UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21993
(Exact name of registrant as specified in charter)
One Commerce Square,2005 Market Street Suite 2020
Philadelphia, Pennsylvania 19103
(Address of principal executive offices) (Zip code)
Vincent T. Lowry
One Commerce Square,
2005 Market Street Suite 2020
Philadelphia, Pennsylvania 19103
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-877-738-8870
Date of fiscal year end: June 30
Date of reporting period: July 1, 2010 – June 30, 2011
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
RevenueShares™
ETF Trust
Annual Report to Shareholders
June 30, 2011
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Table of Contents
1
August 2011
Dear Shareholder:
Total NAV Returns for the Fiscal Year ended June 30, 2011:
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RWL, RevenueShares Large Cap Fund 30.97% vs. S&P 500 Index, 30.69%
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RWK, RevenueShares Mid Cap Fund 38.40% vs. S&P MidCap 400 Index, 39.38%
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RWJ, RevenueShares Small Cap Fund 36.26% vs. S&P SmallCap 600 Index, 37.03%
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RWW, RevenueShares Financials Sector Fund 10.40% vs. S&P 500 Financials Index, 12.91%
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RTR, RevenueShares ADR Fund 32.89% vs. S&P ADR Index, 31.18%
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RWV, RevenueShares Navellier Overall A-100 Fund 43.05% vs. Navellier Overall A-100 Index, 45.51%
During fiscal year 2011, the RevenueShares ETFs saw 5 out of 6 Funds experience returns greater than 30%.
The RevenueShares Navellier Overall A-100 Fund™ had a successful year, as higher price to earnings (P/E) growth stocks outperformed the broad equity indexes this past year. While the Fund did not exceed its benchmark, the Navellier Overall A-100 Index, it still outperformed the S&P 500 Index by 1,236 basis points (12.36%).
The RevenueShares ADR Fund™ performed well this year, as larger cap and developed international countries began to outpace the emerging countries this year after trailing the emerging markets for several years. The RevenueShares ADR Fund experienced solid returns and outperformed its underlying index.
The RevenueShares Large Cap Fund™ also performed well, both in total return and outperforming the cap weighted S&P 500. The Fund’s exposure to the consumer discretionary and industrial sectors was a positive factor for the Fund.
The RevenueShares Financial Sector Fund performed well this year, but large money center banks underperformed the broader financial sector. The RevenueShares Financial Sector Fund has an overweight to larger money center banks. We believe large money center banks have substantially improved their balance sheets, and we expect them to rebound in the coming year.
We began fiscal year 2011 in the midst of a global equity market correction that began with fears of a Greece default that could result in a European banking crisis. However, during the autumn of 2010, equity markets overcame their fear of European debt problems and the market began an impressive rally into April/May of 2011. Suddenly, in May of this year the equity markets began to anticipate slower than projected gross domestic product (GDP) growth rates. Once again, the same European debt concerns were resurrected to create a repeat of last summer’s correction.
Vincent T. Lowry
C.E.O. and Chief Investment Officer
VTL Associates, LLC
An investment in the Funds is subject to investment risk, including the possible loss of principal amount invested. Fund returns may not match the return of their respective Index, known as non-correlation risk, due to operating expenses incurred by the Funds. The alternative weighting approach employed by the Funds (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. The risks associated with each specific fund are detailed in the prospectus and could include factors such as increased volatility risk, small and medium capitalization stock risk, concentration risk, non-diversification risk, financials sector risk, American Depositary Receipt risk, currency exchange risk, foreign market risk, growth style investing risk, portfolio turnover risk, and/or special risks of exchange-traded funds.
The S&P 500® Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The S&P MidCap 400™ Index consists of 400 domestic mid cap stocks selected for market size, liquidity and industry group representation. The S&P SmallCap 600™ Index consists of 600 domestic small cap stocks selected for market size, liquidity and industry group representation. The S&P 500® Financials Index is a stock market index comprised of large cap companies that Standard & Poor’s® deems to be part of the Financials sector of the U.S. economy, using Global Industry Classification Standards. S&P® ADR Index is a U.S. dollar
2
Letter to Shareholders — concluded
denominated index of the non-U.S. companies contained in the S&P® Global 1200 Ex U.S. Index. The S&P® Global 1200 Ex U.S. Index is a free-float weighted global index covering 29 countries and approximately 70% of the world’s capital markets. The Russell 3000 Index measures the performance of the 3000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. One cannot invest directly in an index.
RevenueShares ETFs are not sponsored, endorsed, sold or promoted by Standard & Poor’s. Standard & Poor’s makes no representation regarding the advisability of investing in RevenueShares ETFs.
The views in this letter were those of the Fund manager as of the publication of the report and may not necessarily reflect his views on the date this letter is first published or anytime thereafter. These views are intended to assist shareholders in understanding the Funds’ present investment methodology and do not constitute investment advice.
A Fund’s per share net asset value or “NAV” is the value of one share of a Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The price used to calculate market return (“Market Price”) is determined by using the mean of the bid and offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund’s NAV is calculated at market close. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. Price to earnings ratio is the value of a company's stock price relative to company earnings.
3
Management Discussion of Fund Performance
June 30, 2011
RevenueShares Large Cap Fund™ (Ticker: RWL)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500 Index (“S&P 500”) by investing in the constituent securities of the S&P 500 in the same proportions as the RevenueShares Large Cap Index. The S&P 500 is a stock market index comprised of a representative sample of common stocks of 500 leading companies in leading industries of the United States economy selected by Standard & Poor’s®. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of large capitalization companies included in the S&P 500 and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines large capitalization companies as companies that are included in the S&P 500 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares Large Cap Fund returned 30.97% for the fiscal year ending June 30, 2011. The Fund experienced strong returns as a result of revenue weighting the energy sector, which provided a 55.6% return. The Fund ended the year with a 13.8% weighting in energy, versus 12.8% for the S&P 500. The Fund also enjoyed strong returns from the materials and industrial sectors. The Fund generally overweights economically sensitive sectors such as consumer discretion, industrials, and materials and tends to increase the return of the Fund as the GDP grows above 2% and more sluggish returns during downturns in the economy.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2011, the top three performers were Priceline Com Inc (+189.98%), National-Oilwell Inc (+138.21%), Biogen (+125.33%), while the bottom three performers in this group were RadioShack (-30.88%), Hudson City Bancorp (-29.87%), and Motorola Mobility Hldgs (-27.11%).
4
Management Discussion of Fund Performance — continued
| Fund Performance History (%) | Cumulative Total Return As of June 30, 2011 |
Average Annual Total Return As of June 30, 2011 | ||||||
| 1 Year | Since Inception (February 22, 2008) |
1 Year | Since Inception (February 22, 2008) | |||||
| Index | ||||||||
| RevenueShares Large Cap Index™ | 31.68 | % | 7.51 | % | 31.68 | % | 2.04 | % |
| S&P 500 Index | 30.69 | % | 5.98 | % | 30.69 | % | 1.75 | % |
| Fund | ||||||||
| NAV Return | 30.97 | % | 4.66 | % | 30.97 | % | 1.36 | % |
| Market Price | 30.94 | % | 4.59 | % | 30.94 | % | 1.35 | % |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Large Cap Fund’s annual operating expense ratio (gross) is 0.85% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2012. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Large Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
5
Management Discussion of Fund Performance — continued
June 30, 2011
RevenueShares Mid Cap Fund™ (Ticker: RWK)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P MidCap 400 Index (“S&P Mid Cap 400”) by investing in the constituent securities of the S&P MidCap 400 in the same proportions as the RevenueShares Mid Cap Index. The S&P Midcap 400 is a stock market index comprised of common stock of 400 mid-sized companies selected by Standard & Poor’s®. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of mid capitalization companies included in the S&P MidCap 400 and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines mid capitalization companies as companies that are included in the S&P MidCap 400 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares Mid Cap Fund experienced strongly positive returns in energy of 68%, but with only a 4.1% allocation to energy, versus a 7.4% weighting in energy for the S&P 400 Index. Despite the underweight to energy, the strong performance generated from revenue weighting the energy sector constituents resulted in a total return that outperformed the S&P 400 energy sector that achieved a 58% return. On a total return basis, the Fund experienced strong returns from consumer discretion, consumer staples, and industrials during the fiscal year.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2011, the top three performers were Fossil Inc (+227.95%), Green Mountain Coffee (+222.37%), Atmel Corp (+171.66%), while the bottom three performers in this group were Wilmington Trust (-63.17%), Corinthian Colleges (-55.12%), and Cree Inc (-43.36%).
6
Management Discussion of Fund Performance — continued
| Fund Performance History (%) | Cumulative Total Return As of June 30, 2011 |
Average Annual Total Return As of June 30, 2011 | ||||||
| 1 Year | Since Inception (February 22, 2008) |
1 Year | Since Inception (February 22, 2008) | |||||
| Index | ||||||||
| RevenueShares Mid Cap Index™ | 39.03 | % | 32.46 | % | 39.03 | % | 8.74 | % |
| S&P MidCap 400 Index | 39.38 | % | 29.52 | % | 39.38 | % | 8.01 | % |
| Fund | ||||||||
| NAV Return | 38.40 | % | 29.84 | % | 38.40 | % | 8.09 | % |
| Market Price | 38.42 | % | 29.87 | % | 38.42 | % | 8.10 | % |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Mid Cap Fund’s annual operating expense ratio (gross) is 0.89% and the net expense ratio is 0.54%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2012. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. For the Fund’s most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Mid Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
7
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
June 30, 2011
RevenueShares Small Cap Fund™ (Ticker: RWJ)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P SmallCap 600 Index (“S&P SmallCap 600”) by investing in the constituent securities of the S&P SmallCap 600 in the same proportions as the RevenueShares Small Cap Index. The S&P SmallCap 600 is a stock market index comprised of 600 common stocks of small-cap companies selected by Standard & Poor’s® based on inclusion criteria to ensure that they are investable and financially viable. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of small capitalization companies included in the S&P SmallCap 600 and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines small capitalization companies as companies that are included in the S&P SmallCap 600 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares Small Cap Fund followed RWL and RWK with very strong returns in the energy sector, with an 87% return for the year, versus 82% for the S&P 600. The Fund maintained an 8% weighting to energy, versus 4.4% to the S&P 600. Healthcare, industrials, and consumer discretion were also strong contributors to the Fund’s return for the year. Going forward, the Fund has a strong weighting to consumer discretion sector and, as a result, the Fund will be very sensitive to economic fluctuation in the GDP.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2011, the top three performers were Basic Energy Svcs In (+254.80%), Lsb Inds Inc (+231.10%), Zale Corp New (+218.98%), while the bottom three performers in this group were Great Atl & Pac Tea (-89.23%), Wilshire Bancorp Inc (-65.02%), and Skechers U S A Inc (-60.24%).
8
Management Discussion of Fund Performance — continued
| Fund Performance History (%) | Cumulative Total Return As of June 30, 2011 |
Average Annual Total Return As of June 30, 2011 | ||||||
| 1 Year | Since Inception (February 22, 2008) |
1 Year | Since Inception (February 22, 2008) | |||||
| Index | ||||||||
| RevenueShares Small Cap Index™ | 37.22 | % | 45.10 | % | 37.22 | % | 11.76 | % |
| S&P SmallCap 600 Index | 37.03 | % | 25.94 | % | 37.03 | % | 7.11 | % |
| Fund | ||||||||
| NAV Return | 36.26 | % | 39.94 | % | 36.26 | % | 10.53 | % |
| Market Price | 36.10 | % | 39.82 | % | 36.10 | % | 10.50 | % |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Small Cap Fund’s annual operating expense ratio (gross) is 0.89% and the net expense ratio is 0.54%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2012. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Small Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
9
Management Discussion of Fund Performance — continued
June 30, 2011
RevenueShares Financials Sector Fund™ (Ticker: RWW)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500® Financials Index (“S&P 500 Financials”) by investing in the constituent securities of the S&P 500® Financials in the same proportions as the RevenueShares Financials Sector Index. The S&P 500® Financials is a stock market index comprised of large cap companies that Standard & Poor’s® deems to be part of the Financials sector of the United States economy, using the Global Industry Classification Standard. It is a subset of the S&P 500® Index and includes companies involved in activities such as: banking; mortgage finance; consumer finance; specialized finance; investment banking and brokerage; asset management and custody; corporate lending; insurance; financial investment; and real estate, including real estate investment trusts (“REITs”). Under normal circumstances, the Fund will invest at least 80% of its net assets in Financials companies included in the S&P 500® Financials and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines Financials companies as companies that are included in the S&P 500® Financials at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares Financials Sector Fund underperformed, versus the capitalization weighted index, primarily due to the Fund’s overweighting to larger money center financial institutions than the capitalization weighted financial sector of the S&P 500. VTL Associates believes that this Fund will respond positively once the large money center banks rebound from the 2008 crisis.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2011, the top three performers were Moody's Corp (+95.61%), Discover Financial Service (+92.52%), Cb Richard Ellis (+84.49%), while the bottom three performers in this group were Hudson City Bancorp (-29.87%), Bank Amer Corp (-23.48%), and Genworth Financial Inc (-21.34%).
10
Management Discussion of Fund Performance — continued
| Fund Performance History (%) | Cumulative Total Return As of June 30, 2011 |
Average Annual Total Return As of June 30, 2011 | ||||||
| 1 Year | Since Inception (November 10, 2008) |
1 Year | Since Inception (November 10, 2008) | |||||
| Index | ||||||||
| RevenueShares Financials Sector Index™ | 10.98 | % | 30.18 | % | 10.98 | % | 10.52 | % |
| S&P 500 Financials Index | 12.91 | % | 14.07 | % | 12.91 | % | 6.43 | % |
| S&P 500 Index | 30.69 | % | 52.32 | % | 30.69 | % | 17.31 | % |
| Fund | ||||||||
| NAV Return | 10.40 | % | 22.25 | % | 10.40 | % | 7.92 | % |
| Market Price | 10.29 | % | 22.09 | % | 10.29 | % | 7.87 | % |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Financials Sector Fund’s annual operating expense ratio (gross) is 1.11% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2012. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Financials Sector Index™ returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
11
Management Discussion of Fund Performance — continued
June 30, 2011
RevenueShares ADR Fund™ (Ticker: RTR)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P ADR Index by investing in the constituent securities of the S&P ADR Index in the same proportions as the RevenueShares ADR Index. The RevenueShares ADR Index is constructed using a rules-driven methodology, which re-weights the constituent securities of the S&P ADR Index according to the revenue earned by the companies in that index, subject to certain tax diversification requirements. The RevenueShares ADR Index generally contains the same securities as the S&P ADR Index, but in different proportions. Constituent securities that are added to or removed from the S&P ADR Index during a calendar quarter are generally added to and removed from the RevenueShares ADR Index on a quarterly basis. The S&P ADR Index is a U.S. dollar denominated version of the S&P Global 1200 Ex U.S. Index and is based on the non-U.S. stocks of the S&P Global 1200. American Depositary Receipts (“ADRs”) are certificates that represent a U.S. dollar denominated equity ownership in a foreign company and offer U.S. investors the same economic benefits enjoyed by the shareholders of that company. Typically, ADRs are listed and traded on U.S. exchanges and trade in U.S. dollars just like any other U.S.-domiciled security. Since not all foreign companies offer ADR programs, the S&P ADR Index is made up of those companies from the S&P Global 1200 who make available ADRs that are offered or listed on a U.S. exchange, global shares or, in the case of Canadian equities, ordinary shares, all of which are traded on a U.S. exchange. Under normal circumstances, the Fund will invest at least 80% of its net assets in ADRs included in the S&P ADR Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares ADR Fund has enjoyed strong returns from its exposure to energy, financials, and information technology. The Fund is overweighted to economically sensitive sectors, such as consumer discretion, energy, and financials. The Fund’s success in the coming year will depend on the strength of global economic expansion. VTL Associates believes that a global GDP in excess of 3.5% will be very positive for this Fund.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2011, the top three performers were Valeant Pharmaceuticals (+181.76%), Elan PLC (+152.66%), Arm Holdings PLC (+130.49%), while the bottom three performers in this group were Research in Motion (-41.43%), National Bk Greece (-32.50%), and Au Optronics Corp (-22.52%).
12
Management Discussion of Fund Performance — continued
| Fund Performance History (%) | Cumulative Total Return As of June 30, 2011 |
Average Annual Total Return As of June 30, 2011 | ||||||
| 1 Year | Since Inception (November 18, 2008) |
1 Year | Since Inception (November 18, 2008) | |||||
| Index | ||||||||
| RevenueShares ADR Index™ | 33.81 | % | 77.44 | % | 33.81 | % | 24.53 | % |
| S&P ADR Index | 31.18 | % | 51.58 | % | 31.18 | % | 22.18 | % |
| MSCI EAFE Index (net) | 31.02 | % | 63.41 | % | 31.02 | % | 21.12 | % |
| Fund | ||||||||
| NAV Return | 32.89 | % | 68.46 | % | 32.89 | % | 22.08 | % |
| Market Price | 32.90 | % | 68.41 | % | 32.90 | % | 22.07 | % |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the ADR Fund’s annual operating expense ratio (gross) is 1.08% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2012. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares ADR Index™ returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
The MSCI EAFE Index (Europe, Australasia, Far East) adjusts the market capitalization of index constituents for free float and targets for index inclusion 85% of free float-adjusted market capitalization in each industry group in developed market countries, excluding the U.S. and Canada.
13
Management Discussion of Fund Performance — continued
June 30, 2011
RevenueShares Navellier Overall A-100 Fund™ (Ticker: RWV)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the Navellier Overall A-100 Index by investing in the constituent securities of the Navellier Overall A-100 Index in the same proportions as the RevenueShares Navellier Overall A-100 Index. The Navellier Overall A-100 Index is constructed from companies that are traded on the NYSE Euronext (NYX), Nasdaq Stock Exchange (NASD) that have over 2,500 shares traded daily, a closing price over $1, and companies that have been public for at least one year. This universe of companies is narrowed through a combination of quantitative and fundamental screens to select the top 100 of the total universe. This is accomplished by implementing a multi-factor model that encompasses nine factors, one of which is quantitative based and eight that are fundamental. The quantitative factor begins with a computer-driven analysis based on Modern Portfolio Theory. The Index calculates reward (alpha) and risk (standard deviation) characteristics for the universe of approximately 4,800 stocks. Trailing 52-week “alphas” (measure of return independent of the market) are divided by trailing 52-week “standard deviations” (measure of volatility or risk) to create a “reward/risk” ratio. This factor has the highest weight in the Navellier Overall A-100 Index.
The RevenueShares Navellier Overall A-100 Fund turned in a successful year, versus the S&P 500. This all-cap fund outperformed with strong returns in energy, consumer staples, healthcare, and materials. This Fund is exposed to more growth and momentum-oriented equities than RWL, RWK, and RWJ and is expected to do well in a growth market.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2011, the top three performers were Kronos Worldwide Inc (+234.28%), Lululemon Athletica Inc (+200.43%), Travelzoo Inc (+190.47%), while the bottom three performers in this group were Kingold Jewelry Inc (-74.72%), Skechers U S A Inc (-35.67%), and Mips Technologies (-30.11%).
14
Management Discussion of Fund Performance — concluded
| Fund Performance History (%) | Cumulative Total Return As of June 30, 2011 |
Average Annual Total Return As of June 30, 2011 | ||||||
| 1 Year | Since Inception (January 21, 2009) |
1 Year | Since Inception (January 21, 2009) | |||||
| Index | ||||||||
| RevenueShares Navellier Overall A-100 Index™ | 44.38 | % | 72.48 | % | 44.38 | % | 25.05 | % |
| Navellier Overall A-100 Index | 45.51 | % | 72.43 | % | 45.51 | % | 21.35 | % |
| Russell 3000 Index | 32.36 | % | 71.04 | % | 32.36 | % | 24.62 | % |
| Fund | ||||||||
| NAV Return | 43.05 | % | 73.42 | % | 43.05 | % | 25.33 | % |
| Market Price | 43.22 | % | 74.08 | % | 43.22 | % | 25.55 | % |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Navellier Overall A-100 Fund’s annual operating expense ratio (gross) is 1.40% and the net expense ratio is 0.60%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2012. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Navellier Overall A-100 Index™ returns became publicly available on December 31, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
15
As a shareholder of a RevenueShares ETF, you incur two types of costs: (1) transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory fees and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from January 1, 2011 to June 30, 2011.
Actual expenses
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Six Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value 1/1/2011 |
Ending Account Value 6/30/2011 |
Annualized Expense Ratios for the Six Month Period |
Expenses Paid During the Six Month Period† | |
| RevenueShares Large Cap Fund | ||||
| Actual | $1,000.00 | $1,063.70 | 0.49% | $2.51 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.36 | 0.49% | $2.46 |
| RevenueShares Mid Cap Fund | ||||
| Actual | $1,000.00 | $1,076.30 | 0.54% | $2.78 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.12 | 0.54% | $2.71 |
| RevenueShares Small Cap Fund | ||||
| Actual | $1,000.00 | $1,062.70 | 0.54% | $2.76 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.12 | 0.54% | $2.71 |
| RevenueShares Financials Sector Fund | ||||
| Actual | $1,000.00 | $ 935.40 | 0.45% | $2.16 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.56 | 0.45% | $2.26 |
| RevenueShares ADR Fund | ||||
| Actual | $1,000.00 | $1,048.80 | 0.49% | $2.49 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.36 | 0.49% | $2.46 |
| RevenueShares Navellier Overall A-100 Fund | ||||
| Actual | $1,000.00 | $1,092.40 | 0.60% | $3.11 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | 0.60% | $3.01 |
| † | Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365 (to reflect the six-month period). |
16
Frequency Distribution of Premium and Discount
(Unaudited)
The tables that follow present information about the differences between the daily market price on secondary markets for shares of each Fund and the Fund’s net asset value. Net asset value, or “NAV”, is the price per share at which the Funds issue and redeem shares in large blocks typically consisting of 50,000 shares or more. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of each Fund generally is determined using the midpoint of the bid/ask at closing on the stock exchange which the shares of the Fund are listed for trading, as of the time the Fund’s NAV is calculated. Each Fund’s Market Price may be at, above or below its NAV. The NAV of each Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of each Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.
Premiums or discounts are the differences (expressed as a percentage of the NAV) between the NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV. A discount is the amount that a Fund is trading below the reported NAV.
The following information shows the frequency distributions of premiums and discounts for the Funds. The information shown for each Fund is for each full calendar quarter completed after the inception date of such Fund through the date of the most recent calendar quarter-end.
Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.
| RevenueShares Large Cap Fund | |||||||||
| Closing Bid/Ask Midpoint Above NAV |
Closing Bid/Ask Midpoint Below NAV | ||||||||
| Premium/ Discount Range |
Number of Days |
% of Total Days |
Number of Days |
% of Total Days | |||||
| 0.00% - 0.249% | 287 | 35.0 | % | 411 | 50.1 | % | |||
| 0.25% - 0.499% | 18 | 2.2 | % | 29 | 3.5 | % | |||
| 0.50% - 0.749% | 10 | 1.2 | % | 8 | 1.0 | % | |||
| 0.75% - 0.999% | 8 | 1.0 | % | 10 | 1.2 | % | |||
| 1.00% or more | 20 | 2.4 | % | 20 | 2.4 | % | |||
| Total | 343 | 41.8 | % | 478 | 58.2 | % | |||
| RevenueShares Small Cap Fund | |||||||||
| Closing Bid/Ask Midpoint Above NAV |
Closing Bid/Ask Midpoint Below NAV | ||||||||
| Premium/ Discount Range |
Number of Days |
% of Total Days |
Number of Days |
% of Total Days | |||||
| 0.00% - 0.249% | 265 | 32.1 | % | 425 | 51.5 | % | |||
| 0.25% - 0.499% | 22 | 2.7 | % | 17 | 2.1 | % | |||
| 0.50% - 0.749% | 11 | 1.3 | % | 17 | 2.1 | % | |||
| 0.75% - 0.999% | 6 | 0.7 | % | 9 | 1.1 | % | |||
| 1.00% or more | 26 | 3.2 | % | 27 | 3.2 | % | |||
| Total | 330 | 40.0 | % | 495 | 60.0 | % | |||
| RevenueShares ADR Fund | |||||||||
| Closing Bid/Ask Midpoint Above NAV |
Closing Bid/Ask Midpoint Below NAV | ||||||||
| Premium/ Discount Range |
Number of Days |
% of Total Days |
Number of Days |
% of Total Days | |||||
| 0.00% - 0.249% | 283 | 44.5 | % | 328 | 51.6 | % | |||
| 0.25% - 0.499% | 1 | 0.2 | % | 7 | 1.1 | % | |||
| 0.50% - 0.749% | 3 | 0.5 | % | 1 | 0.2 | % | |||
| 0.75% - 0.999% | 1 | 0.2 | % | 2 | 0.3 | % | |||
| 1.00% or more | 6 | 0.9 | % | 3 | 0.5 | % | |||
| Total | 294 | 46.3 | % | 341 | 53.7 | % | |||
| RevenueShares Mid Cap Fund | |||||||||
| Closing Bid/Ask Midpoint Above NAV |
Closing Bid/Ask Midpoint Below NAV | ||||||||
| Premium/ Discount Range |
Number of Days |
% of Total Days |
Number of Days |
% of Total Days | |||||
| 0.00% - 0.249% | 372 | 45.1 | % | 331 | 40.1 | % | |||
| 0.25% - 0.499% | 12 | 1.5 | % | 12 | 1.5 | % | |||
| 0.50% - 0.749% | 14 | 1.7 | % | 12 | 1.5 | % | |||
| 0.75% - 0.999% | 7 | 0.8 | % | 10 | 1.2 | % | |||
| 1.00% or more | 27 | 3.3 | % | 28 | 3.3 | % | |||
| Total | 432 | 52.4 | % | 393 | 47.6 | % | |||
| RevenueShares Financials Sector Fund | |||||||||
| Closing Bid/Ask Midpoint Above NAV |
Closing Bid/Ask Midpoint Below NAV | ||||||||
| Premium/ Discount Range |
Number of Days |
% of Total Days |
Number of Days |
% of Total Days | |||||
| 0.00% - 0.249% | 284 | 44.3 | % | 316 | 49.3 | % | |||
| 0.25% - 0.499% | 1 | 0.2 | % | 10 | 1.5 | % | |||
| 0.50% - 0.749% | 3 | 0.5 | % | 2 | 0.3 | % | |||
| 0.75% - 0.999% | 2 | 0.3 | % | 5 | 0.8 | % | |||
| 1.00% or more | 11 | 1.7 | % | 7 | 1.1 | % | |||
| Total | 301 | 47.0 | % | 340 | 53.0 | % | |||
| RevenueShares Navellier Overall A-100 Fund | |||||||||
| Closing Bid/Ask Midpoint Above NAV |
Closing Bid/Ask Midpoint Below NAV | ||||||||
| Premium/ Discount Range |
Number of Days |
% of Total Days |
Number of Days |
% of Total Days | |||||
| 0.00% - 0.249% | 297 | 50.1 | % | 253 | 42.6 | % | |||
| 0.25% - 0.499% | 4 | 0.7 | % | 13 | 2.2 | % | |||
| 0.50% - 0.749% | 4 | 0.7 | % | 16 | 2.7 | % | |||
| 0.75% - 0.999% | 0 | 0.0 | % | 4 | 0.6 | % | |||
| 1.00% or more | 1 | 0.2 | % | 1 | 0.2 | % | |||
| Total | 306 | 51.7 | % | 287 | 48.3 | % | |||
17
Schedule of Investments Summary Tables
(Unaudited)
| RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | |||||||||||||
| Industry | % of Net Assets |
Industry | % of Net Assets |
Industry | % of Net Assets | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Automobiles & Components | 1.9 | % | Automobiles & Components | 1.1 | % | Automobiles & Components | 0.5 | % | |||||||
| Banks | 1.9 | Banks | 1.9 | Banks | 2.5 | ||||||||||
| Capital Goods | 9.0 | Capital Goods | 11.8 | Capital Goods | 10.7 | ||||||||||
| Commercial & Professional | Commercial & Professional | Commercial & Professional | |||||||||||||
| Services | 0.6 | Services | 3.5 | Services | 5.2 | ||||||||||
| Consumer Durables & Apparel | 1.1 | Consumer Durables & Apparel | 4.1 | Consumer Durables & Apparel | 5.4 | ||||||||||
| Consumer Services | 1.1 | Consumer Services | 2.5 | Consumer Services | 4.4 | ||||||||||
| Diversified Financials | 5.7 | Diversified Financials | 1.4 | Diversified Financials | 2.1 | ||||||||||
| Energy | 13.8 | Energy | 4.9 | Energy | 5.6 | ||||||||||
| Food & Staples Retailing | 9.3 | Food & Staples Retailing | 1.8 | Food & Staples Retailing | 3.6 | ||||||||||
| Food, Beverage & Tobacco | 4.7 | Food, Beverage & Tobacco | 3.8 | Food, Beverage & Tobacco | 2.3 | ||||||||||
| Health Care Equipment & | Health Care Equipment & | Health Care Equipment & | |||||||||||||
| Services | 9.8 | Services | 9.5 | Services | 10.8 | ||||||||||
| Household & Personal Products | 1.5 | Household & Personal Products | 0.7 | Household & Personal Products | 0.8 | ||||||||||
| Insurance | 5.4 | Insurance | 6.0 | Insurance | 2.7 | ||||||||||
| Materials | 3.4 | Materials | 8.7 | Materials | 5.4 | ||||||||||
| Media | 3.0 | Media | 0.6 | Media | 1.1 | ||||||||||
| Pharmaceuticals, Biotechnology & | Pharmaceuticals, Biotechnology & | Pharmaceuticals, Biotechnology & | |||||||||||||
| Life Sciences | 3.7 | Life Sciences | 1.8 | Life Sciences | 1.7 | ||||||||||
| Real Estate | 0.3 | Real Estate | 2.2 | Real Estate | 1.5 | ||||||||||
| Retailing | 5.7 | Retailing | 6.6 | Retailing | 9.7 | ||||||||||
| Semiconductors & | Semiconductors & | Semiconductors & | |||||||||||||
| Semiconductor Equipment | 1.1 | Semiconductor Equipment | 1.3 | Semiconductor Equipment | 4.5 | ||||||||||
| Software & Services | 3.6 | Software & Services | 4.6 | Software & Services | 4.7 | ||||||||||
| Technology Hardware & | Technology Hardware & | Technology Hardware & | |||||||||||||
| Equipment | 4.3 | Equipment | 11.3 | Equipment | 9.0 | ||||||||||
| Telecommunication Services | 3.2 | Telecommunication Services | 0.5 | Telecommunication Services | 0.5 | ||||||||||
| Transportation | 1.6 | Transportation | 3.0 | Transportation | 1.7 | ||||||||||
| Utilities | 3.8 | Utilities | 6.3 | Utilities | 3.4 | ||||||||||
| Total Investments | 99.5 | Total Investments | 99.9 | Total Investments | 99.8 | ||||||||||
| Other Assets in Excess of | Other Assets in Excess of | Other Assets in Excess of | |||||||||||||
| Liabilities | 0.5 | Liabilities | 0.1 | Liabilities | 0.2 | ||||||||||
| Net Assets | 100.0 | % | Net Assets | 100.0 | % | Net Assets | 100.0 | % | |||||||
| RevenueShares Financials Sector Fund |
RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund |
|||||||||||||
| Industry | % of Net Assets |
Industry | % of Net Assets |
Industry | % of Net Assets | ||||||||||
| Capital Markets | 10.2 | % | Automobiles & Components | 5.5 | % | Automobiles & Components | 3.7 | % | |||||||
| Commercial Banks | 14.3 | Banks | 12.4 | Banks | 3.5 | ||||||||||
| Consumer Finance | 5.8 | Capital Goods | 3.1 | Capital Goods | 10.2 | ||||||||||
| Diversified Financial Services | 26.3 | Consumer Durables & Apparel | 2.9 | Commercial & Professional Services | 1.0 | ||||||||||
| Insurance | 39.9 | Consumer Services | 0.3 | Consumer Durables & Apparel | 5.4 | ||||||||||
| Paper & Forest Products | 0.6 | Diversified Financials | 5.4 | Consumer Services | 2.7 | ||||||||||
| Real Estate Investment Trusts | 2.1 | Energy | 31.6 | Diversified Financials | 2.1 | ||||||||||
| Real Estate Management & | Food & Staples Retailing | 0.4 | Energy | 5.3 | |||||||||||
| Development | 0.5 | Food, Beverage & Tobacco | 2.8 | Food, Beverage & Tobacco | 8.6 | ||||||||||
| Thrifts & Mortgage Finance | 0.2 | Health Care Equipment & Services | 0.3 | Health Care Equipment & Services | 13.5 | ||||||||||
| Total Investments | 99.9 | Insurance | 5.0 | Household & Personal Products | 4.6 | ||||||||||
| Other Assets in Excess of | Materials | 6.7 | Insurance | 0.2 | |||||||||||
| Liabilities | 0.1 | Media | 0.7 | Materials | 10.1 | ||||||||||
| Net Assets | 100.0 | % | Pharmaceuticals, Biotechnology & | Media | 0.4 | ||||||||||
| Life Sciences | 3.1 | Pharmaceuticals, Biotechnology & | |||||||||||||
| Real Estate | 0.2 | Life Sciences | 5.1 | ||||||||||||
| Semiconductors & Semiconductor | Real Estate | 0.3 | |||||||||||||
| Equipment | 0.6 | Retailing | 5.3 | ||||||||||||
| Software & Services | 0.3 | Semiconductors & Semiconductor | |||||||||||||
| Technology Hardware & | Equipment | 1.3 | |||||||||||||
| Equipment | 4.8 | Software & Services | 2.1 | ||||||||||||
| Telecommunication Services | 9.6 | Technology Hardware & Equipment | 2.2 | ||||||||||||
| Transportation | 0.4 | Telecommunication Services | 7.1 | ||||||||||||
| Utilities | 2.5 | Transportation | 3.3 | ||||||||||||
| Total Investments | 98.6 | Utilities | 2.3 | ||||||||||||
| Other Assets in Excess of | Total Investments | 100.3 | |||||||||||||
| Liabilities | 1.4 | Liabilities in Excess of Other Assets | (0.3 | ) | |||||||||||
| Net Assets | 100.0 | % | Net Assets | 100.0 | % | ||||||||||
18
RevenueShares Large Cap
Fund
June 30, 2011
| Investments | Shares | Value | ||
| COMMON STOCKS—99.5% | ||||
| Automobiles & Components—1.9% | ||||
| Ford Motor Co.* | 167,322 | $ | 2,307,371 | |
| Goodyear Tire & Rubber Co.* | 33,155 | 556,009 | ||
| Harley-Davidson, Inc. | 2,872 | 117,666 | ||
| Johnson Controls, Inc. | 18,302 | 762,461 | ||
| Total Automobiles & Components | 3,743,507 | |||
| Banks—1.9% | ||||
| BB&T Corp. | 8,615 | 231,227 | ||
| Comerica, Inc. | 1,377 | 47,603 | ||
| Fifth Third Bancorp | 10,413 | 132,766 | ||
| First Horizon National Corp. | 3,591 | 34,258 | ||
| Hudson City Bancorp, Inc. | 5,003 | 40,975 | ||
| Huntington Bancshares, Inc. | 10,026 | 65,771 | ||
| KeyCorp | 13,605 | 113,330 | ||
| M&T Bank Corp. | 972 | 85,487 | ||
| Marshall & Ilsley Corp. | 11,155 | 88,905 | ||
| People’s United Financial, Inc. | 1,640 | 22,042 | ||
| PNC Financial Services Group, Inc. | 6,220 | 370,774 | ||
| Regions Financial Corp. | 26,077 | 161,677 | ||
| SunTrust Banks, Inc. | 7,482 | 193,036 | ||
| U.S. Bancorp | 16,283 | 415,379 | ||
| Wells Fargo & Co. | 65,576 | 1,840,062 | ||
| Zions Bancorporation | 2,614 | 62,762 | ||
| Total Banks | 3,906,054 | |||
| Capital Goods—9.0% | ||||
| 3M Co. | 6,415 | 608,463 | ||
| Boeing Co. | 21,505 | 1,589,865 | ||
| Caterpillar, Inc. | 8,644 | 920,240 | ||
| Cummins, Inc. | 2,476 | 256,241 | ||
| Danaher Corp. | 5,783 | 306,441 | ||
| Deere & Co. | 6,074 | 500,801 | ||
| Dover Corp. | 2,480 | 168,144 | ||
| Eaton Corp. | 5,570 | 286,577 | ||
| Emerson Electric Co. | 7,540 | 424,125 | ||
| Fastenal Co. | 1,490 | 53,625 | ||
| Flowserve Corp. | 738 | 81,099 | ||
| Fluor Corp. | 7,167 | 463,418 | ||
| General Dynamics Corp. | 9,616 | 716,584 | ||
| General Electric Co. | 178,300 | 3,362,738 | ||
| Goodrich Corp. | 1,683 | 160,727 | ||
| Honeywell International, Inc. | 13,065 | 778,543 | ||
| Illinois Tool Works, Inc. | 6,294 | 355,548 | ||
| Ingersoll-Rand PLC | 6,362 | 288,899 | ||
| ITT Corp. | 4,591 | 270,548 | ||
| Jacobs Engineering Group, Inc.* | 4,895 | 211,709 | ||
| Joy Global, Inc. | 943 | 89,811 | ||
| L-3 Communications Holdings, Inc. | 4,659 | 407,430 | ||
| Lockheed Martin Corp. | 13,992 | 1,132,932 | ||
| Masco Corp. | 12,204 | 146,814 | ||
| Northrop Grumman Corp. | 12,615 | 874,850 | ||
| PACCAR, Inc. | 3,469 | 177,231 | ||
| Pall Corp. | 964 | 54,206 | ||
| Parker Hannifin Corp. | 2,300 | 206,402 | ||
| Precision Castparts Corp. | 851 | 140,117 | ||
| Quanta Services, Inc.* | 3,969 | 80,174 | ||
| Raytheon Co. | 11,464 | 571,480 | ||
| Rockwell Automation, Inc. | 1,372 | 119,035 | ||
| Investments | Shares | Value | ||
| Rockwell Collins, Inc. | 1,681 | $ | 103,701 | |
| Roper Industries, Inc. | 616 | 51,313 | ||
| Snap-On, Inc. | 961 | 60,043 | ||
| Textron, Inc. | 8,967 | 211,711 | ||
| Tyco International Ltd. | 8,600 | 425,098 | ||
| United Technologies Corp. | 14,324 | 1,267,817 | ||
| W.W. Grainger, Inc. | 1,097 | 168,554 | ||
| Total Capital Goods | 18,093,054 | |||
| Commercial & Professional Services—0.6% | ||||
| Avery Dennison Corp. | 3,200 | 123,616 | ||
| Cintas Corp. | 2,632 | 86,935 | ||
| Dun & Bradstreet Corp. | 438 | 33,087 | ||
| Equifax, Inc. | 1,070 | 37,150 | ||
| Iron Mountain, Inc. | 2,645 | 90,168 | ||
| Monster Worldwide, Inc.* | 700 | 10,262 | ||
| Pitney Bowes, Inc. | 4,731 | 108,766 | ||
| R.R. Donnelley & Sons Co. | 11,896 | 233,281 | ||
| Republic Services, Inc. | 5,540 | 170,909 | ||
| Robert Half International, Inc. | 2,105 | 56,898 | ||
| Stericycle, Inc.* | 386 | 34,400 | ||
| Waste Management, Inc. | 7,100 | 264,617 | ||
| Total Commercial & Professional Services | 1,250,089 | |||
| Consumer Durables & Apparel—1.1% | ||||
| Coach, Inc. | 1,258 | 80,424 | ||
| D.R. Horton, Inc. | 8,193 | 94,383 | ||
| Fortune Brands, Inc. | 2,206 | 140,677 | ||
| Harman International Industries, Inc. | 1,360 | 61,975 | ||
| Hasbro, Inc. | 1,721 | 75,604 | ||
| Leggett & Platt, Inc. | 3,089 | 75,310 | ||
| Lennar Corp., Class A | 3,637 | 66,012 | ||
| Mattel, Inc. | 4,638 | 127,499 | ||
| Newell Rubbermaid, Inc. | 6,808 | 107,430 | ||
| NIKE, Inc., Class B | 4,388 | 394,832 | ||
| Polo Ralph Lauren Corp. | 915 | 121,338 | ||
| Pulte Group, Inc.* | 15,158 | 116,110 | ||
| Stanley Black & Decker, Inc. | 2,318 | 167,012 | ||
| VF Corp. | 1,818 | 197,362 | ||
| Whirlpool Corp. | 4,461 | 362,768 | ||
| Total Consumer Durables & Apparel | 2,188,736 | |||
| Consumer Services—1.1% | ||||
| Apollo Group, Inc., Class A* | 2,537 | 110,816 | ||
| Carnival Corp. | 6,661 | 250,653 | ||
| Chipotle Mexican Grill, Inc., Class A* | 101 | 31,127 | ||
| Darden Restaurants, Inc. | 3,083 | 153,410 | ||
| DeVry, Inc. | 850 | 50,261 | ||
| H&R Block, Inc. | 5,936 | 95,213 | ||
| International Game Technology | 2,548 | 44,794 | ||
| Marriott International, Inc., Class A | 5,668 | 201,157 | ||
| McDonald’s Corp. | 6,486 | 546,900 | ||
| Starbucks Corp. | 6,679 | 263,754 | ||
| Starwood Hotels & Resorts Worldwide, Inc. | 1,668 | 93,475 | ||
| Wyndham Worldwide Corp. | 2,639 | 88,802 | ||
| Wynn Resorts Ltd. | 787 | 112,966 | ||
| Yum! Brands, Inc. | 4,673 | 258,137 | ||
| Total Consumer Services | 2,301,465 | |||
The accompanying notes are an integral part of these financial statements.
19
Schedule of Investments — continued
RevenueShares Large Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| Diversified Financials—5.7% | ||||
| American Express Co. | 13,224 | $ | 683,681 | |
| Ameriprise Financial, Inc. | 3,568 | 205,802 | ||
| Bank of America Corp. | 230,810 | 2,529,678 | ||
| Bank of New York Mellon Corp. | 9,973 | 255,508 | ||
| BlackRock, Inc., Class A | 478 | 91,685 | ||
| Capital One Financial Corp. | 9,111 | 470,765 | ||
| Charles Schwab Corp. | 5,383 | 88,550 | ||
| Citigroup, Inc. | 45,654 | 1,901,033 | ||
| CME Group, Inc., Class A | 218 | 63,567 | ||
| Discover Financial Services | 8,377 | 224,085 | ||
| E*Trade Financial Corp.* | 3,139 | 43,318 | ||
| Federated Investors, Inc., Class B | 770 | 18,357 | ||
| Franklin Resources, Inc. | 1,050 | 137,854 | ||
| Goldman Sachs Group, Inc. | 5,765 | 767,264 | ||
| IntercontinentalExchange, Inc.* | 228 | 28,434 | ||
| Invesco Ltd. | 3,226 | 75,488 | ||
| Janus Capital Group, Inc. | 1,686 | 15,916 | ||
| JPMorgan Chase & Co. | 56,475 | 2,312,087 | ||
| Legg Mason, Inc. | 1,426 | 46,716 | ||
| Leucadia National Corp. | 843 | 28,746 | ||
| Moody’s Corp. | 1,447 | 55,492 | ||
| Morgan Stanley | 28,326 | 651,781 | ||
| NASDAQ OMX Group, Inc.* | 2,914 | 73,724 | ||
| Northern Trust Corp. | 1,504 | 69,124 | ||
| NYSE Euronext | 3,136 | 107,471 | ||
| SLM Corp. | 11,153 | 187,482 | ||
| State Street Corp. | 4,964 | 223,827 | ||
| T. Rowe Price Group, Inc. | 763 | 46,039 | ||
| Total Diversified Financials | 11,403,474 | |||
| Energy—13.8% | ||||
| Alpha Natural Resources, Inc.* | 1,408 | 63,980 | ||
| Anadarko Petroleum Corp. | 3,232 | 248,088 | ||
| Apache Corp. | 2,032 | 250,729 | ||
| Baker Hughes, Inc. | 4,753 | 344,878 | ||
| Cabot Oil & Gas Corp. | 509 | 33,752 | ||
| Cameron International Corp.* | 2,366 | 118,986 | ||
| Chesapeake Energy Corp. | 8,915 | 264,686 | ||
| Chevron Corp. | 43,808 | 4,505,215 | ||
| ConocoPhillips | 53,297 | 4,007,402 | ||
| Consol Energy, Inc. | 2,355 | 114,170 | ||
| Denbury Resources, Inc.* | 1,595 | 31,900 | ||
| Devon Energy Corp. | 2,821 | 222,323 | ||
| Diamond Offshore Drilling, Inc. | 1,074 | 75,620 | ||
| El Paso Corp. | 7,387 | 149,217 | ||
| EOG Resources, Inc. | 1,306 | 136,542 | ||
| EQT Corp. | 584 | 30,672 | ||
| Exxon Mobil Corp. | 94,727 | 7,708,883 | ||
| FMC Technologies, Inc.* | 1,967 | 88,102 | ||
| Halliburton Co. | 8,359 | 426,309 | ||
| Helmerich & Payne, Inc. | 757 | 50,053 | ||
| Hess Corp. | 9,496 | 709,921 | ||
| Marathon Oil Corp. | 37,927 | 1,997,994 | ||
| Marathon Petroleum Corp.* | 1,537 | 63,632 | ||
| Murphy Oil Corp. | 6,724 | 441,498 | ||
| Nabors Industries Ltd.* | 3,335 | 82,174 | ||
| National Oilwell Varco, Inc. | 3,985 | 311,667 | ||
| Newfield Exploration Co.* | 2,534 | 172,363 | ||
| Noble Corp. | 262 | 10,325 | ||
| Investments | Shares | Value | ||
| Noble Energy, Inc. | 779 | $ | 69,822 | |
| Occidental Petroleum Corp. | 4,259 | 443,106 | ||
| Peabody Energy Corp. | 2,254 | 132,783 | ||
| Pioneer Natural Resources Co. | 481 | 43,083 | ||
| QEP Resources, Inc. | 1,253 | 52,413 | ||
| Range Resources Corp. | 422 | 23,421 | ||
| Rowan Cos., Inc.* | 1,059 | 41,100 | ||
| Schlumberger Ltd. | 6,151 | 531,446 | ||
| Southwestern Energy Co.* | 1,454 | 62,348 | ||
| Spectra Energy Corp. | 4,006 | 109,805 | ||
| Sunoco, Inc. | 17,789 | 741,979 | ||
| Tesoro Corp.* | 23,764 | 544,433 | ||
| Valero Energy Corp. | 78,070 | 1,996,250 | ||
| Williams Cos., Inc. | 8,188 | 247,687 | ||
| Total Energy | 27,700,757 | |||
| Food & Staples Retailing—9.3% | ||||
| Costco Wholesale Corp. | 22,493 | 1,827,331 | ||
| CVS Caremark Corp. | 60,301 | 2,266,112 | ||
| Kroger Co. | 74,675 | 1,851,940 | ||
| Safeway, Inc. | 40,320 | 942,278 | ||
| SUPERVALU, Inc. | 103,455 | 973,512 | ||
| Sysco Corp. | 25,520 | 795,714 | ||
| Walgreen Co. | 37,964 | 1,611,951 | ||
| Wal-Mart Stores, Inc. | 155,323 | 8,253,864 | ||
| Whole Foods Market, Inc. | 3,754 | 238,191 | ||
| Total Food & Staples Retailing | 18,760,893 | |||
| Food, Beverage & Tobacco—4.7% | ||||
| Altria Group, Inc. | 14,192 | 374,811 | ||
| Archer-Daniels-Midland Co. | 42,484 | 1,280,893 | ||
| Brown-Forman Corp., Class B | 748 | 55,868 | ||
| Campbell Soup Co. | 4,606 | 159,137 | ||
| Coca-Cola Co. | 10,405 | 700,152 | ||
| Coca-Cola Enterprises, Inc. | 14,194 | 414,181 | ||
| ConAgra Foods, Inc. | 11,601 | 299,422 | ||
| Constellation Brands, Inc., Class A* | 3,263 | 67,936 | ||
| Dean Foods Co.* | 30,288 | 371,634 | ||
| Dr Pepper Snapple Group, Inc. | 3,111 | 130,444 | ||
| General Mills, Inc. | 8,585 | 319,534 | ||
| H.J. Heinz Co. | 4,281 | 228,092 | ||
| Hershey Co. | 2,460 | 139,851 | ||
| Hormel Foods Corp. | 5,509 | 164,223 | ||
| J.M. Smucker Co. | 1,494 | 114,201 | ||
| Kellogg Co. | 5,143 | 284,511 | ||
| Kraft Foods, Inc., Class A | 31,415 | 1,106,750 | ||
| Lorillard, Inc. | 1,040 | 113,225 | ||
| McCormick & Co., Inc. | 1,431 | 70,935 | ||
| Molson Coors Brewing Co., Class B | 1,319 | 59,012 | ||
| PepsiCo, Inc. | 16,883 | 1,189,070 | ||
| Philip Morris International, Inc. | 9,624 | 642,594 | ||
| Reynolds American, Inc. | 5,534 | 205,035 | ||
| Sara Lee Corp. | 13,996 | 265,784 | ||
| Tyson Foods, Inc., Class A | 34,406 | 668,164 | ||
| Total Food, Beverage & Tobacco | 9,425,459 | |||
| Health Care Equipment & Services—9.8% | ||||
| Aetna, Inc. | 23,273 | 1,026,107 | ||
| AmerisourceBergen Corp., Class A | 51,142 | 2,117,279 | ||
| Baxter International, Inc. | 5,343 | 318,924 | ||
| Becton Dickinson & Co. | 1,909 | 164,498 | ||
The accompanying notes are an integral part of these financial statements.
20
Schedule of Investments — continued
RevenueShares Large Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| Health Care Equipment & Services (continued) | ||||
| Boston Scientific Corp.* | 23,187 | $ | 160,222 | |
| C.R. Bard, Inc. | 654 | 71,848 | ||
| Cardinal Health, Inc. | 55,527 | 2,522,036 | ||
| CareFusion Corp.* | 3,402 | 92,432 | ||
| Cerner Corp.* | 830 | 50,721 | ||
| CIGNA Corp. | 11,385 | 585,531 | ||
| Coventry Health Care, Inc.* | 9,294 | 338,952 | ||
| Covidien PLC | 810 | 43,116 | ||
| DaVita, Inc.* | 1,890 | 163,693 | ||
| DENTSPLY International, Inc. | 1,340 | 51,027 | ||
| Edwards Lifesciences Corp.* | 2,626 | 228,935 | ||
| Express Scripts, Inc.* | 16,102 | 869,186 | ||
| Hospira, Inc.* | 1,456 | 82,497 | ||
| Humana, Inc. | 12,300 | 990,642 | ||
| Intuitive Surgical, Inc.* | 116 | 43,165 | ||
| Laboratory Corp. of America Holdings* | 1,220 | 118,084 | ||
| McKesson Corp. | 33,573 | 2,808,381 | ||
| Medco Health Solutions, Inc.* | 21,269 | 1,202,124 | ||
| Medtronic, Inc. | 8,911 | 343,341 | ||
| Patterson Cos., Inc. | 2,206 | 72,555 | ||
| Quest Diagnostics, Inc. | 3,059 | 180,787 | ||
| St. Jude Medical, Inc. | 2,528 | 120,535 | ||
| Stryker Corp. | 2,831 | 166,151 | ||
| Tenet Healthcare Corp.* | 29,466 | 183,868 | ||
| UnitedHealth Group, Inc. | 52,010 | 2,682,676 | ||
| Varian Medical Systems, Inc.* | 730 | 51,115 | ||
| WellPoint, Inc. | 21,578 | 1,699,699 | ||
| Zimmer Holdings, Inc.* | 1,705 | 107,756 | ||
| Total Health Care Equipment & Services | 19,657,883 | |||
| Household & Personal Products—1.5% | ||||
| Avon Products, Inc. | 7,823 | 219,044 | ||
| Clorox Co. | 1,856 | 125,169 | ||
| Colgate-Palmolive Co. | 4,144 | 362,227 | ||
| Estee Lauder Cos., Inc., Class A | 2,090 | 219,847 | ||
| Kimberly-Clark Corp. | 6,710 | 446,618 | ||
| Mead Johnson Nutrition Co., Class A | 1,037 | 70,049 | ||
| Procter & Gamble Co. | 25,807 | 1,640,551 | ||
| Total Household & Personal Products | 3,083,505 | |||
| Insurance—5.4% | ||||
| ACE Ltd. | 5,465 | 359,706 | ||
| Aflac, Inc. | 7,468 | 348,606 | ||
| Allstate Corp. | 21,074 | 643,389 | ||
| American International Group, Inc.* | 38,311 | 1,123,279 | ||
| AON Corp. | 3,599 | 184,629 | ||
| Assurant, Inc. | 4,636 | 168,148 | ||
| Berkshire Hathaway, Inc., Class B* | 33,846 | 2,619,342 | ||
| Chubb Corp. | 4,691 | 293,703 | ||
| Cincinnati Financial Corp. | 2,587 | 75,489 | ||
| Genworth Financial, Inc., Class A* | 15,849 | 162,928 | ||
| Hartford Financial Services Group, Inc. | 18,543 | 488,979 | ||
| Lincoln National Corp. | 7,593 | 216,325 | ||
| Loews Corp. | 7,932 | 333,858 | ||
| Marsh & McLennan Cos., Inc. | 8,281 | 258,284 | ||
| MetLife, Inc. | 24,827 | 1,089,160 | ||
| Principal Financial Group, Inc. | 5,872 | 178,626 | ||
| Progressive Corp. | 14,969 | 320,037 | ||
| Prudential Financial, Inc. | 14,340 | 911,881 | ||
| Investments | Shares | Value | ||
| Torchmark Corp. | 1,170 | $ | 75,044 | |
| Travelers Cos., Inc. | 9,587 | 559,689 | ||
| Unum Group | 8,760 | 223,205 | ||
| XL Group PLC, Class A | 6,132 | 134,781 | ||
| Total Insurance | 10,769,088 | |||
| Materials—3.4% | ||||
| Air Products & Chemicals, Inc. | 2,085 | 199,284 | ||
| Airgas, Inc. | 1,283 | 89,861 | ||
| AK Steel Holding Corp. | 8,186 | 129,011 | ||
| Alcoa, Inc. | 30,225 | 479,368 | ||
| Allegheny Technologies, Inc. | 1,498 | 95,078 | ||
| Ball Corp. | 4,615 | 177,493 | ||
| Bemis Co., Inc. | 2,841 | 95,969 | ||
| CF Industries Holdings, Inc. | 594 | 84,152 | ||
| Cliffs Natural Resources, Inc. | 1,140 | 105,393 | ||
| Dow Chemical Co. | 32,058 | 1,154,088 | ||
| E.I. du Pont de Nemours & Co. | 13,118 | 709,028 | ||
| Eastman Chemical Co. | 1,647 | 168,109 | ||
| Ecolab, Inc. | 2,567 | 144,727 | ||
| FMC Corp. | 796 | 68,472 | ||
| Freeport-McMoRan Copper & Gold, Inc. | 6,489 | 343,268 | ||
| International Flavors & Fragrances, Inc. | 978 | 62,827 | ||
| International Paper Co. | 19,233 | 573,528 | ||
| MeadWestvaco Corp. | 4,915 | 163,719 | ||
| Monsanto Co. | 3,591 | 260,491 | ||
| Newmont Mining Corp. | 3,183 | 171,787 | ||
| Nucor Corp. | 7,289 | 300,453 | ||
| Owens-Illinois, Inc.* | 4,722 | 121,875 | ||
| PPG Industries, Inc. | 3,452 | 313,407 | ||
| Praxair, Inc. | 2,226 | 241,276 | ||
| Sealed Air Corp. | 3,696 | 87,928 | ||
| Sigma-Aldrich Corp. | 739 | 54,228 | ||
| Titanium Metals Corp. | 1,005 | 18,412 | ||
| United States Steel Corp. | 6,317 | 290,835 | ||
| Vulcan Materials Co. | 1,146 | 44,155 | ||
| Weyerhaeuser Co.(a) | 7,385 | 161,436 | ||
| Total Materials | 6,909,658 | |||
| Media—3.0% | ||||
| Cablevision Systems Corp., Class A | 899 | 32,553 | ||
| CBS Corp., Class B | 16,002 | 455,897 | ||
| Comcast Corp., Class A | 36,545 | 926,050 | ||
| DIRECTV, Class A* | 12,189 | 619,445 | ||
| Discovery Communications, Inc., Class A* | 1,821 | 74,588 | ||
| Gannett Co., Inc. | 7,320 | 104,822 | ||
| Interpublic Group of Cos., Inc. | 11,860 | 148,250 | ||
| McGraw-Hill Cos., Inc. | 3,503 | 146,811 | ||
| News Corp., Class A | 47,075 | 833,228 | ||
| Omnicom Group, Inc. | 5,473 | 263,580 | ||
| Scripps Networks Interactive, Inc., Class A | 721 | 35,242 | ||
| Time Warner Cable, Inc. | 6,058 | 472,766 | ||
| Time Warner, Inc. | 17,425 | 633,747 | ||
| Viacom, Inc., Class B | 7,168 | 365,568 | ||
| Walt Disney Co. | 21,476 | 838,423 | ||
| Washington Post Co., Class B | 268 | 112,279 | ||
| Total Media | 6,063,249 | |||
The accompanying notes are an integral part of these financial statements.
21
Schedule of Investments — continued
RevenueShares Large Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| Pharmaceuticals, Biotechnology & Life Sciences—3.7% | ||||
| Abbott Laboratories | 14,947 | $ | 786,511 | |
| Allergan, Inc. | 1,484 | 123,543 | ||
| Amgen, Inc.* | 5,833 | 340,356 | ||
| Biogen IDEC, Inc.* | 1,493 | 159,632 | ||
| Bristol-Myers Squibb Co. | 15,400 | 445,984 | ||
| Celgene Corp.* | 1,227 | 74,013 | ||
| Cephalon, Inc.* | 897 | 71,670 | ||
| Eli Lilly & Co. | 13,614 | 510,933 | ||
| Forest Laboratories, Inc.* | 2,528 | 99,452 | ||
| Gilead Sciences, Inc.* | 4,503 | 186,469 | ||
| Johnson & Johnson | 21,096 | 1,403,306 | ||
| Life Technologies Corp.* | 1,323 | 68,889 | ||
| Merck & Co., Inc. | 25,443 | 897,883 | ||
| Mylan, Inc.* | 5,599 | 138,127 | ||
| PerkinElmer, Inc. | 1,527 | 41,092 | ||
| Pfizer, Inc. | 81,125 | 1,671,175 | ||
| Thermo Fisher Scientific, Inc.* | 4,121 | 265,351 | ||
| Waters Corp.* | 418 | 40,019 | ||
| Watson Pharmaceuticals, Inc.* | 1,467 | 100,827 | ||
| Total Pharmaceuticals, Biotechnology & Life Sciences | 7,425,232 | |||
| Real Estate—0.3% | ||||
| Apartment Investment & | ||||
| Management Co., Class A(a) | 960 | 24,509 | ||
| AvalonBay Communities, Inc.(a) | 168 | 21,571 | ||
| Boston Properties, Inc.(a) | 391 | 41,509 | ||
| CB Richard Ellis Group, Inc., Class A* | 4,903 | 123,114 | ||
| Equity Residential(a) | 838 | 50,280 | ||
| HCP, Inc.(a) | 743 | 27,261 | ||
| Health Care REIT, Inc.(a) | 241 | 12,636 | ||
| Host Hotels & Resorts, Inc.(a) | 5,132 | 86,987 | ||
| Kimco Realty Corp.(a) | 1,156 | 21,548 | ||
| Plum Creek Timber Co., Inc.(a) | 582 | 23,594 | ||
| ProLogis, Inc.(a) | 674 | 24,156 | ||
| Public Storage(a) | 371 | 42,298 | ||
| Simon Property Group, Inc.(a) | 845 | 98,214 | ||
| Ventas, Inc.(a) | 363 | 19,134 | ||
| Vornado Realty Trust(a) | 728 | 67,835 | ||
| Total Real Estate | 684,646 | |||
| Retailing—5.7% | ||||
| Abercrombie & Fitch Co., Class A | 1,161 | 77,694 | ||
| Amazon.com, Inc.* | 3,707 | 758,044 | ||
| AutoNation, Inc.* | 9,371 | 343,072 | ||
| AutoZone, Inc.* | 569 | 167,770 | ||
| Bed Bath & Beyond, Inc.* | 3,314 | 193,438 | ||
| Best Buy Co., Inc. | 23,945 | 752,113 | ||
| Big Lots, Inc.* | 3,375 | 111,881 | ||
| CarMax, Inc.* | 4,265 | 141,044 | ||
| Expedia, Inc. | 2,575 | 74,649 | ||
| Family Dollar Stores, Inc. | 3,268 | 171,766 | ||
| Gamestop Corp., Class A* | 8,574 | 228,669 | ||
| Gap, Inc. | 13,805 | 249,871 | ||
| Genuine Parts Co. | 4,426 | 240,774 | ||
| Home Depot, Inc. | 40,006 | 1,449,017 | ||
| JC Penney Co., Inc. | 11,226 | 387,746 | ||
| Kohl’s Corp. | 6,520 | 326,065 | ||
| Lowe’s Cos., Inc. | 39,281 | 915,640 | ||
| Ltd. Brands, Inc. | 5,786 | 222,472 | ||
| Investments | Shares | Value | ||
| Macy’s, Inc. | 19,697 | $ | 575,940 | |
| Netflix, Inc.* | 1,424 | 374,071 | ||
| Nordstrom, Inc. | 4,154 | 194,989 | ||
| O’Reilly Automotive, Inc.* | 1,822 | 119,359 | ||
| priceline.com, Inc.* | 152 | 77,813 | ||
| Ross Stores, Inc. | 2,327 | 186,439 | ||
| Sears Holdings Corp.* | 13,551 | 968,083 | ||
| Sherwin-Williams Co. | 2,032 | 170,424 | ||
| Staples, Inc. | 22,565 | 356,527 | ||
| Target Corp. | 22,993 | 1,078,602 | ||
| Tiffany & Co. | 874 | 68,627 | ||
| TJX Cos., Inc. | 9,332 | 490,210 | ||
| Urban Outfitters, Inc.* | 1,058 | 29,783 | ||
| Total Retailing | 11,502,592 | |||
| Semiconductors & Semiconductor Equipment—1.1% | ||||
| Advanced Micro Devices, Inc.* | 16,433 | 114,867 | ||
| Altera Corp. | 973 | 45,099 | ||
| Analog Devices, Inc. | 1,391 | 54,444 | ||
| Applied Materials, Inc. | 12,929 | 168,206 | ||
| Broadcom Corp., Class A* | 2,786 | 93,721 | ||
| First Solar, Inc.* | 425 | 56,215 | ||
| Intel Corp. | 41,497 | 919,573 | ||
| KLA-Tencor Corp. | 780 | 31,574 | ||
| Linear Technology Corp. | 562 | 18,557 | ||
| LSI Corp.* | 8,934 | 63,610 | ||
| MEMC Electronic Materials, Inc.* | 3,039 | 25,923 | ||
| Microchip Technology, Inc. | 476 | 18,045 | ||
| Micron Technology, Inc.* | 18,670 | 139,652 | ||
| National Semiconductor Corp. | 1,998 | 49,171 | ||
| Novellus Systems, Inc.* | 712 | 25,732 | ||
| NVIDIA Corp.* | 3,994 | 63,644 | ||
| Teradyne, Inc.* | 2,332 | 34,514 | ||
| Texas Instruments, Inc. | 8,586 | 281,878 | ||
| Xilinx, Inc. | 1,186 | 43,253 | ||
| Total Semiconductors & Semiconductor Equipment | 2,247,678 | |||
| Software & Services—3.6% | ||||
| Adobe Systems, Inc.* | 2,619 | 82,368 | ||
| Akamai Technologies, Inc.* | 296 | 9,315 | ||
| Autodesk, Inc.* | 916 | 35,358 | ||
| Automatic Data Processing, Inc. | 3,942 | 207,665 | ||
| BMC Software, Inc.* | 817 | 44,690 | ||
| CA, Inc. | 3,649 | 83,343 | ||
| Citrix Systems, Inc.* | 552 | 44,160 | ||
| Cognizant Technology Solutions Corp., Class A* | 1,260 | 92,408 | ||
| Computer Sciences Corp. | 7,094 | 269,288 | ||
| Compuware Corp.* | 1,648 | 16,084 | ||
| eBay, Inc.* | 6,185 | 199,590 | ||
| Electronic Arts, Inc.* | 4,639 | 109,480 | ||
| Fidelity National Information Services, Inc. | 3,894 | 119,896 | ||
| Fiserv, Inc.* | 1,461 | 91,502 | ||
| Google, Inc., Class A* | 973 | 492,708 | ||
| International Business Machines Corp. | 14,196 | 2,435,324 | ||
| Intuit, Inc.* | 1,408 | 73,019 | ||
| Mastercard, Inc., Class A | 446 | 134,398 | ||
| Microsoft Corp. | 45,650 | 1,186,900 | ||
| Oracle Corp. | 16,577 | 545,549 | ||
The accompanying notes are an integral part of these financial statements.
22
Schedule of Investments — continued
RevenueShares Large Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| Software & Services (continued) | ||||
| Paychex, Inc. | 1,328 | $ | 40,796 | |
| Red Hat, Inc.* | 259 | 11,888 | ||
| SAIC, Inc.* | 14,459 | 243,200 | ||
| Salesforce.com, Inc.* | 191 | 28,455 | ||
| Symantec Corp.* | 7,197 | 141,925 | ||
| Total System Services, Inc. | 2,296 | 42,660 | ||
| VeriSign, Inc. | 457 | 15,291 | ||
| Visa, Inc., Class A | 2,049 | 172,649 | ||
| Western Union Co. | 5,686 | 113,891 | ||
| Yahoo!, Inc.* | 8,124 | 122,185 | ||
| Total Software & Services | 7,205,985 | |||
| Technology Hardware & Equipment—4.3% | ||||
| Agilent Technologies, Inc.* | 2,669 | 136,413 | ||
| Amphenol Corp., Class A | 1,268 | 68,459 | ||
| Apple, Inc.* | 3,724 | 1,250,035 | ||
| Cisco Systems, Inc. | 40,264 | 628,521 | ||
| Corning, Inc. | 6,882 | 124,908 | ||
| Dell, Inc.* | 80,383 | 1,339,985 | ||
| EMC Corp.* | 15,035 | 414,214 | ||
| F5 Networks, Inc.* | 416 | 45,864 | ||
| FLIR Systems, Inc. | 916 | 30,878 | ||
| Harris Corp. | 2,277 | 102,602 | ||
| Hewlett-Packard Co. | 61,932 | 2,254,325 | ||
| Jabil Circuit, Inc. | 15,393 | 310,939 | ||
| JDS Uniphase Corp.* | 1,873 | 31,204 | ||
| Juniper Networks, Inc.* | 2,162 | 68,103 | ||
| Lexmark International, Inc., Class A* | 2,306 | 67,474 | ||
| Molex, Inc. | 2,442 | 62,930 | ||
| Motorola Mobility Holdings, Inc.* | 900 | 19,836 | ||
| Motorola Solutions, Inc.* | 12,694 | 584,432 | ||
| NetApp, Inc.* | 1,327 | 70,039 | ||
| QUALCOMM, Inc. | 4,545 | 258,110 | ||
| SanDisk Corp.* | 1,944 | 80,676 | ||
| Tellabs, Inc. | 4,964 | 22,884 | ||
| Teradata Corp.* | 937 | 56,407 | ||
| Western Digital Corp.* | 5,491 | 199,763 | ||
| Xerox Corp. | 34,818 | 362,455 | ||
| Total Technology Hardware & Equipment | 8,591,456 | |||
| Telecommunication Services—3.2% | ||||
| American Tower Corp., Class A* | 749 | 39,195 | ||
| AT&T, Inc. | 89,892 | 2,823,508 | ||
| CenturyLink, Inc. | 3,276 | 132,449 | ||
| Frontier Communications Corp. | 6,612 | 53,359 | ||
| MetroPCS Communications, Inc.* | 6,507 | 111,985 | ||
| Sprint Nextel Corp.* | 153,176 | 825,619 | ||
| Verizon Communications, Inc. | 65,662 | 2,444,596 | ||
| Windstream Corp. | 5,119 | 66,342 | ||
| Total Telecommunication Services | 6,497,053 | |||
| Transportation—1.6% | ||||
| CH Robinson Worldwide, Inc. | 2,408 | 189,847 | ||
| CSX Corp. | 9,959 | 261,125 | ||
| Investments | Shares | Value | ||
| Expeditors International of | ||||
| Washington, Inc. | 2,069 | $ | 105,912 | |
| FedEx Corp. | 7,382 | 700,183 | ||
| Norfolk Southern Corp. | 3,162 | 236,928 | ||
| Ryder System, Inc. | 2,236 | 127,116 | ||
| Southwest Airlines Co. | 18,971 | 216,649 | ||
| Union Pacific Corp. | 3,717 | 388,055 | ||
| United Parcel Service, Inc., Class B | 13,971 | 1,018,905 | ||
| Total Transportation | 3,244,720 | |||
| Utilities—3.8% | ||||
| AES Corp.* | 29,510 | 375,957 | ||
| Ameren Corp. | 5,495 | 158,476 | ||
| American Electric Power Co., Inc. | 8,276 | 311,840 | ||
| CenterPoint Energy, Inc. | 11,758 | 227,517 | ||
| CMS Energy Corp. | 6,993 | 137,692 | ||
| Consolidated Edison, Inc. | 5,689 | 302,882 | ||
| Constellation Energy Group, Inc. | 10,585 | 401,807 | ||
| Dominion Resources, Inc. | 7,293 | 352,033 | ||
| DTE Energy Co. | 3,803 | 190,226 | ||
| Duke Energy Corp. | 16,561 | 311,844 | ||
| Edison International | 6,722 | 260,477 | ||
| Entergy Corp. | 3,401 | 232,220 | ||
| Exelon Corp. | 9,342 | 400,211 | ||
| FirstEnergy Corp. | 7,634 | 337,041 | ||
| Integrys Energy Group, Inc. | 2,294 | 118,921 | ||
| NextEra Energy, Inc. | 6,282 | 360,964 | ||
| Nicor, Inc. | 1,117 | 61,145 | ||
| NiSource, Inc. | 7,616 | 154,224 | ||
| Northeast Utilities | 3,257 | 114,549 | ||
| NRG Energy, Inc.* | 10,179 | 250,200 | ||
| Oneok, Inc. | 5,201 | 384,926 | ||
| Pepco Holdings, Inc. | 9,346 | 183,462 | ||
| PG&E Corp. | 6,063 | 254,828 | ||
| Pinnacle West Capital Corp. | 1,631 | 72,710 | ||
| PPL Corp. | 6,852 | 190,691 | ||
| Progress Energy, Inc. | 4,833 | 232,032 | ||
| Public Service Enterprise Group, Inc. | 8,202 | 267,713 | ||
| SCANA Corp. | 2,305 | 90,748 | ||
| Sempra Energy | 3,683 | 194,757 | ||
| Southern Co. | 9,456 | 381,833 | ||
| TECO Energy, Inc. | 4,222 | 79,754 | ||
| Wisconsin Energy Corp. | 2,938 | 92,106 | ||
| Xcel Energy, Inc. | 9,188 | 223,268 | ||
| Total Utilities | 7,709,054 | |||
| Total Investments—99.5% | ||||
| (Cost $172,672,043) | 200,365,287 | |||
| Other Assets in Excess of Liabilities—0.5% | 935,289 | |||
| Net Assets—100.0% | $ | 201,300,576 | ||
| * | Non-income producing security |
| (a) | Real Estate Investment Trust |
The accompanying notes are an integral part of these financial statements.
23
RevenueShares Mid Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| COMMON STOCKS—99.9% | ||||
| Automobiles & Components—1.1% | ||||
| BorgWarner, Inc.* | 11,044 | $ | 892,244 | |
| Gentex Corp. | 16,560 | 500,609 | ||
| Thor Industries, Inc. | 5,095 | 146,940 | ||
| Total Automobiles & Components | 1,539,793 | |||
| Banks—1.9% | ||||
| Associated Banc-Corp. | 11,015 | 153,108 | ||
| Astoria Financial Corp. | 10,025 | 128,220 | ||
| BancorpSouth, Inc. | 274 | 3,400 | ||
| Bank of Hawaii Corp. | 2,257 | 104,996 | ||
| Cathay General Bancorp | 4,352 | 71,329 | ||
| City National Corp. | 2,583 | 140,128 | ||
| Commerce Bancshares, Inc. | 4,029 | 173,247 | ||
| Cullen/Frost Bankers, Inc. | 2,147 | 122,057 | ||
| East West Bancorp, Inc. | 6,892 | 139,287 | ||
| First Niagara Financial Group, Inc. | 36,639 | 483,635 | ||
| FirstMerit Corp. | 216 | 3,566 | ||
| Fulton Financial Corp. | 13,783 | 147,616 | ||
| Hancock Holding Co. | 1,570 | 48,639 | ||
| International Bancshares Corp. | 2,553 | 42,712 | ||
| New York Community Bancorp, Inc. | 12,612 | 189,054 | ||
| Prosperity Bancshares, Inc. | 1,661 | 72,785 | ||
| SVB Financial Group* | 1,833 | 109,448 | ||
| Synovus Financial Corp. | 59,524 | 123,810 | ||
| TCF Financial Corp. | 10,088 | 139,214 | ||
| Trustmark Corp. | 3,321 | 77,745 | ||
| Valley National Bancorp | 6,177 | 84,069 | ||
| Washington Federal, Inc. | 4,219 | 69,318 | ||
| Webster Financial Corp. | 6,889 | 144,807 | ||
| Westamerica Bancorporation | 549 | 27,038 | ||
| Total Banks | 2,799,228 | |||
| Capital Goods—11.8% | ||||
| Acuity Brands, Inc. | 3,746 | 208,952 | ||
| Aecom Technology Corp.* | 31,108 | 850,493 | ||
| AGCO Corp.* | 18,406 | 908,520 | ||
| Alliant Techsystems, Inc. | 5,298 | 377,906 | ||
| AMETEK, Inc. | 8,032 | 360,637 | ||
| BE Aerospace, Inc.* | 7,104 | 289,914 | ||
| Bucyrus International, Inc., Class A | 4,745 | 434,927 | ||
| Carlisle Cos., Inc. | 9,521 | 468,719 | ||
| Crane Co. | 8,668 | 428,286 | ||
| Donaldson Co., Inc. | 4,261 | 258,557 | ||
| Gardner Denver, Inc. | 3,600 | 302,580 | ||
| GATX Corp. | 4,474 | 166,075 | ||
| Graco, Inc. | 10,015 | 507,360 | ||
| Granite Construction, Inc. | 1,415 | 34,710 | ||
| Harsco Corp. | 15,432 | 503,083 | ||
| Hubbell, Inc., Class B | 5,685 | 369,241 | ||
| Huntington Ingalls Industries, Inc.* | 8,330 | 287,385 | ||
| IDEX Corp. | 5,076 | 232,735 | ||
| KBR, Inc. | 50,132 | 1,889,475 | ||
| Kennametal, Inc. | 6,258 | 264,150 | ||
| Lennox International, Inc. | 8,578 | 369,454 | ||
| Lincoln Electric Holdings, Inc. | 8,376 | 300,280 | ||
| MSC Industrial Direct Co., Class A | 3,423 | 226,979 | ||
| Nordson Corp. | 1,540 | 84,469 | ||
| Oshkosh Corp.* | 890 | 25,757 | ||
| Pentair, Inc. | 11,523 | 465,068 | ||
| Investments | Shares | Value | ||
| Regal-Beloit Corp. | 4,383 | $ | 292,653 | |
| Shaw Group, Inc.* | 26,229 | 792,378 | ||
| SPX Corp. | 9,498 | 785,105 | ||
| Terex Corp.* | 19,520 | 555,344 | ||
| Thomas & Betts Corp.* | 5,721 | 308,076 | ||
| Timken Co. | 10,928 | 550,771 | ||
| Trinity Industries, Inc. | 11,247 | 392,295 | ||
| Triumph Group, Inc. | 2,628 | 261,696 | ||
| United Rentals, Inc.* | 12,373 | 314,274 | ||
| URS Corp.* | 22,735 | 1,017,164 | ||
| Valmont Industries, Inc. | 2,838 | 273,555 | ||
| Wabtec Corp. | 3,873 | 254,534 | ||
| Watsco, Inc. | 5,972 | 406,036 | ||
| Woodward, Inc. | 5,142 | 179,250 | ||
| Total Capital Goods | 16,998,843 | |||
| Commercial & Professional Services—3.5% | ||||
| Brink’s Co. | 16,364 | 488,138 | ||
| Clean Harbors, Inc.* | 2,914 | 300,871 | ||
| Copart, Inc.* | 3,057 | 142,456 | ||
| Corporate Executive Board Co. | 1,602 | 69,927 | ||
| Corrections Corp. of America* | 3,916 | 84,781 | ||
| Deluxe Corp. | 8,869 | 219,153 | ||
| FTI Consulting, Inc.* | 3,872 | 146,904 | ||
| Herman Miller, Inc. | 23,605 | 642,528 | ||
| HNI Corp. | 5,188 | 130,323 | ||
| Korn/Ferry International* | 3,305 | 72,677 | ||
| Manpower, Inc. | 28,342 | 1,520,548 | ||
| Mine Safety Appliances Co. | 4,164 | 155,484 | ||
| Rollins, Inc. | 26,876 | 547,733 | ||
| Towers Watson & Co., Class A | 5,335 | 350,563 | ||
| Waste Connections, Inc. | 5,843 | 185,398 | ||
| Total Commercial & Professional Services | 5,057,484 | |||
| Consumer Durables & Apparel—4.1% | ||||
| American Greetings Corp., Class A | 10,150 | 244,006 | ||
| Deckers Outdoor Corp.* | 1,593 | 140,407 | ||
| Eastman Kodak Co.* | 1,342 | 4,804 | ||
| Fossil, Inc.* | 3,522 | 414,610 | ||
| Hanesbrands, Inc.* | 22,194 | 633,639 | ||
| KB Home | 12,477 | 122,025 | ||
| MDC Holdings, Inc. | 3,082 | 75,940 | ||
| Mohawk Industries, Inc.* | 14,660 | 879,453 | ||
| NVR, Inc.* | 611 | 443,268 | ||
| Phillips-Van Heusen Corp. | 4,812 | 315,042 | ||
| Polaris Industries, Inc. | 3,333 | 370,530 | ||
| Ryland Group, Inc. | 5,161 | 85,311 | ||
| Timberland Co., Class A* | 7,383 | 317,248 | ||
| Toll Brothers, Inc.* | 30,096 | 624,191 | ||
| Tupperware Brands Corp. | 6,629 | 447,126 | ||
| Under Armour, Inc., Class A* | 7,434 | 574,723 | ||
| Warnaco Group, Inc.* | 5,212 | 272,327 | ||
| Total Consumer Durables & Apparel | 5,964,650 | |||
| Consumer Services—2.5% | ||||
| Bally Technologies, Inc.* | 2,551 | 103,775 | ||
| Bob Evans Farms, Inc. | 7,022 | 245,559 | ||
| Brinker International, Inc. | 19,592 | 479,220 | ||
| Career Education Corp.* | 9,564 | 202,279 | ||
| Cheesecake Factory, Inc.* | 6,983 | 219,057 | ||
| International Speedway Corp., Class A | 3,472 | 98,640 | ||
The accompanying notes are an integral part of these financial statements.
24
Schedule of Investments — continued
RevenueShares Mid Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| Consumer Services (continued) | ||||
| ITT Educational Services, Inc.* | 2,264 | $ | 177,135 | |
| Life Time Fitness, Inc.* | 3,012 | 120,209 | ||
| Matthews International Corp., Class A | 13,151 | 528,013 | ||
| Panera Bread Co., Class A* | 2,004 | 251,823 | ||
| Regis Corp. | 4,186 | 64,129 | ||
| Scientific Games Corp., Class A* | 7,901 | 81,696 | ||
| Service Corp. International | 35,434 | 413,869 | ||
| Sotheby’s | 2,019 | 87,826 | ||
| Strayer Education, Inc. | 112 | 14,156 | ||
| Wendy’s/Arby’s Group, Inc., Class A | 101,026 | 512,202 | ||
| WMS Industries, Inc.* | 74 | 2,273 | ||
| Total Consumer Services | 3,601,861 | |||
| Diversified Financials—1.4% | ||||
| Affiliated Managers Group, Inc.* | 5,485 | 556,453 | ||
| Apollo Investment Corp. | 4,817 | 49,182 | ||
| Eaton Vance Corp. | 4,776 | 144,378 | ||
| Greenhill & Co., Inc. | 110 | 5,920 | ||
| Jefferies Group, Inc.* | 5,540 | 113,016 | ||
| MSCI, Inc., Class A* | 12,063 | 454,534 | ||
| Raymond James Financial, Inc. | 12,228 | 393,130 | ||
| SEI Investments Co. | 5,521 | 124,278 | ||
| Waddell & Reed Financial, Inc., Class A | 4,108 | 149,326 | ||
| Total Diversified Financials | 1,990,217 | |||
| Energy—4.9% | ||||
| Arch Coal, Inc. | 12,170 | 324,452 | ||
| Atwood Oceanics, Inc.* | 2,283 | 100,749 | ||
| Bill Barrett Corp.* | 2,368 | 109,757 | ||
| CARBO Ceramics, Inc. | 4,256 | 693,515 | ||
| Cimarex Energy Co. | 2,289 | 205,827 | ||
| Comstock Resources, Inc.* | 1,341 | 38,607 | ||
| Dresser-Rand Group, Inc.* | 9,336 | 501,810 | ||
| Dril-Quip, Inc.* | 887 | 60,165 | ||
| Exterran Holdings, Inc.* | 8,713 | 172,779 | ||
| Forest Oil Corp.* | 3,261 | 87,101 | ||
| Helix Energy Solutions Group, Inc.* | 11,129 | 184,296 | ||
| HollyFrontier Corp.* | 21,119 | 1,465,659 | ||
| Northern Oil and Gas, Inc.* | 168 | 3,721 | ||
| Oceaneering International, Inc. | 7,158 | 289,899 | ||
| Oil States International, Inc.* | 6,005 | 479,860 | ||
| Overseas Shipholding Group, Inc. | 190 | 5,119 | ||
| Patriot Coal Corp.* | 15,056 | 335,147 | ||
| Patterson-UTI Energy, Inc. | 7,310 | 231,069 | ||
| Plains Exploration & Production Co.* | 7,002 | 266,916 | ||
| Quicksilver Resources, Inc.* | 8,727 | 128,810 | ||
| SM Energy Co. | 4,098 | 301,121 | ||
| Southern Union Co. | 13,515 | 542,627 | ||
| Superior Energy Services, Inc.* | 6,019 | 223,546 | ||
| Tidewater, Inc. | 3,168 | 170,470 | ||
| Unit Corp.* | 2,477 | 150,924 | ||
| Total Energy | 7,073,946 | |||
| Food & Staples Retailing—1.8% | ||||
| BJ’s Wholesale Club, Inc.* | 38,394 | 1,933,138 | ||
| Ruddick Corp. | 15,671 | 682,315 | ||
| Total Food & Staples Retailing | 2,615,453 | |||
| Investments | Shares | Value | ||
| Food, Beverage & Tobacco—3.8% | ||||
| Corn Products International, Inc. | 11,533 | $ | 637,544 | |
| Flowers Foods, Inc. | 21,106 | 465,176 | ||
| Green Mountain Coffee Roasters, Inc.* | 5,173 | 461,742 | ||
| Hansen Natural Corp.* | 3,607 | 291,987 | ||
| Lancaster Colony Corp. | 8,935 | 543,427 | ||
| Ralcorp Holdings, Inc.* | 8,632 | 747,359 | ||
| Smithfield Foods, Inc.* | 79,405 | 1,736,587 | ||
| Tootsie Roll Industries, Inc. | 15,831 | 463,215 | ||
| Universal Corp. | 4,312 | 162,433 | ||
| Total Food, Beverage & Tobacco | 5,509,470 | |||
| Health Care Equipment & Services—9.5% | ||||
| Allscripts Healthcare Solutions, Inc.* | 27,001 | 524,359 | ||
| Catalyst Health Solutions, Inc.* | 228 | 12,727 | ||
| Community Health Systems, Inc.* | 6,166 | 158,343 | ||
| Cooper Cos., Inc. | 3,203 | 253,806 | ||
| Gen-Probe, Inc.* | 1,377 | 95,220 | ||
| Health Management Associates, Inc., Class A* | 76,017 | 819,463 | ||
| Health Net, Inc.* | 79,826 | 2,564,011 | ||
| Henry Schein, Inc.* | 17,158 | 1,228,341 | ||
| Hill-Rom Holdings, Inc. | 4,837 | 222,695 | ||
| Hologic, Inc.* | 13,130 | 264,832 | ||
| IDEXX Laboratories, Inc.* | 7,167 | 555,873 | ||
| Immucor, Inc.* | 2,275 | 46,455 | ||
| Kindred Healthcare, Inc.* | 35,148 | 754,628 | ||
| Kinetic Concepts, Inc.* | 6,728 | 387,735 | ||
| LifePoint Hospitals, Inc.* | 12,036 | 470,367 | ||
| Lincare Holdings, Inc. | 5,668 | 165,902 | ||
| Masimo Corp. | 1,765 | 52,385 | ||
| Mednax, Inc.* | 2,908 | 209,928 | ||
| Omnicare, Inc. | 35,275 | 1,124,920 | ||
| Owens & Minor, Inc. | 19,342 | 667,106 | ||
| ResMed, Inc.* | 1,432 | 44,320 | ||
| STERIS Corp. | 4,791 | 167,589 | ||
| Teleflex, Inc. | 4,822 | 294,431 | ||
| Thoratec Corp.* | 1,912 | 62,752 | ||
| Universal Health Services, Inc., Class B | 18,237 | 939,753 | ||
| VCA Antech, Inc.* | 280 | 5,936 | ||
| WellCare Health Plans, Inc.* | 30,692 | 1,577,876 | ||
| Total Health Care Equipment & Services | 13,671,753 | |||
| Household & Personal Products—0.7% | ||||
| Church & Dwight Co., Inc. | 11,807 | 478,656 | ||
| Energizer Holdings, Inc.* | 8,140 | 589,010 | ||
| Total Household & Personal Products | 1,067,666 | |||
| Insurance—6.0% | ||||
| American Financial Group, Inc. | 19,045 | 679,716 | ||
| Arthur J. Gallagher & Co. | 21,960 | 626,738 | ||
| Aspen Insurance Holdings Ltd. | 268 | 6,896 | ||
| Brown & Brown, Inc. | 20,229 | 519,076 | ||
| Everest Re Group Ltd. | 7,455 | 609,446 | ||
| Fidelity National Financial, Inc., Class A | 55,396 | 871,933 | ||
| First American Financial Corp. | 35,101 | 549,331 | ||
| Hanover Insurance Group, Inc. | 333 | 12,557 | ||
| HCC Insurance Holdings, Inc. | 11,236 | 353,934 | ||
| Mercury General Corp. | 8,743 | 345,261 | ||
| Old Republic International Corp. | 31,258 | 367,282 | ||
The accompanying notes are an integral part of these financial statements.
25
Schedule of Investments — continued
RevenueShares Mid Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| Insurance (continued) | ||||
| Protective Life Corp. | 15,070 | $ | 348,569 | |
| Reinsurance Group of America, Inc., Class A | 20,553 | 1,250,856 | ||
| StanCorp Financial Group, Inc. | 8,160 | 344,270 | ||
| Transatlantic Holdings, Inc. | 11,798 | 578,220 | ||
| Unitrin, Inc. | 14,655 | 434,814 | ||
| W.R. Berkley Corp. | 23,857 | 773,921 | ||
| Total Insurance | 8,672,820 | |||
| Materials—8.7% | ||||
| Albemarle Corp. | 5,844 | 404,405 | ||
| Aptargroup, Inc. | 6,042 | 316,238 | ||
| Ashland, Inc. | 23,480 | 1,517,278 | ||
| Cabot Corp. | 10,263 | 409,186 | ||
| Carpenter Technology Corp. | 3,914 | 225,760 | ||
| Commercial Metals Co. | 17,133 | 245,859 | ||
| Compass Minerals International, Inc. | 1,637 | 140,897 | ||
| Cytec Industries, Inc. | 8,877 | 507,676 | ||
| Domtar Corp. | 2,133 | 202,038 | ||
| Greif, Inc., Class A | 7,335 | 476,995 | ||
| Intrepid Potash, Inc.* | 1,351 | 43,907 | ||
| Louisiana-Pacific Corp.* | 15,102 | 122,930 | ||
| Lubrizol Corp. | 7,016 | 942,038 | ||
| Martin Marietta Materials, Inc. | 2,042 | 163,299 | ||
| Minerals Technologies, Inc. | 2,215 | 146,832 | ||
| NewMarket Corp. | 1,947 | 332,372 | ||
| Olin Corp. | 10,590 | 239,969 | ||
| Packaging Corp. of America | 12,169 | 340,610 | ||
| Reliance Steel & Aluminum Co. | 15,865 | 787,697 | ||
| Rock-Tenn Co., Class A | 7,383 | 489,788 | ||
| RPM International, Inc. | 21,808 | 502,020 | ||
| Scotts Miracle-Gro Co., Class A | 8,734 | 448,142 | ||
| Sensient Technologies Corp. | 5,022 | 186,166 | ||
| Silgan Holdings, Inc. | 12,183 | 499,138 | ||
| Sonoco Products Co. | 20,686 | 735,180 | ||
| Steel Dynamics, Inc. | 37,942 | 616,557 | ||
| Temple-Inland, Inc. | 22,753 | 676,674 | ||
| Valspar Corp. | 12,693 | 457,710 | ||
| Worthington Industries, Inc. | 14,187 | 327,720 | ||
| Total Materials | 12,505,081 | |||
| Media—0.6% | ||||
| AMC Networks, Inc., Class A* | 6,111 | 265,828 | ||
| DreamWorks Animation SKG, Inc., Class A* | 170 | 3,417 | ||
| John Wiley & Sons, Inc., Class A | 5,014 | 260,778 | ||
| Lamar Advertising Co., Class A* | 3,155 | 86,352 | ||
| Meredith Corp. | 230 | 7,160 | ||
| New York Times Co., Class A* | 344 | 3,000 | ||
| Scholastic Corp. | 6,983 | 185,748 | ||
| Total Media | 812,283 | |||
| Pharmaceuticals, Biotechnology & Life Sciences—1.8% | ||||
| Bio-Rad Laboratories, Inc., Class A* | 2,569 | 306,636 | ||
| Charles River Laboratories International, Inc.* | 4,507 | 183,209 | ||
| Covance, Inc.* | 5,569 | 330,631 | ||
| Endo Pharmaceuticals Holdings, Inc.* | 6,125 | 246,041 | ||
| Medicis Pharmaceutical Corp., Class A | 3,533 | 134,855 | ||
| Mettler-Toledo International, Inc.* | 1,672 | 282,016 | ||
| Investments | Shares | Value | ||
| Perrigo Co. | 4,515 | $ | 396,733 | |
| Pharmaceutical Product Development, Inc. | 7,457 | 200,146 | ||
| Techne Corp. | 588 | 49,022 | ||
| United Therapeutics Corp.* | 560 | 30,856 | ||
| Vertex Pharmaceuticals, Inc.* | 8,723 | 453,509 | ||
| Total Pharmaceuticals, Biotechnology & Life Sciences | 2,613,654 | |||
| Real Estate—2.2% | ||||
| Alexandria Real Estate Equities, Inc.(a) | 947 | 73,317 | ||
| BRE Properties, Inc.(a) | 1,113 | 55,516 | ||
| Camden Property Trust(a) | 1,642 | 104,464 | ||
| Corporate Office Properties Trust(a) | 455 | 14,155 | ||
| Cousins Properties, Inc.(a) | 4,223 | 36,064 | ||
| Duke Realty Corp.(a) | 17,612 | 246,744 | ||
| Equity One, Inc.(a) | 2,253 | 41,996 | ||
| Essex Property Trust, Inc.(a) | 511 | 69,133 | ||
| Federal Realty Investment Trust(a) | 1,004 | 85,521 | ||
| Highwoods Properties, Inc.(a) | 2,151 | 71,263 | ||
| Hospitality Properties Trust(a) | 6,628 | 160,729 | ||
| Jones Lang LaSalle, Inc. | 4,769 | 449,717 | ||
| Liberty Property Trust(a) | 3,411 | 111,130 | ||
| Macerich Co.(a) | 9,655 | 516,543 | ||
| Mack-Cali Realty Corp.(a) | 3,600 | 118,584 | ||
| Nationwide Health Properties, Inc.(a) | 1,691 | 70,024 | ||
| Omega Healthcare Investors, Inc.(a) | 1,493 | 31,368 | ||
| Potlatch Corp.(a) | 2,062 | 72,727 | ||
| Rayonier, Inc.(a) | 3,471 | 226,830 | ||
| Realty Income Corp.(a) | 1,377 | 46,116 | ||
| Regency Centers Corp.(a) | 1,649 | 72,507 | ||
| Senior Housing Properties Trust(a) | 2,100 | 49,161 | ||
| SL Green Realty Corp.(a) | 2,328 | 192,921 | ||
| Taubman Centers, Inc.(a) | 1,706 | 100,995 | ||
| UDR, Inc.(a) | 3,726 | 91,473 | ||
| Weingarten Realty Investors(a) | 3,282 | 82,575 | ||
| Total Real Estate | 3,191,573 | |||
| Retailing—6.6% | ||||
| 99 Cents Only Stores* | 30,313 | 613,535 | ||
| Aaron’s, Inc. | 12,372 | 349,633 | ||
| Advance Auto Parts, Inc. | 11,843 | 692,697 | ||
| Aeropostale, Inc.* | 372 | 6,510 | ||
| American Eagle Outfitters, Inc. | 2,282 | 29,095 | ||
| ANN, Inc.* | 9,688 | 252,857 | ||
| Ascena Retail Group, Inc.* | 11,195 | 381,190 | ||
| Barnes & Noble, Inc. | 45,192 | 749,283 | ||
| Chico’s FAS, Inc. | 44,622 | 679,593 | ||
| Collective Brands, Inc.* | 5,533 | 81,280 | ||
| Dick’s Sporting Goods, Inc.* | 16,456 | 632,733 | ||
| Dollar Tree, Inc.* | 12,576 | 837,813 | ||
| Foot Locker, Inc. | 35,466 | 842,672 | ||
| Guess?, Inc. | 5,139 | 216,146 | ||
| LKQ Corp.* | 14,270 | 372,304 | ||
| Office Depot, Inc.* | 1,326 | 5,596 | ||
| PetSmart, Inc. | 18,659 | 846,559 | ||
| RadioShack Corp. | 6,145 | 81,790 | ||
| Rent-A-Center, Inc., Class A | 12,617 | 385,576 | ||
| Saks, Inc.* | 32,033 | 357,809 | ||
| Tractor Supply Co. | 10,120 | 676,826 | ||
The accompanying notes are an integral part of these financial statements.
26
Schedule of Investments — continued
RevenueShares Mid Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| Retailing (continued) | ||||
| Williams-Sonoma, Inc. | 11,882 | $ | 433,574 | |
| Total Retailing | 9,525,071 | |||
| Semiconductors & Semiconductor Equipment—1.3% | ||||
| Atmel Corp.* | 16,280 | 229,059 | ||
| Cree, Inc.* | 381 | 12,798 | ||
| Cypress Semiconductor Corp.* | 25,430 | 537,590 | ||
| Fairchild Semiconductor International, Inc., Class A* | 13,919 | 232,586 | ||
| Integrated Device Technology, Inc.* | 9,873 | 77,602 | ||
| International Rectifier Corp.* | 3,368 | 94,203 | ||
| Intersil Corp., Class A | 2,244 | 28,835 | ||
| Lam Research Corp.* | 3,814 | 168,884 | ||
| RF Micro Devices, Inc.* | 14,467 | 88,538 | ||
| Semtech Corp.* | 1,502 | 41,065 | ||
| Silicon Laboratories, Inc.* | 437 | 18,031 | ||
| Skyworks Solutions, Inc.* | 4,668 | 107,271 | ||
| Varian Semiconductor Equipment | ||||
| Associates, Inc.* | 4,205 | 258,355 | ||
| Total Semiconductors & | ||||
| Semiconductor Equipment | 1,894,817 | |||
| Software & Services—4.6% | ||||
| ACI Worldwide, Inc.* | 2,024 | 68,350 | ||
| Acxiom Corp.* | 7,025 | 92,098 | ||
| Advent Software, Inc.* | 96 | 2,704 | ||
| Alliance Data Systems Corp.* | 5,201 | 489,258 | ||
| ANSYS, Inc.* | 8,452 | 462,071 | ||
| AOL, Inc.* | 414 | 8,222 | ||
| Broadridge Financial Solutions, Inc. | 13,296 | 320,035 | ||
| Cadence Design Systems, Inc.* | 43,787 | 462,391 | ||
| Concur Technologies, Inc.* | 1,974 | 98,838 | ||
| Convergys Corp.* | 24,022 | 327,660 | ||
| CoreLogic, Inc.* | 6,887 | 115,082 | ||
| Digital River, Inc.* | 1,365 | 43,898 | ||
| DST Systems, Inc. | 7,094 | 374,563 | ||
| Equinix, Inc.* | 1,844 | 186,281 | ||
| Factset Research Systems, Inc. | 911 | 93,214 | ||
| Fair Isaac Corp. | 3,471 | 104,824 | ||
| Gartner, Inc.* | 5,249 | 211,482 | ||
| Global Payments, Inc. | 5,005 | 255,255 | ||
| Informatica Corp.* | 8,595 | 502,206 | ||
| Jack Henry & Associates, Inc. | 3,784 | 113,558 | ||
| Lender Processing Services, Inc. | 344 | 7,193 | ||
| Mantech International Corp., Class A | 7,132 | 316,803 | ||
| Mentor Graphics Corp.* | 9,043 | 115,841 | ||
| MICROS Systems, Inc.* | 2,672 | 132,825 | ||
| NeuStar, Inc., Class A* | 2,744 | 71,893 | ||
| Parametric Technology Corp.* | 5,986 | 137,259 | ||
| Quest Software, Inc.* | 3,464 | 78,737 | ||
| Rackspace Hosting, Inc.* | 12,691 | 542,413 | ||
| Rovi Corp.* | 1,303 | 74,740 | ||
| Solera Holdings, Inc. | 1,686 | 99,744 | ||
| SRA International, Inc., Class A* | 11,003 | 340,213 | ||
| Synopsys, Inc.* | 6,934 | 178,273 | ||
| TIBCO Software, Inc.* | 4,731 | 137,294 | ||
| ValueClick, Inc.* | 3,379 | 56,091 | ||
| Total Software & Services | 6,621,309 | |||
| Investments | Shares | Value | ||
| Technology Hardware & Equipment—11.3% | ||||
| ADTRAN, Inc. | 2,168 | $ | 83,923 | |
| Arrow Electronics, Inc.* | 72,526 | 3,009,829 | ||
| Avnet, Inc.* | 71,486 | 2,278,974 | ||
| Ciena Corp.* | 6,612 | 121,529 | ||
| Diebold, Inc. | 11,966 | 371,066 | ||
| Ingram Micro, Inc., Class A* | 230,565 | 4,182,449 | ||
| Itron, Inc.* | 216 | 10,403 | ||
| National Instruments Corp. | 3,104 | 92,158 | ||
| NCR Corp.* | 43,809 | 827,552 | ||
| Plantronics, Inc. | 12,896 | 471,091 | ||
| Polycom, Inc.* | 4,088 | 262,858 | ||
| QLogic Corp.* | 634 | 10,093 | ||
| Riverbed Technology, Inc.* | 68 | 2,692 | ||
| Tech Data Corp.* | 72,500 | 3,544,525 | ||
| Trimble Navigation Ltd.* | 3,836 | 152,059 | ||
| Vishay Intertechnology, Inc.* | 23,179 | 348,612 | ||
| Zebra Technologies Corp., Class A* | 12,630 | 532,607 | ||
| Total Technology Hardware & Equipment | 16,302,420 | |||
| Telecommunication Services—0.5% | ||||
| Telephone & Data Systems, Inc. | 15,405 | 478,787 | ||
| tw Telecom, Inc., Class A* | 10,531 | 216,202 | ||
| Total Telecommunication Services | 694,989 | |||
| Transportation—3.0% | ||||
| Alaska Air Group, Inc.* | 10,653 | 729,304 | ||
| Alexander & Baldwin, Inc. | 5,663 | 272,730 | ||
| Con-Way, Inc. | 18,978 | 736,536 | ||
| JB Hunt Transport Services, Inc. | 12,683 | 597,243 | ||
| JetBlue Airways Corp.* | 75,042 | 457,756 | ||
| Kansas City Southern* | 5,046 | 299,379 | ||
| Kirby Corp.* | 3,371 | 191,035 | ||
| Landstar System, Inc. | 8,246 | 383,274 | ||
| UTi Worldwide, Inc. | 376 | 7,403 | ||
| Werner Enterprises, Inc. | 26,192 | 656,110 | ||
| Total Transportation | 4,330,770 | |||
| Utilities—6.3% | ||||
| AGL Resources, Inc. | 9,082 | 369,728 | ||
| Alliant Energy Corp. | 12,970 | 527,360 | ||
| Aqua America, Inc. | 22,020 | 484,000 | ||
| Atmos Energy Corp. | 20,704 | 688,408 | ||
| Black Hills Corp. | 6,008 | 180,781 | ||
| Cleco Corp. | 15,795 | 550,456 | ||
| DPL, Inc. | 9,775 | 294,814 | ||
| Energen Corp. | 4,688 | 264,872 | ||
| Great Plains Energy, Inc. | 16,235 | 336,551 | ||
| Hawaiian Electric Industries, Inc. | 16,081 | 386,909 | ||
| IDACORP, Inc. | 3,902 | 154,129 | ||
| MDU Resources Group, Inc. | 26,578 | 598,005 | ||
| National Fuel Gas Co. | 3,727 | 271,326 | ||
| NSTAR | 9,654 | 443,891 | ||
| NV Energy, Inc. | 33,901 | 520,380 | ||
| OGE Energy Corp. | 11,291 | 568,163 | ||
| PNM Resources, Inc. | 18,405 | 308,100 | ||
| Questar Corp. | 17,630 | 312,227 | ||
| UGI Corp. | 24,318 | 775,501 | ||
| Vectren Corp. | 11,609 | 323,427 | ||
| Westar Energy, Inc. | 11,251 | 302,764 | ||
The accompanying notes are an integral part of these financial statements.
27
Schedule of Investments — continued
RevenueShares Mid Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| Utilities (continued) | ||||
| WGL Holdings, Inc. | 10,228 | $ | 393,676 | |
| Total Utilities | 9,055,468 | |||
| Total Investments—99.9% | ||||
| (Cost $115,849,412) | 144,110,619 | |||
| Other Assets in Excess of Liabilities—0.1% | 123,894 | |||
| Net Assets—100.0% | $ | 144,234,513 | ||
| * | Non-income producing security |
| (a) | Real Estate Investment Trust |
The accompanying notes are an integral part of these financial statements.
28
RevenueShares Small Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| COMMON STOCKS—99.8% | ||||
| Automobiles & Components—0.5% | ||||
| Drew Industries, Inc. | 5,800 | $ | 143,376 | |
| Spartan Motors, Inc. | 18,113 | 97,810 | ||
| Standard Motor Products, Inc. | 13,631 | 207,600 | ||
| Superior Industries International, Inc. | 7,707 | 170,402 | ||
| Winnebago Industries, Inc.* | 1,785 | 17,243 | ||
| Total Automobiles & Components | 636,431 | |||
| Banks—2.5% | ||||
| Bank Mutual Corp. | 2,883 | 10,581 | ||
| Bank of The Ozarks, Inc. | 1,199 | 62,420 | ||
| Boston Private Financial Holdings, Inc. | 15,145 | 99,654 | ||
| Brookline Bancorp, Inc. | 2,933 | 27,189 | ||
| City Holding Co. | 1,146 | 37,852 | ||
| Columbia Banking System, Inc. | 2,550 | 43,911 | ||
| Community Bank System, Inc. | 2,952 | 73,180 | ||
| Dime Community Bancshares | 3,463 | 50,352 | ||
| First BanCorp* | 46,882 | 202,061 | ||
| First Commonwealth Financial Corp. | 11,389 | 65,373 | ||
| First Financial Bancorp | 5,642 | 94,165 | ||
| First Financial Bankshares, Inc. | 882 | 30,385 | ||
| First Midwest Bancorp, Inc. | 9,502 | 116,780 | ||
| FNB Corp. | 6,669 | 69,024 | ||
| Glacier Bancorp, Inc. | 6,226 | 83,926 | ||
| Hanmi Financial Corp.* | 20,201 | 21,615 | ||
| Home Bancshares, Inc. | 1,904 | 45,010 | ||
| Independent Bank Corp. | 2,103 | 55,204 | ||
| Nara Bancorp, Inc.* | 4,421 | 35,943 | ||
| National Penn Bancshares, Inc. | 15,205 | 120,576 | ||
| NBT Bancorp, Inc. | 3,351 | 74,158 | ||
| Old National Bancorp | 10,110 | 109,188 | ||
| PacWest Bancorp | 5,484 | 112,806 | ||
| Pinnacle Financial Partners, Inc.* | 5,107 | 79,465 | ||
| PrivateBancorp, Inc., Class A | 9,749 | 134,536 | ||
| Provident Financial Services, Inc. | 5,074 | 72,660 | ||
| S&T Bancorp, Inc. | 2,359 | 43,854 | ||
| Signature Bank* | 2,575 | 147,290 | ||
| Simmons First National Corp., Class A | 1,476 | 37,874 | ||
| Sterling Bancorp, Class N | 3,569 | 33,870 | ||
| Sterling Bancshares, Inc. | 8,879 | 72,453 | ||
| Susquehanna Bancshares, Inc. | 21,433 | 171,464 | ||
| Texas Capital Bancshares, Inc.* | 3,305 | 85,368 | ||
| Tompkins Financial Corp. | 1,135 | 44,537 | ||
| Trustco Bank Corp. | 6,862 | 33,624 | ||
| UMB Financial Corp. | 4,013 | 168,064 | ||
| Umpqua Holdings Corp. | 10,904 | 126,159 | ||
| United Bankshares, Inc. | 3,475 | 85,068 | ||
| United Community Banks, Inc.* | 9,840 | 103,910 | ||
| Wilshire Bancorp, Inc.* | 150 | 441 | ||
| Wintrust Financial Corp. | 5,315 | 171,037 | ||
| Total Banks | 3,253,027 | |||
| Capital Goods—10.7% | ||||
| A.O. Smith Corp. | 11,941 | 505,104 | ||
| AAON, Inc. | 2,810 | 61,370 | ||
| AAR Corp. | 11,772 | 318,903 | ||
| Actuant Corp., Class A | 10,423 | 279,649 | ||
| Aerovironment, Inc.* | 1,976 | 69,852 | ||
| Albany International Corp., Class A | 8,691 | 229,355 | ||
| American Science & Engineering, Inc. | 654 | 52,320 | ||
| Investments | Shares | Value | ||
| Apogee Enterprises, Inc. | 13,912 | $ | 178,213 | |
| Applied Industrial Technologies, Inc. | 13,374 | 476,248 | ||
| Astec Industries, Inc.* | 5,394 | 199,470 | ||
| AZZ, Inc. | 2,359 | 108,042 | ||
| Badger Meter, Inc. | 1,402 | 51,860 | ||
| Barnes Group, Inc. | 12,755 | 316,452 | ||
| Belden, Inc. | 10,367 | 361,394 | ||
| Brady Corp., Class A | 8,719 | 279,531 | ||
| Briggs & Stratton Corp. | 22,660 | 450,028 | ||
| Cascade Corp. | 1,742 | 82,867 | ||
| Ceradyne, Inc.* | 2,986 | 116,424 | ||
| CIRCOR International, Inc. | 3,617 | 154,916 | ||
| CLARCOR, Inc. | 5,325 | 251,766 | ||
| Comfort Systems USA, Inc. | 20,159 | 213,887 | ||
| Cubic Corp. | 5,475 | 279,170 | ||
| Curtiss-Wright Corp. | 13,449 | 435,344 | ||
| Dycom Industries, Inc.* | 15,933 | 260,345 | ||
| EMCOR Group, Inc.* | 41,074 | 1,203,879 | ||
| Encore Wire Corp. | 7,729 | 187,196 | ||
| EnPro Industries, Inc.* | 5,313 | 255,396 | ||
| ESCO Technologies, Inc. | 3,534 | 130,051 | ||
| Esterline Technologies Corp.* | 5,314 | 405,990 | ||
| Federal Signal Corp. | 27,551 | 180,735 | ||
| GenCorp, Inc.* | 38,388 | 246,451 | ||
| Gibraltar Industries, Inc.* | 14,378 | 162,759 | ||
| Griffon Corp.* | 24,339 | 245,337 | ||
| II-VI, Inc.* | 3,272 | 83,763 | ||
| Insituform Technologies, Inc., Class A* | 7,832 | 164,237 | ||
| John Bean Technologies Corp. | 9,934 | 191,925 | ||
| Kaman Corp. | 9,824 | 348,457 | ||
| Kaydon Corp. | 2,775 | 103,563 | ||
| Lawson Products, Inc. | 3,531 | 69,455 | ||
| Lindsay Corp. | 1,230 | 84,624 | ||
| Lydall, Inc.* | 9,133 | 109,231 | ||
| Moog, Inc., Class A* | 12,265 | 533,773 | ||
| Mueller Industries, Inc. | 14,257 | 540,483 | ||
| NCI Building Systems, Inc.* | 18,534 | 211,102 | ||
| Orbital Sciences Corp.* | 16,481 | 277,705 | ||
| Orion Marine Group, Inc.* | 5,058 | 47,596 | ||
| Powell Industries, Inc.* | 4,230 | 154,395 | ||
| Quanex Building Products Corp. | 9,871 | 161,786 | ||
| Robbins & Myers, Inc. | 3,793 | 200,460 | ||
| Simpson Manufacturing Co., Inc. | 4,647 | 138,806 | ||
| Standex International Corp. | 4,329 | 132,770 | ||
| Teledyne Technologies, Inc.* | 9,607 | 483,809 | ||
| Toro Co. | 6,185 | 374,193 | ||
| Tredegar Corp. | 8,758 | 160,709 | ||
| Universal Forest Products, Inc. | 11,592 | 277,744 | ||
| Vicor Corp. | 3,081 | 49,820 | ||
| Watts Water Technologies, Inc., Class A | 8,614 | 305,022 | ||
| Total Capital Goods | 13,955,732 | |||
| Commercial & Professional Services—5.2% | ||||
| ABM Industries, Inc. | 31,698 | 739,831 | ||
| CDI Corp. | 10,964 | 145,712 | ||
| Consolidated Graphics, Inc.* | 4,657 | 255,902 | ||
| Dolan Co.* | 4,871 | 41,257 | ||
| Exponent, Inc.* | 1,491 | 64,873 | ||
| G&K Services, Inc., Class A | 6,444 | 218,194 | ||
| Geo Group, Inc.* | 11,505 | 264,960 | ||
The accompanying notes are an integral part of these financial statements.
29
Schedule of Investments — continued
RevenueShares
Small Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| Commercial & Professional Services (continued) | ||||
| Healthcare Services Group, Inc. | 10,904 | $ | 177,190 | |
| Heidrick & Struggles International, Inc. | 4,130 | 93,503 | ||
| Insperity, Inc. | 13,634 | 403,703 | ||
| Interface, Inc., Class A | 13,579 | 263,025 | ||
| Kelly Services, Inc., Class A* | 58,753 | 969,425 | ||
| Mobile Mini, Inc.* | 3,961 | 83,934 | ||
| Navigant Consulting, Inc.* | 6,703 | 70,314 | ||
| On Assignment, Inc.* | 11,632 | 114,343 | ||
| School Specialty, Inc.* | 11,804 | 169,860 | ||
| SFN Group, Inc.* | 48,270 | 438,774 | ||
| Standard Register Co. | 27,872 | 87,797 | ||
| SYKES Enterprises, Inc.* | 12,174 | 262,106 | ||
| Tetra Tech, Inc.* | 13,021 | 292,972 | ||
| TrueBlue, Inc.* | 13,785 | 199,607 | ||
| United Stationers, Inc. | 35,133 | 1,244,762 | ||
| Viad Corp. | 7,295 | 162,606 | ||
| Total Commercial & Professional Services | 6,764,650 | |||
| Consumer Durables & Apparel—5.4% | ||||
| Arctic Cat, Inc.* | 7,086 | 95,165 | ||
| Blyth, Inc. | 6,073 | 305,776 | ||
| Brunswick Corp. | 43,835 | 894,234 | ||
| Callaway Golf Co. | 28,437 | 176,878 | ||
| Carter’s, Inc.* | 12,552 | 386,100 | ||
| CROCS, Inc.* | 9,871 | 254,178 | ||
| Ethan Allen Interiors, Inc. | 6,755 | 143,814 | ||
| Helen of Troy Ltd.* | 5,090 | 175,758 | ||
| Iconix Brand Group, Inc.* | 3,617 | 87,531 | ||
| Jakks Pacific, Inc.* | 9,017 | 166,003 | ||
| Kid Brands, Inc.* | 6,694 | 34,541 | ||
| K-Swiss, Inc., Class A* | 4,187 | 44,508 | ||
| La-Z-Boy, Inc., Class Z* | 31,359 | 309,513 | ||
| Liz Claiborne, Inc.* | 83,069 | 444,419 | ||
| M/I Homes, Inc.* | 11,619 | 142,449 | ||
| Maidenform Brands, Inc.* | 4,853 | 134,234 | ||
| Meritage Homes Corp.* | 10,960 | 247,258 | ||
| Movado Group, Inc. | 5,189 | 88,784 | ||
| National Presto Industries, Inc. | 1,003 | 101,794 | ||
| Oxford Industries, Inc. | 7,986 | 269,607 | ||
| Perry Ellis International, Inc.* | 6,728 | 169,882 | ||
| Pool Corp. | 16,631 | 495,770 | ||
| Quiksilver, Inc.* | 83,786 | 393,794 | ||
| Skechers U.S.A., Inc., Class A* | 16,204 | 234,634 | ||
| Skyline Corp. | 1,194 | 20,895 | ||
| Standard Pacific Corp.* | 63,533 | 212,836 | ||
| Steven Madden Ltd.* | 4,661 | 174,834 | ||
| Sturm Ruger & Co., Inc. | 3,718 | 81,610 | ||
| True Religion Apparel, Inc.* | 3,656 | 106,316 | ||
| Unifirst Corp. | 4,456 | 250,383 | ||
| Universal Electronics, Inc.* | 2,473 | 62,468 | ||
| Wolverine World Wide, Inc. | 8,779 | 366,523 | ||
| Total Consumer Durables & Apparel | 7,072,489 | |||
| Consumer Services—4.4% | ||||
| American Public Education, Inc.* | 1,366 | 60,801 | ||
| Biglari Holdings, Inc.* | 383 | 149,772 | ||
| BJ’s Restaurants, Inc.* | 3,094 | 162,002 | ||
| Boyd Gaming Corp.* | 5,373 | 46,745 | ||
| Buffalo Wild Wings, Inc.* | 3,108 | 206,092 | ||
| California Pizza Kitchen, Inc.* | 8,770 | 161,982 | ||
| Investments | Shares | Value | ||
| Capella Education Co.* | 953 | $ | 39,883 | |
| CEC Entertainment, Inc. | 4,957 | 198,825 | ||
| Coinstar, Inc.* | 5,156 | 281,208 | ||
| Corinthian Colleges, Inc.* | 47,072 | 200,527 | ||
| Cracker Barrel Old Country Store, Inc. | 10,417 | 513,662 | ||
| DineEquity, Inc.* | 6,143 | 321,095 | ||
| Hillenbrand, Inc. | 8,302 | 196,342 | ||
| Interval Leisure Group, Inc.* | 5,595 | 76,596 | ||
| Jack in the Box, Inc.* | 25,818 | 588,134 | ||
| Lincoln Educational Services Corp. | 6,513 | 111,698 | ||
| Marcus Corp. | 6,134 | 60,604 | ||
| Monarch Casino & Resort, Inc.* | 2,614 | 27,290 | ||
| Multimedia Games Holding Co., Inc.* | 5,513 | 25,084 | ||
| O’Charleys, Inc.* | 28,054 | 205,075 | ||
| Papa John’s International, Inc.* | 10,143 | 337,356 | ||
| Peet’s Coffee & Tea, Inc.* | 2,036 | 117,477 | ||
| PF Chang’s China Bistro, Inc. | 5,729 | 230,535 | ||
| Pinnacle Entertainment, Inc.* | 18,187 | 270,986 | ||
| Red Robin Gourmet Burgers, Inc.* | 9,945 | 361,799 | ||
| Ruby Tuesday, Inc.* | 21,056 | 226,984 | ||
| Ruth’s Hospitality Group, Inc.* | 16,438 | 92,217 | ||
| Shuffle Master, Inc.* | 4,128 | 38,617 | ||
| Sonic Corp.* | 13,749 | 146,152 | ||
| Texas Roadhouse, Inc., Class A | 13,152 | 230,620 | ||
| Universal Technical Institute, Inc.* | 4,705 | 93,018 | ||
| Total Consumer Services | 5,779,178 | |||
| Diversified Financials—2.1% | ||||
| Calamos Asset Management, Inc., Class A | 65,641 | 953,107 | ||
| Cash America International, Inc. | 7,781 | 450,286 | ||
| Ezcorp, Inc., Class A* | 5,826 | 207,260 | ||
| First Cash Financial Services, Inc.* | 3,124 | 131,177 | ||
| Interactive Brokers Group, Inc., Class A | 13,527 | 211,698 | ||
| Investment Technology Group, Inc.* | 6,829 | 95,743 | ||
| OptionsXpress Holdings, Inc. | 2,702 | 45,069 | ||
| Piper Jaffray Cos.* | 2,960 | 85,278 | ||
| Portfolio Recovery Associates, Inc.* | 1,210 | 102,596 | ||
| Prospect Capital Corp. | 11,407 | 115,325 | ||
| Stifel Financial Corp.* | 4,597 | 164,848 | ||
| SWS Group, Inc. | 17,506 | 104,861 | ||
| World Acceptance Corp.* | 2,029 | 133,041 | ||
| Total Diversified Financials | 2,800,289 | |||
| Energy—5.6% | ||||
| Basic Energy Services, Inc.* | 9,834 | 309,476 | ||
| Bristow Group, Inc. | 5,845 | 298,212 | ||
| Contango Oil & Gas Co.* | 718 | 41,960 | ||
| Georesources, Inc.* | 423 | 9,513 | ||
| Gulf Island Fabrication, Inc. | 2,182 | 70,435 | ||
| Gulfport Energy Corp.* | 1,190 | 35,331 | ||
| Hornbeck Offshore Services, Inc.* | 4,546 | 125,015 | ||
| ION Geophysical Corp.* | 11,548 | 109,244 | ||
| Lufkin Industries, Inc. | 2,404 | 206,864 | ||
| Matrix Service Co.* | 12,125 | 162,233 | ||
| OYO Geospace Corp.* | 268 | 26,800 | ||
| Penn Virginia Corp. | 5,207 | 68,785 | ||
| Petroleum Development Corp.* | 1,996 | 59,700 | ||
| Petroquest Energy, Inc.* | 5,851 | 41,074 | ||
| Pioneer Drilling Co.* | 13,033 | 198,623 | ||
The accompanying notes are an integral part of these financial statements.
30
Schedule of Investments — continued
RevenueShares Small CAP Fund
June 30, 2011
| Investments | Shares | Value | ||
| Energy (continued) | ||||
| SEACOR Holdings, Inc. | 5,940 | $ | 593,762 | |
| Stone Energy Corp.* | 7,123 | 216,468 | ||
| Swift Energy Co.* | 2,523 | 94,032 | ||
| Tetra Technologies, Inc.* | 17,732 | 225,728 | ||
| World Fuel Services Corp. | 122,050 | 4,385,257 | ||
| Total Energy | 7,278,512 | |||
| Food & Staples Retailing—3.6% | ||||
| Andersons, Inc. | 20,848 | 880,828 | ||
| Casey’s General Stores, Inc. | 24,597 | 1,082,268 | ||
| Nash Finch Co. | 31,762 | 1,137,397 | ||
| Spartan Stores, Inc. | 35,253 | 688,491 | ||
| United Natural Foods, Inc.* | 23,256 | 992,334 | ||
| Total Food & Staples Retailing | 4,781,318 | |||
| Food, Beverage & Tobacco—2.3% | ||||
| Alliance One International, Inc.* | 95,472 | 308,375 | ||
| B&G Foods, Inc., Class A | 2,378 | 49,034 | ||
| Boston Beer Co., Inc., Class A* | 1,347 | 120,691 | ||
| Calavo Growers, Inc. | 3,687 | 77,648 | ||
| Cal-Maine Foods, Inc. | 6,320 | 201,987 | ||
| Darling International, Inc.* | 11,546 | 204,364 | ||
| Diamond Foods, Inc. | 2,814 | 214,821 | ||
| Hain Celestial Group, Inc.* | 7,987 | 266,446 | ||
| J&J Snack Foods Corp. | 3,377 | 168,344 | ||
| Sanderson Farms, Inc. | 10,309 | 492,564 | ||
| Seneca Foods Corp., Class A* | 12,296 | 314,532 | ||
| Snyders-Lance, Inc. | 9,262 | 200,337 | ||
| TreeHouse Foods, Inc.* | 7,693 | 420,115 | ||
| Total Food, Beverage & Tobacco | 3,039,258 | |||
| Health Care Equipment & Services—10.8% | ||||
| Abaxis, Inc.* | 970 | 26,433 | ||
| Air Methods Corp.* | 2,534 | 189,391 | ||
| Align Technology, Inc.* | 4,753 | 108,368 | ||
| Almost Family, Inc.* | 2,152 | 58,965 | ||
| Amedisys, Inc.* | 7,734 | 205,956 | ||
| AMERIGROUP Corp.* | 29,550 | 2,082,388 | ||
| AMN Healthcare Services, Inc.* | 24,284 | 202,043 | ||
| Amsurg Corp., Class A* | 8,071 | 210,895 | ||
| Analogic Corp. | 2,069 | 108,809 | ||
| Bio-Reference Labs, Inc.* | 2,452 | 51,247 | ||
| Cantel Medical Corp. | 2,746 | 73,895 | ||
| Centene Corp.* | 42,855 | 1,522,638 | ||
| Chemed Corp. | 4,704 | 308,206 | ||
| Computer Programs & Systems, Inc. | 789 | 50,086 | ||
| CONMED Corp.* | 6,792 | 193,436 | ||
| Corvel Corp.* | 1,697 | 79,589 | ||
| Cross Country Healthcare, Inc.* | 13,527 | 102,805 | ||
| CryoLife, Inc.* | 4,767 | 26,695 | ||
| Cyberonics, Inc.* | 1,252 | 34,993 | ||
| Ensign Group, Inc. | 6,512 | 197,900 | ||
| Gentiva Health Services, Inc.* | 13,626 | 283,830 | ||
| Greatbatch, Inc.* | 5,140 | 137,855 | ||
| Haemonetics Corp.* | 2,435 | 156,741 | ||
| Hanger Orthopedic Group, Inc.* | 8,853 | 216,633 | ||
| Healthspring, Inc.* | 25,261 | 1,164,785 | ||
| Healthways, Inc.* | 15,698 | 238,296 | ||
| HMS Holdings Corp.* | 1,100 | 84,557 | ||
| ICU Medical, Inc.* | 1,875 | 81,938 | ||
| Investments | Shares | Value | ||
| Integra LifeSciences Holdings Corp.* | 3,589 | $ | 171,590 | |
| Invacare Corp. | 13,925 | 462,171 | ||
| IPC The Hospitalist Co., Inc.* | 2,371 | 109,896 | ||
| Kensey Nash Corp.* | 650 | 16,400 | ||
| Landauer, Inc. | 408 | 25,129 | ||
| LCA-Vision, Inc.* | 3,036 | 14,512 | ||
| LHC Group, Inc.* | 5,533 | 127,591 | ||
| Magellan Health Services, Inc.* | 15,142 | 828,873 | ||
| Medcath Corp.* | 9,720 | 132,095 | ||
| Meridian Bioscience, Inc. | 1,480 | 35,683 | ||
| Merit Medical Systems, Inc.* | 5,407 | 97,164 | ||
| Molina Healthcare, Inc.* | 55,925 | 1,516,686 | ||
| MWI Veterinary Supply, Inc.* | 4,386 | 354,257 | ||
| Natus Medical, Inc.* | 3,279 | 49,677 | ||
| Neogen Corp.* | 873 | 39,468 | ||
| NuVasive, Inc.* | 5,866 | 192,874 | ||
| Omnicell, Inc.* | 3,648 | 56,872 | ||
| Palomar Medical Technologies, Inc.* | 1,154 | 13,017 | ||
| PharMerica Corp.* | 37,840 | 482,838 | ||
| PSS World Medical, Inc.* | 21,915 | 613,839 | ||
| Quality Systems, Inc. | 1,058 | 92,363 | ||
| SurModics, Inc.* | 714 | 7,925 | ||
| Symmetry Medical, Inc.* | 8,660 | 77,680 | ||
| West Pharmaceutical Services, Inc. | 6,549 | 286,584 | ||
| Zoll Medical Corp.* | 2,792 | 158,195 | ||
| Total Health Care Equipment & Services | 14,162,752 | |||
| Household & Personal Products—0.8% | ||||
| Central Garden and Pet Co., Class A* | 36,654 | 372,038 | ||
| Inter Parfums, Inc. | 13,716 | 315,880 | ||
| Medifast, Inc.* | 1,935 | 45,918 | ||
| Prestige Brands Holdings, Inc.* | 19,162 | 246,040 | ||
| WD-40 Co. | 1,911 | 74,605 | ||
| Total Household & Personal Products | 1,054,481 | |||
| Insurance—2.7% | ||||
| AMERISAFE, Inc.* | 3,118 | 70,529 | ||
| Delphi Financial Group, Inc., Class A | 13,517 | 394,832 | ||
| eHealth, Inc.* | 2,139 | 28,577 | ||
| Employers Holdings, Inc. | 5,644 | 94,650 | ||
| Horace Mann Educators Corp. | 12,890 | 201,213 | ||
| Infinity Property & Casualty Corp. | 3,584 | 195,901 | ||
| Meadowbrook Insurance Group, Inc. | 61,495 | 609,416 | ||
| National Financial Partners Corp.* | 17,973 | 207,408 | ||
| Navigators Group, Inc.* | 3,534 | 166,098 | ||
| Presidential Life Corp. | 6,866 | 71,681 | ||
| ProAssurance Corp.* | 2,693 | 188,510 | ||
| RLI Corp. | 2,286 | 141,549 | ||
| Safety Insurance Group, Inc. | 3,080 | 129,483 | ||
| Selective Insurance Group, Inc. | 20,124 | 327,418 | ||
| Stewart Information Services Corp. | 33,969 | 340,709 | ||
| Tower Group, Inc. | 11,773 | 280,433 | ||
| United Fire & Casualty Co. | 6,112 | 106,165 | ||
| Total Insurance | 3,554,572 | |||
| Materials—5.4% | ||||
| A. Schulman, Inc. | 14,483 | 364,827 | ||
| A.M. Castle & Co.* | 12,264 | 203,705 | ||
| AMCOL International Corp. | 6,210 | 236,974 | ||
| American Vanguard Corp. | 7,116 | 92,294 | ||
| Arch Chemicals, Inc. | 9,280 | 319,603 | ||
The accompanying notes are an integral part of these financial statements.
31
Schedule of Investments — continued
RevenueShares Small Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| Materials (continued) | ||||
| Balchem Corp. | 1,782 | $ | 78,016 | |
| Buckeye Technologies, Inc. | 8,169 | 220,400 | ||
| Calgon Carbon Corp.* | 6,987 | 118,779 | ||
| Century Aluminum Co.* | 16,353 | 255,924 | ||
| Clearwater Paper Corp.* | 4,060 | 277,217 | ||
| Deltic Timber Corp. | 674 | 36,187 | ||
| Eagle Materials, Inc. | 4,108 | 114,490 | ||
| H.B. Fuller Co. | 14,709 | 359,194 | ||
| Hawkins, Inc. | 3,027 | 109,638 | ||
| Haynes International, Inc. | 1,827 | 113,146 | ||
| Headwaters, Inc.* | 7,307 | 22,871 | ||
| Kaiser Aluminum Corp. | 4,863 | 265,617 | ||
| KapStone Paper and Packaging Corp.* | 11,771 | 195,045 | ||
| Koppers Holdings, Inc. | 7,420 | 281,441 | ||
| Kraton Performance Polymers, Inc.* | 4,615 | 180,770 | ||
| LSB Industries, Inc.* | 5,488 | 235,545 | ||
| Materion Corp.* | 6,930 | 256,202 | ||
| Myers Industries, Inc. | 16,180 | 166,330 | ||
| Neenah Paper, Inc. | 7,836 | 166,750 | ||
| Olympic Steel, Inc. | 6,434 | 177,128 | ||
| OM Group, Inc.* | 6,904 | 280,579 | ||
| PolyOne Corp. | 46,410 | 717,963 | ||
| Quaker Chemical Corp. | 3,129 | 134,578 | ||
| RTI International Metals, Inc.* | 3,490 | 133,911 | ||
| Schweitzer-Mauduit International, Inc. | 3,012 | 169,124 | ||
| Stepan Co. | 4,485 | 317,986 | ||
| STR Holdings, Inc.* | 3,999 | 59,665 | ||
| Texas Industries, Inc. | 3,555 | 147,995 | ||
| Wausau Paper Corp.* | 24,193 | 163,061 | ||
| Zep, Inc. | 6,555 | 123,889 | ||
| Total Materials | 7,096,844 | |||
| Media—1.1% | ||||
| Arbitron, Inc. | 2,333 | 96,423 | ||
| E.W. Scripps Co., Class A* | 18,608 | 179,939 | ||
| Harte-Hanks, Inc. | 7,003 | 56,864 | ||
| Live Nation Entertainment, Inc.* | 93,014 | 1,066,871 | ||
| Total Media | 1,400,097 | |||
| Pharmaceuticals, Biotechnology & Life Sciences—1.7% | ||||
| Affymetrix, Inc.* | 16,559 | 131,313 | ||
| Arqule, Inc.* | 1,172 | 7,325 | ||
| Cambrex Corp.* | 9,030 | 41,719 | ||
| Cubist Pharmaceuticals, Inc.* | 6,957 | 250,382 | ||
| Emergent Biosolutions, Inc.* | 2,726 | 61,471 | ||
| Enzo Biochem, Inc.* | 4,461 | 18,959 | ||
| eResearchTechnology, Inc.* | 4,219 | 26,875 | ||
| Hi-Tech Pharmacal Co., Inc.* | 1,496 | 43,279 | ||
| Kendle International, Inc.* | 12,210 | 184,127 | ||
| Medicines Co.* | 28,760 | 474,828 | ||
| Par Pharmaceutical Cos., Inc.* | 6,594 | 217,470 | ||
| Parexel International Corp.* | 15,434 | 363,625 | ||
| Questcor Pharmaceuticals, Inc.* | 2,345 | 56,515 | ||
| Regeneron Pharmaceuticals, Inc.* | 3,283 | 186,179 | ||
| Salix Pharmaceuticals Ltd.* | 1,541 | 61,378 | ||
| Savient Pharmaceuticals, Inc.* | 3 | 22 | ||
| Viropharma, Inc.* | 5,620 | 103,970 | ||
| Total Pharmaceuticals, Biotechnology & Life Sciences | 2,229,437 | |||
| Investments | Shares | Value | ||
| Real Estate—1.5% | ||||
| Acadia Realty Trust(a) | 1,949 | $ | 39,623 | |
| BioMed Realty Trust, Inc.(a) | 4,837 | 93,064 | ||
| Cedar Shopping Centers, Inc.(a) | 6,446 | 33,197 | ||
| Colonial Properties Trust(a) | 4,720 | 96,288 | ||
| DiamondRock Hospitality Co.(a) | 12,413 | 133,191 | ||
| EastGroup Properties, Inc.(a) | 1,048 | 44,550 | ||
| Entertainment Properties Trust(a) | 1,582 | 73,879 | ||
| Extra Space Storage, Inc.(a) | 3,690 | 78,708 | ||
| Forestar Group, Inc.* | 1,399 | 22,986 | ||
| Franklin Street Properties Corp.(a) | 2,321 | 29,964 | ||
| Getty Realty Corp.(a) | 1,868 | 47,130 | ||
| Healthcare Realty Trust, Inc.(a) | 2,897 | 59,765 | ||
| Home Properties, Inc.(a) | 2,248 | 136,858 | ||
| Inland Real Estate Corp.(a) | 4,482 | 39,576 | ||
| Kilroy Realty Corp.(a) | 1,945 | 76,808 | ||
| Kite Realty Group Trust(a) | 4,581 | 22,813 | ||
| LaSalle Hotel Properties(a) | 5,486 | 144,501 | ||
| Lexington Realty Trust(a) | 10,053 | 91,784 | ||
| LTC Properties, Inc.(a) | 624 | 17,360 | ||
| Medical Properties Trust, Inc.(a) | 2,887 | 33,201 | ||
| Mid-America Apartment Communities, Inc.(a) | 1,550 | 104,578 | ||
| National Retail Properties, Inc.(a) | 2,015 | 49,388 | ||
| Parkway Properties, Inc.(a) | 3,395 | 57,919 | ||
| Pennsylvania Real Estate Investment Trust(a) | 7,638 | 119,917 | ||
| Post Properties, Inc.(a) | 1,984 | 80,868 | ||
| PS Business Parks, Inc.(a) | 1,271 | 70,032 | ||
| Saul Centers, Inc.(a) | 862 | 33,937 | ||
| Sovran Self Storage, Inc.(a) | 1,314 | 53,874 | ||
| Tanger Factory Outlet Centers(a) | 2,086 | 55,842 | ||
| Universal Health Realty Income Trust(a) | 292 | 11,674 | ||
| Urstadt Biddle Properties, Inc., Class A(a) | 1,001 | 18,128 | ||
| Total Real Estate | 1,971,403 | |||
| Retailing—9.7% | ||||
| Audiovox Corp., Class A* | 15,728 | 118,904 | ||
| Big 5 Sporting Goods Corp. | 378 | 2,971 | ||
| Blue Nile, Inc.* | 1,418 | 62,364 | ||
| Brown Shoe Co., Inc. | 33,514 | 356,924 | ||
| Buckle, Inc. | 5,257 | 224,474 | ||
| Cabela’s, Inc.* | 27,858 | 756,345 | ||
| Cato Corp., Class A | 7,213 | 207,734 | ||
| Childrens Place Retail Stores, Inc.* | 7,376 | 328,158 | ||
| Christopher & Banks Corp. | 17,223 | 99,032 | ||
| Coldwater Creek, Inc.* | 100 | 140 | ||
| Finish Line, Inc., Class A | 14,511 | 310,535 | ||
| Fred’s, Inc., Class A | 30,752 | 443,751 | ||
| Genesco, Inc.* | 9,951 | 518,447 | ||
| Group 1 Automotive, Inc. | 29,894 | 1,231,035 | ||
| Haverty Furniture Cos., Inc. | 11,364 | 130,800 | ||
| Hibbett Sports, Inc.* | 3,746 | 152,500 | ||
| HOT Topic, Inc. | 28,928 | 215,224 | ||
| HSN, Inc.* | 23,131 | 761,473 | ||
| JOS A. Bank Clothiers, Inc.* | 4,395 | 219,794 | ||
| Kirkland’s, Inc.* | 7,005 | 84,200 | ||
| Lithia Motors, Inc., Class A | 35,760 | 701,969 | ||
| Lumber Liquidators Holdings, Inc.* | 6,064 | 154,026 | ||
| MarineMax, Inc.* | 14,879 | 130,340 | ||
The accompanying notes are an integral part of these financial statements.
32
Schedule of Investments — continued
RevenueShares Small Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| Retailing (continued) | ||||
| Men’s Wearhouse, Inc. | 18,683 | $ | 629,617 | |
| Midas, Inc.* | 2,743 | 17,336 | ||
| Monro Muffler Brake, Inc. | 3,572 | 133,200 | ||
| Nutrisystem, Inc. | 2,702 | 37,990 | ||
| OfficeMax, Inc.* | 18,251 | 143,270 | ||
| PEP Boys-Manny Moe & Jack | 33,125 | 362,056 | ||
| PetMed Express, Inc. | 3,064 | 36,308 | ||
| Rue21, Inc.* | 4,050 | 131,625 | ||
| Select Comfort Corp.* | 775 | 13,935 | ||
| Sonic Automotive, Inc., Class A | 121,670 | 1,782,465 | ||
| Stage Stores, Inc. | 21,148 | 355,286 | ||
| Stamps.com, Inc. | 1,429 | 19,063 | ||
| Stein Mart, Inc. | 31,979 | 308,278 | ||
| Tuesday Morning Corp.* | 34,956 | 162,545 | ||
| Vitamin Shoppe, Inc.* | 13,650 | 624,624 | ||
| Zale Corp.* | 111,435 | 624,036 | ||
| Zumiez, Inc.* | 3,113 | 77,732 | ||
| Total Retailing | 12,670,506 | |||
| Semiconductors & Semiconductor Equipment—4.5% | ||||
| Advanced Energy Industries, Inc.* | 7,141 | 105,615 | ||
| ATMI, Inc.* | 4,021 | 82,149 | ||
| Brooks Automation, Inc.* | 12,539 | 136,174 | ||
| Cabot Microelectronics Corp.* | 2,297 | 106,742 | ||
| Ceva, Inc.* | 432 | 13,159 | ||
| Cirrus Logic, Inc.* | 7,410 | 117,819 | ||
| Cohu, Inc. | 4,066 | 53,305 | ||
| Cymer, Inc.* | 2,574 | 127,439 | ||
| Diodes, Inc.* | 4,921 | 128,438 | ||
| DSP Group, Inc.* | 6,730 | 58,551 | ||
| Entropic Communications, Inc.* | 367,112 | 3,263,626 | ||
| Exar Corp.* | 4,050 | 25,637 | ||
| FEI Co.* | 5,526 | 211,038 | ||
| Hittite Microwave Corp.* | 924 | 57,205 | ||
| Kopin Corp.* | 6,530 | 30,756 | ||
| Kulicke & Soffa Industries, Inc.* | 19,188 | 213,754 | ||
| Micrel, Inc. | 4,892 | 51,757 | ||
| Microsemi Corp.* | 4,535 | 92,968 | ||
| MKS Instruments, Inc. | 8,377 | 221,320 | ||
| Monolithic Power Systems, Inc.* | 2,967 | 45,751 | ||
| Nanometrics, Inc.* | 2,743 | 52,090 | ||
| Pericom Semiconductor Corp.* | 2,841 | 25,399 | ||
| Power Integrations, Inc. | 1,666 | 64,024 | ||
| Rudolph Technologies, Inc.* | 4,847 | 51,911 | ||
| Sigma Designs, Inc.* | 3,061 | 23,386 | ||
| Standard Microsystems Corp.* | 2,186 | 59,000 | ||
| Supertex, Inc.* | 598 | 13,395 | ||
| Tessera Technologies, Inc.* | 3,115 | 53,391 | ||
| TriQuint Semiconductor, Inc.* | 15,855 | 161,562 | ||
| Ultratech, Inc.* | 1,408 | 42,775 | ||
| Veeco Instruments, Inc.* | 3,986 | 192,962 | ||
| Volterra Semiconductor Corp.* | 1,512 | 37,286 | ||
| Total Semiconductors & Semiconductor Equipment | 5,920,384 | |||
| Software & Services—4.7% | ||||
| Blackbaud, Inc. | 2,634 | 73,014 | ||
| Bottomline Technologies, Inc.* | 1,714 | 42,353 | ||
| CACI International, Inc., Class A* | 13,398 | 845,146 | ||
| Cardtronics, Inc.* | 12,920 | 302,974 | ||
| Investments | Shares | Value | ||
| Ciber, Inc.* | 65,934 | $ | 365,934 | |
| CommVault Systems, Inc.* | 1,996 | 88,722 | ||
| comScore, Inc.* | 1,590 | 41,181 | ||
| CSG Systems International, Inc.* | 6,292 | 116,276 | ||
| DealerTrack Holdings, Inc.* | 2,678 | 61,460 | ||
| Ebix, Inc.* | 818 | 15,583 | ||
| EPIQ Systems, Inc. | 3,994 | 56,795 | ||
| Forrester Research, Inc. | 1,766 | 58,207 | ||
| Heartland Payment Systems, Inc. | 26,396 | 543,758 | ||
| iGate Corp. | 2,762 | 45,076 | ||
| Infospace, Inc.* | 7,585 | 69,175 | ||
| Integral Systems, Inc.* | 4,078 | 49,629 | ||
| Interactive Intelligence, Inc.* | 1,255 | 43,988 | ||
| j2 Global Communications, Inc.* | 1,899 | 53,609 | ||
| JDA Software Group, Inc.* | 4,632 | 143,082 | ||
| Liquidity Services, Inc.* | 4,151 | 98,005 | ||
| LivePerson, Inc.* | 47,249 | 668,101 | ||
| LogMeIn, Inc.* | 449 | 17,318 | ||
| Manhattan Associates, Inc.* | 2,101 | 72,358 | ||
| MAXIMUS, Inc. | 2,967 | 245,460 | ||
| MicroStrategy, Inc., Class A* | 1,210 | 196,843 | ||
| Monotype Imaging Holdings, Inc.* | 6,436 | 90,941 | ||
| NCI, Inc., Class A* | 5,545 | 125,982 | ||
| Netscout Systems, Inc.* | 2,520 | 52,643 | ||
| Perficient, Inc.* | 4,078 | 41,840 | ||
| Progress Software Corp.* | 4,324 | 104,338 | ||
| Radiant Systems, Inc.* | 3,844 | 80,340 | ||
| RightNow Technologies, Inc.* | 1,665 | 53,946 | ||
| Smith Micro Software, Inc.* | 4 | 17 | ||
| Sourcefire, Inc.* | 1,151 | 34,208 | ||
| Synchronoss Technologies, Inc.* | 1,190 | 37,759 | ||
| Take-Two Interactive Software, Inc.* | 22,264 | 340,194 | ||
| Taleo Corp., Class A* | 1,645 | 60,914 | ||
| TeleTech Holdings, Inc.* | 12,195 | 257,071 | ||
| THQ, Inc.* | 12,050 | 43,621 | ||
| Tyler Technologies, Inc.* | 3,152 | 84,410 | ||
| United Online, Inc. | 32,743 | 197,440 | ||
| Websense, Inc.* | 3,522 | 91,466 | ||
| Wright Express Corp.* | 1,953 | 101,693 | ||
| XO Group, Inc.* | 2,479 | 24,666 | ||
| Total Software & Services | 6,137,536 | |||
| Technology Hardware & Equipment—9.0% | ||||
| Agilysys, Inc.* | 27,446 | 228,900 | ||
| Anixter International, Inc. | 21,332 | 1,393,833 | ||
| Arris Group, Inc.* | 24,460 | 283,981 | ||
| Avid Technology, Inc.* | 8,766 | 165,152 | ||
| Bel Fuse, Inc., Class B | 2,731 | 59,235 | ||
| Benchmark Electronics, Inc.* | 32,320 | 533,280 | ||
| Black Box Corp. | 5,653 | 176,769 | ||
| Blue Coat Systems, Inc.* | 3,802 | 83,112 | ||
| Brightpoint, Inc.* | 88,904 | 721,012 | ||
| Checkpoint Systems, Inc.* | 9,501 | 169,878 | ||
| Cognex Corp. | 1,951 | 69,124 | ||
| Comtech Telecommunications Corp. | 5,333 | 149,537 | ||
| CTS Corp. | 11,619 | 112,356 | ||
| Daktronics, Inc. | 6,298 | 67,955 | ||
| DG FastChannel, Inc.* | 1,881 | 60,286 | ||
| Digi International, Inc.* | 3,858 | 50,154 | ||
| DTS, Inc.* | 488 | 19,788 | ||
| Electro Scientific Industries, Inc.* | 1,631 | 31,478 | ||
The accompanying notes are an integral part of these financial statements.
33
Schedule of Investments — continued
RevenueShares Small Cap Fund
June 30, 2011
| Investments | Shares | Value | ||
| Technology Hardware & Equipment (continued) | ||||
| EMS Technologies, Inc.* | 4,288 | $ | 141,375 | |
| FARO Technologies, Inc.* | 1,441 | 63,116 | ||
| Gerber Scientific, Inc.* | 13,588 | 151,235 | ||
| Harmonic, Inc.* | 11,545 | 83,470 | ||
| Insight Enterprises, Inc.* | 81,093 | 1,436,157 | ||
| Intermec, Inc.* | 12,624 | 139,369 | ||
| Intevac, Inc.* | 3,282 | 33,509 | ||
| Littelfuse, Inc. | 2,914 | 171,110 | ||
| LoJack Corp.* | 5,201 | 22,676 | ||
| Mercury Computer Systems, Inc.* | 2,162 | 40,386 | ||
| Methode Electronics, Inc. | 6,636 | 77,044 | ||
| MTS Systems Corp. | 2,321 | 97,087 | ||
| Netgear, Inc.* | 5,963 | 260,702 | ||
| Network Equipment Technologies, Inc.* | 189 | 416 | ||
| Newport Corp.* | 6,112 | 111,055 | ||
| Novatel Wireless, Inc.* | 5,495 | 30,113 | ||
| Oplink Communications, Inc.* | 1,565 | 29,156 | ||
| OSI Systems, Inc.* | 3,848 | 165,464 | ||
| Park Electrochemical Corp. | 1,218 | 34,043 | ||
| PC-Tel, Inc.* | 2,462 | 15,954 | ||
| Plexus Corp.* | 15,568 | 541,922 | ||
| Pulse Electronics Corp. | 24,518 | 108,370 | ||
| Radisys Corp.* | 7,606 | 55,448 | ||
| Rofin-Sinar Technologies, Inc.* | 2,747 | 93,810 | ||
| Rogers Corp.* | 2,474 | 114,299 | ||
| Scansource, Inc.* | 14,409 | 540,049 | ||
| Stratasys, Inc.* | 771 | 25,983 | ||
| Super Micro Computer, Inc.* | 12,654 | 203,603 | ||
| Symmetricom, Inc.* | 7,640 | 44,541 | ||
| Synaptics, Inc.* | 3,751 | 96,551 | ||
| SYNNEX Corp.* | 63,690 | 2,018,973 | ||
| Tekelec* | 3,966 | 36,210 | ||
| TTM Technologies, Inc.* | 15,310 | 245,266 | ||
| Viasat, Inc.* | 3,509 | 151,834 | ||
| Total Technology Hardware & Equipment | 11,756,126 | |||
| Telecommunication Services—0.5% | ||||
| Atlantic Tele-Network, Inc. | 3,398 | 130,347 | ||
| Cbeyond, Inc.* | 7,351 | 97,254 | ||
| Cincinnati Bell, Inc.* | 19,143 | 63,555 | ||
| General Communication, Inc., Class A* | 12,014 | 145,009 | ||
| Investments | Shares | Value | ||
| Neutral Tandem, Inc.* | 2,359 | $ | 41,094 | |
| NTELOS Holdings Corp. | 6,577 | 134,302 | ||
| USA Mobility, Inc. | 3,015 | 46,009 | ||
| Total Telecommunication Services | 657,570 | |||
| Transportation—1.7% | ||||
| Allegiant Travel Co., Class A* | 3,004 | 148,698 | ||
| Arkansas Best Corp. | 13,328 | 316,274 | ||
| Forward Air Corp. | 3,690 | 124,685 | ||
| Heartland Express, Inc. | 6,968 | 115,390 | ||
| HUB Group, Inc., Class A* | 11,682 | 439,944 | ||
| Knight Transportation, Inc. | 8,396 | 142,648 | ||
| Old Dominion Freight Line, Inc.* | 10,797 | 402,728 | ||
| Skywest, Inc. | 37,122 | 559,057 | ||
| Total Transportation | 2,249,424 | |||
| Utilities—3.4% | ||||
| Allete, Inc. | 5,749 | 235,939 | ||
| American States Water Co. | 2,525 | 87,517 | ||
| Avista Corp. | 16,787 | 431,258 | ||
| Central Vermont Public Service Corp. | 3,671 | 132,707 | ||
| CH Energy Group, Inc. | 4,203 | 223,852 | ||
| El Paso Electric Co. | 7,544 | 243,671 | ||
| Laclede Group, Inc. | 10,959 | 414,579 | ||
| New Jersey Resources Corp. | 13,200 | 588,852 | ||
| Northwest Natural Gas Co. | 4,332 | 195,503 | ||
| NorthWestern Corp. | 9,227 | 305,506 | ||
| Piedmont Natural Gas Co., Inc. | 12,702 | 384,363 | ||
| South Jersey Industries, Inc. | 3,894 | 211,483 | ||
| Southwest Gas Corp. | 12,230 | 472,200 | ||
| UIL Holdings Corp. | 6,528 | 211,181 | ||
| Unisource Energy Corp. | 9,095 | 339,516 | ||
| Total Utilities | 4,478,127 | |||
| Total Investments—99.8% | ||||
| (Cost $109,593,165) | 130,700,143 | |||
| Other Assets in Excess of Liabilities—0.2% | 316,725 | |||
| Net Assets—100.0% | $ | 131,016,868 | ||
* |
Non-income producing security | |
|---|---|---|
| (a) | Real Estate Investment Trust |
The accompanying notes are an integral part of these financial statements.
34
RevenueShares Financials Sector Fund
June 30, 2011
| Investments | Shares | Value | ||
| COMMON STOCKS—99.9% | ||||
| Capital Markets—10.2% | ||||
| Ameriprise Financial, Inc. | 1,588 | $ | 91,596 | |
| Bank of New York Mellon Corp. | 4,395 | 112,600 | ||
| BlackRock, Inc., Class A | 209 | 40,088 | ||
| Charles Schwab Corp. | 2,375 | 39,069 | ||
| E*Trade Financial Corp.* | 1,401 | 19,334 | ||
| Federated Investors, Inc., Class B | 340 | 8,105 | ||
| Franklin Resources, Inc. | 451 | 59,212 | ||
| Goldman Sachs Group, Inc. | 2,544 | 338,581 | ||
| Invesco Ltd. | 1,417 | 33,158 | ||
| Janus Capital Group, Inc. | 739 | 6,976 | ||
| Legg Mason, Inc. | 657 | 21,523 | ||
| Morgan Stanley | 12,483 | 287,234 | ||
| Northern Trust Corp. | 672 | 30,885 | ||
| State Street Corp. | 2,193 | 98,882 | ||
| T. Rowe Price Group, Inc. | 332 | 20,033 | ||
| Total Capital Markets | 1,207,276 | |||
| Commercial Banks—14.3% | ||||
| BB&T Corp. | 3,812 | 102,314 | ||
| Comerica, Inc. | 604 | 20,880 | ||
| Fifth Third Bancorp | 4,604 | 58,701 | ||
| First Horizon National Corp. | 1,591 | 15,178 | ||
| Huntington Bancshares, Inc. | 4,429 | 29,054 | ||
| KeyCorp | 6,009 | 50,055 | ||
| M&T Bank Corp. | 425 | 37,379 | ||
| Marshall & Ilsley Corp. | 4,933 | 39,316 | ||
| PNC Financial Services Group, Inc. | 2,720 | 162,139 | ||
| Regions Financial Corp. | 11,488 | 71,226 | ||
| SunTrust Banks, Inc. | 3,312 | 85,450 | ||
| U.S. Bancorp | 7,187 | 183,340 | ||
| Wells Fargo & Co. | 28,885 | 810,513 | ||
| Zions Bancorporation | 1,172 | 28,140 | ||
| Total Commercial Banks | 1,693,685 | |||
| Consumer Finance—5.8% | ||||
| American Express Co. | 5,825 | 301,152 | ||
| Capital One Financial Corp. | 4,019 | 207,662 | ||
| Discover Financial Services | 3,702 | 99,028 | ||
| SLM Corp. | 4,917 | 82,655 | ||
| Total Consumer Finance | 690,497 | |||
| Diversified Financial Services—26.3% | ||||
| Bank of America Corp. | 101,669 | 1,114,292 | ||
| Citigroup, Inc. | 20,110 | 837,380 | ||
| CME Group, Inc., Class A | 89 | 25,952 | ||
| IntercontinentalExchange, Inc.* | 88 | 10,975 | ||
| JPMorgan Chase & Co. | 24,876 | 1,018,424 | ||
| Leucadia National Corp. | 401 | 13,674 | ||
| Moody’s Corp. | 656 | 25,158 | ||
| NASDAQ OMX Group, Inc.* | 1,298 | 32,839 | ||
| NYSE Euronext | 1,394 | 47,772 | ||
| Total Diversified Financial Services | 3,126,466 | |||
| Insurance—39.9% | ||||
| ACE Ltd. | 2,395 | 157,639 | ||
| Aflac, Inc. | 3,298 | 153,951 | ||
| Allstate Corp. | 9,296 | 283,807 | ||
| Investments | Shares | Value | ||
| American International Group, Inc.* | 16,880 | $ | 494,922 | |
| AON Corp. | 1,589 | 81,516 | ||
| Assurant, Inc. | 2,042 | 74,063 | ||
| Berkshire Hathaway, Inc., Class B* | 14,908 | 1,153,730 | ||
| Chubb Corp. | 2,056 | 128,726 | ||
| Cincinnati Financial Corp. | 1,135 | 33,119 | ||
| Genworth Financial, Inc., Class A* | 6,987 | 71,826 | ||
| Hartford Financial Services Group, Inc. | 8,186 | 215,865 | ||
| Lincoln National Corp. | 3,365 | 95,869 | ||
| Loews Corp. | 3,498 | 147,231 | ||
| Marsh & McLennan Cos., Inc. | 3,665 | 114,311 | ||
| MetLife, Inc. | 10,936 | 479,762 | ||
| Principal Financial Group, Inc. | 2,606 | 79,275 | ||
| Progressive Corp. | 6,612 | 141,365 | ||
| Prudential Financial, Inc. | 6,316 | 401,634 | ||
| Torchmark Corp. | 502 | 32,198 | ||
| Travelers Cos., Inc. | 4,198 | 245,079 | ||
| Unum Group | 3,877 | 98,786 | ||
| XL Group PLC, Class A | 2,703 | 59,412 | ||
| Total Insurance | 4,744,086 | |||
| Paper & Forest Products—0.6% | ||||
| Weyerhaeuser Co.(a) | 3,259 | 71,242 | ||
| Real Estate Investment Trusts—2.1% | ||||
| Apartment Investment & Management Co., Class A(a) | 430 | 10,978 | ||
| AvalonBay Communities, Inc.(a) | 81 | 10,401 | ||
| Boston Properties, Inc.(a) | 170 | 18,047 | ||
| Equity Residential(a) | 360 | 21,600 | ||
| HCP, Inc.(a) | 340 | 12,475 | ||
| Health Care REIT, Inc.(a) | 116 | 6,082 | ||
| Host Hotels & Resorts, Inc.(a) | 2,276 | 38,578 | ||
| Kimco Realty Corp.(a) | 513 | 9,562 | ||
| Plum Creek Timber Co., Inc.(a) | 258 | 10,459 | ||
| ProLogis, Inc.(a) | 311 | 11,146 | ||
| Public Storage(a) | 154 | 17,558 | ||
| Simon Property Group, Inc.(a) | 362 | 42,075 | ||
| Ventas, Inc.(a) | 178 | 9,383 | ||
| Vornado Realty Trust(a) | 313 | 29,165 | ||
| Total Real Estate Investment Trusts | 247,509 | |||
| Real Estate Management & Development—0.5% | ||||
| CB Richard Ellis Group, Inc., Class A* | 2,170 | 54,489 | ||
| Thrifts & Mortgage Finance—0.2% | ||||
| Hudson City Bancorp, Inc. | 2,220 | 18,182 | ||
| People’s United Financial, Inc. | 742 | 9,972 | ||
| Total Thrifts & Mortgage Finance | 28,154 | |||
| Total Investments—99.9% | ||||
| (Cost $13,271,421) | 11,863,404 | |||
| Other Assets in Excess of Liabilities—0.1% | 16,823 | |||
| Net Assets—100.0% | $ | 11,880,227 | ||
* Non-income producing security
(a) Real Estate Investment Trust
The accompanying notes are an integral part of these financial statements.
35
Schedule of Investments
RevenueShares ADR Fund
June 30, 2011
| Investments | Shares | Value | ||
| COMMON STOCKS—97.4% | ||||
| Automobiles & Components—5.5% | ||||
| Honda Motor Co. Ltd.(a) | 29,107 | $ | 1,123,821 | |
| Magna International, Inc., Class A | 5,700 | 308,028 | ||
| Toyota Motor Corp.(a) | 30,690 | 2,529,470 | ||
| Total Automobiles & Components | 3,961,319 | |||
| Banks—12.4% | ||||
| Banco Bilbao Vizcaya Argentaria SA(a) | 28,118 | 330,105 | ||
| Banco Bradesco SA(a) | 41,381 | 847,897 | ||
| Banco de Chile(a) | 424 | 36,612 | ||
| Banco Santander Chile(a) | 485 | 45,498 | ||
| Banco Santander SA(a) | 58,135 | 669,134 | ||
| Bank of Montreal | 2,857 | 181,562 | ||
| Bank of Nova Scotia | 4,515 | 271,668 | ||
| Barclays PLC(a) | 45,576 | 748,814 | ||
| Canadian Imperial Bank of Commerce | 2,159 | 170,496 | ||
| Credicorp Ltd. | 375 | 32,287 | ||
| HSBC Holdings PLC(a) | 15,617 | 774,916 | ||
| Itau Unibanco Holding SA(a) | 30,566 | 719,829 | ||
| Lloyds Banking Group PLC*(a) | 273,264 | 852,584 | ||
| Mitsubishi UFJ Financial Group, Inc.(a) | 122,486 | 591,607 | ||
| Mizuho Financial Group, Inc.(a) | 101,325 | 332,346 | ||
| National Bank of Greece SA(a) | 58,491 | 83,642 | ||
| Royal Bank of Canada | 6,375 | 363,566 | ||
| Royal Bank of Scotland Group PLC*(a) | 55,933 | 696,366 | ||
| Shinhan Financial Group Co., Ltd.(a) | 319 | 30,608 | ||
| Sumitomo Mitsui Financial Group, Inc.(a) | 57,884 | 355,987 | ||
| Toronto-Dominion Bank | 3,497 | 296,895 | ||
| Westpac Banking Corp.(a) | 3,924 | 471,508 | ||
| Total Banks | 8,903,927 | |||
| Capital Goods—3.1% | ||||
| ABB Ltd.*(a) | 14,792 | 383,852 | ||
| Embraer SA(a) | 2,028 | 62,422 | ||
| Koninklijke Philips Electronics NV | 15,348 | 394,137 | ||
| Kubota Corp.(a) | 2,689 | 119,714 | ||
| Nidec Corp.(a) | 3,310 | 77,322 | ||
| Siemens AG(a) | 8,578 | 1,179,732 | ||
| Total Capital Goods | 2,217,179 | |||
| Consumer Durables & Apparel—2.9% | ||||
| Gildan Activewear, Inc. | 483 | 16,987 | ||
| Luxottica Group SpA(a) | 2,886 | 92,641 | ||
| Panasonic Corp.(a) | 83,516 | 1,022,236 | ||
| Sony Corp.(a) | 35,286 | 931,197 | ||
| Total Consumer Durables & Apparel | 2,063,061 | |||
| Consumer Services—0.3% | ||||
| Carnival PLC(a) | 4,312 | 167,478 | ||
| Intercontinental Hotels Group PLC(a) | 943 | 19,492 | ||
| Tim Hortons, Inc. | 612 | 29,872 | ||
| Total Consumer Services | 216,842 | |||
| Investments | Shares | Value | ||
| Diversified Financials—5.4% | ||||
| Credit Suisse Group AG(a) | 14,203 | $ | 554,201 | |
| Deutsche Bank AG | 12,395 | 734,280 | ||
| ING Groep NV*(a) | 146,215 | 1,808,680 | ||
| Nomura Holdings, Inc.(a) | 33,645 | 165,870 | ||
| ORIX Corp.(a) | 1,063 | 51,970 | ||
| UBS AG* | 28,647 | 523,094 | ||
| Total Diversified Financials | 3,838,095 | |||
| Energy—31.6% | ||||
| BP PLC(a) | 81,943 | 3,629,256 | ||
| Cameco Corp. | 928 | 24,453 | ||
| Canadian Natural Resources Ltd. | 3,580 | 149,859 | ||
| Cenovus Energy, Inc. | 4,233 | 159,415 | ||
| China Petroleum & Chemical Corp.(a) | 31,544 | 3,199,823 | ||
| CNOOC Ltd.(a) | 1,326 | 312,843 | ||
| Enbridge, Inc. | 5,595 | 181,614 | ||
| Encana Corp. | 2,477 | 76,267 | ||
| Enerplus Corp. | 389 | 12,292 | ||
| ENI SpA(a) | 33,977 | 1,615,606 | ||
| Imperial Oil Ltd. | 6,099 | 284,152 | ||
| Nexen, Inc. | 3,408 | 76,680 | ||
| Penn West Petroleum Ltd. | 1,268 | 29,265 | ||
| PetroChina Co. Ltd.(a) | 18,575 | 2,712,507 | ||
| Petroleo Brasileiro SA, Class A(a) | 48,183 | 1,478,254 | ||
| Royal Dutch Shell PLC, Class A(a) | 32,198 | 2,290,244 | ||
| Royal Dutch Shell PLC, Class B(a) | 32,052 | 2,299,731 | ||
| Statoil ASA(a) | 42,862 | 1,090,838 | ||
| Suncor Energy, Inc.* | 10,849 | 424,196 | ||
| Talisman Energy, Inc. | 4,218 | 86,427 | ||
| Tenaris SA(a) | 2,138 | 97,771 | ||
| Total SA(a) | 40,535 | 2,344,544 | ||
| TransCanada Corp. | 2,146 | 94,081 | ||
| Total Energy | 22,670,118 | |||
| Food & Staples Retailing—0.4% | ||||
| Delhaize Group SA(a) | 4,243 | 319,752 | ||
| Food, Beverage & Tobacco—2.6% | ||||
| Anheuser-Busch InBev NV(a) | 7,365 | 427,244 | ||
| BRF - Brasil Foods SA(a) | 9,231 | 159,973 | ||
| British American Tobacco PLC(a) | 2,994 | 263,472 | ||
| Diageo PLC(a) | 2,111 | 172,828 | ||
| Fomento Economico Mexicano SAB de CV(a) | 2,472 | 164,363 | ||
| Unilever NV | 10,225 | 335,891 | ||
| Unilever PLC(a) | 10,327 | 334,491 | ||
| Total Food, Beverage & Tobacco | 1,858,262 | |||
| Health Care Equipment & Services—0.3% | ||||
| Fresenius Medical Care AG & Co. KGaA(a) | 1,870 | 139,689 | ||
| Smith & Nephew PLC(a) | 873 | 47,282 | ||
| Total Health Care Equipment & Services | 186,971 | |||
| Insurance—5.0% | ||||
| Aegon NV, Class G* | 75,987 | 516,712 | ||
| Aviva PLC(a) | 63,811 | 908,030 | ||
| China Life Insurance Co. Ltd.(a) | 12,621 | 654,273 | ||
The accompanying notes are an integral part of these financial statements.
36
Schedule of Investments — continued
RevenueShares ADR Fund
June 30, 2011
| Investments | Shares | Value | ||
| Insurance (continued) | ||||
| Manulife Financial Corp. | 23,125 | $ | 408,387 | |
| Prudential PLC(a) | 37,525 | 867,953 | ||
| Sun Life Financial, Inc. | 8,723 | 262,388 | ||
| Total Insurance | 3,617,743 | |||
| Materials—5.8% | ||||
| Agnico-Eagle Mines Ltd. | 275 | 17,361 | ||
| Agrium, Inc. | 1,532 | 134,448 | ||
| ArcelorMittal | 28,196 | 980,093 | ||
| Barrick Gold Corp. | 2,970 | 134,511 | ||
| BHP Billiton Ltd.(a) | 3,911 | 370,098 | ||
| BHP Billiton PLC(a) | 4,729 | 370,896 | ||
| Cemex SAB de CV*(a) | 19,855 | 170,753 | ||
| Cia de Minas Buenaventura SA(a) | 384 | 14,584 | ||
| Cia Siderurgica Nacional SA(a) | 8,190 | 102,047 | ||
| CRH PLC(a) | 12,503 | 281,568 | ||
| Eldorado Gold Corp. | 657 | 9,684 | ||
| Fibria Celulose SA(a) | 3,276 | 43,211 | ||
| Gerdau SA(a) | 21,639 | 227,642 | ||
| Goldcorp, Inc. | 1,022 | 49,332 | ||
| IAMGOLD Corp. | 849 | 15,927 | ||
| Kinross Gold Corp. | 2,416 | 38,173 | ||
| POSCO(a) | 3,235 | 351,386 | ||
| Potash Corp. of Saskatchewan, Inc., Class W | 1,373 | 78,247 | ||
| Rio Tinto PLC(a) | 5,410 | 391,251 | ||
| Sociedad Quimica y Minera de Chile SA(a) | 350 | 22,652 | ||
| Southern Copper Corp. | 1,998 | 65,674 | ||
| Syngenta AG(a) | 2,013 | 135,998 | ||
| Teck Resources Ltd., Class B | 2,323 | 117,869 | ||
| Yamana Gold, Inc. | 1,795 | 20,876 | ||
| Total Materials | 4,144,281 | |||
| Media—0.7% | ||||
| Grupo Televisa SA(a) | 2,208 | 54,317 | ||
| Pearson PLC(a) | 5,391 | 102,483 | ||
| Shaw Communications, Inc., Class B | 1,990 | 45,431 | ||
| Thomson Reuters Corp. | 4,068 | 152,794 | ||
| WPP PLC(a) | 2,709 | 169,990 | ||
| Total Media | 525,015 | |||
| Pharmaceuticals, Biotechnology & Life Sciences—3.1% | ||||
| AstraZeneca PLC(a) | 7,602 | 380,632 | ||
| Elan Corp. PLC*(a) | 1,294 | 14,713 | ||
| GlaxoSmithKline PLC(a) | 11,678 | 500,986 | ||
| Novartis AG(a) | 9,857 | 602,361 | ||
| Novo Nordisk A/S(a) | 1,047 | 131,168 | ||
| QIAGEN NV* | 654 | 12,439 | ||
| Sanofi(a) | 12,098 | 485,977 | ||
| Shire PLC(a) | 443 | 41,735 | ||
| Valeant Pharmaceuticals International, Inc. | 335 | 17,407 | ||
| Total Pharmaceuticals, Biotechnology & Life Sciences | 2,187,418 | |||
| Real Estate—0.2% | ||||
| Brookfield Asset Management, Inc., Class A | 5,192 | 172,219 | ||
| Investments | Shares | Value | ||
| Semiconductors & Semiconductor Equipment—0.6% | ||||
| Advantest Corp.(a) | 473 | $ | 8,722 | |
| ARM Holdings PLC(a) | 265 | 7,534 | ||
| ASML Holding NV, Class G | 2,136 | 78,947 | ||
| STMicroelectronics NV, Class Y | 12,510 | 124,600 | ||
| Taiwan Semiconductor Manufacturing Co. Ltd.(a) | 12,186 | 153,665 | ||
| United Microelectronics Corp.(a) | 17,973 | 46,011 | ||
| Total Semiconductors & Semiconductor Equipment | 419,479 | |||
| Software & Services—0.3% | ||||
| SAP AG(a) | 3,269 | 198,265 | ||
| Technology Hardware & Equipment—4.8% | ||||
| Alcatel-Lucent*(a) | 44,934 | 259,269 | ||
| AU Optronics Corp.*(a) | 22,874 | 157,373 | ||
| Canon, Inc.(a) | 10,659 | 507,262 | ||
| Hitachi Ltd.(a) | 19,867 | 1,183,279 | ||
| Kyocera Corp.(a) | 1,415 | 144,924 | ||
| Nokia OYJ(a) | 106,396 | 683,062 | ||
| Research In Motion Ltd.* | 6,261 | 180,630 | ||
| Telefonaktiebolaget LM Ericsson(a) | 24,654 | 354,525 | ||
| Total Technology Hardware & Equipment | 3,470,324 | |||
| Telecommunication Services—9.6% | ||||
| America Movil SAB de CV, Series R(a) | 11,627 | 626,463 | ||
| BCE, Inc. | 5,183 | 203,640 | ||
| BT Group PLC(a) | 11,462 | 374,807 | ||
| China Mobile Ltd.(a) | 17,310 | 809,762 | ||
| Chunghwa Telecom Co. Ltd.(a) | 2,027 | 70,033 | ||
| France Telecom SA(a) | 33,163 | 706,040 | ||
| Nippon Telegraph & Telephone Corp.(a) | 53,512 | 1,293,920 | ||
| NTT DoCoMo, Inc.(a) | 30,241 | 541,616 | ||
| Portugal Telecom SGPS SA(a) | 7,112 | 69,982 | ||
| Rogers Communications, Inc., Class B | 3,613 | 142,786 | ||
| Tele Norte Leste Participacoes SA(a) | 12,281 | 190,847 | ||
| Telecom Italia SpA(a) | 32,519 | 452,014 | ||
| Telefonica SA(a) | 17,003 | 416,404 | ||
| Telefonos de Mexico SAB de CV(a) | 6,312 | 104,148 | ||
| TELUS Corp., Class A | 2,159 | 113,563 | ||
| Vodafone Group PLC(a) | 30,071 | 803,497 | ||
| Total Telecommunication Services | 6,919,522 | |||
| Transportation—0.4% | ||||
| Canadian National Railway Co. | 1,225 | 97,878 | ||
| Canadian Pacific Railway Ltd. | 931 | 58,020 | ||
| Lan Airlines SA(a) | 1,921 | 54,787 | ||
| Ryanair Holdings PLC(a) | 1,630 | 47,824 | ||
| Total Transportation | 258,509 | |||
| Utilities—2.4% | ||||
| Centrais Eletricas Brasileiras SA, Class C(a) | 15,326 | 206,901 | ||
| Cia Energetica de Minas Gerais(a) | 3,971 | 81,962 | ||
| Empresa Nacional de Electricidad SA(a) | 980 | 55,968 | ||
| Enersis SA(a) | 6,673 | 154,146 | ||
| Korea Electric Power Corp.*(a) | 30,012 | 398,259 | ||
| National Grid PLC(a) | 5,216 | 257,827 | ||
The accompanying notes are an integral part of these financial statements.
37
Schedule of Investments — continued
RevenueShares ADR Fund
June 30, 2011
| Investments | Shares | Value | ||
| Utilities (continued) | ||||
| TransAlta Corp. | 1,544 | $ | 32,980 | |
| Veolia Environnement SA(a) | 19,057 | 540,075 | ||
| Total Utilities | 1,728,118 | |||
| Total Common Stocks | ||||
| (Cost $63,373,516) | 69,876,419 | |||
| PREFERRED STOCKS—1.2% | ||||
| Food, Beverage & Tobacco—0.2% | ||||
| Cia de Bebidas das Americas(a) | 5,170 | 174,384 | ||
| Materials—0.9% | ||||
| Vale SA, Class B(a) | 21,351 | 618,325 | ||
| Utilities—0.1% | ||||
| Cia Paranaense de Energia-Copel Preference B(a) | 1,563 | 42,451 | ||
| Total Preferred Stocks | ||||
| (Cost $729,928) | 835,160 | |||
| Total Investments—98.6% | ||||
| (Cost $64,103,444) | 70,711,579 | |||
| Other Assets in Excess of Liabilities—1.4% | 1,004,918 | |||
| Net Assets—100.0% | $ | 71,716,497 | ||
| Country | Value | % of Net Assets | |||
| Australia | $ | 841,606 | 1.2 | % | |
| Belgium | 746,996 | 1.0 | |||
| Brazil | 4,956,145 | 6.9 | |||
| Canada | 5,589,532 | 7.8 | |||
| Chile | 369,663 | 0.5 | |||
| China | 3,366,780 | 4.7 | |||
| Denmark | 131,168 | 0.2 | |||
| Finland | 683,062 | 1.0 | |||
| France | 4,335,905 | 6.1 | |||
| Germany | 2,251,966 | 3.1 | |||
| Greece | 83,642 | 0.1 | |||
| Hong Kong | 4,322,428 | 6.0 | |||
| Ireland | 385,840 | 0.5 | |||
| Italy | 2,160,261 | 3.0 | |||
| Japan | 10,981,263 | 15.3 | |||
| Jersey Islands | 169,990 | 0.2 | |||
| Luxembourg | 1,077,864 | 1.5 | |||
| Mexico | 1,120,044 | 1.6 | |||
| Netherlands | 7,736,781 | 10.8 | |||
| Norway | 1,090,838 | 1.5 | |||
| Peru | 46,871 | 0.1 | |||
| Portugal | 69,982 | 0.1 | |||
| South Korea | 780,253 | 1.1 | |||
| Spain | 1,415,643 | 2.0 | |||
| Sweden | 354,525 | 0.5 | |||
| Switzerland | 2,324,106 | 3.2 | |||
| Taiwan | 427,082 | 0.6 | |||
| United Kingdom | 12,672,875 | 17.7 | |||
| United States | 218,468 | 0.3 | |||
| Total Investments | 70,711,579 | 98 .6 | |||
| Other Assets in Excess | |||||
| of Liabilities | 1,004,918 | 1.4 | |||
| Net Assets | $ | 71,716,497 | 100.0 | % | |
(a) American Depositary Receipt
* Non-income producing security
The accompanying notes are an integral part of these financial statements.
38
Schedule of Investments
RevenueShares Navellier Overall A-100 Fund
June 30, 2011
| Investments | Shares | Value | ||
| COMMON STOCKS—91.4% | ||||
| Automobiles & Components—3.7% | ||||
| BorgWarner, Inc.* | 4,814 | $ | 388,923 | |
| Banks—3.5% | ||||
| Banco de Chile(a) | 2,741 | 236,686 | ||
| Corpbanca(a) | 1,277 | 30,520 | ||
| Grupo Financiero Galicia SA(a) | 7,089 | 95,985 | ||
| Total Banks | 363,191 | |||
| Capital Goods—10.2% | ||||
| AMETEK, Inc. | 2,134 | 95,817 | ||
| Blount International, Inc.* | 794 | 13,871 | ||
| Caterpillar, Inc. | 6,590 | 701,572 | ||
| Coleman Cable, Inc.* | 1,131 | 16,614 | ||
| Colfax Corp.* | 492 | 12,202 | ||
| Hurco Cos., Inc.* | 77 | 2,480 | ||
| Sauer-Danfoss, Inc.* | 3,713 | 187,098 | ||
| Twin Disc, Inc. | 1,026 | 39,634 | ||
| Total Capital Goods | 1,069,288 | |||
| Commercial & Professional Services—1.0% | ||||
| 51job, Inc.*(a) | 354 | 19,870 | ||
| Acacia Research - Acacia Technologies* | 987 | 36,213 | ||
| AT Cross Co., Class A* | 2,772 | 31,573 | ||
| Food Technology Service, Inc.* | 4,049 | 20,569 | ||
| Total Commercial & Professional Services | 108,225 | |||
| Consumer Durables & Apparel—5.4% | ||||
| CROCS, Inc.* | 690 | 17,767 | ||
| Fossil, Inc.* | 1,847 | 217,429 | ||
| Lululemon Athletica, Inc.* | 713 | 79,728 | ||
| Polaris Industries, Inc. | 1,745 | 193,992 | ||
| Under Armour, Inc., Class A* | 740 | 57,209 | ||
| Total Consumer Durables & Apparel | 566,125 | |||
| Consumer Services—2.7% | ||||
| BJ’s Restaurants, Inc.* | 221 | 11,572 | ||
| Chipotle Mexican Grill, Inc., Class A* | 260 | 80,129 | ||
| Krispy Kreme Doughnuts, Inc.* | 841 | 7,998 | ||
| Tim Hortons, Inc. | 1,962 | 95,765 | ||
| Town Sports International | ||||
| Holdings, Inc.* | 1,442 | 10,974 | ||
| Weight Watchers International, Inc. | 950 | 71,696 | ||
| Total Consumer Services | 278,134 | |||
| Diversified Financials—2.1% | ||||
| Credit Acceptance Corp.* | 123 | 10,390 | ||
| Discover Financial Services | 6,879 | 184,013 | ||
| First Cash Financial Services, Inc.* | 234 | 9,826 | ||
| Nicholas Financial, Inc.* | 1,572 | 18,675 | ||
| Total Diversified Financials | 222,904 | |||
| Energy—5.3% | ||||
| CARBO Ceramics, Inc. | 67 | 10,918 | ||
| CVR Energy, Inc.* | 3,772 | 92,866 | ||
| HollyFrontier Corp.* | 4,763 | 330,552 | ||
| OYO Geospace Corp.* | 261 | 26,100 | ||
| RPC, Inc. | 3,709 | 91,019 | ||
| Total Energy | 551,455 | |||
| Investments | Shares | Value | ||
| Food, Beverage & Tobacco—2.9% | ||||
| B&G Foods, Inc., Class A | 1,574 | $ | 32,456 | |
| Darling International, Inc.* | 878 | 15,541 | ||
| Diamond Foods, Inc. | 200 | 15,268 | ||
| Green Mountain Coffee Roasters, Inc.* | 342 | 30,527 | ||
| Hansen Natural Corp.* | 365 | 29,547 | ||
| Hormel Foods Corp. | 5,414 | 161,391 | ||
| Omega Protein Corp.* | 1,459 | 20,134 | ||
| Total Food, Beverage & Tobacco | 304,864 | |||
| Health Care Equipment & Services—13.5% | ||||
| Air Methods Corp.* | 477 | 35,651 | ||
| AMERIGROUP Corp.* | 2,996 | 211,128 | ||
| Computer Programs & Systems, Inc. | 57 | 3,619 | ||
| Cooper Cos., Inc. | 793 | 62,837 | ||
| Coventry Health Care, Inc.* | 7,075 | 258,025 | ||
| Ensign Group, Inc. | 471 | 14,314 | ||
| Healthspring, Inc.* | 1,512 | 69,718 | ||
| Humana, Inc. | 9,208 | 741,612 | ||
| Medidata Solutions, Inc.* | 1,018 | 24,300 | ||
| Total Health Care Equipment & Services | 1,421,204 | |||
| Household & Personal Products—4.6% | ||||
| Estee Lauder Cos., Inc., Class A | 1,657 | 174,300 | ||
| Herbalife Ltd. | 5,365 | 309,238 | ||
| Total Household & Personal Products | 483,538 | |||
| Insurance—0.2% | ||||
| Amtrust Financial Services, Inc. | 990 | 22,552 | ||
| Materials—6.9% | ||||
| Ball Corp. | 4,466 | 171,762 | ||
| CF Industries Holdings, Inc. | 592 | 83,869 | ||
| Fuwei Films Holdings Co. Ltd.* | 5,522 | 16,566 | ||
| Innospec, Inc.* | 2,860 | 96,125 | ||
| Kronos Worldwide, Inc. | 4,554 | 143,223 | ||
| LSB Industries, Inc.* | 895 | 38,414 | ||
| TPC Group, Inc.* | 4,338 | 170,136 | ||
| Total Materials | 720,095 | |||
| Media—0.4% | ||||
| Liberty Media Corp. - Capital, Series A* | 530 | 45,448 | ||
| Pharmaceuticals, Biotechnology & Life Sciences—5.1% | ||||
| Akorn, Inc.* | 3,254 | 22,778 | ||
| Columbia Laboratories, Inc.* | 9,781 | 30,223 | ||
| Forest Laboratories, Inc.* | 2,460 | 96,777 | ||
| Illumina, Inc.* | 1,087 | 81,688 | ||
| Jazz Pharmaceuticals, Inc.* | 683 | 22,778 | ||
| Medicines Co.* | 2,016 | 33,284 | ||
| Perrigo Co. | 2,836 | 249,199 | ||
| Total Pharmaceuticals, Biotechnology & Life Sciences | 536,727 | |||
| Real Estate—0.3% | ||||
| American Capital Agency Corp. (b) | 945 | 27,509 | ||
| Retailing—5.3% | ||||
| Dollar Tree, Inc.* | 7,121 | 474,401 | ||
| Netflix, Inc.* | 331 | 86,950 | ||
| Total Retailing | 561,351 | |||
The accompanying notes are an integral part of these financial statements.
39
Schedule of Investments — continued
RevenueShares Navellier Overall A-100 FundJune 30, 2011
| Investments | Shares | Value | ||
| Semiconductors & Semiconductor Equipment—1.3% | ||||
| Amtech Systems, Inc.* | 770 | $ | 15,893 | |
| Atmel Corp.* | 8,531 | 120,031 | ||
| Ceva, Inc.* | 37 | 1,127 | ||
| Total Semiconductors & | ||||
| Semiconductor Equipment | 137,051 | |||
| Software & Services—2.1% | ||||
| Broadsoft, Inc.* | 59 | 2,250 | ||
| Bsquare Corp.* | 2,708 | 16,979 | ||
| Cimatron Ltd. | 6,963 | 23,883 | ||
| Easylink Services International Corp., | ||||
| Class A* | 335 | 1,956 | ||
| Fundtech Ltd. | 164 | 3,274 | ||
| Informatica Corp.* | 251 | 14,666 | ||
| Keynote Systems, Inc. | 91 | 1,968 | ||
| NIC, Inc. | 276 | 3,715 | ||
| Opnet Technologies, Inc. | 885 | 36,232 | ||
| Travelzoo, Inc.* | 402 | 25,985 | ||
| VeriFone Systems, Inc.* | 1,945 | 86,261 | ||
| Total Software & Services | 217,169 | |||
| Technology Hardware & Equipment—2.2% | ||||
| IPG Photonics Corp.* | 392 | 28,502 | ||
| Kemet Corp.* | 5,431 | 77,609 | ||
| Loral Space & Communications, Inc.* | 630 | 43,766 | ||
| Riverbed Technology, Inc.* | 815 | 32,266 | ||
| Silicom Ltd.* | 893 | 17,815 | ||
| Westell Technologies, Inc., Class A* | 9,341 | 33,348 | ||
| Total Technology Hardware & Equipment | 233,306 | |||
| Investments | Shares | Value | |||
| Telecommunication Services—7.1% | |||||
| BT Group PLC(a) | 22,791 | $ | 745,266 | ||
| Transportation—3.3% | |||||
| Lan Airlines SA(a) | 9,756 | 278,241 | |||
| Old Dominion Freight Line, Inc.* | 1,852 | 69,080 | |||
| Total Transportation | 347,321 | ||||
| Utilities—2.3% | |||||
| CPFL Energia SA(a) | 2,720 | 236,368 | |||
| Total Common Stocks | |||||
| (Cost $8,751,182) | 9,588,014 | ||||
| PREFERRED STOCKS—8.9% | |||||
| Food, Beverage & Tobacco—5.7% | |||||
| Cia de Bebidas das Americas(a) | 17,797 | 600,293 | |||
| Materials—3.2% | |||||
| Braskem SA(a) | 11,678 | 339,596 | |||
| Total Preferred Stocks | |||||
| (Cost $838,982) | 939,889 | ||||
| Total Investments—100.3% | |||||
| (Cost $9,590,164) | 10,527,903 | ||||
| Liabilities in Excess of Other Assets—(0.3)% | (31,975 | ) | |||
| Net Assets—100.0% | $ | 10,495,928 | |||
* Non-income producing security
(a) American Depositary Receipt
(b) Real Estate Investment Trust
The accompanying notes are an integral part of these financial statements.
40
Statements of Assets and Liabilities
June 30, 2011
| RevenueShares Large Cap Fund |
RevenueShares Mid Cap Fund |
RevenueShares Small Cap Fund |
RevenueShares Financials Sector Fund |
RevenueShares ADR Fund |
RevenueShares Navellier Overall A-100 Fund | ||||||||||||
| ASSETS: | |||||||||||||||||
| Investments at value | |||||||||||||||||
| (Note 5) | $ | 200,365,287 | $ | 144,110,619 | $ | 130,700,143 | $ | 11,863,404 | $ | 70,711,579 | $ | 10,527,903 | |||||
| Cash | 879,969 | 74,189 | 319,691 | 36,472 | 223,132 | 3,726 | |||||||||||
| Receivables: | |||||||||||||||||
| Expense reimbursement | |||||||||||||||||
| due from Advisor | — | — | — | 1,666 | — | 3,976 | |||||||||||
| Dividends | 236,659 | 83,903 | 86,498 | 10,468 | 329,116 | 2,781 | |||||||||||
| Capital shares sold | — | 5,684 | 3,446,471 | — | — | — | |||||||||||
| Securities sold | 63,307 | 1,896,394 | 184,090 | — | 3,538,125 | 3,872,661 | |||||||||||
| Prepaid expenses | 7,059 | 6,664 | 6,573 | 5,777 | 6,053 | 3,154 | |||||||||||
| Total Assets | 201,552,281 | 146,177,453 | 134,743,466 | 11,917,787 | 74,808,005 | 14,414,201 | |||||||||||
| LIABILITIES: | |||||||||||||||||
| Payables: | |||||||||||||||||
| Investment securities | |||||||||||||||||
| purchased | 63,647 | 1,813,928 | 3,475,451 | — | 3,021,537 | 3,881,193 | |||||||||||
| Capital shares redeemed | — | — | 123,716 | — | — | — | |||||||||||
| Advisory fees (Note 3) | 36,966 | 26,577 | 21,260 | — | 5,951 | — | |||||||||||
| Principal Financial & | |||||||||||||||||
| Compliance Officer fees | 2,012 | 2,895 | 3,865 | 1,964 | 2,018 | 1,323 | |||||||||||
| Trustee fees | 1,999 | 1,651 | 1,506 | 312 | 3 | 127 | |||||||||||
| Other accrued expenses | 147,081 | 97,889 | 100,800 | 35,284 | 61,999 | 35,630 | |||||||||||
| Total Liabilities | 251,705 | 1,942,940 | 3,726,598 | 37,560 | 3,091,508 | 3,918,273 | |||||||||||
| NET ASSETS | $ | 201,300,576 | $ | 144,234,513 | $ | 131,016,868 | $ | 11,880,227 | $ | 71,716,497 | $ | 10,495,928 | |||||
| NET ASSETS CONSIST OF: | |||||||||||||||||
| Paid-in capital | $ | 176,597,436 | $ | 116,096,732 | $ | 110,746,850 | $ | 13,617,383 | $ | 65,363,867 | $ | 9,445,944 | |||||
| Undistributed net | |||||||||||||||||
| investment income (loss) | 786,517 | 188,715 | 80,481 | 27,776 | 773,393 | 2,854 | |||||||||||
| Accumulated net realized | |||||||||||||||||
| gain (loss) on investments | (3,776,621 | ) | (312,141 | ) | (917,441 | ) | (356,915 | ) | (1,028,898 | ) | 109,391 | ||||||
| Net unrealized appreciation | |||||||||||||||||
| (depreciation) on | |||||||||||||||||
| investments | 27,693,244 | 28,261,207 | 21,106,978 | (1,408,017 | ) | 6,608,135 | 937,739 | ||||||||||
| NET ASSETS | $ | 201,300,576 | $ | 144,234,513 | $ | 131,016,868 | $ | 11,880,227 | $ | 71,716,497 | $ | 10,495,928 | |||||
| Shares outstanding | |||||||||||||||||
| (unlimited number of | |||||||||||||||||
| shares of beneficial | |||||||||||||||||
| interest authorized, | |||||||||||||||||
| without par value) | 8,051,400 | 4,551,400 | 3,801,400 | 400,000 | 1,800,000 | 250,000 | |||||||||||
| Net asset value, per share | $ | 25.00 | $ | 31.69 | $ | 34.47 | $ | 29.70 | $ | 39.84 | $ | 41.98 | |||||
| Investments at cost | $ | 172,672,043 | $ | 115,849,412 | $ | 109,593,165 | $ | 13,271,421 | $ | 64,103,444 | $ | 9,590,164 | |||||
The accompanying notes are an integral part of these financial statements.
41
Statements of Operations
Year Ended June 30, 2011
| RevenueShares Large Cap Fund |
RevenueShares Mid Cap Fund |
RevenueShares Small Cap Fund |
RevenueShares Financials Sector Fund |
RevenueShares ADR Fund |
RevenueShares Navellier Overall A-100 Fund | |||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||
| Dividend income | $ | 4,078,542 | $ | 1,511,414 | $ | 1,198,581 | $ | 425,032 | $ | 2,068,247 | $ | 169,335 | ||||||
| Foreign withholding tax | (122 | ) | — | — | (121 | ) | (216,831 | ) | (7,244 | ) | ||||||||
| Total Income | 4,078,420 | 1,511,414 | 1,198,581 | 424,911 | 1,851,416 | 162,091 | ||||||||||||
| EXPENSES: | ||||||||||||||||||
| Advisory fees (Note 3) | 844,836 | 658,121 | 612,323 | 95,107 | 365,749 | 58,461 | ||||||||||||
| BNY Fund Services fees | 315,713 | 253,198 | 249,778 | 45,572 | 138,987 | 31,322 | ||||||||||||
| Professional fees | 86,265 | 62,972 | 65,288 | 29,235 | 38,710 | 24,846 | ||||||||||||
| Compliance fees | 29,777 | 24,270 | 24,160 | 11,452 | 15,490 | 9,272 | ||||||||||||
| Principal Financial Officer fees | 24,821 | 20,231 | 20,139 | 9,546 | 12,911 | 7,729 | ||||||||||||
| Printing and Postage | 34,033 | 27,654 | 29,526 | 7,890 | 11,419 | 5,115 | ||||||||||||
| Trustees fees | 6,249 | 4,398 | 4,050 | 919 | 1,150 | 250 | ||||||||||||
| NYSE Listing Fees | 5,687 | 5,748 | 5,751 | 10,874 | 10,561 | 10,913 | ||||||||||||
| Registration fees | 4,501 | 1,599 | — | — | 1,599 | — | ||||||||||||
| Other expense | 11,041 | 11,101 | 11,204 | 7,630 | 8,771 | 7,504 | ||||||||||||
| Total Expenses | 1,362,923 | 1,069,292 | 1,022,219 | 218,225 | 605,347 | 155,412 | ||||||||||||
| Less expense waivers and | ||||||||||||||||||
| reimbursements (Note 3) | (443,046 | ) | (358,521 | ) | (360,910 | ) | (114,664 | ) | (306,652 | ) | (96,951 | ) | ||||||
| Net Expenses | 919,877 | 710,771 | 661,309 | 103,561 | 298,695 | 58,461 | ||||||||||||
| Net Investment Income | 3,158,543 | 800,643 | 537,272 | 321,350 | 1,552,721 | 103,630 | ||||||||||||
| NET REALIZED AND UNREALIZED | ||||||||||||||||||
| GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||
| Net realized gain (loss) on | ||||||||||||||||||
| investments | (263,996 | ) | 1,744,034 | 1,113,571 | (277,647 | ) | (187,345 | ) | 1,394,359 | |||||||||
| Net realized gain (loss) on | ||||||||||||||||||
| in-kind redemptions | 7,299,277 | 7,378,430 | 12,542,957 | 1,399,589 | 1,133,957 | 1,531,050 | ||||||||||||
| Total net realized gain (loss) | 7,035,281 | 9,122,464 | 13,656,528 | 1,121,942 | 946,612 | 2,925,409 | ||||||||||||
| Net change in unrealized | ||||||||||||||||||
| appreciation (depreciation) | ||||||||||||||||||
| on investments | 35,293,707 | 29,195,993 | 21,053,552 | 18,835 | 12,828,518 | 515,010 | ||||||||||||
| Net realized and unrealized | ||||||||||||||||||
| gain (loss) on investments | 42,328,988 | 38,318,457 | 34,710,080 | 1,140,777 | 13,775,130 | 3,440,419 | ||||||||||||
| Net Increase (Decrease) in | ||||||||||||||||||
| Net Assets Resulting | ||||||||||||||||||
| From Operations | $ | 45,487,531 | $ | 39,119,100 | $ | 35,247,352 | $ | 1,462,127 | $ | 15,327,851 | $ | 3,544,049 | ||||||
The accompanying notes are an integral part of these financial statements.
42
Statements of Changes in Net Assets
| RevenueShares Large Cap Fund |
RevenueShares Mid Cap Fund |
RevenueShares Small Cap Fund | |||||||||||||||||
| Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 | ||||||||||||||
| OPERATIONS: | |||||||||||||||||||
| Net investment income | $ | 3,158,543 | $ | 1,485,899 | $ | 800,643 | $ | 556,812 | $ | 537,272 | $ | 199,497 | |||||||
| Net realized gain (loss) on | |||||||||||||||||||
| investments | 7,035,281 | 6,492,330 | 9,122,464 | 6,947,066 | 13,656,528 | 6,908,858 | |||||||||||||
| Net change in unrealized | |||||||||||||||||||
| appreciation (depreciation) | |||||||||||||||||||
| on investments | 35,293,707 | (2,698,739 | ) | 29,195,993 | (2,022,385 | ) | 21,053,552 | (2,202,031 | ) | ||||||||||
| Net increase (decrease) in | |||||||||||||||||||
| net assets resulting from | |||||||||||||||||||
| operations | 45,487,531 | 5,279,490 | 39,119,100 | 5,481,493 | 35,247,352 | 4,906,324 | |||||||||||||
| DISTRIBUTION TO | |||||||||||||||||||
| SHAREHOLDERS FROM: | |||||||||||||||||||
| Net investment income | (2,871,609 | ) | (1,170,367 | ) | (762,231 | ) | (447,496 | ) | (543,364 | ) | (135,857 | ) | |||||||
| Realized gains | — | — | — | — | — | — | |||||||||||||
| Total distributions to | |||||||||||||||||||
| shareholders | (2,871,609 | ) | (1,170,367 | ) | (762,231 | ) | (447,496 | ) | (543,364 | ) | (135,857 | ) | |||||||
| SHAREHOLDER TRANSACTIONS: | |||||||||||||||||||
| Proceeds from shares sold | 48,640,531 | 105,841,236 | 30,030,204 | 84,452,205 | 27,782,757 | 93,864,879 | |||||||||||||
| Cost of shares redeemed | (28,676,563 | ) | (24,462,877 | ) | (24,422,486 | ) | (19,382,638 | ) | (40,788,847 | ) | (21,415,558 | ) | |||||||
| Net increase (decrease) in | |||||||||||||||||||
| net assets resulting from | |||||||||||||||||||
| shareholder transactions | 19,963,968 | 81,378,359 | 5,607,718 | 65,069,567 | (13,006,090 | ) | 72,449,321 | ||||||||||||
| Increase (Decrease) in | |||||||||||||||||||
| net assets | 62,579,890 | 85,487,482 | 43,964,587 | 70,103,564 | 21,697,898 | 77,219,788 | |||||||||||||
| NET ASSETS: | |||||||||||||||||||
| Beginning of period | 138,720,686 | 53,233,204 | 100,269,926 | 30,166,362 | 109,318,970 | 32,099,182 | |||||||||||||
| End of period | $ | 201,300,576 | $ | 138,720,686 | $ | 144,234,513 | $ | 100,269,926 | $ | 131,016,868 | $ | 109,318,970 | |||||||
| Undistributed net investment | |||||||||||||||||||
| income (loss) included in | |||||||||||||||||||
| net assets at end of period | $ | 786,517 | $ | 499,583 | $ | 188,715 | $ | 150,303 | $ | 80,481 | $ | 86,573 | |||||||
| CHANGES IN SHARES | |||||||||||||||||||
| OUTSTANDING: | |||||||||||||||||||
| Shares outstanding, beginning | |||||||||||||||||||
| of period | 7,151,400 | 3,201,400 | 4,351,400 | 1,601,400 | 4,301,400 | 1,601,400 | |||||||||||||
| Shares sold | 2,150,000 | 5,150,000 | 1,050,000 | 3,550,000 | 850,000 | 3,550,000 | |||||||||||||
| Shares redeemed | (1,250,000 | ) | (1,200,000 | ) | (850,000 | ) | (800,000 | ) | (1,350,000 | ) | (850,000 | ) | |||||||
| Shares outstanding, end | |||||||||||||||||||
| of period | 8,051,400 | 7,151,400 | 4,551,400 | 4,351,400 | 3,801,400 | 4,301,400 | |||||||||||||
The accompanying notes are an integral part of these financial statements.
43
Statements of Changes in Net Assets — concluded
| RevenueShares Financials Sector Fund |
RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | ||||||||||||||||
| Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 | |||||||||||||
| OPERATIONS: | ||||||||||||||||||
| Net investment income | $ | 321,350 | $ | 71,095 | $ | 1,552,721 | $ | 1,007,996 | $ | 103,630 | $ | 35,103 | ||||||
| Net realized gain (loss) on | ||||||||||||||||||
| investments | 1,121,942 | 1,142,697 | 946,612 | 618,236 | 2,925,409 | 873,823 | ||||||||||||
| Net change in unrealized | ||||||||||||||||||
| appreciation (depreciation) | ||||||||||||||||||
| on investments | 18,835 | (1,905,053 | ) | 12,828,518 | (6,725,823 | ) | 515,010 | 56,346 | ||||||||||
| Net increase (decrease) in | ||||||||||||||||||
| net assets resulting from | ||||||||||||||||||
| operations | 1,462,127 | (691,261 | ) | 15,327,851 | (5,099,591 | ) | 3,544,049 | 965,272 | ||||||||||
| DISTRIBUTION TO | ||||||||||||||||||
| SHAREHOLDERS FROM: | ||||||||||||||||||
| Net investment income | (309,165 | ) | (63,988 | ) | (1,346,857 | ) | (507,284 | ) | (111,815 | ) | (25,431 | ) | ||||||
| Realized gains | — | — | — | (150,700 | ) | — | (192,120 | ) | ||||||||||
| Total distributions to | ||||||||||||||||||
| shareholders | (309,165 | ) | (63,988 | ) | (1,346,857 | ) | (657,984 | ) | (111,815 | ) | (217,551 | ) | ||||||
| SHAREHOLDER TRANSACTIONS: | ||||||||||||||||||
| Proceeds from shares sold | 3,124,104 | 22,490,648 | 15,646,588 | 54,509,225 | 7,050,083 | 17,164,040 | ||||||||||||
| Cost of shares redeemed | (16,968,366 | ) | (2,754,245 | ) | (5,552,019 | ) | (8,632,651 | ) | (10,374,496 | ) | (13,027,298 | ) | ||||||
| Net increase (decrease) in | ||||||||||||||||||
| net assets resulting from | ||||||||||||||||||
| shareholder transactions | (13,844,262 | ) | 19,736,403 | 10,094,569 | 45,876,574 | (3,324,413 | ) | 4,136,742 | ||||||||||
| Increase (Decrease) in | ||||||||||||||||||
| net assets | (12,691,300 | ) | 18,981,154 | 24,075,563 | 40,118,999 | 107,821 | 4,884,463 | |||||||||||
| NET ASSETS: | ||||||||||||||||||
| Beginning of period | 24,571,527 | 5,590,373 | 47,640,934 | 7,521,935 | 10,388,107 | 5,503,644 | ||||||||||||
| End of period | $ | 11,880,227 | $ | 24,571,527 | $ | 71,716,497 | $ | 47,640,934 | $ | 10,495,928 | $ | 10,388,107 | ||||||
| Undistributed net investment | ||||||||||||||||||
| income (loss) included in | ||||||||||||||||||
| net assets at end of period | $ | 27,776 | $ | 15,591 | $ | 773,393 | $ | 564,550 | $ | 2,854 | $ | 11,039 | ||||||
| CHANGES IN SHARES | ||||||||||||||||||
| OUTSTANDING: | ||||||||||||||||||
| Shares outstanding, beginning | ||||||||||||||||||
| of period | 900,000 | 250,000 | 1,550,000 | 250,000 | 350,000 | 200,000 | ||||||||||||
| Shares sold | 100,000 | 750,000 | 400,000 | 1,550,000 | 200,000 | 550,000 | ||||||||||||
| Shares redeemed | (600,000 | ) | (100,000 | ) | (150,000 | ) | (250,000 | ) | (300,000 | ) | (400,000 | ) | ||||||
| Shares outstanding, end | ||||||||||||||||||
| of period | 400,000 | 900,000 | 1,800,000 | 1,550,000 | 250,000 | 350,000 | ||||||||||||
The accompanying notes are an integral part of these financial statements.
44
| RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | |||||||||||||||||||||||||||
| Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 20092 |
For the Period February 22, 20081 Through June 30, 20082 |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 20092 |
For the Period February 22, 20081 Through June 30, 20082 | |||||||||||||||||||||
| Per Share Operating Performance: | ||||||||||||||||||||||||||||
| Net asset value, beginning | ||||||||||||||||||||||||||||
| of period | $ | 19.40 | $ | 16.63 | $ | 22.87 | $ | 25.00 | $ | 23.04 | $ | 18.84 | $ | 24.17 | $ | 25.00 | ||||||||||||
| Net investment income3 | 0.39 | 0.29 | 0.33 | 0.15 | 0.18 | 0.17 | 0.18 | 0.08 | ||||||||||||||||||||
| Net realized and unrealized | ||||||||||||||||||||||||||||
| gain (loss) on investments | 5.57 | 2.74 | (6.34 | ) | (2.23 | ) | 8.64 | 4.18 | (5.36 | ) | (0.84 | ) | ||||||||||||||||
| Total gain (loss) from | ||||||||||||||||||||||||||||
| investment operations | 5.96 | 3.03 | (6.01 | ) | (2.08 | ) | 8.82 | 4.35 | (5.18 | ) | (0.76 | ) | ||||||||||||||||
| Less Distributions from: | ||||||||||||||||||||||||||||
| Net investment income | (0.36 | ) | (0.26 | ) | (0.23 | ) | (0.05 | ) | (0.17 | ) | (0.15 | ) | (0.15 | ) | (0.07 | ) | ||||||||||||
| Realized gains | — | — | — | — | — | — | — | — | ||||||||||||||||||||
| Total distributions | (0.36 | ) | (0.26 | ) | (0.23 | ) | (0.05 | ) | (0.17 | ) | (0.15 | ) | (0.15 | ) | (0.07 | ) | ||||||||||||
| Net asset value, end of | ||||||||||||||||||||||||||||
| period | $ | 25.00 | $ | 19.40 | $ | 16.63 | $ | 22.87 | $ | 31.69 | $ | 23.04 | $ | 18.84 | $ | 24.17 | ||||||||||||
| Total Return at Net Asset Value4 | 30.97 | % | 18.21 | % | (26.27 | )% | (8.31 | )% | 38.40 | % | 23.07 | % | (21.39 | )% | (3.02 | )% | ||||||||||||
| Total Return at Market Value4 | 30.94 | % | 17.99 | % | (26.52 | )% | (8.19 | )% | 38.42 | % | 22.86 | % | (21.71 | )% | (2.44 | )% | ||||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
| Net assets, end of period | ||||||||||||||||||||||||||||
| (000’s omitted) | $ | 201,301 | $ | 138,721 | $ | 53,233 | $ | 32,048 | $ | 144,235 | $ | 100,270 | $ | 30,166 | $ | 4,869 | ||||||||||||
| Ratio to average net assets of: | ||||||||||||||||||||||||||||
| Expenses, net of expense | ||||||||||||||||||||||||||||
| waivers and | ||||||||||||||||||||||||||||
| reimbursements | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | %5 | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | %5 | ||||||||||||
| Expenses, prior to expense | ||||||||||||||||||||||||||||
| waivers and | ||||||||||||||||||||||||||||
| reimbursements | 0.73 | % | 0.85 | % | 1.89 | % | 2.32 | %5 | 0.81 | % | 0.89 | % | 2.02 | % | 4.93 | %5 | ||||||||||||
| Net investment income, | ||||||||||||||||||||||||||||
| net of waivers and | ||||||||||||||||||||||||||||
| reimbursements | 1.68 | % | 1.44 | % | 2.05 | % | 1.87 | %5 | 0.61 | % | 0.71 | % | 1.12 | % | 0.89 | %5 | ||||||||||||
| Portfolio turnover rate6 | 12.73 | % | 6.72 | % | 23.67 | % | 0.88 | % | 38.03 | % | 14.51 | % | 35.25 | % | 1.07 | % | ||||||||||||
| 1 |
Commencement of operations. |
| 2 |
On November 6, 2008, there was a 2 for 1 stock split. Historical per share amounts have been adjusted to reflect the 2 for 1 split on a retroactive basis. |
| 3 |
Based on average daily shares outstanding. |
| 4 |
Net asset value 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 at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. 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 Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca. |
| 5 |
Annualized for periods less than one year. |
| 6 |
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
45
Financial highlights — continued
| RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | |||||||||||||||||||||
| Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 20092 |
For the Period February 22, 20081 Through June 30, 20082 |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
For the Period November 10, 20081 Through June 30, 2009 | ||||||||||||||||
| Per Share Operating Performance: | ||||||||||||||||||||||
| Net asset value, beginning | ||||||||||||||||||||||
| of period | $ | 25.41 | $ | 20.04 | $ | 23.35 | $ | 25.00 | $ | 27.30 | $ | 22.36 | $ | 25.00 | ||||||||
| Net investment income3 | 0.14 | 0.07 | 0.11 | 0.08 | 0.46 | 0.15 | 0.19 | |||||||||||||||
| Net realized and unrealized | ||||||||||||||||||||||
| gain (loss) on investments | 9.06 | 5.35 | (3.32 | ) | (1.67 | ) | 2.41 | 4.96 | (2.69 | ) | ||||||||||||
| Total gain (loss) from | ||||||||||||||||||||||
| investment operations | 9.20 | 5.42 | (3.21 | ) | (1.59 | ) | 2.87 | 5.11 | (2.50 | ) | ||||||||||||
| Less Distributions from: | ||||||||||||||||||||||
| Net investment income | (0.14 | ) | (0.05 | ) | (0.10 | ) | (0.06 | ) | (0.47 | ) | (0.17 | ) | (0.14 | ) | ||||||||
| Realized gains | — | — | — | — | — | — | — | |||||||||||||||
| Total distributions | (0.14 | ) | (0.05 | ) | (0.10 | ) | (0.06 | ) | (0.47 | ) | (0.17 | ) | (0.14 | ) | ||||||||
| Net asset value, end | ||||||||||||||||||||||
| of period | $ | 34.47 | $ | 25.41 | $ | 20.04 | $ | 23.35 | $ | 29.70 | $ | 27.30 | $ | 22.36 | ||||||||
| Total Return at Net Asset Value4 | 36.26 | % | 27.07 | % | (13.67 | )% | (6.36 | )% | 10.40 | % | 22.87 | % | (9.87 | )% | ||||||||
| Total Return at Market Value4 | 36.10 | % | 26.88 | % | (13.67 | )% | (6.10 | )% | 10.29 | % | 23.00 | % | (10.03 | )% | ||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||||
| Net assets, end of period | ||||||||||||||||||||||
| (000’s omitted) | $ | 131,017 | $ | 109,319 | $ | 32,099 | $ | 4,702 | $ | 11,880 | $ | 24,572 | $ | 5,590 | ||||||||
| Ratio to average net assets of: | ||||||||||||||||||||||
| Expenses, net of | ||||||||||||||||||||||
| expense waivers | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | %5 | 0.49 | % | 0.49 | % | 0.49 | %5 | ||||||||
| Expenses, prior to | ||||||||||||||||||||||
| expense waivers | 0.83 | % | 0.89 | % | 2.20 | % | 5.03 | %5 | 1.03 | % | 1.11 | % | 3.14 | %5 | ||||||||
| Net investment income, | ||||||||||||||||||||||
| net of waivers | 0.44 | % | 0.25 | % | 0.62 | % | 0.85 | %5 | 1.52 | % | 0.51 | % | 1.60 | %5 | ||||||||
| Portfolio turnover rate6 | 33.72 | % | 16.33 | % | 32.38 | % | 6.44 | % | 15.99 | % | 1.76 | % | 19.26 | % | ||||||||
| 1 |
Commencement of operations. |
| 2 |
On November 6, 2008, there was a 2 for 1 stock split. Historical per share amounts have been adjusted to reflect the 2 for 1 split on a retroactive basis. |
| 3 |
Based on average daily shares outstanding. |
| 4 |
Net asset value 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 at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. 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 Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca. |
| 5 |
Annualized for periods less than one year. |
| 6 |
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. |
The accompanying notes are an integral part of these financial statements.
46
Financial Highlights — concluded
| RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | |||||||||||||||||
| Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
For the Period November 18, 20081 Through June 30, 2009 |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
For the Period January 21, 20091 Through June 30, 2009 | |||||||||||||
| Per Share Operating Performance: | ||||||||||||||||||
| Net asset value, beginning of period | $ | 30.74 | $ | 30.09 | $ | 25.00 | $ | 29.68 | $ | 27.52 | $ | 25.00 | ||||||
| Net investment income3 | 0.96 | 1.07 | 0.58 | 0.39 | 0.10 | 0.09 | ||||||||||||
| Net realized and unrealized | ||||||||||||||||||
| gain (loss) on investments | 9.01 | 0.40 | 4.68 | 12.32 | 2.61 | 2.52 | ||||||||||||
| Total gain (loss) from | ||||||||||||||||||
| investment operations | 9.97 | 1.47 | 5.26 | 12.71 | 2.71 | 2.61 | ||||||||||||
| Less Distributions from: | ||||||||||||||||||
| Net investment income | (0.87 | ) | (0.68 | ) | (0.17 | ) | (0.41 | ) | (0.07 | ) | (0.09 | ) | ||||||
| Realized gains | — | (0.14 | ) | — | — | (0.48 | ) | — | ||||||||||
| Total distributions | (0.87 | ) | (0.82 | ) | (0.17 | ) | (0.41 | ) | (0.55 | ) | (0.09 | ) | ||||||
| Net asset value, end of period | $ | 39.84 | $ | 30.74 | $ | 30.09 | $ | 41.98 | $ | 29.68 | $ | 27.52 | ||||||
| Total Return at Net Asset Value4 | 32.89 | % | 4.64 | % | 21.15 | % | 43.05 | % | 9.70 | % | 10.48 | % | ||||||
| Total Return at Market Value4 | 32.90 | % | 4.55 | % | 21.18 | % | 43.22 | % | 9.81 | % | 10.69 | % | ||||||
| Ratios/Supplemental Data: | ||||||||||||||||||
| Net assets, end of period | ||||||||||||||||||
| (000’s omitted) | $ | 71,716 | $ | 47,641 | $ | 7,522 | $ | 10,496 | $ | 10,388 | $ | 5,504 | ||||||
| Ratio to average net assets of: | ||||||||||||||||||
| Expenses, net of expense waivers | 0.49 | % | 0.49 | % | 0.49 | %5 | 0.60 | % | 0.60 | % | 0.60 | %5 | ||||||
| Expenses, prior to expense waivers | 0.99 | % | 1.08 | % | 3.52 | %5 | 1.60 | % | 1.40 | % | 3.72 | %5 | ||||||
| Net investment income, net of waivers | 2.55 | % | 3.06 | % | 3.79 | %5 | 1.06 | % | 0.32 | % | 0.81 | %5 | ||||||
| Portfolio turnover rate6 | 37.11 | % | 45.80 | % | 82.02 | % | 190.44 | % | 182.12 | % | 32.48 | % | ||||||
| 1 |
Commencement of operations. |
| 2 |
On November 6, 2008, there was a 2 for 1 stock split. Historical per share amounts have been adjusted to reflect the 2 for 1 split on a retroactive basis. |
| 3 |
Based on average daily shares outstanding. |
| 4 |
Net asset value 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 at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. 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 Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca. |
| 5 |
Annualized for periods less than one year. |
| 6 |
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. |
The accompanying notes are an integral part of these financial statements.
47
1. Organization
The RevenueShares ETF Trust (the “Trust”) was organized as a Delaware statutory trust on December 15, 2006 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 each individually a “Fund”). The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund are diversified funds under the Act, the RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund are not diversified. Operations commenced on February 22, 2008 for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, November 10, 2008 for the RevenueShares Financials Sector Fund, November 18, 2008 for the RevenueShares ADR Fund and January 21, 2009 for the RevenueShares Navellier Overall A-100 Fund.
The objective of the Funds (RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund) is to outperform the total return performance of the Fund’s corresponding benchmark (Standard & Poor’s (“S&P”) 500 Index, S&P MidCap 400 Index, S&P SmallCap 600 Index, S&P 500 Financials Index, S&P ADR Index, and the Navellier Overall A-100 Index, respectively).
2. Significant Accounting Policies
These financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require management to make 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 amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The following summarizes the significant accounting policies of the Funds:
Investment Valuation — Security holdings traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ Official Closing Price. Other portfolio 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 Trust’s Board of Trustees (the “Board”).
The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon Corp. calculates each Fund’s NAV at the close of the regular trading session on the NYSE, ordinarily 4:00 p.m., Eastern Time on each day that such exchange is open.
Investment Transactions — Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses on sales of investment securities are calculated using the identified cost method.
Distributions to Shareholders — Each Fund shareholder is entitled to their share of a Fund’s income and net realized gains on investments. Each Fund pays out substantially all of its net earnings to its shareholders as “distributions.” Income dividends, if any, are generally distributed to shareholders quarterly. Net capital gains are distributed at least annually.
Investment Income — Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities.
Expenses — Expenses of the Trust which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
48
Notes To Financial Statements — continued
3. Advisory Fees, Servicing Fees And Other Fees And Expenses
VTL Associates, LLC (the “Adviser”) has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Board. For the services it provides to the Funds, the Adviser receives an advisory fee.
The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund pay the Adviser an annualized fee of 0.45%, 0.50%, 0.50%, 0.45%, 0.60% and 0.60% respectively, based upon each Fund’s daily net assets.
The Trust and the Adviser have entered into a written fee waiver and expense reimbursement agreement pursuant to which the Adviser has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the net annual fund operating expenses for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund from exceeding 0.49%, 0.54%, 0.54%, 0.49%, 0.49% and 0.60%, respectively, based upon each Fund’s daily net assets. Amounts waived and/or reimbursed pursuant to this agreement are not subject to subsequent recapture by the Adviser. This agreement will remain in effect and will be contractually binding until October 31, 2012, after which it may be terminated or revised.
For the year ended June 30, 2011, the Adviser waived and reimbursed the following fees:
| Fund | Fees Waived and Reimbursed | ||
| RevenueShares Large Cap Fund | $ | 443,046 | |
| RevenueShares Mid Cap Fund | 358,521 | ||
| RevenueShares Small Cap Fund | 360,910 | ||
| RevenueShares Financials Sector Fund | 114,664 | ||
| RevenueShares ADR Fund | 306,652 | ||
| RevenueShares Navellier Overall A-100 Fund | 96,951 | ||
Pursuant to a Sub-Advisory Agreement between the Adviser and Index Management Solutions, LLC (the “Sub-Adviser”), an affiliate of the Adviser, the Sub-Adviser will be responsible for the day-to-day management of the Funds, subject to the supervision of the Adviser and the Board. In this regard, the Sub-Adviser will be responsible for implementing the investment strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Adviser and Sub-Adviser from time to time. Out of the advisory fee, the Adviser pays all fees and expenses of the Sub-Adviser.
The Bank of New York Mellon Corp. serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Distribution — Foreside Fund Services, LLC serves as the Funds’ distributor (the “Distributor”). The Trust has adopted a distribution and services plan (“12b-1”) pursuant to rule 12b-1 under the 1940 Act. Each Fund is authorized to pay an amount up to a maximum annual rate of 0.25% of it’s average daily net assets for distribution related activities. No 12b-1 fees are currently paid by the Funds, and there are currently no plans to impose these fees.
Other Service Providers
Foreside Compliance Services, LLC (“FCS”), an affiliate of the Distributor, provides an Anti-Money Laundering Officer and Chief Compliance Officer as well as certain additional compliance support functions to the Funds. Foreside Management Services, LLC (“FMS”), an affiliate of the Distributor, provides a Principal Financial Officer to the Funds.
Neither the Distributor, FCS, FMS nor any of their officers or employees who serve as an officer of the Funds, has any role in determining the investment policies of, or which securities are to be purchased or sold by, the Trust or its Funds. Certain officers or employees of FCS and FMS are also officers of the Trust. FCS and FMS have agreed to waive 10% of their fees when aggregate net assets of the Trust are under $300,000,000 or until December 31, 2010. For the year ended June 30, 2011, FCS and FMS were not required to waive fees pursuant to this agreement.
Licensing Fee Agreements — The Adviser has entered into a licensing agreement for each Fund with RevenueShares Investor Services. The trademarks are owned by the Licensor. These trademarks have been licensed to the Adviser for use with the Funds. The Funds are not sponsored, endorsed, sold or promoted by the Licensor and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
49
Notes To Financial Statements — continued
4. Creation and Redemption Transactions
As of June 30, 2011, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Retail investors may only purchase and sell Fund shares at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund’s shares may be at, above or below its NAV depending on the premium or discount at which the Fund’s shares trade.
Each Fund issues and redeems shares at NAV, only in large blocks typically consisting of 50,000 shares or more (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated basket of equity securities constituting a portfolio sampling representation of the securities included in the relevant Fund’s underlying index and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
5. Fair Value Measurement
The authoritative guidance for fair value measurements and disclosures, Accounting Standards CodificationTM Topic 820, establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. 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, the intrinsic value of securities such as rights, warrants or options, etc.)
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of June 30, 2011 in valuing the Funds’ assets carried at fair value:
| Quoted Prices in Active Markets (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
||||||||
| Fund | Common Stock | Preferred Stock | Total | |||||||
| RevenueShares Large Cap Fund | $ | 200,365,287 | $ | — | $ | — | $ | — | $ | 200,365,287 |
| RevenueShares Mid Cap Fund | 144,110,619 | — | — | — | 144,110,619 | |||||
| RevenueShares Small Cap Fund | 130,700,143 | — | — | — | 130,700,143 | |||||
| RevenueShares Financials | ||||||||||
| Sector Fund | 11,863,404 | — | — | — | 11,863,404 | |||||
| RevenueShares ADR Fund | 69,876,419 | 835,160 | — | — | 70,711,579 | |||||
| RevenueShares Navellier | ||||||||||
| Overall A-100 Fund | 9,588,014 | 939,889 | — | — | 10,527,903 | |||||
At June 30, 2011, the Funds did not hold any Level 2 or Level 3 securities. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.
The Funds’ policy is to disclose significant transfers between Levels based on valuations at the beginning of the reporting period. At June 30, 2011, there were no significant transfers between Level 1, 2, or 3, based on the valuation input Levels assigned to securities on June 30, 2010.
50
Notes To Financial Statements — continued
6. Investment Transactions
The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the year ended June 30, 2011 were as follows:
| Fund | Purchases | Sales | ||
| RevenueShares Large Cap Fund | $ | 23,655,419 | $ | 24,270,093 |
| RevenueShares Mid Cap Fund | 50,038,307 | 49,870,749 | ||
| RevenueShares Small Cap Fund | 44,328,220 | 41,321,160 | ||
| RevenueShares Financials Sector Fund | 3,300,148 | 3,331,618 | ||
| RevenueShares ADR Fund | 22,414,329 | 23,233,393 | ||
| RevenueShares Navellier Overall A-100 Fund | 18,725,774 | 18,672,306 | ||
For the year ended June 30, 2011, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:
| Fund | Purchases | Sales | ||
| RevenueShares Large Cap Fund | $ | 48,571,299 | $ | 28,584,998 |
| RevenueShares Mid Cap Fund | 30,005,127 | 24,398,661 | ||
| RevenueShares Small Cap Fund | 24,329,667 | 40,646,392 | ||
| RevenueShares Financials Sector Fund | 3,106,896 | 16,937,342 | ||
| RevenueShares ADR Fund | 15,629,652 | 5,528,815 | ||
| RevenueShares Navellier Overall A-100 Fund | 7,050,841 | 10,375,060 | ||
Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.
7. Trustee’s Fees
The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. The interested Trustee does not receive any Trustees’ fees.
8. Federal Income Tax
The Funds intend to continue to qualify as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986 as amended (the “Internal Revenue Code”). If so qualified, the Funds will not be subject to Federal income tax to the extent they distribute substantially all of their net investment income and capital gains to shareholders.
At June 30, 2011, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were as follows:
| Fund | Cost | Gross Unrealized Appreciation |
Gross Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) | ||||||
| RevenueShares Large Cap Fund | $ | 175,045,574 | $ | 30,799,843 | $ | (5,480,130 | ) | $ | 25,319,713 | |
| RevenueShares Mid Cap Fund | 116,995,804 | 27,821,990 | (707,175 | ) | 27,114,815 | |||||
| RevenueShares Small Cap Fund | 110,510,606 | 23,496,787 | (3,307,250 | ) | 20,189,537 | |||||
| RevenueShares Financials Sector Fund | 13,285,416 | 368,529 | (1,790,541 | ) | (1,422,012 | ) | ||||
| RevenueShares ADR Fund | 65,426,297 | 7,460,117 | (2,174,835 | ) | 5,285,282 | |||||
| RevenueShares Navellier Overall A-100 Fund | 9,591,098 | 1,018,449 | (81,644 | ) | 936,805 | |||||
51
NOTES TO FINANCIAL STATEMENTS — continued
The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark to market of unrealized gains on passive foreign investment companies. At June 30, 2011, the components of accumulated earnings/loss on a tax-basis were as follows:
| Fund | Undistributed Ordinary Income |
Undistributed Capital and Other Losses |
Net Unrealized Appreciation (Depreciation) |
Total Accumulated Earnings/ (Losses) | |||||||
| RevenueShares Large Cap Fund | $ | 786,517 | $ | (1,403,091 | ) | $ | 25,319,713 | $ | 24,703,139 | ||
| RevenueShares Mid Cap Fund | 724,455 | 298,511 | 27,114,815 | 28,137,781 | |||||||
| RevenueShares Small Cap Fund | 80,481 | — | 20,189,537 | 20,270,018 | |||||||
| RevenueShares Financials Sector Fund | 27,776 | (342,920 | ) | (1,422,012 | ) | (1,737,156 | ) | ||||
| RevenueShares ADR Fund | 856,157 | 211,181 | 5,285,282 | 6,352,620 | |||||||
| RevenueShares Navellier Overall A-100 Fund | 46,050 | 67,129 | 936,805 | 1,049,984 | |||||||
The tax character of distributions paid during the year ended June 30, 2011 were as follows:
| Fund | Distributions Paid From Ordinary Income |
Distributions Paid From Long Term Capital Gain | |||
| RevenueShares Large Cap Fund | $ | 2,871,609 | $ | — | |
| RevenueShares Mid Cap Fund | 762,231 | — | |||
| RevenueShares Small Cap Fund | 543,364 | — | |||
| RevenueShares Financials Sector Fund | 309,165 | — | |||
| RevenueShares ADR Fund | 1,346,857 | — | |||
| RevenueShares Navellier Overall A-100 Fund | 111,815 | — | |||
At June 30, 2011, for Federal income tax purposes, the following Funds have capital loss carryforwards available to offset future capital gains through the years indicated. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders.
| Fund | Capital Loss Available Through 2017 |
Capital Loss Available Through 2018 |
Capital Loss Available Through 2019 |
Total | ||||
| RevenueShares Large Cap Fund | $ | — | $ | 713,843 | $ | — | $ | 713,843 |
| RevenueShares Financials Sector Fund | 52,317 | 21,626 | 78,273 | 152,216 | ||||
The Funds utilized capital loss carryforwards as follows to offset taxable capital gains realized during the year ended June 30, 2011 as follows:
| Fund | Capital Loss Carryforward Utilized | ||
| RevenueShares Large Cap Fund | $ | 1,375,063 | |
| RevenueShares Mid Cap Fund | 815,310 | ||
| RevenueShares Small Cap Fund | 759,636 | ||
Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
52
notes To Financial Statements — continued
Post-October losses represent losses realized on investment transactions from November 1, 2010 through June 30, 2011, that, in accordance with Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year. During the year ended June 30, 2011, the Funds incurred and will elect to defer net capital losses as follows:
| Fund | Post-October Capital Losses | ||
| RevenueShares Large Cap Fund | $ | 689,248 | |
| RevenueShares Financials Sector Fund | 190,704 | ||
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of redemptions in kind. Results of operations and net assets were not affected by these reclassifications. At June 30, 2011, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets as follows:
| Fund | Undistributed Net Investment Income |
Accumulated Net Realized Gain/(Loss) on Investments |
Paid-in- Capital | |||
| RevenueShares Large Cap Fund | — | $ | (6,778,352 | ) | $ | 6,778,352 |
| RevenueShares Mid Cap Fund | — | (8,008,460 | ) | 8,008,460 | ||
| RevenueShares Small Cap Fund | — | (12,462,551 | ) | 12,462,551 | ||
| RevenueShares Financials Sector Fund | — | (1,335,310 | ) | 1,335,310 | ||
| RevenueShares ADR Fund | 2,979 | (904,434 | ) | 901,455 | ||
| RevenueShares Navellier Overall A-100 Fund | — | (1,764,629 | ) | 1,764,629 | ||
Financial reporting rules prescribe a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation, as applicable, as the income is earned or capital gains are recorded. If applicable, the Fund will recognize expenses accrued related to unrecognized interest expense and penalties in “Other” expense on the Statement of Operations. Management has determined that there is no impact resulting from the application of this interpretation to the Funds’ financial statements.
Financial reporting rules require management of the Funds to analyze all open tax years, fiscal years 2008-2011, as defined by IRS statute of limitations, for all major jurisdictions, including Federal tax authorities and certain state tax authorities. As of and during the year ended June 30, 2011, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
53
Notes To Financial Statements — continued
9. Risks
Concentration Risk
The RevenueShares Financials Sector Fund and the RevenueShares ADR Fund may be adversely affected by the performance of the securities in a particular industry and may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class than may be the case for a fund that was not concentrated in a particular industry.
Non-Diversification Risk
Each of the RevenueShares Financials Sector, RevenueShares ADR and RevenueShares Navellier Overall A-100 Funds are non-diversified and, as a result, may have greater volatility than other diversified funds. Because a non-diversified fund may invest a larger percentage of its assets in securities of a single company than diversified funds, the performance of that company can have a substantial impact on a Fund’s Share price. Each Fund intends to maintain the required level of diversification so as to qualify as a “regulated investment company” for purposes of the Internal Revenue Code in order to avoid liability for Federal income tax to the extent that its earnings are distributed to shareholders. Compliance with diversification requirements of the Internal Revenue Code could limit the investment flexibility of a Fund.
Financial Sector Risk
Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition and adversely affected by natural disasters. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITs).
ADR Risk
The RevenueShares ADR Fund holds the securities of foreign companies in the form of ADRs, global shares or, in the case of Canadian equities, ordinary shares. Global shares are the actual (ordinary) shares of a non-U.S. company, which trade both in the home market and the U.S and are represented by the same share certificate in both the U.S. and the home market. Global shares may also be eligible to list on exchanges in addition to the United States and home country. ADRs are receipts typically issued by an American bank or trust company that evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs are designed for use in the U.S. securities markets. Separate registrars in the United States and home country are maintained. In most cases, purchases occurring on a U.S. exchange would be reflected on the U.S. Registrar.
The underlying securities of the ADRs in the Fund’s portfolio are usually denominated or quoted in currencies other than the U.S. dollar. Global shares may trade in their home market in currencies other than the U.S. dollar. Changes in foreign currency exchange rates affect the value of the ADR or global shares and, therefore, the value of the Fund’s portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase those returns.
In addition, although the ADRs, global shares and ordinary shares in which the Fund invests are listed on major U.S. exchanges, there can be no assurance that a market for these securities will be made or maintained or that any such market will be or remain liquid. The price at which the Fund’s securities may be sold and the value of the Fund’s Shares will be adversely affected if trading markets for the securities are limited or absent or if bid/ask spreads are wide.
Foreign Market Risk
Since global shares and the underlying securities of ADRs in the RevenueShares ADR Fund’s portfolio trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the ADRs representing those underlying securities may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for Shares of the Fund.
54
Notes To Financial Statements — concluded
10. Subsequent Events
On July 1, 2011, the Funds declared quarterly income dividends with an ex-date of July 5, 2011 and payable date of July 11, 2011. The income dividend per share for each Fund was as follows:
| Fund | Income Dividend Per Share | ||
| RevenueShares Large Cap Fund | $ | 0.09944 | |
| RevenueShares Mid Cap Fund | 0.04094 | ||
| RevenueShares Small Cap Fund | 0.02197 | ||
| RevenueShares Financials Sector Fund | 0.06605 | ||
| RevenueShares ADR Fund | 0.42974 | ||
| RevenueShares Navellier Overall A-100 Fund | 0.01142 | ||
Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that, except as set forth above, there are no material events that would require disclosure in the Funds’ financial statements through this date.
55
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of
RevenueShares ETF Trust
We have audited the accompanying statements of assets and liabilities of the RevenueShares ETF Trust (comprising, respectively, the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund (collectively, the “Funds”)), including the schedules of investments, as of June 30, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds constituting RevenueShares ETF Trust at June 30, 2011, the results of their operations for the year then ended, the changes in their net assets and their financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
| Philadelphia, Pennsylvania August 29, 2011 |
 |
56
Board Approval of Investment Advisory Agreement
At the November 23, 2010 meeting (the “Meeting”) of the Board of Trustees (the “Board”) of the RevenueShares ETF Trust (the “Trust”), the Board, including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Trust (the “Independent Trustees”), approved VTL Associates, LLC (the “Adviser”) to continue to serve as investment adviser to each series of the Trust (each a “Fund” and collectively, the “Funds”) and approved the continuation of the investment advisory agreement (the “Investment Advisory Agreement”) between the Adviser and the Trust with respect to each Fund, upon the same terms and conditions set forth therein, for the period January 25, 2011 until January 24, 2012. In connection with considering approval of the Investment Advisory Agreement, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. The Independent Trustees evaluated the terms of the Investment Advisory Agreement, reviewed the information provided by the Adviser in connection with the consideration of continuing the Investment Advisory Agreement and reviewed the duties and responsibilities of the Independent Trustees in evaluating and approving its continuation.
In considering whether to approve the continuation of the Adviser as investment advisor for an additional year, the Independent Trustees had previously reviewed, and discussed with representatives of the Adviser, the materials distributed in advance of, and supplementally at, the Meeting, which contained detailed information about the Adviser and the Funds, including: (i) a copy of the Investment Advisory Agreement and all amendments thereto with respect to the Adviser’s management of the Funds; (ii) information describing the nature, quality and extent of the services that the Adviser provides to the Funds, and the fees that the Adviser charges to the Funds; (iii) information concerning the Adviser’s financial condition, business and operations, portfolio management team and compliance program; (iv) a copy of the Adviser’s current Form ADV; and (v) a memorandum from Stradley Ronon Stevens & Young LLP, counsel to the Trust and the Adviser, on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act. The Independent Trustees also had considered the information presented at Board meetings throughout the year. The Independent Trustees received data compiled by Lipper Inc. (“Lipper”) comparing the advisory fees, expenses and performance of the Funds that had commenced operations (the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund) (the “Operating Funds”) with the fees, expenses and performance of other exchange-traded funds (“ETFs”) with similar investment objectives and policies. The Independent Trustees focused on and analyzed the factors that the Independent Trustees deemed relevant, including: the nature, quality, and extent of the services provided to each Fund by the Adviser; the personnel and operations of the Adviser; each Fund’s expense levels; the investment performance of the Operating Funds; profitability to the Adviser under the Investment Advisory Agreement; and any “fall-out” benefits to the Adviser (i.e., the ancillary benefits realized due to a relationship with the Trust). The Independent Trustees also noted that the RevenueShares Consumer Discretionary Sector Fund, RevenueShares Consumer Staples Sector Fund, RevenueShares Energy Sector Fund, RevenueShares Health Care Sector Fund, RevenueShares Industrials Sector Fund, RevenueShares Information Technology Sector Fund, RevenueShares Materials Sector Fund and RevenueShares Utilities Sector Fund are registered with the U.S. Securities and Exchange Commission but have not yet commenced operations. It was noted that the Independent Trustees would further discuss the fee and expense structure of these Funds before they commence operations. In particular, the Independent Trustees considered and discussed the following with respect to each Fund:
| (a) |
The nature, extent, and quality of services provided to each Fund by the Adviser. The Independent Trustees reviewed the services that the Adviser provides to each Fund. In connection with the investment advisory services provided to each Fund, the Independent Trustees noted the responsibilities that the Adviser has as the Funds’ investment adviser, including overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio; ultimate responsibility, subject to oversight by the Board, for oversight of the Trust’s sub-adviser; responsibility for the daily monitoring of tracking error and quarterly reporting to the Board; and the implementation of Board directives as they relate to the Funds. |
|
The Independent Trustees reviewed the Adviser’s experience, resources, and strengths in managing the Funds. Based on their consideration and review of the foregoing information, the Independent Trustees determined that each Fund was likely to continue to benefit from the nature, quality, and extent of these services, as well as the Adviser’s ability to render such services based on its experience, operations and resources. | |
| (b) |
Comparison of services provided and fees charged by the Adviser and other investment advisers to similar clients, and the cost of the services provided and profits realized by the Adviser from the relationship with the Funds. The Independent Trustees then compared both the services rendered and the fees paid pursuant to the Investment Advisory Agreement to contracts of other registered investment advisers providing services to similar ETFs. In particular, the Independent Trustees compared each Operating Fund’s advisory fee and expense ratio to the advisory fees and expense ratios of other investment companies considered to be in such Operating Fund’s peer group as |
57
Board Approval of Investment Advisory Agreement — concluded
| chosen by Lipper. The Independent Trustees noted that the Adviser has entered into an expense limitation agreement whereby the Adviser reimburses expenses and/or waives fees to keep the expenses from exceeding 0.49% of average daily net assets of each of the RevenueShares Large Cap Fund, RevenueShares Financials Sector Fund, RevenueShares Consumer Discretionary Sector Fund, RevenueShares Consumer Staples Sector Fund, RevenueShares Energy Sector Fund, RevenueShares Health Care Sector Fund, RevenueShares Industrials Sector Fund, RevenueShares Information Technology Sector Fund, RevenueShares Materials Sector Fund, RevenueShares Utilities Sector Fund and RevenueShares ADR Fund; from exceeding 0.54% of average daily net assets of each of the RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund; and from exceeding 0.60% of average daily net assets of the RevenueShares Navellier Overall A-100 Fund. The Board also received and considered information about the fee rates charged to other accounts that are managed by the Adviser. The Independent Trustees noted that the actual and contractual investment advisory fees of each Operating Fund were within the range of the actual and contractual investment advisory fees charged by other funds in the Operating Fund’s peer group. | |
| After comparing each Operating Fund’s fees with those of other funds in such Operating Fund’s peer group and considering the information about the fee rates charged to other accounts managed by the Adviser, and in light of the nature, quality, and extent of services provided by the Adviser and the costs incurred by the Adviser in rendering those services, the Independent Trustees concluded that the level of fees paid to the Adviser with respect to each Fund were fair and reasonable. | |
| (c) |
The Adviser’s profitability and the extent to which economies of scale would be realized as each Fund grows and whether fee levels would reflect such economies of scale. The Independent Trustees considered that economies of scale may be realized by the Adviser as the Funds grow larger; however, since the amount of assets under management remains relatively small, the Independent Trustees concluded that economies of scale are difficult to consider at this time. The Independent Trustees discussed with representatives of the Adviser the costs and profitability of the Adviser in connection with its serving as investment adviser to each Fund, including operational costs. |
| (d) | Investment performance of the Funds. The Independent Trustees considered the investment performance of the Operating Funds, including tracking error. In particular, the Independent Trustees considered the investment performance of the Operating Funds relative to their stated objectives and the Adviser’s success in reaching such objectives. The Independent Trustees considered each Operating Fund’s investment performance compared to (i) its corresponding revenue-weighted index that it seeks to track and (ii) the benchmark index that each Operating Fund uses for comparison in its prospectus and shareholder reports. The Independent Trustees also considered each Operating Fund’s investment performance compared to the average of the Operating Fund’s Lipper peer group. |
|
The Board also received and considered information about the premium/discount history of the Operating Funds, which illustrated the number of times that the market price of the Operating Funds trading on the secondary market closed above or below the NAV of the Operating Funds, and by how much, measured in basis points. | |
| (e) |
Expenses. The Independent Trustees considered each Operating Fund’s total expense ratio (both including and excluding the Operating Fund’s fee waiver and expense limitation arrangement) compared to the total expense ratios (both including and excluding the fund’s fee waiver and expense limitation arrangement) of other ETFs considered to be in the Operating Fund’s peer group. The Independent Trustees noted that each Operating Fund’s total expense ratio (including the Operating Fund’s fee waiver and expense limitation arrangement) was within the range of the total expense ratios (including the funds’ fee waiver and expense limitation arrangements) of other funds in the Operating Fund’s peer group. |
Conclusion. No single factor was determinative to the decision of the Independent Trustees. Based on the foregoing and such other matters as were deemed relevant, the Independent Trustees concluded that the advisory fee rates and total expense ratios were reasonable in relation to the services provided by the Adviser to each Fund, as well as the costs incurred and benefits gained by the Adviser in providing such services. The Independent Trustees also found the investment advisory fees to be reasonable in comparison to the fees charged by advisers to other comparable ETFs of similar size. As a result, the Independent Trustees concluded that the continuation of the Investment Advisory Agreement was in the best interests of each Fund.
58
Trustees and Officers of The Revenueshares ETF Trust
(Unaudited)
Independent Trustees
| Name, Address and Year of Birth |
Position(s) Held with Trust |
Term
of Office1 and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex2 Overseen by Trustee |
Other Directorships Held by Trustee |
|||||
| James C. McAuliffe One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Year of Birth: 1951 |
Trustee | Since 2006 | Retired. Police Officer from 1971 to 2004 | 14 | None | |||||
| Christian W. Myers, III One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Year of Birth: 1952 |
Trustee | Since 2006 | Firefighter from 1976 to present | 14 | None | |||||
| John J. Kolodziej One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Year of Birth: 1956 |
Trustee | Since 2007 | Controller, Diagnostic Imaging, Inc. from 2010 to present; Director of Finance, St. Francis Medical Center, from 2002 to 2009 | 14 | None | |||||
| John A. Reilly One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Year of Birth: 1931 |
Trustee | Since 2010 | Pension Consultant, Philadelphia Fire Fighters Union Local #22, from 1977 to present | 14 | None | |||||
| Interested Trustee | ||||||||||
| Vincent T. Lowry3 One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Year of Birth: 1951 |
Chairman and Trustee; President |
Since 2006 | Chief Executive Officer, VTL, from 2004 to present; Managing Director, Smith Barney, Inc. from 1984 to 2004 | 14 | None |
| 1 |
Each Trustee holds office for an indefinite term. |
| 2 |
The “Fund Complex” consists of the Trust, which consists of 14 Funds, only six of which are operating. |
| 3 |
Mr. Lowry is considered to be an “interested person” of the Trust as defined in the 1940 Act, due to his relationship with VTL Associates, LLC, the Funds’ investment adviser. |
The Fund’s Statement of Additional Information (“SAI”) has additional information about the Funds’ Trustees and Officers and is available without charge upon request. Contact your financial representative for a free prospectus or SAI.
59
Trustees And Officers of The Revenueshares ETF Trust
(Unaudited) — concluded
Officers
| Name, Address and Year of Birth |
Position(s)
Held with the Trust |
Term of Office1 and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
| Charles S. Todd2 Three Canal Plaza, Suite 100 Portland, ME 04101 Year of Birth: 1971 |
Treasurer | Since 2010 | Director, Foreside Management Services, LLC from December 2008 to present; Vice President within the Fund Administration Department of J.P. Morgan Investor Services Co., formerly serving as Assistant Vice President from June 2000 to December 2008 |
| Patrick J. Keniston2 Three Canal Plaza, Suite 100 Portland, ME 04101 Year of Birth: 1964 |
Chief Compliance Officer |
Since 2009 | Director, Foreside Compliance Services, LLC, since October 2008; Vice President, Citi Fund Services Ohio, Inc. from 2005 to 2008; Attorney, Citigroup Global Transaction Services from 2001 to 2005 |
| Jennifer Folgia One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Year of Birth: 1973 |
Secretary | Since 2006 | Operations Manager, VTL, from 2004 to present; Sales Assistant, Smith Barney, Inc., from 1994 to 2004 |
| 1 |
Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board. |
| 2 |
The Treasurer and Chief Compliance Officer also serve as officers of the unaffiliated mutual funds and ETFs for which Foreside Fund Services LLC, the Distributor, or its affiliates act as distributor or service provider. |
The Funds’ Statement of Additional Information (“SAI”) has additional information about the Funds’ Trustees and Officers and is available without charge upon request. Contact your financial representative for a free prospectus or SAI.
60
(Unaudited)
Proxy Voting Policies, Procedures and Record
A description of the Trust’s proxy voting policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, and each Fund’s proxy voting record for the most recent twelve-month period ended June 30 is available, without charge upon request, by calling (877)738-8870. This information is also available on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The RevenueShares ETF Trust files its complete schedule of portfolio holdings with the SEC for its first and third quarters on Form N-Q. Copies of the filings are available on the SEC’s website at http://www.sec.gov. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to the following email box address: <publicinfo@sec.gov>.
Premium/Discount Information
Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund’s net asset value may be found on the Funds’ website at http://www.revenuesharesetfs.com.
Federal Tax Status of Dividends Declared during the Tax Year
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
For Federal income tax purposes, dividends and short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), and the individual qualified dividend rate (“QDI”) is presented below:
| QDI | DRD | |||
| RevenueShares Large Cap Fund | 100.00 | % | 100.00 | % |
| RevenueShares Mid Cap Fund | 83.65 | 83.11 | ||
| RevenueShares Small Cap Fund | 100.00 | 100.00 | ||
| RevenueShares Financials Sector Fund | 100.00 | 100.00 | ||
| RevenueShares ADR Fund | 100.00 | 0.00 | ||
| RevenueShares Navellier Overall A-100 Fund | 63.52 | 46.85 | ||
With respect to the taxable year ended June 30, 2011, the Funds hereby designate as capital gain dividends the amounts listed below, or, if subsequently determined to be different, the net capital gain of such year:
| RevenueShares Mid Cap Fund |
RevenueShares Small Cap Fund |
RevenueShares ADR Fund |
RevenueShares Navellier Overall A-100 Fund | ||||||||
| From long-term capital gains, subject to | |||||||||||
| the 15% rate gains category | $ | — | $ | — | $ | — | $ | — | |||
| From long-term capital gains, using proceeds | |||||||||||
| from shareholder redemptions | 323,266 | 429,282 | 20,341 | 148,889 | |||||||
RevenueShares ADR Fund in accordance with Section 853 of the Internal Revenue Code intends to elect to pass through to its shareholders the credit for taxes paid in foreign countries during its fiscal year ended June 30, 2011. In accordance with the current tax laws, the foreign income and foreign tax as of June 30, 2011 is as follows:
| Foreign Dividend |
Foreign Taxes |
|
| Dollar Amount | $1,851,674 | $200,557 |
61
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| Investment Adviser | Sub-Adviser |
| VTL Associates, LLC | Index Management Solutions, LLC |
| One Commerce Square | One Commerce Square |
| 2005 Market Street, Suite 2020 | 2005 Market Street, Suite 2020 |
| Philadelphia, Pennsylvania 19103 | Philadelphia, Pennsylvania 19103 |
| Distributor | Transfer Agent |
| Foreside Fund Services, LLC | The Bank of New York Mellon |
| Three Canal Plaza, Suite 100 | 101 Barclay Street |
| Portland, Maine 04101 | New York, New York 10286 |
| www.foreside.com | |
| Independent Registered Public Accounting Firm | |
| Custodian | |
| Ernst & Young, LLP | |
| The Bank of New York Mellon | Two Commerce Square |
| 101 Barclay Street | 2001 Market Street, Suite 4000 |
| New York, New York 10286 | Philadelphia, Pennsylvania 19103 |
| Legal Counsel | |
| Stradley Ronon Stevens & Young, LLP | |
| 2600 One Commerce Square | |
| Philadelphia, Pennsylvania 19103 | |
RevenueShares™ ETF Trust
One Commerce Square, 2005 Market Street, Suite 2020
Philadelphia, PA 19103
This report is submitted for the general information of the shareholders of each Fund.
It is not authorized for distribution to prospective investors unless preceded or accompanied
by an effective prospectus, which includes information regarding the Funds’ risks, objectives,
fees and expenses, experience of their management, and other information.
DISTRIBUTOR
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
www.foreside.com
Item 2. Code of Ethics.
a). The Registrant has adopted a code of ethics that applies to the Registrant’s Principal Executive Officer, Principal Financial Officer or persons performing similar functions.
b). There have not been any changes to the Code of Ethics.
c). Not applicable.
d). During the period, Registrant granted no waivers from the provisions of its code of ethics that applies to the Registrant's Principal Executive Officer, Principal Financial Officer or persons performing similar functions.
e). Not applicable.
f). Attached.
Item 3. Audit Committee Financial Expert.
a). The Registrant’s Board of Trustees has one audit committee financial expert serving on its audit committee, an “independent” Trustee, John J. Kolodziej. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
a). Audit Fees: the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for the audit are as follows:
2011: $120,000
2010: $114,000
b). Audit-Related Fees: the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this item are as follows:
2011: $ 0
2010: $ 0
c). Tax Fees, the aggregate fees billed in each of the previous last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are as follows:
2011: $19,800
2010: $18,000
d). All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) and (c) of this Item are as follows:
2011: $ 0
2010: $ 0
e) Audit Committee Pre-Approval Policies and Procedures.
(i) Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant.
(ii) 100% of services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(A) of Rule 2-01 of Regulation S-X.
(f) No response required.
(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Funds, the Advisor or any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant (except for any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) that directly impacted the Funds for the last two fiscal years is as follows:
2011: $19,800
2010: $18,000
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants.
(a) The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and all independent Trustees are members of such committee.
(b) Not applicable.
Item 6. Schedule of Investments.
(a) Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company & Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
| (a) |
The Principal Executive Officer and Principal Financial Officer have evaluated the Registrant's disclosure controls and procedures within 90 days of the filing date of this report and have concluded that these controls and procedures are effective. |
| (b) |
There were no significant changes in the Registrant's internal controls over financial reporting or in other factors that could significantly affect these controls during the second fiscal quarter of the period covered by this report. |
Item 12. Exhibits.
(a) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached.
(b) Separate certifications for each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17CFR 270.30a-(a)).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: RevenueShares ETF Trust
By: /s/ Vincent T. Lowry
Vincent T. Lowry, Chief Executive Officer
Date: August 30, 2011
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.
Registrant: RevenueShares ETF Trust
By: /s/ Vincent T. Lowry
Vincent T. Lowry, Chief Executive Officer
Date: August 30, 2011
By: /s/ Charles S. Todd
Charles S. Todd, Chief Financial Officer
Date: August 30, 2011