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)

2500 Weston Road, Suite 101

Weston, FL 33331
(Address of principal executive offices) (Zip code)

Alyssa Greenspan

Quaker Investment Trust

2500 Weston Road, Suite 101

Weston, FL 33331
(Name and address of agent for service)

(800) 220-8888

Registrant's telephone number, including area code

Date of fiscal year end: June 30, 2018

Date of reporting period: December 31, 2017

Item 1. Report to Stockholders.

Semi-Annual Report

December 31, 2017

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, 2017

Dear Shareholders:

Thank you for your continued investment in the Quaker Funds and for your support over the past 27 years. As of January 1, 2018, Community Capital Management, Inc. (“CCM”) has assumed the management of the Funds and will continue to manage the Quaker Funds in accordance with their existing investment policies.

CCM has $2.5 billion in assets under management and we have full confidence in their management team and investment and client service professionals. This expertise made them the ideal choice to continue serving you, our Quaker Funds’ shareholders.

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	36
	Statements of Operations	38
	Statements of Changes in Net Assets	40
	Financial Highlights	42
	Notes to the Financial Statements	57
	Approval of Interim Advisory Agreements	76
	General Information	80

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 invest 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
	Gross	Net								of operations
	Expense	Expense	Inception							through
	Ratio*	Ratio*	Date	One Year		Five Year		Ten Year		12/31/2017
				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	2.80%	1.99%	11/21/03	2.24%	8.16%	4.04%	5.23%	2.19%	2.77%	5.20%	5.62%
Class C	3.55%	2.74%	6/7/10	7.29%	7.29%	4.44%	4.44%	N/A	N/A	3.00%	3.00%
Institutional Class	2.55%	1.74%	6/7/10	8.45%	8.45%	5.50%	5.50%	N/A	N/A	4.02%	4.02%
S&P 500® Total Return Index**				21.83%	21.83%	15.79%	15.79%	8.50%	8.50%	9.19%	9.19%

As stated in the Prospectus dated October 30, 2017. Has contractually agreed to waive its fees and/or assume expenses to the extent necessary to reduce the Total Annual Fund Operating Expenses (excluding 12b-1 fees) when they exceed 1.74% of the average daily net assets. This agreement will continue in effect from October 30, 2017 to October 28, 2018 and may recoup previously waived expenses that it assumed during the prior three-year period.

The benchmark since inception returns are calculated since commencement of November 21, 2003 through December 31, 2017.

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.

2017 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, 2017

$22,497,813

Top 10 Holdings* (% of net assets)
Altaba Inc.	9.3%
IEC Electronics Corp.	5.4%
CA Immobilien Anlagen AG	5.3%
Heineken Holding NV, Structured Note,
Expiration 2/27/2018	4.0%
MPM Holdings Inc.	3.1%
Advance Auto Parts Inc.	2.8%
The Procter & Gamble Co.	2.5%
BNP Paribas Fortis SA, 1.671%
(3 Month EURIBOR + 2.000%), Perpetual	2.3%
Liberty Ventures - Series A	2.2%
Twin Reefs Pass-Through Trust, 0.000%, Perpetual	2.1%
% Fund Total	39.0%

* Includes Long-Term Investments only.

Sectors (% of net assets)

2017 SEMI-ANNUAL REPORT

Performance Update (unaudited)

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

OBJECTIVES AND PRINCIPAL STRATEGIES

The Fund seeks to provide long-term growth of capital. The Fund invests in ETFs and common stocks of U.S. companies, ETF’s and ADRs of foreign companies, and individual bonds and ETFs of fixed income securities, without regard to market capitalization.

Average Annualized Total Return
										Commencement
	Gross	Net								of operations
	Expense	Expense	Inception							through
	Ratio*	Ratio*	Date	One Year		Five Year		Ten Year		12/31/2017
				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	2.43%	2.24%	5/1/08	-0.73%	5.05%	6.60%	7.81%	N/A	N/A	0.23%	0.82%
Class C	3.18%	2.99%	5/1/08	4.25%	4.25%	7.01%	7.01%	N/A	N/A	0.06%	0.06%
Institutional Class	2.18%	1.99%	7/23/08	5.30%	5.30%	8.10%	8.10%	N/A	N/A	2.41%	2.41%
MSCI World® Index**				22.40%	22.40%	11.64%	11.64%	N/A	N/A	5.64%	5.64%

As stated in the Prospectus dated October 30, 2017. Has contractually agreed to waive the lesser of 0.30% of its fees or assume expenses to the extent necessary to reduce the Total Annual Fund Operating Expenses (excluding 12b-1 fees, interest, taxes, brokerage commissions and other costs incurred in connection with the purchase or sale of portfolio securities and extraordinary items) when they exceed 1.50% of the average daily net assets. This agreement will continue in effect from October 30, 2017 to October 28, 2018 and may recoup previously waived expenses that it assumed within the three-year period.

The benchmark since inception returns are calculated since commencement of May 1, 2008 through December 31, 2017.

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.

2017 SEMI-ANNUAL REPORT

Performance Update (unaudited) (continued)

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

ADVISER:

Quaker Funds, Inc.

TOTAL NET ASSETS:

AS OF DECEMBER 31, 2017

$6,356,849

Top 10 Holdings* (% of net assets)
iShares MSCI United Kingdom ETF	3.5%
Verizon Communications Inc.	3.3%
QUALCOMM Inc.	3.2%
Microsoft Corp.	3.0%
PowerShares DB Commodity Index Tracking Fund	2.8%
AT&T Inc.	2.6%
Molson Coors Brewing Co.	2.2%
Twenty-First Century Fox Inc. Cl B	2.0%
General Motors Co.	1.9%
Microsemi Corp.	1.8%
% Fund Total	26.3%

* Includes Long-Term Investments only.

Sectors (% of net assets)

2017 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		12/31/2017
			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	2.39%	12/31/97	10.01%	16.43%	12.38%	13.66%	6.59%	7.19%	7.67%	7.98%
Class C	3.14%	7/31/00	15.56%	15.56%	12.80%	12.80%	6.40%	6.40%	8.19%	8.19%
Institutional Class	2.14%	11/21/00	16.72%	16.72%	13.94%	13.94%	7.46%	7.46%	9.46%	9.46%
Russell Midcap® Value Index**			13.34%	13.34%	14.68%	14.68%	9.10%	9.10%	9.64%	9.64%

*	As stated in the Prospectus dated October 30, 2017.
**	The benchmark since inception returns are calculated since commencement of December 31,1997 through December 31, 2017.

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 approximately between $1.6 billion to $33.7 billion. The Russell Midcap® Value index assumes reinvestment of all dividends.

2017 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, 2017

$7,136,012

Top 10 Holdings* (% of net assets)
Teledyne Technologies Inc.	2.5%
Reinsurance Group of America Inc. Cl A	2.5%
East West Bancorp Inc.	2.4%
ON Semiconductor Corp.	2.4%
Westlake Chemical Corp.	2.3%
Torchmark Corp.	2.3%
Huntington Bancshares Inc.	2.2%
Aqua America Inc.	2.1%
Reliance Steel & Aluminum Co.	2.1%
Snap-on Inc.	2.0%
% Fund Total	22.8%

* Includes Long-Term Investments only.

Sectors (% of net assets)

2017 SEMI-ANNUAL REPORT

Performance Update (unaudited)

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

OBJECTIVES AND PRINCIPAL STRATEGIES

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 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		12/31/2017
			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	2.22%	11/25/96	3.30%	9.30%	10.93%	12.20%	6.92%	7.53%	9.64%	9.94%
Class C	2.97%	7/28/00	8.51%	8.51%	11.35%	11.35%	6.73%	6.73%	8.70%	8.70%
Institutional Class	1.97%	9/12/00	9.57%	9.57%	12.48%	12.48%	7.80%	7.80%	9.14%	9.14%
Russell 2000® Index**			14.65%	14.65%	14.12%	14.12%	8.71%	8.71%	8.66%	8.66%

*	As stated in the Prospectus dated October 30, 2017.
**	The benchmark since inception returns are calculated since commencement of November 25, 1996 through December 31, 2017.

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.

2017 SEMI-ANNUAL REPORT

Performance Update (unaudited) (continued)

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

SUB-ADVISER:

AJO, LP

TOTAL NET ASSETS:

AS OF DECEMBER 31, 2017

$29,233,585

Top 10 Holdings* (% of net assets)
Aspen Technology Inc.	1.2%
Dana Inc.	1.2%
Lear Corp.	1.2%
Owens Corning	1.2%
CNO Financial Group Inc.	1.2%
Reinsurance Group of America Inc. Cl A	1.2%
Progress Software Corp.	1.2%
Portland General Electric Co.	1.1%
Cadence Design Systems Inc.	1.1%
Ryman Hospitality Properties Inc.	1.1%
% Fund Total	11.7%

* Includes Long-Term Investments only.

Sectors (% of net assets)

2017 SEMI-ANNUAL REPORT

Performance Update (unaudited)

Quaker Strategic Growth Fund (QUAGX, QAGCX, QAGIX)

OBJECTIVES AND PRINCIPAL STRATEGIES

The Fund seeks to provide long-term growth of capital. The Fund invests primarily in the common stock of companies, which the Fund’s sub-adviser believes will provide a higher total return than that of the index.

Average Annualized Total Return
										Commencement
	Gross	Net								of operations
	Expense	Expense	Inception							through
	Ratio*	Ratio*	Date	One Year		Five Year		Ten Year		12/31/2017
				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	2.34%	2.22%	11/25/96	9.94%	16.33%	11.68%	12.95%	2.31%	2.89%	10.76%	11.06%
Class C	3.09%	2.97%	7/11/00	15.40%	15.40%	12.09%	12.09%	2.13%	2.13%	4.47%	4.47%
Institutional Class	2.09%	1.97%	7/20/00	16.58%	16.58%	13.22%	13.22%	3.13%	3.13%	5.43%	5.43%
S&P 500® Total Return Index**				21.83%	21.83%	15.79%	15.79%	8.50%	8.50%	8.18%	8.18%

*	As stated in the Prospectus dated October 30, 2017.
**	The benchmark since inception returns are calculated since commencement of November 25, 1996 through December 31, 2017.

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

2017 SEMI-ANNUAL REPORT

Performance Update (unaudited) (continued)

Quaker Strategic Growth Fund (QUAGX, QAGCX, QAGIX)

SUB-ADVISER:

Los Angeles Capital Management and Equity Research, Inc.

TOTAL NET ASSETS:

AS OF DECEMBER 31, 2017

$68,530,833

Top 10 Holdings* (% of net assets)
Apple Inc.	5.7%
Alphabet Inc. Cl A & C	3.9%
Microsoft Corp.	3.2%
Facebook Inc. Cl A	2.4%
Intel Corp.	2.0%
FMC Corp.	1.8%
Deere & Co.	1.7%
McDonald’s Corp.	1.7%
Amazon.com Inc.	1.7%
Franklin Resources Inc.	1.6%
% Fund Total	25.7%

* Includes Long-Term Investments only.

Sectors (% of net assets)

2017 SEMI-ANNUAL REPORT

Expense Information (unaudited)

As a shareholder of the Funds, 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 Funds 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, 2017 through December 31, 2017.

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
		(7/1/2017)	for the Period	(12/31/2017)	During Period*
Event Arbitrage
Example based on actual return of:
Class A	1.93%	$1,000.00	1.99%	$1,019.30	$10.13
Class C	1.53%	1,000.00	2.74%	1,015.30	13.92
Institutional Class	2.09%	1,000.00	1.74%	1,020.90	8.86
Hypothetical example based on assumed 5% return:
Class A		1,000.00	1.99%	1,015.17	10.11
Class C		1,000.00	2.74%	1,011.39	13.89
Institutional Class		1,000.00	1.74%	1,016.43	8.84

2017 SEMI-ANNUAL REPORT

Expense Information (unaudited) (continued)

		Beginning	Annualized	Ending
		Account Value	Expense Ratio	Account Value	Expenses Paid
		(7/1/2017)	for the Period	(12/31/2017)	During Period*
Global Tactical Allocation
Example based on actual return of:
Class A	1.88%	$1,000.00	1.97%	$1,018.80	$10.02
Class C	1.51%	1,000.00	2.72%	1,015.10	13.82
Institutional Class	2.04%	1,000.00	1.72%	1,020.40	8.76
Hypothetical example based on assumed 5% return:
Class A		1,000.00	1.97%	1,015.27	10.01
Class C		1,000.00	2.72%	1,011.49	13.79
Institutional Class		1,000.00	1.72%	1,016.53	8.74
Mid-Cap Value
Example based on actual return of:
Class A	11.65%	1,000.00	2.49%	1,116.50	13.28
Class C	11.22%	1,000.00	3.24%	1,112.20	17.25
Institutional Class	11.79%	1,000.00	2.24%	1,117.90	11.96
Hypothetical example based on assumed 5% return:
Class A		1,000.00	2.49%	1,012.65	12.63
Class C		1,000.00	3.24%	1,008.87	16.41
Institutional Class		1,000.00	2.24%	1,013.91	11.37
Small-Cap Value
Example based on actual return of:
Class A	8.26%	1,000.00	2.27%	1,082.60	11.92
Class C	7.84%	1,000.00	3.02%	1,078.40	15.82
Institutional Class	8.41%	1,000.00	2.02%	1,084.10	10.61
Hypothetical example based on assumed 5% return:
Class A		1,000.00	2.27%	1,013.76	11.52
Class C		1,000.00	3.02%	1,009.98	15.30
Institutional Class		1,000.00	2.02%	1,015.02	10.26
Strategic Growth
Example based on actual return of:
Class A	9.98%	1,000.00	2.28%	1,099.80	12.07
Class C	9.56%	1,000.00	3.03%	1,095.60	16.00
Institutional Class	10.13%	1,000.00	2.03%	1,101.30	10.75
Hypothetical example based on assumed 5% return:
Class A		1,000.00	2.28%	1,013.71	11.57
Class C		1,000.00	3.03%	1,009.93	15.35
Institutional Class		1,000.00	2.03%	1,014.97	10.31

*	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 365 to reflect the one-half year period.

2017 SEMI-ANNUAL REPORT

Schedule of Investments

Quaker Event Arbitrage Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Long-Term Investments — 70.4%
Common Stocks — 39.6%
Basic Materials — 3.5%
Chemicals — 3.5%
Linde AG f		500	$	108,826
MPM Holdings Inc. (a)(b)		34,576		691,520
				800,346
Mining — 0.0%
Ahtium PLC (a) f *^		123,845,509		0
Sacre-Coeur Minerals Ltd. (a) f *^		109,444		0
				0
Total Basic Materials
(Cost $2,505,011)				800,346
Communications — 5.7%
Internet — 3.3%
30DC Inc. (a)•		50,000		325
comScore Inc. (a)(b)		8,500		242,250
Liberty Ventures - Series A (a)**		9,000		488,160
				730,735
Media — 1.6%
Discovery Communications
Inc. Cl A (a)(b)		8,000		179,040
DISH Network Corp. (a)		4,000		191,000
				370,040
Telecommunications — 0.8%
CenturyLink Inc. (b)		9,000		150,120
NII Holdings Inc. (a)		64,529		27,380
				177,500
Total Communications
(Cost $2,038,474)				1,278,275
Consumer, Cyclical — 5.7%
Auto Parts & Equipment — 0.1%
Exide Technologies (a) *^		5,926		15,000
Distribution/Wholesale — 0.7%
Medion AG f		8,011		153,551
Housewares — 0.6%
Newell Brands Inc. (b)		4,500		139,050
Retail — 4.3%
Advance Auto Parts Inc.		6,300		628,047
Chipotle Mexican Grill Inc. (a)**		1,200		346,836
				974,883
Total Consumer, Cyclical
(Cost $2,067,070)				1,282,484
Consumer, Non-cyclical — 9.3%
Agriculture — 0.0%
Black Earth Farming Ltd. (a) f *^		240,000		907
Cosmetics & Personal Care — 2.4%
The Procter & Gamble Co. (b)		6,000		551,280
Food — 1.7%
The Kraft Heinz Co.		5,000		388,800
Healthcare-Products — 1.2%
Strategic Environment Inc. (a)*^		43,000		21,930
Zimmer Biomet Holdings Inc. **		2,000		241,340
				263,270
Healthcare-Services — 1.3%
Brookdale Senior Living Inc. (a)		29,650		287,605
Pharmaceuticals — 2.7%
McKesson Europe AG f		11,796		373,508
Depomed Inc. (a)(b)		28,000		225,400
INYX Inc. (a)•		167,850		293
				599,201
Total Consumer, Non-cyclical
(Cost $2,446,639)				2,091,063
Diversified — 1.1%
Holding Companies — 1.1%
Silver Run Acquisition Corp. II (a)		22,800		238,146
Stoneleigh Partners
Acquisition Corp. (a)*^		400		0
				238,146
Total Diversified
(Cost $228,000)				238,146
Energy — 1.5%
Oil & Gas — 1.5%
Dommo Energia SA f •		55,075		13,493
Ocean Rig UDW, Inc. (a) f		12,178		326,371
				339,864
Total Energy
(Cost $933,767)				339,864
Financial — 7.4%
Diversified Financial Services — 0.6%
Guoco Group Ltd. f		10,000		128,506
Insurance — 1.4%
FGL Holdings (a) f		11,400		114,798
Stewart Information Services Corp. (b)		5,000		211,500
				326,298

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Event Arbitrage Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Common Stocks — 39.6% (Continued)
Real Estate — 5.4%
CA Immobilien Anlagen AG f		38,800	$	1,201,327
Safeway Casa Ley CVR (a)*^		47,000		10,575
Safeway Property Development
Center LLC CVR (a)*^		47,000		10,575
				1,222,477
Total Financial
(Cost $1,101,686)				1,677,281
Industrial — 5.4%
Electronics — 5.4%
IEC Electronics Corp. (a)		293,656		1,209,863
Total Industrial
(Cost $1,263,275)				1,209,863
Technology — 0.0%
Computers — 0.0%
Computer Horizons Corp. (a)*^		65,000		0
Total Technology
(Cost $0)				0
Escrow Shares — 0.0%
Exide Technologies (a)*^		1,777		0
Petrocorp Inc. (a)*^		200		0
Total Escrow Shares
(Cost $1,687)				0
Total Common Stocks
(Cost $12,585,609)				8,917,322
Closed-End Mutual Fund — 9.3%
Altaba Inc. (a)**		30,000		2,095,500
Total Closed-End Mutual Fund
(Cost $1,601,700)				2,095,500
Preferred Stocks — 2.8%
Energy — 0.0%
Oil & Gas — 0.0%
GeoMet Inc., Convertible Series A,
12.500%, Perpetual •		3		1
Total Energy
(Cost $17)				1
Financial — 2.8%
Insurance — 0.1%
MBIA Insurance Corp.,
4.707%, Perpetual (a)*#^		10		20,000
Mortgage Agencies — 2.7%
Federal Home Loan Mortgage Corp.,
Series F, 5.000%, Perpetual (a)		4,500		57,105
Federal Home Loan Mortgage Corp.,
Series M, 0.000%, Perpetual (a)		9,500		118,750
Federal Home Loan Mortgage Corp.,
Series Q, 0.000%, Perpetual (a)		1,000		12,550
Federal Home Loan Mortgage Corp.,
Series S, 0.000%, Perpetual (a)		25,000		281,500
Federal Home Loan Mortgage Corp.,
Series V, 5.570%, Perpetual (a)		8,300		52,871
Federal Home Loan Mortgage Corp.,
Series W, 5.660%, Perpetual (a)		2,674		17,248
Federal Home Loan Mortgage Corp.,
Series X, 6.020%, Perpetual (a)		10,000		64,200
				604,224
Total Financial
(Cost $1,099,271)				624,224
Total Preferred Stocks
(Cost $1,099,288)				624,225
Real Estate Investment Trust — 0.6%
New York REIT Inc.		33,000		129,690
Total Real Estate Investment Trust
(Cost $208,025)				129,690
Structured Note — 4.0%
Heineken Holding NV, Structured Note,
Expiration 2/27/2018 (a) •		212		890,260
Total Structured Note
(Cost $940,223)				890,260
Warrant — 0.0%
Financial — 0.0%
Insurance — 0.0%
FGL Holdings,
Expiration: 11/30/2022 (a) f		5,700		8,835
Total Warrant
(Cost $9,132)				8,835

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Event Arbitrage Fund

December 31, 2017 (Unaudited)

	Par		Fair
	Value		Value
Asset Backed Securities — 1.0%
AFC Home Equity Loan Trust
Class 1A, Series 2000-2, 2.342%
(1 Month LIBOR USD + 0.790%),
06/25/2030 •	$	6,853	$	6,011
Citigroup Mortgage Loan Trust Inc.
Class M3, Series 2005-OPT1, 2.257%
(1 Month LIBOR USD + 0.705%),
02/25/2035 •		184,418		175,533
Countrywide Asset-Backed Certificates
Class 2M2, Series 2007-11, 1.872%
(1 Month LIBOR USD + 0.320%),
06/25/2047 +•		764,326		26,090
Countrywide Home Equity Loan Trust
Class 2A, Series 2005-A, 1.799%
(1 Month LIBOR USD + 0.240%),
04/15/2035 •		13,396		12,305
				219,939
Total Asset Backed Securities
(Cost $201,456)				219,939
Convertible Bond — 2.3%
Financial — 2.3%
Banks — 2.3%
BNP Paribas Fortis SA, 1.671%
(3 Month EURIBOR + 2.000%),
Perpetual f •	€	500,000		512,934
Total Financial
(Cost $558,274)				512,934
Total Convertible Bond
(Cost $558,274)				512,934
Corporate Bonds — 8.5%
Consumer, Cyclical — 3.8%
Auto Parts & Equipment — 2.4%
Exide Technologies,
8.625%, 02/12/2018 *+^	$	1,000,000		0
Exide Technologies, 11.000%
Cash or PIK, 04/30/2022# •		476,515		428,863
Exide Technologies, 7.000%
Cash or PIK, 04/30/2025 * •		176,975		108,840
				537,703
Retail — 1.4%
The Neiman Marcus Group LLC,
7.125%, 06/01/2028 •		500,000		311,250
Total Consumer, Cyclical
(Cost $1,023,144)				848,953
Consumer, Non-cyclical — 2.0%
Pharmaceuticals — 2.0%
Valeant Pharmaceuticals
International Inc.,
5.500%, 03/01/2023 f # •		500,000		457,500
Total Consumer, Non-cyclical
(Cost $401,370)				457,500
Energy — 0.4%
Oil & Gas — 0.4%
OGX Austria GMBH,
8.500%, 06/01/2018 f *+ •		3,500,000		35
Seadrill Ltd.,
5.625%, 09/15/2017 f *+ # •		550,000		93,500
				93,535
Total Energy
(Cost $206,966)				93,535
Financial — 2.3%
Diversified Financial Services — 2.3%
Hellas Telecommunications
Luxembourg II SCA,
0.000%, 01/15/2015 f *+#^		5,000,000		6,250
Lehman Brothers Holdings Inc.,
7.000%, 01/28/2020 +•		100,000		4,475
Lehman Brothers Holdings Inc.,
5.500%, 02/27/2020 +•		100,000		4,475
Lehman Brothers Holdings Inc.,
8.250%, 09/23/2020 +•		100,000		4,475
Lehman Brothers Holdings Inc.,
8.750%, 02/14/2023 +•		200,000		8,950
Lehman Brothers Holdings Inc.,
4.550%, 12/29/2099 +•		110,000		5,060
Lehman Brothers Holdings Inc.,
5.320%, 12/29/2099 +•		130,000		5,818
Twin Reefs Pass-Through Trust,
0.000%, Perpetual *+#^		1,000,000		480,000
				519,503
Venture Capital — 0.0%
Infinity Capital Group,
7.000%, 12/31/2049 *+^		25,000		0
Total Financial
(Cost $610,000)				519,503
Total Corporate Bonds
(Cost $2,241,480)				1,919,491

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Event Arbitrage Fund

December 31, 2017 (Unaudited)

	Par		Fair
	Value		Value
Escrow Notes — 0.0%
Mirant Corp. *+^	$	20,000	$	0
NewPage Corp. *+^		300,000		0
				0
Total Escrow Notes
(Cost $196,568)				0
Mortgage Backed Securities — 0.4%
Federal Home Loan
Mortgage Corp. Class IG,
Series 3756, 4.000%, 11/15/2037•		206,480		1,559
GSR Mortgage Loan Trust
Class B2, Series 2005-5F,
5.741%, 06/25/2035 ~•		564,497		82,128
				83,687
Total Mortgage Backed Securities
(Cost $533,479)				83,687
Municipal Bonds — 1.9%
Puerto Rico Public
Buildings Authority, Series C,
5.750%, 07/01/2019 +^		40,000		8,313
Puerto Rico Public
Buildings Authority, Series D,
5.250%, 07/01/2027 +^		60,000		12,470
Puerto Rico Public
Buildings Authority, Series D,
5.250%, 07/01/2036 +^		50,000		10,391
Puerto Rico Public
Buildings Authority, Series M,
6.000%, 07/01/2020 +^		30,000		6,235
Puerto Rico Public
Buildings Authority, Series N,
5.500%, 07/01/2024 +^		30,000		6,235
Puerto Rico Public
Buildings Authority, Series N,
5.500%, 07/01/2027 +^		55,000		11,431
Puerto Rico Public
Buildings Authority, Series N,
5.000%, 07/01/2037 +^		410,000		85,210
Puerto Rico Public
Buildings Authority, Series Q,
5.500%, 07/01/2037 +^		135,000		28,057
Puerto Rico Public
Buildings Authority, Series S,
5.000%, 07/01/2024 +^		85,000		17,666
Puerto Rico Public
Buildings Authority, Series S,
6.00%, 07/01/2041 +^		30,000		6,235
Puerto Rico Public
Buildings Authority, Series U,
5.000%, 07/01/2018 +^		50,000		10,391
University of Puerto Rico, Series P,
5.000%, 06/01/2018 •		100,000		72,750
University of Puerto Rico, Series P,
5.000%, 06/01/2019 •		85,000		54,187
University of Puerto Rico, Series P,
5.000%, 06/01/2020 •		30,000		18,825
University of Puerto Rico, Series P,
5.000%, 06/01/2024 * •		25,000		15,687
University of Puerto Rico, Series P,
5.000%, 06/01/2026 * •		10,000		6,275
University of Puerto Rico, Series P,
5.000%, 06/01/2030 * •		25,000		15,688
University of Puerto Rico, Series Q,
5.000%, 06/01/2021 •		15,000		9,413
University of Puerto Rico, Series Q,
5.000%, 06/01/2030 * •		25,000		15,688
University of Puerto Rico, Series Q,
5.000%, 06/01/2036 * •		30,000		18,825
				429,972
Total Municipal Bonds
(Cost $507,736)				429,972
Total Long-Term Investments
(Cost $20,682,970)				15,831,855

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Event Arbitrage Fund

December 31, 2017 (Unaudited)

Number

of Contracts

(100 Shares

Notional

Fair

Per Contract)

Amount

Value

Purchased Options — 1.1%

Call Options — 0.9%

The Hain Celestial Group Inc., Expiration: January, 2018

Exercise Price: $38.00•

400

1,695,600

194,000

Valeant Pharmaceuticals International Inc., Expiration: January, 2018

Exercise Price: $30.00

100

207,800

300

Total Call Options

(Cost $216,878)

194,300

Put Options — 0.2%

CurrencyShares Euro Trust, Expiration: March, 2018

Exercise Price: $116.00

320

3,699,520

49,600

Total Put Options

(Cost $99,946)

49,600

Total Purchased Options

(Cost $316,824)

243,900

Par

Value

Bank Deposit Account — 3.8%

U.S. Bank N.A., 0.30%

847,553

Total Bank Deposit Account

(Cost $847,553)

847,553

Units

Private Investment Co. Purchased with Proceeds from Securities Lending — 7.2%

Mount Vernon Liquid Assets Portfolio LLC, 1.60% (c)(d)

1,629,245

Total Private Investment Co. Purchased with Proceeds from Securities Lending

(Cost 1,629,245)

1,629,245

Total Investments

(Cost $23,476,592) — 82.5%

18,552,553

Other Assets in Excess of Liabilities, Net 17.5%

3,945,260

Total Net Assets — 100.0%

22,497,813

Number

of Shares

Schedule of Securities Sold Short (a)

Common Stocks

Communications — 8.1%

Internet —6.4%

Alibaba Group Holding Ltd. - ADR f

8,310

1,432,893

Media —1.7%

Liberty Broadband Corp. Cl C

4,452

379,133

Total Common Stocks

1,812,026

Total Securities Sold Short

(Proceeds $1,372,726)

1,812,026

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Event Arbitrage Fund

December 31, 2017 (Unaudited)

	Number
	of Contracts
	(100 Shares		Notional			Fair
	Per Contract)		Amount			Value
Written Options
Call Options
CurrencyShares Euro Trust, Expiration: March, 2018
Exercise Price: $116.00		320	$	(3,699,520	)	$	48,320
The Hain Celestial Group Inc., Expiration: January, 2018
Exercise Price: $41.00		400		(1,695,600	)		82,000
Total Call Options
(Premiums Received $101,182)							130,320
Total Written Options
(Premiums Received $101,182)						$	130,320

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 $1,573,631. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(c)	Rate shown is the annualized seven-day yield at period end.
(d)	Represents investments of collateral received from securities lending transactions. Refer to Note 10 of Notes to Financial Statements for additional information.
f	Foreign issued security.
*	Indicates an illiquid security. Total market value for illiquid securities is $839,775, representing 3.7% 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.
#	Indicates securities that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended, is $1,486,113 representing 6.6% of net assets.
	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.
~	Variable rate security. The coupon is based on an underlying pool of loans.
•	Level 2 securities.
^	Indicates a fair valued security. Total market value for fair valued securities is $767,871 representing 3.4% of net assets and Level 3 securities. Refer to Note 2 of Notes to Financial Statements for additional information.

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments

Quaker Global Tactical Allocation Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Long-Term Investments — 91.8%
Common Stocks — 30.1%
Basic Materials — 1.2%
Chemicals — 1.2%
The Mosaic Co.		3,000	$	76,980
Total Basic Materials (Cost $81,430)				76,980
Communications — 7.9%
Media — 2.0%
Twenty-First Century Fox Inc. Cl B		3,700		126,244
Telecommunications — 5.9%
AT&T Inc.		4,200		163,296
Verizon Communications Inc.		4,000		211,720
				375,016
Total Communications
(Cost $474,579)				501,260
Consumer, Cyclical — 2.1%
Airlines — 0.2%
AMR Corp. Escrow (a)*^		7,600		14,744
Auto Manufacturers — 1.9%
General Motors Co.		3,000		122,970
Total Consumer, Cyclical
(Cost $106,023)				137,714
Consumer, Non-cyclical — 3.8%
Beverages — 2.2%
Molson Coors Brewing Co.		1,700		139,519
Food — 1.4%
Nestle SA f		1,000		85,970
Pharmaceuticals — 0.2%
Mallinckrodt PLC (a) f		600		13,536
Total Consumer, Non-cyclical
(Cost $274,028)				239,025
Diversified — 1.0%
Holding Companies — 1.0%
CK Hutchison Holdings Ltd. f		5,000		62,775
Total Diversified (Cost $60,044)				62,775
Energy — 4.8%
Pipelines — 4.8%
Andeavor Logistics LP		635		29,331
Cheniere Energy Partners LP		1,229		36,427
Enbridge Inc. f		831		32,501
Enterprise Products Partners LP		1,392		36,902
Magellan Midstream Partners LP		522		37,031
MPLX LP		980		34,761
ONEOK Inc.		832		44,470
Plains All American Pipeline LP		1,105		22,807
Western Gas Partners LP		615		29,575
				303,805
Total Energy (Cost $314,480)				303,805
Industrial — 1.3%
Miscellaneous Manufacturing — 1.3%
General Electric Co.		4,800		83,760
Total Industrial (Cost $144,658)				83,760
Technology — 8.0%
Semiconductors — 5.0%
Microsemi Corp. (a)		2,200		113,630
QUALCOMM Inc.		3,200		204,864
				318,494
Software — 3.0%
Microsoft Corp.		2,200		188,188
Total Technology (Cost $436,386)				506,682
Total Common Stocks
Cost ($1,891,628)				1,912,001
Closed-End Mutual Fund — 0.5%
Ares Capital Corp.		2,242		35,244
Total Closed-End Mutual Fund
Cost ($35,547)				35,244
Exchange Traded Funds — 6.3%
iShares MSCI United Kingdom ETF		6,250		223,875
PowerShares DB Commodity
Index Tracking Fund (a)		10,760		178,724
Total Exchange Traded Funds
Cost ($369,732)				402,599
Preferred Stocks — 4.2%
Consumer, Cyclical — 1.3%
Auto Manufacturers — 1.3%
Porsche Automobil
Holding SE - ADR f		10,000		83,350
Total Consumer, Cyclical
(Cost $52,502)				83,350
Energy — 0.4%
Pipelines — 0.4%
Kinder Morgan Inc.,
Convertible, Series A, 9.750%		729		27,673
Total Energy (Cost $35,518)				27,673

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Global Tactical Allocation Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Preferred Stocks — 4.2% (Continued)
Financial — 1.2%
Banks — 0.6%
Barclays Bank PLC,
Series 5, 8.125%, Perpetual f		1,365	$	36,404
Insurance — 0.6%
PartnerRe Ltd.,
Series I, 5.875%, Perpetual f		1,485		39,011
Real Estate Investment Trusts — 1.3%
Public Storage,
Series V, 5.375%, Perpetual		1,620		40,840
Taubman Centers Inc.,
Series K, 6.250%, Perpetual		1,490		37,593
				78,433
Total Financial (Cost $147,138)				153,848
Total Preferred Stocks
Cost ($235,158)				264,871
Real Estate Investment Trusts — 7.7%
Apartment Investment &
Management Co.		1,514		66,177
Colony NorthStar Inc., Cl A		4,344		49,565
Digital Realty Trust Inc.		743		84,628
Lamar Advertising Co.		921		68,375
MGM Growth Properties LLC		2,500		72,875
Prologis Inc.		1,244		80,250
Weyerhaeuser Co.		1,960		69,110
				490,980
Total Real Estate Investment Trusts
Cost ($425,955)				490,980
	Par
	Value
Corporate Bonds — 43.0%
Basic Materials — 2.2%
Chemicals — 2.2%
CF Industries Inc.,
3.450%, 06/01/2023 •	$	70,000		69,037
Monsanto Co.,
2.750%, 07/15/2021 •		70,000		70,313
				139,350
Total Basic Materials
(Cost $134,027)				139,350
Communications — 5.3%
Internet — 1.1%
eBay Inc., 2.200%, 08/01/2019 •		70,000		69,825
Media — 1.2%
Discovery Communications LLC,
4.375%, 06/15/2021 •		70,000		73,233
Telecommunications — 3.0%
AT&T Inc., 2.800%, 02/17/2021 •		70,000		70,310
CenturyLink Inc., Series Y,
7.500%, 04/01/2024 •		70,000		69,825
Frontier Communications Corp.,
11.000%, 09/15/2025 •		70,000		51,450
				191,585
Total Communications
(Cost $358,409)				334,643
Consumer, Cyclical — 2.6%
Home Builders — 1.3%
KB Home, 7.500%, 09/15/2022 •		70,000		79,625
Retail — 1.3%
JC Penney Corp. Inc.,
5.650%, 06/01/2020 •		70,000		63,875
Toys R Us Inc.,
7.375%, 10/15/2018 •		66,000		21,120
				84,995
Total Consumer, Cyclical
(Cost $209,666)				164,620
Consumer, Non-cyclical — 10.2%
Agriculture — 1.2%
Altria Group Inc.,
4.750%, 05/05/2021 •		70,000		75,067
Beverages — 1.1%
Molson Coors Brewing Co.,
2.100%, 07/15/2021 •		70,000		68,609
Biotechnology — 1.2%
Gilead Sciences Inc.,
4.400%, 12/01/2021 •		70,000		74,658
Commercial Services — 2.3%
Quad Graphics Inc.,
7.000%, 05/01/2022 •		70,000		72,450
RR Donnelley & Sons Co.,
7.000%, 02/15/2022 •		70,000		72,275
				144,725

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Global Tactical Allocation Fund

December 31, 2017 (Unaudited)

	Par		Fair
	Value		Value
Corporate Bonds — 43.0% (Continued)
Food — 2.2%
Campbell Soup Co.,
4.250%, 04/15/2021 •	$	70,000	$	73,373
SUPERVALU Inc.,
6.750%, 06/01/2021 •		70,000		69,738
				143,111
Healthcare-Services — 1.2%
Cigna Corp., 4.500%, 03/15/2021 •		70,000		73,574
Pharmaceuticals — 1.0%
Teva Pharmaceutical Finance
Netherlands III BV,
2.200%, 07/21/2021 f •		70,000		63,943
Total Consumer, Non-cyclical
(Cost $643,257)				643,687
Energy — 4.2%
Oil & Gas — 4.2%
Apache Corp., 3.625%, 02/01/2021 •		70,000		71,663
Chevron Corp., 2.100%, 05/16/2021 •		70,000		69,427
Ensco PLC, 4.500%, 10/01/2024 f •		70,000		58,800
Shell International Finance BV,
1.875%, 05/10/2021 f •		70,000		68,971
				268,861
Total Energy (Cost $271,594)				268,861
Financial — 10.2%
Banks — 6.9%
Bank of America Corp.,
2.625%, 10/19/2020 •		80,000		80,672
Bank of Montreal, 1.990%
(3 Month LIBOR USD + 0.610%),
07/31/2018 f•		70,000		70,190
Citigroup Inc., 2.350%, 08/02/2021 •		70,000		69,237
The Goldman Sachs Group Inc., 2.523%
(3 Month LIBOR USD + 1.160%),
04/23/2020 •		70,000		71,079
JPMorgan Chase & Co.,
4.350%, 08/15/2021 •		70,000		74,243
Wells Fargo & Co., 2.525%
(3 Month LIBOR USD + 1.010%),
12/07/2020•		70,000		71,248
				436,669
Insurance — 1.1%
Genworth Holdings Inc.,
6.515%, 05/22/2018 •		70,000		70,000
Private Equity — 1.1%
Icahn Enterprises LP,
6.000%, 08/01/2020 •		70,000		71,990
Real Estate Investment Trusts — 1.1%
Simon Property Group LP,
2.500%, 07/15/2021 •		70,000		70,178
Total Financial (Cost $645,200)				648,837
Industrial — 2.2%
Engineering & Construction — 1.1%
MasTec Inc.,
4.875%, 03/15/2023 •		70,000		71,400
Machinery-Diversified — 1.1%
Xerium Technologies Inc.,
9.500%, 08/15/2021 •		70,000		70,875
Total Industrial (Cost $139,732)				142,275
Technology — 4.9%
Computers — 1.0%
Seagate HDD Cayman,
4.875%, 06/01/2027 f •		65,000		62,151
Office & Business Equipment — 1.1%
Xerox Corp., 4.500%, 05/15/2021 •		70,000		73,140
Semiconductors — 1.1%
Analog Devices Inc.,
2.500%, 12/05/2021 •		70,000		69,311
Software — 1.7%
BMC Software Inc.,
7.250%, 06/01/2018 •		37,000		37,462
Oracle Corp.,
1.900%, 09/15/2021 •		70,000		68,895
				106,357
Total Technology (Cost $307,708)				310,959
Utilities — 1.2%
Electric — 1.2%
DPL Inc., 7.250%, 10/15/2021 •		70,000		77,700
Total Utilities (Cost $71,941)				77,700
Total Corporate Bonds
Cost ($2,781,534)				2,730,932

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Global Tactical Allocation Fund

December 31, 2017 (Unaudited)

	Par		Fair
	Value		Value
Mortgage Backed Security — 0.0%
Federal Home Loan
Mortgage Corp., Class IG,
Series 3756, 4.000%, 11/15/2037 •	$	181,123	$	1,367
Total Mortgage Backed Security
Cost ($14,070)				1,367
Total Long-Term Investments
Cost ($5,753,624)				5,837,994
Bank Deposit Account — 10.0%
U.S. Bank N.A., 0.30%		633,506		633,506
Total Bank Deposit Account
Cost ($633,506)				633,506
Total Investments
(Cost $6,387,130) — 101.8%				6,471,500
Liabilities in Excess
of Other Assets, Net (1.8)%				(114,651	)
Total Net Assets — 100.0%			$	6,356,849

ADR - American Depositary Receipt

(a)	Non-income producing security.
f	Foreign issued security.
*	Indicates an illiquid security. Total market value for illiquid securities is $14,744, representing 0.2% of net assets.
	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 $14,744, representing 0.2% of net assets and Level 3 securities. Refer to Note 2 of Notes to Financial Statements for additional information.

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments

Quaker Mid-Cap Value Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Long-Term Investments — 97.6%
Common Stocks — 86.2%
Basic Materials — 6.0%
Chemicals — 2.4%
Westlake Chemical Corp.		1,563	$	166,507
Iron & Steel — 3.6%
Reliance Steel & Aluminum Co.		1,712		146,872
Steel Dynamics Inc.		2,599		112,095
				258,967
Total Basic Materials (Cost $281,696)				425,474
Consumer, Cyclical — 13.1%
Auto Manufacturers — 1.9%
PACCAR Inc. (b)		1,866		132,635
Auto Parts & Equipment — 3.5%
The Goodyear Tire & Rubber Co.		3,427		110,726
Lear Corp. (b)		809		142,918
				253,644
Home Furnishings — 0.9%
Whirlpool Corp.		372		62,734
Leisure Time — 3.1%
Brunswick Corp.		2,205		121,760
Norwegian Cruise Line
Holdings Ltd. (a)(b) f		1,828		97,341
				219,101
Retail — 1.2%
Casey’s General Stores Inc. (b)		775		86,753
Textiles — 1.0%
Mohawk Industries Inc. (a)(b)		271		74,769
Toys/Games & Hobbies — 1.5%
Hasbro Inc.		1,165		105,887
Total Consumer, Cyclical
(Cost $791,644)				935,523
Consumer, Non-cyclical — 7.0%
Biotechnology — 1.3%
United Therapeutics Corp. (a)(b)		619		91,581
Food — 2.7%
Ingredion Inc.		822		114,916
US Foods Holding Corp. (a)(b)		2,310		73,758
				188,674
Healthcare-Products — 1.4%
STERIS PLC f		1,158		101,290
Healthcare-Services — 1.6%
Centene Corp. (a)(b)		1,142		115,205
Total Consumer, Non-cyclical
(Cost $383,388)				496,750
Energy — 9.0%
Oil & Gas — 7.8%
Andeavor		1,051		120,171
Concho Resources Inc. (a)(b)		879		132,043
Diamond Offshore Drilling Inc. (a)(b)		1,855		34,485
Helmerich & Payne Inc. (b)		1,832		118,421
Marathon Oil Corp.		5,386		91,185
Newfield Exploration Co. (a)(b)		1,976		62,303
				558,608
Oil & Gas Services — 1.2%
RPC Inc. (b)		3,356		85,679
Total Energy (Cost $546,615)				644,287
Financial — 16.2%
Banks — 8.0%
Bank of the Ozarks Inc.		2,349		113,809
East West Bancorp Inc.		2,829		172,088
Huntington Bancshares Inc.		10,650		155,064
PacWest Bancorp		2,579		129,982
				570,943
Diversified Financial Services — 1.7%
T. Rowe Price Group Inc. (b)		1,184		124,237
Insurance — 6.5%
Lincoln National Corp.		1,585		121,839
Reinsurance Group of America Inc. Cl A		1,139		177,604
Torchmark Corp.		1,803		163,550
				462,993
Total Financial (Cost $737,634)				1,158,173
Industrial — 17.7%
Aerospace & Defense — 2.6%
Teledyne Technologies Inc. (a)(b)		999		180,969
Building Materials — 2.0%
Eagle Materials Inc.		1,279		144,910
Electronics — 4.4%
Avnet Inc.		2,214		87,719
Garmin Ltd. (b) f		1,766		105,201
Trimble Inc. (a)(b)		3,007		122,204
				315,124

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Mid-Cap Value Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Common Stocks — 86.2% (Continued)
Hand & Machine Tools — 2.0%
Snap-on Inc. (b)		833	$	145,192
Machinery-Diversified — 1.9%
Roper Technologies Inc.		522		135,198
Miscellaneous Manufacturing — 1.2%
Carlisle Cos. Inc.		769		87,397
Transportation — 3.6%
Kirby Corp. (a)(b)		2,017		134,736
Old Dominion Freight Line Inc.		919		120,894
				255,630
Total Industrial (Cost $957,994)				1,264,420
Technology — 8.0%
Computers — 1.2%
CSRA Inc. (b)		2,847		85,182
Semiconductors — 5.8%
Marvell Technology Group Ltd. f		5,583		119,867
ON Semiconductor Corp. (a)(b)		8,081		169,216
Skyworks Solutions Inc. (b)		1,314		124,765
				413,848
Software — 1.0%
Akamai Technologies Inc. (a)(b)		1,059		68,877
Total Technology (Cost $450,050)				567,907
Utilities — 9.2%
Electric — 5.4%
CenterPoint Energy Inc.		3,836		108,789
DTE Energy Co.		1,267		138,686
Xcel Energy Inc.		2,883		138,701
				386,176
Gas — 1.7%
UGI Corp.		2,590		121,601
Water — 2.1%
Aqua America Inc.		3,848		150,957
Total Utilities (Cost $466,691)				658,734
Total Common Stocks
(Cost $4,615,712)				6,151,268
Real Estate Investment Trusts — 11.4%
Alexandria Real Estate Equities Inc.		1,086		141,821
AvalonBay Communities Inc.		520		92,773
Brixmor Property Group Inc.		4,969		92,721
CyrusOne Inc.		2,147		127,811
Duke Realty Corp.		4,415		120,132
Gaming and Leisure Properties Inc.		3,094		114,478
Sun Communities Inc.		1,361		126,274
				816,010
Total Real Estate Investment Trusts
(Cost $685,208)				816,010
Total Long-Term Investments
(Cost $5,300,920)				6,967,278
	Par
	Value
Bank Deposit Account — 2.4%
U.S. Bank N.A., 0.30%	$	167,300		167,300
Total Bank Deposit Account
(Cost $167,300)				167,300
	Units
Private Investment Co. Purchased with
Proceeds from Securities Lending — 20.9%
Mount Vernon Liquid Assets
Portfolio LLC., 1.60% (c)(d)		1,492,470		1,492,470
Total Private Investment Co. Purchased
with Proceeds from Securities Lending
(Cost 1,492,470)				1,492,470
Total Investments
(Cost $6,960,690) — 120.9%				8,627,048
Liabilities in Excess
of Other Assets, Net (20.9)%				(1,491,036	)
Total Net Assets — 100.0%			$	7,136,012

(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 $1,451,889. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(c)	The rate shown is the annualized seven-day yield at period end.
(d)	Represents investments of collateral received from securities lending transactions. Refer to Note 10 of Notes to the Financial Statements for additional information.
f	Foreign issued security.

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments

Quaker Small-Cap Value Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Long-Term Investments — 98.7%
Common Stocks — 93.5%
Basic Materials — 4.3%
Chemicals — 2.6%
AdvanSix Inc. (a)		3,462	$	145,646
Cabot Corp.		3,348		206,203
CSW Industrials Inc. (a)		3,477		159,768
Koppers Holdings Inc. (a)		1,366		69,530
Orion Engineered Carbons SA f		6,680		171,008
				752,155
Forest Products & Paper — 1.0%
Mercer International Inc.		12,965		185,400
Verso Corp. (a)		6,267		110,111
				295,511
Iron & Steel — 0.3%
Shiloh Industries Inc. (a)		8,780		71,996
Mining — 0.4%
Taseko Mines Ltd. (a) f		55,790		129,991
Total Basic Materials
(Cost $1,072,926)				1,249,653
Communications — 5.6%
Advertising — 0.3%
Telaria Inc. (a)		20,661		83,264
Internet — 2.4%
AutoWeb Inc. (a)		6,502		58,583
DHI Group Inc. (a)		41,639		79,114
New Media Investment Group Inc.		2,536		42,554
Quarterhill Inc. f		54,652		100,560
QuinStreet Inc. (a)		10,557		88,467
Travelzoo Inc. (a)		8,046		51,897
Web.com Group Inc. (a)(b)		6,931		151,096
XO Group Inc. (a)		983		18,146
Zix Corp. (a)(b)		25,797		112,991
				703,408
Media — 2.2%
Gannett Co. Inc.		9,332		108,158
John Wiley & Sons Inc.		2,764		181,733
News Corp. Cl A		14,405		233,505
tronc Inc. (a)		7,770		136,674
				660,070
Telecommunications — 0.7%
Spok Holdings Inc.		1,359		21,269
Telephone & Data Systems Inc.		6,320		175,696
				196,965
Total Communications
(Cost $1,862,402)				1,643,707
Consumer, Cyclical — 13.6%
Apparel — 0.5%
Michael Kors Holdings Ltd. (a)f		2,413		151,898
Auto Manufacturers — 0.6%
Wabash National Corp. (b)		8,011		173,839
Auto Parts & Equipment — 4.9%
Commercial Vehicle Group Inc. (a)		12,679		135,539
Dana Inc.		11,330		362,673
Lear Corp. (b)		2,023		357,383
Miller Industries Inc.		4,278		110,372
Tenneco Inc.		4,886		286,026
Tower International Inc.		5,781		176,610
				1,428,603
Distribution/Wholesale — 0.4%
H&E Equipment Services Inc.		2,524		102,601
Entertainment — 0.8%
International Speedway Corp.		6,039		240,654
Home Builders — 1.0%
M/I Homes Inc. (a)		8,300		285,520
Leisure Time — 1.2%
Johnson Outdoors Inc.		1,500		93,135
MCBC Holdings Inc. (a)		9,627		213,912
Town Sports International
Holdings Inc. (a)		8,591		47,680
				354,727
Lodging — 1.0%
Century Casinos Inc. (a)		12,906		117,832
La Quinta Holdings Inc. (a)		9,722		179,468
				297,300
Office Furnishings — 0.6%
Interface Inc.		7,010		176,302
Retail — 2.6%
Abercrombie & Fitch Co. (b)		6,049		105,434
Chico’s FAS Inc. (b)		11,504		101,465
Citi Trends Inc.		3,759		99,463
Haverty Furniture Cos. Inc.		3,480		78,822

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Small-Cap Value Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Common Stocks — 93.5% (Continued)
Retail (Continued)
Office Depot Inc.		17,191	$	60,856
Rush Enterprises Inc. (a)		4,027		204,612
Shoe Carnival Inc.		3,521		94,187
				744,839
Total Consumer, Cyclical
(Cost $3,384,871)				3,956,283
Consumer, Non-cyclical — 20.6%
Agriculture — 0.3%
Turning Point Brands Inc.		3,714		78,477
Biotechnology — 3.6%
CytomX Therapeutics Inc. (a)		4,585		96,789
Exelixis Inc. (a)		4,252		129,261
Innoviva Inc. (a)(b)		16,082		228,204
MEI Pharma Inc. (a)		41,036		86,176
OvaScience Inc. (a)		61,357		85,900
Pieris Pharmaceuticals Inc. (a)		14,514		109,581
Retrophin Inc. (a)		5,189		109,332
RTI Surgical Inc. (a)		19,969		81,873
Vericel Corp. (a)(b)		20,530		111,888
				1,039,004
Commercial Services — 5.5%
Aaron’s Inc. (b)		4,304		171,514
CAI International Inc. (a)		3,964		112,261
Colliers International Group Inc. f		2,300		138,805
CorVel Corp. (a)		3,155		166,900
Ennis Inc. (b)		8,120		168,490
Heidrick & Struggles International Inc.		3,709		91,056
Herc Holdings Inc. (a)		1,710		107,063
Korn/Ferry International		6,476		267,977
Medifast Inc.		1,154		80,561
RPX Corp.		15,723		211,317
Vectrus Inc. (a)		2,991		92,272
				1,608,216
Food — 1.6%
Dean Foods Co.		13,289		153,621
Ingredion Inc. (b)		947		132,390
Sanderson Farms Inc. (b)		1,441		199,982
				485,993
Healthcare-Products — 2.1%
Haemonetics Corp. (a)		3,771		219,019
Meridian Bioscience Inc. (b)		10,478		146,692
Orthofix International NV (a)f		4,361		238,547
				604,258
Healthcare-Services — 1.2%
Nobilis Health Corp. (a)(b)f		47,393		63,980
The Providence Services Corp. (a)		3,641		216,057
Psychemedics Corp.		4,075		83,782
				363,819
Pharmaceuticals — 6.3%
Aquinox Pharmaceuticals Inc. (a)		8,209		96,538
BioSpecifics Technologies Corp. (a)		2,589		112,181
Catalent Inc. (a)		6,144		252,396
Catalyst Pharmaceuticals Inc. (a)		36,774		143,786
Eagle Pharmaceuticals Inc. (a)(b)		1,823		97,385
Enanta Pharmaceuticals Inc. (a)		2,536		148,812
Endo International PLC (a)f		15,457		119,792
Jazz Pharmaceuticals PLC (a)(b)f		497		66,921
Mallinckrodt PLC (a)(b)f		4,153		93,692
Ophthotech Corp. (a)		30,800		96,096
Phibro Animal Health Corp.		5,151		172,558
Taro Pharmaceutical
Industries Ltd. (a)f		1,374		143,872
Valeant Pharmaceuticals
International Inc. (a)f		4,053		84,221
Vanda Pharmaceuticals Inc. (a)		11,696		177,779
VIVUS Inc. (a)		86,205		43,327
				1,849,356
Total Consumer, Non-cyclical
(Cost $5,550,927)				6,029,123
Diversified — 0.7%
Holding Companies — 0.7%
Leucadia National Corp.		7,855		208,079
Total Diversified (Cost $203,863)				208,079
Energy — 3.7%
Coal — 0.3%
Cloud Peak Energy Inc. (a)(b)		20,479		91,132
Energy-Alternate Sources — 0.7%
Renewable Energy Group Inc. (a)		13,010		153,518
REX American Resources Corp. (a)(b)		666		55,138
				208,656
Oil & Gas — 1.6%
Par Pacific Holdings Inc. (a)		9,325		179,786
PBF Energy Inc.		1,929		68,383
QEP Resources Inc. (a)		9,994		95,642
SRC Energy Inc. (a)(b)		3,460		29,514

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Small-Cap Value Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Common Stocks — 93.5% (Continued)
Oil & Gas (Continued)
W&T Offshore Inc. (a)		30,855	$	102,130
				475,455
Oil & Gas Services — 1.1%
Archrock Inc.		7,212		75,726
Exterran Corp. (a)		4,775		150,126
McDermott International Inc. (a)(b)f		10,544		69,379
North American Energy Partners Inc. f		2,705		13,390
				308,621
Total Energy (Cost $977,256)				1,083,864
Financial — 17.3%
Banks — 5.9%
The Bancorp Inc. (a)		18,754		185,290
Central Pacific Financial Corp.		9,242		275,689
Century Bancorp Inc.		1,241		97,108
Financial Institutions Inc.		5,055		157,211
First Internet Bancorp		493		18,808
Independent Bank Corp.		7,761		173,458
Old Second Bancorp Inc.		10,413		142,137
QCR Holdings Inc. (b)		1,053		45,121
Republic Bancorp Inc.		2,377		90,374
Sierra Bancorp		2,470		65,603
State Bank Financial Corp.		6,419		191,543
Synovus Financial Corp.		702		33,654
TriCo Bancshares		4,461		168,893
TrustCo Bank Corp.		10,086		92,791
				1,737,680
Diversified Financial Services — 2.4%
Enova International Inc. (a)		2,791		42,423
Lazard Ltd. f		5,792		304,080
OM Asset Management PLC f		15,490		259,458
Oppenheimer Holdings Inc.		3,604		96,587
				702,548
Insurance — 6.3%
American Equity
Investment Life Holding Co. (b)		9,151		281,210
Assured Guaranty Ltd. f		7,204		244,000
CNO Financial Group Inc. (b)		13,965		344,796
Reinsurance Group of America Inc. Cl A		2,202		343,358
Third Point Reinsurance Ltd. (a)f		2,160		31,644
Torchmark Corp.		3,123		283,287
Voya Financial Inc.		6,118		302,657
				1,830,952
Real Estate — 2.1%
FirstService Corp. f		3,500		244,720
Jones Lang LaSalle Inc.		1,375		204,779
RMR Group Inc.		2,993		177,485
				626,984
Savings & Loans — 0.6%
Riverview Bancorp Inc.		11,573		100,338
United Community Financial Corp.		6,718		61,335
				161,673
Total Financial (Cost $4,294,643)				5,059,837
Industrial — 15.5%
Aerospace & Defense — 1.1%
Moog Inc. (a)		3,655		317,437
Building Materials — 3.1%
Armstrong Flooring Inc. (a)		5,768		97,594
Boise Cascade Co.		6,004		239,560
Louisiana-Pacific Corp. (a)(b)		7,946		208,662
Owens Corning		3,836		352,682
				898,498
Electronics — 4.2%
Allied Motion Technologies Inc.		2,394		79,217
CTS Corp.		5,548		142,861
Electro Scientific Industries Inc. (a)		7,013		150,289
Jabil Inc. (b)		8,165		214,331
Kimball Electronics Inc. (a)		6,902		125,961
Orbotech Ltd. (a)f		3,670		184,381
Vishay Intertechnology Inc.		15,530		322,248
				1,219,288
Engineering & Construction — 0.5%
Argan Inc.		3,238		145,710
Machinery-Diversified — 1.1%
Alamo Group Inc.		2,013		227,207
Ichor Holdings Ltd. (a)f		3,419		84,108
				311,315
Metal Fabricate & Hardware — 0.5%
Global Brass & Copper Holdings Inc. (b)		4,942		163,580
Miscellaneous Manufacturing — 1.5%
Core Molding Technologies Inc.		4,047		87,820
EnPro Industries Inc.		863		80,699
FreightCar America Inc.		3,137		53,580
Trinseo SA f		3,151		228,762
				450,861

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Small-Cap Value Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Common Stocks — 93.5% (Continued)
Transportation — 3.5%
ArcBest Corp.		3,049	$	109,002
Covenant Transportation
Group Inc. (a)(b)		3,162		90,844
Forward Air Corp.		3,561		204,544
Marten Transport Ltd.		10,436		211,851
Ryder System Inc.		3,769		317,236
USA Truck Inc. (a)		4,929		89,363
				1,022,840
Total Industrial (Cost $3,923,289)				4,529,529
Technology — 9.4%
Computers — 0.4%
ExlService Holdings Inc. (a)		497		29,994
Finjan Holdings Inc. (a)		40,479		87,434
				117,428
Semiconductors — 3.6%
Alpha & Omega
Semiconductor Ltd. (a)f		8,195		134,070
Amkor Technology Inc. (a)(b)		16,056		161,363
Cohu Inc.		1,223		26,845
Diodes Inc. (a)		7,382		211,642
inTEST Corp. (a)		10,895		94,242
Kulicke & Soffa Industries Inc. (a)		6,660		162,071
Nova Measuring Instruments Ltd. (a)f		2,935		76,046
Photronics Inc. (a)		20,132		171,625
				1,037,904
Software — 5.4%
American Software Inc.		8,610		100,134
Aspen Technology Inc. (a)		5,492		363,571
Cadence Design Systems Inc. (a)		7,948		332,385
MicroStrategy Inc. (a)		1,457		191,304
Pointer Telocation Ltd. (a)f		5,204		96,794
Progress Software Corp. (b)		8,007		340,858
QAD Inc.		3,843		149,301
				1,574,347
Total Technology
(Cost $2,298,139)				2,729,679
Utilities — 2.8%
Electric — 2.1%
AES Corp.		23,673		256,379
Pinnacle West Capital Corp.		293		24,958
Portland General Electric Co.		7,332		334,192
				615,529
Gas — 0.7%
Southwest Gas Corp.		80		6,438
UGI Corp.		4,382		205,735
				212,173
Total Utilities (Cost $759,362)				827,702
Total Common Stocks
(Cost $24,327,678)				27,317,456
Real Estate Investment Trusts — 5.2%
Ashford Hospitality Trust Inc.		29,546		198,844
DiamondRock Hospitality Co. (b)		23,568		266,083
Gaming and Leisure Properties Inc.		5,474		202,538
Rexford Industrial Realty Inc.		7,793		227,244
Ryman Hospitality Properties Inc.		4,684		323,290
Xenia Hotels & Resorts Inc.		14,171		305,952
				1,523,951
Total Real Estate Investment Trusts
(Cost $1,457,026)				1,523,951
Total Long-Term Investments
(Cost $25,784,704)				28,841,407

	Par
	Value
Bank Deposit Account — 1.9%
U.S. Bank N.A., 0.30%	$	567,393		567,393
Total Bank Deposit Account
(Cost $567,393)				567,393

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Small-Cap Value Fund

December 31, 2017 (Unaudited)

			Fair
	Units		Value
Private Investment Co. Purchased with
Proceeds from Securities Lending — 15.3%
Mount Vernon Liquid Assets
Portfolio LLC, 1.60% (c)(d)		4,487,434	$	4,487,434
Total Private Investment Co. Purchased
with Proceeds from Securities Lending
(Cost 4,487,434)				4,487,434
Total Investments
(Cost $30,839,531) — 115.9%				33,896,234
Liabilities in Excess
of Other Assets, Net (15.9)%				(4,662,649	)
Total Net Assets — 100.0%			$	29,233,585

(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 $4,325,132. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(c)	The rate shown is the annualized seven-day yield at period end.
(d)	Represents investments of collateral received from securities lending transactions. Refer to Note 10 of Notes to the Financial Statements for additional information.
f	Foreign issued security.

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments

Quaker Strategic Growth Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Long-Term Investments — 99.8%
Common Stocks — 97.5%
Basic Materials — 5.8%
Chemicals — 4.5%
AdvanSix Inc. (a)		128	$	5,385
Air Products & Chemicals Inc.		1,750		287,140
Albemarle Corp. (b)		1,450		185,440
DowDuPont Inc.		5,410		385,300
Eastman Chemical Co.		130		12,043
FMC Corp. (b)		12,804		1,212,027
LyondellBasell Industries NV f		2,965		327,099
PPG Industries Inc. (b)		2,000		233,640
Praxair Inc.		2,760		426,917
				3,074,991
Mining — 1.3%
Freeport-McMoRan Inc. (a)		26,780		507,749
Newmont Mining Corp.		10,790		404,841
				912,590
Total Basic Materials
(Cost $3,459,379)				3,987,581
Communications — 12.0%
Internet — 9.4%
Alphabet Inc. Cl A (a)		1,235		1,300,949
Alphabet Inc. Cl C (a)		1,303		1,363,459
Amazon.com Inc. (a)		968		1,132,047
eBay Inc. (a)		15,670		591,386
Facebook Inc. Cl A (a)		9,134		1,611,785
Netflix Inc. (a)		1,022		196,183
The Priceline Group Inc. (a)		150		260,661
VeriSign Inc. (a)(b)		120		13,733
				6,470,203
Media — 0.3%
News Corp. - Cl B		10,596		175,894
Telecommunications — 2.3%
Cisco Systems Inc.		16,390		627,737
Juniper Networks Inc.		11,100		316,350
LogMeIn Inc.		232		26,564
Motorola Solutions Inc.		2,860		258,372
Verizon Communications Inc.		6,443		341,028
				1,570,051
Total Communications
(Cost $6,938,671)				8,216,148
Consumer, Cyclical — 8.7%
Airlines — 0.6%
AMR Corp. Escrow (a)*^		211,235		409,796
Apparel — 0.2%
Michael Kors Holdings Ltd. (a)f		2,370		149,191
Auto Parts & Equipment — 0.1%
BorgWarner Inc.		1,370		69,993
Home Builders — 0.1%
DR Horton Inc.		610		31,153
PulteGroup Inc.		640		21,280
				52,433
Leisure Time — 0.1%
Royal Caribbean Cruises Ltd. f		770		91,845
Lodging — 0.1%
Hilton Worldwide Holdings Inc.		600		47,916
Wyndham Worldwide Corp.		170		19,698
				67,614
Retail — 6.9%
Advance Auto Parts Inc.		680		67,789
CVS Health Corp.		14,520		1,052,700
Foot Locker Inc. (b)		9,900		464,112
The Gap Inc. (b)		10		341
The Home Depot Inc.		1,070		202,797
Kohl’s Corp. (b)		4,090		221,801
L Brands Inc. (b)		100		6,022
Lowe’s Cos. Inc.		1,350		125,469
Macy’s Inc. (b)		3,890		97,989
McDonald’s Corp.		6,672		1,148,385
O’Reilly Automotive, Inc. (a)(b)		410		98,621
Tiffany & Co.		1,770		183,992
The TJX Cos. Inc. (b)		1,250		95,575
Ulta Beauty Inc. (a)		100		22,366
Walgreens Boots Alliance Inc.		970		70,441
Wal-Mart Stores Inc. (b)		3,320		327,850
Yum! Brands Inc.		6,546		534,219
				4,720,469
Textiles — 0.5%
Mohawk Industries Inc. (a)		1,100		303,490
Toys/Games & Hobbies — 0.1%
Hasbro Inc. (b)		700		63,623
Total Consumer, Cyclical
(Cost $4,879,632)				5,928,454

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Strategic Growth Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Common Stocks — 97.5% (Continued)
Consumer, Non-cyclical — 16.5%
Agriculture — 1.9%
Altria Group Inc.		5,693	$	406,537
Philip Morris International Inc.		8,550		903,308
				1,309,845
Beverages — 0.8%
The Coca-Cola Co. (b)		4,990		228,941
PepsiCo Inc.		2,470		296,202
				525,143
Biotechnology — 1.3%
Amgen Inc.		1,345		233,896
Biogen Inc. (a)		860		273,970
Gilead Sciences Inc.		990		70,924
Illumina Inc. (a)		380		83,026
Regeneron Pharmaceuticals Inc. (a)		440		165,422
Vertex Pharmaceuticals Inc. (a)		640		95,910
				923,148
Commercial Services — 1.5%
Cintas Corp.		2,270		353,734
Ecolab Inc.		760		101,977
IHS Markit Ltd. (a)f		700		31,605
PayPal Holdings Inc. (a)		385		28,344
Quanta Services Inc. (a)		10,510		411,046
S&P Global Inc.		520		88,088
Verisk Analytics Inc. Cl A (a)(b)		100		9,600
				1,024,394
Cosmetics & Personal Care — 0.4%
The Estee Lauder Cos. Inc.		100		12,724
The Procter & Gamble Co.		3,200		294,016
				306,740
Food — 0.2%
The Hershey Co.		1,030		116,915
Lamb Weston Holdings Inc.		261		14,734
				131,649
Healthcare-Products — 4.5%
Abbott Laboratories		20		1,142
Align Technology Inc. (a)		520		115,539
Baxter International Inc.		5,000		323,200
Becton Dickinson and Co. (b)		1,618		346,349
Boston Scientific Corp. (a)		8,370		207,492
The Cooper Cos. Inc. (b)		2,297		500,470
Danaher Corp.		4,920		456,674
Edwards Lifesciences Corp. (a)		3,380		380,960
IDEXX Laboratories Inc. (a)		2,130		333,089
Intuitive Surgical Inc. (a)		320		116,781
Patterson Cos. Inc. (b)		3,690		133,320
Thermo Fisher Scientific Inc.		970		184,184
				3,099,200
Healthcare-Services — 1.0%
Aetna Inc.		230		41,490
Anthem Inc.		250		56,253
Centene Corp. (a)		263		26,531
Cigna Corp.		1,390		282,295
UnitedHealth Group Inc.		1,120		246,915
				653,484
Household Products & Wares — 0.3%
Avery Dennison Corp.		80		9,189
Kimberly-Clark Corp.		1,660		200,295
				209,484
Pharmaceuticals — 4.6%
Bristol-Myers Squibb Co.		11,520		705,946
Eli Lilly & Co.		5,601		473,061
Express Scripts Holding Co. (a)		2,425		181,002
Johnson & Johnson		7,370		1,029,736
Merck & Co. Inc.		4,990		280,787
Pfizer Inc.		8,090		293,020
Zoetis Inc. (b)		2,380		171,455
				3,135,007
Total Consumer, Non-cyclical
(Cost $10,346,043)				11,318,094
Diversified — 0.4%
Holding Companies — 0.4%
Leucadia National Corp.		9,670		256,158
Total Diversified (Cost $179,287)				256,158
Energy — 4.6%
Oil & Gas — 3.8%
Cabot Oil & Gas Corp.		6,480		185,328
Chevron Corp.		5,712		715,085
Cimarex Energy Co.		1,000		122,010
Devon Energy Corp.		1,300		53,820
Exxon Mobil Corp.		12,890		1,078,120
Marathon Petroleum Corp.		200		13,196
Newfield Exploration Co. (a)		2,280		71,888
Transocean Ltd. (a)(b)f		24,200		258,456
Valero Energy Corp.		860		79,043
				2,576,946

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Strategic Growth Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Common Stocks — 97.5% (Continued)
Oil & Gas Services — 0.8%
Baker Hughes a GE Co. (b)		2,000	$	63,280
Halliburton Co.		9,924		484,986
				548,266
Total Energy (Cost $2,899,724)				3,125,212
Financial — 18.1%
Banks — 7.3%
Bank of America Corp.		37,475		1,106,262
Capital One Financial Corp.		8,931		889,349
Citigroup Inc.		4,450		331,125
Comerica, Inc.		2,620		227,442
Fifth Third Bancorp (b)		2,300		69,782
The Goldman Sachs Group Inc.		400		101,904
JPMorgan Chase & Co.		7,391		790,394
Morgan Stanley		12,340		647,480
Northern Trust Corp.		600		59,934
The PNC Financial Services Group Inc.		1,100		158,719
State Street Corp.		700		68,327
SunTrust Banks Inc. (b)		1,760		113,678
Wells Fargo & Co.		7,690		466,552
				5,030,948
Diversified Financial Services — 5.0%
Affiliated Managers Group Inc.		420		86,205
American Express Co.		3,350		332,688
Discover Financial Services		1,930		148,455
E*TRADE Financial Corp. (a)		1,280		63,450
Franklin Resources Inc.		25,870		1,120,947
Intercontinental Exchange Inc.		1,680		118,541
Mastercard Inc. Cl A (b)		3,455		522,949
Raymond James Financial Inc.		350		31,255
Synchrony Financial		11,920		460,231
Visa Inc. Cl A		4,640		529,053
				3,413,774
Insurance — 5.4%
Aflac Inc. (b)		6,160		540,725
Aon PLC f		280		37,520
Assurant Inc.		100		10,084
Berkshire Hathaway Inc. Cl B (a)		3,920		777,022
Chubb Ltd. f		3,175		463,963
Cincinnati Financial Corp.		860		64,474
Everest Re Group Ltd. f		1,890		418,181
The Progressive Corp.		9,630		542,361
Torchmark Corp.		2,800		253,988
The Travelers Cos. Inc.		1,740		236,014
Unum Group		3,400		186,626
XL Group Ltd. f		4,510		158,572
				3,689,530
Real Estate — 0.2%
CBRE Group Inc. (a)		2,250		97,448
Savings & Loans — 0.2%
People’s United Financial Inc.		8,170		152,779
Total Financial (Cost $9,960,089)				12,384,479
Industrial — 11.6%
Aerospace & Defense — 2.9%
Arconic Inc. (b)		110		2,997
The Boeing Co.		950		280,164
General Dynamics Corp.		840		170,898
L3 Technologies Inc.		730		144,431
Lockheed Martin Corp.		280		89,894
Northrop Grumman Corp.		2,200		675,202
Raytheon Co.		2,850		535,373
United Technologies Corp.		620		79,093
				1,978,052
Electrical Components & Equipment — 0.3%
AMETEK Inc.		2,950		213,786
Electronics — 2.7%
Agilent Technologies Inc.		2,507		167,894
Allegion PLC f		1,500		119,340
Amphenol Corp.		1,710		150,138
Fortive Corp. (b)		2,029		146,798
Garmin Ltd. f		3,020		179,901
Honeywell International Inc.		5,060		776,002
Mettler-Toledo International Inc. (a)		357		221,169
Waters Corp. (a)		460		88,867
				1,850,109
Engineering & Construction — 0.0%
Jacobs Engineering Group Inc.		500		32,980
Environmental Control — 0.3%
Waste Management Inc.		2,642		228,005
Hand & Machine Tools — 0.2%
Stanley Black & Decker Inc.		710		120,480
Machinery-Construction & Mining — 0.1%
Caterpillar Inc.		530		83,517

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Strategic Growth Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Common Stocks — 97.5% (Continued)
Machinery-Diversified — 2.9%
Cummins Inc.		3,367	$	594,747
Deere & Co.		7,470		1,169,130
Rockwell Automation Inc.		1,000		196,350
				1,960,227
Miscellaneous Manufacturing — 1.4%
3M Co.		1,450		341,286
AO Smith Corp.		1,120		68,634
Eaton Corp. PLC f		2,000		158,020
Illinois Tool Works Inc.		200		33,370
Ingersoll-Rand PLC f		2,450		218,516
Parker-Hannifin Corp.		500		99,790
Pentair PLC f		597		42,160
				961,776
Packaging & Containers — 0.1%
Packaging Corp. of America		490		59,070
Transportation — 0.7%
Expeditors International
of Washington Inc.		2,260		146,199
Kansas City Southern (b)		100		10,522
Union Pacific Corp.		2,380		319,158
				475,879
Total Industrial (Cost $6,494,746)				7,963,881
Technology — 17.9%
Computers — 6.1%
Accenture PLC Cl A f		1,100		168,399
Apple Inc.		23,140		3,915,982
Cognizant Technology
Solutions Corp. (b)		580		41,192
HP Inc.		140		2,942
Western Digital Corp.		680		54,080
				4,182,595
Semiconductors — 4.4%
Analog Devices Inc. (b)		400		35,612
Applied Materials Inc. (b)		2,170		110,930
Broadcom Ltd. f		1,441		370,193
Intel Corp. (b)		29,110		1,343,718
Lam Research Corp.		220		40,495
Micron Technology Inc. (a)		9,879		406,225
Skyworks Solutions Inc. (b)		2,340		222,183
Texas Instruments Inc. (b)		2,600		271,544
Xilinx Inc. (b)		3,600		242,712
				3,043,612
Software — 7.4%
Activision Blizzard Inc.		200		12,664
Adobe Systems Inc. (a)		701		122,843
ANSYS Inc. (a)		110		16,235
Autodesk Inc. (a)		940		98,540
CA Inc.		2,980		99,174
Citrix Systems Inc. (a)		1,870		164,560
The Dun & Bradstreet Corp.		7,950		941,360
Electronic Arts Inc. (a)		3,190		335,141
Fiserv Inc. (a)		270		35,405
Microsoft Corp.		25,660		2,194,956
Oracle Corp.		4,700		222,216
Paychex Inc.		5,500		374,440
salesforce.com Inc. (a)		2,390		244,330
Synopsys Inc. (a)		2,340		199,462
				5,061,326
Total Technology
(Cost $9,533,247)				12,287,533
Utilities — 1.9%
Electric — 1.9%
Ameren Corp.		4,000		235,960
American Electric Power Co. Inc.		850		62,535
CenterPoint Energy Inc.		9,220		261,479
DTE Energy Co.		700		76,622
Eversource Energy (b)		500		31,590
NextEra Energy Inc.		1,000		156,190
NRG Energy Inc. (b)		5,280		150,374
Pinnacle West Capital Corp.		1,400		119,252
PPL Corp.		6,700		207,365
				1,301,367
Gas — 0.0%
Sempra Energy (b)		200		21,384
Total Utilities
(Cost $1,181,677)				1,322,751
Total Common Stocks
(Cost $55,872,495)				66,790,291

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

2017 SEMI-ANNUAL REPORT

Schedule of Investments (continued)

Quaker Strategic Growth Fund

December 31, 2017 (Unaudited)

	Number		Fair
	of Shares		Value
Real Estate Investment Trusts — 2.3%
American Tower Corp.		3,630	$	517,892
AvalonBay Communities Inc.		1,580		281,888
Equinix Inc. (b)		748		339,008
Equity Residential		3,270		208,528
Public Storage (b)		270		56,430
SBA Communications Corp. (a)		920		150,291
UDR Inc.		1,330		51,232
				1,605,269
Total Real Estate Investment Trusts
(Cost $1,622,619)				1,605,269
Total Long-Term Investments
(Cost $57,495,114)				68,395,560
	Par
	Value
Bank Deposit Account — 0.4%
U.S. Bank N.A., 0.30%	$	258,383		258,383
Total Bank Deposit Account
(Cost $258,383)				258,383
	Units
Private Investment Co. Purchased with
Proceeds from Securities Lending — 10.7%
Mount Vernon Liquid Assets
Portfolio LLC, 1.60% (c)(d)		7,351,293		7,351,293
Total Private Investment Co. Purchased
with Proceeds from Securities Lending
(Cost 7,351,293)				7,351,293
Total Investments
(Cost $65,104,790) — 110.9%				76,005,236
Liabilities in Excess
of Other Assets, Net (10.9)%				(7,474,403	)
Total Net Assets — 100.0%			$	68,530,833

(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 $7,166,681. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(c)	The rate shown is the annualized seven-day yield at period end.
(d)	Represents investments of collateral received from securities lending transactions. Refer to Note 10 of Notes to the Financial Statements for additional information.
f	Foreign issued security.
*	Indicates an illiquid security. Total market value for illiquid securities is $409,796, representing 0.6% of net assets.
^	Indicates a fair valued security. Total market value for fair valued securities is $409,796, representing 0.6% of net assets and Level 3 securities. Refer to Note 2 of Notes to Financial Statements for additional information.

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

2017 SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

December 31, 2017 (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 10)	$	18,552,553	$	6,471,500	$	8,627,048	$	33,896,234	$	76,005,236
Cash		149,002		—		—		—		—
Foreign currency, at value		1,343,472		—		—		—		—
Cash held at brokers for short sales		1,714,558		—		—		—		—
Receivables:
Dividends and interest		48,998		34,374		11,914		30,824		75,394
Capital shares sold		8,057		9,316		82		306		1,246
Investment securities sold		4,338,326		—		—		60,273		—
Securities lending income, net		140		—		470		1,679		849
Prepaid expenses and other assets		39,734		9,400		9,847		39,742		99,581
Total assets		26,194,840		6,524,590		8,649,361		34,029,058		76,182,306

LIABILITIES:
Written options, at value	$	130,320	$	—	$	—	$	—	$	—
Securities sold short, at value		1,812,026		—		—		—		—
Payables:
Due to advisor (Note 3)		1,767		2,482		6,339		23,743		52,152
Capital shares redeemed		60,593		151,368		143		106		104,864
Upon return of securities loaned		1,629,245		—		1,492,470		4,487,434		7,351,293
Investment securities purchased		—		—		—		237,475		—
Distribution fees		6,975		2,364		3,091		2,178		26,953
Trustee expenses		5,183		1,195		1,196		5,079		12,759
Chief compliance officer fees		3,807		713		724		2,681		7,912
Accrued expenses		47,111		9,619		9,386		36,777		95,540
Total liabilities		3,697,027		167,741		1,513,349		4,795,473		7,651,473
Net assets	$	22,497,813	$	6,356,849	$	7,136,012	$	29,233,585	$	68,530,833

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

2017 SEMI-ANNUAL REPORT

Statements of Assets and Liabilities (continued)

December 31, 2017 (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	$	34,052,369		$	9,050,489		$	6,219,453		$	25,174,755		$	218,994,050
Accumulated net investment income (loss)		(680,170	)		39,109			(63,203	)		(133,621	)		(222,163	)
Accumulated net realized
gain (loss) on investments		(5,478,518	)		(2,817,120	)		(686,596	)		1,135,738			(161,141,500	)
Net unrealized appreciation (depreciation)
on investments:
Investments		(4,924,039	)		84,370			1,666,358			3,056,703			10,900,446
Securities sold short		(439,300	)		—			—			—			—
Written option contracts		(29,138	)		—			—			—			—
Foreign currency transactions		(3,391	)		1			—			10			—
Total net assets	$	22,497,813		$	6,356,849		$	7,136,012		$	29,233,585		$	68,530,833
Total investments, at cost	$	23,476,592		$	6,387,130		$	6,960,690		$	30,839,531		$	65,104,790
Includes loaned securities
with a market value of	$	1,629,245		$	—		$	1,451,889		$	4,325,132		$	7,166,681
Total foreign currency, at cost	$	1,345,052		$	—		$	—		$	—		$	—
Proceeds from securities sold short		1,372,726			—			—			—			—
Premiums on written options		101,182			—			—			—			—
Class A shares:
Net assets	$	9,062,376		$	1,462,002		$	4,043,644		$	5,584,683		$	47,460,638
Shares of beneficial interest outstanding⁽¹⁾		709,633			135,115			129,054			248,881			1,548,915
Net asset value per share and
redemption price per share	$	12.77		$	10.82		$	31.33		$	22.44		$	30.64
Offering price per share
(100/94.50 x net asset value per share)	$	13.51		$	11.45		$	33.15		$	23.75		$	32.42
Class C shares:
Net assets	$	2,492,072		$	908,251		$	1,564,119		$	1,243,097		$	11,965,528
Shares of beneficial interest outstanding⁽¹⁾		202,737			90,278			58,012			72,580			453,721
Net asset value per share and
redemption price per share	$	12.29		$	10.06		$	26.96		$	17.13		$	26.37
Institutional Class Shares:
Net assets	$	10,943,365		$	3,986,596		$	1,528,249		$	22,405,805		$	9,104,667
Shares of beneficial interest outstanding⁽¹⁾		850,352			318,335			46,186			935,612			283,881
Net asset value per share and
redemption price per share	$	12.87		$	12.52		$	33.09		$	23.95		$	32.07

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

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

2017 SEMI-ANNUAL REPORT

Statements of Operations

For the Six-Month Period Ended December 31, 2017 (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)	$	64,831		$	42,745		$	55,785		$	164,765		$	619,984
Interest		(73,829	)⁽¹⁾		66,019			291			289			262
Securities lending income, net		1,277			—			2,864			9,484			6,738
Total Income		(7,721	)		108,764			58,940			174,538			626,984
Expenses:
Investment advisory fees (Note 3)		170,379			25,396			37,414			138,348			313,478
Funds administration and accounting fees		36,007			12,123			9,229			36,467			82,281
Transfer agent fees		57,633			9,795			11,150			30,033			113,287
Custody fees		8,284			478			912			8,113			7,030
Trustee fees		10,091			2,415			2,533			10,048			25,325
Legal fees		8,962			1,647			1,712			6,886			17,295
Audit fees		7,370			1,821			1,891			7,607			19,119
Distribution fee — Class A		13,621			2,035			5,084			7,560			61,421
Distribution fee — Class C		14,690			4,775			7,682			6,314			62,251
Insurance		15,035			3,496			3,643			14,817			37,100
Officers’ compensation fees		18,225			4,366			4,536			18,219			45,961
Registration and filing expenses		18,985			4,276			4,503			18,521			46,925
Printing expenses		4,352			1,467			1,509			4,188			10,941
Dividends and interest on securities sold short		2,403			—			—			—			—
Other operating expenses		1,146			965			922			1,038			1,102
Total expenses		387,183			75,055			92,720			308,159			843,516
Investment advisory fees
reimbursed (Note 3)		(130,825	)		(10,159	)		—			—			—
Net expenses		256,358			64,896			92,720			308,159			843,516
Net investment income (loss)		(264,079	)		43,868			(33,780	)		(133,621	)		(216,532	)

⁽¹⁾	Negative interest is due to the bankruptcy of a security and final disposition is unknown.

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

2017 SEMI-ANNUAL REPORT

Statements of Operations (continued)

For the Six-Month Period Ended December 31, 2017 (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	$	1,086,109		$	14,875		$	492,285	$	1,930,182		$	3,680,488
Securities sold short		(176,213	)		—			—		—			—
Written options		168,649			—			—		—			—
Foreign currency transactions		34,242			13			—		(15	)		—
Net realized gain (loss) on investments		1,112,787			14,888			492,285		1,930,167			3,680,488
Net change in unrealized appreciation
(depreciation) of investments:
Securities		(321,141	)		64,573			317,114		508,233			3,195,868
Securities sold short		(198,201	)		—			—		—			—
Written options		76,512			—			—		—			—
Foreign currency transactions		(7,262	)		(1	)		—		(2	)		—
Net change in unrealized appreciation
(depreciation) of investments		(450,092	)		64,572			317,114		508,231			3,195,868
Net realized and unrealized
gain (loss) on investments		662,695			79,460			809,399		2,438,398			6,876,356
Net increase (decrease) in net
assets resulting from operations	$	398,616		$	123,328		$	775,619	$	2,304,777		$	6,659,824
(Foreign withholding taxes on
dividends/tax reclaims/interest)	$	(2,702	)	$	(230	)	$	—	$	(690	)	$	—

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

2017 SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

For the Six-Month Period Ended December 31, 2017 (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)	$	(264,079	)	$	43,868		$	(33,780	)	$	(133,621	)	$	(216,532	)
Net realized gain (loss) on
investment transactions:
Securities		1,086,109			14,875			492,285			1,930,182			3,680,488
Securities sold short		(176,213	)		—			—			—			—
Written options		168,649			—			—			—			—
Foreign currency transactions		34,242			13			—			(15	)		—
Net change in unrealized appreciation
(depreciation) of investment transactions:
Securities		(321,141	)		64,573			317,114			508,233			3,195,868
Securities sold short		(198,201	)		—			—			—			—
Written options		76,512			—			—			—			—
Foreign currency transactions		(7,262	)		(1	)		—			(2	)		—
Net increase (decrease) in net
assets resulting from operations		398,616			123,328			775,619			2,304,777			6,659,824
Distributions to shareholders from:
Net investment income — Class A		(344,719	)		—			—			—			—
Net investment income — Class C		(75,017	)		—			—			—			—
Net investment income — Institutional Class		(448,777	)		—			—			—			—
Net realized capital gain — Class A		—			—			—			(816,102	)		—
Net realized capital gain — Class C		—			—			—			(221,639	)		—
Net realized capital gain — Institutional Class		—			—			—			(3,013,329	)		—
Total distributions		(868,513	)		—			—			(4,051,070	)		—
Capital share transactions:
Increase (decrease) in net assets
from fund share transactions (Note 7)		(6,733,382	)		(560,099	)		(728,414	)		2,291,533			(9,679,541	)
Total increase (decrease) in net assets		(7,203,279	)		(436,771	)		47,205			545,240			(3,019,717	)

NET ASSETS
Beginning of period		29,701,092			6,793,620			7,088,807			28,688,345			71,550,550
End of period	$	22,497,813		$	6,356,849		$	7,136,012		$	29,233,585		$	68,530,833
Undistributed (Accumulated) net investment
income (loss), at end of year	$	(680,170	)	$	39,109		$	(63,203	)	$	(133,621	)	$	(222,163	)

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

2017 SEMI-ANNUAL REPORT

Statements of Changes in Net Assets (continued)

For the Fiscal Year Ended June 30, 2017

				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)	$	402,534		$	2,518		$	(55,798	)	$	(234,855	)	$	(302,466	)
Net realized gain (loss) on
investment transactions:
Securities		626,325			619,944			489,697			4,469,004			8,397,117
Securities sold short		(48,427	)		(1,932	)		—			—			—
Written options		884,772			—			—			—			—
Foreign currency transactions		(10,745	)		—			—			13			—
Net change in unrealized appreciation
(depreciation) of investment transactions:
Securities		2,033,033			(161,513	)		806,946			1,680,019			4,165,653
Securities sold short		(241,099	)		—			—			—			—
Written options		(236,444	)		—			—			—			—
Foreign currency transactions		4,260			2			—			10			—
Net increase (decrease) in net
assets resulting from operations		3,414,209			459,019			1,240,845			5,914,191			12,260,304
Distributions to shareholders from:
Net investment income — Class A		(70,505	)		—			—			—			—
Net realized capital gain — Class C		(5,529	)		—			—			—			—
Net realized capital gain — Institutional Class		(83,962	)		—			—			—			—
Total distributions		(159,996	)		—			—			—			—
Capital share transactions:
Increase (decrease) in net assets
from fund share transactions (Note 7)		(7,444,709	)		(404,319	)		(1,056,973	)		(9,776,060	)		(26,700,407	)
Total increase (decrease) in net assets		(4,190,496	)		54,700			183,872			(3,861,869	)		(14,440,103	)

NET ASSETS
Beginning of year		33,891,588			6,738,920			6,904,935			32,550,214			85,990,653
End of year	$	29,701,092		$	6,793,620		$	7,088,807		$	28,688,345		$	71,550,550
Undistributed (Accumulated) net investment
income (loss), at end of year	$	452,422		$	(4,759	)	$	(29,423	)	$	—		$	(5,631	)

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

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	13.01		$	11.71		$	13.39		$	14.07		$	12.81		$	11.93
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.13	)		0.16			(0.01	)		(0.04	)		0.41			0.37
Net realized and unrealized
gain (loss) on investments		0.39			1.21			(0.65	)		0.21			0.93			0.65
Total from investment operations		0.26			1.37			(0.66	)		0.17			1.34			1.02
Distributions to shareholders from:
Net investment income		(0.50	)		(0.07	)		—			(0.11	)		(0.01	)		(0.01	)
Net realized capital gain		—			—			(1.02	)		(0.74	)		(0.07	)		(0.13	)
Total distributions		(0.50	)		(0.07	)		(1.02	)		(0.85	)		(0.08	)		(0.14	)
Net asset value, end of period	$	12.77		$	13.01		$	11.71		$	13.39		$	14.07		$	12.81
Total Return⁽²⁾		1.93	%*		11.70	%		(4.33	)%		1.38	%		10.47	%		8.70	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	9,063		$	12,548		$	14,363		$	31,817		$	53,035		$	35,232
Ratio of expenses to average net assets:
Expense before reductions⁽³⁾⁽⁴⁾		2.99	%**		2.80	%		2.41	%		2.17	%		2.15	%		2.37	%
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⁾		(3.05	)%**		0.49	%		(0.50	)%		(0.47	)%		2.85	%		2.64	%
After waiver and expense reimbursement⁽³⁾		(2.05	)%**		1.30	%		(0.08	)%		(0.29	)%		3.01	%		3.02	%
Portfolio turnover rate		195	%*		326	%		160	%		237	%		280	%		186	%

(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 2.97%**, 2.78%, 2.40%, 2.16%, 2.14% and 2.34% for the six-month period from July 1, 2017 to December 31, 2017, and for the years ended June 30, 2017, 2016, 2015, 2014 and 2013, respectively.
(5)	Expenses net of all reductions (excluding dividend and interest expense for securities sold short) were 1.97%**, 1.98%,1.98%, 1.98%, 1.98% and 1.96% for the six-month period from July 1, 2017 to December 31, 2017, and for the years ended June 30, 2017, 2016, 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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	12.47		$	11.26		$	13.01		$	13.72		$	12.57		$	11.78
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.17	)		0.06			(0.09	)		(0.14	)		0.30			0.28
Net realized and unrealized
gain (loss) on investments		0.37			1.17			(0.64	)		0.20			0.92			0.64
Total from investment operations		0.20			1.23			(0.73	)		0.06			1.22			0.92
Distributions to shareholders from:
Net investment income		(0.38	)		(0.02	)		—			(0.03	)		—			—
Net realized capital gain		—			—			(1.02	)		(0.74	)		(0.07	)		(0.13	)
Total distributions		(0.38	)		(0.02	)		(1.02	)		(0.77	)		(0.07	)		(0.13	)
Net asset value, end of period	$	12.29		$	12.47		$	11.26		$	13.01		$	13.72		$	12.57
Total Return⁽²⁾		1.53	%*		10.91	%		(5.03	)%		0.52	%		9.72	%		7.91	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	2,492		$	3,263		$	4,576		$	6,595		$	6,555		$	5,954
Ratio of expenses to average net assets:
Expense before reductions⁽³⁾⁽⁴⁾		3.74	%**		3.55	%		3.16	%		2.92	%		2.90	%		3.12	%
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⁾		(3.80	)%**		(0.26	)%		(1.25	)%		(1.22	)%		2.10	%		1.89	%
After waiver and expense reimbursement⁽³⁾		(2.80	)%**		0.55	%		(0.83	)%		(1.04	)%		2.26	%		2.27	%
Portfolio turnover rate		195	%*		326	%		160	%		237	%		280	%		186	%

(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 3.72%**, 3.53%, 3.15%, 2.91%, 2.89% and 3.09% for the six-month period from July 1, 2017 to December 31, 2017, and for the years ended June 30, 2017, 2016, 2015, 2014 and 2013, respectively.
(5)	Expenses net of all reductions (excluding dividend and interest expense for securities sold short) were 2.72%**, 2.73%, 2.73%, 2.73%, 2.73% and 2.71% for the six-month period from July 1, 2017 to December 31, 2017, and for the years ended June 30, 2017, 2016, 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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	13.14		$	11.80		$	13.46		$	14.15		$	12.86		$	11.97
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.12	)		0.19			0.02			(0.01	)		0.44			0.40
Net realized and unrealized
gain (loss) on investments		0.39			1.23			(0.66	)		0.21			0.94			0.67
Total from investment operations		0.27			1.42			(0.64	)		0.20			1.38			1.07
Distributions to shareholders from:
Net investment income		(0.54	)		(0.08	)		—			(0.15	)		(0.02	)		(0.05	)
Net realized capital gain		—			—			(1.02	)		(0.74	)		(0.07	)		(0.13	)
Total distributions		(0.54	)		(0.08	)		(1.02	)		(0.89	)		(0.09	)		(0.18	)
Net asset value, end of period	$	12.87		$	13.14		$	11.80		$	13.46		$	14.15		$	12.86
Total Return⁽²⁾		2.09	%*		12.10	%		(4.15	)%		1.61	%		10.77	%		9.04	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	10,943		$	13,890		$	14,953		$	75,420		$	59,474		$	24,929
Ratio of expenses to average net assets:
Expense before reductions⁽³⁾⁽⁴⁾		2.74	%**		2.55	%		2.16	%		1.92	%		1.90	%		2.12	%
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⁾		(2.80	)%**		0.74	%		(0.25	)%		(0.22	)%		3.10	%		2.89	%
After waiver and expense reimbursement⁽³⁾		(1.80	%)**		1.55	%		0.17	%		(0.04	)%		3.26	%		3.27	%
Portfolio turnover rate		195	%*		326	%		160	%		237	%		280	%		186	%

(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 2.72%**, 2.53%, 2.15%, 1.91%, 1.89% and 2.09% for the six-month period from July 1, 2017 to December 31, 2017, and for the years ended June 30, 2017, 2016, 2015, 2014 and 2013, respectively.
(5)	Expenses net of all reductions (excluding dividend and interest expense for securities sold short) were 1.72%**, 1.73%, 1.73%, 1.73%, 1.73% and 1.71% for the six-month period from July 1, 2017 to December 31, 2017, and for the years ended June 30, 2017, 2016, 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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	10.62		$	9.95		$	11.51		$	10.46		$	8.30		$	7.12
Income from investment operations:
Net investment income (loss)⁽¹⁾		0.07			—			(0.14	)		(0.11	)		(0.08	)		(0.09	)
Net realized and unrealized
gain (loss) on investments		0.13			0.67			(1.42	)		1.16			2.24			1.27
Total from investment operations		0.20			0.67			(1.56	)		1.05			2.16			1.18
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	10.82		$	10.62		$	9.95		$	11.51		$	10.46		$	8.30
Total Return⁽²⁾		1.88	%*		6.73	%		(13.55	)%		10.04	%		26.02	%		16.57	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	1,462		$	1,706		$	3,184		$	5,707		$	3,992		$	3,856
Ratio of expenses to average net assets:
Expense before reductions⁽³⁾⁽⁴⁾		2.27	%**		2.35	%		2.42	%		2.27	%		2.19	%		2.83	%
Expense net of fee waivers, if any⁽³⁾		1.97	%**		2.16	%		2.42	%		2.27	%		2.19	%		2.83	%
Ratio of net investment income (loss)
to average net assets:
Before waiver and expense reimbursement⁽³⁾		0.95	%**		(0.15	)%		(1.30	)%***		(1.03	)%***		(0.80	)%***		(1.22	)%***
After waiver and expense reimbursement⁽³⁾		1.25	%**		0.04	%		(1.30	)%***		(1.03	)%***		(0.80	)%***		(1.22	)%***
Portfolio turnover rate		0	%*		184	%		211	%		125	%		130	%		484	%

(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)	Ratio of expenses (excluding dividend and interest expense for securities sold short) were 2.41%, 2.25%, 2.15% and 2.83% for the years ended June 30, 2016, 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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	9.91		$	9.36		$	10.91		$	9.99		$	7.98		$	6.90
Income from investment operations:
Net investment income (loss)⁽¹⁾		0.02			(0.07	)		(0.20	)		(0.19	)		(0.14	)		(0.14	)
Net realized and unrealized
gain (loss) on investments		0.13			0.62			(1.35	)		1.11			2.15			1.22
Total from investment operations		0.15			0.55			(1.55	)		0.92			2.01			1.08
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	10.06		$	9.91		$	9.36		$	10.91		$	9.99		$	7.98
Total Return⁽²⁾		1.51	%*		5.88	%		(14.21	)%		9.21	%		25.19	%		15.65	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	908		$	1,041		$	1,497		$	1,851		$	2,093		$	2,124
Ratio of expenses to average net assets:
Expense before reductions⁽³⁾⁽⁴⁾		3.02	%**		3.10	%		3.17	%		3.02	%		2.94	%		3.58	%
Expense net of fee waivers, if any⁽³⁾		2.72	%**		2.91	%		3.17	%		3.02	%		2.94	%		3.58	%
Ratio of net investment income (loss)
to average net assets:
Before waiver and expense reimbursement⁽³⁾		0.20	%**		(0.90	)%		(2.05	)%***		(1.78	)%***		(1.55	)%***		(1.97	)%***
After waiver and expense reimbursement⁽³⁾		0.50	%**		(0.71	)%		(2.05	)%***		(1.78	)%***		(1.55	)%***		(1.97	)%***
Portfolio turnover rate		0	%*		184	%		211	%		125	%		130	%		484	%

(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)	Ratio of expenses (excluding dividend and interest expense for securities sold short) were 3.16%, 3.00%, 2.90% and 3.58% for the years ended June 30, 2016, 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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	12.27		$	11.47		$	13.23		$	12.00		$	9.49		$	8.12
Income from investment operations:
Net investment income (loss)⁽¹⁾		0.09			0.03			(0.13	)		(0.10	)		(0.06	)		(0.08	)
Net realized and unrealized
gain (loss) on investments		0.16			0.77			(1.63	)		1.33			2.57			1.45
Total from investment operations		0.25			0.80			(1.76	)		1.23			2.51			1.37
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	12.52		$	12.27		$	11.47		$	13.23		$	12.00		$	9.49
Total Return⁽²⁾		2.04	%*		6.97	%		(13.30	)%		10.25	%		26.45	%		16.87	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	3,987		$	4,047		$	2,058		$	1,474		$	1,240		$	625
Ratio of expenses to average net assets:
Expense before reductions⁽³⁾⁽⁴⁾		2.02	%**		2.10	%		2.17	%		2.02	%		1.94	%		2.58	%
Expense net of fee waivers, if any⁽³⁾		1.72	%**		1.91	%		2.17	%		2.02	%		1.94	%		2.58	%
Ratio of net investment income (loss)
to average net assets:
Before waiver and expense reimbursement⁽³⁾		1.20	%**		0.10	%		(1.05	)%***		(0.78	)%***		(0.55	)%***		(0.97	)%***
After waiver and expense reimbursement⁽³⁾		1.50	%**		0.29	%		(1.05	)%***		(0.78	)%***		(0.55	)%***		(0.97	)%***
Portfolio turnover rate		0	%*		184	%		211	%		125	%		130	%		484	%

(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)	Ratio of expenses (excluding dividend and interest expense for securities sold short) were 2.16%, 2.00%, 1.90% and 2.58% for the years ended June 30, 2016, 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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	28.06		$	23.58		$	24.78		$	24.62		$	18.99		$	15.73
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.12	)		(0.17	)		(0.06	)		(0.10	)		(0.09	)		(0.14	)
Net realized and unrealized
gain (loss) on investments		3.39			4.65			(1.14	)		0.26			5.72			3.40
Total from investment operations		3.27			4.48			(1.20	)		0.16			5.63			3.26
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	31.33		$	28.06		$	23.58		$	24.78		$	24.62		$	18.99
Total Return⁽²⁾		11.65	%*		19.00	%		(4.84	)%		0.65	%		29.65	%		20.72	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	4,044		$	4,081		$	4,057		$	5,520		$	5,724		$	6,029
Ratio of expenses to average net assets		2.49	%**		2.39	%		2.17	%		1.98	%		2.03	%		2.19	%
Ratio of net investment income (loss)
to average net assets		(0.84	)%**		(0.66	)%		(0.26	)%		(0.39	)%		(0.42	)%		(0.80	)%
Portfolio turnover rate		13	%*		28	%		71	%		49	%		62	%		47	%

(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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	24.24		$	20.52		$	21.73		$	21.75		$	16.91		$	14.11
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.20	)		(0.32	)		(0.20	)		(0.25	)		(0.22	)		(0.24	)
Net realized and unrealized
gain (loss) on investments		2.92			4.04			(1.01	)		0.23			5.06			3.04
Total from investment operations		2.72			3.72			(1.21	)		(0.02	)		4.84			2.80
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	26.96		$	24.24		$	20.52		$	21.73		$	21.75		$	16.91
Total Return⁽²⁾		11.22	%*		18.13	%		(5.57	)%		(0.09	)%		28.62	%		19.84	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	1,564		$	1,526		$	1,565		$	1,944		$	2,086		$	1,815
Ratio of expenses to average net assets		3.24	%**		3.14	%		2.92	%		2.73	%		2.78	%		2.94	%
Ratio of net investment income (loss)
to average net assets		(1.59	)%**		(1.41	)%		(1.01	)%		(1.14	)%		(1.17	)%		(1.55	)%
Portfolio turnover rate		13	%*		28	%		71	%		49	%		62	%		47	%

(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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	29.60		$	24.81		$	26.01		$	25.77		$	19.83		$	16.39
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.09	)		(0.11	)	(0.00		)^		(0.04	)		(0.04	)		(0.10	)
Net realized and unrealized
gain (loss) on investments		3.58			4.90			(1.20	)		0.28			5.98			3.54
Total from investment operations		3.49			4.79			(1.20	)		0.24			5.94			3.44
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	33.09		$	29.60		$	24.81		$	26.01		$	25.77		$	19.83
Total Return⁽²⁾		11.79	%*		19.31	%		(4.61	)%		0.93	%		29.95	%		20.99	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	1,528		$	1,482		$	1,283		$	1,504		$	2,216		$	1,060
Ratio of expenses to average net assets		2.24	%**		2.14	%		1.92	%		1.73	%		1.78	%		1.94	%
Ratio of net investment income (loss)
to average net assets		(0.59	)%**		(0.41	)%		(0.01	)%		(0.14	)%		(0.17	)%		(0.55	)%
Portfolio turnover rate		13	%*		28	%		71	%		49	%		62	%		47	%

(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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	24.13		$	20.09		$	24.15		$	24.28		$	19.50		$	15.85
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.13	)		(0.20	)		(0.08	)		(0.06	)		(0.11	)		0.09
Net realized and unrealized
gain (loss) on investments		2.13			4.24			(2.26	)		1.22			4.95			3.58
Total from investment operations		2.00			4.04			(2.34	)		1.16			4.84			3.67
Distributions to shareholders from:
Net investment income		—			—			—			—			(0.06	)		(0.02	)
Net realized capital gain		(3.69	)		—			(1.72	)		(1.29	)		—			—
Total distributions		(3.69	)		—			(1.72	)		(1.29	)		(0.06	)		(0.02	)
Net asset value, end of period	$	22.44		$	24.13		$	20.09		$	24.15		$	24.28		$	19.50
Total Return⁽²⁾		8.26	%*		20.11	%		(9.93	)%		4.96	%		24.83	%		23.17	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	5,585		$	6,434		$	6,431		$	7,790		$	8,512		$	7,727
Ratio of expenses to average net assets		2.27	%**		2.21	%		1.93	%		1.78	%		1.83	%		1.93	%
Ratio of net investment income (loss)
to average net assets		(1.07	)%**		(0.89	)%		(0.37	)%		(0.26	)%		(0.47	)%		0.49	%
Portfolio turnover rate		65	%*		146	%		119	%		128	%		176	%		142	%

(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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	19.30		$	16.19		$	19.96		$	20.43		$	16.49		$	13.49
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.18	)		(0.30	)		(0.19	)		(0.20	)		(0.23	)		(0.04	)
Net realized and unrealized
gain (loss) on investments		1.70			3.41			(1.86	)		1.02			4.17			3.04
Total from investment operations		1.52			3.11			(2.05	)		0.82			3.94			3.00
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		(3.69	)		—			(1.72	)		(1.29	)		—			—
Total distributions		(3.69	)		—			(1.72	)		(1.29	)		—			—
Net asset value, end of period	$	17.13		$	19.30		$	16.19		$	19.96		$	20.43		$	16.49
Total Return⁽²⁾		7.84	%*		19.21	%		(10.59	)%		4.20	%		23.89	%		22.24	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	1,243		$	1,302		$	1,477		$	1,684		$	1,806		$	1,625
Ratio of expenses to average net assets		3.02	%**		2.96	%		2.68	%		2.53	%		2.58	%		2.68	%
Ratio of net investment income (loss)
to average net assets		(1.82	)%**		(1.64	)%		(1.12	)%		(1.01	)%		(1.22	)%		(0.26	)%
Portfolio turnover rate		65	%*		146	%		119	%		128	%		176	%		142	%

(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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	25.49		$	21.17		$	25.29		$	25.30		$	20.29		$	16.50
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.11	)		(0.15	)		(0.03	)	(0.00		)^		(0.05	)		0.13
Net realized and unrealized
gain (loss) on investments		2.26			4.47			(2.37	)		1.28			5.14			3.73
Total from investment operations		2.15			4.32			(2.40	)		1.28			5.09			3.86
Distributions to shareholders from:
Net investment income		—			—			—			—			(0.08	)		(0.07	)
Net realized capital gain		(3.69	)		—			(1.72	)		(1.29	)		—			—
Total distributions		(3.69	)		—			(1.72	)		(1.29	)		(0.08	)		(0.07	)
Net asset value, end of period	$	23.95		$	25.49		$	21.17		$	25.29		$	25.30		$	20.29
Total Return⁽²⁾		8.41	%*		20.41	%		(9.71	)%		5.24	%		25.13	%		23.44	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	22,406		$	20,952		$	24,642		$	28,528		$	27,868		$	23,393
Ratio of expenses to average net assets		2.02	%**		1.96	%		1.68	%		1.53	%		1.58	%		1.68	%
Ratio of net investment income (loss)
to average net assets		(0.82	)%**		(0.64	)%		(0.12	)%		(0.01	)%		(0.22	)%		0.74	%
Portfolio turnover rate		65	%*		146	%		119	%		128	%		176	%		142	%

(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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	27.86		$	23.80		$	26.55		$	24.19		$	19.31		$	16.13
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.08	)		(0.07	)		(0.32	)		(0.30	)		(0.26	)		(0.15	)
Net realized and unrealized
gain (loss) on investments		2.86			4.13			(2.43	)		2.66			5.14			3.33
Total from investment operations		2.78			4.06			(2.75	)		2.36			4.88			3.18
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	30.64		$	27.86		$	23.80		$	26.55		$	24.19		$	19.31
Total Return⁽²⁾		9.98	%*		17.01	%		(10.36	)%		9.76	%		25.27	%		19.71	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	47,461		$	49,859		$	57,159		$	77,188		$	87,053		$	88,970
Ratio of expenses to average net assets:
Before expense reimbursements or recoveries⁽³⁾⁽⁴⁾		2.28	%**		2.34	%		2.30	%		2.12	%		2.15	%		2.36	%
After expense reimbursements or recoveries⁽³⁾⁽⁵⁾		2.28	%**		2.22	%		2.24	%		2.24	%		2.24	%		2.24	%
Ratio of net investment income (loss)
to average net assets:
Before expense reimbursements or recoveries⁽³⁾		(0.51	)%**		(0.40	)%		(1.34	)%***		(1.06	)%		(1.06	)%		(0.98	)%
After expense reimbursements or recoveries⁽³⁾		(0.51	)%**		(0.28	)%		(1.28	)%***		(1.18	)%		(1.15	)%		(0.86	)%
Portfolio turnover rate		42	%*		185	%		211	%		149	%		170	%		294	%

(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) were 2.29% for the year ended June 30, 2016.
(5)	Expenses net of all reductions (excluding dividend and interest expense for securities sold short) were 2.23% for the year ended June 30, 2016.
*	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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	24.07		$	20.72		$	23.28		$	21.37		$	17.19		$	14.47
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.16	)		(0.23	)		(0.44	)		(0.43	)		(0.37	)		(0.25	)
Net realized and unrealized
gain (loss) on investments		2.46			3.58			(2.12	)		2.34			4.55			2.97
Total from investment operations		2.30			3.35			(2.56	)		1.91			4.18			2.72
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	26.37		$	24.07		$	20.72		$	23.28		$	21.37		$	17.19
Total Return⁽²⁾		9.56	%*		16.17	%		(11.00	)%		8.94	%		24.32	%		18.80	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	11,965		$	12,687		$	15,375		$	20,140		$	22,931		$	22,968
Ratio of expenses to average net assets:
Before expense reimbursements or recoveries⁽³⁾⁽⁴⁾		3.03	%**		3.09	%		3.05	%		2.87	%		2.90	%		3.11	%
After expense reimbursements or recoveries⁽³⁾⁽⁵⁾		3.03	%**		2.97	%		2.99	%		2.99	%		2.99	%		2.99	%
Ratio of net investment income (loss)
to average net assets:
Before expense reimbursements or recoveries⁽³⁾		(1.26	)%**		(1.15	)%		(2.09	)%***		(1.81	)%		(1.81	)%		(1.74	)%
After expense reimbursements or recoveries⁽³⁾		(1.26	)%**		(1.03	)%		(2.03	)%***		(1.93	)%		(1.90	)%		(1.62	)%
Portfolio turnover rate		42	%*		185	%		211	%		149	%		170	%		294	%

(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) were 3.04% for the year ended June 30, 2016.
(5)	Expenses net of all reductions (excluding dividend and interest expense for securities sold short) were 2.98% for the year ended June 30, 2016.
*	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.

2017 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, 2017			Years Ended June 30,
	to December 31,			Years Ended June 30,
	2017			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	29.12		$	24.82		$	27.62		$	25.10		$	19.99		$	16.66
Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.04	)		(0.01	)		(0.27	)		(0.25	)		(0.21	)		(0.11	)
Net realized and unrealized
gain (loss) on investments		2.99			4.31			(2.53	)		2.77			5.32			3.44
Total from investment operations		2.95			4.30			(2.80	)		2.52			5.11			3.33
Distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gain		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	32.07		$	29.12		$	24.82		$	27.62		$	25.10		$	19.99
Total Return⁽²⁾		10.13	%*		17.32	%		(10.14	)%		10.04	%		25.56	%		19.99	%
Ratios/supplemental data:
Net assets, end of period (000’ omitted)	$	9,105		$	9,005		$	13,457		$	66,521		$	58,999		$	45,851
Ratio of expenses to average net assets:
Before expense reimbursements or recoveries⁽³⁾⁽⁴⁾		2.03	%**		2.09	%		2.05	%		1.87	%		1.90	%		2.11	%
After expense reimbursements or recoveries⁽³⁾⁽⁵⁾		2.03	%**		1.97	%		1.99	%		1.99	%		1.99	%		1.99	%
Ratio of net investment income (loss)
to average net assets:
Before expense reimbursements or recoveries⁽³⁾		(0.26	)%**		(0.15	)%		(1.09	)%***		(0.81	)%		(0.81	)%		(0.74	)%
After expense reimbursements or recoveries⁽³⁾		(0.26	)%**		(0.03	)%		(1.03	)%***		(0.93	)%		(0.90	)%		(0.62	)%
Portfolio turnover rate		42	%*		185	%		211	%		149	%		170	%		294	%

(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) were 2.04% for the year ended June 30, 2016.
(5)	Expenses net of all reductions (excluding dividend and interest expense for securities sold short) were 1.98% for the year ended June 30, 2016.
*	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.

2017 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 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.

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

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

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

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, if any, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses, if any, 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 pre-conversion bond, discounts applied for lack of marketability and last traded price of comparable securities of the same issuer. 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.

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

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

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 speed, credit risk, etc.) Municipal securities, long-term U.S. Government obligations and corporate debt securities, if any, 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, structured notes and warrants that do not trade on an exchange, OTC options and international equity securities, if any, are 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 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.

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

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

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

								Investments
								Measured at
Description EVENT ARBITRAGE FUND	Level 1			Level 2		Level 3		Net Asset Value		Total
Common Stocks	$	8,844,224		$	14,111	$	58,987	$	—	$	8,917,322
Closed End Mutual Fund		2,095,500			—		—		—		2,095,500
Preferred Stocks		604,224			1		20,000		—		624,225
Real Estate Investment Trust		129,690			—		—		—		129,690
Structured Note		—			890,260		—		—		890,260
Warrant		8,835			—		—		—		8,835
Asset Backed Securities		—			219,939		—		—		219,939
Convertible Bond		—			512,934		—		—		512,934
Corporate Bonds		—			1,433,241		486,250		—		1,919,491
Escrow Notes		—			—		0		—		0
Mortgage Backed Securities		—			83,687		—		—		83,687
Municipal Bonds		—			227,338		202,634		—		429,972
Purchased Options		49,900			194,000		—		—		243,900
Bank Deposit Account		847,553			—		—		—		847,553
Private Investment Co. Purchased
with Proceeds from Securities Lending		—			—		—		1,629,245		1,629,245
Total Investments in Securities	$	12,579,926		$	3,575,511	$	767,871	$	1,629,245	$	18,552,553
Common Stocks sold short	$	(1,812,026	)	$	—	$	—	$	—	$	(1,812,026	)
Written Options		(130,320	)		—		—		—		(130,320	)
Total Investments in Securities sold short	$	(1,942,346	)	$	—	$	—	$	—	$	(1,942,346	)

								Investments
								Measured at
Description GLOBAL TACTICAL ALLOCATION FUND	Level 1			Level 2		Level 3		Net Asset Value		Total
Common Stocks	$	1,897,257		$	—	$	14,744	$	—	$	1,912,001
Closed End Mutual Fund		35,244			—		—		—		35,244
Exchange Traded Funds		402,599			—		—		—		402,599
Preferred Stocks		264,871			—		—		—		264,871
Real Estate Investment Trusts		490,980			—		—		—		490,980
Corporate Bonds		—			2,730,932		—		—		2,730,932
Mortgage Backed Security		—			1,367		—		—		1,367
Bank Deposit Account		633,506			—		—		—		633,506
Total Investments in Securities	$	3,724,457		$	2,732,299	$	14,744	$	—	$	6,471,500

								Investments
								Measured at
Description MID-CAP VALUE FUND	Level 1			Level 2		Level 3		Net Asset Value		Total
Common Stocks	$	6,151,268		$	—	$	—	$	—	$	6,151,268
Real Estate Investment Trusts		816,010			—		—		—		816,010
Bank Deposit Account		167,300			—		—		—		167,300
Private Investment Co. Purchased
with Proceeds from Securities Lending		—			—		—		1,492,470		1,492,470
Total Investments in Securities	$	7,134,578		$	—	$	—	$	1,492,470	$	8,627,048

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

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

							Investments
							Measured at
Description SMALL-CAP VALUE FUND	Level 1		Level 2		Level 3		Net Asset Value		Total
Common Stocks	$	27,317,456	$	—	$	—	$	—	$	27,317,456
Real Estate Investment Trusts		1,523,951		—		—		—		1,523,951
Bank Deposit Account		567,393		—		—		—		567,393
Private Investment Co. Purchased
with Proceeds from Securities Lending		—		—		—		4,487,434		4,487,434
Total Investments in Securities	$	29,408,800	$	—	$	—	$	4,487,434	$	33,896,234

							Investments
							Measured at
Description STRATEGIC GROWTH FUND	Level 1		Level 2		Level 3		Net Asset Value		Total
Common Stocks	$	66,380,495	$	—	$	409,796	$	—	$	66,790,291
Real Estate Investment Trusts		1,605,269		—		—		—		1,605,269
Bank Deposit Account		258,383		—		—		—		258,383
Private Investment Co. Purchased
with Proceeds from Securities Lending		—		—		—		7,351,293		7,351,293
Total Investments in Securities	$	68,244,147	$	—	$	409,796	$	7,351,293	$	76,005,236

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 breakouts:

EVENT ARBITRAGE FUND
	Balance									Net							Balance
	as of									Unrealized			Amortized		Transfers		as of
	June 30,							Realized		appreciation			discounts/		in to		December 31,
	2017		Purchases		Sales			gain (loss)		(depreciation)			premiums		Level 3		2017
Common Stocks	$	1,295,681	$	—	$	(1,137,000	)	$	402,000	$	(502,601	)	$	—	$	907	$	58,987
Preferred Stocks		653,000		—		(613,000	)		—		(20,000	)		—		—		20,000
Corporate Bonds		445,000		—		—			—		41,250			—		—		486,250
Escrow Notes		0		—		(2,202	)		—		2,202			—		—		0
Municipal Bonds		0		267,527		—			—		(64,893	)		—		—		202,634
	$	2,393,681	$	267,527	$	(1,752,202	)	$	402,000	$	(544,042	)	$	—	$	907	$	767,871
Net change in unrealized appreciation (depreciation) for Level 3 investments still held as of December 31, 2017																	$	(38,513	)

GLOBAL TACTICAL ALLOCATION FUND
	Balance									Net							Balance
	as of									Unrealized			Amortized		Transfers		as of
	June 30,							Realized		appreciation			discounts/		in to		December 31,
	2017		Purchases		Sales			gain (loss)		(depreciation)			premiums		Level 3		2017
Common Stocks	$	14,364	$	—	$	—		$	—	$	380		$	—	$	—	$	14,744
	$	14,364	$	—	$	—		$	—	$	380		$	—	$	—	$	14,744
Net change in unrealized appreciation (depreciation) for Level 3 investments still held as of December 31, 2017																	$	380

2017 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		as of
	June 30,						Realized		appreciation		discounts/		in to		December 31,
	2017		Purchases		Sales		gain (loss)		(depreciation)		premiums		Level 3		2017
Common Stocks	$	399,234	$	—	$	—	$	—	$	10,562	$	—	$	—	$	409,796
	$	399,234	$	—	$	—	$	—	$	10,562	$	—	$	—	$	409,796
Net change in unrealized appreciation (depreciation) for Level 3 investments still held as of December 31, 2017															$	10,562

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, 2017, except for the Quaker Event Arbitrage Fund listed below:

Transfers out of Level 1 into Level 3	$907		Due to a decrease of market activity.
Transfers out of Level 2 into Level 1	$650,946		Due to an increase of market activity.

The following presents information about significant unobservable inputs related to Level 3 investments at December 31, 2017:

EVENT ARBITRAGE FUND

Asset		Fair Value at		Valuation	Unobservable	Input			Increase in Inputs
Categories	December 31, 2017			Technique	Input	Values			Impact on Valuation*
Common Stocks
Agriculture		$	907	Market approach	Last traded price	€	0.03		Increase
Auto Parts &			15,000	Market approach	Last traded price of	$	2.53		Increase
Equipment					pre-conversion bonds
Computers			0	Profitability expected	Uncertainty of any	$	—		Increase
				return method	additional future payout
Escrow Shares			0	Profitability expected	Uncertainty of any	$	—		Increase
				return method	additional future payout
Healthcare-Products			21,930	Market approach	Last traded price of non-		-32.00	%	Increase
					restricted shares less a discount
Holding Companies-			0	Profitability expected	Uncertainty of any	$	—		Increase
Diversified				return method	additional future payout
Mining			0	Profitability expected	Uncertainty of any	$	—		Increase
				return method	additional future payout
Real Estate			21,150	Vendor pricing	Single broker quote since	$	0.23		Increase
					shares are not listed yet
Preferred stock
Insurance			20,000	Vendor pricing	Single broker quote	$	2,000.00		Increase
Corporate Bonds
Auto Parts &			0	Profitability expected	Uncertainty of any	$	—		Increase
Equipment				return method	additional future payout
Diversified Financial			6,250	Vendor pricing	Single broker quote	$	0.13		Increase
Services
Diversified Financial			480,000	Vendor pricing	Single broker quote	$	48.00		Increase
Services
Venture Capital			0	Profitability expected	Uncertainty of any	$	—		Increase
				return method	additional future payout
Escrow Notes			0	Profitability expected	Uncertainty of any	$	—		Increase
				return method	additional future payout
Municipal Bonds			202,634	Market approach	Trading price of comparable	$	20.78		Increase
					securities of the same issuer

€ Euro

2017 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

Asset		Fair Value at		Valuation	Unobservable	Input		Increase in Inputs
Categories	December 31, 2017			Technique	Input	Values		Impact on Valuation*
Common Stocks
Airlines		$	14,744	Market approach	Projected final distribution,	$	1.94	Decrease
					discounted for lack of marketability

STRATEGIC GROWTH FUND

Asset		Fair Value at		Valuation	Unobservable	Input
Categories	December 31, 2017			Technique	Input	Values
Common Stocks
Airlines		$	409,796	Market approach	Projected final distribution,	$	1.94	Decrease
					discounted for lack of marketability

* An impact to Valuation from a decrease in input would produce the opposite effect of an increase.

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. The Funds identify their major tax jurisdictions as U.S. Federal and the Commonwealth of Massachusetts. Management has reviewed the tax positions for each of the three open tax years as of June 30, 2017 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.

2017 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.

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

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

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

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 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.

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

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

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 to 102% of the prior days 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.

The fair value of derivative instruments whose primary underlying risk exposure is equity price risk at December 31, 2017 were as follows:

EVENT ARBITRAGE

	Fair Value
Derivative	Asset Derivatives⁽¹⁾		Liability Derivatives⁽²⁾
Written Options	$	—	$	130,320
Purchased Options		243,900		—

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

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

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

The effect of derivative instruments on the Statement of Operations whose underlying risk exposure is equity price risk for the period ended December 31, 2017 were as follows:

EVENT ARBITRAGE

					Change in Unrealized Appreciation
	Realized Gain(Loss)on Derivatives				(Depreciation) on Derivatives
Derivative	Recognized in Income⁽¹⁾				Recognized in Income⁽²⁾
Written Options		$	168,649			$	76,512
Purchased Options			(112,278	)			(32,449	)

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

For the six-month period ended December 31, 2017, the Event Arbitrage Fund had: long option contracts (3,668 contracts) were purchased and $764,534 in premiums were paid, written option contracts (5,304 contracts) were opened and $415,114 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	N/A
Mid-Cap Value	Kennedy Capital Management, Inc.
Small-Cap Value	AJO, LP
Strategic Growth	Los Angeles Capital Management and Equity Research, 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.

Each Fund paid QFI aggregate fees shown in the table below for the six-month period ended December 31, 2017. Amounts are expressed as an annualized percentage of average net assets.

	Aggregate	Subadvisory	Advisory &
	advisory fee	fee paid by QFI	subadvisory
	paid to QFI	to the sub-adviser	(reimbursed)/recovered
Event Arbitrage	1.30%	N/A	(1.00)%
Global Tactical Allocation	0.75%	N/A	(0.30)%
Mid-Cap Value	1.05%	0.75%	N/A
Small-Cap Value	0.95%	0.60%	N/A
Strategic Growth	0.89%*	0.34%	N/A

*	The Strategic Growth Fund paid an aggregate advisory fee of 0.95% on the first $25 million; 0.85% on the next $175 million; and 0.75% thereafter.

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

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

For the six-month period ended December 31, 2017, QFI and the sub-advisers earned and reimbursed fees as follows:

	Aggregate		Subadvisory			Advisory &
	advisory fee		fee paid by QFI			subadvisory
	paid to QFI		to the sub-adviser		(reimbursed)/recovered
Event Arbitrage	$	170,379		N/A		$	(130,825	)
Global Tactical Allocation		25,396		N/A			(10,159	)
Mid-Cap Value		37,414		26,724			N/A
Small-Cap Value		138,348		87,378			N/A
Strategic Growth		313,478		118,794			N/A

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 30, 2017 until October 28, 2018. 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.

On November 1, 2016, QFI contractually agreed to waive the lesser of 0.30% of its management fee or assume expenses to the extent necessary to reduce the total operating expenses of Global Tactical Allocation (excluding 12b-1 fees, interest, taxes, brokerage commissions and other costs incurred in connection with the purchase or sale of portfolio securities, and extraordinary items) when they exceed 1.50% of the average daily net assets of the Global Tactical Allocation Fund. 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 Global Tactical Allocation were less than the annualized expense ratio or fee waiver, the Trust, on behalf of Global Tactical Allocation, would reimburse QFI 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 three (3) years following the time at which the adviser waived fees or assumed expenses for Global Tactical Allocation, and (b) can be repaid without causing the expenses of Global Tactical Allocation to exceed the annualized expense ratio. This fee waiver agreement shall continue in effect from October 30, 2017 until October 28, 2018. This agreement shall automatically terminate upon termination of the advisory agreement between QFI and the Trust or, with respect to Global Tactical Allocation, in the event of its merger or liquidation.

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

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

At December 31, 2017, the cumulative unreimbursed amount paid and/or waived by the Adviser on behalf of Event Arbitrage and Global Tactical Allocation that may be recovered are $800,439 and $23,951, 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,
	2018		2019		2020		2021
Event Arbitrage	$	122,084	$	298,982	$	248,548	$	130,825
Global Tactical Allocation		—		—		13,792		10,159

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 ended December 31, 2017, the Distributor received underwriter concessions from the sale of Funds shares as follows:

Fund	Amount
Event Arbitrage	$	698
Global Tactical Allocation		1
Mid-Cap Value		3
Small-Cap Value		2
Strategic Growth		197

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 ended December 31, 2017, the Funds compensated the CCO as follows:

Fund	Amount
Event Arbitrage	$	18,225
Global Tactical Allocation		4,366
Mid-Cap Value		4,536
Small-Cap Value		18,219
Strategic Growth		45,961

Note 4 — Purchases and Sales of Investments

For the six-month period ended December 31, 2017, aggregate purchases and sales of investment securities (excluding short-term investments) for each Fund were as follows:

	Purchases		Sales
Event Arbitrage	$	37,120,931	$	43,484,778
Global Tactical Allocation		—		215,045
Mid-Cap Value		918,222		1,554,734
Small-Cap Value		18,635,827		20,500,367
Strategic Growth		29,172,584		39,249,119

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 5 — 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, 2017 for each Fund were as follows:

			Gross		Gross			Net Appreciation
Fund	Cost		Appreciation		Depreciation			(Depreciation)
Event Arbitrage	$	31,805,889	$	2,085,635	$	(7,018,639	)	$	(4,933,004	)
Global Tactical Allocation		6,729,063		180,781		(160,984	)		19,797
Mid-Cap Value		7,831,227		1,533,380		(192,445	)		1,340,935
Small-Cap Value		31,765,750		3,401,035		(882,141	)		2,518,894
Strategic Growth		75,995,782		8,503,411		(906,157	)		7,597,254

As of June 30, 2017, the components of distributable earnings on a tax basis were as follows:

								Other												Total
				Undis-		Undis-		Accum-			Capital						Post-			Distribu-
	Unrealized			tributed		tributed		ulated			Loss			Late			October			table
	Appreciation			Ordinary		Capital		Gain/			Carry-			Year			Capital			Earnings/
Fund	(Depreciation)			Income		Gain		(Loss)			forward			Loss			Loss			(Loss)
Event Arbitrage	$	(4,933,004	)	$	745,188	$	—	$	(342,878	)	$	(5,514,315	)	$	—		$	(1,039,650	)	$	(11,084,659	)
Global Tactical Allocation		19,797			—		—		2			(2,836,767	)		—			—			(2,816,968	)
Mid-Cap Value		1,340,935			—		—		—			(1,170,572	)		(29,423	)		—			140,940
Small-Cap Value		2,518,894			1,025,614		2,260,603		12			—			—			—			5,805,123
Strategic Growth		7,597,254			—		—		(367	)		(164,714,297	)		(5,631	)		—			(157,123,041	)

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, 2017, the capital loss carryovers, late year losses, post-October capital loss and the capital loss utilized for the Funds were as follows:

	Capital Loss Carryovers Expiring				Late Year		Post-October		Capital Loss
Fund	Indefinite		2018		Loss		Capital Loss		Utilized
Event Arbitrage	$	5,514,315	$	—	$	—	$	1,039,650	$	—
Global Tactical Allocation		118,084		2,718,683		—		—		—
Mid-Cap Value		—		1,170,572		29,423		—		347,332
Small-Cap Value		—		—		—		—		—
Strategic Growth		—		164,714,297		5,631		—		3,739,578

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 6 — 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 ended December 31, 2017* and for the fiscal year ending June 30, 2017 were as follows:

	Ordinary Income				Long-Term Capital Gain
	Six-Month Period Ended		Fiscal Year Ending		Six-Month Period Ended		Fiscal Year Ending
Fund	December 31, 2017		June 30, 2017		December 31, 2017		June 30, 2017
Event Arbitrage	$	868,513	$	159,996	$	—	$	—
Small-Cap Value		1,382,278		—		2,668,792		—

*	Tax information for the six-month period ended December 31, 2017 is an estimate and the tax character of dividends and distributions may be redesignated at the fiscal year ending June 30,2018.

Note 7 — Fund Share Transactions

At December 31, 2017, 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 12/31/17						Year Ended 6/30/17
	Shares			Value			Shares			Value
Shares sold:
Class A		35,182		$	454,479			207,521		$	2,565,664
Class C		9,696			119,979			14,517			173,664
Institutional Class		101,583			1,326,355			352,078			4,453,078
Shares issued to shareholders due
to reinvestment of distributions:
Class A		25,665			325,939			4,798			58,779
Class C		5,712			69,861			435			5,123
Institutional Class		27,002			345,624			5,782			71,407
		204,840		$	2,642,237			585,131		$	7,327,715
Shares Redeemed:
Class A		(315,425	)		(4,083,556	)		(475,134	)		(5,908,748	)
Class C		(74,224	)		(919,647	)		(159,711	)		(1,888,778	)
Institutional Class		(335,540	)		(4,372,416	)		(567,510	)		(6,974,898	)
		(725,189	)	$	(9,375,619	)		(1,202,355	)	$	(14,772,424	)
Net increase (decrease)		(520,349	)	$	(6,733,382	)		(617,224	)	$	(7,444,709	)

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 7 — Fund Share Transactions (Continued)

	Global Tactical Allocation
	Six Months Ended 12/31/17						Year Ended 6/30/17
	Shares			Value			Shares			Value
Shares sold:
Class A		77		$	823			7,980		$	83,591
Class C		—			—			2,103			20,892
Institutional Class		90,124			1,112,335			307,084			3,677,885
Shares issued to shareholders due
to reinvestment of distributions:
Class A		—			—			—			—
Class C		—			—			—			—
Institutional Class		—			—			—			—
		90,201		$	1,113,158			317,167		$	3,782,368
Shares Redeemed:
Class A		(25,620	)		(274,026	)		(167,117	)		(1,748,988	)
Class C		(14,787	)		(147,526	)		(56,996	)		(557,112	)
Institutional Class		(101,613	)		(1,251,705	)		(156,645	)		(1,880,587	)
		(142,020	)	$	(1,673,257	)		(380,758	)	$	(4,186,687	)
Net increase (decrease)		(51,819	)	$	(560,099	)		(63,591	)	$	(404,319	)

	Mid-Cap Value
	Six Months Ended 12/31/17						Year Ended 6/30/17
	Shares			Value			Shares			Value
Shares sold:
Class A		282		$	8,286			4,309		$	113,588
Class C		64			1,620			247			5,732
Institutional Class		1,481			44,740			6,465			187,330
Shares issued to shareholders due
to reinvestment of distributions:
Class A		—			—			—			—
Class C		—			—			—			—
Institutional Class		—			—			—			—
		1,827		$	54,646			11,021		$	306,650
Shares Redeemed:
Class A		(16,635	)		(489,647	)		(30,932	)		(823,921	)
Class C		(5,025	)		(125,700	)		(13,530	)		(309,983	)
Institutional Class		(5,359	)		(167,713	)		(8,120	)		(229,719	)
		(27,019	)	$	(783,060	)		(52,582	)	$	(1,363,623	)
Net increase (decrease)		(25,192	)	$	(728,414	)		(41,561	)	$	(1,056,973	)

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 7 — Fund Share Transactions (Continued)

	Small-Cap Value
	Six Months Ended 12/31/17						Year Ended 6/30/17
	Shares			Value			Shares			Value
Shares sold:
Class A		845		$	21,250			8,736		$	199,054
Class C		629			11,016			411			7,675
Institutional Class		7,663			190,321			15,401			366,482
Shares issued to shareholders due
to reinvestment of distributions:
Class A		35,546			800,131			—			—
Class C		12,052			207,168			—			—
Institutional Class		117,150			2,815,103			—			—
		173,885		$	4,044,989			24,548		$	573,211
Shares Redeemed:
Class A		(54,110	)		(1,318,524	)		(62,175	)		(1,437,981	)
Class C		(7,575	)		(145,601	)		(24,210	)		(451,121	)
Institutional Class		(11,047	)		(289,331	)		(357,329	)		(8,460,169	)
		(72,732	)	$	(1,753,456	)		(443,714	)	$	(10,349,271	)
Net increase (decrease)		101,153		$	2,291,533			(419,166	)	$	(9,776,060	)

	Strategic Growth
	Six Months Ended 12/31/17						Year Ended 6/30/17
	Shares			Value			Shares			Value
Shares sold:
Class A		8,686		$	254,770			26,993		$	704,491
Class C		2,793			72,806			15,462			363,910
Institutional Class		5,022			150,545			44,663			1,197,952
Shares issued to shareholders due
to reinvestment of distributions:
Class A		—			—			—			—
Class C		—			—			—			—
Institutional Class		—			—			—			—
		16,501		$	478,121			87,118		$	2,266,353
Shares Redeemed:
Class A		(249,547	)		(7,298,076	)		(638,440	)		(16,536,992	)
Class C		(76,235	)		(1,925,207	)		(230,332	)		(5,180,033	)
Institutional Class		(30,360	)		(934,379	)		(277,544	)		(7,249,735	)
		(356,142	)	$	(10,157,662	)		(1,146,316	)	$	(28,966,760	)
Net increase (decrease)		(339,641	)	$	(9,679,541	)		(1,059,198	)	$	(26,700,407	)

Note 8 — 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.

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 8 — Offsetting Assets and Liabilities (Continued)

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of December 31, 2017:

Liabilities:

			Gross		Net		Gross Amounts Not Offset in the Statements of Assets and Liabilities
			Amounts		Amounts
			Offset		Presented
			in the		in the
	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	$	130,320	$	—	$	130,320	$	—	$	130,320	$	—
Securities Lending		1,629,245		—		1,629,245		1,629,245		—		—
		1,759,565		—		1,759,565		1,629,245		130,320		—
Mid-Cap Value
Securities Lending		1,492,470		—		1,492,470		1,492,470		—		—
Small-Cap Value
Securities Lending		4,487,434		—		4,487,434		4,487,434		—		—
Strategic Growth
Securities Lending		7,351,293		—		7,351,293		7,351,293		—		—

Note 9 — 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 10 — Securities Lending

The Funds hold units of the Mount Vernon Liquid Assets Portfolio, LLC as cash collateral 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. The Mid-Cap Value, Small-Cap Value and Strategic Growth Funds’ all hold a significant concentration in the Mount Vernon Liquid Assets Portfolio, LLC.

At December 31, 2017, 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	$	1,573,631	$	1,629,245		7.2	%
Mid-Cap Value		1,451,889		1,492,470		20.9	%
Small-Cap Value		4,325,132		4,487,434		15.3	%
Strategic Growth	$	7,166,681	$	7,351,293		10.7	%

2017 SEMI-ANNUAL REPORT

Notes to the Financial Statements (unaudited) (continued)

Note 10 — Securities Lending (Continued)

Private Investment Co. purchased with proceeds from securities lending collateral is included in the Schedules of Investments and the Statements of Assets and Liabilities. The interest income, net of fees, earned by the Funds on the cash collateral received from borrowers for the securities loaned to them is reflected in the Statements of Operations.

Note 11 — Events Subsequent to the Semi-Annual Period Ended December 31, 2017

The Trust’s investment advisory agreement with Quaker Funds, Inc. (“QFI”) was terminated by the Board of Trustees effective December 31, 2017 due to the QFI’s plans to exit the investment advisory business in 2018. As a result of the termination, the Board hired Community Capital Management, Inc. (“CCM”) to manage the Quaker Strategic Growth Fund, Quaker Global Tactical Allocation Fund, Quaker Small-Cap Value Fund, and Quaker Mid-Cap Value Fund. In addition, the Board hired Camelot Funds, LLC (“Camelot”) to manage the Quaker Event Arbitrage Fund. Both CCM and Camelot began managing their respective Funds effective January 1, 2018 under separate interim investment advisory agreements pursuant to Rule 15a-4(b)(1) under the Investment Company Act of 1940.

2017 SEMI-ANNUAL REPORT

Approval of Interim Advisory Agreements (unaudited)

Community Capital Management, Inc.

At a regular Board meeting held on November 16, 2017, the Board, including the Independent Trustees, discussed and approved an interim advisory agreement pursuant to Rule 15a-4 under the Investment Company Act of 1940 (the “Interim Advisory Agreement”) and a new definitive advisory agreement (the “New Investment Advisory Agreement” and together with the Interim Advisory Agreement, the “Advisory Agreements”) between Community Capital Management, Inc. (the “Adviser”) and the Trust, on behalf of the Quaker Strategic Growth Fund, Quaker Global Tactical Allocation Fund, Quaker Small-Cap Value Fund, and Quaker Mid-Cap Value Fund (collectively, the “Funds”) and determined to recommend that the Funds’ shareholders approve the New Investment Advisory Agreement. In considering information relating to the approval of the Advisory Agreements, the Board, and the Independent Trustees, received assistance and advice from counsel and Independent Trustees’ counsel, and was provided with a written description of their responsibilities in approving the Advisory Agreements. The Independent Trustees had requested and been provided with detailed materials prepared by the Adviser in advance of the meeting. At the meeting, the Trustees discussed QFI’s intention to exit the investment advisory business in 2018; the Funds’ need for continuity in investment advisory services; and the capabilities, resources, and personnel available through the Adviser. The Board also considered the Adviser’s general plans and intentions regarding the operations and management of the Funds and the Trust. At the meeting, representatives of the Adviser responded to questions from the Board.

In connection with the Board’s review of the Advisory Agreements, the Adviser advised the Trustees on a variety of matters, including that no material changes were contemplated in the nature, quality, or extent of services currently provided to the Funds and their shareholders, including investment management, distribution, or other shareholder services, other than no longer relying on sub-advisers to manage certain of the Funds’ portfolios.

In addition to the information provided by the Adviser as described above, the Board also considered, among other factors, the following:

	•	The significant financial resources of the Adviser that the Adviser indicated would benefit the Funds by providing a more robust operational infrastructure and a dedicated team designed to grow Fund assets.
	•	The terms and conditions of the New Investment Advisory Agreement, including that each Fund’s contractual fee rate under the New Investment Advisory Agreement will be lower than or the same as under the prior investment advisory agreement with the Funds’ prior investment adviser (the “Prior Investment Advisory Agreement”).
	•	The Funds’ existing investment policies and strategies will remain the same and additionally, the Adviser will implement an impact investing categorization and risk assessment process for the Funds.
	•	At its in-person meeting on November 16, 2017, the Board reviewed the Advisory Agreements as required by the 1940 Act and determined that the Adviser had the capabilities, resources, experience and personnel necessary to provide at least the level of investment management services provided to the Funds pursuant to the Prior Investment Advisory Agreement. The Board carefully considered that the advisory fees to be paid by the Funds would be lower than or the same as under the Prior Investment Advisory Agreement, and acknowledged the Adviser’s willingness to continue to waive fees and/or reimburse expenses in order to cap the costs paid by shareholders of the Quaker Global Tactical Allocation Fund.
	•	The Adviser has agreed to pay all costs associated with obtaining shareholder approval of the New Investment Advisory Agreement.

2017 SEMI-ANNUAL REPORT

Approval of Interim Advisory Agreements (unaudited) (continued)

Certain of these considerations are discussed in more detail below.

In making the decision to approve the Advisory Agreements, the Trustees gave attention to all information furnished. The following discussion identifies the primary factors taken into account by the Board in approving the Advisory Agreements.

The nature, extent, and quality of services to be provided to the Funds by the Adviser. The Board considered materials provided describing the services to be provided by the Adviser to each Fund and its shareholders as well as information provided at the November Board meeting. In reviewing the nature, extent, and quality of services to be provided to each Fund, the Board considered that the Advisory Agreements will be substantially identical to the Prior Investment Advisory Agreement. The Board carefully considered the Adviser’s proposed reduction in or continuation of the current advisory fees. The Board noted the continuity between the prior and new agreements with respect to the Adviser’s anticipated responsibilities as the Funds’ investment adviser, including: overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio; the Adviser’s strategic plans to market the Funds; and the Adviser’s expected adoption of the existing compliance structure for the Funds to monitor compliance with the Funds’ respective investment objectives, strategies and restrictions on a day-to-day basis and undertaking to report to the Board on a quarterly basis and as otherwise deemed necessary or appropriate.

Based on its consideration and review of the foregoing information, the Board determined that the Funds were likely to benefit from the nature, extent, and quality of services to be provided by the Adviser, as well as the Adviser’s ability to render such services based on its experience, operations, and resources.

Comparison of services to be provided and fees to be charged by the Adviser, and the cost of the services provided and profits realized by the Adviser from the relationship with the Funds. At this meeting, the Board carefully considered the Adviser’s proposed contractual advisory fee rates, noting that they are less than or the same as the contractual fees under the Prior Investment Advisory Agreement. The Board also acknowledged the Adviser’s willingness to continue to waive fees and/or reimburse expenses in order to cap the costs paid by fund shareholders of the Quaker Global Tactical Allocation Fund.

Profitability and Economies of Scale. The Board considered possible costs, profitability and any “fall out” or ancillary benefits that may accrue to the Adviser as a result of its proposed relationship with the Funds. Based on the discussions with representatives of the Adviser and the relative size of the Funds, the Trustees concluded that there did not appear to be any significant benefits in this regard.

Conclusion. Based on the totality of the information considered, the Trustees concluded that the Funds were likely to benefit from the nature, extent and quality of Adviser’s services and that the Adviser has the ability to provide these services based on its significant experience, operations and resources. After evaluation of the fee and expense information, ancillary benefits and other considerations as described above, and in light of the nature, extent and quality of services to be provided by the Adviser, the Trustees, including a majority of the Independent Trustees, approved the Advisory Agreements, concluding that the advisory fee rates are reasonable in relation to the services provided to each Fund and that the Advisory Agreements are in the best interests of the shareholders and the Funds.

2017 SEMI-ANNUAL REPORT

Approval of Interim Advisory Agreements (unaudited) (continued)

Camelot Funds, LLC

At a special board meeting held on December 15, 2017 (the “Special Meeting”), the Board, including the Independent Trustees, discussed and approved an interim advisory agreement pursuant to Rule 15a-4 under the Investment Company Act of 1940 (the “Interim Advisory Agreement”) between Camelot Funds, LLC (“Camelot”) and the Trust, on behalf of the Quaker Event Arbitrage Fund (the “Fund”). In considering information relating to the approval of the Interim Advisory Agreement, the Board, and the Independent Trustees, received assistance and advice from counsel and Independent Trustees’ counsel. The Independent Trustees had requested and been provided with detailed materials prepared by Camelot in advance of the Special Meeting and a prior meeting. At the Special Meeting, the Trustees discussed QFI’s intention to exit the investment advisory business in 2018; the Fund’s need for continuity in investment advisory services; and the capabilities, resources, and personnel available through Camelot. The Board also considered Camelot’s general plans and intentions regarding the Fund’s operations and management.

In addition to the information provided by Camelot as described above, the Board also considered, among other factors, the following:

	•	Camelot’s plans to market and distribute the Fund.
	•	The terms and conditions of the Interim Advisory Agreement, including that the Fund’s contractual fee rate under the New Investment Advisory Agreement will be the same as under the prior investment advisory agreement with the Fund’s prior investment adviser (the “Prior Investment Advisory Agreement”).
	•	The Fund’s existing investment policies and strategies will remain the same.
	•	The Board acknowledged Camelot’s willingness to continue to waive fees and/or reimburse expenses in order to cap the costs paid by shareholders of the Fund.

Certain of these considerations are discussed in more detail below.

In making the decision to approve the Interim Advisory Agreement, the Trustees gave attention to all information furnished. The following discussion identifies the primary factors taken into account by the Board in approving the Interim Advisory Agreement.

The nature, extent, and quality of services to be provided to the Fund by Camelot. In considering the approval of the Interim Advisory Agreement, the Trustees first considered the nature, extent and quality of the services to be provided by Camelot, in particular, its capabilities, its experience, and the ability of Camelot to provide continuity of management to the Fund. The Board’s deliberations included consideration of information provided to the Board at the Special Meeting and prior meetings. The Trustees also considered Camelot’s commitment to grow the Fund’s distribution channels and, thereby, increase the likelihood of growing its assets. The Board reviewed factors such as the background and experience of the Camelot personnel to be involved in the Fund’s operations, the anticipated quality of the monitoring of the Fund’s operations and investment performance. The Board also took into account Camelot’s intention to retain the Fund’s current portfolio management team in continuing to manage the Fund’s assets and Camelot’s desire to increase distribution efforts and propel asset growth in the Fund, which should result in economies-of-scale and, in turn, could result in the Fund benefitting from economies of scale. The Board was satisfied that Camelot would provide at least equivalent services as the Fund’s prior investment adviser.

2017 SEMI-ANNUAL REPORT

Approval of Interim Advisory Agreements (unaudited) (continued)

Performance. In light of Camelot’s intention to retain the Fund’s existing portfolio management team, the Board took into consideration the past performance of the Fund as presented at the Fund’s regular quarterly meetings.

Comparison of services to be provided and fees to be charged by Camelot, and the cost of the services provided and profits realized by Camelot from the relationship with the Fund. At this meeting, the Board carefully considered Camelot’s proposed contractual advisory fee rate, noting that it is the same as the contractual fees under the Prior Investment Advisory Agreement. The Board also acknowledged Camelot’s willingness to continue to waive fees and/or reimburse expenses in order to cap the costs paid by Fund shareholders. The Trustees considered the fact that if Camelot were to become adviser to the Fund, Camelot was unlikely to realize a profit at least in the short-term.

Profitability and Economies of Scale. The Board considered possible costs, profitability and any “fall out” or ancillary benefits that may accrue to Camelot as a result of its proposed relationship with the Fund. Based on the current size of the Fund, the Trustees concluded that there did not appear to be any significant benefits in this regard.

Conclusion. Based on the totality of the information considered, the Trustees, including a majority of the Fund’s independent Trustees, concluded that the Interim Advisory Agreement should be approved.

2017 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.

2017 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

QKAR 122017

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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. 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

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

(a)(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.

(a)(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(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/Alyssa Greenspan

Alyssa Greenspan,

President/Principal Executive Officer

Date March 8, 2018

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/Alyssa Greenspan

Alyssa Greenspan,

President/Principal Executive Officer

Date March 8, 2018

By (Signature and Title) /s/David Downes

David Downes,

Treasurer/Principal Financial Officer

Date March 7, 2018

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