-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AhDSApnRxPpIzpbAT1QsgM7bGSwerAzOwMk4dni7IZu2jFtitDSZlc4or4W7mE8P du2AwOTlMeJn+AMwYLcLqQ== 0000722885-10-000054.txt : 20101130 0000722885-10-000054.hdr.sgml : 20101130 20101130145920 ACCESSION NUMBER: 0000722885-10-000054 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20100930 FILED AS OF DATE: 20101130 DATE AS OF CHANGE: 20101130 EFFECTIVENESS DATE: 20101130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: QUANTITATIVE GROUP OF FUNDS CENTRAL INDEX KEY: 0000722885 IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-03790 FILM NUMBER: 101221737 BUSINESS ADDRESS: STREET 1: 55 OLD BEDFORD ROAD STREET 2: LINCOLN NORTH CITY: LINCOLN STATE: MA ZIP: 01773 BUSINESS PHONE: 8003311244 MAIL ADDRESS: STREET 1: 55 OLD BEDFORD ROAD STREET 2: LINCOLN NORTH CITY: LINCOLN STATE: MA ZIP: 01773 FORMER COMPANY: FORMER CONFORMED NAME: U S BOSTON INVESTMENT CO DATE OF NAME CHANGE: 19920703 0000722885 S000009490 Quant Emerging Markets Fund C000025963 Ordinary Shares GFFOX C000025964 Institutional Shares QEMAX 0000722885 S000009491 Quant Foreign Value Fund C000025966 Ordinary Shares QFVOX C000025967 Institutional Shares QFVIX 0000722885 S000009492 Quant Long/Short Fund C000025969 Ordinary Shares USBOX C000025970 Institutional Shares QGIAX 0000722885 S000009493 Quant Small Cap Fund C000025972 Ordinary Shares USBNX C000025973 Institutional Shares QBNAX 0000722885 S000021993 Quant Foreign Value Small Cap Fund C000063163 Ordinary Shares QUSOX C000063164 Institutional Shares QUSIX N-CSR 1 quantncsr.htm QUANT FUNDS N-CSR 9.30.10 quantncsr.htm

 
 

 

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number                                                                    811-3790

The Quantitative Group of Funds
(Exact name of registrant as specified in charter)


55 Old Bedford Road, Lincoln, MA 01773
(Address of principal executive offices)


Willard L. Umphrey
 Quantitative Investment Advisors, Inc.
55 Old Bedford Road, Lincoln, MA 01773
(Name and address of agent for service)


Registrant’s telephone number, including area code: (781) 676-5900


Date of fiscal year end:                                          March 31


Date of reporting period:                                         April 1, 2010 through September 30, 2010



ITEM 1. REPORTS TO SHAREOWNERS.


 

 
 

 

 

QUANT FUNDS
 
Quant Small Cap Fund
 
Quant Long/Short Fund
 
Quant Emerging Markets Fund
 
Quant Foreign Value Fund
 
Quant Foreign Value Small Cap Fund
 
SEMI-ANNUAL REPORT
 
September 30, 2010
TABLE OF CONTENTS
President’s Letter
2
Fund Expenses
3
Portfolio Manager Commentaries
5
 
Quant Small Cap Fund
5
 
Quant Long/Short Fund
9
 
Quant Emerging Markets Fund
13
 
Quant Foreign Value Fund
16
 
Quant Foreign Value Small Cap Fund
20
Schedules of Investments
24
 
Quant Small Cap Fund
24
 
Quant Long/Short Fund
30
 
Quant Emerging Markets Fund
37
 
Quant Foreign Value Fund
45
 
Quant Foreign Value Small Cap Fund
48
Statements of Assets and Liabilities
52
Statements of Operations
56
Statements of Changes in Net Assets
59
Statement of Cash Flows for Quant Long/Short Fund
64
Financial Highlights
65
Notes to Financial Statements
76
Information for Shareholders
87
Management Contract and Advisory Contract Approval
88
Service Providers
back cover
 
 

This report must be preceded or accompanied by a current Quant Funds prospectus for individuals who are not current shareholders of the Funds. You should read the prospectus carefully before investing because it contains more complete information on the Quant Funds’ investment objectives, risks, charges and expenses. Please consider this information carefully. For a prospectus and other information, visit www.quantfunds.com or call (800) 326-2151.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the Quant Funds nor U.S. Boston Capital Corporation is a bank.

 
 

 


QUANT FUNDS
 

 
Dear Fellow Shareholder,
 
We are pleased to provide you with the Quantitative Group of Funds’ Semi-Annual Report for the six months ended September 30, 2010 to update you on recent market conditions and the performance of the Quant Funds.
 
For current performance information, please visit our website at www.quantfunds.com. We thank you for your continued confidence in the Quant Funds. Please feel free to e-mail us at feedback@quantfunds.com or call us at 800-326-2151 with any questions or for assistance on your account.
 
Sincerely,
 
 



sig

 
Willard Umphrey
 
President and Chairman
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 
Any statements in this report regarding market or economic trends or the factors influencing the historical or future performance of the Quant Funds are the views of Fund management as of the date of this report. These views are subject to change at any time based upon market and other conditions, and Fund management disclaims any responsibility to update such views. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any Quant Fund. Any references to specific securities are not recommendations of such securities and may not be representative of any Quant Fund’s current or future investments.
 
Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.
 


 
 

 

 

QUANT FUNDS
 
FUND EXPENSES
 
We believe it’s important for Fund shareholders to have a clear understanding of fund expenses and the impact expenses have on investment returns. The following is important information about each Fund’s Expense Example, which appears below.
 
Expense Example
 
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution (12b-1) fees (on Ordinary Shares) and other Fund expenses. The example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on $1,000 invested at the beginning of the period and held for the entire period from April 1, 2010 to September 30, 2010.
 
Actual Expenses and Returns
 
The example provides information about actual account returns and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000, then multiply the result by the number under the heading “Expenses Paid During the Period.”
 
Hypothetical Example for Comparison Purposes
 
The example shows you hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
 
The hypothetical account values and hypothetical expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing expenses of investing in the Fund with the ongoing expenses of other funds. To do so, compare the Fund’s 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
 
 
Please note that the expenses shown in the table are meant to highlight your ongoing costs. They do not reflect any transactional costs. Thus, the “hypothetical” lines in the table are useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. See the Funds’ prospectus for a complete description of these transactional costs.
 

 
 

 

 

 
QUANT FUNDS


 
Expense Example for the 6 months ended September 30, 2010
Quant Fund
Share Class
Total Return
Description
 
Beginning
Account Value
04/01/10
   
Ending
Account Value
09/30/10
   
Annualized
Expense
Ratio
   
Expenses Paid*
04/01/10
09/30/10
 
Small Cap
Ordinary
Actual
  $ 1,000.00     $ 1,016.40       1.64 %   $ 8.27  
   
Hypothetical
  $ 1,000.00     $ 1,016.86       1.64 %   $ 8.28  
 
Institutional
Actual
  $ 1,000.00     $ 1,017.20       1.40 %   $ 7.06  
   
Hypothetical
  $ 1,000.00     $ 1,018.06       1.40 %   $ 7.07  
Long/Short
Ordinary
Actual
  $ 1,000.00     $ 938.40       1.99 %   $ 9.66  
   
Hypothetical
  $ 1,000.00     $ 1,015.10       1.99 %   $ 10.04  
 
Institutional
Actual
  $ 1,000.00     $ 939.80       1.76 %   $ 8.54  
   
Hypothetical
  $ 1,000.00     $ 1,016.27       1.76 %   $ 8.87  
Emerging Markets
Ordinary
Actual
  $ 1,000.00     $ 1,079.60       1.73 %   $ 9.04  
   
Hypothetical
  $ 1,000.00     $ 1,016.37       1.73 %   $ 8.77  
 
Institutional
Actual
  $ 1,000.00     $ 1,081.00       1.48 %   $ 7.70  
   
Hypothetical
  $ 1,000.00     $ 1,017.67       1.48 %   $ 7.46  
Foreign Value
Ordinary
Actual
  $ 1,000.00     $ 1,034.50       1.61 %   $ 8.21  
   
Hypothetical
  $ 1,000.00     $ 1,017.00       1.61 %   $ 8.14  
 
Institutional
Actual
  $ 1,000.00     $ 1,035.30       1.36 %   $ 6.93  
   
Hypothetical
  $ 1,000.00     $ 1,018.26       1.36 %   $ 6.87  
Foreign Value
Ordinary
Actual
  $ 1,000.00     $ 1,059.30       1.70 %   $ 8.79  
Small Cap
 
Hypothetical
  $ 1,000.00     $ 1,016.53       1.70 %   $ 8.61  
 
Institutional
Actual
  $ 1,000.00     $ 1,060.20       1.48 %   $ 7.65  
   
Hypothetical
  $ 1,000.00     $ 1,017.65       1.48 %   $ 7.49  
 
*
Expenses paid are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
 

 
 

 

 

 
QUANT SMALL CAP FUND
 
INVESTMENT PROFILE
 
All Data as of September 30, 2010
 
 
Investment Commentary
 
For the semi-annual period ended September 30, 2010, the Quant Small Cap Fund’s Ordinary Shares (the “Fund”) outperformed its benchmark, the Russell 2000 Index (the “Index”). The Fund achieved a return of 1.64% at net asset value compared to 0.25% for the Index.

Fund Information
           
Net Assets Under Management
 
$102.6 Million
 
Number of Companies
    171  
Price to Book Ratio
    3.2  
Price to Earnings Ratio
    26.4  
   
Ordinary
   
Institutional
 
Total Expense Ratio (Net)
    1.64 %     1.40 %
Ticker Symbol
 
USBNX
   
QBNAX
 
 
Market Conditions and Investment Strategies
 
Equity markets continued the strong first quarter rally into April followed by what seemed to be an orderly decline prompted by profit taking. But a series of events occurred including Europe’s sovereign debt crisis, the U.S. government’s plan for new financial regulation, the out of control Gulf oil spill, and ending with the stock market’s “Flash Crash” on May 6th. These events combined with a weak first quarter GDP, and a large drop in consumer confidence, put equity markets in full retreat by the end of the June. Market sentiment continued to be driven by talk of a double dip recession throughout the summer months. August was a dismal month for equities, but September, traditionally a weak month, turned in an historic and quite unexpected rally.
 
The Russell 2000 Index sector returns for the six month period were mixed. The Information Technology sector was the best performer gaining nearly 8%. Utilities were next with a return of over 6%, while Materials, Telecommunications Services, Consumer Staples, Industrials and Energy also posted positive returns. Underperforming were Financials, Health Care and Consumer Discretionary, all with negative returns of over 3%.
 
 
Analyzing our relative performance for the six month period, our best performance was in Financials where we gained over 1.5% versus the Index with Real Estate Investment Trust (REIT) holdings Entertainment Properties Trust and Ventas Inc. contributing a combined 1% to returns. We also added over 1.4% versus the Index in Industrials, primarily from stock selection, as patent licensing firm Acacia Research Corp. gained over 60% for the period. We added nearly 1.3% in Information Technology, mostly due to 3Par Inc., a computer storage company, which gained over 230% after a takeover battle was won by Hewlett-Packard Co. In Energy, we picked up 1% versus the benchmark as energy service company Core Laboratories N.V. rose 35% for the period.
 
 
Conversely, our stock selections in the Consumer Discretionary sector cost 3% of relative return as several holdings, including Chico’s FAS Inc., True Religion Apparel Inc., and Guess? Inc. all posted negative returns for the period.
 
 
Portfolio Changes
 
The Financials, Industrials and Materials sector weights all increased over the past six months. Our exposure to the Consumer Discretionary, Health Care, Energy and Consumer Staples sectors all declined. Changes in all other sectors were not material.
 
A Look Ahead
 
As we approach the end of the year, we are encouraged by the direction of the market but are reluctant to predict that a new bull market is imminent. The September advance occurred on light volume with poor breadth and with the Financials sector lagging, all which may be indications that the rally is exhausted. However, there is a large contingent of investors who have found refuge in low yielding bonds and have missed the rally. They may capitulate and drive prices higher as performance anxiety sets in towards year-end. Whatever the market’s direction, we will remain vigilant in the search for new market opportunities and be mindful to adjust the existing portfolio as conditions warrant.

 
The Fund is co-managed by Robert von Pentz, CFA, and Rhys Williams, CFA of Columbia Partners, L.L.C. Investment Management.
 

 
 

 

 

 

QUANT SMALL CAP FUND


 
Top 10 Holdings
Percentage of total net assets
36.6%
Core Laboratories N.V.
4.7%
SBA Communications Corporation
4.7%
Entertainment Properties Trust
4.4%
Compass Minerals International, Inc.
4.1%
Regal Entertainment Group
3.4%
GUESS?, Inc.
3.4%
Ventas, Inc.
3.3%
Hersha Hospitality Trust
2.9%
Gardner Denver, Inc.
2.9%
Alliance Data Systems Corporation
2.8%
 
There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.
 

 
Sector Allocation
Percentage of total net assets
100.0%
Financials
19.8%
Information Technology
17.0%
Consumer Discretionary
12.7%
Industrials
12.5%
Materials
10.1%
Health Care
8.5%
Energy
5.3%
Telecommunication Services
4.7%
Consumer Staples
3.6%
Cash and Other Assets (Net)
5.8%


 
Value of a $10,000 Investment
Quant Small Cap (QSC) Ordinary Shares vs.
Russell 2000 Index
 
small cap
 


 
 
Average Annual Total Returns
 
3Q 2010
Six
Months
One Year
Five Year
Ten Year
Since
Inception
Inception
Date
Ordinary Shares
12.59%
1.64%
18.56%
(1.60)%
0.88%
9.69%
08/03/92
Institutional Shares1
12.65%
1.72%
18.94%
(1.27)%
1.31%
8.88%
01/06/93
Russell 20002
11.29%
0.25%
13.35%
1.60%
4.00%
8.55%
----------
 
1Institutional Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution fees.
 
2The Russell 2000 Index is a market capitalization-weighted index of 2,000 small company stocks. It is widely recognized as representative of the general market for small company stocks. Index returns assume the reinvestment of dividends and, unlike Fund returns, do no reflect any fees or expenses. You cannot invest directly in an Index. The beginning date of the Index is 08/03/92.
 
Small company stocks may trade less frequently and in a limited volume, and their prices may fluctuate more than stocks of other companies. Small company stocks may therefore be more vulnerable to adverse developments than those of larger companies. The Fund may invest in issuers in the real estate industry. Changes in real estate values or economic downturns can have a significant negative effect on these issuers.
 
Performance data quoted represents past performance and is no guarantee of future results and the information above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current Fund performance may be lower or higher than performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month-end performance, visit the Fund’s website at www.quantfunds.com. Before investing, carefully consider the Fund’s investment objectives, risks, charges and expenses. For this and other information obtain the Fund’s prospectus by calling ( 800) 326-2151 or visiting www.quantfunds.com. Please read the prospectus carefully before you invest.

 
 

 

 

QUANT LONG/SHORT FUND
 
INVESTMENT PROFILE
 
All Data as of September 30, 2010
 
 
Investment Commentary
 
For the semi-annual period ended September 30, 2010, the Quant Long/Short Fund’s Ordinary Shares (the “Fund”) underperformed its benchmark, the S&P 500 Index (the “Index”). The Fund achieved a return of –6.16% at net asset value compared to –1.42% for the Index.

Fund Information
           
Net Assets Under Management
 
$48.1 Million
 
Number of Companies
    137  
Price to Book Ratio
    1.8  
Price to Earnings Ratio
    11.3  
   
Ordinary
   
Institutional
 
Total Expense Ratio (Net)
    1.99 %     1.76 %
Ticker Symbol
 
USBOX
   
QGIAX
 
 
Market Conditions and Investment Strategies
 
The Quant Long/Short Fund seeks to add value through both long and short positions, maintaining approximately 100% net equity exposure and keeping size, style, sector and beta characteristics similar to the benchmark. The Fund employs a disciplined, yet adaptive quantitative process that analyzes over 70 characteristics that impact equity prices. Analytic’s approach is systematic in the way the importance of these characteristics are measured, but is also able to recognize and adapt to changes based on both the business cycle and economic conditions. The strategy primarily attempts to add value by buying stocks with the most attractive factor profiles and shorting stocks with the least attractive factor profiles, within a set of risk constraints. Performance is therefore driven by the performance of the valuation model and is only m inimally affected by market-wide factors.
 
Stocks returns were modestly negative for the period. Equities were down –9.5% for the first five months of the period, however, the conventional wisdom that September is a bad month for stocks did not hold true, as the semi-annual periods losses were virtually erased in the final month of the period alone.
 
 
While returns to factors within the Valuation category were mixed during the period, a positive exposure to the category helped to add value, as positive returns to certain factors (Dividend Yield) were enough to offset the negative returns experienced by others (Sales to Price ratios). Also, tilts away Growth characteristics helped throughout the period, as investors penalized such measures.
 
 
Unfortunately, the negative returns during the beginning of the period to traditional Quality factors, like Return on Assets, were not offset by the positive returns those characteristics experienced during the end of the period, thereby detracting from performance as the Fund was overweight such characteristics.
 
 
It is important to note that a majority of the underperformance occurred in August, which was marked by a sell-off that punished the valuation and top-line factors that had performed so well in the beginning of the year. This sentiment shift was particularly noticeable in the negative payoffs to Sales to Price and Asset Utilization, factors that had exhibited strong performance during the prior months as investors bought companies that were well positioned to benefit from a strengthening recovery. Adding to the aberration of August were the positive payoffs awarded to certain risk factors, which are rarely present during a pronounced market sell-off. The return to a focus on relative valuation and growth potential in September, along with the subsequent market rally, run counter to the renewed economic growth fears expressed in August.
 
 
Portfolio Changes
 
During the semi-annual period ended September 30, 2010, the Fund systematically increased exposure to securities with above average Valuation characteristics while decreasing exposure to securities with above average Risk characteristics. The Fund also decreased exposure to companies with attractive Growth characteristics.
 
A Look Ahead
 
Looking ahead, we expect the model to increase exposure to companies exhibiting above average Valuation characteristics, as well as maintain negative exposure to certain Growth characteristics. Exposures to companies with attractive Risk characteristics may decrease.

 
The Fund’s portfolio is managed by a team of portfolio managers at Analytic Investors, LLC. The lead portfolio managers are Harindra de Silva, Ph.D.,CFA, Dennis Bein, CFA, and Steve Sapra, CFA.
 


 
 

 


QUANT LONG/SHORT FUND

 
Top 10 Long Holdings
Percentage of total net assets
45.1%
International Business Machines
6.1%
Apple, Inc.
5.5%
ConocoPhillips
5.3%
Microsoft Corporation
4.7%
Time Warner, Inc.
4.5%
Amgen, Inc.
4.3%
Cognizant Technology Solutions
Corporation
4.0%
Cardinal Health, Inc.
3.7%
McKesson Corporation
3.6%
The PNC Financial Services Group, Inc.
3.4%
 
There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.
 

 
Top 10 Short Holdings
Percentage of total net assets
(19.8)%
Liberty Media Capital
(3.2)%
Ciena Corporation
(2.4)%
Vertex Pharmaceuticals Incorporated
(2.1)%
Human Genome Sciences, Inc.
(2.1)%
Monster Worldwide, Inc.
(2.0)%
MEMC Electronic Materials, Inc.
(2.0)%
Brocade Communications Systems, Inc.
(1.9)%
Novell, Inc.
(1.5)%
Alere, Inc.
(1.5)%
Dendreon Corporation
(1.1)%

 
Sector Allocation
Percentage of total net assets
100.0%
Information Technology
31.5%
Consumer Discretionary
20.4%
Health Care
19.8%
Financials
16.6%
Energy
10.9%
Consumer Staples
9.9%
Industirals
6.8%
Materials
4.7%
Telecommunication Services
4.7%
Utilities
3.7%
Cash and Other Assets (Net)
1.1%
Short Positions
(30.1)%

 
 

 



 
Value of a $10,000 Investment
 
Quant Long/Short (QLS) Ordinary Shares vs. S&P 500 Index
 
 
longshort
 
Average Annual Total Returns
 
3Q 2010
Six
Months
One Year
Five Year
Ten Year
Since
Inception
Inception
Date
Ordinary Shares
6.81%
(6.16)%
3.22%
(4.40)%
(5.27)%
8.03%
05/06/85
Institutional Shares1
6.84%
(6.02)%
3.95%
(4.29)%
(4.99)%
6.06%
03/25/91
S&P 5002
11.29%
(1.42)%
10.16%
0.64%
(0.43)%
9.93%
----------
 
1Institutional Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution fees.
 
2The S&P 500 Index is an unmanaged index of stocks chosen to their size industry characteristics. It is widely recognized as representative of stocks in the United States. Index returns assume the reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. You cannot invest directly in the Index. The beginning date for the Index is 05/29/85.
 
Short selling involves certain risks including the possibility that short positions do not limit the Fund’s stock market exposure as expected, that the future value of a short position increases above its recorded value potentially resulting in an unlimited loss and that the lender of a security sold short could terminate the loan at a price or time that is disadvantageous to the Fund.
 
Performance data quoted represents past performance and is no guarantee of future results and the information above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current Fund performance may be lower or higher than performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month-end performance, visit the Fund’s website at www.quantfunds.com. Before investing, carefully consider the Fund’s investment objectives, risks, charges and expenses. For this and other information obtain the Fund’s prospectus by calling ( 800) 326-2151 or visiting www.quantfunds.com. Please read the prospectus carefully before you invest.

 
 

 

 

QUANT EMERGING MARKETS FUND
 
INVESTMENT PROFILE
 
All Data as of September 30, 2010
 
 
Investment Commentary
 
For the semi-annual period ended September 30, 2010, the Quant Emerging Markets Fund’s Ordinary Shares (the “Fund”) underperformed its benchmark, the MSCI Emerging Markets (the “Index”). The Fund achieved a return of 7.96% at net asset value compared to 8.37% for the Index.

Fund Information
           
Net Assets Under Management
 
$252.7 Million
 
Number of Companies
    255  
Price to Book Ratio
    1.9  
Price to Earnings Ratio
    11.5  
   
Ordinary
   
Institutional
 
Total Expense Ratio (Net)
    1.73 %     1.48 %
Ticker Symbol
 
QFFOX
   
QEMAX
 
 
Market Conditions and Investment Strategies
 
On a sector basis, portfolio underperformance was primarily due to security selection in Telecommunication Services and Information Technology. Sectors that contributed to relative portfolio value were Financials and Materials. On a country basis, positions held in South Africa and Taiwan were the top detractors. Positions held in South Korea and India contributed.
 
The top detractor to relative performance stemmed from the Materials sector with an out of benchmark position held of the Luxembourg-based steel product producer and distributor, Evraz Group S.A. The top contributor to overall portfolio performance was an overweight position of the South Korea-based chemical product manufacturer, Hanwha Chemical Corporation.
 
 
In the six month period ending September 30, 2010, the Dynamic Alpha model performed relatively well across the MSCI Emerging Markets Index with the top three alpha deciles outperforming. Momentum factors worked well as both Earnings Momentum and Price Momentum displayed strong positive performance in the top two deciles. The performance of Quality factors was somewhat volatile throughout the period with Operating Efficiency working considerably well and Capital Expenditures working poorly. Valuation factors generally did not perform well during the period as both Earnings Yield and Discounted Cash Flow showed negative performance in the top deciles.
 
 
Portfolio Changes
 
There have been no significant changes in the Dynamic Emerging Markets Equity strategy in the past year.
 
A Look Ahead
 
As a quantitative investment firm, we tend not to provide strategy-specific forward looking commentary. We believe that our systematic investment approach ensures that we deliver a portfolio of our highest conviction of ideas to all of our clients.

 
The Fund’s portfolio is managed by a team of portfolio managers at PanAgora Asset Management, Inc.
 


 
 

 




 
Top 10 Holdings
Percentage of total net assets
19.8%
Petroleo Brasileiro SA
3.1%
Samsung Electronics Co Ltd.
2.6%
Vale SA
2.4%
Vanguard Emerging Markets ETF
2.0%
Taiwan Semiconductor
Manufacturing Co Ltd.
1.9%
CNOOC Ltd.
1.8%
China Construction Bank Corp
1.7%
Bank of China Ltd
1.5%
China Mobile Ltd.
1.4%
Lukoil OAO
1.4%
 
There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.
 

 
Top 10 Country Allocations
Percentage of total net assets
87.9%
China
19.9%
Brazil
15.4%
South Korea
12.8%
Taiwan
9.9%
India
8.8%
Russia
5.4%
South Africa
5.3%
Malaysia
3.8%
Turkey
3.4%
Indonesia
3.2%

 
Sector Allocation
Percentage of total net assets
100.0%
Financials
24.1%
Materials
14.5%
Energy
13.0%
Information Technology
13.0%
Industrials
8.7%
Consumer Discretionary
8.5%
Consumer Staples
6.8%
Telecommunication Services
5.9%
Health Care
1.7%
Utilities
1.5%
Exchange Traded Funds
2.0%
Cash and Other Assets (Net)
0.3%


 
 

 



 
Value of a $10,000 Investment
Quant Emerging Markets (QEM) Ordinary Shares vs. MSCI EM Index
 
emergingmarkets

 
Average Annual Total Returns
 
3Q 2010
Six
Months
One Year
Five Year
Ten Year
Since
Inception
Inception
Date
Ordinary Shares
18.27%
7.96%
21.25%
9.24%
14.18%
7.04%
09/30/94
Institutional Shares1
18.35%
8.10%
21.62%
9.53%
14.60%
9.24%
04/02/96
MSCI EM2
18.16%
8.37%
20.54%
13.08%
13.77%
6.52%
----------
 
1Institutional Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution fees.
 
2The Morgan Stanley Capital International Emerging Markets (“MSCI EM”) Index is an unmanaged index comprised of stocks located in countries other than the United States. It is widely recognized as representative of the general market for emerging markets. Index returns assume the reinvestment of dividends and, unlike Fund returns, do not reflect fees or expenses. You cannot invest directly in an Index. The beginning date for the Index is 09/30/94.
 
Investing in foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently than the U.S. market.
 
Performance data quoted represents past performance and is no guarantee of future results and the information above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current Fund performance may be lower or higher than performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month-end performance, visit the Fund’s website at www.quantfunds.com. Before investing, carefully consider the Fund’s investment objectives, risks, charges and expenses. For this and other information obtain the Fund’s prospectus by calling ( 800) 326-2151 or visiting www.quantfunds.com. Please read the prospectus carefully before you invest.

 
 

 

 

QUANT FOREIGN VALUE FUND
 
INVESTMENT PROFILE
 
All Data as of September 30, 2010
 
 
Investment Commentary
 
For the semi-annual period ended September 30, 2010, the Quant Foreign Value Fund’s Ordinary Shares (the “Fund”) outperformed its benchmark, the MSCI EAFE Index (the “Index”). The Fund achieved a return of 3.45% at net asset value compared to 0.51% for the Index.

Fund Information
           
Net Assets Under Management
 
$400.8 Million
 
Number of Companies
    51  
Price to Book Ratio
    2.1  
Price to Earnings Ratio
    83.6  
   
Ordinary
   
Institutional
 
Total Expense Ratio (Net)
    1.61 %     1.36 %
Ticker Symbol
 
QFVOX
   
QFVIX
 
 
Market Conditions and Investment Strategies
 
For the sixth month period, the Fund’s benchmark beating returns can be attributed to portfolio outperformance in 8 out of 10 sectors. Financials were the top contributors, with State Bank of India posting double-digit returns. India remains an “under-banked” country relative to developed markets, and an emerging middle class is expected to utilize more banking services, gaining comfort with the concept of leverage. Other financials posting strong results including Scandinavian banks DnB NOR and Svenska Handelsbanken, as well as British-based Lloyds TSB Group.
 
Late cycle companies (primarily industrial companies that depend on capital spending) also added to the Fund’s positive gains for the period. After the 2007-2009 recession, concerns arose about replenishment of new orders. Recent discussions with company management teams pointed to increases in pre-order activity. Renewed strength of these late cycle companies portends underlying economic growth in emerging and some developed countries.
 
 
Stabilized Asian refining and higher global oil prices boosted energy holdings. Japanese consumer staples companies Meiji Holdings and Asahi Breweries also performed well. In healthcare, both pharmaceutical companies posted positive returns.
 
 
Materials started to rebound in the September quarter, as demand outstripped supply in some commodities. Yet, the Fund’s materials holdings remained in negative territory for the 6 month period. Irish building materials group CRH benefited from strong European business, but performance was impinged by weak volumes due to slow U.S. infrastructure spending at the state and local level.
 
 
In consumer discretionary, performance was hampered by British homebuilders. Constricted spending, reduced U.K. government funding and questions surrounding homebuyer taxes had a negative impact. However, budget cuts and less regulation may prove positive for the U.K. homebuilder industry. With negative news already priced into the homebuilder stocks and substantial upside in a recovery, we feel the stocks are undervalued on a three-to-five year view.
 
 
Portfolio Changes
 
During the six month period, we purchased a French biotech company designing therapeutic vaccines for specific cancers and Hepatitis C. We also invested in a German manufacturer of banking machines and point of sale hardware and software.
 
Japan’s Culture Convenience was eliminated from the portfolio due to concerns about the video rental industry. The Fund had only a small weighting in the stock that was slowly reduced over the past six months as fundamentals deteriorated.
 
 
A Look Ahead
 
We expect a slow economic recovery, punctuated by periods of good and bad news that will likely result in market volatility. More normal business cycles have returned, after an unprecedented growth trajectory in markets from the 1990s-2007. Today, expectations of individuals, corporations, and governments will be more cautious, conservative, and likely result in a more sustainable path to growth. Such rational behavior and environment can still result in very satisfactory investment returns, just not excessive and unsustainable returns.
 
The Fund’s pure value philosophy is expected to perform best in markets displaying volatility since these markets tend to present the best value opportunities. We continue to take advantage of market advance to sell holdings at a profit, while awaiting market declines to buy good companies at compelling valuations.
 

 
The Fund’s lead portfolio manager is Bernard R. Horn, Jr., of Polaris Capital Management, LLC
 


 
 

 

 

 
QUANT FOREIGN VALUE FUND

 
Top 10 Holdings
Percentage of total net assets
27.2%
Thai Oil PLC
2.9%
DnB NOR ASA
2.9%
State Bank of India
2.9%
Samsung Electronics Company Ltd.
2.8%
Kone OYJ-B
2.7%
Duni AB
2.7%
Svenska Handelsbanken AB
2.7%
Technip S.A.
2.6%
Investor AB
2.5%
Smurfit Kappa Group PLC
2.5%
 
There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.
 

 
Top 10 Country Allocations
Percentage of total net assets
74.9%
Germany
13.1%
Japan
11.5%
Sweden
10.2%
United Kingdom
9.8%
France
6.7%
Finland
6.3%
Ireland
5.8%
South Korea
4.7%
India
3.7%
Norway
3.1%

 
Sector Allocation
Percentage of total net assets
100.0%
Financials
17.9%
Industrials
17.9%
Materials
16.9%
Consumer Discretionary
14.7%
Energy
8.3%
Information Technology
5.7%
Consumer Staples
5.5%
Telecommunication Services
3.4%
Health Care
2.8%
Utilities
1.6%
Cash and Other Assets (Net)
5.3%
 

 

 
 

 



 
Value of a $10,000 Investment
Quant Foreign Value (QFV) Ordinary Shares vs. MSCI EAFE Index
 
foreignvalue

 
Average Annual Total Returns
 
3Q 2010
Six
Months
One Year
Five Year
Ten Year
Since
Inception
Inception
Date
Ordinary Shares
18.49%
3.45%
9.77%
1.97%
8.56%
5.96%
05/15/98
Institutional Shares1
18.47%
3.53%
9.97%
2.16%
8.82%
8.03%
12/18/98
MSCI EAFE2
16.53%
0.51%
3.71%
2.45%
2.99%
3.77%
----------
 
1Institutional Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution fees.
 
2The Morgan Stanley Capital International Europe, Australasia, and Far East (“MSCI EAFE”) Index is an unmanaged index comprised of stocks located in countries other than the United States. It is widely recognized as representative of the general market for emerging markets. Index returns assume the reinvestment of dividends and, unlike Fund returns, do not reflect fees or expenses. You cannot invest directly in an Index. The beginning date for the Index is 05/29/98.
 
Investing in foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently than the U.S. market.
 
Performance data quoted represents past performance and is no guarantee of future results and the information above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current Fund performance may be lower or higher than performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month-end performance, visit the Fund’s website at www.quantfunds.com. Before investing, carefully consider the Fund’s investment objectives, risks, charges and expenses. For this and other information obtain the Fund’s prospectus by calling ( 800) 326-2151 or visiting www.quantfunds.com. Please read the prospectus carefully before you invest.

 
 

 

 

QUANT FOREIGN VALUE SMALL CAP FUND
 
INVESTMENT PROFILE
 
All Data as of September 30, 2010
 
 
Investment Commentary
 
For the semi-annual period ended September 30, 2010, the Quant Foreign Value Small Cap Fund’s Ordinary Shares (the “Fund”) outperformed its benchmark, the S&P/Citigroup EPAC Small Cap Index (the “Index”). The Fund achieved a return of 5.93% at net asset value compared to 4.25% for the Index.

Fund Information
           
Net Assets Under Management
 
$100.8 Million
 
Number of Companies
    69  
Price to Book Ratio
    2.3  
Price to Earnings Ratio
    21.3  
   
Ordinary
   
Institutional
 
Total Expense Ratio (Net)
    1.70 %     1.48 %
Ticker Symbol
 
QFVOX
   
QFVIX
 
 
Market Conditions and Investment Strategies
 
 
We are pleased with the semi-annual performance of the Fund, as returns benefited from sector outperformance in energy, consumer discretionary, consumer staples, telecom and utilities.
 
 
Consumer discretionary stocks offered the greatest contribution, with two thirds of portfolio holdings producing double digit returns. British toy company Character Group was up strongly, attributable to the company’s two pronged business strategy: product expansion through the purchase of licenses and franchises from other toy manufacturers and continuation of the company’s stock buyback program. Clicks Group, the South African health and beauty retail chain, also experienced large gains, as its business model exhibited a strong growth trajectory.
 
 
Consumer staples rebounded from last quarter’s negative performance, bolstered by KRBL Limited, Thai Union and Glanbia, all of which posted double digit returns for the six month period. Comprising about 13% of the portfolio, defensive sectors including energy, telecom and utilities were not the strongest performers, yet each had meaningful positive gains. Defensive names were added due to their steady risk diversification characteristics. In telecom, Alternative Networks manages business telephone networks in the U.K. market; the company has been taking market share from competitors.
 
 
Detracting from better results were the late-cycle companies (namely materials and industrials), which suffered due to concerns about dwindling order books. In Industrials, Hampson Industries suffered on news of delayed orders from Boeing/Airbus, while Transcom Worldwide continues to undergo a restructuring. In materials, USHA Martin and Vetropack Holdings both decreased. However, recent discussions with company management teams have pointed to increases in pre-order activity. A resumption of order activity suggests underlying economic growth, especially in foreign economies. Many of the industrial and material com panies in the portfolio have substantial exposure to emerging markets, which may drive a strong recovery in sales and cash flow.
 
 
Portfolio Changes
 
During the six month period, we sold holdings in the healthcare and materials sectors, utilizing market volatility to sell at rich valuations. One Russian bank stock was sold at a profit when analysis projected margin deterioration due to increasing competition.
 
We executed 13 new buys during the six month period, adding stocks in 8 out of 10 sectors. Such purchases directly align with our objective of bolstering the number of portfolio holdings that meet the strict fundamental criteria related to cash flow and valuations.
 
 
A Look Ahead
 
We expect volatility to persist, with periods of good and bad news impacting more traditional business cycles. In our opinion, such volatility is normal; the early 1990s through 2007 period proved an anomaly when virtually all sectors experienced unprecedented, strong growth. However, more normal business cycles and security markets have returned, portending a future of satisfactory investment returns, just not excessive and unsustainable returns.
 
Volatility allows us to take advantage of market advances to sell holdings at a profit; market declines allow us to buy good companies at compelling valuations.
 

 
The Fund’s lead portfolio manager is Bernard R. Horn, Jr., of Polaris Capital Management, LLC
 


 
 

 

 

 
QUANT FOREIGN VALUE SMALL CAP FUND

 
Top 10 Holdings
Percentage of total net assets
19.2%
Alternative Networks plc
2.4%
Manila Water Company, Inc.
2.1%
Prosafe SE
2.1%
South Indian Bank Derivative
1.9%
Drädagerwerk AG
1.9%
China Hongxing Sports Limited
1.8%
M1 Ltd.
1.8%
NagaCorp Ltd.
1.8%
KRBL Limited Derivative
1.7%
LIC Housing Finance Ltd. Derivative
1.7%
 
There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.
 

 
Top 10 Country Allocations
Percentage of total net assets
68.0%
United Kingdom
17.2%
China
13.8%
India
8.3%
Ireland
5.6%
Japan
4.8%
Norway
4.5%
Sweden
4.3%
Germany
3.3%
Singapore
3.2%
South Africa
3.0%

 
Sector Allocation
Percentage of total net assets
100.0%
Consumer Discretionary
24.2%
Industrials
17.3%
Consumer Staples
9.9%
Financials
8.8%
Health Care
7.5%
Information Technology
7.0%
Materials
6.5%
Utilites
5.2%
Telecommunication Services
4.2%
Energy
3.7%
Cash and Other Assets (Net)
5.6%

 


 
 

 



 
Value of a $10,000 Investment
Quant Foreign Value Small Cap (QFVSC) Ordinary Shares vs. EPAC EMI Index
 
fvsc

 
Average Annual Total Returns
 
3Q 2010
Six
Months
One Year
Five Year
Ten Year
Since
Inception
Inception
Date
Ordinary Shares
16.10%
5.93%
17.62%
4.22%
5/1/2008
Institutional Shares1
16.17%
6.02%
17.89%
4.41%
5/1/2008
S&P/EPAC Small Cap Index
17.13%
4.25%
7.39%
(5.98)%
----------
 
1Institutional Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution fees.
 
2The S&P/ Extended Market Europe Pacific Asia Composite (“S&P/ EMI EPAC”) Index measures the bottom 20% of institutionary investable capital of developed and emerging (after 09/30/1994) countries, selected by the index sponsor outside of the United States. It is widely recognized as representative of the general market for foreign markets. Index returns assume the reinvestment of dividends and, unlike Fund returns, do no reflect any fees or expenses. You cannot invest directly in an Index. The beginning date for the Index is 05/01/08.
 
Investing in foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently than the U.S. market.
 
Performance data quoted represents past performance and is no guarantee of future results and the information above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current Fund performance may be lower or higher than performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month-end performance, visit the Fund’s website at www.quantfunds.com. Before investing, carefully consider the Fund’s investment objectives, risks, charges and expenses. For this and other information obtain the Fund’s prospectus by calling ( 800) 326-2151 or visiting www.quantfunds.com. Please read the prospectus carefully before you invest.

 
 

 

QUANT SMALL CAP FUND
 

SCHEDULE OF INVESTMENTS
 
September 30, 2010 (unaudited)
 
 
Common Stock—94.2%
   
Shares
   
Value
 
AEROSPACE & DEFENSE—0.1%
           
Hawk Corporation, Class A (a)
    661     $ 28,602  
Sparton Corporation (a)
    4,914       29,926  
              58,528  
AIRLINES—0.0%
               
Republic Airways Holdings, Inc. (a)
    3,509       29,055  
BANKS—2.5%
               
Arlington Asset Investment Corp.
    1,208       28,158  
Bank of the Ozarks, Inc.
    7,458       276,618  
CoBiz Financial, Inc.
    112,690       626,556  
F.N.B. Corporation
    59,840       512,230  
Pinnacle Financial Partners, Inc. (a)
    27,658       254,177  
WestAmerica Bancorporation
    16,056       874,892  
              2,572,631  
BIOTECHNOLOGY—0.1%
               
BioDelivery Sciences International, Inc. (a)
    9,845       28,846  
CytRx Corporation (a)
    40,020       30,011  
Inhibitex, Inc. (a)
    15,103       27,185  
              86,042  
CHEMICALS—3.3%
               
Balchem Corporation
    36,339       1,121,422  
Ferro Corporation (a)
    87,999       1,134,307  
Innospec, Inc. (a)
    1,941       29,561  
LSB Industries, Inc. (a)
    56,336       1,046,160  
Material Sciences Corporation (a)
    6,693       29,851  
OMNOVA Solutions, Inc. (a)
    3,877       27,876  
Quaker Chemical Corporation
    880       28,653  
              3,417,830  
COMMERCIAL SERVICES & SUPPLIES—6.6%
               
Acacia Research Corporation (a)
    142,512       2,508,212  
Aegean Marine Petroleum Network, Inc.
    23,855       396,947  
APAC Customer Services, Inc. (a)
    5,235       29,630  
Ballantyne Strong, Inc. (a)
    3,402       29,427  
CAI International, Inc. (a)
    1,937       29,384  
Clean Harbors, Inc. (a)
    5,835       395,321  
Collectors Universe, Inc.
    2,121       28,570  
Diamond Management & Technology Consultants, Inc. (a)
    2,306       28,825  
Kforce, Inc. (a)
    64,328       882,580  
MediaMind Technologies, Inc. (a)
    26,064       359,684  
National Technical Systems, Inc.
    4,121       31,732  
RCM Technologies, Inc. (a)
    5,804       29,252  
The Providence Service Corporation (a)
    1,939       31,780  
Waste Connections, Inc.
    50,280       1,994,105  
                6,775,449  
COMMUNICATIONS EQUIPMENT—3.4%
               
Atheros Communications, Inc. (a)
    10,004       263,605  
Hughes Communications, Inc. (a)
    15,378       419,050  
NICE-Systems Ltd. (a)(c)
    79,909       2,500,353  
Powerwave Technologies, Inc. (a)
    15,677       28,532  
Westell Technologies, Inc., Class A (a)
    12,542       28,847  
Ulticom, Inc.
    33,928       268,710  
              3,509,097  
COMPUTERS & PERIPHERALS—0.1%
               
Key Tronic Corporation (a)
    5,061       30,113  
TransAct Technologies, Inc. (a)
    3,698       29,584  
              59,697  
CONSTRUCTION & ENGINEERING—0.3%
               
MasTec, Inc. (a)
    29,348       302,871  
CONSTRUCTION MATERIALS—0.0%
               
United States Lime & Minerals, Inc. (a)
    762       29,459  
CONTAINERS & PACKAGING—2.7%
               
Silgan Holdings, Inc.
    55,449       1,757,734  
Sonoco Products Company
    27,546       921,138  
UFP Technologies, Inc. (a)
    2,622       30,861  
              2,709,733  
DISTRIBUTORS—0.0%
               
Navarre Corporation (a)
    11,224       29,182  
DIVERSIFIED FINANCIALS—3.8%
               
Dominion Resources Black Warrior Trust
    2,185       29,716  
Fifth Street Finance Corp.
    83,053       925,210  
First Cash Financial Services, Inc. (a)
    42,734       1,185,869  
optionsXpress Holdings, Inc. (a)
    40,573       623,201  
Kohlberg Capital Corporation
    4,452       29,784  
Meta Financial Group, Inc.
    916       29,266  
NewStar Financial, Inc. (a)
    4,175       30,937  
Texas Pacific Land Trust
    785       31,400  
Tower Bancorp, Inc.
    30,334       614,870  
TradeStation Group, Inc. (a)
    61,263       403,111  
Virtus Investment Partners, Inc. (a)
    971       29,382  
              3,932,746  
ELECTRICAL EQUIPMENT—1.7%
               
Infinera Corporation (a)
    82,517       962,973  
Powell Industries, Inc. (a)
    943       29,346  
Power-One, Inc. (a)(b)
    71,633       651,144  
Preformed Line Products Company
    850       29,640  
                1,673,103  
ELECTRONIC EQUIPMENT & INSTRUMENTS—4.8%
               
DDi Corp.
    3,300       30,492  
eMagin Corporation (a)
    8,967       28,605  
ePlus, Inc. (a)
    1,349       28,936  
Finisar Corporation (a)
    95,339       1,791,421  
Measurement Specialties, Inc. (a)
    1,661       30,695  
OSI Systems, Inc. (a)
    36,895       1,340,026  
Richardson Electronics, Ltd.
    2,820       29,610  
Riverbed Technology (a)
    35,664       1,625,565  
SL Industries, Inc. (a)
    2,060       29,025  
SMTC Corporation (a)
    8,435       29,016  
              4,963,391  
ENERGY EQUIPMENT & SERVICES—4.7%
               
Core Laboratories N.V.
    55,052       4,846,778  
FOOD DRUG & RETAILING—2.1%
               
Arden Group, Inc., Class A
    345       28,463  
United Natural Foods, Inc. (a)
    64,824       2,148,267  
              2,176,730  
FOOD PRODUCTS—1.4%
               
Diamond Foods, Inc.
    33,779       1,384,601  
Inventure Foods, Inc. (a)
    7,839       29,553  
Overhill Farms, Inc. (a)
    6,010       27,406  
              1,441,560  
HEALTH CARE EQUIPMENT & SUPPLIES—2.9%
               
Kensey Nash Corporation (a)
    961       27,763  
LeMaitre Vascular, Inc. (a)
    4,139       29,180  
Matrixx Initiatives, Inc. (a)
    5,701       29,075  
Nutraceutical International Corporation (a)
    1,899       29,795  
NuVasive, Inc. (a)
    18,120       636,737  
Shamir Optical Industry, Ltd.
    2,656       28,525  
Sirona Dental Systems, Inc. (a)
    18,850       679,354  
SXC Health Solutions, Corp. (a)
    40,459       1,475,540  
Synergetics USA, Inc. (a)
    10,377       29,056  
Vascular Solutions, Inc. (a)
    2,587       29,699  
              2,994,724  
HEALTH CARE PROVIDERS & SERVICES—5.0%
               
BioScrip, Inc. (a)
    196,885       1,015,927  
Continucare Corporation (a)
    7,176       30,139  
eResearch Technology, Inc. (a)
    136,026       1,017,474  
Five Star Quality Care, Inc. (a)
    5,758       29,078  
Health Grades, Inc. (a)
    3,522       28,845  
Henry Schein, Inc. (a)
    25,799       1,511,305  
Metropolitan Health Networks, Inc. (a)
    7,754       29,465  
Psychemedics Corporation
    3,086       28,700  
Universal Health Services, Inc.
    37,295       1,449,284  
                5,140,217  
HOTELS, RESTAURANTS & LEISURE—0.5%
               
AFC Enterprises, Inc. (a)
    2,357       29,227  
California Pizza Kitchen, Inc. (a)
    26,072       444,788  
Famous Dave’s of America, Inc. (a)
    3,149       29,947  
Full House Resorts, Inc. (a)
    9,014       28,304  
Krispy Kreme Doughnuts, Inc. (a)
    6,541       29,958  
              562,224  

 
 

 


HOUSEHOLD DURABLES—0.0%
           
Emerson Radio Corp. (a)
    12,878       28,976  
INSURANCE—0.8%
               
Aspen Insurance Holdings Limited
    26,142       791,580  
NYMAGIC, Inc.
    1,122       28,802  
Primus Guaranty, Ltd. (a)
    6,244       28,472  
              848,854  
INTERNET & CATALOG RETAIL—0.1%
               
Overstock.com, Inc. (a)
    1,874       29,459  
Stamps.com Inc. (a)
    2,255       29,315  
              58,774  
INTERNET SOFTWARE & SERVICES—1.7%
               
A.D.A.M., Inc. (a)
    4,431       28,093  
HealthStream, Inc. (a)
    5,495       29,233  
Internet Capital Group, Inc. (a)
    156,089       1,721,662  
                1,778,988  
IT CONSULTING & SERVICES—2.8%
               
Alliance Data Systems Corporation (a)
    43,316       2,826,802  
Internap Network Services Corporation (a)
    5,935       29,141  
              2,855,943  
MACHINERY—3.7%
               
Gardner Denver, Inc.
    55,353       2,971,350  
The Middleby Corporation (a)
    13,337       845,432  
                3,816,782  
MARINE—0.0%
               
International Shipholding Corporation
    1,051       29,680  
MEDIA—3.5%
               
Journal Communications, Inc., Class A (a)
    6,708       30,253  
ReachLocal, Inc. (a)
    2,190       30,178  
Regal Entertainment Group
    269,757       3,539,212  
              3,599,643  
METALS & MINING—4.1%
               
Compass Minerals International, Inc.
    54,399       4,168,051  
Great Northern Iron Ore Properties
    240       28,356  
              4,196,407  
MULTILINE RETAIL—0.9%
               
Fred’s, Inc., Class A
    74,778       882,380  
Gordmans, Inc. (a)
    2,613       30,180  
              912,560  
OIL & GAS—0.6%
               
L & L Energy, Inc. (a)
    3,737       29,971  
Natural Gas Services Group, Inc. (a)
    37,099       547,952  
Whiting USA Trust I
    1,415       29,559  
              607,482  
PERSONAL PRODUCTS—0.1%
               
Natural Alternatives International, Inc. (a)
    3,776       29,868  
The Female Health Company
    5,590       28,789  
              58,657  
PHARMACEUTICALS—0.5%
               
Hi-Tech Pharmacal Co., Inc. (a)
    1,431       28,963  
Penwest Pharmaceuticals Co. (a)
    5,781       28,847  
Supergen, Inc. (a)
    13,671       28,572  
Targacept, Inc. (a)
    20,440       456,630  
              543,012  
REAL ESTATE—12.7%
               
AMB Property Corporation
    24,654       652,591  
American Campus Communities, Inc.
    41,290       1,256,868  
Dynex Capital, Inc.
    2,649       28,556  
Entertainment Properties Trust
    104,488       4,511,792  
Hersha Hospitality Trust
    580,209       3,005,483  
Newcastle Investment Corp. (a)
    9,246       28,663  
RAIT Financial Trust (a)
    16,968       27,997  
Resource Capital Corp.
    4,371       27,756  
Ventas, Inc.
    66,312       3,419,710  
Winthrop Realty Trust
    2,277       28,144  
              12,987,560  
ROAD & RAIL—0.1%
               
RailAmerica, Inc. (a)
    9,567       92,130  
SEMICONDUCTOR EQUIPMENT & PRODUCTS—0.7%
               
8x8, Inc. (a)
    13,112       28,191  
AXT, Inc. (a)
    4,299       28,459  
Nova Measuring Instruments Ltd. (a)
    4,832       28,751  
Ramtron International Corporation (a)
    7,692       28,460  
RF Micro Devices, Inc. (a)
    95,981       589,323  
              703,184  
SOFTWARE—3.5%
               
Blackboard, Inc. (a)(b)
    53,009       1,910,444  
Magic Software Enterprises Ltd.
    11,224       28,060  
Peerless Systems Corporation (a)
    9,043       29,028  
Phoenix Technologies Ltd. (a)
    7,303       28,482  
SuccessFactors, Inc. (a)
    11,591       291,050  
Verint Systems Inc. (a)
    43,133       1,274,580  
                3,561,644  
SPECIALTY RETAIL—2.0%
               
America’s Car-Mart, Inc. (a)
    1,127       28,378  
Borders Group, Inc. (a)
    23,644       28,136  
Chico’s FAS, Inc.
    161,933       1,703,535  
Hastings Entertainment, Inc. (a)
    4,438       30,134  
Kirkland’s, Inc. (a)
    2,095       29,037  
PC Connection, Inc. (a)
    4,205       28,720  
Select Comfort Corporation (a)
    4,163       28,225  
The Talbots, Inc. (a)
    11,716       153,480  
Winmark Corporation
    860       28,758  
                2,058,403  
TEXTILES & APPAREL—5.7%
               
Cherokee, Inc.
    1,538       28,053  
Crocs, Inc. (a)
    88,660       1,153,467  
GUESS?, Inc.
    84,932       3,450,787  
Kid Brands, Inc. (a)
    3,362       28,913  
LaCrosse Footwear, Inc.
    2,118       29,250  
Phillips-Van Heusen Corporation
    17,990       1,082,278  
              5,772,748  
WIRELESS TELECOMMUNICATION SERVICES—4.7%
               
SBA Communications Corporation (a)
    119,164       4,802,309  
USA Mobility, Inc.
    1,776       28,469  
              4,830,778  
TOTAL COMMON STOCK
               
(Cost $78,615,969)
            96,653,252  
Short Term Investments—6.7%
               
   
Par Value
   
Value
 
State Street Bank & Trust Co., Repurchase Agreement
.01%, 10/01/10, (Dated 09/30/10), Collateralized
by $6,580,000 par U.S. Treasury Note—2.5% due
04/30/15, Market Value $7,045,206, Repurchase
Proceeds $6,907,002 (Cost $6,907,000)
  $ 6,907,000       6,907,000  
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS
PURCHASED WITH CASH COLLATERAL FROM
SECURITIES LOANED)—100.9%
(Cost $85,522,969)
            103,560,252  
INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED—1.1%
               
Money Market—1.1%
               
JP Morgan Prime Money Market Fund—Inst.
(Cost $1,167,707)
  $ 1,167,707     $ 1,167,707  
TOTAL INVESTMENTS—102.0%
(Cost $86,690,676)
            104,727,959  
OTHER ASSETS & LIABILITIES (NET)—(2.0%)
            (2,141,541 )
NET ASSETS—100%
          $ 102,586,418  

(a)
Non-income producing security
(b)
All or a portion of this security was out on loan.
(c)
ADR—American Depositary Receipts
 
The Portfolio is actively managed and holdings are subject to change.
 
There is no guarantee the Fund will continue to invest in the securities referenced.
 
Reference to specific securities or holdings should not be considered recommendations for action by investors.
 

 

 

 

 

 

 

 

 

 

 

 


 
The accompanying notes are an integral part of these financial statements..

 
 

 

 
QUANT LONG/SHORT FUND
 

SCHEDULE OF INVESTMENTS
September 30, 2010 (unaudited)
 
Common Stock—98.9%
 
Long Positions—129.0%
   
Shares
   
Value
 
AEROSPACE & DEFENSE—1.2%
           
General Dynamics Corporation
    3,900       244,959  
Lockheed Martin Corporation (b)
    5,057       360,463  
              605,422  
AIRLINES—0.8%
               
Continental Airlines, Inc. (a)
    14,850       368,874  
AUTOMOBILES & COMPONENTS—2.8%
               
Ford Motor Company (a)(b)
    105,494       1,291,247  
The Goodyear Tire & Rubber Company (a)
    6,294       67,660  
                1,358,907  
BANKS—7.6%
               
East West Bancorp, Inc.
    19,535       318,030  
M&T Bank Corporation (b)
    11,956       978,120  
New York Community Bancorp, Inc. (b)
    45,847       745,014  
The PNC Financial Services Group, Inc.
    31,203       1,619,748  
              3,660,912  
BUILDING PRODUCTS—0.9%
               
Owens Corning (a)(b)
    16,290       417,513  
CHEMICALS—2.8%
               
Airgas, Inc.
    434       29,490  
E. I. du Pont de Nemours and Company
    2,551       113,826  
Eastman Chemical Company (b)
    3,070       227,180  
Huntsman Corporation
    67,863       784,496  
The Dow Chemical Company
    6,778       186,124  
              1,341,116  
COMMERCIAL SERVICES & SUPPLIES—1.7%
               
Career Education Corporation (a)
    4,737       101,703  
Con-way, Inc.
    2,749       85,192  
ITT Educational Services, Inc. (a)(b)
    8,983       631,235  
              818,130  
COMMUNICATIONS EQUIPMENT—0.4%
               
Harris Corporation
    146       6,466  
JDS Uniphase Corporation (a)(b)
    15,195       188,266  
              194,732  
COMPUTERS & PERIPHERALS—12.7%
               
Apple, Inc. (a)(b)
    9,343       2,651,076  
International Business Machines
    21,818       2,926,667  
Lexmark International, Inc. (a)
    6,028       268,969  
SanDisk Corporation (a)(b)
    7,068       259,042  
                6,105,754  
                 
CONSTRUCTION & ENGINEERING—0.1%
               
Chicago Bridge & Iron Company N.V. (a)
    1,066       26,064  
CONSUMER SERVICES—0.4%
               
H&R Block, Inc.
    14,001       181,313  
CONTAINERS & PACKAGING—0.0%
               
Pactiv Corporation (a)
    609       20,085  
DISTRIBUTORS—0.8%
               
WESCO International, Inc. (a)
    10,146       398,636  
DIVERSIFIED FINANCIAL SERVICES—3.7%
               
Capital One Financial Corporation (b)
    3,864       152,821  
Citigroup, Inc. (a)
    108,616       423,602  
JPMorgan Chase & Co.
    4,962       188,903  
Morgan Stanley
    6,682       164,912  
NYSE Euronext
    6,219       177,677  
The Goldman Sachs Group, Inc. (b)
    4,539       656,249  
              1,764,164  
DIVERSIFIED TELECOMMUNICATION SERVICES—2.4%
               
AT&T Corporation (b)
    13,365       382,239  
Qwest Communications International, Inc.
    7,337       46,003  
Sprint Nextel Corporation (a)(b)
    149,466       692,028  
              1,120,270  
ELECTRIC UTILITIES—3.6%
               
Constellation Energy Group, Inc., (b)
    10,811       348,547  
DTE Energy Company
    2,236       102,699  
Exelon Corporation
    30,109       1,282,041  
              1,733,287  
ELECTRICAL EQUIPMENT—0.3%
               
Rockwell Automation, Inc. (b)
    2,237       138,090  
ELECTRONIC EQUIPMENT & INSTRUMENTS—4.1%
               
Jabil Circuit, Inc. (b)
    86,240       1,242,718  
Molex Incorporated
    814       17,037  
Tech Data Corporation (a)(b)
    17,426       702,268  
              1,962,023  
FOOD PRODUCTS—4.7%
               
Sara Lee Corporation (b)
    24,767       332,621  
The Hershey Company (b)
    13,946       663,690  
Tyson Foods, Inc. (b)
    80,134       1,283,747  
                2,280,058  
FOOD STAPLES & DRUG RETAILING—2.1%
               
Supervalu, Inc. (b)
    86,252       994,486  
HEALTH CARE EQUIPMENT & SERVICES—4.1%
               
Covidien plc
    2,136       85,846  
McKesson Corporation
    27,852       1,720,697  
Medtronic, Inc.
    2,363       79,349  
WellPoint, Inc. (a)
    1,619       91,700  
              1,977,592  
HEALTH CARE PROVIDERS & SERVICES—3.7%
               
Cardinal Health, Inc. (b)
    54,167       1,789,678  
                 
HOTELS, RESTAURANTS & LEISURE—0.1%
               
Marriott International, Inc.
    1,256       45,002  
HOUSEHOLD DURABLES—0.4%
               
Newell Rubbermaid, Inc.
    9,690       172,579  
Whirlpool Corporation
    265       21,454  
              194,033  
HOUSEHOLD PRODUCTS—0.5%
               
Kimberly-Clark Corporation
    974       63,359  
The Clorox Company (b)
    2,352       157,019  
              220,378  
INSURANCE—1.9%
               
Prudential Financial, Inc.
    17,223       933,142  
IT CONSULTING & SERVICES—3.9%
               
Cognizant Technology Solutions Corporation (a)
    29,505       1,902,187  
LEASURE EQUIPMENT & PRODUCTS—0.1%
               
Eastman Kodak Company (b)
    8,039       33,764  
MACHINERY—1.8%
               
Joy Global, Inc. (b)
    12,577       884,415  
MEDIA—11.0%
               
Comcast Corporation (b)
    35,771       646,740  
DISH Network Corporation (a)
    5,531       105,974  
Gannett Co., Inc.
    13,617       166,536  
Netflix, Inc. (a)(b)
    4,408       714,801  
The New York Times Company (a)(b)
    27,383       211,945  
Time Warner Cable, Inc.
    19,070       1,029,589  
Time Warner, Inc.
    70,349       2,156,197  
Viacom, Inc. (a)(b)
    6,648       240,591  
                5,272,373  
METALS & MINING—1.4%
               
AK Steel Holding Corporation
    665       9,184  
Newmont Mining Corporation
    10,273       645,247  
              654,431  
OIL & GAS—10.9%
               
Apache Corporation (b)
    5,011       489,875  
Chevron Corporation
    5,780       468,469  
ConocoPhillips (b)
    44,237       2,540,531  
Devon Energy Corporation
    15,531       1,005,477  
Frontline Ltd.
    694       19,730  
Marathon Oil Corporation
    11,665       386,112  
Valero Energy Corporation
    18,755       328,400  
              5,238,594  
PAPER & FOREST PRODUCTS—0.5%
               
International Paper Company
    12,031       261,674  
PHARMACEUTICALS & BIOTECHNOLOGY—12.0%
               
Amgen, Inc. (a)
    37,270       2,053,950  
Biogen Idec, Inc. (a)(b)
    24,736       1,388,184  
Celgene Corporation (a)(b)
    3,975       229,000  
Eli Lilly and Company (b)
    34,400       1,256,632  
Gilead Sciences, Inc. (a)(b)
    14,848       528,737  
Johnson & Johnson
    5,117       317,049  
              5,773,552  
REAL ESTATE—3.4%
               
Chimera Investment Corporation (b)
    367,626       1,452,123  
Forest City Enterprises, Inc. (a)
    14,753       189,281  
              1,641,404  
RETAILING—4.8%
               
Amazon.com, Inc. (a)
    5,407       849,223  
Best Buy Co., Inc. (b)
    23,659       965,997  
PetSmart, Inc. (b)
    8,496       297,360  
priceline.com Incorporated (a)
    576       200,644  
              2,313,224  
SEMICONDUCTOR EQUIPMENT—4.5%
               
Advanced Micro Devices, Inc. (a)(b)
    151,403       1,076,475  
Micron Technology, Inc. (a)(b)
    143,827       1,036,993  
Teradyne, Inc. (a)
    3,074       34,244  
              2,147,712  
SOFTWARE & SERVICES—5.9%
               
McAfee, Inc. (a)
    715       33,791  
Microsoft Corporation
    92,768       2,271,888  
VMware, Inc. (a)(b)
    6,278       533,254  
              2,838,933  
TOBACCO—2.6%
               
Philip Morris International, Inc.
    22,788       1,276,584  
UTILITIES—0.1%
               
Allegheny Energy, Inc.
    890       21,823  
WIRELESS TELECOMMUNICATIONS—2.3%
               
MetroPCS Communications, Inc. (a)(b)
    42,310       442,562  
NII Holdings, Inc. (a)
    16,458       676,424  
              1,118,986  
TOTAL LONG POSITIONS—129.0%
               
(Cost $61,813,835)
            62,029,317  
Short Positions—(30.1%)
               
AUTOMOBILES & COMPONENTS—(0.4%)
               
LKQ Corporation (a)
    (9,503 )     (197,663 )
BANKS—(0.4%)
               
Wilmington Trust Corporation
    (21,062 )     (189,137 )
BIOTECHNOLOGY—(5.2%)
               
Dendreon Corporation (a)
    (12,640 )     (520,515 )
Human Genome Sciences, Inc. (a)
    (33,551 )     (999,484 )
Vertex Pharmaceuticals Incorporated (a)
    (29,003 )     (1,002,634 )
              (2,522,633 )
CHEMICALS—(0.9%)
               
Intrepid Potash, Inc. (a)
    (16,202 )     (422,386 )

 
 

 


COMMERCIAL SERVICES AND SUPPLIES—(2.2%)
   
Genpact Limited
(4,818)
(85,423)
Monster Worldwide, Inc. (a)
(74,550)
(966,168)
   
(1,051,591)
COMMUNICATIONS EQUIPMENT—(2.4%)
   
Ciena Corporation (a)
(73,774)
(1,148,661)
CONSUMER SERVIES & SUPPLIES—(0.4%)
   
Apollo Group, Inc. (a)
(4,129)
(212,024)
DIVERSIFIED FINANCIAL SERVICES—(0.5%)
   
Interactive Brokers Group, Inc. (a)
(1,281)
(22,046)
Marshall & Ilsley Corporation
(20,698)
(145,714)
Morningstar, Inc. (a)
(1,166)
(51,957)
   
(219,717)
DIVERSIFIED TELECOMMUNICATION SERVICES—(0.4%)
   
Clearwire Corporation (a)
(26,804)
(216,844)
ENERGY EQUIPMENT & SERVICES—(0.7%)
   
Cobalt International Energy, Inc. (a)
(37,074)
(354,057)
FOOD & DRUG RETAILING—(0.0%)
   
Central European Distribution Corporation (a)
(189)
(4,219)
HEALTH CARE EQUIPMENT & SERVICES—(0.1%)
   
Boston Scientific Corporation (a)
(3,661)
(22,442)
Hologic, Inc. (a)
(2,646)
(42,362)
   
(64,804)
HEALTH CARE PROVIDERS & SERVICES—(1.5%)
   
Alere, Inc. (a)
(23,183)
(717,050)
LEISURE EQUIPMENTS & PRODUCTS—(0.2%)
   
IAC/InterActiveCorp (a)
(3,595)
(94,441)
MEDIA—(6.7%)
   
Brocade Communications Systems, Inc. (a)
(152,445)
(890,279)
Clear Channel Outdoor Holdings, Inc. (a)
(25,473)
(291,156)
DreamWorks Animation SKG, Inc. (a)
(2,922)
(93,241)
Lamar Advertising Company (a)
(12,602)
(400,996)
Liberty Media Capital (a)
(29,450)
(1,533,167)
   
(3,208,839)
OIL & GAS—(0.6%)
   
Comstock Resources, Inc. (a)
(13,170)
(296,193)
PHARMACEUTICALS & BIOTECHNOLOGY—(0.7%)
   
King Pharmaceuticals, Inc. (a)
(32,066)
(319,377)
REAL ESTATE—(0.4%)
   
Corrections Corporation of America (a)
(1,647)
(40,648)
Douglas Emmett, Inc.
(9,325)
(163,281)
   
(203,929)
SEMICONDUCTOR EQUIPMENT—(3.3%)
   
Cypress Semiconductor Corporation (a)
(13,431)
(168,962)
MEMC Electronic Materials, Inc. (a)
(79,658)
(949,523)
Rambus, Inc. (a)
(22,418)
(467,191)
   
(1,585,676)

 
 

 


SOFTWARE & SERVICES—(2.3%)
           
Novell, Inc. (a)
    (120,806 )     (721,212 )
Nuance Communications, Inc. (a)
    (23,918 )     (374,077 )
              (1,095,289 )
                 
UTILITIES—(0.8%)
               
RRI Energy, Inc. (a)
    (102,439 )     (363,659 )
TOTAL SHORT POSITIONS—(30.1%)
               
(Proceeds $13,667,463)
            (14,488,189 )
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS
PURCHASED WITH CASH COLLATERAL FROM
SECURITIES LOANED)—98.9%
               
(Cost $48,146,372)
            47,541,128  
 
Short Term Investments—0.4%
   
Par Value
   
Value
 
T Bills—0.4%
           
U.S. Treasury Bill, due 2/10/2011 (c)
(Cost $199,835)
  $ 200,000     $ 199,896  
INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED—15.3%
               
Registered Money Market—15.3%
               
State Street Navigator Securities Lending Prime Portfolio
(Cost $7,352,939)
  $ 7,352,939       7,352,939  
TOTAL INVESTMENTS—114.6%
               
(Cost $55,699,146)
            55,093,963  
OTHER ASSETS & LIABILITIES (NET)—(14.6%)
            (7,018,541 )
NET ASSETS—100%
          $ 48,075,422  

(a)
Non-Income producing security
 
(b)
All or a portion of this security was out on loan.
 
(c)
At September 30, 2010, Certain United States Treasury Bills with a market value of $199,896 were pledged to cover margin requirements for futures contracts.
 
 
Futures Contracts at September 30, 2010: Contracts—$50 times premium/delivery month/commitment
 
 
S&P 500 E Mini Index
 
Unrealized
Appreciation
 
 
9/Dec2010/Long
  $ 9,494  
 
Short security positions may be held with cash collateral for securities loaned.
 
 
The percentage of each investment category is calculated as a percentage of net assets.
 









 

 

 


 
The accompanying notes are an integral part of these financial statements.


 
 

 

QUANT EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS
September 30, 2010 (unaudited)
 
Common Stock—91.0%
   
Shares
   
Value
 
BRAZIL—8.7%
           
Banco Bradesco SA (c)
    5,229         106,567  
Banco do Brasil SA
    143,610       2,718,707  
BR Malls Participacoes SA (a)
    37,089       309,002  
Brasil Telecom Participacoes SA
    41,026       362,591  
Cielo SA
    85,749       744,216  
Companhia de Bebidas das Americas (c)
    15,506       1,919,333  
Cosan SA Industria e Comercio
    71,002       1,051,727  
Energias do Brasil SA (a)
    43,527       938,657  
Equatorial Energia SA (a)
    25,646       154,885  
Light SA
    8,035       102,260  
M. Dias Branco SA (a)
    4,099       100,205  
Petroleo Brasileiro SA
    183,687       3,290,175  
Petroleo Brasileiro SA (c)
    134,987       4,430,273  
Redentor Energia SA
    25,646       116,655  
Souza Cruz SA (a)
    42,613       2,123,118  
Sul America SA (a)
    23,619       264,413  
Tele Norte Leste Participacoes SA (c)
    101,544       1,429,740  
Vale SA
    57,936       1,785,325  
              21,947,849  
CHILE—1.5%
               
Banco Santander Chile (c)
    21,605       2,085,963  
Enersis SA (c)
    44,064       1,035,945  
Lan Airlines SA (b)(c)
    25,723       757,285  
              3,879,193  
CHINA—19.9%
               
Bank of China Ltd.
    7,250,902       3,821,426  
Bosideng International Holdings Ltd.
    1,386,000       603,657  
Central China Real Estate Ltd. (a)
    1,269,770       310,877  
China Coal Energy Co., Ltd.
    1,051,000       1,736,205  
China Construction Bank Corporation
    4,942,709       4,330,961  
China Mobile Limited
    356,734       3,654,449  
China Petroleum & Chemical Corporation
    2,522,000       2,235,856  
China Pharmaceutical Group Limited
    1,958,752       1,009,601  
China Shenhua Energy Co., Ltd.
    462,000       1,910,985  
China Shineway Pharmaceutical Group Limited
    50,000       176,535  
China State Construction Engineering Corporation
    1,336,000       805,680  
China Unicom (Hong Kong) Ltd. (a)
    1,242,000       1,814,868  
China Yuchai International Ltd.
    22,321       427,001  
CNOOC Limited
    2,338,058       4,537,227  
COSCO International Holdings Ltd.
    856,000       511,802  
Daphne International Holdings Ltd.
    318,000       375,757  
Dongfeng Motor Group Company Limited
    1,301,069       2,665,678  
Fosun International
    515,000       409,452  
Fufeng Group Limited (a)
    288,000       205,595  
Great Wall Motor Co., Ltd. (b)
    530,000       1,441,015  
Greentown China Holdings Ltd.
    393,000       427,411  
GZI Real Estate Investment Trust
    233,000       117,093  
Haitian International Holdings Ltd.
    118,000       115,560  
Industrial & Commercial Bank of China Ltd.
    157,215       117,093  
Kingboard Chemical Holdings, Ltd.
    29,500       149,771  
Kowloon Development Co., Ltd.
    130,000       145,235  
Lianhua Supermarket Holdings Co., Ltd.
    64,000       261,014  
Real Gold Mining Limited (b)
    168,500       300,067  
Renhe Commercial Holdings (a)
    6,230,230       1,164,079  
Shenzhen Investment Ltd.
    828,000       299,811  
Silver Grant International Industries Ltd.
    366,000       115,547  
Sino Biopharmaceutical Limited (b)
    918,036       370,266  
Sinolink Worldwide Holdings Limited
    3,205,055       503,855  
Soho China Limited
    1,972,000       1,405,214  
Tencent Holdings Limited
    118,169       2,580,974  
Texwinca Holdings Ltd.
    196,000       223,517  
TPV Technology Limited
    930,000       613,569  
Tsingtao Brewery Co., Ltd.
    16,000       91,644  
Weichai Power Company Ltd. (a)
    160,000       1,700,921  
Yanzhou Coal Mining Company Limited
    956,448       2,346,598  
Yue Yuen Industrial Holdings Ltd.
    188,000       695,264  
Zhaojin Mining Industry Co. Ltd., H Shares
    69,500       214,039  
Zhejiang Expressway Co., Ltd. (a)
    1,180,000       1,116,062  
Zijin Mining Group Co., Ltd.
    1,080,285       918,740  
              48,977,971  
CZECH REPUBLIC—0.7%
               
Komercni Banka AS
    7,920       1,724,621  
HUNGARY—0.5%
               
Egis Gyogyszergyar Nyrt.
    2,555       279,968  
Magyar Telekom Telecommunications PLC
    162,058       529,546  
Richter Gedeon Nyrt.
    1,436       331,638  
              1,141,152  
INDIA—8.8%
               
ACC Limited
    39,575       876,313  
Allahabad Bank
    226,017       1,171,707  
Andhra Bank
    346,779       1,232,074  
Apollo Tyres Ltd.
    244,797       441,272  
Balrampur Chini Mills
    569,740       1,179,166  
Bank of Baroda
    105,012       2,046,139  
Canara Bank
    139,315       1,804,259  
Chambal Fertilisers & Chemicals Limited
    558,541       858,290  
Great Eastern Shipping Company Limited
    75,354       528,073  
Hindalco Industries Ltd.
    359,602       1,567,732  
Indian Bank
    206,230         1,271,755  
Indian Overseas Bank
    120,612       352,965  
Jet Airways (India) Ltd.
    39,309       714,622  
Lupin Limited
    55,900       484,483  
Oil and Natural Gas Corp. Limited
    69,802       2,172,895  
Oriental Bank of Commerce
    154,841       1,588,038  
Patni Computer Systems
    89,695       828,384  
Rolta India Limited
    122,669       442,247  
Tata Chemicals Ltd.
    144,873       1,299,295  
Tata Global Beverages Ltd.
    54,340       146,386  
Tata Motors Ltd.
    2,953       71,950  
Tata Steel Limited
    31,422       455,928  
Union Bank of India
    54,022       466,524  
Welspun Corp Ltd.
    37,339       223,527  
              22,224,024  
INDONESIA—3.2%
               
PT Astra International Tbk (a)
    427,504       2,715,908  
PT Bank Mandiri (a)
    222,356       179,380  
PT Bank Rakyat Indonesia (a)
    1,392,457       1,560,176  
PT Charoen Pokphand Indonesia Tbk
    307,000       299,261  
PT Indika Energy Tbk
    1,000,000       372,549  
PT Indo Tambangraya Megah Tbk
    127,000       591,955  
PT Kalbe Farma Tbk
    880,000       251,429  
PT Semen Gresik
    1,073,143       1,190,377  
PT United Tractors Tbk
    409,000       937,148  
              8,098,183  
MALAYSIA—3.8%
               
Affin Holdings Berhad (a)
    106,500       107,638  
Alliance Financial Group Berhad
    137,800       137,934  
Gamuda Berhad
    436,700       548,881  
Genting Malaysia Berhad
    213,400       234,346  
Hong Leong Bank Berhad
    282,116       832,548  
Hong Leong Financial Group Berhad (a)
    155,700       456,962  
IOI Corporation Berhad
    589,300       1,044,208  
KLCC Property Holdings Berhad
    137,400       147,326  
Kuala Lumpur Kepong Berhad
    70,200       386,589  
Lafarge Malayan Cement Berhad
    250,371       639,918  
RHB Capital Berhad
    528,170       1,237,016  
Malayan Banking Berhad
    316,900       903,375  
Multi-Purpose Holdings Berhad
    106,100       76,301  
Parkson Holdings Berhad
    39,800       75,036  
PLUS Expressways Berhad
    382,100       516,151  
Tan Chong Motor Holdings Berhad
    124,200       239,790  
Telekom Malaysia Berhad
    980,754       1,086,550  
Tenaga Nasional Berhad
    8,060       23,029  
Top Glove Berhad
    542,400       901,364  
                9,594,962  
MEXICO—3.1%
               
Alfa SA
    178,194       1,375,759  
America Movil SAB de C.V., Series L
    468,700       1,250,005  
Coca-Cola FEMSA SAB de C.V. (c)
    14,811       1,158,516  
Embotelladoras Arca, S. A. B. de C.V.
    71,070       288,138  
Fomento Economico Mexicano SAB (c)
    42,806       2,171,548  
Grupo Aeroportuario del Sureste, S. A. B. de C.V., Series B
    20,302       95,975  
Grupo Bimbo SAB de C.V.
    79,401       578,440  
Grupo Carso SAB de C.V., Series A
    26,964       135,796  
Kimberly-Clark de Mexico SA de C.V., Class A
    44,323       283,762  
Organizacion Soriana S.A.B. de C.V., Class B
    133,502       368,942  
Telefonos de Mexico SA (c)
    7,515       112,199  
              7,819,080  
PHILIPPINES—0.4%
               
SM Investments Corporation (a)
    86,426       1,122,543  
POLAND—0.7%
               
KGHM Polska Miedz SA
    47,071       1,890,188  
RUSSIA—5.4%
               
Evraz Group SA (a)(b)(d)
    46,413       1,385,428  
Gazprom (a)(c)
    143,893       3,020,314  
LUKoil (c)
    62,670       3,559,656  
Mobile TeleSystems (a)(c)
    38,555       818,523  
Norilsk Nickel Mining and Metallurgical Co. (c)
    117,348       2,000,783  
Severstal (a) (d)
    141,012       2,086,978  
Tatneft (c)
    21,397       669,512  
              13,541,194  
SINGAPORE—0.8%
               
Yangzijiang Shipbuilding Holdings Limited
    1,522,940       2,036,140  
SOUTH AFRICA—5.3%
               
Absa Group Limited (a)
    121,236       2,320,803  
Adcock Ingram Holdings Ltd.
    28,479       258,345  
African Rainbow Minerals Ltd.
    37,668       904,032  
Barloworld Limited (a)
    121,019       809,098  
Emira Property Fund (a)
    31,776       59,240  
FirstRand Limited
    85,575       262,349  
Fountainhead Property Trust Management Limited
    201,541       199,238  
Gold Fields Ltd. (c)
    8,746       133,551  
Grindrod Limited
    32,962       79,109  
Group Five Limited
    18,891       98,503  
Imperial Holdings Limited
    97,229       1,575,804  
Investec Limited (a)
    173,717       1,475,850  
Kumba Iron Ore Limited (a)
    2,119       109,864  
Metropolitan Holdings Limited
    529,847       1,241,356  
Netcare Limited
    89,434       176,824  
RMB Holdings Ltd.
    286,235       1,551,803  
Sanlam Limited (a)
    498,596       1,873,296  
Santam Limited
    7,287       117,747  
Sasol Ltd.
    896       40,049  
              13,286,862  
SOUTH KOREA—12.8%
               
Busan Bank
    124,406       1,532,912  
Daegu Bank (a)
    80,030       1,052,795  
Daishin Securities Company (a)
    56,179       739,035  
Daum Communications Corp.
    5,321       367,722  
Dongbu Insurance Co., Ltd.
    5,885       181,931  
Dongkuk Steel Mill Company, Ltd.
    51,880       1,242,117  
GS Engineering & Construction Corp.
    9,687       745,056  
Halla Climate Control Corp.
    23,300       436,268  
Hana Financial Group, Inc.
    18,360       543,433  
Hanwha Chemical Corporation (a)
    108,441       2,601,062  
Hyundai Department Store Co., Ltd. (a)
    14,092       1,705,500  
Hyundai Marine & Fire Insurance Co., Ltd.
    18,940       368,751  
Hyundai Motor Company
    5,121       687,141  
Kangwon Land, Inc. (a)
    87,858       1,910,878  
Korea Exchange Bank
    111,500       1,349,441  
Korean Reinsurance Company, Ltd.
    9,432       93,886  
KP Chemical Corp. (a)
    105,471       1,267,224  
KT Corporation
    1,970       78,955  
LG Corp.
    35,272       2,552,019  
LG Display Co., Ltd. (a)
    59,314       2,049,526  
LG Electronics, Inc.
    17,390       1,465,625  
NEOWIZ Games Corporation
    22,068       891,236  
Orion Corporation
    1,533       556,599  
Pohang Iron and Steel Company
    878       397,323  
Samsung C&T Corporation
    4,531       247,164  
Samsung Electronics Co., Ltd.
    9,470       6,453,137  
SeAH Besteel Corporation
    6,270       156,166  
SK C&C Co., Ltd.
    1,763       156,934  
SK Communications Co., Ltd.
    24,021       396,049  
              32,225,885  
TAIWAN—9.9%
               
Acer, Inc.
    559,559       1,422,114  
Advantech Co., Ltd.
    75,000       197,334  
AU Optronics Corp.
    1,487,043       1,542,186  
China Bills Finance Corporation (a)
    407,576       112,195  
Chunghwa Telecom Co., Ltd.
    885,000       1,982,939  
Coretronic Corp.
    282,000       433,270  
Delta Electronics, Inc.
    416,000       1,737,689  
Eternal Chemical Co., Ltd.
    707,269       740,288  
Farglory Land Development Co., Ltd.
    172,000       418,418  
Formosa Chemicals & Fiber Corporation
    356,000       860,330  
Foxconn Technology Co., Ltd.
    34,200       108,375  
Huaku Development Co., Ltd.
    77,000       213,194  
Lite-On Technology Corp. (a)
    1,127,682       1,422,168  
MediaTek, Inc. (a)
    176       2,473  
Nan Ya Plastics Corporation
    70,000       153,258  
Novatek Microelectronics Corp., Ltd.
    112,000       317,270  
Pou Chen Corporation
    1,531,000       1,340,296  
Powertech Technology, Inc.
    263,000       846,038  
President Chain Store Corp.
    197,000       848,119  
Quanta Computer, Inc. (a)
    57,299       92,987  
SoftWorld International Corp.
    99,604       438,377  
Taiwan Semiconductor Manufacturing Company Ltd.
    2,477,386       4,916,471  
TECO Electric & Machinery Co., Ltd.
    801,000       464,065  
Tong Yang Industry Co., Ltd.
    209,000       359,912  
Tripod Technology Corporation
    76,000       290,703  
TSRC Corp.
    232,336       358,453  
Tung Ho Steel Enterprise Corporation
    204,889       191,500  
U-Ming Marine Transport Corporation (a)
    678,231       1,332,951  
United Microelectronics Corporation (a)
    2,622,022       1,162,396  
Wintek Corporation
    350,000       548,389  
WPG Holdings Co., Ltd. (a)
    828,929       1,645,043  
              26,499,201  
THAILAND—2.1%
               
Banpu PCL
    8,000       189,786  
Charoen Pokphand Foods PCL (e)
    435,700       362,485  
CP ALL PCL
    439,735       612,152  
Krung Thai Bank PCL
    4,023,091       2,240,206  
Thai Airways International PCL (a)
    1,498,986       1,938,557  
              5,343,186  
TURKEY—3.4%
               
Akbank TAS (a)
    66,897       407,965  
Albaraka Turk Katilim Bankasi AS (a)
    80,540       149,847  
Arcelik AS
    176,820       968,660  
Eregli Demir ve Celik Fabrikalari TAS
    162,613       577,079  
Ford Otomotiv Sanayi AS
    27,935       238,695  
Haci Omer Sabanci Holding AS (a)
    36,619       189,252  
Selcuk Ecza Deposu Ticaret Ve Sanayi AS
    93,444       163,553  
Tofas Turk Otomobil Fabrikasi AS
    77,507       400,567  
Tupras—Turkiye Petrol Rafinerileri AS
    6,765       181,805  
Turkiye Halk Bankasi AS (a)
    224,268       2,070,832  
Turkiye Is Bankasi AS
    590,178       2,501,099  
Turkiye Sise ve Cam Fabrikalari AS
    442,862       787,337  
              8,636,691  
TOTAL COMMON STOCK
               
(Cost $184,833,474)
            229,988,925  
Preferred Stock—6.7%
               
BRAZIL—6.7%
               
Banco ABC Brasil
    15,311       153,363  
Banrisul SA
    112,602       1,130,532  
Bradespar SA
    61,572       1,469,282  
Brasil Telecom Participacoes SA
    79,817       524,369  
Cia Brasileira de Distribuicao Grupo Pao de Acucar
    39,893       1,371,528  
Companhia Paranaense de Energia-COPEL
    14,404       316,138  
Eletropaulo Metropolitana SA
    65,487       1,165,277  
Industrias Klabin de Papel e Celulose
    360,663       998,772  
Itau Unibanco Holding SA
    34,751       828,643  
Marcopolo SA
    54,626       180,241  
Metalurgica Gerdau SA (a)
    82,433       1,326,932  
Suzano Papel e Celulose SA
    63,353       599,114  
Telecomunicacoes de Sao Paulo SA
    37,880       926,243  
Telemar Norte Leste SA
    9,860       260,849  
Ultrapar Participacoes SA
    26,001       1,559,570  
Vale SA (a)
    154,325       4,210,021  
TOTAL PREFERRED STOCK
               
(Cost $14,707,945)
            17,020,874  
Exchange Traded Funds—2.0%
               
UNITED STATES—2.0%
               
Vanguard Emerging Markets ETF
(Cost $5,012,283)
    111,657       5,069,228  
Short Term Investments—6.9%
               
   
Par Value
   
Value
 
State Street Bank & Trust Co., Repurchase Agreement .
01%, 10/01/10, (Dated 09/30/10), Collateralized by
$16,545,000 par U.S. Treasury Note—2.5% due
04/30/2015, Market Value $17,714,732, Repurchase
 Proceeds $17,366,005 (Cost $17,366,000)
  $ 17,366,000       17,366,000  
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS
PURCHASED WITH CASH COLLATERAL FROM
SECURITIES LOANED)
(Cost $221,919,702)
            269,445,027  
INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED—1.7%
               
Money Market—1.7%
               
JP Morgan Prime Money Market Fund—Inst.
(Cost $4,259,949)
    4,259,949       4,259,949  
TOTAL INVESTMENTS—108.3%
               
(Cost $226,179,651)
            273,704,976  
OTHER ASSETS & LIABILITIES (Net)—(8.3%)
            (20,986,076 )
NET ASSETS—100%
          $ 252,718,900  

(a)
Non-income producing security.
(b)
All or a portion of this security was out on loan.
(c)
ADR—American Depositary Receipts
 
(d)
GDR—Global Depositary Receipts
 
(e)
NVDR—Non Voting Depository Receipts
 
 

 
The percentage of each investment category is calculated as a percentage of net assets.
 

SECTOR ALLOCATIONS
(as a percentage of Total Net Assets)
Financials
24.1%
Materials
14.5%
Energy
13.0%
Information Technology
13.0%
Industrials
8.7%
Consumer Discretionary
8.5%
Consumer Staples
6.8%
Telecommunication Services
5.9%
Health Care
1.7%
Utilities
1.5%
Exchange Traded Funds
2.0%
Cash and Other Assets (Net)
0.3%
 
100.0%






















































 


 
The accompanying notes are an integral part of these financial statements.

 
 

 

QUANT FOREIGN VALUE FUND

SCHEDULE OF INVESTMENTS
 September 30, 2010 (unaudited)
 
Common Stock—94.7%
   
Shares
   
Value
 
AUSTRALIA—1.9%
           
BHP Billiton Ltd.
    208,300       7,812,365  
AUSTRIA—2.0%
               
Andritz AG
    114,860       8,046,358  
BELGIUM—3.1%
               
KBC Groep N.V. (a)
    167,985       7,517,464  
Solvay S.A.
    45,180       4,808,057  
              12,325,521  
CANADA—2.1%
               
Methanex Corporation
    341,607       8,367,410  
CYPRUS—0.7%
               
Prosafe SE
    422,862       2,597,594  
FINLAND—6.3%
               
Kone OYJ-B
    210,900       10,870,631  
Konecranes OYJ
    148,280       5,531,557  
YIT OYJ
    384,617       9,096,347  
              25,498,535  
FRANCE—6.7%
               
Christian Dior S.A.
    67,973       8,863,463  
Imerys S.A.
    69,252       4,138,389  
Technip S.A.
    131,550       10,553,785  
Transgene S.A.
    142,827       3,195,326  
              26,750,963  
GERMANY—13.1%
               
BASF SE
    130,100       8,184,176  
Demag Cranes AG
    128,000       4,897,741  
Hannover Rueckvers
    156,800       7,194,989  
Muenchener Rueckvers AG
    41,100       5,679,034  
Symrise AG
    342,950       9,507,810  
Tognum AG
    388,200       8,576,582  
Wincor Nixdorf AG
    131,700       8,566,033  
              52,606,365  
INDIA—3.7%
               
Infosys Technologies Ltd. (b)
    48,800       3,284,728  
State Bank of India (c)
    81,050       11,614,465  
              14,899,193  
IRELAND—5.8%
               
CRH plc
    334,800       5,477,940  
Greencore Group plc
    4,794,128       7,693,082  
Smurfit Kappa Group plc (a)
    998,510       10,008,267  
              23,179,289  
ITALY—2.3%
               
Trevi Finanziaria SpA
    648,666       9,165,912  
JAPAN—11.5%
               
Asahi Breweries Ltd.
    363,200       7,260,522  
Iino Kaiun Kaisha, Ltd.
    1,076,000       5,744,506  
Kansai Electric Power Company Inc.
    273,000       6,624,024  
KDDI Corporation
    1,204       5,757,697  
Meiji Holdings Co., Ltd.
    151,800       7,141,178  
Nippon Yusen Kabushiki Kaisha
    1,715,000       7,020,948  
Showa Denko K.K.
    3,379,000       6,471,630  
              46,020,505  
NORWAY—3.1%
               
Camillo Eitzen & Co. ASA (a)
    588,679       953,967  
DnB NOR ASA
    856,692       11,630,815  
              12,584,782  
SOUTH AFRICA—2.8%
               
Metorex Ltd.
    4,915,693       2,844,080  
Sasol Ltd.
    190,535       8,516,370  
              11,360,450  
SOUTH KOREA—4.7%
               
Samsung Electronics Company Ltd.
    16,285       11,097,079  
SK Telecom Company Ltd.
    51,793       7,789,958  
              18,887,037  
SWEDEN—10.2%
               
Autoliv Inc.
    139,634       9,122,289  
Duni AB
    1,179,500       10,761,941  
Investor AB-B Shares
    502,056       10,155,734  
Svenska Handelsbanken AB-A Shares
    328,500       10,722,271  
              40,762,235  
SWITZERLAND—2.0%
               
Novartis AG
    138,400       7,951,104  
THAILAND—2.9%
               
Thai Oil PCL
    6,724,400       11,687,384  
UNITED KINGDOM—9.8%
               
Barratt Developments plc (a)
    5,339,856       8,294,076  
BBA Aviation plc
    571,376       1,693,184  
Bellway plc
    791,028       7,166,641  
Lloyds TSB Group plc (a)
    6,182,217       7,207,439  
Persimmon plc (a)
    1,109,088       6,967,475  
Taylor Wimpey plc (a)
    17,610,191       7,852,690  
              39,181,505  
TOTAL COMMON STOCK
               
(Cost $413,212,633)
            379,684,507  
                 
                 
Short Term Investments—5.4%
               
   
Par Value
   
Value
 
COMMERCIAL PAPER—5.4%
               
General Electric Capital Corporation, 0.08%, due 10/01/2010
               
(Cost $10,730,000)
  $ 10,730,000       10,730,000  
State Street Global Advisors FDS, 0.00%, due 10/01/2010
               
(Cost $10,922,300)
  $ 10,922,300       10,922,300  
TOTAL SHORT TERM INVESTMENTS—5.4%
            21,652,300  
TOTAL INVESTMENTS—100.1%
               
(Cost $434,864,933)
            401,336,807  
OTHER ASSETS & LIABILITIES (NET)—(0.1%)
            (584,277 )
NET ASSETS—100%
          $ 400,752,530  

(a)
Non-income producing security
(b)
ADR—American Depository Receipts
(c)
GDR—Global Depository Receipts
 
The percentage of each investment category is calculated as a percentage of net assets.
 

 

 

SECTOR ALLOCATIONS
(as a percentage of Total Net Assets)
Financials
17.9%
Industrials
17.9%
Materials
16.9%
Consumer Discretionary
14.7%
Energy
8.3%
Information Technology
5.7%
Consumer Staples
5.5%
Telecommunication Services
3.4%
Health Care
2.8%
Utilities
1.6%
Other Assets & Liabilities
5.3%
 
100.0%
   









 


 
The accompanying notes are an integral part of these financial statements.


 
 

 

QUANT FOREIGN VALUE SMALL CAP FUND

SCHEDULE OF INVESTMENTS
September 30, 2010 (unaudited)
 
Common Stock—92.5%
   
Shares
   
Value
 
AUSTRALIA—2.6%
           
Austal Limited
    545,400         1,287,992  
Sigma Pharmaceuticals Ltd.
    2,784,100       1,288,125  
              2,576,117  
BELGIUM—2.8%
               
Agfa-Gevaert Group
    197,400       1,452,391  
Kinepolis Group
    21,100       1,376,547  
              2,828,938  
BRAZIL—2.0%
               
Equatorial Energia S.A.
    194,485       1,174,564  
Redentor Energia SA
    194,485       884,648  
              2,059,212  
CAMBODIA—1.7%
               
NagaCorp Ltd.
    9,993,637       1,764,227  
CANADA—1.2%
               
Astral Media, Inc.
    32,700       1,227,699  
CHINA—13.8%
               
China Fishery Group Limited
    904,923       1,361,097  
China Gerui Advanced Materials Group Limited
    199,400       1,138,574  
China Hongxing Sports Limited
    13,500,700       1,846,039  
China Natural Gas, Inc.
    177,900       1,053,168  
Lihua International, Inc.
    136,100       1,178,626  
Samson Holding Ltd.
    7,665,000       1,372,895  
Sichuan Expressway Company Limited
    2,002,500       1,341,795  
Texwinca Holdings Limited
    1,127,300       1,285,562  
VST Holdings Ltd.
    3,432,900       915,676  
VTech Holdings Limited
    107,900       1,101,872  
Xinhua Winshare Publishing and Media Co., Ltd.
    2,398,300       1,282,513  
              13,877,817  
CYPRUS—2.1%
               
Prosafe SE
    338,600       2,079,982  
FRANCE—1.2%
               
Bonduelle SA
    12,900       1,222,817  
GERMANY—1.4%
               
Demag Cranes AG
    37,000       1,415,753  
INDIA—8.3%
               
KRBL Limited Derivative (a)
    2,168,500       1,734,800  
LIC Housing Finance Ltd. Derivative (a)
    52,900       1,691,213  
NIIT Technologies Derivative (a)
    334,900         1,510,399  
South Indian Bank Derivative (a)
    3,600,000       1,908,000  
Usha Martin Group Derivative (a)
    807,100       1,565,774  
              8,410,186  
IRELAND—5.6%
               
Glanbia plc
    329,700       1,555,920  
Greencore Group plc
    751,901       1,206,651  
IFG Group plc
    839,235       1,483,768  
United Drug plc
    415,200       1,411,116  
              5,657,455  
ITALY—2.5%
               
De’Longhi SpA
    280,400       1,529,190  
Trevi Finanziaria SpA
    73,700       1,041,410  
              2,570,600  
JAPAN—4.8%
               
Accordia Golf Co., Ltd.
    1,253       1,178,906  
Chugoku Marine Paints, Ltd.
    159,300       1,138,402  
DaiichiKosho Co. Ltd.
    82,600       1,285,372  
Iino Kaiun Kaisha, Ltd.
    233,100       1,244,465  
              4,847,145  
LUXEMBOURG—1.0%
               
Transcom WorldWide S.A. (a)(b)
    353,500       997,650  
NETHERLANDS—1.7%
               
Dockwise Ltd.
    67,700       1,676,353  
NORWAY—4.5%
               
ABG Sundal Collier Holding ASA
    972,500       1,093,521  
Pronova BioPharma ASA
    409,300       746,233  
SpareBank 1SMN
    170,904       1,420,275  
SpareBank NOrd-Norge
    72,500       1,272,631  
              4,532,660  
PHILIPPINES—2.1%
               
Manila Water Company, Inc.
    4,974,800       2,151,571  
SINGAPORE—3.2%
               
Breadtalk Group Ltd.
    3,117,600       1,361,760  
M1 Ltd.
    1,092,400       1,817,347  
              3,179,107  
SOUTH AFRICA—3.0%
               
Clicks Group Limited
    260,000         1,641,714  
Metorex Limited (a)
    2,360,000       1,365,429  
              3,007,143  
SWEDEN—4.3%
               
Duni AB
    173,700       1,584,866  
Loomis AB
    117,300       1,403,908  
Nolato AB
    114,900       1,362,451  
              4,351,225  
SWITZERLAND—2.8%
               
Bobst Group SA (a)
    33,500       1,485,701  
Vetropack Holding AG
    826       1,347,403  
              2,833,104  
THAILAND—2.7%
               
Hana Microelectronics PCL
    1,337,400       1,123,681  
Thai Union Frozen Products plc
    829,900       1,579,134  
              2,702,815  
UNITED KINGDOM—17.2%
               
Alternative Networks plc
    816,900       2,460,589  
BBA Aviation plc
    455,402       1,349,513  
Character Group plc (a)
    667,900       1,586,316  
Clarkson plc
    97,500       1,539,713  
CSR plc (a)
    185,300       1,046,336  
Galliford Try plc
    245,878       1,276,248  
Halfords Group plc
    151,200       1,053,078  
Hampson Industries plc
    1,430,207       708,616  
Healthcare Locums plc
    385,900       776,937  
Keller Group plc
    129,000       1,198,149  
The Restaurant Group plc
    375,000       1,557,762  
Vitec Group plc
    184,848       1,465,368  
Wetherspoon (JD) plc
    193,500       1,336,733  
              17,355,358  
TOTAL COMMON STOCK
               
(Cost $78,270,199)
            93,324,934  
Rights—0.0%
               
THAILAND—0.0%
               
Thai Union Frozen Products plc
    41,495       10,091  
Preferred Stock—1.9%
               
GERMANY—1.9%
               
Drädagerwerk AG
               
(Cost $603,624)
    20,900     $   1,904,693  
Short Term Investments—7.5%
               
   
Par Value
   
Value
 
COMMERCIAL PAPER—7.5%
               
State Street Global Advisors FDS, 0.00%, due 10/01/2010
               
(Cost $7,550,693)
  $ 7,550,693       7,550,693  
TOTAL INVESTMENTS—101.9%
               
(Cost $86,424,516)
            102,790,411  
OTHER ASSETS & LIABILITIES (NET)—(1.9%)
            (1,942,933 )
NET ASSETS—100%
          $ 100,847,478  

(a)
Non-income producing security
(b)
SDR—Special Depository Receipts
 

 
The percentage of each investment category is calculated as a percentage of net assets.

 
 

 


 

SECTOR ALLOCATIONS
(as a percentage of Total Net Assets)
Consumer Discretionary
24.2%
Industrials
17.3%
Consumer Staples
9.9%
Financials
8.8%
Health Care
7.5%
Information Technology
7.0%
Materials
6.5%
Utilities
5.2%
Telecommunication Services
4.2%
Energy
3.7%
Cash and Other Assets
5.6%
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 
The accompanying notes are an integral part of these financial statements.

 
 

 

QUANT FUNDS
QUANT FUNDS
 

STATEMENT OF ASSETS AND LIABILITIES
September 30, 2010 (unaudited)
   
Small Cap
   
Long/Short
 
Assets:
           
Investments at Value (Includes collateral from securities on loan of $1,167,707; $7,352,939; $4,259,949; $0; $0, respectively* (Note 2)
  $ 97,820,959     $ 69,582,152  
Repurchase Agreements/Commercial Paper
    6,907,000          
Foreign Currency at Value (Cost $297,820 for Emerging Markets, $43 for Foreign Value and $13,934 for Foreign Value Small Cap)
           
Cash
    1,376       286,771  
Dividends, Interest and Foreign Tax Reclaims Receivable
    99,399       117,155  
Receivable for Investments Sold
    3,120,714        
Receivable for Shares of Beneficial Interest Sold
    1,742       851  
Other Assets
    13,863       7,527  
Total Assets
  $ 107,965,053     $ 69,994,456  
Liabilities:
               
Securities Sold Short, at Value (proceeds of $13,667,463)
  $     $ 14,488,189  
Payable for Investments Purchased
    4,068,140        
Payable for Shares of Beneficial Interest Repurchased
    670       13,323  
Payable for Compensation of Manager (Note 3)
    81,671       38,944  
Payable for Distribution Fees (Note 3)
    19,082       9,784  
Payable to Custodian
    3,735       8,797  
Payable to Transfer Agent (Note 3)
    6,798       9,307  
Payable for Collateral Received for Securities Loaned
    1,167,707       7,352,939  
Payable for Foreign Capital Gain Tax
           
Payable For Dividend Expense On Securities Sold Short
          933  
Unrealized gain/loss on forward foreign currency contracts (Note 2)
           
Variation margin payable
          1,890  
Other Accrued Expenses
    30,832       (5,072 )
Total Liabilities
  $ 5,378,635     $ 21,919,034  
Net Assets
  $ 102,586,418     $ 48,075,422  

 
*
Includes securities on loan to brokers with market value of $1,140,243; $7,158,938; $4,063,420; $0; $0, respectively.

 
 

 

 

QUANT FUNDS
 

STATEMENT OF ASSETS AND LIABILITIES (continued)
 

Emerging
Markets
   
Foreign
Value
   
Foreign Value
Small Cap
 
$ 256,338,976     $ 379,684,507     $ 95,239,718  
  17,366,000       21,652,300       7,550,693  
                     
                     
  298,056       48       15,345  
  1,415       93,735        
  400,291       971,427       250,014  
  1,053,124              
  282,003       27,836       24,102  
  7,239       22,387       9,403  
$ 275,747,104     $ 402,452,240     $ 103,089,275  
                     
                     
$     $     $  
  17,546,575       779,958       2,024,491  
  94,466       148,694        
  179,203       306,360       78,189  
  38,917       62,758       17,793  
  16,407       (541 )     11,539  
  28,479       57,230       13,208  
  4,259,949              
  812,393       352,607       64,971  
               
                     
  34,461       5,218       14,752  
               
  17,354       (12,574 )     16,854  
$ 23,028,204     $ 1,699,710     $ 2,241,797  
$ 252,718,900     $ 400,752,530     $ 100,847,478  













 


 
The accompanying notes are an integral part of these financial statements.


 
 

 


QUANT FUNDS
 

STATEMENT OF ASSETS AND LIABILITIES (continued)
 


   
Small Cap
   
Long/Short
 
Net Assets Consist Of:
           
Shares of Beneficial Interest
  $ 119,061,702     $ 67,465,635  
Undistributed Net Investment Income
    445,576       327,127  
Accumulated Net Realized Gain/(Loss) on Investments and Foreign Denominated Assets, Liabilities and Currency
    (34,958,143 )     (19,121,652 )
Unrealized Appreciation/(Depreciation) of Investments and Foreign Denominated Assets, Liabilities and Currency
    18,037,283       (605,182 )
Unrealized Appreciation/(Depreciation) of Futures Contracts
          9,494  
Net Assets
  $ 102,586,418     $ 48,075,422  
Investments at Cost
  $ 86,690,676     $ 69,366,609  
Net assets
               
Ordinary Shares
  $ 95,912,784     $ 47,750,796  
Institutional Shares
  $ 6,673,634     $ 324,626  
Shares of Beneficial Interest Outstanding (Unlimited Number of Shares Authorized)
               
Ordinary Shares
    5,735,952       4,475,435  
Institutional Shares
    353,410       29,263  
Net Asset Value and Offering Price Per Share
               
Ordinary Shares
  $ 16.72     $ 10.67  
Institutional Shares
  $ 18.88     $ 11.09  

 
 

 


QUANT FUNDS
 

STATEMENT OF ASSETS AND LIABILITIES (continued)

Emerging
Markets
   
Foreign
Value
   
Foreign Value
Small Cap
 
               
$ 267,319,396     $ 667,997,207     $ 75,679,851  
  5,042,467       6,173,236       1,109,727  
                     
                     
  (66,296,455 )     (239,550,218 )     7,749,545  
                     
  46,653,492 **     (33,867,695 )     16,308,355  
                     
               
$ 252,718,900     $ 400,752,530     $ 100,847,478  
$ 226,179,651     $ 434,864,933     $ 86,424,516  
                     
$ 222,539,759     $ 330,395,642     $ 91,718,214  
$ 30,179,141     $ 70,356,888     $ 9,129,264  
                     
                     
  9,707,343       25,655,267       8,422,162  
  1,299,445       5,457,193       835,820  
                     
$ 22.92     $ 12.88     $ 10.89  
$ 23.22     $ 12.89     $ 10.92  

 
**
Includes foreign capital gains tax of $115,499.



 


 
The accompanying notes are an integral part of these financial statements.


 
 

 

QUANT FUNDS
 

STATEMENT OF OPERATIONS
Six Months Ended September 30, 2010 (unaudited)
   
Small Cap
   
Long/Short
 
Investment Income:
           
Dividends*
  $ 679,680     $ 673,452  
Interest
    234        
Securities Lending Income
    4,314       7,450  
Miscellaneous
          148  
Total Investment Income
    684,228       681,050  
Expenses:
               
Dividend Expense On Securities Sold Short
          18,715  
Stock Loan Fees
          44,658  
Compensation of Manager (Note 3)
    502,434       247,648  
Distribution Fees, Ordinary Shares (Note 3)
    117,495       61,332  
Administrative Fees (Note 3)
    15,589       7,798  
Custodian and Fund Accounting Fees
    28,504       31,120  
Regulatory and Compliance (Note 3)
    10,902       5,450  
Transfer Agent Fees (Note 3):
               
Ordinary Shares
    80,732       43,004  
Institutional Shares
    5,416       484  
Audit and Legal
    13,378       6,689  
Registration Fees
    15,971       11,507  
Insurance
    3,991       1,998  
Compensation of Trustees (Note 3)
    6,447       3,224  
Printing
    7,033       3,520  
Miscellaneous
    6,718       4,576  
Total Expenses Before Waivers/Reimbursements/Reductions
    814,610       491,723  
Waivers and/or Reimbursements of Expenses (Note 3)
           
Fees Reduced by Credits Allowed by Custodian (Note 3)
          (11 )
Expenses, Net
    814,610       491,712  
Net Investment Income/(Loss)
    (130,382 )     189,338  
Realized and Unrealized Gain/(Loss) on Investments, Foreign Currency, and Foreign Translation:
               
Net Realized Gain/(Loss) (Note 2) on:
               
Investments
    3,011,192       3,303,437  
Securities Sold Short Transactions
          (912,423 )
Foreign Denominated Assets, Liabilities, and Currency
           
Futures Contracts
          62,885  
Change in Unrealized Appreciation/(Depreciation) of:
               
Investments
    (1,286,455 )     (7,121,147 )
Securities Sold Short Transactions
          1,270,535  
Foreign Denominated Assets, Liabilities, and Currency
           
Futures Contracts
          9,494  
Net Realized and Unrealized Gain/(Loss)
    1,724,737       (3,387,219 )
Net Increase/(Decrease) in Net Assets From Operations
  $ 1,594,355     $ (3,197,881 )
 
*
Dividends are net of foreign withholding taxes of $7,391 for Small Cap, $483,400 for Emerging Markets, $630,900 for Foreign Value and $81,335 for Foreign Value Small Cap

 
 

 

 

QUANT FUNDS
 

STATEMENT OF OPERATIONS (continued)
Emerging
Markets
   
Foreign
Value
   
Foreign Value
Small Cap
 
               
$ 4,613,601     $ 4,625,957     $ 1,690,544  
  81       5,976       2,579  
  456              
  34              
  4,614,172       4,631,933       1,693,123  
                     
               
               
  1,058,961       2,000,658       496,748  
  231,551       418,534       114,260  
  32,885       62,951       16,186  
  182,780       110,885       63,362  
  22,982       44,007       11,284  
                     
  152,227       277,828       74,388  
  21,365       53,757       6,426  
  28,207       54,004       13,852  
  23,620       24,591       15,499  
  8,391       16,053       4,205  
  13,584       26,011       6,684  
  14,723       28,168       7,495  
  11,463       22,976       7,635  
  1,802,739       3,140,423       838,024  
               
               
  1,802,739       3,140,423       838,024  
  2,811,433       1,491,510       855,099  
                     
                     
  11,482,902       (5,253,137 )     7,790,365  
               
  (137,468 )     (4,626 )     (117,219 )
               
                     
  3,241,801       12,061,453       (3,806,383 )
               
  (444,580 )     (13,482 )     (22,030 )
               
  14,142,655       6,790,208       3,844,733  
                     
$ 16,954,088     $ 8,281,718     $ 4,699,832  

 


 
The accompanying notes are an integral part of these financial statements.


 
 

 


QUANT FUNDS

STATEMENT OF CHANGES IN NET ASSETS
   
Small Cap
 
   
Six Months Ended
September 30, 2010
   
Year Ended
March 31, 2010
 
   
(unaudited)
       
Increase (Decrease) in Net Assets:
           
Operations:
           
Net investment income/(loss)
  $ (130,382 )   $ 747,601  
Net realized gain/(loss) on investments
               
Foreign denominated assets, liabilities, and currency
    3,011,192       (2,131,430 )
Net realized gain/(loss) on futures contracts
           
Unrealized appreciation/(depreciation) of investments, foreign denominated assets,
liabilities, and currency
    (1,286,455 )     42,535,784  
Change in Unrealized appreciation (depreciation) of futures contracts
           
Net increase/(decrease) from operations
  $ 1,594,355     $ 41,151,955  
Distributions to shareholders from:
               
Net investment income
               
Ordinary shares
  $     $ (166,855 )
Institutional shares
          (21,762 )
Net realized gains
               
Ordinary shares
           
Institutional shares
           
Total distributions
  $     $ (188,617 )
                 
Fund share transactions (Note 8)
    (5,597,411 )     (3,597,853 )
Contributions to capital from mgrs/brokers
          25  
                 
Increase/(decrease) in net assets
  $ (4,003,056 )   $ 37,365,510  
Net assets beginning of period
    106,589,474       69,223,964  
Net assets end of period*
  $ 102,586,418     $ 106,589,474  
*Includes undistributed net investment
income/(loss) of:
  $ 445,576     $ 575,958  

 

 

 

 

 

 

 

 

 

 

 

 


 
The accompanying notes are an integral part of these financial statements.

 
 

 


QUANT FUNDS

STATEMENT OF CHANGES IN NET ASSETS (continued)

   
Long/Short
 
   
Six Months
Ended
September 30, 2010
   
Year Ended
March 31, 2010
 
   
(unaudited)
       
Increase (Decrease) in Net Assets:
           
Operations:
           
Net investment income/(loss)
  $ 189,338     $ 258,344  
Net realized gain/(loss) on investments
               
Foreign denominated assets, liabilities, and currency
    2,391,014       2,249,050  
Net realized gain/(loss) on futures contracts
    62,885        
Unrealized appreciation/(depreciation) of investments, foreign denominated
assets, liabilities, and currency
    (5,850,612 )     13,603,852  
Change in Unrealized appreciation (depreciation) of futures contracts
    9,494        
Net increase/(decrease) from operations
  $ (3,197,881 )   $ 16,111,246  
Distributions to shareholders from:
               
Net investment income
               
Ordinary shares
  $     $ (120,372 )
Institutional shares
          (2,488 )
Net realized gains
               
Ordinary shares
           
Institutional shares
           
Total distributions
  $     $ (122,860 )
                 
Fund share transactions (Note 8)
    (3,531,073 )     (4,782,560 )
Contributions to capital from mgrs/brokers
          677  
                 
Increase/(decrease) in net assets
  $ (6,728,954 )   $ 11,206,503  
Net assets beginning of period
    54,804,376       43,597,873  
Net assets end of period*
  $ 48,075,422     $ 54,804,376  
*Includes undistributed net investment
income/(loss) of:
  $ 327,127     $ 137,790  












 


 
The accompanying notes are an integral part of these financial statements.

 
 

 


QUANT FUNDS

STATEMENT OF CHANGES IN NET ASSETS (continued)

   
Emerging Markets
 
   
Six Months
Ended
September 30, 2010
   
Year Ended
March 31, 2010
 
   
(unaudited)
       
Increase (Decrease) in Net Assets:
           
Operations:
           
Net investment income/(loss)
  $ 2,811,433     $ 2,615,809  
Net realized gain/(loss) on investments
               
Foreign denominated assets, liabilities, and currency
    11,345,434       21,873,966  
Net realized gain/(loss) on futures contracts
           
Unrealized appreciation/(depreciation) of investments, foreign denominated
assets, liabilities, and currency
    2,797,221       107,500,961  
Change in Unrealized appreciation (depreciation) of futures contracts
           
Net increase/(decrease) from operations
  $ 16,954,088     $ 131,990,736  
Distributions to shareholders from:
               
Net investment income
               
Ordinary shares
  $     $ (824,167 )
Institutional shares
          (111,587 )
Net realized gains
               
Ordinary shares
           
Institutional shares
           
Total distributions
  $     $ (935,754 )
                 
Fund share transactions (Note 8)
    3,791,206       (88,878,390 )
Contributions to capital from mgrs/brokers
    16        
                 
Increase/(decrease) in net assets
  $ 20,745,310     $ 42,176,592  
Net assets beginning of period
    231,973,590       189,796,998  
Net assets end of period*
  $ 252,718,900     $ 231,973,590  
*Includes undistributed net investment
income/(loss) of:
  $ 5,042,467     $ 2,231,034  












 


 
The accompanying notes are an integral part of these financial statements.

 
 

 


QUANT FUNDS

STATEMENT OF CHANGES IN NET ASSETS (continued)

   
Foreign Value
 
   
Six Months Ended
September 30, 2010
   
Year Ended March 31, 2010
 
   
(unaudited)
       
Increase (Decrease) in Net Assets:
           
Operations:
           
Net investment income/(loss)
  $ 1,491,510     $ 4,669,469  
Net realized gain/(loss) on investments
               
Foreign denominated assets, liabilities, and currency
    (5,257,763 )     (106,488,180 )
Net realized gain/(loss) on futures contracts
           
Unrealized appreciation/(depreciation) of investments, foreign denominated
assets, liabilities, and currency
    12,047,971       311,243,529  
Change in Unrealized appreciation (depreciation) of futures contracts
           
Net increase/(decrease) from operations
  $ 8,281,718     $ 209,424,818  
Distributions to shareholders from:
               
Net investment income
               
Ordinary shares
  $     $ (10,593,651 )
Institutional shares
          (2,023,876 )
Net realized gains
               
Ordinary shares
           
Institutional shares
           
Total distributions
  $     $ (12,617,527 )
                 
Fund share transactions (Note 8)
    (45,222,169 )     (2,423 )
Contributions to capital from mgrs/brokers
    71       375  
                 
Increase/(decrease) in net assets
  $ (36,940,380 )   $ 196,805,243  
Net assets beginning of period
    437,692,910       240,887,667  
Net assets end of period*
  $ 400,752,530     $ 437,692,910  
*Includes undistributed net investment
income/(loss) of:
  $ 6,173,236     $ 4,681,726  










 


 
The accompanying notes are an integral part of these financial statements.

 
 

 


QUANT FUNDS

STATEMENT OF CHANGES IN NET ASSETS (continued)

   
Foreign Value
 
   
Small Cap
 
   
Six Months
Ended
September 30, 2010
   
Period Ended
March 31, 2010
 
   
(unaudited)
       
Increase (Decrease) in Net Assets:
           
Operations:
           
Net investment income/(loss)
  $ 855,099     $ 653,192  
Net realized gain/(loss) on investments
               
Foreign denominated assets, liabilities, and currency
    7,673,146       1,051,032  
Net realized gain/(loss) on futures contracts
           
Unrealized appreciation/(depreciation) of investments, foreign denominated assets,
liabilities, and currency
    (3,828,413 )     34,258,072  
Change in Unrealized appreciation (depreciation) of futures contracts
           
Net increase/(decrease) from operations
  $ 4,699,832     $ 35,962,296  
Distributions to shareholders from:
               
Net investment income
               
Ordinary shares
  $     $ (345,343 )
Institutional shares
          (29,098 )
Net realized gains
               
Ordinary shares
           
Institutional shares
           
Total distributions
  $     $ (374,441 )
                 
Fund share transactions (Note 8)
    (36,925,756 )     74,915,340  
Contributions to capital from mgrs/brokers
           
                 
Increase/(decrease) in net assets
  $ (32,225,924 )   $ 110,503,195  
Net assets beginning of period
    133,073,402       22,570,207  
Net assets end of period*
  $ 100,847,478     $ 133,073,402  
*Includes undistributed net investment
income/(loss) of:
  $ 1,109,727     $ 254,628  
 

 

 

 

 

 

 

 

 


 
The accompanying notes are an integral part of these financial statements.

 
 

 


QUANT LONG/SHORT FUND

STATEMENT OF CASH FLOWS
Six Months Ended September 30, 2010 (unaudited)
Increase(Decrease) in cash—
     
Cash flows from operating activities:
     
Net increase/(decrease) in net assets from operations
  $ (3,197,881 )
Purchase of investment securities
    (69,452,265 )
Sale of investment securities
    73,576,161  
Decrease in deposits with brokers for short sales
     
Decrease Receivable for Investments Sold
     
Decrease in dividends and interest receivable
    13,388  
Decrease in accrued expenses
    (23,022 )
Increase in securities sold short
    106,401  
Decrease in dividends payable for securities sold short
    (1,301 )
Increase in Futures Margin payable
    1,890  
Unrealized appreciation on securities
    5,850,611  
Net realized gains from investments
    (3,303,437 )
Net cash used in operating activities
    6,768,426  
         
Cash flows from financing activities:
       
Proceeds from shares sold
    873,216  
Payment on shares redeemed
    (4,390,805 )
Paid in Surplus
     
Cash distributions paid
     
Net cash provided by financing activities
    (3,517,589 )
Net increase/(decrease) in cash
  $ 52,956  
         
Cash:
       
Beginning balance—04/01/10
    233,815  
Ending balance—09/30/10
  $ 286,771  
 

 

 
 
Supplemental disclosure of cash flow information:
 
For purposes of reporting the statement of cash flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents. Securities and Exchange Commission regulations do not require cash flow statements for Small Cap, Emerging Markets, Foreign Value, and Foreign Value Small Cap Funds.
 

 

 

 

 

 

 

 

 

 

 


 
The accompanying notes are an integral part of these financial statements.
 


 
 

 

QUANT SMALL CAP FUND
 

FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
   
Ordinary Shares
 
   
For the
six months
ended
September 30,
   
Years Ending March 31,
 
   
2010
   
2010
   
2009
   
2008
   
2007
   
2006
 
   
(unaudited)
                               
Net Asset Value, Beginning of Period
  $ 16.45     $ 10.22     $ 19.45     $ 23.88     $ 22.99     $ 21.13  
Income from Investment Operations:
                                               
Net investment income (loss) (a)(b)(c)
    (0.02 )     0.11       0.06       0.07       (0.19 )     (0.22 )
Net realized and unrealized gain/(loss) on
securities
    0.29       6.15       (9.23 )     (3.56 )     2.91       5.16  
Total from Investment Operations
    0.27       6.26       (9.17 )     (3.49 )     2.72       4.94  
Less Distributions:
                                               
Dividends from net investment income
          (0.03 )           (0.11 )            
Distributions from realized capital gains
                (0.06 )     (0.83 )     (1.83 )     (3.08 )
Total Distributions
          (0.03 )     (0.06 )     (0.94 )     (1.83 )     (3.08 )
Net Asset Value, End of Period
  $ 16.72     $ 16.45     $ 10.22     $ 19.45     $ 23.88     $ 22.99  
Total Return (d)
    1.64 %     61.27 %     (47.11 )%     (15.17 )%     12.01 %     24.51 %
Net Assets, End of Period (000’s)
  $ 95,913     $ 99,444     $ 61,943     $ 119,949     $ 124,998     $ 98,879  
Ratios and Supplemental Data:
                                               
Ratios of expenses to average net assets: (e)
                                               
Gross
    1.64 %     1.65 %     1.64 %     1.59 %*     1.82 %     1.88 %
Net
    1.64 %     1.65 %     1.64 %     1.59 %*     1.82 %     1.88 %
Ratio of net investment income (loss) to average
net assets (c)
    (0.27 )%     0.81 %     0.31 %     0.31 %     (0.80 )%     (1.00 )%
Portfolio Turnover
    29 %     50 %     72 %     39 %     41 %     57 %
 

 
*Expense ratio declined from year ended March 31, 2007 to 2008.The prior year was the result of the reduction of the 12b-1 fee from 50 basis points to 25 basis points on June 1, 2007.
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 
The accompanying notes are an integral part of these financial statements.
 


 
 

 

 

QUANT SMALL CAP FUND
 

FINANCIAL HIGHLIGHTS (continued)
(For a share outstanding throughout each period)
 

   
Institutional Shares
 
   
For the
six months
ended
September 30,
   
Years Ending March 31,
 
   
2010
   
2010
   
2009
   
2008
   
2007
   
2006
 
   
(unaudited)
                               
Net Asset Value, Beginning of Period
  $ 18.56     $ 11.51     $ 21.86     $ 26.71     $ 25.39     $ 22.96  
Income from Investment Operations:
                                               
Net investment income (loss) (a)(b)(c)
          0.20       0.10       0.12       (0.08 )     (0.12 )
Net realized and unrealized gain/(loss) on
securities
    0.32       6.91       (10.39 )     (3.94 )     3.23       5.63  
Total from Investment Operations
    0.32       7.11       (10.29 )     (3.82 )     3.15       5.51  
Less Distributions:
                                               
Dividends from net investment income
          (0.06 )           (0.20 )            
Distributions from realized capital gains
                (0.06 )     (0.83 )     (1.83 )     (3.08 )
Total Distributions
          (0.06 )     (0.06 )     (1.03 )     (1.83 )     (3.08 )
Net Asset Value, End of Period
  $ 18.88     $ 18.56     $ 11.51     $ 21.86     $ 26.71     $ 25.39  
Total Return (d)
    1.72 %     61.83 %     (47.04 )%     (14.87 )%     12.58 %     25.06 %
Net Assets, End of Period (000’s)
  $ 6,674     $ 7,146     $ 7,281     $ 24,282     $ 12,400     $ 12,298  
Ratios and Supplemental Data:
                                               
Ratios of expenses to average net assets: (e)
                                               
Gross
    1.40 %     1.41 %     1.42 %     1.30 %     1.31 %     1.38 %
Net
    1.40 %     1.41 %     1.42 %     1.30 %     1.31 %     1.38 %
Ratio of net investment income (loss) to average net
assets (c)
    (0.05 )%     1.35 %     0.48 %     0.45 %     (0.30 )%     (0.50 )%
Portfolio Turnover
    28 %     50 %     72 %     39 %     41 %     57 %

(a)
Per share numbers have been calculated using the average shares method.
(b)
Reflects expense waivers/reimbursements and reductions in effect during the period. See Note 3 to the Financial Statements.
(c)
Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise taxes.
(d)
Total Return does not include the deferred sales charge of 1% for the Ordinary Shares. The total return would have been lower if certain fees had not been waived or if custodial fees had not been reduced by credits allowed by the custodian. See Note 3 to the financial statements.
(e)
Ratios of expenses to average net assets:
 
— Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
 
— Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).











 


 
The accompanying notes are an integral part of these financial statements.

 
 

 

QUANT LONG/SHORT FUND

FINANCIAL HIGHLIGHTS (continued)
(For a share outstanding throughout each period)

   
Ordinary Shares
 
   
For the
six months
ended
September 30,
                               
   
2010
   
2010
   
2009
   
2008
   
2007
   
2006
 
   
(unaudited)
                               
Net Asset Value, Beginning of Period
  $ 11.37     $ 8.24     $ 14.07     $ 17.04     $ 14.76     $ 12.88  
Income from Investment Operations:
                                               
Net investment income (loss) (a)(b)(c)
    0.04       0.05       (0.04 )     (0.09 )     (0.02 )     0.03  
Net realized and unrealized gain/(loss) on securities
    (0.74 )     3.10       (5.78 )     (2.30 )     2.33       1.86  
Total from Investment Operations
    (0.70 )     3.15       (5.82 )     (2.39 )     2.31       1.89  
Less Distributions:
                                               
Dividends from net investment income
          (0.02 )     (0.01 )           (0.03 )     (0.01 )
Distributions from realized capital gains
                      (0.58 )            
Total Distributions
          (0.02 )     (0.01 )     (0.58 )     (0.03 )     (0.01 )
Net Asset Value, End of Period
  $ 10.67     $ 11.37     $ 8.24     $ 14.07     $ 17.04     $ 14.76  
Total Return (d)
    (6.16 )%     38.30 %     (41.36 )%     (14.43 )%     15.63 %     14.67 %
Net Assets, End of Period (000’s)
  $ 47,751     $ 54,213     $ 43,014     $ 69,767     $ 75,376     $ 59,975  
Ratios and Supplemental Data:
                                               
Ratios of expenses to average net assets: (e)
                                               
Gross
    1.99 %     2.10 %     2.71 %     2.18 %     1.74 %     1.65 %
Net including dividend and interest expense for securities
sold short
    1.99 %     2.10 %     2.71 %     2.12 %     1.71 %     1.61 %
Net excluding dividend and interest expense for securities
sold short
    1.91 %     1.92 %     1.98 %     1.90 %     1.69 %      
Ratio of net investment income (loss) to average net assets (c)
    0.76 %     0.50 %     (0.38 )%     (0.52 )%     (0.14 )%     0.21 %
Portfolio Turnover Excluding Short Positions (f)
    110 %     191 %     207 %     171 %     83 %     105 %

 
Note:This fund changed its investment strategy on November 1, 2006.














 


 
The accompanying notes are an integral part of these financial statements.
 



 
 

 


QUANT LONG/SHORT FUND

FINANCIAL HIGHLIGHTS (continued)
(For a share outstanding throughout each period)

   
Institutional Shares
   
For the
six months
ended
September 30,
   
Years Ending March 31,
   
2010
   
2010
   
2009
   
2008
   
2007
 
2006
   
(unaudited)
                           
Net Asset Value, Beginning of Period
  $ 11.80     $ 8.54     $ 14.71     $ 17.80     $ 15.40     $ 13.43    
Income from Investment Operations:
                                                 
Net investment income (loss) (a)(b)(c)
    0.05       0.08       (0.10 )     (0.10 )     0.06       0.10    
Net realized and unrealized gain /(loss) on
securities
    (0.76 )     3.22       (6.02 )     (2.41 )     2.44       1.94    
Total from Investment Operations
    (0.71 )     3.30       (6.12 )     (2.51 )     2.50       2.04    
Less Distributions:
                                                 
Dividends from net investment income
          (0.04 )     (0.05 )           (0.10 )     (0.07 )  
Distributions from realized capital gains
                      (0.58 )              
Total Distributions
          (0.04 )     (0.05 )     (0.58 )     (0.10 )     (0.07 )  
Net Asset Value, End of Period
  $ 11.09     $ 11.80     $ 8.54     $ 14.71     $ 17.80     $ 15.40    
Total Return (d)
    (6.02 )%     38.71 %     (41.66 )%     (14.49 )%     16.22 %     15.19 %  
Net Assets, End of Period (000’s)
  $ 325     $ 591     $ 584     $ 1,009     $ 1,279     $ 984    
Ratios and Supplemental Data:
                                                 
Ratios of expenses to average net assets: (e)
                                                 
Gross
    1.76 %     1.81 %     3.19 %     2.23 %     1.25 %     1.16 %  
Net including dividend and interest expense for
securities sold short
    1.76 %     1.81 %     3.19 %     2.17 %     1.22 %     1.11 %  
Net excluding dividend and interest expense for
securities sold short
    1.68 %     1.63 %     2.46 %     1.95 %     1.20 %        
Ratio of net investment income (loss) to average net assets (c)
    0.88 %     0.75 %     (0.86 )%     (0.56 )%     0.35 %     0.71 %  
Portfolio Turnover Excluding Short Positions (f)
    110 %     191 %     207 %     171 %     83 %     105 %  
 
Note:This Fund changed its investment strategy on November 1, 2006 from Growth & Income to Long/Short.
 
(a)Per share numbers have been calculated using the average shares method.
 
(b)Reflects expense waivers/reimbursements and reductions in effect during the period. See Note 3 to the Financial Statements.
 
(c)Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise taxes.
 
(d)Total Return does not include the deferred sales charge of 1% for the Ordinary Shares. The total return would have been lower if certain fees had not been waived or if custodial fees had not been reduced by credits allowed by the custodian. See Note 3 to the financial statements.
 
(e)Ratios of expenses to average net assets:
 
— Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
 
— Net (total expenses net fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
 
(f)Portfolio turnover is calculated on long security positions only. Short positions are generally held for less than one year.




 


 
The accompanying notes are an integral part of these financial statements.


 
 

 

QUANT EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS (continued)
(For a share outstanding throughout each period)

   
Ordinary Shares
 
   
For the
six months
ended
September 30,
   
Years Ended March 31,
 
   
2010
   
2010
   
2009
   
2008
   
2007
   
2006
 
   
(unaudited)
                               
Net Asset Value, Beginning of Period
  $ 21.23     $ 12.06     $ 27.04     $ 23.34     $ 19.85     $ 14.23  
Income from Investment Operations:
                                               
Net investment income (loss) (a)(b)(c)
    0.27       0.18       0.33       0.26       0.16       0.21  
Net realized and unrealized gain/(loss) on
securities
    1.42       9.05       (14.76 )     4.42       4.02       6.28  
Total from Investment Operations
    1.69       9.23       (14.43 )     4.68       4.18       6.49  
Less Distributions:
                                               
Dividends from net investment income
          (0.06 )     (0.43 )     (0.16 )     (0.22 )     (0.22 )
Distributions from realized capital gains
                (0.12 )     (0.82 )     (0.47 )     (0.65 )
Total Distributions
          (0.06 )     (0.55 )     (0.98 )     (0.69 )     (0.87 )
Net Asset Value, End of Period
  $ 22.92     $ 21.23     $ 12.06     $ 27.04     $ 23.34     $ 19.85  
Total Return (d)
    7.96 %     76.56 %     (53.27 )%     19.35 %     21.36 %     46.77 %
Net Assets, End of Period (000’s)
  $ 222,540     $ 205,727     $ 164,133     $ 491,462     $ 276,698     $ 144,088  
Ratios and Supplemental Data:
                                               
Ratios of expenses to average net assets: (e)
                                               
Gross
    1.73 %     1.74 %     1.67 %     1.60 %     1.67 %     1.83 %
Net
    1.73 %     1.74 %     1.67 %     1.60 %     1.67 %     1.83 %
Ratio of net investment income (loss) to average net assets (c)
    2.63 %     0.99 %     1.66 %     0.91 %     0.77 %     1.23 %
Portfolio Turnover
    40 %     120 %     67 %     18 %     24 %     34 %


















 


 
The accompanying notes are an integral part of these financial statements.


 
 

 


QUANT EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS (continued)
(For a share outstanding throughout each period)

   
Institutional Shares
 
   
For the
six months
ended
September 30,
   
Years Ending March 31,
 
   
2010
   
2010
   
2009
   
2008
   
2007
   
2006
 
   
(unaudited)
                               
Net Asset Value, Beginning of Period
  $ 21.48     $ 12.19     $ 27.46     $ 23.67     $ 20.11     $ 14.39  
Income from Investment Operations:
                                               
Net investment income (loss) (a)(b)(c)
    0.30       0.27       0.34       0.33       0.21       0.29  
Net realized and unrealized gain/(loss) on
securities
    1.44       9.11       (14.98 )     4.50       4.08       6.35  
Total from Investment Operations
    1.74       9.38       (14.64 )     4.83       4.29       6.64  
Less Distributions:
                                               
Dividends from net investment income
          (0.09 )     (0.51 )     (0.22 )     (0.26 )     (0.27 )
Distributions from realized capital gains
                (0.12 )     (0.82 )     (0.47 )     (0.65 )
Total Distributions
          (0.09 )     (0.63 )     (1.04 )     (0.73 )     (0.92 )
Net Asset Value, End of Period
  $ 23.22     $ 21.48     $ 12.19     $ 27.46     $ 23.67     $ 20.11  
Total Return (d)
    8.10 %     77.02 %     (53.17 )%     19.67 %     21.68 %     47.39 %
Net Assets, End of Period (000’s)
  $ 30,179     $ 26,247     $ 25,664     $ 40,501     $ 12,759     $ 1,707  
Ratios and Supplemental Data:
                                               
Ratios of expenses to average net assets: (e)
                                               
Gross
    1.48 %     1.50 %     1.48 %     1.39 %     1.41 %     1.45 %
Net
    1.48 %     1.50 %     1.48 %     1.39 %     1.41 %     1.45 %
Ratio of net investment income (loss) to average net assets (c)
    2.85 %     1.48 %     1.82 %     1.12 %     1.02 %     1.75 %
Portfolio Turnover
    40 %     120 %     67 %     18 %     24 %     34 %
 
(a)Per share numbers have been calculated using the average shares method.
 
(b)Reflects expense waivers/reimbursements and reductions in effect during the period. See Note 3 to the Financial Statements.
 
(c)Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise taxes.
 
(d)Total Return does not include the deferred sales charge of 1% for the Ordinary Shares. The total return would have been lower if certain fees had not been waived or if custodial fees had not been reduced by credits allowed by the custodian. See Note 3 to the financial statements.
 
(e)Ratios of expenses to average net assets:
 
— Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
 
— Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).













 


 
The accompanying notes are an integral part of these financial statements.


 
 

 

QUANT FOREIGN VALUE FUND

FINANCIAL HIGHLIGHTS (continued)
(For a share outstanding throughout each period)

   
Ordinary Shares
   
   
For the
six months
ended
September 30,
   
Years Ended March 31,
   
   
2010
   
2010
   
2009
   
2008
   
2007
   
2006
   
   
(unaudited)
                                 
Net Asset Value, Beginning of Period
  $ 12.45     $ 6.97     $ 19.87     $ 23.07     $ 19.91     $ 15.92    
Income from Investment Operations:
                                                 
Net investment income (loss) (a)(b)(c)
    0.04       0.13       0.35       0.19       0.18       0.24  
(f)
Net realized and unrealized gain/(loss) on securities
    0.39       5.71       (11.53 )     (2.11 )     4.12       3.96    
Total from Investment Operations
    0.43       5.84       (11.18 )     (1.92 )     4.30       4.20    
Less Distributions:
                                                 
Dividends from net investment income
          (0.36 )     (0.11 )     (0.19 )     (0.07 )     (0.13 )  
Distributions from realized capital gains
                (1.61 )     (1.09 )     (1.07 )     (0.08 )  
Total Distributions
          (0.36 )     (1.72 )     (1.28 )     (1.14 )     (0.21 )  
Net Asset Value, End of Period
  $ 12.88     $ 12.45     $ 6.97     $ 19.87     $ 23.07     $ 19.91    
Total Return (d)
    3.45 %     84.05 %     (55.95 )%     (8.71 )%     22.08 %     26.59 %  
Net Assets, End of Period (000’s)
  $ 330,396     $ 369,626     $ 193,798     $ 781,136     $ 778,104     $ 441,614    
Ratios and Supplemental Data:
                                                 
Ratios of expenses to average net assets: (e)
                                                 
Gross
    1.61 %     1.62 %     1.62 %     1.56 %     1.60 %     1.69 %  
Net
    1.61 %     1.62 %     1.62 %     1.56 %     1.60 %     1.69 %  
Ratio of net investment income (loss) to average net assets (c)
    0.71 %     1.17 %     2.49 %     0.83 %     0.88 %     1.41 %(f)  
Portfolio Turnover
    4 %     24 %     20 %     44 %     19 %     29 %  


















 


 
The accompanying notes are an integral part of these financial statements.


 
 

 


QUANT FOREIGN VALUE FUND

FINANCIAL HIGHLIGHTS (continued)
(For a share outstanding throughout each period)


   
Institutional Shares
   
   
For the
six months
ended
September 30,
   
Years Ending March 31,
   
   
2010
   
2010
   
2009
   
2008
   
2007
   
2006
   
   
(unaudited)
                                 
Net Asset Value, Beginning of Period
  $ 12.45     $ 6.98     $ 19.98     $ 23.19     $ 20.01     $ 15.98    
Income from Investment Operations:
                                                 
Net investment income (loss) (a)(b)(c)
    0.05       0.14       0.38       0.26       0.25       0.29  
(g)
Net realized and unrealized gain/(loss) on
securities
    0.39       5.71       (11.60 )     (2.13 )     4.12       3.98    
Total from Investment Operations
    0.44       5.85       (11.22 )     (1.87 )     4.37       4.27    
Less Distributions:
                                                 
Dividends from net investment income
          (0.38 )     (0.17 )     (0.25 )     (0.12 )     (0.16 )  
Distributions from realized capital gains
                (1.61 )     (1.09 )     (1.07 )     (0.08 )  
Total Distributions
          (0.38 )     (1.78 )     (1.34 )     (1.19 )     (0.24 )  
Net Asset Value, End of Period
  $ 12.89     $ 12.45     $ 6.98     $ 19.98     $ 23.19     $ 20.01    
Total Return (d)
    3.53 %     84.12 %     (55.85 )%     (8.49 )%     22.37 %     26.96 %  
Net Assets, End of Period (000’s)
  $ 70,357     $ 68,067     $ 47,090     $ 140,999     $ 115,200     $ 30,972    
Ratios and Supplemental Data:
                                                 
Ratios of expenses to average net assets: (e)
                                                 
Gross
    1.36 %     1.37 %     1.38 %     1.32 %     1.35 %     1.45 %  
Net
    1.36 %     1.37 %     1.38 %     1.32 %     1.35 %     1.45 %  
Ratio of net investment income (loss) to average
net assets (c)
    0.92 %     1.29 %     2.77 %     1.18 %     1.13 %     1.70 %(g)  
Portfolio Turnover
    4 %     24 %     20 %     44 %     19 %     29 %  
 
(a)Per share numbers have been calculated using the average shares method.
 
(b)Reflects expense waivers/reimbursements and reductions in effect during the period. See Note 3 to the Financial Statements.
 
(c)Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise taxes.
 
(d)Total Return does not include the deferred sales charge of 1% for the Ordinary Shares. The total return would have been lower if certain fees had not been waived or if custodial fees had not been reduced by credits allowed by the custodian. See Note 3 to the financial statements.
 
(e)Ratios of expenses to average net assets:
 
— Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
 
— Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
 
(f)Includes non-recurring income of $277,072.
 
(g)Includes non-recurring income of $22,928.





 


 
The accompanying notes are an integral part of these financial statements.




 
 

 

QUANT FOREIGN VALUE SMALL CAP FUND

FINANCIAL HIGHLIGHTS (continued)
(For a share outstanding throughout each period)

   
Ordinary Shares
 
   
For the
six months
ended
September 30,
   
Period Ending March 31,
 
   
2010
   
2010
   
2009
 
   
(unaudited)
             
Net Asset Value, Beginning of Period
  $ 10.28     $ 4.82     $ 10.00  
Income from Investment Operations:
                       
Net investment income (loss) (a)(b)(c)
    0.08       0.07       0.03  
Net realized and unrealized gain/(loss) on securities
    0.55       5.42       (5.15 )
Total from Investment Operations
    0.63       5.49       (5.12 )
Less Distributions:
                       
Dividends from net investment income
          (0.03 )     (0.04 )
Distributions from realized capital gains
                (0.02 )
Total Distributions
          (0.03 )     (0.06 )
Net Asset Value, End of Period*
  $ 10.89     $ 10.28     $ 4.82  
Total Return (d)
    5.93 %     114.00 %     (51.25 )%
Net Assets, End of Period (000’s)
  $ 91,718     $ 124,971     $ 18,978  
Ratios and Supplemental Data:
                       
Ratios of expenses to average net assets: (e)
                       
Gross
    1.70 %     1.64 %     2.00 %**
Net
    1.70 %     1.64 %     1.97 %**
Ratio of net investment income (loss) to average net assets (c)
    1.71 %     0.82 %     0.66 %**
Portfolio Turnover
    23 %     14 %     10 %





















 


 
The accompanying notes are an integral part of these financial statements.


 
 

 


QUANT FOREIGN VALUE SMALL CAP FUND

FINANCIAL HIGHLIGHTS (continued)
(For a share outstanding throughout each period)

   
Institutional Shares
 
   
For the
six months
ended
September 30,
   
Period Ending March 31,
 
   
2010
   
2010
   
2009
 
   
(unaudited)
             
Net Asset Value, Beginning of Period
  $ 10.30     $ 4.82     $ 10.00  
Income from Investment Operations:
                       
Net investment income (loss) (a)(b)(c)
    0.09       0.11       0.07  
Net realized and unrealized gain/(loss) on securities
    0.44       5.41       (5.19 )
Total from Investment Operations
    0.53       5.52       (5.12 )
Less Distributions:
                       
Dividends from net investment income
          (0.04 )     (0.04 )
Distributions from realized capital gains
                (0.02 )
Total Distributions
          (0.04 )     (0.06 )
Net Asset Value, End of Period*
  $ 10.92     $ 10.30     $ 4.82  
Total Return (d)
    6.02 %     114.55 %     (51.20 )%
Net Assets, End of Period (000’s)
  $ 9,129     $ 8,103     $ 3,592  
Ratios and Supplemental Data:
                       
Ratios of expenses to average net assets: (e)
                       
Gross
    1.48 %     1.43 %     1.88 %**
Net
    1.48 %     1.43 %     1.85 %**
Ratio of net investment income (loss) to average net assets (c)
    1.80 %     1.27 %     1.10 %**
Portfolio Turnover
    23 %     14 %     10 %

 
*Fund commenced operations May 1, 2008.
 
**Annualized.
 
(a)Per share numbers have been calculated using the average shares method.
 
(b)Reflects expense waivers/reimbursements and reductions in effect during the period. See Note 3 to the Financial Statements.
 
(c)Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise taxes.
 
(d)Total Return does not include the deferred sales charge of 1% for the Ordinary Shares. The total return would have been lower if certain fees had not been waived or if custodial fees had not been reduced by credits allowed by the custodian. See Note 3 to the financial statements.
 
(e)Ratios of expenses to average net assets:
 
— Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
 
— Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).












 


 
The accompanying notes are an integral part of these financial statements.


 
 

 

QUANT FUNDS

NOTES TO FINANCIAL STATEMENTS
September 30, 2010 (unaudited)
 
1.Organization of the Trust
 
The Quantitative Group of Funds d/b/a “Quant Funds” (the “Trust”) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a non-diversified, open-end management investment company. The Trust currently has five series (each a “Fund” and collectively the “Funds”) each with a distinct investment objective.
 
Quant Small Cap Fund (“Small Cap”) seeks maximum long-term capital appreciation.
 
 
Quant Long/Short Fund (“Long/Short”) seeks long-term growth of capital. Prior to November 1, 2006, Quant Long/Short Fund used a long only investment strategy and its investment objective was long-term growth of capital and income.
 
 
Quant Emerging Markets Fund (“Emerging Markets”) seeks long-term growth of capital.
 
 
Quant Foreign Value Fund (“Foreign Value”) seeks long-term capital growth and income.
 
 
Quant Foreign Value Small Cap Fund (“Foreign Value Small Cap”) seeks long-term capital growth and income.
 
 
Each Fund offers two classes of shares designated as Ordinary Shares and Institutional Shares. The classes differ principally in their respective expense structure and minimum investment requirements. Each class of shares represents an interest in the same portfolio of investments of the respective Fund and has equal rights to voting, redemptions, dividends and liquidation, except that each class bears its own transfer agent fees and only Ordinary Shares bear distribution (Rule 12b-1) fees and have exclusive voting rights with respect to the distribution plan that has been adopted by Ordinary Share shareholders. There is no distribution plan for Institutional Shares.
 
 
At times, a Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. To the extent that a Fund is permitted to invest in foreign markets, emerging markets or countries with limited or developing markets such investments may subject the Fund to a greater degree of risk than in the U.S. market or a developed market. Risks associated with these foreign and developing markets include political, social or economic factors and may affect the price of a Fund’s investments and income generated by these investments, as well as a Fund’s ability to repatriate such amounts. Information regarding each Fund’s principal risks is contained in the Fund’s prospectus. Please refer to those documents when considering a Fund’s risks.
 
 
2.Significant Accounting Policies
 
Each Fund’s financial statements have been prepared in conformity with U.S. generally accepted accounting principles, that require the management of the Funds to, among other things, make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gains and losses on investments during the reporting year. Actual results could differ from those estimates.
 
The following is a summary of significant accounting policies followed by each Fund in the preparation of its financial statements, which are consistent with those policies generally accepted in the investment company industry.
 
 
Security Valuation
 
Portfolio securities are valued each business day at the last reported sale price on the principal exchange or market on which they are traded. If there is no such reported sale, the securities generally are valued at the mean between the last reported bid and asked prices. For certain securities, where no such sales have been reported, a Fund may value such securities at the last reported bid price. In the event that there is information suggesting that valuation of such securities based upon bid and/or asked prices may not be accurate, a Fund may value such securities in good faith at fair value in accordance with procedures (the “Valuation Procedures”) established by the Funds’ Board of Trustees (the “Trustees”), which may include a determination to value such securities at the last reported sales price. S hort-term investments that mature in 60 days or less are valued at amortized cost. Securities quoted in foreign currencies are translated into U.S. dollars based upon the prevailing exchange rate on each business day. Other assets and securities for which no quotations are readily available are valued at fair value as determined in good faith using the Valuation Procedures. As a result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund’s NAV. Because foreign markets may be open at different times than the New York Stock Exchange, the value of a Fund’s shares may change on days when shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s foreign investments occur between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these investments may be valued at their fair value as determined in good faith using the Valuation Procedures.
 
The Fund has adopted fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
 
Level 2 — Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
 
Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset liability, and would be based on the best information available.
 
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
 
The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
 
Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value the Fund’s net assets as of September 30, 2010:
   
Quoted Prices
In Active
Markets
   
Significant
Other
Observable
Inputs
   
Carrying
Value at
September 30,
2010
   
Future
Contracts
Assets or
Liabilities*
 
   
Level 1
   
Level 2
   
Total
   
Level 1
 
Small Cap
                       
Common Stocks**
  $ 81,076,025     $     $ 81,076,025     $  
Depository Receipts
    2,500,353             2,500,353        
Limited Partnership Units
    28,356             28,356        
Real Estate Inv. Trusts
    12,987,559             12,987,559        
Shares of Beneficial Interest
    60,959             60,959        
Short Term Investments
          8,074,707              
Total
  $ 96,653,252     $ 8,074,707     $ 104,727,959     $  
Long/Short
                               
Common Stock**
  $ 60,577,194     $     $ 60,577,194     $  
Real Estate Inv. Trusts
    1,452,123             1,452,123        
Short Term Investments
          22,479,921       22,479,921        
Futures
                      1,890  
Total Assets
  $ 62,029,317     $ 22,479,921     $ 84,509,238     $ 1,890  
Liabilities in Securities Sold Short—
                               
Common Stock**
  $ (14,324,908 )   $     $ (14,324,908 )   $     
Real Estate Inv. Trusts
    (163,281 )           (163,281 )      
Total Liabilities
  $ (14,488,189 )   $     $ (14,488,189 )   $  
Emerging Markets
                               
Common Stocks**
  $ 200,368,756     $     $ 200,368,756     $  
Depository Receipts
    29,244,599             29,244,599        
Mutual Funds
    5,069,228             5,069,228        
Preferred Stock
    17,020,874             17,020,874        
Real Estate Inv. Trusts
    375,570             375,570        
Short Term Investments
          21,625,949       21,625,949        
Total
  $ 252,079,027     $ 21,625,949     $ 273,704,976     $  
Foreign Value
                               
Common Stock**
  $ 353,097,930     $ 11,687,384     $ 364,785,314     $  
Depository Receipts
    14,899,193             14,899,193        
Short Term Investments
          21,652,300       21,652,300        
Total
  $ 367,997,123     $ 33,339,684     $ 401,336,807     $  
Foreign Value Small Cap
                               
Common Stock**
  $ 81,214,283     $ 2,702,814     $ 83,917,097     $  
Depository Receipts
    997,651             997,651        
Preferred Stock
    1,904,693             1,904,693        
Short Term Investments
          7,550,693       7,550,693        
Rights
    10,091             10,091        
Warrants
          8,410,186       8,410,186        
Total
  $ 84,126,718     $ 18,663,693     $ 102,790,411     $  
 
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
   
Common Stock
 
Emerging Markets
     
Balance as of 3/31/2010
  $ 121,408  
Realized gain (loss)
  $  
Changed in unrealized appreciation (depreciation)
  $  
Net purchases (sales)
  $  
Transfer in and/or out of Level 3
  $ (121,408 )
Balances as of 09/30/2010
  $  
 
*
Represents variation margin on the last day of the reporting period.
 
 
**           Refer to Schedule of Investments for breakout by type.
 
 
At September 30, 2010, the number of open futures contracts in the Long/Short Fund is nine. Only current day’s variation margin is reported as an asset or liability within the statement of assets and liabilities.
 
The realized gains or losses and change in unrealized gains or losses on future contracts are reflected in the appropriate financial statements.

 
 

 


 

 
The effect of derivative instruments on the Statement of Operations for the six months ended September 30, 2010.
Derivatives Not Accounted for as Hedging Instruments
 
Realized Gain
(Loss) On Futures
Recognized in Income
   
Changes in Unrealized
Appreciation
(Depreciation) on Futures
Recognized in Income
 
Long/Short
  $ 62,885     $ 9,494  
 
Security Transactions and Related Investment Income
 
Security transactions are accounted for on the trade date (the date the order to buy or sell is executed). Dividend income, less foreign taxes withheld, is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as a Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence. Distributions received on securities that represent a return of capital or a capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Each Fund estimates the components of distributions that may be considered nontaxable distributions or capital gain distributions for tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis. Each Fund’s investment income and realized and unrealized gains and losses are allocated among classes based upon the daily relative net assets.
 
Repurchase Agreements
 
The Funds’ custodian takes possession through the federal book-entry system of securities collateralizing repurchase agreements. Collateral is marked-to-market daily to ensure that the market value of the underlying assets remains sufficient to protect the Funds. The Funds may experience costs and delays in liquidating the collateral if the issuer defaults or enters into bankruptcy.
 
Foreign Currency Transactions
 
All monetary items denominated in foreign currencies are translated into U.S. dollars based on the prevailing exchange rate at the close of each business day. Income and expenses denominated in foreign currencies are translated at the prevailing rates of exchange when accrued or incurred.
 
Reported net realized gains and losses on foreign currency transactions represent net gains and losses from currency gains and losses realized between the trade and settlement dates on investment transactions, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The effects of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investments.
 
Forward Foreign Currency Contracts
 
The Funds may enter into forward foreign currency contracts to manage their exposure to fluctuations in certain foreign currencies. A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a set price. The forward currency contracts are valued at the forward rate and are marked-to-market daily. The change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. In addition to the risks of financial investments mentioned above, risks arise from unanticipated movements in currency values.
 
Spot Foreign Currency Contracts at 09/30/10:
 
Emerging Markets Fund
Currency to deliver
 
Local Value
 
In exchange for
 
Settlement Date
 
Unrealized appreciation
(depreciation)
 
Hong Kong Dollar
    789,415  
USD
    101,735  
10/04/10
  $ 13  
Hungarian Forint
    19,471,025  
USD
    95,519  
10/01/10
    (157 )
Singapore Dollar
    474,094  
USD
    359,733  
10/01/10
    (412 )
South African Rand
    569,016  
USD
    81,503  
10/04/10
    215  
United States Dollar
    5,516,860  
BRL
    9,325,700  
10/01/10
    (22,104 )
United States Dollar
    112,589  
BRL
    190,320  
10/01/10
    (451 )
United States Dollar
    289,892  
IDR
    2,590,765,755  
10/01/10
    390  
United States Dollar
    411,302  
IDR
    3,675,807,185  
10/01/10
    553  
United States Dollar
    897,826  
MYR
    2,766,651  
10/01/10
    (1,599 )
United States Dollar
    761,014  
MXN
    9,540,990  
10/01/10
    (5,508 )
United States Dollar
    988,393  
ZAR
    6,880,940  
10/05/10
    (5,401 )
United States Dollar
    149,625  
THB
    4,541,107  
10/01/10
     
United States Dollar
    360,002  
THB
    10,926,069  
10/01/10
     
                        $ (34,461 )
 
Foreign Value Fund
Currency to deliver
 
Local Value
 
In exchange for
 
Settlement Date
 
Unrealized appreciation
(depreciation)
 
United States Dollar
    272,889  
NOK
    1,599,130  
10/01/10
  $ (1,678 )
United States Dollar
    380,325  
NOK
    2,224,523  
10/04/10
    (3,048 )
United States Dollar
    131,961  
NOK
    775,176  
10/05/10
    (492 )
                        $ (5,218 )
 
Foreign Value Small Cap Fund
Currency to deliver
 
Local Value
 
In exchange for
 
Settlement Date
 
Unrealized appreciation
(depreciation)
 
United States Dollar
    851,927  
NOK
    4,992,292  
10/01/10
  $ (5,237 )
United States Dollar
    1,187,317  
NOK
    6,944,617  
10/04/10
    (9,515 )
                        $ (14,752 )
 
Short Sales
 
Quant Long/Short Fund may engage in short sales (selling securities it does not own) as part of its normal investment activities. Upon selling a security short, Long/Short Fund’s Custodian will segregate cash, cash equivalents or other appropriate liquid securities in an amount no less than the current market value of the securities sold short and will maintain such collateral until Long/Short Fund replaces the borrowed security. Long/Short Fund is required to pay any dividends or interest due on securities sold short. Such dividends and interest are recorded as an expense. Liabilities for securities sold short are valued daily and recorded as unrealized appreciation (depreciation) on investments and securities sold short. Long/Short Fund records realized gain (loss) on a security sold short when a short position is terminated by Lo ng/Short Fund. Long/Short Fund will incur a loss if the price of a security increases between the date of the short sale and the date on which Long/Short Fund replaces the borrowed security. Long/Short will realize a gain if the price of borrowed security declines between the date of a short sale and the date Long/Short Fund replaces the borrowed security.
 
Securities Lending
 
To generate additional income, each the Small Cap Fund, Emerging Markets Fund and Foreign Value Fund use Securities Finance Trust Company (“eSecLending”) as lending agent. The Small Cap Fund, Emerging Markets Fund and Foreign Value Fund may each lend up to 30% of its assets pursuant to certain agreements (“Securities Lending Agreements”) requiring that the loan be continuously secured by cash or with the Funds’ approval, other securities. Securities are loaned by eSecLending to certain pre-approved brokers (“the borrowers”). The borrowers are required to provide cash or U.S. Government securities as collateral against loaned securities in the amount of at least 105% of the market value of borrowings for the Emerging Markets and Foreign Value Funds, and at least 102% of the borrowings for the Small Cap Fund. Collateral is marked-to-market daily. Cash collateral received by the Funds is invested in a registered money market fund.
 
The Quant Long/Short Fund uses State Street Bank and Trust Company (“State Street”) as lending agent for the Quant Long/Short Fund pursuant to a Securities Lending Authorization Agreement. The Long/Short Fund may lend up to 331/3% of its assets. Securities are loaned by State Street to certain pre-approved borrowers. The initial collateral received shall have (depending on the nature of the loaned securities and the collateral received) a value of at least 102% or 105% of the market value of the loaned securities, or such other value, but not less than 102% of the market value of the loaned securities, as may be applicable in the jurisdiction in which such loaned securities are customarily traded. Collateral of cash and/or securities is marked-to-market daily. Cash collateral is invested in a registered money market fu nd that may be managed by State Street or one of its affiliates.
 
Risks such as delay in recovery of securities may occur should the borrower of the securities fail financially or should the value of the securities loaned increase above the value of the collateral received. eSecLending provides indemnification insurance via highly rated third party insurers to cover these potential risks. State Street provides indemnification against borrower default.
 
At September 30, 2010, the following Funds had collateral and loans outstanding of:
   
Value of Collateral
   
Value of Loaned Securities
 
Quant Small Cap Fund
  $ 1,167,707     $ 1,140,243  
Long/ Short Fund
    22,280,025 *     21,671,332  
Quant Emerging Markets Fund
    4,259,949       4,063,420  
 
*
Collateral of 102% is received on behalf of the securities loaned by the Long/Short Fund. A portion of the collateral received, ($7,352,939 for the six months ended September 30, 2010), is held in a registered money market fund and a portion, $14,927,086 was used to release cash collateral held by the short sales agent, State Street, to allow the Fund to purchase securities with such short sale proceeds.
 
 
Expenses and Class Allocations
 
The majority of the expenses of the Funds are attributed to the individual Fund and Class for which they are incurred. Expenses that are not attributed to a specific Fund are allocated in proportion to the respective net assets of the Funds. Expenses allocable to a Fund are borne pro rata by the holders of both classes of shares of such Fund, except that 12b-1 Plan expenses will not be borne by the holders of Institutional Shares.
 
Distribution fees on Ordinary Shares are calculated based on the average daily net asset value attributable to the Ordinary Shares of the respective Fund. Institutional Shares are not subject to a distribution plan. Shareholders of each class share all expenses and fees paid to the transfer agent, Quantitative Institutional Services, for its services, which are allocated based on the net assets in each class and the ratable allocation of related out-of-pocket expenses. Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on their respective percentage of adjusted net assets at the beginning of the day. (See Note 3)
 
Distributions to Shareholders
 
Distributions to shareholders are recorded as of the ex-dividend date. Distributions paid by each Fund with respect to each class of shares are calculated in the same manner, at the same time, and in the same amount, except that Ordinary Shares incur 12b-1 distribution fees while Institutional Shares do not. Distributions from net investment income for each Fund, if any, are declared and paid annually. Distributions from net realized gains for each Fund, if any, are generally declared and paid annually.
 
3. Management Fee, Advisory Contracts and Other Affiliate Transactions
 
The Funds have entered into a management agreement (the “Management Agreement”) with Quantitative Investment Advisors, Inc. d/b/a Quantitative Advisors (the “Manager”). Compensation of the Manager, for management and administration of the Funds, including selection and monitoring of the portfolio advisors, is paid monthly based on the average daily net asset value of each Fund for the month. The annual rate of such fees is 1.00% of the average daily total net assets of Small Cap, Long/Short, Emerging Markets, Foreign Value, and Foreign Value Small Cap Funds.
 
Under the Management Agreement, the Manager has agreed to reduce its compensation, and if necessary, assume expenses, with respect to Small Cap to the extent that the total expenses of this Fund individually exceeds 2% of average net assets for any fiscal year. Fund expenses subject to this limitation are exclusive of brokerage, interest, taxes and extraordinary expenses, which include incremental custody costs associated with international securities. Expenses are calculated gross of custody credits, if applicable.
 
 
For the six months ended September 30, 2010 aggregate management fees were $4,306,450.
 
 
The Manager has entered into advisory contracts with the following subadvisors (collectively the “Advisors”) to provide investment advisory services to the following Funds: Columbia Partners, L.L.C., Investment Management (Small Cap), Analytic Investors, LLC (Long/Short), PanAgora Asset Management, Inc. (Emerging Markets), and Polaris Capital Management, LLC (Foreign Value and Foreign Value Small Cap.)
 
 
For services rendered, the Manager pays to the Advisor of a Fund a fee based on a percentage of the average daily total net assets of the Fund. The fee for each Fund is determined separately. Currently, the fees paid by the Manager to the Advisors of the Funds are as follows:
 
Small Cap
0.47% of average daily total net assets
   
Long/Short
0.45% of the first $100 million and
 
0.40% of amounts in excess of $100 million of average daily total net assets;
   
Emerging Markets
0.40% of average daily total net assets;
   
Foreign Value
0.35% of the first $35 million,
 
0.40% of amounts in excess of $35 million but less than $200 million and
 
0.50% of assets in excess of $200 million of average daily total net assets
   
Foreign Value Small Cap
0.35% of the first $35 million and
 
0.40% of amounts in excess of $35 million but less than $200 million and
 
0.50% of amounts in excess of $200 million of average daily total net assets.
 
The Funds have entered into a distribution agreement (the “Distribution Agreement”) with U.S. Boston Capital Corporation (the “Distributor”). For its services under the Distribution Agreement, the Distributor received a monthly fee at the annual rate of (i) 0.25% of the average daily net asset value of the Ordinary Shares of the Funds.
 
Holders of Institutional Shares pay no portion of the 12b-1 Plan expenses of the Funds and are not entitled to vote on matters involving the 12b-1 Plan. During the six months ended September 30, 2010 the aggregate distribution fees of the Funds were $943,171.
 
Transfer agent functions are provided to the Funds by Quantitative Institutional Services, a division of the Manager (the “Transfer Agent”) pursuant to a transfer agent agreement (the “Transfer Agent Agreement”). The Transfer Agent Agreement provides for base fees that are payable to the Transfer Agent at an annual rate of 0.16% of the average daily total net asset value of each class of shares of the Funds and for reimbursement of out of pocket expenses. During the six months ended September 30, 2010, the aggregate fees of the Funds were $715,626.
 
Pursuant to an Administration Agreement, the Manager provides certain administrative services to the Funds. During the six months ended September 30, 2010, fees paid pursuant to this agreement were $135,409.
 
The Board of Trustees of the Funds has approved reimbursement to the Manager for certain costs associated with providing regulatory and compliance services to the Funds. For the six months ended September 30, 2010, the Trustees have approved reimbursements that amounted to $94,626.
 
Custody and fund accounting services are provided by State Street and its affiliates. Custody credits generated by interest earned on un-invested cash balances maintained by the Funds are used to offset custodial expenses of the Funds.
 
For the six months ended September 30, 2010, each Trustee, including the Trustee who is or may be considered to be affiliated with the Manager, the Distributor and the Transfer Agent, received one-half of the annual Trustee’s fee of $21,000, with the exception of the Chairman of the Audit Committee and the Lead Independent Trustee of the Board. Each of the Chairman of the Audit Committee and the Lead Independent Trustee of the Board was paid one-half of the annual amount of $24,000. The affiliated Trustee, who also is an officer of the Funds, did not receive any other compensation from the Funds.
 
All officers of the Funds are or may be considered to be affiliated with the Manager, the Distributor and the Transfer Agent. No officer of the Funds, other than the affiliated Trustee, received any compensation from the Funds.
 
4. Purchases and Sales
 
During the six months ended September 30, 2010, purchases of investment securities other than U.S. Government obligations and short-term investments, for Small Cap, Long/Short, Emerging Markets, Foreign Value, and Foreign Value Small Cap were $28,054,561, $69,452,264, $92,765,613, $15,727,746 and $22,123,041, respectively. Sales of such securities for the Funds were $34,098,515, $73,576,161, $87,402,084, $57,369,825 and $56,972,114, respectively. Securities sold short are excluded from the Long/Short Fund numbers as they are generally held for less than one year.
 
5. Contingent Liability
 
The Trust maintains a joint fidelity bond with the Funds’ Transfer Agent through ICI Mutual Insurance Company (“ICI Mutual”). The annual premium is allocated among the Funds and the Transfer Agent. Additionally, the Funds have committed to ICI Mutual up to 300% of the annual premium, one third of which was provided in cash, with each Fund’s pro rata portion recorded as an asset. The remainder is secured with an irrevocable letter of credit.
 
6. Concentration of Risk
 
The relatively large investments of Emerging Markets in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund’s investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.
 
7. Federal Income Taxes
 
It is the policy of the Funds to distribute all of their taxable income within the prescribed time and otherwise comply with the provisions of the Internal Revenue Code (“IRC”) applicable to regulated investment companies. Therefore no Federal income tax provision is required.
 
Certain Funds had capital loss carryovers at March 31, 2010. The accumulated capital losses noted in the table may be available to offset future realized capital gains and thereby reduce future taxable gain distributions. Foreign Value acquired capital loss carryovers for federal income tax purposes of $8,053,584 when the net assets of State Street Research International Equity Fund (SSR), a series of State Street Research Financial Trust (“SSR”), were acquired in a merger which occurred on May 2, 2003 pursuant to a Plan of Reorganization approved by the shareholders of SSR on April 25, 2003. Foreign Value is the surviving fund in the merger for purposes of maintaining the financial statements and performance history in the post-reorganization periods and the acquired capital loss carryovers may be subject to limitations on th eir use under the Internal Revenue Code, as amended, and may therefore expire unutilized. As of March 31, 2010 the capital loss carryovers were as follows:
 
Portfolio
 
Capital Loss
Expires
March 31, 2011
   
Capital Loss
Expires
March 31, 2016
   
Capital Loss
Expires
March 31, 2017
   
Capital Loss
Expires
March 31, 2018
   
Total
Capital Loss
 
Small Cap Fund
  $     $     $ 12,418,995     $ 23,795,469     $ 36,214,464  
Long/Short Fund
                2,671,166       14,909,223       17,580,389  
Emerging Markets Fund
                44,819,035       31,309,051       76,128,086  
Foreign Value Fund
    932,449             80,608,820       131,156,114       212,697,383  
Foreign Value
Small Cap Fund
                             
 
The primary differences between book and tax appreciation or depreciation of investments consist of wash sale loss deferrals, return of capital distributions by real estate investment trusts (“REITs”), mark to market on passive foreign investment companies (“PFICs”) held and foreign capital gains taxes accrued. The net tax appreciation/(depreciation) in the table below includes unrealized tax gain/(loss) on foreign currency and investments.
 
 
At September 30, 2010, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:
 
Portfolio
 
Tax Cost
   
Gross
Unrealized
Gain
   
Gross
Unrealized
Loss
   
Net
Unrealized
Gain (Loss)
 
Small Cap
  $ 87,189,237     $ 22,032,364     $ (3,995,081 )   $ 18,037,283  
Long/Short
    63,891,450       3,177,618       (3,782,800 )     (605,182 )
Emerging Markets
    223,251,817       52,810,020       (5,284,696 )     47,525,324  
Foreign Value
    434,867,282       63,091,012       (96,619,138 )     (33,528,126 )
Foreign Value Small Cap
    87,394,550       20,997,970       (4,632,075 )     16,365,895  
 
8. Transactions in Shares of Beneficial Interest
 
Transactions in shares of beneficial interest were as follows:
   
Six Months Ended
September 30, 2010
   
Year Ended
March 31, 2010
 
   
Shares
   
Dollars
   
Shares
   
Dollars
 
Small Cap
                       
Ordinary Shares
                       
Shares sold
    190,605     $ 3,044,080       616,767     $ 8,505,968  
Shares issued in reinvestment of distributions
                10,752       156,762  
Shares redeemed
    (498,459 )     (8,050,519 )     (646,575 )     (8,834,143 )
Net Change
    (307,854 )     (5,006,439 )     (19,056 )     (171,413 )
                                 
Institutional Shares
                               
Shares sold
    18,060       322,126       61,117       992,998  
Shares issued in reinvestment of distributions
                1,312       21,550  
Shares redeemed
    (49,673 )     (913,098 )     (309,802 )     (4,440,988 )
Redemption fees
                           
Net Change
    (31,613 )     (590,972 )     (247,373 )     (3,426,440 )
                                 
Total Net Change For Fund
          $ (5,597,411 )           $ (3,597,853 )

   
Six Months Ended
September 30, 2010
   
Year Ended
March 31, 2010
 
   
Shares
   
Dollars
   
Shares
   
Dollars
 
Long/Short
                       
Ordinary Shares
                       
Shares sold
    77,996     $ 867,001       388,733     $ 3,869,231  
Shares issued in reinvestment of distributions
                10,130       111,739  
Shares redeemed
    (372,433 )     (4,161,515 )     (848,257 )     (8,564,514 )
Net Change
    (294,437 )     (3,294,514 )     (449,394 )     (4,583,544 )
                                 
Institutional Shares
                               
Shares sold
    536     $ 5,906       4,319     $ 41,778  
Shares issued in reinvestment of distributions
                218       2,489  
Shares redeemed
    (21,330 )     (242,465 )     (22,871 )     (243,283 )
Redemption fees
                               
Net Change
    (20,794 )     (236,559 )     (18,334 )     (199,016 )
                                 
Total Net Change For Fund
          $ (3,531,073 )           $ (4,782,560 )
                                 
Emerging Markets
                               
Ordinary Shares
                               
Shares sold
    2,944,186     $ 64,779,968       5,756,404     $ 104,705,318  
Shares issued in reinvestment of distributions
                38,441       786,122  
Shares redeemed
    (2,926,107 )     (62,579,730 )     (9,715,787 )     (180,344,576 )
Net Change
    18,079       2,200,238       (3,920,942 )     (74,853,136 )
                                 
Institutional Shares
                               
Shares sold
    232,186       4,834,099       683,681       11,800,520  
Shares issued in reinvestment of distributions
                5,392       111,454  
Shares redeemed
    (154,531 )     (3,243,131 )     (1,572,205 )     (25,937,228 )
Redemption fees
                               
Net Change
    77,655       1,590,968       (883,132 )     (14,025,254 )
                                 
Total Net Change For Fund
          $ 3,791,206             $ (88,878,390 )
Foreign Value
                               
Ordinary Shares
                               
Shares sold
    2,093,491     $ 25,654,504       13,262,594     $ 145,162,678  
Shares issued in reinvestment of distributions
                880,784       10,331,432  
Shares redeemed
    (6,133,664 )     (70,652,129 )     (12,236,058 )     (141,205,485 )
Net Change
    (4,040,173 )     (44,997,625 )     1,907,320       14,288,625  
                                 
Institutional Shares
                               
Shares sold
    253,471       2,930,583       599,263       6,268,518  
Shares issued in reinvestment of distributions
                164,913       1,932,784  
Shares redeemed
    (265,582 )     (3,155,128 )     (2,036,513 )     (22,492,350 )
Redemption fees
                               
Net Change
    (12,111 )     (224,545 )     (1,272,337 )     (14,291,048 )
                                 
Total Net Change For Fund
          $ (45,222,170 )           $ (2,423 )
Foreign Value Small Cap
                               
Ordinary Shares
                               
Shares sold
    1,589,816     $ 16,097,711       8,949,723     $ 80,886,500  
Shares issued in reinvestment of distributions
                36,249       342,912  
Shares redeemed
    (5,327,777 )     (53,528,285 )     (765,876 )     (6,799,738 )
Net Change
    (3,737,961 )     (37,430,574 )     8,220,096       74,429,674  
                                 
Institutional Shares
                               
Shares sold
    53,343       551,713       121,383     $ 920,199  
Shares issued in reinvestment of distributions
                3,073       29,098  
Shares redeemed
    (4,551 )     (46,895 )     (82,780 )     (463,631 )
Net Change
    48,792       504,818       41,676       485,666  
                                 
Total Net Change for Fund
          $ (36,925,756 )           $ 74,915,340  

 
 

 


QUANT FUNDS

INFORMATION FOR SHAREHOLDERS
 
Quarterly Portfolio Disclosure
 
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (Call 1-800-SEC-0330 for more information). For a complete list of a fund’s portfolio holdings, you may also view the most recent monthly holdings report, semi-annual report or annual report on the Quant Funds’ web site at www.quantfunds.com.
 
Portfolio Proxy Voting Policies and Information
 
Information on the Funds’ proxy voting policies and on how the Quant Funds voted proxies related to portfolio securities for the 12-month period ended June 30, 2010 is available without charge online at www.quantfunds.com and at www.sec.gov. You may also call 1-800-326-2151 to request a free copy of the proxy voting information or the proxy voting policies.
 
Household Delivery of Fund Documents
 
With your consent, the Trust may send a single proxy statement, prospectus and shareholder report to your residence for you and any other member of your household who has an account with the Funds. If you wish to revoke your consent to this practice, you may do so by notifying the Fund’s transfer agent, by phone or in writing (see “For Account Information”). The mailing of separate proxy statements, prospectuses and shareholder reports will begin within 30 days after receiving your notice.

 
 

 


QUANT FUNDS

MANAGEMENT CONTRACT AND ADVISORY
CONTRACT APPROVAL

On May 20, 2010, the Board of the Trust approved the Management Agreement with the Manager and the advisory contracts with each Advisor to the Funds. The following describes the Board’s considerations.
 
Management Contract with Quantitative Investment Advisors, Inc.
 
Nature and Quality of Manager’s Advisory Services. The Board reviewed the Managers’ senior management and other personnel. Among other factors, the Board considered the size, education and experience of the Managers’ staff and the Managers’ approach to recruiting, training, compensating and retaining personnel. The Board considered the Managers’ supervision of Sub-Advisers. The Board considered the benefit to shareholders of investing in a fund that is part of a small family of funds using a manager-of-managers approach and providing for a selection of shareholder services, including, the ability of shareholders to exchange or transfer investments within the same class of shares among each of the Funds without incurring additional sales charges.
 
Nature and Quality of Other Services. The Board considered the nature, quality, cost and extent of administrative and shareholder services performed by the Manager and affiliated companies under the existing Management Agreements and under separate agreements covering administrative services, transfer agency functions and other services. The Board, including the Independent Trustees, has also considered the nature and extent of the Manager’s supervision of third party service providers, principally Fund accountants (pricing, recordkeeping), securities lending agents, custodians and subcustodians.
 
 
Fees and Expenses. The Board considered each Fund’s advisory fee, subadvisory fee and expense ratio compared with the management fees, subadvisory fees and expense ratios of the Selected Peer Group. Fees and expenses for each Fund are discussed below under each Fund.
 
 
Conclusion. Based on its evaluation of all material factors, the Board, including the Independent Trustees, concluded that the existing advisory fee structure is fair and reasonable, and that the existing Management Agreement should be approved.
 
 
Quant Small Cap Fund — (Sub-Adviser — Columbia Partners, LLC Investment Management)
 
Investment Performance. The Board reviewed the Fund’s investment performance as well as the performance of the Selected Peer Group, and the performance of an appropriate index or combination of indices. The Board noted that the Fund underperformed its Selected Peer Group for each of the one, three, five and ten year periods, but that the Fund outperformed the subsection of the Selected Peer Group comprised of funds managed via a similar adviser/sub-adviser structure (the “Sub-Advised Peer Group”) for the one and ten year periods.
 
Fees and Expenses. The Board considered the Fund’s management fee, subadvisory fee and expense ratio compared with fees and expense ratios of the Selected Peer Group. The Board noted that the Fund’s management fee and expense ratio are above the average and the median of the funds in its Selected Peer Group. Additionally, the Board noted that the Fund’s contractual management fee is competitive with the assets weighted average of the Sub-Advised Peer Group at all asset levels presented.
 
 
Conclusion. Based on its evaluation of all material factors, the Board, including the Independent Trustees, concluded that the advisory fees for the Fund are fair and reasonable, and that the existing Sub-Advisory Agreement with this Sub-Adviser should be approved.
 
 
Quant Emerging Markets Fund — (Sub-Adviser — PanAgora Asset Management, Inc.)
 
Investment Performance. The Board reviewed the Fund’s investment performance as well as the performance of a Selected Peer Group of mutual funds, and the performance of an appropriate index or combination of indices. The Board noted that the Fund underperformed its Selected Peer Group for each of the one, three and five year periods, but outperformed the Selected Peer Group for the ten year period.
 
Fees and Expenses. The Board considered the Fund’s management fee, subadvisory fee and expense ratio compared with the fees and expense ratios of the Selected Peer Group. The Board noted that the Fund’s management fee is below the average and the median of the funds in its Selected Peer Group, and that the Fund’s total expense ratio is below the average and the median of the Fund’s Sub-Advised Peer Group. Additionally, the Board noted that the Fund’s contractual management fee is competitive with the assets weighted average of the Selected Peer Group at all asset levels presented and is lower than the assets weighted average of the Sub-Advised Peer Group at all asset levels presented
 
 
Conclusion. Based on its evaluation of all material factors, the Board, including the Independent Trustees, concluded that the advisory fees for the Fund are fair and reasonable, and that the existing Sub-Advisory Agreement with this Sub-Adviser should be approved.
 
 
Quant Long/Short Fund — (Sub-Adviser — Analytic Investors, LLC)
 
Investment Performance. The Board reviewed the Fund’s investment performance as well as the performance of the Selected Peer Group, and the performance of an appropriate index or combination of indices. The Board noted that Fund outperformed its Selected Peer Group for the five year period but underperformed its Selected Peer Group for each of the one, three and ten year periods. The Board also noted that the Fund changed its investment strategy in November of 2006 and that performance prior to that date reflects the prior strategy.
 
Fees and Expenses. The Board considered the Fund’s management fee, subadvisory fee and expense ratio compared with the fees and expense ratios of the Selected Peer Group. The Board noted that the Fund’s management fee and expense ratio are above the average and the median of the funds in its Selected Peer Group, and the Fund’s total expense ratio is competitive with the median of the Sub-Advised Peer Group. The Board noted that the Fund’s contractual management fee is lower than the asset-weighted average of its Selected Peer Group at all asset levels presented and is competitive with its Subadvised Peer Group at various asset levels.
 
 
Conclusion. Based on its evaluation of all material factors, the Board, including the Independent Trustees, concluded that the advisory fees for the Fund are fair and reasonable, and that the existing Sub-Advisory Agreement with this Sub-Advisor should be approved.
 
 
Quant Foreign Value Fund — (Sub-Adviser — Polaris Capital Management, LLC)
 
Investment Performance. The Board reviewed the Fund’s investment performance as well as the performance of the Selected Peer Group, and the performance of an appropriate index or combination of indices. The Board noted that the Fund outperformed its Selected Peer Group for the one and ten year periods, but had underperformed its Selected Peer Group for each of the three and five year period.
 
Fees and Expenses. The Board considered the Fund’s management fee, subadvisory fee and expense ratio compared with the fees and expense ratios of the Selected Peer Group. It also considered the amount and nature of fees paid by shareholders. The Board noted that Fund’s management fee and expense ratio are above the average and the median for the Selected Peer Group; however, they are competitive with the average and the median of the Sub-Advised Peer Group. Additionally, the Board noted that the contractual management fee is competitive with the assets-weighted average of the Selected Peer Group at various asset levels and the Subadvised Peer Group at all asset levels presented.
 
 
Conclusion. Based on its evaluation of all material factors, the Board, including the Independent Trustees, concluded that the advisory fees for the Fund are fair and reasonable, and that the existing Sub-Advisory Agreement with this Sub-Adviser should be approved.
 
 
Quant Foreign Value Small Cap Fund — (Sub-Adviser — Polaris Capital Management, Inc.)
 
Investment Performance. The Board reviewed the Fund’s investment performance since inception in May of 2008, noting that the Fund outperformed the Selected Peer Group for the one year period.
 
Fees and Expenses. The Board considered the Fund’s management fee, subadvisory fee and expense ratio compared with the fees and expense ratios of the Selected Peer Group. It also considered the amount and nature of fees paid by shareholders. The Board noted that the Fund’s management fee is at the median and slightly above the average of the Fund’s Selected Peer Group. The Board also noted that the expense ratio of the Fund is above the average and the median of the Selected Peer Group but is competitive with the median of the Sub-Advised Peer Group for the most recent period reviewed. Additionally, the Board noted that the contractual management fee is competitive with the assets-weighted average of the Selected Peer Group at all asset levels presented and is signi ficantly lower than the assets weighted average of the Sub-Advised Peer Group at all asset levels presented. The Board also noted that the Fund benefited from the waiver of certain fees for a portion of its initial fiscal year, and that the expense ratio for its initial fiscal year included certain start-up expenses that will not be recurring expenses.
 
 
Conclusion. Based on its evaluation of all material factors, the Board, including the Independent Trustees, concluded that the advisory fees for the Fund are fair and reasonable, and that the proposed Sub-Advisory Agreement with this Sub-Adviser be approved.
 

 
 

 

 

 
QUANT FUNDS
 
NOTES
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 
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QUANT FUNDS
 
SERVICE PROVIDERS
 
Manager
Quantitative Advisors, 55 Old Bedford Road,
Lincoln, MA 01772
Advisers
Columbia Partners, L.L.C., Investment Management,
5425 Wisconsin Avenue, Suite 700, Chevy Chase, MD 20815
Analytic Investors, LLC, 555 West Fifth Street, 50th Floor,
Los Angeles, CA 90013
PanAgora Asset Management, Inc., 470 Atlantic Avenue,
8th Floor, Boston, MA 02210
Polaris Capital Management, LLC, 125 Summer Street,
Boston, MA 02210
Distributor
U.S. Boston Capital Corporation, 55 Old Bedford Road,
Lincoln, MA 01773
Custodian
State Street, 801 Pennsylvania Avenue,
Kansas City, MO 64105
Fund Accountant
State Street, 801 Pennsylvania Avenue,
Kansas City, MO 64105
Transfer Agent
Quantitative Institutional Services, 55 Old Bedford Road,
Lincoln, MA 01773
Independent Registered
Public Accounting Firm
Tait, Weller & Baker LLP, 1818 Market Street, Suite 2400
Philadelphia, PA 19103
Legal Counsel
Goodwin Procter LLP, 901 New York Avenue, NW,
Washington, DC 20001
For Account Information
For Quant Funds information, contact your financial adviser or, if you receive account statements directly from Quant Funds, you can also call 1-800-326-2151. Telephone representatives are available from 8:30 a.m. to 4:30 p.m. Eastern Time. Or visit our website, www.quantfunds.com

 
 

 

 


ITEM 2.                      Code of Ethics

Not applicable for report period.

ITEM 3.                      Audit Committee Financial Expert

Not applicable for report period.

ITEM 4.                      Principal Accountant Fees and Services

Not applicable for report period.

ITEM 5.                                         Audit Committee of Listed Registrants

                      Not applicable.

ITEM 6.                      Schedule of Investments

Not applicable.

ITEM 7.                      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

ITEM 8.                                         Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

ITEM 9
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

                      Not applicable.

ITEM 10                      Submission of Matters to a Vote of Security Holders

                      Not applicable.

ITEM 11.                      Controls and Procedures

(a)     The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)      There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.                      Exhibits

(a)              Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers.

(b)
Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and financial officers.



 
 

 


SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 Quantitative Group of Funds


By /s/ Willard L. Umphrey
Willard L. Umphrey, President

Date: November 30, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By /s/ Willard L. Umphrey
Willard L. Umphrey, President

Date:  November 30, 2010

By /s/ Leon Okurowski
Leon Okurowski, Treasurer

Date: November 30, 2010




 
 

 

EXHIBIT LIST

(a)              Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers.

(b)              Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and

financial officers.





 
 

 

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MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" 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MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH HH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`__V3\_ ` end EX-99.CERT 9 cert.htm CERTS cert.htm



CERTIFICATIONS


I, Willard L. Umphrey, certify that:

1. I have reviewed this report on Form N-CSR of Quantitative Group of Funds d/b/a/ Quant Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 30, 2010                                                       /s/ Willard L. Umphrey
Willard L. Umphrey
President



 
 

 

CERTIFICATIONS

I, Leon Okurowski, certify that:

1. I have reviewed this report on Form N-CSR of Quantitative Group of Funds d/b/a/ Quant Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: November 30, 2010                                                       /s/ Leon Okurowski
Leon Okurowski
Treasurer


EX-99.906 CERT 10 cert906.htm 906 CERT cert906.htm


SECTION 906 CERTIFICATION


Pursuant to 18 U.S.C. § 1350, the undersigned officer of Quantitative Group of Funds d/b/a/ Quant Funds (the “Fund”), hereby certifies, to the best of his knowledge, that the Fund’s Report on Form N-CSR for the period ended September 30, 2010 (the “Report”) fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.


Dated:  November 30, 2010



/s/ Willard L. Umphrey
Willard L. Umphrey
President


This certification is being furnished solely pursuant to 18 U.S.C. §. 1350 and is not being filed as part of the Report or a separate disclosure document.

A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the SEC or its staff upon request.



SECTION 906 CERTIFICATION


Pursuant to 18 U.S.C. §. 1350, the undersigned officer of Quantitative Group of Funds d/b/a/ Quant Funds (the “Fund”), hereby certifies, to the best of his knowledge, that the Fund’s Report on Form N-CSR for the period ended September 30, 2010 (the “Report”) fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.


Dated:              November 30, 2010



/s/ Leon Okurowski
Leon Okurowski
Treasurer


This certification is being furnished solely pursuant to 18 U.S.C. §. 1350 and is not being filed as part of the Report or a separate disclosure document.

A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the SEC or its staff upon request.




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