N-Q 1 quantformnq.htm QUANT FUNDS FORM N-Q 6/30/06

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number: 811-03790

 

Quantitative Group of Funds

55 Old Bedford Road, Lincoln, MA 01773

 

Elizabeth A. Watson, Quantitative Group of Funds

55 Old Bedford Road, Lincoln, MA 01773

(Name and address of agent for service)

 

 

781-259-1144

(Registrant’s telephone number)

 

 

 

 

 

 

Date of fiscal year end: March 31

Date of reporting period: June 30, 2006

 

 

 

 

 

Item 1. Schedule of Investments

 

 

 

 

 

 

PORTFOLIO OF INVESTMENTS June 30, 2006 (Unaudited)

QUANT SMALL CAP FUND

 

 

 

 

 

 

 

COMMON STOCK - 96.6%

 

 

 

 

 

Shares

 

Value

AEROSPACE & DEFENSE - 1.2%

 

 

 

 

EDO Corporation

31,111

$

757,242

 

BE Aerospace, Inc. (a)

22,435

 

512,864

 

 

 

 

1,270,106

CHEMICALS - 1.7%

 

 

 

 

Cambrex Corporation

87,420

 

1,820,959

 

 

 

 

 

COMMERCIAL SERVICES & SUPPLIES - 13.1%

 

 

 

AMN Healthcare Services, Inc. (a)

56,080

 

1,138,424

 

CRA International, Inc. (a)

20,899

 

943,381

 

Heidrick & Struggles International, Inc. (a)

25,489

 

862,548

 

Huron Consulting Group, Inc. (a)

35,471

 

1,244,677

 

Kforce Inc. (a)

218,931

 

3,391,241

 

Mobile Mini, Inc. (a)

37,337

 

1,092,481

 

Sotheby’s Holdings Inc. (a)

85,939

 

2,255,899

 

Waste Connections, Inc. (a)

45,895

 

1,670,578

 

Williams Scotsman International, Inc. (a)

87,218

 

1,904,841

 

 

 

 

14,504,070

COMMUNICATIONS EQUIPMENT - 7.2%

 

 

 

 

Comverse Technology, Inc. (a)

73,227

 

1,447,698

 

DSP Group Inc. (a)

54,845

 

1,362,898

 

NICE Systems, Ltd. (a) (b)

87,445

 

2,460,702

 

Polycom, Inc. (a)

48,171

 

1,055,908

 

Sierra Wireless, Inc. (a)

87,610

 

1,580,484

 

 

 

 

7,907,690

COMPUTERS & PERIPHERALS - 0.9%

 

 

 

 

Intermec, Inc. (a)

42,347

 

971,440

 

 

 

 

 

DIVISIFIED FINANCIAL SERVICES - 1.6%

 

 

 

 

Cash America International, Inc.

20,860

 

667,520

 

CompuCredit Corporation (a)

27,798

 

1,068,555

 

Leesport Financial Corporation

146

 

3,357

 

 

 

 

1,739,432

ENERGY EQUIPMENT & SERVICES - 8.0%

 

 

 

 

Carbo Ceramics Inc.

49,876

 

2,450,408

 

Core Laboratories N.V. (a)

87,185

 

5,321,773

 

Hornbeck Offshore Services, Inc. (a)

30,439

 

1,081,193

 

 

 

 

8,853,374

FOOD PRODUCTS - 3.1%

 

 

 

 

United Natural Foods, Inc. (a)

36,925

 

1,219,264

 

Wild Oats Markets, Inc. (a)

111,259

 

2,180,676

 

 

 

 

3,399,940

 

 

 

 

 

 

HEALTH CARE EQUIPMENT & SERVICES - 10.5%

 

 

 

Omnicell Inc. (a)

100,071

 

1,382,981

 

Psychiatric Solutions, Inc.(a)

71,431

 

2,047,212

 

Schein (Henry), Inc. (a)

41,621

 

1,944,949

 

Sierra Health Services, Inc. (a)

104,470

 

4,704,284

 

Stereotaxis, Inc. (a)

31,370

 

338,482

 

Sunrise Senior Living, Inc. (a)

45,264

 

1,251,550

 

 

 

 

11,669,458

HOTELS, RESTAURANTS & LEISURE - 6.6%

 

 

 

 

Intrawest Corporation

29,218

 

930,885

 

RARE Hospitality International, Inc. (a)

77,014

 

2,214,923

 

Sonic Corp. (a)

77,077

 

1,602,431

 

Vail Resorts, Inc. (a)

67,168

 

2,491,933

 

 

 

 

7,240,172

INSURANCE - 2.4%

 

 

 

 

FPIC Insurance Group, Inc. (a)

21,316

 

825,995

 

Selective Insurance Group, Inc.

32,361

 

1,808,009

 

 

 

 

2,634,004

INTERNET & CATALOG RETAIL - 1.9%

 

 

 

 

NutriSystem Inc. (a)

34,687

 

2,155,103

 

 

 

 

 

MACHINERY - 3.7%

 

 

 

 

Actuant Corporation Class A

16,477

 

823,026

 

Gardner Denver, Inc. (a)

61,305

 

2,360,242

 

TurboChef Technologies, Inc. (a)

87,046

 

967,952

 

 

 

 

4,151,220

MEDIA - 3.6%

 

 

 

 

Entercom Communications

73,676

 

1,927,364

 

Corporation

 

 

 

 

IMAX Corporation (a)

48,701

 

446,101

 

Lions Gate Entertainment Corporation (a)

192,969

 

1,649,885

 

 

 

 

4,023,350

METALS & MINING - 1.5%

 

 

 

 

Coeur d’Alene Mines Corporation (a)

356,548

 

1,714,996

 

 

 

 

 

 

 

 

 

 

REAL ESTATE - 15.1%

 

 

 

 

American Campus Communities, Inc.

56,620

 

1,407,007

 

Entertainment Properties Trust

102,688

 

4,420,718

 

FelCor Lodging Trust Inc.

67,075

 

1,458,210

 

Grubb & Ellis Company (a)

111,900

 

1,035,075

 

Hersha Hospitality Trust

137,791

 

1,280,078

 

Strategic Hotel Capital, Inc.

106,090

 

2,200,307

 

Ventas, Inc.

145,311

 

4,923,137

 

 

 

 

16,724,532

RETAILING- 2.3%

 

 

 

 

 

 

 

 

 

 

 

Dress Barn, Inc. (a)

24,737

 

627,083

 

GUESS?, Inc. (a)

32,562

 

1,359,464

 

Urban Outfitters, Inc. (a)

29,429

 

514,713

 

 

 

 

2,501,260

SOFTWARE & SERVICES - 5.6%

 

 

 

 

Euronet Worldwide, Inc. (a)

8,892

 

341,186

 

Internet Capital Group, Inc. (a)

72,828

 

655,452

 

Photon Dynamics, Inc. (a)

11,981

 

150,002

 

Ulticom, Inc. (a)

177,145

 

1,854,708

 

Verint Systems Inc. (a)

52,424

 

1,530,257

 

webMethods, Inc. (a)

171,762

 

1,695,291

 

 

 

 

6,226,896

TELECOMMUNICATION SERVICES - 0.4%

 

 

 

 

Talk America Holdings, Inc. (a)

67,056

 

415,077

 

 

 

 

 

WIRELESS TELECOMMUNICATION SERVICES - 6.2%

 

 

 

Crown Castle International Corporation (a)

157,008

 

5,423,056

 

SBA Communications Corporation (a)

56,672

 

1,481,407

 

 

 

 

6,904,463

TOTAL COMMON STOCK

 

 

 

 

(Cost $77,559,970)

 

 

106,827,542

 

 

 

 

 

SHORT TERM INVESTMENTS - 8.6%

 

 

 

 

 

Par Value

 

Value

 

State Street Bank & Trust

 

 

 

 

Repurchase Agreement 1.7%,

 

 

 

 

07/03/06, (Dated 6/30/06),

 

 

 

 

Collateralized by $9,521,000

 

 

 

 

U.S. Treasury Note 6.5%,

 

 

 

 

10/15/06, Market Value

 

 

 

 

$9,545,000, Repurchase

 

 

 

 

Proceeds $9,522,349 (Cost

 

 

 

 

$9,521,000)

$ 9,521,000

$

9,521,000

TOTAL INVESTMENTS - 105.2%

 

 

 

 

(Cost $87,080,970) (c)

 

 

116,348,542

OTHER ASSETS & LIABILITIES (NET) - (5.2)%

 

(5,775,810)

NET ASSETS - 100%

 

$

110,572,732

 

 

 

 

 

(a)

Non-income producing security.

 

 

 

(b)

ADR - American Depositary Receipts

 

 

 

(c)

At June 30, 2006, the unrealized appreciation of investments

 

based on aggregate cost for federal tax purposes of $87,020,244

 

was as follows:

 

 

 

 

 

 

 

 

 

Aggregate gross unrealized appreciation for all

 

 

 

investments in which there is an excess of

 

 

 

 

 

 

 

 

 

value over tax cost

 

$

32,155,781

 

Aggregate gross unrealized depreciation for all

 

 

 

investments in which there is an excess of tax

 

 

 

cost over value

 

 

(2,827,483)

 

Net unrealized appreciation

 

$

29,328,298

 

 

 

 

 

 

The percentage of each investment category is calculated as a

 

percentage of net assets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

 

 

 

 

 

 

PORTFOLIO OF INVESTMENTS June 30, 2006 (Unaudited)

QUANT GROWTH AND INCOME FUND

 

 

 

 

 

 

COMMON STOCK - 97.4%

 

 

 

 

 

Shares

 

Value

AEROSPACE & DEFENSE- 3.7%

 

 

 

 

Lockheed Martin Corporation

31,400

$

2,252,636

 

 

 

 

 

Automobiles & Components - 0.3%

 

 

 

 

AutoNation, Inc. (a)

8,900

 

190,816

 

 

 

 

 

BANKS - 6.5%

 

 

 

 

Bank of America Corporation

58,300

 

2,804,230

 

National City Corporation

11,400

 

412,566

 

Washington Mutual, Inc

15,400

 

701,932

 

 

 

 

3,918,728

COMMUNICATIONS EQUIPMENT - 4.8%

 

 

 

 

Cisco Systems, Inc. (a)

88,800

 

1,734,264

 

Motorola, Inc.

59,500

 

1,198,925

 

 

 

 

2,933,189

COMPUTERS & PERIPHERALS - 5.9%

 

 

 

 

Hewlett-Packard Company

55,700

 

1,764,576

 

International Business Machines

11,200

 

860,384

 

Lexmark International, Inc. (a)

10,200

 

569,466

 

NCR Corporation (a)

5,600

 

205,184

 

NVIDIA Corporation (a)

9,100

 

193,739

 

 

 

 

3,593,349

DIVERSIFIED FINANCIAL SERVICES - 11.5%

 

 

 

 

AmeriCredit Corporation (a)

13,300

 

371,336

 

Capital One Financial Corporation

28,300

 

2,418,235

 

Citigroup Inc.

55,666

 

2,685,328

 

Downey Financial Corporation

18,800

 

1,275,580

 

E*TRADE Financial Corporation (a)

10,900

 

248,738

 

 

 

 

6,999,217

DIVERSIFIED TELECOMMUNICATION SERVICES - 1.8%

 

 

 

AT&T Corporation

39,187

 

1,092,925

 

 

 

 

 

ELECTRIC COMPONENTS & EQUIPMENT UTILITIES - 0.7%

 

 

 

Thomas & Betts Corporation (a)

8,500

 

436,050

 

 

 

 

 

ELECTRIC UTILITIES - 0.8%

 

 

 

 

 

TXU Corporation

8,000

 

478,320

 

 

 

 

 

FOOD & STAPLES RETAILING - 3.0%

 

 

 

 

Archer-Daniels-Midland Company

11,200

 

462,336

 

Carolina Group

6,100

 

313,357

 

Coca-Cola Enterprises, Inc.

16,700

 

340,179

 

Dean Foods Company

7,700

 

286,363

 

 

 

 

 

 

 

General Mills, Inc.

7,800

 

402,948

 

 

 

 

1,805,183

GAS UTILITIES - 0.9%

 

 

 

 

Sempra Energy

11,300

 

513,924

 

 

 

 

 

HEALTH CARE EQUIPMENT & SERVICES - 2.2%

 

 

 

 

Humana Inc. (a)

3,700

 

198,690

 

Waters Corporation (a)

9,000

 

399,600

 

WellPoint, Inc. (a)

10,300

 

749,531

 

 

 

 

1,347,821

 

 

 

 

 

Health Care Providers - 2.3%

 

 

 

 

AMERIGROUP Corporation (a)

38,400

 

1,191,936

 

Coventry Health Care, Inc. (a)

3,600

 

197,784

 

 

 

 

1,389,720

 

 

 

 

 

HOTELS, RESTAURANTS & LEISURE - 2.1%

 

 

 

 

Darden Restaurants, Inc.

23,300

 

918,020

 

McDonald’s Corporation

11,000

 

369,600

 

 

 

 

1,287,620

 

 

 

 

 

HOUSEHOLD DURABLES - 1.7%

 

 

 

 

Newell Rubbermaid, Inc.

39,500

 

1,020,285

 

 

 

 

 

HOUSEHOLD PRODUCTS - 1.6%

 

 

 

 

Energizer Holdings, Inc. (a)

16,300

 

954,691

 

 

 

 

 

INDUSTRIAL CONGLOMERATES - 3.9%

 

 

 

 

Cooper Industries, Ltd

16,200

 

1,505,304

 

General Electric Company

25,600

 

843,776

 

 

 

 

2,349,080

INSURANCE - 4.3%

 

 

 

 

AFLAC Inc.

7,400

 

342,990

 

American International Group, Inc.

10,800

 

637,740

 

MetLife, Inc.

17,100

 

875,691

 

The St. Paul Travelers Companies, Inc.

16,900

 

753,402

 

 

 

 

2,609,823

LEISURE EQUIPMENT & PRODUCTS - 1.7%

 

 

 

 

Hasbro, Inc.

57,900

 

1,048,569

 

 

 

 

 

MACHINERY - 1.2%

 

 

 

 

Cummins, Inc.

2,900

 

354,525

 

Nordson Corporation

4,400

 

216,392

 

Terex Corporation

1,600

 

157,920

 

 

 

 

728,837

MEDIA - 4.0%

 

 

 

 

CBS Corporation Class B

49,500

 

1,338,975

 

 

 

 

 

 

 

Gannett Co., Inc.

15,600

 

872,508

 

Omnicom Group, Inc.

2,400

 

213,816

 

 

 

 

2,425,299

Metals & Mining - 0.4%

 

 

 

 

Steel Dynamics, Inc.

4,000

 

262,960

 

 

 

 

 

OIL & GAS - 10.5%

 

 

 

 

Exxon Mobil Corporation

60,600

 

3,717,810

 

Kerr-McGee Corporation

22,800

 

1,581,180

 

Sunoco, Inc.

15,600

 

1,080,924

 

 

 

 

6,379,914

PHARMACEUTICALS & BIOTECHNOLOGY - 9.5%

 

 

 

 

AmerisourceBergen Corporation

15,800

 

662,336

 

Biogen Idec, Inc. (a)

19,300

 

894,169

 

King Pharmaceuticals, Inc. (a)

10,900

 

185,300

 

Merck & Co., Inc.

81,500

 

2,969,045

 

Pfizer Inc.

44,100

 

1,035,027

 

 

 

 

5,745,877

RETAILING - 5.0%

 

 

 

 

Barnes & Noble, Inc.

39,900

 

1,456,350

 

Rent-A-Center, Inc. (a)

10,800

 

268,488

 

Sherwin-Williams Company

27,000

 

1,281,960

 

 

 

 

3,006,798

SEMICONDUCTOR EQUIPMENT- 1.5%

 

 

 

 

Intel Corporation

17,100

 

324,045

 

Lam Research Corporation (a)

6,300

 

293,706

 

Texas Instruments Incorporated

10,300

 

311,987

 

 

 

 

929,738

SOFTWARE & SERVICES- 4.2%

 

 

 

 

Autodesk, Inc.

 

 

 

 

BMC Software, Inc. (a)

66,400

 

1,586,960

 

CACI International, Inc. (a)

6,700

 

390,811

 

Computer Sciences Corporation (a)

6,800

 

329,392

 

CSG Systems International, Inc (a)

8,600

 

212,764

 

 

 

 

2,519,927

Specialty Retail - 1.4%

 

 

 

 

Payless ShoeSource, Inc. (a)

32,200

 

874,874

 

 

 

 

 

TOTAL COMMON STOCK

 

 

 

 

(Cost $54,918,088) (b)

 

 

59,096,170

OTHER ASSETS & LIABILITIES (NET) - 2.6%

 

 

1,567,016

NET ASSETS - 100%

 

$

60,663,186

 

 

 

 

 

(a)

Non-income producing security.

 

 

 

(b)

At June 30, 2006, the unrealized appreciation of investments

 

 

 

based on aggregate cost for federal tax purposes of $ 54,919,543

 

 

was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate gross unrealized appreciation for all

 

 

 

 

investments in which there is an excess of

 

 

 

 

value over tax cost

 

$

5,588,094

 

Aggregate gross unrealized depreciation for all

 

 

 

 

investments in which there is an excess of tax

 

 

 

cost over value

 

 

(1,411,467)

 

Net unrealized appreciation

 

$

4,176,627

 

 

 

 

 

The percentage of each investment category is calculated as a

 

 

percentage of net assets.

 

 

 

 

 

 

 

 

 

Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

 

 

 

 

 

 

PORTFOLIO OF INVESTMENTS June 30, 2006 (Unaudited)

QUANT EMERGING MARKETS FUND

 

 

 

 

 

 

 

COMMON STOCK - 87.4%

 

 

 

,

 

Shares

 

Value

BRAZIL - 7.7%

 

 

 

 

Companhia Energetica de Minas Gerais (a)

23,615

$

1,006,235

 

Gerdau SA (a)

158,487

 

2,363,041

 

Petroleo Brasileiro SA (a)

38,359

 

3,062,582

 

Unibanco-Uniao de Bancos Brasileiros SA (b)

39,171

 

2,600,563

 

Usinas Siderurgicas de Minas

 

 

 

 

Gerais SA (a)

60,900

 

2,185,001

 

 

 

 

11,217,422

CHINA - 9.1%

 

 

 

 

Angang New Steel Company Limited

4,462,000

 

4,222,441

 

China Mobile Limited

781,500

 

4,467,439

 

China Shipping Development Company Limited

1,684,000

 

1,214,163

 

PetroChina Company Limited

3,116,000

 

3,329,831

 

 

 

 

13,233,874

CZECH REPUBLIC - 1.0%

 

 

 

 

Ceske Energeticke Zavody

44,726

 

1,505,771

 

 

 

 

 

HUNGARY - 1.9%

 

 

 

 

MOL Magyar Olaj es Gazipaari RT

17,400

 

1,786,004

 

OTP Bank RT

35,700

 

1,009,922

 

 

 

 

2,795,926

INDIA - 3.9%

 

 

 

 

Infosys Technologies Limited (a)

16,100

 

1,230,201

 

Mahindra & Mahindra Ltd. (b)

118,400

 

1,586,560

 

State Bank of India (b)

71,727

 

2,869,080

 

 

 

 

5,685,841

ISRAEL - 2.4%

 

 

 

 

Partner Communications Company Ltd.

200,800

 

1,657,620

 

Teva Pharmaceutical Industries Ltd.

56,509

 

1,833,034

 

 

 

 

3,490,654

 

 

 

 

 

MALAYSIA - 0.7%

 

 

 

 

Bumiputra-Commerce Holdings Bhd

617,700

 

1,000,222

 

 

 

 

 

MEXICO - 4.3%

 

 

 

 

Consorcio Ara S.A. de C.V>

211,000

 

872,967

 

Controladora Comercial

 

 

 

 

Mexicana SA de CV

721,300

 

1,228,196

 

Grupo Mexico SAB de CV

1,194,200

 

3,427,839

 

Telefonos De Mexico SA de CV (Telmex)

752,000

 

791,467

 

 

 

 

6,320,469

 

 

 

 

 

PHILIPPINES - 1.8%

 

 

 

 

First Philippine Holdings Corporation

2,662,800

 

2,259,589

 

 

 

 

 

 

 

Philippine Long Distance

 

 

 

 

Telephone Company

8,630

 

297,811

 

 

 

 

2,557,400

POLAND - 2.4%

 

 

 

 

KGHM Polska Miedz SA

105,100

 

3,563,942

 

 

 

 

 

RUSSIA - 7.4%

 

 

 

 

Gazprom (a)

77,700

 

3,267,285

 

LUKoil (a)

55,000

 

4,576,000

 

Tatneft (a)

38,950

 

2,999,150

 

 

 

 

10,842,435

SOUTH AFRICA - 9.9%

 

 

 

 

African Bank Investments Limited

395,000

 

1,543,494

 

Foschini Limited

294,200

 

1,879,052

 

MTN Group Limited

123,000

 

908,376

 

Reunert Limited

126,790

 

1,150,545

 

Sanlam Limited

476,400

 

964,373

 

Standard Bank Group Limited

368,097

 

3,956,927

 

Steinoff International Holdings Limited

541,900

 

1,615,184

 

Telkom South Africa Limited

39,800

 

733,380

 

Tiger Brands Limited

81,984

 

1,642,427

 

 

 

 

14,393,758

SOUTH KOREA - 18.8%

 

 

 

 

Daelim Industrial Co., Ltd.

16,610

 

1,043,432

 

GS Engineering & Construction Corp

32,130

 

2,079,349

 

Hyundai Heavy Industries Co., Ltd.

22,340

 

2,507,731

 

Hyundai Mipo Dockyard Co., Ltd.

23,100

 

2,313,043

 

Hyundai Motor Company

24,390

 

2,072,025

 

Hyundai Securites Co., Ltd.

120,390

 

1,383,137

 

Kookmin Bank

37,070

 

3,047,652

 

Korea Electric Power Corporation

35,420

 

1,312,267

 

LG International Corporation

87,820

 

2,054,919

 

Samsung Electronics Co., Ltd.

8,340

 

5,300,680

 

Shinhan Financial Group Co., Ltd.

46,070

 

2,160,859

 

SK Corporation

19,250

 

1,237,681

 

SK Telecom Company Ltd.

4,090

 

879,431

 

 

 

 

27,392,206

TAIWAN - 10.8%

 

 

 

 

AU Optronics Corp

959,000

 

1,353,938

 

Delta Electronics Inc.

302,518

 

859,811

 

High Tech Computer Corp

53,000

 

1,457,236

 

Hon Hai Precision Industry Co., Ltd.

397,652

 

2,456,955

 

MediaTek Incorporation

82,500

 

764,608

 

Siliconware Precision Industries Company

2,509,000

 

3,084,947

 

Taiwan Semiconductor Manufacturing

 

 

 

 

Company Limited

2,524,506

 

4,554,632

 

Wintek Corp.

1,288,310

 

1,176,094

 

 

 

 

15,708,221

 

 

 

 

 

 

THAILAND - 2.3%

 

 

 

 

Charoen Pokphand Foods Public

 

 

 

 

Company Limited

14,475,500

 

1,896,685

 

PTT Public Company Limited

256,900

 

1,427,222

 

 

 

 

3,323,907

TURKEY - 3.0%

 

 

 

 

Turkcell Iletisim Hizmetleri AS

319,049

 

1,458,912

 

Turkiye Garanti Bankasi AS

531,125

 

1,319,857

 

Yapi ve Kredi Bankasi AS (c)

1,049,493

 

1,582,017

 

 

 

 

4,360,786

 

 

 

 

 

TOTAL COMMON STOCK

 

 

127,392,834

 

(Cost $96,428,932)

 

 

 

 

 

 

 

 

PREFERRED STOCK - 3.5%

 

 

 

BRAZIL - 3.5%

 

 

 

 

Banco Bradesco SA (a)

47,022

$

1,461,914

 

Companhia Vale do Rio Doce (a)

106,700

 

2,195,886

 

Tim Participacoes SA (a)

52,400

 

1,443,620

 

 

 

 

5,101,420

TOTAL PREFERRED STOCK

 

 

 

 

(Cost $4,948,399)

 

 

5,101,420

 

 

 

 

 

EXCHANGE TRADED FUNDS - 6.3%

 

 

 

OTHER - 4.9%

 

 

 

 

iShares MSCI Emerging Market Index

75,600

 

7,098,840

 

 

 

 

 

TAIWAN - 1.4%

 

 

 

 

iShares MSCI Taiwan Index Fund

158,000

 

2,025,560

 

 

 

 

 

TOTAL EXCHANGE TRADED FUNDS

 

 

 

 

(Cost $9,463,790)

 

 

9,124,400

 

 

 

 

 

SHORT TERM INVESTMENTS - 3.2%

 

 

 

 

 

Par Value

 

Value

 

State Street Bank & Trust

 

 

 

 

Repurchase Agreement 1.7%,

 

 

 

 

7/03/06, (Dated 6/30/06),

 

 

 

 

Collateralized by $4,644,000

 

 

 

 

U.S. Treasury Note 6.5%,

 

 

 

 

10/15/06, Market Value

 

 

 

 

$4,741,550, Repurchase

 

 

 

 

Proceeds $4,644,658 (Cost

 

 

 

 

$4,644,000)

$ 4,644,000

$

4,644,000

TOTAL INVESTMENTS - 100.4%

 

 

 

(Cost $115,485,121) (d)

 

 

146,262,654

OTHER ASSETS & LIABILITIES (Net) - (0.4)%

 

 

(629,630)

 

 

 

 

 

 

NET ASSETS - 100%

 

$

145,633,024

 

 

 

 

 

(a)

ADR - American Depositary Receipts

 

 

 

(b)

GDR - Global Depositary Receipts

 

 

 

(c)

Non-income producing security.

 

 

 

(d)

At June 30, 2006, the unrealized appreciation of investments

 

 

 

based on aggregate cost for federal tax purposes of $115,485,121

 

 

was as follows:

 

 

 

 

 

 

 

 

 

Aggregate gross unrealized appreciation for all

 

 

 

investments in which there is an excess of

 

 

 

 

value over tax cost

 

 

34,704,507

 

Aggregate gross unrealized depreciation for all

 

 

 

investments in which there is an excess of tax

 

 

 

cost over value

 

 

(3,926,974)

 

 

 

 

 

 

Net unrealized appreciation

 

 

30,777,533

 

 

 

 

 

The percentage of each investment category is calculated as a

 

 

percentage of net assets.

 

 

 

 

 

 

 

 

 

SECTOR ALLOCATIONS (as a percentage of Total Common, Preferred Stock, and Exchange Traded Funds)

 

Consumer Discretionary

 

 

5.7%

 

Consumer Staples

 

 

3.4%

 

Energy

 

 

13.0%

 

Exchange Traded Funds

 

 

6.4%

 

Financial

 

 

17.6%

 

Health Care

 

 

1.3%

 

Industrial

 

 

10.2%

 

Information Technology

 

 

16.5%

 

Material

 

 

12.7%

 

Telecommunication Services

 

 

8.9%

 

Utilities

 

 

4.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

 

 

 

 

 

 

PORTFOLIO OF INVESTMENTS June 30, 2006 (Unaudited)

QUANT FOREIGN VALUE FUND

 

 

 

 

 

 

 

COMMON STOCK - 98.2%

 

 

 

 

 

Shares

 

Value

AUSTRALIA - 2.1%

 

 

 

 

BHP Billiton Ltd.

358,850

$

7,724,336

 

BHP Billiton PLC

155,380

 

3,013,345

 

 

 

 

10,737,681

AUSTRIA - 2.1%

 

 

 

 

Andritz AG

64,800

 

10,701,683

BELGIUM - 3.7%

 

 

 

 

KBC Groep

84,200

 

9,027,223

 

Solvay SA

88,810

 

10,208,059

 

 

 

 

19,235,282

CANADA - 1.9%

 

 

 

 

Methanex Corporation

457,390

 

9,652,365

FINLAND - 9.7%

 

 

 

 

Cargotec Corporation

236,600

 

10,355,128

 

KCI Konecranes OYJ

549,280

 

9,882,722

 

Kone Corporation OYJ-B

242,540

 

10,072,722

 

UPM-Kymmene OYJ

474,780

 

10,222,861

 

Yit-Yhtyma OYJ

366,200

 

8,970,581

 

 

 

 

49,504,014

FRANCE - 8.1%

 

 

 

 

Christian Dior

106,530

 

10,434,322

 

Compagnie de Saint Gobain SA

152,170

 

10,869,786

 

Imerys SA

125,310

 

10,007,967

 

Peugeot SA

160,390

 

9,971,036

 

 

 

 

41,283,111

GERMANY - 1.9%

 

 

 

 

Continental AG

95,850

 

9,788,761

IRELAND - 4.0%

 

 

 

 

CRH PLC

313,349

 

10,206,540

 

Greencore Group PLC

2,157,319

 

10,144,775

 

 

 

 

20,351,315

JAPAN - 20.6%

 

 

 

 

Asahi Breweries Ltd.

722,300

 

10,136,990

 

Central Japan Railway Company

1,062

 

10,573,163

 

Iino Kaiun Kaisha

1,205,600

 

10,823,604

 

Kansai Electric Power Company Inc.

422,800

 

9,452,583

 

KDDI Corporation

1,790

 

10,989,651

 

Maruichi Steel Tube Ltd.

419,000

 

9,349,330

 

Meiji Dairies Corporation

1,607,000

 

11,213,423

 

Nippon Yusen Kabushiki Kaisha

1,682,000

 

10,928,850

 

Showa Denko K.K.

2,469,000

 

10,975,250

 

Tokyo Electric Power Company Inc.

398,400

 

10,994,664

 

 

 

 

105,437,508

 

 

 

 

 

 

MEXICO - 1.9%

 

 

 

 

Cemex S.A. de C.V. (a)

174,529

 

9,942,935

NETHERLANDS - 2.0%

 

 

 

 

ABN-AMRO Holdings NV

382,721

 

10,461,000

NORWAY - 7.3%

 

 

 

 

Aker Seafoods ASA

702,740

 

3,397,469

 

Austevoll Seafood

613,980

 

4,141,884

 

Camillo Eitzen & Company

989,826

 

9,857,004

 

DNB Holding ASA 

786,500

 

9,758,691

 

Eitzen Maritime SE

231,851

 

94,215

 

Yara International ASA

750,600

 

10,006,473

 

 

 

 

37,255,736

PORTUGAL - 1.0%

 

 

 

 

Portugal Telecom SGPS SA

443,150

 

5,345,679

 

 

 

 

 

SOUTH AFRICA - 6.5%

 

 

 

 

Impala Platinum Holdings Ltd.

56,960

 

10,495,176

 

Metorex Ltd. (b)

4,908,291

 

7,674,558

 

Sappi Ltd.

414,330

 

5,101,760

 

Sasol Ltd.

265,270

 

10,184,176

 

 

 

 

33,455,670

SOUTH KOREA - 5.6%

 

 

 

 

Samsung Electronics Company Ltd.

15,910

 

10,111,968

 

Samsung SDI Company Ltd.

123,970

 

8,519,467

 

SK Telecom Company Ltd.

47,310

 

10,172,585

 

 

 

 

28,804,020

SPAIN - 4.2%

 

 

 

 

Banco Bilbao Vizcaya Argentaria

499,340

 

10,260,358

 

Repsol YPF SA

392,800

 

11,238,432

 

 

 

 

21,498,790

SWEDEN - 3.1%

 

 

 

 

Autoliv Inc.

103,040

 

5,828,973

 

Svenska Cellulosa AB 

243,330

 

10,033,636

 

 

 

 

15,862,609

UNITED KINGDOM - 12.5%

 

 

 

 

Barratt Developments PLC

617,020

 

10,813,985

 

Bellway PLC

511,390

 

10,967,015

 

Crest Nicholson PLC

1,115,180

 

10,519,769

 

Lloyds TSB Group PLC

1,109,982

 

10,906,801

 

Persimmon PLC

459,324

 

10,478,823

 

Wimpey (George) PLC

1,226,137

 

10,308,362

 

 

 

 

63,994,755

TOTAL COMMON STOCK

 

 

 

 

(Cost $411,768,252)

 

 

503,332,417

 

 

 

 

 

SHORT TERM INVESTMENTS -1.6%

 

 

 

 

 

Par Value

 

Value

United States- 1.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prudential Funding Corporation

 

 

 

 

Commercial Paper, Yield of 5.15%,

 

 

 

 

Maturing on 7/03/06

 

 

 

 

(Cost $8,085,000)

$ 8,085,000

 

8,085,000

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT TERM INVESTMENTS - 1.6%

 

 

 

 

(Cost $8,085,000)

 

$

8,085,000

 

 

 

 

 

TOTAL INVESTMENTS - 99.8%

 

 

 

 

(Cost $419,853,252) (c)

 

 

511,417,417

 

 

 

 

 

OTHER ASSETS & LIABILITIES (NET) - 0.2%

 

 

859,819

NET ASSETS - 100%

 

$

512,277,236

 

 

 

 

 

(a)

ADR - American Depository Receipts

 

 

 

(b)

Non-income producing security.

 

 

 

(c)

At June 30, 2006, the unrealized appreciation of investments

 

 

based on aggregate cost for federal tax purposes of $ 428,330,555

 

was as follows:

 

 

 

 

 

 

 

 

 

Aggregate gross unrealized appreciation for all

 

 

 

investments in which there is an excess of value

 

 

 

over tax cost

 

$

90,020,932

 

Aggregate gross unrealized depreciation for all

 

 

 

investments in which there is an excess of tax

 

 

 

cost over value

 

 

(6,934,070)

 

Net unrealized appreciation

 

$

83,086,862

 

 

 

 

 

The percentage of each investment category is calculated as a

 

percentage of net assets.

 

 

 

 

 

 

 

 

SECTOR ALLOCATIONS (as a percentage of Total Common and Preferred Stock)

Consumer Discretionary

 

 

17.7%

Consumer Staples

 

 

7.7%

Energy

 

 

4.3%

Financial

 

 

10.0%

Industrial

 

 

20.5%

Information Technology

 

 

3.7%

Material

 

 

26.7%

Telecommunication Services

 

 

5.3%

Utilities

 

 

4.1%

 

 

 

 

 

 

 

 

 

 

 

 

Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

 

 

 

 

 

Item 2. Controls and Procedures

 

(a) The registrant’s principal executive officer and principal financial officer have concluded, based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) of the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing date of the report that the registrant’s disclosure controls and procedures are reasonable designed to ensure that information required to be disclosed by the registrant’s Form N-Q is recorded, processed, summarized and reported with the required time periods and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the registrant’s management, including its principal executive and financial officers, as appropriate to allow timely decisions regarding required disclosure.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a- 3(d) of the Investment Company Act of 1940, as amended) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits

 

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Investment Company Act of 1940, as amended are filed herewith.

 

SIGNATURES

 

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

 

Registrant: The Quantitative Group of Funds

 

By: /s/ Willard L. Umphrey

Willard L. Umphrey

Chairman, President and Trustee

Date: August 7, 2006

 

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

 

By: /s/ Willard L. Umphrey

Willard L. Umphrey

Chairman, President and Trustee (Principal Executive Officer)

Date: August 7, 2006

 

By:

/s/ Leon Okurowski

Leon Okurowski

Treasurer (Principal Financial Officer)

Date: August 7, 2006