Quant Small Cap Fund Holdings as of August 31, 2010

Security Name CUSIP Number Shares/Par Value Base Market Value 3PAR INC '88580F109 36,969 1,187,444 ACACIA RESEARCH ACACIA TEC '003881307 147,035 2,208,466 AEGEAN MARINE PETROLEUM NETW 'Y0017S102 29,153 434,088 ALLIANCE DATA SYSTEMS CORP '018581108 44,690 2,511,131 AMB PROPERTY CORP '00163T109 25,437 605,146 AMERICAN CAMPUS COMMUNITIES '024835100 42,601 1,269,084 ASPEN INSURANCE HOLDINGS LTD 'G05384105 26,972 766,005 ATHEROS COMMUNICATIONS '04743P108 10,321 254,516 BALCHEM CORP '057665200 37,492 916,679 BANK OF THE OZARKS '063904106 7,695 282,714 BIOSCRIP INC '09069N108 203,133 987,226 BLACKBOARD INC '091935502 54,691 1,809,725 CALIFORNIA PIZZA KITCHEN INC '13054D109 26,899 413,169 CHICO S FAS INC '168615102 167,072 1,378,344 CLEAN HARBORS INC '184496107 6,020 363,909 COBIZ FINANCIAL INC '190897108 116,266 619,698 COINSTAR INC '19259P300 30,809 1,340,192 COMPASS MINERALS INTERNATION '20451N101 56,125 4,026,969 CORE LABORATORIES N.V. 'N22717107 58,328 4,603,829 DIAMOND FOODS INC '252603105 34,851 1,471,758 ENTERTAINMENT PROPERTIES TR '29380T105 120,943 5,211,434 ERESEARCH TECHNOLOGY INC '29481V108 140,343 1,039,240 FERRO CORP '315405100 90,792 971,474 FIFTH STREET FINANCE CORP '31678A103 85,689 844,894 FINISAR CORPORATION '31787A507 98,365 1,258,088 FIRST CASH FINL SVCS INC '31942D107 44,090 1,051,987 FNB CORP '302520101 61,739 479,712 FRED S INC CLASS A '356108100 77,151 850,204 GARDNER DENVER INC '365558105 57,109 2,726,384 GUESS? INC '401617105 87,628 2,831,261 HENRY SCHEIN INC '806407102 26,628 1,405,958 HERSHA HOSPITALITY TRUST '427825104 579,217 2,745,489 HUGHES COMMUNICATIONS INC '444398101 15,866 368,726 INTERNET CAPITAL GROUP INC '46059C205 143,198 1,205,011 KFORCE INC '493732101 66,369 701,520 LSB INDUSTRIES INC '502160104 58,123 963,679 MASTEC INC '576323109 30,279 293,101 MEDIAMIND TECHOLOGIES INC '58449C100 26,064 307,555 MIDDLEBY CORP '596278101 13,948 767,001 NATURAL GAS SERVICES GROUP '63886Q109 38,276 543,519 NICE SYSTEMS LTD SPONS ADR '653656108 82,445 2,209,526 NUVASIVE INC '670704105 18,695 548,698 OPTIONSXPRESS HOLDINGS INC '684010101 41,861 596,101 OSI SYSTEMS INC '671044105 38,066 1,125,992 PHILLIPS VAN HEUSEN '718592108 18,560 847,821 PINNACLE FINANCIAL PARTNERS '72346Q104 28,536 244,268 POWER ONE INC '73930R102 73,906 752,363 RAILAMERICA INC '750753402 9,871 98,513 REGAL ENTERTAINMENT GROUP A '758766109 278,317 3,426,082 RF MICRO DEVICES INC '749941100 99,294 484,555 RIVERBED TECHNOLOGY INC '768573107 36,796 1,411,495 Quant Small Cap Fund Holdings as of August 31, 2010

SBA COMMUNICATIONS CORP CL A '78388J106 122,945 4,401,431 SILGAN HOLDINGS INC '827048109 57,209 1,709,977 SIRONA DENTAL SYSTEMS INC '82966C103 19,449 613,032 SONOCO PRODUCTS CO '835495102 28,420 893,809 SUCCESSFACTORS INC '864596101 11,959 252,335 SXC HEALTH SOLUTIONS CORP '78505P100 21,258 1,653,872 TALBOTS INC '874161102 48,235 481,385 TARGACEPT INC '87611R306 21,088 437,998 TNS INC '872960109 12,944 194,419 TOWER BANCORP INC '891709107 31,297 587,758 TRADESTATION GROUP INC '89267P105 63,207 371,025 TRUE RELIGION APPAREL INC '89784N104 38,736 680,979 ULTICOM INC '903844207 34,277 265,304 UNITED NATURAL FOODS INC '911163103 66,881 2,323,446 UNITED THERAPEUTICS CORP '91307C102 16,698 771,782 UNIVERSAL HEALTH SERVICES B '913903100 38,478 1,208,209 VENTAS INC '92276F100 68,417 3,455,743 VERINT SYSTEMS INC '92343X100 44,501 1,049,334 WASTE CONNECTIONS INC '941053100 51,875 1,958,281 WESTAMERICA BANCORPORATION '957090103 16,566 839,565 89,911,426

STATE STREET REPO '857466007 3,063,000 3,063,000

Other Assets - Liabilities 43,217 Total Net Assets 93,017,643

IMPORTANT LEGAL INFORMATION:

Investors should read the prospectus carefully before investing because it contains more complete information on the Quant Funds’ investment objectives, risks, charges and expenses. Please consider this information carefully. For a prospectus and other information, visit www.quantfunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are subject to change without notice and may not represent current or future portfolio composition.

The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principals (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in

The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund. Reference to specific securities or holdings should not be considered recommendations for action by investors. Quant Long/Short Fund Holdings as of August 31, 2010

Security Name CUSIP Number Shares/Par Value Base Market Value ADVANCED MICRO DEVICES '007903107 162,521 913,368 AIRGAS INC '009363102 434 28,557 ALERE INC '01449J105 (41,916) (1,172,391) ALLEGHENY ENERGY INC '017361106 890 20,070 AMGEN INC '031162100 34,713 1,771,752 APPLE INC '037833100 6,900 1,679,253 BEST BUY CO INC '086516101 35,579 1,116,825 BIOGEN IDEC INC '09062X103 27,694 1,489,937 BOSTON SCIENTIFIC CORP '101137107 (28,844) (149,700) BROCADE COMMUNICATIONS SYS '111621306 (159,663) (801,508) CAPITAL ONE FINANCIAL CORP '14040H105 20,818 788,169 CAPITALSOURCE INC '14055X102 (6,564) (33,148) CARDINAL HEALTH INC '14149Y108 56,048 1,679,198 CAREER EDUCATION CORP '141665109 1,434 25,138 CEPHALON INC '156708109 5,949 336,773 CHEVRON CORP '166764100 36,200 2,684,592 CHIMERA INVESTMENT CORP '16934Q109 367,626 1,444,770 CIENA CORP '171779309 (79,933) (996,765) CITIGROUP INC '172967101 113,309 421,509 CLEAR CHANNEL OUTDOOR CL A '18451C109 (25,473) (256,004) CLEARWIRE CORP CLASS A '18538Q105 (26,804) (171,814) COBALT INTERNATIONAL ENERGY '19075F106 (37,074) (302,524) COGNIZANT TECH SOLUTIONS A '192446102 14,109 812,749 COMCAST CORP CLASS A '20030N101 12,760 218,451 COMPUTER SCIENCES CORP '205363104 7,316 291,250 COMSTOCK RESOURCES INC '205768203 (26,058) (567,283) CONOCOPHILLIPS '20825C104 44,146 2,314,575 CONSTELLATION ENERGY GROUP '210371100 48,762 1,430,189 CONTINENTAL AIRLINES CLASS B '210795308 18,741 418,674 CORRECTIONS CORP OF AMERICA '22025Y407 (1,647) (36,745) CYPRESS SEMICONDUCTOR CORP '232806109 (13,431) (142,167) DENDREON CORP '24823Q107 (17,351) (621,860) DISH NETWORK CORP A '25470M109 5,531 99,281 DOW CHEMICAL '260543103 5,547 135,180 DREAMWORKS ANIMATION SKG A '26153C103 (2,922) (86,579) DTE ENERGY COMPANY '233331107 5,099 238,888 DU PONT (E.I.) DE NEMOURS '263534109 2,551 104,004 EAST WEST BANCORP INC '27579R104 11,127 162,677 EASTMAN CHEMICAL COMPANY '277432100 3,070 188,959 EASTMAN KODAK CO '277461109 118,508 413,593 ELI LILLY + CO '532457108 34,400 1,154,464 EXELON CORP '30161N101 19,331 787,158 FORD MOTOR CO '345370860 140,689 1,588,379 FOREST CITY ENTERPRISES CL A '345550107 11,611 130,856 GANNETT CO '364730101 13,617 164,630 GENERAL DYNAMICS CORP '369550108 12,778 713,907 HERSHEY CO/THE '427866108 16,685 775,352 HOLOGIC INC '436440101 (40,875) (580,016) HUMAN GENOME SCIENCES INC '444903108 (27,533) (800,935) HUNTSMAN CORP '447011107 113,111 1,030,441 IAC/INTERACTIVECORP '44919P508 (3,595) (89,120) Quant Long/Short Fund Holdings as of August 31, 2010

INTERACTIVE BROKERS GRO CL A '45841N107 (1,281) (20,739) INTL BUSINESS MACHINES CORP '459200101 21,927 2,702,064 INTREPID POTASH INC '46121Y102 (25,241) (566,660) ITT EDUCATIONAL SERVICES INC '45068B109 8,226 438,117 JABIL CIRCUIT INC '466313103 86,240 883,960 JDS UNIPHASE CORP '46612J507 23,503 215,993 JOHNSON + JOHNSON '478160104 31,428 1,792,025 JOY GLOBAL INC '481165108 10,829 614,437 JPMORGAN CHASE + CO '46625H100 4,962 180,418 KING PHARMACEUTICALS INC '495582108 (32,066) (279,295) LEXMARK INTERNATIONAL INC A '529771107 13,270 464,317 LIBERTY MEDIA CORP CAP SER A '53071M302 (9,010) (406,171) LKQ CORP '501889208 (9,503) (176,756) LOCKHEED MARTIN CORP '539830109 5,057 351,563 M + T BANK CORP '55261F104 12,928 1,107,154 MARATHON OIL CORP '565849106 11,665 355,666 MARSHALL + ILSLEY CORP '571837103 (20,698) (135,572) MCKESSON CORP '58155Q103 30,131 1,749,105 MEDTRONIC INC '585055106 1,466 46,150 MEMC ELECTRONIC MATERIALS '552715104 (89,334) (919,247) METROPCS COMMUNICATIONS INC '591708102 52,953 473,400 MICRON TECHNOLOGY INC '595112103 157,380 1,017,462 MICROSOFT CORP '594918104 108,531 2,548,308 MONSTER WORLDWIDE INC '611742107 (71,435) (787,928) MORNINGSTAR INC '617700109 (1,166) (47,165) NETFLIX INC '64110L106 2,519 316,185 NEW YORK COMMUNITY BANCORP '649445103 47,555 755,649 NEW YORK TIMES CO CL A '650111107 27,383 196,610 NEWMONT MINING CORP '651639106 20,385 1,250,008 NII HOLDINGS INC '62913F201 16,844 610,595 NOVELL INC '670006105 (120,806) (678,930) NUANCE COMMUNICATIONS INC '67020Y100 (23,918) (351,116) OWENS CORNING '690742101 10,355 281,656 PETSMART INC '716768106 11,821 376,972 PNC FINANCIAL SERVICES GROUP '693475105 31,203 1,590,105 PRUDENTIAL FINANCIAL INC '744320102 18,066 913,598 QWEST COMMUNICATIONS INTL '749121109 7,337 41,454 RAMBUS INC '750917106 (22,418) (399,713) RANGE RESOURCES CORP '75281A109 (10,138) (342,766) ROCKWELL AUTOMATION INC '773903109 7,495 383,294 RRI ENERGY INC '74971X107 (116,645) (404,758) S+P 500 E MINI INDEX FUTURES '99XS40282 250 - SANDISK CORP '80004C101 9,448 314,052 SARA LEE CORP '803111103 24,767 357,635 SCHLUMBERGER LTD '806857108 817 43,571 SM ENERGY CO '78454L100 2,509 95,317 SPRINT NEXTEL CORP '852061100 149,466 609,821 SUPERVALU INC '868536103 109,062 1,060,083 TECH DATA CORP '878237106 19,049 689,574 TIME WARNER CABLE '88732J207 8,341 430,479 TIME WARNER INC '887317303 71,790 2,152,264 TYSON FOODS INC CL A '902494103 95,297 1,560,965 Quant Long/Short Fund Holdings as of August 31, 2010

UNITED STATES TREAS BILLS '912795V40 200,000 199,847 VALERO ENERGY CORP '91913Y100 12,344 194,665 VARIAN MEDICAL SYSTEMS INC '92220P105 735 39,131 VERTEX PHARMACEUTICALS INC '92532F100 (35,178) (1,172,835) VMWARE INC CLASS A '928563402 2,360 185,425 WASTE MANAGEMENT INC '94106L109 213 7,048 WELLPOINT INC '94973V107 1,619 80,432 WELLS FARGO + CO '949746101 8,839 208,158 WESCO INTERNATIONAL INC '95082P105 10,146 327,513 WILMINGTON TRUST CORP '971807102 (15,179) (133,575) 44,154,029

US DOLLAR 'USD 55,993 55,993

Other Assets - Liabilities 99,980 Total Net Assets 44,310,001

IMPORTANT LEGAL INFORMATION:

Investors should read the prospectus carefully before investing because it contains more complete information on the Quant Funds’ investment objectives, risks, charges and expenses. Please consider this information carefully. For a prospectus and other information, visit www.quantfunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are subject to change without notice and may not represent current or future portfolio composition.

The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principals (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website at www.sec.gov.

The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund. Reference to specific securities or holdings should not be considered recommendations for action by investors. Quant Emerging Markets Fund Holdings as of August 31, 2010

Security Name SEDOL Number Shares/Par Value Base Market Value ABSA GROUP LTD 'B0DR0K7 121,236 2,026,176 ACC LTD '6155915 39,575 736,941 ACER INC '6005850 559,559 1,311,821 ADCOCK INGRAM HOLDINGS LTD 'B3BX6X3 28,479 234,022 ADVANTECH CO LTD '6202673 75,000 169,976 AFFIN HOLDINGS BERHAD '6009454 106,500 104,187 AFRICAN RAINBOW MINERALS LTD '6041122 37,668 788,026 AKBANK T.A.S. 'B03MN70 66,897 356,010 ALBARAKA TURK KATILIM BANKAS 'B1Z2X53 80,540 134,405 ALFA S.A.B. A '2043423 162,299 1,107,548 ALLAHABAD BANK '6708289 226,017 1,009,965 ALLIANCE FINANCIAL GROUP BHD '6556938 137,800 134,807 AMERICA MOVIL SAB DE C SER L '2667470 430,061 1,008,200 ANDHRA BANK '6580368 315,750 1,017,260 APOLLO TYRES LTD '6168902 244,797 374,429 ARCELIK AS 'B03MP18 89,882 428,136 ASTRA INTERNATIONAL TBK PT '6291712 427,504 2,252,262 AU OPTRONICS CORP '6288190 1,487,043 1,283,534 BALRAMPUR CHINI MILLS LTD 'B06KS32 569,740 1,016,182 BANCO BRADESCO ADR 'B00FSK0 5,229 92,187 BANCO DO BRASIL S.A. '2328595 131,011 2,127,612 BANCO ESTADO RIO GRANDE SUL 'B23F8S9 55,882 493,273 BANCO SANTANDER CHILE ADR '2136646 19,701 1,700,590 BANK MANDIRI TBK '6651048 222,356 145,202 BANK OF BARODA '6099778 105,012 1,794,290 BANK OF CHINA LTD H 'B154564 6,619,902 3,327,610 BANK RAKYAT INDONESIA '6709099 1,392,457 1,433,298 BANPU PUBLIC CO LTD NVDR '6368348 8,000 156,447 BARLOWORLD LTD '6079123 121,019 702,518 BOSIDENG INTL HLDGS LTD 'B24FZ32 1,386,000 450,804 BRADESPAR SA PREF 'B01SCS4 61,572 1,285,018 BRASIL TELECOM SA 'B1XFXD2 41,026 353,951 BRASIL TELECOM SA PREFERENCE 'B1XFXG5 79,817 505,655 BRASKEM SA PREF A 'B0774N4 3,644 32,166 BUSAN BANK '6075552 124,406 1,323,027 CANARA BANK '6580012 126,987 1,375,693 CENTRAL CHINA REAL ESTATE 'B2RDS34 1,269,770 293,834 CHAMBAL FERTILIZERS + CHEM '6099938 558,541 787,229 CHINA BILLS FINANCE CORP '6198954 407,576 106,748 CHINA COAL ENERGY CO H 'B1JNK84 958,000 1,349,834 CHINA CONSTRUCTION BANK H 'B0LMTQ3 4,942,709 4,079,474 CHINA MOBILE LTD '6073556 297,734 3,025,760 CHINA PETROLEUM + CHEMICAL H '6291819 830,000 656,232 CHINA PHARMACEUTICAL GROUP '6191997 1,958,752 1,004,746 CHINA SHENHUA ENERGY CO H 'B09N7M0 462,000 1,677,894 CHINA SHINEWAY PHARMACEUTICA 'B045C04 50,000 131,131 CHINA STATE CONSTRUCTION INT 'B0BM5T8 780,000 402,108 CHINA UNICOM HONG KONG LTD '6263830 1,144,000 1,576,612 CHINA YUCHAI INTL LTD '2186191 14,548 236,405 CHUNGHWA TELECOM CO LTD '6287841 814,000 1,664,388 CIA BRASILEIRA DE DIS PREF A '2667771 39,893 1,408,095 Quant Emerging Markets Fund Holdings as of August 31, 2010

CIA PARANAENSE DE ENERGI PFB '2200154 14,404 315,809 CNOOC LTD 'B00G0S5 2,206,058 3,794,698 COCA COLA FEMSA SAB SP ADR '2193317 6,344 476,244 COMPANHIA DE BEBIDAS PRF ADR '2634797 15,506 1,716,359 CORETRONIC CORP '6141806 282,000 377,655 COSAN SA INDUSTRIA COMERCIO 'B0P72G5 71,002 926,747 COSCO INTL HLDGS LTD '6806280 856,000 467,699 CP ALL PCL FOREIGN 'B08YDF9 439,735 558,539 DAEGU BANK '6249476 80,030 931,202 DAISHIN SECURITIES CO LTD '6251200 56,179 674,767 DAUM COMMUNICATIONS CORP '6194037 5,321 312,008 DONGBU INSURANCE CO LTD '6155937 5,885 165,667 DONGFENG MOTOR GRP CO LTD H 'B0PH5N3 1,334,124 2,071,893 DONGKUK STEEL MILL CO LTD '6276117 51,880 1,038,552 EDP ENERGIAS DO BRASIL SA 'B0D7494 43,527 930,505 EGIS PLC '4040499 3,433 308,262 ELETROPAULO METROPOLI PREF B 'B17R2H1 65,487 1,232,292 EMBOTELLADORAS ARCA SAB NOM '2823885 71,070 269,859 EMIRA PROPERTY FUND '6716044 31,776 57,523 ENERSIS S.A. SPONS ADR '2314947 44,064 969,408 EQUATORIAL ENERGIA SA ORD 'B128R96 25,646 163,057 ETERNAL CHEMICAL CO LTD '6318514 707,269 691,063 EVRAZ GROUP SA GDR REG S 'B08V9B8 46,413 1,208,595 FARGLORY LAND DEVELOPMENT CO '6203687 172,000 371,555 FOMENTO ECONOMICO MEX SP ADR '2246039 39,039 1,901,199 FORD OTOMOTIV SANAYI AS 'B03MSR5 27,935 214,736 FORMOSA CHEMICALS + FIBRE '6348715 356,000 791,259 FOSUN INTERNATIONAL 'B1Z7FX0 324,500 247,385 FOUNTAINHEAD PROPERTY TRUST '6838863 201,541 185,290 FOXCONN TECHNOLOGY CO LTD '6801779 34,200 98,007 FUFENG GROUP LTD 'B1P1JS5 288,000 185,126 GAMUDA BHD '6359881 436,700 481,488 GAZPROM OAO SPON ADR '5140989 143,893 2,978,585 GENTING MALAYSIA BHD 'B1VXKN7 213,400 205,366 GREAT EASTERN SHIPPING CO 'B1GKL41 75,354 474,967 GREAT WALL MOTOR COMPANY H '6718255 530,000 1,137,880 GREENTOWN CHINA HOLDINGS 'B17N9P6 150,000 161,406 GRINDROD LTD 'B0LNLV5 32,962 69,279 GROUP FIVE LTD '6305710 18,891 85,532 GRUPO BIMBO SAB SERIES A '2392471 156,901 1,081,316 GRUPO CARSO SAB DE CV SER A1 '2393452 26,964 119,483 GRUPO CONTINENTAL S.A.B. '2415066 47,366 132,551 GS ENGINEERING + CONSTRUCT '6537096 9,687 691,640 GZI REAL ESTATE INVMNT TRUST 'B0TLGM7 233,000 113,227 HACI OMER SABANCI HOLDING 'B03N0C7 36,619 166,007 HAITIAN INTERNATIONAL HLDGS 'B1L2RC2 118,000 93,751 HALLA CLIMATE CONTROL 'B00LR01 23,300 350,792 HANA FINANCIAL GROUP 'B0RNRF5 18,360 472,438 HANWHA CHEMICAL CORP '6407768 117,161 2,623,883 HINDALCO INDUSTRIES LTD 'B0GWF48 359,602 1,273,590 HONG LEONG BANK BERHAD '6436892 282,116 794,706 HONG LEONG FINANCIAL GROUP '6436450 155,700 431,156 Quant Emerging Markets Fund Holdings as of August 31, 2010

HUAKU DEVELOPMENT CO LTD '6275459 77,000 200,468 HYUNDAI DEPT STORE CO '6568610 14,092 1,410,493 HYUNDAI MARINE + FIRE INS CO 'B01LXY6 18,940 331,754 HYUNDAI MOTOR CO '6451055 5,121 604,405 IMPERIAL HOLDINGS LTD 'B095WZ4 97,229 1,346,109 IND + COMM BK OF CHINA H 'B1G1QD8 157,215 114,195 INDIAN BANK 'B1SFSX2 153,560 821,011 INDIAN OVERSEAS BANK '6689953 120,612 319,735 INDIKA ENERGY TBK PT 'B2RHG43 1,000,000 354,178 INDO TAMBANGRAYA MEGAH PT 'B29SK75 36,500 158,362 INDS KLABIN PAPEL E CELU PRF '2813347 180,438 504,160 INVESTEC LTD 'B17BBR6 173,717 1,305,707 IOI CORPORATION BERHAD 'B1Y3WG1 589,300 985,875 ITAU UNIBANCO HOLDING SA 'B037HR3 31,958 689,201 JET AIRWAYS INDIA LTD 'B05NYN4 39,309 602,504 KALBE FARMA TBK PT '6728102 880,000 226,453 KANGWON LAND INC '6683449 87,858 1,608,544 KGHM POLSKA MIEDZ SA '5263251 47,071 1,600,703 KINGBOARD CHEMICALS HOLDINGS '6491318 29,500 139,375 KLCC PROPERTY HOLDINGS BHD 'B02FW17 137,400 144,486 KOMERCNI BANKA AS '4519449 7,920 1,533,138 KOREA EXCHANGE BANK '6495042 111,500 1,176,474 KOREAN REINSURANCE CO 'B01T146 9,432 84,573 KOWLOON DEVELOPMENT CO LTD '6491998 130,000 135,206 KP CHEMICAL CORP '6518369 105,471 1,073,272 KRUNG THAI BANK PUB CO FOREI '6492838 4,023,091 1,825,464 KT CORP '6505316 1,970 72,053 KUALA LUMPUR KEPONG BERHAD '6497446 70,200 379,393 KUMBA IRON ORE LTD 'B1G4262 2,119 96,335 LAFARGE MALAYAN CEMENT BHD '6556518 250,371 596,777 LAN AIRLINES SA SPON ADR '2124511 23,757 635,262 LG CORP '6537030 35,272 2,530,146 LG DISPLAY CO LTD 'B01VZN9 59,314 1,647,474 LG ELECTRONICS INC '6520739 17,390 1,398,278 LIANHUA SUPERMARKET HLDGS H '6633563 64,000 248,480 LIGHT SA 'B0W1X34 8,035 100,157 LITE ON TECHNOLOGY CORP '6519481 1,127,682 1,298,978 LUKOIL OAO SPON ADR '3189876 62,670 3,340,311 LUPIN LTD '6143761 55,900 424,360 M DIAS BRANCO SA 'B1FRH89 4,099 95,831 MAGYAR TELEKOM TELECOMMUNICA '4577469 162,058 493,184 MARCOPOLO SA PREF '2599131 27,313 171,320 MEDIATEK INC '6372480 176 2,398 METALURGICA GERDAU SA PREF '2648862 82,433 1,324,136 METROPOLITAN HOLDINGS LTD '6383835 529,847 1,145,242 MMC NORILSK NICKEL JSC ADR 'B114RK6 117,348 1,989,049 MOBILE TELESYSTEMS SP ADR '2603225 58,632 1,223,064 MULTI PURPOSE HOLDINGS BHD '6609627 106,100 71,339 NAN YA PLASTICS CORP '6621580 70,000 135,044 NEOWIZ GAMES CORP 'B1WGT83 22,068 716,948 NETCARE LTD '6636421 89,434 160,443 NOVATEK MICROELECTRONICS LTD '6346333 112,000 267,116 Quant Emerging Markets Fund Holdings as of August 31, 2010

OIL + NATURAL GAS CORP LTD '6139362 66,286 1,879,794 ORGANIZACION SORIANA S.A.B B 'B1S9HM6 76,249 188,191 ORIENTAL BANK OF COMMERCE '6121507 154,841 1,392,219 ORION CORP '6896849 1,533 499,321 PARKSON HOLDINGS BHD '6030409 39,800 69,754 PATNI COMPUTER SYSTEMS LTD '6734745 89,695 865,774 PETROBRAS PETROLEO BRAS '2682365 206,129 3,477,993 PETROLEO BRASILEIRO SPON ADR '2683410 134,987 3,990,216 PLUS EXPRESSWAYS BHD '6531775 382,100 511,390 POU CHEN '6696157 1,040,000 839,233 POWERTECH TECHNOLOGY INC '6599676 263,000 779,953 PRESIDENT CHAIN STORE CORP '6704986 197,000 728,741 PT UNITED TRACTORS '6230845 409,000 832,939 QUANTA COMPUTER INC '6141011 57,299 86,930 REAL GOLD MINING LTD 'B4W9262 168,500 253,015 REDENTOR ENERGIA SA 'B51PJP6 25,646 111,581 RENHE COMMERCIAL HOLDINGS 'B3DDY15 6,230,230 1,241,481 RHB CAPITAL BERHAD '6244675 528,170 1,119,236 RICHTER GEDEON NYRT. '4042387 1,436 297,905 RMB HOLDINGS LTD '6755821 147,646 667,291 ROLTA INDIA LTD '6143318 122,669 427,673 SAMSUNG C+T CORP '6771601 4,531 213,152 SAMSUNG ELECTRONICS CO LTD '6771720 8,672 5,468,373 SANLAM LTD 'B0L6750 498,596 1,573,948 SANTAM LTD '6061001 7,287 111,706 SASOL LTD '6777450 896 34,123 SEAH BESTEEL CORP '6494500 6,270 115,055 SELCUK ECZA DEPOSU TICARET V 'B13C2G9 93,444 135,680 SEMEN GRESIK (PERSERO) PT '6795236 1,073,143 1,033,353 SEVERSTAL GDR REG S 'B1G4YH7 141,012 1,697,784 SHENZHEN INVESTMENT LTD '6535261 828,000 288,472 SILVER GRANT INTL LTD. '6460222 366,000 99,281 SINO BIOPHARMACEUTICAL 'B00XSF9 918,036 311,579 SINOLINK WORLDWIDE HOLDINGS '6117391 3,205,055 473,846 SK COMMUNICATIONS CO LTD '6712514 24,021 325,583 SM INVESTMENTS CORP 'B068DB9 86,426 901,224 SOFT WORLD INTL CORP '6343691 99,604 433,750 SOHO CHINA LTD 'B27WLD2 1,796,000 1,152,155 SOUZA CRUZ SA '2832148 38,861 1,793,806 SUL AMERICA SA UNITS 'B27WYK0 23,619 230,978 TAIWAN SEMICONDUCTOR MANUFAC '6889106 2,477,386 4,555,099 TAN CHONG MOTOR HOLDINGS BHD '6871125 124,200 187,993 TANJONG PLC 'B0B8SB9 22,800 154,899 TATA CHEMICALS LTD '6101167 131,925 1,107,789 TATA GLOBAL BEVERAGES LTD '6121488 54,340 139,489 TATA STEEL LTD '6101156 31,422 348,955 TATNEFT SPONSORED ADR 'B1G50G1 21,397 639,342 TECO ELECTRIC + MACHINERY '6879851 801,000 386,322 TELE NORTE LESTE PART ADR '2297930 76,268 1,034,194 TELECOMUNICACOES DE SAO PREF 'B08ZWF5 24,545 564,184 TELEFONOS DE MEXICO SP ADR L '2881612 16,574 231,539 TELEKOM MALAYSIA BHD '6868398 980,754 1,103,217 Quant Emerging Markets Fund Holdings as of August 31, 2010

TENAGA NASIONAL BERHAD '6904612 8,060 22,756 TENCENT HOLDINGS LTD 'B01CT30 118,169 2,167,862 TEXWINCA HOLDINGS LTD '6039558 196,000 193,770 THAI AIRWAYS INTL FOREIGN '6888868 1,088,487 1,304,306 TOFAS TURK OTOMOBIL FABRIKA 'B03MY33 77,507 318,267 TONG YANG INDUSTRY '6898845 209,000 329,478 TOP GLOVE CORP BHD 'B05L892 542,400 1,049,143 TPV TECHNOLOGY LTD '6179573 680,000 405,631 TRIPOD TECHNOLOGY CORP '6305721 76,000 260,973 TSRC CORP '6870876 232,336 339,068 TUNG HO STEEL ENTERPRISE COR '6907310 390,889 338,004 TUPRAS TURKIYE PETROL RAFINE 'B03MYT9 6,765 152,230 TURK SISE VE CAM FABRIKALARI 'B03MXR0 442,862 663,398 TURKIYE HALK BANKASI 'B1WTMP0 224,268 1,827,091 TURKIYE IS BANKASI C 'B03MYS8 590,178 2,171,411 U MING MARINE TRANSPORT CORP '6911377 678,231 1,310,561 ULTRAPAR PARTICIPACOES PREF 'B0HZNY2 18,424 1,013,809 UNION BANK OF INDIA '6579634 54,022 378,981 UNITED MICROELECTRONICS CORP '6916628 2,622,022 1,064,066 VALE SA '2196286 53,325 1,425,487 VALE SA PREF A '2257127 102,074 2,411,431 WEICHAI POWER CO LTD H '6743956 160,000 1,333,933 WELSPUN CORP LTD 'B07PYG1 37,339 184,790 WPG HOLDINGS CO LTD 'B0P6L87 828,929 1,537,066 YANGZIJIANG SHIPBUILDING 'B1VT035 1,791,996 2,103,639 YANZHOU COAL MINING CO H '6109893 872,448 1,790,097 YUE YUEN INDUSTRIAL HLDG '6586537 188,000 616,314 ZHAOJIN MINING INDUSTRY H 'B1H5082 69,500 182,272 ZHEJIANG EXPRESSWAY CO H '6990763 1,180,000 1,051,282 ZIJIN MINING GROUP CO LTD '6725299 1,080,285 749,957 204,449,263

STATE STREET REPO ' 140,000 140,000

BRAZILIAN REAL ' 107,732 61,431 EGYPTIAN POUND ' 244 43 HONG KONG DOLLAR ' 140,125 18,014 INDONESIAN RUPIAH ' (0) - MALAYSIAN RINGGIT ' 74,792 23,833 MEXICAN PESO (NEW) ' (0) (0) NEW TAIWAN DOLLAR ' 447,909 13,982 PERUVIAN NOUVEAU SOL ' 1 0 SOUTH AFRICAN RAND ' 513,161 69,584 SOUTH KOREAN WON ' 31,537,950 26,306 THAILAND BAHT ' 719,134 22,979 Total Foreign Currency 236,173

Other Assets - Liabilities 317,101 Market to Market (489,216) Total Net Assets 204,653,321

IMPORTANT LEGAL INFORMATION: Quant Emerging Markets Fund Holdings as of August 31, 2010

Investors should read the prospectus carefully before investing because it contains more complete information on the Quant Funds’ investment objectives, risks, charges and expenses. Please consider this information carefully. For a prospectus and other information, visit www.quantfunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are subject to change without notice and may not represent current or future portfolio composition.

The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principals (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website at www.sec.gov.

The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund. Reference to specific securities or holdings should not be considered recommendations for action by investors. Quant Foreign Value Fund Holdings as of August 31, 2010

Security Name SEDOL Number Shares/Par Value Base Market Value ANDRITZ AG 'B1WVF68 114,860 7,004,344 ANGLO IRISH BANK 'B076LH4 374,908 - ASAHI BREWERIES LTD '6054409 363,200 6,844,275 AUTOLIV INC '2064253 139,634 7,559,785 BARRATT DEVELOPMENTS PLC '0081180 5,648,556 8,331,037 BASF SE '5086577 130,100 6,881,661 BBA AVIATION PLC 'B1FP891 571,376 1,554,712 BELLWAY PLC '0090498 791,028 6,352,692 BHP BILLITON LTD '6144690 208,300 6,877,075 CAMILLO EITZEN CO ASA 'B01QHK5 588,679 924,916 CHRISTIAN DIOR '4061393 67,973 6,892,957 CRH PLC '0182704 154,787 2,418,783 CRH PLC '4182249 180,013 2,807,261 CULTURE CONVENIENCE CLUB CO '6229229 342,600 1,498,951 DEMAG CRANES AG 'B16LY78 128,000 3,919,083 DNB NOR ASA '4263304 856,692 9,488,828 DUNI AB 'B03RSL4 1,179,500 9,041,686 GREENCORE GROUP PLC '5013832 4,645,040 6,963,521 GREENCORE GROUP PLC '0386410 38,455 57,014 HANNOVER RUECKVERSICHERUNGS '4511809 156,800 6,973,223 IINO KAIUN KAISHA LTD '6457008 1,076,000 5,577,648 IMERYS SA 'B011GL4 69,252 3,447,542 INFOSYS TECHNOLOGIES SP ADR '2398822 48,800 2,795,752 INVESTOR AB B SHS '5679591 502,056 8,691,723 KANSAI ELECTRIC POWER CO INC '6483489 273,000 6,991,345 KBC GROEP NV '4497749 167,985 6,991,523 KDDI CORPORATION '6248990 1,204 5,797,408 KONE OYJ B 'B09M9D2 231,600 10,677,828 KONECRANES OYJ 'B11WFP1 148,280 4,530,593 LLOYDS BANKING GROUP PLC '0870612 6,581,317 7,022,624 MEIJI HOLDINGS CO LTD 'B60DQV3 151,800 7,065,712 METHANEX CORP '2654416 170,790 3,653,880 METHANEX CORP '2578378 170,817 3,646,943 METOREX LTD '6217707 4,915,693 2,399,639 MUENCHENER RUECKVER AG REG '5294121 41,100 5,263,320 NIPPON YUSEN '6643960 1,715,000 6,606,349 NOVARTIS AG REG '7103065 138,400 7,273,806 PERSIMMON PLC '0682538 1,109,088 6,185,519 SAMSUNG ELECTRONICS CO LTD '6771720 16,285 10,268,963 SASOL LTD '6777450 190,535 7,256,176 SHOWA DENKO K K '6805469 3,379,000 5,985,864 SK TELECOM '6224871 51,793 6,976,870 SMURFIT KAPPA GROUP PLC 'B1RR828 1,008,560 8,648,941 SOLVAY SA '4821100 45,180 4,104,596 STATE BANK OF INDIA SPON GDR 'B0337P9 81,050 9,543,638 SVENSKA HANDELSBANKEN A SHS '5703661 328,500 8,601,927 SYMRISE AG 'B1JB4K8 391,450 9,697,690 TAYLOR WIMPEY PLC '0878230 17,610,191 6,992,893 TECHNIP SA '4874160 131,550 8,638,827 THAI OIL PCL FRGN 'B0305J0 6,724,400 9,454,341 TOGNUM AG 'B1Z3JV4 388,200 7,163,563 Quant Foreign Value Fund Holdings as of August 31, 2010

TRANSGENE SA '5429075 142,827 2,478,668 TREVI FINANZIARIA SPA '5731446 648,666 8,298,661 WINCOR NIXDORF AG 'B012VF6 131,700 7,674,049 YIT OYJ 'B11BQV1 430,217 8,941,868 337,738,488

EURO CURRENCY ' 7 8 SOUTH KOREAN WON ' 67,989,880 56,710 Total Foreign Currency 56,718

Other Assets - Liabilities 4,140,423 Market to Market (273,731) Total Net Assets 341,661,899

IMPORTANT LEGAL INFORMATION:

Investors should read the prospectus carefully before investing because it contains more complete information on the Quant Funds’ investment objectives, risks, charges and expenses. Please consider this information carefully. For a prospectus and other information, visit www.quantfunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are subject to change without notice and may not represent current or future portfolio composition.

The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principals (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website at www.sec.gov.

The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund. Reference to specific securities or holdings should not be considered recommendations for action by investors. Quant Foreign Value Small Cap Fund Holdings as of August 31, 2010

Security Name SEDOL Number Shares/Par Value Base Market Value ABG SUNDAL COLLIER ASA '4333058 972,500 927,914 ACCORDIA GOLF CO LTD 'B1FQWP8 1,253 1,233,485 AGFA GEVAERT NV '5689051 197,400 1,354,248 ALTERNATIVE NETWORKS PLC 'B05KXX8 816,900 1,975,667 ASTRAL MEDIA INC '2060273 32,700 1,113,002 AUSTAL LTD '6137162 545,400 1,093,513 BBA AVIATION PLC 'B1FP891 455,402 1,239,147 BOBST GROUP AG REG '7222755 33,500 1,260,664 BONDUELLE SCA '5481989 12,900 1,102,966 BREADTALK GROUP LTD '6630025 3,117,600 1,288,978 CHARACTER GROUP PLC '0897611 667,900 1,312,761 CHINA FISHERY GROUP LTD 'B1XBPZ6 904,923 1,229,324 CHINA GERUI ADVANCED MATERIA 'B419KX6 199,400 1,026,910 CHINA HONGXING SPORTS LTD 'B1WN188 13,500,700 1,644,664 CHINA NATURAL GAS INC '2467852 177,900 910,848 CHUGOKU MARINE PAINTS LTD '6196000 159,300 1,083,338 CLARKSON PLC '0201836 97,500 1,396,852 CLICKS GROUP LTD '6105578 260,000 1,322,097 CSR PLC '3414738 185,300 799,266 DAIICHIKOSHO CO LTD '6253132 82,600 1,267,823 DE LONGHI SPA '7169517 280,400 1,300,254 DEMAG CRANES AG 'B16LY78 37,000 1,132,860 DOCKWISE LTD 'B1P5824 67,700 1,496,478 DRAEGERWERK AG + CO KGAA '5169218 20,900 1,643,859 DUNI AB 'B03RSL4 173,700 1,331,531 EQUATORIAL ENERGIA SA ORD 'B128R96 194,485 1,236,533 GALLIFORD TRY PLC 'B3Y2J50 245,878 1,151,553 GLANBIA PLC '4058629 329,700 1,399,016 GREENCORE GROUP PLC '5013832 729,699 1,093,914 HALFORDS GROUP PLC 'B012TP2 151,200 1,123,264 HAMPSON INDUSTRIES PLC 'B0P8RT6 1,430,207 428,250 HANA MICROELECTRONICS FOREIG 'B019VS0 1,337,400 1,121,801 HEALTHCARE LOCUMS PLC 'B0MD824 385,900 823,671 IFG GROUP PLC '4373355 839,235 1,226,670 IINO KAIUN KAISHA LTD '6457008 233,100 1,208,318 J P MORGAN INTL DERIVATIVES 'B2PMYS0 52,900 1,352,653 JP MORGAN STRUCTURED PRDCT WTS ' 2,168,500 1,084,250 JP MORGAN STRUCTURED PRODUCTS ' 807,100 1,436,638 JP MORGAN STRUCTURED PRODUCTS ' 334,900 1,289,365 JP MORGAN STRUCTURED PRS WTS ' 360,000 1,504,800 KELLER GROUP PLC '0486622 129,000 1,132,062 KINEPOLIS '5439524 21,100 1,179,485 LIHUA INTERNATIONAL INC 'B41C3F8 136,100 1,077,912 LOOMIS AB B 'B3K7KL2 117,300 1,177,695 M1 LTD 'B04KJ97 1,092,400 1,750,163 MANILA WATER COMPANY 'B0684C7 4,974,800 1,921,484 METOREX LTD '6217707 2,360,000 1,152,055 NAGACORP LTD 'B1FSSM3 9,993,637 1,554,580 NOLATO AB B SHS '4589710 114,900 1,212,058 PRONOVA BIOPHARMA AS 'B28CR55 409,300 768,052 REDENTOR ENERGIA SA 'B51PJP6 194,485 846,166 Quant Foreign Value Small Cap Fund Holdings as of August 31, 2010

RESTAURANT GROUP PLC 'B0YG1K0 375,000 1,388,330 SAMSON HOLDING LTD 'B0LMBV2 7,665,000 1,389,426 SICHUAN EXPRESSWAY CO H '6055877 2,002,500 1,346,413 SICHUAN XINHUA WINSHARE H 'B1XCJB3 2,398,300 1,236,380 SIGMA PHARMACEUTICALS LTD '6552594 2,784,100 1,166,028 SPAREBANK 1 NORD NORGE 'B06T259 72,500 1,204,817 SPAREBANK 1 SMN 'B0LGG75 170,904 1,342,598 TEXWINCA HOLDINGS LTD '6039558 1,127,300 1,114,474 THAI UNION FROZEN PROD FOREI '6422716 829,900 1,664,043 TRANSCOM WORLDWIDE B SDR '7206726 353,500 1,055,152 TREVI FINANZIARIA SPA '5731446 73,700 942,876 UNITED DRUG PLC '3335969 415,200 1,198,459 VETROPACK HOLDING AG BR '5166060 826 1,277,529 VITEC GROUP PLC/THE '0929666 184,848 1,260,265 VST HOLDINGS LTD '6527031 3,432,900 970,930 VTECH HOLDINGS LTD '6928560 107,900 1,072,272 WETHERSPOON (J.D.) PLC '0163895 193,500 1,244,377 83,615,225

SSGA FDS ' 84 84 GENERAL ELECTRIC CO ' 4,907,000 4,907,000 4,907,084

POUND STERLING ' 0 1 THAILAND BAHT ' 763,508 24,397 24,398

Other Assets - Liabilities (15,718) Market to Market (86,729) Total Net Assets 88,444,260

IMPORTANT LEGAL INFORMATION:

Investors should read the prospectus carefully before investing because it contains more complete information on the Quant Funds’ investment objectives, risks, charges and expenses. Please consider this information carefully. For a prospectus and other information, visit www.quantfunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are subject to change without notice and may not represent current or future portfolio composition.

The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principals (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website at www.sec.gov. Quant Foreign Value Small Cap Fund Holdings as of August 31, 2010

The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund. Reference to specific securities or holdings should not be considered recommendations for action by investors.