N-Q 1 e56209nq.htm QUARTERLY REPORT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-21993

 

RevenueShares ETF Trust

 

(Exact name of registrant as specified in charter)

 

One Commerce Square

2005 Market Street, Suite 2020

Philadelphia, PA 19103

 

(Address of principal executive offices) (Zip code)

 

Vincent T. Lowry
One Commerce Square
2005 Market Street, Suite 2020

Philadelphia, PA 19103

 

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 1-877-738-8870

 

Date of fiscal year end: June 30

 

Date of reporting period: September 30, 2013

 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 

Item 1. Schedule of Investments.

The Schedule(s) of Investments are attached herewith.

Schedule of Investments

RevenueShares Large Cap Fund
September 30, 2013 (Unaudited)

 

Investments  Shares  Value
COMMON STOCKS–99.8%      
Automobiles & Components - 3.6%          
BorgWarner, Inc.   1,191   $120,755 
Delphi Automotive PLC   4,544    265,460 
Ford Motor Co.   137,548    2,320,435 
General Motors Co.*(a)   69,667    2,505,922 
Goodyear Tire & Rubber Co.*   15,168    340,522 
Harley-Davidson, Inc.   1,511    97,067 
Johnson Controls, Inc.   16,457    682,965 
Total Automobiles & Components   6,333,126 
Banks - 1.7%          
BB&T Corp.   5,164    174,285 
Comerica, Inc.   1,103    43,359 
Fifth Third Bancorp   6,732    121,445 
Hudson City Bancorp, Inc.   2,827    25,584 
Huntington Bancshares, Inc.   5,913    48,841 
KeyCorp   6,597    75,206 
M&T Bank Corp.   725    81,142 
People's United Financial, Inc.   1,579    22,706 
PNC Financial Services Group, Inc.   3,885    281,468 
Regions Financial Corp.   10,480    97,045 
SunTrust Banks, Inc.   5,517    178,861 
U.S. Bancorp   9,646    352,851 
Wells Fargo & Co.   35,464    1,465,373 
Zions Bancorporation   1,448    39,704 
Total Banks   3,007,870 
Capital Goods - 8.6%          
3M Co.   4,235    505,701 
AMETEK, Inc.   10,468    481,737 
Boeing Co.   11,947    1,403,772 
Caterpillar, Inc.   11,945    995,855 
Cummins, Inc.   2,104    279,558 
Danaher Corp.   4,482    310,692 
Deere & Co.   7,458    607,007 
Dover Corp.   1,573    141,303 
Eaton Corp. PLC   4,567    314,392 
Emerson Electric Co.   6,384    413,045 
Fastenal Co.(a)   1,075    54,019 
Flowserve Corp.   1,285    80,171 
Fluor Corp.   6,657    472,381 
General Dynamics Corp.   5,966    522,144 
General Electric Co.   99,598    2,379,396 
Honeywell International, Inc.   7,452    618,814 
Illinois Tool Works, Inc.   3,720    283,724 
Ingersoll-Rand PLC   3,616    234,823 
Jacobs Engineering Group, Inc.*(a)   3,171    184,489 
Joy Global, Inc.   1,740    88,810 
L-3 Communications Holdings, Inc.   2,331    220,279 
Lockheed Martin Corp.   6,091    776,907 
Masco Corp.   6,022    128,148 
Northrop Grumman Corp.   4,383    417,525 
PACCAR, Inc.   4,672    260,044 
Pall Corp.   555    42,757 
Parker Hannifin Corp.   2,042    222,006 
Pentair Ltd.   1,620    105,203 
Precision Castparts Corp.   552    125,436 
Quanta Services, Inc.*   3,937    108,307 
Raytheon Co.   5,199    400,687 
Rockwell Automation, Inc.   975    104,267 
Rockwell Collins, Inc.   1,117    75,800 
Roper Industries, Inc.   387    51,421 
Snap-On, Inc.   524    52,138 
Textron, Inc.   7,107    196,224 
Tyco International Ltd.   5,093    178,153 
United Technologies Corp.   9,479    1,022,026 
W.W. Grainger, Inc.   569    148,913 

 

Investments  Shares  Value
Xylem, Inc./NY   2,311   $64,546 
Total Capital Goods   15,072,620 
Commercial & Professional Services - 0.6%          
ADT Corp. (The)*   1,291    52,492 
Avery Dennison Corp.   2,310    100,531 
Cintas Corp.(a)   1,368    70,042 
Dun & Bradstreet Corp.   263    27,313 
Equifax, Inc.   616    36,868 
Iron Mountain, Inc.   1,759    47,528 
Nielsen Holdings NV   2,641    96,264 
Pitney Bowes, Inc.(a)   4,463    81,182 
Republic Services, Inc.   4,021    134,141 
Robert Half International, Inc.   1,807    70,527 
Stericycle, Inc.*   295    34,043 
Waste Management, Inc.   5,488    226,325 
Total Commercial & Professional Services   977,256 
Consumer Durables & Apparel - 1.2%          
Coach, Inc.   1,503    81,959 
D.R. Horton, Inc.(a)   4,311    83,763 
Fossil Group, Inc.*   428    49,751 
Garmin Ltd.(a)   1,027    46,410 
Harman International Industries, Inc.(a)   1,092    72,323 
Hasbro, Inc.(a)   1,396    65,807 
Leggett & Platt, Inc.   2,049    61,777 
Lennar Corp., Class A(a)   2,321    82,163 
Mattel, Inc.   2,535    106,115 
Newell Rubbermaid, Inc.   3,551    97,652 
NIKE, Inc., Class B   5,934    431,046 
Pulte Group, Inc.   5,206    85,899 
PVH Corp.   797    94,596 
Ralph Lauren Corp.   692    113,993 
Stanley Black & Decker, Inc.   2,014    182,408 
VF Corp.   911    181,335 
Whirlpool Corp.   2,072    303,424 
Total Consumer Durables & Apparel   2,140,421 
Consumer Services - 1.1%          
Carnival Corp.   6,942    226,587 
Chipotle Mexican Grill, Inc.*   119    51,015 
Darden Restaurants, Inc.   3,010    139,333 
H&R Block, Inc.   1,732    46,175 
International Game Technology   1,832    34,680 
Marriott International, Inc., Class A   5,013    210,847 
McDonald's Corp.   4,815    463,251 
Starbucks Corp.   3,093    238,068 
Starwood Hotels & Resorts Worldwide, Inc.   1,511    100,406 
Wyndham Worldwide Corp.   1,276    77,797 
Wynn Resorts Ltd.   573    90,540 
Yum! Brands, Inc.   3,066    218,882 
Total Consumer Services   1,897,581 
Diversified Financials - 5.1%          
American Express Co.   7,435    561,491 
Ameriprise Financial, Inc.   1,933    176,058 
Bank of America Corp.   115,592    1,595,169 
Bank of New York Mellon Corp.   8,347    251,996 
BlackRock, Inc.   590    159,666 
Capital One Financial Corp.   6,010    413,127 
Charles Schwab Corp.   4,091    86,484 
Citigroup, Inc.   29,888    1,449,867 
CME Group, Inc.   648    47,874 
Discover Financial Services   2,940    148,588 
E*Trade Financial Corp.*   2,081    34,336 
Franklin Resources, Inc.   2,441    123,392 
Goldman Sachs Group, Inc.   4,304    680,936 

The accompanying notes are an integral part of these financial documents.

1
 

Schedule of Investments - continued

RevenueShares Large Cap Fund
September 30, 2013 (Unaudited)

 

Investments  Shares  Value
IntercontinentalExchange, Inc. *   128   $23,222 
Invesco Ltd.   2,271    72,445 
JPMorgan Chase & Co.   34,740    1,795,711 
Legg Mason, Inc.   1,238    41,399 
Leucadia National Corp.   5,877    160,089 
Moody's Corp.   698    49,090 
Morgan Stanley   20,515    552,879 
NASDAQ OMX Group, Inc.   1,597    51,248 
Northern Trust Corp.   1,268    68,966 
NYSE Euronext   1,505    63,180 
SLM Corp.   4,351    108,340 
State Street Corp.   2,541    167,071 
T. Rowe Price Group, Inc.   733    52,725 
Total Diversified Financials   8,935,349 
Energy - 13.8%          
Anadarko Petroleum Corp.   2,481    230,708 
Apache Corp.   3,210    273,299 
Baker Hughes, Inc.   7,208    353,913 
Cabot Oil & Gas Corp.   662    24,706 
Cameron International Corp.*   2,524    147,326 
Chesapeake Energy Corp.   8,862    229,349 
Chevron Corp.   28,640    3,479,760 
ConocoPhillips   13,624    947,004 
Consol Energy, Inc.   2,314    77,866 
Denbury Resources, Inc.*   2,357    43,392 
Devon Energy Corp.   2,681    154,855 
Diamond Offshore Drilling, Inc.(a)   794    49,482 
Ensco PLC, Class A   1,411    75,841 
EOG Resources, Inc.   1,275    215,832 
EQT Corp.   355    31,496 
Exxon Mobil Corp.   75,167    6,467,369 
FMC Technologies, Inc.*   1,968    109,067 
Halliburton Co.   9,763    470,088 
Helmerich & Payne, Inc.   794    54,746 
Hess Corp.   5,375    415,703 
Kinder Morgan, Inc./Delaware   5,745    204,350 
Marathon Oil Corp.   7,460    260,205 
Marathon Petroleum Corp.   22,062    1,419,028 
Murphy Oil Corp.   7,743    467,058 
Nabors Industries Ltd.   6,600    105,996 
National Oilwell Varco, Inc.   4,668    364,617 
Newfield Exploration Co.*   1,469    40,207 
Noble Corp.   1,685    63,642 
Noble Energy, Inc.   1,063    71,232 
Occidental Petroleum Corp.   4,394    411,015 
Peabody Energy Corp.   6,974    120,302 
Phillips 66   45,822    2,649,428 
Pioneer Natural Resources Co.   283    53,430 
QEP Resources, Inc.   1,634    45,245 
Range Resources Corp.   342    25,954 
Rowan Cos. PLC, Class A*   686    25,190 
Schlumberger Ltd.   8,375    740,015 
Southwestern Energy Co.*   1,383    50,314 
Spectra Energy Corp.   2,576    88,176 
Tesoro Corp.   12,837    564,571 
Valero Energy Corp.   66,396    2,267,423 
Williams Cos., Inc.   3,312    120,424 
Wpx Energy, Inc.*   2,597    50,018 
Total Energy   24,059,642 
Food & Staples Retailing - 8.9%          
Costco Wholesale Corp.   14,681    1,690,077 
CVS Caremark Corp.   35,450    2,011,787 
Kroger Co.   38,222    1,541,875 
Safeway, Inc.(a)   22,734    727,261 
Sysco Corp.   22,387    712,578 

 

Investments  Shares  Value
Walgreen Co.   21,405   $1,151,589 
Wal-Mart Stores, Inc.   102,012    7,544,808 
Whole Foods Market, Inc.   3,639    212,882 
Total Food & Staples Retailing   15,592,857 
Food, Beverage & Tobacco - 4.4%          
Altria Group, Inc.   8,228    282,632 
Archer-Daniels-Midland Co.   41,040    1,511,914 
Beam, Inc.   651    42,087 
Brown-Forman Corp., Class B   654    44,557 
Campbell Soup Co.   3,255    132,511 
Coca-Cola Co.   20,281    768,244 
Coca-Cola Enterprises, Inc.   3,286    132,130 
ConAgra Foods, Inc.   7,520    228,157 
Constellation Brands, Inc., Class A*   780    44,772 
Dr Pepper Snapple Group, Inc.   2,211    99,097 
General Mills, Inc.   5,908    283,111 
Hershey Co.   1,227    113,497 
Hormel Foods Corp.   3,239    136,427 
J.M. Smucker Co.   914    96,007 
Kellogg Co.   4,119    241,909 
Kraft Foods Group, Inc.   5,712    299,537 
Lorillard, Inc.   1,780    79,708 
McCormick & Co., Inc.   988    63,924 
Molson Coors Brewing Co., Class B   1,405    70,433 
Mondelez International, Inc., Class A   20,644    648,634 
Monster Beverage Corp.*   639    33,388 
PepsiCo, Inc.   13,557    1,077,781 
Philip Morris International, Inc.   5,812    503,261 
Reynolds American, Inc.   2,774    135,316 
Tyson Foods, Inc., Class A   18,552    524,651 
Total Food, Beverage & Tobacco   7,593,685 
Health Care Equipment & Services - 8.1%          
Aetna, Inc.   10,356    662,991 
AmerisourceBergen Corp.   21,996    1,343,956 
Baxter International, Inc.   3,366    221,112 
Becton Dickinson & Co.   1,291    129,126 
Boston Scientific Corp.*   10,287    120,769 
C.R. Bard, Inc.   423    48,730 
Cardinal Health, Inc.   32,933    1,717,456 
CareFusion Corp.*   1,601    59,077 
Cerner Corp.*(a)   935    49,134 
CIGNA Corp.   6,657    511,657 
Covidien PLC   3,106    189,280 
DaVita, Inc.*   2,914    165,807 
DENTSPLY International, Inc.   1,122    48,706 
Edwards Lifesciences Corp.*   471    32,796 
Express Scripts Holding Co.*   28,946    1,788,284 
Hospira, Inc.*(a)   1,634    64,085 
Humana, Inc.   7,035    656,577 
Intuitive Surgical, Inc.*   105    39,508 
Laboratory Corp. of America Holdings*(a)   967    95,868 
McKesson Corp.   15,743    2,019,827 
Medtronic, Inc.   5,102    271,681 
Patterson Cos., Inc.   1,476    59,335 
Quest Diagnostics, Inc.   1,959    121,047 
St. Jude Medical, Inc.   1,701    91,242 
Stryker Corp.   2,072    140,046 
Tenet Healthcare Corp.*   3,738    153,968 
UnitedHealth Group, Inc.   27,794    1,990,328 
Varian Medical Systems, Inc.*   641    47,902 
WellPoint, Inc.   13,537    1,131,829 
Zimmer Holdings, Inc.   911    74,830 
Total Health Care Equipment & Services   14,046,954 
Household & Personal Products - 1.4%          

The accompanying notes are an integral part of these financial documents.

2
 

Schedule of Investments - continued

RevenueShares Large Cap Fund
September 30, 2013 (Unaudited)

Investments  Shares  Value
Avon Products, Inc.   8,264   $170,238 
Clorox Co.(a)   1,140    93,161 
Colgate-Palmolive Co.   4,799    284,581 
Estee Lauder Cos., Inc., Class A   2,336    163,286 
Kimberly-Clark Corp.   3,690    347,672 
Mead Johnson Nutrition Co., Class A   865    64,235 
Procter & Gamble Co.   17,618    1,331,745 
Total Household & Personal Products   2,454,918 
Insurance - 6.2%          
ACE Ltd.   3,329    311,461 
Aflac, Inc.   6,864    425,499 
Allstate Corp.   10,953    553,674 
American International Group, Inc.   22,427    1,090,625 
AON PLC   2,595    193,172 
Assurant, Inc.   2,711    146,665 
Berkshire Hathaway, Inc., Class B*   24,836    2,819,134 
Chubb Corp.   2,572    229,577 
Cincinnati Financial Corp.   1,525    71,919 
Genworth Financial, Inc., Class A*   13,470    172,281 
Hartford Financial Services Group, Inc.   15,599    485,441 
Lincoln National Corp.   4,673    196,219 
Loews Corp.   5,267    246,180 
Marsh & McLennan Cos., Inc.   4,578    199,372 
MetLife, Inc.   23,781    1,116,518 
Principal Financial Group, Inc.   3,642    155,950 
Progressive Corp.   11,156    303,778 
Prudential Financial, Inc.   17,013    1,326,674 
Torchmark Corp.   866    62,655 
Travelers Cos., Inc.   5,071    429,869 
Unum Group   5,833    177,557 
XL Group PLC   3,934    121,246 
Total Insurance   10,835,466 
Materials - 3.9%          
Air Products & Chemicals, Inc.   1,544    164,544 
Airgas, Inc.   777    82,401 
Alcoa, Inc.(a)   47,401    384,896 
Allegheny Technologies, Inc.   2,510    76,605 
Ball Corp.   3,150    141,372 
Bemis Co., Inc.   2,154    84,028 
CF Industries Holdings, Inc.   477    100,566 
Cliffs Natural Resources, Inc.(a)   4,358    89,339 
Dow Chemical Co.   23,888    917,299 
E.I. du Pont de Nemours & Co.   9,877    578,397 
Eastman Chemical Co.   1,960    152,684 
Ecolab, Inc.   2,102    207,594 
FMC Corp.   908    65,122 
Freeport-McMoRan Copper & Gold, Inc.   8,820    291,766 
International Flavors & Fragrances, Inc.   579    47,652 
International Paper Co.   10,023    449,030 
LyondellBasell Industries NV, Class A   10,147    743,065 
MeadWestvaco Corp.   2,411    92,534 
Monsanto Co.   2,334    243,600 
Mosaic Co. (The)   3,771    162,228 
Newmont Mining Corp.   5,451    153,173 
Nucor Corp.   6,159    301,914 
Owens-Illinois, Inc.*   3,803    114,166 
PPG Industries, Inc.   1,506    251,592 
Praxair, Inc.   1,583    190,292 
Sealed Air Corp.   4,517    122,817 
Sigma-Aldrich Corp.   518    44,185 
United States Steel Corp.(a)   14,852    305,803 
Vulcan Materials Co.   844    43,728 
Weyerhaeuser Co.   4,582    131,183 
Total Materials   6,733,575 

 

Investments  Shares  Value
Media - 3.0%          
Cablevision Systems Corp., Class A   6,136   $103,330 
CBS Corp., Class B   4,448    245,352 
Comcast Corp., Class A   24,251    1,094,932 
DIRECTV*   8,144    486,604 
Discovery Communications, Inc., Class A*(a)   1,007    85,011 
Gannett Co., Inc.   3,530    94,569 
Interpublic Group of Cos., Inc.   6,832    117,374 
McGraw Hill Financial, Inc.   1,435    94,122 
News Corp., Class A*   9,214    147,977 
Omnicom Group, Inc.   3,706    235,108 
Scripps Networks Interactive, Inc., Class A   525    41,008 
Time Warner Cable, Inc.   3,235    361,026 
Time Warner, Inc.   7,674    505,026 
Twenty-First Century Fox, Inc.   16,386    548,931 
Viacom, Inc., Class B   2,638    220,484 
Walt Disney Co.   11,302    728,866 
Washington Post Co., Class B   117    71,528 
Total Media   5,181,248 
Pharmaceuticals, Biotechnology & Life Sciences - 3.3%          
Abbott Laboratories   10,336    343,052 
AbbVie, Inc.   6,454    288,687 
Actavis, Inc.*   858    123,552 
Alexion Pharmaceuticals, Inc.*   196    22,767 
Allergan, Inc.   1,083    97,957 
Amgen, Inc.   2,538    284,104 
Biogen IDEC, Inc.*   403    97,026 
Bristol-Myers Squibb Co.   5,671    262,454 
Celgene Corp.*   664    102,210 
Eli Lilly & Co.   7,141    359,407 
Forest Laboratories, Inc.*   1,444    61,789 
Gilead Sciences, Inc.*   2,713    170,485 
Johnson & Johnson   13,106    1,136,159 
Life Technologies Corp.*   856    64,055 
Merck & Co., Inc.   15,705    747,715 
Mylan, Inc.*   2,981    113,785 
PerkinElmer, Inc.   936    35,334 
Perrigo Co.   438    54,040 
Pfizer, Inc.   32,184    924,003 
Regeneron Pharmaceuticals, Inc.*   98    30,661 
Thermo Fisher Scientific, Inc.   2,296    211,576 
Vertex Pharmaceuticals, Inc.*   2,405    182,347 
Waters Corp.*(a)   293    31,120 
Zoetis, Inc.   2,295    71,420 
Total Pharmaceuticals, Biotechnology & Life Sciences   5,815,705 
Real Estate Investment Trusts - 0.3%          
American Tower Corp.   704    52,187 
Apartment Investment & Management Co., Class A   607    16,960 
AvalonBay Communities, Inc.   156    19,826 
Boston Properties, Inc.   302    32,284 
Equity Residential   680    36,428 
HCP, Inc.   802    32,842 
Health Care REIT, Inc.   604    37,677 
Host Hotels & Resorts, Inc.   5,181    91,548 
Kimco Realty Corp.   785    15,841 
Macerich Co. (The)   286    16,142 
Plum Creek Timber Co., Inc.   473    22,151 
Prologis, Inc.   854    32,127 
Public Storage   196    31,468 
Simon Property Group, Inc.   558    82,712 
Ventas, Inc.   714    43,911 
Vornado Realty Trust   547    45,981 

The accompanying notes are an integral part of these financial documents.

3
 

Schedule of Investments - continued

RevenueShares Large Cap Fund
September 30, 2013 (Unaudited)

 

Investments  Shares  Value
      
Total Real Estate Investment Trusts  $610,085 
Real Estate Management & Development - 0.1%          
CBRE Group, Inc., Class A*   4,780    110,561 
      
Retailing - 5.8%          
Abercrombie & Fitch Co., Class A   1,886    66,708 
Amazon.com, Inc.*   3,550    1,109,872 
AutoNation, Inc.*   5,235    273,110 
AutoZone, Inc.*(a)   348    147,110 
Bed Bath & Beyond, Inc.*   2,201    170,269 
Best Buy Co., Inc.   21,226    795,975 
CarMax, Inc.*   3,369    163,296 
Dollar General Corp.*   4,552    257,006 
Dollar Tree, Inc.*   2,018    115,349 
Expedia, Inc.   1,396    72,299 
Family Dollar Stores, Inc.   2,296    165,358 
Gamestop Corp., Class A   3,080    152,922 
Gap, Inc.   6,030    242,889 
Genuine Parts Co.   2,761    223,337 
Home Depot, Inc.   15,631    1,185,611 
JC Penney Co., Inc.*(a)   20,187    178,049 
Kohl's Corp.   6,015    311,276 
L Brands, Inc.   2,866    175,113 
Lowe's Cos., Inc.   17,848    849,743 
Macy's, Inc.   10,095    436,811 
Netflix, Inc.*   211    65,243 
Nordstrom, Inc.   3,349    188,214 
O'Reilly Automotive, Inc.*   853    108,834 
PetSmart, Inc.   1,454    110,882 
priceline.com, Inc.*   99    100,084 
Ross Stores, Inc.   2,140    155,792 
Sherwin-Williams Co.   907    165,237 
Staples, Inc.   27,572    403,930 
Target Corp.   18,553    1,187,021 
Tiffany & Co.   784    60,070 
TJX Cos., Inc.   7,193    405,613 
Tripadvisor, Inc.*   193    14,637 
Urban Outfitters, Inc.*   1,140    41,918 
Total Retailing   10,099,578 
Semiconductors & Semiconductor Equipment - 1.1%          
Altera Corp.   787    29,245 
Analog Devices, Inc.   931    43,804 
Applied Materials, Inc.   7,952    139,478 
Broadcom Corp., Class A   5,098    132,599 
First Solar, Inc.*   1,371    55,128 
Intel Corp.   36,929    846,413 
KLA-Tencor Corp.   857    52,148 
Lam Research Corp.*   1,078    55,183 
Linear Technology Corp.   536    21,258 
LSI Corp.   5,076    39,694 
Microchip Technology, Inc.(a)   587    23,650 
Micron Technology, Inc.*   7,844    137,035 
NVIDIA Corp.   4,241    65,990 
Teradyne, Inc.*   1,460    24,119 
Texas Instruments, Inc.   5,098    205,296 
Xilinx, Inc.   781    36,598 
Total Semiconductors & Semiconductor Equipment   1,907,638 
Software & Services - 4.1%          
Accenture PLC, Class A   6,535    481,238 
Adobe Systems, Inc.*   1,366    70,950 
Akamai Technologies, Inc.*   466    24,092 
Autodesk, Inc.*   941    38,741 
Automatic Data Processing, Inc.   2,463    178,272 
CA, Inc.   2,596    77,023 
Citrix Systems, Inc.*   615    43,425 

 

Investments  Shares  Value
Cognizant Technology Solutions Corp., Class A*   1,635   $134,266 
Computer Sciences Corp.   4,893    253,164 
eBay, Inc.*   4,594    256,299 
Electronic Arts, Inc.*   2,589    66,149 
Fidelity National Information Services, Inc.   2,124    98,639 
Fiserv, Inc.*   762    77,000 
Google, Inc., Class A*   1,053    922,333 
International Business Machines Corp.   9,043    1,674,583 
Intuit, Inc.   1,034    68,565 
Mastercard, Inc., Class A   192    129,174 
Microsoft Corp.   37,423    1,246,560 
Oracle Corp.   18,364    609,134 
Paychex, Inc.(a)   930    37,795 
Red Hat, Inc.*   387    17,856 
Salesforce.com, Inc.*(a)   841    43,656 
Symantec Corp.   4,519    111,845 
Total System Services, Inc.   1,075    31,627 
VeriSign, Inc.*   302    15,369 
Visa, Inc., Class A   938    179,252 
Western Union Co.   5,005    93,393 
Yahoo!, Inc.*   2,620    86,879 
Total Software & Services   7,067,279 
Technology Hardware & Equipment - 5.6%          
Agilent Technologies, Inc.   2,225    114,031 
Amphenol Corp., Class A   976    75,523 
Apple, Inc.   6,080    2,898,640 
Cisco Systems, Inc.   32,381    758,363 
Corning, Inc.   9,130    133,207 
Dell, Inc.   72,906    1,003,916 
EMC Corp.   14,167    362,109 
F5 Networks, Inc.*   255    21,869 
FLIR Systems, Inc.   773    24,272 
Harris Corp.   1,547    91,737 
Hewlett-Packard Co.   91,446    1,918,537 
Jabil Circuit, Inc.   12,813    277,786 
JDS Uniphase Corp.*   1,895    27,875 
Juniper Networks, Inc.*   3,572    70,940 
Molex, Inc.   1,554    59,860 
Motorola Solutions, Inc.   2,412    143,225 
NetApp, Inc.(a)   2,429    103,524 
QUALCOMM, Inc.   5,267    354,785 
SanDisk Corp.   1,588    94,502 
Seagate Technology PLC   6,625    289,777 
TE Connectivity Ltd.   4,195    217,217 
Teradata Corp.*   731    40,527 
Western Digital Corp.   4,126    261,588 
Xerox Corp.   36,594    376,552 
Total Technology Hardware & Equipment   9,720,362 
Telecommunication Services - 2.6%          
AT&T, Inc.   62,346    2,108,542 
CenturyLink, Inc.   9,458    296,792 
Crown Castle International Corp.*   658    48,054 
Frontier Communications Corp.   19,546    81,507 
Verizon Communications, Inc.   41,545    1,938,489 
Windstream Holdings, Inc.   12,069    96,552 
Total Telecommunication Services   4,569,936 
Transportation - 2.1%          
CH Robinson Worldwide, Inc.   3,281    195,417 
CSX Corp.   7,500    193,050 
Delta Air Lines, Inc.   26,468    624,380 
Expeditors International of Washington, Inc.   2,238    98,606 
FedEx Corp.   6,248    712,959 

The accompanying notes are an integral part of these financial documents.

4
 

Schedule of Investments - continued

RevenueShares Large Cap Fund
September 30, 2013 (Unaudited)

 

Investments  Shares  Value
Kansas City Southern   345   $37,729 
Norfolk Southern Corp.   2,358    182,391 
Ryder System, Inc.   1,756    104,833 
Southwest Airlines Co.   20,048    291,899 
Union Pacific Corp.   2,247    349,049 
United Parcel Service, Inc., Class B   10,013    914,888 
Total Transportation   3,705,201 
Utilities - 3.2%          
AES Corp.   22,030    292,779 
AGL Resources, Inc.(a)   1,628    74,937 
Ameren Corp.   3,099    107,969 
American Electric Power Co., Inc.   5,824    252,470 
CenterPoint Energy, Inc.   5,700    136,629 
CMS Energy Corp.   4,143    109,044 
Consolidated Edison, Inc.   3,702    204,128 
Dominion Resources, Inc.   3,526    220,304 
DTE Energy Co.   2,324    153,338 
Duke Energy Corp.   6,031    402,750 
Edison International   4,672    215,192 
Entergy Corp.   2,834    179,080 
Exelon Corp.   13,963    413,863 
FirstEnergy Corp.   6,890    251,141 
Integrys Energy Group, Inc.   1,475    82,438 
NextEra Energy, Inc.   2,982    239,037 
NiSource, Inc.   2,978    91,990 
Northeast Utilities   2,923    120,574 
NRG Energy, Inc.   5,735    156,738 
Oneok, Inc.   4,291    228,796 
Pepco Holdings, Inc.   4,093    75,557 
PG&E Corp.   6,176    252,722 
Pinnacle West Capital Corp.   1,037    56,765 
PPL Corp.   6,428    195,283 
Public Service Enterprise Group, Inc.   4,997    164,551 
SCANA Corp.   1,619    74,539 
Sempra Energy   2,027    173,511 
Southern Co.   6,789    279,571 
TECO Energy, Inc.   2,958    48,925 
Wisconsin Energy Corp.   1,818    73,411 
Xcel Energy, Inc.   6,437    177,726 
Total Utilities   5,505,758 
Total Common Stocks     
(Cost $129,068,134)   173,974,671 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–2.3%          
Dreyfus Institutional Preferred
Money Market Fund - Prime Shares,    
0.05% (b)
(Cost $3,930,456)		   3,930,456    3,930,456 
Total Investments–102.1%
(Cost $132,998,590)		        177,905,127 
Liabilities in Excess of Other Assets–(2.1)%        (3,712,263)
Net Assets–100.0%       $174,192,864 
           

 

PLC - Public Limited Company
REIT - Real Estate Investment Trust
 

 

*

Non-income producing security

(a) All or a portion of security was on loan. The aggregate market value of the securities on loan was $3,812,716; total market value of the collateral held by the fund was $3,932,506. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $2,050.
(b) Rate shown represents annualized 7-day yield as of September 30, 2013.

The accompanying notes are an integral part of these financial documents.

5
 

Schedule of Investments

RevenueShares Mid Cap Fund
September 30, 2013 (Unaudited)

 

Investments  Shares  Value
COMMON STOCKS–100.0%      
Automobiles & Components - 0.4%          
Gentex Corp.   4,735   $121,168 
Thor Industries, Inc.(a)   7,193    417,482 
Total Automobiles & Components   538,650 
Banks - 1.9%          
Associated Banc-Corp.   7,518    116,454 
Astoria Financial Corp.   5,739    71,393 
BancorpSouth, Inc.(a)   4,258    84,904 
Bank of Hawaii Corp.   1,272    69,260 
Cathay General Bancorp   2,375    55,504 
City National Corp.(a)   2,166    144,386 
Commerce Bancshares, Inc.   2,779    121,748 
Cullen/Frost Bankers, Inc.(a)   1,516    106,954 
East West Bancorp, Inc.   3,698    118,151 
First Horizon National Corp.   13,577    149,211 
First Niagara Financial Group, Inc.   17,756    184,130 
FirstMerit Corp.   4,500    97,695 
Fulton Financial Corp.   7,902    92,295 
Hancock Holding Co.   3,564    111,838 
International Bancshares Corp.   2,767    59,850 
New York Community Bancorp, Inc.(a)   15,114    228,372 
Prosperity Bancshares, Inc.   1,076    66,540 
Signature Bank*(a)   923    84,473 
SVB Financial Group*   1,437    124,114 
Synovus Financial Corp.   43,406    143,240 
TCF Financial Corp.   10,071    143,814 
Trustmark Corp.   2,480    63,488 
Valley National Bancorp(a)   9,028    89,829 
Washington Federal, Inc.   3,372    69,733 
Webster Financial Corp.   3,927    100,256 
Westamerica Bancorporation(a)   520    25,865 
Total Banks   2,723,497 
Capital Goods - 12.6%          
Acuity Brands, Inc.(a)   2,438    224,345 
Aecom Technology Corp.*(a)   30,176    943,604 
AGCO Corp.   19,621    1,185,501 
Alliant Techsystems, Inc.   5,423    529,068 
BE Aerospace, Inc.*   5,012    369,986 
Carlisle Cos., Inc.   5,857    411,689 
CLARCOR, Inc.(a)   2,311    128,330 
Crane Co.   4,635    285,841 
Donaldson Co., Inc.   7,325    279,302 
Esterline Technologies Corp.*(a)   2,769    221,215 
Exelis, Inc.   36,927    580,123 
Fortune Brands Home & Security, Inc.   10,400    432,952 
GATX Corp.   3,029    143,938 
General Cable Corp.(a)   22,071    700,754 
Graco, Inc.   1,638    121,310 
Granite Construction, Inc.   8,004    244,922 
Harsco Corp.(a)   13,318    331,618 
Hubbell, Inc., Class B   3,316    347,318 
Huntington Ingalls Industries, Inc.   11,122    749,623 
IDEX Corp.   3,480    227,070 
ITT Corp.   7,315    262,974 
KBR, Inc.   26,124    852,687 
Kennametal, Inc.   6,567    299,455 
Lennox International, Inc.   4,700    353,722 
Lincoln Electric Holdings, Inc.   4,739    315,712 
MSC Industrial Direct Co., Inc., Class A   3,389    275,695 
Nordson Corp.   2,364    174,061 
Oshkosh Corp.*   18,584    910,244 
Regal-Beloit Corp.   5,218    354,459 
SPX Corp.   6,824    577,583 
Terex Corp.*(a)   23,492    789,331 

 

Investments  Shares  Value
Timken Co.   7,984   $482,234 
Trinity Industries, Inc.   9,818    445,246 
Triumph Group, Inc.   5,872    412,332 
United Rentals, Inc.*(a)   9,560    557,252 
URS Corp.(a)   23,908    1,285,055 
Valmont Industries, Inc.   2,470    343,108 
Wabtec Corp.   4,456    280,149 
Watsco, Inc.   4,309    406,210 
Woodward, Inc.   5,077    207,294 
Total Capital Goods   18,043,312 
Commercial & Professional Services - 4.5%          
Brink's Co.(a)   16,015    453,224 
Clean Harbors, Inc.*(a)   5,542    325,094 
Copart, Inc.*   3,268    103,890 
Corporate Executive Board Co.   1,191    86,490 
Corrections Corp. of America   5,703    197,039 
Deluxe Corp.   4,220    175,805 
FTI Consulting, Inc.*(a)   4,970    187,866 
Herman Miller, Inc.   6,812    198,774 
HNI Corp.(a)   6,432    232,710 
Manpower, Inc.   31,034    2,257,413 
Mine Safety Appliances Co.(a)   2,567    132,483 
Monster Worldwide, Inc.*   21,184    93,633 
R.R. Donnelley & Sons Co.(a)   74,567    1,178,159 
Rollins, Inc.   5,656    149,941 
Towers Watson & Co., Class A   3,838    410,512 
Waste Connections, Inc.   4,550    206,616 
Total Commercial & Professional Services   6,389,649 
Consumer Durables & Apparel - 3.2%          
Carter's, Inc.   3,601    273,280 
Deckers Outdoor Corp.*(a)   2,662    175,479 
Hanesbrands, Inc.   8,022    499,851 
Jarden Corp.*   15,640    756,976 
KB Home(a)   12,412    223,664 
MDC Holdings, Inc.   5,535    166,105 
Mohawk Industries, Inc.*   5,528    720,022 
NVR, Inc.*(a)   434    398,928 
Polaris Industries, Inc.   3,057    394,903 
Tempur-Pedic International, Inc.*(a)   4,491    197,424 
Toll Brothers, Inc.*(a)   7,286    236,285 
Tupperware Brands Corp.   3,504    302,641 
Under Armour, Inc., Class A*(a)   2,910    231,200 
Total Consumer Durables & Apparel   4,576,758 
Consumer Services - 2.3%          
Apollo Group, Inc., Class A*   21,601    449,517 
Bally Technologies, Inc.*(a)   1,436    103,478 
Bob Evans Farms, Inc.   3,159    180,916 
Brinker International, Inc.   7,891    319,822 
Cheesecake Factory, Inc.(a)   4,747    208,631 
DeVry, Inc.(a)   7,475    228,436 
Domino's Pizza, Inc.   2,965    201,472 
International Speedway Corp., Class A(a)   2,148    69,380 
Life Time Fitness, Inc.*(a)   2,586    133,102 
Matthews International Corp., Class A   2,815    107,195 
Panera Bread Co., Class A*   1,510    239,380 
Regis Corp.   16,277    238,946 
Scientific Games Corp., Class A*(a)   6,273    101,434 
Service Corp. International   15,069    280,585 
Sotheby's   1,835    90,154 
Wendy's Co. (The)   33,881    287,311 
WMS Industries, Inc.*(a)   3,221    83,585 
Total Consumer Services   3,323,344 
Diversified Financials - 1.1%          
Affiliated Managers Group, Inc.*   1,214    221,725 

The accompanying notes are an integral part of these financial documents.

6
 

Schedule of Investments - continued

RevenueShares Mid Cap Fund
September 30, 2013 (Unaudited)

 

Investments  Shares  Value
Apollo Investment Corp.   5,752   $46,879 
CBOE Holdings, Inc.   1,379    62,372 
Eaton Vance Corp.(a)   3,504    136,060 
Federated Investors, Inc., Class B(a)   3,890    105,652 
Greenhill & Co., Inc.   719    35,864 
Janus Capital Group, Inc.(a)   11,005    93,653 
MSCI, Inc., Class A*(a)   2,782    112,003 
Raymond James Financial, Inc.   11,750    489,623 
SEI Investments Co.   3,867    119,529 
Waddell & Reed Financial, Inc., Class A   2,698    138,893 
Total Diversified Financials   1,562,253 
Energy - 7.8%          
Alpha Natural Resources, Inc.*(a)   106,899    637,118 
Arch Coal, Inc.(a)   87,234    358,532 
Atwood Oceanics, Inc.*(a)   1,899    104,521 
Bill Barrett Corp.*(a)   3,071    77,113 
CARBO Ceramics, Inc.(a)   713    70,665 
Cimarex Energy Co.   2,188    210,923 
Dresser-Rand Group, Inc.*   5,491    342,638 
Dril-Quip, Inc.*(a)   792    90,882 
Helix Energy Solutions Group, Inc.*   4,198    106,503 
HollyFrontier Corp.   55,483    2,336,389 
Oceaneering International, Inc.   4,202    341,371 
Oil States International, Inc.*   4,786    495,160 
Patterson-UTI Energy, Inc.   13,526    289,186 
Rosetta Resources, Inc.*(a)   1,529    83,269 
SM Energy Co.   2,808    216,750 
Superior Energy Services, Inc.*   20,220    506,309 
Tidewater, Inc.   2,251    133,462 
Unit Corp.*   3,152    146,536 
World Fuel Services Corp.   123,577    4,610,658 
Total Energy   11,157,985 
Food & Staples Retailing - 2.9%          
Harris Teeter Supermarkets, Inc.   11,405    561,012 
SUPERVALU, Inc.*(a)   359,463    2,958,380 
United Natural Foods, Inc.*(a)   9,414    632,809 
Total Food & Staples Retailing   4,152,201 
Food, Beverage & Tobacco - 2.9%          
Dean Foods Co.*   66,856    1,290,321 
Flowers Foods, Inc.   18,219    390,616 
Green Mountain Coffee Roasters, Inc.*(a)   5,584    420,643 
Hillshire Brands Co.   14,215    436,969 
Ingredion, Inc.   11,063    732,039 
Lancaster Colony Corp.   1,676    131,214 
Post Holdings, Inc.*   2,560    103,347 
Tootsie Roll Industries, Inc.   1,943    59,883 
Universal Corp.(a)   5,352    272,577 
WhiteWave Foods Co., Class A*   13,590    271,392 
Total Food, Beverage & Tobacco   4,109,001 
Health Care Equipment & Services - 7.3%          
Allscripts Healthcare Solutions, Inc.*(a)   10,480    155,838 
Community Health Systems, Inc.   34,138    1,416,727 
Cooper Cos., Inc.   1,328    172,228 
Health Management Associates, Inc., Class A*(a)   55,513    710,566 
Health Net, Inc.*   40,103    1,271,265 
Henry Schein, Inc.*   10,035    1,040,630 
Hill-Rom Holdings, Inc.   5,367    192,300 
HMS Holdings Corp.*(a)   2,356    50,678 
Hologic, Inc.*   12,897    266,323 
IDEXX Laboratories, Inc.*(a)   1,516    151,069 

 

Investments  Shares  Value
LifePoint Hospitals, Inc.*   8,613   $401,624 
Masimo Corp.(a)   2,236    59,567 
Mednax, Inc.*(a)   2,210    221,884 
Omnicare, Inc.   12,686    704,073 
Owens & Minor, Inc.   29,402    1,017,015 
ResMed, Inc.(a)   3,085    162,950 
STERIS Corp.   3,701    158,995 
Teleflex, Inc.(a)   2,248    184,965 
Thoratec Corp.*   1,496    55,786 
Universal Health Services, Inc., Class B   10,951    821,215 
VCA Antech, Inc.*   7,134    195,900 
WellCare Health Plans, Inc.*   14,197    990,099 
Total Health Care Equipment & Services   10,401,697 
Household & Personal Products - 0.6%          
Church & Dwight Co., Inc.   5,678    340,964 
Energizer Holdings, Inc.   5,432    495,127 
Total Household & Personal Products   836,091 
Insurance - 6.2%          
Alleghany Corp.*   1,353    554,256 
American Financial Group, Inc.   10,665    576,550 
Arthur J. Gallagher & Co.   7,060    308,169 
Aspen Insurance Holdings Ltd.   7,148    259,401 
Brown & Brown, Inc.   4,369    140,245 
Everest Re Group Ltd.   4,118    598,798 
Fidelity National Financial, Inc., Class A   40,101    1,066,687 
First American Financial Corp.   23,900    581,965 
Hanover Insurance Group, Inc.   10,092    558,289 
HCC Insurance Holdings, Inc.   6,530    286,145 
Kemper Corp.   7,963    267,557 
Mercury General Corp.   6,607    319,184 
Old Republic International Corp.   39,699    611,365 
Primerica, Inc.   3,425    138,165 
Protective Life Corp.(a)   9,735    414,224 
Reinsurance Group of America, Inc., Class A   17,671    1,183,780 
StanCorp Financial Group, Inc.(a)   6,000    330,120 
W.R. Berkley Corp.   15,951    683,660 
Total Insurance   8,878,560 
Materials - 7.9%          
Albemarle Corp.   4,699    295,755 
Aptargroup, Inc.   4,541    273,050 
Ashland, Inc.   9,930    918,326 
Cabot Corp.   8,979    383,493 
Carpenter Technology Corp.   4,409    256,207 
Commercial Metals Co.(a)   49,461    838,364 
Compass Minerals International, Inc.   1,500    114,405 
Cytec Industries, Inc.   2,780    226,181 
Domtar Corp.   7,611    604,466 
Eagle Materials, Inc.   894    64,860 
Greif, Inc., Class A   9,745    477,797 
Intrepid Potash, Inc.(a)   2,938    46,068 
Louisiana-Pacific Corp.*(a)   12,770    224,624 
Martin Marietta Materials, Inc.   2,406    236,197 
Minerals Technologies, Inc.   2,333    115,180 
NewMarket Corp.   885    254,800 
Olin Corp.   11,828    272,872 
Packaging Corp. of America   5,774    329,638 
Reliance Steel & Aluminum Co.   12,689    929,723 
Rock-Tenn Co., Class A   9,504    962,470 
Royal Gold, Inc.   648    31,532 
RPM International, Inc.   12,356    447,287 
Scotts Miracle-Gro Co., Class A   5,469    300,959 
Sensient Technologies Corp.(a)   3,520    168,573 
Silgan Holdings, Inc.   8,727    410,169 

The accompanying notes are an integral part of these financial documents.

7
 

Schedule of Investments - continued

RevenueShares Mid Cap Fund
September 30, 2013 (Unaudited)

 

Investments  Shares  Value
Sonoco Products Co.   13,872   $540,176 
Steel Dynamics, Inc.   47,172    788,244 
Valspar Corp.   7,062    447,943 
Worthington Industries, Inc.   8,800    302,984 
Total Materials   11,262,343 
Media - 1.2%          
AMC Networks, Inc., Class A*   2,443    167,296 
Cinemark Holdings, Inc.   9,112    289,215 
DreamWorks Animation SKG, Inc., Class A*   3,050    86,803 
John Wiley & Sons, Inc., Class A   4,261    203,207 
Lamar Advertising Co., Class A*   2,970    139,679 
Meredith Corp.   3,524    167,813 
New York Times Co., Class A*   19,128    240,439 
Scholastic Corp.   7,877    225,676 
Valassis Communications, Inc.   8,336    240,744 
Total Media   1,760,872 
Pharmaceuticals, Biotechnology & Life Sciences - 2.2%          
Bio-Rad Laboratories, Inc., Class A*   2,062    242,409 
Charles River Laboratories International, Inc.*(a)   2,808    129,898 
Covance, Inc.*(a)   3,293    284,713 
Cubist Pharmaceuticals, Inc.*   22,407    1,423,965 
Endo Health Solutions Inc.*   7,520    341,709 
Mallinckrodt PLC*   5,393    237,777 
Mettler-Toledo International, Inc.*(a)   1,113    267,220 
Salix Pharmaceuticals Ltd.*   1,372    91,759 
Techne Corp.(a)   432    34,586 
United Therapeutics Corp.*(a)   1,471    115,988 
Total Pharmaceuticals, Biotechnology & Life Sciences   3,170,024 
Real Estate - 0.0%          
Alexander & Baldwin, Inc.*(a)   891    32,094 
     
Real Estate Investment Trusts - 1.5%          
Alexandria Real Estate Equities, Inc.   1,036    66,149 
American Campus Communities, Inc.   1,903    64,988 
BioMed Realty Trust, Inc.,   3,489    64,861 
BRE Properties, Inc.   905    45,938 
Camden Property Trust   1,383    84,972 
Corporate Office Properties Trust   2,514    58,073 
Duke Realty Corp.(a)   7,891    121,837 
Equity One, Inc.   1,747    38,189 
Essex Property Trust, Inc.   439    64,840 
Extra Space Storage, Inc.   1,139    52,109 
Federal Realty Investment Trust   695    70,508 
Highwoods Properties, Inc.(a)   1,685    59,497 
Home Properties, Inc.   1,262    72,881 
Hospitality Properties Trust   5,779    163,546 
Kilroy Realty Corp.   1,014    50,649 
Liberty Property Trust   2,187    77,857 
Mack-Cali Realty Corp.   3,667    80,454 
National Retail Properties, Inc.(a)   1,317    41,907 
Omega Healthcare Investors, Inc.   1,472    43,969 
Potlatch Corp.   1,575    62,496 
Rayonier, Inc.   3,293    183,255 
Realty Income Corp.   1,716    68,211 
Regency Centers Corp.   1,135    54,877 
Senior Housing Properties Trust   3,570    83,324 
SL Green Realty Corp.   1,793    159,290 
Taubman Centers, Inc.   1,253    84,339 
UDR, Inc.   3,479    82,452 
Weingarten Realty Investors   1,993    58,455 
Total Real Estate Investment Trusts   2,159,923 
Real Estate Management & Development - 0.3%          

 

Investments  Shares  Value
Jones Lang LaSalle, Inc.   5,188   $452,912 
      
Retailing - 9.3%          
Aaron's, Inc.   9,256    256,391 
Advance Auto Parts, Inc.   8,894    735,356 
Aeropostale, Inc.*(a)   27,268    256,319 
American Eagle Outfitters, Inc.   25,443    355,948 
ANN, Inc.*   7,089    256,764 
Ascena Retail Group, Inc.*(a)   27,261    543,312 
Big Lots, Inc.*   16,126    598,113 
Cabela's, Inc.*(a)   6,097    384,294 
Chico's FAS, Inc.   16,025    266,976 
CST Brands, Inc.   49,533    1,476,083 
Dick's Sporting Goods, Inc.   11,798    629,777 
Foot Locker, Inc.   20,028    679,750 
Guess?, Inc.   9,810    292,828 
HSN, Inc.   6,914    370,729 
LKQ Corp.*(a)   16,037    510,939 
Murphy USA, Inc.*   54,622    2,206,183 
Office Depot, Inc.*   276,706    1,336,490 
Rent-A-Center, Inc.   9,237    351,930 
Saks, Inc.*(a)   23,378    372,645 
Signet Jewelers Ltd.   6,047    433,268 
Tractor Supply Co.   8,486    570,005 
Williams-Sonoma, Inc.(a)   7,721    433,920 
Total Retailing   13,318,020 
Semiconductors & Semiconductor Equipment - 1.0%          
Advanced Micro Devices, Inc.*   16,584    63,019 
Atmel Corp.*   20,438    152,059 
Cree, Inc.*(a)   2,354    141,687 
Cypress Semiconductor Corp.*   7,355    68,696 
Fairchild Semiconductor International, Inc.*(a)   11,198    155,540 
Integrated Device Technology, Inc.*(a)   6,099    57,453 
International Rectifier Corp.*(a)   4,471    110,747 
Intersil Corp., Class A   5,897    66,223 
RF Micro Devices, Inc.*(a)   16,983    95,784 
Semtech Corp.*   1,746    52,363 
Silicon Laboratories, Inc.*   1,597    68,208 
Skyworks Solutions, Inc.*   7,454    185,157 
SunEdison, Inc.*   29,153    232,349 
Total Semiconductors & Semiconductor Equipment   1,449,285 
Software & Services - 4.5%          
ACI Worldwide, Inc.*   1,592    86,063 
Acxiom Corp.*   4,793    136,073 
Advent Software, Inc.   1,305    41,434 
Alliance Data Systems Corp.*(a)   2,139    452,334 
ANSYS, Inc.*   1,090    94,307 
AOL, Inc.*   7,014    242,544 
Broadridge Financial Solutions, Inc.   8,474    269,049 
Cadence Design Systems, Inc.*(a)   11,643    157,180 
CommVault Systems, Inc.*(a)   583    51,205 
Compuware Corp.   9,944    111,373 
Concur Technologies, Inc.*(a)   492    54,366 
Convergys Corp.   12,041    225,769 
CoreLogic, Inc.*   6,764    182,966 
DST Systems, Inc.   3,873    292,063 
Equinix, Inc.*(a)   1,254    230,297 
Factset Research Systems, Inc.(a)   860    93,826 
Fair Isaac Corp.   1,502    83,031 
Gartner, Inc.*   3,284    197,040 
Global Payments, Inc.   5,219    266,587 
Informatica Corp.*   2,434    94,853 
Jack Henry & Associates, Inc.   2,349    121,232 

The accompanying notes are an integral part of these financial documents.

8
 

Schedule of Investments - continued

RevenueShares Mid Cap Fund
September 30, 2013 (Unaudited)

 

Investments  Shares  Value
Leidos Holdings, Inc.   2,434   $110,796 
Lender Processing Services, Inc.(a)   7,200    239,544 
Mantech International Corp., Class A   9,964    286,565 
Mentor Graphics Corp.   5,236    122,365 
MICROS Systems, Inc.*(a)   2,718    135,737 
NeuStar, Inc., Class A*(a)   1,904    94,210 
PTC, Inc.*(a)   5,016    142,605 
Rackspace Hosting, Inc.*(a)   3,006    158,597 
Rovi Corp.*   3,903    74,820 
Science Applications International Corp.*   23,406    789,952 
Solarwinds, Inc.*   882    30,923 
Solera Holdings, Inc.   1,700    89,879 
Synopsys, Inc.*   5,575    210,177 
TIBCO Software, Inc.*   4,508    115,360 
ValueClick, Inc.*(a)   3,643    75,957 
VeriFone Systems, Inc.*   8,757    200,185 
Wex, Inc.*   893    78,361 
Total Software & Services   6,439,625 
Technology Hardware & Equipment - 11.2%          
3D Systems Corp.*(a)   882    47,619 
ADTRAN, Inc.(a)   2,576    68,625 
Arrow Electronics, Inc.*(a)   48,172    2,337,787 
Avnet, Inc.   68,769    2,868,355 
Ciena Corp.*(a)   8,496    212,230 
Diebold, Inc.   11,054    324,545 
Ingram Micro, Inc., Class A*   205,352    4,733,364 
InterDigital, Inc./Pa   1,962    73,242 
Itron, Inc.*(a)   5,140    220,146 
Lexmark International, Inc., Class A   12,530    413,490 
National Instruments Corp.   4,263    131,855 
NCR Corp.*   17,601    697,176 
Plantronics, Inc.   1,718    79,114 
Polycom, Inc.*   14,335    156,538 
Riverbed Technology, Inc.*(a)   6,895    100,598 
Tech Data Corp.*   57,965    2,893,033 
Trimble Navigation Ltd.*   8,265    245,553 
Vishay Intertechnology, Inc.*(a)   19,456    250,788 
Zebra Technologies Corp., Class A*   2,527    115,054 
Total Technology Hardware & Equipment   15,969,112 
Telecommunication Services - 0.6%          
Telephone & Data Systems, Inc.   20,817    615,142 
tw Telecom, Inc.*   5,640    168,439 
Total Telecommunication Services   783,581 
Transportation - 2.8%          
Alaska Air Group, Inc.   8,723    546,234 
Con-Way, Inc.(a)   14,693    633,121 
Genesee & Wyoming, Inc., Class A*   1,477    137,317 
JB Hunt Transport Services, Inc.   7,996    583,148 
JetBlue Airways Corp.*(a)   87,126    580,259 
Kirby Corp.*(a)   2,810    243,206 
Landstar System, Inc.   5,394    301,956 
Matson, Inc.   6,613    173,459 
UTi Worldwide, Inc.   35,460    535,801 
Werner Enterprises, Inc.   9,733    227,071 
Total Transportation   3,961,572 
Utilities - 3.8%          
Alliant Energy Corp.   7,366    364,985 
Aqua America, Inc.   3,626    89,671 
Atmos Energy Corp.   9,398    400,261 
Black Hills Corp.   2,825    140,854 
Cleco Corp.   2,603    116,718 
Energen Corp.   2,584    197,392 
Great Plains Energy, Inc.   12,044    267,377 
Hawaiian Electric Industries, Inc.   14,867    373,162 

 

Investments  Shares  Value
IDACORP, Inc.(a)   2,721   $131,696 
MDU Resources Group, Inc.   17,468    488,580 
National Fuel Gas Co.   2,851    196,035 
NV Energy, Inc.   14,152    334,129 
OGE Energy Corp.   11,303    407,925 
PNM Resources, Inc.   6,965    157,618 
Questar Corp.   6,042    135,884 
UGI Corp.   20,175    789,448 
Vectren Corp.   8,151    271,836 
Westar Energy, Inc.   8,640    264,816 
WGL Holdings, Inc.   6,611    282,356 
Total Utilities   5,410,743 
Total Common Stocks     
(Cost $111,856,818)   142,863,104 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–10.6%          
Dreyfus Institutional Preferred Money
Market Fund - Prime Shares, 0.05%  (b)
(Cost $15,106,157)		   15,106,157    15,106,157 
Total Investments–110.6%
(Cost $126,962,975)		        157,969,261 
Liabilities in Excess of Other Assets–(10.6)%        (15,120,098)
Net Assets–100.0%       $142,849,163 
           

 

 

 

 

* Non-income producing security
(a) All or a portion of security was on loan. The aggregate market value of the securities on loan was $14,689,365; total market value of the collateral held by the fund was $15,156,248.  The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $50,091.
(b) Rate shown represents annualized 7-day yield as of September 30, 2013.

The accompanying notes are an integral part of these financial documents.

9
 

Schedule of Investments

RevenueShares Small Cap Fund
September 30, 2013 (Unaudited)

 

Investments  Shares  Value
COMMON STOCKS–100.0%      
Automobiles & Components - 0.8%          
Dorman Products, Inc.(a)   3,965   $196,466 
Drew Industries, Inc.(a)   7,234    329,436 
Spartan Motors, Inc.   24,403    148,126 
Standard Motor Products, Inc.   9,929    319,317 
Superior Industries International, Inc.   14,855    264,865 
Winnebago Industries, Inc.*   9,576    248,593 
Total Automobiles & Components   1,506,803 
Banks - 2.8%          
Bank Mutual Corp.   5,772    36,191 
Bank of the Ozarks, Inc.(a)   1,794    86,094 
Banner Corp.   2,055    78,419 
BBCN Bancorp, Inc.   7,209    99,196 
BofI Holding, Inc.*(a)   910    59,023 
Boston Private Financial Holdings, Inc.   10,133    112,476 
Brookline Bancorp, Inc.   8,099    76,212 
Cardinal Financial Corp.   5,166    85,394 
City Holding Co.   1,381    59,714 
Columbia Banking System, Inc.(a)   3,533    87,265 
Community Bank System, Inc.   4,344    148,217 
CVB Financial Corp.(a)   6,547    88,515 
Dime Community Bancshares   4,082    67,965 
First BanCorp*   38,943    221,196 
First Commonwealth Financial Corp.   11,783    89,433 
First Financial Bancorp   7,619    115,580 
First Financial Bankshares, Inc.(a)   1,242    73,054 
First Midwest Bancorp, Inc.   8,978    135,658 
FNB Corp.   15,332    185,977 
Glacier Bancorp, Inc.(a)   4,638    114,605 
Hanmi Financial Corp.   2,953    48,931 
Home BancShares, Inc.(a)   2,559    77,717 
Independent Bank Corp.   2,449    87,429 
MB Financial, Inc.   5,376    151,818 
National Penn Bancshares, Inc.   12,869    129,334 
NBT Bancorp, Inc.   5,031    115,612 
Northwest Bancshares, Inc.   9,574    126,568 
Old National Bancorp   12,429    176,492 
Oritani Financial Corp.   2,670    43,948 
PacWest Bancorp(a)   2,912    100,056 
Pinnacle Financial Partners, Inc.*(a)   2,639    78,669 
PrivateBancorp, Inc.   9,367    200,454 
Provident Financial Services, Inc.   5,959    96,595 
S&T Bancorp, Inc.   2,841    68,809 
Simmons First National Corp., Class A   1,991    61,900 
Sterling Bancorp, Class N   3,672    50,417 
Susquehanna Bancshares, Inc.(a)   22,453    281,785 
Taylor Capital Group, Inc.*(a)   5,666    125,502 
Texas Capital Bancshares, Inc.*   3,328    152,988 
Tompkins Financial Corp.   1,803    83,335 
TrustCo Bank Corp.   9,358    55,774 
UMB Financial Corp.   4,808    261,267 
Umpqua Holdings Corp.   11,921    193,359 
United Bankshares, Inc.(a)   4,418    128,034 
United Community Banks, Inc.*   6,916    103,740 
ViewPoint Financial Group, Inc.(a)   2,702    55,850 
Wilshire Bancorp, Inc.   5,908    48,327 
Wintrust Financial Corp.(a)   6,981    286,710 
Total Banks   5,411,604 
Capital Goods - 12.0%          
A.O. Smith Corp.   15,058    680,622 
AAON, Inc.   3,913    103,929 
AAR Corp.   24,381    666,333 
Actuant Corp., Class A   12,779    496,336 
Aegion Corp., Class A*   13,819    327,925 
Aerovironment, Inc.*   4,659    107,623 

 

Investments  Shares  Value
Albany International Corp., Class A   7,030   $252,166 
American Science & Engineering, Inc.   1,103    66,522 
Apogee Enterprises, Inc.   7,380    219,038 
Applied Industrial Technologies, Inc.   15,463    796,345 
Astec Industries, Inc.   8,592    308,968 
AZZ, Inc.   4,051    169,575 
Barnes Group, Inc.   10,869    379,545 
Belden, Inc.   10,338    662,149 
Brady Corp., Class A   13,482    411,201 
Briggs & Stratton Corp.   32,574    655,389 
CIRCOR International, Inc.(a)   4,476    278,318 
Comfort Systems USA, Inc.   26,260    441,431 
Cubic Corp.(a)   8,618    462,614 
Curtiss-Wright Corp.   15,827    743,236 
DXP Enterprises, Inc.*   4,909    387,664 
Dycom Industries, Inc.*   15,563    435,608 
EMCOR Group, Inc.   51,973    2,033,704 
Encore Wire Corp.   8,835    348,452 
EnerSys   12,708    770,486 
Engility Holdings, Inc.*   15,817    501,873 
EnPro Industries, Inc.*(a)   6,501    391,425 
ESCO Technologies, Inc.   6,329    210,313 
Federal Signal Corp.*   21,580    277,735 
Franklin Electric Co., Inc.(a)   7,805    307,517 
GenCorp, Inc.*(a)   20,962    336,021 
Gibraltar Industries, Inc.*   18,130    258,534 
Griffon Corp.   49,702    623,263 
II-VI, Inc.*(a)   9,345    175,873 
John Bean Technologies Corp.   12,240    304,531 
Kaman Corp.   14,081    533,107 
Kaydon Corp.   4,349    154,476 
Lindsay Corp.(a)   2,432    198,500 
Lydall, Inc.*   7,539    129,445 
Moog, Inc., Class A*(a)   14,242    835,578 
Mueller Industries, Inc.   12,568    699,661 
National Presto Industries, Inc.(a)   2,003    141,031 
Orbital Sciences Corp.*(a)   22,045    466,913 
Orion Marine Group, Inc.*   10,628    110,637 
Powell Industries, Inc.*   3,795    232,596 
Quanex Building Products Corp.   15,452    290,961 
Simpson Manufacturing Co., Inc.   6,800    221,476 
Standex International Corp.   3,762    223,463 
Teledyne Technologies, Inc.*(a)   8,855    752,055 
Tennant Co.   3,976    246,512 
Titan International, Inc.   44,623    653,281 
Toro Co.   12,071    656,059 
Universal Forest Products, Inc.(a)   18,044    759,652 
Vicor Corp.*(a)   7,897    64,597 
Watts Water Technologies, Inc., Class A(a)   8,427    475,030 
Total Capital Goods   23,437,294 
Commercial & Professional Services - 6.3%          
ABM Industries, Inc.   56,728    1,510,099 
CDI Corp.   23,476    359,418 
Consolidated Graphics, Inc.*   6,092    341,518 
Encore Capital Group, Inc.*(a)   4,229    193,942 
Exponent, Inc.   1,398    100,432 
G&K Services, Inc., Class A   5,134    310,042 
Geo Group, Inc. (The)   15,392    511,784 
Healthcare Services Group, Inc.   13,941    359,120 
Heidrick & Struggles International, Inc.   8,377    159,666 
Insperity, Inc.   19,924    749,142 
Interface, Inc.   16,176    320,932 
Kelly Services, Inc., Class A   88,615    1,725,334 
Korn/Ferry International*   12,430    266,002 
Mobile Mini, Inc.*   3,919    133,481 

The accompanying notes are an integral part of these financial documents.

10
 

Schedule of Investments - continued

RevenueShares Small Cap Fund
September 30, 2013 (Unaudited)

Investments  Shares  Value
Navigant Consulting, Inc.*   18,417   $284,727 
On Assignment, Inc.*(a)   15,823    522,159 
Portfolio Recovery Associates, Inc.*(a)   3,659    219,320 
Resources Connection, Inc.   13,579    184,267 
Sykes Enterprises, Inc.*   21,978    393,626 
Tetra Tech, Inc.*   26,341    681,969 
TrueBlue, Inc.*   19,755    474,318 
UniFirst Corp.   4,198    438,355 
United Stationers, Inc.   40,106    1,744,611 
Viad Corp.   13,652    340,617 
WageWorks, Inc.*(a)   1,816    91,617 
Total Commercial & Professional Services   12,416,498 
Consumer Durables & Apparel - 5.2%          
Arctic Cat, Inc.   3,712    211,770 
Blyth, Inc.   27,116    375,014 
Brunswick Corp.(a)   32,470    1,295,878 
Callaway Golf Co.(a)   36,762    261,745 
Crocs, Inc.*   27,942    380,291 
Ethan Allen Interiors, Inc.   8,907    248,238 
Fifth & Pacific Cos., Inc.*(a)   20,783    522,277 
Helen of Troy Ltd.*   9,216    407,347 
Iconix Brand Group, Inc.*(a)   3,906    129,757 
iRobot Corp.*(a)   4,111    154,861 
Jakks Pacific, Inc.(a)   41,136    184,701 
La-Z-Boy, Inc., Class Z   18,221    413,799 
M/I Homes, Inc.*   14,377    296,454 
Maidenform Brands, Inc.*   7,986    187,591 
Meritage Homes Corp.*   11,204    481,212 
Movado Group, Inc.   3,770    164,938 
Oxford Industries, Inc.(a)   3,927    266,957 
Perry Ellis International, Inc.   15,872    299,029 
Quiksilver, Inc.*(a)   94,731    665,959 
Ryland Group, Inc.(a)   13,360    541,614 
Skechers U.S.A., Inc., Class A*(a)   19,352    602,041 
Standard Pacific Corp.*(a)   63,848    505,038 
Steven Madden Ltd.*   7,730    416,106 
Sturm Ruger & Co., Inc.(a)   3,175    198,850 
Universal Electronics, Inc.*   4,947    178,240 
Wolverine World Wide, Inc.   13,076    761,415 
Total Consumer Durables & Apparel   10,151,122 
Consumer Services - 5.3%          
American Public Education, Inc.*(a)   2,787    105,349 
Biglari Holdings, Inc.*   582    240,174 
BJ's Restaurants, Inc.*(a)   7,847    225,366 
Boyd Gaming Corp.*(a)   62,893    889,936 
Buffalo Wild Wings, Inc.*(a)   3,481    387,157 
Capella Education Co.*   2,522    142,644 
Career Education Corp.*   160,818    443,858 
CEC Entertainment, Inc.   6,184    283,598 
Corinthian Colleges, Inc.*(a)   242,351    530,749 
Cracker Barrel Old Country Store, Inc.   8,488    876,301 
DineEquity, Inc.   3,334    230,046 
Hillenbrand, Inc.   14,306    391,555 
Interval Leisure Group, Inc.   6,912    163,330 
ITT Educational Services, Inc.*(a)   12,935    400,985 
Jack in the Box, Inc.*   12,563    502,520 
Lincoln Educational Services Corp.   25,455    117,347 
Marcus Corp.   9,703    140,985 
Marriott Vacations Worldwide Corp.*   12,484    549,296 
Monarch Casino & Resort, Inc.*   3,238    61,457 
Multimedia Games Holding Co., Inc.*   1,645    56,835 
Outerwall, Inc.*(a)   15,632    781,444 
Papa John's International, Inc.   6,412    448,071 
Pinnacle Entertainment, Inc.*(a)   16,443    411,897 
Red Robin Gourmet Burgers, Inc.*   4,763    338,649 
Ruby Tuesday, Inc.*   56,517    423,877 

 

Investments  Shares  Value
Ruth's Hospitality Group, Inc.(a)   11,565   $137,161 
Shfl Entertainment, Inc.*(a)   3,997    91,931 
Sonic Corp.*   9,756    173,169 
Strayer Education, Inc.   3,981    165,291 
Texas Roadhouse, Inc.   16,946    445,341 
Universal Technical Institute, Inc.   10,653    129,221 
Total Consumer Services   10,285,540 
Diversified Financials - 1.8%          
Calamos Asset Management, Inc., Class A   9,692    96,823 
Cash America International, Inc.(a)   12,922    585,108 
Evercore Partners, Inc., Class A   5,201    256,045 
Ezcorp, Inc., Class A*   18,716    315,926 
Financial Engines, Inc.   1,136    67,524 
First Cash Financial Services, Inc.*(a)   3,545    205,433 
HFF, Inc., Class A   4,271    106,988 
Interactive Brokers Group, Inc., Class A   19,584    367,592 
Investment Technology Group, Inc.*   10,491    164,918 
MarketAxess Holdings, Inc.   1,229    73,789 
Piper Jaffray Cos.*   4,875    167,164 
Prospect Capital Corp.   10,760    120,297 
Stifel Financial Corp.*(a)   14,058    579,471 
SWS Group, Inc.*   19,677    109,798 
Virtus Investment Partners, Inc.*   651    105,879 
World Acceptance Corp.*(a)   2,059    185,145 
Total Diversified Financials   3,507,900 
Energy - 3.5%          
Approach Resources, Inc.*(a)   1,948    51,193 
Basic Energy Services, Inc.*   32,934    416,286 
Bristow Group, Inc.   6,401    465,737 
C&J Energy Services, Inc.*(a)   17,685    355,115 
Carrizo Oil & Gas, Inc.*(a)   4,383    163,530 
Cloud Peak Energy, Inc.*   32,087    470,716 
Comstock Resources, Inc.   9,097    144,733 
Contango Oil & Gas Co.(a)   1,315    48,326 
Era Group, Inc.*   3,504    95,239 
Exterran Holdings, Inc.*   36,680    1,011,268 
Forest Oil Corp.*(a)   29,285    178,638 
Geospace Technologies Corp.*(a)   1,045    88,093 
Gulf Island Fabrication, Inc.   7,917    194,046 
Gulfport Energy Corp.*   1,302    83,771 
Hornbeck Offshore Services, Inc.*(a)   3,195    183,521 
ION Geophysical Corp.*   34,279    178,251 
Matrix Service Co.*   14,325    281,056 
Newpark Resources, Inc.*   12,988    164,428 
Northern Oil and Gas, Inc.*(a)   7,846    113,218 
PDC Energy, Inc.*   2,174    129,440 
Penn Virginia Corp.*(a)   18,265    121,462 
Petroquest Energy, Inc.*   11,551    46,320 
Pioneer Energy Services Corp.*   41,006    307,955 
SEACOR Holdings, Inc.(a)   5,326    481,683 
Stone Energy Corp.*(a)   10,088    327,154 
Swift Energy Co.*(a)   16,590    189,458 
Tesco Corp.*   11,111    184,109 
TETRA Technologies, Inc.*   24,129    302,336 
Total Energy   6,777,082 
Food & Staples Retailing - 3.5%          
Andersons, Inc.   26,921    1,881,778 
Casey's General Stores, Inc.(a)   32,508    2,389,338 
Nash Finch Co.(a)   61,319    1,619,435 
Spartan Stores, Inc.   39,312    867,222 
Total Food & Staples Retailing   6,757,773 
Food, Beverage & Tobacco - 3.1%          
Alliance One International, Inc.*   236,755    688,957 

The accompanying notes are an integral part of these financial documents.

11
 

Schedule of Investments - continued

RevenueShares Small Cap Fund
September 30, 2013 (Unaudited)

Investments  Shares  Value
Annie's, Inc.*   6,676   $327,792 
B&G Foods, Inc., Class A   6,026    208,198 
Boston Beer Co., Inc., Class A*(a)   859    209,776 
Calavo Growers, Inc.(a)   6,578    198,919 
Cal-Maine Foods, Inc.   8,105    389,850 
Darling International, Inc.*   27,055    572,484 
Diamond Foods, Inc.*(a)   13,684    322,669 
Hain Celestial Group, Inc.*(a)   6,529    503,516 
J&J Snack Foods Corp.   3,530    284,942 
Sanderson Farms, Inc.   11,987    782,032 
Seneca Foods Corp., Class A*   13,447    404,620 
Snyders-Lance, Inc.   18,934    546,246 
TreeHouse Foods, Inc.*   10,553    705,257 
Total Food, Beverage & Tobacco   6,145,258 
Health Care Equipment & Services - 9.4%          
Abaxis, Inc.(a)   1,293    54,435 
Abiomed, Inc.*   2,229    42,507 
Air Methods Corp.(a)   6,605    281,373 
Align Technology, Inc.*(a)   4,176    200,949 
Almost Family, Inc.   5,884    114,326 
Amedisys, Inc.*(a)   26,762    460,842 
AMN Healthcare Services, Inc.*   23,329    321,007 
Amsurg Corp.*(a)   8,311    329,947 
Analogic Corp.   2,128    175,858 
Bio-Reference Labs, Inc.*(a)   7,671    229,210 
Cantel Medical Corp.(a)   4,641    147,816 
Centene Corp.*   57,464    3,675,397 
Chemed Corp.(a)   7,000    500,500 
Computer Programs & Systems, Inc.(a)   1,098    64,233 
CONMED Corp.   7,470    253,905 
CorVel Corp.*   3,857    142,593 
Cross Country Healthcare, Inc.*   25,892    156,906 
CryoLife, Inc.   6,415    44,905 
Cyberonics, Inc.*(a)   1,512    76,719 
Cynosure, Inc., Class A*   2,375    54,174 
Ensign Group, Inc.   6,821    280,411 
Gentiva Health Services, Inc.*   44,000    529,760 
Greatbatch, Inc.*   6,042    205,609 
Haemonetics Corp.*(a)   6,161    245,701 
Hanger, Inc.*   10,310    348,066 
HealthStream, Inc.*   1,076    40,759 
Healthways, Inc.*   12,332    228,265 
ICU Medical, Inc.*   1,525    103,593 
Integra LifeSciences Holdings Corp.*(a)   6,897    277,604 
Invacare Corp.   29,481    509,137 
IPC The Hospitalist Co., Inc.*   3,721    189,808 
Kindred Healthcare, Inc.   148,036    1,988,123 
Landauer, Inc.   968    49,610 
LHC Group, Inc.*(a)   9,402    220,571 
Magellan Health Services, Inc.*   18,539    1,111,598 
Medidata Solutions, Inc.*   816    80,727 
Meridian Bioscience, Inc.   2,461    58,203 
Merit Medical Systems, Inc.*   10,731    130,167 
Molina Healthcare, Inc.*(a)   56,391    2,007,520 
MWI Veterinary Supply, Inc.*(a)   4,802    717,227 
Natus Medical, Inc.*   7,840    111,171 
Neogen Corp.*(a)   1,076    65,335 
NuVasive, Inc.*(a)   8,677    212,500 
Omnicell, Inc.*   4,738    112,196 
PharMerica Corp.*   43,196    573,211 
Quality Systems, Inc.   7,179    156,000 
SurModics, Inc.*   807    19,190 
Symmetry Medical, Inc.*   15,980    130,397 
West Pharmaceutical Services, Inc.   10,696    440,140 
Total Health Care Equipment & Services   18,470,201 

 

Investments  Shares  Value
Household & Personal Products - 0.6%          
Central Garden and Pet Co., Class A*   82,949   $568,201 
Inter Parfums, Inc.   7,402    221,986 
Medifast, Inc.*   4,471    120,225 
Prestige Brands Holdings, Inc.*   5,530    166,564 
WD-40 Co.   1,819    118,053 
Total Household & Personal Products   1,195,029 
Insurance - 2.3%          
AMERISAFE, Inc.   3,130    111,146 
eHealth, Inc.*   1,865    60,165 
Employers Holdings, Inc.   7,278    216,448 
Horace Mann Educators Corp.   12,285    348,648 
Infinity Property & Casualty Corp.   6,877    444,254 
Meadowbrook Insurance Group, Inc.   47,454    308,451 
Navigators Group, Inc.*   5,086    293,818 
ProAssurance Corp.   5,166    232,780 
RLI Corp.   2,572    224,844 
Safety Insurance Group, Inc.   4,441    235,240 
Selective Insurance Group, Inc.(a)   23,839    584,056 
Stewart Information Services Corp.(a)   20,917    669,135 
Tower Group International Ltd.   65,000    455,000 
United Fire Group, Inc.   9,067    276,271 
Total Insurance   4,460,256 
Materials - 7.8%          
A. Schulman, Inc.   24,207    713,138 
A.M. Castle & Co.*(a)   23,133    372,441 
AK Steel Holding Corp.*(a)   459,793    1,724,224 
AMCOL International Corp.(a)   9,800    320,264 
American Vanguard Corp.   5,048    135,892 
Balchem Corp.(a)   2,072    107,226 
Calgon Carbon Corp.*   9,818    186,444 
Century Aluminum Co.*   49,764    400,600 
Clearwater Paper Corp.*(a)   13,082    624,927 
Deltic Timber Corp.   846    55,108 
Flotek Industries, Inc.*   5,500    126,500 
Globe Specialty Metals, Inc.   16,659    256,715 
H.B. Fuller Co.   16,210    732,530 
Hawkins, Inc.   3,006    113,446 
Haynes International, Inc.   3,866    175,246 
Headwaters, Inc.*   24,376    219,140 
Innophos Holdings, Inc.(a)   5,322    280,895 
Kaiser Aluminum Corp.   6,126    436,478 
KapStone Paper and Packaging Corp.   9,726    416,273 
Koppers Holdings, Inc.   11,755    501,351 
Kraton Performance Polymers, Inc.*   21,212    415,543 
LSB Industries, Inc.*   6,993    234,475 
Materion Corp.   12,173    390,266 
Myers Industries, Inc.   14,116    283,873 
Neenah Paper, Inc.   7,077    278,197 
Olympic Steel, Inc.   15,871    440,896 
OM Group, Inc.*   14,124    477,109 
Ph Glatfelter Co.   20,276    548,871 
PolyOne Corp.(a)   35,695    1,096,194 
Quaker Chemical Corp.   3,383    247,128 
RTI International Metals, Inc.*   8,124    260,293 
Schweitzer-Mauduit International, Inc.   4,357    263,729 
Stepan Co.   10,342    597,044 
Stillwater Mining Co.*(a)   25,891    285,060 
SunCoke Energy, Inc.*   36,756    624,852 
Texas Industries, Inc.*(a)   3,215    213,187 
Tredegar Corp.   12,024    312,624 
Wausau Paper Corp.(a)   17,452    226,702 
Zep, Inc.   13,788    224,193 
Total Materials   15,319,074 
Media - 1.5%          

The accompanying notes are an integral part of these financial documents.

12
 

Schedule of Investments - continued

RevenueShares Small Cap Fund
September 30, 2013 (Unaudited)

Investments  Shares  Value
Digital Generation, Inc.*(a)   10,294   $133,102 
E.W. Scripps Co., Class A*   17,386    319,033 
Harte-Hanks, Inc.   29,277    258,516 
Live Nation Entertainment, Inc.*   115,551    2,143,471 
Total Media   2,854,122 
Pharmaceuticals, Biotechnology & Life Sciences - 1.1%          
Acorda Therapeutics, Inc.*(a)   2,975    101,983 
Affymetrix, Inc.*   17,867    110,775 
Akorn, Inc.*(a)   5,249    103,300 
Arqule, Inc.*   3,824    8,910 
Cambrex Corp.*   6,603    87,160 
Emergent Biosolutions, Inc.*   4,980    94,869 
Hi-Tech Pharmacal Co., Inc.   1,750    75,513 
Impax Laboratories, Inc.*   9,155    187,769 
Luminex Corp.*   3,445    68,900 
Medicines Co.*   6,272    210,238 
Momenta Pharmaceuticals, Inc.*   657    9,454 
PAREXEL International Corp.*(a)   11,967    601,102 
Questcor Pharmaceuticals, Inc.(a)   3,714    215,412 
Spectrum Pharmaceuticals, Inc.(a)   8,272    69,402 
ViroPharma, Inc.*(a)   3,494    137,314 
Total Pharmaceuticals, Biotechnology & Life Sciences   2,082,101 
Real Estate Investment Trusts - 1.4%          
Acadia Realty Trust   2,272    56,073 
Agree Realty Corp.   925    27,917 
Associated Estates Realty Corp.(a)   4,152    61,906 
Capstead Mortgage Corp.   6,018    70,832 
Cedar Realty Trust, Inc.   8,916    46,185 
Colonial Properties Trust   5,938    133,546 
CoreSite Realty Corp.   2,100    71,274 
Cousins Properties, Inc.   5,292    54,455 
DiamondRock Hospitality Co.   26,372    281,389 
EastGroup Properties, Inc.   1,060    62,763 
Epr Properties   2,164    105,473 
Franklin Street Properties Corp.   4,479    57,062 
Getty Realty Corp.   1,579    30,680 
Government Properties Income Trust   3,078    73,657 
Healthcare Realty Trust, Inc.   4,592    106,121 
Inland Real Estate Corp.   5,344    54,669 
Kite Realty Group Trust   6,322    37,489 
LaSalle Hotel Properties(a)   10,498    299,403 
Lexington Realty Trust   10,681    119,948 
LTC Properties, Inc.   857    32,549 
Medical Properties Trust, Inc.   5,978    72,752 
Mid-America Apartment Communities, Inc.(a)   2,713    169,563 
Parkway Properties, Inc.(a)   5,094    90,520 
Pennsylvania Real Estate Investment Trust   7,447    139,259 
Post Properties, Inc.   2,484    111,830 
PS Business Parks, Inc.   1,581    117,974 
Sabra Health Care REIT, Inc.   1,620    37,276 
Saul Centers, Inc.   1,381    63,871 
Sovran Self Storage, Inc.   1,120    84,762 
Tanger Factory Outlet Centers   3,648    119,107 
Universal Health Realty Income Trust   435    18,213 
Urstadt Biddle Properties, Inc., Class A   1,542    30,655 
Total Real Estate Investment Trusts   2,839,173 
Real Estate Management & Development - 0.0%          
Forestar Group, Inc.*   4,094    88,144 
      
Retailing - 10.9%          
Barnes & Noble, Inc.*   7,060    91,356 
Big 5 Sporting Goods Corp.   18,926    304,330 
Blue Nile, Inc.*   3,511    143,705 

 

Investments  Shares  Value
Brown Shoe Co., Inc.   36,998   $868,343 
Buckle, Inc.(a)   6,672    360,622 
Cato Corp., Class A   10,839    303,275 
Children's Place Retail Stores, Inc.*(a)   9,998    578,484 
Christopher & Banks Corp.*   20,213    145,736 
Finish Line, Inc., Class A   20,233    503,195 
Francesca's Holdings Corp.*(a)   4,132    77,021 
Fred's, Inc., Class A   38,168    597,329 
Genesco, Inc.*(a)   12,630    828,275 
Group 1 Automotive, Inc.   33,787    2,624,574 
Haverty Furniture Cos., Inc.   9,129    223,934 
Hibbett Sports, Inc.*(a)   4,630    259,975 
Jos. A. Bank Clothiers, Inc.*(a)   7,650    336,294 
Kirkland's, Inc.*   7,735    142,633 
Lithia Motors, Inc., Class A(a)   16,972    1,238,277 
Lumber Liquidators Holdings, Inc.*(a)   2,649    282,516 
MarineMax, Inc.*   14,145    172,569 
Men's Wearhouse, Inc.   23,474    799,290 
Monro Muffler Brake, Inc.(a)   5,149    239,377 
Nutrisystem, Inc.   8,373    120,404 
OfficeMax, Inc.   196,240    2,509,910 
Pep Boys-Manny, Moe & Jack*   56,454    703,981 
PetMed Express, Inc.(a)   4,712    76,758 
Pool Corp.   11,512    646,169 
rue21, Inc.*   6,016    242,685 
Select Comfort Corp.*(a)   12,262    298,580 
Sonic Automotive, Inc., Class A   119,542    2,845,100 
Stage Stores, Inc.(a)   25,336    486,451 
Stein Mart, Inc.   28,971    397,482 
Tuesday Morning Corp.*   18,509    282,632 
Vitamin Shoppe, Inc.*(a)   8,025    351,094 
VOXX International Corp., Class A*   18,147    248,614 
Zale Corp.*   44,958    683,362 
Zumiez, Inc.*   7,200    198,252 
Total Retailing   21,212,584 
Semiconductors & Semiconductor Equipment - 1.8%          
Advanced Energy Industries, Inc.*   8,991    157,522 
ATMI, Inc.*   5,045    133,793 
Brooks Automation, Inc.   16,717    155,635 
Cabot Microelectronics Corp.*   3,654    140,752 
Ceva, Inc.*   913    15,749 
Cirrus Logic, Inc.*(a)   7,843    177,879 
Cohu, Inc.   7,061    77,036 
Diodes, Inc.*(a)   9,576    234,612 
DSP Group, Inc.*   7,130    50,266 
Entropic Communications, Inc.*   25,361    111,081 
Exar Corp.*   2,895    38,822 
GT Advanced Technologies, Inc.*(a)   18,571    158,039 
Hittite Microwave Corp.*   1,393    91,033 
Kopin Corp.*(a)   3,693    14,883 
Kulicke & Soffa Industries, Inc.*   21,281    245,796 
Micrel, Inc.   8,672    79,002 
Microsemi Corp.*   13,079    317,166 
MKS Instruments, Inc.   7,069    187,965 
Monolithic Power Systems, Inc.(a)   2,331    70,583 
Nanometrics, Inc.*   2,737    44,120 
Pericom Semiconductor Corp.*   5,943    46,355 
Power Integrations, Inc.   1,919    103,914 
Rubicon Technology, Inc.*(a)   1,582    19,158 
Rudolph Technologies, Inc.*   5,859    66,793 
Sigma Designs, Inc.*   10,142    56,694 
Supertex, Inc.   847    21,463 
Tessera Technologies, Inc.   3,387    65,538 
TriQuint Semiconductor, Inc.*(a)   32,813    266,770 
Ultratech, Inc.*   2,461    74,568 
Veeco Instruments, Inc.*(a)   5,420    201,787 

The accompanying notes are an integral part of these financial documents.

13
 

Schedule of Investments - continued

RevenueShares Small Cap Fund
September 30, 2013 (Unaudited)

Investments  Shares  Value
Volterra Semiconductor Corp.*   2,339   $53,797 
Total Semiconductors & Semiconductor Equipment   3,478,571 
Software & Services - 4.0%          
Blackbaud, Inc.   4,144    161,782 
Blucora, Inc.*   6,832    156,999 
Bottomline Technologies, Inc.*(a)   2,817    78,538 
CACI International, Inc., Class A*(a)   17,840    1,232,922 
Cardtronics, Inc.*   7,095    263,224 
CIBER, Inc.*   85,235    281,275 
comScore, Inc.*(a)   3,067    88,851 
CSG Systems International, Inc.   10,218    255,961 
Dealertrack Technologies, Inc.*(a)   3,375    144,585 
Dice Holdings, Inc.*   7,975    67,867 
Digital River, Inc.*   7,760    138,671 
Ebix, Inc.(a)   6,751    67,105 
EPIQ Systems, Inc.   10,371    137,105 
Exlservice Holdings, Inc.*   5,209    148,352 
Forrester Research, Inc.   2,777    102,082 
Heartland Payment Systems, Inc.(a)   17,847    708,883 
Higher One Holdings, Inc.*(a)   9,030    69,260 
iGate Corp.*(a)   13,501    374,788 
Interactive Intelligence Group, Inc.*(a)   1,479    93,902 
j2 Global, Inc.(a)   2,879    142,568 
Liquidity Services, Inc.*(a)   4,654    156,188 
LivePerson, Inc.*   5,632    53,166 
LogMeIn, Inc.*   1,584    49,183 
Manhattan Associates, Inc.*   1,381    131,816 
MAXIMUS, Inc.   9,065    408,288 
MicroStrategy, Inc., Class A*   1,757    182,306 
Monotype Imaging Holdings, Inc.   1,901    54,483 
Netscout Systems, Inc.*   4,254    108,775 
NIC, Inc.(a)   3,556    82,179 
OpenTable, Inc.*(a)   793    55,494 
Perficient, Inc.*   6,582    120,845 
Progress Software Corp.*   4,753    123,008 
QuinStreet, Inc.*   11,739    110,933 
Sourcefire, Inc.*   1,076    81,690 
Stamps.com, Inc.*   920    42,256 
Synchronoss Technologies, Inc.*   2,646    100,707 
Take-Two Interactive Software, Inc.*   16,960    307,994 
Tangoe, Inc.*(a)   2,510    59,889 
TeleTech Holdings, Inc.*(a)   14,997    376,275 
Tyler Technologies, Inc.*(a)   1,514    132,430 
United Online, Inc.   34,702    276,922 
VASCO Data Security International, Inc.*   6,043    47,679 
Virtusa Corp.*   3,493    101,507 
XO Group, Inc.*   3,266    42,197 
Total Software & Services   7,920,930 
Technology Hardware & Equipment - 8.8%          
Agilysys, Inc.*   4,821    57,466 
Anixter International, Inc.*   23,359    2,047,650 
ARRIS Group, Inc.*(a)   39,650    676,429 
Avid Technology, Inc.*   35,903    215,418 
Badger Meter, Inc.   2,280    106,020 
Bel Fuse, Inc., Class B   5,736    100,036 
Benchmark Electronics, Inc.*   34,606    792,131 
Black Box Corp.   11,450    350,828 
CalAmp Corp.*   2,965    52,273 
Checkpoint Systems, Inc.*   14,804    247,227 
Cognex Corp.   3,521    110,419 
Coherent, Inc.(a)   4,158    255,509 
Comtech Telecommunications Corp.   5,038    122,524 
CTS Corp.   12,405    195,627 
Daktronics, Inc.   14,981    167,637 
Digi International, Inc.*   6,244    62,502 

 

Investments  Shares  Value
DTS, Inc.*   1,706   $35,826 
Electro Scientific Industries, Inc.   6,438    75,389 
Electronics For Imaging, Inc.*(a)   7,279    230,599 
FARO Technologies, Inc.*   2,155    90,876 
FEI Co.   3,436    301,681 
Harmonic, Inc.*   21,292    163,736 
Insight Enterprises, Inc.*   86,884    1,643,845 
Intevac, Inc.*   3,305    19,367 
Ixia*   9,445    148,003 
Littelfuse, Inc.(a)   2,837    221,910 
Measurement Specialties, Inc.*   2,106    114,229 
Mercury Systems, Inc.*   7,792    77,842 
Methode Electronics, Inc.   6,054    169,512 
MTS Systems Corp.   2,893    186,165 
NETGEAR, Inc.*(a)   13,654    421,362 
Newport Corp.*   11,745    183,574 
Oplink Communications, Inc.*   3,033    57,081 
OSI Systems, Inc.*(a)   3,636    270,773 
Park Electrochemical Corp.   2,050    58,733 
PC-Tel, Inc.   3,926    34,745 
Plexus Corp.*(a)   20,854    775,769 
Procera Networks, Inc.*(a)   1,393    21,578 
QLogic Corp.*   15,645    171,156 
Rofin-Sinar Technologies, Inc.*   7,461    180,631 
Rogers Corp.*   2,818    167,615 
ScanSource, Inc.*   28,599    989,525 
Super Micro Computer, Inc.*   26,142    353,963 
Symmetricom, Inc.*   15,209    73,307 
Synaptics, Inc.*(a)   4,163    184,338 
SYNNEX Corp.*(a)   55,344    3,400,889 
TTM Technologies, Inc.*   46,934    457,607 
ViaSat, Inc.*(a)   4,783    304,916 
Total Technology Hardware & Equipment   17,146,238 
Telecommunication Services - 0.7%          
Atlantic Tele-Network, Inc.   4,739    247,044 
Cbeyond, Inc.*   26,219    168,064 
Cincinnati Bell, Inc.*   153,323    417,038 
General Communication, Inc., Class A*   26,329    250,652 
Lumos Networks Corp.(a)   3,554    77,015 
NTELOS Holdings Corp.   9,875    185,650 
USA Mobility, Inc.   4,835    68,464 
Total Telecommunication Services   1,413,927 
Transportation - 2.6%          
Allegiant Travel Co.   3,233    340,629 
Arkansas Best Corp.   28,629    734,906 
Atlas Air Worldwide Holdings, Inc.*(a)   11,648    537,089 
Forward Air Corp.   4,959    200,096 
Heartland Express, Inc.   12,687    180,028 
HUB Group, Inc., Class A*(a)   26,652    1,045,558 
Knight Transportation, Inc.   19,228    317,647 
Old Dominion Freight Line, Inc.*   15,646    719,559 
SkyWest, Inc.   71,553    1,038,950 
Total Transportation   5,114,462 
Utilities - 2.8%          
ALLETE, Inc.(a)   6,812    329,019 
American States Water Co.   5,948    163,927 
Avista Corp.   19,579    516,886 
El Paso Electric Co.   8,542    285,303 
Laclede Group, Inc.   7,793    350,685 
New Jersey Resources Corp.   19,794    871,926 
Northwest Natural Gas Co.   5,721    240,167 
NorthWestern Corp.   8,255    370,815 
Piedmont Natural Gas Co., Inc.   12,423    408,468 
South Jersey Industries, Inc.   3,889    227,818 
Southwest Gas Corp.   12,710    635,500 

The accompanying notes are an integral part of these financial documents.

14
 

Schedule of Investments - continued

RevenueShares Small Cap Fund
September 30, 2013 (Unaudited)

Investments  Shares  Value
UIL Holdings Corp.   13,926   $517,769 
UNS Energy Corp.   10,446    486,992 
Total Utilities   5,405,275 
Total Common Stocks     
(Cost $148,256,770)   195,396,961 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–13.9%          

Dreyfus Institutional Preferred

Money Market Fund–

Prime Shares, 0.05% (b)
(Cost $27,175,646)

   27,175,646    27,175,646 
Total Investments–113.9%
(Cost $175,432,416)		        222,572,607 
Liabilities in Excess of Other Assets–(13.9)%        (27,207,325)
Net Assets–100.0%       $195,365,282 
           

REIT -  Real Estate Investment Trusts  
 

* Non-income producing security
(a) All or a portion of the security was on loan. The aggregate market value of the securities on loan was $26,390,679; total market value of the collateral held by the fund was $27,175,646.
(b) Rate shown represents annualized 7-day yield as of September 30, 2013.

The accompanying notes are an integral part of these financial documents.

15
 

Schedule of Investments

RevenueShares Financials Sector Fund
September 30, 2013 (Unaudited)

 

Investments  Shares  Value
COMMON STOCKS–99.9%      
Capital Markets - 10.4%          
Ameriprise Financial, Inc.   2,336   $212,763 
Bank of New York Mellon Corp.   10,073    304,104 
BlackRock, Inc.   715    193,493 
Charles Schwab Corp.   4,910    103,797 
E*Trade Financial Corp.*   2,511    41,432 
Franklin Resources, Inc.   2,950    149,123 
Goldman Sachs Group, Inc.   5,165    817,155 
Invesco Ltd.   2,732    87,151 
Legg Mason, Inc.   1,492    49,892 
Morgan Stanley   24,814    668,737 
Northern Trust Corp.   1,529    83,162 
State Street Corp.   3,073    202,050 
T. Rowe Price Group, Inc.   883    63,514 
Total Capital Markets   2,976,373 
Commercial Banks - 12.4%          
BB&T Corp.   6,218    209,857 
Comerica, Inc.   1,331    52,322 
Fifth Third Bancorp   8,128    146,629 
Huntington Bancshares, Inc.   7,111    58,737 
KeyCorp   7,954    90,676 
M&T Bank Corp.(a)   874    97,818 
PNC Financial Services Group, Inc.   4,676    338,776 
Regions Financial Corp.   12,587    116,556 
SunTrust Banks, Inc.   6,656    215,787 
U.S. Bancorp   11,602    424,401 
Wells Fargo & Co.   42,743    1,766,141 
Zions Bancorporation   1,742    47,766 
Total Commercial Banks   3,565,466 
Consumer Finance - 5.2%          
American Express Co.   8,963    676,886 
Capital One Financial Corp.   7,236    497,402 
Discover Financial Services   3,550    179,417 
SLM Corp.   5,251    130,750 
Total Consumer Finance   1,484,455 
Diversified Financial Services - 22.1%          
Bank of America Corp.   139,705    1,927,929 
Citigroup, Inc.   36,152    1,753,733 
CME Group, Inc., Class A   781    57,700 
IntercontinentalExchange, Inc.*   154    27,939 
JPMorgan Chase & Co.   41,825    2,161,934 
Leucadia National Corp.   7,104    193,513 
Moody's Corp.   844    59,359 
NASDAQ OMX Group, Inc.   1,923    61,709 
NYSE Euronext   1,816    76,236 
Total Diversified Financial Services   6,320,052 
Insurance - 45.6%          
ACE Ltd.   4,015    375,643 
Aflac, Inc.   8,260    512,037 
Allstate Corp.   13,238    669,181 
American International Group, Inc.   26,989    1,312,475 
AON PLC   3,118    232,104 
Assurant, Inc.   3,287    177,827 
Berkshire Hathaway, Inc., Class B*   29,846    3,387,819 
Chubb Corp.   3,098    276,528 
Cincinnati Financial Corp.   1,836    86,586 
Genworth Financial, Inc., Class A*   16,246    207,786 
Hartford Financial Services Group, Inc.   18,807    585,274 
Lincoln National Corp.   5,628    236,320 
Loews Corp.   6,350    296,799 
Marsh & McLennan Cos., Inc.   5,510    239,961 
MetLife, Inc.   28,562    1,340,986 
Principal Financial Group, Inc.   4,383    187,680 
Progressive Corp.   13,436    365,862 

 

Investments  Shares  Value
Prudential Financial, Inc.   20,527   $1,600,695 
Torchmark Corp.   1,043    75,461 
Travelers Cos., Inc.   6,124    519,131 
Unum Group   7,036    214,176 
XL Group PLC   4,735    145,933 
Total Insurance   13,046,264 
Media - 0.4%          
McGraw Hill Financial, Inc.   1,726    113,208 
      
Paper & Forest Products - 0.5%          
Weyerhaeuser Co.   5,544    158,725 
      
Real Estate Investment Trusts - 2.6%          
American Tower Corp.   849    62,936 
Apartment Investment & Management Co., Class A   736    20,564 
AvalonBay Communities, Inc.   192    24,401 
Boston Properties, Inc.   365    39,018 
Equity Residential   820    43,927 
HCP, Inc.   978    40,049 
Health Care REIT, Inc.   731    45,600 
Host Hotels & Resorts, Inc.   6,282    111,003 
Kimco Realty Corp.   955    19,272 
Macerich Co. (The)   345    19,472 
Plum Creek Timber Co., Inc.   575    26,927 
Prologis, Inc.   1,035    38,937 
Public Storage   236    37,890 
Simon Property Group, Inc.   678    100,500 
Ventas, Inc.   865    53,198 
Vornado Realty Trust   663    55,732 
Total Real Estate Investment Trusts   739,426 
Real Estate Management & Development - 0.5%          
CBRE Group, Inc., Class A*   5,770    133,460 
      
Thrifts & Mortgage Finance - 0.2%          
Hudson City Bancorp, Inc.   3,419    30,942 
People's United Financial, Inc.   1,902    27,351 
Total Thrifts & Mortgage Finance   58,293 
           

 Total Investments–99.9%

(Cost $27,743,190)

        28,595,722 
Other Assets in Excess of Liabilities–0.1%        20,838 
Net Assets–100.0%       $28,616,560 
           

PLC - Public Limited Company
REIT - Real Estate Investment Trust

* Non-income producing security
(a)

All or a portion of security was on loan. The aggregate market value of the securities on loan was $92,894; total market value of the non-cash collateral, which includes U.S. Treasury securities, held by the fund was $94,912.

   

The accompanying notes are an integral part of these financial documents.

16
 

Schedule of Investments

RevenueShares ADR Fund
September 30, 2013 (Unaudited)

 

Investments  Shares  Value
COMMON STOCKS–98.4%      
Automobiles & Components - 6.6%          
Honda Motor Co. Ltd.(a)(b)   10,595   $404,093 
Magna International, Inc.   1,409    116,327 
Toyota Motor Corp.(b)   7,555    967,267 
Total Automobiles & Components   1,487,687 
Banks - 12.3%          
Banco Bilbao Vizcaya Argentaria SA(b)   9,196    102,811 
Banco Bradesco SA(b)   20,553    285,276 
Banco de Chile(b)   167    15,314 
Banco Santander Chile(a)(b)   647    17,010 
Banco Santander SA(a)(b)   24,184    197,583 
Bancolombia SA(b)   377    21,693 
Bank of Montreal(a)   1,132    75,640 
Bank of Nova Scotia   1,740    99,719 
Barclays PLC(b)   10,720    182,669 
Canadian Imperial Bank of Commerce   761    60,682 
Credicorp Ltd.   118    15,158 
HSBC Holdings PLC(b)   5,070    275,098 
Itau Unibanco Holding SA(b)   15,205    214,695 
KB Financial Group, Inc.(b)   27    946 
Lloyds Banking Group PLC*(a)(b)   42,924    206,464 
Mitsubishi UFJ Financial Group, Inc.(b)   29,197    187,153 
Mizuho Financial Group, Inc.(b)   24,905    107,590 
National Bank of Greece SA*(b)   7,547    30,565 
Royal Bank of Canada   1,982    127,264 
Royal Bank of Scotland Group PLC*(b)   13,579    157,381 
Shinhan Financial Group Co. Ltd.(b)   89    3,604 
Sumitomo Mitsui Financial Group, Inc.(a)(b)   13,352    129,915 
Toronto-Dominion Bank   1,236    111,215 
Westpac Banking Corp.(b)   4,868    149,302 
Total Banks   2,774,747 
Capital Goods - 2.9%          
ABB Ltd.*(b)   6,147    145,008 
Embraer SA(b)   638    20,716 
Koninklijke Philips Electronics NV   3,416    110,166 
Nidec Corp.(b)   1,524    32,233 
Siemens AG(b)   2,938    354,058 
Total Capital Goods   662,181 
Consumer Durables & Apparel - 1.5%          
Gildan Activewear, Inc.   160    7,430 
Luxottica Group S.p.A.(b)   629    33,067 
Sony Corp.(b)   13,969    300,613 
Total Consumer Durables & Apparel   341,110 
Consumer Services - 0.3%          
Carnival PLC(b)   1,438    48,763 
Intercontinental Hotels Group PLC(b)   229    6,689 
Tim Hortons, Inc.   196    11,368 
Total Consumer Services   66,820 
Diversified Financials - 3.5%          
Credit Suisse Group AG*(a)(b)   4,694    143,402 
Deutsche Bank AG   4,803    220,362 
ING Groep NV*(b)   15,815    179,500 
Nomura Holdings, Inc.(b)   11,220    87,628 
ORIX Corp.(b)   247    20,209 
UBS AG*   7,021    144,071 
Total Diversified Financials   795,172 
Energy - 36.1%          
BP PLC(b)   26,747    1,124,176 
Cameco Corp.(a)   413    7,463 
Canadian Natural Resources Ltd.   1,671    52,536 
Cenovus Energy, Inc.   2,023    60,387 
China Petroleum & Chemical Corp.(b)   14,285    1,118,373 

 

Investments  Shares  Value
CNOOC Ltd.(b)   753   $151,955 
Ecopetrol SA(a)(b)   2,909    133,814 
Enbridge, Inc.   2,448    102,180 
Encana Corp.   1,159    20,085 
Enerplus Corp.   249    4,131 
ENI S.p.A.(b)   11,807    543,476 
Imperial Oil Ltd.   2,529    111,175 
Penn West Petroleum Ltd.(a)   784    8,726 
PetroChina Co. Ltd.(a)(b)   10,132    1,114,013 
Petroleo Brasileiro SA, Class A(a)(b)   30,146    504,343 
Royal Dutch Shell PLC, Class A(b)   12,416    815,483 
Royal Dutch Shell PLC, Class B(b)   11,840    815,184 
Statoil ASA(b)   17,443    395,607 
Suncor Energy, Inc.   3,829    137,002 
Talisman Energy, Inc.   1,828    21,022 
Tenaris SA(a)(b)   809    37,845 
Total SA(b)14,548   842,620
TransCanada Corp.   682    29,967 
Total Energy    8,151,563 
Food & Staples Retailing - 0.8%          
Cencosud SA(a)(b)   5,710    76,457 
Delhaize Group SA(b)   1,597    100,707 
Total Food & Staples Retailing        177,164 
Food, Beverage & Tobacco - 2.8%          
Anheuser-Busch InBev NV(b)   1,440    142,848 
BRF SA(b)   2,083    51,096 
British American Tobacco PLC(b)   802    84,330 
Diageo PLC(b)   500    63,540 
Fomento Economico Mexicano SAB de CV(b)   658    63,885 
Unilever NV   2,965    111,840 
Unilever PLC(b)   2,889    111,458 
Total Food, Beverage & Tobacco   628,997 
Health Care Equipment & Services - 0.5%          
Catamaran Corp.*   954    43,836 
Fresenius Medical Care AG & Co. KGaA(b)   1,561    50,545 
Smith & Nephew PLC(a)(b)   242    15,106 
Total Health Care Equipment & Services     109,487 
Insurance - 4.6%          
Aegon NV, Class G   25,168    186,243 
Aviva PLC(a)(b)   15,781    202,628 
China Life Insurance Co. Ltd.(a)(b)   5,993    232,888 
Manulife Financial Corp.   4,233    70,098 
Prudential PLC(b)   8,015    299,200 
Sun Life Financial, Inc.   1,649    52,719 
Total Insurance    1,043,776 
Materials - 5.9%          
Agnico-Eagle Mines Ltd.   229    6,062 
Agrium, Inc.   657    55,208 
ArcelorMittal(a)   20,229    276,530 
Barrick Gold Corp.   2,768    51,540 
BHP Billiton Ltd.(b)   1,784    118,636 
BHP Billiton PLC(b)   2,004    117,955 
Cemex SAB de CV*(b)   4,579    51,193 
Cia de Minas Buenaventura SA(b)   447    5,234 
Cia Siderurgica Nacional SA(a)(b)   6,766    28,891 
CRH PLC(b)   3,477    84,039 
Eldorado Gold Corp.   592    3,972 
Gerdau SA(b)   8,910    66,469 
Goldcorp, Inc.   678    17,635 
Kinross Gold Corp.   2,807    14,175 
POSCO(b)   1,378    101,476 
Potash Corp. of Saskatchewan, Inc.   894    27,964 

The accompanying notes are an integral part of these financial documents.

17
 

Schedule of Investments - continued

RevenueShares ADR Fund
September 30, 2013 (Unaudited)

Investments  Shares  Value
Randgold Resources Ltd.(b)   59   $4,220 
Rio Tinto PLC(a)(b)   3,648    177,877 
Silver Wheaton Corp.   119    2,948 
Sociedad Quimica y Minera de Chile SA(b)   272    8,310 
Southern Copper Corp.   784    21,356 
Syngenta AG(b)   630    51,219 
Teck Resources Ltd., Class B   1,259    33,792 
Yamana Gold, Inc.(a)   750    7,800 
Total Materials    1,334,501 
Media - 0.9%          
Grupo Televisa SAB(b)   692    19,342 
Pearson PLC(b)   1,280    26,035 
Reed Elsevier NV(a)(b)   423    16,962 
Reed Elsevier PLC(a)(b)   318    17,143 
Shaw Communications, Inc., Class B   779    18,104 
Thomson Reuters Corp.   1,331    46,598 
WPP PLC(b)   584    60,117 
Total Media   204,301 
Pharmaceuticals, Biotechnology & Life Sciences - 3.1%          
AstraZeneca PLC(b)   1,837    95,395 
Elan Corp. PLC*(b)   83    1,293 
GlaxoSmithKline PLC(b)   2,946    147,801 
Novartis AG(b)   2,684    205,890 
Novo Nordisk A/S(b)   297    50,258 
QIAGEN NV*   215    4,601 
Sanofi(b)   3,057    154,776 
Shire PLC(b)   137    16,425 
Valeant Pharmaceuticals International, Inc.*   139    14,502 
Total Pharmaceuticals, Biotechnology & Life Sciences   690,941 
Real Estate - 0.3%          
Brookfield Asset Management, Inc., Class A   2,033    76,034 
Semiconductors & Semiconductor Equipment - 0.5%          
Advantest Corp.(a)(b)   534    6,221 
ARM Holdings PLC(b)   76    3,657 
ASML Holding NV, Class G   206    20,345 
STMicroelectronics NV, Class Y   3,151    28,989 
Taiwan Semiconductor Manufacturing Co. Ltd.(b)   3,507    59,479 
Total Semiconductors & Semiconductor Equipment   118,691 
Software & Services - 0.3%          
SAP AG(b)   1,044    77,172 
Technology Hardware & Equipment - 2.5%          
Alcatel-Lucent*(b)   19,791    69,862 
BlackBerry Ltd.*(a)   5,651    44,926 
Canon, Inc.(a)(b)   4,539    145,248 
Kyocera Corp.(b)   505    53,878 
Nokia OYJ*(b)   18,799    122,382 
Telefonaktiebolaget LM Ericsson(b)   9,018    120,390 
Total Technology Hardware & Equipment   556,686 
Telecommunication Services - 11.0%          
America Movil SAB de CV, Series R(b)   10,881    215,553 
BCE, Inc.   1,680    71,736 
BT Group PLC(b)   1,917    106,010 
China Mobile Ltd.(b)   6,047    341,232 
Chunghwa Telecom Co. Ltd.(a)(b)   725    22,895 
Nippon Telegraph & Telephone Corp.(b)   18,155    473,119 
NTT DoCoMo, Inc.(b)   12,094    196,165 
Oi SA(a)(b)   23,520    43,277 

 

Investments  Shares  Value
Orange(b)   16,709   $209,030 
Portugal Telecom SGPS SA(a)(b)   6,347    28,371 
Rogers Communications, Inc., Class B   1,042    44,816 
Telecom Italia S.p.A.(b)   17,037    138,852 
Telefonica SA*(a)(b)   18,392    284,708 
TELUS Corp.   1,193    39,512 
Vodafone Group PLC(b)   7,531    264,941 
Total Telecommunication Services   2,480,217 
Transportation - 0.6%          
Canadian National Railway Co.   358    36,291 
Canadian Pacific Railway Ltd.   168    20,714 
Latam Airlines Group SA(a)(b)   3,175    47,879 
Ryanair Holdings PLC(b)   449    22,333 
Total Transportation   127,217 
Utilities - 1.4%          
Cia Energetica de Minas Gerais(b)   3,558    30,741 
CPFL Energia SA(b)   1,576    27,186 
Empresa Nacional de Electricidad SA(b)   387    16,250 
Enersis SA(b)   2,803    45,016 
National Grid PLC(b)   1,350    79,718 
TransAlta Corp.   614    7,957 
Veolia Environnement SA(a)(b)   6,925    118,556 
Total Utilities   325,424 
Total Common Stocks     
(Cost $22,405,763)   22,229,888 
           
PREFERRED STOCKS–1.1%          
Food, Beverage & Tobacco - 0.3%          
Cia de Bebidas das Americas (b)   1,505    57,717 
      
Materials - 0.7%          
Vale SA, Class B (b)   11,487    163,230 
      
Utilities - 0.1%          
Cia Paranaense de Energia-Copel Preference B (a)(b)   1,191    16,626 
      
Total Preferred Stocks     
(Cost $360,477)   237,573 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–15.7%          

Dreyfus Institutional Preferred Money
Market Fund - Prime Shares,
0.05% (c)
(Cost $3,544,739)

   3,544,739    3,544,739 
Total Investments–115.2%
(Cost $26,310,979)		        26,012,200 
Liabilities in Excess of Other Assets–(15.2)%        (3,424,346)
Net Assets–100.0%       $22,587,854 
           

The accompanying notes are an integral part of these financial documents.

18
 

Schedule of Investments - continued

RevenueShares ADR Fund
September 30, 2013 (Unaudited)

PLC – Public Limited Company

 

* Non-income producing security
(a) All or a portion of security was on loan. The aggregate market value of the securities on loan was $3,427,212; total market value of the collateral held by the fund was $3,548,046. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $3,307.
(b) American Depositary Receipt
(c) Rate shown represents annualized 7-day yield as of September 30, 2013.
   

Country  Value  % of Net Assets
Australia  $267,938    1.2%
Belgium   243,555    1.1 
Brazil   1,510,261    6.7 
Canada   1,926,661    8.5 
Chile   226,235    1.0 
China   1,346,901    6.0 
Colombia   155,507    0.7 
Denmark   50,258    0.2 
Finland   122,382    0.5 
France   1,394,844    6.2 
Germany   702,138    3.1 
Greece   30,565    0.1 
Hong Kong   1,611,560    7.1 
Ireland   124,090    0.5 
Italy   715,394    3.2 
Japan   3,111,332    13.8 
Jersey Islands   4,220    0.0†
Luxembourg   314,376    1.4 
Mexico   349,972    1.5 
Netherlands   2,260,324    10.0 
Norway   395,607    1.8 
Peru   20,393    0.1 
Portugal   28,371    0.1 
South Korea   106,026    0.5 
Spain   585,103    2.6 
Sweden   120,390    0.5 
Switzerland   718,578    3.2 
Taiwan   82,374    0.4 
United Kingdom   3,874,151    17.2 
United States   3,612,694    16.0 
Total Investments   26,012,200    115 .2 
Liabilities in Excess of Other Assets   (3,424,346)   (15.2)
Net Assets  $22,587,854    100.0%
           

 

† Less than 0.05%
The accompanying notes are an integral part of these financial documents.

19
 

Schedule of Investments

RevenueShares Navellier Overall A-100 Fund
September 30, 2013 (Unaudited)

Investments  Shares  Value
COMMON STOCKS–100.0%      
Automobiles & Components - 0.7%          
Standard Motor Products, Inc.   848   $27,272 
Winnebago Industries, Inc.*   897    23,286 
Total Automobiles & Components   50,558 
Banks - 1.8%          
BofI Holding, Inc.*(a)   603    39,111 
Farmers Capital Bank Corp.*   484    10,580 
Fidelity Southern Corp.   2,115    32,444 
Home Loan Servicing Solutions Ltd.   455    10,015 
MutualFirst Financial, Inc.   680    10,431 
Pulaski Financial Corp.   1,004    10,351 
Waterstone Financial, Inc.*   1,212    12,302 
Total Banks   125,234 
Capital Goods - 3.7%          
China Yuchai International Ltd.   5,175    123,010 
Coleman Cable, Inc.   1,464    30,905 
Federal Signal Corp.*   3,201    41,197 
Graham Corp.   160    5,781 
Middleby Corp.*(a)   217    45,333 
PGT, Inc.*   978    9,692 
Total Capital Goods   255,918 
Commercial & Professional Services - 2.1%          
Barrett Business Services, Inc.   461    31,030 
Consolidated Graphics, Inc.*   931    52,192 
Huron Consulting Group, Inc.*   553    29,093 
Portfolio Recovery Associates, Inc.*(a)   621    37,223 
Total Commercial & Professional Services   149,538 
Consumer Durables & Apparel - 13.0%          
Hanesbrands, Inc.   3,556    221,574 
Iconix Brand Group, Inc.*   581    19,301 
Libbey, Inc.*   1,190    28,298 
Luxottica Group S.p.A.(b)   2,547    133,896 
Nautilus, Inc.*   4,398    31,754 
Whirlpool Corp.   3,261    477,541 
Total Consumer Durables & Apparel   912,364 
Consumer Services - 5.0%          
Carriage Services, Inc.   772    14,977 
Cracker Barrel Old Country Store, Inc.   752    77,636 
Melco Crown Entertainment Ltd.*(b)   7,395    235,383 
Monarch Casino & Resort, Inc.*   750    14,235 
Nathan's Famous, Inc.*   197    10,398 
Total Consumer Services   352,629 
Diversified Financials - 6.8%          
CBOE Holdings, Inc.   496    22,434 
FBR & Co.*   501    13,432 
Financial Engines, Inc.   270    16,049 
FXCM, Inc., Class A   1,265    24,984 
MarketAxess Holdings, Inc.   264    15,850 
Nelnet, Inc., Class A   929    35,720 
SLM Corp.   13,526    336,797 
Virtus Investment Partners, Inc.*   78    12,686 
Total Diversified Financials   477,952 
Energy - 1.1%          
Cabot Oil & Gas Corp.   1,980    73,894 
      
Food, Beverage & Tobacco - 5.0%          
Flowers Foods, Inc.   4,435    95,086 
Green Mountain Coffee Roasters, Inc.*(a)   1,353    101,922 
Industrias Bachoco S.A.B. de CV(b)   3,957    156,183 
Total Food, Beverage & Tobacco   353,191 

 

Investments  Shares  Value
Health Care Equipment & Services - 1.7%          
Addus HomeCare Corp.*   566   $16,397 
AMN Healthcare Services, Inc.*   1,937    26,653 
CorVel Corp.*   619    22,884 
Medidata Solutions, Inc.*   188    18,599 
Providence Service Corp. (The)*   1,292    37,068 
Total Health Care Equipment & Services   121,601 
Insurance - 10.0%          
American Equity Investment Life Holding Co.   4,756    100,922 
American National Insurance Co.   1,527    149,707 
American Safety Insurance Holdings Ltd.*   556    16,791 
AmTrust Financial Services, Inc.   3,028    118,274 
Arch Capital Group Ltd.*   2,067    111,887 
HCI Group, Inc.(a)   933    38,104 
StanCorp Financial Group, Inc.   2,662    146,463 
Universal Insurance Holdings, Inc.   2,051    14,459 
Total Insurance   696,607 
Materials - 6.2%          
American Pacific Corp.*   456    24,971 
CaesarStone Sdot-Yam Ltd.*   558    25,489 
Chase Corp.   558    16,394 
FutureFuel Corp.   1,004    18,032 
Packaging Corp. of America   1,929    110,127 
Rock-Tenn Co., Class A   2,335    236,465 
Total Materials   431,478 
Media - 9.8%          
Crown Media Holdings, Inc., Class A*(a)   5,408    16,657 
Lions Gate Entertainment Corp.*(a)   2,795    97,965 
Reed Elsevier NV(a)(b)   822    32,962 
Reed Elsevier PLC(a)(b)   630    33,963 
Time Warner, Inc.   7,621    501,538 
Total Media   683,085 
Pharmaceuticals, Biotechnology & Life Sciences - 13.5%          
China Biologic Products, Inc.*   216    6,310 
Covance, Inc.*(a)   859    74,269 
Gilead Sciences, Inc.*   4,790    301,004 
ICON PLC*   1,012    41,421 
Jazz Pharmaceuticals PLC*   358    32,925 
Lannett Co., Inc.*   976    21,296 
PAREXEL International Corp.*   2,013    101,113 
Santarus, Inc.*   1,614    36,428 
Thermo Fisher Scientific, Inc.   3,594    331,187 
Total Pharmaceuticals, Biotechnology & Life Sciences   945,953 
Real Estate - 0.1%          
China HGS Real Estate, Inc.*(a)   1,064    8,182 
      
Retailing - 5.5%          
Big 5 Sporting Goods Corp.   1,514    24,345 
Conn's, Inc.*(a)   623    31,175 
Ctrip.com International Ltd.*(b)   759    44,349 
Lumber Liquidators Holdings, Inc.*(a)   485    51,725 
Netflix, Inc.*   630    194,802 
Overstock.com, Inc.*(a)   1,304    38,690 
Total Retailing   385,086 
Semiconductors & Semiconductor Equipment - 0.5%          
Cree, Inc.*(a)   607    36,535 
      
Software & Services - 5.3%          
AVG Technologies NV*   756    18,099 
Bitauto Holdings Ltd.*(a)(b)   1,127    18,167 

The accompanying notes are an integral part of these financial documents.

20
 

Schedule of Investments - continued

RevenueShares Navellier Overall A-100 Fund
September 30, 2013 (Unaudited)

Investments  Shares  Value
Fleetcor Technologies, Inc.*   457   $50,343 
NIC, Inc.   809    18,696 
Phoenix New Media Ltd.*(b)   839    9,439 
Qihoo 360 Technology Co. Ltd.*(b)   256    21,299 
Reis, Inc.*   1,368    22,120 
SouFun Holdings Ltd.(b)   537    27,731 
Tyler Technologies, Inc.*   405    35,425 
Yahoo!, Inc.*   4,561    151,243 
Total Software & Services    372,562 
Technology Hardware & Equipment - 1.3%          
Alliance Fiber Optic Products, Inc.(a)   782    16,007 
CalAmp Corp.*   2,206    38,892 
Methode Electronics, Inc.   1,255    35,140 
Silicom Ltd.   51    1,883 
Total Technology Hardware & Equipment   91,922 
Telecommunication Services - 5.8%          
SK Telecom Co. Ltd.(a)(b)   17,866    405,558 
      
Transportation - 1.1%          
Copa Holdings SA, Class A   388    53,804 
Grupo Aeroportuario del Sureste S.A.B. de CV(b)   210    22,860 
Total Transportation   76,664 
Total Common Stocks     
    (Cost $6,175,715)   7,006,511 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–14.0%          
Dreyfus Institutional Preferred Money
Market Fund - Prime Shares, 0.05% (c)
(Cost $979,048)		   979,048    979,048 
Total Investments–114.0%
(Cost $7,154,763)		        7,985,559 
Liabilities  in Excess of Other  Assets–(14.0)%        (978,265)
Net Assets–100.0%       $7,007,294 
           

 

PLC  - Public Limited Company
 

 

 

* Non-income producing security
(a) All or a portion of security was on loan. The aggregate market value of the securities on loan was $959,221; total market value of the collateral held by the fund was $979,048.  
(b) American Depositary Receipt
(c) Rate shown represents annualized 7-day yield as of September 30, 2013.

 

The accompanying notes are an integral part of these financial documents.

21
 

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)

1. ORGANIZATION

The RevenueShares ETF Trust (the “Trust”) was organized as a Delaware statutory trust on December 15, 2006 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), which is currently comprised of six active funds (collectively, the “Funds” and each individually a “Fund”). The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund are diversified funds under the Act, the RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund are not diversified. Operations commenced on February 22, 2008 for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, November 10, 2008 for the RevenueShares Financials Sector Fund, November 18, 2008 for the RevenueShares ADR Fund and January 21, 2009 for the RevenueShares Navellier Overall A-100 Fund.

The objective of the Funds, (RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund) is to outperform the total return performance of the Fund’s corresponding benchmark (Standard & Poor’s (“S&P”) 500 Index, S&P MidCap 400 Index, S&P SmallCap 600 Index, S&P 500 Financials Index, S&P ADR Index, and the Navellier Overall A-100 Index, respectively).

2. SIGNIFICANT ACCOUNTING POLICIES

These financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The following summarizes the significant accounting policies of the Funds:

Investment Valuation — Security holdings traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ Official Closing Price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith and in accordance with procedures adopted by the Trust’s Board of Trustees (the “Board”).

The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon Corp. calculates each Fund’s NAV at the close of the regular trading session on the NYSE, ordinarily 4:00 p.m., Eastern Time on each day that such exchange is open.

Investment Transactions — Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses on sales of investment securities are calculated using the identified cost method.

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

23
 

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 value of loaned securities and related collateral outstanding at September 30, 2013 are shown in the Schedules of Investments. Therefore the value of the collateral held may be temporarily less than that required under the lending contract. As of September 30, 2013, the collateral consisted of an institutional money market fund and U.S. Treasury Notes.

3. FAIR VALUE MEASUREMENT

The authoritative guidance for fair value measurements and disclosures, Accounting Standards CodificationTM Topic 820, establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized various inputs in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels as follows:

Level 1 — quoted prices in active markets for identical securities
Level 2 — other significant observable inputs (including quoted prices for similar securities, the intrinsic value of securities such as rights, warrants or options, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of September 30, 2013 in valuing the Funds’ assets carried at fair value:

   


Quoted Prices in Active Markets (Level 1)		 Other
Significant
Observable
Inputs
(Level 2)		   Significant
Observable
Inputs
(Level 3)		   Total
Fund   Common Stock   Preferred Stock   Money Market
Funds		  
RevenueShares Large Cap Fund  $173,974,671   $—     $3,930,456   $—     $—     $177,905,127 
RevenueShares Mid Cap Fund   142,863,104    —      15,106,157    —      —      157,969,261 
RevenueShares Small Cap Fund   195,396,961    —      27,175,646    —      —      222,572,607 
RevenueShares Financials Sector Fund   28,595,722    —      —      —      —      28,595,722 
RevenueShares ADR Fund   22,229,888    237,573    3,544,739    —      —      26,012,200 
RevenueShares Navellier Overall A-100 Fund   7,006,511    —      979,048    —      —      7,985,559 

At September 30, 2013, the Funds did not hold any Level 3 securities. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.

The Funds’ policy is to disclose significant transfers between Levels based on valuations at the beginning of the reporting period. There were no significant transfers between Level 1, 2, or 3 as of September 30, 2013, based on the valuation input Levels assigned to securities on June 30, 2013.

4. FEDERAL INCOME TAX

At September 30, 2013, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were substantially the same for book purposes, as indicated below:

Fund  Cost  Gross
 Unrealized
 Appreciation		  Gross
 Unrealized
 Depreciation		  Net
Unrealized
Appreciation
(Depreciation)
RevenueShares Large Cap Fund  $132,998,590   $46,036,127   $(1,129,590)  $44,906,537 
RevenueShares Mid Cap Fund   126,962,975    31,913,158    (906,872)   31,006,286 
RevenueShares Small Cap Fund   175,432,416    48,640,785    (1,500,594)   47,140,191 
RevenueShares Financials Sector Fund   27,743,190    1,122,143    (269,611)   852,532 
RevenueShares ADR Fund   26,310,979    2,354,000    (2,652,779)   (298,779)
RevenueShares Navellier Overall A-100 Fund   7,154,763    877,567    (46,771)   830,796 

24
 

5. RISKS

Concentration Risk

The RevenueShares Financials Sector Fund and the RevenueShares ADR Fund may be adversely affected by the performance of the securities in a particular industry and may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class than may be the case for a fund that was not concentrated in a particular industry.

Non-Diversification Risk

Each of the RevenueShares Financials Sector, RevenueShares ADR and RevenueShares Navellier Overall A-100 Funds are non-diversified and, as a result, may have greater volatility than other diversified funds. Because a non-diversified fund may invest a larger percentage of its assets in securities of a single company than diversified funds, the performance of that company can have a substantial impact on a Fund’s Share price. Each Fund intends to maintain the required level of diversification so as to qualify as a “regulated investment company” for purposes of the Internal Revenue Code in order to avoid liability for Federal income tax to the extent that its earnings are distributed to shareholders. Compliance with diversification requirements of the Internal Revenue Code could limit the investment flexibility of a Fund.

Financial Sector Risk

Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition and adversely affected by natural disasters. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITs).

ADR Risk

The RevenueShares ADR Fund holds the securities of foreign companies in the form of ADRs, global shares or, in the case of Canadian equities, ordinary shares. Global shares are the actual (ordinary) shares of a non-U.S. company, which trade both in the home market and the U.S and are represented by the same share certificate in both the U.S. and the home market. Global shares may also be eligible to list on exchanges in addition to the United States and home country. ADRs are receipts typically issued by an American bank or trust company that evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs are designed for use in the U.S. securities markets. Separate registrars in the United States and home country are maintained. In most cases, purchases occurring on a U.S. exchange would be reflected on the U.S. Registrar.

The underlying securities of the ADRs in the Fund’s portfolio are usually denominated or quoted in currencies other than the U.S. dollar. Global shares may trade in their home market in currencies other than the U.S. dollar. Changes in foreign currency exchange rates affect the value of the ADR or global shares and, therefore, the value of the Fund’s portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase those returns.

In addition, although the ADRs, global shares and ordinary shares in which the Fund invests are listed on major U.S. exchanges, there can be no assurance that a market for these securities will be made or maintained or that any such

25
 

market will be or remain liquid. The price at which the Fund’s securities may be sold and the value of the Fund’s Shares will be adversely affected if trading markets for the securities are limited or absent or if bid/ask spreads are wide.

Foreign Market Risk

Since global shares and the underlying securities of ADRs in the RevenueShares ADR Fund’s portfolio trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the ADRs representing those underlying securities may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for shares of the Fund.

6. ADDITIONAL INFORMATION

The Schedules of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Funds’ audited annual report. This report includes additional information about the Funds.

7. SUBSEQUENT EVENTS

Management has evaluated events and transactions for potential recognition or disclosure in this report through the date the report was issued. Management has determined that there were no material events that would require disclosure in this report through this date.

26
 

Item 2. Controls and Procedures.

 

(a)The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

27
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) RevenueShares ETF Trust

 

By (Signature and Title)* /s/ Vincent T. Lowry
  Vincent T. Lowry
  Principal Executive Officer

 

Date November 20, 2013

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By (Signature and Title)* /s/ Vincent T. Lowry
  Vincent T. Lowry
  Principal Executive Officer

 

Date November 20, 2013

 

 

By (Signature and Title)* /s/ Michael Gompers
  Michael Gompers
  Chief Financial Officer

 

Date November 20, 2013

 

* Print the name and title of each signing officer under his or her signature.