Quaker Investment Trust 425Business combination disclosure

The following information in this supplement (the “Supplement”) supplements, amends and, to the extent inconsistent, supersedes the corresponding information in the Proxy Statement and Prospectus for the CCM Core Impact Equity Fund, a series of Quaker Investment Trust (the “Fund”), dated August 25, 2023, that addresses the special meeting of shareholders of the Fund (the “Meeting”) originally called for October 24, 2023. The Proxy Statement and Prospectus was previously filed with the Securities and Exchange Commission and furnished to the Fund’s shareholders of record as of July 25, 2023 in connection with the solicitation of proxies by the Board of Trustees of the Fund (the “Board”). Capitalized terms used in this Supplement, but not otherwise defined in this Supplement, shall have the meanings given to them in the Proxy Statement and Prospectus.

The Meeting has been adjourned to January 31, 2024. This Supplement contains important additional information and should be read in conjunction with the Proxy Statement and Prospectus. Except as specifically amended or supplemented by the information contained in this Supplement, the information set forth in the Proxy Statement and Prospectus relevant to the proposals remains accurate and should be considered in casting your vote by proxy or at the Meeting.

This Supplement is being furnished to the Fund’s Record Date (as defined below) shareholders on or about December 7, 2023.

The Meeting is being reconvened to consider and vote on the following proposals:

Shareholders of the Fund were previously asked to vote on the above proposals described above at a special meeting of the Fund and the proposals did not receive sufficient votes so the special meeting was adjourned to allow time for further solicitation of votes.

All properly authorized proxies received prior to the Meeting will be voted at the Meeting in accordance with the instructions marked thereon or otherwise provided therein. Unless instructions to the contrary are marked, proxies will be voted “FOR” each proposal.

Your vote is important no matter how many shares you own. Voting your shares early will avoid costly follow-up mail and telephone solicitation. After reviewing the enclosed materials, please complete, sign and date your proxy card and mail it promptly in the enclosed return envelope, or help save time and postage costs by calling the toll-free number and following the instructions or vote via the Internet by logging on to the website indicated on your proxy card and following the instructions that will appear.

The Board has set the close of business on November 27, 2023 (the “Record Date”) as the record date for determining those shareholders entitled to vote at the adjourned Meeting (or any postponement or adjournment thereof), and only holders of record at the close of business on that day will be entitled to vote at the Meeting (or any postponement or adjournment thereof). The Board had originally fixed the close of business on July 25, 2023 as the record date.

Each shareholder who is a holder of record as of the close of business on November 27, 2023 who was also a holder of record as of the close of business on July 25, 2023 is receiving a copy of the Notice of Adjourned Session of Special Meeting of Shareholders and New Record Date (the “Notice”) and the Supplement to the Proxy Statement and Prospectus for the Special Meeting of Shareholders (the “Supplement”), and a proxy card. The proxy card previously distributed to such shareholders may continue to be used to vote your shares in connection with the Meeting. For a shareholder who was a holder of record as of the close of business on the original record date of July 25, 2023 who is also a shareholder of record on the new record date of November 27, 2023, and who provided a proxy to the Fund based on the original record date, such proxy shall remain in full force and effect with respect to the number of shares held by such shareholder as of the close of business on November 27, 2023 unless explicitly revoked, or a later dated proxy is submitted, by the applicable shareholder. Previously submitted proxies are revocable. The previous submission of proxies also will not affect your right to vote in the event that you attend the Meeting. Please note, however, that attendance alone at the Meeting without voting will not be sufficient to revoke a previously authorized proxy.

Holders of record as of the close of business on November 27, 2023 who were not also holders of record as of the close of business on July 25, 2023 are receiving copies of the Proxy Statement and Prospectus, the Notice, the Supplement, and a proxy card. Shareholders should carefully review the Proxy Statement and Prospectus, the Notice, and this Supplement as they contain important information relating to each proposal. To save the expense of additional proxy solicitation, such shareholders are asked to mark their instructions on the enclosed proxy card, date and sign it, and return it in the enclosed envelope (which requires no postage if mailed in the United States), even if they expect to attend the Meeting. Such shareholders also have been provided with the opportunity on the enclosed proxy card to vote their shares by telephone, through the Internet or by mail, and are encouraged to take advantage of these prompt and efficient vote authorization options. The accompanying proxy is solicited on behalf of the Board, is revocable, and will not affect your right to vote in the event that you attend the Meeting. Please note that attendance alone at the Meeting without voting will not be sufficient to revoke a previously authorized proxy.

As of the record date of November 27, 2023, the Fund had shares outstanding as follows:

As of the record date of November 27, 2023, and to the best knowledge of the Trust, the following persons were known to own beneficially or of record more than 5% of any class of the shares of the Fund: