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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 8184
071 B000500 821
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072 A000500 12
072 B000500 13
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<PAGE> PAGE 22
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046 000600 Y
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<PAGE> PAGE 23
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066 A000600 N
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<PAGE> PAGE 24
070 C020600 N
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070 E020600 N
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070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
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070 L020600 N
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070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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SIGNATURE PETER F. WAITNEIGHT
TITLE PRESIDENT
INDEPENDENT AUDITOR'S CONSENT
August 26, 1998
To the Shareholders and Board of Trustees
Quaker Investment Trust:
We consent to the use of our report dated August 20, 1998 included in the
registration statement on Form N-1A of the Quaker Investment Trust (comprising,
respectively, the Quaker Enhanced Stock Market Fund, the Quaker Core Equity
Fund, the Quaker Aggressive Growth Fund, the Quaker Mid Cap Value Fund, the
Quaker Small-Cap Value Fund, and the Quaker Fixed Income Fund) and to the
reference to our firm under the heading "Financial Highlights" in the
prospectus.
Goldenberg Rosenthal Friedlander, LLP /S/
Jenkintown, Pennsylvania
INDEPENDENT AUDITOR'S REPORT ON THE INTERNAL CONTROL STRUCTURE
August 20, 1998
Board of Trustees
Quaker Investment Trust
Valley Forge, Pennsylvania
In planning and performing our audit of the financial statements of the
QUAKER INVESTMENT TRUST (comprising, respectively, the Quaker Enhanced Stock
Market Fund, the Quaker Core Equity Fund, the Quaker Aggressive Growth Fund, the
Quaker Mid Cap Value Fund, the Quaker Small-Cap Value Fund, and the Quaker Fixed
Income Fund) for the year ending June 30, 1998 (except for the Quaker Mid Cap
Value Fund which is for the period from January 6, 1998, commencement of
operations, to June 30, 1998), we considered its internal control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of QUAKER INVESTMENT TRUST is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and transactions
are executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors and irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted the following
matters involving the control environment, control procedures and accounting
system and their operation that we consider to be material weaknesses as defined
above. These conditions were considered in determining the nature, timing and
extent of the procedures to be performed in our audit of the financial
statements of QUAKER INVESTMENT TRUST for the year ended June 30, 1998 (except
for the Quaker Mid Cap Value Fund which is for the period from January 6, 1998,
commencement of operations, to June 30, 1998), and this report does not affect
our report thereon dated August 20, 1998.
FINDING
The Trust's administrator and transfer agent was changed to the Declaration
Group of Conshohocken, Pennsylvania, effective May 1, 1998. We noted that work
performed by the accounting staff of the Declaration Group was not adquately
supervised and reviewed by senior accounting management. This resulted in
certain rconciliations not being performed in a timely manner for the period
from May 1, 1998 to June 30, 1998.
CORRECTIVE ACTION
During the period from May 1, 1998 to June 30, 1998 the accounting staff of
the Declaration Group was focused on the conversion and remediation of the
conversion of the Quaker Investment Trust accounting and transfer agent records
from the funds' previous administrator and transfer agent. Consequently, due to
the complexity of the conversion process, certain control procedures did not
occur. The conversion process of the accounting and transfer agent records of
the Quaker Investment Trust has been completed. Subsequent to June 30, 1998,
senior management personnel has been added replacing existing personnel, to
ensure that existing internal control policies and procedures are adequate for
their purpose and are in force.
FINDING
The staff of the Declaration Group failed to reconcile the number of
capital shares sold, redeemed and outstanding as recorded on the accounting
records of the Trust with those of the transfer agent for the period May 1, 1998
through June 30, 1998.
CORRECTIVE ACTION
Capital share transactions were not reconciled during the period from May
1, 1998 to June 30, 1998 due to the conversion process referred to above in the
previous finding. The accounting records of the Trust have been reconciled with
those of the Transfer Agent. Management has instituted policies and procedures
to ensure that capital shares sold, redeemed and outstanding are reconciled on a
daily basis.
FINDING
The accounting staff of the Declaration Group failed to reconcile short
sales occurring in the Quaker Aggressive Growth Fund as listed on the brokerage
statement account with Spear, Leeds, Kellogg to the accounting records of the
Trust. As a result, certain items listed on the Spear, Leeds, Kellogg brokerage
statement were not recorded on the accounting records of the Quaker Aggressive
Growth Fund.
CORRECTIVE ACTION
The accounting records of the Trust will be reconciled to the Spear, Leeds,
Kellogg statements on a monthly basis. All transactions listed on the statements
will be recorded in the accounting records of the Trust.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
Goldenberg Rosenthal Friedlander, LLP /S/
Jenkintown, Pennsylvania
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> QUAKER CORE EQUITY FUND
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 3,984,653
<INVESTMENTS-AT-VALUE> 4,715,500
<RECEIVABLES> 60,483
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,866
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<ACCUMULATED-NET-GAINS> 12,582
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 730,847
<NET-ASSETS> 4,777,100
<DIVIDEND-INCOME> 29,985
<INTEREST-INCOME> 3,047
<OTHER-INCOME> 0
<EXPENSES-NET> 32,357
<NET-INVESTMENT-INCOME> 677
<REALIZED-GAINS-CURRENT> 16,584
<APPREC-INCREASE-CURRENT> 662,487
<NET-CHANGE-FROM-OPS> 679,748
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 295,920
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<SHARES-REINVESTED> 404
<NET-CHANGE-IN-ASSETS> 4,258,575
<ACCUMULATED-NII-PRIOR> 1,024
<ACCUMULATED-GAINS-PRIOR> (4,002)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,770
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<GROSS-EXPENSE> 83,235
<AVERAGE-NET-ASSETS> 2,393,422
<PER-SHARE-NAV-BEGIN> 11.61
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 2.81
<PER-SHARE-DIVIDEND> 0
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> QUAKER AGGRESSIVE GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1,386,084
<INVESTMENTS-AT-VALUE> 1,459,113
<RECEIVABLES> 275,150
<ASSETS-OTHER> 95,346
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,829,609
<PAYABLE-FOR-SECURITIES> 98,398
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,626
<TOTAL-LIABILITIES> 116,024
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,553,060
<SHARES-COMMON-STOCK> 142,735
<SHARES-COMMON-PRIOR> 100,487
<ACCUMULATED-NII-CURRENT> (540)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 92,132
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68,933
<NET-ASSETS> 1,713,585
<DIVIDEND-INCOME> 7,924
<INTEREST-INCOME> 10,399
<OTHER-INCOME> 0
<EXPENSES-NET> 18,863
<NET-INVESTMENT-INCOME> (540)
<REALIZED-GAINS-CURRENT> 297,196
<APPREC-INCREASE-CURRENT> 15,896
<NET-CHANGE-FROM-OPS> 312,552
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12
<DISTRIBUTIONS-OF-GAINS> 153,326
<DISTRIBUTIONS-OTHER> 51,738
<NUMBER-OF-SHARES-SOLD> 37,598
<NUMBER-OF-SHARES-REDEEMED> 14,243
<SHARES-REINVESTED> 18,893
<NET-CHANGE-IN-ASSETS> 592,629
<ACCUMULATED-NII-PRIOR> 2,939
<ACCUMULATED-GAINS-PRIOR> 6,734
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,415
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 78,185
<AVERAGE-NET-ASSETS> 1,384,789
<PER-SHARE-NAV-BEGIN> 11.16
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 2.69
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.01
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> QUAKER AGGRESSIVE GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1,452,192
<INVESTMENTS-AT-VALUE> 1,572,922
<RECEIVABLES> 1,707
<ASSETS-OTHER> 36,651
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,611,280
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,746
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,278,620
<SHARES-COMMON-STOCK> 114,051
<SHARES-COMMON-PRIOR> 66,160
<ACCUMULATED-NII-CURRENT> 3,528
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 195,656
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 120,730
<NET-ASSETS> 1,598,534
<DIVIDEND-INCOME> 17,908
<INTEREST-INCOME> 2,476
<OTHER-INCOME> 0
<EXPENSES-NET> 12,856
<NET-INVESTMENT-INCOME> 7,528
<REALIZED-GAINS-CURRENT> 290,761
<APPREC-INCREASE-CURRENT> 24,466
<NET-CHANGE-FROM-OPS> 322,755
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,067
<DISTRIBUTIONS-OF-GAINS> 91,954
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49,185
<NUMBER-OF-SHARES-REDEEMED> 8,976
<SHARES-REINVESTED> 7,682
<NET-CHANGE-IN-ASSETS> 815,960
<ACCUMULATED-NII-PRIOR> 3,607
<ACCUMULATED-GAINS-PRIOR> (3,149)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,433
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 71,742
<AVERAGE-NET-ASSETS> 1,286,493
<PER-SHARE-NAV-BEGIN> 11.83
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 3.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.02
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> QUAKER SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 2,949,036
<INVESTMENTS-AT-VALUE> 3,255,391
<RECEIVABLES> 609,003
<ASSETS-OTHER> 139,972
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,004,366
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,640
<TOTAL-LIABILITIES> 176,400
<SENIOR-EQUITY> 3,563,096
<PAID-IN-CAPITAL-COMMON> 296,051
<SHARES-COMMON-STOCK> 115,660
<SHARES-COMMON-PRIOR> (4,147)
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 121,425
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 306,355
<ACCUM-APPREC-OR-DEPREC> 3,986,726
<NET-ASSETS> 21,252
<DIVIDEND-INCOME> 4,501
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 29,585
<NET-INVESTMENT-INCOME> (3,832)
<REALIZED-GAINS-CURRENT> 259,589
<APPREC-INCREASE-CURRENT> 141,382
<NET-CHANGE-FROM-OPS> 397,139
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 464
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 138,164
<NUMBER-OF-SHARES-SOLD> 177,952
<NUMBER-OF-SHARES-REDEEMED> 8,876
<SHARES-REINVESTED> 11,315
<NET-CHANGE-IN-ASSETS> 2,653,253
<ACCUMULATED-NII-PRIOR> 1,230
<ACCUMULATED-GAINS-PRIOR> 54,417
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,356
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 91,810
<AVERAGE-NET-ASSETS> 2,182,840
<PER-SHARE-NAV-BEGIN> 11.53
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.99
<PER-SHARE-DIVIDEND> 0
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.47
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> QUAKER MID CAP FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 7,746,359
<INVESTMENTS-AT-VALUE> 8,247,583
<RECEIVABLES> 277,797
<ASSETS-OTHER> 676,293
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,201,673
<PAYABLE-FOR-SECURITIES> 112,145
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 56,348
<TOTAL-LIABILITIES> 168,493
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,412,859
<SHARES-COMMON-STOCK> 826,469
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (10,859)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 120,957
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 510,223
<NET-ASSETS> 9,033,180
<DIVIDEND-INCOME> 23,712
<INTEREST-INCOME> 12,734
<OTHER-INCOME> 0
<EXPENSES-NET> 47,305
<NET-INVESTMENT-INCOME> (10,859)
<REALIZED-GAINS-CURRENT> 129,957
<APPREC-INCREASE-CURRENT> 501,223
<NET-CHANGE-FROM-OPS> 620,321
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 881,764
<NUMBER-OF-SHARES-REDEEMED> 55,295
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,033,180
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 26,346
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 69,224
<AVERAGE-NET-ASSETS> 7,115,357
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 0.95
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.93
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> QUAKER FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1998
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