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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 July 1, 2012 to December 31, 2012.

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.

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 7/1/2012	Ending Account Value 12/31/2012	Annualized Expense Ratios for the Six Month Period	Expenses Paid During the Six Month Period†
RevenueShares Large Cap Fund
Actual	$1,000.00	$1,086.14	0.49%	$2.58
Hypothetical (5% return before expenses)	$1,000.00	$1,022.74	0.49%	$2.50
RevenueShares Mid Cap Fund
Actual	$1,000.00	$1,089.13	0.54%	$2.84
Hypothetical (5% return before expenses)	$1,000.00	$1,022.48	0.54%	$2.75
RevenueShares Small Cap Fund
Actual	$1,000.00	$1,126.88	0.54%	$2.89
Hypothetical (5% return before expenses)	$1,000.00	$1,022.48	0.54%	$2.75
RevenueShares Financials Sector Fund
Actual	$1,000.00	$1,170.55	0.49%	$2.68
Hypothetical (5% return before expenses)	$1,000.00	$1,022.74	0.49%	$2.50
RevenueShares ADR Fund
Actual	$1,000.00	$1,138.63	0.49%	$2.64
Hypothetical (5% return before expenses)	$1,000.00	$1,022.74	0.49%	$2.50
RevenueShares Navellier Overall A-100 Fund
Actual	$1,000.00	$1,065.54	0.60%	$3.12
Hypothetical (5% return before expenses)	$1,000.00	$1,022.18	0.60%	$3.06


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		2.4	%	Automobiles & Components		0.3	%	Automobiles & Components		0.7	%
Banks		1.8		Banks		1.9		Banks		2.6
Capital Goods		8.6		Capital Goods		14.3		Capital Goods		12.3
Commercial & Professional Services		0.5		Commercial & Professional Services		4.6		Commercial & Professional Services		6.4
Consumer Durables & Apparel		1.2		Consumer Durables & Apparel		3.8		Consumer Durables & Apparel		5.2
Consumer Services		1.1		Consumer Services		2.0		Consumer Services		5.1
Diversified Financials		5.4		Diversified Financials		1.4		Diversified Financials		1.7
Energy		15.5		Energy		8.5		Energy		3.2
Food & Staples Retailing		8.9		Food & Staples Retailing		3.1		Food & Staples Retailing		3.3
Food, Beverage & Tobacco		4.8		Food, Beverage & Tobacco		3.5		Food, Beverage & Tobacco		2.9
Health Care Equipment & Services		7.9		Health Care Equipment & Services		7.4		Health Care Equipment & Services		9.3
Household & Personal Products		1.5		Household & Personal Products		0.6		Household & Personal Products		0.6
Insurance		5.9		Insurance		5.8		Insurance		2.5
Materials		4.1		Materials		8.5		Materials		8.6
Media		2.9		Media		1.2		Media		1.4
Money Market Fund		8.9		Money Market Fund		25.6		Money Market Fund		16.9
Pharmaceuticals, Biotechnology &				Pharmaceuticals, Biotechnology &				Pharmaceuticals, Biotechnology &
Life Sciences		3.3		Life Sciences		1.3		Life Sciences		1.2
Real Estate Investment Trusts		0.4		Real Estate		0.1		Real Estate Investment Trusts		1.5
Retailing		5.8		Real Estate Investment Trusts		1.5		Real Estate Management &
Semiconductors & Semiconductor				Real Estate Management &				Development		0.0	†
Equipment		1.2		Development		0.3		Retailing		10.8
Software & Services		4.1		Retailing		6.7		Semiconductors & Semiconductor
Technology Hardware & Equipment		5.4		Semiconductors & Semiconductor				Equipment		2.1
Telecommunication Services		3.1		Equipment		1.1		Software & Services		4.1
Transportation		1.7		Software & Services		3.9		Technology Hardware & Equipment		9.3
Utilities		3.1		Technology Hardware & Equipment		11.6		Telecommunication Services		0.8
Total Investments		109.5		Telecommunication Services		0.5		Transportation		2.4
Liabilities in Excess of Other Assets		(9.5	)	Transportation		3.2		Utilities		2.9
Net Assets		100.0	%	Utilities		3.8		Total Investments		117.8
				Total Investments		126.5		Liabilities in Excess of Other Assets		(17.8	)
				Liabilities in Excess of Other Assets		(26.5	)	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		10.5	%	Automobiles & Components		5.5	%	Automobiles & Components		0.4	%
Commercial Banks		13.2		Banks		12.6		Banks		8.2
Consumer Finance		5.1		Capital Goods		3.2		Capital Goods		0.7
Diversified Financial Services		24.0		Consumer Durables & Apparel		3.0		Commercial & Professional Services		1.7
Insurance		43.9		Consumer Services		0.3		Consumer Durables & Apparel		3.1
Money Market Fund		0.6		Diversified Financials		3.6		Consumer Services		0.7
Paper & Forest Products		0.5		Energy		36.5		Diversified Financials		2.9
Real Estate Investment Trusts		2.5		Food & Staples Retailing		0.7		Energy		14.3
Real Estate Management &				Food, Beverage & Tobacco		3.0		Food, Beverage & Tobacco		6.4
Development		0.5		Health Care Equipment & Services		0.3		Health Care Equipment & Services		8.9
Thrifts & Mortgage Finance		0.2		Insurance		4.4		Household & Personal Products		0.3
Total Investments		101.0		Materials		7.3		Insurance		7.4
Liabilities in Excess of Other Assets		(1.0	)	Media		0.9		Materials		1.6
				Money Market Fund		7.2		Media		13.1
Net Assets		100.0	%	Pharmaceuticals, Biotechnology &				Money Market Fund		7.6
				Life Sciences		3.1		Pharmaceuticals, Biotechnology &
				Real Estate		0.3		Life Sciences		7.2
				Semiconductors & Semiconductor				Real Estate		1.0
				Equipment		0.5		Real Estate Investment Trusts		1.1
				Software & Services		0.3		Retailing		6.8
				Technology Hardware & Equipment		2.6		Semiconductors & Semiconductor
				Telecommunication Services		10.6		Equipment		0.7
				Transportation		0.4		Software & Services		2.5
				Utilities		1.9		Technology Hardware & Equipment		0.9
				Total Investments		108.2		Telecommunication Services		0.3
				Liabilities in Excess of Other Assets		(8.2	)	Transportation		2.1
				Net Assets		100.0	%	Utilities		4.5
								Total Investments		104.4
								Liabilities in Excess of Other Assets		(4.4	)
								Net Assets		100.0	%


Investments	Shares	Value
COMMON STOCKS—100.6%
Automobiles & Components—2.4%
BorgWarner, Inc.*(a)	1,583	$	113,374
Delphi Automotive PLC*	6,524		249,543
Ford Motor Co.(a)	167,748		2,172,337
Goodyear Tire & Rubber Co.*(a)	24,169		333,774
Harley-Davidson, Inc.	1,706		83,321
Johnson Controls, Inc.	21,148		649,244
Total Automobiles & Components			3,601,593

Banks—1.8%
BB&T Corp.	5,379		156,583
Comerica, Inc.	1,323		40,140
Fifth Third Bancorp	6,774		102,897
First Horizon National Corp.(a)	2,236		22,159
Hudson City Bancorp, Inc.	3,202		26,032
Huntington Bancshares, Inc.	6,912		44,168
KeyCorp	8,142		68,556
M&T Bank Corp.	672		66,172
People’s United Financial, Inc.	1,639		19,815
PNC Financial Services Group, Inc.	4,110		239,654
Regions Financial Corp.	12,768		90,908
SunTrust Banks, Inc.	5,773		163,664
U.S. Bancorp	10,305		329,142
Wells Fargo & Co.	38,709		1,323,074
Zions Bancorporation	1,763		37,728
Total Banks			2,730,692

Capital Goods—8.6%
3M Co.	4,730		439,180
Boeing Co.	15,539		1,171,019
Caterpillar, Inc.	10,974		983,051
Cummins, Inc.	2,473		267,950
Danaher Corp.	4,806		268,655
Deere & Co.	5,952		514,372
Dover Corp.	1,930		126,820
Eaton Corp. PLC	4,397		238,317
Emerson Electric Co.	6,779		359,016
Fastenal Co.(a)	1,027		47,951
Flowserve Corp.	481		70,611
Fluor Corp.	6,776		398,022
General Dynamics Corp.	6,965		482,466
General Electric Co.	101,864		2,138,125
Honeywell International, Inc.	8,752		555,489
Illinois Tool Works, Inc.	4,363		265,314
Ingersoll-Rand PLC	4,313		206,851
Jacobs Engineering Group, Inc.*	3,781		160,957
Joy Global, Inc.	1,283		81,830
L-3 Communications Holdings, Inc.	2,812		215,455
Lockheed Martin Corp.	7,565		698,174
Masco Corp.	6,901		114,971
Northrop Grumman Corp.(a)	5,462		369,122
PACCAR, Inc.(a)	5,924		267,824
Pall Corp.(a)	642		38,687
Parker Hannifin Corp.	2,266		192,746
Pentair Ltd.*	1,075		52,836
Precision Castparts Corp.	551		104,370
Quanta Services, Inc.*	3,346		91,312
Raytheon Co.	6,176		355,491
Rockwell Automation, Inc.	1,111		93,313
Rockwell Collins, Inc.(a)	1,209		70,328


Investments	Shares	Value
Roper Industries, Inc.	397	$	44,258
Snap-On, Inc.	580		45,814
Textron, Inc.(a)	7,321		181,488
Tyco International Ltd.	8,041		235,199
United Technologies Corp.	10,066		825,513
W.W. Grainger, Inc.(a)	661		133,767
Xylem, Inc./NY	2,061		55,853
Total Capital Goods			12,962,517

Commercial & Professional Services—0.5%
Adt Corp. (The)	1,061		49,326
Avery Dennison Corp.	2,549		89,011
Cintas Corp.	1,421		58,119
Dun & Bradstreet Corp.(a)	305		23,988
Equifax, Inc.	578		31,281
Iron Mountain, Inc.	1,427		44,308
Pitney Bowes, Inc.(a)	6,864		73,033
Republic Services, Inc.	4,025		118,053
Robert Half International, Inc.(a)	1,942		61,795
Stericycle, Inc.*	298		27,795
Waste Management, Inc.(a)	5,988		202,035
Total Commercial & Professional Services			778,744

Consumer Durables & Apparel—1.2%
Coach, Inc.	1,165		64,669
D.R. Horton, Inc.	3,066		60,646
Fossil, Inc.*(a)	433		40,312
Garmin Ltd.(a)	1,008		41,147
Harman International Industries, Inc.	1,470		65,621
Hasbro, Inc.(a)	1,680		60,312
Leggett & Platt, Inc.(a)	2,025		55,121
Lennar Corp., Class A(a)	1,403		54,254
Mattel, Inc.	2,508		91,843
Newell Rubbermaid, Inc.	4,031		89,770
NIKE, Inc., Class B	7,120		367,392
Pulte Group, Inc.*	3,635		66,012
Ralph Lauren Corp., Class A	646		96,848
Stanley Black & Decker, Inc.	2,220		164,213
VF Corp.(a)	1,057		159,575
Whirlpool Corp.	2,657		270,350
Total Consumer Durables & Apparel			1,748,085

Consumer Services—1.1%
Apollo Group, Inc., Class A*(a)	3,155		66,003
Carnival Corp.	5,900		216,943
Chipotle Mexican Grill, Inc., Class A*	136		40,454
Darden Restaurants, Inc.	2,515		113,351
H&R Block, Inc.	2,202		40,891
International Game Technology(a)	2,149		30,451
Marriott International, Inc., Class A(a)	4,691		174,834
McDonald’s Corp.	4,546		401,003
Starbucks Corp.(a)	3,551		190,405
Starwood Hotels & Resorts
Worldwide, Inc.	1,665		95,504
Wyndham Worldwide Corp.	1,258		66,938
Wynn Resorts Ltd.(a)	681		76,606
Yum! Brands, Inc.	3,007		199,665
Total Consumer Services			1,713,048


Investments	Shares		Value
Diversified Financials—5.4%
American Express Co.	8,751	$	503,007
Ameriprise Financial, Inc.	2,402		150,437
Bank of America Corp.	142,774		1,656,178
Bank of New York Mellon Corp.	8,639		222,022
BlackRock, Inc.	658		136,015
Capital One Financial Corp.	5,450		315,719
Charles Schwab Corp.	5,091		73,107
Citigroup, Inc.	34,257		1,355,207
CME Group, Inc./Il, Class A	845		42,850
Discover Financial Services	3,303		127,331
ETrade Financial Corp.	3,745		33,518
Franklin Resources, Inc.	830		104,331
Goldman Sachs Group, Inc.	4,505		574,658
IntercontinentalExchange, Inc.*	159		19,686
Invesco Ltd.	2,506		65,382
JPMorgan Chase & Co.	36,329		1,597,386
Legg Mason, Inc.	1,545		39,737
Leucadia National Corp.(a)	4,371		103,986
Moody’s Corp.	733		36,885
Morgan Stanley	24,073		460,276
NASDAQ OMX Group, Inc.(a)	1,889		47,244
Northern Trust Corp.(a)	1,235		61,948
NYSE Euronext	2,406		75,885
SLM Corp.	5,542		94,934
State Street Corp.	3,222		151,466
T. Rowe Price Group, Inc.	665		43,311
Total Diversified Financials			8,092,506

Energy—15.5%
Anadarko Petroleum Corp.	2,787		207,102
Apache Corp.	3,135		246,097
Baker Hughes, Inc.	7,696		314,305
Cabot Oil & Gas Corp.	329		16,364
Cameron International Corp.*	2,129		120,203
Chesapeake Energy Corp.(a)	9,861		163,890
Chevron Corp.	30,398		3,287,240
ConocoPhillips	34,585		2,005,584
Consol Energy, Inc.(a)	2,273		72,963
Denbury Resources, Inc.*	2,254		36,515
Devon Energy Corp.(a)	2,662		138,530
Diamond Offshore Drilling, Inc.(a)	637		43,291
Ensco PLC, Class A	1,056		62,600
EOG Resources, Inc.	1,373		165,845
EQT Corp.	430		25,361
Exxon Mobil Corp.	71,675		6,203,471
FMC Technologies, Inc.*(a)	2,057		88,101
Halliburton Co.	12,142		421,206
Helmerich & Payne, Inc.	799		44,752
Hess Corp.	10,623		562,594
Kinder Morgan, Inc./Delaware	3,758		132,770
Marathon Oil Corp.	7,235		221,825
Marathon Petroleum Corp.	18,009		1,134,567
Murphy Oil Corp.(a)	6,914		411,729
Nabors Industries Ltd.*	7,201		104,054
National Oilwell Varco, Inc.	4,027		275,245
Newfield Exploration Co.*	1,502		40,224
Noble Corp.	1,383		48,156
Noble Energy, Inc.	575		58,500
Occidental Petroleum Corp.	4,565		349,725
Peabody Energy Corp.(a)	4,583		121,954


Investments	Shares		Value
Phillips 66*(a)	51,309	$	2,724,508
Pioneer Natural Resources Co.	431		45,940
QEP Resources, Inc.	1,371		41,500
Range Resources Corp.	307		19,289
Rowan Cos. PLC, Class A*	602		18,825
Schlumberger Ltd.	8,971		621,601
Southwestern Energy Co.*	1,183		39,524
Spectra Energy Corp.	2,777		76,034
Tesoro Corp.	10,952		482,436
Valero Energy Corp.	60,591		2,067,365
Williams Cos., Inc.	3,526		115,441
Wpx Energy, Inc.*(a)	3,211		47,780
Total Energy			23,425,006

Food & Staples Retailing—8.9%
Costco Wholesale Corp.	14,323		1,414,683
CVS Caremark Corp.	36,598		1,769,513
Kroger Co.	49,828		1,296,525
Safeway, Inc.(a)	36,077		652,633
Sysco Corp.	19,400		614,204
Walgreen Co.	28,935		1,070,884
Wal-Mart Stores, Inc.	95,462		6,513,372
Whole Foods Market, Inc.	1,816		165,855
Total Food & Staples Retailing			13,497,669

Food, Beverage & Tobacco—4.8%
Altria Group, Inc.	7,977		250,637
Archer-Daniels-Midland Co.(a)	47,548		1,302,340
Beam, Inc.	618		37,754
Brown-Forman Corp., Class B	642		40,607
Campbell Soup Co.(a)	3,180		110,950
Coca-Cola Co.	19,234		697,233
Coca-Cola Enterprises, Inc.	3,762		119,368
ConAgra Foods, Inc.	6,494		191,573
Constellation Brands, Inc., Class A*(a)	1,149		40,663
Dean Foods Co.*	11,495		189,782
Dr Pepper Snapple Group, Inc.	1,995		88,139
General Mills, Inc.	5,843		236,116
H.J. Heinz Co.	2,883		166,291
Hershey Co.	1,303		94,103
Hormel Foods Corp.	3,872		120,845
J.M. Smucker Co.(a)	926		79,858
Kellogg Co.	3,612		201,730
Kraft Foods Group, Inc.	5,903		268,409
Lorillard, Inc.	576		67,202
McCormick & Co., Inc.	916		58,194
Molson Coors Brewing Co., Class B(a)	1,308		55,969
Mondelez International, Inc., Class A	30,935		787,914
Monster Beverage Corp.*(a)	560		29,613
PepsiCo, Inc.	13,971		956,036
Philip Morris International, Inc.	5,470		457,511
Reynolds American, Inc.(a)	2,937		121,680
Tyson Foods, Inc., Class A	25,255		489,947
Total Food, Beverage & Tobacco			7,260,464

Health Care Equipment & Services—7.9%
Aetna, Inc.	11,385		527,125
AmerisourceBergen Corp., Class A(a)	27,424		1,184,168
Baxter International, Inc.	3,140		209,312
Becton Dickinson & Co.	1,485		116,112
Boston Scientific Corp.*	18,840		107,953


Investments	Shares		Value
Health Care Equipment & Services (continued)
C.R. Bard, Inc.	447	$	43,690
Cardinal Health, Inc.	38,046		1,566,734
CareFusion Corp.*	1,900		54,302
Cerner Corp.*	482		37,422
CIGNA Corp.	7,495		400,683
Coventry Health Care, Inc.	4,614		206,846
Covidien PLC	3,082		177,955
DaVita, Inc.*	1,022		112,962
DENTSPLY International, Inc.	1,072		42,462
Edwards Lifesciences Corp.*(a)	294		26,510
Express Scripts Holding Co.*	21,653		1,169,262
Hospira, Inc.*	1,857		58,013
Humana, Inc.	8,465		580,953
Intuitive Surgical, Inc.*	60		29,422
Laboratory Corp. of America Holdings*	953		82,549
McKesson Corp.	18,186		1,763,315
Medtronic, Inc.	5,621		230,573
Patterson Cos., Inc.	1,524		52,166
Quest Diagnostics, Inc.	1,870		108,965
St. Jude Medical, Inc.(a)	2,276		82,255
Stryker Corp.	2,266		124,222
Tenet Healthcare Corp.*	4,081		132,510
UnitedHealth Group, Inc.	29,391		1,594,168
Varian Medical Systems, Inc.*	580		40,739
WellPoint, Inc.	15,239		928,360
Zimmer Holdings, Inc.	971		64,727
Total Health Care Equipment & Services			11,856,435
Household & Personal Products—1.5%
Avon Products, Inc.	10,887		156,337
Clorox Co.	1,065		77,979
Colgate-Palmolive Co.	2,379		248,700
Estee Lauder Cos., Inc., Class A	2,345		140,372
Kimberly-Clark Corp.(a)	3,660		309,014
Mead Johnson Nutrition Co., Class A(a)	865		56,995
Procter & Gamble Co.	18,157		1,232,679
Total Household & Personal Products			2,222,076
Insurance—5.9%
ACE Ltd.	3,253		259,589
Aflac, Inc.(a)	6,823		362,438
Allstate Corp.	12,018		482,763
American International Group, Inc.*	30,081		1,061,859
AON PLC	2,992		166,355
Assurant, Inc.	3,548		123,116
Berkshire Hathaway, Inc., Class B*	25,681		2,303,586
Chubb Corp.	2,658		200,200
Cincinnati Financial Corp.	1,487		58,231
Genworth Financial, Inc., Class A*	20,474		153,760
Hartford Financial Services Group, Inc.	16,045		360,050
Lincoln National Corp.	6,380		165,242
Loews Corp.	5,171		210,718
Marsh & McLennan Cos., Inc.	5,057		174,315
MetLife, Inc.	30,224		995,579
Principal Financial Group, Inc.	4,743		135,270
Progressive Corp.(a)	11,420		240,962
Prudential Financial, Inc.	14,121		753,073
Torchmark Corp.	1,001		51,722
Travelers Cos., Inc.	5,188		372,602
Unum Group	7,414		154,359
XL Group PLC, Class A	4,201		105,277
Total Insurance			8,891,066


Investments	Shares		Value
Materials—4.1%
Air Products & Chemicals, Inc.	1,706	$	143,338
Airgas, Inc.(a)	754		68,833
Alcoa, Inc.	40,921		355,194
Allegheny Technologies, Inc.	2,599		78,906
Ball Corp.	2,892		129,417
Bemis Co., Inc.	2,308		77,226
CF Industries Holdings, Inc.	459		93,250
Cliffs Natural Resources, Inc.(a)	2,528		97,480
Dow Chemical Co.	26,105		843,714
E.I. du Pont de Nemours & Co.	12,608		566,982
Eastman Chemical Co.	1,731		117,794
Ecolab, Inc.	2,202		158,324
FMC Corp.	937		54,833
Freeport-McMoRan Copper &
Gold, Inc.	7,730		264,366
International Flavors &
Fragrances, Inc.(a)	619		41,188
International Paper Co.	10,362		412,822
LyondellBasell Industries NV, Class A	12,421		709,115
MeadWestvaco Corp.	2,740		87,324
Monsanto Co.	2,213		209,460
Mosaic Co. (The)	2,988		169,210
Newmont Mining Corp.	3,450		160,218
Nucor Corp.	6,778		292,674
Owens-Illinois, Inc.*	5,010		106,563
PPG Industries, Inc.	1,707		231,042
Praxair, Inc.	1,539		168,444
Sealed Air Corp.	6,792		118,928
Sigma-Aldrich Corp.	524		38,556
United States Steel Corp.(a)	11,959		285,461
Vulcan Materials Co.	720		37,476
Weyerhaeuser Co.	3,561		99,067
Total Materials			6,217,205

Media—2.9%
Cablevision Systems Corp., Class A(a)	6,697		100,053
CBS Corp., Class B	5,956		226,626
Comcast Corp., Class A	24,120		901,606
DIRECTV*	8,461		424,404
Discovery Communications, Inc.,
Class A*	1,052		66,781
Gannett Co., Inc.(a)	4,152		74,778
Interpublic Group of Cos., Inc.	9,234		101,759
McGraw-Hill Cos., Inc.	1,730		94,579
News Corp., Class A	20,202		515,959
Omnicom Group, Inc.	4,148		207,234
Scripps Networks Interactive, Inc.,
Class A	569		32,956
Time Warner Cable, Inc.	3,247		315,576
Time Warner, Inc.	8,971		429,083
Viacom, Inc., Class B	4,055		213,861
Walt Disney Co.	12,475		621,130
Washington Post Co., Class B	164		59,894
Total Media			4,386,279

Pharmaceuticals, Biotechnology & Life Sciences—3.3%
Abbott Laboratories	8,973		587,732
Abbvie, Inc.*	387		13,220
Alexion Pharmaceuticals, Inc.*	163		15,291
Allergan, Inc.	915		83,933


Investments	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Amgen, Inc.	2,828	$	244,113
Biogen IDEC, Inc.*	533		78,175
Bristol-Myers Squibb Co.	8,616		280,795
Celgene Corp.*	996		78,405
Eli Lilly & Co.	6,894		340,012
Forest Laboratories, Inc.*	1,937		68,415
Gilead Sciences, Inc.*	1,854		136,176
Johnson & Johnson	13,870		972,287
Life Technologies Corp.*	1,106		54,283
Merck & Co., Inc.	16,286		666,749
Mylan, Inc.*	3,551		97,581
PerkinElmer, Inc.	973		30,883
Perrigo Co.(a)	440		45,773
Pfizer, Inc.	35,868		899,569
Thermo Fisher Scientific, Inc.	2,852		181,901
Waters Corp.*	310		27,007
Watson Pharmaceuticals, Inc.*	955		82,130
Total Pharmaceuticals, Biotechnology &
Life Sciences			4,984,430

Real Estate Investment Trusts—0.3%
American Tower Corp.	547		42,267
Apartment Investment &
Management Co., Class A	616		16,669
AvalonBay Communities, Inc.	116		15,728
Boston Properties, Inc.	261		27,616
Equity Residential	576		32,642
HCP, Inc.(a)	621		28,057
Health Care REIT, Inc.	445		27,274
Host Hotels & Resorts, Inc.(a)	4,980		78,037
Kimco Realty Corp.	721		13,930
Plum Creek Timber Co., Inc.	437		19,390
ProLogis, Inc.	841		30,688
Public Storage	189		27,397
Simon Property Group, Inc.	448		70,824
Ventas, Inc.	563		36,437
Vornado Realty Trust	536		42,923
Total Real Estate Investment Trusts			509,879

Real Estate Management & Development—0.1%
CBRE Group, Inc., Class A*(a)	4,669		92,913

Retailing—5.8%
Abercrombie & Fitch Co., Class A	1,236		59,291
Amazon.com, Inc.*	3,299		828,511
AutoNation, Inc.*(a)	5,730		227,481
AutoZone, Inc.*	351		124,405
Bed Bath & Beyond, Inc.*	2,287		127,866
Best Buy Co., Inc.(a)	63,134		748,138
Big Lots, Inc.*(a)	2,634		74,964
CarMax, Inc.*	4,172		156,617
Dollar General Corp.*	4,844		213,572
Dollar Tree, Inc.*(a)	2,409		97,709
Expedia, Inc.	940		57,763
Family Dollar Stores, Inc.	2,102		133,288
Gamestop Corp., Class A(a)	5,213		130,794
Gap, Inc.(a)	6,760		209,830
Genuine Parts Co.	2,998		190,613
Home Depot, Inc.	16,723		1,034,318
JC Penney Co., Inc.(a)	12,482		246,020
Kohl’s Corp.	6,251		268,668


Investments	Shares		Value
Lowe’s Cos., Inc.	20,766	$	737,608
Ltd. Brands, Inc.	3,175		149,415
Macy’s, Inc.	9,947		388,132
Netflix, Inc.*(a)	560		51,957
Nordstrom, Inc.(a)	2,963		158,520
O’Reilly Automotive, Inc.*	990		88,526
PetSmart, Inc.	1,254		85,698
priceline.com, Inc.*	120		74,544
Ross Stores, Inc.	2,308		124,978
Sherwin-Williams Co.(a)	930		143,053
Staples, Inc.(a)	30,568		348,475
Target Corp.	16,726		989,677
Tiffany & Co.(a)	896		51,377
TJX Cos., Inc.	7,839		332,766
Tripadvisor, Inc.*	248		10,406
Urban Outfitters, Inc.*	892		35,109
Total Retailing			8,700,089

Semiconductors & Semiconductor Equipment—1.2%
Advanced Micro Devices, Inc.*(a)	35,136		84,326
Altera Corp.	774		26,657
Analog Devices, Inc.	957		40,251
Applied Materials, Inc.	12,150		138,996
Broadcom Corp., Class A	3,472		115,305
First Solar, Inc.*	1,329		41,039
Intel Corp.	37,876		781,382
KLA-Tencor Corp.	984		46,996
Lam Research Corp.*	1,089		39,346
Linear Technology Corp.	563		19,311
LSI Corp.*	5,091		36,044
Microchip Technology, Inc.(a)	652		21,249
Micron Technology, Inc.*	18,328		116,383
NVIDIA Corp.	4,618		56,755
Teradyne, Inc.*	1,518		25,639
Texas Instruments, Inc.	6,308		195,170
Xilinx, Inc.	935		33,566
Total Semiconductors &
Semiconductor Equipment			1,818,415

Software & Services—4.1%
Accenture PLC, Class A	6,262		416,423
Adobe Systems, Inc.*	1,718		64,734
Akamai Technologies, Inc.*	470		19,228
Autodesk, Inc.*	888		31,391
Automatic Data Processing, Inc.	2,691		153,414
BMC Software, Inc.*	769		30,499
CA, Inc.	3,148		69,193
Citrix Systems, Inc.*	552		36,294
Cognizant Technology Solutions Corp.,
Class A*	1,433		106,114
Computer Sciences Corp.	5,924		237,256
eBay, Inc.*	3,900		198,978
Electronic Arts, Inc.*	3,986		57,917
Fidelity National Information
Services, Inc.	2,473		86,085
Fiserv, Inc.*	837		66,148
Google, Inc., Class A*	982		696,601
International Business Machines Corp.	7,976		1,527,803
Intuit, Inc.	984		58,548
Mastercard, Inc., Class A	220		108,082
Microsoft Corp.	39,741		1,062,277


Investments	Shares		Value
Software & Services (continued)
Oracle Corp.	16,121	$	537,152
Paychex, Inc.	989		30,797
Red Hat, Inc.*(a)	308		16,312
SAIC, Inc.	13,762		155,786
Salesforce.com, Inc.*(a)	183		30,762
Symantec Corp.*	5,367		100,953
Total System Services, Inc.	1,263		27,053
VeriSign, Inc.*(a)	328		12,733
Visa, Inc., Class A	1,004		152,186
Western Union Co.	6,152		83,729
Yahoo!, Inc.*	3,766		74,943
Total Software & Services			6,249,391

Technology Hardware & Equipment—5.4%
Agilent Technologies, Inc.	2,496		102,186
Amphenol Corp., Class A	938		60,689
Apple, Inc.	4,204		2,240,858
Cisco Systems, Inc.	33,440		657,096
Corning, Inc.	9,022		113,858
Dell, Inc.	87,456		885,929
EMC Corp.*	12,193		308,483
F5 Networks, Inc.*	205		19,916
FLIR Systems, Inc.(a)	981		21,886
Harris Corp.	1,714		83,918
Hewlett-Packard Co.	126,620		1,804,335
Jabil Circuit, Inc.	13,680		263,887
JDS Uniphase Corp.*	1,923		26,037
Juniper Networks, Inc.*	3,203		63,003
Molex, Inc.(a)	1,935		52,884
Motorola Solutions, Inc.	2,341		130,347
NetApp, Inc.*	2,582		86,626
QUALCOMM, Inc.	4,365		270,717
SanDisk Corp.*	1,725		75,141
Seagate Technology PLC	6,534		199,156
TE Connectivity Ltd.	5,506		204,383
Teradata Corp.*	618		38,248
Western Digital Corp.(a)	3,655		155,301
Xerox Corp.	47,217		322,020
Total Technology Hardware & Equipment			8,186,904

Telecommunication Services—3.1%
AT&T, Inc.	55,815		1,881,524
CenturyLink, Inc.	6,896		269,772
Crown Castle International Corp.*	479		34,565
Frontier Communications Corp.(a)	16,793		71,874
MetroPCS Communications, Inc.*(a)	7,542		74,967
Sprint Nextel Corp.*	95,433		541,105
Verizon Communications, Inc.	39,135		1,693,371
Windstream Corp.(a)	9,771		80,904
Total Telecommunication Services			4,648,082

Transportation—1.7%
CH Robinson Worldwide, Inc.	2,559		161,780
CSX Corp.	8,780		173,229
Expeditors International of
Washington, Inc.	2,234		88,355
FedEx Corp.	6,733		617,551
Norfolk Southern Corp.	2,667		164,927
Ryder System, Inc.	1,817		90,723


Investments	Shares		Value
Southwest Airlines Co.(a)	23,958	$	245,330
Union Pacific Corp.	2,456		308,768
United Parcel Service, Inc., Class B(a)	10,561		778,663
Total Transportation			2,629,326

Utilities—3.1%
AES Corp.	4,230		259,261
AGL Resources, Inc.(a)	1,293		51,681
Ameren Corp.	3,410		104,755
American Electric Power Co., Inc.	5,047		215,406
CenterPoint Energy, Inc.	5,621		108,204
CMS Energy Corp.	3,753		91,498
Consolidated Edison, Inc.(a)	3,229		179,339
Dominion Resources, Inc.	3,768		195,182
DTE Energy Co.	2,112		126,826
Duke Energy Corp.	3,970		253,286
Edison International	4,241		191,651
Entergy Corp.	2,395		152,681
Exelon Corp.	10,458		311,021
FirstEnergy Corp.	5,787		241,665
Integrys Energy Group, Inc.	1,150		60,053
NextEra Energy, Inc.	3,105		214,835
NiSource, Inc.	3,112		77,458
Northeast Utilities	2,131		83,279
NRG Energy, Inc.	5,539		127,342
Oneok, Inc.	4,461		190,708
Pepco Holdings, Inc.(a)	3,904		76,557
PG&E Corp.	5,384		216,329
Pinnacle West Capital Corp.	939		47,870
PPL Corp.	6,773		193,911
Public Service Enterprise Group, Inc.	4,839		148,073
SCANA Corp.	1,312		59,880
Sempra Energy	1,971		139,823
Southern Co.	5,671		242,775
TECO Energy, Inc.	2,751		46,107
Wisconsin Energy Corp.	1,695		62,461
Xcel Energy, Inc.	5,508		147,119
Total Utilities			4,617,036

Total Common Stocks
(Cost $127,732,507)			151,819,850
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—8.9%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.13%(b)
(Cost $13,437,616)	13,437,616		13,437,616

Total Investments—109.5%
(Cost $141,170,123)			165,257,466
Liabilities in Excess of Other Assets—(9.5)%			(14,272,178	)
Net Assets—100.0%		$	150,985,288


Investments	Shares		Value
COMMON STOCKS—100.9%
Automobiles & Components—0.3%
Gentex Corp.(a)	5,193	$	97,732
Thor Industries, Inc.(a)	7,037		263,395
Total Automobiles & Components			361,127

Banks—1.9%
Associated Banc-Corp.	6,719		88,153
Astoria Financial Corp.	6,192		57,957
BancorpSouth, Inc.(a)	4,601		66,899
Bank of Hawaii Corp.(a)	1,202		52,948
Cathay General Bancorp	2,254		43,953
City National Corp.(a)	2,096		103,794
Commerce Bancshares, Inc.(a)	2,667		93,505
Cullen/Frost Bankers, Inc.(a)	1,443		78,312
East West Bancorp, Inc.	4,276		91,891
First Niagara Financial Group, Inc.	16,766		132,954
FirstMerit Corp.(a)	4,564		64,763
Fulton Financial Corp.	7,807		75,025
Hancock Holding Co.(a)	2,770		87,920
International Bancshares Corp.	2,669		48,175
New York Community
Bancorp, Inc.(a)	14,107		184,802
Prosperity Bancshares, Inc.(a)	940		39,480
Signature Bank*(a)	831		59,284
SVB Financial Group*	1,414		79,142
Synovus Financial Corp.	47,361		116,034
TCF Financial Corp.(a)	9,861		119,811
Trustmark Corp.(a)	2,095		47,054
Valley National Bancorp	7,164		66,625
Washington Federal, Inc.(a)	3,330		56,177
Webster Financial Corp.	3,610		74,186
Westamerica Bancorporation(a)	522		22,232
Total Banks			1,951,076

Capital Goods—14.3%
Acuity Brands, Inc.	2,495		168,986
Aecom Technology Corp.*(a)	30,062		715,476
AGCO Corp.*	17,563		862,695
Alliant Techsystems, Inc.(a)	6,456		400,014
AMETEK, Inc.	7,613		286,020
BE Aerospace, Inc.*	5,259		259,795
Carlisle Cos., Inc.(a)	5,368		315,424
CLARCOR, Inc.	2,142		102,345
Crane Co.(a)	5,088		235,473
Donaldson Co., Inc.	6,549		215,069
Esterline Technologies Corp.*	2,673		170,030
Exelis, Inc.(a)	42,754		481,838
Fortune Brands Home &
Security, Inc.*(a)	10,302		301,024
Gardner Denver, Inc.(a)	2,755		188,717
GATX Corp.	2,684		116,217
General Cable Corp.*(a)	16,683		507,330
Graco, Inc.	1,640		84,444
Granite Construction, Inc.	5,400		181,548
Harsco Corp.(a)	11,821		277,794
Hubbell, Inc., Class B	3,194		270,308
Huntington Ingalls Industries, Inc.(a)	13,745		595,708
IDEX Corp.(a)	3,717		172,952
ITT Corp.(a)	13,231		310,399
KBR, Inc.(a)	23,100		691,152


Investments	Shares		Value
Kennametal, Inc.	5,822	$	232,880
Lennox International, Inc.(a)	5,189		272,526
Lincoln Electric Holdings, Inc.	5,205		253,379
MSC Industrial Direct Co., Inc.,
Class A	2,664		200,812
Nordson Corp.	1,844		116,393
Oshkosh Corp.*(a)	24,443		724,735
Regal-Beloit Corp.	3,948		278,216
Shaw Group, Inc.*(a)	11,493		535,689
SPX Corp.(a)	7,079		496,592
Terex Corp.*(a)	24,826		697,859
Timken Co.(a)	9,617		459,981
Trinity Industries, Inc.	9,395		336,529
Triumph Group, Inc.	4,507		294,307
United Rentals, Inc.*(a)	7,094		322,919
URS Corp.(a)	22,897		898,936
Valmont Industries, Inc.	1,993		272,144
Wabtec Corp.	2,297		201,079
Watsco, Inc.	3,875		290,238
Woodward, Inc.(a)	4,288		163,501
Total Capital Goods			14,959,473

Commercial & Professional Services—4.6%
Brink’s Co.(a)	11,841		337,824
Clean Harbors, Inc.*	3,634		199,906
Copart, Inc.*	2,664		78,588
Corporate Executive Board Co.(a)	1,008		47,840
Corrections Corp. of America(a)	4,380		155,359
Deluxe Corp.(a)	4,130		133,151
FTI Consulting, Inc.*	4,203		138,699
Herman Miller, Inc.	7,155		153,260
HNI Corp.(a)	5,856		176,031
Manpower, Inc.	43,374		1,840,793
Mine Safety Appliances Co.	2,488		106,262
Monster Worldwide, Inc.*	13,874		77,972
R.R. Donnelley & Sons Co.(a)	96,177		865,593
Rollins, Inc.	4,913		108,282
Towers Watson & Co., Class A	5,165		290,325
Waste Connections, Inc.	4,211		142,290
Total Commercial & Professional Services			4,852,175

Consumer Durables & Apparel—3.8%
Carter’s, Inc.*	3,739		208,075
Deckers Outdoor Corp.*(a)	3,451		138,972
Hanesbrands, Inc.*	11,072		396,599
Jarden Corp.*	11,262		582,245
KB Home(a)	7,717		121,929
MDC Holdings, Inc.	2,495		91,716
Mohawk Industries, Inc.*(a)	6,051		547,434
NVR, Inc.*(a)	277		254,840
Polaris Industries, Inc.	3,253		273,740
PVH Corp.	4,572		507,538
Tempur-Pedic International, Inc.*(a)	3,981		125,362
Toll Brothers, Inc.*	4,604		148,847
Tupperware Brands Corp.	3,465		222,107
Under Armour, Inc., Class A*(a)	3,099		150,394
Warnaco Group, Inc.*	2,957		211,633
Total Consumer Durables & Apparel			3,981,431


Investments	Shares		Value
Consumer Services—2.0%
Bally Technologies, Inc.*(a)	1,610	$	71,983
Bob Evans Farms, Inc.(a)	3,533		142,027
Brinker International, Inc.(a)	7,812		242,094
Cheesecake Factory, Inc.(a)	4,772		156,140
DeVry, Inc.(a)	7,596		180,253
International Speedway Corp.,
Class A(a)	1,950		53,859
Life Time Fitness, Inc.*(a)	1,994		98,125
Matthews International Corp., Class A	2,461		78,998
Panera Bread Co., Class A*	1,079		171,378
Regis Corp.(a)	11,470		194,072
Scientific Games Corp., Class A*	9,491		82,287
Service Corp. International	14,372		198,477
Sotheby’s(a)	1,984		66,702
Strayer Education, Inc.(a)	874		49,093
Wendy’s Co. (The)(a)	45,503		213,864
WMS Industries, Inc.*	3,623		63,402
Total Consumer Services			2,062,754

Diversified Financials—1.4%
Affiliated Managers Group, Inc.*(a)	1,168		152,015
Apollo Investment Corp.	1,011		8,452
CBOE Holdings, Inc.	1,512		44,544
Eaton Vance Corp.(a)	3,368		107,271
Federated Investors, Inc., Class B	5,380		108,837
Greenhill & Co., Inc.(a)	485		25,215
Janus Capital Group, Inc.(a)	8,823		75,172
Jefferies Group, Inc.	17,289		321,057
MSCI, Inc., Class A*	2,634		81,628
Raymond James Financial, Inc.(a)	8,143		313,750
SEI Investments Co.	3,683		85,961
Waddell & Reed Financial, Inc., Class A	3,025		105,330
Total Diversified Financials			1,429,232

Energy—8.5%
Alpha Natural Resources, Inc.*(a)	69,012		672,177
Arch Coal, Inc.(a)	51,295		375,479
Atwood Oceanics, Inc.*	1,347		61,679
Bill Barrett Corp.*	3,442		61,233
CARBO Ceramics, Inc.	702		54,995
Cimarex Energy Co.	2,427		140,111
Dresser-Rand Group, Inc.*(a)	4,205		236,069
Dril-Quip, Inc.*(a)	877		64,065
Forest Oil Corp.*	8,717		58,317
Helix Energy Solutions Group, Inc.*	6,569		135,584
Hollyfrontier Corp.	37,778		1,758,566
Northern Oil and Gas, Inc.*(a)	1,383		23,262
Oceaneering International, Inc.	4,253		228,769
Oil States International, Inc.*	5,371		384,241
Patterson-UTI Energy, Inc.(a)	13,026		242,674
Plains Exploration & Production Co.*	4,208		197,524
Quicksilver Resources, Inc.*	18,114		51,806
Rosetta Resources, Inc.*	1,120		50,803
SM Energy Co.(a)	2,584		134,911
Superior Energy Services, Inc.*	16,331		338,378
Tidewater, Inc.	1,925		86,009
Unit Corp.*	2,542		114,517
World Fuel Services Corp.	82,069		3,378,781
Total Energy			8,849,950


Investments	Shares		Value
Food & Staples Retailing—3.1%
Harris Teeter Supermarkets, Inc.(a)	10,203	$	393,428
SUPERVALU, Inc.(a)	984,892		2,432,683
United Natural Foods, Inc.*(a)	8,087		433,382
Total Food & Staples Retailing			3,259,493

Food, Beverage & Tobacco—3.5%
Flowers Foods, Inc.(a)	10,814		251,642
Green Mountain Coffee
Roasters, Inc.*	7,625		315,370
Hillshire Brands Co.	18,750		527,625
Ingredion, Inc.	8,638		556,546
Lancaster Colony Corp.	1,425		98,596
Post Holdings, Inc.*	2,432		83,296
Ralcorp Holdings, Inc.*(a)	4,471		400,825
Smithfield Foods, Inc.*(a)	51,776		1,116,808
Tootsie Roll Industries, Inc.(a)	1,839		47,667
Universal Corp.(a)	4,325		215,861
Total Food, Beverage & Tobacco			3,614,236

Health Care Equipment & Services—7.4%
Allscripts Healthcare Solutions, Inc.*	12,237		115,273
Community Health Systems, Inc.	39,105		1,202,088
Cooper Cos., Inc.(a)	1,316		121,704
Health Management Associates, Inc.,
Class A*(a)	56,303		524,744
Health Net, Inc.*(a)	39,551		961,089
Henry Schein, Inc.*(a)	9,557		768,956
Hill-Rom Holdings, Inc.	5,015		142,927
HMS Holdings Corp.*(a)	1,493		38,699
Hologic, Inc.*(a)	8,129		162,824
IDEXX Laboratories, Inc.*(a)	1,179		109,411
LifePoint Hospitals, Inc.*(a)	7,430		280,482
Masimo Corp.	2,041		42,881
Mednax, Inc.*(a)	1,901		151,168
Omnicare, Inc.(a)	15,049		543,269
Owens & Minor, Inc.(a)	27,047		771,110
ResMed, Inc.(a)	2,800		116,396
STERIS Corp.(a)	3,588		124,611
Teleflex, Inc.	1,934		137,914
Thoratec Corp.*(a)	1,096		41,122
Universal Health Services, Inc.,
Class B	12,308		595,092
VCA Antech, Inc.*(a)	6,949		146,276
WellCare Health Plans, Inc.*	12,741		620,359
Total Health Care Equipment & Services			7,718,395

Household & Personal Products—0.6%
Church & Dwight Co., Inc.(a)	4,690		251,243
Energizer Holdings, Inc.	5,048		403,739
Total Household & Personal Products			654,982

Insurance—5.8%
Alleghany Corp.*	957		320,997
American Financial Group, Inc.(a)	11,345		448,354
Arthur J. Gallagher & Co.(a)	6,042		209,355
Aspen Insurance Holdings Ltd.	6,036		193,635
Brown & Brown, Inc.	3,845		97,894
Everest Re Group Ltd.	4,076		448,156
Fidelity National Financial, Inc.,
Class A	23,805		560,608


Investments	Shares		Value
Insurance (continued)
First American Financial Corp.	15,713	$	378,526
Hanover Insurance Group, Inc.	10,461		405,259
HCC Insurance Holdings, Inc.	5,858		217,976
Kemper Corp.(a)	7,376		217,592
Mercury General Corp.(a)	6,046		239,966
Old Republic International Corp.(a)	40,896		435,542
Protective Life Corp.(a)	11,043		315,609
Reinsurance Group of America, Inc.,
Class A	15,463		827,580
StanCorp Financial Group, Inc.(a)	6,978		255,883
W.R. Berkley Corp.	12,556		473,864
Total Insurance			6,046,796

Materials—8.5%
Albemarle Corp.	3,923		243,697
Aptargroup, Inc.	4,221		201,426
Ashland, Inc.	8,947		719,428
Cabot Corp.	7,256		288,716
Carpenter Technology Corp.	3,193		164,855
Commercial Metals Co.(a)	48,314		717,946
Compass Minerals
International, Inc.(a)	1,135		84,796
Cytec Industries, Inc.(a)	2,993		206,008
Domtar Corp.	5,918		494,271
Greif, Inc., Class A(a)	8,460		376,470
Intrepid Potash, Inc.	1,839		39,152
Louisiana-Pacific Corp.*	7,442		143,780
Martin Marietta Materials, Inc.(a)	1,808		170,458
Minerals Technologies, Inc.	2,322		92,694
NewMarket Corp.	742		194,553
Olin Corp.	8,494		183,386
Packaging Corp. of America	6,479		249,247
Reliance Steel & Aluminum Co.	12,414		770,909
Rock-Tenn Co., Class A	11,779		823,470
Royal Gold, Inc.	299		24,312
RPM International, Inc.	10,970		322,079
Scotts Miracle-Gro Co., Class A	5,761		253,772
Sensient Technologies Corp.(a)	3,509		124,780
Silgan Holdings, Inc.(a)	7,341		305,312
Sonoco Products Co.	13,971		415,358
Steel Dynamics, Inc.	47,257		648,839
Valspar Corp.	5,787		361,109
Worthington Industries, Inc.	8,679		225,567
Total Materials			8,846,390
Media—1.2%
AMC Networks, Inc., Class A*	2,352		116,424
Cinemark Holdings, Inc.(a)	8,100		210,438
DreamWorks Animation SKG, Inc.,
Class A*(a)	3,721		61,657
John Wiley & Sons, Inc., Class A	4,187		163,000
Lamar Advertising Co., Class A*(a)	2,575		99,781
Meredith Corp.(a)	3,403		117,233
New York Times Co., Class A*	20,936		178,584
Scholastic Corp.(a)	6,057		179,045
Valassis Communications, Inc.(a)	7,173		184,920
Total Media			1,311,082


Investments	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—1.3%
Bio-Rad Laboratories, Inc., Class A*	1,760	$	184,888
Charles River Laboratories
International, Inc.*	2,670		100,045
Covance, Inc.*(a)	3,505		202,484
Endo Health Solutions Inc.*	10,202		268,006
Mettler-Toledo International, Inc.*(a)	1,146		221,522
Regeneron Pharmaceuticals, Inc.*(a)	545		93,233
Techne Corp.	395		26,994
United Therapeutics Corp.*(a)	1,485		79,329
Vertex Pharmaceuticals, Inc.*	3,581		150,187
Total Pharmaceuticals, Biotechnology &
Life Sciences			1,326,688

Real Estate—0.1%
Alexander & Baldwin, Inc.*	2,980		87,523

Real Estate Investment Trusts—1.5%
Alexandria Real Estate Equities, Inc.(a)	749		51,921
American Campus Communities, Inc.	865		39,902
BioMed Realty Trust, Inc., Class A(a)	2,258		43,647
BRE Properties, Inc.	691		35,124
Camden Property Trust(a)	975		66,505
Corporate Office Properties Trust	1,929		48,186
Duke Realty Corp.	7,287		101,071
Equity One, Inc.	1,372		28,826
Essex Property Trust, Inc.	393		57,633
Federal Realty Investment Trust	574		59,707
Highwoods Properties, Inc.	1,382		46,228
Home Properties, Inc.(a)	941		57,693
Hospitality Properties Trust	4,848		113,540
Liberty Property Trust	1,683		60,201
Macerich Co.(a)	1,288		75,090
Mack-Cali Realty Corp.(a)	2,420		63,186
National Retail Properties, Inc.(a)	926		28,891
Omega Healthcare Investors, Inc.	1,253		29,884
Potlatch Corp.	1,131		44,324
Rayonier, Inc.(a)	2,638		136,728
Realty Income Corp.	995		40,009
Regency Centers Corp.	961		45,282
Senior Housing Properties Trust	2,251		53,214
SL Green Realty Corp.	1,578		120,954
Taubman Centers, Inc.	820		64,550
UDR, Inc.	2,753		65,466
Weingarten Realty Investors	1,645		44,037
Total Real Estate Investment Trusts			1,621,799

Real Estate Management & Development—0.3%
Jones Lang LaSalle, Inc.	3,985		334,501

Retailing—6.7%
Aaron’s, Inc.	6,734		190,438
Advance Auto Parts, Inc.	7,567		547,472
Aeropostale, Inc.*	15,014		195,332
American Eagle Outfitters, Inc.	12,627		258,980
ANN, Inc.*	5,575		188,658
Ascena Retail Group, Inc.*	14,509		268,271
Barnes & Noble, Inc.*(a)	40,715		614,389
Cabela’s, Inc.*(a)	6,374		266,114
Chico’s FAS, Inc.(a)	9,762		180,207
Dick’s Sporting Goods, Inc.(a)	9,798		445,711
Foot Locker, Inc.	14,615		469,434


Investments	Shares		Value
Retailing (continued)
Guess?, Inc.(a)	9,173	$	225,105
HSN, Inc.(a)	5,214		287,187
LKQ Corp.*(a)	16,855		355,641
Office Depot, Inc.*(a)	305,030		1,000,498
Rent-A-Center, Inc., Class A(a)	7,457		256,223
Saks, Inc.*(a)	24,047		252,734
Signet Jewelers Ltd.	5,773		308,278
Tractor Supply Co.	4,644		410,344
Williams-Sonoma, Inc.(a)	7,193		314,838
Total Retailing			7,035,854

Semiconductors & Semiconductor Equipment—1.1%
Atmel Corp.*(a)	21,045		137,845
Cree, Inc.*(a)	2,790		94,804
Cypress Semiconductor Corp.(a)	6,516		70,634
Fairchild Semiconductor
International, Inc., Class A*	8,651		124,574
Integrated Device Technology, Inc.*(a)	6,904		50,399
International Rectifier Corp.*(a)	5,460		96,806
Intersil Corp., Class A(a)	6,794		56,322
MEMC Electronic Materials, Inc.*	69,876		224,302
RF Micro Devices, Inc.*	17,053		76,397
Semtech Corp.*(a)	1,522		44,062
Silicon Laboratories, Inc.*	1,104		46,158
Skyworks Solutions, Inc.*(a)	6,516		132,275
Total Semiconductors & Semiconductor
Equipment			1,154,578

Software & Services—3.9%
ACI Worldwide, Inc.*	1,200		52,428
Acxiom Corp.*(a)	5,509		96,187
Advent Software, Inc.*	1,396		29,847
Alliance Data Systems Corp.*(a)	2,179		315,432
ANSYS, Inc.*	992		66,801
AOL, Inc.	6,186		183,167
Broadridge Financial Solutions, Inc.	8,590		196,539
Cadence Design Systems, Inc.*(a)	8,510		114,970
Compuware Corp.*(a)	8,066		87,677
Concur Technologies, Inc.*(a)	525		35,448
Convergys Corp.	11,088		181,954
CoreLogic, Inc.*	4,858		130,777
DST Systems, Inc.(a)	3,627		219,796
Equinix, Inc.*	873		180,013
Factset Research Systems, Inc.(a)	837		73,706
Fair Isaac Corp.	1,368		57,497
Gartner, Inc.*(a)	2,971		136,725
Global Payments, Inc.	4,119		186,591
Informatica Corp.*(a)	2,265		68,675
Jack Henry & Associates, Inc.	2,252		88,414
Lender Processing Services, Inc.	7,137		175,713
Mantech International Corp.,
Class A(a)	8,891		230,633
Mentor Graphics Corp.*	5,227		88,964
MICROS Systems, Inc.*	2,223		94,344
NeuStar, Inc., Class A*(a)	1,601		67,130
Parametric Technology Corp.*(a)	4,846		109,083
Rackspace Hosting, Inc.*	1,522		113,039
Rovi Corp.*	3,770		58,171
Solarwinds, Inc.*	413		21,662
Solera Holdings, Inc.	1,267		67,747


Investments	Shares		Value
Synopsys, Inc.*	4,649	$	148,024
TIBCO Software, Inc.*	4,260		93,763
ValueClick, Inc.*(a)	2,928		56,833
VeriFone Systems, Inc.*	5,337		158,402
Wex, Inc.*	693		52,231
Total Software & Services			4,038,383

Technology Hardware & Equipment—11.6%
ADTRAN, Inc.	2,849		55,669
Arrow Electronics, Inc.*(a)	49,236		1,874,907
Avnet, Inc.*(a)	73,419		2,247,356
Ciena Corp.*(a)	10,135		159,120
Diebold, Inc.	8,608		263,491
Ingram Micro, Inc., Class A*(a)	187,460		3,171,823
InterDigital, Inc./Pa(a)	1,343		55,197
Itron, Inc.*	4,471		199,183
Lexmark International, Inc., Class A	14,315		331,965
National Instruments Corp.	3,840		99,110
NCR Corp.*(a)	19,993		509,422
Plantronics, Inc.(a)	1,713		63,158
Polycom, Inc.*	12,092		126,482
QLogic Corp.*	5,240		50,985
Riverbed Technology, Inc.*(a)	3,547		69,947
Tech Data Corp.*(a)	50,984		2,321,302
Tellabs, Inc.	29,194		66,562
Trimble Navigation Ltd.*(a)	2,916		174,318
Vishay Intertechnology, Inc.*	19,354		205,733
Zebra Technologies Corp., Class A*	2,202		86,495
Total Technology Hardware & Equipment			12,132,225

Telecommunication Services—0.5%
Telephone & Data Systems, Inc.(a)	20,290		449,220
tw Telecom, Inc., Class A*	4,976		126,739
Total Telecommunication Services			575,959

Transportation—3.2%
Alaska Air Group, Inc.*(a)	8965		386,302
Con-Way, Inc.(a)	17,141		476,863
Genesee & Wyoming, Inc., Class A*(a)	2,483		188,907
JB Hunt Transport Services, Inc.	7,413		442,630
JetBlue Airways Corp.*(a)	73,724		420,964
Kansas City Southern(a)	2,364		197,347
Kirby Corp.*(a)	3,092		191,364
Landstar System, Inc.(a)	4,921		258,156
Matson, Inc.(a)	5,891		145,625
UTi Worldwide, Inc.	32,929		441,248
Werner Enterprises, Inc.(a)	8,383		181,659
Total Transportation			3,331,065

Utilities—3.8%
Alliant Energy Corp.	6,344		278,565
Aqua America, Inc.	2,667		67,795
Atmos Energy Corp.	8,925		313,446
Black Hills Corp.	2,902		105,459
Cleco Corp.(a)	2,159		86,382
Energen Corp.(a)	2,818		127,064
Great Plains Energy, Inc.	9,884		200,744
Hawaiian Electric Industries, Inc.	11,790		296,401
IDACORP, Inc.	2,119		91,859
MDU Resources Group, Inc.	16,482		350,078
National Fuel Gas Co.	2,657		134,683


Investments	Shares		Value
COMMON STOCKS—100.9%
Automobiles & Components—0.7%
Drew Industries, Inc.	5,715	$	184,309
Spartan Motors, Inc.	18,646		91,925
Standard Motor Products, Inc.	9,617		213,689
Superior Industries International, Inc.	9,345		190,638
Winnebago Industries, Inc.*	8,293		142,059
Total Automobiles & Components			822,620

Banks—2.6%
Bank Mutual Corp.	5,790		24,897
Bank of the Ozarks, Inc.(a)	1,693		56,665
Banner Corp.	1,590		48,861
BBCN Bancorp, Inc.	5,204		60,210
Boston Private Financial Holdings, Inc.	7,982		71,918
Brookline Bancorp, Inc.	5,418		46,053
City Holding Co.(a)	1,021		35,582
Columbia Banking System, Inc.	3,370		60,458
Community Bank System, Inc.	2,961		81,013
CVB Financial Corp.(a)	6,193		64,407
Dime Community Bancshares	3,230		44,865
First BanCorp*	32,762		150,050
First Commonwealth Financial Corp.	9,084		61,953
First Financial Bancorp	6,194		90,556
First Financial Bankshares, Inc.(a)	1,163		45,369
First Midwest Bancorp, Inc.	6,949		87,001
FNB Corp.	11,128		118,179
Glacier Bancorp, Inc.(a)	5,022		73,874
Hanmi Financial Corp.*	2,280		30,985
Home BancShares, Inc.	1,400		46,228
Independent Bank Corp.	1,857		53,760
National Penn Bancshares, Inc.(a)	9,582		89,304
NBT Bancorp, Inc.	3,432		69,567
Northwest Bancshares, Inc.	7,072		85,854
Old National Bancorp	9,400		111,578
Oritani Financial Corp.	1,797		27,530
PacWest Bancorp	2,645		65,543
Pinnacle Financial Partners, Inc.*	2,522		47,514
PrivateBancorp, Inc.	8,027		122,974
Provident Financial Services, Inc.	4,504		67,200
S&T Bancorp, Inc.	2,504		45,247
Simmons First National Corp., Class A	1,444		36,620
Sterling Bancorp, Class N	3,292		29,990
Susquehanna Bancshares, Inc.	17,264		180,927
Texas Capital Bancshares, Inc.*(a)	2,005		89,864
Tompkins Financial Corp.	1,018		40,353
TrustCo Bank Corp.	7,028		37,108
UMB Financial Corp.(a)	3,887		170,406
Umpqua Holdings Corp.(a)	10,233		120,647
United Bankshares, Inc.(a)	3,572		86,871
United Community Banks, Inc.*	7,884		74,267
ViewPoint Financial Group, Inc.	1,719		35,996
Wilshire Bancorp, Inc.*	5,723		33,594
Wintrust Financial Corp.(a)	4,744		174,105
Total Banks			3,195,943

Capital Goods—12.3%
A.O. Smith Corp.	6,469		408,000
AAON, Inc.	3,045		63,549
AAR Corp.	22,616		422,467
Actuant Corp., Class A	12,572		350,885


Investments	Shares		Value
Aegion Corp., Class A*	10,308	$	228,735
Aerovironment, Inc.*(a)	3,181		69,155
Albany International Corp., Class A	7,481		169,669
American Science & Engineering, Inc.	768		50,081
Apogee Enterprises, Inc.	5,923		141,974
Applied Industrial Technologies, Inc.(a)	12,161		510,884
Astec Industries, Inc.	6,707		223,544
AZZ, Inc.	2,661		102,262
Barnes Group, Inc.	11,484		257,931
Belden, Inc.	9,327		419,622
Brady Corp., Class A	8,719		291,215
Briggs & Stratton Corp.(a)	21,937		462,432
CIRCOR International, Inc.	4,780		189,240
Comfort Systems USA, Inc.	24,244		294,807
Cubic Corp.(a)	6,168		295,879
Curtiss-Wright Corp.	13,529		444,157
Dycom Industries, Inc.*	13,039		258,172
EMCOR Group, Inc.	39,028		1,350,759
Encore Wire Corp.	7,265		220,202
EnerSys*	12,887		484,938
Engility Holdings, Inc.*	18,849		363,032
EnPro Industries, Inc.*	6,232		254,889
ESCO Technologies, Inc.	4,009		149,977
Federal Signal Corp.*	25,068		190,767
Franklin Electric Co., Inc.	3,108		193,224
GenCorp, Inc.*	22,530		206,149
Gibraltar Industries, Inc.*	10,979		174,786
Griffon Corp.	37,392		428,512
II-VI, Inc.*	6,176		112,836
John Bean Technologies Corp.	11,034		196,074
Kaman Corp.	9,269		341,099
Kaydon Corp.	4,314		103,234
Lindsay Corp.(a)	1,485		118,978
Lydall, Inc.*	5,808		83,287
Moog, Inc., Class A*	12,959		531,708
Mueller Industries, Inc.	9,400		470,282
National Presto Industries, Inc.	1,357		93,769
NCI Building Systems, Inc.*	16,051		223,109
Orbital Sciences Corp.*	22,623		311,519
Orion Marine Group, Inc.*	7,442		54,401
Powell Industries, Inc.*	3,731		154,948
Quanex Building Products Corp.	8,844		180,506
Robbins & Myers, Inc.	3,654		217,230
Simpson Manufacturing Co., Inc.	4,289		140,636
Standex International Corp.	2,724		139,714
Teledyne Technologies, Inc.*	6,686		435,058
Tennant Co.	3,724		163,670
Toro Co.	9,945		427,436
Universal Forest Products, Inc.	11,366		432,363
Vicor Corp.*	9,239		50,075
Watts Water Technologies, Inc.,
Class A	7,376		317,094
Total Capital Goods			14,970,921

Commercial & Professional Services—6.4%
ABM Industries, Inc.	45,519		908,104
CDI Corp.	13,688		234,475
Consolidated Graphics, Inc.*	6,732		235,081
Dolan Co.*	13,314		51,792
Encore Capital Group, Inc.*(a)	3,946		120,827
Exponent, Inc.*	1,147		64,037


Investments	Shares		Value
Commercial & Professional Services (continued)
G&K Services, Inc., Class A	5,328	$	181,951
Geo Group, Inc.	14,258		402,076
Healthcare Services Group, Inc.(a)	9,765		226,841
Heidrick & Struggles International, Inc. 6,759			103,142
Insperity, Inc.	13,882		451,998
Interface, Inc.(a)	13,542		217,755
Kelly Services, Inc., Class A	76,344		1,201,655
Korn/Ferry International*	11,513		182,596
Mobile Mini, Inc.*	3,876		80,737
Navigant Consulting, Inc.*	15,656		174,721
On Assignment, Inc.*(a)	10,851		220,058
Portfolio Recovery Associates, Inc.*(a)	1,162		124,171
Resources Connection, Inc.	10,856		129,621
Sykes Enterprises, Inc.*	15,468		235,423
Tetra Tech, Inc.*	15,759		416,826
TrueBlue, Inc.*	20,002		315,032
UniFirst Corp.	3,599		263,879
United Stationers, Inc.(a)	34,370		1,065,126
Viad Corp.	8,259		224,314
Total Commercial & Professional Services			7,832,238

Consumer Durables & Apparel—5.2%
American Greetings Corp., Class A(a)	20,848		352,123
Arctic Cat, Inc.*	3,098		103,442
Blyth, Inc.(a)	16,860		262,173
Brunswick Corp.(a)	29,039		844,745
Callaway Golf Co.	29,456		191,464
Crocs, Inc.*(a)	16,876		242,846
Ethan Allen Interiors, Inc.	6,087		156,497
Fifth & Pacific Cos., Inc.*(a)	24,953		310,665
Helen of Troy Ltd.*	7,237		241,643
Iconix Brand Group, Inc.*	3,529		78,767
iRobot Corp.*	5,406		101,308
Jakks Pacific, Inc.(a)	11,169		139,836
K-Swiss, Inc., Class A*(a)	14,444		48,532
La-Z-Boy, Inc., Class Z	19,252		272,416
M/I Homes, Inc.*	5,741		152,136
Maidenform Brands, Inc.*	6,324		123,255
Meritage Homes Corp.*(a)	6,231		232,728
Movado Group, Inc.	3,144		96,458
Oxford Industries, Inc.	3,226		149,557
Perry Ellis International, Inc.	10,271		204,393
Quiksilver, Inc.*	106,755		453,709
Ryland Group, Inc.(a)	6,697		244,440
Skechers U.S.A., Inc., Class A*	16,423		303,826
Standard Pacific Corp.*(a)	34,020		250,047
Steven Madden Ltd.*	5,801		245,208
Sturm Ruger & Co., Inc.(a)	2,199		99,835
True Religion Apparel, Inc.	3,758		95,528
Universal Electronics, Inc.*	5,299		102,536
Wolverine World Wide, Inc.(a)	7,331		300,424
Total Consumer Durables & Apparel			6,400,537

Consumer Services—5.1%
American Public Education, Inc.*(a)	1,806		65,215
Biglari Holdings, Inc.*	422		164,588
BJ’s Restaurants, Inc.*	4,349		143,082
Boyd Gaming Corp.*(a)	75,705		502,681
Buffalo Wild Wings, Inc.*(a)	2,822		205,498
Capella Education Co.*	3,085		87,090


Investments	Shares		Value
Career Education Corp.*	99,943	$	351,799
CEC Entertainment, Inc.	5,142		170,663
Coinstar, Inc.*(a)	8,856		460,601
Corinthian Colleges, Inc.*	137,855		336,366
Cracker Barrel Old Country
Store, Inc.(a)	8,326		535,029
DineEquity, Inc.*	3,056		204,752
Hillenbrand, Inc.(a)	9,131		206,452
Interval Leisure Group, Inc.	5,079		98,482
ITT Educational Services, Inc.*	4,639		80,301
Jack in the Box, Inc.*(a)	15,080		431,288
Lincoln Educational Services Corp.	15,727		87,914
Marcus Corp.	6,999		87,277
Marriott Vacations Worldwide Corp.*	8,308		346,194
Monarch Casino & Resort, Inc.*	3,450		37,639
Multimedia Games Holding Co., Inc.*	2,251		33,112
Papa John’s International, Inc.*	5,105		280,469
Pinnacle Entertainment, Inc.*	15,209		240,758
Red Robin Gourmet Burgers, Inc.*	5,775		203,800
Ruby Tuesday, Inc.*	34,510		271,249
Ruth’s Hospitality Group, Inc.*	11,066		80,450
Shfl Entertainment, Inc.*	3,746		54,317
Sonic Corp.*	11,163		116,207
Texas Roadhouse, Inc.(a)	15,582		261,778
Universal Technical Institute, Inc.	8,897		89,326
Total Consumer Services			6,234,377

Diversified Financials—1.7%
Calamos Asset Management, Inc.,
Class A	7,761		82,034
Cash America International, Inc.(a)	9,625		381,824
Ezcorp, Inc., Class A*(a)	10,431		207,160
Financial Engines, Inc.*(a)	1,384		38,406
First Cash Financial Services, Inc.*(a)	2,489		123,504
HFF, Inc., Class A	3,953		58,900
Interactive Brokers Group, Inc.,
Class A	19,549		267,430
Investment Technology Group, Inc.*	12,021		108,189
Marketaxess Holdings, Inc.	1,232		43,489
Piper Jaffray Cos.*	3,390		108,921
Prospect Capital Corp.(a)	5,933		64,492
Stifel Financial Corp.*(a)	10,359		331,177
SWS Group, Inc.*	14,149		74,848
Virtus Investment Partners, Inc.*	481		58,172
World Acceptance Corp.*(a)	1,552		115,717
Total Diversified Financials			2,064,263

Energy—3.2%
Approach Resources, Inc.*(a)	1,021		25,535
Basic Energy Services, Inc.*(a)	27,183		310,158
Bristow Group, Inc.	5,132		275,383
Carrizo Oil & Gas, Inc.*(a)	3,580		74,894
Cloud Peak Energy, Inc.*	16,746		323,700
Comstock Resources, Inc.*	5,984		90,538
Contango Oil & Gas Co.	910		38,548
Exterran Holdings, Inc.*(a)	26,649		584,146
Geospace Technologies Corp.*	481		42,746
Gulf Island Fabrication, Inc.	4,430		106,453
Gulfport Energy Corp.*(a)	1,497		57,215
Hornbeck Offshore Services, Inc.*(a)	3,036		104,256
ION Geophysical Corp.*(a)	17,330		112,818


Investments	Shares		Value
Energy (continued)
Lufkin Industries, Inc.(a)	4,551	$	264,550
Matrix Service Co.*	13,705		157,607
PDC Energy, Inc.*	2,352		78,110
Penn Virginia Corp.	14,370		63,372
Petroquest Energy, Inc.*	6,398		31,670
Pioneer Energy Services Corp.*	26,618		193,247
SEACOR Holdings, Inc.(a)	5,227		438,023
Stone Energy Corp.*	9,600		196,992
Swift Energy Co.*	7,399		113,871
TETRA Technologies, Inc.*	23,577		178,949
Total Energy			3,862,781

Food & Staples Retailing—3.3%
Andersons, Inc.	23,883		1,024,581
Casey’s General Stores, Inc.(a)	28,076		1,490,836
Nash Finch Co.	47,408		1,008,842
Spartan Stores, Inc.	34,907		536,171
Total Food & Staples Retailing			4,060,430

Food, Beverage & Tobacco—2.9%
Alliance One International, Inc.*	108,750		395,850
B&G Foods, Inc., Class A(a)	4,423		125,215
Boston Beer Co., Inc., Class A*(a)	881		118,450
Calavo Growers, Inc.(a)	4,837		121,941
Cal-Maine Foods, Inc.	5,240		210,753
Darling International, Inc.*	22,848		366,482
Diamond Foods, Inc.(a)	14,884		203,464
Hain Celestial Group, Inc.*(a)	5,126		277,932
J&J Snack Foods Corp.	2,727		174,364
Sanderson Farms, Inc.	9,743		463,280
Seneca Foods Corp., Class A*	8,407		255,573
Snyders-Lance, Inc.	14,378		346,654
TreeHouse Foods, Inc.*(a)	8,516		443,939
Total Food, Beverage & Tobacco			3,503,897

Health Care Equipment & Services—9.3%
Abaxis, Inc.	859		31,869
Abiomed, Inc.*(a)	1,887		25,399
Air Methods Corp.(a)	4,881		180,060
Align Technology, Inc.*(a)	4,193		116,356
Almost Family, Inc.	3,924		79,500
Amedisys, Inc.*(a)	28,755		324,069
AMN Healthcare Services, Inc.*	17,343		200,312
Amsurg Corp.*	6,447		193,474
Analogic Corp.	1,464		108,775
Bio-Reference Labs, Inc.*(a)	4,695		134,700
Cantel Medical Corp.	2,657		78,993
Centene Corp.*	41,091		1,684,731
Chemed Corp.(a)	4,487		307,763
Computer Programs & Systems, Inc.	737		37,101
CONMED Corp.	5,874		164,178
Corvel Corp.*	2,042		91,543
Cross Country Healthcare, Inc.*	22,176		106,445
CryoLife, Inc.	4,507		28,079
Cyberonics, Inc.*(a)	864		45,386
Ensign Group, Inc.	6,232		169,448
Gentiva Health Services, Inc.*	38,610		388,030
Greatbatch, Inc.*	5,864		136,279
Haemonetics Corp.*(a)	3,730		152,333
Hanger, Inc.*	7,501		205,227


Investments	Shares		Value
HealthStream, Inc.*	904	$	21,976
Healthways, Inc.*	14,135		151,244
ICU Medical, Inc.*	1,068		65,073
Integra LifeSciences Holdings Corp.*(a)	4,600		179,262
Invacare Corp.	23,854		388,820
IPC The Hospitalist Co., Inc.*	2,715		107,813
Kindred Healthcare, Inc.*	117,425		1,270,539
Landauer, Inc.	524		32,074
LHC Group, Inc.*	6,502		138,493
Magellan Health Services, Inc.*	12,798		627,102
Medidata Solutions, Inc.*(a)	1,091		42,756
Meridian Bioscience, Inc.(a)	1,812		36,693
Merit Medical Systems, Inc.*	6,002		83,428
Molina Healthcare, Inc.*	45,402		1,228,578
MWI Veterinary Supply, Inc.*(a)	3,763		413,930
Natus Medical, Inc.*	5,279		59,019
Neogen Corp.*(a)	822		37,253
NuVasive, Inc.*(a)	8,487		131,209
Omnicell, Inc.*	3,865		57,473
Palomar Medical Technologies, Inc.*	1,847		17,011
PharMerica Corp.*	28,062		399,603
PSS World Medical, Inc.*(a)	13,918		401,952
Quality Systems, Inc.	5,167		89,699
SurModics, Inc.*	521		11,650
Symmetry Medical, Inc.*	8,325		87,579
West Pharmaceutical Services, Inc.(a)	4,935		270,191
Total Health Care Equipment & Services			11,340,470

Household & Personal Products—0.6%
Central Garden and Pet Co., Class A*	35,206		367,903
Inter Parfums, Inc.	7,233		140,754
Medifast, Inc.*	2,487		65,632
Prestige Brands Holdings, Inc.*	4,429		88,713
WD-40 Co.	1,638		77,166
Total Household & Personal Products			740,168

Insurance—2.5%
AMERISAFE, Inc.*	2,499		68,098
eHealth, Inc.*	1,182		32,481
Employers Holdings, Inc.	5,871		120,825
Horace Mann Educators Corp.	11,240		224,350
Infinity Property & Casualty Corp.	4,386		255,441
Meadowbrook Insurance Group, Inc.	33,589		194,144
National Financial Partners Corp.*	12,922		221,483
Navigators Group, Inc.*	3,465		176,958
ProAssurance Corp.	3,674		155,006
RLI Corp.(a)	2,164		139,924
Safety Insurance Group, Inc.	3,266		150,791
Selective Insurance Group, Inc.(a)	18,777		361,833
Stewart Information Services Corp.	15,288		397,488
Tower Group, Inc.	22,113		392,948
United Fire Group, Inc.	7,952		173,672
Total Insurance			3,065,442

Materials—8.6%
A. Schulman, Inc.	6,275		470,836
A.M. Castle & Co.*(a)	19,231		284,042
AK Steel Holding Corp.(a)	292,676		1,346,310
AMCOL International Corp.	6,851		210,189
American Vanguard Corp.	2,500		77,675
Balchem Corp.(a)	1,774		64,574


Investments	Shares		Value
Materials (continued)
Buckeye Technologies, Inc.(a)	7,082	$	203,324
Calgon Carbon Corp.*	8,351		118,417
Century Aluminum Co.*	32,428		284,069
Clearwater Paper Corp.*	10,159		397,826
Deltic Timber Corp.	401		28,319
Eagle Materials, Inc.	1,789		104,656
Globe Specialty Metals, Inc.(a)	10,253		140,979
H.B. Fuller Co.(a)	11,529		401,440
Hawkins, Inc.	1,873		72,373
Haynes International, Inc.	2,419		125,474
Headwaters, Inc.*	17,337		148,405
Innophos Holdings, Inc.	3,997		185,860
Kaiser Aluminum Corp.(a)	4,729		291,732
KapStone Paper and Packaging Corp.	11,989		266,036
Koppers Holdings, Inc.	8,735		333,240
Kraton Performance Polymers, Inc.*	12,575		302,177
LSB Industries, Inc.*	5,065		179,402
Materion Corp.	11,432		294,717
Myers Industries, Inc.	11,392		172,589
Neenah Paper, Inc.	5,988		170,478
Olympic Steel, Inc.(a)	14,262		315,761
OM Group, Inc.*	17,034		378,155
Ph Glatfelter Co.	19,615		342,870
PolyOne Corp.(a)	31,860		650,581
Quaker Chemical Corp.	2,908		156,625
RTI International Metals, Inc.*	5,435		149,789
Schweitzer-Mauduit
International, Inc.(a)	4,590		179,148
Stepan Co.(a)	7,224		401,221
Stillwater Mining Co.*(a)	15,134		193,412
SunCoke Energy, Inc.*	25,209		393,008
Texas Industries, Inc.*(a)	2,725		139,002
Tredegar Corp.	9,950		203,179
Wausau Paper Corp.	22,075		191,169
Zep, Inc.	10,198		147,259
Total Materials			10,516,318

Media—1.4%
Arbitron, Inc.	2,035		94,994
Digital Generation, Inc.*(a)	7,568		82,188
E.W. Scripps Co., Class A*	17,002		183,792
Harte-Hanks, Inc.	29,762		175,596
Live Nation Entertainment, Inc.*(a)	126,379		1,176,588
Total Media			1,713,158

Pharmaceuticals, Biotechnology & Life Sciences—1.2%
Acorda Therapeutics, Inc.*	2,486		61,802
Affymetrix, Inc.*(a)	18,316		58,062
Akorn, Inc.*(a)	3,604		48,149
Arqule, Inc.*	3,493		9,745
Cambrex Corp.*	5,199		59,165
Cubist Pharmaceuticals, Inc.*(a)	4,478		188,345
Emergent Biosolutions, Inc.*	3,966		63,615
Enzo Biochem, Inc.*	8,886		23,992
Hi-Tech Pharmacal Co., Inc.	1,391		48,657
Luminex Corp.*	2,453		41,112
Medicines Co.*(a)	4,976		119,275
Momenta Pharmaceuticals, Inc.*	1,481		17,446
PAREXEL International Corp.*	10,812		319,927
Questcor Pharmaceuticals, Inc.(a)	3,022		80,748


Investments	Shares		Value
Salix Pharmaceuticals Ltd.*	3,504	$	141,842
Spectrum Pharmaceuticals, Inc.(a)	4,606		51,541
ViroPharma, Inc.*	4,430		100,827
Total Pharmaceuticals, Biotechnology &
Life Sciences			1,434,250

Real Estate Investment Trusts—1.5%
Acadia Realty Trust	1,400		35,112
Cedar Realty Trust, Inc.	5,751		30,365
Colonial Properties Trust	4,129		88,237
Cousins Properties, Inc.	4,751		39,671
DiamondRock Hospitality Co.	16,989		152,901
EastGroup Properties, Inc.(a)	730		39,281
Epr Properties	1,475		68,012
Extra Space Storage, Inc.	2,319		84,388
Franklin Street Properties Corp.	2,837		34,924
Getty Realty Corp.	1,399		25,266
Government Properties Income Trust(a)	1,883		45,136
Healthcare Realty Trust, Inc.	2,883		69,221
Inland Real Estate Corp.	4,138		34,677
Kilroy Realty Corp.(a)	1,903		90,145
Kite Realty Group Trust	4,060		22,695
LaSalle Hotel Properties(a)	7,029		178,466
Lexington Realty Trust(a)	7,123		74,435
LTC Properties, Inc.(a)	563		19,812
Medical Properties Trust, Inc.	3,328		39,803
Mid-America Apartment
Communities, Inc.(a)	1,638		106,061
Parkway Properties, Inc.	3,361		47,020
Pennsylvania Real Estate Investment
Trust(a)	5,551		97,920
Post Properties, Inc.	1,443		72,078
PS Business Parks, Inc.	1,105		71,803
Sabra Health Care REIT, Inc.	1,018		22,111
Saul Centers, Inc.	978		41,849
Sovran Self Storage, Inc.	804		49,928
Tanger Factory Outlet Centers(a)	2,207		75,479
Universal Health Realty Income Trust	225		11,387
Urstadt Biddle Properties, Inc., Class A	1,022		20,113
Total Real Estate Investment Trusts			1,788,296

Real Estate Management & Development—0.0%
Forestar Group, Inc.*	1,939		33,603

Retailing—10.8%
Big 5 Sporting Goods Corp.	16,052		210,281
Blue Nile, Inc.*(a)	2,053		79,041
Brown Shoe Co., Inc.	29,044		533,538
Buckle, Inc.	4,996		223,021
Cato Corp., Class A	7,135		195,713
Children’s Place Retail Stores, Inc.*	8,025		355,427
Christopher & Banks Corp.*	18,852		102,743
Coldwater Creek, Inc.*(a)	32,389		155,791
Finish Line, Inc., Class A	14,720		278,650
Fred’s, Inc., Class A	28,375		377,671
Genesco, Inc.*(a)	8,425		463,375
Group 1 Automotive, Inc.(a)	24,711		1,531,835
Haverty Furniture Cos., Inc.	8,838		144,148
Hibbett Sports, Inc.*(a)	2,849		150,142
Hot Topic, Inc.	15,281		147,462
Jos. A. Bank Clothiers, Inc.*(a)	4,785		203,745
Kirkland’s, Inc.*	8,449		89,475


Investments	Shares		Value
Retailing (continued)
Lithia Motors, Inc., Class A	19,055	$	713,038
Lumber Liquidators Holdings, Inc.*(a)	3,270		172,754
MarineMax, Inc.*	12,371		110,597
Men’s Wearhouse, Inc.(a)	16,507		514,358
Monro Muffler Brake, Inc.(a)	4,162		145,545
Nutrisystem, Inc.(a)	10,512		86,093
OfficeMax, Inc.	155,199		1,514,742
Pep Boys-Manny, Moe & Jack(a)	43,562		428,214
PetMed Express, Inc.	4,440		49,284
Pool Corp.	9,864		417,445
rue21, Inc.*(a)	5,396		153,192
Select Comfort Corp.*(a)	7,474		195,595
Sonic Automotive, Inc., Class A(a)	86,919		1,815,738
Stage Stores, Inc.	12,719		315,177
Stein Mart, Inc.	34,433		259,625
Tuesday Morning Corp.*	29,969		187,306
Vitamin Shoppe, Inc.*(a)	3,460		198,466
VOXX International Corp., Class A*	22,557		151,809
Zale Corp.*	93,399		383,870
Zumiez, Inc.*(a)	5,736		111,336
Total Retailing			13,166,242

Semiconductors & Semiconductor Equipment—2.1%
Advanced Energy Industries, Inc.*	7,167		98,976
ATMI, Inc.*	4,175		87,174
Brooks Automation, Inc.	14,252		114,729
Cabot Microelectronics Corp.(a)	2,682		95,238
Ceva, Inc.*	752		11,844
Cirrus Logic, Inc.*(a)	3,043		88,156
Cohu, Inc.	4,680		50,731
Cymer, Inc.*(a)	1,409		127,416
Diodes, Inc.*	7,877		136,666
DSP Group, Inc.*	6,524		37,578
Entropic Communications, Inc.*	11,323		59,899
Exar Corp.*	3,409		30,340
GT Advanced Technologies, Inc.*(a)	63,442		191,595
Hittite Microwave Corp.*(a)	906		56,263
Kopin Corp.*	6,761		22,514
Kulicke & Soffa Industries, Inc.*	12,888		154,527
Micrel, Inc.	5,568		52,896
Microsemi Corp.*(a)	9,998		210,358
MKS Instruments, Inc.(a)	5,680		146,430
Monolithic Power Systems, Inc.(a)	2,093		46,632
Nanometrics, Inc.*	2,887		41,630
Pericom Semiconductor Corp.*	3,896		31,285
Power Integrations, Inc.	1,854		62,313
Rubicon Technology, Inc.*(a)	2,341		14,303
Rudolph Technologies, Inc.*	3,328		44,762
Sigma Designs, Inc.*	8,481		43,677
STR Holdings, Inc.*(a)	8,765		22,088
Supertex, Inc.	856		15,023
Tessera Technologies, Inc.	3,131		51,411
TriQuint Semiconductor, Inc.*	37,196		180,029
Ultratech, Inc.*	1,344		50,131
Veeco Instruments, Inc.*(a)	4,333		127,910
Volterra Semiconductor Corp.*	2,014		34,580
Total Semiconductors & Semiconductor
Equipment			2,539,104


Investments	Shares		Value
Software & Services—4.1%
Blackbaud, Inc.(a)	3,865	$	88,238
Blucora, Inc.*	5,248		82,446
Bottomline Technologies, Inc.*	1,857		49,006
CACI International, Inc., Class A*	14,421		793,588
Cardtronics, Inc.*	6,754		160,340
CIBER, Inc.*	63,236		211,208
CommVault Systems, Inc.*	1,167		81,352
comScore, Inc.*	3,963		54,610
CSG Systems International, Inc.*	8,518		154,857
Dealertrack Technologies, Inc.*	2,813		80,789
Dice Holdings, Inc.*	4,550		41,769
Digital River, Inc.*	5,857		84,282
Ebix, Inc.(a)	2,388		38,375
EPIQ Systems, Inc.	5,792		74,022
Exlservice Holdings, Inc.*	3,393		89,914
Forrester Research, Inc.	2,294		61,479
Heartland Payment Systems, Inc.	14,647		432,087
Higher One Holdings, Inc.*(a)	3,965		41,791
iGate Corp.*	14,394		226,993
Interactive Intelligence Group, Inc.*	1,414		47,426
j2 Global, Inc.(a)	2,443		74,707
Liquidity Services, Inc.*(a)	2,309		94,346
LivePerson, Inc.*	2,542		33,402
LogMeIn, Inc.*	1,265		28,349
Manhattan Associates, Inc.*	1,301		78,502
MAXIMUS, Inc.	3,401		215,011
MicroStrategy, Inc., Class A*	1,327		123,915
Monotype Imaging Holdings, Inc.	1,932		30,873
Netscout Systems, Inc.*	2,485		64,585
NIC, Inc.	2,595		42,402
OpenTable, Inc.*	680		33,184
Perficient, Inc.*	5,937		69,938
Progress Software Corp.*(a)	4,818		101,130
QuinStreet, Inc.*(a)	12,445		83,630
Sourcefire, Inc.*(a)	980		46,276
Stamps.com, Inc.*	943		23,764
Synchronoss Technologies, Inc.*	2,741		57,808
Take-Two Interactive Software, Inc.*(a)	15,921		175,290
TeleTech Holdings, Inc.*	14,109		251,140
Tyler Technologies, Inc.*(a)	1,558		75,470
United Online, Inc.	32,370		180,948
VASCO Data Security
International, Inc.*	4,394		35,855
Virtusa Corp.*	3,595		59,066
Websense, Inc.*	5,029		75,636
XO Group, Inc.*	2,913		27,091
Total Software & Services			4,976,890

Technology Hardware & Equipment—9.3%
3D Systems Corp.*(a)	1,323		70,582
Agilysys, Inc.*	5,234		43,809
Anixter International, Inc.(a)	21,181		1,355,160
Arris Group, Inc.*	18,654		278,691
Avid Technology, Inc.*	17,842		135,242
Badger Meter, Inc.	1,414		67,038
Bel Fuse, Inc., Class B	3,305		64,613
Benchmark Electronics, Inc.*	31,523		523,912
Black Box Corp.	9,498		231,181
Checkpoint Systems, Inc.*	15,970		171,518
Cognex Corp.	1,928		70,989


Investments	Shares		Value
Technology Hardware & Equipment (continued)
Coherent, Inc.(a)	3,399	$	172,057
Comtech Telecommunications Corp.	3,787		96,114
CTS Corp.	12,316		130,919
Daktronics, Inc.	10,041		111,154
Digi International, Inc.*	4,444		42,085
DTS, Inc.*(a)	1,201		20,057
Electro Scientific Industries, Inc.	6,203		61,720
Electronics For Imaging, Inc.*	7,410		140,716
FARO Technologies, Inc.*	1,674		59,728
FEI Co.	3,422		189,784
Harmonic, Inc.*	23,491		119,099
Insight Enterprises, Inc.*	66,514		1,155,348
Intermec, Inc.*	17,577		173,309
Intevac, Inc.*	3,992		18,244
Ixia*(a)	4,795		81,419
Littelfuse, Inc.	2,351		145,080
Measurement Specialties, Inc.*	1,982		68,102
Mercury Systems, Inc.*(a)	5,781		53,185
Methode Electronics, Inc.	10,053		100,832
MTS Systems Corp.	2,296		116,935
NETGEAR, Inc.*(a)	6,910		272,392
Newport Corp.*	9,798		131,783
Oplink Communications, Inc.*	2,540		39,573
OSI Systems, Inc.*	2,490		159,460
Park Electrochemical Corp.	1,771		45,568
PC-Tel, Inc.	2,673		19,246
Plexus Corp.*	19,817		511,279
Procera Networks, Inc.*	3,026		56,132
Radisys Corp.*	23,037		68,650
Rofin-Sinar Technologies, Inc.*	5,599		121,386
Rogers Corp.*	2,252		111,834
ScanSource, Inc.*	20,854		662,532
Super Micro Computer, Inc.*(a)	21,261		216,862
Symmetricom, Inc.*	8,975		51,786
Synaptics, Inc.*	4,073		122,068
SYNNEX Corp.*	65,594		2,255,122
TTM Technologies, Inc.*	31,652		291,198
ViaSat, Inc.*	4,577		178,045
Total Technology Hardware & Equipment			11,383,538

Telecommunication Services—0.8%
Atlantic Tele-Network, Inc.	4,361		160,092
Cbeyond, Inc.*	11,401		103,065
Cincinnati Bell, Inc.*(a)	58,684		321,588
General Communication, Inc., Class A*	15,440		148,070
Lumos Networks Corp.	4,540		45,491
Neutral Tandem, Inc.	21,749		55,895
NTELOS Holdings Corp.	7,104		93,133
USA Mobility, Inc.	4,122		48,145
Total Telecommunication Services			975,479


Investments	Shares		Value
Transportation—2.4%
Allegiant Travel Co., Class A	2,476	$	181,763
Arkansas Best Corp.	45,180		431,469
Forward Air Corp.	3,536		123,795
Heartland Express, Inc.	8,878		116,036
HUB Group, Inc., Class A*(a)	19,906		668,842
Knight Transportation, Inc.	13,510		197,651
Old Dominion Freight Line, Inc.*(a)	13,039		446,977
SkyWest, Inc.	60,884		758,615
Total Transportation			2,925,148

Utilities—2.9%
ALLETE, Inc.	4,940		202,441
American States Water Co.	2,035		97,639
Avista Corp.	13,887		334,815
CH Energy Group, Inc.	3,014		196,573
El Paso Electric Co.(a)	5,690		181,568
Laclede Group, Inc.	6,826		263,552
New Jersey Resources Corp.	12,630		500,401
Northwest Natural Gas Co.(a)	3,744		165,485
NorthWestern Corp.	6,458		224,286
Piedmont Natural Gas Co., Inc.	7,499		234,794
South Jersey Industries, Inc.	2,957		148,826
Southwest Gas Corp.	9,777		414,643
UIL Holdings Corp.	8,397		300,697
UNS Energy Corp.	7,313		310,217
Total Utilities			3,575,937

Total Common Stocks
(Cost $103,561,061)			123,122,050
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—16.9%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.13%(b)
(Cost $20,608,020)	20,608,020		20,608,020

Total Investments—117.8%
(Cost $124,169,081)			143,730,070
Liabilities in Excess of Other Assets—(17.8)%			(21,737,098	)
Net Assets—100.0%		$	121,992,972


Investments	Shares		Value
COMMON STOCKS—100.4%
Capital Markets—10.5%
Ameriprise Financial, Inc.	1,329	$	83,235
Bank of New York Mellon Corp.	4,772		122,641
BlackRock, Inc.	362		74,829
Charles Schwab Corp.	2,831		40,653
ETrade Financial Corp.	2,053		18,374
Federated Investors, Inc., Class B(a)	377		7,627
Franklin Resources, Inc.	459		57,696
Goldman Sachs Group, Inc.	2,463		314,180
Invesco Ltd.	1,377		35,926
Legg Mason, Inc.	858		22,068
Morgan Stanley	13,377		255,768
Northern Trust Corp.	673		33,758
State Street Corp.	1,779		83,631
T. Rowe Price Group, Inc.	367		23,903
Total Capital Markets			1,174,289

Commercial Banks—13.2%
BB&T Corp.	2,970		86,457
Comerica, Inc.	730		22,148
Fifth Third Bancorp	3,696		56,142
First Horizon National Corp.(a)	1,243		12,318
Huntington Bancshares, Inc.	3,813		24,365
KeyCorp	4,491		37,814
M&T Bank Corp.	373		36,729
PNC Financial Services Group, Inc.	2,276		132,714
Regions Financial Corp.	6,985		49,733
SunTrust Banks, Inc.	3,210		91,004
U.S. Bancorp	5,638		180,078
Wells Fargo & Co.	21,418		732,067
Zions Bancorporation	971		20,779
Total Commercial Banks			1,482,348

Consumer Finance—5.1%
American Express Co.	4,763		273,778
Capital One Financial Corp.	2,998		173,674
Discover Financial Services	1,873		72,204
SLM Corp.	3,062		52,452
Total Consumer Finance			572,108

Diversified Financial Services—24.0%
Bank of America Corp.	78,122		906,215
Citigroup, Inc.	18,870		746,497
CME Group, Inc., Class A	480		24,341
IntercontinentalExchange, Inc.*	89		11,019
JPMorgan Chase & Co.	19,848		872,717
Leucadia National Corp.(a)	2,423		57,643
Moody’s Corp.	411		20,681
NASDAQ OMX Group, Inc.	1,033		25,835
NYSE Euronext	1,038		32,739
Total Diversified Financial Services			2,697,687

Insurance—43.9%
ACE Ltd.	1,811		144,518
Aflac, Inc.	3,797		201,697
Allstate Corp.	6,696		268,978
American International Group, Inc.*	16,646		587,604
AON PLC	1,649		91,684
Assurant, Inc.	1,986		68,914
Berkshire Hathaway, Inc., Class B*	14,197		1,273,471
Chubb Corp.	1,467		110,495
Cincinnati Financial Corp.	826		32,346
Genworth Financial, Inc., Class A*	11,665		87,604
Hartford Financial Services Group, Inc.	8,941		200,636


Investments	Shares		Value
Lincoln National Corp.	3,521	$	91,194
Loews Corp.	2,869		116,912
Marsh & McLennan Cos., Inc.	2,771		95,516
MetLife, Inc.	16,730		551,086
Principal Financial Group, Inc.	2,621		74,751
Progressive Corp.	6,343		133,837
Prudential Financial, Inc.	7,763		414,001
Torchmark Corp.	551		28,470
Travelers Cos., Inc.	2,881		206,913
Unum Group	4,103		85,425
XL Group PLC	2,336		58,540
Total Insurance			4,924,592

Paper & Forest Products—0.5%
Weyerhaeuser Co.	1,945		54,110

Real Estate Investment Trusts—2.5%
American Tower Corp.	300		23,181
Apartment Investment &
Management Co., Class A	333		9,011
AvalonBay Communities, Inc.	63		8,542
Boston Properties, Inc.	143		15,131
Equity Residential	311		17,624
HCP, Inc.(a)	342		15,452
Health Care REIT, Inc.	241		14,771
Host Hotels & Resorts, Inc.	2,711		42,481
Kimco Realty Corp.	394		7,612
Plum Creek Timber Co., Inc.	241		10,693
ProLogis, Inc.	451		16,457
Public Storage	105		15,221
Simon Property Group, Inc.	245		38,732
Ventas, Inc.	308		19,934
Vornado Realty Trust	294		23,544
Total Real Estate Investment Trusts			278,386

Real Estate Management & Development—0.5%
CBRE Group, Inc., Class A*	2,611		51,959

Thrifts & Mortgage Finance—0.2%
Hudson City Bancorp, Inc.	1,776		14,439
People’s United Financial, Inc.	916		11,074
Total Thrifts & Mortgage Finance			25,513

Total Common Stocks
(Cost $11,346,332)			11,260,992
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—0.6%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.13%(b)
(Cost $70,907)	70,907		70,907

Total Investments—101.0%
(Cost $11,417,239)			11,331,899
Liabilities in Excess of Other Assets—(1.0)%			(116,985	)
Net Assets—100.0%		$	11,214,914


Investments	Shares		Value
COMMON STOCKS—99.9%
Automobiles & Components—5.5%
Honda Motor Co. Ltd.(a)	11,162	$	412,325
Magna International, Inc.	2,545		127,301
Toyota Motor Corp.(a)	9,941		926,998
Total Automobiles & Components			1,466,624

Banks—12.6%
Banco Bilbao Vizcaya Argentaria SA(a)	12,615		118,833
Banco Bradesco SA(a)	19,924		346,080
Banco de Chile(a)	177		17,080
Banco Santander Chile(a)	694		19,772
Banco Santander SA(a)(b)	29,557		241,481
Bancolombia SA(a)	354		23,569
Bank of Montreal(b)	1,385		84,901
Bank of Nova Scotia	1,926		111,477
Barclays PLC(a)	13,239		229,299
Canadian Imperial Bank of Commerce	857		69,083
Credicorp Ltd.	110		16,122
HSBC Holdings PLC(a)	6,560		348,139
Itau Unibanco Holding SA(a)	17,532		288,577
KB Financial Group, Inc.(a)	306		10,985
Lloyds Banking Group PLC*(a)	71,913		230,122
Mitsubishi UFJ Financial Group, Inc.(a)	43,784		237,309
Mizuho Financial Group, Inc.(a)(b)	33,536		122,742
National Bank of Greece SA*(a)	22,172		39,688
Royal Bank of Canada	2,285		137,786
Royal Bank of Scotland Group PLC*(a)	17,456		188,350
Shinhan Financial Group Co., Ltd.(a)	169		6,192
Sumitomo Mitsui Financial
Group, Inc.(a)	20,225		148,452
Toronto-Dominion Bank	1,482		124,977
Westpac Banking Corp.(a)	1,332		183,696
Total Banks			3,344,712

Capital Goods—3.2%
ABB Ltd.(a)(b)	7,815		162,474
Embraer SA(a)(b)	958		27,312
Koninklijke Philips Electronics NV	4,926		130,736
Kubota Corp.(a)	895		51,570
Nidec Corp.(a)	2,545		37,081
Siemens AG(a)	3,913		428,356
Total Capital Goods			837,529

Consumer Durables & Apparel—3.0%
Gildan Activewear, Inc.	218		7,974
Luxottica Group SpA(a)	905		37,422
Panasonic Corp.(a)	69,009		418,885
Sony Corp.(a)(b)	30,541		342,059
Total Consumer Durables & Apparel			806,340

Consumer Services—0.3%
Carnival PLC(a)	1,669		64,674
Intercontinental Hotels Group PLC(a)	271		7,539
Tim Hortons, Inc.	262		12,885
Total Consumer Services			85,098

Diversified Financials—3.6%
Credit Suisse Group AG(a)	6,672		163,864
Deutsche Bank AG	6,067		268,708
ING Groep NV*(a)	24,329		230,882
Nomura Holdings, Inc.(a)	16,575		97,295


Investments	Shares		Value
ORIX Corp.(a)	414	$	23,449
UBS AG	10,096		158,911
Total Diversified Financials			943,109

Energy—36.5%
BP PLC(a)	31,917		1,329,024
Cameco Corp.	465		9,170
Canadian Natural Resources Ltd.	2,141		61,811
Cenovus Energy, Inc.	2,159		72,413
China Petroleum & Chemical
Corp.(a)(b)	11,691		1,343,530
CNOOC Ltd.(a)	707		155,540
Ecopetrol SA(a)(b)	2,684		160,154
Enbridge, Inc.	2,278		98,683
Encana Corp.	1,228		24,265
Enerplus Corp.	373		4,834
ENI SpA(a)(b)	13,752		675,773
Imperial Oil Ltd.	2,837		121,991
Nexen, Inc.	1,037		27,937
Penn West Petroleum Ltd.	955		10,371
PetroChina Co. Ltd.(a)	9,234		1,327,665
Petroleo Brasileiro SA, Class A(a)	29,452		568,424
Royal Dutch Shell PLC, Class A(a)	13,916		959,508
Royal Dutch Shell PLC, Class B(a)	13,514		958,007
Statoil ASA(a)	20,611		516,099
Suncor Energy, Inc.	4,860		160,283
Talisman Energy, Inc.	2,863		32,438
Tenaris SA(a)	1,078		45,190
Total SA(a)	18,835		979,608
TransCanada Corp.	714		33,786
Total Energy			9,676,504

Food & Staples Retailing—0.7%
Cencosud SA(a)	4,444		72,571
Delhaize Group SA(a)	3,060		124,083
Total Food & Staples Retailing			196,654

Food, Beverage & Tobacco—2.8%
Anheuser-Busch InBev NV(a)	1,857		162,320
BRF—Brasil Foods SA(a)	2,971		62,718
British American Tobacco PLC(a)	1,004		101,655
Diageo PLC(a)	594		69,249
Fomento Economico Mexicano
SAB de CV(a)	719		72,403
Unilever NV	3,513		134,548
Unilever PLC(a)	3,458		133,894
Total Food, Beverage & Tobacco			736,787

Health Care Equipment & Services—0.3%
Fresenius Medical Care AG & Co.
KGaA(a)	1,628		55,840
Smith & Nephew PLC(a)	315		17,451
Total Health Care Equipment &
Services			73,291

Insurance—4.4%
Aegon NV, Class G	35,623		229,412
Aviva PLC(a)	19,294		239,439
China Life Insurance Co. Ltd.(a)	4,921		244,524
Manulife Financial Corp.	9,408		127,855
Prudential PLC(a)(b)	8,716		248,842
Sun Life Financial, Inc.	3,093		82,057
Total Insurance			1,172,129


Investments	Shares		Value
Materials—6.5%
Agnico-Eagle Mines Ltd.	159	$	8,341
Agrium, Inc.	697		69,637
ArcelorMittal	20,818		363,690
Barrick Gold Corp.	1,755		61,443
BHP Billiton Ltd.(a)	1,941		152,252
BHP Billiton PLC(a)	2,151		151,366
Cemex SAB de CV(a)	6,272		61,905
Cia de Minas Buenaventura SA(a)	186		6,687
Cia Siderurgica Nacional SA(a)	6,274		37,017
CRH PLC(a)(b)	5,095		103,632
Eldorado Gold Corp.	311		4,006
Gerdau SA(a)	9,448		84,938
Goldcorp, Inc.	641		23,525
IAMGOLD Corp.	585		6,710
Kinross Gold Corp.	1,785		17,350
POSCO(a)	1,681		138,094
Potash Corp. of Saskatchewan, Inc.	844		34,342
Randgold Resources Ltd.(a)	52		5,161
Rio Tinto PLC(a)	4,150		241,073
Silver Wheaton Corp.	92		3,319
Sociedad Quimica y Minera de
Chile SA(a)	173		9,972
Southern Copper Corp.	733		27,751
Syngenta AG(a)	700		56,560
Teck Resources Ltd., Class B	1,220		44,347
Yamana Gold, Inc.(b)	567		9,758
Total Materials			1,722,876

Media—0.9%
Grupo Televisa SAB(a)	795		21,131
Pearson PLC(a)	2,031		39,686
Reed Elsevier NV(a)	684		20,233
Reed Elsevier PLC(a)	484		20,347
Shaw Communications, Inc., Class B(b)	902		20,728
Thomson Reuters Corp.	1,908		55,447
WPP PLC*(a)	937		68,307
Total Media			245,879

Pharmaceuticals, Biotechnology & Life Sciences—3.1%
AstraZeneca PLC(a)	2,569		121,437
Elan Corp. PLC*(a)	461		4,707
GlaxoSmithKline PLC(a)	3,982		173,097
Novartis AG(a)	3,708		234,716
Novo Nordisk A/S(a)	341		55,655
Prothena Corp. PLC*	6		44
QIAGEN NV*(b)	271		4,919
Sanofi(a)	3,990		189,046
Shire PLC(a)	206		18,989
Valeant Pharmaceuticals
International, Inc.*	221		13,209
Total Pharmaceuticals, Biotechnology
& Life Sciences			815,819

Real Estate—0.3%
Brookfield Asset Management, Inc.,
Class A	2,199		80,593


Investments	Shares		Value
Semiconductors & Semiconductor Equipment—0.5%
Advantest Corp.(a)	424	$	6,835
ARM Holdings PLC(a)	91		3,443
ASML Holding NV, Class G(b)	413		26,601
STMicroelectronics NV, Class Y	4,906		35,519
Taiwan Semiconductor
Manufacturing Co. Ltd.(a)	3,878		66,547
Total Semiconductors & Semiconductor
Equipment			138,945

Software & Services—0.3%
SAP AG(a)(b)	1,051		84,479

Technology Hardware & Equipment—2.6%
Alcatel-Lucent*(a)	53,727		74,681
Canon, Inc.(a)	4,592		180,053
Kyocera Corp.(a)	678		61,935
Nokia OYJ(a)(b)	41,854		165,323
Research In Motion Ltd.*(b)	5,856		69,569
Telefonaktiebolaget LM Ericsson(a)	13,570		137,057
Total Technology Hardware & Equipment			688,618

Telecommunication Services—10.6%
America Movil SAB de CV, Series R(a)	10,276		237,787
BCE, Inc.	1,923		82,574
BT Group PLC(a)	3,310		125,879
China Mobile Ltd.(a)	6,229		365,767
Chunghwa Telecom Co. Ltd.(a)	826		26,713
France Telecom SA(a)	21,322		235,608
Nippon Telegraph & Telephone
Corp.(a)	25,444		535,087
NTT DoCoMo, Inc.(a)	15,015		216,366
Oi SA(a)	10,611		42,550
Portugal Telecom SGPS SA(a)	6,414		31,942
Rogers Communications, Inc., Class B	1,126		51,255
Telecom Italia SpA(a)	17,806		161,144
Telefonica SA(a)	24,993		337,156
TELUS Corp., Class A	685		44,621
Vodafone Group PLC(a)	12,244		308,426
Total Telecommunication Services			2,802,875

Transportation—0.4%
Canadian National Railway Co.	441		40,135
Canadian Pacific Railway Ltd.	226		22,966
Latam Airlines Group SA(a)	1,396		32,890
Ryanair Holdings PLC(a)	686		23,516
Total Transportation			119,507

Utilities—1.8%
Centrais Eletricas Brasileiras SA,
Class C(a)	28,188		87,947
Cia Energetica de Minas Gerais(a)	3,004		32,623
CPFL Energia SA(a)	1,494		31,314
Empresa Nacional de Electricidad SA(a)	414		20,207
Enersis SA(a)	2,993		54,533
National Grid PLC(a)	1,562		89,721
TransAlta Corp.	628		9,571
Veolia Environnement SA(a)	12,079		147,847
Total Utilities			473,763

Total Common Stocks
(Cost $27,941,990)			26,512,131


Investments	Shares		Value
COMMON STOCKS—96.8%
Automobiles & Components—0.4%
Dorman Products, Inc.	671	$	23,713

Banks—8.2%
Access National Corp.	1,321		17,173
BofI Holding, Inc.*	645		17,976
Bridge Capital Holdings*	1,115		17,349
C&F Financial Corp.	489		19,042
Cardinal Financial Corp.	1,114		18,125
Credicorp Ltd.	359		52,615
Federal Agricultural Mortgage Corp.,
Class C	606		19,695
Fidelity Southern Corp.*	2,031		19,396
Horizon Bancorp	892		17,528
OmniAmerican Bancorp, Inc.*	740		17,116
Pacific Mercantile Bancorp*	2,528		15,901
Pacific Premier Bancorp, Inc.*	1,721		17,623
Provident Financial Holdings, Inc.	1,083		18,952
Taylor Capital Group, Inc.*	1,070		19,314
ViewPoint Financial Group, Inc.	880		18,427
Wolverine Bancorp, Inc.	11,068		190,923
Total Banks			497,155

Capital Goods—0.7%
AZZ, Inc.	617		23,711
Patrick Industries, Inc.*	1,373		21,364
Total Capital Goods			45,075

Commercial & Professional Services—1.7%
Barrett Business Services, Inc.	526		20,035
Ceco Environmental Corp.	1,848		18,388
Equifax, Inc.	723		39,129
Portfolio Recovery Associates, Inc.*	220		23,509
Total Commercial & Professional
Services			101,061

Consumer Durables & Apparel—3.1%
Culp, Inc.	1,391		20,879
Gildan Activewear, Inc.	1,056		38,629
Luxottica Group S.p.A.(a)	2,672		110,487
Nautilus, Inc.*	5,148		18,069
Total Consumer Durables & Apparel			188,064

Consumer Services—0.7%
Service Corp. International	2,895		39,980

Diversified Financials—2.9%
Administradora de Fondos de
Pensiones Provida S.A.(a)	200		20,800
Discover Financial Services	2,938		113,260
Ellington Financial LLC	777		17,451
Ocwen Financial Corp., Class A*	716		24,767
Total Diversified Financials			176,278

Energy—14.3%
CVR Energy, Inc.*	2,035		99,287
Delek US Holdings, Inc.	4,065		102,926
HollyFrontier Corp.	4,911		228,607
Marathon Petroleum Corp.	6,885		433,755
Total Energy			864,575


Investments	Shares		Value
Food, Beverage & Tobacco—6.4%
Alico, Inc.	504	$	18,462
Coca-Cola Femsa S.A.B. de CV(a)	897		133,689
Diageo PLC(a)	1,655		192,940
Inventure Foods, Inc.*	2,831		18,373
John B. Sanfilippo & Son, Inc.	1,263		22,961
Total Food, Beverage & Tobacco			386,425

Health Care Equipment & Services—8.9%
Cyberonics, Inc.*(b)	366		19,226
McKesson Corp.	4,314		418,285
National Research Corp.	323		17,507
ResMed, Inc.(b)	747		31,053
Sunrise Senior Living, Inc.*	2,148		30,888
Utah Medical Products, Inc.	466		16,799
Total Health Care Equipment & Services			533,758

Household & Personal Products—0.3%
Medifast, Inc.*	620		16,362

Insurance—7.4%
Allied World Assurance Co.
Holdings AG	492		38,770
Cincinnati Financial Corp.	1,488		58,270
Fidelity National Financial, Inc., Class A	3,501		82,448
First American Financial Corp.	2,589		62,369
HCC Insurance Holdings, Inc.	1,153		42,903
Homeowners Choice, Inc.(b)	854		17,755
Horace Mann Educators Corp.	1,384		27,625
PartnerRe Ltd.	968		77,914
Stewart Information Services Corp.	1,385		36,010
Total Insurance			444,064

Materials—1.6%
AEP Industries, Inc.*	515		30,504
American Vanguard Corp.	677		21,034
Eagle Materials, Inc.	385		22,522
Landec Corp.*	2,111		20,033
Total Materials			94,093

Media—13.1%
Comcast Corp., Class A	11,163		417,273
Lions Gate Entertainment Corp.*	2,504		41,066
Time Warner Cable, Inc.	2,492		242,197
Virgin Media, Inc.(b)	2,366		86,951
Total Media			787,487

Pharmaceuticals, Biotechnology & Life Sciences—7.2%
Amgen, Inc.	2,245		193,788
Novo Nordisk A/S(a)	973		158,803
Pharmacyclics, Inc.*(b)	304		17,602
Regeneron Pharmaceuticals, Inc.*(b)	165		28,227
Repligen Corp.*	2,641		16,612
Santarus, Inc.*	1,654		18,161
Total Pharmaceuticals, Biotechnology &
Life Sciences			433,193

Real Estate—1.0%
AG Mortgage Investment Trust, Inc.	750		17,610
Newcastle Investment Corp.(b)	2,577		22,368
Redwood Trust, Inc.	1,136		19,187
Total Real Estate			59,165


Investments	Shares		Value
Real Estate Investment Trusts—1.1%
American Tower Corp.	603	$	46,594
Extra Space Storage, Inc.	582		21,179
Total Real Estate Investment Trusts			67,773

Retailing—6.8%
Brown Shoe Co., Inc.	2,381		43,739
Chico’s FAS, Inc.	2,290		42,274
Gap, Inc.	5,708		177,176
Lumber Liquidators Holdings, Inc.*(b)	484		25,570
Sherwin-Williams Co.(b)	777		119,518
Total Retailing			408,277

Semiconductors & Semiconductor Equipment—0.7%
Himax Technologies, Inc.(a)	9,981		23,954
PDF Solutions, Inc.*	1,225		16,881
Total Semiconductors & Semiconductor
Equipment			40,835

Software & Services—2.5%
AOL, Inc.*	1,306		38,671
CoreLogic, Inc.*	1,188		31,981
Ellie Mae, Inc.*	607		16,844
Fleetcor Technologies, Inc.*	451		24,196
Reis, Inc.*	1,317		17,161
Tyler Technologies, Inc.*	419		20,296
Total Software & Services			149,149

Technology Hardware & Equipment—0.9%
3D Systems Corp.*(b)	392		20,913
Aware, Inc.	3,239		17,750
CalAmp Corp.*	2,103		17,497
Total Technology Hardware & Equipment			56,160

Telecommunication Services—0.3%
8x8, Inc.*	2,370		17,514


Investments	Shares		Value
Transportation—2.1%
Allegiant Travel Co.	342	$	25,106
Copa Holdings SA, Class A	403		40,078
Grupo Aeroportuario del Centro
Norte S.A.B. de CV(a)	824		17,922
Grupo Aeroportuario del Pacifico
S.A.B. de CV(a)	370		21,153
Grupo Aeroportuario del Sureste
S.A.B. de CV(a)	181		20,634
Total Transportation			124,893

Utilities—4.5%
American States Water Co.	450		21,591
Huaneng Power International, Inc.(a)	6,757		251,023
Total Utilities			272,614

Total Common Stocks
(Cost $5,732,182)			5,827,663
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—7.6%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.13%(c)
(Cost $459,815)	459,815		459,815

Total Investments—104.4%
(Cost $6,191,997)			6,287,478
Liabilities in Excess of Other Assets—(4.4)%			(265,457	)
Net Assets—100.0%		$	6,022,021

	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
(including securities
on loan) (Note 5)¹	$	165,257,466		$	132,317,387		$	143,730,070	$	11,331,899		$	28,719,945		$	6,287,478
Cash		117,934			—			52,115		3,830			9,230			296,137
Receivables:
Expense reimbursement
due from Adviser		—			—			—		4,208			964			4,933
Dividends		147,551			49,912			44,078		4,250			73,895			5,073
Investment securities sold		13,630			3,303,333			3,781,740		1,602,112			—			2,009,956
Securities lending income,
net (Note 2)		2,505			13,249			5,722		8			1,270			399
Prepaid expenses		2,639			2,119			1,915		233			610			112
Total Assets		165,541,725			135,686,000			147,615,640		12,946,540			28,805,914			8,604,088

LIABILITIES:
Payables:
Cash overdraft		—			3,997			—		—			—			—
Collateral for securities
on loan (Note 2)		13,437,616			26,775,147			20,608,020		70,907			1,912,762			459,815
Income Distributions
(Note 7)		1,002,595			495,102			634,990		47,472			338,895			23,812
Investment securities
purchased		13,234			109,039			136,721		—			—			75,348
Capital Gains Distributions
(Note 7)		—			460,717			474,726		—			—			—
Capital shares redeemed		—			3,184,682			3,698,533		1,602,026			—			2,007,397
Advisory fees (Note 3)		27,362			21,541			25,959		—			—			—
Compliance Officer fees		4,001			3,104			2,116		787			1,041			2,272
Trustee fees		2,292			1,518			1,379		172			638			156
Other accrued expenses		69,337			55,577			40,224		10,262			16,875			13,267
Total Liabilities		14,556,437			31,110,424			25,622,668		1,731,626			2,270,211			2,582,067
NET ASSETS	$	150,985,288		$	104,575,576		$	121,992,972	$	11,214,914		$	26,535,703		$	6,022,021
NET ASSETS CONSIST OF:
Paid-in capital	$	127,093,154		$	83,425,208		$	102,083,486	$	12,352,906		$	31,609,089		$	6,471,348
Undistributed net investment
income (loss)		(9,697	)		(7,915	)		2,353		(588	)		(189,472	)		3,907
Accumulated net realized
gain (loss) on investments		(185,512	)		5,341,913			346,144		(1,052,064	)		(3,393,306	)		(548,715	)
Net unrealized appreciation
(depreciation) on
investments		24,087,343			15,816,370			19,560,989		(85,340	)		(1,490,608	)		95,481
NET ASSETS	$	150,985,288		$	104,575,576		$	121,992,972	$	11,214,914		$	26,535,703		$	6,022,021
Shares outstanding
(unlimited number of
shares of beneficial interest
authorized, without
par value)		5,601,400			3,251,400			3,251,400		350,000			750,000			150,000
Net asset value, per share	$	26.95		$	32.16		$	37.52	$	32.04		$	35.38		$	40.15
Investments at cost	$	141,170,123		$	116,501,017		$	124,169,081	$	11,417,239		$	30,210,553		$	6,191,997
¹Market value of securities
on loan:	$	13,303,059		$	26,400,242		$	20,440,667	$	69,996		$	1,888,038		$	450,472

	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	$	2,062,872		$	968,594		$	1,071,351		$	93,747		$	489,572		$	66,750
Foreign withholding tax		(6,778	)		—			—			—			(56,816	)		—
Securities lending income,
net (Note 2)		18,884			166,783			33,247			44			7,236			1,395
Total Income		2,074,978			1,135,377			1,104,598			93,791			439,992			68,145
EXPENSES:
Advisory fees (Note 3)		350,481			281,127			296,002			21,573			93,206			24,209
BNY Fund Services fees		124,394			100,920			102,256			9,064			30,086			7,484
Professional fees		34,730			28,316			27,021			9,158			13,073			9,024
Printing and Postage		19,660			15,627			15,251			1,153			5,454			1,151
Principal Financial Officer fees		17,478			13,920			13,041			4,748			6,464			4,805
Trustees fees		6,065			4,673			4,393			361			1,369			303
NYSE Calculation fees		3,455			3,455			3,455			3,455			3,455			3,455
NYSE Listing fees		2,509			2,509			2,509			2,510			2,510			2,261
Other expenses		6,016			4,089			3,696			1,015			2,047			1,022
Total Expenses		564,788			454,636			467,624			53,037			157,664			53,714
Less expense waivers and
reimbursements (Note 3)		(183,153	)		(151,019	)		(147,942	)		(29,546	)		(81,546	)		(29,505	)
Net Expenses		381,635			303,617			319,682			23,491			76,118			24,209
Net Investment Income		1,693,343			831,760			784,916			70,300			363,874			43,936
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss)
on investments		231,804			57,864			(82,646	)		(379,865	)		(941,699	)		951,289
Net realized gain on
in-kind redemptions		4,672,230			6,749,716			1,602,189			294,686			298,373			35,932
Total net realized gain (loss)		4,904,034			6,807,580			1,519,543			(85,179	)		(643,326	)		987,221
Net change in unrealized
appreciation (depreciation)
on investments		5,618,737			1,455,630			11,622,985			1,592,690			3,492,410			(534,432	)
Net realized and unrealized
gain (loss) on investments		10,522,771			8,263,210			13,142,528			1,507,511			2,849,084			452,789
Net Increase in Net Assets
Resulting From
Operations	$	12,216,114		$	9,094,970		$	13,927,444		$	1,577,811		$	3,212,958		$	496,725

	RevenueShares Large Cap Fund						RevenueShares Mid Cap Fund						RevenueShares Small Cap Fund
	Six Months Ended December 31, 2012 (Unaudited)			Year Ended June 30, 2012			Six Months Ended December 31, 2012 (Unaudited)				Year Ended June 30, 2012		Six Months Ended December 31, 2012 (Unaudited)				Year Ended June 30, 2012
OPERATIONS:
Net investment income	$	1,693,343		$	2,849,300		$	831,760		$	991,878		$	784,916		$	694,560
Net realized gain (loss)
on investments		4,904,034			7,447,148			6,807,580			7,661,493			1,519,543			5,526,394
Net change in unrealized
appreciation (depreciation)
on investments		5,618,737			(9,224,638	)		1,455,630			(13,900,467	)		11,622,985			(13,168,974	)
Net increase (decrease)
in net assets resulting
from operations		12,216,114			1,071,810			9,094,970			(5,247,096	)		13,927,444			(6,948,020	)
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income		(2,391,758	)		(2,947,099	)		(839,675	)		(955,245	)		(1,032,540	)		(525,064	)
Realized gains		—			—			(460,717	)		(3,004,099	)		(474,726	)		—
Total distributions to
shareholders		(2,391,758	)		(2,947,099	)		(1,300,392	)		(3,959,344	)		(1,507,266	)		(525,064	)
SHAREHOLDER
TRANSACTIONS:
Proceeds from shares sold		4,076,595			4,872,841			4,606,833			15,756,545			5,502,162			19,561,410
Cost of shares redeemed		(19,199,413	)		(48,014,378	)		(30,383,294	)		(28,227,159	)		(5,530,374	)		(33,504,188	)
Net increase (decrease) in
net assets resulting from
shareholder transactions		(15,122,818	)		(43,141,537	)		(25,776,461	)		(12,470,614	)		(28,212	)		(13,942,778	)
Increase (Decrease) in
net assets		(5,298,462	)		(45,016,826	)		(17,981,883	)		(21,677,054	)		12,391,966			(21,415,862	)
NET ASSETS:
Beginning of period		156,283,750			201,300,576			122,557,459		144,234,513				109,601,006			131,016,868
End of period	$	150,985,288		$	156,283,750		$	104,575,576		$	122,557,459		$	121,992,972		$	109,601,006
Undistributed net investment
income (loss) included in
net assets at end of period	$	(9,697)		$	688,718		$	(7,915	)	$	—		$	2,353		$	249,977
CHANGES IN SHARES
OUTSTANDING:
Shares outstanding,
beginning of period		6,201,400			8,051,400			4,101,400			4,551,400			3,251,400			3,801,400
Shares sold		150,000			200,000			150,000			550,000			150,000			550,000
Shares redeemed		(750,000	)		(2,050,000	)		(1,000,000	)		(1,000,000	)		(150,000	)		(1,100,000	)
Shares outstanding,
end of period		5,601,400			6,201,400			3,251,400			4,101,400			3,251,400			3,251,400

	RevenueShares Financials Sector Fund						RevenueShares ADR Fund						RevenueShares Navellier Overall A-100 Fund
	Six Months Ended December 31, 2012 (Unaudited)			Year Ended June 30, 2012			Six Months Ended December 31, 2012 (Unaudited)			Year Ended June 30, 2012			Six Months Ended December 31, 2012 (Unaudited)			Year Ended June 30, 2012
OPERATIONS:
Net investment income	$	70,300		$	85,120		$	363,874		$	1,268,326		$	43,936		$	111,601
Net realized gain (loss)
on investments		(85,179	)		(964,070	)		(643,326	)		(211,384	)		987,221			(671,187	)
Net change in unrealized
appreciation (depreciation)
on investments		1,592,690			(270,013	)		3,492,410			(11,591,153	)		(534,432	)		(307,826	)
Net increase (decrease) in
net assets resulting
from operations		1,577,811			(1,148,963	)		3,212,958			(10,534,211	)		496,725			(867,412	)
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income		(84,863	)		(98,921	)		(695,468	)		(1,906,146	)		(52,766	)		(101,716	)
Realized gains		—			—			—			(280,536	)		—			(110,327	)
Total distributions to
shareholders		(84,863	)		(98,921	)		(695,468	)		(2,186,682	)		(52,766	)		(212,043	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		1,602,112			1,326,786			—			—			—			5,602,571
Cost of shares redeemed		(1,547,478	)		(2,291,797	)		(12,568,820	)		(22,408,571	)		(2,007,397	)		(7,433,585	)
Net increase (decrease) in
net assets resulting from
shareholder transactions		54,634			(965,011	)		(12,568,820	)		(22,408,571	)		(2,007,397	)		(1,831,014	)
Increase (Decrease) in
net assets		1,547,582			(2,212,895	)		(10,051,330	)		(35,129,464	)		(1,563,438	)		(2,910,469	)
NET ASSETS:
Beginning of period		9,667,332			11,880,227			36,587,033			71,716,497			7,585,459			10,495,928
End of period	$	11,214,914		$	9,667,332		$	26,535,703		$	36,587,033		$	6,022,021		$	7,585,459
Undistributed net investment
income (loss) included in
net assets at end of period	$	(588	)	$	13,975		$	(189,472	)	$	142,122		$	3,907		$	12,737
CHANGES IN SHARES
OUTSTANDING:
Shares outstanding,
beginning of period		350,000			400,000			1,150,000			1,800,000			200,000			250,000
Shares sold		50,000			50,000			—			—			—			150,000
Shares redeemed		(50,000	)		(100,000	)		(400,000	)		(650,000	)		(50,000	)		(200,000	)
Shares outstanding,
end of period		350,000			350,000			750,000			1,150,000			150,000			200,000


	Six-Months Ended December 31, 2012 (Unaudited)			Year Ended June 30,												For the Period February 22, 2008¹ Through June 30, 2008²
	Six-Months Ended December 31, 2012 (Unaudited)				2012			2011			2010			2009²		For the Period February 22, 2008¹ Through June 30, 2008²
Per Share Operating Performance:
Net asset value, beginning
of period	$	25.20		$	25.00		$	19.40		$	16.63		$	22.87		$	25.00
Net investment income³		0.29	⁷		0.41			0.39			0.29			0.33			0.15
Net realized and unrealized gain
(loss) on investments		1.87			0.21			5.57			2.74			(6.34	)		(2.23	)
Total gain (loss) from
investment operations		2.16			0.62			5.96			3.03			(6.01	)		(2.08	)
Less Distributions from:
Net investment income		(0.41	)		(0.42	)		(0.36	)		(0.26	)		(0.23	)		(0.05	)
Net asset value, end of period	$	26.95		$	25.20		$	25.00		$	19.40		$	16.63		$	22.87
Total Return at Net Asset Value⁴		8.61	%		2.59	%		30.97	%		18.21	%		(26.27	)%		(8.31	)%
Total Return at Market Value⁴		8.69	%		2.57	%		30.94	%		17.99	%		(26.52	)%		(8.19	)%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted	$	150,985		$	156,284		$	201,301		$	138,721		$	53,233		$	32,048
Ratio to average net assets of:
Expenses, net of expense
waivers and reimbursements		0.49	%⁵		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%⁵
Expenses, prior to expense
waivers and reimbursements		0.73	%⁵		0.75	%		0.73	%		0.85	%		1.89	%		2.32	%⁵
Net investment income, net of
waivers and reimbursements		2.17	%^5,7		1.72	%		1.68	%		1.44	%		2.05	%		1.87	%⁵
Portfolio turnover rate⁶		12.33	%		29.05	%		12.73	%		6.72	%		23.67	%		0.88	%


	Six-Months Ended December 31, 2012 (Unaudited)			Year Ended June 30,												For the Period February 22, 2008¹ Through June 30, 2008²
	Six-Months Ended December 31, 2012 (Unaudited)				2012			2011			2010			2009²
Per Share Operating Performance:
Net asset value, beginning
of period	$	29.88		$	31.69		$	23.04		$	18.84		$	24.17		$	25.00
Net investment income³		0.23	⁷		0.23			0.18			0.17			0.18			0.08
Net realized and unrealized gain
(loss) on investments		2.43			(1.15	)		8.64			4.18			(5.36	)		(0.84	)
Total gain (loss) from investment
operations		2.66			(0.92	)		8.82			4.35			(5.18	)		(0.76	)
Less Distributions from:
Net investment income		(0.24	)		(0.22	)		(0.17	)		(0.15	)		(0.15	)		(0.07	)
Realized gains		(0.14	)		(0.67	)		—			—			—			—
Total distributions		(0.38	)		(0.89	)		(0.17	)		(0.15	)		(0.15	)		(0.07	)
Net asset value, end of period	$	32.16		$	29.88		$	31.69		$	23.04		$	18.84		$	24.17
Total Return at Net Asset Value⁴		8.91	%		(2.72	)%		38.40	%		23.07	%		(21.39	)%		(3.02	)%
Total Return at Market Value⁴		8.74	%		(2.80	)%		38.42	%		22.86	%		(21.71	)%		(2.44	)%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted	$	104,576		$	122,557		$	144,235		$	100,270		$	30,166		$	4,869
Ratio to average net assets of:
Expenses, net of expense
waivers and reimbursements		0.54	%⁵		0.54	%		0.54	%		0.54	%		0.54	%		0.54	%⁵
Expenses, prior to expense
waivers and reimbursements		0.81	%⁵		0.82	%		0.81	%		0.89	%		2.02	%		4.93	%⁵
Net investment income, net of
waivers and reimbursements		1.48	%^5,7		0.77	%		0.61	%		0.71	%		1.12	%		0.89	%⁵
Portfolio turnover rate⁶		16.67	%		55.02	%		38.03	%		14.51	%		35.25	%		1.07	%


	Six-Months Ended December 31, 2012 (Unaudited)			Year Ended June 30,												For the Period February 22, 2008¹ Through June 30, 2008²
	Six-Months Ended December 31, 2012 (Unaudited)				2012			2011			2010			2009²
Per Share Operating Performance:
Net asset value, beginning
of period	$	33.71		$	34.47		$	25.41		$	20.04		$	23.35		$	25.00
Net investment income³		0.24	⁷		0.20			0.14			0.07			0.11			0.08
Net realized and unrealized gain
(loss) on investments		4.02			(0.81	)		9.06			5.35			(3.32	)		(1.67	)
Total gain (loss) from investment
operations		4.26			(0.61	)		9.20			5.42			(3.21	)		(1.59	)
Less Distributions from:
Net investment income		(0.31	)		(0.15	)		(0.14	)		(0.05	)		(0.10	)		(0.06	)
Realized gains		(0.14	)		—			—			—			—			—
Total distributions		(0.45	)		(0.15	)		(0.14	)		(0.05	)		(0.10	)		(0.06	)
Net asset value, end of period	$	37.52		$	33.71		$	34.47		$	25.41		$	20.04		$	23.35
Total Return at Net Asset Value⁴		12.69	%		(1.75	)%		36.26	%		27.07	%		(13.67	)%		(6.36	)%
Total Return at Market Value⁴		12.50	%		(1.67	)%		36.10	%		26.88	%		(13.67	)%		(6.10	)%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted	$	121,993		$	109,601		$	131,017		$	109,319		$	32,099		$	4,702
Ratio to average net assets of:
Expenses, net of expense
waivers and reimbursements		0.54	%⁵		0.54	%		0.54	%		0.54	%		0.54	%		0.54	%⁵
Expenses, prior to expense
waivers and reimbursements		0.79	%⁵		0.84	%		0.83	%		0.89	%		2.20	%		5.03	%⁵
Net investment income, net of
waivers and reimbursements		1.33	%^5,7		0.61	%		0.44	%		0.25	%		0.62	%		0.85	%⁵
Portfolio turnover rate⁶		20.07	%		47.80	%		33.72	%		16.33	%		32.38	%		6.44	%


	Six-Months Ended December 31, 2012 (Unaudited)			Year Ended June 30,									For the Period November 10, 2008¹ Through June 30, 2009
	Six-Months Ended December 31, 2012 (Unaudited)			2012			2011			2010			For the Period November 10, 2008¹ Through June 30, 2009
Per Share Operating Performance:
Net asset value, beginning of period	$	27.62		$	29.70		$	27.30		$	22.36		$	25.00
Net investment income²		0.22	⁶		0.26			0.46			0.15			0.19
Net realized and unrealized gain (loss) on
investments		4.48			(2.05	)		2.41			4.96			(2.69	)
Total gain (loss) from investment operations		4.70			(1.79	)		2.87			5.11			(2.50	)
Less Distributions from:
Net investment income		(0.28	)		(0.29	)		(0.47	)		(0.17	)		(0.14	)
Net asset value, end of period	$	32.04		$	27.62		$	29.70		$	27.30		$	22.36
Total Return at Net Asset Value³		17.05	%		(5.95	)%		10.40	%		22.87	%		(9.87	)%
Total Return at Market Value³		17.02	%		(5.93	)%		10.29	%		23.00	%		(10.03	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	11,215		$	9,667		$	11,880		$	24,572		$	5,590
Ratio to average net assets of:
Expenses, net of expense waivers and
reimbursements		0.49	%⁴		0.49	%		0.49	%		0.49	%		0.49	%⁴
Expenses, prior to expense waivers and
reimbursements		1.11	%⁴		1.29	%		1.03	%		1.11	%		3.14	%⁴
Net investment income, net of waivers
and reimbursements		1.47	%^4,6		0.98	%		1.52	%		0.51	%		1.60	%⁴
Portfolio turnover rate⁵		9.45	%		26.17	%		15.99	%		1.76	%		19.26	%


	Six-Months Ended December 31, 2012 (Unaudited)			Year Ended June 30,									For the Period November 18, 2008¹ Through June 30, 2009
	Six-Months Ended December 31, 2012 (Unaudited)			2012			2011			2010			For the Period November 18, 2008¹ Through June 30, 2009
Per Share Operating Performance:
Net asset value, beginning of period	$	31.81		$	39.84		$	30.74		$	30.09		$	25.00
Net investment income²		0.39	⁶		1.00			0.96			1.07			0.58
Net realized and unrealized gain (loss) on
investments		3.98			(7.47	)		9.01			0.40			4.68
Total gain (loss) from investment operations		4.37			(6.47	)		9.97			1.47			5.26
Less Distributions from:
Net investment income		(0.80	)		(1.33	)		(0.87	)		(0.68	)		(0.17	)
Realized gains		—			(0.23	)		—			(0.14	)		—
Total distributions		(0.80	)		(1.56	)		(0.87	)		(0.82	)		(0.17	)
Net asset value, end of period	$	35.38		$	31.81		$	39.84		$	30.74		$	30.09
Total Return at Net Asset Value³		13.86	%		(16.30	)%		32.89	%		4.64	%		21.15	%
Total Return at Market Value³		13.81	%		(16.32	)%		32.90	%		4.55	%		21.18	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	26,536		$	36,587		$	71,716		$	47,641		$	7,522
Ratio to average net assets of:
Expenses, net of expense waivers and
reimbursements		0.49	%⁴		0.49	%		0.49	%		0.49	%		0.49	%⁴
Expenses, prior to expense waivers and
reimbursements		1.01	%⁴		1.05	%		0.99	%		1.08	%		3.52	%⁴
Net investment income, net of waivers
and reimbursements		2.34	%^4,6		2.97	%		2.55	%		3.06	%		3.79	%⁴
Portfolio turnover rate⁵		9.22	%		35.04	%		37.11	%		45.80	%		82.02	%


	Six-Months Ended December 31, 2012 (Unaudited)			Year Ended June 30,									For the Period January 21, 2009¹ Through June 30, 2009
	Six-Months Ended December 31, 2012 (Unaudited)			2012			2011			2010			For the Period January 21, 2009¹ Through June 30, 2009
Per Share Operating Performance:
Net asset value, beginning of period	$	37.93		$	41.98		$	29.68		$	27.52		$	25.00
Net investment income²		0.22	⁶		0.44			0.39			0.10			0.09
Net realized and unrealized gain (loss) on
investments		2.26			(3.67	)		12.32			2.61			2.52
Total gain (loss) from investment operations		2.48			(3.23	)		12.71			2.71			2.61
Less Distributions from:
Net investment income		(0.26	)		(0.38	)		(0.41	)		(0.07	)		(0.09	)
Realized gains		—			(0.44	)		—			(0.48	)		—
Total distributions		(0.26	)		(0.82	)		(0.41	)		(0.55	)		(0.09	)
Net asset value, end of period	$	40.15		$	37.93		$	41.98		$	29.68		$	27.52
Total Return at Net Asset Value³		6.55	%		(7.61	)%		43.05	%		9.70	%		10.48	%
Total Return at Market Value³		6.59	%		(7.93	)%		43.22	%		9.81	%		10.69	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	6,022		$	7,585		$	10,496		$	10,388		$	5,504
Ratio to average net assets of:
Expenses, net of expense waivers and
reimbursements		0.60	%⁴		0.60	%		0.60	%		0.60	%		0.60	%⁴
Expenses, prior to expense waivers and
reimbursements		1.33	%⁴		1.42	%		1.60	%		1.40	%		3.72	%⁴
Net investment income, net of waivers
and reimbursements		1.09	%^4,6		1.18	%		1.06	%		0.32	%		0.81	%⁴
Portfolio turnover rate⁵		126.73	%		154.06	%		190.44	%		182.12	%		32.48	%

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 Funds’ corresponding benchmarks (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).

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 recorded on the ex-dividend date or, in the case of foreign securities, as soon as the information is available after 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.

Securities Lending — Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of cash and /or high grade debt obligations, equivalent to at least 100% of the market value of securities loaned, is maintained at all times. The collateral can be invested in certain money market mutual funds which also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. Lending portfolio securities could result in a loss or delay in recovering the Fund’s securities if the borrower defaults.

The securities lending income earned by the Funds is disclosed on the Statements of Operations. The value of loaned securities and related collateral outstanding at December 31, 2012 are shown in the Schedules of Investments and Statements of Assets and Liabilities. Therefore the value of the collateral held may be temporarily less than that required under the lending contract. As of December 31, 2012, the collateral consisted of an institutional money market fund.

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.

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 28, 2013, after which it may be terminated or revised.

For the six months ended December 31, 2012, the Adviser waived and reimbursed the following fees:

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 its 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.

Neither the Distributor, FCS 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 are also officers of the Trust. FCS has agreed to waive 10% of its fees when aggregate net assets of the Trust are under $300,000,000 or until December 31, 2010. For the six months ended December 31, 2012, FCS was not required to waive fees pursuant to this agreement.

Licensing Fee Agreements — The Adviser has licensed each Fund to use certain trademarks that are owned by the Adviser. No fee is charged to the Fund for this license.

As of December 31, 2012, 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.

The authoritative guidance for fair value measurements and disclosures, Accounting Standards Codification™ 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 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 December 31, 2012 in valuing the Funds’ assets carried at fair value:

At December 31, 2012, 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 transfers between Levels based on valuations at the beginning of the reporting period. At December 31, 2012, there were no transfers between Levels 1, 2, or 3, based on the valuation input Levels assigned to securities on June 30, 2012.

The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the six months ended December 31, 2012 were as follows:

For the six months ended December 31, 2012, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:

Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.

On December 26, 2012, the Funds declared quarterly income dividends with an ex-date of December 27, 2012 and payable date of January 4, 2013. The income and long-term capital gain dividend per share for each Fund was as follows:

The Trust compensates each Trustee who is not an officer or employee of the Adviser. No Trustee of the Trust who is also an officer or employee of the Adviser receives any compensation from the Trust for services to the Trust.

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 December 31, 2012, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were as follows:

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, 2012, the components of accumulated earnings/loss on a tax-basis were as follows:

The tax character of distributions paid during the year ended June 30, 2012 and 2011 were as follows:

At June 30, 2012, 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.

The Funds utilized capital loss carryforwards as follows to offset taxable capital gains realized during the year ended June 30, 2012 as follows:

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.

Post-October losses represent losses realized on investment transactions from November 1, 2011 through June 30, 2012, 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, 2012, the Funds incurred and will elect to defer net capital losses as follows:

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, 2012, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets as follows:

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 Funds will recognize expenses accrued related to unrecognized interest expense and penalties in “Other” expense on the Statements 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 2008-2012, 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 period ended December 31, 2012, 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.

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.

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 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).

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.

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.

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 there are no material events that would require disclosure in the Funds’ financial statements through this date.

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.

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>.

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.revenueshares.com.

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 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company & Affiliated Purchasers.

(a) The Chief Executive Officer and Treasurer 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 subsequent to the date of their evaluation.

(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: Not applicable at this time.

(b) Certifications for each Principal Executive Officer and Treasurer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17CFR 270.30a-(a)).

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.

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.


Investments	Shares		Value
Utilities (continued)
NV Energy, Inc.	14,131	$	256,336
OGE Energy Corp.(a)	5,731		322,713
PNM Resources, Inc.(a)	5,738		117,686
Questar Corp.	4,956		97,930
UGI Corp.	17,165		561,467
Vectren Corp.(a)	6,468		190,159
Westar Energy, Inc.(a)	6,768		193,700
WGL Holdings, Inc.	5,425		212,606
Total Utilities			4,005,073

Total Common Stocks
(Cost $89,725,870)			105,542,240
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—25.6%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.13%(b)
(Cost $26,775,147)	26,775,147		26,775,147

Total Investments—126.5%
(Cost $116,501,017)			132,317,387
Liabilities in Excess of Other Assets—(26.5)%			(27,741,811	)
Net Assets—100.0%		$	104,575,576


Investments	Shares		Value
PREFERRED STOCKS—1.1%
Food, Beverage & Tobacco—0.2%
Cia de Bebidas das Americas(a)	1,615	$	67,814

Materials—0.8%
Vale SA, Class B(a)	10,301		209,110

Utilities—0.1%
Cia Paranaense de Energia-Copel
Preference B(a)	1,181		18,128

Total Preferred Stocks
(Cost $355,801)			295,052
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—7.2%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.13%(c)
(Cost $1,912,762)	1,912,762		1,912,762

Total Investments—108.2%
(Cost $30,210,553)			28,719,945
Liabilities in Excess of Other Assets—(8.2)%			(2,184,242	)
Net Assets—100.0%		$	26,535,703


Country	Value			% of Net Assets
Australia	$	335,948		1.3	%
Belgium		286,403		1.1
Brazil		1,904,552		7.2
Canada		2,262,277		8.5
Chile		227,025		0.9
China		1,572,189		5.9
Colombia		183,723		0.7
Denmark		55,655		0.2
Finland		165,323		0.6
France		1,626,790		6.1
Germany		837,383		3.2
Greece		39,688		0.1
Hong Kong		1,864,837		7.0
Ireland		150,888		0.6
Italy		874,339		3.3
Japan		3,818,441		14.4
Jersey Islands		73,468		0.3
Luxembourg		408,880		1.5
Mexico		393,226		1.5
Netherlands		2,694,846		10.2
Norway		516,099		1.9
Peru		22,809		0.1
Portugal		31,942		0.1
South Korea		155,271		0.6
Spain		697,470		2.6
Sweden		137,057		0.5
Switzerland		812,044		3.1
Taiwan		93,260		0.3
United Kingdom		4,482,152		16.9
United States		1,995,960		7.5
Total Investments		28,719,945		108.2
Liabilities in Excess of
Other Assets		(2,184,242	)	(8.2	)
Net Assets	$	26,535,703		100.0	%


Shareholder Expense Examples	2
Schedule of Investments Summary Tables	3
Schedules of Investments
RevenueShares Large Cap Fund	4
RevenueShares Mid Cap Fund	9
RevenueShares Small Cap Fund	14
RevenueShares Financials Sector Fund	20
RevenueShares ADR Fund	21
RevenueShares Navellier Overall A-100 Fund	24
Statements of Assets and Liabilities	26
Statements of Operations	27
Statements of Changes in Net Assets	28
Financial Highlights	30
Notes to Financial Statements	36
Supplemental Information	44


Fund	Fees Waived and Reimbursed
RevenueShares Large Cap Fund	$	183,153
RevenueShares Mid Cap Fund		151,019
RevenueShares Small Cap Fund		147,942
RevenueShares Financials Sector Fund		29,546
RevenueShares ADR Fund		81,546
RevenueShares Navellier Overall A-100 Fund		29,505


	Quoted Prices in Active Markets (Level 1)						Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fund	Common Stock		Preferred Stock		Money Market Funds		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
RevenueShares Large Cap Fund	$	151,819,850	$	—	$	13,437,616	$	—	$	—	$	165,257,466
RevenueShares Mid Cap Fund		105,542,240		—		26,775,147		—		—		132,317,387
RevenueShares Small Cap Fund		123,122,050		—		20,608,020		—		—		143,730,070
RevenueShares Financials
Sector Fund		11,260,992		—		70,907		—		—		11,331,899
RevenueShares ADR Fund		26,512,131		295,052		1,912,762		—		—		28,719,945
RevenueShares Navellier
Overall A-100 Fund		5,827,663		—		459,815		—		—		6,287,478


Fund		Purchases	Sales
RevenueShares Large Cap Fund	$	19,271,784	$	18,989,031
RevenueShares Mid Cap Fund		18,755,862		18,608,441
RevenueShares Small Cap Fund		24,318,276		23,459,095
RevenueShares Financials Sector Fund		950,550		916,201
RevenueShares ADR Fund		2,885,682		2,800,573
RevenueShares Navellier Overall A-100 Fund		9,720,481		9,848,429


Fund		Income Dividend Per Share		Long-Term Capital Gain Dividend Per Share
RevenueShares Large Cap Fund	$	0.17899		$	—
RevenueShares Mid Cap Fund		0.14773			0.13747
RevenueShares Small Cap Fund		0.20054	*		0.13058
RevenueShares Financials Sector Fund		0.15824			—
RevenueShares ADR Fund		0.45186			—
RevenueShares Navellier Overall A-100 Fund		0.11906			—


Fund	Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
RevenueShares Large Cap Fund	$	141,170,123	$	28,974,299	$	(4,886,956	)	$	24,087,343
RevenueShares Mid Cap Fund		116,501,017		19,183,057		(3,366,687	)		15,816,370
RevenueShares Small Cap Fund		124,169,081		23,078,392		(3,517,403	)		19,560,989
RevenueShares Financials Sector Fund		11,417,239		545,687		(631,027	)		(85,340	)
RevenueShares ADR Fund		30,210,553		2,126,474		(3,617,082	)		(1,490,608	)
RevenueShares Navellier Overall A-100 Fund		6,191,997		131,214		(35,733	)		95,481


Fund	Undistributed Ordinary Income		Accumulated Undistributed Capital and Other Losses			Net Unrealized Appreciation (Depreciation)			Total Accumulated Earnings/ (Losses)
RevenueShares Large Cap Fund	$	688,718	$	(2,765,191	)	$	16,144,251		$	14,067,778
RevenueShares Mid Cap Fund		—		460,723			12,895,067			13,355,790
RevenueShares Small Cap Fund		249,977		72,083			7,167,248			7,489,308
RevenueShares Financials Sector Fund		13,975		(890,188	)		(1,754,726	)		(2,630,939	)
RevenueShares ADR Fund		147,561		(1,922,840	)		(5,815,597	)		(7,590,876	)
RevenueShares Navellier Overall A-100 Fund		12,737		(1,531,390	)		625,367			(893,286	)


Fund	Capital Loss Available Through 2017		Capital Loss Available Through 2018		Capital Loss Available Through 2019		Short-Term Post-Effective No Expiration		Long-Term Post-Effective No Expiration		Total
RevenueShares Large Cap Fund	$	—	$	711,580	$	—	$	—	$	—	$	711,580
RevenueShares Financial Sector Fund		52,317		21,626		78,535		121,295	169,285			443,058
Revenueshares ADR Fund		—		—		—		169,705		87,800		257,505
RevenueShares Navellier Overall A-100 Fund		—		—		—		1,199,701		—		1,199,701


Fund	Capital Loss Carryforward Utilized
RevenueShares Large Cap Fund	$	2,697


Fund	Post-October Capital Losses
RevenueShares Large Cap Fund	$	2,053,611
RevenueShares Financial Sector Fund		447,130
RevenueShares ADR Fund		1,665,335
RevenueShares Navellier Overall A-100 Fund		331,689


Fund	Undistributed Net Investment Income			Accumulated Net Realized Gain/(Loss) on Investments			Paid-in- Capital
RevenueShares Large Cap Fund	$	—		$	(8,760,072	)	$	8,760,072
RevenueShares Mid Cap Fund		(225,348	)		(5,350,203	)		5,575,551
RevenueShares Small Cap Fund		—			(5,307,626	)		5,307,626
RevenueShares Financials Sector Fund		—			354,101			(354,101	)
RevenueShares ADR Fund		6,549			(1,229,162	)		1,222,613
RevenueShares Navellier Overall A-100 Fund		(2	)		(863,813	)		863,815


*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*
	BBD, LLP
The Bank of New York Mellon	1835 Market Street, 26th Floor
101 Barclay Street	Philadelphia, Pennsylvania 19103
New York, New York 10286


*Legal Counsel*

Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, Pennsylvania 19103