<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, 1996
<PAGE>
QUANTITATIVE GROUP
November 27, 1996
Dear Fellow Shareholder:
I am very pleased to provide you with the semi-annual report for our six equity
mutual funds. As you will read in the following reviews, the period spanning
April 1st to September 30th was a tumultuous time for our domestic markets. To-
day, however, the declines of June and July are almost forgotten as we witness
historic highs in the markets. I am generally delighted with the performance of
our funds over this period.
Inevitably, some of our funds did not beat their benchmarks for the period.
Fortunately, none of these funds missed the mark significantly. I have been
particularly gratified by the seamless transition of Robert von Pentz and his
team as they have assumed control of our Quantitative Numeric Fund and Quanti-
tative Numeric II (MidCap) Fund. Shareholders voted overwhelmingly to approve
the change in management and, as Morningstar recently noted, the transition oc-
curred with "nary a bump." Both funds have continued to generate performance
near the top of their industry objectives since the change in portfolio manag-
ers occurred.
Invariably, when I talk with shareholders, they seek insights on the direction
of the market. As you know, our investment philosophy is to remain fully in-
vested in each of our funds, with the expectation that over the long term, in-
vestors will be rewarded more fully than if we attempted to "time the market."
Nevertheless, like you, we always are interested in the opinions of others.
While their views are subject to change, I thought that I would share with you
the thoughts of our managers (written prior to President Clinton's re-elec-
tion), which express some common themes.
. ROBERT VON PENTZ, CFA "The current consensus of analysts is that there will
be a post-election slow down. Our research reveals that, for the majority of
market sectors, analysts' estimates for 1997 earnings have been decreasing.
Consensus now calls for five to eight percent earnings growth in 1997. Slower
earnings growth leads us to believe that the key factor to focus on at this
point is interest rates. Fortunately, the economy has given no strong indica-
tion that the slow growth, low inflation environment which has been so
friendly to the equity markets is close to ending. Should we continue along
this path, stable to lower interest rates would likely lead to a continuation
of the long running bull market. At current levels, however, periods of
profit taking should be expected."
. STEVE ESIELONIS AND DOUG HOLMES, CFA "Based on our review, we believe that
both the S&P 500 and the Dow Jones Industrial Average remain overvalued based
on fundamentals. However, there is little on the horizon that we foresee
would cause either index to correct significantly. Possible problems, like
excessively strong GDP growth, poor earnings comparisons, or a tightening of
interest rates by the Federal Reserve Board would cause markets to decline.
The Fed's patience in reviewing economic data has maintained the positive at-
mosphere in both the equity and fixed income markets. This "wait and see"
posture, however, is a departure from past policies which have produced quick
responses to short-term changes in economic indicators. The key going forward
will be to watch Chairman Alan Greenspan and the Federal Reserve Board."
. DEAN BARR AND DOUG CASE, CFA "As a result of the market corrections contained
within the last six months, a general trend within the market has been to
overemphasize traditional large cap companies, which are viewed as safe ha-
vens, and to avoid smaller companies whose stocks are less widely followed by
analysts. Considerable negativism and bearish sentiment also exists, as many
investors have climbed a wall of worry throughout the market's late summer
rebound. Moving forward, we believe that the market will broaden its focus
selectively into smaller companies which possess uniquely strong earnings
growth prospects. This selective market should lead to generally similar re-
turns for most capitalizations (large and small), with a premium to growth-
oriented stocks. As market emotions fluctuate and evolve, an unemotional sys-
tematic evaluation of company specific expectations will be necessary to
avoid reacting to informationless daily gyrations."
As always, I want to thank you for investing with us. We are available at any
time to answer your questions and provide assistance.
Sincerely,
Edward L. Pittman
President
Quantitative Group 55 Old Bedford Road Lincoln, MA 01773 (800) 331-1244
of Funds
Distributed by U.S. Boston Capital Corporation
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
PERFORMANCE AND PORTFOLIO OVERVIEW AS OF SEPTEMBER 30, 1996
A WORD ABOUT INDICES
- -------------------------------------------------------------------------------
Along with the discussion of each portfolio's performance, we have included a
comparison with an appropriate benchmark index. In addition, we have also pro-
vided for you a comparison to the relevant index of mutual funds classified as
having similar investment objectives to your fund, as computed by Lipper Ana-
lytical Services, Inc. (Lipper).
Although the S&P 500 Index is the most commonly used benchmark for many per-
formance comparisons, it is not appropriate for all investment strategies. The
index generally is comprised of the largest 500 companies in the United States
(and some foreign corporations). However, because it is weighted by market
capitalizations, the returns of the index tend to be dominated by the perfor-
mance of the largest 100 companies.
To address this issue, Standard & Poor's also publishes an index, the S&P 400
index, which provides performance for the S&P 500 minus the largest 100 compa-
nies. This index commonly is used for comparison of the returns of "middle
capitalization" companies. The Frank Russell Company also publishes several
indices representing additional segments of the stock market. The Russell 2000
index often is used for comparison of the performance of small capitalization
stocks. This index excludes the 1000 largest companies in the United States,
and is comprised of the next 2000 companies by market capitalization.
For comparison of international returns in developed countries, we use the
Morgan Stanley Europe, Australia, and Far East ("EAFE") Index. This index
presently is comprised of stocks in 21 countries other than the United States.
Because the index is weighted by market capitalization of the individual coun-
tries, the returns of Japanese stocks expressed in dollars account for 38% of
its return, while the next largest components, the United Kingdom and Germany,
represent only 17% and 7%, respectively. Thus, the performance of a fund rela-
tive to this benchmark may heavily be influenced by the amount of its holdings
in these three countries.
Finally, a commonly used comparison for the stocks of emerging markets is the
International Finance Corporation's ("IFC") Investable Composite Index. The
IFC is a member of the World Bank Group and publishes this index, which is
comprised of approximately 1,100 stocks in 26 countries. As with the EAFE In-
dex discussed above, the returns of three markets, Malaysia (21%), South Af-
rica (14%) and Brazil (12%), account for a significant portion of the index's
performance.
QUANTITATIVE NUMERIC FUND
- -------------------------------------------------------------------------------
MANAGER'S DISCUSSION
The Quantitative Numeric Fund is a small company growth fund that invests pri-
marily in smaller, rapidly growing companies with less than $1 billion in mar-
ket capitalization. Robert von Pentz, CFA of Columbia Partners, L.L.C., In-
vestment Management assumed management of the Fund on July 1st. The Fund uses
a quantitative investment model that looks for companies with visible earnings
growth, attractive valuations, and strong or improving fundamentals.
During the six month period from April 1996 to September 1996, the Fund pro-
duced a return of 16.15% for investors in Ordinary Shares (excluding the ef-
fects of a 1% redemption fee), exceeding the 5.36% return for its benchmark,
the Russell 2000 Index, and a return of 9.71% for the average small company
fund, according to Lipper. For the three month period from July to September,
the Fund returned 6.15% compared to 0.34% for the Russell 2000 and 1.65% for
the average small company fund.
The first three months of von Pentz's management of the Fund were tumultuous
ones for the market, which suffered a sharp decline at the beginning of the
period, due to reports of disappointing earnings by technology companies such
as Hewlett-
Packard. The decline particularly affected sectors such as technology and
health care, which had stocks trading at high premiums. As July progressed,
however, the market began reacting favorably to more optimistic earnings re-
ports, led by Intel. At the end of September, the S&P 500 had reached a new
high and the Russell 2000 was within 1% of its all-time high.
The Fund's strategy of imposing greater constraints on individual sector hold-
ings and decreasing the number of positions reaped benefits during the market
decline. The Fund reduced its technology holdings and its holdings of recent
initial public offerings--both areas hurt by the drop in the market. As the
market improved, the Fund was able to acquire fundamentally sound stocks at
depressed prices. Many of the stocks acquired were among the top performing
stocks in the portfolio for the balance of the period. These companies in-
cluded Object Design, a database software designer, and Eagle Hardware Stores,
a turnaround story.
Along with technology, the Fund was also overweighted in energy stocks during
the period, as the investment models used by the Fund showed increasing earn-
ings estimates in both areas. A particular strength in the energy sector were
offshore drilling companies, which have shown increasing earnings estimates
due to
- --------------------------------------------------------------------------------
1
<PAGE>
QUANTITATIVE GROUP OF FUNDS ___________________________________________________
a favorable supply/demand imbalance. Conversely, the Fund was underweighted in
the basic material and utilities sectors during the period, where the models
showed weaker earnings growth and price strength. Our sector selection process
contributed to the Fund's performance as the overweighted sectors outperformed
the market as a whole during the period, while the underweighted sectors
underperformed the market.
Robert A. von Pentz, CFA
Columbia Partners, L.L.C.,
Investment Management
- --------------------------------
AVERAGE ANNUAL TOTAL RATE OF RETURN*
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years Inception
<S> <C> <C> <C> <C> <C>
Ordinary Shares 20.88% 19.01% N/A N/A 28.71%(8/3/92)
Institutional Shares 22.68% 20.04% N/A N/A 19.85%(1/6/93)
</TABLE>
* See accompanying Notes, which should be read in conjunction with this materi-
al. Past performance is no guarantee of future results.
- --------------------------------
PORTFOLIO COMPOSITION
[PIE CHART APPEARS HERE] Number of Holdings 78
Dollars Invested $87 million
Average Market Cap $729 million
- --------------------------------------------------------------------------------
2
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
QUANTITATIVE NUMERIC II (MidCap) FUND
- -------------------------------------------------------------------------------
MANAGER'S DISCUSSION
The Quantitative Numeric II (MidCap) Fund invests primarily in common stocks
of companies with medium market capitalizations, generally $1 billion to $5
billion. The Fund employs an investment strategy similar to that used by its
older sibling, the Quantitative Numeric Fund. Robert von Pentz, CFA of Colum-
bia Partners, L.L.C., Investment Management assumed the management of the Fund
on July 1st.
During the six-month period from April 1996 to September 1996, the Fund pro-
duced a return of 10.15% for investors in Ordinary Shares), compared to a
5.88% return for its benchmark, the S&P 400 Index, and a return of 8.11% for
the average midcap fund, according to Lipper. For the three month period from
July to September, the Fund returned 4.38% compared to 2.91% for the S&P 400
and 3.10% for the average midcap fund.
Due to the similarity of the investment models used by the two Quantitative
Numeric Funds, the returns for the Numeric II (MidCap) Fund were influenced by
many of the same factors as affected the Numeric Fund. As with the Numeric
Fund, overweighting energy stocks, particularly of companies engaged in off-
shore drilling, was a significant contributor to the Numeric II (MidCap)
Fund's performance. Investments in stocks in the consumer staples sector,
where the Fund focused on grocery stores with successful turnaround stories,
also aided performance. The best performing stocks in the Fund's portfolio
were technology companies Micron Electronics and CompUSA which were beneficia-
ries of stronger than expected personal computer sales.
Robert A. von Pentz, CFA
Columbia Partners, L.L.C.,
Investment Management
- -------------------------------
AVERAGE ANNUAL TOTAL RATE OF RETURN*
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years Inception
<S> <C> <C> <C> <C> <C>
Ordinary Shares 20.84% N/A N/A N/A 29.33%(3/21/95)
Institutional Shares 20.97% N/A N/A N/A 28.75%(4/17/95)
</TABLE>
* See accompanying Notes, which should be read in conjunction with this mate-
rial. Past performance is no guarantee of future results.
- -------------------------------
PORTFOLIO COMPOSITION
[PIE CHART APPEARS HERE] Number of Holdings 64
Dollars Invested $10.0 million
Median Market Cap $ 2.5 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 smaller or medium capitaliza-
tions (less than $5 billion). To limit risk, the Fund generally will not in-
vest more than 30% of its assets in any one sector of the economy.
During the six-month period from April 1996 to September 1996, the Fund pro-
duced a return of 11.03% for investors in Ordinary Shares, well ahead of the
5.88% return for its benchmark, the S&P 400 Index, and a return of 7.52% for
the average growth fund, according to Lipper.
Over the past six months, the Fund shifted its emphasis to focus on more me-
dium sized and fewer smaller companies. For this reason, we are now measuring
the Fund against the S&P 400 Index rather than the Russell 2000 universe. The
move to a medium cap posture enables the Fund to take advantage of a more sea-
soned universe of securities where its investment model historically has dem-
onstrated a higher degree of value added. Over the last ten years, the returns
for medium sized companies have matched or exceeded those smaller companies,
as represented by their respective indices.
The midcap market produced solid returns for the period, despite the overall
decline in the market during June and July. The decline was caused by fear of
rising inflation and interest rates pushed by an unexpectedly strong economy.
By August and September, however, the fears subsided and the market recovered
fully.
The value added performance difference between the Fund's 11.0% return and
5.9% for the S&P 400 Index can be predominantly attributed to favorable stock
selection within the energy, financial services, technology, and biotechnology
industries. Additionally, a moderate benefit was realized by the Fund main-
taining an above average beta (market exposure). Throughout the time period,
the Fund held minimal cash positions (typically less than 5% of the Fund) and
was fully invested in domestic mid-to-smallcap stocks. No attempts are made
within the Fund's investment strategy to "time the market" by strategically
raising cash in anticipation of a broad decline in the market.
Dean Barr and Doug Case, CFA
Advanced Investment Technology, Inc.
- -------------------------------
AVERAGE ANNUAL TOTAL RATE OF RETURN*
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years Inception
<S> <C> <C> <C> <C> <C>
Ordinary Shares 19.25% N/A N/A N/A 23.09%(3/1/95)
Institutional Shares 19.33% N/A N/A N/A 20.27%(7/26/95)
</TABLE>
* See accompanying Notes, which should be read in conjunction with this mate-
rial. Past performance is no guarantee of future results.
- -------------------------------
PORTFOLIO COMPOSITION
[PIE CHART APPEARS HERE] Number of Holdings 61
Dollars Invested $2.1 million
Median Market Cap $1.7 billion
- -------------------------------------------------------------------------------
4
<PAGE>
____________________________________________________ QUANTITATIVE GROUP OF FUNDS
QUANTITATIVE GROWTH AND INCOME FUND
- --------------------------------------------------------------------------------
MANAGER'S DISCUSSION
The Quantitative Growth and Income Fund is designed to serve as a core domes-
tic stock fund, focusing on investment opportunities among larger companies.
The Fund employs an investment model that measures both growth and value char-
acteristics of stocks within its universe of eligible investments.
During the six-month period from April 1996 to September 1996, the Fund pro-
duced a return of 6.25% for investors in Ordinary Shares (excluding the ef-
fects of a 1% redemption fee), compared to a 7.72% return for its benchmark,
the S&P 500 Index, and a return of 6.35% for the average growth and income
fund, according to Lipper.
The large cap market performed better than generally expected over the last
six months. The Fund's investment model, which kept its sector allocations
close to S&P 500, positioned the Fund to take advantage of this upward market
movement. The Fund's stock selection model also worked well during the period,
identifying a number of stocks in various industries that significantly
outperformed the market during the past six months. While the model kept pace
with the average growth and income fund, it continues to lag the performance
of the S&P 500 Index.
To improve the Fund's investment model, we have begun to incorporate a "top
down" sector selection screen, and allow the Fund to relax its currently tight
sector controls in order to overweight and underweight certain industries
based upon forecasts of their relative attractiveness. Coupled with the Fund's
current "bottom up" stock selection process, we anticipate that this change
will enhance performance by allowing the Fund to select the best stocks in the
best industries.
Steven Esielonis and Doug Holmes, CFA
State Street Global Advisors
- -------------------------------
AVERAGE ANNUAL TOTAL RATE OF RETURN*
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years Inception
<S> <C> <C> <C> <C> <C>
Ordinary Shares 11.37% 12.10% 12.28% 13.43% 14.21%(5/9/85)
Institutional Shares 13.10% 13.04% 13.06% N/A 12.69%(3/25/91)
</TABLE>
* See accompanying Notes, which should be read in conjunction with this mate-
rial. Past performance is no guarantee of future results.
- -------------------------------
PORTFOLIO COMPOSITION
[PIE CHART APPEARS HERE] Number of Holdings 99
Dollars Invested $42.6 million
Average Market Cap $21.5 billion
- --------------------------------------------------------------------------------
5
<PAGE>
QUANTITATIVE GROUP OF FUNDS __________________________________________________
QUANTITATIVE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
MANAGER'S DISCUSSION
The Quantitative International Equity Fund searches for investment opportuni-
ties in developed foreign markets. In addition, the Fund maintains limited ex-
posure 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 se-
lecting both the countries in which to invest and the securities within the in-
dividual countries.
During the six-month period from April 1996 to September 1996, the Fund pro-
duced a return of 0.75% for investors in Ordinary Shares (excluding the effects
of a 1% redemption fee), slightly behind the 1.46% return for its benchmark,
the Morgan Stanley EAFE Index (an index comprised of stocks of developed for-
eign countries). The average international fund produced a return of 2.45%, ac-
cording to Lipper.
Over the six month period, specific stock selection accounted for almost all of
the underperformance of the Fund versus its benchmark. The bulk of the devel-
oped markets had positive returns for the period, but many of the best returns
came from smaller markets. While country selection as a whole added to the
Fund's performance, the strong returns of countries such as Finland and Ireland
were overshadowed by the performance of Japan, which was down nearly 5% for the
period due to weakening of the yen against the dollar. Japan comprises roughly
one-third of the Fund and a slightly larger portion of the EAFE Index.
During the period, the Fund moved away from allocating investments across coun-
tries based on gross national products, to a system which weights countries and
regions more evenly. This new strategy should provide greater diversification
for the Fund, as well as allowing for greater representation of some of the
smaller developed markets, which have shown impressive growth over the last
year.
Lyle Davis, CFA and
David Umstead, CFA, Ph.D.
Independence International Associates, Inc
- --------------------------------
AVERAGE ANNUAL TOTAL RATE OF RETURN*
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years Inception
<S> <C> <C> <C> <C> <C>
Ordinary Shares 4.39% 5.28% 5.76% N/A 3.77%(7/31/87)
Institutional Shares 5.84% N/A N/A N/A 0.45%(8/25/94)
</TABLE>
* See accompanying Notes, which should be read in conjunction with this materi-
al. Past performance is no guarantee of future results.
- --------------------------------
PORTFOLIO COMPOSITION
[PIE CHART APPEARS HERE] Number of Holdings 121
Dollars Invested $28.3 million
- --------------------------------------------------------------------------------
6
<PAGE>
____________________________________________________ QUANTITATIVE GROUP OF FUNDS
QUANTITATIVE FOREIGN FRONTIER FUND
- ------------------------------------------------------------------------------
MANAGER'S DISCUSSION
The Quantitative Foreign Frontier Fund concentrates on investment opportuni-
ties in the markets of emerging foreign countries. The Foreign Frontier Fund
is diversified, in terms of both the countries and number of holdings repre-
sented in its portfolio. Generally, the Fund will invest in three to four geo-
graphic regions and hold roughly equal positions in a number of countries
within each region (10% or less). The Fund currently holds positions in 16 of
the 26 countries represented in its benchmark, the International Finance Cor-
poration Investable Composite Index (IFCI).
During the six-month period from April 1996 to September 1996, the Fund pro-
duced a return of 1.19% for investors in Ordinary Shares (excluding the ef-
fects of a 1% redemption fee), compared to a 2.86% return for the IFCI, and a
return of 3.30% for the average diversified emerging markets fund, according
to Lipper.
Returns for the emerging markets were mixed during the period, with 18 of the
26 countries generating positive returns. However, 20 of the 26 countries saw
their currency decline against the U.S. dollar during the period, reducing
their returns. The Fund's portfolio included securities from a number of coun-
tries, such as Brazil, Peru, and Taiwan, that produced double-digit returns
over the last six months. However, the Fund was not invested in two of the
countries, Venezuela and Zimbabwe, that produced the largest returns during
the period.
The Fund continues to focus on the areas which it believes will generate the
most growth in the long term, while diversifying into a number of countries to
try to control the volatility inherent in the emerging markets. In order to
best achieve the benefits of investing in emerging markets, shareholders
should take a long term view in investing.
Lyle Davis, CFA and
David Umstead, CFA, Ph.D.
Independence International Associates, Inc.
- -------------------------------
AVERAGE ANNUAL TOTAL RATE OF RETURN*
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years Inception
<S> <C> <C> <C> <C> <C>
Ordinary Shares 7.77% N/A N/A N/A (6.87%)(10/1/94)
Institutional Shares N/A N/A N/A N/A (0.88%)(4/2/96)
</TABLE>
* See accompanying Notes, which should be read in conjunction with this mate-
rial. Past performance is no guarantee of future results.
- -------------------------------
PORTFOLIO COMPOSITION
[PIE CHART APPEARS HERE] Number of Holdings 253
Dollars Invested $9.3 million
- --------------------------------------------------------------------------------
7
<PAGE>
QUANTITATIVE GROUP OF FUNDS _________________________________________________
- --------------------------------------------------------------------------------
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 and,
for the Quantitative Numeric Fund, additional voluntary expense waivers and/or
reimbursements made by Quantitative Advisors, Inc. The average annual total re-
turns for the Quantitative Numeric II and Quantitative Disciplined Growth Funds
reflect the effect of expense waivers and/or reimbursements where applicable
that are subject to the periodic review of Quantitative Advisors, Inc. There is
no guarantee that Quantitative Advisors, Inc. will continue to limit expenses
of these Funds in the future. If the expenses for these funds had not been sub-
sidized, the performance would have been lower. Returns for the Ordinary Shares
of the Quantitative Numeric, Quantitative Growth and Income, Quantitative In-
ternational Equity and Quantitative Foreign Frontier Funds reflect the effect
of the 12b-1 fee and deferred sales charge. Returns for the Ordinary Shares of
the Quantitative Numeric II and Quantitative Disciplined Growth Funds reflect
the effect of the 12b-1 fee but not the deferred sales charge. Certain Ordinary
Shares of the Quantitative Numeric II and Quantitative Disciplined Growth Funds
purchased prior to August 1, 1996 are subject to the deferred sales charge. Re-
turns for the Institutional Shares of the Quantitative Foreign Frontier Fund
are not annualized and are for a limited period of time. The performance data
quoted represents past performance and may not be indicative of future perfor-
mance. The investment return and principal value of a current investment will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost.
- --------------------------------------------------------------------------------
8
<PAGE>
____________________________________________________ QUANTITATIVE GROUP OF FUNDS
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
QUANTITATIVE NUMERIC FUND
- --------------------------------------------------------------------------------
COMMON STOCK--96.4% (a)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
AEROSPACE--0.7%
Rohr Industries Inc. (b) 32,800 $ 643,700
-----------
APPAREL & TEXTILES--1.5%
Finish Line Inc., Class A (b) 26,700 1,268,250
-----------
AUTO PARTS--1.8%
Gentex Corporation (b) (with rights exp. 8/26/01) 68,300 1,553,825
-----------
BANKS--2.7%
Charter One Financial Inc. (with rights exp. 12/01/99) 22,575 903,000
Dime Bancorp Inc. (b) 106,710 1,427,246
-----------
2,330,246
-----------
BUSINESS SERVICES--5.4%
APAC Teleservices Inc. (b) 28,755 1,473,694
Career Horizons Inc. (b) 24,900 967,987
National Techteam Inc. (b) 60,410 1,638,621
Sitel Corporation (b) 14,500 645,250
-----------
4,725,552
-----------
CHEMICALS--3.2%
Cytec Industries Inc. (b) 20,100 781,387
Foamex International Inc. (b) 51,900 843,375
Waters Corporation (b) 36,000 1,179,000
-----------
2,803,762
-----------
COMPUTERS & BUSINESS EQUIPMENT--4.4%
CDW Computer Centers Inc. (b) 20,700 1,412,775
HPR Inc. (b) 40,325 645,200
U.S. Robotics Corporation (b) 11,715 757,082
Xircom Inc. (b) 60,800 988,000
-----------
3,803,057
-----------
CONSTRUCTION MATERIALS--1.5%
Medusa Corporation 43,625 1,341,469
-----------
DRUGS & HEALTH CARE--8.6%
Curative Health Services Inc. (b) 42,100 810,425
Lincare Holdings Inc. (b) 25,900 1,036,000
Orthodontic Centers of America Inc. (b) 96,450 1,965,169
Quintiles Transnational Corporation (b) 13,600 996,200
Quorum Health Group Inc. (b) 59,580 1,474,605
Universal Health Services Inc., Class B (b) 46,000 1,253,500
-----------
7,535,899
-----------
ELECTRIC UTILITIES--1.5%
TNP Enterprises Inc. (b) 52,000 1,287,000
-----------
ELECTRICAL EQUIPMENT--3.5%
Atmel Corporation (b) 33,200 1,025,050
Cable Design Technologies Corporation, Class A 33,995 1,359,800
UCAR International Inc. (b) 16,100 652,050
-----------
3,036,900
-----------
ELECTRONICS--4.2%
Checkpoint Systems Inc. (b) 44,500 1,179,250
Hologic Inc. (b) 35,800 1,002,400
SCI Systems Inc. (b) 27,055 1,521,844
-----------
3,703,494
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
FINANCIAL SERVICES--5.4%
Cityscape Financial Corporation (b) 55,600 $ 1,473,400
First Alliance Corporation, Class A (b) 27,215 612,337
Money Store Inc. 70,115 1,858,047
Ocwen Financial Corporation (b) 36,045 734,417
-----------
4,678,201
-----------
HOTELS & RESTAURANTS--2.2%
CKE Restaurants Inc. 25,000 768,750
Landry's Seafood Restaurants Inc. (b) 27,500 687,500
ShowBiz Pizza Time Inc. (b) 27,825 504,328
-----------
1,960,578
-----------
HOUSEHOLD APPLIANCES FURNISHINGS--1.3%
Furniture Brands International Inc. (b) 79,055 1,156,179
-----------
INDUSTRIAL MACHINERY--1.2%
Wyman-Gordon Company (b) 43,880 $ 1,003,755
-----------
INSURANCE--4.3%
American Bankers Insurance Group Inc. 28,700 1,435,000
Fremont General Corporation 30,900 911,550
Vesta Insurance Group Inc. 35,640 1,367,685
-----------
3,714,235
-----------
MEDIA--1.6%
Equifax Inc. 54,600 1,440,075
-----------
MISCELLANEOUS--4.2%
CCC Information Services Group Inc. (b) 19,735 414,435
Object Design Inc. (b) 54,950 886,069
PFF Bancorp Inc. (b) 66,560 823,680
Siebel Systems Inc. (b) 17,305 720,321
Stone Energy Corporation (b) 45,945 849,982
-----------
3,694,487
-----------
PAPER--1.4%
Fort Howard Corporation (b) 51,305 1,250,559
-----------
PETROLEUM SERVICES--4.0%
Oceaneering International Inc. (b) 74,100 1,259,700
Pride Petroleum Services Inc. (b) 92,940 1,312,777
SEACOR Holdings Inc. (b) 18,200 923,650
-----------
3,496,127
-----------
PUBLISHING--0.7%
National Education Corporation (b) 30,100 575,663
-----------
RETAIL GROCERY--2.6%
Oakley Inc. (b) 24,500 1,041,250
Safeway Inc. (b) 28,000 1,193,500
-----------
2,234,750
-----------
RETAIL TRADE--10.7%
Borders Group Inc. (b) 14,200 528,950
Carson Pirie Scott & Company (b) 19,300 513,863
Claire's Stores Inc. 77,925 1,665,647
Eagle Hardware & Garden, Inc. (b) 70,280 1,897,560
Land's End Inc. (b) 57,945 1,245,818
Ross Stores Inc. 38,500 1,386,000
TJX Companies Inc. 28,800 1,033,200
Tiffany & Company 27,000 1,080,000
-----------
9,351,038
-----------
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
QUANTITATIVE GROUP OF FUNDS __________________________________________________
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
QUANTITATIVE NUMERIC FUND--Continued
- -------------------------------------------------------------------------------
COMMON STOCK--Continued
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
SAVINGS & LOAN--2.7%
Astoria Financial Corporation 48,165 $ 1,396,785
Glendale Federal Savings Bank (b) 56,250 998,438
-----------
2,395,223
-----------
SOFTWARE--8.5%
Citrix Systems Inc. (b) 20,975 1,074,969
Compuware Corporation (b) 16,900 773,175
Forte Software Inc. (b) 22,600 887,050
Systemsoft Corporation (b) 31,600 1,082,300
Technology Modeling Associates Inc. (b) 53,610 696,930
Veritas Software Company (b) 11,900 841,925
Videoserver Inc. (b) 20,800 722,800
Wind River Systems Inc. (b) 30,940 1,369,095
-----------
7,448,244
-----------
TELECOMMUNICATION SERVICES--1.8%
DSP Communications Inc. (b) 27,885 1,558,074
-----------
TIRES & RUBBER--1.6%
Safeskin Corporation (b) 39,500 1,372,625
-----------
TOYS, AMUSEMENTS, SPORTING GOODS--1.0%
Sports & Recreation Inc. (b) 103,810 869,409
-----------
TRUCKING & FREIGHT FORWARDING--2.2%
Offshore Logistics Inc. (b) 66,445 955,147
Tidewater Inc. (with rights exp. 05/01/00) 25,600 956,800
-----------
1,911,947
-----------
TOTAL COMMON STOCK (Cost $73,371,187) $84,144,323
===========
</TABLE>
SHORT TERM INVESTMENTS--1.1% (a)
<TABLE>
<CAPTION>
Par Value Value
<S> <C> <C>
State Street Repo 2%, 1 October, 1996 (Cost $969,000)
(Dated 9/30/96, due 10/1/96), Collateralized by $
740,000 U.S. Treasury Bond 9.875%, 11/15/2015, Market
Value $ 991,369, Repurchase Proceeds $ 969,054. $969,000 $ 969,000
-----------
TOTAL SHORT TERM INVESTMENTS
(Cost $ 969,000) $ 969,000
-----------
TOTAL INVESTMENTS--97.5% (A) (Cost $ 74,340,187) (c) $85,113,323
===========
</TABLE>
(a) Percentages indicated are based upon total net assets.
(b) Non-income producing security.
(c) At September 30, 1996, the net unrealized appreciation of investments
based on aggregate cost for federal tax purposes of $74,340,187 was as
follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation for all investments
in which there is an excess of value over tax cost. $12,197,847
Aggregate gross unrealized depreciation for all investments
in which there is an excess of tax cost over value (1,424,711)
-----------
Net unrealized appreciation $10,773,136
===========
</TABLE>
- -------------------------------------------------------------------------------
10
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
QUANTITATIVE NUMERIC II FUND
- -------------------------------------------------------------------------------
COMMON STOCK--97.9% (a)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
AEROSPACE--3.6%
McDonnell Douglas Corporation 3,800 $ 199,500
U.S. Robotics Corporation (b) 2,300 148,637
----------
348,137
----------
AIR TRAVEL--1.9%
Continental Airlines Inc., Class B (b) 4,400 98,450
Northwest Airlines Corporation (b) 2,300 81,362
----------
179,812
----------
AUTO PARTS--0.7%
Borg Warner Automotive Inc. 1,900 67,450
----------
AUTOMOBILES--1.4%
Chrysler Corporation 4,600 131,675
----------
BANKS--4.4%
First Union Corporation 3,100 206,925
Union Planters Corporation
(with rights exp. 1/19/99) 6,300 223,650
----------
430,575
----------
CHEMICALS--5.9%
Goodrich (B.F.) Company 3,500 157,937
Mallinckrodt Group Inc. 3,400 141,525
Olin Corporation 1,625 136,500
Witco Corporation 4,170 137,089
----------
573,051
----------
COMPUTERS & BUSINESS EQUIPMENT--9.3%
Cisco Sys Inc. (b) 3,500 217,219
Compaq Computer Corporation (b) 4,000 256,500
Gateway 2000 Inc. (b) 4,700 225,012
Micron Electronics Inc. (b) 9,825 202,641
----------
901,372
----------
CONGLOMERATES--2.4%
Textron Inc. 1,200 102,000
U.S. Industries Inc. (b) 5,060 132,825
----------
234,825
----------
CONTAINERS & GLASS--1.5%
Temple-Inland Inc. 2,750 145,062
----------
DOMESTIC OIL--0.8%
USX-Marathon Group 3,800 82,175
----------
DRUGS & HEALTH CARE--3.0%
Bristol-Myers Squibb Company 1,100 106,012
Schering-Plough Corporation 3,000 184,500
----------
290,512
----------
ELECTRIC UTILITIES--7.8%
CINergy Corporation 2,140 66,073
Entergy Corporation 4,100 110,700
Long Island Lighting Company 7,400 126,725
Montana Power Company 5,100 109,013
New York State Electric & Gas Corporation 5,300 116,600
Washington Water Power Company
(with rights exp. 2/16/00) 2,200 41,525
Western Resources Inc. 6,500 189,312
----------
759,948
----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
FINANCIAL SERVICES--3.4%
Countrywide Credit Industries Inc. 6,800 $ 174,250
Donaldson Lufkin & Jenrette Inc. 4,400 154,550
----------
328,800
----------
FOOD & BEVERAGES--1.8%
Coca-Cola Enterprises Inc. 3,910 176,928
----------
GAS & PIPELINE UTILITIES--2.8%
Columbia Gas System Inc. 2,000 112,000
National Fuel Gas Company 4,300 158,025
----------
270,025
----------
GAS EXPLORATION--4.6%
Apache Corporation 4,500 133,875
Oryx Energy Company (b) 9,000 159,750
Vastar Resources Inc. 4,705 151,736
----------
445,361
----------
INSURANCE--2.8%
American Financial Group Inc. 2,200 69,300
Old Republic International Corporation 8,205 203,074
----------
272,374
----------
INVESTMENT COMPANIES--2.2%
Bear Stearns Companies Inc. 5,524 128,433
Paine Webber Group Inc. 4,250 89,250
----------
217,683
----------
LEISURE TIME--1.1%
Carnival Corporation, Class A 3,400 105,400
----------
MEDIA--1.3%
Equifax Inc. 4,700 123,962
----------
MISCELLANEOUS--2.9%
Blyth Industries Inc. (b) 2,975 144,288
Lear Corporation (b) 4,310 142,230
----------
286,518
----------
NEWSPAPERS--2.0%
Times Mirror Company, Class A 4,375 194,688
----------
PAPER--2.4%
Fort Howard Corporation (b) 9,600 234,000
----------
PETROLEUM SERVICES--3.0%
Global Marine Inc. (b) 10,000 157,500
Noble Drilling Corporation (b) 8,695 131,512
----------
289,012
----------
RAILROADS & EQUIPMENT--3.8%
CSX Corporation 3,800 191,900
Illinois Central Corporation 3,350 105,944
Trinity Industries Inc. 2,200 73,425
----------
371,269
----------
RETAIL GROCERY--2.9%
Safeway Inc. (b) 2,300 98,038
Vons Companies Inc. (b) 4,390 188,221
----------
286,259
----------
</TABLE>
- -------------------------------------------------------------------------------
11
<PAGE>
Q UANTITATIVE GROUP OF FUNDS _________________________________________________
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
QUANTITATIVE NUMERIC II FUND--Continued
- -------------------------------------------------------------------------------
COMMON STOCK--Continued
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
RETAIL TRADE--5.7%
CompUSA Inc. (b) 4,900 $ 264,600
Ross Stores Inc. 3,900 140,400
TJX Companies Inc. 4,150 148,881
----------
553,881
----------
SAVINGS & LOAN--4.1%
Greenpoint Financial Corporation 5,000 190,625
Washington Mutual Inc. 5,700 212,325
----------
402,950
----------
SOFTWARE--2.0%
Compuware Corporation (b) 4,200 192,150
----------
TELECOMMUNICATION SERVICES--1.7%
PairGain Technologies Inc. (b) 2,155 168,359
----------
TELEPHONE--2.1%
LCI International Inc. (b) 6,455 203,333
----------
TIRES & RUBBER--1.0%
Lancaster Colony Corporation
(with rights exp. 4/20/00) 2,600 99,450
----------
TOBACCO--1.6%
RJR Nabisco Holdings Corporation 5,900 153,400
----------
TOTAL COMMON STOCK
(Cost $8,692,075) $9,520,396
==========
</TABLE>
SHORT TERM INVESTMENTS--5.0% (a)
<TABLE>
<CAPTION>
Par Value Value
<S> <C> <C>
State Street Repo 2%, 1 October, 1996 (Cost $490,000)
(Dated 9/30/96, due 10/1/96), Collateralized by $375,000
U.S. Treasury Bond 9.875%, 11/15/2015, Market Value
$502,383, Repurchase Proceeds $490,027. $490,000 $ 490,000
-----------
TOTAL SHORT TERM INVESTMENTS (Cost $490,000) $ 490,000
-----------
TOTAL INVESTMENTS--102.9% (A) (Cost $9,182,075) (c) $10,010,396
===========
</TABLE>
(a) Percentages indicated are based upon total net assets.
(b) Non-income producing security.
(c) At September 30, 1996, the net unrealized appreciation of investments
based on aggregate cost for federal tax purposes of $9,182,075 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. $ 1,015,815
Aggregate gross unrealized depreciation for all investments
in which there is an excess of tax cost over value. (187,494)
-----------
Net unrealized appreciation $ 828,321
===========
</TABLE>
- -------------------------------------------------------------------------------
12
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
QUANTITATIVE DISCIPLINED GROWTH FUND
- -------------------------------------------------------------------------------
COMMON STOCK--99.6% (a)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
APPAREL & TEXTILES--3.8%
Nautica Enterprises Inc. (b) 1,900 $ 61,275
Gymboree Corporation (b) 700 21,262
----------
82,537
----------
AUTO PARTS--1.3%
Danaher Corporation 700 28,963
----------
BANKS--4.4%
Magna Group, Inc. 600 16,800
Northern Trust Corporation 800 52,600
SouthTrust Corporation 800 24,400
----------
93,800
----------
BROADCASTING--2.1%
Clear Channel Communications (b) 500 44,250
----------
BUILDING CONSTRUCTION--1.2%
Hughes Supply Inc. 700 25,900
----------
BUSINESS SERVICES--9.1%
Abacus Direct Corporation (b) 2,000 28,000
Bowne & Company Inc. 700 16,012
Corrections Corporation America (b) 1,400 43,750
Paychex, Inc. 900 52,200
Robert Half International Inc. (b)
(with rights exp. 7/23/00) 1,500 55,313
----------
195,275
----------
CHEMICALS--1.7%
Lubrizol Corporation 1,300 37,375
----------
COMPUTERS & BUSINESS EQUIPMENT--4.5%
Adac Laboratories 2,100 42,262
Dell Computer Corporation (b) 300 23,325
InaCom Corporation (b) 900 30,825
----------
96,412
----------
CONSTRUCTION & MINING EQUIPMENT--0.8%
JLG Industries Inc. 900 16,875
----------
DRUGS & HEALTH CARE--5.0%
Advanced Technology Labs Inc. (b) 800 25,600
Biogen Inc. (b) (with rights exp. 5/08/99) 700 53,200
Invacare Corporation 1,000 28,000
----------
106,800
----------
ELECTRIC UTILITIES--3.6%
Black Hills Corporation 1,300 33,637
Pinnacle West Capital Corporation 1,500 44,438
----------
78,075
----------
ELECTRICAL EQUIPMENT--1.2%
American Power Conversion Corporation (b) 1,800 26,325
----------
ELECTRONICS--5.3%
Andrew Corporation (b) 1,000 49,875
BMC Industries Inc. 800 22,900
Lam Research Corporation (b) 1,500 39,937
----------
112,712
----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
FINANCIAL SERVICES--2.5%
ADVANTA Corporation, Class A 500 $ 23,000
Mercury Finance Company 2,500 30,000
----------
53,000
----------
FOOD & BEVERAGES--0.8%
Dole Food Inc. 400 16,800
----------
GAS EXPLORATION--3.3%
NorAm Energy Corporation 3,000 44,625
Oryx Energy Company (b) 1,500 26,625
----------
71,250
----------
HOMEBUILDERS--1.1%
Champion Enterprises Inc. (b) 1,000 22,625
----------
HOTELS & RESTAURANTS--3.3%
Prime Hospitality Corporation (b) 2,500 41,250
Wendy's International Inc. 1,400 30,100
----------
71,350
----------
HOUSEHOLD APPLIANCES FURNISHING--2.3%
Harman International Inc. 1,000 48,750
----------
INSURANCE--2.3%
American Travellers Corporation (b) 1,500 49,687
----------
INVESTMENT COMPANIES--2.5%
Bear Stearns Companies Inc. 1,600 37,200
Charles Schwab Corporation 700 16,187
----------
53,387
----------
LEISURE TIME--2.3%
International Game Technology 2,400 49,200
----------
MOBILE HOMES--2.7%
Fleetwood Enterprises Inc. 1,900 58,425
----------
PAPER--1.5%
Wausau Paper Mills Company 1,700 32,725
----------
PETROLEUM SERVICES--4.3%
Reading & Bates Corporation (b) 2,500 67,812
Rowan Companies Inc. (b)
(with rights exp. 2/25/02) 1,300 24,213
----------
92,025
----------
PUBLISHING--0.7%
Meredith Corporation 300 14,813
----------
RAILROADS & EQUIPMENT--1.6%
Trinity Industries Inc. 1,000 33,375
----------
RETAIL GROCERY--1.4%
Vons Companies Inc. (b) 700 30,013
----------
RETAIL TRADE--5.7%
CompUSA Inc. (b) 300 16,200
Family Dollar Stores Inc. 1,600 27,800
Meyer (Fred) Inc. (b) 1,100 36,438
Woolworth Corporation (b) 2,000 41,250
----------
121,688
----------
SAVINGS & LOAN--2.9%
Ahmanson (H.F.) and Company 2,200 61,600
----------
SOFTWARE--1.2%
HBO & Company 400 26,700
----------
</TABLE>
- -------------------------------------------------------------------------------
13
<PAGE>
QUANTITATIVE GROUP OF FUNDS _________________________________________________
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
QUANTITATIVE DISCIPLINED GROWTH FUND--Continued
- --------------------------------------------------------------------------------
COMMON STOCK--Continued
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
STEEL--3.7%
Birmingham Steel Corporation 2,000 $ 31,750
Precision Castparts Corporation
(with rights exp. 12/16/98) 1,000 48,500
----------
80,250
----------
TELEPHONE--5.4%
Century Tel Enterprises Inc.
(with rights exp. 11/27/96) 1,000 34,375
Cincinnati Bell Inc. 1,000 53,000
WorldCom Inc. (b) 1,300 27,788
----------
115,163
----------
TOBACCO--1.2%
Universal Corporation 1,000 25,500
----------
TOYS, AMUSEMENTS, SPORTING GOODS--1.1%
Galoob (Lewis) Toys Inc. (b) 800 23,400
----------
TRUCKING & FREIGHT FORWARDING--1.8%
Pittston Brinks Group 500 15,688
Tidewater Inc. (with rights exp. 5/01/00) 600 22,425
----------
38,113
----------
TOTAL COMMON STOCK
(Cost $1,851,293) (c) $2,135,138
==========
</TABLE>
(a) Percentages indicated are based upon total net assets.
(b) Non-income producing security.
(c) At September 30, 1996, the net unrealized appreciation of investments based
on aggregate cost for federal tax purposes of $1,851,293 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost. $299,780
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value. (15,935)
--------
Net unrealized appreciation $283,845
========
</TABLE>
- --------------------------------------------------------------------------------
14
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
QUANTITATIVE GROWTH AND INCOME FUND
- -------------------------------------------------------------------------------
COMMON STOCK--99.6% (a)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
AEROSPACE--2.9%
General Dynamics Corporation 10,200 $ 702,525
Northrop Grumman Corporation 6,600 529,650
-----------
1,232,175
-----------
AIR TRAVEL--0.3%
UAL Corporation (b) 2,300 108,100
-----------
APPAREL & TEXTILES--1.9%
Russell Corporation 9,900 319,275
V.F. Corporation 8,000 481,000
-----------
800,275
-----------
AUTOMOBILES--0.9%
Chrysler Corporation 14,200 406,475
-----------
BANKS--6.5%
AmSouth Bancorp 4,300 191,350
BankAmerica Corporation 11,200 919,800
Charter One Financial Inc.
(with rights exp. 12/01/99) 5,565 222,600
Firstar Corporation
(with rights exp. 1/19/99) 9,100 439,075
Morgan (J.P.) & Company Inc. 1,500 133,312
NationsBank Corporation 10,200 886,125
-----------
2,792,262
-----------
BROADCASTING--1.3%
Belo (A.H.) Corporation, Class A 15,600 538,200
-----------
CHEMICALS--2.8%
Dow Chemical Company 5,500 441,375
International Specialty Products (b) 8,400 84,000
Lubrizol Corporation 3,600 103,500
PPG Industries Inc. 10,100 549,187
-----------
1,178,062
-----------
COMPUTERS & BUSINESS EQUIPMENT--3.0%
Compaq Computer Corporation (b) 10,000 641,250
Dell Computer Corporation (b) 7,600 590,900
Western Digital Corporation (b)
(with rights exp. 11/30/98) 1,300 52,162
-----------
1,284,312
-----------
CONSTRUCTION & MINING
EQUIPMENT--3.3%
Case Corporation 16,800 819,000
Caterpillar Inc. 8,000 603,000
-----------
1,422,000
-----------
CONSTRUCTION MATERIALS--1.6%
USG Corporation (b) 23,800 705,075
-----------
COSMETICS & TOILETRIES--1.4%
Avon Products Inc. 6,900 342,412
Paragon Trade Brands Inc. (b) 10,600 247,775
-----------
590,187
-----------
DOMESTIC OIL--1.0%
Phillips Petroleum Company 10,100 431,775
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
DRUGS & HEALTH CARE--10.9%
American Home Products Corporation 6,600 $ 420,750
Bristol Myers Squibb Company 14,800 1,426,350
Merck & Company Inc. 22,200 1,562,325
OrNda Healthcorp (b) 10,100 276,487
Schering Plough Corporation 16,300 1,002,450
-----------
4,688,362
-----------
ELECTRIC UTILITIES--3.2%
Boston Edison Company 15,200 336,300
Consolidated Edison Company NY Inc. 12,400 344,100
Long Island Lighting Company 30,300 518,887
Rochester Gas & Electric Corporation 9,900 180,675
-----------
1,379,962
-----------
ELECTRICAL EQUIPMENT--2.7%
Johnson Controls Inc. 5,300 397,500
MEMC Electronic Materials Inc. (b) 13,400 309,875
UCAR International Inc. (b) 11,500 465,750
-----------
1,173,125
-----------
ELECTRONICS--4.4%
Gateway 2000 Inc. (b) 10,600 507,475
Honeywell, Inc. 6,700 422,937
Intel Corporation 3,100 295,856
Tektronix Inc. 16,500 674,437
-----------
1,900,705
-----------
FINANCIAL SERVICES--3.4%
Donaldson, Lufkin & Jenrette Inc. 600 21,075
Merrill Lynch & Company Inc. 6,500 426,562
Salomon Inc. 9,000 410,625
Student Loan Marketing Association 7,800 582,075
-----------
1,440,337
-----------
FOOD & BEVERAGES--5.3%
Campbell Soup Company 4,100 319,800
Coca-Cola Company 12,800 651,200
ConAgra Inc. 3,800 187,150
Hershey Foods Corporation 7,000 351,750
Interstate Bakeries Corporation 6,000 219,000
PepsiCo Inc. 19,800 559,350
-----------
2,288,250
-----------
GAS & PIPELINE UTILITIES--2.6%
Cooper Cameron Corporation (b) 6,000 344,250
National Fuel Gas Company 8,900 327,075
Williams Companies Inc. 9,100 464,100
-----------
1,135,425
-----------
HOUSEHOLD PRODUCTS--1.2%
Clorox Company 2,200 210,925
Tupperware Corporation 6,500 318,500
-----------
529,425
-----------
INSURANCE--2.7%
AMBAC Inc. 3,100 172,825
Loews Corporation 1,200 92,850
Marsh & McLennan Companies Inc. 6,100 592,463
PMI Group Inc. 5,300 281,563
-----------
1,139,701
-----------
</TABLE>
- -------------------------------------------------------------------------------
15
<PAGE>
QUANTITATIVE GROUP OF FUNDS _________________________________________________
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
QUANTITATIVE GROWTH AND INCOME FUND--Continued
- -------------------------------------------------------------------------------
COMMON STOCK--Continued
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
INTERNATIONAL OIL--6.5%
Chevron Corporation 8,600 $ 538,575
Exxon Corporation 18,400 1,531,800
Mobil Corporation 6,100 706,075
-----------
2,776,450
-----------
INVESTMENT COMPANIES--0.5%
Bear Stearns Companies Inc. 8,345 194,021
-----------
LEISURE TIME--1.7%
Callaway Golf Company 6,400 218,400
King World Productions Inc. (b) 6,300 232,313
MGM Grand Inc. (b) 6,300 266,175
-----------
716,888
-----------
MISCELLANEOUS--0.3%
Wellpoint Health Networks Inc., Class A 3,468 112,710
-----------
MOBILE HOMES--0.6%
Fleetwood Enterprises Inc. 8,400 258,300
-----------
NEWSPAPERS--1.0%
Washington Post Company, Class B 1,200 420,000
-----------
PAPER--2.5%
Fort Howard Corporation (b) 15,100 368,063
Mead Corporation 11,900 697,638
-----------
1,065,701
-----------
PETROLEUM SERVICES--1.8%
Halliburton Company 4,000 206,500
Rowan Companies Inc. (b)
(with rights exp. 2/25/02) 15,100 281,238
Smith International Inc. (b) 7,500 263,438
-----------
751,176
-----------
RAILROADS & EQUIPMENT--0.8%
CSX Corporation 4,400 222,200
Union Pac Corporation 1,600 117,200
-----------
339,400
-----------
RETAIL GROCERY--1.1%
Safeway Inc. (b) 10,600 451,825
-----------
RETAIL TRADE--5.2%
Borders Group Inc. (b) 2,100 78,225
Consolidated Stores Corporation (b) 2,600 104,000
Dayton Hudson Corporation 29,400 970,200
Sears, Roebuck & Company 13,400 599,650
TJX Companies Inc. 1,500 53,813
Woolworth Corporation (b) 20,100 414,563
-----------
2,220,451
-----------
SOFTWARE--4.3%
Computer Assoc Intl Inc. 7,050 421,237
Compuware Corporation (b) 24,200 1,107,150
Softkey International Inc. (b) 17,100 331,313
-----------
1,859,700
-----------
STEEL--1.0%
AK Steel Holding Corporation 10,700 438,700
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
TELEPHONE--6.3%
AT&T Corporation 6,000 $ 313,500
Ameritech Corporation 7,200 378,900
Bell Atlantic Corporation 8,500 508,938
BellSouth Corporation 2,700 99,900
GTE Corporation 17,100 658,350
SBC Communications Inc. 6,700 322,438
Sprint Corporation 2,100 81,637
Telephone & Data Systems Inc. 8,800 354,200
-----------
2,717,863
-----------
TOBACCO--2.5%
Philip Morris Companies Inc. 11,900 1,068,025
-----------
TRUCKING & FREIGHT FORWARDING--0.2%
Tidewater Inc. (with rights exp. 5/01/00) 2,200 82,225
-----------
TOTAL COMMON STOCK (Cost $36,894,922) (c) $42,637,625
===========
(a) Percentages indicated are based upon total net assets.
(b) Non-income producing security.
(c) At September 30, 1996, the net unrealized appreciation of investments
based on aggregate cost for federal tax purposes of $36,894,922 was as
follows:
Aggregate gross unrealized appreciation for all
investments in which there is an excess of
value over tax cost $ 6,454,453
Aggregate gross unrealized depreciation for all
investments in which there is an excess of tax
cost over value (711,750)
-----------
Net unrealized appreciation $ 5,742,703
===========
</TABLE>
- -------------------------------------------------------------------------------
16
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
QUANTITATIVE INTERNATIONAL EQUITY FUND
- -------------------------------------------------------------------------------
COMMON STOCK--99.4% (a)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
AUSTRALIA--3.6%
Caltex Australia 60,800 $ 244,412
Email Limited 118,000 289,467
General Property Trust 266,200 495,031
-----------
1,028,910
-----------
AUSTRIA--2.4%
Austrian Airlines (b) 1,550 209,313
Creditanstalt Bank 3,800 233,735
Omv AG 2,292 230,672
-----------
673,720
-----------
BELGIUM--4.0%
Arbed SA 1,373 160,526
Banque National De Belgique 230 314,336
Kredietbank 602 197,534
Societe General De Belgique 3,737 292,269
Solvay 311 7,254
-----------
1,151,919
-----------
DENMARK--3.0%
Danisco AS 3,200 184,137
Fls Industries 1,750 227,098
Novo Nordisk AS 1,500 233,843
Tele Danmark AS 4,350 206,489
-----------
851,567
-----------
FINLAND--2.5%
Merita Limited (b) 107,200 233,998
Upm Kymmene Oy 22,500 468,965
-----------
702,963
-----------
FRANCE--6.5%
Assurance General De France 7,100 198,915
Banque National Paris 7,900 299,390
Compagnie De Suez 6,573 262,217
Compagnie Fin Paribas 2,700 173,677
Elf Aquitaine 3,750 293,458
Eurafrance 482 191,631
Total 2,800 220,526
Valeo 4,100 226,317
-----------
1,866,131
-----------
GERMANY--6.6%
BASF AG 15,280 480,850
Bayerische Hypoth/Wech Bank 16,300 465,394
Bayerische Vereinsbank 11,720 407,238
Dresdner Bank AG 8,530 224,980
Veba AG 2,750 144,053
Volkswagen AG 464 173,091
-----------
1,895,606
-----------
HONG KONG--3.3%
Swire Pacific 52,000 465,667
Wharf Holdings 62,000 256,563
Wheelock & Company LTD 98,000 216,707
-----------
938,937
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
IRELAND--3.2%
Allied Irish Banks 51,300 $ 301,523
Smurfit (Jefferson) 146,400 398,591
Woodchester Investments 67,500 210,802
-----------
910,916
-----------
ITALY--0.9%
INA 184,800 267,721
-----------
JAPAN--30.6%
Aida Engineering 29,000 220,804
Amada Company 27,000 249,697
Asahi Denka Kogyo 15,000 129,966
Csk Corporation 5,000 155,780
Dai Nippon Printing 7,000 130,730
Fuji Photo Film Company 15,000 456,566
Fujitsu 24,000 228,417
Fukuoka City Bank 23,000 179,663
Gakken Company (b) 29,000 210,909
Haseko Corporation (b) 47,000 165,423
Hitachi 49,000 475,151
Hokkaido Takushoku 45,000 115,556
Hokuriku Bank 41,000 230,079
Intec Inc. 8,000 117,800
Kansai Electric Power 7,000 150,842
Kirin Brewery Company 13,000 144,736
Komatsu 32,000 277,549
Maeda Corporation 18,000 155,960
Marudai Food Company 39,000 252,121
Matsushita Electric Industries 25,000 419,753
Mazda Motor Corporation (b) 44,000 214,519
Mitsubishi Corporation 17,000 216,745
NEC Corporation 17,000 199,955
Nippon Oil Company 43,000 262,923
Nissan Motor Company 52,000 419,735
Nomura Securities 13,000 239,282
Renown Inc. (b) 36,000 119,596
Sakura Bank 25,000 249,158
Sekisui House 31,000 339,573
Shiseido Company 33,000 397,037
Sumitomo Metal Industries 80,000 226,981
Sumitomo Realty & Development 22,000 169,481
TEC Corporation (b) 22,000 106,272
Tokyo Electric Power 8,000 193,939
Tokyo Sowa Bank 22,000 124,247
Toyota Motor Corporation 18,000 460,606
Yamaichi Secs Company 23,000 141,459
Yokogawa Electric 17,000 170,954
-----------
8,719,964
-----------
MALAYSIA--2.9%
Golden Hope Plants 148,000 247,995
Kuala Lumpur Kepg 68,000 176,342
Malaysia Int Ship 93,000 285,697
Tenaga Nasional 31,000 108,837
-----------
818,871
-----------
NORWAY--3.7%
Christiania Bank 169,000 434,100
Elkem AS 15,440 208,985
Orkla Asa 7,480 408,429
-----------
1,051,514
-----------
</TABLE>
- -------------------------------------------------------------------------------
17
<PAGE>
QUANTITATIVE GROUP OF FUNDS _________________________________________________
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
QUANTITATIVE INTERNATIONAL EQUITY FUND--Continued
- -------------------------------------------------------------------------------
COMMON STOCK--Continued
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
SINGAPORE--2.2%
City Developments 27,000 $ 230,097
Cycle & Carriage 18,000 195,583
Dbs Land 57,000 188,637
-----------
614,317
-----------
SPAIN--2.2%
Fuerzas Elec Catal 19,874 148,894
Iberdrola SA 48,477 470,027
-----------
618,921
-----------
SWEDEN--2.5%
Astra Ab 3,600 148,098
Stora Kopparbergs, Class A 16,250 210,975
Svenska Cellulosa 9,800 201,208
Volvo (Ab) (b) 6,550 140,908
-----------
701,189
-----------
SWITZERLAND--4.4%
CS Holding 2,050 202,776
Holderbk Fn Glarus 290 210,514
Nestle SA 170 189,582
Schw Bankgesellsch 320 308,105
Schw Ruckversicher 190 200,367
Swissair (b) 180 148,037
-----------
1,259,381
-----------
UNITED KINGDOM--7.4%
British Petroleum 36,000 373,171
British Steel 54,143 167,610
British Telecom 44,300 246,919
Hsbc Holdings 12,300 230,673
Land Securities 27,400 298,590
Severn Trent 24,432 225,373
United Utilities 37,848 337,590
3I Group 28,700 218,077
-----------
2,098,003
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
INVESTMENT COMPANIES--7.5%
Argentina Fund Inc. 10,800 $ 132,300
Brazil Fund Inc. 10,587 231,591
Chile Fund Inc. 6,360 146,280
First Philippine Fund Inc. 9,730 158,112
India Growth Fund Inc. 9,960 114,540
Indonesia Fund Inc. 12,060 120,600
Korea Fund Inc. 6,910 126,108
Malaysia Fund Inc. 8,900 172,438
Mexico Fund Inc. 9,686 153,765
Morgan Stanley Africa Investment Fund 11,100 142,912
Pakistan Investment Fund Inc. 23,560 123,690
Portugal Fund Inc. 11,070 142,526
R O C Taiwan Fund 13,623 146,447
Thai Cap Fund Inc. 8,940 115,103
Turkish Investment Fund Inc. 23,567 120,781
-----------
2,147,193
-----------
TOTAL COMMON STOCK (Cost $26,261,235) (c) $28,317,743
===========
</TABLE>
(a) Percentages indicated are based upon total net assets.
(b) Non-income producing security.
(c) At September 30, 1996, the net unrealized appreciation of investments
based on aggregate cost for federal tax purposes of $26,261,235 was as
follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation for all investments
in which there is an excess of value over tax cost. $ 3,163,248
Aggregate gross unrealized depreciation for all investments
in which there is an excess of tax cost over value. (1,106,740)
-----------
Net unrealized appreciation $ 2,056,508
===========
</TABLE>
SECTOR ALLOCATIONS (UNAUDITED)
<TABLE>
- ---------------------------------
<S> <C>
Basis Industries 8.7%
Capital Goods 6.6%
Consumer Basics 7.0%
Consumer Durable Goods 8.2%
Consumer Non-Durable Goods 2.8%
Consumer Services 1.2%
Energy 6.5%
Finance 25.5%
General Business 2.2%
Miscellaneous 14.3%
Real Estate 4.3%
Shelter 3.8%
Technology 1.8%
Transportation 0.0%
Utilities 7.1%
</TABLE>
- -------------------------------------------------------------------------------
18
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
QUANTITATIVE FOREIGN FRONTIER FUND
- -------------------------------------------------------------------------------
COMMON STOCK--91.2% (a)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
ARGENTINA--10.2%
Acindar Industria, Class B (b) 93,000 $ 79,058
Astra Cia Argentina de Petrole 25,970 41,816
Banco De Galicia Buenes Aires 9,145 50,303
Banco Frances Rio de la Plata 5,750 49,857
Ciadea SA 8,800 41,804
Embotelladora SA, Class B 35 11,306
Irsa Inversiones Y 5,000 14,851
Molinos Rio Plata, Class B 5,833 19,134
Perez Companc SA, Class B 28,617 181,164
Siderca SA 35,000 52,155
Telecom Argentina, Class B 20,000 80,808
Telefonica De Argentina, Class B 46,000 115,012
Transport Gas Sur, Class B 14,000 34,303
YPF Sociedad Anonima, Class D 9,000 205,671
----------
977,242
----------
BRAZIL--5.0%
Banco Do Brasil SA, Class A 154,000 241
Banco Do Brasil SA, Class B 231,000 362
Banco Do Brasil SA, Class C 385,000 566
Copel Parana Energ 850,000 8,492
Eletrobras (Centr) 450,000 118,560
Forca Luz (Cia Paul) (b) 151,000 13,725
Light Serv Elet SA 106,000 32,859
Sider Nacional Cia 1,445,000 30,853
Souza Cruz (Cia) 6,300 41,959
Telebras 1,169,000 76,025
Telesp Tel Sao Paulo 263,000 44,563
Vale Rio Doce (Cia) 2,500 62,439
White Martins SA 33,234,000 47,198
----------
477,842
----------
CHINA--0.6%
Shanghai Chlor Alk Chem, Class B 43,500 9,570
Shanghai Dajiang Group, Class B 18,800 8,648
Shanghai Diesel Engine, Class B (b) 21,600 8,683
Shanghai Lujiazhui Ftz Dev, Class B 13,800 12,420
Shanghai Outer Gao S/WAI Gaoqiao Ftdz, Class B 26,400 9,029
Shanghai Yaohua Pilkington, Class B (b) 17,300 8,650
----------
57,000
----------
CZECH REPUBLIC--2.3%
Cez (b) 2,200 85,641
Skoda Koncern Plze (b) 400 15,616
Spt Telecom As (b) 1,000 123,457
----------
224,714
----------
CZECHOSLOVAKIA--0.2%
Ips Praha 100 11,993
Sepap AS (b) 100 4,749
----------
16,742
----------
GREECE--3.9%
A B Vassilopoulos 500 7,055
Aktor 600 8,939
Alpha Credit Bk 900 55,202
Aluminum Company of Greece 300 11,703
Attica Enterprises 2,200 15,009
Commercial Bank Greece 780 22,302
Delta Dairy 730 8,482
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
GREECE--CONTINUED
Econ Viomihanies 1,080 $ 1,188
Epilektos Textile 2,850 10,999
Ergo Bank 660 38,071
Hellenic Bottling 1,230 41,856
Hellenic Sugar Industries 1,300 13,784
Heracles General Cement 1,700 21,905
Intracom 480 11,832
Ionian Bank 800 13,163
Michaniki SA 1,100 10,362
Naoussa Spin Mills 2,000 8,383
National Bank of Greece 520 34,419
Silver & Baryte Ores 500 9,234
Strintzis Shipping 1,200 4,801
Titan Cement Company 400 22,077
----------
370,766
----------
HONG KONG--1.6%
Guangdon Electric, Class B 14,000 9,776
Jilin Chemical Industries, Class H (b) 72,000 10,335
Maanshan Iron & Steel, Class H 119,400 21,925
Qingling Motors, Class H 67,300 25,891
Shanghai Haixin Sh, Class H (b) 140,000 10,500
Shanghai Petrochem, Class H 115,800 30,698
Shn China Bicycles, Class B 36,000 8,752
Tsingtao Brewery, Class H 23,900 8,345
Yizheng Chem Fibre, Class H 96,000 23,339
----------
149,561
----------
INDONESIA--8.5%
Astra International 23,000 45,079
Barito Pacific Timber 39,500 24,246
Duta Anggada Realty 19,500 16,380
Gadjah Tunggal (with rights exp. 11/18/96) 23,000 9,907
Great River Industries 37,000 18,329
Gudang Garam (Perus) 46,000 173,379
HM Sampoerna 11,000 107,086
Inco (International Nickel Indonesia) 33,500 64,936
Indah Kiat Paper & Pulp 37,821 28,918
Indofoods Sukses Makmur 6,000 12,793
Indofoods Suksesi 5,000 10,661
Indosat 9,500 32,021
Jakarta International Hotels & Development (b) 39,000 27,719
Pabrik Kertas Tjiwi Kimia 20,581 20,169
Panasia Indosyntex 42,000 10,855
Telekomunikasi Industries, Class B 137,500 213,224
----------
815,702
----------
KOREA, REPUBLIC OF--1.9%
Daewoo Heavy Industries 2,750 20,642
Dongsuh Securities 1,130 14,775
Korea Electric Power 1,270 41,975
L.G. Chemicals 2,460 30,676
L.G. Electronics Inc. 1,430 24,930
Pohang Iron & Steel 210 11,568
Samsung Heavy 1,170 13,881
Ssangyong Oil Refinery 1,050 24,153
----------
182,600
----------
</TABLE>
- -------------------------------------------------------------------------------
19
<PAGE>
QUANTITATIVE GROUP OF FUNDS _________________________________________________
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
QUANTITATIVE FOREIGN FRONTIER FUND--Continued
- --------------------------------------------------------------------------------
COMMON STOCK--Continued
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
MALAYSIA--8.0%
Best World Land 20,000 $ 16,198
Cold Storage (Malaysia) 13,000 20,850
Genting Berhad 5,000 36,306
Hicom Holdings Berhad 9,000 24,596
Idris Hydraulic (Malaysia) (b) 17,000 21,161
IGB Corporation Berhad 61,000 66,439
Leader Universal Holdings 9,333 20,107
Malaysian Airline System 14,000 36,306
Malayan Bk Berhad 5,000 49,671
Malayan United Industries 50,000 37,901
MBF Capital Berhad 47,000 66,754
Mulpha International Berhad (b) 20,000 17,315
Multi Purpose Holding (b) 11,000 18,783
Perlis Plantations 4,750 14,592
Petronas Gas Berhad 7,000 28,486
Rashid Hussain Berhad 4,000 22,182
Renong Berhad 22,000 33,704
Resorts World Berhad 6,000 33,992
Sarawak Enterprise 10,000 17,874
Technology Resource Industries Berhad (b) 6,000 15,799
Telekom Malaysia Berhad 9,000 79,354
Tenaga Nasional 12,000 42,130
United Engineers Berhad (b) 3,000 23,220
YTL Corporation (b) 4,500 25,494
----------
769,214
----------
MEXICO--9.7%
Alfa SA, Class A 6,915 30,682
Altos Hornos Mexico (b) 2,000 12,768
Carso Global Telec, Class A 18,000 47,205
Cemex SA, Class A 15,400 58,234
Cemex SA, Class B 11,000 45,020
Cifra SA De Cv (b) 26,000 37,399
El Puerto De Liver, Class C 800 665
El Puerto De Liver 16,000 13,351
Empresas La Modern 6,300 30,165
Fomento Economico Mexicano, Class B (b) 16,000 48,742
Grupo Fin Banamex Ac, Class L 3,310 6,752
Grupo Fin Banamex Ac, Class B (b) 19,600 42,315
Grupo Ind Bimbo, Class A 4,000 21,457
Grupo Mexico, Class B (b) 7,800 24,278
Grupo Carso 18,000 82,490
Grupo Continental 7,000 32,079
Grupo Televisa SA (b) 5,100 72,954
Industrias Penoles 5,000 21,159
Invercorporacion SA De Cv (b) 18,000 2,408
Kimberly Clark Mexico, Class B 1000 19,192
Sears Roebuck Mexico, Class B (b) 9,000 23,722
Telefonos De Mexico, Class L 120,700 193,120
Tubos De Acero (b) 3,000 32,781
Vitro SA 12,000 25,081
----------
924,019
----------
PERU--5.0%
Backus & Johnston 1,749 20,556
Backus & Johnston, T Shares 38,553 44,390
Banco Wiese 9,200 14,661
Cementos Lima 1,086 15,446
Compania Nazional De Cerveza 1,860 10,263
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
PERU--CONTINUED
Credicorp 4,182 $ 79,458
Ferreyros SA 6,303 6,629
Minas Buenaventura, Class A 7,805 70,276
Minas Buenaventura, T Shares 600 5,414
Minsur SA, T Shares 1,100 10,251
Pacifico Peru Suiz 326 5,448
Southern Peru Copper 1,261 18,285
Telefonica Del Peru 79,600 179,814
----------
480,891
----------
PHILIPPINES--8.8%
AGP Industrial Corporation 9,300 8,153
Ayala Corporation, Class B (b) 41,250 47,170
Ayala Land Inc. (b) 110,625 134,934
C & P Homes Inc. (b) 49,400 33,423
Far East Bank & Trust 3,237 11,152
Filinvest Land (b) 75,450 27,321
JG Summit Holdings Inc., Class B (b) 92,500 29,264
Manila Electric Company, Class B 5,265 38,933
Metro Bank & Trust Company 3,672 87,479
Metro Pacific Corporation 52,000 15,064
Petron Corporation 155,094 56,161
Philippine Commercial International Bank (b) 3,750 51,815
Philippine Long Distance (b) 1,100 68,344
Philippine National Bank (b) 2,600 42,863
Pilipino Telephone (b) 18,300 25,111
Robinsons Land Corporation, Class B (b) 151,500 30,029
San Miguel Corporation 13,948 45,722
Sm Prime Holdings (b) 219,804 51,107
Southeast Asia Cem (b) 81,000 9,571
Universal Robina Corporation (b) 48,280 24,384
----------
838,000
----------
PORTUGAL--4.5%
Banco Commercial Portugues 6,600 79,785
Banco Espirito Santo 3,500 58,625
Cimpor Cimentos de Portugues 1,000 21,050
EFACEC Emp Fabril (b) 1,200 13,547
INAPA Inv Part Ges 300 5,609
Jeronimo Martins Sgps 500 45,518
Lusotur Sociedad Financei 400 6,834
Modelo Contin Sgps 1,300 38,144
Portugal Telecom SA 1,528 39,307
Seguros Tranquilidad CI 600 11,644
Sonae Investimentos 2,400 69,630
Soporcel 1,000 24,045
Unicer Uniao Cervejeira 600 11,025
----------
424,763
----------
SOUTH AFRICA--3.7%
Anglo Amer Corporation SA 1,600 98,049
De Beers Centenary 2,700 83,919
Gencor 9,000 32,139
Liberty Life Assoc. 1,600 48,407
Polifin Limited 600 1,016
Sasol 3,900 45,994
South Africa Brews 1,800 48,011
----------
357,535
----------
</TABLE>
- --------------------------------------------------------------------------------
20
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
QUANTITATIVE FOREIGN FRONTIER
- -------------------------------------------------------------------------------
COMMON STOCK--Continued
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
THAILAND--7.5%
Advanced Info Service 2,200 $ 28,563
Asia Secs Trading Plc 24,300 52,104
Bangkok Bank 5,000 65,309
Bank Of Ayudhya Public Company Limited 10,750 49,061
Icc International 1,800 12,676
Italian Thai Development 6,600 47,129
Krung Thai Bank Public Company Limited 30,470 130,667
One Holding Company Limited 39,700 63,258
Prime Fin & Secs 31,700 52,381
Shinawatra Company & Comunications 4,900 84,052
Telecomasia (b) 28,200 57,138
Thai Farmers Bank 5,300 55,883
Thai Melon Polyester 52,967 16,046
----------
714,267
----------
TURKEY--5.2%
Akbank 522,750 53,497
Aksa 166,183 33,471
Arcelik 330,831 34,577
Dogan Holding (b) 645,000 19,311
Ege Biracilik Ve Malt (b) 82,800 24,339
Eregli Demir Celik 234,000 25,221
Koc Holding 325,000 46,882
Netas 57,000 14,893
Petkim 93,000 41,006
Petrol Ofisi 60,000 17,964
T. Garanti Bankasi 612,000 27,651
T. Is Bankasi 302,000 35,345
Tupras (b) 109,000 17,504
Turk Hava Yollari (b) 228,000 73,226
Yapi Kredi Bankasi 1,452,660 36,375
----------
501,262
----------
UNITED STATES--4.6%
Chilectra SA (d) 600 34,125
Chilgener SA (d) 1,100 25,575
Compania De Telecomucicacione (d) 920 88,895
Compania Cervecerias Unidas SA (d) 2,280 47,773
Embotelladora Andina SA (d) 600 20,850
Empresa Nacional De Electric (d) 5,030 94,941
Enersis SA (d) 2,600 83,850
Madeco SA (d) 1,180 27,288
Maderas Y Sinteticos Sociedad (d) 1,300 18,363
----------
441,660
----------
TOTAL COMMON STOCK (Cost $8,602,133) $8,723,780
==========
PREFERRED STOCK--6.1% (a)
BRAZIL--5.4%
Banco Do Brasil SA 770,000 7,240
Banco Bradesco SA 5,176,266 44,107
Banco Itau SA 89,000 36,916
Brahma (Cia Cervej) 28,000 17,415
Cemig Cia Energ Mg 720,500 21,523
Cesp Cia Energ Sp 440,000 12,756
Corpene Petro Nord 32,000 12,772
Electrobras (Centr) 80,000 22,331
Itausa Investment Itau SA 54,000 42,311
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
BRAZIL--CONTINUED
Petrol Brasileiros 438,000 $ 51,475
Sider Tubarao 305,000 4,332
Telebras 1,838,000 144,556
Telesp Tel Sao Paulo 226,000 43,385
Usiminas Uni Sd Mg 26,325,000 26,041
Vale Rio Doce (Cia) 1,648 32,686
----------
519,846
----------
KOREA, REPUBLIC OF--0.0%
Samsung Heavy Industries 55 629
----------
MEXICO--0.7%
Cemex SA 10,000 37,351
Cifra SA De Cv (b) 19,800 29,320
----------
66,671
----------
TOTAL PREFERRED STOCK (Cost $599,647) $ 587,146
==========
TOTAL INVESTMENTS--97.3% (Cost $9,201,780) (c) $9,310,926
==========
</TABLE>
(a) Percentages indicated are based upon total net assets.
(b) Non-income producing security.
(c) At September 30, 1996, the net unrealized appreciation of investments
based on aggregate cost for federal tax purposes of $9,201,780 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. $1,168,522
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value. (1,059,376)
----------
Net unrealized appreciation $ 109,146
==========
</TABLE>
(d) ADS--American Depository Shares
SECTOR ALLOCATIONS (UNAUDITED)
<TABLE>
- ---------------------------------
<S> <C>
Basis Industries 8.7%
Capital Goods 6.6%
Consumer Basics 7.0%
Consumer Durable Goods 8.2%
Consumer Non-Durable Goods 2.8%
Consumer Services 1.2%
Energy 6.5%
Finance 25.5%
General Business 2.2%
Miscellaneous 14.3%
Real Estate 4.3%
Shelter 3.8%
Technology 1.8%
Transportation 0.0%
Utilities 7.1%
</TABLE>
- -------------------------------------------------------------------------------
21
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1996 (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)
See accompanying
schedules $85,113,323 $10,010,396 $2,135,138 $42,637,625 $28,317,743 $9,310,926
Foreign currency at
value (Cost $6,490 for
International Equity and
$18,047 for Foreign
Frontier) (Note 2) -- -- -- -- 6,461 17,120
Cash 40,330 663 62,339 474,600 103,024 236,734
Dividends and interest
receivable 111,430 17,792 1,248 80,045 102,322 8,221
Receivable from Manager
for reimbursement of
expenses (Note 3) -- -- 1,798 -- 670 --
Receivable for
investments sold 4,142,601 107,668 -- -- -- 10,613
Receivable for shares of
beneficial interest sold 25,658 7,600 5,000 201 5,198 6,512
Deferred organization
costs 7,398 -- -- -- -- --
Other assets 2,774 697 697 32,151 13,997 252
----------- ----------- ---------- ----------- ----------- ----------
Total assets 89,443,514 10,144,816 2,206,220 43,224,622 28,549,415 9,590,378
----------- ----------- ---------- ----------- ----------- ----------
LIABILITIES :
Payable for investments
purchased 1,883,510 370,493 30,863 -- -- --
Payable for shares of
beneficial interest
repurchased 110,916 24,001 23,252 315,765 -- --
Payable for compensation
of Manager (Note 3) 69,942 3,115 1,023 26,876 23,343 6,211
Payable for distribution
fees (Note 3) 28,400 -- -- 17,120 11,119 3,520
Payable to custodian 11,501 8,711 6,137 3,156 5,033 4,903
Payable to transfer
agent (Note 3) 11,744 -- 103 7,555 4,616 1,651
Other accrued expenses 29,466 8,378 1,857 23,790 20,985 7,548
----------- ----------- ---------- ----------- ----------- ----------
Total liabilities 2,145,479 414,698 63,235 394,262 65,096 23,833
----------- ----------- ---------- ----------- ----------- ----------
NET ASSETS $87,298,035 $ 9,730,118 $2,142,985 $42,830,360 $28,484,319 $9,566,545
----------- ----------- ---------- ----------- ----------- ----------
NET ASSETS CONSIST OF :
Shares of beneficial
interest $64,064,658 $ 7,902,325 $1,715,365 $32,392,671 $27,592,047 $9,699,971
Undistributed
(overdistributed) net
investment income -- 62,712 -- 355,551 47,486 (181)
Accumulated net realized
gain (loss) on
investments and foreign
denominated assets,
liabilities and currency 12,460,241 936,760 143,775 4,339,435 (1,211,850) (241,325)
Unrealized appreciation
(depreciation) of
investments and foreign
denominated assets,
liabilities and currency 10,773,136 828,321 283,845 5,742,703 2,056,636 108,080
----------- ----------- ---------- ----------- ----------- ----------
$87,298,035 $ 9,730,118 $2,142,985 $42,830,360 $28,484,319 $9,566,545
----------- ----------- ---------- ----------- ----------- ----------
Investment securities,
at cost $74,340,187 $ 9,182,075 $1,851,293 $36,894,922 $26,261,235 $9,201,780
----------- ----------- ---------- ----------- ----------- ----------
NET ASSETS
Ordinary Shares $70,865,291 $ 7,128,571 $2,093,293 $40,873,570 $27,157,200 $8,676,204
----------- ----------- ---------- ----------- ----------- ----------
Institutional Shares $16,432,744 $ 2,601,547 $ 49,692 $ 1,956,790 $ 1,327,119 $ 890,341
----------- ----------- ---------- ----------- ----------- ----------
Shares of beneficial
interest outstanding
(Unlimited number of
shares authorized)
Ordinary Shares 3,730,229 490,247 149,625 2,639,833 2,518,695 1,023,418
----------- ----------- ---------- ----------- ----------- ----------
Institutional Shares 841,222 178,856 3,550 125,949 122,477 104,690
----------- ----------- ---------- ----------- ----------- ----------
Net asset value and
offering price per
share*
Ordinary Shares $ 19.00 $ 14.54 $ 13.99 $ 15.48 $ 10.78 $ 8.48
----------- ----------- ---------- ----------- ----------- ----------
Institutional Shares $ 19.53 $ 14.55 $ 14.00 $ 15.54 $ 10.84 $ 8.50
----------- ----------- ---------- ----------- ----------- ----------
</TABLE>
* A deferred sales charge amounting to 1% of the net asset value of the Ordi-
nary Shares redeemed from Numeric, Growth and Income, International Equity
and Foreign Frontier 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.
- --------------------------------------------------------------------------------
22
<PAGE>
STATEMENT OF OPERATIONS SIX MONTHS ENDED SEPTEMBER 30, 1996 (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 * $ 291,071 $ 104,729 $ 7,530 $ 526,353 $445,592 $126,817
Interest 99,581 5,993 -- -- 787 102
----------- ---------- -------- ---------- -------- --------
Total investment income 390,652 110,722 7,530 526,353 446,379 126,919
----------- ---------- -------- ---------- -------- --------
EXPENSES :
Compensation of Manager
(Note 3) 511,439 51,503 10,323 163,706 144,425 36,977
Distribution fees, Or-
dinary Shares (Note 3) 179,242 13,902 4,180 104,410 69,138 20,969
Custodian fees 66,677 34,200 26,390 25,325 48,750 43,195
Transfer agent fees
(Note 3) :
Ordinary Shares 54,269 5,130 1,537 33,584 20,533 6,626
Institutional Shares 22,386 2,753 47 1,613 1,098 600
Audit and legal 41,933 3,995 801 17,288 11,493 3,423
Registration fees 26,547 2,530 508 10,957 7,285 2,172
Amortization of organi-
zational expenses (Note
2) 4,446 -- -- -- -- --
Insurance 12,920 1,236 251 5,397 3,590 1,083
Compensation of Trust-
ees (Note 3) 8,133 776 156 3,364 2,236 668
Printing 6,049 589 120 2,582 1,716 521
Miscellaneous 39,354 3,673 171 3,972 2,667 735
----------- ---------- -------- ---------- -------- --------
Total expenses before
waivers and/or reim-
bursements, and reduc-
tions 973,395 120,287 44,484 372,198 312,931 116,969
Waivers and/or reim-
bursements of expenses
(Note 3) (40,005) (42,683) (26,753) -- (670) (3,000)
Fees reduced by credits
allowed by Custodian
(Note 3) (56,300) (10,025) (1,930) (11,476) (9,325) (5,850)
----------- ---------- -------- ---------- -------- --------
Expenses, net 877,090 67,579 15,801 360,722 302,936 108,119
----------- ---------- -------- ---------- -------- --------
Net investment income
(loss) (486,438) 43,143 (8,271) 165,631 143,443 18,800
----------- ---------- -------- ---------- -------- --------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVEST-
MENTS, FOREIGN CURRENCY
AND FOREIGN TRANSLATION:
Net realized gain
(loss) (Notes 2 and 5)
on :
Investments 12,444,560 741,803 45,338 1,391,552 58,168 (57,340)
Foreign denominated as-
sets, liabilities and
currency -- -- -- -- (5,343) (7,735)
Closed short sales -- 13,173 -- -- -- --
Distributions of real-
ized gains from other
investment companies -- -- -- -- 7,514 --
Change in unrealized
appreciation (deprecia-
tion) of :
Investments 2,807,958 211,876 175,192 1,108,198 18,778 137,352
Foreign denominated as-
sets, liabilities and
currency -- -- -- -- (1,692) (692)
----------- ---------- -------- ---------- -------- --------
Net realized and
unrealized gain (loss) 15,252,518 966,852 220,530 2,499,750 77,425 71,585
----------- ---------- -------- ---------- -------- --------
Net increase (decrease)
in net assets resulting
from operations $14,766,080 $1,009,995 $212,259 $2,665,381 $220,868 $ 90,385
----------- ---------- -------- ---------- -------- --------
</TABLE>
* Dividends are net of foreign withholding taxes of $64,677 for International
Equity, and $9,089 for Foreign Frontier.
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
23
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
<TABLE>
<CAPTION>
__________Numeric___________ _________Numeric II_________ _____Disciplined Growth_____
Six months Six months Six months
ended ended ended
September 30, Year ended September 30, Year ended September 30, Year ended
1996 March 31, 1996 1996 March 31, 1996 1996 March 31, 1996
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS :
Operations:
Net investment income
(loss) $ (486,438) $ (1,055,191) $ 43,143 $ 23,250 $ (8,271) $ (9,864)
Net realized gain
(loss) on investments
foreign denominated
assets, liabilities and
currency and closed
short sales 12,444,560 29,167,751 754,976 286,828 45,338 116,867
Distributions of
realized gains from
other investment
companies -- -- -- -- -- --
Unrealized appreciation
(depreciation) of
investments and foreign
denominated assets,
liabilities and
currency 2,807,958 3,395,846 211,876 612,217 175,192 98,545
----------- ------------ ---------- ----------- ---------- ----------
Net increase (decrease)
in net assets resulting
from operations 14,766,080 31,508,406 1,009,995 922,295 212,259 205,548
Distributions to
shareholders from:
Net investment income
Ordinary Shares -- -- -- (2,039) -- (984)
Institutional Shares -- -- -- (2,330) -- (45)
Net realized gains
Ordinary Shares (10,829,970) (7,745,702) -- (61,674) -- --
Institutional Shares (6,211,655) (5,025,933) -- (43,370) -- --
----------- ------------ ---------- ----------- ---------- ----------
(17,041,625) 12,771,660 -- (109,413) -- (1,029)
----------- ------------ ---------- ----------- ---------- ----------
Fund share transactions
(Note 10) (24,847,226) (5,279,660) (1,925,693) 9,412,667 (17,014) 1,382,447
----------- ------------ ---------- ----------- ---------- ----------
Increase (decrease) in
net assets (27,122,771) 13,457,111 (915,698) 10,225,549 195,245 1,586,966
Net assets beginning of
year 114,420,806 100,963,695 10,645,816 420,267 1,947,740 360,774
----------- ------------ ---------- ----------- ---------- ----------
Net assets end of
year (*) $87,298,035 $114,420,806 $9,730,118 $10,645,816 $2,142,985 $1,947,740
=========== ============ ========== =========== ========== ==========
(*) Includes
undistributed
(overdistributed) net
investment income of -- -- $ 62,712 $ 19,569 $ -- $ --
</TABLE>
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
24
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)--CONTINUED
<TABLE>
<CAPTION>
_____Growth and Income______ _____International Equity_______ ______Foreign Frontier______
Six months Six months Six months
ended ended ended
September 30, Year ended September 30, Year ended September 30, Year ended
1996 March 31, 1996 1996 March 31, 1996 1996 March 31, 1996
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS :
Operations:
Net investment income
(loss) $ 165,631 $ 355,775 $ 143,443 $ 3,479 $ 18,800 $ (53,214)
Net realized gain
(loss) on investments
foreign denominated
assets, liabilities and
currency and closed
short sales 1,391,552 7,094,968 52,825 1,495,584 (65,075) (183,044)
Distributions of
realized gains from
other investment
companies -- -- 7,514 63,004 -- 1,092
Unrealized appreciation
(depreciation) of
investments and foreign
denominated assets,
liabilities and
currency 1,108,198 1,060,268 17,086 459,513 136,660 1,016,153
----------- ----------- --------------- --------------- ---------- ----------
Net increase (decrease)
in net assets resulting
from operations 2,665,381 8,511,011 220,868 2,021,580 90,385 780,987
Distributions to
shareholders from:
Net investment income
Ordinary Shares -- (351,523) -- (70,223) -- --
Institutional Shares -- (23,815) -- (25,743) -- --
Net realized gains
Ordinary Shares -- (5,314,821) -- -- -- --
Institutional Shares -- (242,458) -- -- -- --
----------- ----------- --------------- --------------- ---------- ----------
-- (5,932,617) -- (95,966) -- --
----------- ----------- --------------- --------------- ---------- ----------
Fund share transactions
(Note 10) (3,076,402) 1,639,199 (379,516) (3,991,270) 1,739,702 2,696,931
----------- ----------- --------------- --------------- ---------- ----------
Increase (decrease) in
net assets (411,021) 4,217,593 (158,648) (2,065,656) 1,830,087 3,477,918
Net assets beginning of
year 43,241,381 39,023,788 28,642,967 30,708,623 7,736,458 4,258,540
----------- ----------- --------------- --------------- ---------- ----------
Net assets end of
year (*) $42,830,360 $43,241,381 $ 28,484,319 $ 28,642,967 $9,566,545 $7,736,458
=========== =========== =============== =============== ========== ==========
(*) Includes
undistributed
(overdistributed) net
investment income of $ 355,551 $ 189,920 $ 47,486 $ (103,471) $ (181) $ (18,981)
</TABLE>
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
25
<PAGE>
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Income from
______Investment Operations__________ ____________Distributions_____________
Net Realized Net
Net Asset and Dividends Distributions Asset
Value at Net Unrealized Total from from Net from Value
Beginning Investment Gain (Loss) Investment Investment Realized Total End of Total
of Period Income on Securities Operations Income Capital Gains Distributions 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%
Year Ended March
31, 1996(f) $15.81 (0.21)(a) 5.54 5.33 -- (2.23) (2.23) $18.91 34.25%
Six Months Ended
September 30,
1996
(Unaudited)(f) $18.91 (0.10)(a) 3.13 3.03 -- (2.94) (2.94) $19.00 32.30%(b)
INSTITUTIONAL SHARES(D)
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%
Year Ended March
31, 1996(f) $16.05 (0.12)(a) 5.63 5.51 -- (2.23) (2.23) $19.33 34.89%
Six Months Ended
September 30,
1996
(Unaudited)(f) $19.33 (0.07)(a) 3.21 3.14 -- (2.94) (2.94) $19.53 32.78%(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%
Year Ended March
31, 1996(f) $10.12 0.06(a) 3.27 3.33 (0.01) (0.24) (0.25) $13.20 33.01%
Six Months Ended
September 30,
1996
(Unaudited)(f) $13.20 0.06(a) 1.28 1.34 -- -- -- $14.54 20.30%(b)
INSTITUTIONAL SHARES
April 17, 1995**
to March 31,
1996(f) $10.27 0.10(a) 3.09 3.19 (0.02) (0.24) (0.26) $13.20 31.12%
Six Months Ended
September 30,
1996
(Unaudited)(f) $13.20 0.06(a) 1.29 1.35 -- -- -- $14.55 20.45%(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%
Year Ended March
31, 1996(f) $10.32 (0.10)(a) 2.39 2.29 (0.01) -- (0.01) $12.60 22.18%
Six Months Ended
September 30,
1996
(Unaudited)(f) $12.60 (0.05)(a) 1.44 1.39 -- -- -- $13.99 22.06%(b)
INSTITUTIONAL SHARES
July 26, 1995**
to March 31,
1996(f) $11.26 (0.14)(a) 1.49 1.35 (0.01) -- (0.01) $12.60 11.97%
Six Months Ended
September 30,
1996
(Unaudited)(f) $12.60 (0.06)(a) 1.46 1.40 -- -- -- $14.00 22.22%(b)
<CAPTION>
___________Ratios and Supplemental Data___________
Ratio
of Net
Net Ratio of Investment
Assets Operating Income
End of Expenses (Loss) to Average
Period to Average Average Portfolio Commission
(000's) Net Assets Net Assets Turnover Rate
<S> <C> <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% --
Year Ended March
31, 1996(f) $71,618 1.97%* (1.17)% 324.00% --
Six Months Ended
September 30,
1996
(Unaudited)(f) $70,865 1.97%(b)* (1.06)%(b) 304.00%(b) $0.03
INSTITUTIONAL SHARES(D)
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% --
Year Ended March
31, 1996(f) $42,803 1.47%* (0.67)% 324.00% --
Six Months Ended
September 30,
1996
(Unaudited)(f) $16,433 1.49%(b)* (0.71)%(b) 304.00%(b) $0.03
NUMERIC II
ORDINARY SHARES
Oct. 3, 1994**
to March 31,
1995(f) $ 420 --% 1.50%(b) 0.00%(b) --
Year Ended March
31, 1996(f) $ 6,025 2.34%* 0.46% 181.00% --
Six Months Ended
September 30,
1996
(Unaudited)(f) $ 7,129 1.49%(b)* 0.84%(b) 226.00%(b) $0.05
INSTITUTIONAL SHARES
April 17, 1995**
to March 31,
1996(f) $ 4,621 2.02%(b)* 0.87%(b) 181.00% --
Six Months Ended
September 30,
1996
(Unaudited)(f) $ 2,602 1.54%(b)* 0.88%(b) 226.00%(b) $0.05
DISCIPLINED GROWTH
ORDINARY SHARES
Oct. 3, 1994**
to March 31,
1995(f) $ 361 --% 1.03%(b) 17.82%(b) --
Year Ended March
31, 1996(f) $ 1,881 2.31%* (0.88)% 307.00% --
Six Months Ended
September 30,
1996
(Unaudited)(f) $ 2,093 1.72%(b)* (0.80)%(b) 245.00%(b) $0.05
INSTITUTIONAL SHARES
July 26, 1995**
to March 31,
1996(f) $ 67 2.29%(b)* (1.16)%(b) 307.00% --
Six Months Ended
September 30,
1996
(Unaudited)(f) $ 50 1.74%(b)* (0.89)%(b) 245.00%(b) $0.05
</TABLE>
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
26
<PAGE>
FINANCIAL HIGHLIGHTS--CONTINUED
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Income from
______Investment Operations__________ ____________Distributions_____________
Net Realized Net
Net Asset and Dividends Distributions Asset
Value at Net Unrealized Total from from Net from Value
Beginning Investment Gain (Loss) Investment Investment Realized Total End of Total
of Period Income on Securities Operations Income Capital Gains Distributions Period Return(c)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GROWTH AND INCOME
ORDINARY SHARES
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%
Year Ended March
31, 1996(f) $13.72 0.12(a) 2.89 3.01 (0.13) (2.03) (2.16) $14.57 22.17%
Six Months Ended
September 30,
1996
(Unaudited)(f) $14.57 0.06(a) 0.85 0.91 -- -- -- $15.48 12.49%(b)
GROWTH AND INCOME
INSTITUTIONAL SHARES(D)
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%
Year Ended March
31, 1996(f) $13.72 0.20(a) 2.89 3.09 (0.20) (2.03) (2.23) $14.58 22.75%
Six Months Ended
September 30,
1996
(Unaudited)(f) $14.58 0.09(a) 0.87 0.96 -- -- -- $15.54 13.17%(b)
INTERNATIONAL EQUITY
ORDINARY SHARES
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) $10.18 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%
Year Ended March
31, 1996(f) $10.06 0.00(a) 0.67 0.67 (0.03) -- (0.03) $10.70 6.63%
Six Months Ended
September 30,
1996
(Unaudited)(f) $10.70 0.05(a) 0.03 0.08 -- -- -- $10.78 1.50%(b)
INSTITUTIONAL SHARES(D)
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)%
Year Ended March
31, 1996(f) $10.10 0.04(a) 0.66 0.70 (0.07) -- (0.07) $10.73 6.95%
Six Months Ended
September 30,
1996
(Unaudited)(f) $10.73 0.08(a) 0.03 0.11 -- -- -- $10.84 2.05%(b)
<CAPTION>
__________Ratios and Supplemental Data___________
Ratio
of Net
Net Ratio of Investment
Assets Operating Income
End of Expenses (Loss) to Average
Period to Average Average Portfolio Commission
(000's) Net Assets Net Assets Turnover Rate
<S> <C> <C> <C> <C> <C>
GROWTH AND INCOME
ORDINARY SHARES
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% --
Year Ended March
31, 1996(f) $41,353 1.73%* 0.81% 152.00% --
Six Months Ended
September 30,
1996
(Unaudited)(f) $40,874 1.73%(b)* 0.74%(b) 116.00%(b) $0.04
GROWTH AND INCOME
INSTITUTIONAL SHARES(D)
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% --
Year Ended March
31, 1996(f) $ 1,888 1.24%* 1.31% 152.00% --
Six Months Ended
September 30,
1996
(Unaudited)(f) $ 1,957 1.24%(b)* 1.23%(b) 116.00%(b) $0.04
INTERNATIONAL EQUITY
ORDINARY SHARES
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% --
Year Ended March
31, 1996(f) $27,402 2.15%* (0.04)% 43.00% --
Six Months Ended
September 30,
1996
(Unaudited)(f) $27,157 2.19%(b)* 0.98%(b) 74.00%(b) $0.02
INSTITUTIONAL SHARES(D)
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) --
Year Ended March
31, 1996(f) $ 1,241 1.65%* 0.38% 43.00% --
Six Months Ended
September 30,
1996
(Unaudited)(f) $ 1,327 1.72%(b)* 1.42%(b) 74.00%(b) $0.02
</TABLE>
- --------------------------------------------------------------------------------
27
<PAGE>
FINANCIAL HIGHLIGHTS--CONTINUED
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Income from
______Investment Operations__________ ____________Distributions_____________
Net Realized Net
Net Asset and Dividends Distributions Asset
Value at Net Unrealized Total from from Net from Value
Beginning Investment Gain (Loss) Investment Investment Realized Total End of Total
of Period Income on Securities Operations Income Capital Gains Distributions Period Return(c)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FOREIGN FRONTIER
August 8, 1994**
to March 31,
1995(f) $10.00 (0.05)(a) (2.71) (2.76) -- -- -- $7.24 (27.60)%
Year Ended March
31, 1996(f) $ 7.24 (0.07)(a) 1.21 1.14 -- -- -- $8.38 15.75%
Six Months Ended
September 30,
1996
(Unaudited)(f) $ 8.38 0.02(a) 0.08 0.10 -- -- -- $8.48 2.39%(b)
INSTITUTIONAL SHARES(D)
April 2,1996**
to September 30,
1996
(Unaudited)(f) $ 8.49 0.04(a) (0.03) 0.00 -- -- -- $8.50 0.24%(b)
<CAPTION>
__________Ratios and Supplemental Data___________
Ratio
of Net
Net Ratio of Investment
Assets Operating Income
End of Expenses (Loss) to Average
Period to Average Average Portfolio Commission
(000's) Net Assets Net Assets Turnover Rate
<S> <C> <C> <C> <C> <C>
FOREIGN FRONTIER
August 8, 1994**
to March 31,
1995(f) $4,259 2.54%(b) (1.03)%(b) 10.72%(b) --
Year Ended March
31, 1996(f) $7,736 2.74%* (0.84)% 9.00% --
Six Months Ended
September 30,
1996
(Unaudited)(f) $8,676 2.52%(b)* 0.38%(b) 10.00%(b) $0.01
INSTITUTIONAL SHARES(D)
April 2,1996**
to September 30,
1996
(Unaudited)(f) $ 890 2.01%(b)* 0.72%(b) 10.00%(b) $0.01
</TABLE>
* EXPENSE RATIOS FOR THE PERIODS ENDED SEPTEMBER 30 (ANNUALIZED) AND MARCH 31,
1996 ARE SHOWN GROSS OF CUSTODY CREDITS (NOTE 3) IN ACCORDANCE WITH SEC REG-
ULATIONS. THESE CREDITS ARE GENERATED BY INTEREST EARNED ON UNINVESTED CASH
BALANCES MAINTAINED BY THE FUNDS, AND ARE USED TO OFFSET CUSTODIAL EXPENSES
OF THE FUND. THE FUND'S EXPENSE RATIOS NET OF SUCH CREDITS, AS REPORTED IN
PRIOR PERIODS, WOULD HAVE BEEN AS FOLLOWS: NUMERIC ORDINARY AND INSTITU-
TIONAL SHARES, 1.86%, 1.88% AND 1.38%, 1.38%, RESPECTIVELY; NUMERIC II ORDI-
NARY AND INSTITUTIONAL SHARES, 1.31%, 1.92% AND 1.39%, 1.66% (ANNUALIZED),
RESPECTIVELY; DISCIPLINED GROWTH ORDINARY AND INSTITUTIONAL SHARES, 1.53%,
1.79% AND 1.54%, 2.05% (ANNUALIZED), RESPECTIVELY; GROWTH AND INCOME ORDI-
NARY AND INSTITUTIONAL SHARES, 1.68%, 1.64% AND 1.19%, 1.15%, RESPECTIVELY;
INTERNATIONAL EQUITY ORDINARY AND INSTITUTIONAL SHARES, 2.12%, 2.09% AND
1.65%, 1.59% RESPECTIVELY; AND FOREIGN FRONTIER ORDINARY AND INSTITUTIONAL
SHARES, 2.39%, 2.59% AND 1.87%, --, RESPECTIVELY.
** Commencement of Operations
(a) Reflects expense waivers/reimbursements and reductions in effect during
the period. See Note 3 to the Financial Statements. As a result of such
waivers/reimbursements and reductions, expenses of the Quantitative Nu-
meric Fund Ordinary Shares for the periods ended September 30, 1996, March
31, 1996 and 1993 reflect a reduction of $0.02, $0.02 and $0.03 per share;
expenses of the Quantitative Numeric Fund Institutional Shares for the pe-
riods ended September 30, 1996, March 31, 1996 and 1993, reflect a reduc-
tion of $0.02, $0.02 and $0.03 per share; expenses of the Quantitative Nu-
meric II Fund Ordinary Shares for the periods ended September 30, 1996,
March 31, 1996 and 1995 reflect a reduction of $0.05, $0.23 and $0.76 per
share; expenses of the Quantitative Numeric II Fund Institutional Shares
for the periods ended September 30, 1996 and March 31, 1996 reflects a re-
duction of $0.05 and $0.11 per share; expenses of the Quantitative Disci-
plined Growth Fund Ordinary Shares for the periods ended September 30,
1996, March 31, 1996 and 1995 reflect a reduction of $0.18, $0.51 and
$0.45 per share; expenses of the Quantitative Disciplined Growth Fund In-
stitutional Shares for the periods ended September 30, 1996 and March 31,
1996 reflect a reduction of $0.16 and $0.28 per share; expenses of the
Quantitative Growth and Income Fund Ordinary Shares for the periods ended
September 30, 1996 and March 31, 1996 reflect a reduction of $0.01 and
$0.01 per share; expenses of the Quantitative Growth and Income Institu-
tional Shares for the periods ended September 30, 1996 and March 31, 1996
reflect a reduction of $0.01 and $0.01 per share; expenses of the Quanti-
tative International Equity Fund Ordinary Shares for the periods ended
September 30, 1996, March 31, 1996, 1995, 1994, 1993 and 1992 reflect a
reduction of $0.01, $0.01, $0.01, $0.01, $0.05 and $0.04 per share respec-
tively; expenses of the Quantitative International Equity Fund Institu-
tional Shares for the periods ended September 30, 1996, March 31, 1996,
1995, 1992 and 1991 reflect a reduction of $0.01, $0.01, $0.01, $0.04 and
$0.03 per share; and expenses of the Quantitative Foreign Frontier Fund
Ordinary Shares for the periods ended September 30, 1996, March 31, 1996
and 1995 reflect a reduction of $0.02, $0.01 and $0.02 per share; and ex-
penses of the Quantitative Foreign Frontier Fund Institutional Shares for
the period ended September 30, 1996 reflects a reduction of $0.01 per
share.
(b) Annualized
(c) Total Return does not include the one time deferred sales charge of 1% for
the Ordinary Shares of the Quantitative Numeric, Quantitative Growth and
Income, Quantitative International Equity and Quantitative Foreign Fron-
tier Funds. The total return would have been lower if certain fees had not
been waived or if fees had not been reduced by credits allowed by the cus-
todian.
(d) Investment income and expenses for the periods ending March 31, 1991
through March 31, 1994 were calculated for the Ordinary Shares and then
adjusted 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.
- --------------------------------------------------------------------------------
28
<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 investment company. The Trust cur-
rently 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 Frontier. The
Quantitative Numeric Fund ("Numeric") commenced operations on September 8,
1992 and began offering Institutional Shares on January 6, 1993. The Quantita-
tive Numeric II Fund ("Numeric II") commenced operations on October 3, 1994
and began offering Institutional Shares on April 17, 1995. The Quantitative
Disciplined Growth Fund ("Disciplined Growth") commenced operations on October
3, 1995 and began offering Institutional Shares on July 26, 1995. The Quanti-
tative 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") com-
menced operations on August 8, 1994 and began offering Institutional Shares on
April 2, 1996.
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 and, for Numeric, Growth and
Income, International Equity and Foreign Frontier, a deferred sales charge.
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.
- -------------------------------------------------------------------------------
29
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED
Reported net realized gains and losses on foreign currency transactions repre-
sent net gains and losses from currency gains and losses realized between the
trade and settlement dates on investment transactions, and the difference be-
tween the amount of net investment income accrued and the U.S. dollar amount
actually received. The effects of changes in foreign currency exchange rates
on investments in securities are not segregated in the Statement of Operations
from the effects of changes in market prices of those securities, but are in-
cluded with the net realized and unrealized gain or loss on investments.
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, 1996, the Manager voluntarily agreed to
waive its fees in part with respect to Numeric II and Disciplined Growth.
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 Numeric II and
Disciplined Growth in order to reduce the total expenses of these Funds to no
more than 1.70% and 1.95% respectively of their average net asset value. Ex-
penses 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 periodic review and there is no guarantee that the Manager will
continue to limit these expenses in the future. During the period, the Manager
also voluntarily assumed certain operating expenses of Numeric.
During the six months ended September 30, 1996, the aggregate fees, net of
fees waived or reimbursed by the Manager amounted to $844,631. The total
amount of the advisory fees waived or reimbursed by the Manager was $73,742.
The Manager has entered into advisory contracts with the following advisors
(collectively the "Advisors") to provide investment advisory services to the
following Funds: Columbia Partners, L.L.C., Investment Management (Numeric,
Numeric II), LBS Capital Management, Inc. (Disciplined Growth), State Street
Bank and Trust Company (Growth and Income), and Independence International As-
sociates, 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 International Equity Funds--
0.50% of average daily total net assets; Numeric II and Foreign Frontier
Funds--0.40% of average daily total net assets; Disciplined Growth--0.60% of
the first $100 million, and 0.50% of
- -------------------------------------------------------------------------------
30
<PAGE>
QUANTITATIVE GROUP OF FUNDS _________________________________________________
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED
amounts in excess of $100 million of average daily total net assets; and
Growth and Income--0.375% of the first $20 million and 0.30% of amounts in ex-
cess of $20 million of average daily total net assets, with an annual minimum
of $25,000.
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 (i)
0.50% of the average net asset value of shareholder accounts of Numeric,
Growth and Income, International Equity and Foreign Frontier and (ii) 0.25% of
the average net asset value of shareholder accounts of Numeric II and Disci-
plined Growth open during the period the plan is in effect. No fees are re-
ceived by the Distributor for Institutional Shares. For the six months ended
September 30, 1996, the Distributor voluntarily agreed to waive its fees in
their entirety with respect to Numeric II and Disciplined Growth, which
amounted to $18,081. During the six months ended September 30, 1996, the ag-
gregate fees, net of fees waived by the Distributor, paid by the Funds pursu-
ant to such distribution plan amounted to $373,760. 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, 1996, such fees earned by the Distributor were $171,501.
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. The transfer agent agreement provides that base
fees are payable to the Transfer Agent at an annual rate of .13% of the aggre-
gate average daily net asset value of each Fund. During the six months ended
September 30, 1996, the aggregate fees, net of fees waived by the Transfer
Agent, paid by the Funds pursuant to such agreement amounted to $140,709. The
Transfer Agent voluntarily agreed to waive its fees in their entirety with re-
spect to Numeric II and Disciplined Growth which amounted to $9,467.
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, 1996, $56,300, $10,025, $1,930, $11,476, $8,621, and $5,850 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 has voluntarily agreed to reduce its base custodian fees and its
dual-class accounting fees for Disciplined Growth and Foreign Frontier. For
the six months ended September 30, 1996, the Custodian's fee waivers and re-
ductions amounted to $11,821. Such credits have not been applied in the calcu-
lation of voluntary Manager reimbursement for Disciplined Growth.
Each Trustee receives an annual Trustee's fee of $4,000 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, 1996, International Equity had capital loss carryovers
amounting to $450,952 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 carryover period, no capital
gains tax liabilities will be incurred by International Equity for gains real-
ized and not distributed.
5. Purchases and Sales.
During the six months ended September 30, 1996, 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 $145,154,759, $10,827,794, $2,593,995,
$24,745,474, $10,585,429, and $2,170,435 respectively. Sales of such securi-
ties for the Funds were $183,481,145, $12,648,905, $2,433,598, $27,096,994,
$10,488,336, and $433,556, respectively.
- -------------------------------------------------------------------------------
31
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED
6. Reclassifications.
For the six months ended September 30, 1996, certain reclassification adjust-
ments were made between undistributed/(overdistributed) net investment income
and shares of beneficial interest due to differences between book and tax ac-
counting, primarily due to current year net operating losses. Such reclassifi-
cations 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 $486,438 $(486,438)
Disciplined
Growth 0 8,271 (8,271)
</TABLE>
- -------------------------------------------------------------------------------
7. 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, 1996, 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.
8. Shares of Beneficial Interest.
The following schedule shows the number of shareholders each owning 5% or
more of the Ordinary or Institutional Shares of a Fund and the total percent-
age of those shares of the Fund held by such shareholders.
<TABLE>
<CAPTION>
5% or Greater Shareholders
-------------------------------------------------
Fund Number % of Fund Held
<S> <C> <C>
Numeric Inst. 3 85%
Numeric II Ord. 2 23%
Numeric II Inst. 1 94%
Disciplined Growth Ord. 4 40%
Disciplined Growth Inst. 4 100%
Growth and Income Inst. 3 94%
International Equity Inst. 2 99%
Foreign Frontier Ord. 1 5%
Foreign Frontier Inst. 1 96%
</TABLE>
9. Concentration of Risk.
The relatively large investments of the Foreign Frontier Fund in Latin Amer-
ican 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.
- -------------------------------------------------------------------------------
32
<PAGE>
QUANTITATIVE GROUP OF FUNDS _________________________________________________
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED
10. Transactions in Shares of Beneficial Interest.
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
September 30, 1996 March 31, 1996
------------------------ ------------------------
Shares Dollars Shares Dollars
<S> <C> <C> <C> <C>
NUMERIC
ORDINARY SHARES:
Shares sold 140,422 $ 2,567,858 306,845 $ 5,287,525
Shares issued in reinvest-
ment of distributions 556,045 10,487,005 410,004 7,474,372
Shares redeemed (753,702) (13,733,378) (339,690) (6,065,838)
---------- ------------ ---------- ------------
Net change (57,235) (678,515) 377,159 6,696,059
---------- ------------ ---------- ------------
INSTITUTIONAL SHARES:
Shares sold 147,305 $ 2,833,207 372,214 $ 6,912,864
Shares issued in reinvest-
ment of distributions 196,065 3,795,819 165,042 3,069,775
Shares redeemed (1,716,946) (30,797,737) (1,253,740) (21,958,358)
---------- ------------ ---------- ------------
Net change (1,373,576) $(24,168,711) (716,484) $(11,975,719)
---------- ------------ ---------- ------------
TOTAL NET CHANGE FOR FUND $(24,847,226) $ (5,279,660)
------------ ------------
NUMERIC II
ORDINARY SHARES:
Shares sold 116,829 $ 1,597,236 434,724 $ 5,272,157
Shares issued in reinvest-
ment of distributions -- -- 4,887 61,864
Shares redeemed (82,913) (1,138,755) (24,790) (304,541)
---------- ------------ ---------- ------------
Net change 33,916 $ 458,481 414,821 $ 5,029,480
---------- ------------ ---------- ------------
INSTITUTIONAL SHARES:
Shares sold 69,414 $ 955,071 350,456 $ 4,388,082
Shares issued in reinvest-
ment of distributions -- -- 3,610 45,700
Shares redeemed (240,518) (3,339,245) (4,106) (50,595)
---------- ------------ ---------- ------------
Net change (171,104) $ (2,384,174) 349,960 $ 4,383,187
---------- ------------ ---------- ------------
Total net change for fund $ (1,925,693) $ 9,412,667
------------ ------------
DISCIPLINED GROWTH
ORDINARY SHARES:
Shares sold 9,957 $ 135,307 124,257 $ 1,434,616
Shares issued in reinvest-
ment of distributions -- -- 75 930
Shares redeemed (9,669) (130,627) (9,964) (113,141)
---------- ------------ ---------- ------------
Net change 288 $ 4,680 114,368 $ 1,322,405
---------- ------------ ---------- ------------
INSTITUTIONAL SHARES:
Shares sold 450 $ 5,894 6,593 $ 75,500
Shares issued in reinvest-
ment of distributions -- -- 4 45
Shares redeemed (2,200) (27,588) (1,297) (15,503)
---------- ------------ ---------- ------------
Net change (1,750) $ (21,694) 5,300 $ 60,042
---------- ------------ ---------- ------------
Total net change for fund $(17,014) $ 1,382,447
------------ ------------
GROWTH AND INCOME
ORDINARY SHARES:
Shares sold 57,210 $ 860,836 129,344 $ 1,895,275
Shares issued in reinvest-
ment of distributions -- -- 359,373 5,160,593
Shares redeemed (255,489) (3,878,802) (350,635) (5,180,335)
---------- ------------ ---------- ------------
Net change (198,259) $ (3,017,966) 138,082 $ 1,875,534
</TABLE>
- --------------------------------------------------------------------------------
33
<PAGE>
___________________________________________________ QUANTITATIVE GROUP OF FUNDS
<TABLE>
<CAPTION>
Six Months Ended Year Ended
September 30, 1996 March 31, 1996
--------------------- ---------------------
Shares Dollars Shares Dollars
<S> <C> <C> <C> <C>
GROWTH AND INCOME--CONTINUED
INSTITUTIONAL SHARES:
Shares sold 7,242 $ 108,309 6,538 $ 97,239
Shares issued in reinvestment of
distributions -- -- 17,395 249,625
Shares redeemed (10,779) (155,745) (38,398) (583,199)
-------- ----------- -------- -----------
Net change (3,537) $ (58,436) (14,465) $ (235,335)
-------- ----------- -------- -----------
Total net change for fund $(3,076,402) $ 1,639,199
----------- -----------
INTERNATIONAL EQUITY
ORDINARY SHARES:
Shares sold 159,607 $ 1,722,037 284,040 $ 2,952,333
Shares issued in reinvestment of
distributions -- -- 6,478 65,878
Shares redeemed (201,594) (2,172,319) (478,842) (5,015,488)
-------- ----------- -------- -----------
Net change (41,987) $ (450,282) (188,324) $(1,997,277)
-------- ----------- -------- -----------
INSTITUTIONAL SHARES:
Shares sold 10,882 $ 114,975 392,128 $ 4,117,781
Shares issued in reinvestment of
distributions -- -- -- -
Shares redeemed (4,060) (44,209) (578,734) (6,111,774)
-------- ----------- -------- -----------
Net change 6,822 $ 70,766 (186,606) $(1,993,993)
-------- ----------- -------- -----------
Total net change for fund $ (379,516) $(3,991,270)
----------- -----------
FOREIGN FRONTIER
ORDINARY SHARES:
Shares sold 150,495 $ 1,290,662 383,704 $ 3,073,757
Shares issued in reinvestment of
distributions -- -- -- -
Shares redeemed (50,744) (438,565) ( 48,574) (376,826)
-------- ----------- -------- -----------
Net change 99,751 $ 852,097 335,130 $ 2,696,931
-------- ----------- -------- -----------
INSTITUTIONAL SHARES:
Shares sold 104,690 $ 887,605 -- --
Shares issued in reinvestment of
distributions -- -- -- --
Shares redeemed -- -- -- --
-------- ----------- -------- -----------
Net change 104,690 $ 887,605 -- --
-------- ----------- -------- -----------
Net change for fund $ 1,739,702 -- --
----------- -------- -----------
</TABLE>
- -------------------------------------------------------------------------------
34
<PAGE>
QUANTITATIVE GROUP OF FUNDS _________________________________________________
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
11. Subsequent Events.
On October 1, 1996, Boston International Advisors, Inc., Advisor to Interna-
tional Equity and Foreign Frontier was acquired by Independence Investment Ad-
visors, Inc. and changed its name to Independence International Associates,
Inc., resulting in a termination of the existing advisory contracts with Bos-
ton International Advisors, Inc. On October 1, 1996, new advisory contracts
went into effect with Independence International Associates, Inc., containing
substantially the same terms as the old contracts.
On October 28, 1996, there was a special meeting of the shareholders of Numer-
ic, Numeric II, International Equity and Foreign Frontier. The shareholders of
International Equity and Foreign Frontier were asked to each approve a new Ad-
visory Contract between the Manager and Independence International Associates,
Inc. pursuant to which Independence International Associates, Inc. would act
as sub-advisor to the respective funds. The following were the results of the
votes:
<TABLE>
<CAPTION>
International Equity Foreign Frontier
Shares Voted Shares Voted
-------------------- ----------------
<S> <C> <C>
For 1,730,191.895 717,398.892
Against 912.563 0.000
Abstain 60,325.802 19,919.159
</TABLE>
There were no broker non-votes submitted, and no other proposals voted on at
such meeting.
In addition, at the meeting on October 28, shareholders of Numeric and Numeric
II were asked to each approve a new Advisory Contract between the Manager and
Columbia Partners, L.L.C. Investment Management ("Columbia Partners") pursuant
to which Columbia Partners would act as sub-advisor to the respective funds.
The following were the results of the votes:
<TABLE>
<CAPTION>
Numeric Numeric II
Shares Voted Shares Voted
------------- ------------
<S> <C> <C>
For 3,038,306.896 516,648.981
Against 25,231.238 4,575.579
Abstain 103,128.474 9,751.502
</TABLE>
There were no broker non-votes submitted, and no other proposals voted on at
such meeting.
Effective October 1, 1996, Advanced Investment Technology, Inc. ("AIT") ac-
quired the investment management portion of the business of LBS Capital Man-
agement, Inc. ("LBS"), the Advisor to Disciplined Growth, resulting in an au-
tomatic termination of the existing advisory contract with LBS. On October 1,
1996, AIT began to serve as Advisor to Disciplined Growth pursuant to an advi-
sory contract with the Manager containing substantially the same terms as the
advisory contract between the Manager and LBS, except that AIT is not entitled
to payment of advisory fees under the contract until the contract is approved
by the shareholders of Disciplined Growth.
- -------------------------------------------------------------------------------
35
<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
Independence International Associates, Columbia Partners, LLC,
Inc. Investment Management
75 State Street 1701 Pennsylvania Avenue, N.W.
Boston, MA 02109 Washington, D.C. 20006
Advanced Investment Technology, 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
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000722885
<NAME> QUANTITATIVE GROUP OF FUNDS
<SERIES>
<NUMBER> 1
<NAME> QUANTITATIVE GROWTH AND INCOME FUND ORD SHS.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 36,895
<INVESTMENTS-AT-VALUE> 42,638
<RECEIVABLES> 80
<ASSETS-OTHER> 32
<OTHER-ITEMS-ASSETS> 484
<TOTAL-ASSETS> 43,225
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 394
<TOTAL-LIABILITIES> 394
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,393
<SHARES-COMMON-STOCK> 2,640
<SHARES-COMMON-PRIOR> 2,838
<ACCUMULATED-NII-CURRENT> 356
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,339
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,743
<NET-ASSETS> 40,874
<DIVIDEND-INCOME> 526
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 361
<NET-INVESTMENT-INCOME> 166
<REALIZED-GAINS-CURRENT> 1,392
<APPREC-INCREASE-CURRENT> 1,108
<NET-CHANGE-FROM-OPS> 2,665
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 57
<NUMBER-OF-SHARES-REDEEMED> 255
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3,076)
<ACCUMULATED-NII-PRIOR> 190
<ACCUMULATED-GAINS-PRIOR> 2,948
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 164
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 372
<AVERAGE-NET-ASSETS> 41,651
<PER-SHARE-NAV-BEGIN> 14.57
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.85
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.48
<EXPENSE-RATIO> 1.73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000722885
<NAME> QUANTITATIVE GROUP OF FUNDS
<SERIES>
<NUMBER> 4
<NAME> QUANTITATIVE INTERNATIONAL EQUITY FUND ORD SHS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 26,261
<INVESTMENTS-AT-VALUE> 28,318
<RECEIVABLES> 108
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 109
<TOTAL-ASSETS> 28,549
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65
<TOTAL-LIABILITIES> 65
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,592
<SHARES-COMMON-STOCK> 2,519
<SHARES-COMMON-PRIOR> 2,561
<ACCUMULATED-NII-CURRENT> 47
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,212)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,057
<NET-ASSETS> 27,157
<DIVIDEND-INCOME> 448
<INTEREST-INCOME> 1
<OTHER-INCOME> 0
<EXPENSES-NET> 303
<NET-INVESTMENT-INCOME> 143
<REALIZED-GAINS-CURRENT> 60
<APPREC-INCREASE-CURRENT> 17
<NET-CHANGE-FROM-OPS> 221
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 160
<NUMBER-OF-SHARES-REDEEMED> 202
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (380)
<ACCUMULATED-NII-PRIOR> (103)
<ACCUMULATED-GAINS-PRIOR> (1,265)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 144
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 313
<AVERAGE-NET-ASSETS> 27,581
<PER-SHARE-NAV-BEGIN> 10.7
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.87
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.54
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000722885
<NAME> QUANTITATIVE GROUP OF FUNDS
<SERIES>
<NUMBER> 5
<NAME> QUANTITATIVE INTERNATIONAL EQUITY FUND INST SHS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 26,261
<INVESTMENTS-AT-VALUE> 28,318
<RECEIVABLES> 108
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 109
<TOTAL-ASSETS> 28,549
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65
<TOTAL-LIABILITIES> 65
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,592
<SHARES-COMMON-STOCK> 122
<SHARES-COMMON-PRIOR> 116
<ACCUMULATED-NII-CURRENT> 47
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,339
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,057
<NET-ASSETS> 1,327
<DIVIDEND-INCOME> 446
<INTEREST-INCOME> 1
<OTHER-INCOME> 0
<EXPENSES-NET> 303
<NET-INVESTMENT-INCOME> 143
<REALIZED-GAINS-CURRENT> 60
<APPREC-INCREASE-CURRENT> 17
<NET-CHANGE-FROM-OPS> 221
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11
<NUMBER-OF-SHARES-REDEEMED> 4
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (380)
<ACCUMULATED-NII-PRIOR> (103)
<ACCUMULATED-GAINS-PRIOR> (1,265)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 144
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 313
<AVERAGE-NET-ASSETS> 1,227
<PER-SHARE-NAV-BEGIN> 10.73
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.78
<EXPENSE-RATIO> 2.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000722885
<NAME> QUANTITATIVE GROUP OF FUNDS
<SERIES>
<NUMBER> 6
<NAME> QUANTITATIVE GROWTH AND INCOME INST SHS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 36,895
<INVESTMENTS-AT-VALUE> 42,638
<RECEIVABLES> 80
<ASSETS-OTHER> 32
<OTHER-ITEMS-ASSETS> 484
<TOTAL-ASSETS> 43,225
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 394
<TOTAL-LIABILITIES> 394
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,393
<SHARES-COMMON-STOCK> 126
<SHARES-COMMON-PRIOR> 129
<ACCUMULATED-NII-CURRENT> 356
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,212)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,743
<NET-ASSETS> 1,957
<DIVIDEND-INCOME> 526
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 361
<NET-INVESTMENT-INCOME> 166
<REALIZED-GAINS-CURRENT> 1,392
<APPREC-INCREASE-CURRENT> 1,108
<NET-CHANGE-FROM-OPS> 2,665
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7
<NUMBER-OF-SHARES-REDEEMED> 11
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3076)
<ACCUMULATED-NII-PRIOR> 190
<ACCUMULATED-GAINS-PRIOR> 2,948
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 164
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 372
<AVERAGE-NET-ASSETS> 1,886
<PER-SHARE-NAV-BEGIN> 14.58
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.84
<EXPENSE-RATIO> 1.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000722885
<NAME> QUANTITATIVE GROUP OF FUNDS
<SERIES>
<NUMBER> 7
<NAME> QUANTITATIVE NUMERIC ORD SHS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 74,340
<INVESTMENTS-AT-VALUE> 85,113
<RECEIVABLES> 4,282
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 48
<TOTAL-ASSETS> 89,443
<PAYABLE-FOR-SECURITIES> 1,884
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 262
<TOTAL-LIABILITIES> 2,145
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,065
<SHARES-COMMON-STOCK> 3,730
<SHARES-COMMON-PRIOR> 3,787
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,460
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,773
<NET-ASSETS> 70,865
<DIVIDEND-INCOME> 291
<INTEREST-INCOME> 100
<OTHER-INCOME> 0
<EXPENSES-NET> 877
<NET-INVESTMENT-INCOME> (487)
<REALIZED-GAINS-CURRENT> 12,445
<APPREC-INCREASE-CURRENT> 2,808
<NET-CHANGE-FROM-OPS> 14,766
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 10,830
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 140
<NUMBER-OF-SHARES-REDEEMED> 754
<SHARES-REINVESTED> 556
<NET-CHANGE-IN-ASSETS> (24,847)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 17,544
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 511
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 973
<AVERAGE-NET-ASSETS> 71,519
<PER-SHARE-NAV-BEGIN> 18.91
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 3.13
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2.94
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19
<EXPENSE-RATIO> 1.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000722885
<NAME> QUANTITATIVE GROUP OF FUNDS
<SERIES>
<NUMBER> 8
<NAME> QUANTATIVE NUMERIC INST SHS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 74,340
<INVESTMENTS-AT-VALUE> 85,113
<RECEIVABLES> 4,282
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 48
<TOTAL-ASSETS> 89,443
<PAYABLE-FOR-SECURITIES> 1,884
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 262
<TOTAL-LIABILITIES> 2,145
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,065
<SHARES-COMMON-STOCK> 841
<SHARES-COMMON-PRIOR> 2,215
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,460
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,773
<NET-ASSETS> 16,433
<DIVIDEND-INCOME> 291
<INTEREST-INCOME> 100
<OTHER-INCOME> 0
<EXPENSES-NET> 877
<NET-INVESTMENT-INCOME> (487)
<REALIZED-GAINS-CURRENT> 12,445
<APPREC-INCREASE-CURRENT> 2,808
<NET-CHANGE-FROM-OPS> 14,766
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 6,212
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 147
<NUMBER-OF-SHARES-REDEEMED> 1,717
<SHARES-REINVESTED> 196
<NET-CHANGE-IN-ASSETS> (24,847)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 17,544
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 511
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 973
<AVERAGE-NET-ASSETS> 30,563
<PER-SHARE-NAV-BEGIN> 19.33
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 3.21
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2.94
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.53
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000722885
<NAME> QUANTITATIVE GROUP OF FUNDS
<SERIES>
<NUMBER> 9
<NAME> QUANTITATIVE FOREIGN FRONTIER ORD SHS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 9,202
<INVESTMENTS-AT-VALUE> 9,311
<RECEIVABLES> 25
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 245
<TOTAL-ASSETS> 9,590
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24
<TOTAL-LIABILITIES> 24
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,700
<SHARES-COMMON-STOCK> 1,023
<SHARES-COMMON-PRIOR> 924
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (241)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 108
<NET-ASSETS> 8,676
<DIVIDEND-INCOME> 127
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 108
<NET-INVESTMENT-INCOME> 19
<REALIZED-GAINS-CURRENT> (65)
<APPREC-INCREASE-CURRENT> 137
<NET-CHANGE-FROM-OPS> 90
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 150
<NUMBER-OF-SHARES-REDEEMED> 51
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 852
<ACCUMULATED-NII-PRIOR> (19)
<ACCUMULATED-GAINS-PRIOR> (176)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 117
<AVERAGE-NET-ASSETS> 8,364
<PER-SHARE-NAV-BEGIN> 8.38
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.48
<EXPENSE-RATIO> 2.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000722885
<NAME> QUANTITATIVE GROUP OF FUNDS
<SERIES>
<NUMBER> 10
<NAME> QUANTITATIVE FOREIGN FRONTIER INST SHS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 9,202
<INVESTMENTS-AT-VALUE> 9,311
<RECEIVABLES> 25
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 245
<TOTAL-ASSETS> 9,590
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24
<TOTAL-LIABILITIES> 24
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,700
<SHARES-COMMON-STOCK> 105
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (241)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 108
<NET-ASSETS> 890
<DIVIDEND-INCOME> 127
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 108
<NET-INVESTMENT-INCOME> 19
<REALIZED-GAINS-CURRENT> (65)
<APPREC-INCREASE-CURRENT> 137
<NET-CHANGE-FROM-OPS> 90
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 105
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 888
<ACCUMULATED-NII-PRIOR> (19)
<ACCUMULATED-GAINS-PRIOR> (176)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 117
<AVERAGE-NET-ASSETS> 854
<PER-SHARE-NAV-BEGIN> 8.49
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.5
<EXPENSE-RATIO> 2.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000722885
<NAME> QUANTITATIVE GROUP OF FUNDS
<SERIES>
<NUMBER> 11
<NAME> QUANTITATIVE NUMERIC II ORD SHS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 9,182
<INVESTMENTS-AT-VALUE> 10,010
<RECEIVABLES> 132
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 1
<TOTAL-ASSETS> 10,145
<PAYABLE-FOR-SECURITIES> 370
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44
<TOTAL-LIABILITIES> 415
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,902
<SHARES-COMMON-STOCK> 490
<SHARES-COMMON-PRIOR> 456
<ACCUMULATED-NII-CURRENT> 63
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 937
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 828
<NET-ASSETS> 7,129
<DIVIDEND-INCOME> 105
<INTEREST-INCOME> 6
<OTHER-INCOME> 0
<EXPENSES-NET> 68
<NET-INVESTMENT-INCOME> 43
<REALIZED-GAINS-CURRENT> 742
<APPREC-INCREASE-CURRENT> 212
<NET-CHANGE-FROM-OPS> 1,010
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 117
<NUMBER-OF-SHARES-REDEEMED> 83
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,926)
<ACCUMULATED-NII-PRIOR> 20
<ACCUMULATED-GAINS-PRIOR> 182
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 52
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 120
<AVERAGE-NET-ASSETS> 6,687
<PER-SHARE-NAV-BEGIN> 13.2
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.54
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000722885
<NAME> QUANTITATIVE GROUP OF FUNDS
<SERIES>
<NUMBER> 12
<NAME> QUANTITATIVE NUMERIC II INST SHS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 9,182
<INVESTMENTS-AT-VALUE> 10,010
<RECEIVABLES> 132
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 1
<TOTAL-ASSETS> 10,145
<PAYABLE-FOR-SECURITIES> 370
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44
<TOTAL-LIABILITIES> 415
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,902
<SHARES-COMMON-STOCK> 179
<SHARES-COMMON-PRIOR> 350
<ACCUMULATED-NII-CURRENT> 63
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 937
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 828
<NET-ASSETS> 2,602
<DIVIDEND-INCOME> 105
<INTEREST-INCOME> 6
<OTHER-INCOME> 0
<EXPENSES-NET> 68
<NET-INVESTMENT-INCOME> 43
<REALIZED-GAINS-CURRENT> 742
<APPREC-INCREASE-CURRENT> 212
<NET-CHANGE-FROM-OPS> 1,010
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 69
<NUMBER-OF-SHARES-REDEEMED> 241
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,926)
<ACCUMULATED-NII-PRIOR> 20
<ACCUMULATED-GAINS-PRIOR> 182
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 52
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 120
<AVERAGE-NET-ASSETS> 3,590
<PER-SHARE-NAV-BEGIN> 13.2
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 1.29
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.55
<EXPENSE-RATIO> 1.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000722885
<NAME> QUANTITATIVE GROUP OF FUNDS
<SERIES>
<NUMBER> 13
<NAME> QUANTITATIVE DISCIPLINED GROWTH ORD SHS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 1,851
<INVESTMENTS-AT-VALUE> 2,135
<RECEIVABLES> 8
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 62
<TOTAL-ASSETS> 2,206
<PAYABLE-FOR-SECURITIES> 31
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32
<TOTAL-LIABILITIES> 63
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,715
<SHARES-COMMON-STOCK> 150
<SHARES-COMMON-PRIOR> 149
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 144
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 284
<NET-ASSETS> 2,093
<DIVIDEND-INCOME> 8
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 16
<NET-INVESTMENT-INCOME> (8)
<REALIZED-GAINS-CURRENT> 45
<APPREC-INCREASE-CURRENT> 175
<NET-CHANGE-FROM-OPS> 212
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10
<NUMBER-OF-SHARES-REDEEMED> 10
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (17)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 107
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 44
<AVERAGE-NET-ASSETS> 1,999
<PER-SHARE-NAV-BEGIN> 12.6
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 1.44
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.99
<EXPENSE-RATIO> 1.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000722885
<NAME> QUANTITATIVE GROUP OF FUNDS
<SERIES>
<NUMBER> 14
<NAME> QUANTITATIVE DISCIPLINED GROWTH INST SHS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 1,851
<INVESTMENTS-AT-VALUE> 2,135
<RECEIVABLES> 8
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 62
<TOTAL-ASSETS> 2,206
<PAYABLE-FOR-SECURITIES> 31
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32
<TOTAL-LIABILITIES> 63
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,715
<SHARES-COMMON-STOCK> 4
<SHARES-COMMON-PRIOR> 5
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 144
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 284
<NET-ASSETS> 50
<DIVIDEND-INCOME> 8
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 16
<NET-INVESTMENT-INCOME> (8)
<REALIZED-GAINS-CURRENT> 45
<APPREC-INCREASE-CURRENT> 175
<NET-CHANGE-FROM-OPS> 212
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 2
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (17)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 107
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 44
<AVERAGE-NET-ASSETS> 60
<PER-SHARE-NAV-BEGIN> 12.6
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 1.46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14
<EXPENSE-RATIO> 1.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
