<PAGE>
- -------------------------------------------------
QUANTITATIVE GROUP OF FUNDS
U.S. EQUITY FUNDS
Quantitative Numeric Fund
Quantitative Numeric II Fund
Quantitative Disciplined Growth Fund
Quantitative Growth and Income Fund
INTERNATIONAL EQUITY FUNDS
Quantitative International Equity Fund
Quantitative Foreign Frontier Fund
SEMI-ANNUAL REPORT
September 30, 1995
<PAGE>
November 29, 1995
Dear Fellow Shareholder:
I am pleased to provide you with the semi-annual report of the Quantitative
Group of Funds. The last six months (April 1, 1995 through September 30, 1995)
was a very successful period for the United States equity markets, and invest-
ors in our domestic funds -- who enjoyed double digit returns. Many of the de-
veloped and emerging international markets, however, fared relatively less well
over this six month period.
As a quantitatively managed fund group, we believe that consistent application
of a disciplined strategy offers investors the best opportunity for good re-
turns over the long term. Thus, while I am pleased to offer you recent portfo-
lios and performance information for the past six months, each fund should be
viewed in light of your broader investment goals. I would encourage you to read
the overviews in this report offered by the portfolio managers of each of our
funds.
In the upcoming year, we will continue our efforts to maximize returns for
shareholders and to improve our services. We appreciate the confidence you have
shown by placing your investments with us. We are available at any time to an-
swer questions and provide assistance.
Sincerely,
Edward L. Pittman
President
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
PERFORMANCE AND PORTFOLIO OVERVIEW AS OF SEPTEMBER 30, 1995
QUANTITATIVE NUMERIC FUND
- -------------------------------------------------------------------------------
MANAGER'S DISCUSSION
The Numeric Fund is a small company growth fund that invests primarily in
smaller, rapidly growing companies with less than $800 million in market capi-
talization, although it may also purchase securities of larger companies with
favorable expected growth rates. Numeric Investors L.P. manages the Fund using
a quantitative investment model that examines companies primarily on the basis
of two factors: analysts' earnings estimate revisions and fair value. Stocks
with the highest combined ranking are candidates for purchase.
At the end of March, upon attaining $100 million in assets, the Fund was
closed to additional investments. Our decision to close the Fund was designed
to avoid having the Fund reach asset levels at which it could not effectively
implement its investment strategy. Investors with existing automatic invest-
ment programs, IRAs, or 401(k)s may continue to contribute to the Fund.
During the six-month period from April 1995 to September 1995, the Fund pro-
duced a return of 27.70% for investors in Ordinary Shares (excluding the ef-
fects of the 1% redemption fee), compared to a 20.18% return for its bench-
mark, the Russell 2000 Index, and a return of 21.86% for the average small
company fund, according to Morningstar.
Lower interest rates and a continuation of very strong corporate earnings an-
nouncements helped to fuel the general market for smaller stocks. Both the
earnings estimate revisions and fair value components of the Fund's investment
process performed well during the period. The earnings estimate revisions com-
ponent was aided by economic stability during the period. In addition, the
fair value model offered good insights despite a move by the market late in
the period towards favoring more stable growth stocks. Some of the Fund's rel-
ative success also can be attributed to its exposure in technology stocks. The
amount invested by the Fund in technology reached approximately 30% of the
Fund's assets at the end of September.
We expect that interest rates will be a key factor over the next six months,
but should remain steady. Lower rates, however, could lead to higher returns,
while, conversely, higher rates could lead to lower returns. If the economy
slows down over the next six months, the smaller companies in which the Fund
invests should fare better than larger companies--whose fortunes are more
closely tied to the economy.
John C. Bogle, Jr., CFA
Numeric Investors L.P.
- -------------------------------
AVERAGE ANNUAL RATE OF RETURN*
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years Inception
<S> <C> <C> <C> <C> <C>
Ordinary Shares 34.72% 31.39% N/A N/A 30.46%(8/3/92)
Institutional Shares 36.77% N/A N/A N/A 25.15%(1/6/93)
</TABLE>
* See accompanying Notes, which should be read in conjunction with this mate-
rial. Past performance is not predictive of future performance.
- -------------------------------
PORTFOLIO COMPOSITION
[PIE GRAPH APPEARS HERE]
<TABLE>
<S> <C>
Cash 6%
Cons. Cycl. 22%
Basic Ind. 5%
Cons. Non-Cycl. 21%
Industrials 11%
Financials 95
Technology 27%
</TABLE>
Number of Holdings 98
Dollars Invested $118 million
Average Market Cap $1.05 billion
- -------------------------------------------------------------------------------
1
<PAGE>
QUANTITATIVE GROUP OF FUNDS __________________________________________________
QUANTITATIVE NUMERIC II FUND
- --------------------------------------------------------------------------------
MANAGER'S DISCUSSION
The Quantitative Numeric II Fund invests primarily in common stocks of compa-
nies with medium market capitalizations, generally $800 million to $5 billion.
The Fund employs an investment strategy similar to that used by its older sib-
ling, but limits sector exposure to +/- 5% of its benchmark, the S&P 400 Index.
The Fund began investing in March 1995 and continued to diversify its invest-
ment portfolio through April. During the six-month period from April 1995 to
September 1995, the Fund produced a return of 21.25% for investors in Ordinary
Shares (excluding the effects of the 1% redemption fee), compared to a 19.32%
return for its benchmark, the S&P 400 Index. The performance of mid cap stocks,
as measured by the Index, over the period was within a percentage point of the
returns for smaller companies, as measured by the Russell 2000 Index.
Due to the similarity of the investment models used by the two Quantitative Nu-
meric Funds, the returns for the Numeric II Fund were influenced by many of the
same factors as affected the Numeric Fund. The general small cap market bene-
fited from a combination of lower interest rates and strong corporate earnings
announcements. Economic stability enhanced the performance of the earnings es-
timate revisions portion of the Fund's investment model. The fair value compo-
nent of the model also performed well during the period, despite a trend favor-
ing growth stocks at the end of the period. This trend affected Numeric II
slightly more than Numeric due to the greater emphasis on fair value in the Nu-
meric II model. The risk controls applied by the Fund to limit relative sector
exposure also contributed to the consistency of the Fund's performance over the
period.
John C. Bogle, Jr., CFA
Numeric Investors L.P.
- --------------------------------
AGGREGATE TOTAL RATE OF RETURN*
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years Inception
<S> <C> <C> <C> <C> <C>
Ordinary Shares N/A N/A N/A N/A 22.70%(3/21/95)
Institutional Shares N/A N/A N/A N/A 19.47%(4/17/95)
</TABLE>
* See accompanying Notes, which should be read in conjunction with this materi-
al. Past performance is not predictive of future performance.
- --------------------------------
PORTFOLIO COMPOSITION
[PIE GRAPH APPEARS HERE]
<TABLE>
<S> <C>
Utilities 14%
Financials 16%
Cons. Non-Cycl. 13%
Technology 16%
Cash 9%
Industrials 11%
Basic Ind. 6%
Cons. Cycl. 12%
Energy 4%
</TABLE>
Number of Holdings 64
Dollars Invested $2.2 million
Median Market Cap $3.0 billion
- -------------------------------------------------------------------------------
2
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
QUANTITATIVE GROWTH AND INCOME FUND
- -------------------------------------------------------------------------------
MANAGER'S DISCUSSION
The Growth and Income Fund is designed to serve as a core domestic stock fund,
focusing on investment opportunities among larger companies. The Fund employs
an investment model that measures both growth and value characteristics of
stocks within its universe of eligible investments. Sector allocations for the
Fund are similar to the S&P 500. Although the Fund invests primarily in secu-
rities of U.S. companies, it also invests in securities of foreign companies
that are included in the S&P 500. The Fund is designed to provide value
through individual stock selection.
During the six-month period from April 1995 to September 1995, the Fund pro-
duced a return of 15.38% for investors in Ordinary Shares (excluding the ef-
fects of the 1% redemption fee), compared to a 18.23% return for its bench-
mark, the S&P 500 Index, and a return of 16.00% for the average growth and in-
come fund, according to Morningstar.
The large cap market performed extremely well over the last six months, driven
by strong corporate earnings. Specific sectors, such as technology and finan-
cial stocks, accounted for a significant portion of the market's performance.
Because the Fund stays close to the index benchmark weights in each sector, it
did not benefit as much from the performance of these sectors as smaller cap
funds and growth and income funds that acquired larger sector bets. The Fund
has refined its investment model during the period, however, to permit
slightly larger sector concentrations than its benchmark index. In addition,
the Fund has sharpened its focus by eliminating from its available investment
universe a number of industries that individually comprise less than 1% of the
S&P 500.
We believe that the outlook for the market generally remains favorable, and we
see no evidence that a severe correction will occur in the near future. By
consistently adhering to our investment strategy, we hope to continue to be in
a position to participate in the market's growth.
Steven Esielonis and Doug Holmes, CFA
State Street Global Advisors
- -------------------------------
AVERAGE ANNUAL RATE OF RETURN*
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years Inception
<S> <C> <C> <C> <C> <C>
Ordinary Shares 23.19% 13.49% 15.50% 15.38% 14.37%(5/9/85)
Institutional Shares 25.04% 14.44% N/A N/A 12.60%(3/25/91)
</TABLE>
* See accompanying Notes, which should be read in conjunction with this mate-
rial. Past performance is not predictive of future performance.
- -------------------------------
PORTFOLIO COMPOSITION
[PIE GRAPH APPEARS HERE]
<TABLE>
<S> <C>
Utilities 13%
Cons. Staples 22%
Basic Ind. 6%
Financials 13%
Energy 9%
Industrials 23%
Cons. Cycl. 14%
</TABLE>
Number of Holdings 99
Dollars Invested $42.6 million
Average Market Cap $21.2 billion
- -------------------------------------------------------------------------------
3
<PAGE>
QUANTITATIVE GROUP OF FUNDS __________________________________________________
QUANTITATIVE DISCIPLINED GROWTH FUND
- --------------------------------------------------------------------------------
MANAGER'S DISCUSSION
The Quantitative Disciplined Growth Fund searches for investment opportunities
primarily among common stocks of companies with small (less than $800 million)
or medium capitalizations ($800 million to $5 billion). The Fund employs arti-
ficial intelligence to analyze potential investments. To limit risk, the Fund
generally will not invest more than 30% of its assets in any one sector of the
economy.
During the six-month period from April 1995 to September 1995, the Fund pro-
duced a return of 13.98% for investors in Ordinary Shares (excluding the ef-
fects of the 1% redemption fee), compared to a 20.18% return for its benchmark,
the Russell 2000 Index, and a return of 21.86% for the average small company
fund, according to Morningstar.
Small cap stocks outperformed both large and mid cap stocks for the six months
ended September 30, 1995. During the period, the Fund has maintained a rela-
tively low median market capitalization of approximately $300 million. Most of
the Fund's relative underperformance can be traced to the second quarter of
1995. During this period, the Fund was acquiring additional positions in order
to further diversify its investment portfolio. At the same time the Fund was
underexposed in the strong technology and financial services sectors, which
dominated the index returns during the quarter. Moreover, the Fund's investment
bias was toward the more stable and seasoned small cap companies, rather than
the volatile emerging growth companies which generated higher returns during
the period.
A stronger US dollar should adversely affect large cap companies with multina-
tional operations, while providing residual benefits to small cap companies,
particularly in the health care and financial services areas. We believe that
the valuation of small company stocks remains attractive relative to the large
cap market, and has the potential for superior earnings growth.
Dean Barr and Doug Case, CFA
LBS Capital Management, Inc.
- --------------------------------
AGGREGATE TOTAL RATE OF RETURN*
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years Inception
<S> <C> <C> <C> <C> <C>
Ordinary Shares N/A N/A N/A N/A 16.58%(3/1/95)
Institutional Shares N/A N/A N/A N/A 4.26%(7/26/95)
</TABLE>
*See accompanying Notes, which should be read in conjunction with this materi-
al. Past performance is not predictive of future performance.
- --------------------------------
PORTFOLIO COMPOSITION
[PIE GRAPH APPEARS HERE]
<TABLE>
<S> <C>
Basic Ind. 8%
Cons. Cycl. 4%
Financials 16%
Utilities 1%
Cons. Non-Cycl. 18%
Energy 3%
Technology 23%
Cash 9%
Industrials 18%
</TABLE>
Number of Holdings 92
Dollars Invested $1.2 million
Average Market Cap $386 million
- --------------------------------------------------------------------------------
4
<PAGE>
____________________________________________________ QUANTITATIVE GROUP OF FUNDS
QUANTITATIVE INTERNATIONAL EQUITY FUND
- -------------------------------------------------------------------------------
MANAGER'S DISCUSSION
The International Equity Fund searches for investment opportunities in devel-
oped foreign markets. In addition, the Fund maintains limited exposure to
emerging markets, by investing up to 10% of its assets in closed-end country
funds. The Fund's investment model emphasizes fundamental value in selecting
both the countries in which to invest and the securities within the individual
countries. The Fund seeks to reduce risk by diversifying the number of coun-
tries in which it invests, generally 10 or more, and by diversifying the num-
ber of holdings in the portfolio, generally over 100 companies.
During the six-month period from April 1995 to September 1995, the Fund pro-
duced a return of 1.89% for investors in Ordinary Shares (excluding the ef-
fects of the 1% redemption fee), compared to a 4.20% return for its benchmark,
the Morgan Stanley EAFE Index (an index comprised of stocks of developed for-
eign countries) and a return of 4.91% for the average international fund, ac-
cording to Morningstar.
International markets were generally under downward pressure over the last six
months. While exchange rates have been fairly strong year-to-date, a weakening
in the dollar over the last six months has slightly benefited the Fund. Howev-
er, a continued decline in the dollar versus key international currencies
would raise concerns that exports from those countries will be adversely af-
fected. The Fund's investment in emerging markets (generally less than 10% of
Fund assets) through closed-end funds also yielded mixed results for the peri-
od.
We believe that, as shown in 1994, investment in foreign markets provides in-
vestors with an important tool to diversify their portfolio and to participate
in the growth of international economies, markets, and currency. Moreover, we
feel that over the long-term international investing will provide excellent
returns.
Lyle Davis, CFA and
David Umstead, CFA, Ph.D.
Boston International Advisors, Inc.
- -------------------------------
AVERAGE ANNUAL RATE OF RETURN*
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years Inception
<S> <C> <C> <C> <C> <C>
Ordinary Shares (3.79%) 11.01% 5.92% N/A 3.10% (7/31/87)
Institutional Shares (2.41%) N/A N/A N/A (4.21%)(8/25/94)
</TABLE>
* See accompanying Notes, which should be read in conjunction with this mate-
rial. Past performance is not predictive of future performance.
- -------------------------------
PORTFOLIO COMPOSITION
[PIE GRAPH APPEARS HERE]
<TABLE>
<S> <C>
Belgium 5%
France 7%
UK 5%
Japan 38%
Emerging Mkts. 8%
Australia 4%
Germany 17%
Other Asia 1%
Other Europe 15%
</TABLE>
Number of Holdings 120
Dollars Invested $32.5 million
- --------------------------------------------------------------------------------
5
<PAGE>
QUANTITATIVE GROUP OF FUNDS ___________________________________________________
QUANTITATIVE FOREIGN FRONTIER FUND
- --------------------------------------------------------------------------------
MANAGER'S DISCUSSION
The Foreign Frontier Fund concentrates on investment opportunities in the mar-
kets of emerging foreign countries. The Foreign Frontier Fund is diversified,
in terms of both the countries and number of holdings represented in its port-
folio. Generally, the Fund will invest in three to four geographic regions and
hold roughly equal positions in a number of countries within each region (10%
or less).
During the six-month period from April 1995 to September 1995, the Fund pro-
duced a return of 7.60% for investors in Ordinary Shares (excluding the effects
of the 1% redemption fee), compared to a 8.23% return for its benchmark, the
International Finance Corporation Investable Composite Index, and a return of
10.78% for the average diversified emerging markets fund, according to Morning-
star.
The emerging markets rebounded strongly from the effects of Mexico's financial
crisis during the period. Brazil, Mexico, and Peru were particularly strong
over the period with returns exceeding 30%. The Fund's strategy of being sig-
nificantly more diversified than the Index, which led the Fund to be
underweighted in Mexico relative to the Index, did not have a great impact on
the Fund's relative performance to the Index during this six-month period.
Mexico's recent strong showing hurt the Fund's relative performance, but other
countries, such as South Africa, where the Index was considerably overweighted
during the period relative to the Fund, did not perform as well.. The Fund's
underweighting in Mexico cushioned the Fund during the Mexican decline of early
1995. Of the fifteen countries in which the Fund is invested, only three had
negative returns over the period.
The Fund's performance also was helped by a general appreciation in the curren-
cies of emerging markets during the period. The Mexican peso recovered slightly
from the enormous reduction in its value during the first quarter, and all but
four of the countries in which the Fund invests had currencies that were strong
against the dollar.
The emerging markets have recovered nicely from the effects of the Mexico cri-
sis, and valuation levels continue to be attractive. As the returns for the
last six months demonstrate, however, emerging markets are extremely volatile
in the short-term. The Fund's diversification across countries and regions is
designed to cushion the impact of such volatility. Nevertheless, investors must
have a long-term horizon in order to achieve the benefits of investing in
emerging markets.
Lyle Davis, CFA and
David Umstead, CFA, Ph.D.
Boston International Advisors, Inc.
- --------------------------------
AVERAGE ANNUAL RATE OF RETURN*
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years Inception
<S> <C> <C> <C> <C> <C>
Ordinary Shares (20.33%) N/A N/A N/A (20.33%)(10/1/94)
</TABLE>
* See accompanying Notes, which should be read in conjunction with this materi-
al. Past performance is not predictive of future performance.
- --------------------------------
PORTFOLIO COMPOSITION
[PIE GRAPH APPEARS HERE]
<TABLE>
<S> <C>
Brazil 11%
South Africa 5%
Mexico 11%
Argentina 6%
Malaysia 8%
Other S. America 11%
Turkey 5%
Greece 5%
Philippines 8%
Indonesia 7%
Portugal 5%
Thailand 8%
Other Asia 6%
</TABLE>
Number of Holdings 161
Dollars Invested $6.5 million
- --------------------------------------------------------------------------------
NOTES
These notes relate to the discussion of return information for the Funds pro-
vided on the preceding pages.
The average annual total return figures assume reinvestment of all dividends
and capital gains, and, when applicable, reflect the effects of a 2% expense
cap applied to the Quantitative Numeric, Quantitative Growth and Income, and
Quantitative International Equity Funds as described in the prospectus. The ag-
gregate total returns for the Quantitative Numeric II and Quantitative Disci-
plined Growth Funds reflect the effect of expense waivers and/or reimbursements
where applicable, and are for a limited period of time. If the expenses for
these funds had not been subsidized, the performance would have been lower. Re-
turns for the Ordinary Shares reflect the effect of the 12b-1 fee and deferred
sales charge. Returns for the Ordinary and Institutional Shares of Quantitative
Numeric II and Quantitative Disciplined Growth are not annualized. The perfor-
mance data quoted represents past performance and may not be indicative of fu-
ture performance. The investment return and principal value of a current in-
vestment will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than their original cost.
- --------------------------------------------------------------------------------
6
<PAGE>
____________________________________________________ QUANTITATIVE GROUP OF FUNDS
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
QUANTITATIVE NUMERIC FUND
- -------------------------------------------------------------------------------
COMMON STOCK--94.1% (a)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
AEROSPACE--1.4%
U.S. Robotics Corporation 19,800 $ 1,687,950
------------
AGRICULTURAL MACHINERY--0.8%
AGCO Corporation 21,800 991,900
------------
AIR TRAVEL--1.6%
Continental Airlines Inc. (b) 51,200 1,875,200
------------
APPAREL & TEXTILES--3.6%
Tommy Hilfiger Corporation (b) 53,400 1,735,500
Nautica Enterprises Inc. (b) 19,700 674,725
Warnaco Group Inc., Class A 47,800 1,147,200
Wolverine World Wide Inc. 25,700 703,538
------------
4,260,963
------------
AUTO PARTS--1.0%
Borg-Warner Automotive Inc. 19,600 627,200
LoJack Corporation (b) 34,700 572,550
------------
1,199,750
------------
BANKS--0.6%
Collective Bancorp, Inc. 27,000 698,625
------------
BUSINESS SERVICES--0.2%
Norand Corporation (b) 14,400 264,600
------------
CHEMICALS--2.9%
Cabot Corporation 19,500 1,035,938
Cytec Industries Inc. (b) 23,800 1,377,425
Terra Industries Inc. 67,000 954,750
Wellman Inc. 3,400 83,300
------------
3,451,413
------------
COMPUTERS & BUSINESS
EQUIPMENT--7.5%
Computer Management Sciences Inc. 2,000 28,000
Davidson & Associates Inc. (b) 47,800 1,661,050
Dell Computer Corporation (b) 26,400 2,244,000
General Scanning Inc. 2,600 29,250
Komag Inc. (b) 24,900 1,627,837
Medic Computer Systems Inc. (b) 29,800 1,512,350
Seagate Technology (b) 24,500 1,032,063
Trident Microsystems Inc. (b) 30,400 661,200
------------
8,795,750
------------
CONGLOMERATES--1.2%
Harcourt General Inc. 34,100 1,427,937
------------
CONSTRUCTION & MINING
EQUIPMENT--1.3%
Harnischfeger Industries Inc. 44,600 1,488,525
------------
DRUGS & HEALTH CARE--14.4%
AHI Healthcare Systems Inc. 3,100 43,400
AMSCO International Inc. (b) 17,900 355,763
Community Health Systems Inc. (b) 1,600 64,600
Dura Pharmaceuticals Inc. 13,500 342,788
General Nutrition Companies Inc. (b) 29,600 1,346,800
Healthcare COMPARE Corporation (b) 58,900 2,282,375
Horizon/CMS Healthcare
Corporation (b) 92,200 2,097,550
Integrated Health Services Inc. 57,900 1,635,675
Invacare Corporation 15,400 739,200
Lincare Holdings Inc. (b) 46,900 1,207,675
MediSense Inc. (b) 46,300 1,116,987
Medtronic Inc. 46,200 2,483,250
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
OrNda Healthcorp (b) 52,200 $ 1,109,250
Oxford Health Plans Inc. (b) 15,500 1,127,625
Renal Treatment Centers Inc. (b) 25,200 932,400
United Dental Care Inc. 500 15,000
------------
16,900,338
------------
ELECTRICAL EQUIPMENT--4.0%
Alliance Semiconductor Corporation (b) 26,050 $ 1,035,488
Boston Scientific Corporation (b) 58,000 2,472,250
Exide Corporation 24,200 1,210,000
Zycon Corporation 2,600 31,200
------------
4,748,938
------------
ELECTRONICS--14.8%
Accom Inc. 2,600 22,750
Altera Corporation (b) 35,500 2,214,313
Avnet Inc. 42,000 2,168,250
Breed Technologies Inc. 36,200 719,475
Electro Scientific Industries Inc. (b) 24,300 847,462
Glenayre Technologies Inc. (b) 21,750 1,566,000
Kulicke & Soffa Industries Inc. (b) 51,800 1,890,700
Micron Technology Inc. 18,100 1,438,950
Network Equipment Technologies (b) 55,000 2,289,375
Scientific Games Holdings
Corporation (b) 27,000 1,009,125
Target Therapeutics Inc. (b) 26,200 1,834,000
Wyle Electronics 31,800 1,427,025
------------
17,427,425
------------
FINANCIAL SERVICES--3.9%
Aames Financial Corporation 17,600 514,800
Charter One Financial Inc. 39,800 1,174,100
John Alden Financial Corporation 83,000 1,877,875
Olympic Financial Limited. (b) 11,900 315,350
PennCorp Financial Group Inc. 26,900 642,238
Union Acceptance Corporation,
Class A (b) 2,600 48,750
------------
4,573,113
------------
HOMEBUILDERS--0.8%
U.S. Home Corporation (b) 35,000 875,000
------------
HOTELS AND RESTAURANTS--2.3%
Applebee's International Inc. 53,600 1,460,600
Wendy's International Inc. 58,600 1,237,925
------------
2,698,525
------------
HOUSEHOLD APPLIANCES--0.8%
Harman International Industries Inc. 18,200 891,800
------------
INDUSTRIAL MACHINERY--1.3%
Measurex Corporation 26,100 893,925
Tecumseh Products Company, Class A 13,800 662,400
------------
1,556,325
------------
INSURANCE--4.8%
American Bankers Insurance Group Inc. 22,700 845,575
CNA Financial Corporation (b) 11,900 1,261,400
SunAmerica Inc. 23,000 1,446,125
United Companies Financial Corporation 30,400 2,074,800
------------
5,627,900
------------
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE>
QUANTITATIVE GROUP OF FUNDS __________________________________________________
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
QUANTITATIVE NUMERIC FUND--Continued
- -------------------------------------------------------------------------------
COMMON STOCK--Continued SHORT TERM INVESTMENTS--2.4% (a)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
LEISURE TIME--5.0%
Acclaim Entertainment Inc. (b) 54,700 $ 1,408,525
Callaway Golf Company 74,500 1,154,750
Grand Casinos Inc. (b) 29,600 1,202,500
Hollywood Entertainment
Corporation (b) 47,300 1,013,994
Sports Authority Inc. (b) 39,300 1,085,662
------------
5,865,431
------------
MISCELLANEOUS--0.1%
Carbide/Graphite Group Inc. (b) 4,000 56,500
Personnel Group Of America Inc. (b) 3,900 54,600
------------
111,100
------------
NEWSPAPERS--1.0%
New York Times Company, Class A 43,000 1,177,125
------------
OFFICE FURNISHINGS &
SUPPLIES--3.8%
Staples Inc. (b) 88,250 2,493,062
Viking Office Products Inc. (b) 46,600 1,945,550
------------
4,438,612
------------
PAPER--2.4%
Boise Cascade Corporation 34,400 1,388,900
Sonoco Products Company 50,400 1,398,600
------------
2,787,500
------------
RETAIL TRADE--4.7%
Claire's Stores Inc. 4,400 89,870
CompUSA Inc. (b) 30,800 1,324,400
Fingerhut Companies Inc. 70,500 1,136,812
Gymboree Corporation (b) 32,600 982,075
Scholastic Corporation (b) 20,300 1,273,825
Waban Inc. (b) 40,600 766,325
------------
5,573,307
------------
SAVINGS AND LOAN--1.2%
RCSB Financial Inc. 58,600 1,413,725
------------
SOFTWARE--4.5%
Computer Associates International Inc. 28,800 1,216,800
Parametric Technology Corporation (b) 39,800 2,447,700
Read-Rite Corporation (b) 43,200 1,576,800
Smith Micro Software Inc. (b) 2,600 25,675
------------
5,266,975
------------
STEEL--0.8%
J & L Specialty Steel Inc. 45,500 955,500
------------
TELECOMMUNICATION
SERVICES--0.7%
Teltrend Inc. (b) 23,700 782,100
------------
TRUCKING & FREIGHT
FORWARDING--0.7%
Polaris Industries Inc. 17,500 772,187
------------
TOTAL COMMON STOCK
(Cost $92,471,354) $110,585,539
============
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
<S> <C> <C>
State Street Repo 4.50%, 2 October, 1995 (Cost
$2,860,000) (Dated 9/29/95, due 10/2/95),
Collateralized by $2,205,000 U.S. Treasury Bond
10.75%, 8/15/2005, Market Value $2,922,359, Repurchase
Proceeds $2,861,073. $2,860,000 $ 2,860,000
------------
TOTAL SHORT TERM INVESTMENTS
(Cost $2,860,000) $ 2,860,000
------------
TOTAL INVESTMENTS--96.5% (A)
(Cost $95,331,354) (c) $113,445,539
============
</TABLE>
(a) Percentages indicated are based upon total net assets.
(b) Non-income producing security.
(c) At September 30, 1995, the net unrealized appreciation of investments
based on aggregate cost for federal tax purposes of $95,331,354 was as
follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation for all investments
in which there is an excess of value over tax cost. $20,644,627
Aggregate gross unrealized depreciation for all investments
in which there is an excess of tax cost over value. (2,530,442)
-----------
Net unrealized appreciation $18,114,185
===========
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
QUANTITATIVE NUMERIC II FUND
- -------------------------------------------------------------------------------
COMMON STOCK--91.3% (a)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
AEROSPACE--1.4%
Northrop Grumman Corporation 500 $ 30,438
----------
AIR TRAVEL--3.1%
Delta Air Lines Inc. 500 34,625
UAL Corporation (b) 200 34,175
----------
68,800
----------
APPAREL & TEXTILES--2.0%
NIKE Inc. 400 44,450
----------
AUTOMOBILES--1.7%
General Motors Corporation 800 37,500
----------
BANKS--6.3%
Chemical Banking Corporation 400 24,350
CoreStates Financial Corporation 900 32,962
First Interstate Bancorp 400 40,300
First Tennessee National Corporation 400 22,200
First Union Corporation 400 20,400
----------
140,212
----------
BUSINESS SERVICES--2.6%
Comdisco Inc. 400 11,900
PHH Corporation 1,000 45,000
----------
56,900
----------
CHEMICALS--2.9%
Cabot Corporation 400 21,250
PPG Industries Inc. 900 41,850
----------
63,100
----------
COMPUTERS & BUSINESS
EQUIPMENT--2.8%
International Business Machines 400 37,750
Seagate Technology (b) 600 25,275
----------
63,025
----------
CONGLOMERATES--2.0%
Harcourt General Inc. 400 16,750
Textron Inc. 400 27,300
----------
44,050
----------
DRUGS & HEALTH CARE--3.2%
Horizon/CMS Healthcare Corporation (b) 500 11,375
Rhone-Poulenc Rorer Inc. 400 18,200
Schering-Plough Corporation 800 41,200
----------
70,775
----------
ELECTRIC UTILITIES--11.0%
Centerior Energy Corporation 2,800 30,450
Entergy Corporation 1,600 41,800
Illinova Corporation 1,400 37,975
Long Island Lighting Company 1,900 32,775
New York State Electric & Gas Corporation 1,500 39,375
Pinnacle West Capital Corporation 800 21,000
Unicom Corporation 1,300 39,325
----------
242,700
----------
ELECTRICAL EQUIPMENT--2.0%
Johnson Controls Inc. 700 44,275
----------
ELECTRONICS--8.0%
Avnet Inc. 800 41,300
Beckman Instruments Inc. 600 18,150
Harris Corporation 700 38,413
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
ELECTRONICS--CONTINUED
Micron Technology Inc. 500 $ 39,750
Texas Instruments Inc. 500 39,937
----------
177,550
----------
FINANCIAL SERVICES--1.1%
Greenpoint Financial Corporation 900 24,863
----------
FOOD & BEVERAGES--1.9%
IBP, Inc. 800 42,700
----------
GAS & PIPELINE UTILITIES--2.9%
Coastal Corporation 600 20,175
Williams Companies Inc. 1,100 42,900
----------
63,075
----------
GAS EXPLORATION--0.7%
Union Texas Petroleum Holdings Inc. 900 16,425
----------
INDUSTRIAL MACHINERY--5.9%
Applied Materials Inc. (b) 400 40,900
Briggs & Stratton Corporation 1,100 44,275
Tyco International Ltd. 700 44,100
----------
129,275
----------
INSURANCE--3.9%
Cigna Corporation 400 41,650
Loews Corporation 300 43,650
----------
85,300
----------
INVESTMENT COMPANIES--1.8%
Bear Stearns Companies Inc. 1,900 40,850
----------
LEISURE TIME--1.1%
Callaway Golf Company 1,500 23,250
----------
PAPER--3.8%
Federal Paper Board Inc. 700 26,862
Stone Container Corporation 900 17,100
Willamette Industries Inc. 600 40,050
----------
84,012
----------
PETROLEUM SERVICES--0.3%
Valero Energy Corporation 300 7,200
----------
PLASTICS--1.8%
Premark International Inc. 800 40,700
----------
RETAIL TRADE--3.7%
Eckerd Jack Corporation (b) 600 24,000
Fingerhut Companies Inc. 1,200 19,350
Supervalu Inc. 1,300 38,188
----------
81,538
----------
SAVINGS AND LOAN--2.5%
Ahmanson (H.F.) and Company 1,300 32,987
Washington Mutual Inc. 800 21,200
----------
54,187
----------
SOFTWARE--4.0%
Computer Associates International Inc. 1,000 42,250
Read-Rite Corporation (b) 600 21,900
System Software Associates Inc. 600 24,075
----------
88,225
----------
STEEL--1.2%
J & L Specialty Steel Inc. 1,300 27,300
----------
</TABLE>
- -------------------------------------------------------------------------------
9
<PAGE>
QUANTITATIVE GROUP OF FUNDS __________________________________________________
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
QUANTITATIVE NUMERIC II FUND--Continued
- -------------------------------------------------------------------------------
COMMON STOCK--Continued
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
TELEPHONE--2.9%
Frontier Corporation 800 $ 21,300
Sprint Corporation 1,200 42,000
----------
63,300
----------
TOBACCO--1.9%
Philip Morris Companies Inc. 500 41,750
----------
TRUCKING & FREIGHT
FORWARDING--0.9%
American President Companies Ltd 700 20,475
----------
TOTAL COMMON STOCK
(Cost $1,884,698) (c) $2,018,200
==========
</TABLE>
(a) Percentages indicated are based upon total net assets.
(b) Non-income producing security.
(c) At September 30, 1995, the net unrealized appreciation of investments
based on aggregate cost for federal tax purposes of $1,884,698 was as fol-
lows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost................. $155,479
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value................. (21,977)
--------
Net unrealized appreciation...................................... $133,502
========
</TABLE>
- -------------------------------------------------------------------------------
10
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
QUANTITATIVE DISCIPLINED GROWTH FUND
- -------------------------------------------------------------------------------
COMMON STOCK--91.7% (a)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
AIR TRAVEL--2.5%
Comair Holdings Inc. 900 $ 23,850
USAir Group Inc. (b) 500 5,750
----------
29,600
----------
APPAREL & TEXTILES--2.5%
Nautica Enterprises Inc. (b) 550 18,838
Superior Surgical Manufacturing Inc. 1,100 11,412
----------
30,250
----------
AUTO PARTS--1.2%
LoJack Corporation (b) 900 14,850
----------
BANKS--5.0%
Banknorth Group Inc. 200 6,650
F N B Corporation 200 4,200
First Source Corporation 600 13,500
Imperial Bancorp 400 9,500
North Side Savings Bank 400 12,100
Western Bank 900 13,725
----------
59,675
----------
BROADCASTING--1.6%
Clear Channel Communications (b) 200 15,150
Westwood One Inc. (b) 200 3,600
----------
18,750
----------
BUSINESS SERVICES--5.3%
ABM Industries Inc. 500 13,250
Acxiom Corporation (b) 600 16,950
Analysts International Corporation 200 6,400
Bolt Beranek & Newman Inc. (b) 500 18,687
CACI International Inc. (b) 600 7,800
----------
63,087
----------
CHEMICALS--1.4%
Terra Industries Inc. 1,200 17,100
----------
COMPUTERS & BUSINESS EQUIPMENT--5.1%
Bell Industries 300 6,563
Evans & Sutherland Computer Company (b) 400 7,500
General DataComm Industries Inc. (b) 400 5,900
Safeguard Scientifics Inc. (b) 450 21,600
Sequent Computer Systems Inc. (b) 950 18,881
----------
60,444
----------
CONSTRUCTION & MINING EQUIPMENT--1.5%
JLG Industries Inc. 400 18,000
----------
DOMESTIC OIL--1.1%
Devon Energy Corporation 600 13,125
----------
DRUGS & HEALTH CARE--8.7%
Bindley Western Industries Inc. 700 10,894
Biocraft Laboratories Inc. (b) 500 8,687
Community Psychiatric Centers 200 2,350
Invacare Corporation 300 14,400
Life Technologies Inc. 500 13,250
Mentor Corporation 600 27,300
North American Biologicals Inc. (b) 1,200 9,900
Universal Health Services Inc. (b) 300 10,275
Watson Pharmaceuticals Inc. (b) 172 7,052
----------
104,108
----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
ELECTRICAL EQUIPMENT--5.9%
Imo Industries Inc. (b) 1,410 $ 13,042
Intermagnetics General Corporation 800 15,100
Oak Industries Inc. (b) 800 24,100
SPS Technologies Inc. (b) 300 11,700
Symmetricom Inc. (b) 300 6,750
----------
70,692
----------
ELECTRONICS--11.5%
Burr-Brown Corporation (b) 500 19,000
C-COR Electronics Inc. (b) 300 7,050
Cincinnati Microwave Inc. (b) 650 9,831
Dallas Semiconductor Corporation 950 19,475
Dionex Corporation (b) 200 10,450
Empi Inc. (b) 1,000 19,750
Inter-Tel Inc. (b) 400 7,050
International Rectifier Corporation (b) 500 20,125
Marshall Industries (b) 200 7,550
Photronics, Inc. (b) 200 6,700
SCI Systems Inc. (b) 300 10,350
----------
137,331
----------
FINANCIAL SERVICES--4.4%
Capitol Transamerica Corporation 600 11,625
Concord EFS Inc. (b) 700 21,350
Jefferies Group Inc. 250 10,062
U.S. Trust Corporation 200 9,300
----------
52,337
----------
FOOD & BEVERAGES--2.2%
Chiquita Brands International Inc. (b) 300 5,138
Pilgrims Pride Corporation 1,300 10,237
Smucker J.M. Company 500 10,437
----------
25,812
----------
GAS EXPLORATION--1.0%
Phoenix Resource Companies Inc. 300 11,625
----------
HOMEBUILDERS--1.2%
Pulte Corporation 500 14,188
----------
HOUSEHOLD APPLIANCES--1.8%
Kinetic Concepts Inc. 1,100 12,788
Knape & Vogt Manufacturing Company 500 8,250
----------
21,038
----------
INDUSTRIAL MACHINERY--3.3%
Gorman-Rupp Company 900 14,400
Graco Inc. 200 6,825
NACCO Industries Inc., Class A 100 5,938
Silicon Valley Group Inc. (b) 300 11,587
----------
38,750
----------
INSURANCE--2.0%
Orion Capital Corporation 100 4,437
Protective Life Corporation 300 8,775
Washington National Corporation 450 11,194
----------
24,406
----------
INVESTMENT COMPANIES--3.2%
Alex Brown Inc. 300 17,513
Inter-Regional Financial Group Inc. 100 3,600
Pioneer Group Inc. 600 16,425
----------
37,538
----------
</TABLE>
- -------------------------------------------------------------------------------
11
<PAGE>
QUANTITATIVE GROUP OF FUNDS __________________________________________________
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
QUANTITATIVE DISCIPLINED GROWTH FUND--Continued
- -------------------------------------------------------------------------------
COMMON STOCK--Continued
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
MINING--0.4%
English China Clays (d) 300 $ 5,138
----------
MISCELLANEOUS--1.2%
ALPHARMA Inc. 600 14,025
----------
NEWSPAPERS--1.2%
Media General Inc., Class A 400 14,300
----------
PAPER--2.4%
Lydall Inc. (b) 500 12,438
Shorewood Packaging Corporation (b) 900 15,637
----------
28,075
----------
PETROLEUM SERVICES--1.2%
Seitel Inc. (b) 500 14,188
----------
PLASTICS--1.0%
Quixote Corporation 1,000 12,250
----------
RETAIL GROCERY--1.0%
Heartland Express Inc.(b) 400 11,700
----------
RETAIL TRADE--1.5%
The Good Guys Inc. (b) 700 7,962
Rex Stores Corporation (b) 500 9,375
----------
17,337
----------
SAVINGS AND LOAN--1.8%
Peoples Heritage Financial Group 1,200 21,900
----------
SOFTWARE--2.3%
Cadence Design Systems Inc. (b) 350 13,738
Keane Inc. 200 5,775
Landmark Graphics Corporation (b) 300 8,456
----------
27,969
----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
STEEL--2.7%
Precision Castparts Corporation 500 $ 18,250
Varlen Corporation 500 13,625
----------
31,875
----------
TELECOMMUNICATION SERVICES--0.9%
Geotek Communications Inc. (b) 500 4,563
Stanford Telecommunications (b) 300 6,000
----------
10,563
----------
TELEPHONE--0.8%
Lincoln Telecommunications Company 500 9,375
----------
TRUCKING & FREIGHT FORWARDING--0.9%
Kysor Industrial Corporation 500 10,875
----------
TOTAL COMMON STOCK
(Cost $999,773) $1,092,276
==========
</TABLE>
(a) Percentages indicated are based upon total net assets.
(b) Non-income producing security.
(c) At September 30, 1995, the net unrealized appreciation of investments
based on aggregate cost for federal tax purposes of $999,773 was as fol-
lows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost. $105,999
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value. (13,496)
--------
Net unrealized appreciation $ 92,503
========
</TABLE>
(d) ADR--American Depository Receipts
- -------------------------------------------------------------------------------
12
<PAGE>
____________________________________________________ QUANTITATIVE GROUP OF FUNDS
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
QUANTITATIVE GROWTH AND INCOME FUND
- -------------------------------------------------------------------------------
COMMON STOCK--97.8% (a)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
AEROSPACE--2.5%
Boeing Company 3,500 $ 238,875
General Dynamics Corporation 15,400 845,075
-----------
1,083,950
-----------
AIR TRAVEL--0.6%
UAL Corporation 1,600 273,400
-----------
APPAREL & TEXTILES--0.1%
Fruit Of The Loom Inc., Class A (b) 1,000 20,625
-----------
AUTO PARTS--0.2%
Dana Corporation 2,700 77,962
-----------
AUTOMOBILES--1.4%
PACCAR Inc. 12,900 603,075
-----------
BANKS--6.1%
BankAmerica Corporation 18,500 1,107,687
First Union Corporation 3,600 183,600
NationsBank Corporation 14,800 995,300
Standard Federal Bancorporation 7,700 300,300
Star Banc Corporation 1,100 58,850
-----------
2,645,737
-----------
BUSINESS SERVICES--1.1%
Ecolab Inc. 3,700 102,212
Interpublic Group Companies Inc. 9,900 393,525
-----------
495,737
-----------
CHEMICALS--2.4%
DuPont EI deNemours & Company 7,400 508,750
Eastman Chemical Company 6,700 428,800
PPG Industries Inc. 2,200 102,300
-----------
1,039,850
-----------
COMPUTERS & BUSINESS
EQUIPMENT--4.5%
Compaq Computer Corporation (b) 6,800 328,950
Hewlett Packard Company 15,400 1,283,975
International Business Machines 3,500 330,313
-----------
1,943,238
-----------
CONSTRUCTION MATERIALS--1.8%
Owens Corning Fiberglass Corporation (b) 17,700 789,862
-----------
DOMESTIC OIL--4.0%
Atlantic Richfield Company 7,800 837,525
Mobil Corporation 6,100 607,712
USX-Marathon Group 16,200 319,950
-----------
1,765,187
-----------
DRUGS & HEALTH CARE--10.3%
Abbott Laboratories 5,100 217,388
Bristol-Myers Squibb Company 12,900 940,087
Johnson & Johnson 18,400 1,363,900
Medtronic, Inc. 11,400 612,750
Merck & Company Inc. 23,900 1,338,400
-----------
4,472,525
-----------
ELECTRIC UTILITIES--4.4%
Boston Edison Company 15,200 418,000
Central & South West Corporation 32,900 838,950
Consolidated Edison Company Inc. 8,000 243,000
DQE 5,100 135,150
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
ELECTRIC UTILITIES--CONTINUED
Ohio Edison Company 5,000 $ 113,750
San Diego Gas & Electric Company 6,800 157,250
-----------
1,906,100
-----------
ELECTRICAL EQUIPMENT--0.4%
Millipore Corporation 4,400 165,000
-----------
ELECTRONICS--5.9%
Avnet Inc. 4,000 206,500
Linear Technology Corporation 19,800 821,700
Micron Technology Inc. 7,000 556,500
National Semiconductor Corporation (b) 1,600 44,200
Tektronix Inc. 1,100 64,900
Teledyne Inc. 4,900 132,913
Teradyne Inc. 20,300 730,800
-----------
2,557,513
-----------
FINANCIAL SERVICES--1.9%
Allstate Corporation 13,996 495,109
Equitable Companies Inc. 12,900 316,050
Federal National Mortgage Association 100 10,350
-----------
821,509
-----------
FOOD & BEVERAGES--5.6%
Campbell Soup Company 4,100 206,025
Coca-Cola Company 9,800 676,200
Heinz H.J. Co 1,000 45,750
IBP Inc. 13,300 709,887
PepsiCo Inc. 15,500 790,500
-----------
2,428,362
-----------
GAS & PIPELINE UTILITIES--2.3%
Pacific Enterprises 1,000 25,125
Panhandle Eastern Corporation 1,200 32,700
Williams Companies Inc. 24,800 967,200
-----------
1,025,025
-----------
HOTELS AND RESTAURANTS--0.9%
Luby's Cafeterias Inc. 11,100 238,650
Wendy's International Inc. 7,600 160,550
-----------
399,200
-----------
HOUSEHOLD APPLIANCES--0.7%
Leggett & Platt Inc. 12,200 300,425
-----------
HOUSEHOLD PRODUCTS--3.3%
Clorox Company 12,300 877,913
Snap-On Inc. 14,800 562,400
-----------
1,440,313
-----------
INDUSTRIAL MACHINERY--2.4%
Parker-Hannifin Corporation 11,400 433,200
TRINOVA Corporation 18,600 627,750
-----------
1,060,950
-----------
INSURANCE--3.1%
AFLAC Inc. 14,800 614,200
GEICO Corporation 600 40,950
Loews Corporation 600 87,300
Providian Corporation 2,000 83,000
Transamerica Corporation 7,600 541,500
-----------
1,366,950
-----------
</TABLE>
- -------------------------------------------------------------------------------
13
<PAGE>
QUANTITATIVE GROUP OF FUNDS __________________________________________________
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
QUANTITATIVE GROWTH AND INCOME FUND--Continued
- -------------------------------------------------------------------------------
COMMON STOCK--Continued
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
INTERNATIONAL OIL--4.0%
Exxon Corporation 24,400 $ 1,762,900
-----------
INVESTMENT COMPANIES--1.7%
Bear Stearns Companies Inc. 24,900 535,350
Edwards A.G. Inc. 8,000 213,000
-----------
748,350
-----------
LEISURE TIME--1.7%
Callaway Golf Company 4,300 66,650
King World Productions Inc. (b) 18,900 692,213
-----------
758,863
-----------
NEWSPAPERS--1.6%
Tribune Company 5,000 331,875
Washington Post Company, Class B 1,200 373,200
-----------
705,075
-----------
NON-FERROUS METALS--0.4%
ASARCO Inc. 4,200 132,300
Magma Copper Company (b) 2,000 37,500
-----------
169,800
-----------
PAPER--1.8%
Consolidated Papers Inc. 5,400 301,725
Kimberly-Clark Corporation 7,200 483,300
-----------
785,025
-----------
PETROLEUM SERVICES--1.1%
Halliburton Company 7,800 325,650
Lyondell Petrochemical Company 5,300 137,138
-----------
462,788
-----------
POLLUTION CONTROL--0.1%
Browning-Ferris Industries Inc. 1,300 39,487
-----------
PUBLISHING--1.1%
McGraw-Hill Companies Inc. 5,700 465,975
-----------
RAILROADS & EQUIPMENT--0.9%
Conrail Inc. 1,500 103,125
Illinois Central Corporation 7,700 301,263
-----------
404,388
-----------
RETAIL GROCERY--0.3%
Albertson's Inc. 3,400 116,025
-----------
RETAIL TRADE--3.8%
Dillard Department Stores Inc., Class A 2,100 66,937
Federated Department Stores Inc. (b) 28,500 808,687
Rite Aid Corporation 10,300 288,400
Sears Roebuck & Company 13,400 494,125
-----------
1,658,149
-----------
SOFTWARE--1.4%
BMC Software Inc. (b) 10,800 496,800
Oracle Corporation (b) 3,500 134,313
-----------
631,113
-----------
STEEL--0.7%
Allegheny Ludlum Corporation 14,800 301,550
-----------
TELEPHONE--6.8%
Ameritech Corporation 22,200 1,157,175
Bell Atlantic Corporation 8,500 521,688
BellSouth Corporation 4,800 351,000
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
TELEPHONE--CONTINUED
Century Tel Enterprises Inc. 27,500 $ 835,312
Sprint Corporation 2,200 77,000
-----------
2,942,175
-----------
TOBACCO--3.1%
Philip Morris Companies Inc. 16,100 1,344,350
-----------
TOYS, AMUSEMENTS & SPORTING GOODS--0.6%
Mattel, Inc. 9,000 264,375
-----------
TRUCKING & FREIGHT
FORWARDING--0.8%
Pittston Services Group 10,600 287,525
Tidewater Inc. 2,200 61,875
-----------
349,400
-----------
TOTAL COMMON STOCK
(Cost $37,320,110) (c) $42,592,283
===========
</TABLE>
(a) Percentages indicated are based upon total net assets.
(b) Non-income producing security.
(c) At September 30, 1995, the net unrealized appreciation of investments
based on aggregate cost for federal tax purposes of $37,320,110 was as
follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $5,830,718
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (558,545)
----------
Net unrealized appreciation $5,272,173
==========
</TABLE>
- -------------------------------------------------------------------------------
14
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
QUANTITATIVE INTERNATIONAL EQUITY FUND
- -------------------------------------------------------------------------------
COMMON STOCK--95.6% (a)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
AUSTRALIA--4.3%
Caltex Australia 107,800 $ 345,800
General Property Trust 347,500 600,630
Memtec Limited 82,400 146,154
Westpac Bank Corporation 68,098 275,497
-----------
1,368,081
-----------
AUSTRIA--1.1%
Creditanstalt Bank 1,950 105,174
Oesterreichische Elektrizita 700 46,844
Omv Ag 1,942 181,359
-----------
333,377
-----------
BELGIUM--5.2%
Arbed SA (b) (d) 1,794 242,432
Banque National de Belgique 583 770,386
Societe Generale de Belgique 5,092 381,508
Sofina 551 263,907
-----------
1,658,233
-----------
FINLAND--0.5%
Kansallis Yhtyma (b) 163,200 171,616
-----------
FRANCE--7.4%
Assurance Generale de France 5,200 142,438
Banque National de Paris 6,300 247,627
Cerus (b) 8,450 122,012
Compagnie de Suez 13,023 503,394
Credit Lyonnais (b) 4,030 247,864
Credit National 3,100 219,012
Eurafrance 650 193,271
Gan Group (b) 8,550 230,719
Peugeot SA 2,415 328,545
Worms & Compagnie 2,350 101,462
-----------
2,336,344
-----------
GERMANY--14.3%
Bankgesellschaft Berlin AG (d) 1,510 418,619
BASF AG 3,248 713,282
Bayerische Hypoth/Wech Bank 16,300 408,932
Bayerische Vereinsbank 26,200 749,360
Berliner Kraft Und Licht 2,460 587,772
BHF Bank 26,200 681,237
Commerzbank AG (d) 3,334 761,455
Veba AG 2,300 91,661
Volkswagen AG (d) 404 131,591
-----------
4,543,909
-----------
HONG KONG--1.2%
Wharf Holdings (d) 68,000 211,964
Wheelock & Company LTD 115,000 171,797
-----------
383,761
-----------
IRELAND--1.9%
Allied Irish Banks 120,300 601,597
-----------
ITALY--3.1%
Banco Commerciale Italiana (d) 70,400 155,085
Banco Di Roma (b) (d) 186,900 168,169
Credito Italiano (d) 121,900 144,707
Fiat SpA 36,550 136,992
INA(Ist Naz Ass) 146,600 198,317
Ras (d) 32,400 191,605
-----------
994,875
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
JAPAN--37.3%
Aida Engineering 29,000 $ 210,188
Amada Company 44,000 437,993
Aoki Corporation (b) 34,000 158,885
Asahi Denka Kogyo (d) 15,000 123,771
Csk Corporation 7,000 210,745
Fuji Photo Film Company 33,000 826,254
Fujita Corporation 25,000 122,402
Fujitsu 10,000 126,711
Gakken Company (b) 29,000 173,441
Haseko Corporation 60,000 269,437
Hitachi 90,000 985,302
Hokkaido Bank 65,000 204,257
Hokkaido Takushoku 99,000 280,993
Inax Corporation 8,000 80,203
Intec Inc. 8,000 112,722
Kumagai Gumi Company 58,000 259,868
Marudai Food Company 65,000 455,297
Matsushita Electric Industries 51,000 785,808
Mazda Motor Corporation (b) 59,000 215,307
Nippon Oil Company 43,000 232,762
Nippon Shinpan Company 17,000 106,842
Nissan Motor Company 122,000 883,001
Nisshinbo Industries Company 12,000 104,612
Orient Corporation 25,000 119,615
Pioneer Electronic 5,000 90,725
Renown Inc. (b) 36,000 119,696
Seino Transportation 5,000 85,150
Sekisui House 38,000 473,796
Settsu Corporation (b) 18,000 53,827
Shiseido Company 46,000 480,284
Sony Corporation 6,000 312,620
Sumitomo Corporation 83,000 796,766
Sumitomo Realty & Development 20,000 140,902
TEC Corporation (b) 22,000 87,420
Tokyo Sowa Bank 40,000 193,817
Tokyo Style Company 5,000 78,054
Toppan Printing Company 5,000 63,862
Toyota Motor Corporation 36,000 689,711
Yamaichi Secs Company 100,000 568,677
Yokogawa Electric 17,000 152,509
-----------
11,874,232
-----------
NORWAY--1.4%
Den Norske Bank (b) 34,400 95,129
Elkem As 8,120 99,295
Norske Skogsindust, Class A 3,480 116,261
Norske Skogsindust, Class B 4,440 140,527
-----------
451,212
-----------
SPAIN--1.5%
Fuerzas Elec Catal 19,874 121,641
Iberdrola SA 48,477 367,542
-----------
489,183
-----------
SWEDEN--3.5%
Skandinaviska Enskilda Bkn (d) 17,050 110,513
Stora Kopparbergs, Class B 18,250 246,330
Stora Kopparbergs, Class A 21,450 292,618
Svenska Cellulosa 15,200 275,378
Svenska Handelsbnk 10,550 182,758
-----------
1,107,597
-----------
</TABLE>
- -------------------------------------------------------------------------------
15
<PAGE>
QUANTITATIVE GROUP OF FUNDS __________________________________________________
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
QUANTITATIVE INTERNATIONAL EQUITY FUND--Continued
- -------------------------------------------------------------------------------
COMMON STOCK--Continued
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
UNITED KINGDOM--4.7%
British Steel 67,243 $ 192,640
Forte 37,400 147,990
Land Securities 49,700 481,818
North West Water Group 15,204 142,222
Northumbrian Water 8,600 134,758
Severn Trent 20,032 197,847
3I Group 28,700 183,066
-----------
1,480,341
-----------
INVESTMENT COMPANIES--8.2%
Argentina Fund Inc. 16,000 170,000
Brazil Fund Inc. 6,940 185,645
Chile Fund Inc. 8,060 182,358
First Philippine Fund Inc. 10,430 168,184
India Growth Fund Inc. 9,700 167,325
Indonesia Fund Inc. 15,260 167,860
Korea Fund Inc. 8,710 192,709
Malaysia Fund Inc. 8,900 162,425
Mexico Fund Inc. 10,280 168,335
Morgan Stanley Africa Investment Fund 14,000 171,500
Pakistan Investment Fund Inc. 25,460 168,672
Portugal Fund Inc. 14,070 172,358
R O C Taiwan Fund 17,223 182,994
Thai Cap Fund Inc. 11,340 175,770
Turkish Investment Fund Inc. 29,767 167,439
-----------
2,603,574
-----------
TOTAL COMMON STOCK
(Cost $29,790,013) $30,397,932
===========
PREFERRED STOCK--3.2% (a)
AUSTRIA--1.0%
Creditanstalt Bank 4,534 227,334
Z Laenderbank Bank Austria AG 2,812 94,651
-----------
321,985
-----------
BELGIUM--0.2%
Cockerillsambre 11,799 64,989
-----------
GERMANY--0.6%
Volkswagen AG 810 191,827
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
ITALY--1.4%
Fiat SpA 67,700 $ 157,540
IFI (Instit Financial Industries) (d) 16,100 198,315
Italcementi 32,400 103,141
-----------
458,996
-----------
TOTAL PREFERRED STOCK
(Cost $853,014) $ 1,037,797
-----------
TOTAL INVESTMENTS--98.8%
(Cost $30,643,027) (c) $31,435,729
===========
</TABLE>
(a) Percentages indicated are based upon total net assets.
(b) Non-income producing security.
(c) At September 30, 1995, the net unrealized appreciation of investments
based on aggregate cost for federal tax purposes of $30,643,027 was as
follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation for all investments
in which there is an excess of value over tax cost. $ 2,916,921
Aggregate gross unrealized depreciation for all investments
in which there is an excess of tax cost over value. (2,124,219)
-----------
Net unrealized appreciation $ 792,702
===========
</TABLE>
(d) All or portion of security is on loan at 9/30/95 (Note 6).
SECTOR ALLOCATIONS (UNAUDITED)
- ---------------------------------
<TABLE>
<S> <C>
Basic Industries 7.3%
Capital Goods 5.6%
Consumer Basics 3.0%
Consumer Durable Goods 12.5%
Consumer Non-Durable Goods 6.1%
Consumer Services 0.5%
Energy 2.4%
Finance 40.3%
General Business 4.0%
Miscellaneous 3.5%
Real Estate 3.9%
Shelter 5.5%
Technology 1.2%
Transportation 0.3%
Utilities 3.9%
</TABLE>
- -------------------------------------------------------------------------------
16
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
QUANTITATIVE FOREIGN FRONTIER
- -------------------------------------------------------------------------------
COMMON STOCK--90.1%
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
ARGENTINA--9.9%
Acindar Industria (b) 93,000 $ 53,945
Astra Cia Argentina de Petrole 19,000 33,063
Banco De Galicia Buenes Aires 7,750 35,111
Banco Frances Rio de la Plata 5,000 35,754
Cladea S.A. (b) 5,000 19,502
Naviera Perez Comp Cia 24,440 106,814
Telecom Argentina 20,000 84,008
Telefonica De Argentina 46,000 110,411
YPF Sociedad Anonima 9,000 162,466
----------
641,074
----------
BRAZIL--4.4%
Eletrobras (Centr) 348,000 107,347
Light Serv Elet SA 106,000 39,482
Comphanhia Siderurgica NA 1,070,000 28,291
Cia Souza Cruz Ind E Com 5,300 38,926
Telesp Tel S Paulo 237,000 39,786
White Martins SA 26,145,000 27,432
----------
281,264
----------
CHILE--4.8%
Compania Cervecerias (d) 2,280 48,735
Compania De Telecom (d) 920 63,595
Empresa Nacional De Electric (d) 5,030 101,229
Enersis SA (d) 2,600 65,650
Madeco SA (b) (d) 1,180 27,730
----------
306,939
----------
GREECE--5.0%
Alpha Credit Bank 680 42,546
Aluminum Co Of Greece 300 15,864
Commercial Bank Greece 780 28,019
Delta Dairy 730 16,301
Epilektos Textile (b) 2,850 10,047
Ergo Bank 660 32,167
Hellenic Bottling 1,230 41,663
Hellenis Sugar Ind (b) 1,300 17,418
Heracles General Cement (b) 1,700 17,238
Intracom 480 13,090
Ionian Bank (b) 800 17,778
Michaniki SA 1,100 16,138
National Bank Of Greece 520 26,600
Strintzis Shipping 1,200 7,638
Titan Cement Company 400 17,243
----------
319,750
----------
INDONESIA--7.5%
Astra International 23,000 45,675
Barito Pacific Timber 39,500 29,198
Duta Anggada Realty 19,500 12,693
Gadjah Tunggal 23,000 15,225
Great River Industries 18,500 10,205
Gudang Garam (Perus) 11,500 91,350
Hadtex Indosyntec 15,000 8,109
HM Sampoerna (b) 11,000 102,427
INCO (International Nickel Indonesia) 33,500 72,441
Indah Kiat Paper & Pulp 28,160 33,864
Jakarta International Hotels & Dev 39,000 43,458
Pabrik Kertas Tjiwi Kimia 9,690 18,388
----------
483,033
----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
KOREA--2.6%
Daewoo Heavy Inds (b) 1,150 $ 15,419
Dongsuh Securities (b) 1,130 23,241
Korea Elec Power (b) 1,270 47,778
Lg Chemicals (b) 760 16,720
Lg Electronics Inc. (b) 330 11,083
Pohang Iron & Steel (b) 210 18,124
Samsung Heavy (b) 570 18,030
Ssangyong Oil Ref (b) 650 18,277
----------
168,672
----------
MALAYSIA--8.0%
Benta Plantations 17,000 14,288
Cold Storage 11,000 14,547
Genting Berhad 5,000 43,218
Idris Hydraulic (b) 3,000 4,015
IGB Corporation Berhad 61,000 53,213
Leader Universal Holdings 9,333 28,625
Malaysian Airline System (b) 14,000 40,151
Malayan Bk Bhd (b) 5,000 40,430
Malayan United Industries 50,000 44,613
MBF Capital Berhad 47,000 50,548
Mulpha International Berhad 8,000 8,636
Perlis Plantations 3,000 9,560
Rashid Hussain Berhad 2,000 5,736
Renong Berhad 8,000 13,894
Resorts World Berhad 6,000 29,875
Telekom Malaysia Berhad 9,000 67,755
Tenaga Nasional 12,000 45,887
----------
514,991
----------
MEXICO--7.9%
Alfa SA 2,000 26,080
Cydsa SA (b) 9,600 27,450
Fomento Economico Mexicano 16,000 40,672
Grupo Financial Bancomer, Class B 43,000 13,647
Grupo Financial Bancomer, Class L 1,593 458
Grupo Carso (b) 18,000 106,897
Grupo Continental 11,000 34,391
Sears Roebuck Mexico (b) 9,000 33,936
Telefonos De Mexico, Class L 109,000 175,017
Tubos De Acero Mexico (b) 5,000 30,636
Vitro SA 8,000 21,291
----------
510,475
----------
PERU--4.9%
Backus & Johnston 30,859 59,328
Banco De Credito 34,210 63,944
Banco Wiese (b) 9,200 15,641
Buenaventura SA (b) 5,873 32,410
Cia National Cerveza 18,600 10,844
Campania De Telefonos De 53,400 102,190
Enrique Ferreyros 4,988 5,971
Minas Buenaventura (b) 1,300 7,174
Southern Peru Copper (b) 5,196 19,741
----------
317,243
----------
PHILIPPINES--7.9%
AGP Industrial Corporation A Foreign(b) 9,300 13,028
Ayala Corporation 24,400 23,880
Ayala Land Inc. 68,250 75,964
JG Summit Holdings Inc. 47,500 14,038
</TABLE>
- -------------------------------------------------------------------------------
17
<PAGE>
QUANTITATIVE GROUP OF FUNDS __________________________________________________
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
QUANTITATIVE FOREIGN FRONTIER--Continued
- --------------------------------------------------------------------------------
COMMON STOCK--Continued
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
PHILIPPINES--CONTINUED
Manila Electric Company 4,050 $ 30,933
Metro Bank & Trust Company 2,937 45,997
Petron Corporation 124,075 58,335
Philippine Commercial International Bank (b) 3,150 28,411
Philippine Long Distance 1,100 73,460
Philippine National Bank (b) 2,100 21,963
Robinsons Land Corporation (b) 151,500 21,514
San Miguel Corporation 10,080 35,592
Sm Prime Holdings (b) 183,170 54,835
Universal Robina Corporation 31,080 14,911
----------
512,861
----------
PORTUGAL--5.3%
Banco Commercial Portugues (b) 6,600 87,994
Banco Espirito Santo E 3,500 48,018
Cimpor Cimentos de Portugues 1,000 16,316
EFACEC Emp Fabril 1,200 10,612
INAPA Inv Part Ges 300 5,499
Jeronimo Martins Sgps (b) 500 25,120
Lusotur Sociedad Financei (b) 400 9,058
Modelo Contin Sgps S 1,300 32,612
Portugal Telecom SA (b) 1,528 29,337
Seguros Tranquilidad CI 600 9,352
Sonae Investimentos 1,400 32,873
Soporcel (b) 1,000 23,882
Unicer Uniao Cervjeira 600 9,721
----------
340,394
----------
SOUTH AFRICA--5.0%
Anglo Amer Corp (b) 1,600 88,736
De Beers Centenary (b) 2,700 73,022
Gencor 9,000 33,522
Liberty Life Assoc 1,600 40,534
Polifin Limited (b) 600 1,249
Sasol (b) 3,900 32,043
South Africa Brews (b) 1,800 56,692
----------
325,798
----------
THAILAND--7.6%
Advanced Info Service 2,200 35,439
Bangkok Bank 5,000 56,220
Bank Of Ayudhya Public Company Limited 8,600 46,635
International Cosmetics Public Company Limited 900 12,775
Krung Thai Bank Public Company Limited 18,370 73,246
Shinawatra Company & Communications 3,600 88,995
Telecomasia Alien (b) 28,200 84,892
Thai Farmers Bank 5,300 46,069
Thai Melon Polyester (b) 52,967 48,046
----------
492,317
----------
TURKEY--4.7%
Akbank 166,250 43,059
Aksa (b) 33,000 8,882
Arcelik (b) 180,554 28,242
Dogan Sirketler Gruby HL 645,000 32,101
Ege Biracilik Ve Malt 82,800 30,696
Eregli Demir Celik 218,000 26,571
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
TURKEY--CONTINUED
Koc Holding 161,200 $ 28,816
Netas (b) 57,000 22,000
Petkim 93,000 59,509
T. Garanti Bankasi 114,000 8,221
Yapi Credit Bankasi 255,600 2,596
Yapi Kredi Bankasi 213,000 11,250
----------
301,943
----------
INVESTMENT COMPANIES--4.6%
Korea Fund Inc. 3,050 67,481
Mexico Fund Inc. (b) 6,000 98,250
R O C Taiwan Fund (b) 12,100 128,563
----------
294,294
----------
TOTAL COMMON STOCK
(Cost $6,362,962) $5,811,048
==========
PREFERRED STOCK--6.4%
BRAZIL--5.8%
Banco Do Brasil SA (b) 770,000 12,643
Banco Bradesco SA 3,372,000 32,195
Banco Itau SA 80,000 25,181
Cemig Cia Energ Mg 620,500 13,867
Copene Petro Nord 32,000 20,648
Electrobras 80,000 24,677
Itausa Investment SA 54,000 33,994
Petrol Brasileiros 389,000 41,222
Telec Basileiras--Telebr 1,579,000 75,297
Telecomunicacdes De Sao 198,000 32,470
Usinas Sid Minas Gerais 26,325,000 29,278
Compania Vale Do Rio Doce 206,000 34,474
----------
375,946
----------
MEXICO--0.6%
Cemex SA 10,000 38,335
----------
TOTAL PREFERRED STOCK
(Cost $508,162) $ 414,281
==========
TOTAL INVESTMENTS--96.5% (A)
(Cost $6,871,124) (c) $6,225,329
==========
</TABLE>
(a) Percentages indicated are based upon total net assets.
(b) Non-income producing security.
(c) At September 30, 1995, the net unrealized depreciation of investments based
on aggregate cost for federal tax purposes of $6,871,124 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost................. $ 334,830
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value................. 980,625
---------
Net unrealized appreciation...................................... $(645,795)
=========
</TABLE>
(d) ADS--American Depository Shares
- --------------------------------------------------------------------------------
18
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
SECTOR ALLOCATIONS (UNAUDITED)
<TABLE>
<S> <C>
Basic Industries 7.7%
Capital Goods 1.3%
Consumer Basics 3.5%
Consumer Durable Goods 0.5%
Consumer Non-Durable Goods 2.3%
Consumer Services 2.5%
Energy 6.5%
Finance 25.5%
General Business 4.4%
Miscellaneous 24.6%
Real Estate 1.1%
Shelter 1.3%
Technology 3.0%
Utilities 15.8%
</TABLE>
- -------------------------------------------------------------------------------
19
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Disciplined Growth and International Foreign
Numeric Numeric II Growth Income Equity Frontier
<S> <C> <C> <C> <C> <C> <C>
ASSETS :
Investments at value
(Note 2) $113,445,539 $2,018,200 $1,092,276 $42,592,283 $31,435,729 $6,225,329
Foreign currency at
value (Cost $1,999 for
International Equity and
$147,301 for Foreign
Frontier) (Note 2) -- -- -- -- 2,005 147,129
Cash 2,000,719 157,796 98,811 1,845,342 257,712 430,583
Collateral for
securities loaned at
value (Note 6) -- -- -- -- 1,963,995 --
Dividends and interest
receivable 74,409 3,772 511 73,751 118,180 10,000
Deposits for securities
sold short at value
(Note 7) 597,975 63,009 -- -- -- --
Receivable from Manager
for reimbursement of
expenses (Note 3) -- 529 -- -- -- --
Receivable for
investments sold 6,257,548 85,614 -- 275,673 -- 162,782
Receivable for shares of
beneficial interest sold 61,113 20,137 -- -- 95,800 14,364
Deferred organization
costs 16,290 -- -- 2,664 -- --
Other assets 2,774 696 701 32,290 14,445 697
------------ ---------- ---------- ----------- ----------- ----------
Total assets 122,456,367 2,349,753 1,192,299 44,822,003 33,887,866 6,990,884
------------ ---------- ---------- ----------- ----------- ----------
LIABILITIES :
Collateral for
securities loaned (Note
6) -- -- -- -- 1,963,995 --
Payable for securities
sold short 597,975 63,009 -- -- -- --
Payable for investments
purchased 4,086,404 70,608 -- 1,198,846 44,906 512,144
Payable for shares of
beneficial interest
repurchased 8,289 -- -- -- -- --
Payable for compensation
of Manager (Note 3) 95,429 1,693 -- 26,541 25,609 4,181
Payable for distribution
fees (Note 3) 28,319 -- -- 16,866 11,214 2,613
Payable to custodian -- 4,139 1,277 3,068 7,514 17,284
Payable to transfer
agent (Note 3) 10,933 175 106 3,914 2,901 549
Other accrued expenses 36,013 500 (244) 36,081 29,830 3,836
------------ ---------- ---------- ----------- ----------- ----------
Total liabilities 4,863,362 140,124 1,139 1,285,316 2,085,969 540,607
------------ ---------- ---------- ----------- ----------- ----------
NET ASSETS $117,593,005 $2,209,629 $1,191,160 $43,536,687 $31,801,897 $6,450,277
------------ ---------- ---------- ----------- ----------- ----------
NET ASSETS CONSIST OF :
Shares of beneficial
interest 84,983,135 1,980,676 1,090,381 32,409,318 32,473,841 7,234,072
Undistributed
(overdistributed) net
investment income -- 251 (1,091) 418,061 (70,251) (29,977)
Accumulated net realized
gain (loss) on
investments and foreign
denominated assets,
liabilities and currency 14,495,685 95,200 9,367 5,437,135 (1,396,467) (107,391)
Unrealized appreciation
(depreciation) of
investments and foreign
denominated assets,
liabilities and currency 18,114,185 133,502 92,503 5,272,173 794,774 (646,427)
------------ ---------- ---------- ----------- ----------- ----------
$117,593,005 $2,209,629 $1,191,160 $43,536,687 $31,801,897 $6,450,277
Investment securities,
at cost $ 95,331,354 $1,884,698 $ 999,773 $37,320,110 $30,643,027 $6,871,124
------------ ---------- ---------- ----------- ----------- ----------
NET ASSETS
Ordinary Shares $ 70,180,195 $2,174,998 $1,158,308 $41,499,143 $27,850,838 $6,450,277
------------ ---------- ---------- ----------- ----------- ----------
Institutional Shares $ 47,412,810 $ 34,631 $ 32,852 $ 2,037,544 $ 3,951,059 $ --
------------ ---------- ---------- ----------- ----------- ----------
Shares of beneficial
interest outstanding
*(Unlimited number of
shares authorized)
Ordinary Shares 3,475,538 177,261 98,696 2,621,767 2,717,644 828,433
------------ ---------- ---------- ----------- ----------- ----------
Institutional Shares 2,308,089 2,822 2,798 128,385 383,216 --
------------ ---------- ---------- ----------- ----------- ----------
Net asset value and
offering price per
share**
Ordinary Shares $ 20.19 $ 12.27 $ 11.74 $ 15.83 $ 10.25 $ 7.79
------------ ---------- ---------- ----------- ----------- ----------
Institutional Shares $ 20.54 $ 12.27 $ 11.74 $ 15.87 $ 10.31 $ --
------------ ---------- ---------- ----------- ----------- ----------
</TABLE>
* At September 30, 1995 there are no Institutional Shares outstanding for For-
eign Frontier.
** A deferred sales charge amounting to 1% of the net asset value of the Ordi-
nary Shares redeemed is withheld and paid to the Distributor. No deferred
sales charge is withheld from redemptions of the Institutional Shares.
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED SEPTEMBER 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Disciplined Growth and International Foreign
Numeric Numeric II Growth Income Equity Frontier
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME :
Dividends* $ 281,686 $ 14,726 $ 2,856 $ 551,500 $ 441,162 $ 59,298
Interest 111,472 223 -- -- 3,075 2,313
----------- -------- ------- ---------- ---------- --------
Total investment income 393,158 14,949 2,856 551,500 444,237 61,611
----------- -------- ------- ---------- ---------- --------
EXPENSES :
Compensation of Manager
(Note 3) 528,365 6,193 3,426 156,104 160,843 22,862
Distribution fees (Note
3) 153,809 3,083 1,684 98,926 71,195 14,288
Custodian fees 1,466 23,885 13,900 11,945 43,425 38,633
Transfer agent fees
(Note 3) :
Ordinary Shares 32,741 661 382 20,738 14,752 3,028
Institutional Shares 25,741 3 8 941 2,000 --
Audit and legal 47,545 402 232 19,173 14,171 2,069
Registration fees 32,090 281 159 12,949 9,571 1,407
Amortization of organi-
zational expenses (Note
2) 4,446 -- -- -- -- --
Insurance 11,990 107 60 4,840 3,577 528
Compensation of Trust-
ees (Note 3) 5,814 51 29 2,346 1,734 255
Printing 6,840 60 34 2,760 2,040 300
Miscellaneous 9,986 88 49 6,782 3,326 439
----------- -------- ------- ---------- ---------- --------
Total expenses before
waivers and/or reim-
bursements 860,833 34,814 19,963 337,504 326,634 83,809
Waivers and/or reim-
bursements of expenses
(Note 3) -- 19,428 14,911 -- -- --
----------- -------- ------- ---------- ---------- --------
Expenses, net 860,833 15,386 5,052 337,504 326,634 83,809
----------- -------- ------- ---------- ---------- --------
Net investment income
(loss) (467,675) (437) (2,196) 213,996 117,603 (22,198)
----------- -------- ------- ---------- ---------- --------
REALIZED AND UNREALIZED
GAIN (LOSS) ON
INVESTMENTS, FOREIGN
CURRENCY AND FOREIGN
TRANSLATION :
Net realized gain
(loss) (Notes 2 and 5)
on:
investments 12,454,499 95,200 9,749 4,024,187 1,241,371 (93,380)
foreign denominated as-
sets, liabilities and
currency -- -- -- -- 3,654 (9,083)
closed short sales 306,042 -- -- -- -- --
Distribution of real-
ized gains from other
investment companies -- -- -- -- 4,901 924
Change in unrealized
appreciation (deprecia-
tion) of:
investments 13,544,853 129,274 82,395 1,697,936 (773,460) 398,879
foreign denominated as-
sets, liabilities and
currency -- -- -- -- (11,803) (573)
----------- -------- ------- ---------- ---------- --------
Net realized and
unrealized gain (loss) 26,305,394 224,474 92,144 5,722,123 464,663 296,767
----------- -------- ------- ---------- ---------- --------
Net increase (decrease)
in net assets resulting
from operations $25,837,719 $224,037 $89,948 $5,936,119 $ 582,266 $274,569
----------- -------- ------- ---------- ---------- --------
</TABLE>
* Dividends are net of foreign withholding taxes of $14 for Disciplined Growth,
$9 for Growth and Income, $56,356 for International Equity, and $6,684 for
Foreign Frontier.
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
<TABLE>
<CAPTION>
Numeric Numeric II Disciplined Growth
Six months Six months Oct. 3, 1994 Six months Oct. 3, 1994
ended ended (commencement ended (commencement
September Year ended September of operations) to September of operations) to
30, 1995 March 31, 1995 30, 1995 March 31, 1995 30, 1995 March 31, 1995
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS :
Operations:
Net investment income
(loss) $ (467,675) $ (879,855) $ (437) $ 688 $ (2,196) $ 1,105
Net realized gain
(loss) on investments
and foreign denominated
assets, liabilities and
currency 12,760,541 3,109,411 95,200 -- 9,749 (382)
Distributions of
realized gains from
other investment
companies -- -- -- -- -- --
Unrealized appreciation
(depreciation) of
investments and foreign
denominated assets,
liabilities and
currency 13,544,853 6,661,163 129,274 4,228 82,395 10,108
------------ ------------ ---------- -------- ---------- --------
Net increase (decrease)
in net assets resulting
from operations 25,837,719 8,890,719 224,037 4,916 89,948 10,831
Distributions to share-
holders from:
Net investment income
Ordinary Shares -- -- -- -- -- --
Institutional Shares -- -- -- -- -- --
Net realized gains
Ordinary Shares -- (2,932,328) -- -- -- --
Institutional Shares -- (2,432,095) -- -- -- --
------------ ------------ ---------- -------- ---------- --------
-- (5,364,423) -- -- -- --
------------ ------------ ---------- -------- ---------- --------
Fund share transactions
(Note 13) (9,208,409) 32,410,964 1,565,325 415,351 740,438 349,943
------------ ------------ ---------- -------- ---------- --------
Increase (decrease) in
net assets 16,629,310 35,937,260 1,789,362 420,267 830,386 360,774
Net assets beginning of
year 100,963,695 65,026,435 420,267 -- 360,774 --
------------ ------------ ---------- -------- ---------- --------
Net assets end of year
(*) $117,593,005 $100,963,695 $2,209,629 $420,267 $1,191,160 $360,774
============ ============ ========== ======== ========== ========
(*) Includes
undistributed
(overdistributed) net
investment income of -- -- $ 251 $ 688 $ (1,091) $ 1,105
</TABLE>
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)--CONTINUED
<TABLE>
<CAPTION>
Growth and Income International Equity Foreign Frontier
Six months Six months Six months August 8, 1994
ended ended ended (commencement
September Year ended September Year ended September of operations) to
30, 1995 March 31, 1995 30, 1995 March 31, 1995 30, 1995 March 31, 1995
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS:
Operations:
Net investment income
(loss) $ 213,996 $ 405,208 $ 117,603 $ (68,515) $ (22,198) $ (20,396)
Net realized gain
(loss) on investments
and foreign denominated
assets, liabilities and
currency 4,024,187 2,834,378 1,245,025 2,026,759 (102,463) (16,841)
Distributions of
realized gains from
other investment
companies -- -- 4,901 75,994 924 61
Unrealized appreciation
(depreciation) of
investments and foreign
denominated assets,
liabilities and
currency 1,697,936 1,408,046 (785,263) (2,176,129) 398,306 (1,044,733)
----------- ----------- ------------- ------------- ---------- -----------
Net increase (decrease)
in net assets resulting
from operations 5,936,119 4,647,632 582,266 (141,891) 274,569 (1,081,909)
Distributions to share-
holders from:
Net investment income
Ordinary Shares -- (391,998) -- (359,736) -- --
Institutional Shares -- (54,988) -- (10,117) -- --
Net realized gains
Ordinary Shares -- (3,731,150) -- -- -- --
Institutional Shares -- (366,824) -- -- -- --
----------- ----------- ------------- ------------- ---------- -----------
-- (4,544,960) -- (369,853) -- --
----------- ----------- ------------- ------------- ---------- -----------
Fund share transactions
(Note 13) (1,423,220) (1,578,584) 511,008 4,998,610 1,917,168 5,340,449
----------- ----------- ------------- ------------- ---------- -----------
Increase (decrease) in
net assets 4,512,899 (1,475,912) 1,093,274 4,486,866 2,191,737 4,258,540
Net assets beginning of
year 39,023,788 40,499,700 30,708,623 26,221,757 4,258,540 --
----------- ----------- ------------- ------------- ---------- -----------
Net assets end of year
(*) $43,536,687 $39,023,788 $ 31,801,897 $ 30,708,623 $6,450,277 $ 4,258,540
=========== =========== ============= ============= ========== ===========
(*) Includes
undistributed
(overdistributed) net
investment income of $ 418,061 $ 204,065 $ (70,251) $ (187,854) $ (29,977) $ (7,779)
</TABLE>
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Income from
Investment Operations Distributions
Net Asset Net Realized Dividends Distributions
Value at Net and Unrealized Total from from Net from Net Asset
Beginning Investment Gain (Loss) Investment Investment Realized Total Value End Total
of Period Income on Securities Operations Income Capital Gains Distributions of Period Return (c)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NUMERIC
ORDINARY SHARES
Sept. 8, 1992*
to March 31,
1993 $10.00 (0.06)(a) 4.18 4.12 -- -- -- $14.12 73.73%(b)
Year Ended March
31, 1994 $14.12 (0.09) 2.57 2.48 -- (1.27) (1.27) $15.33 17.80%
Year Ended March
31, 1995 (f) $15.33 (0.20) 1.67 1.47 -- (0.99) (0.99) $15.81 10.24%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $15.81 (0.10) 4.48 4.38 -- -- -- $20.19 55.40%(b)
INSTITUTIONAL
SHARES
Jan. 6, 1993* to
March 31, 1993 $12.88 (0.02)(a) 1.29 1.27 -- -- -- $14.15 43.07%(b)
Year Ended March
31, 1994 $14.15 (0.05) 2.63 2.58 -- (1.27) (1.27) $15.46 18.50%
Year Ended March
31, 1995 (f) $15.46 (0.13) 1.71 1.58 -- (0.99) (0.99) $16.05 10.88%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $16.05 (0.05) 4.54 4.49 -- -- -- $20.54 55.94%(b)
NUMERIC II
ORDINARY SHARES
Oct. 3, 1994* to
March 31, 1995
(f) $10.00 0.05 (a) 0.07 0.12 -- -- -- $10.12 1.20%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $10.12 (0.01)(a) 2.16 2.15 -- -- -- $12.27 42.48%(b)
INSTITUTIONAL
SHARES
April 17, 1995*
to September 30,
1995 (Unaudited)
(f) $10.27 (0.01)(a) 2.01 2.00 -- -- -- $12.27 42.90%(b)
DISCIPLINED GROWTH
ORDINARY SHARES
Oct. 3, 1994* to
March 31, 1995
(f) $10.00 0.05 (a) 0.27 0.32 -- -- -- $10.32 3.20%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $10.32 (0.03)(a) 1.45 1.42 -- -- -- $11.74 27.50%(b)
INSTITUTIONAL
SHARES
July 26, 1995*
to September 30,
1995 (Unaudited)
(f) $11.26 (0.03)(a) 0.51 0.48 -- -- -- $11.74 23.27%(b)
GROWTH AND INCOME
ORDINARY SHARES
Year Ended March
31, 1991 $14.27 0.24 2.20 2.44 (0.24) (0.42) (0.66) $16.05 17.82%
Year Ended March
31, 1992 $16.05 0.19 1.25 1.44 (0.21) (1.23) (1.44) $16.05 9.81%
Year Ended March
31, 1993 $16.05 0.17 1.98 2.15 (0.18) (0.75) (0.93) $17.27 13.77%
Year Ended March
31, 1994 $17.27 0.18 0.21 0.39 (0.16) (3.64) (3.80) $13.86 1.51%
Year Ended March
31, 1995 (f) $13.86 0.14 1.44 1.58 (0.16) (1.56) (1.72) $13.72 12.71%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $13.72 0.07 2.04 2.11 -- -- -- $15.83 30.74%(b)
<CAPTION>
Ratios and Supplemental Data
Ratio of Ratio of Net
Net Assets Operating Investment
End of Expenses Income (Loss)
Period to Average to Average Portfolio
(000's) Net Assets Net Assets Turnover
<S> <C> <C> <C> <C>
NUMERIC
ORDINARY SHARES
Sept. 8, 1992*
to March 31,
1993 $14,066 2.07%(b) (1.41)%(b) 139.00%
Year Ended March
31, 1994 $40,852 1.83% (1.30)% 389.00%
Year Ended March
31, 1995 (f) $53,920 1.84% (1.31)% 320.00%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $70,180 1.83%(b) (1.09)%(b) 301.00%(b)
INSTITUTIONAL
SHARES
Jan. 6, 1993* to
March 31, 1993 $ 2,979 1.39%(b) (0.79)%(b) 73.00%(b)
Year Ended March
31, 1994 $24,175 1.23% (0.70)% 389.00%
Year Ended March
31, 1995 (f) $47,044 1.36% (0.82)% 320.00%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $47,413 1.34%(b) (0.59)%(b) 301.00%(b)
NUMERIC II
ORDINARY SHARES
Oct. 3, 1994* to
March 31, 1995
(f) $ 420 -- % 1.50 %(b) 0.00%(b)
Six Months Ended
September 30,
1995 (Unaudited)
(f) $ 2,175 2.48%(b) (0.07)%(b) 211.00%(b)
INSTITUTIONAL
SHARES
April 17, 1995*
to September 30,
1995 (Unaudited)
(f) $ 35 2.38%(b) (0.11)%(b) 211.00%(b)
DISCIPLINED GROWTH
ORDINARY SHARES
Oct. 3, 1994* to
March 31, 1995
(f) $ 361 -- % 1.03 %(b) 17.82%(b)
Six Months Ended
September 30,
1995 (Unaudited)
(f) $ 1,158 1.46%(b) (0.63)%(b) 263.00%(b)
INSTITUTIONAL
SHARES
July 26, 1995*
to September 30,
1995 (Unaudited)
(f) $ 33 2.18%(b) (1.34)%(b) 263.00%(b)
GROWTH AND INCOME
ORDINARY SHARES
Year Ended March
31, 1991 $39,018 1.80% 1.64 % 96.00%
Year Ended March
31, 1992 $43,884 1.84% 1.16 % 60.00%
Year Ended March
31, 1993 $43,320 1.84% 0.98 % 78.00%
Year Ended March
31, 1994 $36,510 1.72% 1.02 % 110.00%
Year Ended March
31, 1995 (f) $37,048 1.69% 1.01 % 121.00%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $41,499 1.65%(b) 1.00 %(b) 158.00%(b)
</TABLE>
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from
Investment Operations Distributions
Net Asset Net Realized Dividends Distributions
Value at Net and Unrealized Total from from Net from Net Asset
Beginning Investment Gain (Loss) Investment Investment Realized Total Value End Total
of Period Income on Securities Operations Income Capital Gains Distributions of Period Return (c)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INSTITUTIONAL
SHARES
March 31, 1991 $15.83 0.00 0.22 0.22 -- -- -- $16.05 85.04%(b)
Year Ended March
31, 1992 $16.05 0.28 1.23 1.51 (0.27) (1.23) (1.50) $16.06 10.03%
Year Ended March
31, 1993 $16.06 0.25 1.99 2.24 (0.27) (0.75) (1.02) $17.28 14.30%
Year Ended March
31, 1994 $17.28 0.28 0.19 0.47 (0.25) (3.64) (3.89) $13.86 1.99%
Year Ended March
31, 1995 (f) $13.86 0.21 1.44 1.65 (0.23) (1.56) (1.79) $13.72 13.29%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $13.72 0.11 2.04 2.15 -- -- -- $15.87 31.34%(b)
INTERNATIONAL EQUITY
ORDINARY SHARES
Year Ended March
31, 1991 $11.20 0.10 (a) (2.00) (1.90) (0.04) (0.88) (0.92) $ 8.38 (16.60)%
Year Ended March
31, 1992 $ 8.38 0.04 (a) (0.35) (0.31) (0.10) -- (0.10) $ 7.97 (3.70)%
Year Ended March
31, 1993 $ 7.97 0.09 (a) 0.04 0.13 (0.07) -- (0.07) $ 8.03 1.70%
Year Ended March
31, 1994 $ 8.03 0.00 (a) 2.28 2.28 (0.13) -- (0.13) $ 0.18 28.69%
Year Ended March
31, 1995 (f) $10.18 (0.03)(a) 0.04 0.01 (0.13) -- (0.13) $10.06 0.07%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $10.06 0.04 0.15 0.19 -- -- -- $10.25 3.76%(b)
INSTITUTIONAL
SHARES
April 25, 1990*
to March 31,
1991 $11.19 0.17 (a) (1.96) (1.79) -- -- -- $ 9.40 (17.18)%(b)
April 1, 1991 to
March 19, 1992 $ 9.40 0.09 (a) (1.40) (1.31) (0.15) -- (0.15) $ 7.94(e) (14.62)%(b)
August 25, 1994*
to March 31,
1995 (f) $11.00 0.01 (a) (0.73) (0.72) (0.18) -- (0.18) $10.10 (6.57)%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $10.10 0.06 0.15 0.21 -- -- -- $10.31 4.14%(b)
FOREIGN FRONTIER
August 8, 1994*
to March 31,
1995 (f) $10.00 (0.05)(a) (2.71) (2.76) -- -- -- $ 7.24 (27.60)%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $ 7.24 (0.03) 0.58 0.55 -- -- -- $ 7.79 15.18%(b)
</TABLE>
<TABLE>
<CAPTION>
Ratios and Supplemental Data
Net Assets Operating Investment
End of Expenses Income (Loss)
Period to Average to Average Portfolio
(000's) Net Assets Net Assets Turnover
<S> <C> <C> <C> <C>
INSTITUTIONAL
SHARES
March 31, 1991 $ 1,014 1.53%(b) (0.81)%(b) 96.00%
Year Ended March
31, 1992 $ 4,753 1.44% 1.39% 60.00%
Year Ended March
31, 1993 $ 6,451 1.33% 1.46% 78.00%
Year Ended March
31, 1994 $ 3,990 1.22% 1.52% 110.00%
Year Ended March
31, 1995 (f) $ 1,975 1.23% 1.48% 121.00%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $ 2,038 1.14%(b) 1.52%(b) 158.00%(b)
INTERNATIONAL EQUITY
ORDINARY SHARES
Year Ended March
31, 1991 $21,527 2.14% 1.14% 159.00%
Year Ended March
31, 1992 $19,676 2.12% 0.47% 52.00%
Year Ended March
31, 1993 $17,429 2.28% 1.08% 16.00%
Year Ended March
31, 1994 $26,222 2.01% (0.08)% 40.00%
Year Ended March
31, 1995 (f) $27,657 1.91% (0.24)% 46.48%
Six Months Ended
September 30,
1995 (Unaudited)
(f) $27,851 2.09%(b) 0.67%(b) 43.00%(b)
INSTITUTIONAL
SHARES
April 25, 1990*
to March 31,
1991 $ 4,178 1.50%(b) 1.56%(b) 159.00%
April 1, 1991 to
March 19, 1992 $ 0 1.63% 1.05% 52.00%
August 25, 1994*
to March 31,
1995 (f) $ 3,052 1.66%(b) 0.13%(b) 46.48%(b)
Six Months Ended
September 30,
1995 (Unaudited)
(f) $ 3,951 1.59%(b) 1.18%(b) 43.00%(b)
FOREIGN FRONTIER
August 8, 1994*
to March 31,
1995 (f) $ 4,259 2.54%(b) (1.03)%(b) 10.72%(b)
Six Months Ended
September 30,
1995 (Unaudited)
(f) $ 6,450 2.93%(b) (0.78)%(b) 16.00%(b)
</TABLE>
* Commencement of Operations
(a) Reflects expense waivers/reimbursements in effect during the period. See
Note 3 to the Financial Statements. As a result of such
waivers/reimbursements, expenses of the Quantitative Numeric Fund Ordinary
Shares for the period ended March 31, 1993 reflect a reduction of $0.03 per
share; expenses of the Quantitative Numeric Fund Institutional Shares for
the period ended March 31, 1993 reflect a reduction of $0.03 per share; ex-
penses for the Quantitative Numeric II Fund Ordinary Shares for the periods
ended September 30 and March 31, 1995 reflect a reduction of $0.18 and
$0.76 per share; expenses of the Quantitative Numeric II Fund Institutional
Shares for the period ended September 30, 1995 reflect a reduction of $0.16
per share; expenses of the Quantitative Disciplined Growth Fund Ordinary
Shares for the periods ended September 30 and March 31, 1995 reflect a re-
duction of $0.24 and $0.45 per share; expenses of the Quantitative Disci-
plined Growth Fund Institutional Shares for the period ended September 30,
1995 reflect a reduction of $0.30 per share; expenses of the Quantitative
International Equity Fund Ordinary Shares for the periods ended March 31,
1995, 1994, 1993, 1992, and 1991 reflect a reduction of $0.01, $0.01,
$0.05, $0.04 and $0.02 per share respectively; expenses of the Quantitative
International Equity Fund Institutional Shares for the periods ended March
31, 1995, 1992, and 1991 reflect a reduction of $0.01, $0.04 and $0.03 per
share; and expenses of the Quantitative Foreign Frontier Fund Ordinary
Shares for the period ended March 31, 1995 reflect a reduction of $0.02 per
share.
(b) Annualized
(c) Total Return does not include the one time deferred sales charge of 1% for
the Ordinary Shares.
(d) Investment income and expenses for the periods ending March 31, 1991
through March 31, 1994 were calculated for the Ordinary Shares and then ad-
justed for the differences in distribution and transfer agency expenses
borne by the two classes of shares.
(e) Amount represents the last net asset value per share before the March 19,
1992 redemption which resulted in this Fund having no Institutional share-
holders and no Institutional Shares of beneficial interest outstanding from
that date until August 25, 1994. (Note 1)
(f) Per share numbers have been calculated using the average shares method.
The accompanying notes are an integral part of these financial statements.
25
<PAGE>
QUANTITATIVE GROUP OF FUNDS __________________________________________________
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. Organization of the Trust.
The Quantitative Group of 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 six series (individually a "Fund" and collectively the
"Funds") each with a distinct investment objective: Quantitative Numeric,
Quantitative Numeric II, Quantitative Disciplined Growth, Quantitative Growth
and Income, Quantitative International Equity, and Quantitative Foreign Fron-
tier. The Quantitative Numeric Fund ("Numeric") commenced operations on Sep-
tember 8, 1992 and began offering Institutional Shares on January 6, 1993. The
Quantitative Numeric II Fund ("Numeric II") commenced operations on October 3,
1994 and began offering Institutional Shares on April 17, 1995. The Quantita-
tive Disciplined Growth Fund ("Disciplined Growth") commenced operations on
October 3, 1994 and began offering Institutional Shares on July 26, 1995. The
Quantitative Growth and Income Fund ("Growth and Income") commenced operations
on May 9, 1985 and began offering Institutional Shares on March 25, 1991. The
Quantitative International Equity Fund ("International Equity") commenced op-
erations on July 31, 1987 and offered Institutional Shares from April 25, 1990
to March 19, 1992 and began offering the Institutional Shares again on
August 25, 1994. The Quantitative Foreign Frontier Fund ("Foreign Frontier")
commenced operations on August 8, 1994.
Holders of Institutional Shares bear no portion of the 12b-1 Plan expense of
the Funds and are not entitled to vote on matters involving the 12b-1 Plan.
Ordinary Shares are sold subject to a 12b-1 Plan as well as a deferred sales
charge. At September 30, 1995, there are no Institutional Shares outstanding
for Foreign Frontier.
2. Significant Accounting Policies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements. The policies are in
conformity with generally accepted accounting principles for investment compa-
nies.
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 are valued at the mean between the
last reported bid and asked price. Short-term investments that mature in 60
days or less are valued at amortized cost. Securities quoted in foreign cur-
rencies are translated into U.S. dollars based upon the prevailing exchange
rate of each business day. Other assets and securities for which no quotations
are readily available are valued at fair value as determined in good faith by
the Trustees.
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 is recorded on the ex-dividend
date, except that certain dividends from foreign securities are recorded as
soon as the Funds are informed of the ex-dividend date. Interest income is re-
corded on the accrual basis. 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 al-
located 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-mar-
ket 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.
Short Sales "Against the Box."
In a short sale against the box, a Fund sells a borrowed security, while at
the same time owning an identical security in the portfolio. While the short
sale is outstanding, a Fund will not dispose of the security hedged by the
short sale.
When a Fund sells short against the box, it will establish a margin account
with the broker lending the security sold short. While the short sale is out-
standing, the broker retains the proceeds of the short sale, and the Fund
pledges securities as additional collateral. The Fund earns interest from the
broker on the proceeds of the short sale and accrues such interest on a daily
basis.
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.
- -------------------------------------------------------------------------------
26
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED
Unamortized Organization Expenses.
Costs incurred with Numeric's organization and registration are being amor-
tized over the period of benefit, not to exceed 60 months.
Expenses.
The majority of the expenses of the Funds are attributed to the individual
Funds for which they are incurred. Expenses that are not attributed to a spe-
cific 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 and each class has its own trans-
fer agency fee.
3. Management Fee, Advisory Contracts and Other Affiliate Transactions.
The Funds have entered into a management agreement with Quantitative Advisors,
Inc. (the "Manager"). Compensation of the Manager, for management and adminis-
tration of the Funds, including selection and monitoring of the portfolio ad-
visors, 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
net asset value of Numeric, Numeric II, Disciplined Growth, and International
Equity; 0.75% of the average daily net asset value of the Growth and Income
Fund; and 0.80% of the average daily net asset value of Foreign Frontier. For
the six months ended September 30, 1995, the Manager voluntarily agreed to
waive its fees in their entirety with respect to Disciplined Growth and in
part with respect to Numeric II.
The Manager has agreed to reduce its compensation with respect to Numeric,
Growth and Income, and International Equity to the extent that the total ex-
penses of any of these Funds individually exceed 2% of average net asset value
for any fiscal year. The distribution agreement calls for the Distributor to
reduce its fee similarly after the Manager's fee has been eliminated. The Man-
ager has also agreed to assume expenses of any of these Funds if necessary in
order to reduce a Fund's total expenses to no more than 2% of average net as-
set value for any fiscal year. Fund expenses subject to this limitation are
exclusive of brokerage, interest, taxes and extraordinary expenses, which in-
clude incremental custody costs associated with international securities.
The Manager may voluntarily agree to limit the total operating expenses of a
Fund for a period of time by waiving fees or reimbursing a Fund for an expense
that it would otherwise incur. In such cases, the Manager may seek reimburse-
ment from the Fund if the Fund's total operating expenses fall below that
limit prior to the end of the Fund's fiscal year. The Manager voluntarily has
agreed to waive fees or assume certain operating expenses of the Numeric II
and Disciplined Growth Funds in order to reduce the total expenses of these
Funds to no more than 2.5% of their average net asset value. Expenses eligible
for reimbursement do not include interest, taxes, brokerage commissions, or
extraordinary expenses. Extraordinary expenses include, but are not limited
to, litigation and indemnification expenses. The agreement is subject to peri-
odic review and there is no guarantee that the Manager will continue to limit
these expenses in the future.
During the six months ended September 30, 1995, the aggregate fees, net of
fees waived or reimbursed by the Manager amounted to $871,143. The total
amount of the advisory fees waived or reimbursed by the Manager was $6,650.
The Manager has entered into advisory contracts with the following advisors
(collectively the "Advisors") to provide investment advisory services to the
following Funds: Numeric Investors L.P. (Numeric, Numeric II), LBS Capital
Management, Inc. (Disciplined Growth), State Street Bank and Trust Company
(Growth and Income), and Boston International Advisors, Inc. (International
Equity, Foreign Frontier).
For services rendered, the Manager pays to the Advisor of a Fund a fee based
on a percentage of the average daily net asset value of the Fund. The fee for
each Fund is determined separately. The fees paid by the Manager to the Advi-
sors of the Funds are as follows: Numeric and Numeric II Funds--0.75% of the
first $20 million, 0.60% of the next $30 million, and 0.50% of amounts in ex-
cess of $50 million of average daily total net assets; Disciplined Growth--
0.60% of the first $100 million, and 0.50% of amounts in excess of $100 mil-
lion of average daily total net assets; Growth and Income--0.375% of the first
$20 million and 0.30% of amounts in excess of $20 million of average daily to-
tal net assets, with an annual minimum of $25,000; International Equity--0.50%
of average daily total net assets; and Foreign Frontier--0.40% of average
daily total net assets.
The Funds have entered into a distribution agreement with U.S. Boston Capital
Corporation (the "Distributor"). For its services under the distribution
agreement, the Distributor receives a monthly fee at the annual rate of 0.50%
of the average net asset value of shareholder accounts open during the period
the plan is in effect. No
- -------------------------------------------------------------------------------
27
<PAGE>
QUANTITATIVE GROUP OF FUNDS __________________________________________________
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED
fees are received by the Distributor for Institutional Shares. For the six
months ended September 30, 1995, the Distributor voluntarily agreed to waive
its fees in their entirety with respect to Numeric II and Disciplined Growth,
which amounted to $4,767. During the six months ended September 30, 1995, the
aggregate fees, net of fees waived by the Distributor, paid by the Funds pur-
suant to such distribution plan amounted to $338,218. A deferred sales charge
amounting to 1% of the net asset value of Ordinary Shares redeemed is withheld
from the redemption proceeds and paid to the Distributor. The deferred sales
charge is not imposed on redemptions of Institutional Shares, and certain
other transactions. The Funds have been advised that during the six months
ended September 30, 1995, such fees earned by the Distributor were $45,990.
Transfer agent functions are provided to the Funds by Quantitative Institu-
tional Services, a division of the Manager (the "Transfer Agent") pursuant to
a transfer agent agreement. Prior to September 14, 1995, U.S. Boston Institu-
tional Services, Inc., an affiliate of the Manager, served as transfer agent.
The transfer agent agreement provides that base fees are payable to the Trans-
fer Agent at an annual rate of .13% of the aggregate average daily net asset
value of each Fund. Prior to July 1, 1995, the transfer agent agreement pro-
vided that base fees payable to the Transfer Agent were $115,000 per annum,
allocated 70% to the Ordinary Shares and 30% to the Institutional Shares of
the Funds and allocated to the Funds within each class on a proportionate ba-
ses based on the respective net assets of the Funds. During the six months
ended September 30, 1995, the aggregate fees paid by the Funds pursuant to
such agreement amounted to $100,995.
State Street Bank and Trust Company (the "Custodian") maintains the Funds' ac-
counting records and provides custodial services. For the six months ended
September 30, 1995, $70,534, $4,546, $3,549, $15,821, $1,650, and $4,017 in
custody credits were applied against the custody fees for Numeric, Numeric II,
Disciplined Growth, Growth and Income, International Equity and Foreign Fron-
tier, respectively. Such credits have not been applied in the calculation of
Manager reimbursement for Numeric, Growth and Income, and International Equi-
ty.
The Custodian voluntarily agreed to waive its base custodian fees for the
first six months after commencement of trading activities by Numeric II and
Disciplined Growth, and to reduce its dual-class accounting fees for the first
six months after the commencement of Institutional Shares by Numeric II, Dis-
ciplined Growth, and Foreign Frontier. For the six months ended September 30,
1995, the Custodian's fee waivers and reductions amounted to $20,518.
Each Trustee receives an annual Trustee's fee of $2,800 allocated to each Fund
in proportion to the respective net assets of the Funds.
4. 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 applicable to regulated investment companies. Therefore, no Fed-
eral income tax provision is required.
At September 30, 1995, International Equity had capital loss carryovers
amounting to $1,833,122 and $806,382 which will expire on March 31, 2000 and
March 31, 2001, respectively. To the extent that these losses are used to off-
set any future capital gains realized during the carry- over period, no capi-
tal gains tax liabilities will be incurred by International Equity for gains
realized and not distributed.
5. Purchases and Sales.
During the six months ended September 30, 1995, purchases of investment secu-
rities other than US Government obligations and short-term investments, for
Numeric, Numeric II, Disciplined Growth, Growth and Income, International Eq-
uity and Foreign Frontier were $151,432,701, $2,668,551, $1,489,815,
$32,111,444, $7,488,311, and $2,427,765 respectively. Sales of such securities
for the Funds were $158,844,231, $1,193,637, $810,245, $33,786,924,
$6,771,681, and $410,058, respectively.
During the six months ended September 30, 1995, purchases of US Government ob-
ligations for International Equity and Foreign Frontier were $1,598,390 and
$1,737,949 respectively, and sales for the two Funds were $1,599,669 and
$2,039,854 respectively.
6. Security Loans.
As of September 30, 1995, International Equity loaned common stocks having a
value of $1,815,039 and received cash collateral of $1,963,995 for these
loans. Security lending income of $6,585 collected by the custodian, was used
to offset custodian expense during the six months. Such offset would not be
applied in the calculation of Manager reimbursements to International Equity.
- -------------------------------------------------------------------------------
28
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED
7. Short Sales "Against the Box."
As of September 30, 1995, Numeric sold short 20,100 shares of common stock of
Dura Pharmaceuticals, with a market value as of September 30, 1995 of
$597,975, producing proceeds of $650,812. Numeric II sold short 785 and 1,200
shares of common stock respectively of Allstate Corporation and Capital One
Financial Corporation with market values as of September 30, 1995 of $27,765
and $35,244 respectively, $63,009 in the aggregate; and producing proceeds of
$26,854 and $31,151 respectively, $58,005 in the aggregate.
8. Reclassifications.
For the six months ended September 30, 1995, certain reclassification adjust-
ments were made between undistributed/(overdistributed) net investment income,
accumulated net realized gain/(loss), and shares of beneficial interest due to
differences between book and tax accounting, primarily due to current year net
operating losses for Numeric. Such reclassifications were as follows:
<TABLE>
<CAPTION>
Increase/(Decrease)
Increase/(Decrease) Undistributed/ Increase/(Decrease)
Shares of (Overdistributed) Accumulated Net Realized
Beneficial Interest Net Investment Income/(Loss) Gain/(Loss)
<S> <C> <C> <C>
Numeric $ 0 $467,675 $(467,675)
Growth and
Income (2,754) 0 2,754
International
Equity (348) 0 348
</TABLE>
9. Lines of Credit and Contingent Liability.
Numeric may temporarily, for emergency purposes, borrow up to the lesser of
$2,000,000 or 10% of its assets, under a line of credit. Such borrowings are
due not more than 90 days from the date of borrowing, with interest, as deter-
mined by the line of credit agreement. During the six months ended September
30, 1995, the Fund did not utilize the line of credit.
The Trust insures itself and all Funds under a policy with ICI Mutual Insur-
ance Company. The annual premium is allocated among the Funds and Quantitative
Institutional Services. Additionally, the Funds have committed 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 irrev-
ocable letter of credit.
10. Shares of Beneficial Interest.
The following schedule shows the number of shareholders each owning 5% or more
of a Fund and the total percentage of the Fund held by such shareholders.
<TABLE>
<CAPTION>
5% or Greater Shareholders
-------------------------------------------------
Fund Number % of Fund Held
<S> <C> <C>
Numeric Inst. 5 80%
Numeric II Ord. 3 24%
Numeric II Inst. 3 100%
Disciplined Growth Ord. 7 60%
Disciplined Growth Inst. 1 100%
Growth and Income Inst. 5 100%
International Equity Inst. 1 100%
Foreign Frontier Ord. 2 12%
</TABLE>
11. New Accounting Guidelines Adopted.
Effective April 1, 1994, the Funds adopted Statement of Position 93-4: Foreign
Currency Presentation for Investment Companies (the "SOP"). In accordance with
this SOP, reported net realized gains and losses on foreign currency transac-
tions 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. Further, as permitted under the SOP, the ef-
fects of changes in foreign currency exchange rates on investments in securi-
ties 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.
12. Concentration of Risk.
The relatively large investments of the Foreign Frontier Fund in Latin Ameri-
can and Southeast Asian 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, so-
cial 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.
- -------------------------------------------------------------------------------
29
<PAGE>
QUANTITATIVE GROUP OF FUNDS __________________________________________________
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED
13. Transactions in Shares of Beneficial Interest.
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
September 30, 1995 March 31, 1995
---------------------- -----------------------
Shares Dollars Shares Dollars
<S> <C> <C> <C> <C>
NUMERIC
ORDINARY SHARES:
Shares sold 218,163 $ 3,654,877 994,131 $ 15,053,512
Shares issued in reinvestment
of distributions -- -- 198,432 2,861,402
Shares redeemed (152,930) (2,632,836) (446,915) (6,801,115)
-------- ------------ --------- ------------
Net change 65,233 1,022,041 745,648 $ 11,113,799
-------- ------------ --------- ------------
INSTITUTIONAL SHARES:
Shares sold 250,809 $ 4,655,516 2,022,838 $ 31,157,158
Shares issued in reinvestment
of distributions -- -- 100,548 1,469,003
Shares redeemed (874,002) (14,885,966) (755,371) (11,328,996)
-------- ------------ --------- ------------
Net change (623,913) $(10,230,450) 1,368,015 $ 21,297,165
-------- ------------ --------- ------------
TOTAL NET CHANGE FOR FUND $ (9,208,409) $ 45,480,918
------------ ------------
NUMERIC II
ORDINARY SHARES:
Shares sold 143,778 $ 1,625,471 41,972 $ 419,969
Shares issued in reinvestment
of distributions -- -- -- --
Shares redeemed (8,027) (94,064) (462) (4,618)
-------- ------------ --------- ------------
Net change 135,751 $ 1,531,407 41,510 $ 415,351
-------- ------------ --------- ------------
INSTITUTIONAL SHARES:
Shares sold 3,516 $ 41,883 -- $ --
Shares issued in reinvestment
of distributions -- -- -- --
Shares redeemed (694) (7,965)
-------- ------------
Net change 2,822 $ 33,918 -- --
-------- ------------
TOTAL NET CHANGE FOR FUND $ 1,565,325 --
------------
DISCIPLINED GROWTH
ORDINARY SHARES:
Shares sold 68,418 $ 759,232 35,045 $ 350,713
Shares issued in reinvestment
of distributions -- -- -- --
Shares redeemed (4,691) (50,294) (76) (770)
-------- ------------ --------- ------------
Net change 63,727 $ 708,938 34,969 $ 349,943
-------- ------------ --------- ------------
INSTITUTIONAL SHARES:
Shares sold 2,798 $ 31,500 -- $ --
Shares issued in reinvestment
of distributions -- -- -- --
Shares redeemed -- -- -- --
-------- ------------
Net change 2,798 $ 31,500 -- --
-------- ------------
TOTAL NET CHANGE FOR FUND $ 740,438 --
------------
GROWTH AND INCOME
ORDINARY SHARES:
Shares sold 59,052 $ 857,486 296,092 $ 4,055,465
Shares issued in reinvestment
of distributions -- -- 321,758 3,993,011
Shares redeemed (137,295) (2,044,926) (552,371) (7,660,519)
-------- ------------ --------- ------------
Net change (78,243) $ (1,187,440) 65,479 $ 387,957
-------- ------------ --------- ------------
</TABLE>
- -------------------------------------------------------------------------------
30
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
<TABLE>
<CAPTION>
Six Months Ended Year Ended
September 30, 1995 March 31, 1995
---------------------- ----------------------
Shares Dollars Shares Dollars
<S> <C> <C> <C> <C>
GROWTH AND INCOME--CONTINUED
INSTITUTIONAL SHARES:
Shares sold 3,985 $ 59,679 10,768 $ 156,610
Shares issued in reinvestment
of distributions -- -- 31,737 393,229
Shares redeemed (19,551) (295,459) (186,327) (2,516,380)
-------- ------------ -------- ------------
Net change (15,566) $ (235,780) (143,822) $ (1,966,541)
-------- ------------ -------- ------------
TOTAL NET CHANGE FOR FUND $ (1,423,220) $ (1,578,584)
------------ ------------
INTERNATIONAL EQUITY
ORDINARY SHARES:
Shares sold 113,042 $ 1,174,105 544,460 $ 5,753,085
Shares issued in reinvestment
of distributions -- -- 33,154 336,839
Shares redeemed (144,404) (1,509,244) (403,512) (4,155,444)
-------- ------------ -------- ------------
Net change (31,362) $ (335,139) 174,102 $ 1,934,480
-------- ------------ -------- ------------
INSTITUTIONAL SHARES:
Shares sold 118,517 $ 1,236,700 316,551 $ 3,206,900
Shares issued in reinvestment
of distributions -- -- -- --
Shares redeemed (37,562) (390,553) (14,290) (142,770)
-------- ------------ -------- ------------
Net change 80,955 $ 846,147 302,261 $ 3,064,130
-------- ------------ -------- ------------
TOTAL NET CHANGE FOR FUND $ 511,008 $ 4,998,610
------------ ------------
FOREIGN FRONTIER
ORDINARY SHARES:
Shares sold 256,311 $ 2,051,130 610,848 $ 5,520,494
Shares issued in reinvestment
of distributions -- -- -- --
Shares redeemed (16,415) (133,962) (22,311) (180,045)
-------- ------------ -------- ------------
Net change 239,896 $ 1,917,168 588,537 $ 5,340,449
-------- ------------ -------- ------------
</TABLE>
- -------------------------------------------------------------------------------
31
<PAGE>
QUANTITATIVE GROUP OF FUNDS
55 Old Bedford Road
Lincoln, MA 01773
1-800-331-1244
MANAGER
Quantitative Advisors, Inc.
55 Old Bedford Road
Lincoln, MA 01773
ADVISORS
Boston International Advisors, Inc. Numeric Investors L.P.
75 State Street One Memorial Drive
Boston, MA 02109 Cambridge, MA 02142
LBS Capital Management, Inc. State Street Bank and Trust Company
311 Park Place Boulevard, Suite 330 225 Franklin Street
Clearwater, FL 34619 Boston, MA 02110
DISTRIBUTOR
U.S. Boston Capital Corporation
55 Old Bedford Road
Lincoln, MA 01773
CUSTODIAN
State Street Bank and Trust Company
225 Franklin Street
Boston, MA 02110
TRANSFER AGENT
Quantitative Institutional Services
55 Old Bedford Road
Lincoln, MA 01773
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
160 Federal Street
Boston, MA 02110
<PAGE>
QUANTITATIVE GROUP OF FUNDS
55 Old Bedford Road Lincoln, MA 01773 800-331-1244
Distributed by U.S. Boston Capital Corporation
