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Name | Symbol | Market | Type |
---|---|---|---|
Spa Marketgrader 40 | NYSE:SFV | NYSE | Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.45 | 0 | 01:00:00 |
1 | ||||||||
2 | ||||||||
9 | ||||||||
10 | ||||||||
11 | ||||||||
13 | ||||||||
17 | ||||||||
24 | ||||||||
28 | ||||||||
32 | ||||||||
36 | ||||||||
37 | ||||||||
38 | ||||||||
39 | ||||||||
40 | ||||||||
47 | ||||||||
48 | ||||||||
50 | ||||||||
52 | ||||||||
EX-99.CODE ETH: CODE OF ETHICS | ||||||||
EX-99.CERT: CERTIFICATION | ||||||||
EX-99.906CERT: CERTIFICATION |
1
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 | )% |
2
3
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 | )% |
4
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 | )% |
5
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 | )% |
6
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 | )% |
7
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 | )% |
8
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 | % | ||||||
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 | % | ||||||
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 | % | ||||||
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 | % | ||||||
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 | % | ||||||
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
% 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 | % | ||
% 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 | % | ||
% 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 | % | ||
% 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 | % | ||
% 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 | % | ||
% 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
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 |
11
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 Investments101.5%
(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 |
12
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 |
13
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 |
14
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 |
15
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 Investments100.7%
(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 |
16
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 |
17
Investments | Shares | Value | ||||||
Commercial Services &
Supplies
1.5%
|
||||||||
Brinks 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 | ||||||
McDonalds 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 |
18
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 |
19
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 |
20
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 |
21
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 |
22
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 Investments98.7%
(Cost $1,977,149) |
1,696,374 | |||||||
Other Assets in Excess of Liabilities1.3%
|
21,904 | |||||||
Net
Assets
100.0%
|
$ | 1,718,278 | ||||||
* | Non-income producing security |
23
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 |
24
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 |
25
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 |
26
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 Investments99.0%
(Cost $2,031,335) |
1,791,695 | |||||||
Other Assets in Excess of Liabilities1.0%
|
19,002 | |||||||
Net
Assets
100.0%
|
$ | 1,810,697 | ||||||
* | Non-income producing security |
27
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%
|
||||||||
Brinks 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 |
28
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 |
29
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 |
30
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 Investments99.9%
(Cost $4,162,081) |
3,644,854 | |||||||
Other Assets in Excess of Liabilities0.1%
|
1,612 | |||||||
Net
Assets
100.0%
|
$ | 3,646,466 | ||||||
* | Non-income producing security |
31
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 | ||||||
McDonalds 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 |
32
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 |
33
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 |
34
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 Investments100.6%
(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 |
35
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 | ||||||||||||
36
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. |
37
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. |
38
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 (000s 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. |
4 | Annualized. |
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 Funds capital shares. |
39
1. | Organization |
2. | Significant Accounting Policies |
40
3. | Total Return Information |
4. | Offering And Organizational Costs |
5. | Advisory And Administrative Agreements |
41
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 | ) |
6. | Capital Share Transactions |
7. | Fair Value Measurement |
42
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 1Quoted Prices
|
$ | 6,624,866 | $ | | $ | 3,530,940 | $ | | $ | 1,696,374 | $ | | ||||||||||||
Level 2Other Significant Observable Inputs
|
| | | | | | ||||||||||||||||||
Level 3Significant 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 1Quoted Prices
|
$ | 1,791,695 | $ | | $ | 3,644,854 | $ | | $ | 5,332,250 | $ | | ||||||||||||
Level 2Other Significant Observable Inputs
|
| | | | | | ||||||||||||||||||
Level 3Significant Unobservable Inputs
|
| | | | | | ||||||||||||||||||
Total
|
$ | 1,791,695 | $ | | $ | 3,644,854 | $ | | $ | 5,332,250 | $ | | ||||||||||||
* | Other financial investments include futures, forwards and swap contracts. |
8. | Investment Transaction |
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
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 | |
9. | Trustees Fees |
10. | Federal Income Tax |
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 | ) |
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 | ) |
44
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 |
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 | ) |
11. | New Accounting Pronouncements |
45
46
47
48
49
50
Annualized
|
||||||||||||||||
Expense Ratio
|
Expenses Paid**
|
|||||||||||||||
Beginning
|
Ending
|
Based on the
|
During the
|
|||||||||||||
Account
|
Account
|
Period
|
Period
|
|||||||||||||
Value
|
Value
|
April 1, 2008 to
|
April 1, 2008 to
|
|||||||||||||
April 1, 2008 | September 30, 2008 | September 30, 2008 | September 30, 2008 | |||||||||||||
SPA MarketGrader 40
|
||||||||||||||||
Actual
|
$ | 1,000.00 | $ | 847.03 | 3.44 | % | $ | 15.88 | ||||||||
Hypothetical (5% return before expenses)
|
$ | 1,000.00 | $ | 1,007.80 | 3.44 | % | $ | 17.27 | ||||||||
SPA MarketGrader 100
|
||||||||||||||||
Actual
|
$ | 1,000.00 | $ | 878.39 | 3.79 | % | $ | 17.80 | ||||||||
Hypothetical (5% return before expenses)
|
$ | 1,000.00 | $ | 1,006.05 | 3.79 | % | $ | 19.01 | ||||||||
SPA MarketGrader 200
|
||||||||||||||||
Actual
|
$ | 1,000.00 | $ | 872.32 | 4.99 | % | $ | 23.36 | ||||||||
Hypothetical (5% return before expenses)
|
$ | 1,000.00 | $ | 1,000.05 | 4.99 | % | $ | 24.95 | ||||||||
SPA MarketGrader Small Cap
100
|
||||||||||||||||
Actual
|
$ | 1,000.00 | $ | 930.71 | 4.73 | % | $ | 22.83 | ||||||||
Hypothetical (5% return before expenses)
|
$ | 1,000.00 | $ | 1,001.35 | 4.73 | % | $ | 23.67 | ||||||||
SPA MarketGrader Mid Cap
100
|
||||||||||||||||
Actual
|
$ | 1,000.00 | $ | 889.00 | 3.85 | % | $ | 18.18 | ||||||||
Hypothetical (5% return before expenses)
|
$ | 1,000.00 | $ | 1,005.75 | 3.85 | % | $ | 19.31 | ||||||||
SPA MarketGrader Large Cap
100
|
||||||||||||||||
Actual
|
$ | 1,000.00 | $ | 835.62 | 3.66 | % | $ | 16.80 | ||||||||
Hypothetical (5% return before expenses)
|
$ | 1,000.00 | $ | 1,006.70 | 3.66 | % | $ | 18.36 |
** | Expenses are equal to a Funds 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). |
51
Number of
|
||||||||||||
Term of
|
Portfolios
|
|||||||||||
Office and
|
in Fund
|
Other
|
||||||||||
Name, Address
|
Position(s)
|
Length of
|
Complex
|
Directorships
|
||||||||
and Birth Year of
|
Held
|
Time
|
Principal Occupation(s)
|
Overseen by
|
Held by
|
|||||||
Trustees* | with Trust | Served** | During Past 5 Years | Trustees | Trustees | |||||||
Joseph Stefanelli
Year of Birth: 1938 |
Trustee | Since 2007 | Retired; formerly, served in various senior positions at the AMEX (1984-2002), and director of the Options Clearing Corporation (1995-2002). | 6 | Director of International Securities Exchange Holdings, Inc. (operator of securities markets) since May 2007 | |||||||
Robert Tull
Year of Birth: 1952 |
Trustee | Since 2007 | 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). | 6 | None. | |||||||
Antony Peter Drain***
Year of Birth: 1960 |
Trustee and
President |
Since 2007 | Director, London & Capital Group Limited (since 1999) (affiliate of the Advisor); and the Advisor; formerly, Director of ie Group plc (financial services) (1997-1999). | 6 | None |
* | The business address of each Trustee is c/o SPA ETF, Inc., Tower 49, 12 East 49th Street, New York 10017. | |
** | This is the period for which the Trustee began serving the Trust. Each Trustee serves an indefinite term, until his successor is elected. | |
*** | 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. |
52
Term of
|
||||||
Office and
|
||||||
Name, Address and
|
Position(s)
|
Length of
|
||||
Birth Year of Independent
|
Held
|
Time
|
Principal Occupation(s)
|
|||
Trustees*
|
with Trust | Served** | During Past 5 Years | |||
Christopher Lanza
Year of Birth: 1961 |
Chief Financial
Officer and Treasurer |
Since 2007 | 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). | |||
David M. Whitaker***
Year of Birth: 1971 |
Chief Compliance
Officer |
Since 2007 | 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. |
* | The business address of each Officer is c/o SPA ETF, Inc., Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101. | |
** | This is the period for which the Officer began serving the Trust. Each Officer serves an indefinite term, until his successor is elected. | |
*** | As of November 19, 2008, Patrick Keniston became the CCO for the Funds. |
53
54
Investment Advisor
|
Sub-Advisor | |
SPA ETF, Inc.
|
Esposito Partners | |
Tower 49
|
300 Crescent Court | |
12 East 49th Street
|
Suite 650 | |
New York, New York 10017
|
Dallas, Texas 75201 | |
Distributor
|
Transfer Agent | |
Foreside Fund Services, LLC
|
The Bank of New York | |
Three Canal Plaza
|
101 Barclay Street | |
Suite 100
|
New York, New York 10286 | |
Portland, Maine 04101
|
||
www.foresides.com
|
||
Custodian
|
Independent Registered Public Accounting Firm | |
The Bank of New York
|
WithumSmith+Brown, P.C. | |
101 Barclay Street
|
1 Spring Street | |
New York, New York 10286
|
New Brunswick, New Jersey 08901 | |
Legal Counsel
|
||
Clifford Chance US LLP
|
||
31 West
52
nd
Street
|
||
New York, New York 10019
|
|
||
a
12 East 49
th
Street,
New York, NY 10017 t (212) 663-1595 f (212) 688-2831 |
(a) | Schedule is included as part of the report to shareholders filed under Item 1 of this Form. | ||
(b) | Not Applicable |
(a) | The Principal Executive Officer and Principal Financial Officer have evaluated the Registrants 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 significant changes in the Registrants internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation. |
Registrant: SPA ETF Trust | ||||
|
||||
By:
|
/s/ Antony P Drain
|
Registrant: SPA ETF Trust | ||||
|
||||
By:
|
/s/ Antony P. Drain
|
By:
|
/s/ Christopher Lanza
|
1 Year Spa Marketgrader 40 Chart |
1 Month Spa Marketgrader 40 Chart |
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