UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number
811-22103
SPA ETF Trust
(Exact name of Registrant as specified in charter)
12 East 49
th
Street Tower 49
New York, NY 10017
(Address of principal executive offices) (Zip code)
Antony P. Drain
SPA ETF Inc
12 East 49
th
Street Tower 49
New York, NY 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code:
1-212-663-1595
Date of fiscal year end:
September 30
Date of reporting period:
October 12, 2007 — September 30, 2008
Form N-CSR is to be used by management investment companies to file reports with the Commission not
later than 10 days after the transmission to stockholders of any report that is required to be
transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR
270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory,
disclosure review, inspection, and policymaking roles.
A Registrant is required to disclose the information specified by Form N-CSR, and the Commission
will make this information public. A Registrant is not required to respond to the collection of
information contained in Form N-CSR unless the Form displays a currently valid Office of Management
and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the burden to Secretary,
Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has
reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
spa-etf.com
SPA ETF Trust
Annual Report
September 30, 2008
Dear Shareholder,
We are pleased to present the first annual report for the SPA
ETF Trust. This report covers the period from the inception of
the six SPA MarketGrader Funds on October 12, 2007 through
September 30, 2008.
The past year has been marked by extreme volatility and negative
performance and it has been a difficult year for
U.S. equity indices. The MarketGrader Indices are among
those pushed lower by global economic conditions.
Over the past year, we have strived to increase the visibility
of the Funds and to build and maintain a presence within the ETF
market. Despite current negative conditions and returns, we
believe that the Funds are well positioned to take advantage of
interest in fundamentally driven investing as well as providing
the transparency, diversification and tax advantages inherent in
the ETF structure.
The Trust anticipates listing additional SPA MarketGrader Index
Funds as market conditions dictate, which, if and when listed,
will serve to further raise awareness of the SPA ETF Trust and
the MarketGrader Index Methodology.
In uncertain economic times such as these, we feel it is
important to consider investment objectives and risk tolerance
as carefully as ever, and we feel that the SPA MarketGrader
Funds are an effective and transparent tool to gain exposure to
fundamentally strong domestic equities. We look forward to
acting in the continued service of our shareholders in the year
to come.
Thank you for investing in the SPA ETF Trust.
Sincerely,
Antony Peter Drain
President
September 30, 2008
The views in this report were those of the President as of
September 30, 2008 and may not reflect his views on the
date this report is first published or anytime thereafter. These
views are intended to assist shareholders in understanding their
investments in the Fund and do not constitute investment advice.
The Funds are subject to investment risk, including the
possible loss of principal amount invested. Fund returns may not
match the return of their respective Index, known as
non-correlation risk, due to operating expenses incurred by the
Fund. The Funds may invest in foreign securities which involve
certain risks and increased volatility not associated with
investing solely in the U.S. These risks include currency
fluctuations, economic or financial instability, lack of timely
or reliable financial information or unfavorable political or
legal developments. The Funds may also invest in small and
medium sized companies which involve greater risk than is
customarily associated with investing in more established
companies. The Funds’ performance figures include the
reinvestment of dividends and capital gains. Some of the
Fund’s fees were waived or expenses reimbursed; otherwise,
returns would have been lower.
The S&P 500 Index is a broad-based, unmanaged measurement
of changes in stock market conditions based on the average of
500 widely held common stocks. The S&P MidCap 400 Index
consists of 400 domestic mid cap stocks selected for market
size, liquidity and industry group representation. The S&P
SmallCap 600 Index consists of 600 domestic small cap stocks
selected for market size, liquidity and industry group
representation. One cannot invest directly in an index.
1
Management’s
Discussion and Analysis (Unaudited)
SPA MarketGrader
40 Fund (SFV)
The reporting period has been one marked by high volatility and
a down market. During the reporting period, the SPA MarketGrader
40 Fund was affected by adverse market conditions across most
sectors. The unwinding of credit and deleveraging of financial
institutions, and the accompanying price depreciation pushed
many equity indices into negative territory for the period.
Although most of the MarketGrader Indices suffered from their
overweight position in energy as the price of oil collapsed, the
MarketGrader 40 Index suffered the most because of its much
greater allocation to this sector. Additionally, the Fund’s
exposure to the financial sector during the recent financial
turmoil contributed to negative results. The Fund was also
affected by exposure to basic materials, which declined in the
period as a partial result of declines in commodity prices.
Growth of a $10,000 Investment Since Inception at Net Asset
Value:
|
|
|
|
|
|
|
Fund Performance History (%)
|
|
Cumulative Total Return As of September 30, 2008
|
|
|
|
|
|
|
|
Since Inception (October 12, 2007)
|
|
|
|
|
Index
|
|
|
|
|
|
MarketGrader 40 Index
|
|
|
(32.44
|
)%
|
|
S&P 500 Index
|
|
|
(23.78
|
)%
|
|
Fund
|
|
|
|
|
|
NAV Return
|
|
|
(34.88
|
)%
|
|
Market Price
|
|
|
(34.22
|
)%
|
Performance data quoted represents past performance, and is
no guarantee of future results. Current performance may be lower
or higher than the performance data quoted. Investment return
and principal value will fluctuate so that an investor’s
shares, when redeemed, may be worth more or less than original
cost. Returns shown include the reinvestment of dividends;
returns less than one year are cumulative. Per the current
prospectus, the Fund’s estimated total annual operating
expenses are 1.48% and net expenses are 1.12%. The Fund’s
Investment Advisor has agreed to contractually waive fees
and/or
pay
fund expenses to the extent necessary to prevent the operating
expenses of the Fund (excluding certain expenses described in
the prospectus) from exceeding 0.85% of the average net assets,
at least until December 31, 2011. Otherwise, returns shown
would have been lower. For the Fund’s most recent month end
performance please visit www.spa-etf.com. The performance table
and graphs do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of
Fund shares.
Index returns are historical and not predictive of future
results. MarketGrader Index returns are not reflective of the
Funds’ performance nor reflective of the fees and expenses
applicable to the Fund.
2
Management’s
Discussion and Analysis (continued) (Unaudited)
Index returns shown include the reinvestment of dividends.
The MarketGrader 40 Index is composed of 40 U.S. traded
stocks selected by a proprietary system developed by
MarketGrader. It is equal weighted and rebalanced quarterly. All
components are selected exclusively on the basis of their final
short term numerical grade as scored by the MarketGrader System.
The MarketGrader 40 Index became publicly available on
May 1, 2003. One cannot invest directly in an index.
3
Management’s
Discussion and Analysis (continued) (Unaudited)
SPA MarketGrader 100 Fund (SIH)
The reporting period was characterized by high volatility and
negative returns. The unwinding of credit and deleveraging of
financial institutions, and the accompanying price depreciation
pushed many equity indices into negative territory for the
period. During the reporting period, the Fund suffered due to
exposure to the energy and financial sectors, as well as a heavy
weighting in basic materials, which declined with commodity
prices during the second half of the reporting period.
Growth of a $10,000 Investment Since Inception at Net Asset
Value:
|
|
|
|
|
|
|
Fund Performance History (%)
|
|
Cumulative Total Return As of September 30, 2008
|
|
|
|
|
|
|
|
Since Inception (October 12, 2007)
|
|
|
|
|
Index
|
|
|
|
|
|
MarketGrader 100 Index
|
|
|
(26.83
|
)%
|
|
S&P 500 Index
|
|
|
(23.78
|
)%
|
|
Fund
|
|
|
|
|
|
NAV Return
|
|
|
(30.08
|
)%
|
|
Market Price
|
|
|
(25.72
|
)%
|
Performance data quoted represents past performance, and is
no guarantee of future results. Current performance may be lower
or higher than the performance data quoted. Investment return
and principal value will fluctuate so that an investor’s
shares, when redeemed, may be worth more or less than original
cost. Returns shown include the reinvestment of dividends;
returns less than one year are cumulative. Per the current
prospectus, the Fund’s estimated total annual operating
expenses are 1.48% and net expenses are 1.12%. The Fund’s
Investment Advisor has agreed to contractually waive fees
and/or
pay
fund expenses to the extent necessary to prevent the operating
expenses of the Fund (excluding certain expenses described in
the prospectus) from exceeding 0.85% of the average net assets,
at least until December 31, 2011. Otherwise, returns shown
would have been lower. For the Fund’s most recent month end
performance please visit www.spa-etf.com. The performance table
and graphs do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of
Fund shares.
Index returns are historical and not predictive of future
results. MarketGrader Index returns are not reflective of the
Funds’ performance nor reflective of the fees and expenses
applicable to the Fund. Index returns shown include the
reinvestment of dividends. The MarketGrader 100 Index is
composed of 100 U.S. traded stocks selected by a
proprietary system developed by MarketGrader. It is equal
weighted and rebalanced semi-annually. All components are
selected exclusively on the basis of their final short term
numerical grade as scored by the MarketGrader System. The
MarketGrader 100 Index became publicly available on
March 15, 2007. One cannot invest directly in an index.
4
Management’s
Discussion and Analysis (continued) (Unaudited)
SPA MarketGrader 200 Fund (SNB)
During the reporting period, the Fund was affected by adverse
market conditions across most sectors. The unwinding of credit
and deleveraging of financial institutions, and the accompanying
price depreciation pushed many equity indices into negative
territory for the period. While the Fund’s holdings in the
energy sector buoyed performance somewhat during the early
portion of the period, those gains were lost when energy joined
other sectors in a protracted decline during the last quarter.
Furthermore, as the credit crisis intensified, particularly
after the bankruptcy of Lehman Brothers in the middle of
September, fundamental analysis took a back seat to blind panic,
which also affected the quantitative fundamental stock-picking
methodology of the MarketGrader system.
Growth of a $10,000 Investment Since Inception at Net Asset
Value:
|
|
|
|
|
|
|
Fund Performance History (%)
|
|
Cumulative Total Return As of September 30, 2008
|
|
|
|
|
|
|
|
Since Inception (October 12, 2007)
|
|
|
Index
|
|
|
|
|
|
MarketGrader 200 Index
|
|
|
(28.66
|
)%
|
|
S&P 500 Index
|
|
|
(23.78
|
)%
|
|
Fund
|
|
|
|
|
|
NAV Return
|
|
|
(31.68
|
)%
|
|
Market Price
|
|
|
(30.92
|
)%
|
Performance data quoted represents past performance, and is
no guarantee of future results. Current performance may be lower
or higher than the performance data quoted. Investment return
and principal value will fluctuate so that an investor’s
shares, when redeemed, may be worth more or less than original
cost. Returns shown include the reinvestment of dividends;
returns less than one year are cumulative. Per the current
prospectus, the Fund’s estimated total annual operating
expenses are 1.48% and net expenses are 1.12%. The Fund’s
Investment Advisor has agreed to contractually waive fees
and/or
pay
fund expenses to the extent necessary to prevent the operating
expenses of the Fund (excluding certain expenses described in
the prospectus) from exceeding 0.85% of the average net assets,
at least until December 31, 2011. Otherwise, returns shown
would have been lower. For the Fund’s most recent month end
performance please visit www.spa-etf.com. The performance table
and graphs do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of
Fund shares.
Index returns are historical and not predictive of future
results. MarketGrader Index returns are not reflective of the
Funds’ performance nor reflective of the fees and expenses
applicable to the Fund. Index returns shown include the
reinvestment of dividends. The MarketGrader 200 Index is
composed of 200 U.S. traded stocks selected by a
proprietary system developed by MarketGrader. It is equal
weighted and rebalanced semi-annually. All components are
selected exclusively on the basis of their final short term
numerical grade as scored by the MarketGrader System. The
MarketGrader 200 Index became publicly available on
March 15, 2007. One cannot invest directly in an index.
5
Management’s
Discussion and Analysis (continued) (Unaudited)
SPA MarketGrader Small Cap 100 Fund (SSK)
During the reporting period, the SPA MarketGrader Small Cap 100
Fund benefited from its lower exposure to basic materials and
higher exposure to healthcare and industrials. The MarketGrader
Small Cap Index initially benefited from the fact that small cap
stocks generally were, at first, less affected by the turmoil in
the markets. The Fund also benefited from its lack of exposure
to large cap financials, as compared to the other SPA
MarketGrader Funds. Overall, however, the Fund showed negative
returns as all capitalization categories were affected by
economic turmoil and uncertainty in the financial sector.
Growth of a $10,000 Investment Since Inception at Net Asset
Value:
|
|
|
|
|
|
|
Fund Performance History (%)
|
|
Cumulative Total Return As of September 30, 2008
|
|
|
|
|
|
|
|
Since Inception (October 12, 2007)
|
|
|
|
|
Index
|
|
|
|
|
|
MarketGrader Small Cap 100 Index
|
|
|
(25.01
|
)%
|
|
S&P Small Cap 600 Index
|
|
|
(16.84
|
)%
|
|
Fund
|
|
|
|
|
|
NAV Return
|
|
|
(28.00
|
)%
|
|
Market Price
|
|
|
(27.18
|
)%
|
Performance data quoted represents past performance, and is
no guarantee of future results. Current performance may be lower
or higher than the performance data quoted. Investment return
and principal value will fluctuate so that an investor’s
shares, when redeemed, may be worth more or less than original
cost. Returns shown include the reinvestment of dividends;
returns less than one year are cumulative. Per the current
prospectus, the Fund’s estimated total annual operating
expenses are 1.48% and net expenses are 1.12%. The Fund’s
Investment Advisor has agreed to contractually waive fees
and/or
pay
fund expenses to the extent necessary to prevent the operating
expenses of the Fund (excluding certain expenses described in
the prospectus) from exceeding 0.85% of the average net assets,
at least until December 31, 2011. Otherwise, returns shown
would have been lower. For the Fund’s most recent month end
performance please visit www.spa-etf.com. The performance table
and graphs do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of
Fund shares.
Index returns are historical and not predictive of future
results. MarketGrader Index returns are not reflective of the
Funds’ performance nor reflective of the fees and expenses
applicable to the Fund. Index returns shown include the
reinvestment of dividends. The MarketGrader Small Cap 100 Index
is composed of 100 U.S. traded stocks selected by a
proprietary system developed by MarketGrader. It is equal
weighted and rebalanced semi-annually. All components are
selected exclusively on the basis of their final short term
numerical grade as scored by the MarketGrader System. The
MarketGrader Small Cap 100 Index became publicly available on
April 27, 2007. One cannot invest directly in an index.
6
Management’s
Discussion and Analysis (continued) (Unaudited)
SPA MarketGrader Mid Cap 100 Fund (SVD)
During the year, the SPA MarketGrader Mid Cap 100 Fund benefited
from its lower exposure to basic materials and higher exposure
to healthcare and industrials, as compared to some of the other
SPA MarketGrader Funds. The Fund did suffer from exposure to
energy and financial sectors, and showed similar negative
performance to its benchmark, the S&P MidCap 400 Index, as
evidenced in the performance figures.
Growth of a $10,000 Investment Since Inception at Net Asset
Value:
|
|
|
|
|
|
|
Fund Performance History (%)
|
|
Cumulative Total Return As of September 30, 2008
|
|
|
|
|
|
|
|
Since Inception (October 12, 2007)
|
|
|
|
|
Index
|
|
|
|
|
|
MarketGrader Mid Cap 100 Index
|
|
|
(26.75
|
)%
|
|
S&P Mid Cap 400 Index
|
|
|
(19.20
|
)%
|
|
Fund
|
|
|
|
|
|
NAV Return
|
|
|
(27.28
|
)%
|
|
Market Price
|
|
|
(22.22
|
)%
|
Performance data quoted represents past performance, and is
no guarantee of future results. Current performance may be lower
or higher than the performance data quoted. Investment return
and principal value will fluctuate so that an investor’s
shares, when redeemed, may be worth more or less than original
cost. Returns shown include the reinvestment of dividends;
returns less than one year are cumulative. Per the current
prospectus, the Fund’s estimated total annual operating
expenses are 1.48% and net expenses are 1.12%. The Fund’s
Investment Advisor has agreed to contractually waive fees
and/or
pay
fund expenses to the extent necessary to prevent the operating
expenses of the Fund (excluding certain expenses described in
the prospectus) from exceeding 0.85% of the average net assets,
at least until December 31, 2011. Otherwise, returns shown
would have been lower. For the Fund’s most recent month end
performance please visit www.spa-etf.com. The performance table
and graphs do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of
Fund shares.
Index returns are historical and not predictive of future
results. MarketGrader Index returns are not reflective of the
Funds’ performance nor reflective of the fees and expenses
applicable to the Fund. Index returns shown include the
reinvestment of dividends. The MarketGrader Mid Cap 100 Index is
composed of 100 U.S. traded stocks selected by a
proprietary system developed by MarketGrader. It is equal
weighted and rebalanced semi-annually. All components are
selected exclusively on the basis of their final short term
numerical grade as scored by the MarketGrader System. The
MarketGrader Mid Cap 100 Index became publicly available on
April 27, 2007. One cannot invest directly in an index.
7
Management’s
Discussion and Analysis (concluded) (Unaudited)
SPA MarketGrader Large Cap 100 Fund (SZG)
The markets during the reporting period were marked by high
volatility and negative performance, especially among large cap
stocks. The crisis of liquidity among financial institutions,
and the subsequent failure of several U.S. banks caused the
financial sector to decline and the Fund had significant
exposure to that sector during the reporting period.
Furthermore, the energy sector was the highest weighted sector
of the Fund, and contributed to negative returns as the sector
declined during the reporting period.
Growth of a $10,000 Investment Since Inception at Net Asset
Value:
|
|
|
|
|
|
|
Fund Performance History (%)
|
|
Cumulative Total Return As of September 30, 2008
|
|
|
|
|
|
|
|
Since Inception (October 12, 2007)
|
|
|
|
|
Index
|
|
|
|
|
|
MarketGrader Large Cap 100 Index
|
|
|
(24.51
|
)%
|
|
S&P 500 Index
|
|
|
(23.78
|
)%
|
|
Fund
|
|
|
|
|
|
NAV Return
|
|
|
(29.44
|
)%
|
|
Market Price
|
|
|
(27.12
|
)%
|
Performance data quoted represents past performance, and is
no guarantee of future results. Current performance may be lower
or higher than the performance data quoted. Investment return
and principal value will fluctuate so that an investor’s
shares, when redeemed, may be worth more or less than original
cost. Returns shown include the reinvestment of dividends;
returns less than one year are cumulative. Per the current
prospectus, the Fund’s estimated total annual operating
expenses are 1.48% and net expenses are 1.12%. The Fund’s
Investment Advisor has agreed to contractually waive fees
and/or
pay
fund expenses to the extent necessary to prevent the operating
expenses of the Fund (excluding certain expenses described in
the prospectus) from exceeding 0.85% of the average net assets,
at least until December 31, 2011. Otherwise, returns shown
would have been lower. For the Fund’s most recent month end
performance please visit www.spa-etf.com. The performance table
and graphs do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of
Fund shares.
Index returns are historical and not predictive of future
results. MarketGrader Index returns are not reflective of the
Funds’ performance nor reflective of the fees and expenses
applicable to the Fund. Index returns shown include the
reinvestment of dividends. The MarketGrader Large Cap 100 Index
is composed of 100 U.S. traded stocks selected by a
proprietary system developed by MarketGrader. It is equal
weighted and rebalanced semi-annually. All components are
selected exclusively on the basis of their final short term
numerical grade as scored by the MarketGrader System. The
MarketGrader Large Cap 100 Index became publicly available on
April 27, 2007. One cannot invest directly in an index.
8
Premium/Discount
Summary Table (Unaudited)
SPA
MarketGrader 40 Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
|
% of
|
|
|
Premium/Discount Range
|
|
of Days
|
|
|
Total Days
|
|
|
|
|
|
|
|
Greater than -5.0% and less than -4.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than -4.0% and less than -3.0%
|
|
|
3
|
|
|
|
0.85
|
%
|
|
Greater than -3.0% and less than -2.0%
|
|
|
7
|
|
|
|
1.97
|
%
|
|
Greater than -2.0% and less than -1.0%
|
|
|
10
|
|
|
|
2.82
|
%
|
|
Greater than -1.0% and less than 0.0%
|
|
|
165
|
|
|
|
46.48
|
%
|
|
Greater than 0.0% and less than 1.0%
|
|
|
134
|
|
|
|
37.75
|
%
|
|
Greater than 1.0% and less than 2.0%
|
|
|
13
|
|
|
|
3.66
|
%
|
|
Greater than 2.0% and less than 3.0%
|
|
|
6
|
|
|
|
1.69
|
%
|
|
Greater than 3.0% and less than 4.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than 4.0% and less than 5.0%
|
|
|
7
|
|
|
|
1.97
|
%
|
|
Greater than 5.0% and less than 6.0%
|
|
|
2
|
|
|
|
0.56
|
%
|
|
Greater than 6.0% and less than 7.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than 7.0% and less than 8.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than 8.0% and less than 9.0%
|
|
|
4
|
|
|
|
1.13
|
%
|
|
Greater than 9.0% and less than 10.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
355
|
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
SPA
MarketGrader 100 Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
|
% of
|
|
|
Premium/Discount Range
|
|
of Days
|
|
|
Total Days
|
|
|
|
|
|
|
|
Greater than -5.0% and less than -4.0%
|
|
|
8
|
|
|
|
2.25
|
%
|
|
Greater than -4.0% and less than -3.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than -3.0% and less than -2.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than -2.0% and less than -1.0%
|
|
|
10
|
|
|
|
2.82
|
%
|
|
Greater than -1.0% and less than 0.0%
|
|
|
152
|
|
|
|
42.81
|
%
|
|
Greater than 0.0% and less than 1.0%
|
|
|
90
|
|
|
|
25.35
|
%
|
|
Greater than 1.0% and less than 2.0%
|
|
|
50
|
|
|
|
14.08
|
%
|
|
Greater than 2.0% and less than 3.0%
|
|
|
15
|
|
|
|
4.23
|
%
|
|
Greater than 3.0% and less than 4.0%
|
|
|
3
|
|
|
|
0.85
|
%
|
|
Greater than 4.0% and less than 5.0%
|
|
|
13
|
|
|
|
3.66
|
%
|
|
Greater than 5.0% and less than 6.0%
|
|
|
3
|
|
|
|
0.85
|
%
|
|
Greater than 6.0% and less than 7.0%
|
|
|
5
|
|
|
|
1.41
|
%
|
|
Greater than 7.0% and less than 8.0%
|
|
|
3
|
|
|
|
0.85
|
%
|
|
Greater than 8.0% and less than 9.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Greater than 9.0% and less than 10.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
355
|
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
SPA
MarketGrader 200 Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
|
% of
|
|
|
Premium/Discount Range
|
|
of Days
|
|
|
Total Days
|
|
|
|
|
|
|
|
Greater than -5.0% and less than -4.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than -4.0% and less than -3.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Greater than -3.0% and less than -2.0%
|
|
|
3
|
|
|
|
0.85
|
%
|
|
Greater than -2.0% and less than -1.0%
|
|
|
10
|
|
|
|
2.82
|
%
|
|
Greater than -1.0% and less than 0.0%
|
|
|
159
|
|
|
|
44.79
|
%
|
|
Greater than 0.0% and less than 1.0%
|
|
|
142
|
|
|
|
40.00
|
%
|
|
Greater than 1.0% and less than 2.0%
|
|
|
23
|
|
|
|
6.47
|
%
|
|
Greater than 2.0% and less than 3.0%
|
|
|
5
|
|
|
|
1.41
|
%
|
|
Greater than 3.0% and less than 4.0%
|
|
|
6
|
|
|
|
1.69
|
%
|
|
Greater than 4.0% and less than 5.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than 5.0% and less than 6.0%
|
|
|
4
|
|
|
|
1.13
|
%
|
|
Greater than 6.0% and less than 7.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than 7.0% and less than 8.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Greater than 8.0% and less than 9.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Greater than 9.0% and less than 10.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
355
|
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
SPA
MarketGrader Small Cap 100 Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
|
% of
|
|
|
Premium/Discount Range
|
|
of Days
|
|
|
Total Days
|
|
|
|
|
|
|
|
Greater than -5.0% and less than -4.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than -4.0% and less than -3.0%
|
|
|
2
|
|
|
|
0.56
|
%
|
|
Greater than -3.0% and less than -2.0%
|
|
|
4
|
|
|
|
1.13
|
%
|
|
Greater than -2.0% and less than -1.0%
|
|
|
8
|
|
|
|
2.25
|
%
|
|
Greater than -1.0% and less than 0.0%
|
|
|
159
|
|
|
|
44.79
|
%
|
|
Greater than 0.0% and less than 1.0%
|
|
|
148
|
|
|
|
41.69
|
%
|
|
Greater than 1.0% and less than 2.0%
|
|
|
16
|
|
|
|
4.51
|
%
|
|
Greater than 2.0% and less than 3.0%
|
|
|
6
|
|
|
|
1.69
|
%
|
|
Greater than 3.0% and less than 4.0%
|
|
|
5
|
|
|
|
1.41
|
%
|
|
Greater than 4.0% and less than 5.0%
|
|
|
5
|
|
|
|
1.41
|
%
|
|
Greater than 5.0% and less than 6.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Greater than 6.0% and less than 7.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than 7.0% and less than 8.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Greater than 8.0% and less than 9.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Greater than 9.0% and less than 10.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
355
|
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
SPA
MarketGrader Mid Cap 100 Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
|
% of
|
|
|
Premium/Discount Range
|
|
of Days
|
|
|
Total Days
|
|
|
|
|
|
|
|
Greater than -6.0% and less than -5.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than -5.0% and less than -4.0%
|
|
|
8
|
|
|
|
2.25
|
%
|
|
Greater than -4.0% and less than -3.0%
|
|
|
3
|
|
|
|
0.85
|
%
|
|
Greater than -3.0% and less than -2.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than -2.0% and less than -1.0%
|
|
|
13
|
|
|
|
3.66
|
%
|
|
Greater than -1.0% and less than 0.0%
|
|
|
133
|
|
|
|
37.46
|
%
|
|
Greater than 0.0% and less than 1.0%
|
|
|
154
|
|
|
|
43.38
|
%
|
|
Greater than 1.0% and less than 2.0%
|
|
|
15
|
|
|
|
4.23
|
%
|
|
Greater than 2.0% and less than 3.0%
|
|
|
5
|
|
|
|
1.41
|
%
|
|
Greater than 3.0% and less than 4.0%
|
|
|
6
|
|
|
|
1.69
|
%
|
|
Greater than 4.0% and less than 5.0%
|
|
|
6
|
|
|
|
1.69
|
%
|
|
Greater than 5.0% and less than 6.0%
|
|
|
6
|
|
|
|
1.69
|
%
|
|
Greater than 6.0% and less than 7.0%
|
|
|
3
|
|
|
|
0.85
|
%
|
|
Greater than 7.0% and less than 8.0%
|
|
|
1
|
|
|
|
0.28
|
%
|
|
Greater than 8.0% and less than 9.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Greater than 9.0% and less than 10.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
355
|
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
SPA
MarketGrader Large Cap 100 Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
|
% of
|
|
|
Premium/Discount Range
|
|
of Days
|
|
|
Total Days
|
|
|
|
|
|
|
|
Greater than -6.0% and less than -5.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Greater than -5.0% and less than -4.0%
|
|
|
6
|
|
|
|
1.69
|
%
|
|
Greater than -4.0% and less than -3.0%
|
|
|
2
|
|
|
|
0.56
|
%
|
|
Greater than -3.0% and less than -2.0%
|
|
|
3
|
|
|
|
0.85
|
%
|
|
Greater than -2.0% and less than -1.0%
|
|
|
8
|
|
|
|
2.25
|
%
|
|
Greater than -1.0% and less than 0.0%
|
|
|
151
|
|
|
|
42.54
|
%
|
|
Greater than 0.0% and less than 1.0%
|
|
|
117
|
|
|
|
32.96
|
%
|
|
Greater than 1.0% and less than 2.0%
|
|
|
28
|
|
|
|
7.89
|
%
|
|
Greater than 2.0% and less than 3.0%
|
|
|
12
|
|
|
|
3.38
|
%
|
|
Greater than 3.0% and less than 4.0%
|
|
|
2
|
|
|
|
0.56
|
%
|
|
Greater than 4.0% and less than 5.0%
|
|
|
7
|
|
|
|
1.97
|
%
|
|
Greater than 5.0% and less than 6.0%
|
|
|
9
|
|
|
|
2.54
|
%
|
|
Greater than 6.0% and less than 7.0%
|
|
|
8
|
|
|
|
2.25
|
%
|
|
Greater than 7.0% and less than 8.0%
|
|
|
2
|
|
|
|
0.56
|
%
|
|
Greater than 8.0% and less than 9.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Greater than 9.0% and less than 10.0%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
355
|
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
9
SPA
MarketGrader 40 Fund
|
|
|
|
|
|
|
|
|
% of
|
|
|
|
|
Net
|
|
|
Industry
|
|
Assets
|
|
|
|
|
|
|
|
Capital Goods
|
|
|
11.6
|
%
|
|
Consumer Durables & Apparel
|
|
|
3.0
|
|
|
Consumer Services
|
|
|
5.6
|
|
|
Energy
|
|
|
32.4
|
|
|
Food Beverage & Tobacco
|
|
|
7.4
|
|
|
Health Care Equipment & Services
|
|
|
2.7
|
|
|
Materials
|
|
|
14.4
|
|
|
Pharmaceuticals, Biotechnology
|
|
|
5.6
|
|
|
Retailing
|
|
|
3.0
|
|
|
Software & Services
|
|
|
5.8
|
|
|
Technology Hardware & Equipment
|
|
|
7.2
|
|
|
Transportation
|
|
|
2.8
|
|
|
|
|
|
|
|
|
Total Investments
|
|
|
101.5
|
|
|
Liabilities in Excess of Other Assets
|
|
|
(1.5
|
)
|
|
|
|
|
|
|
|
Net Assets
|
|
|
100.0
|
%
|
|
|
|
|
|
|
SPA
MarketGrader 100 Fund
|
|
|
|
|
|
|
|
|
% of
|
|
|
|
|
Net
|
|
|
Industry
|
|
Assets
|
|
|
|
|
|
|
|
Banks
|
|
|
1.2
|
%
|
|
Capital Goods
|
|
|
15.9
|
|
|
Commercial Services & Supplies
|
|
|
1.0
|
|
|
Consumer Durables & Apparel
|
|
|
4.5
|
|
|
Consumer Services
|
|
|
2.1
|
|
|
Diversified Financials
|
|
|
1.0
|
|
|
Energy
|
|
|
25.2
|
|
|
Food & Staples Retailing
|
|
|
2.3
|
|
|
Food Beverage & Tobacco
|
|
|
4.0
|
|
|
Health Care Equipment & Services
|
|
|
5.5
|
|
|
Household & Personal Products
|
|
|
1.0
|
|
|
Insurance
|
|
|
3.6
|
|
|
Materials
|
|
|
12.0
|
|
|
Pharmaceuticals, Biotechnology
|
|
|
2.2
|
|
|
Retailing
|
|
|
3.6
|
|
|
Software & Services
|
|
|
8.9
|
|
|
Technology Hardware & Equipment
|
|
|
4.9
|
|
|
Transportation
|
|
|
1.8
|
|
|
|
|
|
|
|
|
Total Investments
|
|
|
100.7
|
|
|
Liabilities in Excess of Other Assets
|
|
|
(0.7
|
)
|
|
|
|
|
|
|
|
Net Assets
|
|
|
100.0
|
%
|
|
|
|
|
|
|
SPA
MarketGrader 200 Fund
|
|
|
|
|
|
|
|
|
% of
|
|
|
|
|
Net
|
|
|
Industry
|
|
Assets
|
|
|
|
|
|
|
|
Automobiles & Components
|
|
|
0.9
|
%
|
|
Banks
|
|
|
0.5
|
|
|
Capital Goods
|
|
|
15.1
|
|
|
Commercial Services & Supplies
|
|
|
1.5
|
|
|
Consumer Durables & Apparel
|
|
|
2.6
|
|
|
Consumer Services
|
|
|
2.8
|
|
|
Diversified Financials
|
|
|
2.6
|
|
|
Energy
|
|
|
20.5
|
|
|
Food & Staples Retailing
|
|
|
1.4
|
|
|
Food Beverage & Tobacco
|
|
|
3.7
|
|
|
Health Care Equipment & Services
|
|
|
5.0
|
|
|
Household & Personal Products
|
|
|
1.5
|
|
|
Insurance
|
|
|
1.6
|
|
|
Materials
|
|
|
6.8
|
|
|
Media
|
|
|
1.0
|
|
|
Pharmaceuticals, Biotechnology
|
|
|
6.2
|
|
|
Retailing
|
|
|
5.0
|
|
|
Semiconductors & Semiconductor Equipment
|
|
|
1.0
|
|
|
Software & Services
|
|
|
6.5
|
|
|
Technology Hardware & Equipment
|
|
|
7.0
|
|
|
Transportation
|
|
|
1.9
|
|
|
Utilities
|
|
|
3.6
|
|
|
|
|
|
|
|
|
Total Investments
|
|
|
98.7
|
|
|
Other Assets in Excess of Liabilities
|
|
|
1.3
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
100.0
|
%
|
|
|
|
|
|
|
SPA
MarketGrader
Small Cap 100 Fund
|
|
|
|
|
|
|
|
|
% of
|
|
|
|
|
Net
|
|
|
Industry
|
|
Assets
|
|
|
|
|
|
|
|
Banks
|
|
|
1.0
|
%
|
|
Capital Goods
|
|
|
14.3
|
|
|
Commercial Services & Supplies
|
|
|
5.0
|
|
|
Consumer Durables & Apparel
|
|
|
3.1
|
|
|
Consumer Services
|
|
|
3.0
|
|
|
Diversified Financials
|
|
|
3.0
|
|
|
Energy
|
|
|
24.9
|
|
|
Food & Staples Retailing
|
|
|
0.8
|
|
|
Food Beverage & Tobacco
|
|
|
2.3
|
|
|
Health Care Equipment & Services
|
|
|
6.9
|
|
|
Materials
|
|
|
2.5
|
|
|
Pharmaceuticals, Biotechnology
|
|
|
5.2
|
|
|
Retailing
|
|
|
8.0
|
|
|
Semiconductors & Semiconductor Equipment
|
|
|
2.0
|
|
|
Software & Services
|
|
|
8.8
|
|
|
Technology Hardware & Equipment
|
|
|
3.4
|
|
|
Transportation
|
|
|
3.8
|
|
|
Utilities
|
|
|
1.0
|
|
|
|
|
|
|
|
|
Total Investments
|
|
|
99.0
|
|
|
Other Assets in Excess of Liabilities
|
|
|
1.0
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
100.0
|
%
|
|
|
|
|
|
|
SPA
MarketGrader
Mid Cap 100 Fund
|
|
|
|
|
|
|
|
|
% of
|
|
|
|
|
Net
|
|
|
Industry
|
|
Assets
|
|
|
|
|
|
|
|
Automobiles & Components
|
|
|
0.9
|
%
|
|
Banks
|
|
|
1.0
|
|
|
Capital Goods
|
|
|
16.1
|
|
|
Commercial Services & Supplies
|
|
|
4.0
|
|
|
Consumer Durables & Apparel
|
|
|
3.1
|
|
|
Consumer Services
|
|
|
2.8
|
|
|
Diversified Financials
|
|
|
3.2
|
|
|
Energy
|
|
|
25.7
|
|
|
Food Beverage & Tobacco
|
|
|
3.7
|
|
|
Health Care Equipment & Services
|
|
|
4.1
|
|
|
Household & Personal Products
|
|
|
1.0
|
|
|
Materials
|
|
|
3.3
|
|
|
Media
|
|
|
1.0
|
|
|
Pharmaceuticals, Biotechnology
|
|
|
7.1
|
|
|
Retailing
|
|
|
5.7
|
|
|
Semiconductors & Semiconductor Equipment
|
|
|
1.1
|
|
|
Software & Services
|
|
|
6.2
|
|
|
Technology Hardware & Equipment
|
|
|
4.0
|
|
|
Transportation
|
|
|
0.8
|
|
|
Utilities
|
|
|
5.1
|
|
|
|
|
|
|
|
|
Total Investments
|
|
|
99.9
|
|
|
Other Assets in Excess of Liabilities
|
|
|
0.1
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
100.0
|
%
|
|
|
|
|
|
|
SPA
MarketGrader
Large Cap 100 Fund
|
|
|
|
|
|
|
|
|
% of
|
|
|
|
|
Net
|
|
|
Industry
|
|
Assets
|
|
|
|
|
|
|
|
Automobiles & Components
|
|
|
1.0
|
%
|
|
Capital Goods
|
|
|
12.4
|
|
|
Consumer Durables & Apparel
|
|
|
4.1
|
|
|
Consumer Services
|
|
|
3.0
|
|
|
Diversified Financials
|
|
|
1.2
|
|
|
Energy
|
|
|
26.0
|
|
|
Food & Staples Retailing
|
|
|
2.0
|
|
|
Food Beverage & Tobacco
|
|
|
3.0
|
|
|
Health Care Equipment & Services
|
|
|
4.0
|
|
|
Household & Personal Products
|
|
|
3.2
|
|
|
Materials
|
|
|
8.5
|
|
|
Media
|
|
|
1.0
|
|
|
Pharmaceuticals, Biotechnology
|
|
|
5.1
|
|
|
Retailing
|
|
|
2.9
|
|
|
Semiconductors & Semiconductor Equipment
|
|
|
2.1
|
|
|
Software & Services
|
|
|
5.2
|
|
|
Technology Hardware & Equipment
|
|
|
10.9
|
|
|
Telecommunications Services
|
|
|
0.9
|
|
|
Utilities
|
|
|
4.1
|
|
|
Total Investments
|
|
|
100.6
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets
|
|
|
(0.6
|
)
|
|
|
|
|
|
|
|
Net Assets
|
|
|
100.0
|
%
|
|
|
|
|
|
|
10
Schedule
of Investments
SPA MarketGrader 40 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
COMMON
STOCKS
—
101.5%
|
|
|
|
|
|
|
|
|
|
Capital
Goods
—
11.6%
|
|
|
|
|
|
|
|
|
|
AZZ, Inc.*
|
|
|
4,502
|
|
|
$
|
186,248
|
|
|
Emerson Electric Co.
|
|
|
4,193
|
|
|
|
171,032
|
|
|
Graham Corp.
|
|
|
1,964
|
|
|
|
106,252
|
|
|
II-VI, Inc.*
|
|
|
4,319
|
|
|
|
166,973
|
|
|
Terex Corp.*
|
|
|
4,121
|
|
|
|
125,773
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Goods
|
|
|
|
|
|
|
756,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Durables &
Apparel
—
3.0%
|
|
|
|
|
|
|
|
|
|
True Religion Apparel, Inc.*
|
|
|
7,653
|
|
|
|
197,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
Services
—
5.6%
|
|
|
|
|
|
|
|
|
|
Apollo Group, Inc. Class A*
|
|
|
3,209
|
|
|
|
190,294
|
|
|
thinkorswim Group, Inc.*
|
|
|
20,558
|
|
|
|
171,248
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Services
|
|
|
|
|
|
|
361,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy
—
32.4%
|
|
|
|
|
|
|
|
|
|
Apache Corp.
|
|
|
1,803
|
|
|
|
188,017
|
|
|
Atwood Oceanics, Inc.*
|
|
|
4,962
|
|
|
|
180,617
|
|
|
BP Prudhoe Bay Royalty Trust
|
|
|
2,381
|
|
|
|
221,362
|
|
|
Cimarex Energy Co.
|
|
|
3,791
|
|
|
|
185,418
|
|
|
Dawson Geophysical Co.*
|
|
|
3,289
|
|
|
|
153,563
|
|
|
Diamond Offshore Drilling, Inc.
|
|
|
1,821
|
|
|
|
187,672
|
|
|
Mariner Energy, Inc.*
|
|
|
6,853
|
|
|
|
140,486
|
|
|
Murphy Oil Corp.
|
|
|
2,604
|
|
|
|
167,021
|
|
|
Occidental Petroleum Corp.
|
|
|
2,555
|
|
|
|
180,000
|
|
|
Quicksilver Resources, Inc.*
|
|
|
8,296
|
|
|
|
162,850
|
|
|
Sabine Royalty Trust
|
|
|
3,209
|
|
|
|
179,447
|
|
|
Stone Energy Corp.*
|
|
|
4,046
|
|
|
|
171,267
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
2,117,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Beverage &
Tobacco
—
7.4%
|
|
|
|
|
|
|
|
|
|
Cal-Maine Foods, Inc.
|
|
|
4,224
|
|
|
|
115,907
|
|
|
Darling International, Inc.*
|
|
|
14,787
|
|
|
|
164,284
|
|
|
PepsiCo, Inc.
|
|
|
2,833
|
|
|
|
201,908
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food Beverage & Tobacco
|
|
|
|
|
|
|
482,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
Equipment &
Services
—
2.7%
|
|
|
|
|
|
|
|
|
|
Varian Medical Systems, Inc.*
|
|
|
3,101
|
|
|
|
177,160
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials
—
14.4%
|
|
|
|
|
|
|
|
|
|
CF Industries Holdings, Inc.
|
|
|
1,472
|
|
|
|
134,629
|
|
|
Fording Canadian Coal Trust
|
|
|
2,276
|
|
|
|
188,908
|
|
The accompanying notes are an integral part of these
financial statements.
11
Schedule
of Investments
SPA MarketGrader 40 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Materials
—
14.4%
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mosaic Co.
|
|
|
1,919
|
|
|
$
|
130,530
|
|
|
Potash Corp. of Saskatchewan
|
|
|
1,139
|
|
|
|
150,359
|
|
|
Terra Industries, Inc.
|
|
|
4,153
|
|
|
|
122,098
|
|
|
Terra Nitrogen Co. LP
|
|
|
1,910
|
|
|
|
209,813
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
936,337
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals,
Biotechnology
—
5.6%
|
|
|
|
|
|
|
|
|
|
OSI Pharmaceuticals, Inc.*
|
|
|
3,864
|
|
|
|
190,457
|
|
|
Pozen, Inc.*
|
|
|
16,801
|
|
|
|
176,579
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pharmaceuticals, Biotechnology
|
|
|
|
|
|
|
367,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retailing
—
3.0%
Guess?, Inc.
|
|
|
5,658
|
|
|
|
196,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software &
Services
—
5.8%
Accenture Ltd. Class A
|
|
|
4,919
|
|
|
|
186,922
|
|
|
Bidz.com, Inc.*
|
|
|
22,363
|
|
|
|
193,664
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Software & Services
|
|
|
|
|
|
|
380,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware &
Equipment
—
7.2%
Corning, Inc.
|
|
|
9,425
|
|
|
|
147,407
|
|
|
Infinera Corp.*
|
|
|
17,574
|
|
|
|
168,007
|
|
|
Western Digital Corp.*
|
|
|
7,133
|
|
|
|
152,076
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Technology Hardware & Equipment
|
|
|
|
|
|
|
467,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
—
2.8%
Excel Maritime Carriers Ltd.
|
|
|
5,867
|
|
|
|
88,474
|
|
|
TBS International Ltd. Class A*
|
|
|
7,093
|
|
|
|
95,472
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Transportation
|
|
|
|
|
|
|
183,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—101.5%
(Cost $7,868,628)
|
|
|
|
|
|
|
6,624,866
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets—(1.5)%
|
|
|
|
|
|
|
(95,669
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets
—
100.0%
|
|
|
|
|
|
$
|
6,529,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Non-income producing security
|
The accompanying notes are an integral part of these
financial statements.
12
Schedule
of Investments
SPA MarketGrader 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
COMMON
STOCKS
—
100.7%
|
|
|
|
|
|
|
|
|
|
Banks
—
1.2%
|
|
|
|
|
|
|
|
|
|
National Penn Bancshares, Inc.
|
|
|
2,829
|
|
|
$
|
41,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Goods
—
15.9%
|
|
|
|
|
|
|
|
|
|
Advanced Battery Technologies*
|
|
|
10,351
|
|
|
|
33,434
|
|
|
AZZ, Inc.*
|
|
|
929
|
|
|
|
38,433
|
|
|
BE Aerospace, Inc.*
|
|
|
1,756
|
|
|
|
27,797
|
|
|
Emerson Electric Co.
|
|
|
866
|
|
|
|
35,324
|
|
|
Fluor Corp.
|
|
|
553
|
|
|
|
30,802
|
|
|
Foster Wheeler Ltd.*
|
|
|
888
|
|
|
|
32,066
|
|
|
Goodrich Corp.
|
|
|
785
|
|
|
|
32,656
|
|
|
Graham Corp.
|
|
|
406
|
|
|
|
21,965
|
|
|
II-VI, Inc.*
|
|
|
892
|
|
|
|
34,485
|
|
|
Manitowoc Co., Inc.
|
|
|
1,690
|
|
|
|
26,279
|
|
|
Middleby Corp.*
|
|
|
752
|
|
|
|
40,841
|
|
|
Perini Corp.*
|
|
|
1,478
|
|
|
|
38,118
|
|
|
Precision Castparts Corp.
|
|
|
414
|
|
|
|
32,615
|
|
|
Raven Industries, Inc.
|
|
|
1,009
|
|
|
|
39,704
|
|
|
Terex Corp.*
|
|
|
851
|
|
|
|
25,972
|
|
|
Thomas & Betts Corp.*
|
|
|
911
|
|
|
|
35,593
|
|
|
Woodward Governor Co.
|
|
|
923
|
|
|
|
32,554
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Goods
|
|
|
|
|
|
|
558,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services &
Supplies
—
1.0%
|
|
|
|
|
|
|
|
|
|
Ritchie Bros. Auctioneers, Inc.
|
|
|
1,521
|
|
|
|
35,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Durables &
Apparel
—
4.5%
|
|
|
|
|
|
|
|
|
|
Garmin Ltd.*
|
|
|
1,117
|
|
|
|
37,911
|
|
|
Nike, Inc. Class B
|
|
|
672
|
|
|
|
44,957
|
|
|
True Religion Apparel, Inc.*
|
|
|
1,580
|
|
|
|
40,843
|
|
|
Volcom, Inc.*
|
|
|
2,048
|
|
|
|
35,389
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Durables & Apparel
|
|
|
|
|
|
|
159,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
Services
—
2.1%
|
|
|
|
|
|
|
|
|
|
Apollo Group, Inc. Class A*
|
|
|
663
|
|
|
|
39,316
|
|
|
thinkorswim Group, Inc.*
|
|
|
4,243
|
|
|
|
35,344
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Services
|
|
|
|
|
|
|
74,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified
Financials
—
1.0%
|
|
|
|
|
|
|
|
|
|
optionsXpress Holdings, Inc.
|
|
|
1,837
|
|
|
|
35,675
|
|
|
Energy
—
25.2%
|
|
|
|
|
|
|
|
|
|
Apache Corp.
|
|
|
372
|
|
|
|
38,792
|
|
|
Atwood Oceanics, Inc.*
|
|
|
1,024
|
|
|
|
37,274
|
|
The accompanying notes are an integral part of these
financial statements.
13
Schedule
of Investments
SPA MarketGrader 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Energy
—
25.2%
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boots & Coots International Well Control, Inc.*
|
|
|
15,764
|
|
|
$
|
30,424
|
|
|
BP Prudhoe Bay Royalty Trust
|
|
|
492
|
|
|
|
45,741
|
|
|
Cimarex Energy Co.
|
|
|
783
|
|
|
|
38,296
|
|
|
Dawson Geophysical Co.*
|
|
|
679
|
|
|
|
31,702
|
|
|
Diamond Offshore Drilling, Inc.
|
|
|
376
|
|
|
|
38,751
|
|
|
Dorchester Minerals LP
|
|
|
1,573
|
|
|
|
36,336
|
|
|
ENSCO International, Inc.
|
|
|
606
|
|
|
|
34,924
|
|
|
Frontline Ltd.
|
|
|
709
|
|
|
|
34,082
|
|
|
Helmerich & Payne, Inc.
|
|
|
777
|
|
|
|
33,559
|
|
|
Hess Corp.
|
|
|
417
|
|
|
|
34,227
|
|
|
Hugoton Royalty Trust
|
|
|
1,378
|
|
|
|
36,985
|
|
|
Mariner Energy, Inc.*
|
|
|
1,415
|
|
|
|
29,007
|
|
|
Murphy Oil Corp.
|
|
|
538
|
|
|
|
34,507
|
|
|
Occidental Petroleum Corp.
|
|
|
528
|
|
|
|
37,198
|
|
|
Permian Basin Royalty Trust
|
|
|
1,811
|
|
|
|
42,088
|
|
|
Plains Exploration & Production Co.*
|
|
|
768
|
|
|
|
27,003
|
|
|
Quicksilver Resources, Inc.*
|
|
|
1,712
|
|
|
|
33,607
|
|
|
Sabine Royalty Trust
|
|
|
663
|
|
|
|
37,075
|
|
|
Schlumberger Ltd.
|
|
|
442
|
|
|
|
34,516
|
|
|
Stone Energy Corp.*
|
|
|
835
|
|
|
|
35,346
|
|
|
Swift Energy Co.*
|
|
|
866
|
|
|
|
33,505
|
|
|
Transocean, Inc.*
|
|
|
323
|
|
|
|
35,478
|
|
|
Ultra Petroleum Corp.*
|
|
|
608
|
|
|
|
33,647
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
884,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food & Staples
Retailing
—
2.3%
|
|
|
|
|
|
|
|
|
|
Kroger Co.
|
|
|
1,438
|
|
|
|
39,516
|
|
|
SYSCO Corp.
|
|
|
1,302
|
|
|
|
40,141
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food & Staples Retailing
|
|
|
|
|
|
|
79,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Beverage &
Tobacco
—
4.0%
|
|
|
|
|
|
|
|
|
|
Altria Group, Inc.
|
|
|
1,954
|
|
|
|
38,767
|
|
|
Cal-Maine Foods, Inc.
|
|
|
872
|
|
|
|
23,928
|
|
|
Darling International, Inc.*
|
|
|
3,052
|
|
|
|
33,908
|
|
|
PepsiCo, Inc.
|
|
|
585
|
|
|
|
41,693
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food Beverage & Tobacco
|
|
|
|
|
|
|
138,296
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
Equipment &
Services
—
5.5%
|
|
|
|
|
|
|
|
|
|
Genoptix, Inc.*
|
|
|
1,157
|
|
|
|
37,799
|
|
|
Healthspring, Inc.*
|
|
|
2,124
|
|
|
|
44,944
|
|
|
Kinetic Concepts, Inc.*
|
|
|
1,186
|
|
|
|
33,908
|
|
|
St. Jude Medical, Inc.*
|
|
|
892
|
|
|
|
38,793
|
|
The accompanying notes are an integral part of these
financial statements.
14
Schedule
of Investments
SPA MarketGrader 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Health Care
Equipment &
Services
—
5.5%
(continued)
|
|
|
|
|
|
|
|
|
|
Varian Medical Systems, Inc.*
|
|
|
640
|
|
|
$
|
36,563
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care Equipment & Services
|
|
|
|
|
|
|
192,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Household & Personal
Products
—
1.0%
|
|
|
|
|
|
|
|
|
|
Herbalife Ltd.
|
|
|
915
|
|
|
|
36,161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
—
3.6%
|
|
|
|
|
|
|
|
|
|
Darwin Professional Underwriters, Inc.*
|
|
|
1,306
|
|
|
|
40,630
|
|
|
Tower Group, Inc.
|
|
|
1,960
|
|
|
|
46,178
|
|
|
Validus Holdings Ltd.
|
|
|
1,688
|
|
|
|
39,246
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Insurance
|
|
|
|
|
|
|
126,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials
—
12.0%
|
|
|
|
|
|
|
|
|
|
Agrium, Inc.
|
|
|
503
|
|
|
|
28,208
|
|
|
Barrick Gold Corp.
|
|
|
1,226
|
|
|
|
45,043
|
|
|
CF Industries Holdings, Inc.
|
|
|
304
|
|
|
|
27,804
|
|
|
Fording Canadian Coal Trust
|
|
|
470
|
|
|
|
39,010
|
|
|
LSB Industries, Inc.*
|
|
|
1,800
|
|
|
|
24,930
|
|
|
Methanex Corp.
|
|
|
1,613
|
|
|
|
32,083
|
|
|
Mosaic Co.
|
|
|
396
|
|
|
|
26,936
|
|
|
Nova Chemicals Corporation
|
|
|
1,596
|
|
|
|
36,070
|
|
|
Nucor Corp.
|
|
|
807
|
|
|
|
31,876
|
|
|
OM Group, Inc.*
|
|
|
1,357
|
|
|
|
30,532
|
|
|
Potash Corp. of Saskatchewan
|
|
|
235
|
|
|
|
31,022
|
|
|
Terra Industries, Inc.
|
|
|
857
|
|
|
|
25,196
|
|
|
Terra Nitrogen Co. LP
|
|
|
394
|
|
|
|
43,281
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
421,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals,
Biotechnology
—
2.2%
|
|
|
|
|
|
|
|
|
|
OSI Pharmaceuticals, Inc.*
|
|
|
798
|
|
|
|
39,333
|
|
|
Pozen, Inc.*
|
|
|
3,468
|
|
|
|
36,449
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pharmaceuticals, Biotechnology
|
|
|
|
|
|
|
75,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retailing
—
3.6%
|
|
|
|
|
|
|
|
|
|
Guess?, Inc.
|
|
|
1,168
|
|
|
|
40,635
|
|
|
Gymboree Corp.*
|
|
|
1,111
|
|
|
|
39,440
|
|
|
PetMed Express, Inc.*
|
|
|
2,981
|
|
|
|
46,802
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retailing
|
|
|
|
|
|
|
126,877
|
|
|
|
|
|
|
|
|
|
|
|
|
Software &
Services
—
8.9%
|
|
|
|
|
|
|
|
|
|
Accenture Ltd. Class A
|
|
|
1,016
|
|
|
|
38,608
|
|
|
Bidz.com, Inc.*
|
|
|
4,616
|
|
|
|
39,975
|
|
|
Cognizant Technology Solutions Corp. Class A*
|
|
|
1,378
|
|
|
|
31,460
|
|
The accompanying notes are an integral part of these
financial statements.
15
Schedule
of Investments
SPA MarketGrader 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Software &
Services
—
8.9%
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
comScore, Inc.*
|
|
|
1,837
|
|
|
$
|
32,386
|
|
|
Intuit, Inc.*
|
|
|
1,374
|
|
|
|
43,432
|
|
|
PROS Holdings, Inc.*
|
|
|
5,509
|
|
|
|
51,729
|
|
|
Quality Systems, Inc.
|
|
|
1,010
|
|
|
|
42,683
|
|
|
Syntel, Inc.
|
|
|
1,239
|
|
|
|
30,355
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Software & Services
|
|
|
|
|
|
|
310,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware &
Equipment
—
4.9%
|
|
|
|
|
|
|
|
|
|
Amphenol Corp. Class A
|
|
|
833
|
|
|
|
33,437
|
|
|
Corning, Inc.
|
|
|
1,945
|
|
|
|
30,420
|
|
|
Hewlett-Packard Co.
|
|
|
938
|
|
|
|
43,373
|
|
|
Infinera Corp.*
|
|
|
3,627
|
|
|
|
34,674
|
|
|
Western Digital Corp.*
|
|
|
1,473
|
|
|
|
31,404
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Technology Hardware & Equipment
|
|
|
|
|
|
|
173,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
—
1.8%
|
|
|
|
|
|
|
|
|
|
Excel Maritime Carriers Ltd.
|
|
|
1,211
|
|
|
|
18,262
|
|
|
Genco Shipping & Trading Ltd.
|
|
|
699
|
|
|
|
23,235
|
|
|
TBS International Ltd. Class A*
|
|
|
1,464
|
|
|
|
19,705
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Transportation
|
|
|
|
|
|
|
61,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—100.7%
(Cost $4,177,022)
|
|
|
|
|
|
|
3,530,940
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets—(0.7)%
|
|
|
|
|
|
|
(24,086
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets
—
100.0%
|
|
|
|
|
|
$
|
3,506,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Non-income producing security
|
The accompanying notes are an integral part of these
financial statements.
16
Schedule
of Investments
SPA MarketGrader 200 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
COMMON
STOCKS
—
98.7%
|
|
|
|
|
|
|
|
|
|
Automobiles &
Components
—
0.9%
|
|
|
|
|
|
|
|
|
|
Federal Mogul Corp. Class A*
|
|
|
597
|
|
|
$
|
7,492
|
|
|
WABCO Holdings, Inc.
|
|
|
222
|
|
|
|
7,890
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Automobiles & Components
|
|
|
|
|
|
|
15,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banks
—
0.5%
|
|
|
|
|
|
|
|
|
|
National Penn Bancshares, Inc.
|
|
|
598
|
|
|
|
8,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Goods
—
15.1%
|
|
|
|
|
|
|
|
|
|
AAON, Inc.
|
|
|
454
|
|
|
|
8,258
|
|
|
Ampco-Pittsburgh Corp.
|
|
|
281
|
|
|
|
7,278
|
|
|
AZZ, Inc.*
|
|
|
237
|
|
|
|
9,805
|
|
|
BE Aerospace, Inc.*
|
|
|
481
|
|
|
|
7,614
|
|
|
Bucyrus International, Inc.
|
|
|
196
|
|
|
|
8,757
|
|
|
Carlisle Cos., Inc.
|
|
|
249
|
|
|
|
7,463
|
|
|
Caterpillar, Inc.
|
|
|
139
|
|
|
|
8,284
|
|
|
Cummins, Inc.
|
|
|
157
|
|
|
|
6,864
|
|
|
Emerson Electric Co.
|
|
|
211
|
|
|
|
8,607
|
|
|
First Solar, Inc.*
|
|
|
42
|
|
|
|
7,934
|
|
|
Flowserve Corp.
|
|
|
88
|
|
|
|
7,812
|
|
|
Fluor Corp.
|
|
|
151
|
|
|
|
8,411
|
|
|
Foster Wheeler Ltd.*
|
|
|
219
|
|
|
|
7,908
|
|
|
Goodrich Corp.
|
|
|
189
|
|
|
|
7,862
|
|
|
GrafTech International Ltd.*
|
|
|
540
|
|
|
|
8,159
|
|
|
Graham Corp.
|
|
|
137
|
|
|
|
7,412
|
|
|
II-VI, Inc.*
|
|
|
218
|
|
|
|
8,428
|
|
|
K-Tron International, Inc.*
|
|
|
63
|
|
|
|
8,116
|
|
|
L.B. Foster Co. Class A*
|
|
|
263
|
|
|
|
8,000
|
|
|
Lincoln Electric Holdings, Inc.
|
|
|
130
|
|
|
|
8,360
|
|
|
Manitowoc Co., Inc.
|
|
|
455
|
|
|
|
7,075
|
|
|
McDermott International, Inc.*
|
|
|
307
|
|
|
|
7,844
|
|
|
Middleby Corp.*
|
|
|
154
|
|
|
|
8,364
|
|
|
Perini Corp.*
|
|
|
380
|
|
|
|
9,800
|
|
|
Precision Castparts Corp.
|
|
|
92
|
|
|
|
7,248
|
|
|
Raven Industries, Inc.
|
|
|
209
|
|
|
|
8,224
|
|
|
Rockwell Collins, Inc.
|
|
|
176
|
|
|
|
8,464
|
|
|
Sun Hydraulics Corp.
|
|
|
299
|
|
|
|
7,786
|
|
|
Teledyne Technologies, Inc.*
|
|
|
153
|
|
|
|
8,745
|
|
|
Terex Corp.*
|
|
|
258
|
|
|
|
7,874
|
|
|
Thomas & Betts Corp.*
|
|
|
214
|
|
|
|
8,361
|
|
|
Woodward Governor Co.
|
|
|
230
|
|
|
|
8,112
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Goods
|
|
|
|
|
|
|
259,229
|
|
The accompanying notes are an integral part of these
financial statements.
17
Schedule
of Investments
SPA MarketGrader 200 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services &
Supplies
—
1.5%
|
|
|
|
|
|
|
|
|
|
Brink’s Co.
|
|
|
129
|
|
|
$
|
7,872
|
|
|
Knoll, Inc.
|
|
|
546
|
|
|
|
8,256
|
|
|
Ritchie Bros. Auctioneers, Inc.
|
|
|
387
|
|
|
|
9,040
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial Services & Supplies
|
|
|
|
|
|
|
25,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Durables &
Apparel
—
2.6%
|
|
|
|
|
|
|
|
|
|
Coach, Inc.*
|
|
|
307
|
|
|
|
7,687
|
|
|
Garmin Ltd.*
|
|
|
264
|
|
|
|
8,960
|
|
|
Lululemon Athletica, Inc.*
|
|
|
411
|
|
|
|
9,465
|
|
|
Nike, Inc. Class B
|
|
|
148
|
|
|
|
9,901
|
|
|
True Religion Apparel, Inc.*
|
|
|
314
|
|
|
|
8,117
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Durables & Apparel
|
|
|
|
|
|
|
44,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
Services
—
2.8%
|
|
|
|
|
|
|
|
|
|
Apollo Group, Inc. Class A*
|
|
|
135
|
|
|
|
8,006
|
|
|
Bally Technologies, Inc.*
|
|
|
267
|
|
|
|
8,085
|
|
|
ITT Educational Services, Inc.*
|
|
|
95
|
|
|
|
7,686
|
|
|
McDonald’s Corp.
|
|
|
140
|
|
|
|
8,638
|
|
|
Strayer Education, Inc.
|
|
|
40
|
|
|
|
8,010
|
|
|
thinkorswim Group, Inc.*
|
|
|
976
|
|
|
|
8,130
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Services
|
|
|
|
|
|
|
48,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified
Financials
—
2.6%
|
|
|
|
|
|
|
|
|
|
GFI Group, Inc.
|
|
|
1,846
|
|
|
|
8,695
|
|
|
Hercules Technology Growth Capital, Inc.
|
|
|
935
|
|
|
|
9,069
|
|
|
Nasdaq OMX Group*
|
|
|
316
|
|
|
|
9,660
|
|
|
optionsXpress Holdings, Inc.
|
|
|
422
|
|
|
|
8,195
|
|
|
Waddell & Reed Financial, Inc. Class A
|
|
|
367
|
|
|
|
9,083
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Diversified Financials
|
|
|
|
|
|
|
44,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy
—
20.5%
|
|
|
|
|
|
|
|
|
|
Apache Corp.
|
|
|
82
|
|
|
|
8,551
|
|
|
Atwood Oceanics, Inc.*
|
|
|
237
|
|
|
|
8,627
|
|
|
Baker Hughes, Inc.
|
|
|
142
|
|
|
|
8,597
|
|
|
BP Prudhoe Bay Royalty Trust
|
|
|
103
|
|
|
|
9,576
|
|
|
Chevron Corp.
|
|
|
111
|
|
|
|
9,155
|
|
|
Cimarex Energy Co.
|
|
|
191
|
|
|
|
9,342
|
|
|
Contango Oil & Gas Co.*
|
|
|
186
|
|
|
|
10,040
|
|
|
Dawson Geophysical Co.*
|
|
|
187
|
|
|
|
8,731
|
|
|
Denbury Resources, Inc.*
|
|
|
431
|
|
|
|
8,206
|
|
|
Diamond Offshore Drilling, Inc.
|
|
|
84
|
|
|
|
8,657
|
|
|
Dorchester Minerals LP
|
|
|
386
|
|
|
|
8,917
|
|
The accompanying notes are an integral part of these
financial statements.
18
Schedule
of Investments
SPA MarketGrader 200 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Energy
—
20.5%
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENGlobal Corp.*
|
|
|
734
|
|
|
$
|
9,740
|
|
|
Frontline Ltd.
|
|
|
190
|
|
|
|
9,133
|
|
|
Helmerich & Payne, Inc.
|
|
|
194
|
|
|
|
8,379
|
|
|
Hess Corp.
|
|
|
107
|
|
|
|
8,783
|
|
|
Hugoton Royalty Trust
|
|
|
339
|
|
|
|
9,099
|
|
|
Knightsbridge Tankers Ltd.
|
|
|
314
|
|
|
|
8,312
|
|
|
Lufkin Industries, Inc.
|
|
|
119
|
|
|
|
9,443
|
|
|
Mariner Energy, Inc.*
|
|
|
401
|
|
|
|
8,220
|
|
|
Murphy Oil Corp.
|
|
|
140
|
|
|
|
8,980
|
|
|
Noble Corp.
|
|
|
204
|
|
|
|
8,956
|
|
|
Occidental Petroleum Corp.
|
|
|
130
|
|
|
|
9,159
|
|
|
Oil States International, Inc.*
|
|
|
231
|
|
|
|
8,166
|
|
|
Parker Drilling Co.*
|
|
|
1,062
|
|
|
|
8,517
|
|
|
Permian Basin Royalty Trust
|
|
|
401
|
|
|
|
9,319
|
|
|
Petro-Canada
|
|
|
241
|
|
|
|
8,037
|
|
|
Plains Exploration & Production Co.*
|
|
|
254
|
|
|
|
8,931
|
|
|
Quicksilver Resources, Inc.*
|
|
|
427
|
|
|
|
8,382
|
|
|
Sabine Royalty Trust
|
|
|
167
|
|
|
|
9,339
|
|
|
Schlumberger Ltd.
|
|
|
104
|
|
|
|
8,121
|
|
|
Southwestern Energy Co.*
|
|
|
288
|
|
|
|
8,796
|
|
|
Stone Energy Corp.*
|
|
|
213
|
|
|
|
9,016
|
|
|
Swift Energy Co.*
|
|
|
227
|
|
|
|
8,783
|
|
|
Transocean, Inc.*
|
|
|
74
|
|
|
|
8,128
|
|
|
Ultra Petroleum Corp.*
|
|
|
158
|
|
|
|
8,744
|
|
|
Unit Corp.*
|
|
|
177
|
|
|
|
8,818
|
|
|
Valero Energy Corp.
|
|
|
284
|
|
|
|
8,605
|
|
|
Whiting Petroleum Corp.*
|
|
|
122
|
|
|
|
8,694
|
|
|
Williams Partners LP
|
|
|
318
|
|
|
|
8,220
|
|
|
XTO Energy, Inc.
|
|
|
180
|
|
|
|
8,374
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
351,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food & Staples
Retailing
—
1.4%
|
|
|
|
|
|
|
|
|
|
Andersons, Inc.
|
|
|
211
|
|
|
|
7,431
|
|
|
Kroger Co.
|
|
|
322
|
|
|
|
8,849
|
|
|
SYSCO Corp.
|
|
|
264
|
|
|
|
8,139
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food & Staples Retailing
|
|
|
|
|
|
|
24,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Beverage &
Tobacco
—
3.7%
|
|
|
|
|
|
|
|
|
|
Altria Group, Inc.
|
|
|
437
|
|
|
|
8,670
|
|
|
Bunge Ltd.
|
|
|
124
|
|
|
|
7,834
|
|
|
Cal-Maine Foods, Inc.
|
|
|
270
|
|
|
|
7,409
|
|
|
Darling International, Inc.*
|
|
|
747
|
|
|
|
8,299
|
|
The accompanying notes are an integral part of these
financial statements.
19
Schedule
of Investments
SPA MarketGrader 200 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Food Beverage &
Tobacco
—
3.7%
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hansen Natural Corp.*
|
|
|
381
|
|
|
$
|
11,525
|
|
|
PepsiCo, Inc.
|
|
|
124
|
|
|
|
8,837
|
|
|
Synutra International, Inc.*
|
|
|
590
|
|
|
|
11,877
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food Beverage & Tobacco
|
|
|
|
|
|
|
64,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
Equipment &
Services
—
5.0%
|
|
|
|
|
|
|
|
|
|
Baxter International, Inc.
|
|
|
131
|
|
|
|
8,598
|
|
|
CryoLife, Inc.*
|
|
|
626
|
|
|
|
8,213
|
|
|
Cynosure, Inc. Class A*
|
|
|
427
|
|
|
|
7,660
|
|
|
Genoptix, Inc.*
|
|
|
278
|
|
|
|
9,082
|
|
|
Healthspring, Inc.*
|
|
|
430
|
|
|
|
9,099
|
|
|
IDEXX Laboratories, Inc.*
|
|
|
157
|
|
|
|
8,604
|
|
|
Immucor, Inc.*
|
|
|
282
|
|
|
|
9,013
|
|
|
Intuitive Surgical, Inc.*
|
|
|
32
|
|
|
|
7,711
|
|
|
St. Jude Medical, Inc.*
|
|
|
208
|
|
|
|
9,046
|
|
|
Varian Medical Systems, Inc.*
|
|
|
149
|
|
|
|
8,512
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care Equipment & Services
|
|
|
|
|
|
|
85,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Household & Personal
Products
—
1.5%
|
|
|
|
|
|
|
|
|
|
Avon Products, Inc.
|
|
|
219
|
|
|
|
9,104
|
|
|
Herbalife Ltd.
|
|
|
216
|
|
|
|
8,536
|
|
|
Procter & Gamble Co.
|
|
|
125
|
|
|
|
8,711
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Household & Personal Products
|
|
|
|
|
|
|
26,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
—
1.6%
|
|
|
|
|
|
|
|
|
|
Darwin Professional Underwriters, Inc.*
|
|
|
286
|
|
|
|
8,897
|
|
|
eHealth, Inc.*
|
|
|
622
|
|
|
|
9,952
|
|
|
Validus Holdings Ltd.
|
|
|
375
|
|
|
|
8,719
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Insurance
|
|
|
|
|
|
|
27,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials
—
6.8%
|
|
|
|
|
|
|
|
|
|
Agrium, Inc.
|
|
|
117
|
|
|
|
6,561
|
|
|
AK Steel Holding Corp.
|
|
|
291
|
|
|
|
7,543
|
|
|
Barrick Gold Corp.
|
|
|
313
|
|
|
|
11,500
|
|
|
CF Industries Holdings, Inc.
|
|
|
76
|
|
|
|
6,951
|
|
|
E.I. Du Pont de Nemours & Co.
|
|
|
195
|
|
|
|
7,859
|
|
|
Fording Canadian Coal Trust
|
|
|
116
|
|
|
|
9,628
|
|
|
Koppers Holdings, Inc.
|
|
|
202
|
|
|
|
7,557
|
|
|
LSB Industries, Inc.*
|
|
|
574
|
|
|
|
7,950
|
|
|
Methanex Corp.
|
|
|
382
|
|
|
|
7,598
|
|
|
Mosaic Co.
|
|
|
103
|
|
|
|
7,006
|
|
|
Nucor Corp.
|
|
|
190
|
|
|
|
7,505
|
|
The accompanying notes are an integral part of these
financial statements.
20
Schedule
of Investments
SPA MarketGrader 200 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Materials
—
6.8%
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OM Group, Inc.*
|
|
|
297
|
|
|
$
|
6,683
|
|
|
Potash Corp. of Saskatchewan
|
|
|
56
|
|
|
|
7,393
|
|
|
Terra Industries, Inc.
|
|
|
217
|
|
|
|
6,380
|
|
|
Terra Nitrogen Co. LP
|
|
|
76
|
|
|
|
8,349
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
116,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media
—
1.0%
|
|
|
|
|
|
|
|
|
|
Marvel Entertainment, Inc.*
|
|
|
255
|
|
|
|
8,706
|
|
|
Omnicom Group, Inc.
|
|
|
228
|
|
|
|
8,792
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Media
|
|
|
|
|
|
|
17,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals,
Biotechnology
—
6.2%
|
|
|
|
|
|
|
|
|
|
Alkermes, Inc.*
|
|
|
705
|
|
|
|
9,376
|
|
|
Amgen, Inc.*
|
|
|
138
|
|
|
|
8,179
|
|
|
Eli Lilly & Co.
|
|
|
199
|
|
|
|
8,762
|
|
|
Endo Pharmaceuticals Holdings, Inc.*
|
|
|
418
|
|
|
|
8,360
|
|
|
Gilead Sciences, Inc.*
|
|
|
182
|
|
|
|
8,296
|
|
|
OSI Pharmaceuticals, Inc.*
|
|
|
187
|
|
|
|
9,217
|
|
|
Parexel International Corp.*
|
|
|
272
|
|
|
|
7,796
|
|
|
PDL BioPharma, Inc.
|
|
|
872
|
|
|
|
8,118
|
|
|
Pozen, Inc.*
|
|
|
912
|
|
|
|
9,585
|
|
|
Questcor Pharmaceuticals*
|
|
|
1,420
|
|
|
|
10,437
|
|
|
Techne Corp.*
|
|
|
122
|
|
|
|
8,799
|
|
|
Waters Corp.*
|
|
|
152
|
|
|
|
8,843
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pharmaceuticals, Biotechnology
|
|
|
|
|
|
|
105,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retailing
—
5.0%
|
|
|
|
|
|
|
|
|
|
Aeropostale, Inc.*
|
|
|
249
|
|
|
|
7,995
|
|
|
Buckle, Inc.
|
|
|
152
|
|
|
|
8,442
|
|
|
Dress Barn, Inc.*
|
|
|
546
|
|
|
|
8,348
|
|
|
Genuine Parts Co.
|
|
|
213
|
|
|
|
8,565
|
|
|
Guess?, Inc.
|
|
|
216
|
|
|
|
7,515
|
|
|
Gymboree Corp.*
|
|
|
228
|
|
|
|
8,094
|
|
|
Jos. A. Bank Clothiers, Inc.*
|
|
|
303
|
|
|
|
10,181
|
|
|
NutriSystem, Inc.
|
|
|
514
|
|
|
|
9,108
|
|
|
PetMed Express, Inc.*
|
|
|
588
|
|
|
|
9,232
|
|
|
Urban Outfitters, Inc.*
|
|
|
252
|
|
|
|
8,031
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retailing
|
|
|
|
|
|
|
85,511
|
|
The accompanying notes are an integral part of these
financial statements.
21
Schedule
of Investments
SPA MarketGrader 200 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors &
Semiconductor
Equipment
—
1.0%
|
|
|
|
|
|
|
|
|
|
Altera Corp.
|
|
|
438
|
|
|
$
|
9,058
|
|
|
Sigma Designs, Inc.*
|
|
|
638
|
|
|
|
9,072
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Semiconductors & Semiconductor Equipment
|
|
|
|
|
|
|
18,130
|
|
|
|
|
|
|
|
|
|
|
|
|
Software &
Services
—
6.5%
|
|
|
|
|
|
|
|
|
|
Accenture Ltd. Class A
|
|
|
247
|
|
|
|
9,386
|
|
|
Blackbaud, Inc.
|
|
|
451
|
|
|
|
8,321
|
|
|
Cognizant Technology Solutions Corp. Class A*
|
|
|
348
|
|
|
|
7,945
|
|
|
comScore, Inc.*
|
|
|
487
|
|
|
|
8,586
|
|
|
FactSet Research Systems, Inc.
|
|
|
168
|
|
|
|
8,778
|
|
|
j2 Global Communications, Inc.*
|
|
|
377
|
|
|
|
8,803
|
|
|
Microsoft Corp.
|
|
|
347
|
|
|
|
9,261
|
|
|
NeuStar, Inc. Class A*
|
|
|
446
|
|
|
|
8,871
|
|
|
Quality Systems, Inc.
|
|
|
219
|
|
|
|
9,255
|
|
|
Syntel, Inc.
|
|
|
313
|
|
|
|
7,668
|
|
|
TeleCommunication Systems, Inc. Class A*
|
|
|
1,178
|
|
|
|
8,140
|
|
|
Vasco Data Security International, Inc.*
|
|
|
726
|
|
|
|
7,521
|
|
|
VistaPrint Ltd.*
|
|
|
279
|
|
|
|
9,162
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Software & Services
|
|
|
|
|
|
|
111,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware &
Equipment
—
7.0%
|
|
|
|
|
|
|
|
|
|
Amphenol Corp. Class A
|
|
|
201
|
|
|
|
8,068
|
|
|
Apple, Inc.*
|
|
|
65
|
|
|
|
7,388
|
|
|
Cisco Systems, Inc.*
|
|
|
395
|
|
|
|
8,911
|
|
|
Comtech Telecommunications Corp.*
|
|
|
213
|
|
|
|
10,488
|
|
|
Corning, Inc.
|
|
|
587
|
|
|
|
9,181
|
|
|
Dolby Laboratories, Inc. Class A*
|
|
|
227
|
|
|
|
7,988
|
|
|
EMC Corp.*
|
|
|
675
|
|
|
|
8,073
|
|
|
Harris Corp.
|
|
|
191
|
|
|
|
8,824
|
|
|
Hewlett-Packard Co.
|
|
|
187
|
|
|
|
8,647
|
|
|
Infinera Corp.*
|
|
|
1,047
|
|
|
|
10,009
|
|
|
Mettler-Toledo International, Inc.*
|
|
|
90
|
|
|
|
8,820
|
|
|
Research In Motion Ltd.*
|
|
|
89
|
|
|
|
6,079
|
|
|
Starent Networks Corp.*
|
|
|
762
|
|
|
|
9,860
|
|
|
Western Digital Corp.*
|
|
|
396
|
|
|
|
8,443
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Technology Hardware & Equipment
|
|
|
|
|
|
|
120,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
—
1.9%
|
|
|
|
|
|
|
|
|
|
Excel Maritime Carriers Ltd.
|
|
|
413
|
|
|
|
6,228
|
|
|
Forward Air Corp.
|
|
|
277
|
|
|
|
7,543
|
|
|
Genco Shipping & Trading Ltd.
|
|
|
199
|
|
|
|
6,615
|
|
|
Republic Airways Holdings, Inc.*
|
|
|
726
|
|
|
|
7,398
|
|
The accompanying notes are an integral part of these
financial statements.
22
Schedule
of Investments
SPA MarketGrader 200 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Transportation
—
1.9%
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TBS International Ltd. Class A*
|
|
|
429
|
|
|
$
|
5,774
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Transportation
|
|
|
|
|
|
|
33,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities
—
3.6%
|
|
|
|
|
|
|
|
|
|
AES Corp.*
|
|
|
726
|
|
|
|
8,487
|
|
|
Dominion Resources, Inc.
|
|
|
212
|
|
|
|
9,069
|
|
|
DPL, Inc.
|
|
|
390
|
|
|
|
9,672
|
|
|
Energen Corp.
|
|
|
188
|
|
|
|
8,513
|
|
|
Exelon Corp.
|
|
|
137
|
|
|
|
8,579
|
|
|
Questar Corp.
|
|
|
198
|
|
|
|
8,102
|
|
|
Suburban Propane Partners LP
|
|
|
260
|
|
|
|
8,731
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utilities
|
|
|
|
|
|
|
61,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—98.7%
(Cost $1,977,149)
|
|
|
|
|
|
|
1,696,374
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities—1.3%
|
|
|
|
|
|
|
21,904
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets
—
100.0%
|
|
|
|
|
|
$
|
1,718,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Non-income producing security
|
The accompanying notes are an integral part of these
financial statements.
23
Schedule
of Investments
SPA MarketGrader Small Cap 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
COMMON
STOCKS
—
99.0%
|
|
|
|
|
|
|
|
|
|
Banks
—
1.0%
|
|
|
|
|
|
|
|
|
|
National Penn Bancshares, Inc.
|
|
|
1,237
|
|
|
$
|
18,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Goods
—
14.3%
|
|
|
|
|
|
|
|
|
|
AAON, Inc.
|
|
|
939
|
|
|
|
17,080
|
|
|
Ampco-Pittsburgh Corp.
|
|
|
581
|
|
|
|
15,048
|
|
|
AZZ, Inc.*
|
|
|
488
|
|
|
|
20,189
|
|
|
BE Aerospace, Inc.*
|
|
|
995
|
|
|
|
15,751
|
|
|
Ceradyne, Inc.*
|
|
|
544
|
|
|
|
19,943
|
|
|
GrafTech International Ltd.*
|
|
|
1,117
|
|
|
|
16,878
|
|
|
Graham Corp.
|
|
|
285
|
|
|
|
15,419
|
|
|
II-VI, Inc.*
|
|
|
450
|
|
|
|
17,397
|
|
|
K-Tron International, Inc.*
|
|
|
130
|
|
|
|
16,748
|
|
|
L.B. Foster Co. Class A*
|
|
|
544
|
|
|
|
16,548
|
|
|
Middleby Corp.*
|
|
|
316
|
|
|
|
17,162
|
|
|
Perini Corp.*
|
|
|
787
|
|
|
|
20,297
|
|
|
Raven Industries, Inc.
|
|
|
432
|
|
|
|
16,999
|
|
|
Sun Hydraulics Corp.
|
|
|
617
|
|
|
|
16,067
|
|
|
Triumph Group, Inc.
|
|
|
366
|
|
|
|
16,730
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Goods
|
|
|
|
|
|
|
258,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services &
Supplies
—
5.0%
|
|
|
|
|
|
|
|
|
|
Comfort Systems USA, Inc.
|
|
|
1,276
|
|
|
|
17,047
|
|
|
Herman Miller, Inc.
|
|
|
675
|
|
|
|
16,517
|
|
|
Knoll, Inc.
|
|
|
1,129
|
|
|
|
17,070
|
|
|
Rollins, Inc.
|
|
|
1,025
|
|
|
|
19,455
|
|
|
SYKES Enterprises, Inc.*
|
|
|
919
|
|
|
|
20,181
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial Services & Supplies
|
|
|
|
|
|
|
90,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Durables &
Apparel
—
3.1%
|
|
|
|
|
|
|
|
|
|
Fossil, Inc.*
|
|
|
679
|
|
|
|
19,168
|
|
|
Lululemon Athletica, Inc.*
|
|
|
850
|
|
|
|
19,576
|
|
|
True Religion Apparel, Inc.*
|
|
|
651
|
|
|
|
16,828
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Durables & Apparel
|
|
|
|
|
|
|
55,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
Services
—
3.0%
|
|
|
|
|
|
|
|
|
|
Bally Technologies, Inc.*
|
|
|
553
|
|
|
|
16,745
|
|
|
Buffalo Wild Wings, Inc.*
|
|
|
500
|
|
|
|
20,120
|
|
|
thinkorswim Group, Inc.*
|
|
|
2,018
|
|
|
|
16,810
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Services
|
|
|
|
|
|
|
53,675
|
|
The accompanying notes are an integral part of these
financial statements.
24
Schedule
of Investments
SPA MarketGrader Small Cap 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified
Financials
—
3.0%
|
|
|
|
|
|
|
|
|
|
GFI Group, Inc.
|
|
|
3,817
|
|
|
$
|
17,978
|
|
|
Hercules Technology Growth Capital, Inc.
|
|
|
1,934
|
|
|
|
18,760
|
|
|
optionsXpress Holdings, Inc.
|
|
|
873
|
|
|
|
16,954
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Diversified Financials
|
|
|
|
|
|
|
53,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy
—
24.9%
|
|
|
|
|
|
|
|
|
|
Arena Resources, Inc.*
|
|
|
499
|
|
|
|
19,386
|
|
|
Atwood Oceanics, Inc.*
|
|
|
490
|
|
|
|
17,836
|
|
|
BP Prudhoe Bay Royalty Trust
|
|
|
213
|
|
|
|
19,803
|
|
|
Contango Oil & Gas Co.*
|
|
|
385
|
|
|
|
20,782
|
|
|
Dawson Geophysical Co.*
|
|
|
387
|
|
|
|
18,069
|
|
|
Dorchester Minerals LP
|
|
|
799
|
|
|
|
18,457
|
|
|
Dril-Quip, Inc.*
|
|
|
419
|
|
|
|
18,180
|
|
|
ENGlobal Corp.*
|
|
|
1,517
|
|
|
|
20,131
|
|
|
Gulfport Energy Corp.*
|
|
|
1,866
|
|
|
|
18,753
|
|
|
Hugoton Royalty Trust
|
|
|
702
|
|
|
|
18,842
|
|
|
Knightsbridge Tankers Ltd.
|
|
|
651
|
|
|
|
17,232
|
|
|
Lufkin Industries, Inc.
|
|
|
246
|
|
|
|
19,520
|
|
|
Oil States International, Inc.*
|
|
|
478
|
|
|
|
16,897
|
|
|
Parker Drilling Co.*
|
|
|
2,196
|
|
|
|
17,612
|
|
|
Permian Basin Royalty Trust
|
|
|
829
|
|
|
|
19,266
|
|
|
Petroquest Energy, Inc.*
|
|
|
1,283
|
|
|
|
19,694
|
|
|
Rosetta Resources, Inc.*
|
|
|
964
|
|
|
|
17,699
|
|
|
Sabine Royalty Trust
|
|
|
345
|
|
|
|
19,292
|
|
|
San Juan Basin Royalty Trust
|
|
|
518
|
|
|
|
19,700
|
|
|
Stone Energy Corp.*
|
|
|
439
|
|
|
|
18,583
|
|
|
Sunoco Logistics Partners LP
|
|
|
427
|
|
|
|
18,895
|
|
|
Swift Energy Co.*
|
|
|
470
|
|
|
|
18,184
|
|
|
Warren Resources, Inc.*
|
|
|
2,051
|
|
|
|
20,469
|
|
|
Williams Partners LP
|
|
|
659
|
|
|
|
17,035
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
450,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food & Staples
Retailing
—
0.8%
|
|
|
|
|
|
|
|
|
|
Andersons, Inc.
|
|
|
437
|
|
|
|
15,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Beverage &
Tobacco
—
2.3%
|
|
|
|
|
|
|
|
|
|
Darling International, Inc.*
|
|
|
1,546
|
|
|
|
17,176
|
|
|
Synutra International, Inc.*
|
|
|
1,221
|
|
|
|
24,579
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food Beverage & Tobacco
|
|
|
|
|
|
|
41,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
Equipment &
Services
—
6.9%
|
|
|
|
|
|
|
|
|
|
Almost Family, Inc.*
|
|
|
449
|
|
|
|
17,758
|
|
|
Arthrocare Corp.*
|
|
|
676
|
|
|
|
18,739
|
|
The accompanying notes are an integral part of these
financial statements.
25
Schedule
of Investments
SPA MarketGrader Small Cap 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Health Care
Equipment &
Services
—
6.9%
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryolife, Inc.*
|
|
|
1,294
|
|
|
$
|
16,977
|
|
|
Cynosure, Inc. Class A*
|
|
|
884
|
|
|
|
15,859
|
|
|
Genoptix, Inc.*
|
|
|
573
|
|
|
|
18,720
|
|
|
Healthspring, Inc.*
|
|
|
890
|
|
|
|
18,832
|
|
|
LHC Group, Inc.*
|
|
|
632
|
|
|
|
17,999
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care Equipment & Services
|
|
|
|
|
|
|
124,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials
—
2.5%
|
|
|
|
|
|
|
|
|
|
Koppers Holdings, Inc.
|
|
|
419
|
|
|
|
15,675
|
|
|
LSB Industries, Inc.*
|
|
|
1,188
|
|
|
|
16,454
|
|
|
OM Group, Inc.*
|
|
|
615
|
|
|
|
13,838
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
45,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals,
Biotechnology
—
5.2%
|
|
|
|
|
|
|
|
|
|
Alkermes, Inc.*
|
|
|
1,459
|
|
|
|
19,405
|
|
|
Parexel International Corp.*
|
|
|
562
|
|
|
|
16,107
|
|
|
PDL Biopharma, Inc.
|
|
|
1,803
|
|
|
|
16,786
|
|
|
Pozen, Inc.*
|
|
|
1,887
|
|
|
|
19,832
|
|
|
Questcor Pharmaceuticals, Inc.*
|
|
|
2,936
|
|
|
|
21,580
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pharmaceuticals, Biotechnology
|
|
|
|
|
|
|
93,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retailing
—
8.0%
|
|
|
|
|
|
|
|
|
|
Buckle, Inc.
|
|
|
317
|
|
|
|
17,606
|
|
|
Dress Barn, Inc.*
|
|
|
1,130
|
|
|
|
17,278
|
|
|
Gymboree Corp.*
|
|
|
470
|
|
|
|
16,685
|
|
|
Jos. A. Bank Clothiers, Inc.*
|
|
|
625
|
|
|
|
21,000
|
|
|
NetFlix, Inc.*
|
|
|
655
|
|
|
|
20,226
|
|
|
NutriSystem, Inc.
|
|
|
1,063
|
|
|
|
18,836
|
|
|
PetMed Express, Inc.*
|
|
|
1,216
|
|
|
|
19,091
|
|
|
Wet Seal, Inc. Class A*
|
|
|
4,023
|
|
|
|
14,604
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retailing
|
|
|
|
|
|
|
145,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors &
Semiconductor
Equipment
—
2.0%
|
|
|
|
|
|
|
|
|
|
Amkor Technology, Inc.*
|
|
|
2,799
|
|
|
|
17,830
|
|
|
Sigma Designs, Inc.*
|
|
|
1,319
|
|
|
|
18,756
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Semiconductors & Semiconductor Equipment
|
|
|
|
|
|
|
36,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software &
Services
—
8.8%
|
|
|
|
|
|
|
|
|
|
Blackbaud, Inc.
|
|
|
933
|
|
|
|
17,214
|
|
|
comScore, Inc.*
|
|
|
1,008
|
|
|
|
17,771
|
|
|
j2 Global Communications, Inc.*
|
|
|
780
|
|
|
|
18,213
|
|
|
LoopNet, Inc.*
|
|
|
1,821
|
|
|
|
17,900
|
|
|
NeuStar, Inc. Class A*
|
|
|
924
|
|
|
|
18,378
|
|
The accompanying notes are an integral part of these
financial statements.
26
Schedule
of Investments
SPA MarketGrader Small Cap 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Software &
Services
—
8.8%
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quality Systems, Inc.
|
|
|
453
|
|
|
$
|
19,144
|
|
|
TeleCommunication Systems, Inc. Class A*
|
|
|
2,437
|
|
|
|
16,840
|
|
|
Vasco Data Security International, Inc.*
|
|
|
1,501
|
|
|
|
15,550
|
|
|
VistaPrint Ltd.*
|
|
|
577
|
|
|
|
18,949
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Software & Services
|
|
|
|
|
|
|
159,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware &
Equipment
—
3.4%
|
|
|
|
|
|
|
|
|
|
Comtech Telecommunications Corp.*
|
|
|
439
|
|
|
|
21,616
|
|
|
Infinera Corp.*
|
|
|
2,165
|
|
|
|
20,697
|
|
|
IPG Photonics Corp.*
|
|
|
963
|
|
|
|
18,788
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Technology Hardware & Equipment
|
|
|
|
|
|
|
61,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
—
3.8%
|
|
|
|
|
|
|
|
|
|
Excel Maritime Carriers Ltd.
|
|
|
854
|
|
|
|
12,878
|
|
|
Forward Air Corp.
|
|
|
573
|
|
|
|
15,603
|
|
|
Genco Shipping & Trading Ltd.
|
|
|
413
|
|
|
|
13,728
|
|
|
Republic Airways Holdings, Inc.*
|
|
|
1,503
|
|
|
|
15,316
|
|
|
TBS International Ltd. Class A*
|
|
|
888
|
|
|
|
11,952
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Transportation
|
|
|
|
|
|
|
69,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities
—
1.0%
|
|
|
|
|
|
|
|
|
|
Suburban Propane Partners LP
|
|
|
527
|
|
|
|
17,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—99.0%
(Cost $2,031,335)
|
|
|
|
|
|
|
1,791,695
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities—1.0%
|
|
|
|
|
|
|
19,002
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets
—
100.0%
|
|
|
|
|
|
$
|
1,810,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Non-income producing security
|
The accompanying notes are an integral part of these
financial statements.
27
Schedule
of Investments
SPA MarketGrader Mid Cap 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
COMMON
STOCKS
—
99.9%
|
|
|
|
|
|
|
|
|
|
Automobiles &
Components
—
0.9%
|
|
|
|
|
|
|
|
|
|
WABCO Holdings, Inc.
|
|
|
953
|
|
|
$
|
33,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banks
—
1.0%
|
|
|
|
|
|
|
|
|
|
National Penn Bancshares, Inc.
|
|
|
2,557
|
|
|
|
37,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Goods
—
16.1%
|
|
|
|
|
|
|
|
|
|
BE Aerospace, Inc.*
|
|
|
2,057
|
|
|
|
32,562
|
|
|
Bucyrus International, Inc.
|
|
|
837
|
|
|
|
37,397
|
|
|
Carlisle Cos., Inc.
|
|
|
1,065
|
|
|
|
31,918
|
|
|
Flowserve Corp.
|
|
|
378
|
|
|
|
33,555
|
|
|
Fluor Corp.
|
|
|
646
|
|
|
|
35,982
|
|
|
Foster Wheeler Ltd.*
|
|
|
939
|
|
|
|
33,907
|
|
|
Goodrich Corp.
|
|
|
810
|
|
|
|
33,696
|
|
|
GrafTech International Ltd.*
|
|
|
2,309
|
|
|
|
34,889
|
|
|
II-VI, Inc.*
|
|
|
930
|
|
|
|
35,954
|
|
|
Lincoln Electric Holdings, Inc.
|
|
|
556
|
|
|
|
35,756
|
|
|
Manitowoc Co., Inc.
|
|
|
1,948
|
|
|
|
30,291
|
|
|
McDermott International, Inc.*
|
|
|
1,315
|
|
|
|
33,598
|
|
|
Rockwell Collins, Inc.
|
|
|
754
|
|
|
|
36,260
|
|
|
Teledyne Technologies, Inc.*
|
|
|
654
|
|
|
|
37,383
|
|
|
Terex Corp.*
|
|
|
1,104
|
|
|
|
33,694
|
|
|
Thomas & Betts Corp.*
|
|
|
915
|
|
|
|
35,749
|
|
|
Woodward Governor Co.
|
|
|
979
|
|
|
|
34,529
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Goods
|
|
|
|
|
|
|
587,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services &
Supplies
—
4.0%
|
|
|
|
|
|
|
|
|
|
Brink’s Co.
|
|
|
554
|
|
|
|
33,805
|
|
|
Herman Miller, Inc.
|
|
|
1,397
|
|
|
|
34,185
|
|
|
Ritchie Bros. Auctioneers, Inc.
|
|
|
1,656
|
|
|
|
38,684
|
|
|
Rollins, Inc.
|
|
|
2,120
|
|
|
|
40,238
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial Services & Supplies
|
|
|
|
|
|
|
146,912
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Durables &
Apparel
—
3.1%
|
|
|
|
|
|
|
|
|
|
Coach, Inc.*
|
|
|
1,311
|
|
|
|
32,827
|
|
|
Garmin Ltd.*
|
|
|
1,128
|
|
|
|
38,284
|
|
|
Lululemon Athletica, Inc.*
|
|
|
1,759
|
|
|
|
40,510
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Durables & Apparel
|
|
|
|
|
|
|
111,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
Services
—
2.8%
|
|
|
|
|
|
|
|
|
|
Bally Technologies, Inc.*
|
|
|
1,144
|
|
|
|
34,640
|
|
|
ITT Educational Services, Inc.*
|
|
|
406
|
|
|
|
32,849
|
|
The accompanying notes are an integral part of these
financial statements.
28
Schedule
of Investments
SPA MarketGrader Mid Cap 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Consumer
Services
—
2.8%
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strayer Education, Inc.
|
|
|
174
|
|
|
$
|
34,845
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Services
|
|
|
|
|
|
|
102,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified
Financials
—
3.2%
|
|
|
|
|
|
|
|
|
|
Nasdaq OMX Group*
|
|
|
1,354
|
|
|
|
41,392
|
|
|
optionsXpress Holdings, Inc.
|
|
|
1,804
|
|
|
|
35,034
|
|
|
Waddell & Reed Financial, Inc. Class A
|
|
|
1,570
|
|
|
|
38,857
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Diversified Financials
|
|
|
|
|
|
|
115,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy
—
25.7%
|
|
|
|
|
|
|
|
|
|
Atwood Oceanics, Inc.*
|
|
|
1,013
|
|
|
|
36,873
|
|
|
BP Prudhoe Bay Royalty Trust
|
|
|
440
|
|
|
|
40,907
|
|
|
Cimarex Energy Co.
|
|
|
819
|
|
|
|
40,057
|
|
|
Denbury Resources, Inc.*
|
|
|
1,844
|
|
|
|
35,110
|
|
|
ENSCO International, Inc.
|
|
|
654
|
|
|
|
37,690
|
|
|
Frontline Ltd.
|
|
|
817
|
|
|
|
39,273
|
|
|
Helix Energy Solutions Group, Inc.*
|
|
|
1,412
|
|
|
|
34,283
|
|
|
Helmerich & Payne, Inc.
|
|
|
829
|
|
|
|
35,805
|
|
|
Hugoton Royalty Trust
|
|
|
1,452
|
|
|
|
38,972
|
|
|
Lufkin Industries, Inc.
|
|
|
509
|
|
|
|
40,389
|
|
|
Mariner Energy, Inc.*
|
|
|
1,714
|
|
|
|
35,137
|
|
|
Oil States International, Inc.*
|
|
|
989
|
|
|
|
34,961
|
|
|
ONEOK Partners LP
|
|
|
724
|
|
|
|
36,729
|
|
|
Permian Basin Royalty Trust
|
|
|
1,714
|
|
|
|
39,833
|
|
|
Plains Exploration & Production Co.*
|
|
|
1,086
|
|
|
|
38,184
|
|
|
Quicksilver Resources, Inc.*
|
|
|
1,828
|
|
|
|
35,884
|
|
|
San Juan Basin Royalty Trust
|
|
|
1,072
|
|
|
|
40,768
|
|
|
Stone Energy Corp.*
|
|
|
908
|
|
|
|
38,436
|
|
|
Sunoco Logistics Partners LP
|
|
|
883
|
|
|
|
39,073
|
|
|
Superior Energy Services, Inc.*
|
|
|
1,182
|
|
|
|
36,807
|
|
|
Swift Energy Co.*
|
|
|
972
|
|
|
|
37,607
|
|
|
Ultra Petroleum Corp.*
|
|
|
675
|
|
|
|
37,354
|
|
|
Unit Corp.*
|
|
|
728
|
|
|
|
36,269
|
|
|
Whiting Petroleum Corp.*
|
|
|
523
|
|
|
|
37,269
|
|
|
Williams Partners LP
|
|
|
1,362
|
|
|
|
35,208
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
938,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Beverage &
Tobacco
—
3.7%
|
|
|
|
|
|
|
|
|
|
Bunge Ltd.
|
|
|
534
|
|
|
|
33,738
|
|
|
Hansen Natural Corp.*
|
|
|
1,630
|
|
|
|
49,307
|
|
|
Synutra International, Inc.*
|
|
|
2,524
|
|
|
|
50,808
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food Beverage & Tobacco
|
|
|
|
|
|
|
133,853
|
|
The accompanying notes are an integral part of these
financial statements.
29
Schedule
of Investments
SPA MarketGrader Mid Cap 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
Equipment &
Services
—
4.1%
|
|
|
|
|
|
|
|
|
|
Healthspring, Inc.*
|
|
|
1,838
|
|
|
$
|
38,892
|
|
|
IDEXX Laboratories, Inc.*
|
|
|
672
|
|
|
|
36,826
|
|
|
Immucor, Inc.*
|
|
|
1,206
|
|
|
|
38,544
|
|
|
Varian Medical Systems, Inc.*
|
|
|
634
|
|
|
|
36,220
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care Equipment & Services
|
|
|
|
|
|
|
150,482
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Household & Personal
Products
—
1.0%
|
|
|
|
|
|
|
|
|
|
Herbalife Ltd.
|
|
|
927
|
|
|
|
36,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials
—
3.3%
|
|
|
|
|
|
|
|
|
|
AK Steel Holding Corp.
|
|
|
1,246
|
|
|
|
32,296
|
|
|
CF Industries Holdings, Inc.
|
|
|
323
|
|
|
|
29,542
|
|
|
Methanex Corp.
|
|
|
1,636
|
|
|
|
32,540
|
|
|
Terra Industries, Inc.
|
|
|
928
|
|
|
|
27,283
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
121,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media
—
1.0%
|
|
|
|
|
|
|
|
|
|
Marvel Entertainment, Inc.*
|
|
|
1,091
|
|
|
|
37,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals,
Biotechnology
—
7.1%
|
|
|
|
|
|
|
|
|
|
Alkermes, Inc.*
|
|
|
3,017
|
|
|
|
40,126
|
|
|
Endo Pharmaceuticals Holdings, Inc.*
|
|
|
1,790
|
|
|
|
35,800
|
|
|
OSI Pharmaceuticals, Inc.*
|
|
|
802
|
|
|
|
39,531
|
|
|
Parexel International Corp.*
|
|
|
1,163
|
|
|
|
33,332
|
|
|
PDL BioPharma, Inc.
|
|
|
3,728
|
|
|
|
34,708
|
|
|
Techne Corp.*
|
|
|
521
|
|
|
|
37,575
|
|
|
Waters Corp.*
|
|
|
652
|
|
|
|
37,933
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pharmaceuticals, Biotechnology
|
|
|
|
|
|
|
259,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retailing
—
5.7%
|
|
|
|
|
|
|
|
|
|
Aeropostale, Inc.*
|
|
|
1,065
|
|
|
|
34,197
|
|
|
Buckle, Inc.
|
|
|
655
|
|
|
|
36,379
|
|
|
Genuine Parts Co.
|
|
|
912
|
|
|
|
36,672
|
|
|
Guess?, Inc.
|
|
|
923
|
|
|
|
32,111
|
|
|
Gymboree Corp.*
|
|
|
972
|
|
|
|
34,506
|
|
|
Urban Outfitters, Inc.*
|
|
|
1,079
|
|
|
|
34,388
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retailing
|
|
|
|
|
|
|
208,253
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors &
Semiconductor
Equipment
—
1.1%
|
|
|
|
|
|
|
|
|
|
Altera Corp.
|
|
|
1,876
|
|
|
|
38,796
|
|
The accompanying notes are an integral part of these
financial statements.
30
Schedule
of Investments
SPA MarketGrader Mid Cap 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software &
Services
—
6.2%
|
|
|
|
|
|
|
|
|
|
Cognizant Technology Solutions Corp. Class A*
|
|
|
1,491
|
|
|
$
|
34,040
|
|
|
Factset Research Systems, Inc.
|
|
|
715
|
|
|
|
37,359
|
|
|
j2 Global Communications, Inc.*
|
|
|
1,612
|
|
|
|
37,640
|
|
|
NeuStar, Inc. Class A*
|
|
|
1,910
|
|
|
|
37,990
|
|
|
Quality Systems, Inc.
|
|
|
934
|
|
|
|
39,471
|
|
|
VistaPrint Ltd.*
|
|
|
1,192
|
|
|
|
39,145
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Software & Services
|
|
|
|
|
|
|
225,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware &
Equipment
—
4.0%
|
|
|
|
|
|
|
|
|
|
Amphenol Corp. Class A
|
|
|
862
|
|
|
|
34,601
|
|
|
Harris Corp.
|
|
|
815
|
|
|
|
37,653
|
|
|
Mettler-Toledo International, Inc.*
|
|
|
384
|
|
|
|
37,632
|
|
|
Western Digital Corp.*
|
|
|
1,695
|
|
|
|
36,137
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Technology Hardware & Equipment
|
|
|
|
|
|
|
146,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
—
0.8%
|
|
|
|
|
|
|
|
|
|
Genco Shipping & Trading Ltd.
|
|
|
854
|
|
|
|
28,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities
—
5.1%
|
|
|
|
|
|
|
|
|
|
AES Corp.*
|
|
|
3,104
|
|
|
|
36,286
|
|
|
DPL, Inc.
|
|
|
1,670
|
|
|
|
41,416
|
|
|
Energen Corp.
|
|
|
804
|
|
|
|
36,405
|
|
|
Questar Corp.
|
|
|
849
|
|
|
|
34,741
|
|
|
Suburban Propane Partners LP
|
|
|
1,092
|
|
|
|
36,669
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utilities
|
|
|
|
|
|
|
185,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—99.9%
(Cost $4,162,081)
|
|
|
|
|
|
|
3,644,854
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities—0.1%
|
|
|
|
|
|
|
1,612
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets
—
100.0%
|
|
|
|
|
|
$
|
3,646,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Non-income producing security
|
The accompanying notes are an integral part of these
financial statements.
31
Schedule
of Investments
SPA Market Grader Large Cap 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
COMMON
STOCKS
—
100.6%
|
|
|
|
|
|
|
|
|
|
Automobiles &
Components
—
1.0%
|
|
|
|
|
|
|
|
|
|
Harley-Davidson, Inc.
|
|
|
1,412
|
|
|
$
|
52,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Goods
—
12.4%
|
|
|
|
|
|
|
|
|
|
AGCO Corp.*
|
|
|
1,134
|
|
|
|
48,320
|
|
|
Caterpillar, Inc.
|
|
|
880
|
|
|
|
52,448
|
|
|
Cummins, Inc.
|
|
|
993
|
|
|
|
43,414
|
|
|
Emerson Electric Co.
|
|
|
1,337
|
|
|
|
54,536
|
|
|
First Solar, Inc.*
|
|
|
265
|
|
|
|
50,061
|
|
|
Flowserve Corp.
|
|
|
559
|
|
|
|
49,622
|
|
|
Fluor Corp.
|
|
|
954
|
|
|
|
53,138
|
|
|
Foster Wheeler Ltd.*
|
|
|
1,388
|
|
|
|
50,121
|
|
|
Goodrich Corp.
|
|
|
1,197
|
|
|
|
49,795
|
|
|
McDermott International, Inc.*
|
|
|
1,942
|
|
|
|
49,618
|
|
|
Precision Castparts Corp.
|
|
|
579
|
|
|
|
45,614
|
|
|
Rockwell Automation, Inc.
|
|
|
1,468
|
|
|
|
54,815
|
|
|
Rockwell Collins, Inc.
|
|
|
1,114
|
|
|
|
53,572
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Goods
|
|
|
|
|
|
|
655,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Durables &
Apparel
—
4.1%
|
|
|
|
|
|
|
|
|
|
Coach, Inc.*
|
|
|
1,937
|
|
|
|
48,502
|
|
|
Garmin Ltd.*
|
|
|
1,667
|
|
|
|
56,578
|
|
|
Hasbro, Inc.
|
|
|
1,495
|
|
|
|
51,906
|
|
|
Nike, Inc. Class B
|
|
|
932
|
|
|
|
62,351
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Durables & Apparel
|
|
|
|
|
|
|
219,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
Services
—
3.0%
|
|
|
|
|
|
|
|
|
|
Apollo Group, Inc. Class A*
|
|
|
847
|
|
|
|
50,227
|
|
|
Darden Restaurants, Inc.
|
|
|
1,907
|
|
|
|
54,597
|
|
|
McDonald’s Corp.
|
|
|
886
|
|
|
|
54,666
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Services
|
|
|
|
|
|
|
159,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified
Financials
—
1.2%
|
|
|
|
|
|
|
|
|
|
Nasdaq OMX Group*
|
|
|
2,000
|
|
|
|
61,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy
—
26.0%
|
|
|
|
|
|
|
|
|
|
Apache Corp.
|
|
|
524
|
|
|
|
54,643
|
|
|
Baker Hughes, Inc.
|
|
|
900
|
|
|
|
54,486
|
|
|
Chevron Corp.
|
|
|
697
|
|
|
|
57,489
|
|
|
ConocoPhillips
|
|
|
788
|
|
|
|
57,721
|
|
|
Continental Resources, Inc.*
|
|
|
1,526
|
|
|
|
59,865
|
|
|
Denbury Resources, Inc.*
|
|
|
2,724
|
|
|
|
51,865
|
|
|
Diamond Offshore Drilling, Inc.
|
|
|
534
|
|
|
|
55,034
|
|
The accompanying notes are an integral part of these
financial statements.
32
Schedule
of Investments
SPA Market Grader Large Cap 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Energy
—
26.0%
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENSCO International, Inc.
|
|
|
967
|
|
|
$
|
55,728
|
|
|
Exxon Mobil Corp.
|
|
|
745
|
|
|
|
57,857
|
|
|
FMC Technologies, Inc.*
|
|
|
1,210
|
|
|
|
56,326
|
|
|
Helmerich & Payne, Inc.
|
|
|
1,224
|
|
|
|
52,865
|
|
|
Hess Corp.
|
|
|
676
|
|
|
|
55,486
|
|
|
Murphy Oil Corp.
|
|
|
885
|
|
|
|
56,764
|
|
|
National Oilwell Varco, Inc.*
|
|
|
1,049
|
|
|
|
52,691
|
|
|
Noble Corp.
|
|
|
1,291
|
|
|
|
56,675
|
|
|
Occidental Petroleum Corp.
|
|
|
817
|
|
|
|
57,558
|
|
|
ONEOK Partners LP
|
|
|
1,070
|
|
|
|
54,281
|
|
|
Petro-Canada
|
|
|
1,524
|
|
|
|
50,825
|
|
|
Schlumberger Ltd.
|
|
|
657
|
|
|
|
51,305
|
|
|
Southwestern Energy Co.*
|
|
|
1,819
|
|
|
|
55,552
|
|
|
Suncor Energy, Inc.
|
|
|
1,335
|
|
|
|
56,257
|
|
|
Transocean, Inc.*
|
|
|
473
|
|
|
|
51,954
|
|
|
Ultra Petroleum Corp.*
|
|
|
998
|
|
|
|
55,229
|
|
|
Valero Energy Corp.
|
|
|
1,794
|
|
|
|
54,358
|
|
|
XTO Energy, Inc.
|
|
|
1,140
|
|
|
|
53,033
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
1,375,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food & Staples
Retailing
—
2.0%
|
|
|
|
|
|
|
|
|
|
Kroger Co.
|
|
|
2,036
|
|
|
|
55,949
|
|
|
SYSCO Corp.
|
|
|
1,667
|
|
|
|
51,394
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food & Staples Retailing
|
|
|
|
|
|
|
107,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Beverage &
Tobacco
—
3.0%
|
|
|
|
|
|
|
|
|
|
Altria Group, Inc.
|
|
|
2,761
|
|
|
|
54,778
|
|
|
Bunge Ltd.
|
|
|
788
|
|
|
|
49,786
|
|
|
PepsiCo, Inc.
|
|
|
782
|
|
|
|
55,733
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food Beverage & Tobacco
|
|
|
|
|
|
|
160,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
Equipment &
Services
—
4.0%
|
|
|
|
|
|
|
|
|
|
Baxter International, Inc.
|
|
|
828
|
|
|
|
54,342
|
|
|
Intuitive Surgical, Inc.*
|
|
|
206
|
|
|
|
49,642
|
|
|
St. Jude Medical, Inc.*
|
|
|
1,318
|
|
|
|
57,320
|
|
|
Varian Medical Systems, Inc.*
|
|
|
936
|
|
|
|
53,474
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care Equipment & Services
|
|
|
|
|
|
|
214,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Household & Personal
Products
—
3.2%
|
|
|
|
|
|
|
|
|
|
Avon Products, Inc.
|
|
|
1,386
|
|
|
|
57,616
|
|
|
Colgate-Palmolive Co.
|
|
|
726
|
|
|
|
54,704
|
|
The accompanying notes are an integral part of these
financial statements.
33
Schedule
of Investments
SPA Market Grader Large Cap 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Household & Personal
Products
—
3.2%
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Procter & Gamble Co.
|
|
|
791
|
|
|
$
|
55,125
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Household & Personal Products
|
|
|
|
|
|
|
167,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials
—
8.5%
|
|
|
|
|
|
|
|
|
|
Agrium, Inc.
|
|
|
740
|
|
|
|
41,499
|
|
|
Barrick Gold Corp.
|
|
|
1,980
|
|
|
|
72,745
|
|
|
CF Industries Holdings, Inc.
|
|
|
477
|
|
|
|
43,626
|
|
|
E.I. Du Pont de Nemours & Co.
|
|
|
1,231
|
|
|
|
49,609
|
|
|
Fording Canadian Coal Trust
|
|
|
737
|
|
|
|
61,171
|
|
|
Mosaic Co.
|
|
|
653
|
|
|
|
44,417
|
|
|
Nucor Corp.
|
|
|
1,203
|
|
|
|
47,519
|
|
|
Potash Corp. of Saskatchewan
|
|
|
350
|
|
|
|
46,203
|
|
|
Steel Dynamics, Inc.
|
|
|
2,601
|
|
|
|
44,451
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
451,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media
—
1.0%
|
|
|
|
|
|
|
|
|
|
Omnicom Group, Inc.
|
|
|
1,441
|
|
|
|
55,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals,
Biotechnology
—
5.1%
|
|
|
|
|
|
|
|
|
|
Amgen, Inc.*
|
|
|
866
|
|
|
|
51,328
|
|
|
Eli Lilly & Co.
|
|
|
1,260
|
|
|
|
55,478
|
|
|
Gilead Sciences, Inc.*
|
|
|
1,144
|
|
|
|
52,144
|
|
|
Johnson & Johnson
|
|
|
816
|
|
|
|
56,532
|
|
|
Waters Corp.*
|
|
|
964
|
|
|
|
56,086
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pharmaceuticals, Biotechnology
|
|
|
|
|
|
|
271,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retailing
—
2.9%
|
|
|
|
|
|
|
|
|
|
Best Buy Co., Inc.
|
|
|
1,343
|
|
|
|
50,363
|
|
|
Genuine Parts Co.
|
|
|
1,347
|
|
|
|
54,163
|
|
|
Urban Outfitters, Inc.*
|
|
|
1,594
|
|
|
|
50,801
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retailing
|
|
|
|
|
|
|
155,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors &
Semiconductor
Equipment
—
2.1%
|
|
|
|
|
|
|
|
|
|
Altera Corp.
|
|
|
2,771
|
|
|
|
57,304
|
|
|
MEMC Electronic Materials, Inc.*
|
|
|
1,855
|
|
|
|
52,422
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Semiconductors & Semiconductor Equipment
|
|
|
|
|
|
|
109,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software &
Services
—
5.2%
|
|
|
|
|
|
|
|
|
|
Accenture Ltd. Class A
|
|
|
1,554
|
|
|
|
59,052
|
|
|
Autodesk, Inc.*
|
|
|
1,699
|
|
|
|
57,001
|
|
|
Cognizant Technology Solutions Corp. Class A*
|
|
|
2,202
|
|
|
|
50,272
|
|
|
Google, Inc. Class A*
|
|
|
129
|
|
|
|
51,667
|
|
The accompanying notes are an integral part of these
financial statements.
34
Schedule
of Investments
SPA Market Grader Large Cap 100 Fund
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Software &
Services
—
5.2%
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Microsoft Corp.
|
|
|
2,193
|
|
|
$
|
58,531
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Software & Services
|
|
|
|
|
|
|
276,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware &
Equipment
—
10.9%
|
|
|
|
|
|
|
|
|
|
Amphenol Corp. Class A
|
|
|
1,273
|
|
|
|
51,098
|
|
|
Apple, Inc.*
|
|
|
408
|
|
|
|
46,373
|
|
|
Cisco Systems, Inc.*
|
|
|
2,500
|
|
|
|
56,400
|
|
|
Corning, Inc.
|
|
|
3,706
|
|
|
|
57,962
|
|
|
Dolby Laboratories, Inc. Class A*
|
|
|
1,392
|
|
|
|
48,984
|
|
|
EMC Corp.*
|
|
|
4,263
|
|
|
|
50,985
|
|
|
Flir Systems, Inc.*
|
|
|
1,613
|
|
|
|
61,971
|
|
|
Harris Corp.
|
|
|
1,203
|
|
|
|
55,579
|
|
|
Hewlett-Packard Co.
|
|
|
1,178
|
|
|
|
54,471
|
|
|
Research In Motion Ltd.*
|
|
|
566
|
|
|
|
38,658
|
|
|
Western Digital Corp.*
|
|
|
2,504
|
|
|
|
53,385
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Technology Hardware & Equipment
|
|
|
|
|
|
|
575,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunication
Services
—
0.9%
|
|
|
|
|
|
|
|
|
|
NII Holdings, Inc.*
|
|
|
1,231
|
|
|
|
46,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities
—
4.1%
|
|
|
|
|
|
|
|
|
|
AES Corp.*
|
|
|
4,585
|
|
|
|
53,599
|
|
|
Dominion Resources, Inc.
|
|
|
1,334
|
|
|
|
57,069
|
|
|
Exelon Corp.
|
|
|
868
|
|
|
|
54,354
|
|
|
Questar Corp.
|
|
|
1,254
|
|
|
|
51,314
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utilities
|
|
|
|
|
|
|
216,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—100.6%
(Cost $6,298,693)
|
|
|
|
|
|
|
5,332,250
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets—(0.6)%
|
|
|
|
|
|
|
(30,578
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets
—
100.0%
|
|
|
|
|
|
$
|
5,301,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Non-income producing security
|
The accompanying notes are an integral part of these
financial statements.
35
Statements
of Assets and Liabilities
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPA
|
|
|
SPA
|
|
|
SPA
|
|
|
|
|
SPA
|
|
|
SPA
|
|
|
SPA
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
Small Cap
|
|
|
Mid Cap
|
|
|
Large Cap
|
|
|
|
|
40 Fund
|
|
|
100 Fund
|
|
|
200 Fund
|
|
|
100 Fund
|
|
|
100 Fund
|
|
|
100 Fund
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value:
|
|
$
|
6,624,866
|
|
|
$
|
3,530,940
|
|
|
$
|
1,696,374
|
|
|
$
|
1,791,695
|
|
|
$
|
3,644,854
|
|
|
$
|
5,332,250
|
|
|
Cash
|
|
|
—
|
|
|
|
29,766
|
|
|
|
40,037
|
|
|
|
39,672
|
|
|
|
30,859
|
|
|
|
18,988
|
|
|
Investment securities sold
|
|
|
—
|
|
|
|
19,229
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense waivers due from Advisor
|
|
|
31,327
|
|
|
|
26,269
|
|
|
|
21,604
|
|
|
|
14,656
|
|
|
|
18,666
|
|
|
|
38,726
|
|
|
Dividends and interest receivables
|
|
|
1,093
|
|
|
|
3,687
|
|
|
|
984
|
|
|
|
1,177
|
|
|
|
2,723
|
|
|
|
2,851
|
|
|
Prepaid Offering Costs
|
|
|
1,568
|
|
|
|
2,228
|
|
|
|
2,256
|
|
|
|
1,383
|
|
|
|
2,127
|
|
|
|
2,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
6,658,854
|
|
|
|
3,612,119
|
|
|
|
1,761,255
|
|
|
|
1,848,583
|
|
|
|
3,699,229
|
|
|
|
5,395,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
Payables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to Custodian
|
|
|
41,955
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Investment securities purchased
|
|
|
—
|
|
|
|
41,417
|
|
|
|
173
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Advisory fees (Note 5)
|
|
|
19,198
|
|
|
|
13,678
|
|
|
|
7,264
|
|
|
|
7,274
|
|
|
|
11,414
|
|
|
|
18,975
|
|
|
Principal Financial Officer fees
|
|
|
3,405
|
|
|
|
2,458
|
|
|
|
1,777
|
|
|
|
1,657
|
|
|
|
2,161
|
|
|
|
3,546
|
|
|
Trustees fees
|
|
|
2,445
|
|
|
|
1,847
|
|
|
|
906
|
|
|
|
907
|
|
|
|
1,478
|
|
|
|
2,417
|
|
|
Other accrued expenses
|
|
|
62,654
|
|
|
|
45,865
|
|
|
|
32,857
|
|
|
|
28,048
|
|
|
|
37,710
|
|
|
|
68,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
129,657
|
|
|
|
105,265
|
|
|
|
42,977
|
|
|
|
37,886
|
|
|
|
52,763
|
|
|
|
93,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS
|
|
$
|
6,529,197
|
|
|
$
|
3,506,854
|
|
|
$
|
1,718,278
|
|
|
$
|
1,810,697
|
|
|
$
|
3,646,466
|
|
|
$
|
5,301,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS CONSIST OF:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital
|
|
|
8,302,951
|
|
|
|
4,643,106
|
|
|
|
2,489,362
|
|
|
|
2,458,929
|
|
|
|
4,573,151
|
|
|
|
6,948,585
|
|
|
Undistributed (distributions in excess of) net investment income
|
|
|
(29,701
|
)
|
|
|
(28,666
|
)
|
|
|
(28,745
|
)
|
|
|
(28,858
|
)
|
|
|
(28,390
|
)
|
|
|
(29,860
|
)
|
|
Net realized loss on investments
|
|
|
(500,291
|
)
|
|
|
(461,504
|
)
|
|
|
(461,564
|
)
|
|
|
(379,734
|
)
|
|
|
(381,068
|
)
|
|
|
(650,610
|
)
|
|
Net unrealized depreciation on investments
|
|
|
(1,243,762
|
)
|
|
|
(646,082
|
)
|
|
|
(280,775
|
)
|
|
|
(239,640
|
)
|
|
|
(517,227
|
)
|
|
|
(966,443
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
6,529,197
|
|
|
$
|
3,506,854
|
|
|
$
|
1,718,278
|
|
|
$
|
1,810,697
|
|
|
$
|
3,646,466
|
|
|
$
|
5,301,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding (unlimited number of shares authorized,
$0.01 par value)
|
|
|
401,000
|
|
|
|
200,600
|
|
|
|
100,600
|
|
|
|
100,600
|
|
|
|
200,600
|
|
|
|
300,600
|
|
|
Net asset value per share
|
|
$
|
16.28
|
|
|
$
|
17.48
|
|
|
$
|
17.08
|
|
|
$
|
18.00
|
|
|
$
|
18.18
|
|
|
$
|
17.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at cost
|
|
$
|
7,868,628
|
|
|
$
|
4,177,022
|
|
|
$
|
1,977,149
|
|
|
$
|
2,031,335
|
|
|
$
|
4,162,081
|
|
|
$
|
6,298,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these
financial statements.
36
Statements
of Operations
For the Period October 12, 2007* to September 30,
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPA
|
|
|
SPA
|
|
|
SPA
|
|
|
|
|
SPA
|
|
|
SPA
|
|
|
SPA
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
Small Cap
|
|
|
Mid Cap
|
|
|
Large Cap
|
|
|
|
|
40 Fund
|
|
|
100 Fund
|
|
|
200 Fund
|
|
|
100 Fund
|
|
|
100 Fund
|
|
|
100 Fund
|
|
|
|
|
INVESTMENT INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend income
|
|
$
|
39,438
|
|
|
$
|
33,549
|
|
|
$
|
27,698
|
|
|
$
|
20,450
|
|
|
$
|
35,118
|
|
|
$
|
44,904
|
|
|
Foreign withholding tax
|
|
|
(134
|
)
|
|
|
(86
|
)
|
|
|
(207
|
)
|
|
|
(268
|
)
|
|
|
(435
|
)
|
|
|
(403
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Income
|
|
|
39,304
|
|
|
|
33,863
|
|
|
|
27,491
|
|
|
|
20,182
|
|
|
|
34,683
|
|
|
|
44,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional fees
|
|
|
62,509
|
|
|
|
47,871
|
|
|
|
36,923
|
|
|
|
33,647
|
|
|
|
41,129
|
|
|
|
68,534
|
|
|
Offering costs (Note 4)
|
|
|
37,128
|
|
|
|
35,833
|
|
|
|
35,931
|
|
|
|
36,072
|
|
|
|
35,487
|
|
|
|
37,325
|
|
|
Advisory fees (Note 5)
|
|
|
32,847
|
|
|
|
24,646
|
|
|
|
18,463
|
|
|
|
16,952
|
|
|
|
21,513
|
|
|
|
35,441
|
|
|
Compliance expenses
|
|
|
24,200
|
|
|
|
20,830
|
|
|
|
19,006
|
|
|
|
17,763
|
|
|
|
19,451
|
|
|
|
28,771
|
|
|
Insurance expenses
|
|
|
9,683
|
|
|
|
9,565
|
|
|
|
9,566
|
|
|
|
9,565
|
|
|
|
9,565
|
|
|
|
9,565
|
|
|
Trustees fees
|
|
|
8,214
|
|
|
|
7,203
|
|
|
|
5,239
|
|
|
|
4,824
|
|
|
|
5,559
|
|
|
|
8,961
|
|
|
Printing fees
|
|
|
7,720
|
|
|
|
5,602
|
|
|
|
4,263
|
|
|
|
3,986
|
|
|
|
4,653
|
|
|
|
8,322
|
|
|
Administration & Accounting expenses
|
|
|
2,659
|
|
|
|
5,112
|
|
|
|
6,531
|
|
|
|
2,443
|
|
|
|
1,534
|
|
|
|
2,596
|
|
|
Sub-Advisory fees
|
|
|
1,721
|
|
|
|
1,382
|
|
|
|
1,213
|
|
|
|
1,093
|
|
|
|
1,244
|
|
|
|
1,963
|
|
|
Custody fees
|
|
|
409
|
|
|
|
382
|
|
|
|
263
|
|
|
|
262
|
|
|
|
243
|
|
|
|
452
|
|
|
Transfer Agent fees
|
|
|
2,310
|
|
|
|
2,310
|
|
|
|
2,310
|
|
|
|
2,310
|
|
|
|
2,310
|
|
|
|
2,310
|
|
|
Sub-Administration fees
|
|
|
2,294
|
|
|
|
1,843
|
|
|
|
1,617
|
|
|
|
1,457
|
|
|
|
1,659
|
|
|
|
2,617
|
|
|
Other expenses
|
|
|
3,797
|
|
|
|
3,831
|
|
|
|
3,784
|
|
|
|
3,350
|
|
|
|
4,511
|
|
|
|
4,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses
|
|
|
195,491
|
|
|
|
166,410
|
|
|
|
145,109
|
|
|
|
133,724
|
|
|
|
148,858
|
|
|
|
210,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less expense waivers (Note 5)
|
|
|
(65,507
|
)
|
|
|
(59,572
|
)
|
|
|
(54,431
|
)
|
|
|
(47,377
|
)
|
|
|
(51,852
|
)
|
|
|
(72,658
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Expenses
|
|
|
129,984
|
|
|
|
106,838
|
|
|
|
90,678
|
|
|
|
86,347
|
|
|
|
97,006
|
|
|
|
138,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Loss
|
|
|
(90,680
|
)
|
|
|
(73,375
|
)
|
|
|
(63,187
|
)
|
|
|
(66,165
|
)
|
|
|
(62,323
|
)
|
|
|
(93,837
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized loss
|
|
|
(501,362
|
)
|
|
|
(363,209
|
)
|
|
|
(480,249
|
)
|
|
|
(379,920
|
)
|
|
|
(381,068
|
)
|
|
|
(650,610
|
)
|
|
Net unrealized depreciation on investments
|
|
|
(1,243,762
|
)
|
|
|
(646,082
|
)
|
|
|
(280,775
|
)
|
|
|
(239,640
|
)
|
|
|
(517,227
|
)
|
|
|
(966,443
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized loss on investments
|
|
|
(1,745,124
|
)
|
|
|
(1,009,291
|
)
|
|
|
(761,024
|
)
|
|
|
(619,560
|
)
|
|
|
(898,295
|
)
|
|
|
(1,617,053
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets resulting from operations
|
|
$
|
(1,835,804
|
)
|
|
$
|
(1,082,666
|
)
|
|
$
|
(824,211
|
)
|
|
$
|
(685,725
|
)
|
|
$
|
(960,618
|
)
|
|
$
|
(1,710,890
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Commencement of operations.
|
The accompanying notes are an integral part of these
financial statements.
37
Statements
of Changes in Net Assets
For the Period October 12, 2007* to September 30,
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPA
|
|
|
SPA
|
|
|
SPA
|
|
|
|
|
SPA
|
|
|
SPA
|
|
|
SPA
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
Small Cap
|
|
|
Mid Cap
|
|
|
Large Cap
|
|
|
|
|
40 Fund
|
|
|
100 Fund
|
|
|
200 Fund
|
|
|
100 Fund
|
|
|
100 Fund
|
|
|
100 Fund
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss
|
|
$
|
(90,680
|
)
|
|
$
|
(73,375
|
)
|
|
$
|
(63,187
|
)
|
|
$
|
(66,165
|
)
|
|
$
|
(62,323
|
)
|
|
$
|
(93,837
|
)
|
|
Net realized loss on investments
|
|
|
(501,362
|
)
|
|
|
(363,209
|
)
|
|
|
(480,249
|
)
|
|
|
(379,920
|
)
|
|
|
(381,068
|
)
|
|
|
(650,610
|
)
|
|
Net unrealized depreciation on investments
|
|
|
(1,243,762
|
)
|
|
|
(646,082
|
)
|
|
|
(280,775
|
)
|
|
|
(239,640
|
)
|
|
|
(517,227
|
)
|
|
|
(966,443
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets resulting from operations
|
|
|
(1,835,804
|
)
|
|
|
(1,082,666
|
)
|
|
|
(824,211
|
)
|
|
|
(685,725
|
)
|
|
|
(960,618
|
)
|
|
|
(1,710,890
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDER
TRANSACTION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued
|
|
|
8,436,743
|
|
|
|
6,768,085
|
|
|
|
4,515,360
|
|
|
|
2,481,422
|
|
|
|
4,635,215
|
|
|
|
7,032,067
|
|
|
Cost of shares redeemed
|
|
|
—
|
|
|
|
(2,160,648
|
)
|
|
|
(1,988,299
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Net income equalization
|
|
|
(96,742
|
)
|
|
|
(32,917
|
)
|
|
|
428
|
|
|
|
—
|
|
|
|
(43,131
|
)
|
|
|
(34,505
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from shares transactions
|
|
|
8,340,001
|
|
|
|
4,574,520
|
|
|
|
2,527,489
|
|
|
|
2,481,422
|
|
|
|
4,592,084
|
|
|
|
6,997,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in Net Assets
|
|
|
6,504,197
|
|
|
|
3,491,854
|
|
|
|
1,703,278
|
|
|
|
1,795,697
|
|
|
|
3,631,466
|
|
|
|
5,286,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
$
|
25,000
|
|
|
$
|
15,000
|
|
|
$
|
15,000
|
|
|
$
|
15,000
|
|
|
$
|
15,000
|
|
|
$
|
15,000
|
|
|
End of period
|
|
$
|
6,529,197
|
|
|
$
|
3,506,854
|
|
|
$
|
1,718,278
|
|
|
$
|
1,810,697
|
|
|
$
|
3,646,466
|
|
|
$
|
5,301,672
|
|
|
Undistributed (distributions in excess of) net investment loss
included in net assets at end of period
|
|
$
|
(29,701
|
)
|
|
$
|
(28,666
|
)
|
|
$
|
(28,745
|
)
|
|
$
|
(28,858
|
)
|
|
$
|
(28,390
|
)
|
|
$
|
(29,860
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANGES IN SHARES
OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, beginning of period
|
|
|
1,000
|
|
|
|
600
|
|
|
|
600
|
|
|
|
600
|
|
|
|
600
|
|
|
|
600
|
|
|
Shares issued
|
|
|
400,000
|
|
|
|
300,000
|
|
|
|
200,000
|
|
|
|
100,000
|
|
|
|
200,000
|
|
|
|
300,000
|
|
|
Shares redeemed
|
|
|
—
|
|
|
|
(100,000
|
)
|
|
|
(100,000
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, end of period
|
|
|
401,000
|
|
|
|
200,600
|
|
|
|
100,600
|
|
|
|
100,600
|
|
|
|
200,600
|
|
|
|
300,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Commencement of operations.
|
The accompanying notes are an integral part of these
financial statements.
38
Financial
Highlights
For the Period October 12,
2007
1
through September 30, 2008
These financial highlights reflect selected per share data and
ratios for a share outstanding of each Fund throughout the
period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPA
|
|
|
SPA
|
|
|
SPA
|
|
|
|
|
SPA
|
|
|
SPA
|
|
|
SPA
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
MarketGrader
|
|
|
Small Cap
|
|
|
Mid Cap
|
|
|
Large Cap
|
|
|
|
|
40 Fund
|
|
|
100 Fund
|
|
|
200 Fund
|
|
|
100 Fund
|
|
|
100 Fund
|
|
|
100 Fund
|
|
|
|
|
Per Share Operating
Performance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
25.00
|
|
|
$
|
25.00
|
|
|
$
|
25.00
|
|
|
$
|
25.00
|
|
|
$
|
25.00
|
|
|
$
|
25.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
loss
2
|
|
|
(0.45
|
)
|
|
|
(0.49
|
)
|
|
|
(0.58
|
)
|
|
|
(0.66
|
)
|
|
|
(0.50
|
)
|
|
|
(0.45
|
)
|
|
Net realized and unrealized loss on investments
|
|
|
(8.27
|
)
|
|
|
(7.03
|
)
|
|
|
(7.34
|
)
|
|
|
(6.34
|
)
|
|
|
(6.32
|
)
|
|
|
(6.91
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations
|
|
|
(8.72
|
)
|
|
|
(7.52
|
)
|
|
|
(7.92
|
)
|
|
|
(7.00
|
)
|
|
|
(6.82
|
)
|
|
|
(7.36
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
16.28
|
|
|
$
|
17.48
|
|
|
$
|
17.08
|
|
|
$
|
18.00
|
|
|
$
|
18.18
|
|
|
$
|
17.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return
3
|
|
|
(34.88
|
)%
|
|
|
(30.08
|
)%
|
|
|
(31.68
|
)%
|
|
|
(28.00
|
)%
|
|
|
(27.28
|
)%
|
|
|
(29.44
|
)%
|
|
Ratios/Supplemental
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s omitted)
|
|
$
|
6,529
|
|
|
$
|
3,507
|
|
|
$
|
1,718
|
|
|
$
|
1,811
|
|
|
$
|
3,646
|
|
|
$
|
5,302
|
|
|
Ratio to average net assets of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, net of expense
waivers
4
|
|
|
3.36
|
%
|
|
|
3.68
|
%
|
|
|
4.17
|
%
|
|
|
4.33
|
%
|
|
|
3.83
|
%
|
|
|
3.32
|
%
|
|
Expenses, prior to expense
waivers
4
|
|
|
5.06
|
%
|
|
|
5.74
|
%
|
|
|
6.68
|
%
|
|
|
6.71
|
%
|
|
|
5.88
|
%
|
|
|
5.06
|
%
|
|
Net investment loss, net of
waivers
4
|
|
|
(2.35
|
)%
|
|
|
(2.53
|
)%
|
|
|
(2.91
|
)%
|
|
|
(3.32
|
)%
|
|
|
(2.46
|
)%
|
|
|
(2.25
|
)%
|
|
Portfolio turnover
rate
5
|
|
|
279
|
%
|
|
|
194
|
%
|
|
|
105
|
%
|
|
|
131
|
%
|
|
|
139
|
%
|
|
|
120
|
%
|
|
|
|
|
|
1
|
|
Commencement of operations.
|
|
|
|
|
|
2
|
|
Based on average shares outstanding.
|
|
|
|
3
|
|
Total return is calculated assuming
an initial investment made at the net asset value at the
beginning of the period, reinvestment of all dividends and
distributions at net asset value during the period and
redemption on the last day of the period. Total return
calculated for a period of less than one year is not annualized.
The total return would have been lower if certain expenses had
not been reimbursed/waived by the investment advisor.
|
|
|
|
|
|
5
|
|
Portfolio turnover rate is not
annualized and excludes the value of portfolio securities
received or delivered as a result of in-kind creations or
redemptions of the Fund’s capital shares.
|
The accompanying notes are an integral part of these
financial statements.
39
Notes
to Financial Statements
The SPA ETF Trust, (the “Trust”) was organized as a
Delaware statutory trust on March 13, 2007 and has
authorized capital of unlimited shares. The Trust is an open-end
management investment company, registered under the Investment
Company Act of 1940, as amended (the “Act”), which is
currently comprised of six active funds (collectively, the
“Funds” and individually the “Fund”). Each
Fund is a diversified fund under the Act. The Funds commenced
operations on October 12, 2007.
The objectives of the Funds, (SPA MarketGrader 40, SPA
MarketGrader 100, SPA MarketGrader 200, SPA MarketGrader Large
Cap 100, SPA MarketGrader Mid Cap 100, and the SPA MarketGrader
Small Cap 100) is to seek investment results that
correspond generally to the performance, before the Funds’
fees and expenses, of an equity index on the MarketGrader 40
Index, MarketGrader 100 Index, MarketGrader 200 Index,
MarketGrader Small Cap 100 Index, MarketGrader Mid Cap 100
Index, and the MarketGrader Large Cap 100 Index, respectively.
|
|
|
|
2.
|
Significant
Accounting Policies
|
The preparation of financial statements in conformity with
United States Generally Accepted Accounting Principles
(“GAAP”), requires management to make certain
estimates and assumptions that affect the reported amount of
assets and liabilities, and the disclosure of contingent
liabilities at the date of the financial statements, and the
reported amounts of increases and decreases in net assets from
operations during the fiscal reporting period. Actual amounts
could differ from those estimates. The following summarizes the
significant accounting policies of the Funds:
Investment
Valuation
– The Net Asset Value
(“NAV”) of each Fund’s shares is calculated each
day the national securities exchange are opened for trading as
of the close of the regular trading session on the New York
Stock Exchange, ordinarily 4:00 p.m. New York
(Eastern) Time. NAV per share is calculated by dividing a
Fund’s net assets by the number of Fund shares outstanding.
Securities traded on a national securities exchange are valued
based on their last sale price, or official closing price on the
exchange or system which they are principally traded. Securities
regularly traded in an over the counter market are valued at the
last quoted sale price or, if no sale price is available at the
mean between the most recently quoted bid and asked prices in
such market or in the case of the NASDAQ, at the NASDAQ official
closing price. Other investment securities and assets for which
market quotations are not readily available are valued based on
fair value as determined in good faith and in accordance with
procedures adopted by the Board of Trustees (“the
Board”). All investments presented in these financial
statements have readily available market quotes.
Investment
Transactions
– Investment transactions
are recorded as of the date that the securities are purchased or
sold. Realized gains and losses on sales of investment
securities are calculated using the identified cost method.
Distribution to
Shareholders
– Each Fund’s
shareholders are entitled to their share of a Fund’s income
and net realized gains on investments. Each Fund pays out
substantially all of its net earnings to its shareholders as
“distributions.” The amount of distributions from net
investment income and net realized gains are determined in
accordance with federal tax guidelines which may differ from
GAAP. Income dividends, if any are distributed to shareholders
at least annually. Net capital gains are distributed at least
annually.
Investment
Income
– Dividend income is recognized
on the ex-dividend date. Interest income is accrued daily. The
value of additional securities received as dividend payments is
recorded as income and as an increase to the cost basis of such
securities.
Expenses
– Expenses
of the Trust, which are directly identifiable to a specific
Fund, are applied to that Fund. Expenses which are not readily
identifiable to a specific Fund are allocated in such a manner
as deemed equitable, taking into consideration the nature and
type of expense and the relative net assets of each Fund.
40
Notes
to Financial Statements (continued)
Equalization
– All
Funds use the accounting practice of equalization. This
accounting method is used to keep the continuing
shareholder’s per share equity in undistributed net
investment income from being affected by the continuous sales
and redemptions of capital shares. Equalization is calculated on
a per share basis whereby a portion of the proceeds from the
sales and cost of repurchases of capital shares is applied to
undistributed net investment income. The amount of equalization
is disclosed in the Statements of Changes in Net Assets as
undistributed net investment income or loss included in the
price of capital shares issued or redeemed. The distributions to
shareholders of amounts so applied may be deemed to be a return
of capital for tax purposes to the extent that such
distributions exceed taxable income.
Risks and
uncertainties
– The Trust invests in
various investments which are exposed to risk, such as
investment risk. Due to the level of risk with certain
investments it is at least reasonably possible that changes in
the values of investment securities will occur in the near term
and that, such changes could materially affect amounts reported
in the financial statements. Please refer to the Prospectus for
a complete description of risks associated with investing in the
Trust.
|
|
|
|
3.
|
Total
Return Information
|
Since shares of each Fund did not trade on the American Stock
Exchange (the “AMEX”) until several days after each
Fund’s inception, for the period from inception of each
Fund (10/12/2007) to the first day of trading of shares of each
Fund on the AMEX (10/17/2007), the NAV of each Fund is used as a
proxy for the secondary market trading price to calculate market
returns.
|
|
|
|
4.
|
Offering
And Organizational Costs
|
SPA ETF, Inc. (the “Advisor”) has agreed to assume all
organization and offering costs and expenses, in excess of
$300,000, in order to limit each Fund’s operating expenses.
The offering costs include: (a) legal fees pertaining to
the Shares; (b) Securities and Exchange Commission
(“SEC”) registration fees in respect of the Shares;
and (c) initial fees paid for the Funds to be listed on the
AMEX.
Costs incurred by the Trust were $230,000, which is being
amortized over the first year of operating activities of the
Trust.
|
|
|
|
5.
|
Advisory
And Administrative Agreements
|
The Advisor provides investment management services to each
Fund. Pursuant to an Investment Advisory Agreement the Advisor
receives an advisory fee, of 0.85% per Fund, which is accrued
daily and paid monthly, based on the average daily net assets of
the Fund. The Advisor has entered into a voluntary expense
limitation agreement with the Trust pursuant to which the
Advisor has agreed to limit all expenses of the Trust to 0.85%
of the daily net assets, except for: (i) brokerage expenses
and other expenses (such as stamp taxes) connected with the
execution of portfolio transactions or in connection with
creation and redemption transactions; (ii) legal fees or
expenses in connection with any arbitration, litigation or
pending or threatened arbitration or litigation, including any
settlements in connection therewith; (iii) Organizational
expenses; (iv) Printing and postage expenses in relation to
filing regulatory reports such as
Form N-Q,
Semi Annual and Annual Reports; (v) exchange listing fees
and (vi) any extraordinary expenses. For a period of five
years subsequent to each Fund’s commencement of operations,
the Advisor may recover from the Fund fees and expenses waived
or reimbursed during the prior three years if the Fund’s
expense ratio, including the recovered expenses, falls below the
expense cap.
Effective June 30, 2008, BNY Investment Advisors resigned
as Sub-Advisors of the SPA ETF Trust. Esposito Securities serves
as the Sub-Advisor of the SPA ETF Trust as of July 1, 2008.
The sub-advisory fee, calculated as a percentage of the
fund’s daily net assets, is paid by the Advisor.
The Bank of New York serves as the administrator, custodian and
fund accounting and transfer agent for each Fund. The custodian
agreement with the Trust includes an allowance for earnings
credits based on each Fund’s account balance. Earnings
credits can be used only within the calendar year they are
earned.
41
Notes
to Financial Statements (continued)
For the period ended September 30, 2008, the Advisor and
Custodian waived the following fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory Fees
|
|
|
Custodian
|
|
|
|
|
|
Fund
|
|
Waived
|
|
|
Credits
|
|
|
Total
|
|
|
|
|
SPA MarketGrader 40 Fund
|
|
|
(65,388
|
)
|
|
|
(119
|
)
|
|
|
(65,507
|
)
|
|
SPA MarketGrader 100 Fund
|
|
|
(59,428
|
)
|
|
|
(144
|
)
|
|
|
(59,572
|
)
|
|
SPA MarketGrader 200 Fund
|
|
|
(54,331
|
)
|
|
|
(100
|
)
|
|
|
(54,431
|
)
|
|
SPA MarketGrader Small Cap 100 Fund
|
|
|
(47,264
|
)
|
|
|
(113
|
)
|
|
|
(47,377
|
)
|
|
SPA MarketGrader Mid Cap 100 Fund
|
|
|
(51,799
|
)
|
|
|
(53
|
)
|
|
|
(51,852
|
)
|
|
SPA MarketGrader Large Cap 100 Fund
|
|
|
(72,519
|
)
|
|
|
(139
|
)
|
|
|
(72,658
|
)
|
Effective July 2, 2007, The Bank of New York became a
wholly-owned subsidiary of The Bank of New York Mellon
Corporation.
Distribution
Agreement
Foreside Fund Services LLC, serves as the Funds’
distributor (the “Distributor”). The Trust has adopted
a distribution and services plan
(“12b-1”)
pursuant to
rule 12b-1
under the 1940 Act. Each Fund is authorized to pay an amount of
up to a maximum annual rate 0.25% of the average daily net
assets for distribution related activities. No
12b-1
fees
are currently paid by the Funds, and there are currently no
plans to impose these fees.
Foreside Compliance Services, LLC (“FCS”), an
affiliate of the Distributor, provides an Anti-Money Laundering
Officer and Chief Compliance Officer as well as certain
additional compliance support functions to the Funds. Foreside
Management Services, LLC (“FMS”), an affiliate of the
Distributor, provides a Principal Financial Officer to the
Funds. Neither FCS nor FMS has any role in determining the
investment policies or which securities are to be purchased or
sold by the Trust or its Funds. Certain officers or employees of
FCS and FMS are also officers of the Trust.
Licensing
Fee Agreements
The Advisor has entered into a licensing agreement for each Fund
with MarketGrader.com Corporation (the “Licensor”).
The trademarks are owned by the Licensor. These trademarks have
been licensed to the Advisor for the use with the Funds. The
Funds are not sponsored, endorsed, sold or promoted by the
Licensor and the Licensor make no representation regarding the
advisability of investing in any of the Funds.
|
|
|
|
6.
|
Capital
Share Transactions
|
As of September 30, 2008, there were an unlimited number of
$0.01 par value shares of beneficial interest authorized by
the Trust. Each Fund issues and redeems shares at NAV in large
blocks typically consisting of 100,000 shares
(“Creation Units”). Except when aggregated in Creation
Units, shares of each Fund are not redeemable. Transactions in
shares for each Fund are disclosed in detail in the Statements
of Changes in Net Assets. The consideration for the purchase of
Creation Units of a Fund generally consists of the in-kind
contribution of a designated portfolio of equity securities
constituting a portfolio sampling representation of the
securities included in the relevant Fund’s underlying index
and an amount of cash. Investors purchasing and redeeming
Creation Units may be charged a purchase transaction fee and a
redemption transaction fee to offset transfer and other
transaction costs associated with the issuance and redemption of
Creation Units.
|
|
|
|
7.
|
Fair
Value Measurement
|
In September 2006, the FASB issued Statement of Financial
Accounting Standards No. 157, “Fair Value
Measurement” (“FAS 157”). FAS 157
establishes an authoritative framework for the measurement of
fair value, and enhances disclosures about fair value
measurements. The Statement is
42
Notes
to Financial Statements (continued)
effective for fair value measures already required or permitted
by other standards for fiscal years beginning after
November 15, 2007. As a result of the adoption of
FAS 157 there was no impact on the financial statements or
the manner for which fair valued is determined. The Fund
utilizes various inputs in determining the value of its
investments. These inputs are summarized in the three broad
levels as follows: 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 the 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. A summary of the
inputs used as of September 30, 2008 in valuing the
Funds’ assets carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPA MarketGrader
|
|
|
SPA MarketGrader
|
|
|
SPA MarketGrader
|
|
|
|
|
40 Fund
|
|
|
100 Fund
|
|
|
200 Fund
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
Other
|
|
|
|
|
|
Other
|
|
|
|
|
Investments
|
|
|
Financial
|
|
|
Investments
|
|
|
Financial
|
|
|
Investments
|
|
|
Financial
|
|
|
Valuation inputs
|
|
in Securities
|
|
|
Investments*
|
|
|
in Securities
|
|
|
Investments*
|
|
|
in Securities
|
|
|
Investments*
|
|
|
|
|
Level 1—Quoted Prices
|
|
$
|
6,624,866
|
|
|
$
|
—
|
|
|
$
|
3,530,940
|
|
|
$
|
—
|
|
|
$
|
1,696,374
|
|
|
$
|
—
|
|
|
Level 2—Other Significant Observable Inputs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Level 3—Significant Unobservable Inputs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
6,624,866
|
|
|
$
|
—
|
|
|
$
|
3,530,940
|
|
|
$
|
—
|
|
|
$
|
1,696,374
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPA MarketGrader
|
|
|
SPA MarketGrader
|
|
|
SPA MarketGrader
|
|
|
|
|
Small Cap Fund
|
|
|
Mid Cap Fund
|
|
|
Large Cap Fund
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
Other
|
|
|
|
|
|
Other
|
|
|
|
|
Investments
|
|
|
Financial
|
|
|
Investments
|
|
|
Financial
|
|
|
Investments
|
|
|
Financial
|
|
|
Valuation inputs
|
|
in Securities
|
|
|
Investments*
|
|
|
in Securities
|
|
|
Investments*
|
|
|
in Securities
|
|
|
Investments*
|
|
|
|
|
Level 1—Quoted Prices
|
|
$
|
1,791,695
|
|
|
$
|
—
|
|
|
$
|
3,644,854
|
|
|
$
|
—
|
|
|
$
|
5,332,250
|
|
|
$
|
—
|
|
|
Level 2—Other Significant Observable Inputs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Level 3—Significant Unobservable Inputs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
1,791,695
|
|
|
$
|
—
|
|
|
$
|
3,644,854
|
|
|
$
|
—
|
|
|
$
|
5,332,250
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Other financial investments include
futures, forwards and swap contracts.
|
|
|
|
|
8.
|
Investment
Transaction
|
The cost of purchases and the proceeds from sales of investments
(excluding in-kind purchases and redemptions and short-term
investments) for the period ended September 30, 2008 were
as follows:
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Purchases
|
|
|
Sales
|
|
|
|
|
SPA MarketGrader 40 Fund
|
|
$
|
11,403,820
|
|
|
$
|
11,305,022
|
|
|
SPA MarketGrader 100 Fund
|
|
|
5,917,764
|
|
|
|
5,739,829
|
|
|
SPA MarketGrader 200 Fund
|
|
|
2,357,570
|
|
|
|
2,357,273
|
|
|
SPA MarketGrader Small Cap 100 Fund
|
|
|
2,759,350
|
|
|
|
2,682,554
|
|
|
SPA MarketGrader Mid Cap 100 Fund
|
|
|
3,770,641
|
|
|
|
3,687,088
|
|
|
SPA MarketGrader Large Cap 100 Fund
|
|
|
5,395,882
|
|
|
|
5,381,814
|
|
43
Notes
to Financial Statements (continued)
For the period ended September 30, 2008, the cost of
in-kind purchases and the proceeds from in-kind redemptions were
as follows:
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Purchases
|
|
|
Redemptions
|
|
|
|
|
SPA MarketGrader 40 Fund
|
|
$
|
8,301,595
|
|
|
$
|
—
|
|
|
SPA MarketGrader 100 Fund
|
|
|
6,632,734
|
|
|
|
(2,118,842
|
)
|
|
SPA MarketGrader 200 Fund
|
|
|
4,486,535
|
|
|
|
(2,220,742
|
)
|
|
SPA MarketGrader Small Cap 100 Fund
|
|
|
2,481,311
|
|
|
|
—
|
|
|
SPA MarketGrader Mid Cap 100 Fund
|
|
|
4,577,927
|
|
|
|
—
|
|
|
SPA MarketGrader Large Cap 100 Fund
|
|
|
6,999,337
|
|
|
|
—
|
|
Gains and losses on in-kind redemptions are not recognized at
the Fund level for tax purposes.
The Trust compensates each Trustee who is not an employee of the
Advisor or its affiliates. The interested Trustee does not
receive any Trustees’ fees. Independent Trustees are
compensated quarterly by the Trust. For the period ended
September 30, 2008, total Trustees’ fees for the Trust
was $40,000.
The Funds intend to qualify as a “regulated investment
company” under Subchapter M of the Internal Revenue Code.
If so qualified, the Fund will not be subject to Federal income
tax to the extent it distributes substantially all of its net
investment income and capital gains to shareholders.
At September 30, 2008 the aggregate gross unrealized
appreciation and depreciation of investments for Federal income
tax purposes were substantially the same, for book purposes, as
indicated below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
|
|
|
Gross
|
|
|
Net Unrealized
|
|
|
|
|
|
|
|
Unrealized
|
|
|
Unrealized
|
|
|
Appreciation/
|
|
|
Fund
|
|
Tax Cost
|
|
|
Appreciation
|
|
|
(Depreciation)
|
|
|
(Depreciation)
|
|
|
|
|
SPA MarketGrader 40 Fund
|
|
$
|
7,873,233
|
|
|
$
|
93,698
|
|
|
$
|
(1,342,065
|
)
|
|
$
|
(1,248,367
|
)
|
|
SPA MarketGrader 100 Fund
|
|
|
4,181,927
|
|
|
|
72,814
|
|
|
|
(723,801
|
)
|
|
|
(650,987
|
)
|
|
SPA MarketGrader 200 Fund
|
|
|
1,980,298
|
|
|
|
30,269
|
|
|
|
(314,193
|
)
|
|
|
(283,924
|
)
|
|
SPA MarketGrader Small Cap 100 Fund
|
|
|
2,031,481
|
|
|
|
44,281
|
|
|
|
(284,067
|
)
|
|
|
(239,786
|
)
|
|
SPA MarketGrader Mid Cap 100 Fund
|
|
|
4,162,190
|
|
|
|
48,365
|
|
|
|
(565,701
|
)
|
|
|
(517,336
|
)
|
|
SPA MarketGrader Large Cap 100 Fund
|
|
|
6,299,227
|
|
|
|
32,242
|
|
|
|
(999,219
|
)
|
|
|
(966,977
|
)
|
At September 30, 2008, the components of accumulated
earnings/loss on a tax-basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed
|
|
|
|
|
|
|
|
|
|
|
Capital and Other
|
|
|
Net Unrealized
|
|
|
Total Accumulated
|
|
|
Fund
|
|
Losses
|
|
|
Depreciation
|
|
|
Earnings/(Losses)
|
|
|
|
|
SPA MarketGrader 40 Fund
|
|
$
|
(525,387
|
)
|
|
$
|
(1,248,367
|
)
|
|
$
|
(1,773,754
|
)
|
|
SPA MarketGrader 100 Fund
|
|
|
(485,265
|
)
|
|
|
(650,987
|
)
|
|
|
(1,136,252
|
)
|
|
SPA MarketGrader 200 Fund
|
|
|
(487,160
|
)
|
|
|
(283,924
|
)
|
|
|
(771,084
|
)
|
|
SPA MarketGrader Small Cap 100 Fund
|
|
|
(408,446
|
)
|
|
|
(239,786
|
)
|
|
|
(648,232
|
)
|
|
SPA MarketGrader Mid Cap 100 Fund
|
|
|
(409,349
|
)
|
|
|
(517,336
|
)
|
|
|
(926,685
|
)
|
|
SPA MarketGrader Large Cap 100 Fund
|
|
|
(679,936
|
)
|
|
|
(966,977
|
)
|
|
|
(1,646,913
|
)
|
Capital losses incurred after October 31 (“Post-October
Losses”) within the taxable year can be deemed to arise on
the first business day of the Funds’ next taxable year.
44
Notes
to Financial Statements (continued)
The following Funds incurred and elected to defer net capital
losses as follows:
|
|
|
|
|
|
|
Fund
|
|
Post-October Losses
|
|
|
|
|
SPA MarketGrader 40 Fund
|
|
$
|
495,686
|
|
|
SPA MarketGrader 100 Fund
|
|
|
456,599
|
|
|
SPA MarketGrader 200 Fund
|
|
|
458,415
|
|
|
SPA MarketGrader Small Cap 100 Fund
|
|
|
379,588
|
|
|
SPA MarketGrader Mid Cap 100 Fund
|
|
|
380,959
|
|
|
SPA MarketGrader Large Cap 100 Fund
|
|
|
650,076
|
|
At September 30, 2008, the effect of permanent book/tax
reclassifications resulted in increases (decreases) to the
components of net assets as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Net
|
|
|
|
|
|
|
|
Undistributed Net
|
|
|
Realized Gain on
|
|
|
|
|
|
Fund
|
|
Investment Income
|
|
|
investments
|
|
|
Paid-in-Capital
|
|
|
|
|
SPA MarketGrader 40 Fund
|
|
$
|
60,979
|
|
|
$
|
1,071
|
|
|
$
|
(62,050
|
)
|
|
SPA MarketGrader 100 Fund
|
|
|
44,709
|
|
|
|
(98,295
|
)
|
|
|
53,586
|
|
|
SPA MarketGrader 200 Fund
|
|
|
34,442
|
|
|
|
18,685
|
|
|
|
(53,127
|
)
|
|
SPA MarketGrader Small Cap 100 Fund
|
|
|
37,307
|
|
|
|
186
|
|
|
|
(37,493
|
)
|
|
SPA MarketGrader Mid Cap 100 Fund
|
|
|
33,933
|
|
|
|
—
|
|
|
|
(33,933
|
)
|
|
SPA MarketGrader Large Cap 100 Fund
|
|
|
63,977
|
|
|
|
—
|
|
|
|
(63,977
|
)
|
FASB Interpretation No. 48, “Accounting for
Uncertainty in Income Taxes” (“FIN 48”)
provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in the financial
statements. FIN 48 requires the evaluation of tax positions
taken or expected to be taken in the course of preparing the
Fund’s tax returns to determine whether the tax positions
are “more-likely-than-not” of being sustained by the
applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold are recorded as a tax benefit or
expense in the current year. The adoption of FIN 48 did not
result in the recording of any tax benefit or expense in the
current period. Management’s determination regarding
FIN 48 may be subject to review and adjustment at a later
date based on factors including, but not limited to, an on-going
analysis of tax laws, regulations and interpretations thereof.
|
|
|
|
11.
|
New
Accounting Pronouncements
|
On March 19, 2008, FASB released Statement of Financial
Accounting Standards No. 161, “Disclosures about
Derivative Instruments and Hedging Activities”
(“FAS 161”). FAS 161 requires qualitative
disclosures about objectives and strategies for using
derivatives, quantitative disclosures about fair value amounts
of and gains and losses on derivative instruments, and
disclosures about credit-risk-related contingent features in
derivative agreements. The application of FAS 161 is
required for fiscal years beginning after November 15, 2008
and interim periods within those fiscal years. At this time,
management is evaluating the implications of FAS 161 and
its impact on the financial statements has not yet been
determined.
In May, 2008, the FASB issued SFAS No. 162, The Hierarchy of
Generally Accepted Accounting Principles
(“SFAS 162”). SFAS 162 identifies the sources of
accounting principles and the framework for selecting the
principles to be used in the preparation of financial statements
of nongovernmental entities that are presented in conformity
with GAAP in the United States (the GAAP hierarchy). SFAS 162 is
effective 60 days following the Securities and Exchange
Commission’s approval of the Public Company Accounting
Oversight Board amendments to AU Section 411, the Meaning of
Present Fairly in Conformity with Generally Accepted Accounting
Principles. SFAS 162 is not anticipated to have an impact on the
Trust’s financial Statements.
45
Notes
to Financial Statements (concluded)
In September 2008, FASB issued FSB (FASB Staff Position) No. FAS
133-1
and
Fin
45-4,
Disclosures about Credit Derivatives and Certain Guarantees; An
Amendment of FAS No. 133 and FASB Interpretation No. 45; and
Clarification of the Effective Date of FAS No. 161 (FSP
133-1).
FSP
133-1
requires more detailed disclosures about the Fund’s use of
credit derivatives when the Fund is a protection seller. The
enhanced disclosures include for each credit derivative, its
nature (including its terms and its current status with respect
to payment/performance risk), the maximum potential amount of
undiscounted future payments the Fund could be required to make,
its fair value and any associated collateral held by the Fund,
or by third parties, FSP 133-1 is effective for fiscal periods
and interim periods ending after November 15, 2008.
Management is currently evaluating the impact the adoption of
FSP
133-1
will have on its financial statements and disclosure.
46
Report
of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of
The SPA ETF Trust:
We have audited the accompanying statements of assets and
liabilities, including the schedules of investments, of SPA ETF
Trust (the “Trust”), comprising respectively, SPA
MarketGrader 40 Fund, SPA MarketGrader 100 Fund, SPA
MarketGrader 200 Fund, SPA MarketGrader Small Cap 100 Fund, SPA
MarketGrader Mid Cap 100 Fund, and SPA MarketGrader Large Cap
100 Fund, (the “Funds”), as of September 30,
2008, and the related statements of operations and changes in
net assets and the financial highlights for the period
October 12, 2007 (commencement of operations) to
September 30, 2008, These financial statements and
financial highlights are the responsibility of the Trust’s
management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audit.
We conducted our audit in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements and
financial highlights. Our procedures included confirmation of
investments owned as of September 30, 2008, by
correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of each of the respective Funds
constituting the SPA ETF Trust as of September 30, 2008,
the results of their operations, changes in its net assets and
the financial highlights as described above in conformity with
accounting principles generally accepted in the United States of
America.
/s/ WithumSmith+Brown, P.C.
New Brunswick, NJ
November 26, 2008
47
Board
Approval of Sub-Advisory Agreements (Unaudited)
The Interim Sub-Advisory Agreement and Sub-Advisory Agreement,
collectively the Sub-Advisory Agreements between Esposito and
the Trust on behalf of each of the above-named Funds were
approved by the Board, including all of the Trustees who are not
parties to such agreement or interested persons of any such
party, on June 24, 2008. The Board, including a majority of
the independent trustees, determined that approval of the
Sub-Advisory Agreements were in the best interests of each Fund.
The Board, including the independent trustees, did not identify
any single factor or group of factors as all important or
controlling and considered all factors together. In evaluating
whether to approve the Sub-Advisory Agreements for each Fund,
the Board considered numerous factors, as described below.
Board
Considerations
The Board discussed the materials provided to them prior to the
meeting and reviewed the nature, quality and scope of the
services provided to each Fund by Esposito. The Board also
considered the fees charged under the Original Sub-Advisory
Agreement and Interim Sub-Advisory Agreement and proposed to be
charged under the Successor Sub-Advisory Agreement, and reviewed
the comparative fee data previously provided to the Advisor.
They also considered the information provided by Esposito
regarding Esposito’s financial performance and
profitability. The Board reviewed reports from third parties and
Esposito about the foregoing factors. In considering the
approval of the Successor Sub-Advisory Agreement for each Fund,
the Board members gave particular consideration to the following
factors:
Nature,
Extent and Quality of Services
The Board of each Fund reviewed and considered the nature and
extent of the sub-advisory services previously provided by BNYIA
to the Funds under the Original Sub-Advisory Agreement, the
sub-advisory services proposed to be provided by Esposito to the
Funds under the Interim Sub-Advisory Agreement and under the
Successor Sub-Advisory Agreement, including financial
information regarding Esposito and its affiliates, information
describing Esposito’s current organization and the
background and experience of the persons who would be
responsible for the day-to-day management of the Funds. The
Board noted that while Esposito was a newly-registered
investment advisor and that the Funds would be the first ETFs
for which Esposito would serve as a sub-advisor, the personnel
at Esposito (in their capacities as employees of Esposito
Securities, a registered broker-dealer affiliated with
Esposito), had extensive experience in the construction of
creation and redemption of “baskets” for various ETFs.
The Board also reviewed and considered the qualifications of the
portfolio manager and other key personnel of Esposito who
provide the investment sub-advisory services to each Fund. The
Board determined that Esposito’s portfolio manager and key
personnel are qualified by education
and/or
training and experience to perform the services in an efficient
and professional manner. The Board noted that while Esposito was
a newly-registered investment advisor, Esposito was sufficiently
capitalized and had sufficient resources to provide the
sub-advisory services to the Funds. The Board concluded that the
overall quality of the sub-advisory services was satisfactory.
Performance
Relative to Comparable Funds Managed by Other Advisors
The Board determined that, given that Esposito would be a new
sub-advisor for the Funds and that BNYIA had terminated its
relationship with the Funds, the Funds’ prior performance
was not applicable to the Board’s consideration of Esposito.
Fees
and Expenses Relative to Comparable Funds Managed by Other
Advisors
The Board reviewed the proposed sub-advisory fees to be paid to
Esposito by the Advisor under the Successor Sub-Advisory
Agreement. The Board also reviewed a report prepared by the
Advisor comparing the fees proposed by other potential
sub-advisors considered by the Advisor. The Board noted that the
fees payable to Esposito were lower than or comparable to the
fees payable to the
48
Board
Approval of Sub-Advisory Agreements (concluded)
(Unaudited)
other potential sub-advisors considered by the Advisor or the
sub-advisory fees currently charged by BNYIA for sub-advising
other ETFs. The Board concluded that the proposed fees payable
to Esposito were reasonable and satisfactory in light of the
services to be provided.
Breakpoints
and Economies of Scale
The Board reviewed the structure of each Fund’s fee
schedule under the Interim Sub-Advisory Agreement and the
Successor Sub-Advisory Agreement. The Board noted that the
Successor Sub-Advisory Agreement, unlike the Original
Sub-Advisory Agreement and Interim Sub-Advisory Agreement,
contained breakpoints at $100 million and
$200 million. The Board also determined that, given the
relative size of each Fund, economies of scale were not a factor
that needed to be considered at this time.
Profitability
of Advisor and Affiliates
With respect to the costs of services to be provided and profits
to be realized by the Sub-Advisor, the Board considered the
resources involved in managing each Fund as well as the
financial information provided by Esposito. The Board noted that
it was anticipated that Esposito Securities, an affiliate of
Esposito, would likely handle a substantial portion of each
Fund’s brokerage transactions. The Board reviewed
information provided by Esposito and the Advisor as to the
anticipated brokerage commissions to be charged to the Funds by
Esposito Securities, as well as (a) the brokerage
commissions previously paid by each Fund and (b) the
brokerage commissions charged by Esposito Securities to other
ETFs, and determined that the commissions proposed to be charged
to the Funds by Esposito Securities were less than or equal to
the brokerage commissions previously paid by each Fund and the
brokerage commissions charged by Esposito Securities to other
ETFs. Based on their review of the information they received,
the Board concluded that the profits likely to be earned by
Esposito and its affiliates were not excessive in light of the
sub-advisory and other services provided to each Fund.
General
Conclusion
After considering and weighing all of the above factors, the
Board of the Trust concluded it would be in the best interest of
each Fund and its shareholders to approve the Successor
Sub-Advisory Agreement.
49
Shareholder
Expense Examples (Unaudited)
As a shareholder of a SPA ETF Trust, you incur two types of
costs: (1) transaction costs, including brokerage
commissions on purchases and sales of your Fund shares and
(2) ongoing costs, including management fees and other Fund
expenses. The following example is intended to help you
understand your ongoing costs (in dollars and cents) of
investing in a Fund and to compare these costs with the ongoing
costs of investing in other funds.
The example is based on an investment of $1,000 invested at the
beginning of the period and held for the entire period from
April 1, 2008 to September 30, 2008.
Actual
expenses
The first line under each Fund in the table on the next page
provides information about actual account values and actual
expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you
paid over the period. Simply divide your account value by $1,000
(for example, an $8,600 account value divided by $1,000 = 8.6),
then multiply the result by the number in the first line for
your Fund under the heading entitled “Expenses Paid During
Period April 1, 2008 to September 30, 2008” to
estimate the expenses you paid on your account during this
period.
Hypothetical
example for comparison purposes
The second line under each Fund in the table on the next page
provides information about hypothetical account values and
hypothetical expenses based on each Fund’s actual expense
ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund’s actual return. The
hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid
for the period. You may use this information to compare the
ongoing costs of investing in your Fund and other funds. To do
so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of
the other funds.
Please note that the expenses shown in the table are meant to
highlight your ongoing costs only and do not reflect any
transactional costs, such as brokerage commissions paid on
purchases and sales of Fund shares. Therefore, the second line
under each Fund in the table is useful in comparing ongoing Fund
costs only and will not help you determine the relative total
costs of owning different funds. In addition, if these
transactional costs were included, your costs would have been
higher.
50
Shareholder
Expense Examples (concluded) (Unaudited)
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Annualized
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Expense Ratio
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Expenses Paid**
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Beginning
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Ending
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Based on the
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During the
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Account
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Account
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Period
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Period
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Value
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Value
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April 1, 2008 to
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April 1, 2008 to
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April 1, 2008
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September 30, 2008
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September 30, 2008
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September 30, 2008
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SPA MarketGrader 40
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Actual
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$
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1,000.00
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$
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847.03
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3.44
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%
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$
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15.88
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Hypothetical (5% return before expenses)
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$
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1,000.00
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$
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1,007.80
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3.44
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%
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$
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17.27
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SPA MarketGrader 100
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Actual
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$
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1,000.00
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$
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878.39
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3.79
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%
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$
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17.80
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Hypothetical (5% return before expenses)
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$
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1,000.00
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$
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1,006.05
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3.79
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%
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$
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19.01
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SPA MarketGrader 200
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Actual
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$
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1,000.00
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$
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872.32
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4.99
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%
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$
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23.36
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Hypothetical (5% return before expenses)
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$
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1,000.00
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$
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1,000.05
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4.99
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%
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$
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24.95
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SPA MarketGrader Small Cap
100
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Actual
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$
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1,000.00
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$
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930.71
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4.73
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%
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$
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22.83
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Hypothetical (5% return before expenses)
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$
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1,000.00
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$
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1,001.35
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4.73
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%
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$
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23.67
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SPA MarketGrader Mid Cap
100
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Actual
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$
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1,000.00
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$
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889.00
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3.85
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%
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$
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18.18
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Hypothetical (5% return before expenses)
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$
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1,000.00
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$
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1,005.75
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3.85
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%
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$
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19.31
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SPA MarketGrader Large Cap
100
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Actual
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$
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1,000.00
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$
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835.62
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3.66
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%
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$
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16.80
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Hypothetical (5% return before expenses)
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$
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1,000.00
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$
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1,006.70
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3.66
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%
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$
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18.36
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**
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Expenses are equal to a Fund’s
annualized expense ratio as indicated above, multiplied by the
average account value over the period, multiplied by the number
of days in the most recent fiscal half-year divided by 366 (to
reflect the one-half year period).
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51
Supplemental
Information (Unaudited)
Trustees and Officers
The Independent Trustees of the Trust or the Trustee who is
affiliated with the Advisor and executive officer of the Trust,
their term of office and length of time served, their principal
business occupations during the past five years, the number of
portfolios in the Fund Complex (defined below) overseen by
each Independent Trustee, and other directorships, if any, held
by the Trustee are shown below. The Fund Complex includes
all open- and closed-end funds (including all of their
portfolios) advised by the Advisor and any funds that have an
advisor that is an affiliated person of the Advisor. The
Trust’s Statement of Additional Information included
additional information about the Trustees and is available,
without change and upon request, by contacting the Trust at
(212)
663-1595.
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Number of
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Term of
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Portfolios
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Office and
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in Fund
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Other
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Name, Address
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Position(s)
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Length of
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Complex
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Directorships
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and Birth Year of
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Held
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Time
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Principal Occupation(s)
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Overseen by
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Held by
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Trustees*
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with Trust
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Served**
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During Past
5 Years
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Trustees
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Trustees
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Joseph Stefanelli
Year of Birth: 1938
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Trustee
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Since 2007
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Retired; formerly, served in various senior positions at the
AMEX (1984-2002), and director of the Options Clearing
Corporation (1995-2002).
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6
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Director of International Securities Exchange Holdings, Inc.
(operator of securities markets) since May 2007
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Robert Tull
Year of Birth: 1952
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Trustee
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Since 2007
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Managing Director at MacroMarkets, LLC (developer of financial
products) (2005-present); Vice President of New Product
Development and Executive Director of Exchange-Traded Fund
Services at the AMEX (2000-2005); formerly served in various
senior positions at Deutsche Bank (1996-2000) and Morgan Stanley
(1982-1996).
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6
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None.
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Antony Peter Drain***
Year of Birth: 1960
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Trustee and
President
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Since 2007
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Director, London & Capital Group Limited (since 1999)
(affiliate of the Advisor); and the Advisor; formerly, Director
of ie Group plc (financial services) (1997-1999).
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6
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None
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*
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The business address of each
Trustee is
c/o SPA
ETF, Inc., Tower 49, 12 East 49th Street, New York 10017.
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**
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This is the period for which the
Trustee began serving the Trust. Each Trustee serves an
indefinite term, until his successor is elected.
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***
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Mr. Drain is an interested
person of the Trust because of his position as a director of
each of the Advisor and London & Capital Group
Limited, which is affiliated with the Advisor.
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52
Supplemental
Information (Unaudited)
Trustees and Officers (continued)
The Trustee who is affiliated with the Advisor or affiliates of
the Advisor and executive officers of the Trust, his term of
office and length of time served, his principal business
occupations during the past five years, the number of portfolios
in the Fund Complex overseen by the Management Trustee and
the other directorships, if any, held by the Trustee, are shown
below.
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Term of
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Office and
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Name, Address and
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Position(s)
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Length of
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Birth Year of Independent
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Held
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Time
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Principal Occupation(s)
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Trustees*
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with Trust
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Served**
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During Past 5 Years
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Christopher Lanza
Year of Birth: 1961
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Chief Financial
Officer and
Treasurer
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Since 2007
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Director of Exchange-Traded Fund Services at Foreside Financial
Group since October 2007; Mr. Lanza serves as an officer to
other unaffiliated mutual funds or
closed-end
funds for which the Distributor or its affiliates act as
distributor or provider of other services; formerly served in
various senior positions in accounting, treasurer and compliance
services at Citigroup Global Fund Services (June 2004 –
September 2007) and Mitsubishi Bank of California – Global
Solutions (November 2000 – May 2004).
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David M. Whitaker***
Year of Birth: 1971
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Chief Compliance
Officer
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Since 2007
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Counsel, Foreside Financial Group, since September 2007;
Mr. Whitaker serves as an officer to other unaffiliated
mutual funds or
closed-end
funds for which the Distributor or its affiliates act as
distributor or provider of other services; Managing Member,
Beacon Fund Services, LLC (a financial services consulting firm)
since April 2007; Vice President and Product Manager, Citigroup
Fund Services, LLC April 2004 – April 2007; Counsel, PFPC,
Inc.(a fund services company) 1999-2004.
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*
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The business address of each
Officer is
c/o SPA
ETF, Inc., Foreside Fund Services, LLC, Three Canal Plaza, Suite
100, Portland, Maine 04101.
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**
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This is the period for which the
Officer began serving the Trust. Each Officer serves an
indefinite term, until his successor is elected.
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***
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As of November 19, 2008,
Patrick Keniston became the CCO for the Funds.
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53
Supplemental
Information (concluded) (Unaudited)
Proxy
Voting Policies, Procedures and Record
A description of the Funds’ proxy voting policies and
procedures that the Funds use to determine how to vote proxies
relating to portfolio securities, and each Fund’s proxy
voting record for the most recent
twelve-month
period ended June 30, 2008 is available, without charge
upon request, by calling (800)772-3831. This information is also
available on the Securities and Exchange Commission’s
website at
www.sec.gov
.
Shareholder
Reports and Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of
portfolio holdings with the SEC for their first and third
quarters on
Form N-Q.
Copies of the filings are available without charge, upon request
on the SEC’s website at www.sec.gov. You can also obtain
copies of
Form N-Q
by (i) visiting the SEC’s Public Reference Room in
Washington, DC (information on the operation of the Public
Reference Room may be obtained by calling
1-800-SEC-0330);
(ii) sending your request and a duplicating fee to the
SEC’s Public Reference Room, Washington, DC
20549-0102;
or (iii) sending your request electronically to
publicinfosec.gov.
Change
in Registered Public Accounting Firm
On November 19, 2008, the Board, upon the recommendation of
the Audit Committee of the Board, determined not to retain
Deloitte & Touche LLP and approved a change of the
Trust’s independent auditors to WithumSmith+Brown, P.C.
Deloitte & Touche LLP, served as the Trust’s
independent auditor during the initial establishment and listing
of the Funds. Deloitte & Touche LLP’s report on the
Trust’s statement of assets and liabilities as of
October 10, 2007 contained no adverse opinion or disclaimer
of opinion; nor were its reports qualified or modified as to
uncertainty, audit scope, or accounting principles. Further,
there were no disagreements between the Trust and Deloitte
& Touche LLP on any matter of accounting principles or
practices, financial statement disclosure or auditing scope or
procedure, which if not resolved to the satisfaction of Deloitte
& Touche LLP would have caused it to make reference to the
disagreements in its report on the financial statements for such
periods.
54
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Investment Advisor
|
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Sub-Advisor
|
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SPA ETF, Inc.
|
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Esposito Partners
|
|
Tower 49
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300 Crescent Court
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12 East 49th Street
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Suite 650
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New York, New York 10017
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Dallas, Texas 75201
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Distributor
|
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Transfer Agent
|
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Foreside Fund Services, LLC
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The Bank of New York
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Three Canal Plaza
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101 Barclay Street
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Suite 100
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New York, New York 10286
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Portland, Maine 04101
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www.foresides.com
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Custodian
|
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Independent Registered Public Accounting Firm
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The Bank of New York
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|
WithumSmith+Brown, P.C.
|
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101 Barclay Street
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1 Spring Street
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New York, New York 10286
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New Brunswick, New Jersey 08901
|
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Legal Counsel
|
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Clifford Chance US LLP
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31 West
52
nd
Street
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New York, New York 10019
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|
This report is submitted for the general information of the
Funds’ shareholders. It is not authorized for distribution
to prospective investors unless preceded or accompanied by and
effective prospectus, which includes information regarding the
Funds’ objectives and policies, experience of its
management, marketability of shares, and other information.
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a
12 East 49
th
Street,
New York, NY 10017
t
(212) 663-1595
f
(212) 688-2831
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spa-etf.com
©
2007
SPA ETFs Inc
Foreside Fund Services LLC,
distributor to the SPA Exchange Traded Funds
Item 2. Code of Ethics.
a). The Registrant has adopted a code of ethics that applies to the Registrant’s Principal
Executive Officer, Principal Financial Officer or persons performing similar functions.
b). There have not been any changes to the Code of Ethics.
c). Not Applicable
d). During the period, Registrant granted no waivers from the provisions of its code of ethics that
applies to the Registrant’s Principal Executive Officer, Principal Financial Officer or persons
performing similar functions.
e). Not Applicable
f). Attached
Item 3. Audit Committee Financial Expert.
a). The Registrant’s Board of Trustees has one audit committee financial expert serving on its
audit committee, which of whom is an “independent” Trustee: Robert Tull. Under applicable
securities laws, a person who is determined to be an audit committee financial expert will not be
deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of
the Securities Act of 1933, as a result of being designated or identified as an audit committee
financial expert. The designation or identification of a person as an audit committee financial
expert does not impose on such person any duties, obligations, or liabilities that are greater than
the duties, obligations, and liabilities imposed on such person as a member of the audit committee
and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
a).
Audit Fees:
the aggregate fees billed in each of the last two fiscal years for
professional services rendered by the principal accountant for the audit are as follows:
2008: $48,000
2007: N/A
b).
Audit-Related Fees:
the aggregate fees billed in each of the last two fiscal years for
assurance and related services by the principal accountant that are principally related to the
Registrant’s tax return reviews and are not reported under paragraph (a) of this item are as
follows:
2008: $12,000
2007: N/A
c).
Tax Fees
, the aggregate fees billed in each of the last two fiscal years for
professional services rendered by the principal accountant for tax compliance, tax advice, and tax
planning are as follows:
2008: N/A
2007: N/A
d).
All Other Fees
, the aggregate fees billed in each of the last two fiscal years for
products and services provided by the principal accountant, other than the services reported in
paragraphs (a) and (c) of this Item are as follows:
2008: $0
2007: $0
(e)
Audit Committee Pre-Approval Policies and Procedures
.
(i) Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of
the
Audit, Audit-Related, Tax and Other Fees of the Registrant.
(ii) 100% of services described in each of Items 4(b) through (d) were approved
by the audit committee pursuant to paragraph (c)(7)(A) of Rule 2-01 of Regulation S-X.
(f) No response required.
(g) The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the
Funds, the Advisor or any entity controlling, controlled by, or under common control with the
Advisor that provides ongoing services to the Registrant (except for any sub-advisor whose role is
primarily portfolio management and is subcontracted with or overseen by another investment advisor)
that directly impacted the Funds for the period from October 12, 2007 to September 30, 2008 were
$0.
(h) Not Applicable
Item 5. Audit Committee of Listed Registrants.
Not Applicable
Item 6. Schedule of Investments.
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(a)
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Schedule is included as part of the report to shareholders filed under Item 1 of this
Form.
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(b)
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Not Applicable
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Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies.
Not Applicable
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company & Affiliated
Purchasers.
Not Applicable
Item 10. Submission of Matters to a Vote of Security Holders.
Not Applicable
Item 11. Controls and Procedures.
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(a)
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The Principal Executive Officer and Principal Financial Officer have evaluated the
Registrant’s disclosure controls and procedures within 90 days of the filing date of this
report and have concluded that these controls and procedures are effective.
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(b)
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There were no significant changes in the Registrant’s internal controls over financial
reporting or in other factors that could significantly affect these controls subsequent to the
date of their evaluation.
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Item 12. Exhibits.
(a) Code of Ethics.
(b) Certifications for each Principal Executive Officer and Principal Financial Officer of the
Registrant as required by Rule 30a-2(a) under the 1940 Act (17CFR 270.30a-(a)).
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.
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Registrant: SPA ETF Trust
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By:
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/s/ Antony P Drain
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Antony P. Drain, Principal Executive Officer
Date: November 25, 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.
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Registrant: SPA ETF Trust
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By:
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/s/ Antony P. Drain
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Antony P. Drain, Principal Executive Officer
Date: November 25, 2008
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By:
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/s/ Christopher Lanza
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Christopher Lanza, Principal Financial Officer
Date: November 25, 2008
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