Common use of Portfolio Compliance Monitoring Services Clause in Contracts

Portfolio Compliance Monitoring Services. As described herein the Administrator is providing secondary portfolio compliance monitoring services (“Secondary Compliance Monitoring Services”) pursuant to this Agreement. The Fund acknowledges that the Secondary Compliance Services duplicate the compliance program in place for the Fund (i.e., all tests performed as part of Secondary Compliance Monitoring Services are also performed by the Fund or Investment Advisor independently of the Services provided by the Administrator), that the Secondary Compliance Monitoring Services are a double check or backup, and that the Administrator may not provide Secondary Compliance Monitoring Services unless they are duplicative to the compliance testing performed by the Fund, the Investment Advisor or Subadviser. Finally, the Fund understands that this is a condition precedent to the Administrator’s ability to provide Secondary Compliance Monitoring Services. Further, the Fund agrees to notify the Administrator in the event the Fund or any officer, employee or agent of the Fund detects any material non-compliance with regard to applicable investment restrictions, policies and limitations. The Fund understands that any printed material generated by the system employed by the Administrator to perform any Secondary Compliance Monitoring Services shall display the CRD brand and logo, as appropriate. The Administrator shall perform the following Secondary Compliance Monitoring Services with respect to the investments of each Portfolio on each Business Day unless otherwise specified: The Administrator shall perform the following compliance monitoring services with respect to the investments of each Portfolio on each Business Day unless otherwise specified: · Trade date plus one monitoring of each Portfolio’s investments with respect to the investment restrictions, policies and limitations as described in the current registration statement (including a Portfolio’s most recent prospectus and statement of additional information), which shall be provided to the Administrator by the Fund, and agreed to by the Administrator and Fund o Monitoring of policies, restrictions and limitations with respect to certain derivative investments is performed monthly (or as requested) · Trade date plus one monitoring of each Portfolio’s investments with respect to the 1940 Act requirements and rules thereunder, applicable exchange listing rules and applicable Internal Revenue Code rules and regulations o Rule 17g-1 monitoring shall be performed monthly as requested o Qualifying income and diversification monitoring with respect to Subchapter M compliance shall be performed monthly · Trade date plus one monitoring of other portfolio investment restrictions, policies and limitations at such times as may be agreed in writing by the Fund and Administrator · The Administrator shall notify the Fund’s Chief Compliance Officer (“CCO”) or such other Authorized Person(s) as may be agreed to by the Fund in the event and at such times as the Administrator detects possible non-compliance with a Portfolio’s investment restrictions, policies and limitations (“Daily Exception Reporting”) · Provide the Fund’s CCO or such other Authorized Person(s) as may be agreed to by the Fund a monthly report summarizing the results of the Portfolio Compliance Monitoring Services (“Monthly Summary Reporting”) · Provide the Fund’s Board of Trustees/Directors a quarterly report summarizing the results of the Portfolio Compliance Monitoring Services (“Quarterly Board Summary Reporting”) · Assist the Fund in producing quarterly brokerage-related reports for the Fund’s Board of Trustees as requested by the Fund and agreed to by the Administrator The Administrator shall perform the following additional compliance monitoring services with respect to each Portfolio one each Business Day: · Provide the Fund’s CCO or such other Authorized Person(s) as may be agreed to by the Fund a daily portfolio compliance summary report (“Daily Summary Reporting”)

Portfolio Compliance Monitoring Services. As described herein the Administrator is providing secondary portfolio compliance monitoring services (“Secondary Compliance Monitoring Services”) pursuant to this Agreement. The Fund acknowledges that the Secondary Compliance Services duplicate the compliance program in place for the Fund (i.e., all tests performed as part of Secondary Compliance Monitoring Services are also performed by the Fund or Investment Advisor independently of the Services provided by the Administrator), that the Secondary Compliance Monitoring Services are a double check or backup, and that the Administrator may not provide Secondary Compliance Monitoring Services unless they are duplicative to the compliance testing performed by the Fund, the Investment Advisor or Subadviser. Finally, the Fund understands that this is a condition precedent to the Administrator’s ability to provide Secondary Compliance Monitoring Services. Further, the Fund agrees to notify the Administrator in the event the Fund or any officer, employee or agent of the Fund detects any material non-compliance with regard to applicable investment restrictions, policies and limitations. The Fund understands that any printed material generated by the system employed by the Administrator to perform any Secondary Compliance Monitoring Services shall display the CRD brand and logo, as appropriate. The Administrator shall perform the following Secondary Compliance Monitoring Services with respect to the investments of each Portfolio on each Business Day unless otherwise specified: The Administrator shall perform the following compliance monitoring services with respect to the investments of each the Portfolio on each Business Day unless otherwise specified: specified (“Portfolio Compliance Monitoring Services”): · Trade Post trade date plus one monitoring of each the Portfolio’s investments with respect to the investment restrictions, policies and limitations as described in the current registration statement (including a Portfolio’s most recent prospectus and statement of additional information), which shall be provided to the Administrator by the Fund, and agreed to by the Administrator and Fund o · Monitoring of policies, restrictions and limitations with respect to certain derivative investments is performed monthly (or as requested) · Trade Post trade date plus one monitoring of each the Portfolio’s investments with respect to the 1940 Act requirements and rules thereunder, applicable exchange listing rules thereunder (including Rule 2a-7 if applicable) and applicable Internal Revenue Code rules and regulations o as described in Exhibit A attached hereto · Rule 17g-1 monitoring shall be performed monthly as requested o · Qualifying income and diversification monitoring with respect to Subchapter M compliance shall be performed monthly · Trade Post trade date plus one monitoring of other portfolio investment restrictions, policies and limitations at such times as may be agreed in writing by the Fund and Administrator · The Administrator shall notify the Fund’s Chief Compliance Officer (“CCO”) or such other Authorized Person(s) Person as may be agreed to by the Fund in the event and at such times as the Administrator detects possible non-compliance with a Portfolio’s investment restrictions, policies and limitations (“Daily Exception Reporting”) · Provide the Fund’s CCO or such other Authorized Person(s) Person as may be agreed to by the Fund a monthly report summarizing the results of the Portfolio Compliance Monitoring Services (“Monthly Summary Reporting”) · Provide the Fund’s Board of Trustees/Directors Trustees a quarterly report summarizing the results of the Portfolio Compliance Monitoring Services (“Quarterly Board Summary Reporting”) · Assist the Fund in producing quarterly brokerage-related reports for the Fund’s Board of Trustees as requested by the Fund and agreed to by the Administrator · Provide quarterly as of date testing of portfolios to assist the Fund’s investment adviser in complying with Internal Revenue Code rules and regulations as described in Exhibit A, the requirements of the 1940 Act and Fund prospectus and statement of additional information policies and limitations. The Administrator shall perform the following additional compliance monitoring services with respect to each the Portfolio one once each Business Day: · Provide the Fund’s CCO or such other Authorized Person(s) Person as may be agreed to by the Fund a daily portfolio compliance summary report (“Daily Summary Reporting”)) The Administrator shall provide certifications to the Fund’s CCO as to the Administrator’s Rule 38a-1 policies and procedures.

Portfolio Compliance Monitoring Services. As described herein the Administrator is providing secondary portfolio compliance monitoring services (“Secondary Compliance Monitoring Services”) pursuant to this Agreement. The Fund acknowledges that the Secondary Compliance Services duplicate the compliance program in place for the Fund (i.e., all tests performed as part of Secondary Compliance Monitoring Services are also performed by the Fund or Investment Advisor independently of the Services provided by the Administrator), that the Secondary Compliance Monitoring Services are a double check or backup, and that the Administrator may not provide Secondary Compliance Monitoring Services unless they are duplicative to the compliance testing performed by the Fund, the Investment Advisor or Subadviser. Finally, the Fund understands that this is a condition precedent to the Administrator’s ability to provide Secondary Compliance Monitoring Services. Further, the Fund agrees to notify the Administrator in the event the Fund or any officer, employee or agent of the Fund detects any material non-compliance with regard to applicable investment restrictions, policies and limitations. The Fund understands that any printed material generated by the system employed by the Administrator to perform any Secondary Compliance Monitoring Services shall display the CRD brand and logo, as appropriate. The Administrator shall perform the following Secondary Compliance Monitoring Services with respect to the investments of each Portfolio on each Business Day unless otherwise specified: The Administrator shall perform the following compliance monitoring services with respect to the investments of each Portfolio Fund on each Business Day unless otherwise specified: specified (“Compliance Monitoring Services”): · Trade date plus one monitoring of each PortfolioFund’s investments with respect to the investment restrictions, policies and limitations as described in the current registration statement (including a Portfolio’s most recent prospectus and statement of additional information), which shall be provided to the Administrator by the FundTrust, and agreed to by the Administrator and Fund the Trust o Monitoring of policies, restrictions and limitations with respect to certain derivative investments is performed monthly (or as requested) · Trade date plus one monitoring of each PortfolioFund’s investments with respect to the 1940 Act requirements and rules thereunder, applicable exchange listing rules thereunder (including Rule 2a-7 if applicable) and applicable Internal Revenue Code rules and regulations o Rule 17g-1 monitoring shall be performed monthly as requested o Qualifying income and diversification monitoring with respect to Subchapter M compliance shall be performed monthly · Trade date plus one monitoring of other portfolio fund investment restrictions, policies and limitations at such times as may be agreed in writing by the Fund Trust and Administrator · The Administrator shall notify the FundTrust’s Chief Compliance Officer (“CCO”) or such other Authorized Person(s) Person as may be agreed to by the Fund Trust in the event and at such times as the Administrator detects possible non-compliance with a PortfolioFund’s investment restrictions, policies and limitations (“Daily Exception Reporting”) · Provide the FundTrust’s CCO or such other Authorized Person(s) Person as may be agreed to by the Fund a monthly report summarizing the results of the Portfolio Fund Compliance Monitoring Services (“Monthly Summary Reporting”) · Provide the FundTrust’s Board of Trustees/Directors Trustees a quarterly report summarizing the results of the Portfolio Fund Compliance Monitoring Services (“Quarterly Board Summary Reporting”) · Assist the Fund in producing quarterly brokerage-related reports for the FundTrust’s Board of Trustees as requested by the Fund Trust and agreed to by the Administrator The Administrator shall perform the following additional compliance monitoring services with respect to each Portfolio one Fund once each Business Day: · Provide the FundTrust’s CCO or such other Authorized Person(s) Person as may be agreed to by the Fund Trust a daily portfolio compliance summary report (“Daily Summary Reporting”)

Portfolio Compliance Monitoring Services. As described herein the Administrator is providing secondary portfolio compliance monitoring services (“Secondary Compliance Monitoring Services”) pursuant to this Agreement. The Fund acknowledges that the Secondary Compliance Services duplicate the compliance program in place for the Fund (i.e., all tests performed as part of Secondary Compliance Monitoring Services are also performed by the Fund or Investment Advisor independently of the Services provided by the Administrator), that the Secondary Compliance Monitoring Services are a double check or backup, and that the Administrator may not provide Secondary Compliance Monitoring Services unless they are duplicative to the compliance testing performed by the Fund, the Investment Advisor or Subadviser. Finally, the Fund understands that this is a condition precedent to the Administrator’s ability to provide Secondary Compliance Monitoring Services. Further, the Fund agrees to notify the Administrator in the event the Fund or any officer, employee or agent of the Fund detects any material non-compliance with regard to applicable investment restrictions, policies and limitations. The Fund understands that any printed material generated by the system employed by the Administrator to perform any Secondary Compliance Monitoring Services shall display the CRD brand and logo, as appropriate. The Administrator shall perform the following Secondary Compliance Monitoring Services with respect to the investments of each Portfolio on each Business Day unless otherwise specified: The Administrator shall perform the following compliance monitoring services with respect to the investments of each Portfolio on each Business Day unless otherwise specified: specified (“Portfolio Compliance Monitoring Services”): · Trade date plus one monitoring of each Portfolio’s investments with respect to the investment restrictions, policies and limitations as described in the current registration statement (including a Portfolio’s most recent prospectus and statement of additional information), which shall be provided to the Administrator by the Fund, and agreed to by the Administrator and Fund o Monitoring of policies, restrictions and limitations with respect to certain derivative investments is performed monthly (or as requested) · Trade date plus one monitoring of each Portfolio’s investments with respect to the 1940 Act requirements and rules thereunder, applicable exchange listing rules thereunder (including Rule 2a-7 if applicable) and applicable Internal Revenue Code rules and regulations as described in Exhibit A attached hereto o Rule 17g-1 monitoring shall be performed monthly as requested o Qualifying income and diversification monitoring with respect to Subchapter M compliance shall be performed monthly · Trade date plus one monitoring of other portfolio investment restrictions, policies and limitations at such times as may be agreed in writing by the Fund and Administrator · The Administrator shall notify the Fund’s Chief Compliance Officer (“CCO”) or such other Authorized Person(s) Person as may be agreed to by the Fund in the event and at such times as the Administrator detects possible non-compliance with a Portfolio’s investment restrictions, policies and limitations (“Daily Exception Reporting”) · Provide the Fund’s CCO or such other Authorized Person(s) Person as may be agreed to by the Fund a monthly report summarizing the results of the Portfolio Compliance Monitoring Services (“Monthly Summary Reporting”) · Provide the Fund’s Board of Trustees/Directors a quarterly report summarizing the results of the Portfolio Compliance Monitoring Services (“Quarterly Board Summary Reporting”) · Assist the Fund in producing quarterly brokerage-related reports for the Fund’s Board of Trustees Trustees/Directors as requested by the Fund and agreed to by the Administrator The Administrator shall perform the following additional compliance monitoring services with respect to each Portfolio one each Business Day: · Provide the Fund’s CCO or such other Authorized Person(s) Person as may be agreed to by the Fund a daily portfolio compliance summary report (“Daily Summary Reporting”)

Portfolio Compliance Monitoring Services. As described herein the Administrator is providing secondary portfolio compliance monitoring services (“Secondary Compliance Monitoring Services”) pursuant to this Agreement. The Fund acknowledges that the Secondary Compliance Services duplicate the compliance program in place for the Fund (i.e., all tests performed as part of Secondary Compliance Monitoring Services are also performed by the Fund or Investment Advisor independently of the Services provided by the Administrator), that the Secondary Compliance Monitoring Services are a double check or backup, and that the Administrator may not provide Secondary Compliance Monitoring Services unless they are duplicative to the compliance testing performed by the Fund, the Investment Advisor or Subadviser. Finally, the Fund understands that this is a condition precedent to the Administrator’s ability to provide Secondary Compliance Monitoring Services. Further, the Fund agrees to notify the Administrator in the event the Fund or any officer, employee or agent of the Fund detects any material non-compliance with regard to applicable investment restrictions, policies and limitations. The Fund understands that any printed material generated by the system employed by the Administrator to perform any Secondary Compliance Monitoring Services shall display the CRD brand and logo, as appropriate. The Administrator shall perform the following Secondary Compliance Monitoring Services with respect to the investments of each Portfolio on each Business Day unless otherwise specified: The Administrator shall perform the following compliance monitoring services with respect to the investments of each Portfolio on each Business Day unless otherwise specified: · specified (“Portfolio Compliance Monitoring Services”): • Trade date plus one monitoring of each Portfolio’s investments with respect to the investment restrictions, policies and limitations as described in the current registration statement (including a Portfolio’s most recent prospectus and statement of additional information), which shall be provided to the Administrator by the Fund, and agreed to by the Administrator and Fund o • Monitoring of policies, restrictions and limitations with respect to certain derivative investments is performed monthly (or as requested) · • Trade date plus one monitoring of each Portfolio’s investments with respect to the 1940 Act requirements and rules thereunder, applicable exchange listing rules thereunder (including Rule 2a-7 if applicable) and applicable Internal Revenue Code rules and regulations o as described in Exhibit A attached hereto • Rule 17g-1 17g-l monitoring shall be performed monthly as requested o • Qualifying income and diversification monitoring with respect to Subchapter M compliance shall be performed monthly · • Trade date plus one monitoring of other portfolio investment restrictions, policies and limitations at such times as may be agreed in writing by the Fund and Administrator · • The Administrator shall notify the Fund’s Chief Compliance Officer (“CCO”) or such other Authorized Person(s) Person as may be agreed to by the Fund in the event and at such times as the Administrator detects possible non-compliance with a Portfolio’s investment restrictions, policies and limitations (“Daily Exception Reporting”) · • Provide the Fund’s CCO or such other Authorized Person(s) Person as may be agreed to by the Fund a monthly report summarizing the results of the Portfolio Compliance Monitoring Services (“Monthly Summary Reporting”) · • Provide the Fund’s Board of Trustees/Directors a quarterly report summarizing the results of the Portfolio Compliance Monitoring Services (“Quarterly Board Summary Reporting”) · • Assist the Fund in producing quarterly brokerage-related reports for the Fund’s Board of Trustees Trustees/Directors as requested by the Fund and agreed to by the Administrator Financial Reporting Services • The Administrator shall perform accumulate information for and prepare: • Within a 60-day production cycle, one annual and one semi-annual shareholder report for the Fund per fiscal year, such preparation includes the coordination of all printer and author edits, the review of printer drafts and the coordination of the audit of the Fund by its independent public auditor (e.g. manage open items lists, host weekly audit meeting, etc.) • one annual report and one semi-annual report on Form N-SAR • one first fiscal quarter report and one third fiscal quarter report on Form N-Q • one annual report and one semi-annual report on Form N-CSR • one annual Rule 24f-2 Notice • Upon acceptance of each above-mentioned report by the Fund’s Treasurer and/or Chief Financial Officer, the Administrator shall edgarize and file such reports as required, including any applicable executed officer certifications or other exhibits. • Quarterly calculation and reporting of each Portfolio’s portfolio turnover • Preparation of the following additional compliance monitoring quarterly report for the Funds’ Board of Trustees/Directors (in Administrator’s Reporting Format or such other format as agreed to between the Administrator and the Fund): • Statements of Changes in Net Assets Assistant Treasurer Services • Prepare and obtain authorization of Fund expense invoices on a bi-monthly basis • Prepare the Fund’s quarterly budget and make recommendations for adjustments as appropriate • Prepare a monthly expense pro forma • Provide an “Assistant Treasurer” who may be approved as an officer of the Fund by the Board of Trustees/Directors • Provide consultative services with respect to each Portfolio one each Business Day: · Provide financial matters of the Fund’s CCO or such other Authorized Person(s) Fund as may be requested and agreed to by the Fund a daily portfolio compliance summary report and Administrator from time to time Tax Support Services • Prepare fiscal year end and excise tax distribution calculations • Prepare monthly, quarterly and annual income distributions as described in each Portfolio’s prospectus • Prepare annual capital gain distribution(s) including spillback amounts as required • Prepare tax-related ROCSOP entries for fund accounting purposes • Review required tax disclosures (such as tax cost, long term capital gain and tax exempt designation, foreign tax credits, dividend received deductions and qualified dividend income pass throughs) in the Fund’s financial statements • Prepare and file federal, state and local (if any) income tax returns, including tax return extension requests • Prepare shareholder year-end tax information • Calculate the amounts and characterizations of distributions declared during the calendar year for Form 1099/DIV reporting • Consult with the Fund’s Authorized Persons regarding potential passive foreign investment companies (“Daily Summary ReportingPHCs”)) • Prepare wash sales calculations and other differences required for tax purposes • Consult with the Fund’s Authorized Persons on various tax issues as requested and with the Fund’s independent public accountant when appropriate • Provide tax research as requested Performance Measurement Services • Calculate time weighted total returns for each Portfolio (by class, if applicable) and report such returns to the Fund on a monthly basis, and SEC after-tax returns on an annual basis • If applicable, calculate 30-day SEC yields and report such returns to the Fund on a monthly basis • Provide and review each Portfolio’s performance information disclosed in its financial statements, prospectus and statement of additional information • On a monthly basis, reconcile total return calculations to those reported by major database companies • At the Fund’s request, report portfolio holdings to identified database companies Attribution Calculation and Reporting Services (not included in Standard Performance Measurement Services) Corporate Secretarial Services • Monitor good standing of the Fund in its state of organization as may be required • Provide an “Assistant Secretary” who may be approved as an officer of the Fund by the Board of Trustees/Directors • Maintain calendar for Board matters/approvals • Prepare quarterly Board and Audit Committee meeting materials, including notices, scripts, agendas, resolutions, memoranda, minutes, and mail to Board of Directors/Trustees and such other persons as instructed by Authorized Persons of the Fund • Attend quarterly Board and Audit Committee meetings, take minutes of the meetings, make presentations as required and follow up on matters raised at the meetings • In accordance with Rule 3 la-2 under the 1940 Act, maintain those records received or created by the Administrator, which are required to be maintained by Rule 31a-l(b)(4) under the 1940 Act Regulatory Support Services • Maintain calendar for all regulatory matters • Prepare one annual update to the Fund’s registration statement and file the same with the SEC (includes coordination of the update with Fund personnel, Fund counsel and independent auditors) • Prepare up to four supplements (“Stickers”) to the Fund’s registration statement per calendar year • Assist the Fund in obtaining a fidelity bond and D&O/E&O insurance policies in accordance with the 1940 Act and applicable rules thereunder • File the fidelity bond with the SEC • Assist the Fund in preparing one annual Form N-PX filing per calendar year and file the same with the SEC • Review and comment on shareholder reports • Assist in monitoring regulatory proposals and changes that may affect the Fund QUAKER INVESTMENT TRUST By: /s/ Jxxxxx Xxxxxxxx Name: Jxxxxx Xxxxxxxx Title: Secretary Date: December 5, 2006 20 APPENDIX C ADMINISTRATIVE AGENCY AGREEMENT List of Authorized Persons Jxxxxxx Xxxx, Sr. Lxxxxx Xxxxx Jxxxxx Xxxxxxxx QUAKER INVESTMENT TRUST By: /s/ Jxxxxx Xxxxxxxx Name: Jxxxxx Xxxxxxxx Title: Secretary Date: December 5, 2006 APPENDIX D TO ADMINISTRATIVE AGENCY AGREEMENT