UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
811-22103
SPA ETF Trust
(Exact name of registrant as specified in charter)
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12 East 49
th
Street Tower 49
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New York, NY 10017
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(Address of principal executive offices)
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(Zip code)
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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 1, 2008 – December 31, 2008
Form N-Q is to be used by management investment companies, other than small business
investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports
with the Commission, not later than 60 days after the close of the first and third fiscal quarters,
pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The
Commission may use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission
will make this information public. A registrant is not required to respond to the collection of
information contained in Form N-Q 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 the
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.
TABLE OF CONTENTS
Item 1. Schedule of Investments.
Schedule of Investments
SPA MarketGrader 40 Fund
December 31, 2008 (unaudited)
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Investments
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Shares
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Value
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COMMON STOCKS—101.3%
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Capital Goods—14.8%
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AZZ, Inc. *
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5,292
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$
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132,829
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Emerson Electric Co.
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3,110
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113,857
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First Solar, Inc. *
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921
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127,061
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Fluor Corp.
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3,069
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137,706
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Insteel Industries, Inc.
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13,328
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150,473
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Total Capital Goods
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661,926
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Consumer Durables & Apparel—2.2%
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Lululemon Athletica, Inc. *
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12,238
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97,047
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Consumer Services—2.5%
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Apollo Group, Inc. Class A *
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1,475
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113,015
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Energy—26.8%
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BP Prudhoe Bay Royalty Trust
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1,331
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97,616
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Chevron Corp.
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1,387
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102,596
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Diamond Offshore Drilling, Inc.
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1,363
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80,335
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EnCana Corp.
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2,381
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110,669
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EOG Resources, Inc.
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1,234
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82,160
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Murphy Oil Corp.
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2,201
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97,614
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Noble Energy, Inc.
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2,012
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99,031
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Occidental Petroleum Corp.
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2,093
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125,559
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Peabody Energy Corp.
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4,154
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94,504
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Plains Exploration & Production Co. *
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4,628
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107,555
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Ultra Petroleum Corp. *
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2,311
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79,753
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Valero Energy Corp.
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5,504
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119,107
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Total Energy
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1,196,499
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Food Beverage & Tobacco—2.6%
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Archer-Daniels-Midland Co.
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3,948
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113,821
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Health Care Equipment & Services—2.2%
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Genoptix, Inc. *
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2,875
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97,980
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Insurance—3.5%
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Life Partners Holdings, Inc.
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3,541
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154,529
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Materials—14.4%
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Nucor Corp.
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3,268
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150,982
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Potash Corp. of Saskatchewan
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1,455
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106,535
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Schnitzer Steel Industries, Inc. Class A
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4,483
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168,785
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Terra Industries, Inc.
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6,729
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112,172
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Terra Nitrogen Co. LP
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1,107
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104,899
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Total Materials
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643,373
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See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader 40 Fund
December 31, 2008 (unaudited)
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Investments
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Shares
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Value
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Pharmaceuticals, Biotechnology—12.8%
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Amgen, Inc. *
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1,807
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$
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104,354
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Endo Pharmaceuticals Holdings, Inc. *
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5,073
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131,289
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Gilead Sciences, Inc. *
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2,251
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115,116
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Questcor Pharmaceuticals, Inc. *
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11,798
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109,839
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Viropharma, Inc. *
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8,457
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110,110
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Total Pharmaceuticals, Biotechnology
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570,708
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Retailing—2.7%
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Guess?, Inc.
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7,808
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119,853
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Semiconductors & Semiconductor Equipment—2.5%
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Sigma Designs, Inc. *
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11,965
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113,668
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Software & Services—9.8%
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Accenture Ltd. Class A
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3,565
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116,896
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Google, Inc. Class A *
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341
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104,909
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Microsoft Corp.
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5,189
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100,874
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VASCO Data Security International, Inc. *
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11,067
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114,322
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Total Software & Services
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437,001
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Technology Hardware & Equipment—4.5%
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Hewlett-Packard Co.
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3,031
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109,995
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Western Digital Corp. *
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8,055
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92,230
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Total Technology Hardware & Equipment
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202,225
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Total Investments—101.3%
(Cost $4,627,237)
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4,521,645
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Liabilities in Excess of Other Assets—(1.3)%
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(56,842
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)
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Net Assets—100.0%
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$
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4,464,803
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*
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Non—income producing security
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See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader 100 Fund
December 31, 2008 (unaudited)
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Investments
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Shares
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Value
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COMMON STOCKS—98.5%
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Banks—1.7%
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National Penn Bancshares, Inc.
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1,422
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$
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20,633
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Capital Goods—15.3%
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Advanced Battery Technologies, Inc. *
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5,202
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13,837
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AZZ, Inc. *
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467
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11,722
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BE Aerospace, Inc. *
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882
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6,783
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Emerson Electric Co.
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435
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15,925
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Fluor Corp.
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278
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12,474
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Foster Wheeler Ltd. *
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446
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10,428
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Goodrich Corp.
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395
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14,623
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Graham Corp.
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409
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|
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4,425
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II-VI, Inc. *
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449
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8,571
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Manitowoc Co., Inc.
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849
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7,352
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Middleby Corp. *
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378
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10,308
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Perini Corp. *
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743
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17,371
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Precision Castparts Corp.
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208
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12,372
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Raven Industries, Inc.
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528
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12,725
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Terex Corp. *
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428
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7,413
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Thomas & Betts Corp. *
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458
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11,001
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Woodward Governor Co.
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464
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10,681
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Total Capital Goods
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188,011
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Commercial Services & Supplies—1.3%
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Ritchie Bros. Auctioneers, Inc.
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765
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16,386
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Consumer Durables & Apparel—4.0%
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Garmin Ltd.
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561
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10,754
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Nike, Inc. Class B
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|
|
338
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|
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17,238
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True Religion Apparel, Inc. *
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|
|
794
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|
|
|
9,877
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Volcom, Inc. *
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|
|
1,030
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|
|
|
11,227
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|
|
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|
|
|
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|
|
|
|
|
|
|
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|
Total Consumer Durables & Apparel
|
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|
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49,096
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|
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Consumer Services—3.0%
|
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|
|
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|
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Apollo Group, Inc. Class A *
|
|
|
334
|
|
|
|
25,591
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|
|
thinkorswim Group, Inc. *
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|
|
2,132
|
|
|
|
11,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total Consumer Services
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|
|
|
|
|
|
37,573
|
|
|
|
|
|
|
|
|
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|
|
|
|
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Diversified Financials—1.0%
|
|
|
|
|
|
|
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|
|
optionsXpress Holdings, Inc.
|
|
|
924
|
|
|
|
12,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy—20.7%
|
|
|
|
|
|
|
|
|
|
Apache Corp.
|
|
|
187
|
|
|
|
13,937
|
|
|
Atwood Oceanics, Inc. *
|
|
|
515
|
|
|
|
7,869
|
|
|
Boots & Coots International Well Control, Inc. *
|
|
|
7,922
|
|
|
|
9,348
|
|
|
BP Prudhoe Bay Royalty Trust
|
|
|
248
|
|
|
|
18,188
|
|
|
Cimarex Energy Co.
|
|
|
394
|
|
|
|
10,551
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
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Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Energy—20.7% (continued)
|
|
|
|
|
|
|
|
|
|
Dawson Geophysical Co. *
|
|
|
341
|
|
|
$
|
6,073
|
|
|
Diamond Offshore Drilling, Inc.
|
|
|
189
|
|
|
|
11,140
|
|
|
Dorchester Minerals LP
|
|
|
791
|
|
|
|
12,553
|
|
|
ENSCO International, Inc.
|
|
|
304
|
|
|
|
8,631
|
|
|
Frontline Ltd.
|
|
|
356
|
|
|
|
10,541
|
|
|
Helmerich & Payne, Inc.
|
|
|
390
|
|
|
|
8,873
|
|
|
Hess Corp.
|
|
|
210
|
|
|
|
11,264
|
|
|
Hugoton Royalty Trust
|
|
|
693
|
|
|
|
11,123
|
|
|
Mariner Energy, Inc. *
|
|
|
711
|
|
|
|
7,252
|
|
|
Murphy Oil Corp.
|
|
|
271
|
|
|
|
12,019
|
|
|
Occidental Petroleum Corp.
|
|
|
266
|
|
|
|
15,957
|
|
|
Permian Basin Royalty Trust
|
|
|
910
|
|
|
|
12,467
|
|
|
Plains Exploration & Production Co. *
|
|
|
386
|
|
|
|
8,971
|
|
|
Quicksilver Resources, Inc. *
|
|
|
860
|
|
|
|
4,790
|
|
|
Sabine Royalty Trust
|
|
|
334
|
|
|
|
13,681
|
|
|
Schlumberger Ltd.
|
|
|
222
|
|
|
|
9,397
|
|
|
Stone Energy Corp. *
|
|
|
420
|
|
|
|
4,628
|
|
|
Swift Energy Co. *
|
|
|
435
|
|
|
|
7,312
|
|
|
Transocean Ltd. *
|
|
|
162
|
|
|
|
7,655
|
|
|
Ultra Petroleum Corp. *
|
|
|
306
|
|
|
|
10,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
254,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing—2.8%
|
|
|
|
|
|
|
|
|
|
Kroger Co.
|
|
|
723
|
|
|
|
19,094
|
|
|
SYSCO Corp.
|
|
|
654
|
|
|
|
15,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food & Staples Retailing
|
|
|
|
|
|
|
34,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Beverage & Tobacco—4.2%
|
|
|
|
|
|
|
|
|
|
Altria Group, Inc.
|
|
|
982
|
|
|
|
14,789
|
|
|
Cal-Maine Foods, Inc.
|
|
|
438
|
|
|
|
12,571
|
|
|
Darling International, Inc. *
|
|
|
1,534
|
|
|
|
8,422
|
|
|
PepsiCo, Inc.
|
|
|
294
|
|
|
|
16,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food Beverage & Tobacco
|
|
|
|
|
|
|
51,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Services—6.4%
|
|
|
|
|
|
|
|
|
|
Genoptix, Inc. *
|
|
|
582
|
|
|
|
19,835
|
|
|
Healthspring, Inc. *
|
|
|
1,068
|
|
|
|
21,328
|
|
|
Kinetic Concepts, Inc. *
|
|
|
596
|
|
|
|
11,431
|
|
|
St. Jude Medical, Inc. *
|
|
|
448
|
|
|
|
14,766
|
|
|
Varian Medical Systems, Inc. *
|
|
|
322
|
|
|
|
11,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care Equipment & Services
|
|
|
|
|
|
|
78,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Household & Personal Products—0.8%
|
|
|
|
|
|
|
|
|
|
Herbalife Ltd.
|
|
|
460
|
|
|
|
9,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Insurance—4.1%
|
|
|
|
|
|
|
|
|
|
Tower Group, Inc.
|
|
|
985
|
|
|
$
|
27,787
|
|
|
Validus Holdings Ltd.
|
|
|
849
|
|
|
|
22,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Insurance
|
|
|
|
|
|
|
49,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials—10.9%
|
|
|
|
|
|
|
|
|
|
Agrium, Inc.
|
|
|
253
|
|
|
|
8,635
|
|
|
Barrick Gold Corp.
|
|
|
616
|
|
|
|
22,650
|
|
|
CF Industries Holdings, Inc.
|
|
|
153
|
|
|
|
7,521
|
|
|
LSB Industries, Inc. *
|
|
|
905
|
|
|
|
7,530
|
|
|
Methanex Corp.
|
|
|
811
|
|
|
|
9,116
|
|
|
Mosaic Co.
|
|
|
199
|
|
|
|
6,885
|
|
|
Nova Chemicals Corp.
|
|
|
802
|
|
|
|
3,826
|
|
|
Nucor Corp.
|
|
|
406
|
|
|
|
18,757
|
|
|
OM Group, Inc. *
|
|
|
682
|
|
|
|
14,397
|
|
|
Potash Corp. of Saskatchewan
|
|
|
118
|
|
|
|
8,640
|
|
|
Teck Cominco Ltd. Class B
|
|
|
58
|
|
|
|
285
|
|
|
Terra Industries, Inc.
|
|
|
431
|
|
|
|
7,185
|
|
|
Terra Nitrogen Co. LP
|
|
|
198
|
|
|
|
18,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
134,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals, Biotechnology—2.0%
|
|
|
|
|
|
|
|
|
|
OSI Pharmaceuticals, Inc. *
|
|
|
401
|
|
|
|
15,659
|
|
|
Pozen, Inc. *
|
|
|
1,743
|
|
|
|
8,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pharmaceuticals, Biotechnology
|
|
|
|
|
|
|
24,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retailing—4.9%
|
|
|
|
|
|
|
|
|
|
Bidz.com, Inc. *
|
|
|
2,320
|
|
|
|
10,672
|
|
|
Guess?, Inc.
|
|
|
587
|
|
|
|
9,010
|
|
|
Gymboree Corp. *
|
|
|
558
|
|
|
|
14,558
|
|
|
PetMed Express, Inc. *
|
|
|
1,498
|
|
|
|
26,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retailing
|
|
|
|
|
|
|
60,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software & Services—9.0%
|
|
|
|
|
|
|
|
|
|
Accenture Ltd. Class A
|
|
|
511
|
|
|
|
16,756
|
|
|
Cognizant Technology Solutions Corp. Class A *
|
|
|
692
|
|
|
|
12,498
|
|
|
comScore, Inc. *
|
|
|
923
|
|
|
|
11,768
|
|
|
Intuit, Inc. *
|
|
|
691
|
|
|
|
16,439
|
|
|
PROS Holdings, Inc. *
|
|
|
2,769
|
|
|
|
15,922
|
|
|
Quality Systems, Inc.
|
|
|
508
|
|
|
|
22,159
|
|
|
Syntel, Inc.
|
|
|
636
|
|
|
|
14,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Software & Services
|
|
|
|
|
|
|
110,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Technology Hardware & Equipment—5.0%
|
|
|
|
|
|
|
|
|
|
Amphenol Corp. Class A
|
|
|
419
|
|
|
$
|
10,048
|
|
|
Corning, Inc.
|
|
|
977
|
|
|
|
9,311
|
|
|
Hewlett-Packard Co.
|
|
|
471
|
|
|
|
17,093
|
|
|
Infinera Corp. *
|
|
|
1,823
|
|
|
|
16,334
|
|
|
Western Digital Corp. *
|
|
|
741
|
|
|
|
8,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Technology Hardware & Equipment
|
|
|
|
|
|
|
61,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation—1.4%
|
|
|
|
|
|
|
|
|
|
Excel Maritime Carriers Ltd.
|
|
|
609
|
|
|
|
4,287
|
|
|
Genco Shipping & Trading Ltd.
|
|
|
352
|
|
|
|
5,210
|
|
|
TBS International Ltd. Class A *
|
|
|
736
|
|
|
|
7,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Transportation
|
|
|
|
|
|
|
16,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—98.5%
(Cost $2,062,162)
|
|
|
|
|
|
|
1,211,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities—1.5%
|
|
|
|
|
|
|
18,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets—100.0%
|
|
|
|
|
|
$
|
1,229,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Non—income producing security
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader 200 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
COMMON STOCKS—97.1%
|
|
|
|
|
|
|
|
|
|
Automobiles & Components—0.5%
|
|
|
|
|
|
|
|
|
|
Federal Mogul Corp. *
|
|
|
597
|
|
|
$
|
2,525
|
|
|
WABCO Holdings, Inc.
|
|
|
222
|
|
|
|
3,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Automobiles & Components
|
|
|
|
|
|
|
6,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banks—0.7%
|
|
|
|
|
|
|
|
|
|
National Penn Bancshares, Inc.
|
|
|
598
|
|
|
|
8,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Goods—14.2%
|
|
|
|
|
|
|
|
|
|
AAON, Inc.
|
|
|
454
|
|
|
|
9,480
|
|
|
Ampco-Pittsburgh Corp.
|
|
|
281
|
|
|
|
6,098
|
|
|
AZZ, Inc. *
|
|
|
237
|
|
|
|
5,949
|
|
|
BE Aerospace, Inc. *
|
|
|
481
|
|
|
|
3,699
|
|
|
Bucyrus International, Inc.
|
|
|
196
|
|
|
|
3,630
|
|
|
Carlisle Cos., Inc.
|
|
|
249
|
|
|
|
5,154
|
|
|
Caterpillar, Inc.
|
|
|
139
|
|
|
|
6,209
|
|
|
Cummins, Inc.
|
|
|
157
|
|
|
|
4,197
|
|
|
Emerson Electric Co.
|
|
|
211
|
|
|
|
7,725
|
|
|
First Solar, Inc. *
|
|
|
42
|
|
|
|
5,794
|
|
|
Flowserve Corp.
|
|
|
88
|
|
|
|
4,532
|
|
|
Fluor Corp.
|
|
|
151
|
|
|
|
6,775
|
|
|
Foster Wheeler Ltd. *
|
|
|
219
|
|
|
|
5,120
|
|
|
Goodrich Corp.
|
|
|
189
|
|
|
|
6,997
|
|
|
GrafTech International Ltd. *
|
|
|
540
|
|
|
|
4,493
|
|
|
Graham Corp.
|
|
|
274
|
|
|
|
2,965
|
|
|
II-VI, Inc. *
|
|
|
218
|
|
|
|
4,162
|
|
|
K-Tron International, Inc. *
|
|
|
63
|
|
|
|
5,034
|
|
|
L.B. Foster Co. Class A *
|
|
|
263
|
|
|
|
8,227
|
|
|
Lincoln Electric Holdings, Inc.
|
|
|
130
|
|
|
|
6,621
|
|
|
Manitowoc Co., Inc.
|
|
|
455
|
|
|
|
3,940
|
|
|
McDermott International, Inc. *
|
|
|
307
|
|
|
|
3,033
|
|
|
Middleby Corp. *
|
|
|
154
|
|
|
|
4,200
|
|
|
Perini Corp. *
|
|
|
380
|
|
|
|
8,884
|
|
|
Precision Castparts Corp.
|
|
|
92
|
|
|
|
5,472
|
|
|
Raven Industries, Inc.
|
|
|
217
|
|
|
|
5,230
|
|
|
Rockwell Collins, Inc.
|
|
|
176
|
|
|
|
6,880
|
|
|
Sun Hydraulics Corp.
|
|
|
299
|
|
|
|
5,633
|
|
|
Teledyne Technologies, Inc. *
|
|
|
153
|
|
|
|
6,816
|
|
|
Terex Corp. *
|
|
|
258
|
|
|
|
4,469
|
|
|
Thomas & Betts Corp. *
|
|
|
214
|
|
|
|
5,140
|
|
|
Woodward Governor Co.
|
|
|
230
|
|
|
|
5,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Goods
|
|
|
|
|
|
|
177,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies—1.3%
|
|
|
|
|
|
|
|
|
|
Brink’s Co.
|
|
|
129
|
|
|
|
3,468
|
|
|
Knoll, Inc.
|
|
|
546
|
|
|
|
4,925
|
|
|
Ritchie Bros. Auctioneers, Inc.
|
|
|
387
|
|
|
|
8,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial Services & Supplies
|
|
|
|
|
|
|
16,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader 200 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Consumer Durables & Apparel—2.1%
|
|
|
|
|
|
|
|
|
|
Coach, Inc. *
|
|
|
307
|
|
|
$
|
6,376
|
|
|
Garmin Ltd.
|
|
|
264
|
|
|
|
5,061
|
|
|
Lululemon Athletica, Inc. *
|
|
|
411
|
|
|
|
3,259
|
|
|
Nike, Inc. Class B
|
|
|
148
|
|
|
|
7,548
|
|
|
True Religion Apparel, Inc. *
|
|
|
314
|
|
|
|
3,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Durables & Apparel
|
|
|
|
|
|
|
26,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Services—3.9%
|
|
|
|
|
|
|
|
|
|
Apollo Group, Inc. Class A *
|
|
|
135
|
|
|
|
10,344
|
|
|
Bally Technologies, Inc. *
|
|
|
267
|
|
|
|
6,416
|
|
|
ITT Educational Services, Inc. *
|
|
|
95
|
|
|
|
9,023
|
|
|
McDonald’s Corp.
|
|
|
140
|
|
|
|
8,707
|
|
|
Strayer Education, Inc.
|
|
|
40
|
|
|
|
8,576
|
|
|
thinkorswim Group, Inc. *
|
|
|
976
|
|
|
|
5,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Services
|
|
|
|
|
|
|
48,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Financials—2.7%
|
|
|
|
|
|
|
|
|
|
GFI Group, Inc.
|
|
|
1,846
|
|
|
|
6,535
|
|
|
Hercules Technology Growth Capital, Inc.
|
|
|
935
|
|
|
|
7,405
|
|
|
Nasdaq OMX Group, Inc. *
|
|
|
316
|
|
|
|
7,808
|
|
|
optionsXpress Holdings, Inc.
|
|
|
422
|
|
|
|
5,638
|
|
|
Waddell & Reed Financial, Inc. Class A
|
|
|
367
|
|
|
|
5,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Diversified Financials
|
|
|
|
|
|
|
33,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy—16.5%
|
|
|
|
|
|
|
|
|
|
Apache Corp.
|
|
|
82
|
|
|
|
6,111
|
|
|
Atwood Oceanics, Inc. *
|
|
|
237
|
|
|
|
3,621
|
|
|
Baker Hughes, Inc.
|
|
|
142
|
|
|
|
4,554
|
|
|
BP Prudhoe Bay Royalty Trust
|
|
|
103
|
|
|
|
7,554
|
|
|
Chevron Corp.
|
|
|
111
|
|
|
|
8,211
|
|
|
Cimarex Energy Co.
|
|
|
191
|
|
|
|
5,115
|
|
|
Contango Oil & Gas Co. *
|
|
|
186
|
|
|
|
10,472
|
|
|
Dawson Geophysical Co. *
|
|
|
187
|
|
|
|
3,330
|
|
|
Denbury Resources, Inc. *
|
|
|
431
|
|
|
|
4,707
|
|
|
Diamond Offshore Drilling, Inc.
|
|
|
84
|
|
|
|
4,951
|
|
|
Dorchester Minerals LP
|
|
|
386
|
|
|
|
6,126
|
|
|
ENGlobal Corp. *
|
|
|
734
|
|
|
|
2,386
|
|
|
Frontline Ltd.
|
|
|
190
|
|
|
|
5,626
|
|
|
Helmerich & Payne, Inc.
|
|
|
194
|
|
|
|
4,414
|
|
|
Hess Corp.
|
|
|
107
|
|
|
|
5,739
|
|
|
Hugoton Royalty Trust
|
|
|
339
|
|
|
|
5,441
|
|
|
Knightsbridge Tankers Ltd.
|
|
|
314
|
|
|
|
4,600
|
|
|
Lufkin Industries, Inc.
|
|
|
119
|
|
|
|
4,106
|
|
|
Mariner Energy, Inc. *
|
|
|
401
|
|
|
|
4,090
|
|
|
Murphy Oil Corp.
|
|
|
140
|
|
|
|
6,209
|
|
|
Noble Corp.
|
|
|
204
|
|
|
|
4,506
|
|
|
Occidental Petroleum Corp.
|
|
|
130
|
|
|
|
7,799
|
|
|
Oil States International, Inc. *
|
|
|
231
|
|
|
|
4,317
|
|
|
Parker Drilling Co. *
|
|
|
1,062
|
|
|
|
3,080
|
|
|
Permian Basin Royalty Trust
|
|
|
401
|
|
|
|
5,494
|
|
|
Petro-Canada
|
|
|
241
|
|
|
|
5,275
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader 200 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Energy—16.5% (continued)
|
|
|
|
|
|
|
|
|
|
Plains Exploration & Production Co. *
|
|
|
254
|
|
|
$
|
5,903
|
|
|
Quicksilver Resources, Inc. *
|
|
|
427
|
|
|
|
2,378
|
|
|
Sabine Royalty Trust
|
|
|
167
|
|
|
|
6,840
|
|
|
Schlumberger Ltd.
|
|
|
104
|
|
|
|
4,402
|
|
|
Southwestern Energy Co. *
|
|
|
288
|
|
|
|
8,343
|
|
|
Stone Energy Corp. *
|
|
|
213
|
|
|
|
2,347
|
|
|
Swift Energy Co. *
|
|
|
227
|
|
|
|
3,816
|
|
|
Transocean Ltd. *
|
|
|
74
|
|
|
|
3,497
|
|
|
Ultra Petroleum Corp. *
|
|
|
158
|
|
|
|
5,453
|
|
|
Unit Corp. *
|
|
|
177
|
|
|
|
4,729
|
|
|
Valero Energy Corp.
|
|
|
284
|
|
|
|
6,146
|
|
|
Whiting Petroleum Corp. *
|
|
|
122
|
|
|
|
4,082
|
|
|
Williams Partners LP
|
|
|
318
|
|
|
|
3,797
|
|
|
XTO Energy, Inc.
|
|
|
180
|
|
|
|
6,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
205,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing—1.4%
|
|
|
|
|
|
|
|
|
|
Andersons, Inc.
|
|
|
211
|
|
|
|
3,477
|
|
|
Kroger Co.
|
|
|
322
|
|
|
|
8,504
|
|
|
SYSCO Corp.
|
|
|
264
|
|
|
|
6,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food & Staples Retailing
|
|
|
|
|
|
|
18,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Beverage & Tobacco—4.1%
|
|
|
|
|
|
|
|
|
|
Altria Group, Inc.
|
|
|
437
|
|
|
|
6,581
|
|
|
Bunge Ltd.
|
|
|
124
|
|
|
|
6,419
|
|
|
Cal-Maine Foods, Inc.
|
|
|
270
|
|
|
|
7,749
|
|
|
Darling International, Inc. *
|
|
|
747
|
|
|
|
4,101
|
|
|
Hansen Natural Corp. *
|
|
|
381
|
|
|
|
12,775
|
|
|
PepsiCo, Inc.
|
|
|
124
|
|
|
|
6,791
|
|
|
Synutra International, Inc. *
|
|
|
590
|
|
|
|
6,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food Beverage & Tobacco
|
|
|
|
|
|
|
50,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Services—5.2%
|
|
|
|
|
|
|
|
|
|
Baxter International, Inc.
|
|
|
131
|
|
|
|
7,020
|
|
|
CryoLife, Inc. *
|
|
|
626
|
|
|
|
6,078
|
|
|
Cynosure, Inc. Class A *
|
|
|
427
|
|
|
|
3,899
|
|
|
Genoptix, Inc. *
|
|
|
278
|
|
|
|
9,474
|
|
|
Healthspring, Inc. *
|
|
|
430
|
|
|
|
8,587
|
|
|
IDEXX Laboratories, Inc. *
|
|
|
157
|
|
|
|
5,665
|
|
|
Immucor, Inc. *
|
|
|
282
|
|
|
|
7,496
|
|
|
Intuitive Surgical, Inc. *
|
|
|
32
|
|
|
|
4,064
|
|
|
St. Jude Medical, Inc. *
|
|
|
208
|
|
|
|
6,856
|
|
|
Varian Medical Systems, Inc. *
|
|
|
149
|
|
|
|
5,221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care Equipment & Services
|
|
|
|
|
|
|
64,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader 200 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Household & Personal Products—1.4%
|
|
|
|
|
|
|
|
|
|
Avon Products, Inc.
|
|
|
219
|
|
|
$
|
5,263
|
|
|
Herbalife Ltd.
|
|
|
216
|
|
|
|
4,683
|
|
|
Procter & Gamble Co.
|
|
|
125
|
|
|
|
7,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Household & Personal Products
|
|
|
|
|
|
|
17,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance—1.5%
|
|
|
|
|
|
|
|
|
|
eHealth, Inc. *
|
|
|
622
|
|
|
|
8,260
|
|
|
Validus Holdings Ltd.
|
|
|
375
|
|
|
|
9,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Insurance
|
|
|
|
|
|
|
18,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials—5.9%
|
|
|
|
|
|
|
|
|
|
Agrium, Inc.
|
|
|
117
|
|
|
|
3,993
|
|
|
AK Steel Holding Corp.
|
|
|
291
|
|
|
|
2,712
|
|
|
Barrick Gold Corp.
|
|
|
313
|
|
|
|
11,509
|
|
|
CF Industries Holdings, Inc.
|
|
|
76
|
|
|
|
3,736
|
|
|
E.I. Du Pont de Nemours & Co.
|
|
|
195
|
|
|
|
4,933
|
|
|
Koppers Holdings, Inc.
|
|
|
202
|
|
|
|
4,367
|
|
|
LSB Industries, Inc. *
|
|
|
574
|
|
|
|
4,776
|
|
|
Methanex Corp.
|
|
|
382
|
|
|
|
4,294
|
|
|
Mosaic Co.
|
|
|
103
|
|
|
|
3,564
|
|
|
Nucor Corp.
|
|
|
190
|
|
|
|
8,778
|
|
|
OM Group, Inc. *
|
|
|
297
|
|
|
|
6,270
|
|
|
Potash Corp. of Saskatchewan
|
|
|
56
|
|
|
|
4,100
|
|
|
Teck Cominco Ltd. Class B
|
|
|
28
|
|
|
|
138
|
|
|
Terra Industries, Inc.
|
|
|
217
|
|
|
|
3,617
|
|
|
Terra Nitrogen Co. LP
|
|
|
76
|
|
|
|
7,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
73,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media—1.1%
|
|
|
|
|
|
|
|
|
|
Marvel Entertainment, Inc. *
|
|
|
255
|
|
|
|
7,841
|
|
|
Omnicom Group, Inc.
|
|
|
228
|
|
|
|
6,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Media
|
|
|
|
|
|
|
13,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals, Biotechnology—7.2%
|
|
|
|
|
|
|
|
|
|
Alkermes, Inc. *
|
|
|
705
|
|
|
|
7,508
|
|
|
Amgen, Inc. *
|
|
|
138
|
|
|
|
7,969
|
|
|
Eli Lilly & Co.
|
|
|
199
|
|
|
|
8,014
|
|
|
Endo Pharmaceuticals Holdings, Inc. *
|
|
|
418
|
|
|
|
10,818
|
|
|
Gilead Sciences, Inc. *
|
|
|
182
|
|
|
|
9,307
|
|
|
OSI Pharmaceuticals, Inc. *
|
|
|
187
|
|
|
|
7,302
|
|
|
Parexel International Corp. *
|
|
|
272
|
|
|
|
2,641
|
|
|
PDL BioPharma, Inc.
|
|
|
872
|
|
|
|
5,389
|
|
|
Pozen, Inc. *
|
|
|
912
|
|
|
|
4,596
|
|
|
Questcor Pharmaceuticals *
|
|
|
1,420
|
|
|
|
13,220
|
|
|
Techne Corp.
|
|
|
122
|
|
|
|
7,871
|
|
|
Waters Corp. *
|
|
|
152
|
|
|
|
5,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pharmaceuticals, Biotechnology
|
|
|
|
|
|
|
90,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader 200 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Retailing—5.0%
|
|
|
|
|
|
|
|
|
|
Aeropostale, Inc. *
|
|
|
249
|
|
|
$
|
4,009
|
|
|
Buckle, Inc.
|
|
|
243
|
|
|
|
5,302
|
|
|
Dress Barn, Inc. *
|
|
|
546
|
|
|
|
5,864
|
|
|
Genuine Parts Co.
|
|
|
213
|
|
|
|
8,064
|
|
|
Guess?, Inc.
|
|
|
216
|
|
|
|
3,316
|
|
|
Gymboree Corp. *
|
|
|
228
|
|
|
|
5,949
|
|
|
Jos. A. Bank Clothiers, Inc. *
|
|
|
303
|
|
|
|
7,923
|
|
|
NutriSystem, Inc.
|
|
|
514
|
|
|
|
7,499
|
|
|
PetMed Express, Inc. *
|
|
|
588
|
|
|
|
10,366
|
|
|
Urban Outfitters, Inc. *
|
|
|
252
|
|
|
|
3,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retailing
|
|
|
|
|
|
|
62,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment—1.1%
|
|
|
|
|
|
|
|
|
|
Altera Corp.
|
|
|
438
|
|
|
|
7,319
|
|
|
Sigma Designs, Inc. *
|
|
|
638
|
|
|
|
6,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Semiconductors & Semiconductor Equipment
|
|
|
|
|
|
|
13,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software & Services—7.7%
|
|
|
|
|
|
|
|
|
|
Accenture Ltd. Class A
|
|
|
247
|
|
|
|
8,099
|
|
|
Blackbaud, Inc.
|
|
|
451
|
|
|
|
6,088
|
|
|
Cognizant Technology Solutions Corp. Class A *
|
|
|
348
|
|
|
|
6,285
|
|
|
comScore, Inc. *
|
|
|
487
|
|
|
|
6,209
|
|
|
FactSet Research Systems, Inc.
|
|
|
168
|
|
|
|
7,432
|
|
|
j2 Global Communications, Inc. *
|
|
|
377
|
|
|
|
7,555
|
|
|
Microsoft Corp.
|
|
|
347
|
|
|
|
6,746
|
|
|
NeuStar, Inc. Class A *
|
|
|
446
|
|
|
|
8,532
|
|
|
Quality Systems, Inc.
|
|
|
219
|
|
|
|
9,553
|
|
|
Syntel, Inc.
|
|
|
319
|
|
|
|
7,375
|
|
|
Telecommunication Systems Class A *
|
|
|
1,178
|
|
|
|
10,119
|
|
|
VASCO Data Security International, Inc. *
|
|
|
726
|
|
|
|
7,500
|
|
|
VistaPrint Ltd. *
|
|
|
279
|
|
|
|
5,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Software & Services
|
|
|
|
|
|
|
96,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware & Equipment—7.5%
|
|
|
|
|
|
|
|
|
|
Amphenol Corp. Class A
|
|
|
201
|
|
|
|
4,820
|
|
|
Apple, Inc. *
|
|
|
65
|
|
|
|
5,548
|
|
|
Cisco Systems, Inc. *
|
|
|
395
|
|
|
|
6,438
|
|
|
Comtech Telecommunications Corp. *
|
|
|
213
|
|
|
|
9,760
|
|
|
Corning, Inc.
|
|
|
587
|
|
|
|
5,594
|
|
|
Dolby Laboratories, Inc. Class A *
|
|
|
227
|
|
|
|
7,437
|
|
|
EMC Corp. *
|
|
|
675
|
|
|
|
7,067
|
|
|
Harris Corp.
|
|
|
191
|
|
|
|
7,268
|
|
|
Hewlett-Packard Co.
|
|
|
187
|
|
|
|
6,786
|
|
|
Infinera Corp. *
|
|
|
1,047
|
|
|
|
9,381
|
|
|
Mettler-Toledo International, Inc. *
|
|
|
90
|
|
|
|
6,066
|
|
|
Research In Motion Ltd. *
|
|
|
89
|
|
|
|
3,612
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader 200 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Technology Hardware & Equipment—7.5% (continued)
|
|
|
|
|
|
|
|
|
|
Starent Networks Corp. *
|
|
|
762
|
|
|
$
|
9,091
|
|
|
Western Digital Corp. *
|
|
|
396
|
|
|
|
4,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Technology Hardware & Equipment
|
|
|
|
|
|
|
93,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation—2.0%
|
|
|
|
|
|
|
|
|
|
Excel Maritime Carriers Ltd.
|
|
|
413
|
|
|
|
2,908
|
|
|
Forward Air Corp.
|
|
|
277
|
|
|
|
6,723
|
|
|
Genco Shipping & Trading Ltd.
|
|
|
199
|
|
|
|
2,945
|
|
|
Republic Airways Holdings, Inc. *
|
|
|
726
|
|
|
|
7,746
|
|
|
TBS International Ltd. Class A *
|
|
|
429
|
|
|
|
4,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Transportation
|
|
|
|
|
|
|
24,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities—4.1%
|
|
|
|
|
|
|
|
|
|
AES Corp. *
|
|
|
726
|
|
|
|
5,982
|
|
|
Dominion Resources, Inc.
|
|
|
212
|
|
|
|
7,598
|
|
|
DPL, Inc.
|
|
|
390
|
|
|
|
8,908
|
|
|
Energen Corp.
|
|
|
188
|
|
|
|
5,514
|
|
|
Exelon Corp.
|
|
|
137
|
|
|
|
7,619
|
|
|
Questar Corp.
|
|
|
198
|
|
|
|
6,473
|
|
|
Suburban Propane Partners LP
|
|
|
260
|
|
|
|
9,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utilities
|
|
|
|
|
|
|
51,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—97.1%
(Cost $1,913,678)
|
|
|
|
|
|
|
1,211,622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities—2.9%
|
|
|
|
|
|
|
36,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets—100.0%
|
|
|
|
|
|
$
|
1,248,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Non—income producing security
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader Small Cap 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
COMMON STOCKS—98.5%
|
|
|
|
|
|
|
|
|
|
Banks—1.4%
|
|
|
|
|
|
|
|
|
|
National Penn Bancshares, Inc.
|
|
|
1,237
|
|
|
$
|
17,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Goods—14.2%
|
|
|
|
|
|
|
|
|
|
AAON, Inc.
|
|
|
939
|
|
|
|
19,606
|
|
|
Ampco-Pittsburgh Corp.
|
|
|
581
|
|
|
|
12,608
|
|
|
AZZ, Inc. *
|
|
|
488
|
|
|
|
12,249
|
|
|
BE Aerospace, Inc. *
|
|
|
995
|
|
|
|
7,652
|
|
|
Ceradyne, Inc. *
|
|
|
544
|
|
|
|
11,049
|
|
|
GrafTech International Ltd. *
|
|
|
1,117
|
|
|
|
9,294
|
|
|
Graham Corp.
|
|
|
570
|
|
|
|
6,167
|
|
|
II-VI, Inc. *
|
|
|
450
|
|
|
|
8,591
|
|
|
K-Tron International, Inc. *
|
|
|
130
|
|
|
|
10,387
|
|
|
L.B. Foster Co. Class A *
|
|
|
544
|
|
|
|
17,016
|
|
|
Middleby Corp. *
|
|
|
316
|
|
|
|
8,617
|
|
|
Perini Corp. *
|
|
|
787
|
|
|
|
18,400
|
|
|
Raven Industries, Inc.
|
|
|
449
|
|
|
|
10,821
|
|
|
Sun Hydraulics Corp.
|
|
|
617
|
|
|
|
11,624
|
|
|
Triumph Group, Inc.
|
|
|
366
|
|
|
|
15,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Goods
|
|
|
|
|
|
|
179,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies—5.4%
|
|
|
|
|
|
|
|
|
|
Comfort Systems USA, Inc.
|
|
|
1,276
|
|
|
|
13,602
|
|
|
Herman Miller, Inc.
|
|
|
675
|
|
|
|
8,795
|
|
|
Knoll, Inc.
|
|
|
1,129
|
|
|
|
10,184
|
|
|
Rollins, Inc.
|
|
|
1,025
|
|
|
|
18,532
|
|
|
SYKES Enterprises, Inc. *
|
|
|
919
|
|
|
|
17,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial Services & Supplies
|
|
|
|
|
|
|
68,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Durables & Apparel—2.1%
|
|
|
|
|
|
|
|
|
|
Fossil, Inc. *
|
|
|
679
|
|
|
|
11,339
|
|
|
Lululemon Athletica, Inc. *
|
|
|
850
|
|
|
|
6,741
|
|
|
True Religion Apparel, Inc. *
|
|
|
651
|
|
|
|
8,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Durables & Apparel
|
|
|
|
|
|
|
26,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Services—3.0%
|
|
|
|
|
|
|
|
|
|
Bally Technologies, Inc. *
|
|
|
553
|
|
|
|
13,289
|
|
|
Buffalo Wild Wings, Inc. *
|
|
|
500
|
|
|
|
12,825
|
|
|
thinkorswim Group, Inc. *
|
|
|
2,018
|
|
|
|
11,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Services
|
|
|
|
|
|
|
37,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Financials—3.2%
|
|
|
|
|
|
|
|
|
|
GFI Group, Inc.
|
|
|
3,817
|
|
|
|
13,512
|
|
|
Hercules Technology Growth Capital, Inc.
|
|
|
1,934
|
|
|
|
15,317
|
|
|
optionsXpress Holdings, Inc.
|
|
|
873
|
|
|
|
11,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Diversified Financials
|
|
|
|
|
|
|
40,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader Small Cap 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Energy—19.3%
|
|
|
|
|
|
|
|
|
|
Arena Resources, Inc. *
|
|
|
499
|
|
|
$
|
14,017
|
|
|
Atwood Oceanics, Inc. *
|
|
|
490
|
|
|
|
7,487
|
|
|
BP Prudhoe Bay Royalty Trust
|
|
|
213
|
|
|
|
15,621
|
|
|
Contango Oil & Gas Co. *
|
|
|
385
|
|
|
|
21,676
|
|
|
Dawson Geophysical Co. *
|
|
|
387
|
|
|
|
6,893
|
|
|
Dorchester Minerals LP
|
|
|
799
|
|
|
|
12,680
|
|
|
Dril-Quip, Inc. *
|
|
|
419
|
|
|
|
8,594
|
|
|
ENGlobal Corp. *
|
|
|
1,517
|
|
|
|
4,930
|
|
|
Gulfport Energy Corp. *
|
|
|
1,866
|
|
|
|
7,371
|
|
|
Hugoton Royalty Trust
|
|
|
702
|
|
|
|
11,267
|
|
|
Knightsbridge Tankers Ltd.
|
|
|
651
|
|
|
|
9,537
|
|
|
Lufkin Industries, Inc.
|
|
|
246
|
|
|
|
8,487
|
|
|
Oil States International, Inc. *
|
|
|
478
|
|
|
|
8,934
|
|
|
Parker Drilling Co. *
|
|
|
2,196
|
|
|
|
6,368
|
|
|
Permian Basin Royalty Trust
|
|
|
829
|
|
|
|
11,357
|
|
|
Petroquest Energy, Inc. *
|
|
|
1,283
|
|
|
|
8,673
|
|
|
Rosetta Resources, Inc. *
|
|
|
964
|
|
|
|
6,825
|
|
|
Sabine Royalty Trust
|
|
|
345
|
|
|
|
14,131
|
|
|
San Juan Basin Royalty Trust
|
|
|
518
|
|
|
|
16,042
|
|
|
Stone Energy Corp. *
|
|
|
439
|
|
|
|
4,838
|
|
|
Sunoco Logistics Partners LP
|
|
|
427
|
|
|
|
19,275
|
|
|
Swift Energy Co. *
|
|
|
470
|
|
|
|
7,901
|
|
|
Warren Resources, Inc. *
|
|
|
2,051
|
|
|
|
4,082
|
|
|
Williams Partners LP
|
|
|
659
|
|
|
|
7,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
244,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing—0.6%
|
|
|
|
|
|
|
|
|
|
Andersons, Inc.
|
|
|
437
|
|
|
|
7,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Beverage & Tobacco—1.7%
|
|
|
|
|
|
|
|
|
|
Darling International, Inc. *
|
|
|
1,546
|
|
|
|
8,488
|
|
|
Synutra International, Inc. *
|
|
|
1,221
|
|
|
|
13,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food Beverage & Tobacco
|
|
|
|
|
|
|
21,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Services—8.2%
|
|
|
|
|
|
|
|
|
|
Almost Family, Inc. *
|
|
|
449
|
|
|
|
20,196
|
|
|
Arthrocare Corp. *
|
|
|
676
|
|
|
|
3,225
|
|
|
CryoLife, Inc. *
|
|
|
1,294
|
|
|
|
12,565
|
|
|
Cynosure, Inc. Class A *
|
|
|
884
|
|
|
|
8,071
|
|
|
Genoptix, Inc. *
|
|
|
573
|
|
|
|
19,528
|
|
|
Healthspring, Inc. *
|
|
|
890
|
|
|
|
17,773
|
|
|
LHC Group, Inc. *
|
|
|
632
|
|
|
|
22,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care Equipment & Services
|
|
|
|
|
|
|
104,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials—2.5%
|
|
|
|
|
|
|
|
|
|
Koppers Holdings, Inc.
|
|
|
419
|
|
|
|
9,059
|
|
|
LSB Industries, Inc. *
|
|
|
1,188
|
|
|
|
9,884
|
|
|
OM Group, Inc. *
|
|
|
615
|
|
|
|
12,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
31,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader Small Cap 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Pharmaceuticals, Biotechnology—5.4%
|
|
|
|
|
|
|
|
|
|
Alkermes, Inc. *
|
|
|
1,459
|
|
|
$
|
15,538
|
|
|
Parexel International Corp. *
|
|
|
562
|
|
|
|
5,457
|
|
|
PDL BioPharma, Inc.
|
|
|
1,803
|
|
|
|
11,143
|
|
|
Pozen, Inc. *
|
|
|
1,887
|
|
|
|
9,511
|
|
|
Questcor Pharmaceuticals, Inc. *
|
|
|
2,936
|
|
|
|
27,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pharmaceuticals, Biotechnology
|
|
|
|
|
|
|
68,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retailing—9.5%
|
|
|
|
|
|
|
|
|
|
Buckle, Inc.
|
|
|
505
|
|
|
|
11,019
|
|
|
Dress Barn, Inc. *
|
|
|
1,130
|
|
|
|
12,136
|
|
|
Gymboree Corp. *
|
|
|
470
|
|
|
|
12,262
|
|
|
Jos. A. Bank Clothiers, Inc. *
|
|
|
625
|
|
|
|
16,344
|
|
|
NetFlix, Inc. *
|
|
|
655
|
|
|
|
19,578
|
|
|
NutriSystem, Inc.
|
|
|
1,063
|
|
|
|
15,509
|
|
|
PetMed Express, Inc. *
|
|
|
1,216
|
|
|
|
21,438
|
|
|
Wet Seal, Inc., Class A *
|
|
|
4,023
|
|
|
|
11,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retailing
|
|
|
|
|
|
|
120,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment—1.5%
|
|
|
|
|
|
|
|
|
|
Amkor Technology, Inc. *
|
|
|
2,799
|
|
|
|
6,102
|
|
|
Sigma Designs, Inc. *
|
|
|
1,319
|
|
|
|
12,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Semiconductors & Semiconductor Equipment
|
|
|
|
|
|
|
18,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software & Services—10.9%
|
|
|
|
|
|
|
|
|
|
Blackbaud, Inc.
|
|
|
933
|
|
|
|
12,596
|
|
|
comScore, Inc. *
|
|
|
1,008
|
|
|
|
12,852
|
|
|
j2 Global Communications, Inc. *
|
|
|
780
|
|
|
|
15,631
|
|
|
LoopNet, Inc. *
|
|
|
1,821
|
|
|
|
12,419
|
|
|
NeuStar, Inc. Class A *
|
|
|
924
|
|
|
|
17,676
|
|
|
Quality Systems, Inc.
|
|
|
453
|
|
|
|
19,760
|
|
|
Telecommunication Systems Class A *
|
|
|
2,437
|
|
|
|
20,934
|
|
|
VASCO Data Security International, Inc. *
|
|
|
1,501
|
|
|
|
15,505
|
|
|
VistaPrint Ltd. *
|
|
|
577
|
|
|
|
10,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Software & Services
|
|
|
|
|
|
|
138,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware & Equipment—4.1%
|
|
|
|
|
|
|
|
|
|
Comtech Telecommunications Corp. *
|
|
|
439
|
|
|
|
20,115
|
|
|
Infinera Corp. *
|
|
|
2,165
|
|
|
|
19,398
|
|
|
IPG Photonics Corp *
|
|
|
963
|
|
|
|
12,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Technology Hardware & Equipment
|
|
|
|
|
|
|
52,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation—4.0%
|
|
|
|
|
|
|
|
|
|
Excel Maritime Carriers Ltd.
|
|
|
854
|
|
|
|
6,012
|
|
|
Forward Air Corp.
|
|
|
573
|
|
|
|
13,907
|
|
|
Genco Shipping & Trading Ltd.
|
|
|
413
|
|
|
|
6,112
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader Small Cap 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Transportation—4.0% (continued)
|
|
|
|
|
|
|
|
|
|
Republic Airways Holdings, Inc. *
|
|
|
1,503
|
|
|
$
|
16,037
|
|
|
TBS International Ltd. Class A *
|
|
|
888
|
|
|
|
8,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Transportation
|
|
|
|
|
|
|
50,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities—1.5%
|
|
|
|
|
|
|
|
|
|
Suburban Propane Partners LP
|
|
|
527
|
|
|
|
18,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—98.5%
(Cost $2,026,477)
|
|
|
|
|
|
|
1,248,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities—1.5%
|
|
|
|
|
|
|
19,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets—100.0%
|
|
|
|
|
|
$
|
1,267,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Non—income producing security
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader Mid Cap 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
COMMON STOCKS—98.5%
|
|
|
|
|
|
|
|
|
|
Automobiles & Components—0.6%
|
|
|
|
|
|
|
|
|
|
WABCO Holdings, Inc.
|
|
|
474
|
|
|
$
|
7,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banks—1.5%
|
|
|
|
|
|
|
|
|
|
National Penn Bancshares, Inc.
|
|
|
1,271
|
|
|
|
18,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Goods—14.9%
|
|
|
|
|
|
|
|
|
|
BE Aerospace, Inc. *
|
|
|
1,022
|
|
|
|
7,859
|
|
|
Bucyrus International, Inc.
|
|
|
416
|
|
|
|
7,704
|
|
|
Carlisle Cos., Inc.
|
|
|
529
|
|
|
|
10,950
|
|
|
Flowserve Corp.
|
|
|
187
|
|
|
|
9,631
|
|
|
Fluor Corp.
|
|
|
321
|
|
|
|
14,403
|
|
|
Foster Wheeler Ltd. *
|
|
|
466
|
|
|
|
10,895
|
|
|
Goodrich Corp.
|
|
|
402
|
|
|
|
14,882
|
|
|
GrafTech International Ltd. *
|
|
|
1,148
|
|
|
|
9,551
|
|
|
II-VI, Inc. *
|
|
|
463
|
|
|
|
8,839
|
|
|
Lincoln Electric Holdings, Inc.
|
|
|
276
|
|
|
|
14,057
|
|
|
Manitowoc Co., Inc.
|
|
|
968
|
|
|
|
8,383
|
|
|
McDermott International, Inc. *
|
|
|
653
|
|
|
|
6,452
|
|
|
Rockwell Collins, Inc.
|
|
|
375
|
|
|
|
14,659
|
|
|
Teledyne Technologies, Inc. *
|
|
|
325
|
|
|
|
14,479
|
|
|
Terex Corp. *
|
|
|
549
|
|
|
|
9,509
|
|
|
Thomas & Betts Corp. *
|
|
|
454
|
|
|
|
10,905
|
|
|
Woodward Governor Co.
|
|
|
487
|
|
|
|
11,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Goods
|
|
|
|
|
|
|
184,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies—4.3%
|
|
|
|
|
|
|
|
|
|
Brink’s Co.
|
|
|
275
|
|
|
|
7,392
|
|
|
Herman Miller, Inc.
|
|
|
694
|
|
|
|
9,043
|
|
|
Ritchie Bros. Auctioneers, Inc.
|
|
|
823
|
|
|
|
17,629
|
|
|
Rollins, Inc.
|
|
|
1,053
|
|
|
|
19,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial Services & Supplies
|
|
|
|
|
|
|
53,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Durables & Apparel—2.5%
|
|
|
|
|
|
|
|
|
|
Coach, Inc. *
|
|
|
652
|
|
|
|
13,542
|
|
|
Garmin Ltd.
|
|
|
560
|
|
|
|
10,735
|
|
|
Lululemon Athletica, Inc. *
|
|
|
874
|
|
|
|
6,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Durables & Apparel
|
|
|
|
|
|
|
31,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Services—4.1%
|
|
|
|
|
|
|
|
|
|
Bally Technologies, Inc. *
|
|
|
568
|
|
|
|
13,649
|
|
|
ITT Educational Services, Inc. *
|
|
|
202
|
|
|
|
19,186
|
|
|
Strayer Education, Inc.
|
|
|
86
|
|
|
|
18,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Services
|
|
|
|
|
|
|
51,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader Mid Cap 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Diversified Financials—3.3%
|
|
|
|
|
|
|
|
|
|
Nasdaq OMX Group, Inc. *
|
|
|
673
|
|
|
$
|
16,630
|
|
|
optionsXpress Holdings, Inc.
|
|
|
897
|
|
|
|
11,984
|
|
|
Waddell & Reed Financial, Inc. Class A
|
|
|
780
|
|
|
|
12,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Diversified Financials
|
|
|
|
|
|
|
40,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy—21.0%
|
|
|
|
|
|
|
|
|
|
Atwood Oceanics, Inc. *
|
|
|
503
|
|
|
|
7,686
|
|
|
BP Prudhoe Bay Royalty Trust
|
|
|
219
|
|
|
|
16,061
|
|
|
Cimarex Energy Co.
|
|
|
407
|
|
|
|
10,899
|
|
|
Denbury Resources, Inc. *
|
|
|
916
|
|
|
|
10,003
|
|
|
ENSCO International, Inc.
|
|
|
325
|
|
|
|
9,227
|
|
|
Frontline Ltd.
|
|
|
406
|
|
|
|
12,022
|
|
|
Helix Energy Solutions Group, Inc. *
|
|
|
701
|
|
|
|
5,075
|
|
|
Helmerich & Payne, Inc.
|
|
|
412
|
|
|
|
9,373
|
|
|
Hugoton Royalty Trust
|
|
|
721
|
|
|
|
11,572
|
|
|
Lufkin Industries, Inc.
|
|
|
253
|
|
|
|
8,729
|
|
|
Mariner Energy, Inc. *
|
|
|
852
|
|
|
|
8,690
|
|
|
Oil States International, Inc. *
|
|
|
491
|
|
|
|
9,177
|
|
|
ONEOK Partners LP
|
|
|
359
|
|
|
|
16,352
|
|
|
Permian Basin Royalty Trust
|
|
|
852
|
|
|
|
11,672
|
|
|
Plains Exploration & Production Co. *
|
|
|
539
|
|
|
|
12,526
|
|
|
Quicksilver Resources, Inc. *
|
|
|
908
|
|
|
|
5,058
|
|
|
San Juan Basin Royalty Trust
|
|
|
533
|
|
|
|
16,507
|
|
|
Stone Energy Corp. *
|
|
|
451
|
|
|
|
4,970
|
|
|
Sunoco Logistics Partners LP
|
|
|
439
|
|
|
|
19,816
|
|
|
Superior Energy Services, Inc. *
|
|
|
587
|
|
|
|
9,351
|
|
|
Swift Energy Co. *
|
|
|
483
|
|
|
|
8,119
|
|
|
Ultra Petroleum Corp. *
|
|
|
335
|
|
|
|
11,561
|
|
|
Unit Corp. *
|
|
|
362
|
|
|
|
9,673
|
|
|
Whiting Petroleum Corp. *
|
|
|
260
|
|
|
|
8,700
|
|
|
Williams Partners LP
|
|
|
677
|
|
|
|
8,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
260,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Beverage & Tobacco—4.4%
|
|
|
|
|
|
|
|
|
|
Bunge Ltd.
|
|
|
265
|
|
|
|
13,719
|
|
|
Hansen Natural Corp. *
|
|
|
810
|
|
|
|
27,159
|
|
|
Synutra International, Inc. *
|
|
|
1,254
|
|
|
|
13,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food Beverage & Tobacco
|
|
|
|
|
|
|
54,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Services—4.6%
|
|
|
|
|
|
|
|
|
|
Healthspring, Inc. *
|
|
|
913
|
|
|
|
18,233
|
|
|
IDEXX Laboratories, Inc. *
|
|
|
334
|
|
|
|
12,051
|
|
|
Immucor, Inc. *
|
|
|
599
|
|
|
|
15,921
|
|
|
Varian Medical Systems, Inc. *
|
|
|
315
|
|
|
|
11,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care Equipment & Services
|
|
|
|
|
|
|
57,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Household & Personal Products—0.8%
|
|
|
|
|
|
|
|
|
|
Herbalife Ltd.
|
|
|
461
|
|
|
|
9,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader Mid Cap 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Materials—2.5%
|
|
|
|
|
|
|
|
|
|
AK Steel Holding Corp.
|
|
|
619
|
|
|
$
|
5,769
|
|
|
CF Industries Holdings, Inc.
|
|
|
161
|
|
|
|
7,915
|
|
|
Methanex Corp.
|
|
|
813
|
|
|
|
9,138
|
|
|
Terra Industries, Inc.
|
|
|
462
|
|
|
|
7,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
30,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media—1.3%
|
|
|
|
|
|
|
|
|
|
Marvel Entertainment, Inc. *
|
|
|
542
|
|
|
|
16,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals, Biotechnology—8.1%
|
|
|
|
|
|
|
|
|
|
Alkermes, Inc. *
|
|
|
1,499
|
|
|
|
15,964
|
|
|
Endo Pharmaceuticals Holdings, Inc. *
|
|
|
889
|
|
|
|
23,007
|
|
|
OSI Pharmaceuticals, Inc. *
|
|
|
398
|
|
|
|
15,542
|
|
|
Parexel International Corp. *
|
|
|
578
|
|
|
|
5,612
|
|
|
PDL BioPharma, Inc.
|
|
|
1,852
|
|
|
|
11,445
|
|
|
Techne Corp.
|
|
|
259
|
|
|
|
16,711
|
|
|
Waters Corp. *
|
|
|
324
|
|
|
|
11,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pharmaceuticals, Biotechnology
|
|
|
|
|
|
|
100,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retailing—5.2%
|
|
|
|
|
|
|
|
|
|
Aeropostale, Inc. *
|
|
|
530
|
|
|
|
8,533
|
|
|
Buckle, Inc.
|
|
|
519
|
|
|
|
11,325
|
|
|
Genuine Parts Co.
|
|
|
453
|
|
|
|
17,151
|
|
|
Guess?, Inc.
|
|
|
459
|
|
|
|
7,046
|
|
|
Gymboree Corp. *
|
|
|
483
|
|
|
|
12,602
|
|
|
Urban Outfitters, Inc. *
|
|
|
536
|
|
|
|
8,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retailing
|
|
|
|
|
|
|
64,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment—1.2%
|
|
|
|
|
|
|
|
|
|
Altera Corp.
|
|
|
932
|
|
|
|
15,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software & Services—7.6%
|
|
|
|
|
|
|
|
|
|
Cognizant Technology Solutions Corp. Class A *
|
|
|
741
|
|
|
|
13,382
|
|
|
FactSet Research Systems, Inc.
|
|
|
356
|
|
|
|
15,749
|
|
|
j2 Global Communications, Inc. *
|
|
|
801
|
|
|
|
16,052
|
|
|
NeuStar, Inc. Class A *
|
|
|
949
|
|
|
|
18,154
|
|
|
Quality Systems, Inc.
|
|
|
464
|
|
|
|
20,240
|
|
|
VistaPrint Ltd. *
|
|
|
592
|
|
|
|
11,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Software & Services
|
|
|
|
|
|
|
94,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware & Equipment—3.9%
|
|
|
|
|
|
|
|
|
|
Amphenol Corp. Class A
|
|
|
428
|
|
|
|
10,263
|
|
|
Harris Corp.
|
|
|
405
|
|
|
|
15,410
|
|
|
Mettler-Toledo International, Inc. *
|
|
|
191
|
|
|
|
12,873
|
|
|
Western Digital Corp. *
|
|
|
842
|
|
|
|
9,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Technology Hardware & Equipment
|
|
|
|
|
|
|
48,187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader Mid Cap 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
Transportation—0.5%
|
|
|
|
|
|
|
|
|
|
Genco Shipping & Trading Ltd.
|
|
|
424
|
|
|
$
|
6,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities—6.2%
|
|
|
|
|
|
|
|
|
|
AES Corp. *
|
|
|
1,542
|
|
|
|
12,706
|
|
|
DPL, Inc.
|
|
|
830
|
|
|
|
18,957
|
|
|
Energen Corp.
|
|
|
400
|
|
|
|
11,732
|
|
|
Questar Corp.
|
|
|
422
|
|
|
|
13,795
|
|
|
Suburban Propane Partners LP
|
|
|
543
|
|
|
|
19,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utilities
|
|
|
|
|
|
|
76,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—98.5%
(Cost $2,063,328)
|
|
|
|
|
|
|
1,222,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities—1.5%
|
|
|
|
|
|
|
18,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets—100.0%
|
|
|
|
|
|
$
|
1,241,104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Non—income producing security
|
See
Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader Large Cap 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investment
|
|
Shares
|
|
|
Value
|
|
|
|
|
COMMON STOCKS—99.9%
|
|
|
|
|
|
|
|
|
|
Automobiles & Components—0.6%
|
|
|
|
|
|
|
|
|
|
Harley-Davidson, Inc.
|
|
|
944
|
|
|
$
|
16,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Goods—12.2%
|
|
|
|
|
|
|
|
|
|
AGCO Corp. *
|
|
|
758
|
|
|
|
17,881
|
|
|
Caterpillar, Inc.
|
|
|
588
|
|
|
|
26,266
|
|
|
Cummins, Inc.
|
|
|
664
|
|
|
|
17,749
|
|
|
Emerson Electric Co.
|
|
|
894
|
|
|
|
32,729
|
|
|
First Solar, Inc. *
|
|
|
177
|
|
|
|
24,419
|
|
|
Flowserve Corp.
|
|
|
373
|
|
|
|
19,209
|
|
|
Fluor Corp.
|
|
|
638
|
|
|
|
28,627
|
|
|
Foster Wheeler Ltd. *
|
|
|
928
|
|
|
|
21,697
|
|
|
Goodrich Corp.
|
|
|
800
|
|
|
|
29,616
|
|
|
McDermott International, Inc. *
|
|
|
1,298
|
|
|
|
12,824
|
|
|
Precision Castparts Corp.
|
|
|
387
|
|
|
|
23,019
|
|
|
Rockwell Automation, Inc.
|
|
|
981
|
|
|
|
31,627
|
|
|
Rockwell Collins, Inc.
|
|
|
745
|
|
|
|
29,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Goods
|
|
|
|
|
|
|
314,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Durables & Apparel—4.3%
|
|
|
|
|
|
|
|
|
|
Coach, Inc. *
|
|
|
1,295
|
|
|
|
26,897
|
|
|
Garmin Ltd.
|
|
|
1,114
|
|
|
|
21,355
|
|
|
Hasbro, Inc.
|
|
|
999
|
|
|
|
29,141
|
|
|
Nike, Inc. Class B
|
|
|
623
|
|
|
|
31,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Durables & Apparel
|
|
|
|
|
|
|
109,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Services—4.5%
|
|
|
|
|
|
|
|
|
|
Apollo Group, Inc. Class A *
|
|
|
567
|
|
|
|
43,444
|
|
|
Darden Restaurants, Inc.
|
|
|
1,275
|
|
|
|
35,929
|
|
|
McDonald’s Corp.
|
|
|
592
|
|
|
|
36,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Services
|
|
|
|
|
|
|
116,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Financials—1.3%
|
|
|
|
|
|
|
|
|
|
Nasdaq OMX Group, Inc. *
|
|
|
1,337
|
|
|
|
33,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy—23.3%
|
|
|
|
|
|
|
|
|
|
Apache Corp.
|
|
|
350
|
|
|
|
26,085
|
|
|
Baker Hughes, Inc.
|
|
|
602
|
|
|
|
19,306
|
|
|
Chevron Corp.
|
|
|
466
|
|
|
|
34,470
|
|
|
ConocoPhillips
|
|
|
527
|
|
|
|
27,299
|
|
|
Continental Resources, Inc. *
|
|
|
1,020
|
|
|
|
21,124
|
|
|
Denbury Resources, Inc. *
|
|
|
1,821
|
|
|
|
19,885
|
|
|
Diamond Offshore Drilling, Inc.
|
|
|
357
|
|
|
|
21,042
|
|
|
ENSCO International, Inc.
|
|
|
647
|
|
|
|
18,368
|
|
|
Exxon Mobil Corp.
|
|
|
498
|
|
|
|
39,756
|
|
|
FMC Technologies, Inc. *
|
|
|
809
|
|
|
|
19,278
|
|
|
Helmerich & Payne, Inc.
|
|
|
819
|
|
|
|
18,632
|
|
|
Hess Corp.
|
|
|
452
|
|
|
|
24,245
|
|
|
Murphy Oil Corp.
|
|
|
591
|
|
|
|
26,211
|
|
See Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader Large Cap 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investment
|
|
Shares
|
|
|
Value
|
|
|
|
|
Energy—23.3% (continued)
|
|
|
|
|
|
|
|
|
|
National Oilwell Varco, Inc. *
|
|
|
702
|
|
|
$
|
17,157
|
|
|
Noble Corp.
|
|
|
863
|
|
|
|
19,064
|
|
|
Occidental Petroleum Corp.
|
|
|
546
|
|
|
|
32,755
|
|
|
ONEOK Partners LP
|
|
|
715
|
|
|
|
32,568
|
|
|
Petro-Canada
|
|
|
1,019
|
|
|
|
22,306
|
|
|
Schlumberger Ltd.
|
|
|
439
|
|
|
|
18,583
|
|
|
Southwestern Energy Co. *
|
|
|
1,216
|
|
|
|
35,228
|
|
|
Suncor Energy, Inc.
|
|
|
892
|
|
|
|
17,394
|
|
|
Transocean Ltd. *
|
|
|
316
|
|
|
|
14,931
|
|
|
Ultra Petroleum Corp. *
|
|
|
667
|
|
|
|
23,018
|
|
|
Valero Energy Corp.
|
|
|
1,199
|
|
|
|
25,946
|
|
|
XTO Energy, Inc.
|
|
|
762
|
|
|
|
26,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
601,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing—2.4%
|
|
|
|
|
|
|
|
|
|
Kroger Co.
|
|
|
1,361
|
|
|
|
35,944
|
|
|
SYSCO Corp.
|
|
|
1,115
|
|
|
|
25,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food & Staples Retailing
|
|
|
|
|
|
|
61,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Beverage & Tobacco—3.2%
|
|
|
|
|
|
|
|
|
|
Altria Group, Inc.
|
|
|
1,846
|
|
|
|
27,801
|
|
|
Bunge Ltd.
|
|
|
527
|
|
|
|
27,283
|
|
|
PepsiCo, Inc.
|
|
|
523
|
|
|
|
28,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Food Beverage & Tobacco
|
|
|
|
|
|
|
83,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Services—3.8%
|
|
|
|
|
|
|
|
|
|
Baxter International, Inc.
|
|
|
553
|
|
|
|
29,635
|
|
|
Intuitive Surgical, Inc. *
|
|
|
138
|
|
|
|
17,525
|
|
|
St. Jude Medical, Inc. *
|
|
|
881
|
|
|
|
29,038
|
|
|
Varian Medical Systems, Inc. *
|
|
|
626
|
|
|
|
21,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care Equipment & Services
|
|
|
|
|
|
|
98,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Household & Personal Products—3.4%
|
|
|
|
|
|
|
|
|
|
Avon Products, Inc.
|
|
|
926
|
|
|
|
22,252
|
|
|
Colgate-Palmolive Co.
|
|
|
485
|
|
|
|
33,242
|
|
|
Procter & Gamble Co.
|
|
|
529
|
|
|
|
32,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Household & Personal Products
|
|
|
|
|
|
|
88,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials—7.4%
|
|
|
|
|
|
|
|
|
|
Agrium, Inc.
|
|
|
495
|
|
|
|
16,894
|
|
|
Barrick Gold Corp.
|
|
|
1,324
|
|
|
|
48,684
|
|
|
CF Industries Holdings, Inc.
|
|
|
319
|
|
|
|
15,682
|
|
|
E.I. Du Pont de Nemours & Co.
|
|
|
823
|
|
|
|
20,822
|
|
|
Mosaic Co.
|
|
|
436
|
|
|
|
15,086
|
|
|
Nucor Corp.
|
|
|
804
|
|
|
|
37,145
|
|
See Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader Large Cap 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investment
|
|
Shares
|
|
|
Value
|
|
|
|
|
Materials—7.4% (continued)
|
|
|
|
|
|
|
|
|
|
Potash Corp. of Saskatchewan
|
|
|
234
|
|
|
$
|
17,133
|
|
|
Steel Dynamics, Inc.
|
|
|
1,739
|
|
|
|
19,442
|
|
|
Teck Cominco Ltd. Class B
|
|
|
120
|
|
|
|
590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
191,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media—1.0%
|
|
|
|
|
|
|
|
|
|
Omnicom Group, Inc.
|
|
|
963
|
|
|
|
25,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals, Biotechnology—6.3%
|
|
|
|
|
|
|
|
|
|
Amgen, Inc. *
|
|
|
579
|
|
|
|
33,437
|
|
|
Eli Lilly & Co.
|
|
|
843
|
|
|
|
33,948
|
|
|
Gilead Sciences, Inc. *
|
|
|
765
|
|
|
|
39,122
|
|
|
Johnson & Johnson
|
|
|
545
|
|
|
|
32,607
|
|
|
Waters Corp. *
|
|
|
644
|
|
|
|
23,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pharmaceuticals, Biotechnology
|
|
|
|
|
|
|
162,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retailing—2.9%
|
|
|
|
|
|
|
|
|
|
Best Buy Co., Inc.
|
|
|
898
|
|
|
|
25,243
|
|
|
Genuine Parts Co.
|
|
|
900
|
|
|
|
34,074
|
|
|
Urban Outfitters, Inc. *
|
|
|
1,066
|
|
|
|
15,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retailing
|
|
|
|
|
|
|
75,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment—1.9%
|
|
|
|
|
|
|
|
|
|
Altera Corp.
|
|
|
1,853
|
|
|
|
30,964
|
|
|
MEMC Electronic Materials, Inc. *
|
|
|
1,240
|
|
|
|
17,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Semiconductors & Semiconductor Equipment
|
|
|
|
|
|
|
48,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software & Services—5.3%
|
|
|
|
|
|
|
|
|
|
Accenture Ltd. Class A
|
|
|
1,039
|
|
|
|
34,069
|
|
|
Autodesk, Inc. *
|
|
|
1,136
|
|
|
|
22,322
|
|
|
Cognizant Technology Solutions Corp. Class A *
|
|
|
1,472
|
|
|
|
26,584
|
|
|
Google, Inc. Class A *
|
|
|
86
|
|
|
|
26,458
|
|
|
Microsoft Corp.
|
|
|
1,466
|
|
|
|
28,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Software & Services
|
|
|
|
|
|
|
137,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware & Equipment—10.9%
|
|
|
|
|
|
|
|
|
|
Amphenol Corp. Class A
|
|
|
851
|
|
|
|
20,407
|
|
|
Apple, Inc. *
|
|
|
273
|
|
|
|
23,301
|
|
|
Cisco Systems, Inc. *
|
|
|
1,671
|
|
|
|
27,237
|
|
|
Corning, Inc.
|
|
|
2,478
|
|
|
|
23,615
|
|
|
Dolby Laboratories, Inc. Class A *
|
|
|
931
|
|
|
|
30,500
|
|
|
EMC Corp. *
|
|
|
2,850
|
|
|
|
29,839
|
|
|
Flir Systems, Inc. *
|
|
|
1,078
|
|
|
|
33,073
|
|
|
Harris Corp.
|
|
|
804
|
|
|
|
30,592
|
|
|
Hewlett-Packard Co.
|
|
|
788
|
|
|
|
28,597
|
|
See Notes to Schedule of Investments.
Schedule of Investments
SPA MarketGrader Large Cap 100 Fund
December 31, 2008 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Investment
|
|
Shares
|
|
|
Value
|
|
|
|
|
Technology Hardware & Equipment—10.9% (continued)
|
|
|
|
|
|
|
|
|
|
Research In Motion Ltd. *
|
|
|
379
|
|
|
$
|
15,380
|
|
|
Western Digital Corp. *
|
|
|
1,674
|
|
|
|
19,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Technology Hardware & Equipment
|
|
|
|
|
|
|
281,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services—0.6%
|
|
|
|
|
|
|
|
|
|
NII Holdings, Inc. *
|
|
|
823
|
|
|
|
14,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities—4.6%
|
|
|
|
|
|
|
|
|
|
AES Corp. *
|
|
|
3,065
|
|
|
|
25,256
|
|
|
Dominion Resources, Inc.
|
|
|
892
|
|
|
|
31,969
|
|
|
Exelon Corp.
|
|
|
580
|
|
|
|
32,254
|
|
|
Questar Corp.
|
|
|
838
|
|
|
|
27,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utilities
|
|
|
|
|
|
|
116,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—99.9%
(Cost $4,201,760)
|
|
|
|
|
|
|
2,577,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities—0.1%
|
|
|
|
|
|
|
3,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets—100.0%
|
|
|
|
|
|
$
|
2,580,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Non—income producing security
|
See Notes to Schedule of Investments.
Notes to Schedule of Investments (unaudited)
1. ORGANIZATION
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 investment objective of each Fund, (SPA MarketGrader 40, SPA MarketGrader 100, SPA
MarketGrader 200, SPA MarketGrader Small Cap 100, SPA MarketGrader Mid Cap 100 and SPA
MarketGrader Large Cap 100) is to seek investment results that correspond generally to the
performance, before the Funds’ fees and expenses, of the equity index called 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, 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 as of the close of the regular trading session on the New York Stock Exchange, ordinarily
4:00 p.m. New York (Eastern) Time on each day that such exchange is open. 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 on 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.
3. FAIR VALUE MEASUREMENT
The Financial Accounting Standard Board’s (“FASB”) Statement of Financial Accounting Standards
No. 157, “Fair Value Measurement” establishes an authoritative framework for the measurement of
fair value, and enhances disclosures about fair value measurements. The Funds utilized various
inputs in determining the value of each Fund’s 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)
Notes to Schedule of Investments (unaudited)
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 December
31, 2008 in valuing the Funds’ assets carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPA MarketGrader
|
|
SPA MarketGrader
|
|
SPA MarketGrader
|
|
Valuation inputs
|
|
40 Fund
|
|
100 Fund
|
|
200 Fund
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
Other
|
|
|
|
|
|
Other
|
|
|
|
Investments
|
|
Financial
|
|
Investments
|
|
Financial
|
|
Investments
|
|
Financial
|
|
|
|
in Securities
|
|
Investments *
|
|
in Securities
|
|
Investments *
|
|
in Securities
|
|
Investments *
|
|
Level 1 - Quoted Prices
|
|
$
|
4,521,645
|
|
|
$
|
—
|
|
|
$
|
1,211,097
|
|
|
$
|
—
|
|
|
$
|
1,211,622
|
|
|
$
|
—
|
|
|
Level 2 - Other
Significant Observable
Inputs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Level 3 - Significant
Unobservable Inputs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
4,521,645
|
|
|
$
|
—
|
|
|
$
|
1,211,097
|
|
|
$
|
—
|
|
|
$
|
1,211,622
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPA MarketGrader
|
|
SPA MarketGrader
|
|
SPA MarketGrader
|
|
Valuation inputs
|
|
Small Cap Fund
|
|
Mid Cap Fund
|
|
Large Cap Fund
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
Other
|
|
|
|
|
|
Other
|
|
|
|
Investments
|
|
Financial
|
|
Investments
|
|
Financial
|
|
Investments
|
|
Financial
|
|
|
|
in Securities
|
|
Investments *
|
|
in Securities
|
|
Investments *
|
|
in Securities
|
|
Investments *
|
|
Level 1 - Quoted Prices
|
|
$
|
1,248,237
|
|
|
$
|
—
|
|
|
$
|
1,222,491
|
|
|
$
|
—
|
|
|
$
|
2,577,856
|
|
|
$
|
—
|
|
|
Level 2 - Other
Significant Observable
Inputs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Level 3 - Significant
Unobservable Inputs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
1,248,237
|
|
|
$
|
—
|
|
|
$
|
1,222,491
|
|
|
$
|
—
|
|
|
$
|
2,577,856
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Other financial investments include futures, forward and swap contracts.
|
4. ACCOUNTING PRONOUNCEMENTS
In March, 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
non-governmental entities that are presented in conformity with GAAP in the United States (the
GAAP hierarchy). SFAS 162 became effective on November 15, 2008. Management has evaluated SFAS
162 and does not expect it to impact the Trust’s financial Statements.
In September 2008, FASB issued FASB Staff Position (“FSP”) No. FAS 133-1 and FIN 45-4,
Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No.
133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement
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 has evaluated FSP 133-1 and does not expect
it to impact the Trust’s financial statements and disclosure.
Notes to Schedule of Investments (unaudited)
5. FEDERAL INCOME TAXES
Each Fund intends to qualify each year as a regulated investment company under Subchapter M of
the Internal Revenue Code and distribute all its taxable income. In addition, by distributing in
each calendar year substantially all its net investment income, capital gains and certain other
amounts, if any, each Fund will not be subject to a Federal excise tax. Therefore, no Federal
income or excise tax provision is required.
The
cost, gross unrealized appreciation and depreciation of investments
for book purposes at December 31, 2008, which were
substantially the same for Federal income tax purposes, are indicated
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
|
|
Gross
|
|
Net Unrealized
|
|
|
|
|
|
|
|
Unrealized
|
|
Unrealized
|
|
Appreciation
|
|
Fund
|
|
Cost
|
|
Appreciation
|
|
Depreciation
|
|
(Depreciation)
|
|
|
|
|
|
SPA MarketGrader 40 Fund
|
|
$
|
4,627,237
|
|
|
$
|
501,397
|
|
|
$
|
(606,989
|
)
|
|
$
|
(105,592
|
)
|
|
SPA MarketGrader 100 Fund
|
|
|
2,062,162
|
|
|
|
26,951
|
|
|
|
(878,016
|
)
|
|
|
(851,065
|
)
|
|
SPA MarketGrader 200 Fund
|
|
|
1,913,678
|
|
|
|
25,147
|
|
|
|
(727,203
|
)
|
|
|
(702,056
|
)
|
|
SPA
MarketGrader Small Cap 100 Fund
|
|
|
2,026,477
|
|
|
|
37,380
|
|
|
|
(815,620
|
)
|
|
|
(778,240
|
)
|
|
SPA MarketGrader Mid Cap 100 Fund
|
|
|
2,063,328
|
|
|
|
7,971
|
|
|
|
(848,808
|
)
|
|
|
(840,837
|
)
|
|
SPA MarketGrader Large Cap 100
Fund
|
|
|
4,201,760
|
|
|
|
12,066
|
|
|
|
(1,635,970
|
)
|
|
|
(1,623,904
|
)
|
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.
Item 2. Controls and Procedures.
|
|
(a)
|
|
The Registrant’s Chief Executive Officer and Chief 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.
|
|
|
|
|
(b)
|
|
There were no changes in the Registrant’s internal controls that occurred during the
Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the Registrant’s internal control over financial reporting.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
(Registrant)
SPA ETF Trust
|
|
|
|
|
|
|
By:
|
|
/s/ Antony P. Drain
|
|
|
|
|
|
|
|
|
|
|
|
Antony P. Drain
Chief Executive Officer
|
|
|
|
|
|
|
|
|
|
Date:
|
|
February 19, 2009
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Christopher Lanza
|
|
|
|
|
|
|
|
|
|
|
|
Christopher Lanza
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
Date:
|
|
February 19, 2009
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.
|
|
|
|
|
|
|
By:
|
|
/s/ Antony P. Drain
|
|
|
|
|
|
|
|
|
|
|
|
Antony P. Drain
Chief Executive Officer
|
|
|
|
|
|
|
|
|
|
Date:
|
|
February 19, 2009
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Christopher Lanza
|
|
|
|
|
|
|
|
|
|
|
|
Christopher Lanza
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
Date:
|
|
February 19, 2009
|
|
|
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