# EDGAR Filing Document

**Accession Number:** 0000870355
**File Stem:** 0002048251-25-000065
**Filing Date:** 2025-9
**Character Count:** 24054
**Document Hash:** a23a29f3ece440a404759ef936976992
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-000065.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0002048251-25-000065

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250912

**EFFECTIVENESS DATE**: 20250912

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** QUAKER INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000870355

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06260
- **FILM NUMBER:** 251311071

**BUSINESS ADDRESS:**
- **STREET 1:** 261 N UNIVERSITY DR , SUITE 520
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33324
- **BUSINESS PHONE:** 888-220-8888

**MAIL ADDRESS:**
- **STREET 1:** 261 N UNIVERSITY DR , SUITE 520
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33324

## Series and Classes Contracts Data

### CCM Affordable Housing MBS ETF (Series ID: S000081361)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000244087 | CCM Affordable Housing MBS ETF |  |

## Internal

```

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Trustees and Shareholders
Quaker Investment Trust
Weston, FL 33331

In planning and performing our audits of the
financial statements of CCM Affordable Housing
MBS ETF (the "Fund"), a series of the Quaker
Investment Trust, for the year ended June 30,
2025, in accordance with the standards of the
Public Company Accounting Oversight Board
(United States), we considered their internal
control over financial reporting, including
control activities for safeguarding
securities, as a basis for designing our
auditing procedures for the purpose of
expressing our opinion on the financial
statements and to comply with the requirements
of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of
the Fund's internal control over financial
reporting. Accordingly, we express no such
opinion.

The management of the Fund is responsible for
establishing and maintaining effective
internal control over financial reporting. In
fulfilling this responsibility, estimates and
judgments by management are required to assess
the expected benefits and related costs of
controls. A fund's internal control over
financial reporting is a process designed to
provide reasonable assurance regarding the
reliability of financial reporting and the
preparation of financial statements for
external purposes in accordance with generally
accepted accounting principles. A fund's
internal control over financial reporting
includes those policies and procedures that
(1) pertain to the maintenance of records
that, in reasonable detail, accurately and
fairly reflect the transactions and
dispositions of the assets of the fund; (2)
provide reasonable assurance that transactions
are recorded as necessary to permit
preparation of financial statements in
accordance with generally accepted accounting
principles, and that receipts and expenditures
of the fund are being made only in accordance
with authorizations of management and trustees
of the fund; and (3) provide reasonable
assurance regarding prevention or timely
detection of unauthorized acquisition, use or
disposition of a fund's assets that could have
a material effect on the financial statements.

Because of inherent limitations, internal
control over financial reporting may not
prevent or detect misstatements. Also,
projections of any evaluation of effectiveness
to future periods are subject to the risk that
controls may become inadequate because of
changes in conditions, or that the degree of
compliance with the policies or procedures may
deteriorate.

A deficiency in internal control over
financial reporting exists when the design or
operation of a control does not allow
management or employees, in the normal course
of performing their assigned functions, to
prevent or detect misstatements on a timely
basis. A material weakness is a deficiency, or
combination of deficiencies, in internal
control over financial reporting, such that
there is a reasonable possibility that a
material misstatement of the fund's annual or
interim financial statements will not be
prevented or detected on a timely basis.

Our consideration of the Fund's internal
control over financial reporting was for the
limited purpose described in the first
paragraph and would not necessarily disclose
all deficiencies in internal control that
might be material weaknesses under standards
established by the Public Company Accounting
Oversight Board (United States). However, we
noted no deficiencies in the Fund's internal
control over financial reporting and its
operation, including controls for safeguarding
securities, which we consider to be material
weaknesses, as defined above, as of June 30,
2025.

This report is intended solely for the
information and use of management,
Shareholders and the Board of Trustees of
Quaker Investment Trust and the Securities and
Exchange Commission and is not intended to be
and should not be used by anyone other than
these specified parties.

/s/ TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
August 27, 2025

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000870355

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-06-30

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Quaker Investment Trust

- **Item B.1.b - Investment Company Act file number:** 811-06260

- **Item B.1.c - CIK:** 0000870355

- **Item B.1.d - LEI:** 549300CFFZWFST2P5837

- **Item B.2.a - Street 1:** 2551 North University Drive

- **Item B.2.a - Street 2:** Suite 520

- **Item B.2.b - City:** Ft. Lauderdale

- **Item B.2.c - State:** FL

- **Item B.2.e - Zip Code:** 33324

- **Item B.2.f - Telephone:** 800-220-8888

- **Item B.2.g - Public Website:** http://www.ccminvests.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** COMMUNITY CAPITAL MANAGEMENT, LLC

- **b. Street 1:** 251 North University Drive

- **Street 2:** Suite 520

- **c. City:** Ft. Lauderdale

- **d. State, if applicable:** FL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 33324

- **g. Telephone number:** 877-272-1977

- **h. Briefly describe the books and records kept at this location:** Records as Advisor for Trust

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** SEI Investments Global Funds Services

- **b. Street 1:** 1 Freedom Valley Drive

- **c. City:** OAKS

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 19456

- **g. Telephone number:** 610-676-1000

- **h. Briefly describe the books and records kept at this location:** Records as Administrator for Trust

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** U.S. Bank National Association

- **b. Street 1:** 425 Walnut Street

- **c. City:** Cincinnati

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 45202

- **g. Telephone number:** 800-872-2657

- **h. Briefly describe the books and records kept at this location:** Records as Custodian & Transfer Agent for Trust

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 1

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Alyssa Greenspan    | Yes                     | N/A                                     |
| Gary Edward Shugrue | No                      | 811-23255, 811-23333                    |
| James R. Brinton    | No                      | N/A                                     |
| Warren West         | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Stefanie Little

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 2500 Weston Road

- **d. City:** Weston

- **e. State, if applicable:** FL

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 33331

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-33824

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Foreside Funds Distributors LLC

- **ii. SEC file number:** 8-32480

- **iii. CRD number:** 000031334

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Tait, Weller & Baker LLP

- **b. PCAOB Number:** 00445

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - CCM Affordable Housing MBS ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** CCM Affordable Housing MBS ETF

- **b. Series identification number, if any:** S000081361

- **c. LEI:** 5299005T51WKFR926962

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class          | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | CCM Affordable Housing MBS ETF | C000244087                                | OWNS                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** COMMUNITY CAPITAL MANAGEMENT, LLC

- **ii. SEC file number:** 801-56201

- **iii. CRD number:** 000109368

- **iv. LEI, if any:** 25490045VTJLIXW3YI60

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bank Global Fund Services

- **ii. SEC file number:** N/A

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg

- **ii. LEI, if any, or provide and describe other identifying number:** 254900BF4G8VMW8GG471

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** IHS Markit

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Pricing Direct

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** S&P

- **ii. LEI, if any, or provide and describe other identifying number:** 549300U4VWNITEKO2881

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Thomson Reuters Corporation

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** SEI Investments Global Funds Services

- **ii. LEI, if any, or other identifying number:** 801-24593

- **iii. State, if applicable:** PA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** SEI Investments Distribution Co.

- **b. SEC file number:** 8-27897

- **c. CRD number:** 000010690

- **d. LEI, if any:** 9845004D1BC905A05108

- **e. State, if applicable:** PA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                           | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| CANTOR FITZGERALD              | 008-00201         |    000000134 | 5493004J7H4GCPG6OB62 | NY      | US        | $1,299,417.76             |
| GOLDMAN, SACHS & CO.           | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | UT      | US        | $1,439,213.32             |
| DAIWA SECURITIES AMERICA, INC. | 008-12242         |    000001576 | M67H5PRC0NQKM73ZAS82 | NY      | US        | $16,072,408.79            |
| PNC CAPITAL MARKETS            | 008-32493         |    000015647 | 7OGNSSLOQJ8U3B9Y5F18 | PA      | US        | $3,338,063.24             |
| BNP PARIBAS                    | 008-32682         |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $15,354,086.14            |
| LOOP CAPITAL MARKETS INC.      | 8-50140           |    000043098 | 254900FPPM2WN90D4786 | IL      | US        | $4,905,130.52             |
| STONEX GROUP INC               | 008-51269         |    000045993 | 549300LNKU6K5TJCRG93 | FL      | US        | $10,104,814.98            |
| WELLS FARGO                    | 008-65876         |    000126292 | VYVVCKR63DVZZN70PB21 | CA      | US        | $12,252,557.00            |
| WELLS FARGO SECURITIES, LLC    | 008-65876         |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $2,001,522.34             |
| MONTGOMERY/BANK OF AMERICA     | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $1,291,834.59             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $68,059,048.68

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $127,510,197.99

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

## Part E: Additional Questions for ETFs and ETMFs

### CCM Affordable Housing MBS ETF

**Item E.1 - Exchange**

- **Exchange:** XNYS

- **Ticker:** OWNS

**Item E.2 - Authorized Participants**

| Name                       | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| J.P. Morgan Securities LLC | $6,007,521.55    | $0.00          |
| Virtu Americas LLC         | $0.00            | $0.00          |
| BofA Securities, Inc.      | $12,770,289.61   | $9,371,686.39  |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 50,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 100.00%

- **c.i. Average percentage of value composed of cash (redeemed):** 100.00%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $0.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** Yes

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Quaker Investment Trust

**Date:** 2025-09-12

**Signature:** Alyssa Greenspan

**Title:** President