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SIGNATURE PETER F. WAITNEIGHT
TITLE PRESIDENT
INDEPENDENT AUDITOR'S REPORT
August 4, 1999
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 Core Equity Fund,
the Quaker Aggressive Growth Fund, the Quaker Large-Cap Value Fund (formerly the
Quaker Enhanced Stock Market Fund), the Quaker Mid-Cap Value Fund, the Quaker
Small-Cap Value Fund and the Quaker Fixed Income Fund) for the year ended June
30, 1999, 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 controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all
matters in internal control 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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 no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
June 30, 1999.
This report is intended solely for the information and use of management,
the Board of Trustees of Quaker Investment Trust and the Securities and Exchange
Commission.
Jenkintown, Pennsylvania
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<PER-SHARE-NAV-BEGIN> 14.42
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 4.10
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<EXPENSE-RATIO> 1.29
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000870355
<NAME> Quaker Investment Trust
<SERIES>
<NUMBER> 2
<NAME> Quaker Aggressive Growth Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 3,187,001
<INVESTMENTS-AT-VALUE> 3,680,977
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<SHARES-COMMON-PRIOR> 142,735
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 3,864,932
<DIVIDEND-INCOME> 5,528
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 25,918
<REALIZED-GAINS-CURRENT> 659,185
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<NET-CHANGE-FROM-OPS> 1,110,146
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<DISTRIBUTIONS-OF-GAINS> 747,729
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 110,734
<NUMBER-OF-SHARES-REDEEMED> 35,397
<SHARES-REINVESTED> 55,997
<NET-CHANGE-IN-ASSETS> 2,151,347
<ACCUMULATED-NII-PRIOR> (540)
<ACCUMULATED-GAINS-PRIOR> 92,132
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18,600
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 70,635
<AVERAGE-NET-ASSETS> 2,484,294
<PER-SHARE-NAV-BEGIN> 12.01
<PER-SHARE-NII> 0.12
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<PER-SHARE-DISTRIBUTIONS> 3.45
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.10
<EXPENSE-RATIO> 1.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000870355
<NAME> Quaker Investment Trust
<SERIES>
<NUMBER> 3
<NAME> Quaker Large-Cap Value Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 8,585,432
<INVESTMENTS-AT-VALUE> 9,552,881
<RECEIVABLES> 212,448
<ASSETS-OTHER> 28,223
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<TOTAL-ASSETS> 9,793,552
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<OTHER-ITEMS-LIABILITIES> 51,404
<TOTAL-LIABILITIES> 51,404
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,793,632
<SHARES-COMMON-STOCK> 733,867
<SHARES-COMMON-PRIOR> 114,051
<ACCUMULATED-NII-CURRENT> 3,529
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,462)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 967,449
<NET-ASSETS> 9,742,148
<DIVIDEND-INCOME> 41,454
<INTEREST-INCOME> 11,018
<OTHER-INCOME> 0
<EXPENSES-NET> 27,360
<NET-INVESTMENT-INCOME> 25,112
<REALIZED-GAINS-CURRENT> 125,381
<APPREC-INCREASE-CURRENT> 846,719
<NET-CHANGE-FROM-OPS> 997,212
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 25,111
<DISTRIBUTIONS-OF-GAINS> 140,565
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 718,919
<NUMBER-OF-SHARES-REDEEMED> 134,643
<SHARES-REINVESTED> 35,540
<NET-CHANGE-IN-ASSETS> 8,143,614
<ACCUMULATED-NII-PRIOR> 3,528
<ACCUMULATED-GAINS-PRIOR> 195,656
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,846
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 68,654
<AVERAGE-NET-ASSETS> 3,391,172
<PER-SHARE-NAV-BEGIN> 14.02
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 1.69
<PER-SHARE-DIVIDEND> 0.07
<PER-SHARE-DISTRIBUTIONS> 2.40
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.28
<EXPENSE-RATIO> 0.81
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000870355
<NAME> Quaker Investment Trust
<SERIES>
<NUMBER> 4
<NAME> Quaker Mid-Cap Value Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 11,217,740
<INVESTMENTS-AT-VALUE> 12,128,773
<RECEIVABLES> 29,526
<ASSETS-OTHER> 27,450
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,185,749
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,255
<TOTAL-LIABILITIES> 30,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,244,380
<SHARES-COMMON-STOCK> 1,104,943
<SHARES-COMMON-PRIOR> 826,469
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 81
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 911,033
<NET-ASSETS> 12,155,494
<DIVIDEND-INCOME> 87,101
<INTEREST-INCOME> 35,704
<OTHER-INCOME> 0
<EXPENSES-NET> 127,751
<NET-INVESTMENT-INCOME> (4,946)
<REALIZED-GAINS-CURRENT> 10,689
<APPREC-INCREASE-CURRENT> 409,810
<NET-CHANGE-FROM-OPS> 415,553
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 343,499
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 614,368
<NUMBER-OF-SHARES-REDEEMED> 352,272
<SHARES-REINVESTED> 16,378
<NET-CHANGE-IN-ASSETS> 3,122,314
<ACCUMULATED-NII-PRIOR> (10,859)
<ACCUMULATED-GAINS-PRIOR> 129,957
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70,855
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 154,199
<AVERAGE-NET-ASSETS> 9,460,153
<PER-SHARE-NAV-BEGIN> 10.93
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.23
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.16
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.00
<EXPENSE-RATIO> 1.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000870355
<NAME> Quaker Investment Trust
<SERIES>
<NUMBER> 5
<NAME> Quaker Small-Cap Value Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 11,484,477
<INVESTMENTS-AT-VALUE> 12,935,293
<RECEIVABLES> 35,537
<ASSETS-OTHER> 33,925
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,034,755
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,280
<TOTAL-LIABILITIES> 14,280
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,696,148
<SHARES-COMMON-STOCK> 1,016,524
<SHARES-COMMON-PRIOR> 296,051
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (126,489)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,450,816
<NET-ASSETS> 13,020,475
<DIVIDEND-INCOME> 85,157
<INTEREST-INCOME> 8,604
<OTHER-INCOME> 0
<EXPENSES-NET> 133,315
<NET-INVESTMENT-INCOME> (39,554)
<REALIZED-GAINS-CURRENT> (166,810)
<APPREC-INCREASE-CURRENT> 1,144,461
<NET-CHANGE-FROM-OPS> 938,097
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 81,104
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 960,420
<NUMBER-OF-SHARES-REDEEMED> 247,483
<SHARES-REINVESTED> 7,536
<NET-CHANGE-IN-ASSETS> 9,033,749
<ACCUMULATED-NII-PRIOR> (4,147)
<ACCUMULATED-GAINS-PRIOR> 121,425
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 85,980
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 174,985
<AVERAGE-NET-ASSETS> 9,846,009
<PER-SHARE-NAV-BEGIN> 13.47
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> (0.40)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.22
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.81
<EXPENSE-RATIO> 1.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000870355
<NAME> Quaker Investment Trust
<SERIES>
<NUMBER> 6
<NAME> Quaker Fixed Income Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 7,706,499
<INVESTMENTS-AT-VALUE> 7,508,118
<RECEIVABLES> 165,287
<ASSETS-OTHER> 27,861
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,701,266
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,848
<TOTAL-LIABILITIES> 25,848
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,873,799
<SHARES-COMMON-STOCK> 757,468
<SHARES-COMMON-PRIOR> 546,029
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (198,381)
<NET-ASSETS> 7,675,418
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 372,606
<OTHER-INCOME> 0
<EXPENSES-NET> 61,592
<NET-INVESTMENT-INCOME> 311,014
<REALIZED-GAINS-CURRENT> 17,710
<APPREC-INCREASE-CURRENT> (252,989)
<NET-CHANGE-FROM-OPS> 75,735
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 311,798
<DISTRIBUTIONS-OF-GAINS> 3,926
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 216,961
<NUMBER-OF-SHARES-REDEEMED> 38,022
<SHARES-REINVESTED> 32,500
<NET-CHANGE-IN-ASSETS> 1,993,266
<ACCUMULATED-NII-PRIOR> 784
<ACCUMULATED-GAINS-PRIOR> (13,784)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30,773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 96,543
<AVERAGE-NET-ASSETS> 68,438,720
<PER-SHARE-NAV-BEGIN> 10.41
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> (211.00)
<PER-SHARE-DIVIDEND> 0.26
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.89
<EXPENSE-RATIO> 0.90
</TABLE>
