	)
Institutional Class		(8,409	)		(105,872	)		(16,035	)		(200,394	)
		(186,277	)	$	(2,004,892	)		(118,026	)	$	(1,275,771	)
Net increase (decrease)		102,709		$	1,441,129			82,199		$	945,368

	Mid-Cap Value
	Six Months Ended 12/31/15						Year Ended 6/30/15
	Shares			Value			Shares			Value
Shares Sold:
Class A		845		$	19,587			20,905		$	518,227
Class C		35			720			8,693			188,645
Institutional Class		2,989			69,690			13,687			358,766
Shares issued to shareholders due
to reinvestment of distributions:
Class A		—			—			—			—
Class C		—			—			—			—
Institutional Class		—			—			—			—
		3,869		$	89,997			43,285		$	1,065,638
Shares Redeemed:
Class A		(27,860	)		(645,606	)		(30,631	)		(760,869	)
Class C		(6,017	)		(123,107	)		(15,163	)		(331,838	)
Institutional Class		(6,676	)		(162,870	)		(41,840	)		(1,069,844	)
		(40,553	)	$	(931,583	)		(87,634	)	$	(2,162,551	)
Net increase (decrease)		(36,684	)	$	(841,586	)		(44,349	)	$	(1,096,913	)

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 8 — Fund Share Transactions (Continued)

	Small-Cap Value
	Six Months Ended 12/31/15						Year Ended 6/30/15
	Shares			Value			Shares			Value
Shares Sold:
Class A		5,591		$	130,422			24,232		$	575,979
Class C		8,397			158,099			7,070			140,710
Institutional Class		17,701			405,373			67,527			1,675,441
Shares issued to shareholders due
to reinvestment of distributions:
Class A		24,361			506,715			16,692			389,261
Class C		7,880			132,549			4,997			96,689
Institutional Class		67,292			1,473,012			43,621			1,063,930
		131,222		$	2,806,170			164,139		$	3,942,010
Shares Redeemed:
Class A		(14,427	)		(331,830	)		(68,939	)		(1,613,897	)
Class C		(1,202	)		(23,092	)		(16,097	)		(319,242	)
Institutional Class		(51,062	)		(1,220,339	)		(84,281	)		(2,101,729	)
		(66,691	)	$	(1,575,261	)		(169,317	)	$	(4,034,868	)
Net increase (decrease)		64,531		$	1,230,909			(5,178	)	$	(92,858	)

	Strategic Growth
	Six Months Ended 12/31/15						Year Ended 6/30/15
	Shares			Value			Shares			Value
Shares Sold:
Class A		25,127		$	649,064			105,203		$	2,646,589
Class C		8,657			196,443			8,587			194,244
Institutional Class		172,551			4,632,460			522,464			13,725,217
Shares issued to shareholders due
to reinvestment of distributions:
Class A		—			—			—			—
Class C		—			—			—			—
Institutional Class		—			—			—			—
		206,335		$	5,477,967			636,254		$	16,566,050
Shares Redeemed:
Class A		(259,194	)		(6,701,204	)		(797,163	)		(20,101,248	)
Class C		(52,409	)		(1,183,410	)		(216,593	)		(4,826,492	)
Institutional Class		(1,944,470	)		(52,359,789	)		(464,759	)		(12,110,894	)
		(2,256,073	)	$	(60,244,403	)		(1,478,515	)	$	(37,038,634	)
Net increase (decrease)		(2,049,738	)	$	(54,766,436	)		(842,261	)	$	(20,472,584	)

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 9 — Offsetting Assets and Liabilities

The Funds are subject to various Master Netting Arrangements (“MNA”), which govern the terms of certain transactions with select counterparties. The MNA allow the Funds to close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The MNA also specify collateral posting arrangements at pre-arranged exposure levels. Under the MNA, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the revelant MNA with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of MNA.

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of December 31, 2015:

Liabilities:
			Gross		Net
			Amounts		Amounts		Gross Amounts Not
			Offset		Presented		Offset in the Statements
			in the		in the		of Assets and Liabilities
	Gross Amounts		Statements		Statements				Collateral
	of Recognized		of Assets		of Assets		Financial		Pledged		Net
Description	Liabilities		and Liabilities		and Liabilities		Instruments		(Received)		Amount
Event Arbitrage
Written Options	$	181,166	$	—	$	181,166	$	—	$	181,166	$	—
Securities Lending		3,714,588		—		3,714,588		3,714,588		—		—
		3,895,754		—		3,895,754		3,714,588		181,166		—
Global Tactical Allocation
Securities Lending		1,572,303		—		1,572,303		1,572,303		—		—
Mid-Cap Value
Securities Lending		2,903,093		—		2,903,093		2,903,093		—		—
Small-Cap Value
Securities Lending		8,822,492		—		8,822,492		8,822,492		—		—
Strategic Growth
Securities Lending		13,546,644		—		13,546,644		13,546,644		—		—

Note 10 — Indemnifications

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications.

The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Trust, and, therefore, cannot be estimated; however, based on experience, risk of loss from such claims is considered remote.

Note 11 — Securities Lending

The Funds hold shares of the Mount Vernon Securities Lending Trust Prime Portfolio as cash collateral, which is a registered money market fund whose main objective is to maximize current income to the extent consistent with the preservation of capital and liquidity. It primarily invests in Certificates of Deposits, Asset Backed and Financial Company Commercial Paper, and Repurchase Agreements.

2015 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 11 — Securities Lending (Continued)

At December 31, 2015, the aggregate market value of loaned securities and the value of the cash collateral the Funds received is as follows:

	Loaned Securities		Value of		% of
	Market Value		Cash Collateral		Net Assets
Event Arbitrage	$	3,475,334	$	3,714,588		6.3	%
Global Tactical Allocation		1,529,417		1,572,303		15.9	%
Mid-Cap Value		2,817,619		2,903,093		40.3	%
Small-Cap Value		8,403,655		8,822,492		26.2	%
Strategic Growth		13,229,921		13,546,644		13.0	%

Investments purchased with proceeds from securities lending collateral is included in the Schedules of Investments and the Statements of Assets and Liabilities.

Note 12 — New Accounting Pronouncement

In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07 “Disclosure for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)”. The amendments in ASU No. 2015-07 remove the requirement to categorize within the fair value hierarchy investments measured using the NAV practical expedient. The ASU also removes certain disclosure requirements for investments that qualify, but do not utilize, the NAV practical expedient. The amendments in the ASU are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Management is currently evaluating the impact these changes will have on the Funds' financial statements and related disclosures.

2015 SEMI-ANNUAL REPORT

General Information (unaudited)

The Statement of Additional Information for the Trust includes additional information about the Trustees and Officers and is available, without charge, upon request by calling (800) 220-8888.

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s Forms N-Q, as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge: (i) upon request, by calling (800) 220-8888; and (ii) on the SEC’s web-site at http://www.sec.gov. Each Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available: (i) without charge, upon request, by calling (800) 220-8888; and (ii) on the SEC’s web-site at http://www.sec.gov.

2015 SEMI-ANNUAL REPORT

(This Page Intentionally Left Blank.)

The Quaker Funds are distributed by

Foreside Fund Services, LLC.

Quaker Funds, Inc.

c/o U.S. Bancorp Fund Services, LLC.

PO Box 701

Milwaukee, WI 53201-0701

800.220.8888

www.quakerfunds.com

QKSAR 122015

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Schedule of Investments.

(a)	A Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1, Report to Shareholders, of this Form N-CSR.

(b)	Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

The Registrant’s Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual reports.

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(b) Certification pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Quaker Investment Trust

By (Signature and Title) /s/Jeffry H. King, Sr.

Jeffry H. King, Sr.,

Chief Executive Officer

Date March 3, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/Jeffry H. King, Sr.

Jeffry H. King, Sr.,

Chief Executive Officer

Date March 3, 2016

By (Signature and Title) /s/Laurie Keyes

Laurie Keyes,

Treasurer

Date March 3, 2016

Quaker Investment Trust N-CSRSCertified semi-annual shareholder report (management investment company)