Semi-Annual Report by Investment Company (Form N-CSRS)

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)

261 North University Drive

Suite 520

Ft. Lauderdale, FL 33324

(Address of principal executive offices) (Zip code)

Alyssa D. Greenspan

Quaker Investment Trust

261 North University Drive, Suite 520

Ft. Lauderdale, FL 33324

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-888-272-0007

Date of fiscal year end: June 30, 2026

Date of reporting period: December 31, 2025

Item 1. Report to Stockholders.

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The Schedule of Investments is included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Financial Statements and Financial Highlights are filed herein.

Quaker Investment Trust

1

TABLE OF CONTENTS

Financial Statements (Form N-CSRS Item 7)
Schedule of Investments	2
Statement of Assets and Liabilities	8
Statement of Operations	9
Statements of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	13
Other Information (Form N-CSRS Items 8-11)	28

2	CCM Affordable Housing MBS ETF

Schedule of Investments December 31, 2025

		Principal
		Amount				Value
MORTGAGE-BACKED SECURITIES - 96.77%
Agency Mortgage-Backed Obligations - 96.77%
FHLMC - 32.42%
7.00%, 11/01/2053		$	140,895			$	148,199
6.50%, 11/01/2053			300,424				313,665
6.50%, 12/01/2053			165,916				172,953
6.50%, 03/01/2055			80,085				83,357
6.50%, 06/01/2055			674,454				702,365
6.50%, 07/01/2055			175,222				182,383
6.50%, 07/01/2055			200,601				208,692
6.00%, 11/01/2052			200,633				206,860
6.00%, 01/01/2053			101,200				104,506
6.00%, 02/01/2053			40,377				41,711
6.00%, 04/01/2053			45,225				46,458
6.00%, 06/01/2053			86,701				89,241
6.00%, 11/01/2053			231,355				237,986
6.00%, 12/01/2053			85,257				87,705
6.00%, 08/01/2054			67,587				69,641
6.00%, 03/01/2055			560,275				575,873
6.00%, 03/01/2055			209,629				216,914
6.00%, 05/01/2055			621,592				640,900
6.00%, 06/01/2055			392,035				403,998
5.50%, 11/01/2052			62,462				63,893
5.50%, 01/01/2053			115,543				117,779
5.50%, 03/01/2053			114,281				115,951
5.50%, 05/01/2053			149,056				151,394
5.50%, 06/01/2053			128,950				131,095
5.50%, 09/01/2053			166,361				169,367
5.50%, 11/01/2053			255,037				258,920
5.50%, 07/01/2054			648,397				658,055
5.50%, 12/01/2054			216,646				219,876
5.50%, 01/01/2055			556,793				566,632
5.50%, 02/01/2055			495,360				505,385
5.50%, 03/01/2055			100,622				102,152
5.50%, 03/01/2055			225,744				230,633
5.50%, 05/01/2055			453,132				461,156
5.50%, 06/01/2055			74,281				75,824
5.50%, 07/01/2055			211,533				214,798
5.50%, 11/01/2055			135,582				137,643
5.50%, 12/01/2055			501,638				509,045
5.00%, 01/01/2053			313,810				314,235
5.00%, 02/01/2053			227,459				227,808
5.00%, 04/01/2053			182,140				182,552
5.00%, 04/01/2053			80,796				81,079
5.00%, 05/01/2053			262,631				262,458
5.00%, 09/01/2053			91,665				91,810
5.00%, 09/01/2054			79,244				79,261
5.00%, 05/01/2055			601,382				603,317
5.00%, 06/01/2055			409,602				411,870
5.00%, 07/01/2055			291,579				291,097
5.00%, 11/01/2055			308,243				307,733
5.00%, 12/01/2055			288,455				287,978

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

(Unaudited)

3

		Principal
		Amount				Value
MORTGAGE-BACKED SECURITIES - continued
5.00%, 01/01/2056		$	282,000			$	281,358
4.50%, 09/01/2052			383,928				376,692
4.50%, 11/01/2052			423,962				415,519
4.50%, 12/01/2052			149,330				146,772
4.50%, 04/01/2053			88,672				86,803
4.50%, 05/01/2053			105,341				103,334
4.50%, 11/01/2054			231,892				226,900
4.00%, 10/01/2037			173,742				172,345
4.00%, 05/01/2052			93,748				89,888
4.00%, 09/01/2052			147,553				141,203
4.00%, 11/01/2052			128,622				123,002
4.00%, 12/01/2054			342,306				324,769
3.50%, 04/01/2052			589,527				548,287
3.50%, 04/01/2052			45,609				42,635
3.50%, 05/01/2052			411,435				382,621
3.50%, 05/01/2052			790,055				732,176
3.50%, 06/01/2052			274,443				254,330
3.50%, 02/01/2053			146,765				135,737
3.00%, 09/01/2034			323,774				314,386
3.00%, 03/01/2052			111,714				99,312
3.00%, 04/01/2052			165,271				147,581
3.00%, 04/01/2052			308,402				275,662
3.00%, 04/01/2052			313,386				280,443
3.00%, 05/01/2052			107,209				96,189
3.00%, 08/01/2052			6,725,551				5,974,422
2.50%, 08/01/2051			1,505,529				1,290,583
2.50%, 09/01/2051			685,142				583,798
2.50%, 10/01/2051			381,743				328,255
2.50%, 10/01/2051			62,855				54,029
2.50%, 11/01/2051			510,043				437,170
2.50%, 12/01/2051			557,854				478,151
2.50%, 02/01/2052			125,570				107,455
2.50%, 03/01/2052			462,282				393,240
2.50%, 07/01/2052			332,152				281,074
2.00%, 11/01/2036			448,315				416,576
2.00%, 08/01/2051			1,328,903				1,085,128
2.00%, 09/01/2051			2,126,601				1,731,800
2.00%, 09/01/2051			267,677				218,290
2.00%, 10/01/2051			1,135,063				930,296
2.00%, 10/01/2051			419,331				344,453
2.00%, 11/01/2051			464,261				380,183
2.00%, 12/01/2051			328,195				269,693
2.00%, 01/01/2052			2,890,035				2,350,503
2.00%, 06/01/2052			840,429				683,448
FNMA - 63.44%
7.50%, 12/01/2053			111,567				121,613
7.00%, 11/01/2053			30,131				31,786
7.00%, 01/01/2054			198,276				210,359
7.00%, 02/01/2054			45,234				47,569
7.00%, 05/01/2054			115,342				121,939
6.50%, 10/01/2053			27,436				28,574
6.50%, 11/01/2053			511,743				533,654
6.50%, 12/01/2053			560,824				586,168

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

4	CCM Affordable Housing MBS ETF

		Principal
		Amount				Value
MORTGAGE-BACKED SECURITIES - continued
6.50%, 05/01/2054		$	109,110			$	113,617
6.50%, 06/01/2054			340,639				354,360
6.50%, 09/01/2054			75,632				78,891
6.50%, 09/01/2055			59,117				61,611
6.00%, 11/01/2052			85,402				87,877
6.00%, 02/01/2053			66,379				68,308
6.00%, 06/01/2053			80,732				82,906
6.00%, 09/01/2053			158,553				163,162
6.00%, 10/01/2053			136,874				141,015
6.00%, 11/01/2053			464,118				478,160
6.00%, 12/01/2053			1,180,010				1,220,273
6.00%, 01/01/2054			766,732				789,928
6.00%, 03/01/2054			179,938				185,429
6.00%, 05/01/2054			221,682				229,103
6.00%, 05/01/2054			301,559				309,760
6.00%, 07/01/2054			251,342				260,683
6.00%, 08/01/2054			170,386				175,634
6.00%, 09/01/2054			387,859				398,992
6.00%, 10/01/2054			457,771				471,678
6.00%, 01/01/2055			744,585				767,307
6.00%, 02/01/2055			686,249				708,220
6.00%, 03/01/2055			205,968				212,152
6.00%, 03/01/2055			554,117				571,878
6.00%, 04/01/2055			246,966				254,069
6.00%, 05/01/2055			144,127				148,831
6.00%, 06/01/2055			281,080				291,247
6.00%, 11/01/2055			145,366				149,604
5.50%, 11/01/2052			353,989				360,851
5.50%, 04/01/2053			77,154				78,695
5.50%, 06/01/2053			87,014				88,408
5.50%, 08/01/2053			471,057				478,206
5.50%, 09/01/2053			342,618				349,844
5.50%, 10/01/2053			922,772				943,302
5.50%, 10/01/2053			675,375				685,899
5.50%, 11/01/2053			560,650				573,040
5.50%, 12/01/2053			574,540				587,153
5.50%, 04/01/2054			226,636				230,424
5.50%, 05/01/2054			350,056				356,316
5.50%, 06/01/2054			212,799				217,018
5.50%, 08/01/2054			87,198				88,646
5.50%, 09/01/2054			366,404				374,169
5.50%, 10/01/2054			224,483				228,476
5.50%, 01/01/2055			435,885				444,979
5.50%, 01/01/2055			642,859				656,272
5.50%, 02/01/2055			266,459				272,004
5.50%, 03/01/2055			128,733				130,919
5.50%, 03/01/2055			457,052				464,964
5.50%, 05/01/2055			681,188				695,334
5.50%, 06/01/2055			166,260				169,345
5.50%, 09/01/2055			89,223				90,572
5.50%, 11/01/2055			192,814				195,790
5.00%, 12/01/2052			410,454				410,996
5.00%, 12/01/2052			151,268				152,960
5.00%, 01/01/2053			209,086				209,524

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

(Unaudited)

5

		Principal
		Amount				Value
MORTGAGE-BACKED SECURITIES - continued
5.00%, 02/01/2053		$	165,445			$	165,330
5.00%, 05/01/2053			75,755				75,693
5.00%, 06/01/2053			95,932				95,859
5.00%, 10/01/2053			399,717				401,996
5.00%, 11/01/2053			1,893,332				1,903,688
5.00%, 12/01/2053			2,256,538				2,268,357
5.00%, 05/01/2054			88,045				88,019
5.00%, 09/01/2054			105,770				105,652
5.00%, 10/01/2054			112,043				111,817
5.00%, 12/01/2054			476,456				476,855
5.00%, 12/01/2054			146,113				146,145
5.00%, 01/01/2055			334,423				334,636
5.00%, 02/01/2055			230,327				230,954
5.00%, 02/01/2055			245,198				245,516
5.00%, 05/01/2055			342,536				343,477
5.00%, 11/01/2055			304,157				303,540
5.00%, 12/01/2055			230,170				229,703
4.50%, 11/01/2052			82,665				81,031
4.50%, 12/01/2052			173,717				170,236
4.50%, 05/01/2053			102,365				100,199
4.50%, 06/01/2053			881,340				863,538
4.50%, 06/01/2053			166,454				163,461
4.50%, 07/01/2053			1,124,364				1,101,653
4.50%, 09/01/2053			2,775,543				2,719,193
4.50%, 12/01/2054			134,058				131,230
4.50%, 12/01/2054			250,013				244,908
4.50%, 11/01/2055			261,293				255,080
4.00%, 07/01/2049			22,593				21,961
4.00%, 05/01/2052			200,696				192,943
4.00%, 05/01/2052			165,328				158,258
4.00%, 05/01/2052			146,903				141,228
4.00%, 05/01/2052			533,680				509,047
4.00%, 06/01/2052			149,989				143,043
4.00%, 07/01/2052			140,167				134,066
4.00%, 09/01/2052			650,605				620,273
4.00%, 06/01/2053			1,564,731				1,488,753
4.00%, 07/01/2053			1,383,924				1,316,582
4.00%, 08/01/2053			899,431				855,571
4.00%, 09/01/2053			2,012,573				1,914,224
4.00%, 01/01/2055			510,477				484,324
4.00%, 02/01/2055			1,185,514				1,124,777
3.50%, 06/01/2028			47,140				46,815
3.50%, 05/01/2035			61,522				60,291
3.50%, 04/01/2052			129,436				120,996
3.50%, 05/01/2052			2,584,753				2,391,913
3.50%, 05/01/2052			228,276				212,867
3.50%, 05/01/2052			358,864				335,686
3.50%, 06/01/2052			236,956				219,572
3.50%, 06/01/2052			748,691				692,435
3.50%, 06/01/2052			88,413				81,927
3.00%, 01/01/2031			7,223				7,125
3.00%, 08/01/2034			107,299				104,219
3.00%, 07/01/2035			192,388				186,792
3.00%, 03/01/2052			1,197,214				1,066,626

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

6	CCM Affordable Housing MBS ETF

		Principal
		Amount				Value
MORTGAGE-BACKED SECURITIES - continued
3.00%, 03/01/2052		$	153,792			$	137,449
3.00%, 04/01/2052			107,147				95,884
3.00%, 04/01/2052			500,074				444,200
3.00%, 05/01/2052			211,202				187,706
3.00%, 05/01/2052			196,728				175,821
3.00%, 05/01/2052			304,251				269,227
2.50%, 05/01/2026			17,484				17,396
2.50%, 02/01/2031			65,771				64,657
2.50%, 08/01/2035			87,658				83,681
2.50%, 05/01/2036			35,022				33,332
2.50%, 12/01/2050			413,085				350,039
2.50%, 08/01/2051			617,353				529,491
2.50%, 08/01/2051			2,512,626				2,153,896
2.50%, 09/01/2051			1,406,937				1,208,186
2.50%, 10/01/2051			585,204				501,480
2.50%, 11/01/2051			136,122				116,968
2.50%, 12/01/2051			810,737				690,062
2.50%, 12/01/2051			1,972,289				1,681,622
2.50%, 01/01/2052			105,065				90,333
2.50%, 02/01/2052			570,989				485,712
2.50%, 02/01/2052			1,004,151				854,064
2.50%, 02/01/2052			175,421				150,595
2.50%, 03/01/2052			667,444				567,762
2.50%, 03/01/2052			1,407,221				1,195,763
2.50%, 03/01/2052			167,940				144,259
2.00%, 10/01/2036			376,728				349,921
2.00%, 11/01/2036			510,268				473,913
2.00%, 05/01/2051			276,823				223,983
2.00%, 08/01/2051			1,505,989				1,226,930
2.00%, 09/01/2051			4,300,057				3,501,756
2.00%, 10/01/2051			263,818				215,239
2.00%, 10/01/2051			2,078,459				1,692,596
2.00%, 10/01/2051			226,353				184,673
2.00%, 10/01/2051			83,312				68,435
2.00%, 11/01/2051			360,683				296,277
2.00%, 12/01/2051			661,423				538,406
2.00%, 12/01/2051			919,091				747,821
2.00%, 01/01/2052			343,593				279,061
2.00%, 01/01/2052			196,691				160,266
2.00%, 01/01/2052			93,017				76,522
2.00%, 02/01/2052			1,117,482				908,462
1.50%, 10/01/2036			285,057				258,526
GNMA - 0.91%
5.00%, 03/20/2050			96,629				98,507
3.50%, 12/20/2050			141,467				131,237
2.50%, 08/20/2051			915,263				784,295
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $113,623,863)							108,927,648

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

(Unaudited)

7

		Shares				Value
SHORT-TERM INVESTMENT - 3.34%
Money Market Fund - 3.34%
First American Government Obligations Fund Cl X, 3.67% (a)			3,763,749			$	3,763,749
TOTAL SHORT-TERM INVESTMENT
(Cost $3,763,749)							3,763,749
Total Investments (Cost $117,387,612) - 100.11%						$	112,691,397
Liabilities in Excess of Other Assets, Net - (0.11)%							(120,542	)
NET ASSETS - 100.00%						$	112,570,855

(a)

The rate shown is the 7-day effective yield as of December 31, 2025.

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

The following table details the Fund's investment classifications within the fair value hierarchy at December 31, 2025.

Assets		Level 1				Level 2				Level 3				Total
Mortgage-Backed Securities		$	-			$	108,927,648			$	-			$	108,927,648
Short-Term Investment			3,763,749				-				-				3,763,749
Total Investments in Securities		$	3,763,749			$	108,927,648			$	-			$	112,691,397

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

8	Quaker Investment Trust

Statement of Assets and Liabilities as of December 31, 2025

		CCM Affordable
		Housing MBS ETF
Assets:
Investments, at fair value (identified cost - $117,387,612)		$	112,691,397
Cash			884,184
Receivables:
Dividends and interest			387,046
Due from Advisor			4,448
Prepaid expenses			64,487
Total Assets			114,031,562
Liabilities:
Payables:
Distributions to Shareholders			1,316,032
Trustees' fees			19,058
Administration fees			2,548
Chief Compliance Officer fees			849
Other accrued expenses			122,220
Total Liabilities		$	1,460,707
Net Assets:		$	112,570,855
Net Assets consist of:
Paid-in capital		$	125,219,680
Total distributable loss			(12,648,825	)
Net Assets		$	112,570,855
Net Assets - (Unlimited shares of beneficial interest with no par value authorized; 6,450,000 shares outstanding)		$	112,570,855
Net Asset Value, offering and redemption price per share		$	17.45

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

(Unaudited)

9

Statement of Operations for the six months ended December 31, 2025

		CCM Affordable Housing
		MBS ETF
Investment Income:
Interest		$	2,494,396
Total investment income			2,494,396
Expenses:
Investment advisory fees			175,702
Trustees' fees			37,808
Chief Compliance Officer fees			35,884
Legal fees			17,645
Accounting and administration fees			15,123
Pricing fees			14,132
Printing fees			12,055
Custodian fees			9,861
Exchange Listing Fees			5,041
Transfer agent fees			2,916
Other			72,896
Total expenses			399,063
Less:
Investment advisory fees waived			(175,702	)
Reimbursement from adviser			(47,643	)
Net expenses			175,718
Net investment income			2,318,678
Realized and unrealized gain (loss) on:
Investments			(371,577	)
Net realized gain (loss)			(371,577	)
Unrealized appreciation (depreciation) on:
Investments			2,732,809
Net unrealized appreciation (depreciation)			2,732,809
Net realized and unrealized gain (loss)			2,361,232
Net increase in net assets resulting from operations:		$	4,679,910

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

10	Quaker Investment Trust

Statements of Changes in Net Assets

		CCM Affordable Housing MBS ETF
		For the Six-Month Period Ended December 31, 2025 (Unaudited)				For the Fiscal Year Ended June 30, 2025
Operations:
Net investment income (loss)		$	2,318,678			$	4,995,339
Net realized gain (loss)			(371,577	)			(322,263	)
Net change in unrealized appreciation (depreciation)			2,732,809				2,616,897
Net increase in net assets resulting from operations			4,679,910				7,289,973
Distributions			(2,511,169	)			(4,779,779	)
Capital share transactions:
Shares issued			6,980,756				18,777,811
Shares redeemed			(25,930,742	)			(9,371,686	)
Increase (decrease) in net assets from capital share transactions			(18,949,986	)			9,406,125
Increase (decrease) in net assets			(16,781,245	)			11,916,319
Net Assets:
Beginning of year/period			129,352,100				117,435,781
End of year/period		$	112,570,855			$	129,352,100
Share Transactions:
Shares Issued			400,000				1,100,000
Shares redeemed			(1,500,000	)			(550,000	)
Increase (decrease) in shares			(1,100,000	)			550,000

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

11

Financial Highlights - Per share data (for a share outstanding throughout the period/year)

CCM Affordable Housing MBS ETF		For the Period Ended December 31, 2025 (Unaudited)				For the Fiscal Year Ended June 30, 2025				For the Fiscal Year Ended June 30, 2024(1)				For the Fiscal Year Ended June 30, 2023				For the Period Ended June 30, 2022(2)
Net Asset Value, Beginning of Period/Year		$	17.13			$	16.78			$	17.09			$	17.83			$	20.00
Investment Operations:
Net investment Income (loss)*			0.35				0.67				0.59				0.44				0.14
Net realized and unrealized gain (loss)			0.37				0.32				(0.32	)			(0.69	)			(1.97	)
Total from investment operations			0.72				0.99				0.27				(0.25	)			(1.83	)
Distributions from:
Net investment income			(0.40	)			(0.64	)			(0.58	)			(0.49	)			(0.34	)
Total distributions			(0.40	)			(0.64	)			(0.58	)			(0.49	)			(0.34	)
Net Asset Value, End of Period/Year		$	17.45			$	17.13			$	16.78			$	17.09			$	17.83
Market Price, End of Period/Year		$	17.46			$	17.13			$	16.83			$	17.10			$	17.88
Total return(3)			4.20	%			5.94	%			1.62	%			(1.38	)%			(9.22	)%
Ratios/Supplemental Data
Net assets, End of Period/Year (in 000s)		$	112,571			$	129,352			$	117,436			$	111,067			$	91,812
Ratio of expenses to average net assets
Before fee waiver			0.68	%			0.68	%			0.57	%			0.51	%			0.53	%(a)
After fee waiver			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%(a)
Ratio of net investment income to average net assets
Before fee waiver			3.58	%			3.54	%			3.27	%			2.31	%			0.58	%(a)
After fee waiver			3.96	%			3.92	%			3.54	%			2.52	%			0.81	%(a)
Portfolio turnover rate(4)			8	%			31	%			58	%			26	%			78	%

*	Per share data calculated using average shares method.
(a)	Annualized.
(1)	Effective as of close of business on March 18, 2024, the Impact Shares Affordable Housing MBS ETF (the "Affordable Housing Predecessor Fund") was reorganized into the CCM Affordable Housing MBS ETF. Information presented prior to March 18, 2024, is that of the Affordable Housing Predecessor Fund.
(2)	Commenced operations on July 26, 2021.
(3)	Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(4)

Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.

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

12	Quaker Investment Trust

Notes to Financial Statements December 31, 2025

Note 1 - ORGANIZATION

The Quaker Investment Trust (the "Trust"), an open-end management investment company, was originally organized as a Massachusetts business trust on October 24, 1990, and was reorganized as a Delaware statutory trust on September 30, 2018. The Trust is registered under the Investment Company Act of 1940, as amended. The Trust's Declaration of Trust permits the Trustees to issue an unlimited number of shares of beneficial interest for each of its series.

The CCM Affordable Housing MBS ETF (the "Fund") is a non-diversified series of the Trust. The Fund seeks to generate a level of current income.

Community Capital Management, LLC ("CCM" or the "Adviser") serves as the investment adviser to the Fund since March 18, 2024.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. (the "Exchange"). Market prices for the Fund shares ("Shares") may be different from their net asset value ("NAV"). The Fund issues and redeems Shares on a continuous basis, at NAV only in a large specified number of Shares, called "Creation Units." Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day.

Note 2 - SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund. The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB").

Use of Estimates - The preparation of financial statements, in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation - Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (the "NASDAQ")), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used.

(Unaudited)

13

If available, debt securities, including mortgage-backed obligations, are priced based upon valuations provided by independent, third-party pricing agents. The third-party pricing agents generally value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the fair value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Fund's Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, if the Valuation Designee (discussed below) concludes it approximates fair value after taking into account factors such as credit, liquidity and interest rate conditions as well as issuer specific factors.

Foreign securities listed on foreign exchanges are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Foreign securities may trade on weekends or other days when the Fund does not calculate NAV. As a result, the fair value of these investments may change on days when you cannot buy or redeem shares of the Fund.

Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain a bid price from at least one independent broker. Portfolio securities for which market quotations are readily available are valued at their current market value. When market quotations are not readily available (or are deemed unreliable) for one or more portfolio securities, the Act requires the Fund to use the investment's fair value, as determined in good faith. Pursuant to Rule 2a-5 under the Act, the Board has designated the Adviser as the valuation designee to perform fair value determinations, subject to Board oversight. Pursuant to the Valuation Designee's fair value policies and procedures, securities for which market quotations are not readily available or for which the market price is determined to be unreliable, may include but are not limited to securities that are subject to legal or contractual restrictions on resale, securities for which no or limited trading activity has occurred for a period of time, or securities that are otherwise deemed to be illiquid (i.e., securities that cannot be disposed of within seven days at approximately the price at which the security is currently priced by the Fund which holds the security).

14	Quaker Investment Trust

Market quotations may also be not "readily available" if a significant event occurs after the close of the principal exchange on which a portfolio security trades (but before the time for calculation of such Fund's NAV) if that event affects or is likely to affect (more than minimally) the NAV per share of such Fund. In determining the fair value price of a security, the Valuation Designee may use a number of other methodologies, including those based on discounted cash flows, multiples, recovery rates, yield to maturity or discounts to public comparables. The Valuation Designee may also employ independent pricing services.

Fair value pricing involves judgments that are inherently subjective and inexact; as a result, there can be no assurance that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security will be materially different from the value that actually could be or is realized upon the sale of that asset. Valuing the Fund's investments using fair value pricing will result in using prices for those investments that may differ from current market valuations.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

●

Level 1 - Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

●

Level 2 - Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

●

Level 3 - Prices, inputs or proprietary modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The valuation techniques used by the Fund to measure fair value during the six months ended December 31, 2025, maximized the use of observable inputs and minimized the use of unobservable inputs.

For the six months ended December 31, 2025, there have been no significant changes to the Fund's fair valuation methodologies.

For details of the investment classification, reference the Schedule of Investments.

(Unaudited)

15

Federal Income Taxes - It is the Fund's intention to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986 (the "Code"), as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether it is "more-likely-than not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Fund did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof. As of and during the six months ended December 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. For the six months ended December 31, 2025, the Fund did not recognize any interest or penalties.

Security Transactions and Investment Income - Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis. Withholding taxes and reclaims on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. Discounts and premiums on securities purchased are accreted and amortized using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

Dividends and Distributions to Shareholders - The Fund intends to declare and pay dividends of net investment income quarterly and to pay any capital gain distributions on an annual basis. There is no fixed dividend rate, and there can be no assurance that the Fund will pay any dividends or make any capital gain distributions. All distributions are recorded on ex-dividend date.

Cash and Cash Equivalents - Idle cash may be swept into various time deposits and is classified as cash and cash equivalents on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limits ("FDIC"). Amounts swept overnight are available on the next business day.

Cash Overdraft Charges - Per the terms of an agreement with the U.S. Bank, N.A., if the Fund has a cash overdraft on a given day, it will be assessed an overdraft charge. Cash overdraft charges are included in other fees on the Statement of Operations.

16	Quaker Investment Trust

Creation Units - The Fund issues and redeem Shares at NAV and only in large blocks of Shares currently comprised of 50,000. Shares (each such block of Shares for the Fund are called a "Creation Unit" or multiples thereof).

Purchasers of Creation Units at NAV must pay a standard creation transaction fee of $500 per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an investor on the same day. An Authorized Participant ("Authorized Participants") who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption transaction fee of $500 per transaction to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed that day. Creations and redemptions are also subject to an additional variable charge of up to 1% of the net asset value per Creation Unit, inclusive of the standard transaction fee, for (i) in-kind creations or redemptions effected outside the normal Clearing Process, (ii) in whole or partial cash creations, (iii) in whole or partial cash redemptions or (iv) non-standard orders. The variable component is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from such transaction. In all cases, the Transaction Fee will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities.

The Fund may determine not to charge the variable portion of a Transaction Fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders, e.g., for redemption orders that facilitate the rebalance of the Fund's portfolio in a more tax efficient manner than could be achieved without such order. The variable portion of a Transaction Fee may be higher or lower than the trading expenses incurred by a Fund with respect to the transaction.

Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed an Authorized Participant Agreement with the Fund's distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from the Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

(Unaudited)

17

The size of a creation unit for a Fund may be changed from time to time in the future if determined to be in the best interests of the Fund by the President of the Fund.

If a Creation Unit is purchased or redeemed in cash, a higher transaction fee will be charged. The following table discloses the Creation Unit breakdown based on the NAV as of December 31, 2025:

		Creation Unit Shares				Creation Fee				Value at December 31, 2025				Redemption Fee
CCM Affordable Housing MBS ETF			50,000			$	500			$	872,500			$	500

Foreign Currency Translation - The books and records of the Fund were maintained in U.S. dollars. Investment securities and other asset and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settle dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid.

Indemnifications - In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

Segment Reporting - The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Fund's Adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio manager. The financial information in the form of the Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the accompanying Statement of Operations.

18	Quaker Investment Trust

Note 3 - AGREEMENTS

Investment Advisory Agreement

Community Capital Management, LLC ("CCM" or the "Adviser") serves as the investment adviser to the Fund. CCM oversees all investment advisory and portfolio management services and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Additionally, CCM furnishes offices, necessary facilities, equipment and personnel.

The Fund does not have a sub-adviser, however Quaker Investment Trust (the "Trust") and CCM have received "manager of managers" exemptive relief from the SEC that permits the Trust and CCM, subject to the approval of the Board, to appoint a "wholly-owned" or unaffiliated sub-adviser, as defined in the exemptive relief, or to change the terms of a sub-advisory agreement with a "wholly-owned" or unaffiliated sub-adviser without first obtaining shareholder approval. The exemptive order further permits the Trust and CCM to add or to change a "wholly-owned" or unaffiliated sub-adviser or to change the fees paid to such parties from time to time without the expense and delays associated with obtaining shareholder approval of the change and to disclose sub-advisers' fees only in the aggregate in its registration statement. Any increase in the aggregate advisory fee paid by the Fund remains subject to shareholder approval. The Trust and CCM would continue to have ultimate responsibility (subject to oversight by the Board) to oversee the sub-advisers and recommend their hiring, termination, and replacement. The Fund will notify shareholders if a sub-adviser is hired in the future.

For the six months ended December 31, 2025, the Fund pays the Adviser an annual fee, payable monthly, at the rate of 0.30% of the Fund's average daily managed assets. Under the Investment Advisory Agreement, the Adviser, among other things: (i) continuously furnishes an investment program for the Fund; (ii) determines the investments to be purchased, held, sold or exchanged by the Fund and the portion, if any, of the assets of the Fund to be held uninvested; (iii) makes changes in the investments of the Fund; (iv) monitors the Fund's performance and considers ways to improve the performance of the Fund and (v) votes, exercises consents and exercises all other rights pertaining to such securities on behalf of the Fund. The Fund bears all remaining expenses. The Adviser has contractually agreed to limit the total annual operating expenses (exclusive of fees paid by the Fund pursuant to its distribution plan under Rule 12b-1 under the Act, taxes, brokerage commissions and other transaction costs, interest payments, acquired fund fees and expenses, extraordinary expenses and dividend expenses on short sales) of the Fund to 0.30% through October 31, 2026. This contract may not be terminated without the action or consent of the Fund's Board of Trustees. Pursuant to its expense limitation agreement with the Fund, the Adviser is entitled to recoup any fees that it waived and/ or Fund expenses that it paid for a period of three years following such fee waivers and expense payments, to the extent that such recoupment by the Adviser will not cause the Fund to exceed any applicable expense limitation that was in place for the Fund when the fees were waived or expenses were paid. During the six months ended December 31, 2025, the Adviser waived $175,702 of advisory fees payable by the Fund.

(Unaudited)

19

As of December 31, 2025, the Fund had fees which were previously waived and/or reimbursed to the Fund by the Adviser, which may be subject to possible future recapture, up to the expense cap in place at the time the expenses were waived and reimbursed to the Fund, as follows:

Fiscal Year	Subject to Repayment until December 31:	Amount
2024	2027	$123,964
2025	2028	$223,345

For the six months ended December 31, 2025, the Adviser did not recapture any previously waived fees.

Additionally, the Investment Advisory Agreement remains in force for an initial two-year period and from year to year thereafter, subject to annual approval by (a) the Board or (b) a "vote of a majority of the outstanding voting securities" (as defined in the Act) of the Fund; provided that in either event continuance is also approved by a majority of the Independent Trustees, by a vote cast in person at a meeting called for the purpose of voting such approval. The Investment Advisory Agreement may be terminated at any time, without payment of any penalty, by vote of the Trust's Board, or by a "vote of a majority of the outstanding voting securities" (as defined in the Act) of the Fund, or by the Adviser, on not more than 60 days' nor less than 30 days' prior written notice to the other party. The Investment Advisory Agreement will automatically terminate in the event of its "assignment," as defined by the Act and the rules thereunder.

20	Quaker Investment Trust

Distribution Agreement

SEI Investments Distribution Co. (the "Distributor") serves as the Fund's underwriter and distributor of Shares pursuant to a Distribution Agreement. Under the Distribution Agreement, the Distributor, as agent, receives orders to purchase shares in Creation Units and transmits such orders to the Fund's custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund shares. The Distributor bears the following costs and expenses relating to the distribution of shares: (i) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (ii) filing fees; and (iii) all other expenses incurred in connection with the distribution services, that are not reimbursed by the Adviser, as contemplated in the Distribution Agreement. The Distributor does not maintain any secondary market in Fund Shares.

The Fund has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average net assets each year for certain distribution-related activities. For the six months ended December 31, 2025, no fees were charged by the Distributor under the Plan. No payments have yet been authorized by the Board, nor are any such expected to be made by the Fund under the Plan during the current fiscal year.

Administrator, Custodian and Transfer Agent

SEI Investments Global Funds Services ("the Administrator"), serves as the Fund's administrator pursuant to an Administration Agreement.

U.S. Bank, N.A. serves as the Fund's custodian and U.S. Bank Global Fund Services serves as the Fund's transfer agency and dividend disbursing services.

Note 4 - INVESTMENT TRANSACTIONS

For the six months ended December 31, 2025, the purchases and sales of investments in securities, excluding in-kind transactions and short-term securities were:

Purchases:
U.S. Government		$	9,118,801
Other			-
Sales and Maturities:
U.S. Government		$	29,515,726
Other			-

The Fund did not have in-kind transactions for the six months ended December 31, 2025.

(Unaudited)

21

Note 5 - TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions paid during the fiscal years ending June 30, 2025 and June 30, 2024 were as follows:

		Fiscal Year Ended June 30, 2025				Fiscal Year Ended June 30, 2024
Distributions declared from:
Ordinary income		$	4,779,779			$	3,990,047
Total Distributions		$	4,779,779			$	3,990,047

The Fund's tax-basis capital gains and losses are determined only at the end of each fiscal year.

As of June 30, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income		$	1,316,030
Capital loss carryforwards			(7,373,032	)
Other temporary differences			(1,271,030	)
Unrealized depreciation, net			(7,489,534	)
Accumulated losses, net		$	(14,817,566	)

For Federal income tax purposes, capital losses incurred may be carried forward and applied against future capital gains.

Funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital. Capital loss carryforwards are as follows:

Short-Term				Long-Term				Total Capital Loss Carryforwards
$	(2,300,332	)		$	(5,072,700	)		$	(7,373,032	)

During the year ended June 30, 2025, the Fund utilized $220,117 of short-term capital loss carryforwards to offset capital gains.

For Federal income tax purposes, the difference between Federal tax cost and book cost is due to wash sales, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

22	Quaker Investment Trust

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and foreign currency transactions held by the Fund at December 31, 2025, were as follows:

Cost of investments		$	117,387,612
Gross unrealized appreciation			1,714,755
Gross unrealized depreciation			(6,410,970	)
Net depreciation on investments		$	(4,696,215	)

Note 6 - RISKS OF INVESTING IN THE FUND

As with all exchange traded funds ("ETFs"), a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective. A more complete description of principal risks is included in the prospectus under the heading "Principal Risks".

Under normal circumstances, the Fund will invest at least 80% of its net assets in mortgage-backed securities backed by pools of mortgage loans that the Fund's Adviser believes were made to minority families, low-income families, and/or families that live in persistent poverty areas. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. As with any investment company, there is no guarantee that the Fund will achieve its goal.

Active Investment Management Risk - The Fund is actively managed. The Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. There can be no assurance that the Adviser's investment techniques and decisions will produce the desired results. There is no guarantee that the Fund's investment objective will be achieved.

Asset Class Risk - Securities and other assets in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.

Call Risk - Some debt securities may be redeemed, or "called," at the option of the issuer before their stated maturity date.

Cash Transactions Risk - The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. As a result, an investment in the Fund may be less tax efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of shares may result in capital gains or losses and may also result in higher brokerage costs.

(Unaudited)

23

Counterparty Risk - Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund.

Credit Risk - An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the issuer's ability or unwillingness to make such payments. In certain cases, the issuer could be late in paying interest or principal or could fail to pay its financial obligations altogether.

Extension Risk - Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these debt securities to fall.

Fixed-Income Risk - The market value of the Fund's fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Fund's fixed-income securities will decrease in value if interest rates rise and increase in value if interest rates fall. Normally, the longer the maturity or duration of the fixed-income securities the Fund owns, the more sensitive the value of the Fund's shares will be to changes in interest rates.

Inflation Risk - Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund's assets and distributions may decline.

Interest Rate Risk - Interest rate risk is the risk that the value of the debt securities in the Fund's portfolio will decline or increase depending on the movement of market interest rates.

Liquidity Risk - The Fund may hold certain investments that may trade over-the-counter or in limited volume or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them.

Market Price Variance Risk - Fund shares are listed for trading on NYSE Arca, Inc. and can be bought and sold in the secondary market at prevailing market prices. The market prices of shares will fluctuate in response to changes in the NAV and supply and demand for shares. As a result, the trading prices of Shares may deviate significantly from NAV during periods of market volatility. The Adviser cannot predict whether shares will trade above, below or at their NAV. Given the fact that shares can be created and redeemed in Creation Units, the Adviser believes that large discounts or premiums to the NAV of shares should not be sustained in the long-term. In addition, the securities held by the Fund may be traded in markets that close at a different time than NYSE. Liquidity in those securities may be reduced after the applicable closing times.

24	Quaker Investment Trust

The Fund's investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling shares in the secondary market may not experience investment results consistent with those experienced by those purchasing and redeeming directly with the Fund.

Mortgage-Related Securities Risk - Mortgage-related securities are subject to the same risks as investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. However, these investments make the Fund more susceptible to adverse economic, political or regulatory events that affect the value of real estate. Mortgage-related securities are also significantly affected by the rate of prepayments and modifications of the mortgage loans underlying those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-related securities are particularly sensitive to prepayment risk, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities. As the timing and amount of prepayments cannot be accurately predicted, the timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-related securities. Along with prepayment risk, mortgage-related securities are significantly affected by interest rate risk.

Non-Diversification Risk - As a non-diversified fund for purposes of the Act, the Fund may invest a larger portion of its assets in the securities of fewer issuers than a diversified fund. The Fund's investment in fewer issuers may result in the Fund's shares being more sensitive to the economic results of those issuers. An investment in the Fund could fluctuate in value more than an investment in a diversified fund. Although the Fund is "non-diversified" for purposes of the Act, the Fund intends to comply with the diversification requirements under Subchapter M of the Code in order to be eligible to qualify as a regulated investment company.

Operational and Technology Risk - Cyber-attacks, disruptions, or failures that affect the Fund's service providers, index providers, Authorized Participants (as defined below), market makers, counterparties, market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

Prepayment Risk - Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled maturity date.

Securities Market Risk - Securities market risk is the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting particular companies or the securities markets generally.

Significant Exposure Risk - To the extent that the Fund invests a large percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.

(Unaudited)

25

Specified Pools Risk - The Fund is expected to primarily invest in specified pools of mortgage loans. This may cause the Fund to take longer to fully achieve its principal investment strategy.

Trading Issues Risk - Although the shares of the Fund are listed for trading on the Exchange, there can be no assurance that an active trading market for such shares will develop or be maintained.

Transactions Risk - The Fund may purchase securities via to-be-announced transactions ("TBA Transactions"). Purchasing securities in a TBA Transaction may give rise to investment leverage and may increase the Fund's volatility.

The Fund may also enter into TBA Transactions on a "roll" basis, in which the Fund sells a TBA position prior to its settlement date and simultaneously enters into a new TBA Transaction for a later settlement date involving substantially similar securities. Such transactions, commonly referred to as "TBA rolls" or "dollar rolls," allow the Fund to maintain exposure to mortgage-backed securities or to manage cash and portfolio duration without taking physical delivery of the underlying securities. The Fund may utilize the TBA roll market for extended periods of time without taking delivery of the underlying securities. Entering into TBA rolls involves risks similar to those associated with other TBA Transactions, including the risk that the value of the underlying mortgage-backed securities may decline prior to settlement, that a counterparty may fail to perform its obligations, or that the Fund may incur costs associated with extending or closing out such transactions. In addition, the Fund could experience a reduction in yield or a loss if the income earned on the securities purchased in a roll is less than the financing and transaction costs associated with maintaining the TBA roll.

U.S. Government Securities Risk - U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.

26	Quaker Investment Trust

Valuation Risk - The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. As with any investment company, there is no guarantee that the Fund will achieve its goal.

Note 7 - OTHER

At December 31, 2025, all shares issued by the Fund were in Creation Unit aggregations to Authorized Participants through primary market transactions (e.g., transactions directly with the Fund). However, the individual shares that make up those Creation Units are traded on the Exchange (e.g., secondary market transactions). Some of those individual shares have been bought and sold by persons that are not Authorized Participants. Each Authorized Participant has entered into an agreement with the Fund's Distributor.

Note 8 - NEW ACCOUNTING PRONOUNCEMENT

In December 2023, FASB issued Accounting Standards Update ASU 2023-09, Income Taxes (Topic 740) ("ASU 2023-09") Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management has evaluated the amendment and determined there is no impact to the financial statements.

Note 9 - SUBSEQUENT EVENTS

The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosure and/or adjustments were required to the financial statements.

(Unaudited)

27

Other Information (Form N-CSRS Items 8-11) December 31, 2025

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The remuneration paid by the company during the period covered by the report to the Trustees on the company's Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is preceded by or accompanied by the Fund's prospectus. An investor should read the prospectus carefully before investing or sending money. A prospectus may be obtained by calling the Fund at 1-888-272-0007.

261 North University Drive ● Suite 520 ● Ft. Lauderdale, FL 33324

954-217-7999 ● Toll Free: 888-272-0007 ● www.ccminvests.com

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

None.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Included under Item 7.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included under Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

Item 16. Controls and Procedures.

(a)	The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).
(b)	There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1)	Not applicable for semi-annual report.
(a)(2)	Not applicable.
(a)(3)	A separate certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are filed herewith.
(a)(4)	Not applicable.
(b)	Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

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 D. Greenspan
	Alyssa D. Greenspan,
Date: March 6, 2026	President and Principal Executive Officer
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 D. Greenspan
	Alyssa D. Greenspan,
Date: March 6, 2026	President and Principal Executive Officer
By (Signature and Title)	/s/ James H. Malone
	James H. Malone,
Date: March 6, 2026	Treasurer and Principal Financial Officer