N-Q 1 e64093nq.htm FORM N-Q

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 Street

2005 Market Street, Suite 2020

Philadelphia, PA 19103

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 1-888-854-8181

 

Date of fiscal year end: June 30

 

Date of reporting period: March 31, 2015

 

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 is attached herewith.

 

Schedule of Investments

REVENUESHARES LARGE CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—99.7%      
Automobiles & Components—3.6%             
BorgWarner, Inc.   4,347   $262,906 
Delphi Automotive PLC   6,826    544,305 
Ford Motor Co.   277,702    4,482,110 
General Motors Co.   128,492    4,818,450 
Goodyear Tire & Rubber Co. (The)   22,071    597,683 
Harley-Davidson, Inc.   3,236    196,555 
Johnson Controls, Inc.   27,024    1,363,091 
Total Automobiles & Components        12,265,100 
Banks—3.7%     
Bank of America Corp.   162,748    2,504,692 
BB&T Corp.   7,123    277,726 
Citigroup, Inc.   41,372    2,131,485 
Comerica, Inc.   1,712    77,263 
Fifth Third Bancorp   9,371    176,643 
Hudson City Bancorp, Inc.   1,708    17,900 
Huntington Bancshares, Inc.   7,796    86,146 
JPMorgan Chase & Co.   46,795    2,834,841 
KeyCorp   8,841    125,189 
M&T Bank Corp.   1,082    137,414 
People's United Financial, Inc.   2,526    38,395 
PNC Financial Services Group, Inc. (The)   4,995    465,734 
Regions Financial Corp.   16,445    155,405 
SunTrust Banks, Inc.   5,758    236,596 
U.S. Bancorp   12,872    562,120 
Wells Fargo & Co.   46,853    2,548,803 
Zions Bancorporation(a)   2,670    72,090 
Total Banks        12,448,442 
Capital Goods—8.3%     
3M Co.   6,063    1,000,092 
Allegion PLC   1,125    68,816 
AMETEK, Inc.   2,378    124,940 
Boeing Co. (The)   18,496    2,775,880 
Caterpillar, Inc.   21,480    1,719,044 
Cummins, Inc.   4,355    603,777 
Danaher Corp.   7,235    614,251 
Deere & Co.   12,805    1,122,870 
Dover Corp.   3,414    235,976 
Eaton Corp. PLC   10,440    709,294 
Emerson Electric Co.   13,692    775,241 
Fastenal Co.   2,759    114,319 
Flowserve Corp.   2,647    149,529 
Fluor Corp.   11,712    669,458 
General Dynamics Corp.   7,183    974,949 
           
Investments   Shares    Value 
General Electric Co.   183,570   $4,554,372 
Honeywell International, Inc.   12,317    1,284,786 
Illinois Tool Works, Inc.   4,609    447,718 
Ingersoll-Rand PLC   5,974    406,710 
Jacobs Engineering Group, Inc.*   9,025    407,569 
Joy Global, Inc.   2,965    116,169 
L-3 Communications Holdings, Inc.   3,026    380,641 
Lockheed Martin Corp.   7,148    1,450,758 
Masco Corp.   10,316    275,437 
Northrop Grumman Corp.   4,672    752,005 
PACCAR, Inc.   9,438    595,915 
Pall Corp.   831    83,424 
Parker Hannifin Corp.(a)   3,443    408,960 
Pentair PLC   3,422    215,210 
Precision Castparts Corp.   1,429    300,090 
Quanta Services, Inc.*   8,772    250,265 
Raytheon Co.   6,542    714,714 
Rockwell Automation, Inc.   1,821    211,218 
Rockwell Collins, Inc.   1,472    142,122 
Roper Industries, Inc.   664    114,208 
Snap-on, Inc.   756    111,177 
Stanley Black & Decker, Inc.   3,743    356,932 
Textron, Inc.   9,867    437,404 
United Rentals, Inc.*   2,022    184,326 
United Technologies Corp.   17,170    2,012,324 
W.W. Grainger, Inc.   1,324    312,212 
Xylem, Inc.   3,459    121,134 
Total Capital Goods        28,306,236 
Commercial & Professional Services—0.6%     
ADT Corp. (The)(a)   2,690    111,689 
Cintas Corp.   1,668    136,159 
Dun & Bradstreet Corp. (The)   411    52,756 
Equifax, Inc.   837    77,841 
Nielsen NV   4,567    203,551 
Pitney Bowes, Inc.   5,189    121,007 
Republic Services, Inc.   6,637    269,197 
Robert Half International, Inc.   2,380    144,038 
Stericycle, Inc.*   578    81,168 
Tyco International PLC   7,734    333,026 
Waste Management, Inc.   8,069    437,582 
Total Commercial & Professional Services        1,968,014 
Consumer Durables & Apparel—1.5%     
Coach, Inc.   3,674    152,214 
D.R. Horton, Inc.   9,392    267,484 
Fossil Group, Inc.*   1,344    110,813 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES LARGE CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Consumer Durables & Apparel (continued)     
Garmin Ltd.(a)   1,865   $88,625 
Hanesbrands, Inc.   4,841    162,222 
Harman International Industries, Inc.   1,247    166,637 
Hasbro, Inc.(a)   2,214    140,013 
Leggett & Platt, Inc.   2,566    118,267 
Lennar Corp., Class A   4,966    257,288 
Mattel, Inc.   7,951    181,680 
Michael Kors Holdings Ltd.*   1,576    103,622 
Mohawk Industries, Inc.*   1,370    254,477 
Newell Rubbermaid, Inc.   4,611    180,152 
NIKE, Inc., Class B   9,034    906,381 
PulteGroup, Inc.   8,664    192,601 
PVH Corp.   2,557    272,474 
Ralph Lauren Corp.   1,777    233,676 
Under Armour, Inc., Class A*(a)   1,227    99,080 
VF Corp.   5,267    396,658 
Whirlpool Corp.   3,168    640,126 
Total Consumer Durables & Apparel        4,924,490 
Consumer Services—1.0%     
Carnival Corp.   10,789    516,146 
Chipotle Mexican Grill, Inc.*   206    134,011 
Darden Restaurants, Inc.   2,481    172,033 
H&R Block, Inc.   2,937    94,190 
Marriott International, Inc., Class A   1,047    84,095 
McDonald's Corp.   8,976    874,621 
Royal Caribbean Cruises Ltd.   3,247    265,767 
Starbucks Corp.   5,451    516,210 
Starwood Hotels & Resorts Worldwide, Inc.   1,252    104,542 
Wyndham Worldwide Corp.   1,854    167,731 
Wynn Resorts Ltd.   1,399    176,106 
Yum! Brands, Inc.   5,340    420,365 
Total Consumer Services        3,525,817 
Diversified Financials—4.0%     
Affiliated Managers Group, Inc.*   373    80,113 
American Express Co.   12,486    975,406 
Ameriprise Financial, Inc.   2,881    376,950 
Bank of New York Mellon Corp. (The)   12,226    491,974 
Berkshire Hathaway, Inc., Class B*   41,189    5,944,396 
BlackRock, Inc.   939    343,524 
Capital One Financial Corp.   7,290    574,598 
Charles Schwab Corp. (The)   6,376    194,085 
CME Group, Inc.   980    92,816 
Discover Financial Services   3,784    213,228 
E*TRADE Financial Corp.*   2,025    57,824 
Franklin Resources, Inc.   5,048    259,063 
           
Investments   Shares    Value 
Goldman Sachs Group, Inc. (The)   5,699   $1,071,241 
Intercontinental Exchange, Inc.   425    99,140 
Invesco Ltd.   3,910    155,188 
Legg Mason, Inc.   1,505    83,076 
Leucadia National Corp.   16,716    372,600 
McGraw Hill Financial, Inc.   1,477    152,722 
Moody's Corp.   1,020    105,876 
Morgan Stanley   29,611    1,056,817 
NASDAQ OMX Group, Inc. (The)   2,242    114,207 
Navient Corp.   4,726    96,080 
Northern Trust Corp.   1,924    134,007 
State Street Corp.   4,340    319,120 
T. Rowe Price Group, Inc.   1,505    121,875 
Total Diversified Financials        13,485,926 
Energy—13.1%     
Anadarko Petroleum Corp.   6,297    521,454 
Apache Corp.   6,952    419,414 
Baker Hughes, Inc.   12,827    815,541 
Cabot Oil & Gas Corp.   2,173    64,169 
Cameron International Corp.*   7,548    340,566 
Chesapeake Energy Corp.   46,893    664,005 
Chevron Corp.   57,182    6,002,966 
Cimarex Energy Co.   703    80,908 
ConocoPhillips   27,566    1,716,259 
CONSOL Energy, Inc.   4,020    112,118 
Devon Energy Corp.   9,254    558,109 
Diamond Offshore Drilling, Inc.(a)   3,092    82,835 
Ensco PLC, Class A   6,349    133,773 
EOG Resources, Inc.   5,829    534,461 
EQT Corp.   989    81,958 
Exxon Mobil Corp.   136,103    11,568,755 
FMC Technologies, Inc.*   6,780    250,928 
Halliburton Co.(a)   25,071    1,100,115 
Helmerich & Payne, Inc.   1,757    119,599 
Hess Corp.   4,848    329,034 
Kinder Morgan, Inc.(a)   12,394    521,292 
Marathon Oil Corp.   13,158    343,555 
Marathon Petroleum Corp.   28,665    2,935,009 
Murphy Oil Corp.   3,410    158,906 
National Oilwell Varco, Inc.   13,950    697,360 
Newfield Exploration Co.*   2,175    76,321 
Noble Corp. PLC(a)   7,487    106,914 
Noble Energy, Inc.   3,253    159,072 
Occidental Petroleum Corp.   8,279    604,367 
ONEOK, Inc.   8,165    393,880 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES LARGE CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Energy (continued)     
Phillips 66   59,536   $4,679,530 
Pioneer Natural Resources Co.   865    141,436 
QEP Resources, Inc.   4,835    100,810 
Range Resources Corp.   1,317    68,537 
Schlumberger Ltd.   18,770    1,566,169 
Southwestern Energy Co.*(a)   5,393    125,064 
Spectra Energy Corp.   5,252    189,965 
Tesoro Corp.   13,631    1,244,374 
Transocean Ltd.(a)   18,530    271,835 
Valero Energy Corp.   67,001    4,262,604 
Williams Cos., Inc. (The)   5,006    253,253 
Total Energy        44,397,220 
Food & Staples Retailing—9.0%     
Costco Wholesale Corp.   23,676    3,586,796 
CVS Health Corp.   42,725    4,409,647 
Kroger Co. (The)   41,126    3,152,719 
Sysco Corp.   38,222    1,442,116 
Walgreens Boots Alliance, Inc.   27,803    2,354,358 
Wal-Mart Stores, Inc.   182,866    15,040,728 
Whole Foods Market, Inc.   8,371    435,962 
Total Food & Staples Retailing        30,422,326 
Food, Beverage & Tobacco—4.5%     
Altria Group, Inc.   11,083    554,372 
Archer-Daniels-Midland Co.   54,552    2,585,765 
Brown-Forman Corp., Class B   1,061    95,861 
Campbell Soup Co.   5,770    268,593 
Coca-Cola Co. (The)   35,912    1,456,232 
Coca-Cola Enterprises, Inc.   6,142    271,476 
ConAgra Foods, Inc.   15,373    561,576 
Constellation Brands, Inc., Class A*   1,324    153,862 
Dr Pepper Snapple Group, Inc.   2,535    198,947 
General Mills, Inc.   10,743    608,054 
Hershey Co. (The)   2,327    234,818 
Hormel Foods Corp.   5,274    299,827 
J.M. Smucker Co. (The)   1,582    183,085 
Kellogg Co.   7,326    483,150 
Keurig Green Mountain, Inc.   1,205    134,635 
Kraft Foods Group, Inc.   9,333    813,044 
Lorillard, Inc.   2,393    156,382 
McCormick & Co., Inc.   1,855    143,039 
Mead Johnson Nutrition Co.   1,378    138,530 
Molson Coors Brewing Co., Class B   1,773    132,000 
Mondelez International, Inc., Class A   30,980    1,118,068 
Monster Beverage Corp.*   577    79,854 
PepsiCo, Inc.   22,336    2,135,768 
           
Investments   Shares    Value 
Philip Morris International, Inc.   12,005   $904,337 
Reynolds American, Inc.   3,840    264,614 
Tyson Foods, Inc., Class A   30,050    1,150,915 
Total Food, Beverage & Tobacco        15,126,804 
Health Care Equipment & Services—9.4%     
Abbott Laboratories   13,561    628,281 
Aetna, Inc.   17,125    1,824,326 
AmerisourceBergen Corp.   33,967    3,861,029 
Anthem, Inc.   14,893    2,299,628 
Baxter International, Inc.   7,828    536,218 
Becton Dickinson & Co.   1,856    266,503 
Boston Scientific Corp.*   13,062    231,851 
C.R. Bard, Inc.   625    104,594 
Cardinal Health, Inc.   31,976    2,886,474 
Cerner Corp.*   1,470    107,692 
Cigna Corp.   8,694    1,125,351 
DaVita HealthCare Partners, Inc.*   4,966    403,637 
DENTSPLY International, Inc.   1,778    90,482 
Edwards Lifesciences Corp.*   502    71,515 
Express Scripts Holding Co.*   38,394    3,331,447 
HCA Holdings, Inc.*   15,601    1,173,663 
Henry Schein, Inc.*   2,343    327,130 
Humana, Inc.   8,614    1,533,464 
Intuitive Surgical, Inc.*   137    69,189 
Laboratory Corp. of America Holdings*   1,506    189,892 
McKesson Corp.   19,077    4,315,217 
Medtronic PLC   7,030    548,270 
Patterson Cos., Inc.   2,589    126,317 
Quest Diagnostics, Inc.   3,095    237,851 
St. Jude Medical, Inc.   2,716    177,626 
Stryker Corp.   3,293    303,779 
Tenet Healthcare Corp.*   10,569    523,271 
UnitedHealth Group, Inc.   34,513    4,082,543 
Universal Health Services, Inc., Class B   2,163    254,607 
Varian Medical Systems, Inc.*   1,025    96,442 
Zimmer Holdings, Inc.   1,244    146,195 
Total Health Care Equipment & Services        31,874,484 
Household & Personal Products—1.3%     
Clorox Co. (The)   1,606    177,286 
Colgate-Palmolive Co.   8,015    555,760 
Estee Lauder Cos., Inc., (The), Class A   4,264    354,594 
Kimberly-Clark Corp.   6,183    662,261 
Procter & Gamble Co. (The)   31,010    2,540,960 
Total Household & Personal Products        4,290,861 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES LARGE CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Insurance—4.2%     
ACE Ltd.   5,298   $590,674 
Aflac, Inc.   11,281    722,097 
Allstate Corp. (The)   15,826    1,126,336 
American International Group, Inc.   35,760    1,959,290 
Aon PLC   3,830    368,140 
Assurant, Inc.   5,301    325,534 
Chubb Corp. (The)   4,361    440,897 
Cincinnati Financial Corp.   2,902    154,619 
Genworth Financial, Inc., Class A*   41,331    302,130 
Hartford Financial Services Group, Inc. (The)   13,715    573,561 
Lincoln National Corp.   7,381    424,112 
Loews Corp.   11,076    452,233 
Marsh & McLennan Cos., Inc.   7,109    398,744 
MetLife, Inc.   44,963    2,272,880 
Principal Financial Group, Inc.   6,491    333,443 
Progressive Corp. (The)   22,331    607,403 
Prudential Financial, Inc.   22,420    1,800,550 
Torchmark Corp.   2,276    124,998 
Travelers Cos., Inc.   7,867    850,659 
Unum Group   9,870    332,915 
XL Group PLC   5,670    208,656 
Total Insurance        14,369,871 
Materials—3.7%     
Air Products & Chemicals, Inc.   2,149    325,101 
Airgas, Inc.   1,394    147,917 
Alcoa, Inc.   56,944    735,716 
Allegheny Technologies, Inc.   4,388    131,684 
Avery Dennison Corp.   3,800    201,058 
Ball Corp.   3,835    270,904 
CF Industries Holdings, Inc.   512    145,244 
Dow Chemical Co. (The)   38,818    1,862,488 
E.I. du Pont de Nemours & Co.   14,545    1,039,531 
Eastman Chemical Co.   4,265    295,394 
Ecolab, Inc.   3,916    447,912 
FMC Corp.   2,167    124,061 
Freeport-McMoRan, Inc.   37,209    705,111 
International Flavors & Fragrances, Inc.   830    97,442 
International Paper Co.   13,592    754,220 
LyondellBasell Industries NV, Class A   16,675    1,464,065 
Martin Marietta Materials, Inc.   604    84,439 
MeadWestvaco Corp.   3,442    171,653 
Monsanto Co.   4,287    482,459 
Mosaic Co. (The)   6,040    278,202 
Newmont Mining Corp.   10,119    219,683 
           
Investments   Shares    Value 
Nucor Corp.   13,572   $645,077 
Owens-Illinois, Inc.*   8,972    209,227 
PPG Industries, Inc.   2,122    478,596 
Praxair, Inc.   3,116    376,226 
Sealed Air Corp.   5,260    239,646 
Sherwin-Williams Co. (The)   1,254    356,763 
Sigma-Aldrich Corp.   638    88,204 
Vulcan Materials Co.   1,113    93,826 
Total Materials        12,471,849 
Media—2.9%     
Cablevision Systems Corp., Class A(a)   11,218    205,289 
CBS Corp., Class B   6,941    420,833 
Comcast Corp., Class A   36,983    2,088,430 
DIRECTV*   12,211    1,039,156 
Discovery Communications, Inc., Class A*   6,270    192,865 
Discovery Communications, Inc., Class C*   6,458    190,350 
Gannett Co., Inc.   5,216    193,409 
Interpublic Group of Cos., Inc. (The)   10,903    241,174 
News Corp., Class A*   16,111    257,937 
Omnicom Group, Inc.   6,215    484,646 
Scripps Networks Interactive, Inc., Class A   1,192    81,723 
Time Warner Cable, Inc.   4,619    692,296 
Time Warner, Inc.   10,250    865,510 
Twenty-First Century Fox, Inc., Class A   28,890    977,638 
Viacom, Inc., Class B   6,336    432,749 
Walt Disney Co. (The)   14,343    1,504,437 
Total Media        9,868,442 
Pharmaceuticals, Biotechnology & Life Sciences—3.3%     
AbbVie, Inc.   10,550    617,597 
Actavis PLC*   1,327    394,942 
Agilent Technologies, Inc.   4,753    197,487 
Alexion Pharmaceuticals, Inc.*   376    65,161 
Amgen, Inc.   3,820    610,627 
Biogen, Inc.*   721    304,435 
Bristol-Myers Squibb Co.   7,361    474,784 
Celgene Corp.*   1,983    228,600 
Eli Lilly & Co.   8,462    614,764 
Endo International PLC*   997    89,431 
Gilead Sciences, Inc.*(a)   7,850    770,320 
Hospira, Inc.*   1,614    141,774 
Johnson & Johnson   23,213    2,335,228 
Mallinckrodt PLC*   615    77,890 
Merck & Co., Inc.   23,232    1,335,375 
Mylan NV*   3,777    224,165 
PerkinElmer, Inc.   1,440    73,642 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES LARGE CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)     
Perrigo Co. PLC   740   $122,507 
Pfizer, Inc.   45,782    1,592,756 
Regeneron Pharmaceuticals, Inc.*   200    90,296 
Thermo Fisher Scientific, Inc.   3,999    537,226 
Vertex Pharmaceuticals, Inc.*   148    17,459 
Waters Corp.*   502    62,409 
Zoetis, Inc.   3,201    148,174 
Total Pharmaceuticals, Biotechnology & Life Sciences        11,127,049 
Real Estate—0.6%     
American Tower Corp.   1,359    127,950 
Apartment Investment & Management Co., Class A   758    29,835 
AvalonBay Communities, Inc.   327    56,980 
Boston Properties, Inc.   537    75,438 
CBRE Group, Inc., Class A*   8,012    310,145 
Crown Castle International Corp.   1,355    111,842 
Equity Residential   1,038    80,819 
Essex Property Trust, Inc.   130    29,887 
General Growth Properties, Inc.   2,699    79,755 
HCP, Inc.   1,721    74,364 
Health Care REIT, Inc.(a)   1,361    105,287 
Host Hotels & Resorts, Inc.   7,963    160,693 
Iron Mountain, Inc.   2,563    93,498 
Kimco Realty Corp.   1,172    31,468 
Macerich Co. (The)   387    32,636 
Plum Creek Timber Co., Inc.   1,089    47,317 
Prologis, Inc.   1,380    60,113 
Public Storage   374    73,730 
Simon Property Group, Inc.   809    158,273 
SL Green Realty Corp.   368    47,244 
Ventas, Inc.   1,360    99,307 
Vornado Realty Trust   766    85,792 
Weyerhaeuser Co.   6,881    228,105 
Total Real Estate        2,200,478 
Retailing—5.9%     
Amazon.com, Inc.*   7,534    2,803,401 
AutoNation, Inc.*   9,648    620,656 
AutoZone, Inc.*   453    309,018 
Bed Bath & Beyond, Inc.*(a)   4,809    369,211 
Best Buy Co., Inc.   32,136    1,214,419 
CarMax, Inc.*   6,255    431,658 
Dollar General Corp.*   7,365    555,174 
Dollar Tree, Inc.*   2,976    241,487 
Expedia, Inc.   1,943    182,895 
Family Dollar Stores, Inc.   4,166    330,114 
           
Investments   Shares    Value 
GameStop Corp., Class A(a)   6,982   $265,037 
Gap, Inc. (The)   12,100    524,293 
Genuine Parts Co.   5,099    475,176 
Home Depot, Inc. (The)   21,542    2,447,387 
Kohl's Corp.   8,058    630,538 
L Brands, Inc.   3,721    350,853 
Lowe's Cos., Inc.   22,744    1,691,926 
Macy's, Inc.   13,707    889,721 
Netflix, Inc.*   421    175,426 
Nordstrom, Inc.   4,939    396,700 
O'Reilly Automotive, Inc.*   1,074    232,242 
Priceline Group, Inc. (The)*   237    275,904 
Ross Stores, Inc.   3,076    324,087 
Staples, Inc.   44,869    730,692 
Target Corp.   28,894    2,371,331 
Tiffany & Co.   1,491    131,223 
TJX Cos., Inc. (The)   12,795    896,290 
Tractor Supply Co.   2,061    175,309 
TripAdvisor, Inc.*   465    38,674 
Urban Outfitters, Inc.*   2,179    99,471 
Total Retailing        20,180,313 
Semiconductors & Semiconductor Equipment—1.2%     
Altera Corp.   1,690    72,518 
Analog Devices, Inc.   1,522    95,886 
Applied Materials, Inc.   11,803    266,276 
Avago Technologies Ltd.   1,028    130,535 
Broadcom Corp., Class A   5,925    256,523 
First Solar, Inc.*   1,751    104,692 
Intel Corp.   57,197    1,788,550 
KLA-Tencor Corp.   1,501    87,493 
Lam Research Corp.   1,883    132,253 
Linear Technology Corp.   925    43,290 
Microchip Technology, Inc.(a)   1,227    60,000 
Micron Technology, Inc.*   18,345    497,700 
NVIDIA Corp.   5,734    119,984 
Skyworks Solutions, Inc.   749    73,619 
Texas Instruments, Inc.   7,099    405,956 
Xilinx, Inc.   1,812    76,648 
Total Semiconductors & Semiconductor Equipment        4,211,923 
Software & Services—5.2%     
Accenture PLC, Class A   10,470    980,934 
Adobe Systems, Inc.*   1,710    126,437 
Akamai Technologies, Inc.*   861    61,170 
Alliance Data Systems Corp.*   574    170,048 
Autodesk, Inc.*   1,168    68,492 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES LARGE CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Software & Services (continued)     
Automatic Data Processing, Inc.   4,089   $350,182 
CA, Inc.   4,350    141,854 
Citrix Systems, Inc.*   1,598    102,064 
Cognizant Technology Solutions Corp., Class A*   5,105    318,501 
Computer Sciences Corp.   6,153    401,668 
eBay, Inc.*   9,715    560,361 
Electronic Arts, Inc.*   2,043    120,159 
Equinix, Inc.   324    75,443 
Facebook, Inc., Class A*   4,879    401,127 
Fidelity National Information Services, Inc.   3,021    205,609 
Fiserv, Inc.*   2,013    159,832 
Google, Inc., Class A*   3,673    2,037,413 
Google, Inc., Class C*   3,716    2,036,368 
International Business Machines Corp.(a)   19,117    3,068,279 
Intuit, Inc.   1,427    138,362 
MasterCard, Inc., Class A   3,379    291,912 
Microsoft Corp.   64,665    2,628,956 
Oracle Corp.   27,503    1,186,754 
Paychex, Inc.   1,555    77,151 
Red Hat, Inc.*   729    55,222 
salesforce.com, Inc.*   1,885    125,937 
Symantec Corp.   8,715    203,626 
Teradata Corp.*   2,027    89,472 
Total System Services, Inc.   1,994    76,071 
VeriSign, Inc.*(a)   486    32,547 
Visa, Inc., Class A   6,021    393,834 
Western Union Co. (The)   9,196    191,369 
Xerox Corp.   50,098    643,759 
Yahoo!, Inc.*   3,272    145,391 
Total Software & Services        17,666,304 
Technology Hardware & Equipment—4.3%          
Amphenol Corp., Class A   2,823    166,359 
Apple, Inc.   45,148    5,617,766 
Cisco Systems, Inc.   53,121    1,462,155 
Corning, Inc.   12,975    294,273 
EMC Corp.   29,235    747,247 
F5 Networks, Inc.*   478    54,941 
FLIR Systems, Inc.   1,539    48,140 
Harris Corp.   2,198    173,114 
Hewlett-Packard Co.   106,805    3,328,044 
Juniper Networks, Inc.   6,182    139,590 
Motorola Solutions, Inc.   2,807    187,143 
NetApp, Inc.   5,368    190,349 
QUALCOMM, Inc.   11,953    828,821 
SanDisk Corp.   2,527    160,768 
           
Investments   Shares    Value 
Seagate Technology PLC   7,853   $408,592 
TE Connectivity Ltd.   6,020    431,152 
Western Digital Corp.   4,896    445,585 
Total Technology Hardware & Equipment        14,684,039 
Telecommunication Services—2.7%          
AT&T, Inc.   125,031    4,082,262 
CenturyLink, Inc.   16,258    561,714 
Frontier Communications Corp.   20,137    141,966 
Level 3 Communications, Inc.*   3,890    209,438 
Verizon Communications, Inc.   81,388    3,957,898 
Windstream Holdings, Inc.   22,995    170,163 
Total Telecommunication Services        9,123,441 
Transportation—2.5%          
American Airlines Group, Inc.   24,625    1,299,707 
C.H. Robinson Worldwide, Inc.(a)   5,679    415,816 
CSX Corp.   11,453    379,323 
Delta Air Lines, Inc.   27,906    1,254,654 
Expeditors International of Washington, Inc.   4,233    203,946 
FedEx Corp.   8,332    1,378,529 
Kansas City Southern   710    72,477 
Norfolk Southern Corp.(a)   3,318    341,489 
Ryder System, Inc.   2,186    207,430 
Southwest Airlines Co.   12,907    571,780 
Union Pacific Corp.   6,457    699,358 
United Parcel Service, Inc., Class B   18,384    1,782,145 
Total Transportation        8,606,654 
Utilities—3.2%          
AES Corp.   42,955    551,972 
AGL Resources, Inc.   3,423    169,952 
Ameren Corp.   4,324    182,473 
American Electric Power Co., Inc.   9,369    527,006 
CenterPoint Energy, Inc.   13,688    279,372 
CMS Energy Corp.   6,415    223,948 
Consolidated Edison, Inc.   6,591    402,051 
Dominion Resources, Inc.   5,481    388,438 
DTE Energy Co.   4,856    391,831 
Duke Energy Corp.   9,719    746,225 
Edison International   6,493    405,618 
Entergy Corp.   5,061    392,177 
Eversource Energy   4,826    243,810 
Exelon Corp.(a)   25,747    865,357 
FirstEnergy Corp.   12,841    450,205 
Integrys Energy Group, Inc.   2,827    203,601 
NextEra Energy, Inc.   5,046    525,036 
NiSource, Inc.   4,696    207,375 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES LARGE CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Utilities (continued)          
NRG Energy, Inc.   19,812   $499,064 
Pepco Holdings, Inc.   5,722    153,521 
PG&E Corp.   9,987    530,010 
Pinnacle West Capital Corp.   1,705    108,694 
PPL Corp.   10,698    360,095 
Public Service Enterprise Group, Inc.   8,171    342,528 
SCANA Corp.   2,827    155,457 
Sempra Energy   3,116    339,706 
Southern Co. (The)   12,955    573,647 
TECO Energy, Inc.   4,164    80,782 
Wisconsin Energy Corp.(a)   3,171    156,964 
Xcel Energy, Inc.   10,594    368,777 
Total Utilities        10,825,692 
Total Common Stocks          
    (Cost $262,394,766)        338,371,775 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—0.7%          
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.08% (b)
    (Cost $2,145,257)		   2,145,257    2,145,257 
Total Investments—100.4%
    (Cost $264,540,023)		        340,517,032 
Liabilities in Excess of Other Assets–(0.4)%        (1,189,643)
Net Assets–100.0%       $339,327,389 
           

 

PLC - Public Limited Company
REIT - Real Estate Investment Trust
 

 

* 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 $8,166,623; total market value of the collateral held by the fund was $8,419,467.  The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $6,274,210.
(b) Rate shown represents annualized 7-day yield as of March 31, 2015.

 

 

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

 

Schedule of Investments

REVENUESHARES MID CAP FUND
MARCH 31, 2015 (UNAUDITED)

 

Investments  Shares  Value
COMMON STOCKS—99.9%          
Automobiles & Components—0.8%     
Dana Holding Corp.   54,963   $1,163,017 
Gentex Corp.   13,089    239,529 
Thor Industries, Inc.   9,898    625,652 
Total Automobiles & Components        2,028,198 
Banks—1.6%     
Associated Banc-Corp.   8,974    166,916 
BancorpSouth, Inc.   5,246    121,812 
Bank of Hawaii Corp.   1,625    99,466 
Cathay General Bancorp   2,503    71,210 
City National Corp.   2,512    223,769 
Commerce Bancshares, Inc.   4,277    181,003 
Cullen/Frost Bankers, Inc.   2,473    170,835 
East West Bancorp, Inc.   3,886    157,228 
First Horizon National Corp.   13,944    199,260 
First Niagara Financial Group, Inc.   25,650    226,746 
FirstMerit Corp.   9,169    174,761 
Fulton Financial Corp.   9,544    117,773 
Hancock Holding Co.   5,044    150,614 
International Bancshares Corp.   3,486    90,741 
New York Community Bancorp, Inc.(a)   14,185    237,315 
PacWest Bancorp   2,586    121,257 
Prosperity Bancshares, Inc.   2,615    137,235 
Signature Bank*   1,076    139,428 
SVB Financial Group*   1,931    245,314 
Synovus Financial Corp.   6,496    181,953 
TCF Financial Corp.   12,587    197,868 
Trustmark Corp.   4,188    101,685 
Umpqua Holdings Corp.   9,269    159,241 
Valley National Bancorp   9,725    91,804 
Washington Federal, Inc.   3,628    79,108 
Webster Financial Corp.   3,833    142,013 
Total Banks        3,986,355 
Capital Goods—10.8%     
A.O. Smith Corp.   6,367    418,057 
Acuity Brands, Inc.   2,521    423,931 
AECOM*   48,307    1,488,822 
AGCO Corp.   35,660    1,698,842 
B/E Aerospace, Inc.   10,691    680,162 
Carlisle Cos., Inc.   6,094    564,487 
CLARCOR, Inc.   4,046    267,279 
Crane Co.   7,873    491,354 
Donaldson Co., Inc.   11,426    430,875 
           
Investments   Shares    Value 
Esterline Technologies Corp.*   3,194   $365,458 
Exelis, Inc.   28,724    700,004 
Fortune Brands Home & Security, Inc.   14,085    668,756 
GATX Corp.   4,240    245,835 
Graco, Inc.   2,915    210,346 
Granite Construction, Inc.   12,175    427,830 
Harsco Corp.   21,705    374,628 
Hubbell, Inc., Class B   5,366    588,221 
Huntington Ingalls Industries, Inc.   8,642    1,211,176 
IDEX Corp.   4,899    371,491 
ITT Corp.   11,435    456,371 
KBR, Inc.   76,389    1,106,113 
Kennametal, Inc.   14,741    496,624 
KLX, Inc.*   7,424    286,121 
Lennox International, Inc.   5,417    605,025 
Lincoln Electric Holdings, Inc.   7,301    477,412 
MSC Industrial Direct Co., Inc., Class A   6,635    479,047 
Nordson Corp.   3,788    296,752 
NOW, Inc.*(a)   34,788    752,812 
Orbital ATK, Inc.   10,872    833,121 
Oshkosh Corp.   24,887    1,214,237 
Regal-Beloit Corp.   7,138    570,469 
SPX Corp.   9,706    824,039 
Teledyne Technologies, Inc.*   4,143    442,182 
Terex Corp.   47,892    1,273,448 
Timken Co.   12,990    547,399 
Trinity Industries, Inc.   31,191    1,107,592 
Triumph Group, Inc.   11,081    661,757 
Valmont Industries, Inc.   4,402    540,918 
Wabtec Corp.   5,567    528,921 
Watsco, Inc.   5,657    711,085 
Woodward, Inc.   6,972    355,642 
Total Capital Goods        26,194,641 
Commercial & Professional Services—3.9%     
Clean Harbors, Inc.*(a)   10,440    592,783 
Copart, Inc.*   5,472    205,583 
Corporate Executive Board Co.   2,035    162,515 
Deluxe Corp.   4,410    305,525 
FTI Consulting, Inc.*   8,336    312,267 
Herman Miller, Inc.   11,448    317,797 
HNI Corp.   7,373    406,768 
Manpowergroup, Inc.   42,290    3,643,284 
MSA Safety, Inc.   3,986    198,822 
R.R. Donnelley & Sons Co.   108,434    2,080,848 
Rollins, Inc.   10,278    254,175 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES MID CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Commercial & Professional Services (continued)     
Towers Watson & Co., Class A   4,662   $616,246 
Waste Connections, Inc.   7,488    360,472 
Total Commercial & Professional Services        9,457,085 
Consumer Durables & Apparel—3.1%     
Brunswick Corp.   12,319    633,813 
Carter’s, Inc.   5,546    512,839 
Deckers Outdoor Corp.*   5,277    384,535 
Jarden Corp.*   27,353    1,446,974 
Kate Spade & Co.*   6,268    209,288 
KB Home(a)   30,127    470,584 
MDC Holdings, Inc.(a)   11,004    313,614 
NVR, Inc.*   592    786,567 
Polaris Industries, Inc.   5,401    762,081 
Tempur Sealy International, Inc.*   9,337    539,118 
Toll Brothers, Inc.*   18,004    708,277 
Tupperware Brands Corp.   6,770    467,265 
Vista Outdoor, Inc.*   6,504    278,501 
Total Consumer Durables & Apparel        7,513,456 
Consumer Services—2.0%     
Apollo Education Group, Inc.*   19,245    364,115 
Brinker International, Inc.   8,462    520,921 
Buffalo Wild Wings, Inc.*   1,401    253,917 
Cheesecake Factory, Inc.   7,140    352,216 
DeVry Education Group, Inc.   9,346    311,783 
Domino’s Pizza, Inc.   3,429    344,786 
Graham Holdings Co., Class B   578    606,686 
International Game Technology   20,328    353,911 
International Speedway Corp., Class A   3,551    115,798 
Life Time Fitness, Inc.*(a)   3,205    227,427 
Panera Bread Co., Class A*   2,751    440,146 
Service Corp. International   19,913    518,734 
Sotheby’s   3,890    164,391 
Wendy’s Co. (The)   32,768    357,171 
Total Consumer Services        4,932,002 
Diversified Financials—1.1%     
CBOE Holdings, Inc.   1,844    105,855 
Eaton Vance Corp.   6,008    250,173 
Federated Investors, Inc., Class B   4,598    155,826 
Janus Capital Group, Inc.   9,610    165,196 
MSCI, Inc.   2,989    183,256 
Raymond James Financial, Inc.   14,597    828,818 
SEI Investments Co.   5,066    223,360 
SLM Corp.*   12,301    114,153 
Stifel Financial Corp.*   6,974    388,800 
           
Investments   Shares    Value 
Waddell & Reed Financial, Inc., Class A   5,745   $284,607 
Total Diversified Financials        2,700,044 
Energy—9.4%          
Atwood Oceanics, Inc.   6,596    185,414 
California Resources Corp.   103,551    788,023 
Denbury Resources, Inc.   53,411    389,366 
Dresser-Rand Group, Inc.*   6,129    492,465 
Dril-Quip, Inc.*   2,377    162,563 
Energen Corp.   3,749    247,434 
Gulfport Energy Corp.*   2,438    111,929 
Helix Energy Solutions Group, Inc.*   14,003    209,485 
HollyFrontier Corp.   83,405    3,358,719 
Nabors Industries Ltd.   92,376    1,260,932 
Oceaneering International, Inc.   12,177    656,706 
Oil States International, Inc.*   8,039    319,711 
Patterson-UTI Energy, Inc.(a)   30,417    571,079 
Peabody Energy Corp.(a)   194,567    957,270 
Rosetta Resources, Inc.*   10,171    173,110 
Rowan Cos. PLC, Class A   16,770    296,997 
SM Energy Co.   9,358    483,622 
Superior Energy Services, Inc.   38,751    865,697 
Tidewater, Inc.(a)   10,899    208,607 
Unit Corp.*   10,350    289,593 
Western Refining, Inc.   53,395    2,637,179 
World Fuel Services Corp.   135,722    7,801,301 
WPX Energy, Inc.*   44,366    484,920 
Total Energy        22,952,122 
Food & Staples Retailing—1.8%     
SUPERVALU, Inc.*   268,818    3,126,354 
United Natural Foods, Inc.*   15,833    1,219,774 
Total Food & Staples Retailing        4,346,128 
Food, Beverage & Tobacco—2.4%     
Boston Beer Co., Inc. (The), Class A*(a)   601    160,707 
Dean Foods Co.   104,868    1,733,468 
Flowers Foods, Inc.   30,049    683,314 
Hain Celestial Group, Inc. (The)*   5,986    383,403 
Ingredion, Inc.   12,559    977,341 
Lancaster Colony Corp.   1,976    188,056 
Post Holdings, Inc.*   8,852    414,628 
Tootsie Roll Industries, Inc.(a)   2,952    100,132 
TreeHouse Foods, Inc.*   6,044    513,861 
WhiteWave Foods Co. (The)*   14,346    636,102 
Total Food, Beverage & Tobacco        5,791,012 
Health Care Equipment & Services—7.6%     
Align Technology, Inc.*   2,373    127,632 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES MID CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Health Care Equipment & Services (continued)     
Allscripts Healthcare Solutions, Inc.*(a)   20,654   $247,022 
Centene Corp.*   39,670    2,804,272 
Community Health Systems, Inc.*   62,382    3,261,331 
Cooper Cos., Inc. (The)   1,626    304,745 
Halyard Health, Inc.*   6,156    302,875 
Health Net, Inc.*   40,782    2,466,903 
Hill-Rom Holdings, Inc.   6,153    301,497 
HMS Holdings Corp.*   4,721    72,940 
Hologic, Inc.*   13,466    444,715 
IDEXX Laboratories, Inc.*   1,722    266,015 
LifePoint Hospitals, Inc.*   10,480    769,756 
MEDNAX, Inc.*   5,953    431,652 
Omnicare, Inc.   14,534    1,119,990 
Owens & Minor, Inc.   48,848    1,653,016 
ResMed, Inc.(a)   3,776    271,041 
Sirona Dental Systems, Inc.*   2,321    208,867 
STERIS Corp.(a)   4,229    297,172 
Teleflex, Inc.   2,680    323,824 
Thoratec Corp.*   2,100    87,969 
VCA, Inc.*   6,343    347,723 
WellCare Health Plans, Inc.*   24,468    2,237,843 
Total Health Care Equipment & Services        18,348,800 
Household & Personal Products—1.2%     
Avon Products, Inc.   208,164    1,663,230 
Church & Dwight Co., Inc.   6,793    580,258 
Energizer Holdings, Inc.   5,691    785,643 
Total Household & Personal Products        3,029,131 
Insurance—5.2%     
Alleghany Corp.*   1,867    909,229 
American Financial Group, Inc.   15,235    977,325 
Arthur J. Gallagher & Co.   16,777    784,325 
Aspen Insurance Holdings Ltd.   9,795    462,618 
Brown & Brown, Inc.   8,399    278,091 
Everest Re Group Ltd.   5,729    996,846 
First American Financial Corp.   23,154    826,135 
Hanover Insurance Group, Inc. (The)   12,398    899,847 
HCC Insurance Holdings, Inc.   8,096    458,800 
Kemper Corp.   9,744    379,626 
Mercury General Corp.   9,368    541,002 
Old Republic International Corp.   63,664    951,140 
Primerica, Inc.   4,616    234,954 
Reinsurance Group of America, Inc.   20,524    1,912,632 
RenaissanceRe Holdings Ltd.   2,162    215,616 
StanCorp Financial Group, Inc.   7,148    490,353 
           
Investments   Shares    Value 
W.R. Berkley Corp.   24,290   $1,226,888 
Total Insurance        12,545,427 
Materials—10.1%          
Albemarle Corp.   8,145    430,382 
AptarGroup, Inc.   7,136    453,279 
Ashland, Inc.   8,636    1,099,449 
Bemis Co., Inc.   15,154    701,782 
Cabot Corp.   14,691    661,095 
Carpenter Technology Corp.   10,045    390,549 
Cliffs Natural Resources, Inc.(a)   177,352    853,063 
Commercial Metals Co.   81,789    1,324,164 
Compass Minerals International, Inc.   2,368    220,721 
Cytec Industries, Inc.   6,821    368,607 
Domtar Corp.   21,145    977,322 
Eagle Materials, Inc.   1,930    161,271 
Greif, Inc., Class A   18,199    714,675 
Louisiana-Pacific Corp.*(a)   21,471    354,486 
Minerals Technologies, Inc.   4,286    313,306 
NewMarket Corp.   888    424,286 
Olin Corp.   13,679    438,275 
Packaging Corp. of America   12,906    1,009,120 
PolyOne Corp.   17,806    665,054 
Reliance Steel & Aluminum Co.   30,621    1,870,331 
Rock-Tenn Co., Class A   25,872    1,668,744 
Royal Gold, Inc.   628    39,633 
RPM International, Inc.   15,980    766,880 
Scotts Miracle-Gro Co., (The), Class A   7,239    486,244 
Sensient Technologies Corp.   3,853    265,395 
Silgan Holdings, Inc.   11,933    693,665 
Sonoco Products Co.   19,356    879,924 
Steel Dynamics, Inc.   75,867    1,524,927 
TimkenSteel Corp.   10,808    286,088 
United States Steel Corp.(a)   129,062    3,149,113 
Valspar Corp. (The)   9,344    785,176 
Worthington Industries, Inc.   20,111    535,154 
Total Materials        24,512,160 
Media—1.5%     
AMC Networks, Inc., Class A*(a)   5,120    392,397 
Cinemark Holdings, Inc.   10,667    480,762 
DreamWorks Animation SKG, Inc., Class A*(a)   5,474    132,471 
John Wiley & Sons, Inc., Class A   5,128    313,526 
Live Nation Entertainment, Inc.*   46,904    1,183,388 
Meredith Corp.   4,715    262,955 
New York Times Co., (The), Class A   20,428    281,089 
Time, Inc.   25,082    562,840 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES MID CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Media (continued)     
Total Media       $3,609,428 
Pharmaceuticals, Biotechnology & Life Sciences—0.7%          
Akorn, Inc.*   2,167    102,954 
Bio-Rad Laboratories, Inc., Class A*   2,804    379,045 
Bio-Techne Corp.   639    64,085 
Charles River Laboratories International, Inc.*   2,786    220,902 
Mettler-Toledo International, Inc.*   1,353    444,664 
Salix Pharmaceuticals Ltd.*   1,154    199,423 
United Therapeutics Corp.*   1,306    225,200 
Total Pharmaceuticals, Biotechnology & Life Sciences        1,636,273 
Real Estate—2.2%     
Alexander & Baldwin, Inc.   2,405    103,848 
Alexandria Real Estate Equities, Inc.   1,287    126,178 
American Campus Communities, Inc.   3,013    129,167 
BioMed Realty Trust, Inc.   5,109    115,770 
Camden Property Trust   1,934    151,103 
Corporate Office Properties Trust   3,480    102,242 
Corrections Corp. of America   7,141    287,497 
Duke Realty Corp.   10,174    221,488 
Equity One, Inc.   2,296    61,280 
Extra Space Storage, Inc.   1,737    117,369 
Federal Realty Investment Trust   837    123,215 
Highwoods Properties, Inc.   2,383    109,094 
Home Properties, Inc.   1,693    117,308 
Hospitality Properties Trust   9,240    304,828 
Jones Lang LaSalle, Inc.   5,802    988,661 
Kilroy Realty Corp.   1,184    90,185 
Lamar Advertising Co., Class A   3,830    227,004 
LaSalle Hotel Properties   4,868    189,171 
Liberty Property Trust   3,832    136,802 
Mack-Cali Realty Corp.   5,726    110,397 
Mid-America Apartment Communities, Inc.   2,236    172,776 
National Retail Properties, Inc.   1,858    76,122 
Omega Healthcare Investors, Inc.   2,208    89,579 
Potlatch Corp.   2,668    106,827 
Rayonier, Inc.   3,898    105,090 
Realty Income Corp.   3,144    162,230 
Regency Centers Corp.   1,468    99,883 
Senior Housing Properties Trust   6,655    147,674 
Tanger Factory Outlet Centers, Inc.   2,098    73,787 
Taubman Centers, Inc.   1,484    114,461 
UDR, Inc.   4,148    141,156 
Urban Edge Properties   2,297    54,439 
           
Investments   Shares    Value 
Weingarten Realty Investors   2,582   $92,900 
WP GLIMCHER, Inc.   6,968    115,878 
Total Real Estate        5,365,409 
Retailing—9.6%          
Aaron’s, Inc.   16,946    479,741 
Abercrombie & Fitch Co., Class A(a)   34,938    770,034 
Advance Auto Parts, Inc.   11,605    1,737,152 
American Eagle Outfitters, Inc.   34,080    582,086 
ANN, Inc.*   10,668    437,708 
Ascena Retail Group, Inc.*(a)   61,887    897,980 
Big Lots, Inc.   18,137    871,120 
Cabela’s, Inc.*   11,150    624,177 
Chico’s FAS, Inc.   25,239    446,478 
CST Brands, Inc.   42,839    1,877,633 
Dick’s Sporting Goods, Inc.   19,021    1,084,007 
Foot Locker, Inc.   18,677    1,176,651 
Guess?, Inc.   26,967    501,317 
HSN, Inc.   9,291    633,925 
JC Penney Co., Inc.*(a)   272,335    2,290,337 
LKQ Corp.*   48,708    1,244,977 
Murphy USA, Inc.*   38,020    2,751,507 
Office Depot, Inc.*   304,733    2,803,544 
Rent-A-Center, Inc.   20,056    550,337 
Signet Jewelers Ltd.   5,878    815,808 
Williams-Sonoma, Inc.   9,525    759,238 
Total Retailing        23,335,757 
Semiconductors & Semiconductor Equipment—1.3%     
Advanced Micro Devices, Inc.*(a)   351,738    942,658 
Atmel Corp.   28,772    236,793 
Cree, Inc.*(a)   7,740    274,693 
Cypress Semiconductor Corp.*   8,356    117,903 
Fairchild Semiconductor International, Inc.*   13,733    249,666 
Integrated Device Technology, Inc.*   4,161    83,303 
Intersil Corp., Class A   6,645    95,156 
Qorvo, Inc.*   2,524    201,163 
Semtech Corp.*   3,733    99,466 
Silicon Laboratories, Inc.*   2,122    107,734 
SunEdison, Inc.*(a)   17,855    428,520 
Teradyne, Inc.   14,680    276,718 
Total Semiconductors & Semiconductor Equipment        3,113,773 
Software & Services—3.8%     
ACI Worldwide, Inc.*   8,464    183,330 
Acxiom Corp.*   9,693    179,223 
Advent Software, Inc.   1,581    69,738 
ANSYS, Inc.*   1,883    166,062 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES MID CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Software & Services (continued)     
AOL, Inc.*   10,793   $427,511 
Broadridge Financial Solutions, Inc.   8,321    457,738 
Cadence Design Systems, Inc.*(a)   14,907    274,885 
CDK Global, Inc.   7,014    327,975 
CommVault Systems, Inc.*   2,286    99,898 
Convergys Corp.   22,002    503,186 
CoreLogic, Inc.*   7,362    259,658 
DST Systems, Inc.   4,494    497,531 
FactSet Research Systems, Inc.   1,032    164,294 
Fair Isaac Corp.   1,626    144,259 
Fortinet, Inc.*   3,886    135,816 
Gartner, Inc.*   4,351    364,831 
Global Payments, Inc.   4,882    447,582 
Informatica Corp.*   4,192    183,840 
Jack Henry & Associates, Inc.   3,093    216,170 
Leidos Holdings, Inc.   23,000    965,080 
MAXIMUS, Inc.   4,558    304,292 
Mentor Graphics Corp.   8,550    205,456 
NeuStar, Inc., Class A*(a)   7,701    189,599 
PTC, Inc.*   6,593    238,469 
Rackspace Hosting, Inc.*   5,822    300,357 
Rovi Corp.*   4,325    78,758 
Science Applications International Corp.   13,360    686,036 
SolarWinds, Inc.*   1,528    78,295 
Solera Holdings, Inc.   3,339    172,493 
Synopsys, Inc.*   7,773    360,045 
Tyler Technologies, Inc.*   709    85,456 
Ultimate Software Group, Inc. (The)*   526    89,396 
VeriFone Systems, Inc.*   9,132    318,615 
WEX, Inc.*   1,373    147,405 
Total Software & Services        9,323,279 
Technology Hardware & Equipment—13.5%     
3D Systems Corp.*(a)   4,149    113,766 
ARRIS Group, Inc.*   30,140    870,895 
Arrow Electronics, Inc.*   64,350    3,935,003 
Avnet, Inc.   105,990    4,716,555 
Belden, Inc.   4,501    421,114 
Ciena Corp.*   18,872    364,418 
Cognex Corp.*   1,739    86,237 
Diebold, Inc.   15,632    554,311 
FEI Co.   2,165    165,276 
Ingram Micro, Inc., Class A*   344,009    8,641,506 
InterDigital, Inc./PA   1,357    68,854 
IPG Photonics Corp.*(a)   1,364    126,443 
           
Investments   Shares    Value 
Itron, Inc.*   9,468   $345,677 
Jabil Circuit, Inc.   122,274    2,858,766 
JDS Uniphase Corp.*   22,062    289,453 
Keysight Technologies, Inc.*   13,310    494,467 
Knowles Corp.*(a)   9,700    186,919 
Lexmark International, Inc., Class A   16,263    688,575 
National Instruments Corp.   6,651    213,098 
NCR Corp.*   38,595    1,138,939 
Plantronics, Inc.   2,623    138,888 
Polycom, Inc.*   17,160    229,944 
Riverbed Technology, Inc.*   9,163    191,598 
Tech Data Corp.*   82,191    4,748,174 
Trimble Navigation Ltd.*   16,571    417,589 
Vishay Intertechnology, Inc.   31,648    437,375 
Zebra Technologies Corp., Class A*   3,421    310,336 
Total Technology Hardware & Equipment        32,754,176 
Telecommunication Services—0.3%     
Telephone & Data Systems, Inc.   33,680    838,632 
           
Transportation—2.5%     
Alaska Air Group, Inc.   13,875    918,247 
Con-way, Inc.   22,562    995,661 
Genesee & Wyoming, Inc., Class A*   2,755    265,692 
JB Hunt Transport Services, Inc.   12,134    1,036,183 
JetBlue Airways Corp.*(a)   53,114    1,022,444 
Kirby Corp.*   5,930    445,047 
Landstar System, Inc.   8,099    536,964 
Old Dominion Freight Line, Inc.*   6,092    470,912 
Werner Enterprises, Inc.   11,444    359,456 
Total Transportation        6,050,606 
Utilities—3.5%     
Alliant Energy Corp.   9,339    588,357 
Aqua America, Inc.   5,089    134,095 
Atmos Energy Corp.   15,559    860,413 
Black Hills Corp.   4,747    239,439 
Cleco Corp.   4,075    222,169 
Great Plains Energy, Inc.   16,692    445,343 
Hawaiian Electric Industries, Inc.   16,952    544,498 
IDACORP, Inc.   3,601    226,395 
MDU Resources Group, Inc.   38,020    811,347 
National Fuel Gas Co.   6,107    368,435 
OGE Energy Corp.   13,346    421,867 
ONE Gas, Inc.   7,588    328,029 
PNM Resources, Inc.   8,708    254,274 
Questar Corp.   8,756    208,918 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES MID CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Transportation (continued)     
UGI Corp.   43,277   $1,410,398 
Vectren Corp.   10,287    454,068 
Westar Energy, Inc.   11,786    456,825 
WGL Holdings, Inc.   8,653    488,029 
Total Utilities        8,462,899 
Total Common Stocks          
    (Cost $205,082,608)        242,826,793 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—6.1%          
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.08% (b)
    (Cost $14,683,899)		   14,683,899    14,683,899 
Total Investments—106.0%
    (Cost $219,766,507)		        257,510,692 
Liabilities in Excess of Other Assets–(6.0)%        (14,532,529)
Net Assets–100.0%       $242,978,163 
           

 

PLC - Public Limited Company
 

 

* 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 $14,169,595; total market value of the collateral held by the fund was $14,714,742. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $30,843.
(b) Rate shown represents annualized 7-day yield as of March 31, 2015.

 

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

 

Schedule of Investments

REVENUESHARES SMALL CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—99.9%      
Automobiles & Components—0.7%     
Dorman Products, Inc.*(a)   8,933   $444,417 
Drew Industries, Inc.   10,629    654,109 
Standard Motor Products, Inc.   13,705    579,173 
Superior Industries International, Inc.   22,269    421,552 
Winnebago Industries, Inc.(a)   23,407    497,633 
Total Automobiles & Components        2,596,884 
Banks—2.5%     
Astoria Financial Corp.   17,744    229,785 
Bank Mutual Corp.   6,986    51,137 
Bank of the Ozarks, Inc.   4,895    180,772 
Banner Corp.   2,805    128,749 
BBCN Bancorp, Inc.   11,711    169,458 
BofI Holding, Inc.*   909    84,573 
Boston Private Financial Holdings, Inc.   14,997    182,214 
Brookline Bancorp, Inc.   11,241    112,972 
Cardinal Financial Corp.   4,064    81,199 
Central Pacific Financial Corp.   4,472    102,722 
City Holding Co.   2,055    96,647 
Columbia Banking System, Inc.   6,945    201,197 
Community Bank System, Inc.   5,641    199,635 
CVB Financial Corp.   10,256    163,481 
Dime Community Bancshares   4,829    77,747 
F.N.B. Corp.   25,234    331,575 
First BanCorp*   41,901    259,786 
First Commonwealth Financial Corp.   14,922    134,298 
First Financial Bancorp   9,370    166,880 
First Financial Bankshares, Inc.(a)   5,228    144,502 
First Midwest Bancorp, Inc.   12,559    218,150 
Glacier Bancorp, Inc.   8,034    202,055 
Hanmi Financial Corp.   4,240    89,676 
Home BancShares, Inc.   5,611    190,157 
Independent Bank Corp.   3,277    143,762 
LegacyTexas Financial Group, Inc.   3,470    78,873 
MB Financial, Inc.   10,074    315,417 
National Penn Bancshares, Inc.   18,183    195,831 
NBT Bancorp, Inc.   8,184    205,091 
Northwest Bancshares, Inc.   14,250    168,862 
OFG Bancorp   11,928    194,665 
Old National Bancorp   20,999    297,976 
Oritani Financial Corp.   3,953    57,516 
Pinnacle Financial Partners, Inc.   3,087    137,248 
PrivateBancorp, Inc.   8,760    308,089 
Provident Financial Services, Inc.   8,371    156,119 
           
Investments   Shares    Value 
S&T Bancorp, Inc.   3,687   $104,637 
Simmons First National Corp., Class A   2,877    130,817 
Southside Bancshares, Inc.   2,292    65,757 
Sterling Bancorp(a)   10,249    137,439 
Susquehanna Bancshares, Inc.   28,756    394,245 
Talmer Bancorp, Inc., Class A   9,900    151,618 
Texas Capital Bancshares, Inc.*   5,748    279,640 
Tompkins Financial Corp.   2,470    133,009 
TrustCo Bank Corp.   12,953    89,117 
UMB Financial Corp.   9,022    477,174 
United Bankshares, Inc.   6,312    237,205 
United Community Banks, Inc.   8,361    157,856 
Westamerica Bancorporation   2,379    102,797 
Wilshire Bancorp, Inc.   10,450    104,186 
Wintrust Financial Corp.   9,395    447,954 
Total Banks        9,072,267 
Capital Goods—12.4%     
AAON, Inc.   8,920    218,808 
AAR Corp.   34,218    1,050,493 
Actuant Corp., Class A   31,815    755,288 
Aegion Corp., Class A*   42,508    767,269 
Aerovironment, Inc.*   5,351    141,855 
Albany International Corp., Class A   10,576    420,396 
American Science & Engineering, Inc.   2,017    98,551 
American Woodmark Corp.*   7,863    430,342 
Apogee Enterprises, Inc.   9,871    426,427 
Applied Industrial Technologies, Inc.   32,037    1,452,558 
Astec Industries, Inc.   12,640    542,003 
AZZ, Inc.   9,514    443,257 
Barnes Group, Inc.   17,635    714,041 
Briggs & Stratton Corp.   53,280    1,094,371 
CIRCOR International, Inc.   8,564    468,451 
Comfort Systems USA, Inc.   40,230    846,439 
Cubic Corp.   14,924    772,615 
Curtiss-Wright Corp.   17,410    1,287,295 
DXP Enterprises, Inc.*   18,950    835,506 
Dycom Industries, Inc.*   21,640    1,056,898 
EMCOR Group, Inc.   81,248    3,775,595 
Encore Wire Corp.   18,586    704,038 
EnerSys   21,151    1,358,740 
Engility Holdings, Inc.   23,386    702,515 
EnPro Industries, Inc.   10,140    668,733 
ESCO Technologies, Inc.   7,768    302,797 
Federal Signal Corp.   32,788    517,723 
Franklin Electric Co., Inc.   15,294    583,313 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Capital Goods (continued)     
GenCorp, Inc.*   41,134   $953,897 
General Cable Corp.   200,819    3,460,111 
Gibraltar Industries, Inc.*   32,555    534,228 
Griffon Corp.   66,026    1,150,833 
Hillenbrand, Inc.   31,303    966,324 
John Bean Technologies Corp.   15,896    567,805 
Kaman Corp.   24,022    1,019,253 
Lindsay Corp.   4,202    320,403 
Lydall, Inc.*   9,332    296,011 
Moog, Inc., Class A*   19,919    1,494,921 
Mueller Industries, Inc.   37,487    1,354,405 
National Presto Industries, Inc.(a)   3,739    237,015 
Orion Marine Group, Inc.*   24,065    213,216 
PGT, Inc.*   15,516    173,391 
Powell Industries, Inc.   10,912    368,498 
Quanex Building Products Corp.   17,085    337,258 
Simpson Manufacturing Co., Inc.   11,279    421,496 
Standex International Corp.   4,972    408,350 
TASER International, Inc.*(a)   3,796    91,522 
Tennant Co.   7,112    464,911 
Titan International, Inc.   115,616    1,082,166 
Toro Co. (The)   17,702    1,241,264 
Universal Forest Products, Inc.   28,367    1,573,801 
Veritiv Corp.*   70,013    3,089,674 
Vicor Corp.*   8,141    123,743 
Watts Water Technologies, Inc., Class A   15,483    852,030 
Total Capital Goods        45,232,843 
Commercial & Professional Services—6.3%     
ABM Industries, Inc.   89,223    2,842,645 
Brady Corp., Class A   24,978    706,628 
Brink's Co. (The)   73,817    2,039,564 
CDI Corp.   47,274    664,200 
Exponent, Inc.   1,851    164,554 
G&K Services, Inc., Class A   7,021    509,233 
Healthcare Services Group, Inc.   21,251    682,795 
Heidrick & Struggles International, Inc.   11,414    280,556 
Insperity, Inc.   24,307    1,271,013 
Interface, Inc.   27,430    569,995 
Kelly Services, Inc., Class A   176,635    3,080,514 
Korn/Ferry International   16,646    547,154 
Matthews International Corp., Class A   12,420    639,754 
Mobile Mini, Inc.   5,924    252,599 
Navigant Consulting, Inc.*   31,346    406,244 
On Assignment, Inc.*   27,036    1,037,371 
Resources Connection, Inc.   18,431    322,543 
           
Investments   Shares    Value 
Tetra Tech, Inc.   42,717   $1,026,062 
TrueBlue, Inc.*   49,662    1,209,270 
UniFirst Corp.   6,707    789,347 
United Stationers, Inc.   75,070    3,077,119 
US Ecology, Inc.(a)   5,066    253,148 
Viad Corp.   21,742    604,863 
WageWorks, Inc.*   2,691    143,511 
Total Commercial & Professional Services        23,120,682 
Consumer Durables & Apparel—4.7%     
Arctic Cat, Inc.   11,017    400,137 
Callaway Golf Co.   58,105    553,741 
Crocs, Inc.*   56,469    666,899 
Ethan Allen Interiors, Inc.   15,185    419,713 
G-III Apparel Group Ltd.*   8,700    980,055 
Helen of Troy Ltd.*   9,209    750,441 
Iconix Brand Group, Inc.*   6,730    226,599 
iRobot Corp.*(a)   9,754    318,273 
La-Z-Boy, Inc., Class Z   28,737    807,797 
M/I Homes, Inc.*   30,372    724,068 
Meritage Homes Corp.*   27,291    1,327,434 
Movado Group, Inc.   13,363    381,113 
Oxford Industries, Inc.   8,819    665,394 
Perry Ellis International, Inc.*   22,160    513,226 
Quiksilver, Inc.*(a)   426,274    788,607 
Ryland Group, Inc. (The)   31,659    1,543,060 
Skechers U.S.A., Inc., Class A*   18,650    1,341,122 
Standard Pacific Corp.*   158,263    1,424,367 
Steven Madden Ltd.*   19,858    754,604 
Sturm Ruger & Co., Inc.(a)   6,037    299,616 
Unifi, Inc.*   11,111    400,996 
Universal Electronics, Inc.*   5,656    319,225 
Wolverine World Wide, Inc.   49,920    1,669,824 
Total Consumer Durables & Apparel        17,276,311 
Consumer Services—4.2%     
American Public Education, Inc.*   6,165    184,827 
Biglari Holdings, Inc.*   1,055    436,875 
BJ's Restaurants, Inc.*(a)   8,968    452,436 
Bob Evans Farms, Inc.(a)   16,110    745,249 
Boyd Gaming Corp.*   105,730    1,501,366 
Capella Education Co.   3,592    233,049 
Career Education Corp.*   71,448    359,383 
Cracker Barrel Old Country Store, Inc.   9,745    1,482,604 
DineEquity, Inc.   3,473    371,646 
Interval Leisure Group, Inc.   12,866    337,218 
Jack in the Box, Inc.   8,631    827,885 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Consumer Services (continued)     
Marcus Corp. (The)   12,416   $264,337 
Marriott Vacations Worldwide Corp.   9,199    745,579 
Monarch Casino & Resort, Inc.*   5,772    110,476 
Papa John's International, Inc.   14,113    872,324 
Pinnacle Entertainment, Inc.*(a)   35,014    1,263,655 
Popeyes Louisiana Kitchen, Inc.*   2,192    131,125 
Red Robin Gourmet Burgers, Inc.*   7,613    662,331 
Regis Corp.*   64,461    1,054,582 
Ruby Tuesday, Inc.*   101,568    610,424 
Ruth's Hospitality Group, Inc.   12,524    198,881 
Scientific Games Corp., Class A*(a)   89,012    931,956 
Sonic Corp.   9,203    291,735 
Strayer Education, Inc.*   3,949    210,916 
Texas Roadhouse, Inc.   24,347    886,961 
Universal Technical Institute, Inc.   21,271    204,202 
Total Consumer Services        15,372,022 
Diversified Financials—2.0%     
Calamos Asset Management, Inc., Class A   11,054    148,676 
Cash America International, Inc.   37,458    872,771 
Encore Capital Group, Inc.*(a)   14,196    590,412 
Enova International, Inc.*   18,758    369,345 
Evercore Partners, Inc., Class A   10,044    518,873 
Ezcorp, Inc., Class A*(a)   53,973    492,774 
Financial Engines, Inc.   3,715    155,398 
First Cash Financial Services, Inc.*   8,369    389,326 
FXCM, Inc., Class A(a)   123,572    263,208 
Green Dot Corp., Class A*   21,054    335,180 
Greenhill & Co., Inc.   3,930    155,825 
HFF, Inc., Class A   6,841    256,811 
Interactive Brokers Group, Inc., Class A   20,252    688,973 
Investment Technology Group, Inc.*   11,131    337,381 
MarketAxess Holdings, Inc.   1,686    139,769 
Piper Jaffray Cos.*   6,693    351,115 
PRA Group, Inc.*(a)   9,247    502,297 
Virtus Investment Partners, Inc.   1,900    248,463 
World Acceptance Corp.*(a)   3,740    272,721 
Total Diversified Financials        7,089,318 
Energy—5.4%     
Approach Resources, Inc.*(a)   21,549    142,008 
Arch Coal, Inc.*(a)   1,701,041    1,700,871 
Basic Energy Services, Inc.*   142,468    987,303 
Bill Barrett Corp.*   28,860    239,538 
Bonanza Creek Energy, Inc.*   12,130    299,126 
Bristow Group, Inc.   15,106    822,522 
C&J Energy Services Ltd.*   83,250    926,572 
           
Investments   Shares    Value 
CARBO Ceramics, Inc.(a)   11,553   $352,482 
Carrizo Oil & Gas, Inc.*   8,585    426,245 
Cloud Peak Energy, Inc.*   119,240    693,977 
Comstock Resources, Inc.(a)   92,840    331,439 
Contango Oil & Gas Co.*   7,358    161,876 
Era Group, Inc.*   8,756    182,475 
Exterran Holdings, Inc.   53,110    1,782,903 
Geospace Technologies Corp.*   8,539    140,979 
Green Plains, Inc.   64,874    1,852,153 
Gulf Island Fabrication, Inc.   19,937    296,264 
GulfMark Offshore, Inc., Class A   20,877    272,236 
Hornbeck Offshore Services, Inc.*   18,501    348,004 
ION Geophysical Corp.*   129,047    280,032 
Matrix Service Co.*   40,380    709,073 
Newpark Resources, Inc.*   69,926    637,026 
Northern Oil and Gas, Inc.*(a)   34,491    265,926 
Paragon Offshore PLC(a)   827,178    1,075,331 
PDC Energy, Inc.*   5,839    315,539 
Penn Virginia Corp.*(a)   38,298    248,171 
PetroQuest Energy, Inc.*   61,380    141,174 
Pioneer Energy Services Corp.*   127,165    689,234 
Rex Energy Corp.*(a)   48,857    181,748 
SEACOR Holdings, Inc.*(a)   10,868    757,173 
Stone Energy Corp.*   30,563    448,665 
Swift Energy Co.*(a)   140,298    303,044 
Synergy Resources Corp.*   5,036    59,677 
Tesco Corp.   28,520    324,272 
TETRA Technologies, Inc.*   107,414    663,818 
U.S. Silica Holdings, Inc.(a)   16,518    588,206 
Total Energy        19,647,082 
Food & Staples Retailing—3.2%     
Andersons, Inc. (The)   64,417    2,664,932 
Casey's General Stores, Inc.   46,011    4,145,591 
SpartanNash Co.   154,577    4,878,450 
Total Food & Staples Retailing        11,688,973 
Food, Beverage & Tobacco—2.7%     
B&G Foods, Inc., Class A   16,614    488,950 
Calavo Growers, Inc.   8,421    433,008 
Cal-Maine Foods, Inc.(a)   21,435    837,251 
Darling Ingredients, Inc.*(a)   160,764    2,252,304 
Diamond Foods, Inc.*   15,637    509,297 
J&J Snack Foods Corp.   4,964    529,659 
Sanderson Farms, Inc.(a)   18,849    1,501,323 
Seneca Foods Corp., Class A*   26,037    776,163 
Snyder's-Lance, Inc.   30,037    959,982 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Food, Beverage & Tobacco (continued)     
Universal Corp.   31,753   $1,497,471 
Total Food, Beverage & Tobacco        9,785,408 
Health Care Equipment & Services—8.3%     
Abaxis, Inc.   1,503    96,357 
ABIOMED, Inc.*   1,689    120,899 
Aceto Corp.   12,935    284,570 
Air Methods Corp.*(a)   11,610    540,910 
Almost Family, Inc.*   7,137    319,095 
Amedisys, Inc.*   24,748    662,751 
AMN Healthcare Services, Inc.*   26,239    605,334 
Amsurg Corp.*   14,205    873,892 
Analogic Corp.   3,315    301,333 
AngioDynamics, Inc.*   10,639    189,268 
Anika Therapeutics, Inc.*   1,430    58,873 
Bio-Reference Laboratories, Inc.*   13,555    477,678 
Cantel Medical Corp.   5,851    277,922 
Chemed Corp.   6,803    812,278 
Computer Programs & Systems, Inc.   2,139    116,062 
CONMED Corp.   7,963    402,052 
CorVel Corp.*   7,845    269,946 
Cross Country Healthcare, Inc.*   30,462    361,279 
CryoLife, Inc.   7,840    81,301 
Cyberonics, Inc.*   2,413    156,652 
Cynosure, Inc., Class A*   5,397    165,526 
Ensign Group, Inc. (The)   12,908    604,869 
ExamWorks Group, Inc.*   10,881    452,867 
Greatbatch, Inc.*   6,968    403,099 
Haemonetics Corp.*   11,854    532,482 
Hanger, Inc.*   20,444    463,874 
HealthStream, Inc.*   3,867    97,448 
Healthways, Inc.*   19,358    381,353 
ICU Medical, Inc.*   1,897    176,687 
Integra LifeSciences Holdings Corp.*   8,593    529,758 
Invacare Corp.   37,260    723,217 
IPC Healthcare, Inc.*   8,439    393,595 
Kindred Healthcare, Inc.   119,482    2,842,477 
Landauer, Inc.   2,525    88,729 
LHC Group, Inc.*   12,413    410,001 
Magellan Health, Inc.*   30,750    2,177,715 
Masimo Corp.*   10,331    340,716 
MedAssets, Inc.*   20,845    392,303 
Medidata Solutions, Inc.*   3,821    187,382 
Meridian Bioscience, Inc.   5,423    103,471 
Merit Medical Systems, Inc.*   14,652    282,051 
Molina Healthcare, Inc.*   80,906    5,444,165 
           
Investments   Shares    Value 
Natus Medical, Inc.*   5,301   $209,230 
Neogen Corp.*   2,786    130,190 
NuVasive, Inc.*   9,184    422,372 
Omnicell, Inc.*   7,476    262,408 
PharMerica Corp.*   38,234    1,077,816 
Providence Service Corp. (The)*   16,408    871,593 
Quality Systems, Inc.   15,619    249,592 
Select Medical Holdings Corp.   116,296    1,724,670 
SurModics, Inc.*   1,215    31,626 
Vascular Solutions, Inc.*   2,308    69,979 
West Pharmaceutical Services, Inc.   14,079    847,697 
Total Health Care Equipment & Services        30,099,410 
Household & Personal Products—0.4%     
Central Garden & Pet Co., Class A*   82,833    879,686 
Inter Parfums, Inc.   8,864    289,144 
Medifast, Inc.*   5,608    168,072 
WD-40 Co.   2,549    225,688 
Total Household & Personal Products        1,562,590 
Insurance—2.6%     
American Equity Investment Life Holding Co.   42,936    1,250,726 
AMERISAFE, Inc.   5,406    250,027 
eHealth, Inc.*   9,920    93,050 
Employers Holdings, Inc.   16,592    447,818 
HCI Group, Inc.   3,289    150,866 
Horace Mann Educators Corp.   17,974    614,711 
Infinity Property & Casualty Corp.   10,222    838,715 
Meadowbrook Insurance Group, Inc.   49,107    417,410 
Montpelier Re Holdings Ltd.   10,367    398,507 
Navigators Group, Inc. (The)*   7,272    566,052 
ProAssurance Corp.   10,423    478,520 
RLI Corp.   8,341    437,152 
Safety Insurance Group, Inc.   7,402    442,270 
Selective Insurance Group, Inc.   38,669    1,123,334 
Stewart Information Services Corp.   25,970    1,055,421 
United Fire Group, Inc.   17,381    552,194 
United Insurance Holdings Corp.   7,007    157,658 
Universal Insurance Holdings, Inc.   8,025    205,360 
Total Insurance        9,479,791 
Materials—7.8%     
A. Schulman, Inc.   31,022    1,495,260 
A.M. Castle & Co.*(a)   156,007    569,426 
AK Steel Holding Corp.*(a)   870,458    3,890,947 
American Vanguard Corp.   16,376    173,913 
Balchem Corp.   5,480    303,482 
Boise Cascade Co.*   53,423    2,001,226 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Materials (continued)     
Calgon Carbon Corp.   15,070   $317,525 
Century Aluminum Co.*   76,649    1,057,756 
Clearwater Paper Corp.*   17,070    1,114,671 
Deltic Timber Corp.   1,943    128,724 
Flotek Industries, Inc.*   17,089    251,892 
FutureFuel Corp.   15,419    158,353 
Globe Specialty Metals, Inc.   22,755    430,525 
H.B. Fuller Co.   27,311    1,170,823 
Hawkins, Inc.   5,070    192,609 
Haynes International, Inc.   6,104    272,299 
Headwaters, Inc.*   25,417    466,148 
Innophos Holdings, Inc.   8,397    473,255 
Intrepid Potash, Inc.*(a)   18,178    209,956 
Kaiser Aluminum Corp.   9,951    765,132 
KapStone Paper and Packaging Corp.   39,341    1,291,958 
Koppers Holdings, Inc.   45,468    894,810 
Kraton Performance Polymers, Inc.*   36,610    739,888 
LSB Industries, Inc.*   9,986    412,721 
Materion Corp.   16,792    645,317 
Myers Industries, Inc.   20,134    352,949 
Neenah Paper, Inc.   8,285    518,144 
Olympic Steel, Inc.(a)   59,890    806,119 
OM Group, Inc.   21,293    639,429 
PH Glatfelter Co.   39,598    1,090,133 
Quaker Chemical Corp.   5,023    430,170 
Rayonier Advanced Materials, Inc.   35,244    525,136 
RTI International Metals, Inc.*   12,310    442,052 
Schweitzer-Mauduit International, Inc.   9,884    455,850 
Stepan Co.   27,194    1,132,902 
Stillwater Mining Co.*   40,328    521,038 
SunCoke Energy, Inc.   50,859    759,833 
Tredegar Corp.   26,976    542,487 
Wausau Paper Corp.   21,388    203,828 
Zep, Inc.   23,462    399,558 
Total Materials        28,248,244 
Media—0.5%     
E.W. Scripps Co., (The), Class A*   18,423    523,950 
Harte-Hanks, Inc.   39,896    311,189 
Scholastic Corp.   25,455    1,042,128 
Sizmek, Inc.*   12,031    87,345 
Total Media        1,964,612 
Pharmaceuticals, Biotechnology & Life Sciences—1.1%     
Acorda Therapeutics, Inc.*   6,427    213,890 
Affymetrix, Inc.*   15,162    190,435 
Albany Molecular Research, Inc.*(a)   8,210    144,496 
           
Investments   Shares    Value 
ANI Pharmaceuticals, Inc.*(a)   467   $29,211 
Cambrex Corp.*   5,903    233,936 
Depomed, Inc.*   8,823    197,723 
Emergent Biosolutions, Inc.*   8,307    238,909 
Impax Laboratories, Inc.*   7,157    335,449 
Lannett Co., Inc.*   2,234    151,264 
Ligand Pharmaceuticals, Inc., Class B*(a)   479    36,936 
Luminex Corp.*   7,945    127,120 
Medicines Co. (The)*   13,015    364,680 
Momenta Pharmaceuticals, Inc.*   1,898    28,850 
PAREXEL International Corp.*   15,635    1,078,659 
Prestige Brands Holdings, Inc.*   8,045    345,050 
Repligen Corp.*   1,068    32,424 
Sagent Pharmaceuticals, Inc.*   5,864    136,338 
Spectrum Pharmaceuticals, Inc.*(a)   16,388    99,475 
Total Pharmaceuticals, Biotechnology & Life Sciences        3,984,845 
Real Estate—1.8%     
Acadia Realty Trust   3,273    114,162 
Agree Realty Corp.   895    29,508 
American Assets Trust, Inc.   3,308    143,170 
Associated Estates Realty Corp.   4,319    106,593 
Aviv REIT, Inc.   2,855    104,208 
Capstead Mortgage Corp.   7,137    84,002 
CareTrust REIT, Inc.   2,506    33,981 
Cedar Realty Trust, Inc.   11,089    83,057 
Chesapeake Lodging Trust   7,961    269,321 
CoreSite Realty Corp.   3,119    151,833 
Cousins Properties, Inc.   19,309    204,675 
DiamondRock Hospitality Co.   33,493    473,256 
EastGroup Properties, Inc.   2,080    125,091 
Education Realty Trust, Inc.   3,565    126,130 
EPR Properties   3,544    212,746 
Forestar Group, Inc.*   11,087    174,842 
Franklin Street Properties Corp.   10,895    139,674 
Geo Group, Inc. (The)   21,977    961,274 
Getty Realty Corp.   3,073    55,929 
Government Properties Income Trust   6,193    141,510 
Healthcare Realty Trust, Inc.   7,669    213,045 
Inland Real Estate Corp.   10,726    114,661 
Kite Realty Group Trust   5,195    146,343 
Lexington Realty Trust   23,958    235,507 
LTC Properties, Inc.   1,493    68,678 
Medical Properties Trust, Inc.   12,079    178,044 
Parkway Properties, Inc.   14,764    256,155 
Pennsylvania Real Estate Investment Trust   10,803    250,954 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Real Estate (continued)     
Post Properties, Inc.   3,748   $213,374 
PS Business Parks, Inc.   2,588    214,908 
Retail Opportunity Investments Corp.   4,856    88,865 
Sabra Health Care REIT, Inc.   3,104    102,898 
Saul Centers, Inc.   2,047    117,088 
Sovran Self Storage, Inc.   1,810    170,031 
Summit Hotel Properties, Inc.   16,281    229,074 
Universal Health Realty Income Trust   645    36,281 
Urstadt Biddle Properties, Inc., Class A   2,522    58,157 
Total Real Estate        6,429,025 
Retailing—11.1%     
Aeropostale, Inc.*(a)   389,201    1,350,527 
Barnes & Noble, Inc.*   154,815    3,676,856 
Big 5 Sporting Goods Corp.   41,965    556,876 
Blue Nile, Inc.*   8,746    278,473 
Brown Shoe Co., Inc.   44,326    1,453,893 
Buckle, Inc. (The)   12,694    648,536 
Cato Corp., (The), Class A   13,544    536,342 
Children's Place, Inc. (The)   15,640    1,003,932 
Christopher & Banks Corp.*   45,970    255,593 
Finish Line, Inc., (The), Class A   39,262    962,704 
Francesca's Holdings Corp.*   11,919    212,158 
Fred's, Inc., Class A   60,329    1,031,023 
FTD Cos., Inc.*   12,146    363,651 
Genesco, Inc.*   21,437    1,526,958 
Group 1 Automotive, Inc.   67,703    5,844,800 
Haverty Furniture Cos., Inc.   17,621    438,411 
Hibbett Sports, Inc.*(a)   9,502    466,168 
Kirkland's, Inc.*   10,827    257,141 
Lithia Motors, Inc., Class A   31,348    3,116,305 
Lumber Liquidators Holdings, Inc.*(a)   20,056    617,324 
MarineMax, Inc.*   13,010    344,895 
Men's Wearhouse, Inc. (The)   27,010    1,409,922 
Monro Muffler Brake, Inc.(a)   7,063    459,448 
Nutrisystem, Inc.   11,268    225,135 
Outerwall, Inc.(a)   19,411    1,283,455 
Pep Boys-Manny, Moe & Jack (The)*   118,242    1,137,488 
PetMed Express, Inc.(a)   8,350    137,942 
Pool Corp.   18,095    1,262,307 
Select Comfort Corp.*   19,183    661,238 
Sonic Automotive, Inc., Class A   206,484    5,141,452 
Stage Stores, Inc.   40,119    919,527 
Stein Mart, Inc.   57,294    713,310 
Tuesday Morning Corp.*(a)   29,566    476,013 
Vitamin Shoppe, Inc.*   16,785    691,374 
           
Investments   Shares    Value 
VOXX International Corp., Class A*   52,566   $481,505 
Zumiez, Inc.*   10,385    417,996 
Total Retailing        40,360,678 
Semiconductors & Semiconductor Equipment—1.4%     
Advanced Energy Industries, Inc.*   12,576    322,700 
Brooks Automation, Inc.   22,795    265,106 
Cabot Microelectronics Corp.*   4,888    244,253 
CEVA, Inc.*   1,325    28,249 
Cirrus Logic, Inc.*   12,028    400,051 
Cohu, Inc.   16,758    183,333 
Diodes, Inc.*   16,836    480,836 
DSP Group, Inc.*   7,051    84,471 
Entropic Communications, Inc.*   36,146    106,992 
Exar Corp.*   6,647    66,802 
Kopin Corp.*   4,843    17,047 
Kulicke & Soffa Industries, Inc.*   19,858    310,381 
Micrel, Inc.   9,044    136,384 
Microsemi Corp.*   17,460    618,084 
MKS Instruments, Inc.   12,140    410,453 
Monolithic Power Systems, Inc.   2,902    152,790 
Nanometrics, Inc.*   5,170    86,959 
Pericom Semiconductor Corp.   4,603    71,209 
Power Integrations, Inc.   3,411    177,645 
Rudolph Technologies, Inc.*   8,446    93,075 
Synaptics, Inc.*(a)   6,341    515,555 
Tessera Technologies, Inc.   3,671    147,868 
Ultratech, Inc.*   4,543    78,776 
Veeco Instruments, Inc.*(a)   6,843    209,054 
Total Semiconductors & Semiconductor Equipment        5,208,073 
Software & Services—4.3%     
Blackbaud, Inc.   6,844    324,269 
Blucora, Inc.*   22,715    310,287 
Bottomline Technologies (de), Inc.*   5,862    160,443 
CACI International, Inc., Class A*   22,816    2,051,615 
Cardtronics, Inc.*   15,407    579,303 
Ciber, Inc.*   121,073    498,821 
comScore, Inc.*   3,742    191,590 
CSG Systems International, Inc.   14,079    427,861 
Dealertrack Technologies, Inc.*   12,285    473,218 
Dice Holdings, Inc.*   16,309    145,476 
Ebix, Inc.(a)   3,855    117,115 
EPIQ Systems, Inc.   13,662    244,960 
Exlservice Holdings, Inc.*   7,761    288,709 
Forrester Research, Inc.   4,756    174,926 
Heartland Payment Systems, Inc.   26,364    1,235,153 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Software & Services (continued)     
IGATE Corp.*   16,470   $702,610 
Interactive Intelligence Group, Inc.*(a)   4,503    185,434 
j2 Global, Inc.   4,836    317,628 
Liquidity Services, Inc.*(a)   28,906    285,591 
LivePerson, Inc.*   10,420    106,649 
LogMeIn, Inc.*   2,218    124,186 
Manhattan Associates, Inc.*   5,152    260,743 
ManTech International Corp., Class A   30,100    1,021,594 
MicroStrategy, Inc., Class A*   1,876    317,400 
Monotype Imaging Holdings, Inc.   3,143    102,587 
Monster Worldwide, Inc.*   66,911    424,216 
NetScout Systems, Inc.*(a)   5,182    227,231 
NIC, Inc.   8,715    153,994 
Perficient, Inc.*   11,868    245,549 
Progress Software Corp.*   6,921    188,044 
QuinStreet, Inc.*   24,810    147,619 
Stamps.com, Inc.*   1,407    94,677 
Sykes Enterprises, Inc.*   30,786    765,032 
Synchronoss Technologies, Inc.*   5,516    261,789 
Take-Two Interactive Software, Inc.*   51,375    1,307,751 
Tangoe, Inc.*   9,236    127,457 
TeleTech Holdings, Inc.   28,251    718,988 
VASCO Data Security International, Inc.*(a)   4,589    98,847 
Virtusa Corp.*   5,371    222,252 
XO Group, Inc.*   4,588    81,070 
Total Software & Services        15,712,684 
Technology Hardware & Equipment—9.3%     
ADTRAN, Inc.   18,822    351,407 
Agilysys, Inc.*   5,688    55,970 
Anixter International, Inc.*   47,244    3,596,686 
Badger Meter, Inc.   3,477    208,411 
Bel Fuse, Inc., Class B   14,323    272,567 
Benchmark Electronics, Inc.*   64,417    1,547,940 
Black Box Corp.   25,379    531,182 
CalAmp Corp.*(a)   7,524    121,814 
Checkpoint Systems, Inc.   35,281    381,740 
Coherent, Inc.*   6,774    440,039 
Comtech Telecommunications Corp.   6,845    198,163 
CTS Corp.   12,777    229,858 
Daktronics, Inc.   28,460    307,653 
Digi International, Inc.*   10,576    105,548 
DTS, Inc.*   2,365    80,576 
Electro Scientific Industries, Inc.   15,336    94,776 
Electronics For Imaging, Inc.*   10,760    449,230 
Fabrinet*   20,023    380,237 
           
Investments   Shares    Value 
FARO Technologies, Inc.*   3,162   $196,455 
Harmonic, Inc.*   32,323    239,513 
II-VI, Inc.*   20,857    385,020 
Insight Enterprises, Inc.*   107,171    3,056,517 
Ixia*   21,004    254,779 
Littelfuse, Inc.   4,899    486,912 
Mercury Systems, Inc.*   7,311    113,686 
Methode Electronics, Inc.   9,580    450,643 
MTS Systems Corp.   4,240    320,756 
NETGEAR, Inc.*   23,844    783,991 
Newport Corp.*   17,167    327,203 
OSI Systems, Inc.*   6,913    513,359 
Park Electrochemical Corp.   4,394    94,735 
Plexus Corp.*   32,153    1,310,878 
QLogic Corp.*   17,588    259,247 
Rofin-Sinar Technologies, Inc.*   12,620    305,783 
Rogers Corp.*   4,138    340,185 
Sanmina Corp.*   143,236    3,464,879 
ScanSource, Inc.*   42,094    1,711,121 
Super Micro Computer, Inc.*   22,504    747,358 
SYNNEX Corp.   99,329    7,673,165 
TTM Technologies, Inc.*   81,813    737,135 
ViaSat, Inc.*   12,440    741,548 
Total Technology Hardware & Equipment        33,868,665 
Telecommunication Services—0.6%     
8x8, Inc.*   9,218    77,431 
Atlantic Tele-Network, Inc.   2,790    193,124 
Cincinnati Bell, Inc.*   200,121    706,427 
Consolidated Communications Holdings, Inc.   16,693    340,537 
General Communication, Inc., Class A*   33,951    535,068 
Iridium Communications, Inc.*(a)   23,875    231,826 
Lumos Networks Corp.   7,307    111,505 
Spok Holdings, Inc.   5,875    112,624 
Total Telecommunication Services        2,308,542 
Transportation—3.9%     
Allegiant Travel Co.   3,299    634,365 
ArcBest Corp.   36,291    1,375,066 
Atlas Air Worldwide Holdings, Inc.*   21,550    927,081 
Celadon Group, Inc.   15,703    427,436 
Forward Air Corp.   7,879    427,830 
Heartland Express, Inc.   19,710    468,309 
Hub Group, Inc., Class A*   50,512    1,984,616 
Knight Transportation, Inc.   18,164    585,789 
Matson, Inc.   23,165    976,636 
Republic Airways Holdings, Inc.*   52,962    728,227 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Transportation (continued)     
Roadrunner Transportation Systems, Inc.*   39,980   $1,010,295 
Saia, Inc.*   15,849    702,111 
SkyWest, Inc.   115,842    1,692,452 
UTi Worldwide, Inc.*   183,226    2,253,680 
Total Transportation        14,193,893 
Utilities—2.7%     
ALLETE, Inc.   12,049    635,705 
American States Water Co.   6,393    255,017 
Avista Corp.   24,596    840,691 
El Paso Electric Co.   13,571    524,384 
Laclede Group, Inc. (The)   17,821    912,792 
New Jersey Resources Corp.   67,929    2,109,875 
Northwest Natural Gas Co.(a)   9,021    432,557 
NorthWestern Corp.   12,665    681,250 
Piedmont Natural Gas Co., Inc.   22,334    824,348 
South Jersey Industries, Inc.   7,422    402,866 
Southwest Gas Corp.   20,902    1,215,869 
UIL Holdings Corp.   18,715    962,325 
Total Utilities        9,797,679 
Total Common Stocks          
    (Cost $306,929,583)        364,100,521 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—5.8%          
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.08% (b)
    (Cost $20,984,886)		   20,984,886    20,984,886 
Total Investments—105.7%
    (Cost $327,914,469)		        385,085,407 
Liabilities in Excess of Other Assets–(5.7)%        (20,700,572)
Net Assets–100.0%       $364,384,835 
           

 

 

PLC - Public Limited Company
REIT - Real Estate Investment Trust
 

* 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 $20,256,253; total market value of the collateral held by the fund was $21,020,798. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $35,912.
(b) Rate shown represents annualized 7-day yield as of March 31, 2015.

 

 

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

 

Schedule of Investments

REVENUESHARES FINANCIALS SECTOR FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—99.9%      
Banks—29.2%     
Bank of America Corp.   132,143   $2,033,681 
BB&T Corp.   5,665    220,878 
Citigroup, Inc.   33,655    1,733,906 
Comerica, Inc.   1,371    61,873 
Fifth Third Bancorp   7,444    140,319 
Huntington Bancshares, Inc.   6,217    68,698 
JPMorgan Chase & Co.   37,444    2,268,357 
KeyCorp   7,029    99,531 
M&T Bank Corp.   862    109,474 
PNC Financial Services Group, Inc. (The)   4,006    373,519 
Regions Financial Corp.   13,302    125,704 
SunTrust Banks, Inc.   4,608    189,343 
U.S. Bancorp   10,304    449,976 
Wells Fargo & Co.   37,604    2,045,658 
Zions Bancorporation(a)   2,170    58,590 
Total Banks        9,979,507 
Capital Markets—11.2%     
Affiliated Managers Group, Inc.*   296    63,575 
Ameriprise Financial, Inc.   2,321    303,680 
Bank of New York Mellon Corp. (The)   9,828    395,479 
BlackRock, Inc.   754    275,843 
Charles Schwab Corp. (The)   5,119    155,822 
E*TRADE Financial Corp.*   1,637    46,745 
Franklin Resources, Inc.   4,057    208,205 
Goldman Sachs Group, Inc. (The)   4,574    859,775 
Invesco Ltd.   3,152    125,103 
Legg Mason, Inc.   1,212    66,902 
Morgan Stanley   23,884    852,420 
Northern Trust Corp.   1,534    106,843 
State Street Corp.   3,459    254,340 
T. Rowe Price Group, Inc.   1,210    97,986 
Total Capital Markets        3,812,718 
Consumer Finance—4.4%     
American Express Co.   9,952    777,450 
Capital One Financial Corp.   5,852    461,255 
Discover Financial Services   3,019    170,121 
Navient Corp.   3,637    73,940 
Total Consumer Finance        1,482,766 
Diversified Financial Services—16.1%     
Berkshire Hathaway, Inc., Class B*   32,943    4,754,334 
CME Group, Inc.   789    74,726 
Intercontinental Exchange, Inc.   329    76,746 
           
Investments   Shares    Value 
Leucadia National Corp.   13,445   $299,689 
McGraw Hill Financial, Inc.   1,169    120,875 
Moody's Corp.   819    85,012 
NASDAQ OMX Group, Inc. (The)   1,747    88,992 
Total Diversified Financial Services        5,500,374 
Insurance—33.8%     
ACE Ltd.   4,244    473,164 
Aflac, Inc.   9,018    577,242 
Allstate Corp. (The)   12,560    893,895 
American International Group, Inc.   28,753    1,575,377 
Aon PLC   3,058    293,935 
Assurant, Inc.   4,261    261,668 
Chubb Corp. (The)   3,461    349,907 
Cincinnati Financial Corp.   2,313    123,237 
Genworth Financial, Inc., Class A*   33,153    242,348 
Hartford Financial Services Group, Inc. (The)   10,951    457,971 
Lincoln National Corp.   5,946    341,657 
Loews Corp.   8,818    360,039 
Marsh & McLennan Cos., Inc.   5,666    317,806 
MetLife, Inc.   36,441    1,842,093 
Principal Financial Group, Inc.   5,204    267,329 
Progressive Corp. (The)   17,712    481,766 
Prudential Financial, Inc.   18,213    1,462,686 
Torchmark Corp.   1,817    99,790 
Travelers Cos., Inc.   6,264    677,326 
Unum Group   7,911    266,838 
XL Group PLC   4,530    166,704 
Total Insurance        11,532,778 
Real Estate Investment Trusts—4.4%     
American Tower Corp.   1,091    102,718 
Apartment Investment & Management Co., Class A   598    23,537 
AvalonBay Communities, Inc.   267    46,525 
Boston Properties, Inc.   429    60,266 
Crown Castle International Corp.   1,081    89,226 
Equity Residential   825    64,234 
Essex Property Trust, Inc.   105    24,139 
General Growth Properties, Inc.   2,165    63,976 
HCP, Inc.   1,382    59,716 
Health Care REIT, Inc.   1,083    83,781 
Host Hotels & Resorts, Inc.   6,375    128,648 
Iron Mountain, Inc.   2,050    74,784 
Kimco Realty Corp.   929    24,944 
Macerich Co. (The)   312    26,311 
Plum Creek Timber Co., Inc.   863    37,497 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES FINANCIALS SECTOR FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Real Estate Investment Trusts (continued)     
Prologis, Inc.(a)   1,091   $47,524 
Public Storage   296    58,353 
Simon Property Group, Inc.   638    124,818 
SL Green Realty Corp.   297    38,129 
Ventas, Inc.   1,075    78,497 
Vornado Realty Trust   608    68,096 
Weyerhaeuser Co.   5,496    182,192 
Total Real Estate Investment Trusts        1,507,911 
Real Estate Management & Development—0.7%     
CBRE Group, Inc., Class A*   6,371    246,621 
           
Thrifts & Mortgage Finance—0.1%     
Hudson City Bancorp, Inc.   1,357    14,221 
People's United Financial, Inc.   2,025    30,780 
Total Thrifts & Mortgage Finance        45,001 
Total Common Stocks          
    (Cost $28,809,111)        34,107,676 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—0.1%          
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.08% (b)
    (Cost $45,000)		   45,000    45,000 
Total Investments—100.0%
    (Cost $28,854,111)		        34,152,676 
Liabilities in Excess of Other Assets–(0.0)%‡        (4,100)
Net Assets–100.0%       $34,148,576 
           

 

PLC - Public Limited Company
REIT - Real Estate Investment Trust
 

 

*

‡

Non-income producing security

Greater than (0.05)%

(a) All or a portion of the security was on loan. The aggregate market value of the securities on loan was $95,157; total market value of the collateral held by the fund was $97,645.  The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $52,645.
(b) Rate shown represents annualized 7-day yield as of March 31, 2015.

 

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

 

 

Schedule of Investments

REVENUESHARES ADR FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—95.7%      
Automobiles & Components—6.7%     
Honda Motor Co. Ltd.(a)   14,471   $474,070 
Magna International, Inc.   2,932    157,331 
Toyota Motor Corp.(a)(b)   7,603    1,063,584 
Total Automobiles & Components        1,694,985 
Banks—8.5%     
Banco Bilbao Vizcaya Argentaria SA(a)   9,117    91,444 
Banco Bradesco SA(a)   11,958    110,970 
Banco de Chile(a)(b)   154    10,327 
Banco Santander Chile(a)   457    9,908 
Banco Santander SA(a)   28,529    212,541 
Bancolombia SA(a)   421    16,558 
Bank of Montreal   1,037    62,189 
Bank of Nova Scotia (The)(b)   1,689    84,838 
Barclays PLC(a)   10,462    152,431 
Canadian Imperial Bank of Commerce(b)   657    47,632 
Credicorp Ltd.   89    12,516 
HSBC Holdings PLC(a)   5,653    240,761 
ING Groep NV*(a)   5,384    78,660 
KB Financial Group, Inc.(a)   678    23,825 
Lloyds Banking Group PLC*(a)   22,785    106,406 
Mitsubishi UFJ Financial Group, Inc.(a)   23,221    144,435 
Mizuho Financial Group, Inc.(a)(b)   29,207    103,685 
Royal Bank of Canada(b)   2,112    127,480 
Royal Bank of Scotland Group PLC*(a)   12,500    126,125 
Shinhan Financial Group Co. Ltd.(a)   832    31,034 
Sumitomo Mitsui Financial Group, Inc.(a)(b)   21,375    165,443 
Toronto-Dominion Bank (The)   2,568    110,039 
Westpac Banking Corp.(a)(b)   2,431    72,711 
Total Banks        2,141,958 
Capital Goods—1.4%     
ABB Ltd.*(a)   8,046    170,334 
Embraer SA(a)   838    25,768 
Koninklijke Philips NV   4,040    114,494 
Nidec Corp.(a)   2,212    36,985 
Total Capital Goods        347,581 
Consumer Durables & Apparel—1.4%     
Gildan Activewear, Inc.   324    9,564 
Luxottica Group S.p.A.(a)   672    42,155 
Sony Corp.*(a)   11,510    308,238 
Total Consumer Durables & Apparel        359,957 
Consumer Services—0.3%     
Carnival PLC(a)   1,408    68,978 
InterContinental Hotels Group PLC(a)   193    7,558 
           
Investments   Shares    Value 
Restaurant Brands International, Inc.   126   $4,839 
Total Consumer Services        81,375 
Diversified Financials—2.2%     
Credit Suisse Group AG*(a)(b)   4,668    125,709 
Deutsche Bank AG(b)   5,139    178,477 
Nomura Holdings, Inc.(a)(b)   10,720    62,926 
ORIX Corp.(a)(b)   746    52,474 
UBS Group AG*   7,006    131,503 
Total Diversified Financials        551,089 
Energy—39.0%     
BP PLC(a)   38,123    1,490,991 
Cameco Corp.   625    8,706 
Canadian Natural Resources Ltd.   2,488    76,406 
Cenovus Energy, Inc.   4,557    76,922 
China Petroleum & Chemical Corp.(a)(b)   22,048    1,757,005 
CNOOC Ltd.(a)(b)   1,280    181,530 
Ecopetrol SA(a)(b)   9,869    150,206 
Enbridge, Inc.   2,985    144,773 
Encana Corp.   3,114    34,721 
ENI S.p.A.(a)   18,364    635,578 
Imperial Oil Ltd.   3,533    140,896 
Pembina Pipeline Corp.(b)   731    23,143 
PetroChina Co. Ltd.(a)   14,721    1,637,122 
Royal Dutch Shell PLC, Class A(a)   14,696    876,616 
Royal Dutch Shell PLC, Class B(a)(b)   14,028    879,556 
Statoil ASA(a)   23,144    407,103 
Suncor Energy, Inc.   5,455    159,559 
Talisman Energy, Inc.   2,613    20,068 
Tenaris SA(a)   1,598    44,744 
Total SA(a)   18,263    906,941 
TransCanada Corp.   887    37,893 
Ultrapar Participacoes SA(a)   6,495    131,199 
Total Energy        9,821,678 
Food & Staples Retailing—0.8%     
Cencosud SA(a)(b)   12,305    86,504 
Delhaize Group SA(a)   5,375    120,239 
Total Food & Staples Retailing        206,743 
Food, Beverage & Tobacco—3.3%     
Ambev SA(a)   11,838    68,187 
Anheuser-Busch InBev NV(a)   1,629    198,592 
BRF SA(a)   2,822    55,819 
British American Tobacco PLC(a)   895    92,874 
Diageo PLC(a)   627    69,327 
Fomento Economico Mexicano SAB de CV*(a)   932    87,142 
Unilever NV(b)   3,137    131,001 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES ADR FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Food, Beverage & Tobacco (continued)     
Unilever PLC(a)   3,121   $130,177 
Total Food, Beverage & Tobacco        833,119 
Health Care Equipment & Services—0.8%     
Catamaran Corp.*   1,854    110,387 
Fresenius Medical Care AG & Co. KGaA(a)   1,651    68,434 
Smith & Nephew PLC(a)   573    19,579 
Total Health Care Equipment & Services        198,400 
Insurance—5.9%     
Aegon NV, Class G   31,662    251,079 
Aviva PLC(a)(b)   14,542    235,144 
China Life Insurance Co. Ltd.(a)   4,465    295,047 
Manulife Financial Corp.   11,891    202,266 
Prudential PLC(a)   8,019    399,988 
Sun Life Financial, Inc.   3,101    95,573 
Total Insurance        1,479,097 
Materials—6.6%     
Agnico Eagle Mines Ltd.   279    7,795 
Agrium, Inc.(b)   630    65,690 
ArcelorMittal(b)   33,924    319,564 
Barrick Gold Corp.   3,950    43,292 
BHP Billiton Ltd.(a)(b)   3,031    140,851 
BHP Billiton PLC(a)(b)   3,218    142,429 
Cemex SAB de CV*(a)   7,035    66,621 
Cia de Minas Buenaventura SA(a)   447    4,528 
Cia Siderurgica Nacional SA(a)(b)   17,094    28,718 
CRH PLC(a)   3,964    103,817 
Eldorado Gold Corp.   919    4,218 
Gerdau SA(a)(b)   22,131    70,819 
Goldcorp, Inc.   775    14,043 
James Hardie Industries PLC(a)   109    6,305 
Kinross Gold Corp.*   6,171    13,823 
POSCO(a)   4,531    247,665 
Potash Corp. of Saskatchewan, Inc.   853    27,509 
Randgold Resources Ltd.(a)   65    4,503 
Rio Tinto PLC(a)(b)   4,759    197,023 
Silver Wheaton Corp.   140    2,663 
Sociedad Quimica y Minera de Chile SA(a)   473    8,632 
Southern Copper Corp.(b)   824    24,044 
Syngenta AG(a)   948    64,284 
Teck Resources Ltd., Class B(b)   2,349    32,252 
Yamana Gold, Inc.   2,094    7,517 
Total Materials        1,648,605 
Media—0.8%     
Grupo Televisa SAB*(a)   729    24,065 
           
Investments   Shares    Value 
Pearson PLC(a)   1,525   $32,955 
Shaw Communications, Inc., Class B(b)   903    20,254 
Thomson Reuters Corp.(b)   1,319    53,499 
WPP PLC(a)(b)   682    77,591 
Total Media        208,364 
Pharmaceuticals, Biotechnology & Life Sciences—3.2%     
AstraZeneca PLC(a)   1,547    105,861 
GlaxoSmithKline PLC(a)   3,283    151,511 
Novartis AG(a)(b)   2,257    222,563 
Novo Nordisk A/S(a)   1,351    72,130 
QIAGEN NV*   222    5,594 
Sanofi(a)   3,768    186,290 
Shire PLC(a)   108    25,843 
Valeant Pharmaceuticals International, Inc.*   172    34,163 
Total Pharmaceuticals, Biotechnology & Life Sciences        803,955 
Real Estate—0.3%     
Brookfield Asset Management, Inc., Class A   1,568    84,060 
           
Semiconductors & Semiconductor Equipment—0.7%     
ARM Holdings PLC(a)   101    4,979 
ASML Holding NV, Class G(b)   300    30,309 
STMicroelectronics NV, Class Y   3,247    30,100 
Taiwan Semiconductor Manufacturing Co. Ltd.(a)   4,239    99,532 
Total Semiconductors & Semiconductor Equipment        164,920 
Software & Services—0.6%     
CGI Group, Inc., Class A*   934    39,648 
SAP SE(a)   1,360    98,151 
Total Software & Services        137,799 
Technology Hardware & Equipment—2.0%     
Alcatel-Lucent*(a)   18,701    69,755 
BlackBerry Ltd.*   2,951    26,352 
Canon, Inc.(a)(b)   4,256    150,535 
Kyocera Corp.(a)   1,137    62,444 
Nokia OYJ(a)   8,909    67,530 
Telefonaktiebolaget LM Ericsson(a)   10,400    130,520 
Total Technology Hardware & Equipment        507,136 
Telecommunication Services—9.6%     
America Movil SAB de CV, Class L(a)   12,839    262,686 
BCE, Inc.   1,892    80,145 
BT Group PLC(a)(b)   1,819    118,544 
China Mobile Ltd.(a)   6,190    402,536 
Chunghwa Telecom Co. Ltd.(a)(b)   986    31,621 
Nippon Telegraph & Telephone Corp.(a)(b)   14,746    454,472 
NTT DoCoMo, Inc.(a)(b)   10,112    176,252 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES ADR FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Telecommunication Services (continued)     
Orange SA(a)   8,642   $138,359 
Portugal Telecom SGPS SA(a)   14,560    7,731 
Rogers Communications, Inc., Class B   1,426    47,743 
Telecom Italia S.p.A.*(a)(b)   9,438    109,575 
Telefonica SA(a)   20,264    290,788 
TELUS Corp.   1,360    45,206 
Vodafone Group PLC(a)   7,853    256,636 
Total Telecommunication Services        2,422,294 
Transportation—0.6%     
Canadian National Railway Co.   676    45,204 
Canadian Pacific Railway Ltd.   132    24,116 
Latam Airlines Group SA*(a)(b)   6,008    48,425 
Ryanair Holdings PLC(a)   439    29,312 
Total Transportation        147,057 
Utilities—1.0%     
Cia Energetica de Minas Gerais(a)   8,703    35,595 
CPFL Energia SA(a)(b)   2,549    32,423 
Empresa Nacional de Electricidad SA(a)   387    17,435 
Enersis SA(a)   3,264    53,073 
National Grid PLC(a)   1,539    99,435 
TransAlta Corp.(b)   1,091    10,146 
Total Utilities        248,107 
Total Common Stocks          
    (Cost $24,120,630)        24,088,279 
           
PREFERRED STOCKS—3.8%          
Banks—0.5%     
Itau Unibanco Holding SA(a)   12,376    136,879 
           
Energy—2.7%     
Petroleo Brasileiro SA(a)   112,085    682,598 
           
Materials—0.6%     
Vale SA, Class A(a)   30,837    149,559 
           
Total Preferred Stocks          
    (Cost $1,501,300)        969,036 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—26.5%          
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.08%(c)
    (Cost $6,664,800)		   6,664,800    6,664,800 
Total Investments—126.0%
    (Cost $32,286,730)		        31,722,115 
Liabilities in Excess of Other Assets–(26.0)%        (6,547,083)
Net Assets–100.0%       $25,175,032 
           

 

 

      % of
Country  Value  Net Assets
Australia  $213,562    0.8%
Belgium   318,831    1.3 
Brazil   1,528,534    6.1 
Canada   2,411,064    9.6 
Chile   234,304    0.9 
China   1,932,169    7.7 
Colombia   166,764    0.7 
Denmark   72,130    0.3 
Finland   67,530    0.3 
France   1,301,345    5.2 
Germany   345,062    1.4 
Hong Kong   2,341,071    9.3 
Ireland   165,277    0.6 
Italy   787,308    3.1 
Japan   3,255,543    12.9 
Jersey Islands   4,503    0.0†
Luxembourg   364,308    1.4 
Mexico   440,514    1.7 
Netherlands   2,367,309    9.4 
Norway   407,103    1.6 
Peru   17,044    0.1 
Portugal   7,731    0.0†
South Korea   302,524    1.2 
Spain   594,773    2.4 
Sweden   130,520    0.5 
Switzerland   744,493    3.0 
Taiwan   131,153    0.5 
United Kingdom   4,327,303    17.2 
United States   6,742,343    26.8 
Total Investments   31,722,115    126.0 
Liabilities in Excess of Other Assets   (6,547,083)   (26.0)
Net Assets  $25,175,032    100.0%
           

 

PLC - Public Limited Company
 

 

* Non-income producing security
† Less than 0.05%
(a) American Depositary Receipt
(b) All or a portion of the security was on loan. The aggregate market value of the securities on loan was $6,405,727; total market value of the collateral held by the fund was $6,673,066. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $8,266.
(c) Rate shown represents annualized 7-day yield as of March 31, 2015.

 

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

 

Schedule of Investments

REVENUESHARES NAVELLIER OVERALL A-100 FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—99.5%      
Automobiles & Components—0.9%     
Cooper Tire & Rubber Co.   1,652   $70,772 
           
Banks—2.0%     
Banco Macro SA(a)   791    45,245 
BankFinancial Corp.   1,854    24,362 
Bear State Financial, Inc.*   2,411    23,845 
Grupo Financiero Galicia SA(a)   2,596    60,097 
Total Banks        153,549 
Capital Goods—0.5%     
American Woodmark Corp.*   635    34,754 
           
Commercial & Professional Services—0.4%     
Multi-Color Corp.   482    33,417 
           
Consumer Durables & Apparel—2.6%     
Bassett Furniture Industries, Inc.   1,070    30,516 
Hanesbrands, Inc.   2,581    86,489 
Skechers U.S.A., Inc., Class A*   750    53,933 
Superior Uniform Group, Inc.   1,379    26,160 
Total Consumer Durables & Apparel        197,098 
Consumer Services—7.0%     
BJ's Restaurants, Inc.*   631    31,834 
Cracker Barrel Old Country Store, Inc.   374    56,900 
Graham Holdings Co., Class B   62    65,077 
Nathan's Famous, Inc.   331    17,924 
Service Corp. International   2,268    59,082 
Sonic Corp.   899    28,498 
Starbucks Corp.   2,431    230,216 
Vail Resorts, Inc.   396    40,954 
Total Consumer Services        530,485 
Diversified Financials—6.9%     
INTL. FCStone, Inc.*   17,429    518,164 
           
Energy—6.8%     
Tesoro Corp.   5,598    511,041 
           
Food & Staples Retailing—2.6%     
Casey's General Stores, Inc.   1,395    125,689 
Ingles Markets, Inc., Class A   1,431    70,806 
Total Food & Staples Retailing        196,495 
Food, Beverage & Tobacco—0.7%     
Monster Beverage Corp.*   391    54,112 
           
Health Care Equipment & Services—12.7%     
Abaxis, Inc.   407    26,093 
           
Investments   Shares    Value 
Abiomed, Inc.*   422   $30,207 
Almost Family, Inc.*   751    33,577 
Centene Corp.*   3,308    233,842 
Chemed Corp.   345    41,193 
Edwards Lifesciences Corp.*   352    50,146 
HCA Holdings, Inc.*   6,436    484,180 
Inogen, Inc.*   722    23,097 
RadNet, Inc.*   4,087    34,331 
Total Health Care Equipment & Services        956,666 
Insurance—11.6%     
AmTrust Financial Services, Inc.   1,297    73,909 
China Life Insurance Co. Ltd.(a)   8,302    548,596 
Federated National Holding Co.   881    26,959 
First American Financial Corp.   2,275    81,172 
National General Holdings Corp.   6,272    117,286 
Universal Insurance Holdings, Inc.   1,074    27,484 
Total Insurance        875,406 
Materials—1.1%     
Berry Plastics Group, Inc.*   2,359    85,372 
           
Media—1.5%     
Cinemark Holdings, Inc.   1,279    57,645 
Journal Communications, Inc., Class A*   2,032    30,114 
Reading International, Inc., Class A*   1,947    26,187 
Total Media        113,946 
Pharmaceuticals, Biotechnology & Life Sciences—5.6%     
AMAG Pharmaceuticals, Inc.*   425    23,230 
ANI Pharmaceuticals, Inc.*(b)   379    23,706 
Cambrex Corp.*   780    30,911 
Celgene Corp.*   957    110,323 
Medivation, Inc.*   241    31,106 
Shire PLC(a)   396    94,759 
United Therapeutics Corp.*   222    38,281 
Valeant Pharmaceuticals International, Inc.*   361    71,702 
Total Pharmaceuticals, Biotechnology & Life Sciences        424,018 
Real Estate—7.8%     
Apartment Investment & Management Co., Class A   876    34,479 
Associated Estates Realty Corp.   1,014    25,025 
Boston Properties, Inc.   373    52,399 
Camden Property Trust   429    33,518 
Chatham Lodging Trust   888    26,116 
Education Realty Trust, Inc.   720    25,474 
General Growth Properties, Inc.   1,781    52,629 
Jones Lang LaSalle, Inc.   552    94,061 
Kilroy Realty Corp.   383    29,173 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES NAVELLIER OVERALL A-100 FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Real Estate (continued)     
Macerich Co. (The)   396   $33,395 
New York Mortgage Trust, Inc.(b)   3,577    27,758 
Realty Income Corp.   664    34,262 
Regency Centers Corp.   434    29,529 
Ryman Hospitality Properties, Inc.   559    34,049 
Universal Health Realty Income Trust   440    24,750 
Weingarten Realty Investors   801    28,820 
Total Real Estate        585,437 
Retailing—5.6%     
1-800-Flowers.com, Inc., Class A*   2,846    33,668 
America's Car-Mart, Inc.*   514    27,885 
Build-A-Bear Workshop, Inc.*   1,339    26,311 
Murphy USA, Inc.*   3,246    234,913 
Select Comfort Corp.*   1,109    38,227 
Ulta Salon Cosmetics & Fragrance, Inc.*   422    63,659 
Total Retailing        424,663 
Semiconductors & Semiconductor Equipment—6.2%     
Advanced Semiconductor Engineering, Inc.(a)   16,816    121,075 
Advantest Corp.(a)   3,151    39,829 
Ambarella, Inc.*(b)   379    28,694 
Avago Technologies Ltd.   668    84,823 
Mattson Technology, Inc.*   6,060    23,876 
Pericom Semiconductor Corp.   1,553    24,025 
Qorvo, Inc.*   498    39,691 
Silicon Motion Technology Corp.(a)(b)   997    26,799 
Skyworks Solutions, Inc.   573    56,320 
Tessera Technologies, Inc.   625    25,175 
Total Semiconductors & Semiconductor Equipment        470,307 
Software & Services—4.3%     
Cimpress NV*   480    40,503 
Ebix, Inc.(b)   835    25,367 
Electronic Arts, Inc.*   1,398    82,223 
Ellie Mae, Inc.*   452    25,000 
ePlus, Inc.*   428    37,206 
Qualys, Inc.*   527    24,495 
Science Applications International Corp.   1,304    66,961 
VASCO Data Security International, Inc.*(b)   1,074    23,134 
Total Software & Services        324,889 
Technology Hardware & Equipment—10.1%     
Apple, Inc.   4,140    515,140 
Avid Technology, Inc.*   2,048    30,515 
CDW Corp.   4,683    174,395 
Super Micro Computer, Inc.*   1,268    42,111 
Total Technology Hardware & Equipment        762,161 
           
Investments   Shares    Value 
Transportation—1.9%     
Macquarie Infrastructure Co., LLC   482   $39,664 
Matson, Inc.   1,062    44,774 
P.A.M. Transportation Services, Inc.*   505    28,921 
USA Truck, Inc.*   1,052    29,130 
Total Transportation        142,489 
Utilities—0.7%     
WGL Holdings, Inc.   991    55,892 
           
Total Common Stocks          
    (Cost $7,285,115)        7,521,133 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—1.7%          
Dreyfus Institutional Preferred Money Market Fund-Prime Shares, 0.08% (c)
    (Cost $127,181)		   127,181    127,181 
Total Investments—101.2%
    (Cost $7,412,296)		        7,648,314 
Liabilities in Excess of Other Assets–(1.2)%        (93,010)
Net Assets–100.0%       $7,555,304 
           

 

LLC - Limited Liability Company
PLC - Public Limited Company
 

 

* Non-income producing security
(a) American Depositary Receipt
(b) All or a portion of the security was on loan. The aggregate market value of the securities on loan was $124,384; total market value of the collateral held by the fund was $127,181.  
(c) Rate shown represents annualized 7-day yield as of March 31, 2015.

 

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

 

Schedule of Investments

REVENUESHARES ULTRA DIVIDEND FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—99.6%      
Banks—0.4%     
New York Community Bancorp, Inc.(a)   10,844   $181,420 
Valley National Bancorp   7,440    70,234 
Total Banks        251,654 
Commercial & Professional Services—2.5%     
R.R. Donnelley & Sons Co.   82,536    1,583,866 
           
Consumer Durables & Apparel—1.9%     
Garmin Ltd.   7,960    378,259 
Mattel, Inc.   33,984    776,534 
Total Consumer Durables & Apparel        1,154,793 
Diversified Financials—0.6%     
CME Group, Inc.   4,183    396,172 
           
Energy—14.5%     
ConocoPhillips   49,261    3,066,990 
Diamond Offshore Drilling, Inc.(a)   13,596    364,237 
Ensco PLC, Class A   28,060    591,224 
Kinder Morgan, Inc.   52,342    2,201,504 
Noble Corp. PLC(a)   33,332    475,981 
Transocean Ltd.(a)   84,775    1,243,649 
Williams Cos., Inc. (The)   21,269    1,075,999 
Total Energy        9,019,584 
Food & Staples Retailing—4.9%     
Sysco Corp.   80,931    3,053,527 
           
Food, Beverage & Tobacco—10.3%     
Altria Group, Inc.   46,899    2,345,888 
Philip Morris International, Inc.   39,378    2,966,345 
Reynolds American, Inc.   16,311    1,123,991 
Total Food, Beverage & Tobacco        6,436,224 
Insurance—6.6%     
Mercury General Corp.   7,104    410,256 
Old Republic International Corp.   49,863    744,953 
Progressive Corp. (The)   93,954    2,555,549 
StanCorp Financial Group, Inc.   5,485    376,271 
Total Insurance        4,087,029 
Materials—5.0%     
Freeport-McMoRan, Inc.   165,796    3,141,834 
           
Real Estate—4.8%     
BioMed Realty Trust, Inc.   3,920    88,827 
Corporate Office Properties Trust   2,629    77,240 
Corrections Corp. of America   5,392    217,082 
HCP, Inc.   7,369    318,415 
           
Investments   Shares    Value 
Health Care REIT, Inc.   5,770   $446,367 
Highwoods Properties, Inc.   1,812    82,953 
Home Properties, Inc.   1,289    89,315 
Hospitality Properties Trust   7,065    233,074 
Iron Mountain, Inc.   10,914    398,143 
Kimco Realty Corp.   4,947    132,827 
Lamar Advertising Co., Class A   2,924    173,306 
Liberty Property Trust   2,919    104,208 
Mack-Cali Realty Corp.   4,398    84,793 
National Retail Properties, Inc.   1,414    57,932 
Omega Healthcare Investors, Inc.   1,695    68,766 
Plum Creek Timber Co., Inc.   4,601    199,913 
Senior Housing Properties Trust   5,083    112,792 
Weingarten Realty Investors   1,977    71,133 
Total Real Estate        2,957,086 
Semiconductors & Semiconductor Equipment—0.1%     
Intersil Corp., Class A   5,016    71,829 
           
Software & Services—5.2%     
Accenture PLC, Class A   34,278    3,211,506 
           
Telecommunication Services—15.8%     
AT&T, Inc.   93,551    3,054,440 
CenturyLink, Inc.   69,342    2,395,766 
Frontier Communications Corp.   86,477    609,663 
Verizon Communications, Inc.   62,985    3,062,961 
Windstream Holdings, Inc.   99,556    736,714 
Total Telecommunication Services        9,859,544 
Utilities—27.0%     
AGL Resources, Inc.   14,556    722,705 
Ameren Corp.   18,520    781,544 
Consolidated Edison, Inc.(a)   28,462    1,736,182 
Duke Energy Corp.   40,852    3,136,617 
Entergy Corp.   21,497    1,665,803 
Integrys Energy Group, Inc.   11,922    858,622 
Pepco Holdings, Inc.   24,129    647,381 
PG&E Corp.   42,718    2,267,044 
Public Service Enterprise Group, Inc.   34,705    1,454,834 
Southern Co. (The)   55,436    2,454,706 
TECO Energy, Inc.   17,617    341,770 
Westar Energy, Inc.   8,990    348,452 
WGL Holdings, Inc.   6,723    379,177 
Total Utilities        16,794,837 
Total Common Stocks          
    (Cost $62,644,700)        62,019,485 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES ULTRA DIVIDEND FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
       
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—4.1%      
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.08% (b)
    (Cost $2,556,925)		   2,556,925   $2,556,925 
Total Investments—103.7%
    (Cost $65,201,625)		        64,576,410 
Liabilities in Excess of Other Assets–(3.7)%        (2,322,487)
Net Assets–100.0%       $62,253,923 
           

 

PLC - Public Limited Company
REIT - Real Estate Investment Trust
 

 

(a) All or a portion of the security was on loan. The aggregate market value of the securities on loan was $2,485,755; total market value of the collateral held by the fund was $2,556,925.  
(b) Rate shown represents annualized 7-day yield as of March 31, 2015.

 

 

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

 

Schedule of Investments

REVENUESHARES GLOBAL GROWTH FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—99.4%      
Automobiles & Components—4.7%     
Honda Motor Co. Ltd.   1,528   $49,729 
Nissan Motor Co. Ltd.   4,341    44,306 
Toyota Motor Corp.   1,618    113,102 
UMW Holdings BHD   10,612    31,061 
Total Automobiles & Components        238,198 
Banks—5.0%     
Banco Bilbao Vizcaya Argentaria SA   2,738    27,665 
Banco Santander SA   8,521    64,216 
DNB ASA   1,344    21,630 
Malayan Banking BHD   14,988    37,758 
OTP Bank PLC   5,287    100,442 
Total Banks        251,711 
Capital Goods—15.9%     
ACS Actividades de Construccion y Servicios SA   1,952    69,183 
Alfa SAB de CV, Class A*   20,399    41,242 
Alliance Global Group, Inc.   28,351    16,808 
Discount Investment Corp. Ltd.   17,123    32,096 
IDB Development Corp. Ltd.*   102,719    34,716 
JG Summit Holdings, Inc.   16,596    26,918 
Marubeni Corp.   6,427    37,300 
San Miguel Corp.   74,810    112,884 
Sime Darby BHD   36,855    92,249 
Skanska AB, Class B   2,758    61,850 
SM Investments Corp.   2,026    40,769 
Top Frontier Investment Holdings, Inc.*   33,460    77,100 
Toyota Tsusho Corp.   1,276    33,888 
Volvo AB, Class B   11,052    133,664 
Total Capital Goods        810,667 
Consumer Durables & Apparel—2.2%     
Electrolux AB, Series B   1,641    47,038 
Panasonic Corp.   2,644    34,768 
Sony Corp.*   1,208    32,133 
Total Consumer Durables & Apparel        113,939 
Consumer Services—0.8%     
Genting BHD   16,126    39,188 
           
Diversified Financials—1.6%     
Aker ASA, Class A   1,458    31,931 
Ayala Corp.   1,610    28,634 
GT Capital Holdings, Inc.   671    20,085 
Total Diversified Financials        80,650 
Energy—25.7%     
Aker Solutions ASA*   3,108    16,186 
           
Investments   Shares    Value 
Delek Group Ltd.   184   $47,472 
Esso Thailand PCL*   91,959    16,674 
IRPC PCL   182,532    24,121 
JX Holdings, Inc.   13,789    53,144 
MOL Hungarian Oil & Gas PLC   6,023    261,466 
Oil Refineries Ltd.*   186,065    65,504 
Paz Oil Co. Ltd.   246    35,972 
Petron Corp.   336,405    74,882 
Petronas Dagangan BHD   13,009    70,252 
PTT Exploration & Production PCL   6,398    21,432 
PTT PCL   23,448    232,751 
Repsol SA   3,802    70,785 
Statoil ASA   15,134    268,161 
Subsea 7 SA   2,276    19,585 
Thai Oil PCL   18,560    29,659 
Total Energy        1,308,046 
Food & Staples Retailing—2.7%     
CP ALL PCL   26,122    32,914 
Organizacion Soriana SAB de CV, Class B   7,659    19,537 
Wal-Mart de Mexico SAB de CV   33,065    82,715 
Total Food & Staples Retailing        135,166 
Food, Beverage & Tobacco—4.0%     
Charoen Pokphand Foods PCL   53,932    37,292 
Coca-Cola Femsa SAB de CV, Series L   3,730    29,812 
Felda Global Ventures Holdings BHD   58,712    34,401 
Fomento Economico Mexicano SAB de CV*   5,585    52,465 
Grupo Bimbo SAB de CV*   12,433    35,305 
Orkla ASA   1,932    14,612 
Total Food, Beverage & Tobacco        203,887 
Household & Personal Products—0.9%     
Svenska Cellulosa AB SCA, Class B   1,958    45,113 
           
Insurance—2.0%     
Mapfre SA   10,087    36,823 
Migdal Insurance & Financial Holding Ltd.   30,281    37,479 
Storebrand ASA*   7,737    28,167 
Total Insurance        102,469 
Materials—7.2%     
Cemex SAB de CV*   40,870    38,820 
Grupo Mexico SAB de CV, Series B   7,900    23,361 
Indorama Ventures PCL   26,405    21,098 
Israel Chemicals Ltd.   5,660    40,279 
Israel Corp. Ltd. (The)   167    58,205 
Norsk Hydro ASA   6,528    34,337 
PTT Global Chemical PCL   29,070    46,678 
The accompanying notes are an integral part of these financial documents.
 

Schedule of Investments - continued

REVENUESHARES GLOBAL GROWTH FUND
MARCH 31, 2015 (UNAUDITED)

Investments  Shares  Value
Materials (continued)     
Siam Cement PCL (The)   2,518   $39,619 
Ternium SA (a)   1,181    21,341 
Yara International ASA   792    40,292 
Total Materials        364,030 
Pharmaceuticals, Biotechnology & Life Sciences—3.8%     
Richter Gedeon Nyrt   4,381    60,414 
Teva Pharmaceutical Industries Ltd.   2,102    131,933 
Total Pharmaceuticals, Biotechnology & Life Sciences        192,347 
Retailing—1.9%     
Hennes & Mauritz AB, Class B   1,712    69,381 
Inditex SA   911    29,235 
Total Retailing        98,616 
Technology Hardware & Equipment—2.8%     
Hitachi Ltd.   6,166    42,325 
Telefonaktiebolaget LM Ericsson, Class B   8,018    100,783 
Total Technology Hardware & Equipment        143,108 
Telecommunication Services—11.1%     
America Movil SAB de CV, Series L   149,516    153,695 
Axiata Group BHD   20,292    38,792 
Magyar Telekom Telecommunications PLC*   77,366    114,169 
Nippon Telegraph & Telephone Corp.   785    48,419 
Philippine Long Distance Telephone Co.   408    26,068 
Telefonica SA   5,996    85,390 
Telenor ASA   2,476    50,048 
TeliaSonera AB   7,223    45,897 
Total Telecommunication Services        562,478 
Utilities—7.1%     
Endesa SA   2,215    42,820 
Gas Natural SDG SA   1,834    41,197 
Iberdrola SA   7,721    49,771 
Kenon Holdings Ltd.*   1,555    30,109 
Manila Electric Co.   6,606    39,459 
Tenaga Nasional BHD   22,887    88,742 
YTL Corp. BHD   90,501    40,809 
YTL Power International BHD   73,596    29,808 
Total Utilities        362,715 
Total Common Stocks          
    (Cost $4,961,219)        5,052,328 
RIGHTS—0.0%†          
Banks—0.0%†          
Banco Bilbao Vizcaya Argentaria SA, expiring 5/14/15*   2,738    394 
Telecommunication Services—0.0%†          
Telefonica SA, expiring 5/12/15*   5,996    966 
           
           
         Value 
Total Rights          
    (Cost $385)       $1,360 
           
Total Investments—99.4%
    (Cost $4,961,604)		        5,053,688 
Other Assets in Excess of Liabilities—0.6%        31,873 
Net Assets—100.0%       $5,085,561 
           

 

PLC - Public Limited Company
PCL - Public Company Limited
 

 

*

†

Non-income producing security

Less than 0.05%

(a) American Depositary Receipt
   

 

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

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, as of the date of this report, is comprised of eight 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, RevenueShares Navellier Overall A-100 Fund, RevenueShares Ultra Dividend Fund and RevenueShares Global Growth 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, January 21, 2009 for the RevenueShares Navellier Overall A-100 Fund, September 30, 2013 for the RevenueShares Ultra Dividend Fund and February 2, 2015 for the RevenueShares Global Growth Fund.

The objective of the RevenueShares Large Cap Fund is to outperform the total return performance of the S&P 500 Index. The objective of the RevenueShares Mid Cap Fund is to outperform the total return performance of the S&P MidCap 400 Index. The objective of the RevenueShares Small Cap Fund is to outperform the total return performance of the S&P SmallCap 600 Index. The objective of the RevenueShares Financials Sector Fund is to outperform the total return performance of the S&P 500 Financials Index. The objective of the RevenueShares ADR Fund is to outperform the total return performance of the S&P ADR Index. The objective of the RevenueShares Navellier Overall A-100 Fund is to outperform the total return performance of the Navellier Overall A-100 Index. The objective of the RevenueShares Ultra Dividend Fund is to outperform the total return performance of the S&P 900 Index. The objective of the RevenueShares Global Growth Fund is to outperform the total return performance of the S&P Global Broad Market Index.

 

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 — Securities 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 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 U.S. dollar cash and/or U.S. government securities is maintained at all times. The cash collateral can be invested in

 
 

 

a certain money market mutual fund, which may 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 invested in the money market mutual fund or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. Lending 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 March 31, 2015 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of March 31, 2015, 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 in an active market 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 March 31, 2015 in valuing the Funds’ assets carried at fair value:

  

Quoted Prices in Active Markets (Level 1)		  Money
Market
Funds
(Level 2)		  Other
Significant
Observable 
Inputs
(Level 2)		  Significant
Observable 
Inputs
(Level 3)		   
Fund  Common
Stock		  Preferred
Stock		  Rights        Total
RevenueShares Large Cap Fund  $338,371,775   $–   $–   $2,145,257   $–   $–   $340,517,032 
RevenueShares Mid Cap Fund   242,826,793    –    –    14,683,899    –    –    257,510,692 
RevenueShares Small Cap Fund   364,100,521    –    –    20,984,886    –    –    385,085,407 
RevenueShares Financials Sector Fund   34,107,676    –    –    45,000    –    –    34,152,676 
RevenueShares ADR Fund   24,088,279    969,036    –    6,664,800    –    –    31,722,115 
RevenueShares Navellier Overall A-100 Fund   7,521,133    –    –    127,181    –    –    7,648,314 
RevenueShares Ultra Dividend Fund   62,019,485    –    –    2,556,925    –    –    64,576,410 
RevenueShares Global Growth Fund   5,052,328    –    1,360    –    –    –    5,053,688 

 

At March 31, 2015, the Funds did not hold any Level 3 securities during the period. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.

The Funds’ policy is to disclose transfers between Levels based on valuations at the beginning of the reporting period.

For the RevenueShares Large Cap Fund, $787,229 was transferred out of Level 1 into Level 2 during the period ended March 31, 2015.

For the RevenueShares Mid Cap Fund, $10,660,514 was transferred out of Level 1 into Level 2 during the period ended March 31, 2015.

For the RevenueShares Small Cap Fund, $16,000,780 was transferred out of Level 1 into Level 2 during the period ended March 31, 2015.

For the RevenueShares Financials Sector Fund, $765 was transferred out of Level 1 into Level 2 during the period ended March 31, 2015.

For the RevenueShares ADR Fund, $3,502,086 was transferred out of Level 1 into Level 2 during the period ended March 31, 2015.

For the RevenueShares Navellier Overall A-100 Fund, $363,140 was transferred out of Level 1 into Level 2 during the period ended March 31, 2015.

For the RevenueShares Ultra Dividend Fund, $331,037 was transferred out of Level 1 into Level 2 during the period ended March 31, 2015.

 

 
 

4. FEDERAL INCOME TAX

At March 31, 2015, 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 $264,540,023 $77,935,324 $(1,958,315) $75,977,009
RevenueShares Mid Cap Fund 219,766,507 44,184,943 (6,440,758) 37,744,185
RevenueShares Small Cap Fund 327,914,469 69,462,687 (12,291,749) 57,170,938
RevenueShares Financials Sector Fund 28,854,111 5,458,829 (160,264) 5,298,565
RevenueShares ADR Fund 32,286,730 2,473,205 (3,037,820) (564,615)
RevenueShares Navellier Overall A-100 Fund 7,412,296 372,871 (136,853) 236,018
RevenueShares Ultra Dividend Fund 65,201,625 1,772,921 (2,398,136) (625,215)
RevenueShares Global Growth Fund 4,961,604 161,449 (69,365) 92,084

5. RISKS

Concentration Risk

Each of the RevenueShares Financials Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund, RevenueShares Ultra Dividend Fund and RevenueShares Global Growth Fund will concentrate in industries to the same extent as its Underlying Index. Each Fund may be adversely affected by the performance of the securities in a particular industry or group of industries 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 or group of industries.

Non-Diversification Risk

Each of the RevenueShares Financials Sector, RevenueShares ADR, RevenueShares Navellier Overall A-100 and RevenueShares Ultra Dividend 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.

 
 

Financials Sector Risk

The RevenueShares Financials Sector Fund is subject to financials 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. Government regulation may also adversely affect the scope of their activities and the amount of capital they must maintain. 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/or rate regulation and may be 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).

Foreign Securities Risk

The RevenueShares ADR Fund and The RevenueShares Global Growth Fund are subject to foreign securities risk. Investments in the securities of foreign companies may be more volatile because of economic or political developments, public health and safety issues, demographic changes, market inefficiencies, lack of regulatory oversight, or a higher risk that essential investment information may be incomplete, unavailable, or inaccurate. Restrictions on currency trading may be imposed by foreign countries, which may adversely affect the value of the Funds’ portfolio securities. Certain of the risks associated with foreign investments are heightened for investments in emerging market countries.

 

Focus Risk

To the extent the RevenueShares ADR Fund and The RevenueShares Global Growth Fund focus on companies in a specific country or region, the Funds are subject to greater risks of adverse developments in that country or region and/or the surrounding countries or regions than a fund that is more broadly diversified geographically. Political, social or economic disruptions in the country or region, even in countries in which the Funds are not invested, may adversely affect the value of securities values held by the Funds.

 

Depositary Receipts Risk

The RevenueShares ADR Fund and The RevenueShares Global Growth Fund are subject to depositary receipts risk. Changes in foreign currency exchange rates affect the value of ADRs and global shares and, therefore, the value of the Funds’ portfolio. In addition, although the ADRs and global shares in which the Funds invest may be listed on major U.S. exchanges, there can be no assurance that a market for these securities will be made or maintained or that any such market will be or remain liquid. There is also no guarantee that a financial institution will continue to sponsor an ADR. As a result, the Funds may have difficulty selling securities, or selling them quickly and efficiently at the prices at which they have been valued.

 

Foreign Market Risk

The RevenueShares ADR Fund and The RevenueShares Global Growth Fund are subject to foreign market risk. Because global shares and the underlying securities of ADRs in the Funds’ portfolio trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the global shares or 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.

 

Energy Industry Risk

The RevenueShares ADR Fund is subject to energy industry risk. Stock prices for energy companies are affected by supply and demand both for their specific product or service and for energy products in general. The price of oil and gas, exploration and production spending, government regulation, world events and economic conditions will likewise affect the performance of these companies. Energy companies may incur large cleanup and litigation costs relating to environmental damage such as oil spills.

 
 

Utilities Industry Risk

The RevenueShares Ultra Dividend Fund is subject to utilities industry risk. The utilities industry is subject to significant government regulation and oversight. Companies in the utilities industry may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with regulations, among other factors.

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.

 

 
 

 

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.

 
 

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 May 28, 2015
     
     
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 May 28, 2015
     
     
By (Signature and Title)* /s/ Michael Gompers
    Michael Gompers
    Chief Financial Officer
     
     
Date May 28, 2015

 

 

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