N-Q 1 nqmainfile.htm N-Q 6.30.08

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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

Willard L. Umphrey, 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, 2008

Item 1. Schedule of Investments

QUANT SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2008

Common Stock - 96.9%
		Shares		Value
AEROSPACE & DEFENSE - 1.5%
	BE Aerospace, Inc. (a)(c)	96,481	$	2,247,042

BUSINESS SERVICES - 3.4%
	Sotheby’s (c)	190,059		5,011,856

CHEMICALS - 0.9%
	LSB Industries, Inc.(a)	71,364		1,413,007

COMMERCIAL SERVICES & SUPPLIES - 8.0%
	Acacia Research Corporation (a)	140,808		630,820
	AMN Healthcare Services, Inc. (a)	77,953		1,318,965
	Clean Harbors, Inc. (a)	6,228		442,562
	Diana Shipping, Inc.	40,089		1,231,133
	inVentiv Health, Inc. (a)(c)	41,732		1,159,732
	Kforce Inc. (a)	134,692		1,143,535
	Novamerican Steel, Inc. (a)	106,128		309,894
	Star Bulk Carriers Corp. (c)	186,693		2,201,110
	Waste Connections, Inc. (a)	108,618		3,468,173
				11,905,924
COMMUNICATIONS EQUIPMENT - 6.9%
	Comtech Telecommunications Corporation (a)(c)	44,533		2,182,117
	Comverse Technology, Inc. (a)	66,769		1,131,735
	NICE-Systems, Ltd. (a)(b)(c)	125,058		3,697,965
	Polycom, Inc. (a)(c)	64,179		1,563,400
	Sierra Wireless, Inc. (a)(c)	114,706		1,674,708
				10,249,925

ELECTRIC UTILITIES - 1.0%
	Ormat Technologies, Inc.	29,359		1,443,876

ELECTRICAL EQUIPMENT - 1.7%
	Evergreen Solar, Inc. (a)(c)	270,054		2,616,823

ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.5%
	Varian, Inc. (a)(c)	23,149		1,181,988
	Vishay Intertechnology, Inc. (a)	115,186		1,021,700
				2,203,688

ENERGY EQUIPMENT & SERVICES - 8.1%
	Core Laboratories N.V. (a)(c)	51,490	7,329,601
	Grey Wolf, Inc. (a)(c)	260,423	2,351,620
	ION Geophysical Corporation (a)	87,743	1,531,115
	Parker Drilling Company (a)	82,286	823,683
			12,036,019

FINANCIAL SERVICES - 0.3%
	Fifth Street Finance Corporation (a)	45,738	470,644

FOOD PRODUCTS - 3.0%
	The Great Atlantic & Pacific Tea Company, Inc. (a)(c)	65,229	1,488,526
	The Hain Celestial Group, Inc. (a)(c)	39,787	934,199
	United Natural Foods, Inc. (a)(c)	106,236	2,069,477
			4,492,202
HEALTH CARE EQUIPMENT & SERVICES - 10.6%
	Life Sciences Research, Inc. (a)	43,857	1,238,522
	Mentor Corporation (c)	42,771	1,189,889
	Omnicell Inc. (a)(c)	147,111	1,938,923
	Pet DRx Corporation (a)	141,692	510,091
	Psychiatric Solutions, Inc. (a)	122,670	4,641,833
	Schein (Henry), Inc. (a)(c)	54,211	2,795,661
	Sunrise Senior Living, Inc. (a)(c)	62,597	1,407,181
	ZOLL Medical Corporation (a)	64,402	2,168,415
			15,890,515
HOTELS, RESTAURANTS & LEISURE - 3.6%
	California Pizza Kitchen, Inc. (a)(c)	35,641	398,823
	Great Wolf Resorts, Inc. (a)	39,637	173,214
	Vail Resorts, Inc. (a)(c)	113,726	4,870,884
			5,442,921
HOUSEHOLD DURABLES - 0.2%
	Interface, Inc. CL A	22,175	277,853

LEISURE EQUIPMENT & PRODUCTS - 0.7%
	LeapFrog Enterprises, Inc. (a)(c)	132,868	1,105,462

MACHINERY - 4.2%
	ESCO Technologies, Inc. (a)	21,911	1,028,064
	Gardner Denver, Inc. (a)	91,469	5,195,439
			6,223,503
MEDIA - 3.0%
	Entercom Communications Corporation (c)	69,129	485,286
	Lions Gate Entertainment Corporation (a)(c)	254,898	2,640,743
	Regal Entertainment Group	87,915	1,343,341
			4,469,370
METALS & MINING - 4.6%
	Coeur d’Alene Mines Corporation (a)(c)	479,893	1,391,690
	Compass Minerals International, Inc.	27,841	2,242,871

	Hecla Mining Company (a)(c)	162,620	1,505,861
	Olympic Steel, Inc.	15,273	1,159,526
	Stillwater Mining Company (a)(c)	44,031	520,887
			6,820,835
OIL & GAS - 5.3%
	Goodrich Petroleum Corporation (c)	49,224	4,081,654
	Natural Gas Services Group Inc. (a)(c)	125,963	3,839,352
			7,921,006
PERSONAL PRODUCTS - 2.3%
	Inter Parfums, Inc. (c)	113,483	1,702,245
	NBTY, Inc. (a)	54,106	1,734,638
			3,436,883

REAL ESTATE - 10.6%
	BioMed Realty Trust, Inc.	22,519	552,391
	Entertainment Properties Trust (c)	140,442	6,943,452
	Grubb & Ellis Company	22,070	84,970
	Hersha Hospitality Trust	370,347	2,796,120
	Ventas, Inc.	129,275	5,503,237
			15,880,170
RETAILING - 3.3%
	GUESS?, Inc.	97,134	3,637,668
	Urban Outfitters, Inc. (a)	39,467	1,230,976
			4,868,644
SOFTWARE & SERVICES - 5.5%
	Blackboard, Inc. (a)(c)	61,199	2,339,638
	China Finance Online Co. Limited (a)(b)	17,802	271,836
	Euronet Worldwide, Inc. (a)(c)	20,384	344,490
	Internet Capital Group, Inc. (a)(c)	125,305	968,608
	Intervoice, Inc. (a)	178,668	1,018,408
	Ulticom, Inc. (a)(c)	163,473	1,389,520
	Verint Systems Inc. (a)(c)	82,921	1,946,985
			8,279,485
TELECOMMUNICATION SERVICES - 1.1%
	Atlantic Tele-Network, Inc. (c)	9,712	267,177
	Hughes Communications, Inc. (a)	26,639	1,307,709
			1,574,886

WIRELESS TELECOMMUNICATION SERVICES - 5.6%
	Crown Castle International Corporation (a)	109,030	4,222,732
	SBA Communications Corporation (a)	116,107	4,181,013
			8,403,745

TOTAL COMMON STOCK			144,686,284
	(Cost $132,621,830)

Warrants - 0.0%

COMMERCIAL SERVICES & SUPPLIES - 0.0%
	Novamerican Steel, Inc. (a)		95,594		69,774
	(Cost $152,018)

Short Term Investments - 2.6%			Par Value
REPURCHASE AGREEMENT- 2.6%
	Repurchase Agreement with State Street Corp. dated 6/30/08 at 0.20% to be repurchased at $3,880,022 on 7/01/08, collateralized by $3,980,000 U.S. Treasury Bill, 2.05% due 9/18/08 (valued at $3,958,906, including interest) (Cost $3,880,000)	$	3,880,000		3,880,000

TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)					148,636,058
	(Cost $136,653,848)

INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED - 29.2%

Private Placement - 29.2%
	SFGA Short-Term Investment Fund		44,342,600		44,342,600
	(Cost $44,342,600)

TOTAL INVESTMENTS - 128.7%					192,978,658
	(Cost $180,996,448) (d)
OTHER ASSETS & LIABILITIES (NET) - (28.7%)					(42,934,531)
NET ASSETS - 100%				$	150,044,127

(a)	Non-income producing security
(b)	ADR - American Depositary Receipts
(c)	All or a portion of this security was out on loan.
(d)	At June 30, 2008, the unrealized appreciation of investments based on
	aggregate cost for federal tax purposes of $181,229,186 was a follows:

	Aggregate gross unrealized appreciation for all investments in which			$	25,632,868
	there is an excess of value of tax cost
	Aggregate gross unrealized decpreciation for all investments in which				(13,883,396)
	there is an excess of tax cost over value
	Net unrealized appreciation / (depreciation)			$	11,749,472

In September 2006, the Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. In accordance with SFAS 157, fair value is defined as the price that a Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. SFAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurement for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three board levels listed below:

•	Level 1 – quoted prices in active markets for identical securities

•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•	Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as June 30, 2008 in valuing the Small Cap Fund’s investments carried at value:

Valuation Inputs	Investments in Securities	Liabilities in Securities Sold Short	Other Financial Instruments*
Level 1	$189,098,658	$ --	$ --
Level 2	3,880,000	--	--
Level 3	--	--	--
Total	$192,978,658	$ --	$ --

*Other Financial Instruments include derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts.

SFAS 157 also requires a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value:

	Investments in Securities	Other Financial Instruments*
Balance as of 3/31/08	$ --	$ --
Realized gain (loss)	--	--
Change in unrealized appreciation (depreciation)	--	--
Net purchases (sales)	--	--
Net transfers in (out) of Level 3	--	--
Balance as of 6/30/08	$ --	$ --

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.

QUANT LONG / SHORT FUND

SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2008

Common Stock - 99.0%

Long Positions - 127.3%
		Shares		Value
AEROSPACE & DEFENSE - 4.0%
	Lockheed Martin Corporation	8,127	$	801,810
	Raytheon Company	89		5,009
	The Boeing Company	31,191		2,049,872
				2,856,691
AIR FREIGHT & COURIER - 2.5%
	FedEx Corporation	22,348		1,760,799

AIRLINES - 1.4%
	Southwest Airlines Co.	77,537		1,011,082

AUTOMOBILES - 2.5%
	Ford Motor Company (a)	201,385		968,662
	Hertz Global Holdings, Inc. (a)	11,775		113,040
	TRW Automotive Holdings Corp. (a)	37,545		693,456
				1,775,158
BANKS - 0.6%
	Capitol Federal Financial	199		7,484
	First Citizens Bancshares, Inc.	13		1,813
	The Bank of New York Mellon Corporation	10,459		395,664
				404,961
BEVERAGES - 1.0%
	Anheuser-Busch Companies, Inc.	3,305		205,307
	Brown Forman Inc.	3,014		227,768
	Molson Coors Brewing Company	4,862		264,152
				697,227
BUILDING PRODUCTS - 0.3%
	Owens Corning (a)	8,315		189,166

CHEMICALS - 2.9%
	Ashland, Inc.	38,487		1,855,074

	Cabot Corporation	8,156	198,272
	Monsanto Company	71	8,977
			2,062,323
COMMERCIAL SERVICES AND SUPPLIES - 5.2%
	C.H. Robinson Worldwide, Inc.	25,097	1,376,320
	Convergys Corporation (a)	4,112	61,104
	H&R Block, Inc.	11,498	246,057
	Manpower, Inc.	6,500	378,560
	MasterCard Incorporated	5,376	1,427,436
	Steelcase, Inc.	27,204	272,856
			3,762,333
COMMUNICATIONS EQUIPMENT - 2.9%
	Corning Incorporated	91,639	2,112,279

COMPUTERS & PERIPHERALS - 4.5%
	Hewlett-Packard Company	72,475	3,204,120

CONSTRUCTION ENGINEERING - 1.6%
	Jacobs Engineering Group, Inc. (a)	8,162	658,673
	Quanta Services, Inc. (a)	13,936	463,651
			1,122,324
CONTAINERS & PACKAGING - 0.0%
	Pactiv Corporation (a)	147	3,121

DIVERSIFIED FINANCIAL SERVICES - 10.3%
	BlackRock, Inc.	5,979	1,058,283
	Capital One Financial Corporation	4,873	185,223
	Discover Financial Services	4,259	56,091
	Janus Capital Group, Inc.	11,962	316,634
	JPMorgan Chase & Co.	56,374	1,934,192
	NYSE Euronext	13,048	661,012
	Raymond James Financial, Inc.	5,431	143,324
	State Street Corporation	9,508	608,417
	The Charles Schwab Corporation	98,244	2,017,932
	The Nasdaq Stock Market, Inc. (a)	10,505	278,908
	The Western Union Company	6,973	172,372

			7,432,388
DIVERSIFIED TELECOMMUNICATION SERVICES - 5.2%
	AT&T Corporation	101,641	3,424,285
	Time Warner Cable, Inc. (a)	10,328	273,486
			3,697,771
ELECTRIC UTILITIES - 2.6%
	Alliant Energy Corporation	1,135	38,885
	DPL, Inc.	263	6,938
	Dynegy, Inc. (a)	2,802	23,957
	Edison International	1,639	84,212
	Reliant Energy, Inc. (a)	80,439	1,710,937
			1,864,929
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.2%
	Avnet, Inc. (a)	7,597	207,246
	AVX Corporation	5,224	59,083
	Molex Incorporated	6,077	148,340
	Tech Data Corporation (a)	7,931	268,782
	Vishay Intertechnology, Inc. (a)	18,162	161,097
			844,548
ENERGY EQUIPMENT & SERVICES - 3.6%
	Halliburton Company	26,047	1,382,314
	Schlumberger Limited	11,018	1,183,664
			2,565,978
FOOD PRODUCTS - 2.6%
	Bunge Limited	2,232	240,364
	Tyson Foods, Inc.	106,354	1,588,929
	Wm. Wrigley Jr. Company	429	33,367
			1,862,660
FOOD STAPLES & DRUG RETAILING - 3.6%
	Archer-Daniels-Midland Company	35,991	1,214,696
	Coca-Cola Enterprises, Inc.	32,516	562,527
	Rite Aid Corporation (a)	132,477	210,638
	SYSCO Corporation	3,083	84,813
	The Kroger Co.	18,304	528,437
			2,601,111

HEALTH CARE EQUIPMENT & SERVICES - 5.4%
	Applera Corporation-Applied Biosystems Group	16,448	550,680
	HLTH Corporation (a)	11,461	129,738
	Humana Inc. (a)	18,307	728,069
	McKesson Corporation	39,537	2,210,514
	Stryker Corporation	4,319	271,579
			3,890,580
HEALTH CARE PROVIDERS & SERVICES - 4.9%
	Aetna, Inc.	2,303	93,340
	Cardinal Health, Inc.	36,081	1,861,058
	CIGNA Corporation	28,248	999,697
	Tenet Healthcare Corporation (a)	97,630	542,823
			3,496,918
HOTELS, RESTAURANTS & LEISURE - 1.3%
	Marriott International, Inc.	9,429	247,417
	Wyndham Worldwide Corporation	37,431	670,389
			917,806
HOUSEHOLD DURABLES - 0.8%
	Snap-on Incorporated	10,996	571,902

HOUSEHOLD PRODUCTS - 0.9%
	Procter & Gamble Company	9,918	603,114

INDUSTRIAL CONGLOMERATES - 3.8%
	General Electric Company	68,424	1,826,237
	KBR, Inc.	26,051	909,440
			2,735,677
INSURANCE - 2.6%
	ACE Ltd.	6,815	375,438
	Loews Corporation	4,054	190,133
	MetLife, Inc.	4,645	245,117
	The Travelers Companies, Inc.	25,131	1,090,685
			1,901,373
INTERNET SOFTWARE & SERVICES - 0.1%
	Akamai Technologies, Inc. (a)	2,738	95,255

IT CONSULTING & SERVICES - 3.6%

	Accenture, Ltd.	8,357	340,298
	Electronic Data Systems Corporation	15,982	393,796
	Sun Microsystems, Inc. (a)	150,529	1,637,756
	Unisys Corporation (a)	59,915	236,664
			2,608,514
MACHINERY - 2.3%
	AGCO Corporation (a)	4,069	213,256
	Flowserve Corporation	1,092	149,277
	Harsco Corporation	3,091	168,181
	Parker-Hannifin Corporation	2,437	173,807
	Pentair, Inc.	12	420
	The Manitowoc Company, Inc.	818	26,610
	The Timken Company	28,085	925,120
			1,656,671
MEDIA - 5.1%
	Clear Channel Communications, Inc.	1,097	38,615
	Comcast Corporation	8,104	153,733
	John Wiley & Sons, Inc.	1,276	57,458
	News Corporation	104,608	1,573,304
	The Interpublic Group of Companies, Inc. (a)	34,906	300,192
	Time Warner, Inc.	101,414	1,500,927
	Virgin Media, Inc.	3,635	49,472
			3,673,701
METALS & MINING - 2.9%
	AK Steel Holding Corporation	2,120	146,280
	Arch Coal, Inc.	16,252	1,219,388
	Foundation Coal Holdings, Inc.	8,087	716,346
			2,082,014
OIL & GAS - 13.4%
	Chevron Corporation	36,245	3,592,967
	Devon Energy Corporation	2,014	242,002
	Exxon Mobil Corporation	59,406	5,235,451
	Murphy Oil Corporation	28	2,746
	Pioneer Natural Resources Company	7,462	584,125

			9,657,291
PAPER & FOREST PRODUCTS - 0.5%
	Rayonier, Inc.	8,338	354,031

PERSONAL PRODUCTS - 0.0%
	The Estee Lauder Companies, Inc.	540	25,083

PHARMACEUTICALS & BIOTECHNOLOGY - 6.0%
	AmerisourceBergen Corporation	57,629	2,304,584
	Medco Health Solutions, Inc. (a)	42,524	2,007,133
			4,311,717
REAL ESTATE - 4.1%
	Boston Properties, Inc.	24,063	2,170,964
	Colonial Properties Trust	4,438	88,849
	Jones Lang LaSalle Incorporated	10,978	660,766
	Public Storage	194	15,673
	The St. Joe Company	382	13,110
			2,949,362
RETAILING - 2.1%
	Bare Escentuals, Inc. (a)	100	1,873
	Big Lots, Inc. (a)	47,204	1,474,653
	Costco Wholesale Corporation	452	31,703
	Wal-Mart Stores, Inc.	220	12,364
			1,520,593
ROAD & RAIL - 0.0%
	Union Pacific Corporation	420	31,710

SEMICONDUCTOR EQUIPMENT - 2.8%
	Texas Instruments Inc.	70,210	1,977,114

SOFTWARE & SERVICES - 3.4%
	CA, Inc.	6,083	140,456
	Computer Sciences Corporation (a)	8,488	397,578
	Microsoft Corporation	61,596	1,694,506
	Synopsys, Inc. (a)	9,032	215,955
			2,448,495
TEXTILES & APPAREL - 0.0%

	Phillips-Van Heusen Corporation	260	9,521

TOBACCO - 1.2%
	Altria Group, Inc.	23,308	479,212
	Philip Morris International Inc. (a)	8,274	408,653
			887,865
UTILITIES - 1.3%
	Nalco Holding Company	44,128	933,307

WIRELESS TELECOMMUNICATIONS - 0.3%
	Leap Wireless International, Inc. (a)	540	23,312
	Telephone and Data Systems, Inc.	1,359	64,240
	United States Cellular Corporation (a)	2,510	141,940
			229,492

TOTAL LONG POSITIONS - 127.3%			91,400,075
	(Cost $98,139,662) (b)

Short Positions - (28.3%)

AIRLINES - (1.3%)
	Aircastle Limited	(2,487)	(20,916)
	AMR Corporation (a)	(69,880)	(357,785)
	Copa Holdings, S.A.	(20,626)	(580,828)
			(959,529)
AUTOMOBILES & COMPONENTS - (0.5%)
	General Motors Corporation	(9,169)	(105,443)
	Gentex Corporation	(10,818)	(156,212)
	Harley-Davidson, Inc.	(1,283)	(46,522)
			(308,177)
BANKS - (1.5%)
	MBIA, Inc.	(38,145)	(167,457)
	Sovereign Bancorp, Inc.	(84,166)	(619,462)
	Washington Mutual, Inc	(53,310)	(262,818)
			(1,049,737)
BEVERAGES - (0.6%)
	Dr Pepper Snapple Group, Inc. (a)	(21,221)	(445,217)


CHEMICALS - (0.0%)
	The Lubrizol Corporation	(571)	(26,454)

COMMERCIAL SERVICES AND SUPPLIES - (1.0%)
	Discovery Holding Company (a)	(7,162)	(157,278)
	ITT Educational Services, Inc. (a)	(898)	(74,202)
	Pitney Bowes, Inc.	(1,074)	(36,623)
	The Corporate Executive Board Company	(201)	(8,452)
	Weight Watchers International, Inc.	(11,603)	(413,183)
			(689,738)
CONSTRUCTION & ENGINEERING - (1.0%)
	Eagle Materials, Inc.	(6,823)	(172,827)
	Louisiana-Pacific Corporation	(67,631)	(574,187)
			(747,014)
CONSUMER SERVICES & SUPPLIES - (0.2%)
	Apollo Group, Inc. (a)	(3,510)	(155,353)

CONTAINERS & PACKAGING - (0.1%)
	Packaging Corporation of America	(1,669)	(35,900)

DIVERSIFIED FINANCIAL SERVICES - (2.1%)
	Affiliated Managers Group, Inc. (a)	(419)	(37,735)
	CapitalSource, Inc.	(14,447)	(160,073)
	First Horizon National Corporation	(39,996)	(297,170)
	Jefferies Group, Inc.	(36,246)	(609,658)
	MF Global, Ltd.	(4,882)	(30,805)
	SLM Corporation	(21,217)	(410,549)
			(1,545,990)
DIVERSIFIED TELECOMMUNICATION SERVICES - (0.8%)
	Citizens Communications Company	(8,099)	(91,843)
	Windstream Corporation	(40,779)	(503,213)
			(595,056)
HEALTH CARE PROVIDERS & SERVICES - (2.1%)
	LifePoint Hospitals, Inc. (a)	(24,180)	(684,294)
	Lincare Holdings, Inc. (a)	(27,900)	(792,360)
			(1,476,654)

HOTELS, RESTAURANTS & LEISURE - (0.4%)
	Las Vegas Sands Corp. (a)	(5,614)	(266,328)

HOUSEHOLD DURABLES - (1.4%)
	D.R. Horton, Inc.	(21,925)	(237,886)
	KB Home	(29,260)	(495,372)
	The Ryland Group, Inc.	(11,208)	(244,447)
			(977,705)
INSURANCE - (0.5%)
	Leucadia National Corporation	(248)	(11,641)
	The PMI Group, Inc.	(29,099)	(56,743)
	XL Capital, Ltd.	(13,826)	(284,262)
			(352,646)
INVESTMENT SERVICES - (1.2%)
	Merrill Lynch & Company, Inc.	(26,384)	(836,637)

MEDIA - (2.6%)
	Central European Media Enterprises, Ltd. (a)	(18,255)	(1,652,625)
	CTC Media, Inc. (a)	(2,063)	(50,874)
	DreamWorks Animation SKG, Inc. (a)	(6,172)	(183,987)
			(1,887,486)
OFFICE ELECTROINCIS - (1.0%)
	Zebra Technologies Corporation (a)	(22,922)	(748,174)

OIL & GAS - (1.5%)
	Teekay Corporation	(20,929)	(945,572)
	Tesoro Corporation	(8,485)	(167,748)
			(1,113,320)
PAPER & FOREST PRODUCTS - (0.6%)
	Weyerhaeuser Company	(7,829)	(400,375)

PHARMACEUTICAL & BIOTECHNOLOGY - (2.9%)
	Cephalon, Inc. (a)	(2,648)	(176,595)
	ImClone Systems Incorporated (a)	(7,683)	(310,854)
	Mylan, Inc.	(135,356)	(1,633,747)
			(2,121,196)
REAL ESTATE - (0.8%)

	Brandywine Realty Trust	(3,662)		(57,713)
	CBL & Associates Properties, Inc.	(4,108)		(93,827)
	Forest City Enterprises, Inc.	(8,547)		(275,384)
	UDR, Inc.	(2,084)		(46,640)
	Ventas, Inc.	(2,664)		(113,406)
				(586,970)
RETAILING - (0.9%)
	Advance Auto Parts, Inc.	(3,833)		(148,835)
	AutoZone, Inc. (a)	(1,563)		(189,139)
	Circuit City Stores, Inc.	(99,830)		(288,509)
				(626,483)
SEMICONDUCTOR EQUIPMENT - (2.3%)
	Advanced Micro Devices, Inc. (a)	(17,354)		(101,174)
	International Rectifier Corp. (a)	(1,442)		(27,687)
	Linear Technology Corporation	(45,834)		(1,492,813)
				(1,621,674)
SOFTWARE & SERVICES - (0.7%)
	Fair Isaac Corporation	(25,227)		(523,965)

TRADING COMPANIES & DISTRIBUTORS - (0.3%)
	MSC Industrial Direct Co., Inc.	(4,594)		(202,641)

TOTAL SHORT POSITIONS (28.3%)				(20,300,419)
	(Proceeds $23,547,336) (b)

TOTAL INVESTMENTS - 99.0%				71,099,656
	(Cost $74,592,326) (b)
OTHER ASSETS & LIABILITIES (NET) - 1.0%				692,170
NET ASSETS - 100%			$	71,791,826


(a)	Non-Income producing security
(b)	At June 30, 2008, the unrealized appreciation of investments based on
	aggregate cost for federal tax purposes of $75,918,546 was a follows:

	Aggregate gross unrealized appreciation for all investments in which		$	5,064,376
	there is an excess of value of tax cost
	Aggregate gross unrealized decpreciation for all investments in which			(9,883,266)
	there is an excess of tax cost over value
	Net unrealized appreciation / (depreciation)		$	(4,818,890)

All long security holdings are held as collateral for short security positions.

•	Level 1 – quoted prices in active markets for identical securities

•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•	Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as June 30, 2008 in valuing the Long Short Fund’s investments carried at value:

Valuation Inputs	Investments in Securities	Liabilities in Securities Sold Short	Other Financial Instruments*
Level 1	$91,400,075	$20,300,419	$ --
Level 2	--	--	--
Level 3	--	--	--
Total	$91,400,075	$20,300,419	$ --

*Other Financial Instruments include derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts.

SFAS 157 also requires a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value:

	Investments in Securities	Other Financial Instruments*
Balance as of 3/31/08	$ --	$ --
Realized gain (loss)	--	--
Change in unrealized appreciation (depreciation)	--	--
Net purchases (sales)	--	--
Net transfers in (out) of Level 3	--	--
Balance as of 6/30/08	$ --	$ --

QUANT EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2008

Common Stock - 86.3%
		Shares		Value
BRAZIL - 12.6%
	Companhia de Saneamento Basico de Estado de Sao Paolo	459,000	$	11,796,897
	Gerdau SA (a)	564,174		13,545,818
	Petroleo Brasileiro SA (a)	387,436		22,451,916
	Unibanco-Uniao de Bancos Brasileiros SA (b)	80,031		10,158,335
	Usinas Siderurgicas de Minas Gerais SA (c)	156,600		7,716,465
				65,669,431
CHINA - 14.8%
	Angang Steel Company Limited	2,995,000		6,007,554
	Chaoda Modern Argriculture (Holdings) Limited	10,400,400		13,125,301
	China Construction Bank Corporation	6,697,000		5,393,915
	China Mobile Limited	1,222,000		16,424,668
	China Petroleum and Chemical Corporation (Sinopec)	10,592,000		9,916,649
	China Shipping Development Company, Ltd.	4,106,000		12,322,502
	Hopson Development Holdings Limited	3,546,000		3,988,434
	Industrial and Commercial Bank of China	7,652,000		5,230,778
	Jiangxi Copper Company Limited	1,227,000		2,407,687
	Shenzhen Investment Limited	5,966,000		2,150,075
				76,967,563
CZECH REPUBLIC - 3.0%
	Ceske Energeticke Zavody	175,671		15,559,466

HUNGARY - 1.4%
	MOL Hungarian Oil and Gas Nyrt.	17,400		2,346,206
	OTP Bank Nyrt.	117,984		4,942,854
				7,289,060
INDIA - 1.9%
	Infosys Technologies Limited (a)	79,400		3,450,724
	Mahindra & Mahindra Ltd. (b)	118,400		1,343,840
	State Bank of India (b)	96,077		5,168,943
				9,963,507
ISRAEL - 2.0%
	Partner Communications Company Ltd.	438,714		10,434,668

MALAYSIA - 1.1%
	Bumiputra-Commerce Holdings Bhd	2,337,700		5,723,520

MEXICO - 5.6%
	America Movil SAB de CV	2,074,410		5,485,860
	Consorcio Ara S.A. de CV	4,496,400		4,154,182
	Controladora Comercial Mexicana SA de CV	1,485,700		4,462,471

	Grupo Mexico SAB de CV	4,918,800	11,170,140
	Telefonos De Mexico SAB de CV (Telmex)	1,971,020	2,341,295
	Telefonos De Mexico SAB de CV International (Telmex)	1,971,020	1,599,119
			29,213,067
PHILIPPINES - 0.5%
	First Philippine Holdings Corporation	2,662,800	1,319,686
	Petron Corporation	7,805,598	1,130,112
			2,449,798
POLAND - 0.8%
	Globe Trade Centre S.A. (c)	307,133	4,382,359

RUSSIA - 10.0%
	Gazprom (a)	425,627	24,686,366
	JSC MMC Norilsk Nickel (a)	351,000	8,880,300
	LUKoil (a)	62,900	6,201,940
	SISTEMA JSFC (b)	198,426	5,964,686
	Tatneft (b)	44,546	6,715,309
			52,448,601
SOUTH AFRICA - 5.8%
	African Bank Investments Limited	2,543,940	7,689,163
	MTN Group Limited	609,120	9,712,531
	Nampak Limited	912,654	1,548,753
	Sasol Ltd.	37,525	2,215,551
	Standard Bank Group Limited	374,213	3,656,820
	Steinhoff International Holdings Limited	619,758	1,263,646
	Tiger Brands Limited	236,093	4,263,462
			30,349,926
SOUTH KOREA - 12.3%
	Daelim Industrial Co., Ltd.	75,710	7,744,343
	Dongbu Insurance Co., Ltd.	125,500	4,607,046
	GS Engineering & Construction Corp.	53,150	5,817,767
	Hyundai Marine & Fire Insurance, Co., Ltd.	364,380	7,942,129
	Hyundai Heavy Industries Co., Ltd.	36,260	11,231,050
	Hyundai Mipo Dockyard Co., Ltd.	19,340	3,790,163
	Samsung Electronics Co., Ltd.	20,040	11,973,615
	Shinhan Financial Group Co., Ltd.	118,320	5,350,161
	SK Holdings Co., Ltd.	14,320	1,765,957
	SK Energy Co., Ltd.	35,059	3,904,568
			64,126,799
TAIWAN - 10.1%
	AU Optronics Corp.	2,663,262	4,185,339
	China Steel Corporation	6,142,920	9,481,626
	D-Link Corporation	2,528,784	3,415,812
	Delta Electronics Inc.	1,154,493	3,214,004
	MediaTek Incorporation	343,087	3,956,131
	Nan Ya Plastics Corporation	3,434,000	7,297,236
	Powertech Technology Inc.	2,589,900	9,087,219
	Siliconware Precision Industries Company	3,207,349	4,728,655

	Unimicron Technology Corp.		6,634,000	7,540,375
				52,906,397
THAILAND - 1.9%
	PTT Aromatics and Refining		10,342,939	7,114,928
	Public Company Limited
	PTT Public Company Limited		385,100	3,040,718
				10,155,646
TURKEY - 2.5%
	Turkcell Iletisim Hizmetleri AS		364,889	2,088,660
	Turkiye Garanti Bankasi AS		1,214,870	2,801,483
	Turkiye Sise ve Cam Fabrikalari AS		3,138,678	3,336,562
	Yapi ve Kredi Bankasi AS		2,662,323	4,876,608
				13,103,313

TOTAL COMMON STOCK				450,743,121
	(Cost $372,655,614)

Preferred Stock - 6.0%
BRAZIL - 6.0%
	Banco Bradesco SA (a)		645,249	13,201,794
	Companhia Vale do Rio Doce (a)		605,452	18,066,688

TOTAL PREFERRED STOCK				31,268,482
	(Cost $15,542,100)

Exchange Traded Funds - 5.0%
OTHER - 5.0%
	iShares MSCI Emerging Market Index Fund		90,842	12,316,358
	Vanguard Emerging Markets ETF		293,732	13,746,658

TOTAL EXCHANGE TRADED FUNDS				26,063,016
	(Cost $26,901,946)

Short Term Investments - 0.3%			Par Value
REPURCHASE AGREEMENT - 0.3%
	Repurchase Agreement with State Street Corp. dated 6/30/08 at 0.20% to be repurchased at $1,307,007 on 7/01/08, collateralized by $1,345,000 U.S. Treasury Bill, 1.86% due 9/25/08 (valued at $1,337,468, including interest) (Cost $1,307,000)	$	1,307,000	1,307,000

TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)				509,381,619
	(Cost $416,406,660)

INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED - 0.8%

Private Placement - 0.8%

	SFGA Short-Term Investment Fund	4,212,648		4,212,648
	(Cost $4,212,648)

TOTAL INVESTMENTS - 98.4%				513,594,267
(Cost $420,619,308) (d)
OTHER ASSETS & LIABILITIES (Net) - 1.6%				8,104,798
NET ASSETS - 100%			$	521,699,065

(a)	ADR - American Depositary Receipts
(b)	GDR - Global Depositary Receipts
(c)	Non-income producing security.
(d)	All or a portion of this security was out on loan.
(e)	At June 30, 2008, the unrealized appreciation of investments based on
	aggregate cost for federal tax purposes of $420,619,308 was a follows:

	Aggregate gross unrealized appreciation for all investments in which		$	135,937,504
	there is an excess of value of tax cost
	Aggregate gross unrealized decpreciation for all investments in which			(42,962,545)
	there is an excess of tax cost over value
	Net unrealized appreciation / (depreciation)		$	92,974,959

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)
	Financials			19.1%
	Energy			18.0%
	Materials			17.0%
	Telecommunication Services			10.6%
	Information Technology			10.2%
	Industrials			8.1%
	Utilities			5.6%
	Exchange Traded Funds			5.1%
	Consumer Staples			4.3%
	Consumer Discretionary			2.0%

•	Level 1 – quoted prices in active markets for identical securities

•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•	Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as June 30, 2008 in valuing the Emerging Markets Fund’s investments carried at value:

Valuation Inputs	Investments in Securities	Liabilities in Securities Sold Short	Other Financial Instruments*
Level 1	$512,287,267	$ --	$ --
Level 2	51,307,000	--	--
Level 3	--	--	--
Total	$513,594,267	$ --	$ --

*Other Financial Instruments include derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts.

SFAS 157 also requires a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value:

	Investments in Securities	Other Financial Instruments*
Balance as of 3/31/08	$ --	$ --
Realized gain (loss)	--	--
Change in unrealized appreciation (depreciation)	--	--
Net purchases (sales)	--	--
Net transfers in (out) of Level 3	--	--
Balance as of 6/30/08	$ --	$ --

QUANT FOREIGN VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2008

Common Stock - 98.7%
		Shares		Value
AUSTRALIA - 2.8%
	BHP Billiton Ltd.	523,850	$	21,893,004

AUSTRIA - 2.6%
	Andritz AG	324,460		20,462,620

BELGIUM - 4.0%
	KBC Groep N.V.	146,356		16,254,813
	Solvay S.A.	112,080		14,664,742
				30,919,555
CANADA - 2.4%
	Methanex Corporation	650,607		18,360,678

FINLAND - 10.5%
	Cargotec Corp., Class B	386,850		13,468,800
	Kone Corporation OYJ-B	570,600		20,073,009
	Konecranes OYJ	466,480		19,319,075
	UPM-Kymmene OYJ	436,580		7,149,814
	Yit OYJ	854,500		21,502,373
				81,513,071
FRANCE - 10.2%
	Christian Dior S.A.	164,673		16,984,832
	Compagnie de Saint Gobain S.A.	224,620		14,056,391
	Euler Hermes	80,034		5,954,892
	Imerys S.A.	203,098		14,714,836
	Tecnip S.A.	296,600		27,458,206
				79,169,157
GERMANY - 9.2%
	BASF SE	254,400		17,554,442
	Continental AG	155,337		15,965,630
	Hannover Rueckvers	240,500		11,872,719
	Muenchener Ruckvers AG	48,700		8,532,289

	Tognum AG	649,800	17,517,859
			71,442,939

IRELAND - 8.1%
	Anglo Irish Bank Corporation plc	1,527,922	14,315,803
	Bank of Ireland	1,431,139	12,450,534
	CRH PLC	486,988	14,158,395
	Greencore Group plc	3,982,391	12,538,197
	Smurfit Kappa PLC (b)	1,141,000	9,307,069
			62,769,998
ITALY - 0.8%
	Trevi Finanziaria SpA	247,093	6,342,283

JAPAN - 18.4%
	Asahi Breweries Ltd.	911,400	17,010,969
	Culture Convenience Club Co., Ltd.	1,069,100	5,164,783
	Iino Kaiun Kaisha, Ltd.	1,771,600	16,149,438
	Kansai Electric Power Company Inc.	630,300	14,749,934
	KDDI Corporation	2,356	14,554,440
	Maruichi Steel Tube Ltd.	523,400	16,363,952
	Meiji Dairies Corporation	3,053,000	15,668,942
	Nippon Yusen Kabushiki Kaisha	1,963,000	18,873,934
	Showa Denko K.K.	5,524,000	14,669,630
	Tokyo Electric Power Company Inc.	398,400	10,242,320
			143,448,342
MEXICO - 2.2%
	Cemex S.A. de CV (a)	702,408	17,349,486

NORWAY - 3.4%
	Camillo Eitzen & Co. ASA	821,479	10,083,555
	DnB NOR ASA	1,296,323	16,497,777
	Eitzen Maritime Services ASA (b)	231,851	135,695
			26,717,027
SOUTH AFRICA - 5.9%
	Metorex Limited (b)	4,759,918	14,082,237
	Sappi Ltd.	1,236,683	15,038,813

	Sasol Ltd.		277,735		16,398,032
					45,519,082
SOUTH KOREA - 3.9%
	Samsung Electronics Company Ltd.		27,485		16,421,897
	SK Telecom Company Ltd.		78,593		14,312,859
					30,734,756
SPAIN - 2.0%
	Banco Bilbao Vizcaya Argentaria		831,746		15,939,652

SWEDEN - 5.5%
	Autoliv Inc.		385,434		17,968,933
	Duni AB		1,179,500		8,614,491
	Investor AB		772,956		16,326,442
					42,909,866
THAILAND - 1.6%
	Thai Oil Plc		8,032,900		12,493,220

UNITED KINGDOM - 5.2%
	Barratt Developments PLC		2,267,039		2,617,536
	Bellway PLC		1,099,930		9,908,076
	Lloyds TSB Group PLC		2,268,727		14,034,569
	Persimmon PLC		1,219,443		7,671,041
	Taylor Wimpey PLC		4,907,051		6,056,447
					40,287,669

TOTAL COMMON STOCK					768,272,405
	(Cost $939,453,698)

Short Term Investments - 0.3%			Par Value
COMMERCIAL PAPER - 0.3%
	Prudential Funding LLC, 1.95%, due 7/01/2008	$	2,449,000		2,449,000
	(Cost $2,449,000)

TOTAL INVESTMENTS - 99.0%					770,721,405
	(Cost $941,902,698) (c)
OTHER ASSETS & LIABILITIES (NET) - 1.0%					7,748,586
NET ASSETS - 100%				$	778,469,991


(a)	ADR - American Depository Receipts
(b)	Non-income producing security
(c)	At June 30, 2008, the unrealized appreciation of investments based on
	aggregate cost for federal tax purposes of $942,145,592 was a follows:

	Aggregate gross unrealized appreciation for all investments in which	$	65,619,151
	there is an excess of value of tax cost
	Aggregate gross unrealized decpreciation for all investments in which		(237,043,338)
	there is an excess of tax cost over value
	Net unrealized appreciation / (depreciation)	$	(171,424,187)


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)
Materials			25.4%
Industrials			23.2%
Financials			17.2%
Consumer Discretionary			11.8%
Energy			7.3%
Consumer Staples			5.9%
Telecommunication Services			3.8%
Utilities			3.3%
Information Technology			2.1%

•	Level 1 – quoted prices in active markets for identical securities

•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•	Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as June 30, 2008 in valuing the Foreign Value Fund’s investments carried at value:

Valuation Inputs	Investments in Securities	Liabilities in Securities Sold Short	Other Financial Instruments*
Level 1	$755,779,185	$ --	$ --
Level 2	14,942,220	--	--
Level 3	--	--	--
Total	$770,721,405	$ --	$ --

*Other Financial Instruments include derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts.

SFAS 157 also requires a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value:

	Investments in Securities	Other Financial Instruments*
Balance as of 3/31/08	$ --	$ --
Realized gain (loss)	--	--
Change in unrealized appreciation (depreciation)	--	--
Net purchases (sales)	--	--
Net transfers in (out) of Level 3	--	--
Balance as of 6/30/08	$ --	$ --

QUANT FOREIGN VALUE SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2008

Common Stock - 72.5%
		Shares		Value
AUSTRALIA - 1.9%
	Austal Limited	134,200	$	329,839

CHINA - 4.4%
	Sichuan Expressway Company Limited	1,242,000		356,807
	Vtech Holdings Limited	68,000		409,893
				766,700
FINLAND - 4.4%
	Salcomp Oyj	72,400		399,029
	Uponor Oyj	24,400		358,867
				757,896
FRANCE - 2.3%
	Bonduelle SA	3,600		402,606

GERMANY - 1.9%
	Heidelberger Druckmaschinen AG	16,700		342,656

IRELAND - 5.4%
	Grafton Group plc	56,500		329,191
	Greencore Group plc	83,000		261,400
	IFG Group plc	126,600		355,852
				946,443
ITALY - 7.0%
	De'Longhi SpA	90,000		415,248
	Marazzi Group SpA	36,200		406,439
	Trevi Finanziaria SpA	15,600		400,415
				1,222,102
JAPAN - 8.9%
	Accordia Golf Co., Ltd.	360		383,087
	Culture Convenience Club Co., Ltd.	88,400		427,057
	Iino Kaiun Kaisha, Ltd.	42,400		386,507
	Makino Milling Machine Co., Ltd.	56,000		352,802

			1,549,453
NORWAY - 6.0%
	ABG Sundal Collier Holding ASA	227,000	338,826
	SpareBank 1 SMN	36,600	359,408
	SpareBank 1 Nord-Norge	20,700	349,628
			1,047,862
SOUTH AFRICA - 2.2%
	Metorex Limited (a)	127,400	376,913

SWEDEN - 6.4%
	Duni AB	51,500	376,131
	Nolato AB	42,700	372,106
	Transcom WorldWide S.A.	70,200	358,894
			1,107,131
SWITZERLAND - 4.8%
	Bobst Group SA	4,900	393,527
	Vetropack Holding AG	180	436,947
			830,474
UNITED KINGDOM - 16.9%
	Character Group plc	159,000	313,356
	Clarkson PLC	20,300	394,413
	CSR plc (a)	61,800	329,400
	Filtrona plc	125,200	354,538
	Halfords Group plc	72,900	390,015
	Keller Group plc	30,100	374,500
	The Restaurant Group plc	156,000	388,187
	Vitec Group plc	44,900	403,562
			2,947,971

TOTAL COMMON STOCK			12,628,046
	(Cost $13,759,366)

Preferred Stock - 2.2%
GERMANY - 2.2%
	Drägerwerk AG	6,800	378,848
	(Cost $429,311)

Exchange Traded Funds - 0.2%
OTHER - 0.2%
	iShares MSCI EAFE Small Cap Index Fund		500		22,180
	SPDR S&P International Small Cap Fund		600		18,540

TOTAL EXCHANGE TRADED FUNDS					40,720
	(Cost $43,316)

Short Term Investments - 29.3%			Par Value
COMMERCIAL PAPER - 29.3%
	Prudential Funding LLC, 1.95%, due 7/01/2008	$	5,101,000		5,101,000
	(Cost $5,101,000)

TOTAL INVESTMENTS - 104.2%					18,148,614
	(Cost $19,332,993) (b)
OTHER ASSETS & LIABILITIES (NET) - (4.2%)					(739,249)
NET ASSETS - 100%				$	17,409,364

(a)	Non-income producing security
(b)	At June 30, 2008, the unrealized appreciation of investments based on
	aggregate cost for federal tax purposes of $19,332,993 was a follows:

	Aggregate gross unrealized appreciation for all investments in which			$	158,510
	there is an excess of value of tax cost
	Aggregate gross unrealized decpreciation for all investments in which				(1,342,889)
	there is an excess of tax cost over value
	Net unrealized appreciation / (depreciation)			$	(1,184,379)

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)
Industrials					39.9%
Consumer Discretionary					23.5%
Materials					9.0%
Information Technology					8.5%
Financials					10.8%
Consumer Staples					5.1%
Health Care					2.9%
Commingled Fund					0.3%

•	Level 1 – quoted prices in active markets for identical securities

•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•	Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as June 30, 2008 in valuing the Foreign Value Small Cap Fund’s investments carried at value:

Valuation Inputs	Investments in Securities	Liabilities in Securities Sold Short	Other Financial Instruments*
Level 1	$13,047,614	$ --	$ --
Level 2	5,101,000	--	--
Level 3	--	--	--
Total	$18,148,614	$ --	$ --

*Other Financial Instruments include derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts.

SFAS 157 also requires a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value:

	Investments in Securities	Other Financial Instruments*
Balance as of 5/01/08	$ --	$ --
Realized gain (loss)	--	--
Change in unrealized appreciation (depreciation)	--	--
Net purchases (sales)	--	--
Net transfers in (out) of Level 3	--	--
Balance as of 6/30/08	$ --	$ --

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 11, 2008

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 11, 2008

By:	/s/ Leon Okurowski

Leon Okurowski

Treasurer (Principal Financial Officer)

Date: August 11, 2008