Good question! Strangely worded but I can confirm the ASX 300 is balanced every six months. I suspect the use of the word 'quarterly' pertains to those companies within the ASX affected by quarterly updates. The following excerpts from the S&P Dow Jones Indices: Index Methodology (December 2016) may help to explain the makeup of the ASX 300 which will include companies rebalanced quarterly:
The S&P/ASX 300 index includes the large cap, mid cap and small cap components of the S&P/ASX index family. The index covers approximately 81% of Australian equity market capitalization.
The S&P/ASX 300 is rebalanced every six months, with changes taking effect after the market close on the third Friday of March and September.
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