N-Q 1 e66648nq.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: September 30, 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
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—99.8%          
Automobiles & Components—3.6%             
BorgWarner, Inc.   5,640   $234,567 
Delphi Automotive PLC   6,300    479,052 
Ford Motor Co.   302,379    4,103,283 
General Motors Co.   150,234    4,510,025 
Goodyear Tire & Rubber Co. (The)   17,708    519,376 
Harley-Davidson, Inc.   3,324    182,488 
Johnson Controls, Inc.   29,562    1,222,684 
Total Automobiles & Components        11,251,475 
Banks—3.8%     
Bank of America Corp.   151,118    2,354,418 
BB&T Corp.   7,367    262,265 
Citigroup, Inc.   40,993    2,033,663 
Comerica, Inc.   1,832    75,295 
Fifth Third Bancorp   8,425    159,317 
Hudson City Bancorp, Inc.   1,489    15,143 
Huntington Bancshares, Inc.   7,870    83,422 
JPMorgan Chase & Co.   43,695    2,664,084 
KeyCorp   8,890    115,659 
M&T Bank Corp.(a)   1,090    132,925 
People's United Financial, Inc.   2,363    37,170 
PNC Financial Services Group, Inc. (The)   5,043    449,836 
Regions Financial Corp.   15,615    140,691 
SunTrust Banks, Inc.   5,894    225,387 
U.S. Bancorp   13,249    543,341 
Wells Fargo & Co.   47,608    2,444,671 
Zions Bancorporation   2,225    61,277 
Total Banks        11,798,564 
Capital Goods—8.3%     
3M Co.   6,603    936,107 
Allegion PLC   1,034    59,620 
AMETEK, Inc.   2,308    120,755 
Boeing Co. (The)   21,232    2,780,330 
Caterpillar, Inc.(a)   21,612    1,412,560 
Cummins, Inc.(a)   4,939    536,277 
Danaher Corp.   6,988    595,447 
Deere & Co.   12,351    913,974 
Dover Corp.(a)   3,627    207,392 
Eaton Corp. PLC   12,017    616,472 
Emerson Electric Co.   15,876    701,243 
Fastenal Co.(a)   3,043    111,404 
Flowserve Corp.   3,368    138,560 
Fluor Corp.   13,766    582,990 
General Dynamics Corp.   6,833    942,612 
           
Investments   Shares    Value 
General Electric Co.   167,522   $4,224,905 
Honeywell International, Inc.   11,959    1,132,398 
Illinois Tool Works, Inc.   5,044    415,172 
Ingersoll-Rand PLC   7,093    360,112 
Jacobs Engineering Group, Inc.*   9,750    364,942 
Joy Global, Inc.(a)   5,795    86,519 
L-3 Communications Holdings, Inc.   3,304    345,334 
Lockheed Martin Corp.   6,653    1,379,233 
Masco Corp.   8,741    220,098 
Northrop Grumman Corp.   4,277    709,768 
PACCAR, Inc.   10,450    545,177 
Parker-Hannifin Corp.   3,744    364,291 
Pentair PLC   3,786    193,237 
Precision Castparts Corp.   1,315    302,069 
Quanta Services, Inc.*(a)   9,867    238,880 
Raytheon Co.   6,549    715,544 
Rockwell Automation, Inc.   1,878    190,561 
Rockwell Collins, Inc.   1,876    153,532 
Roper Technologies, Inc.   682    106,869 
Snap-on, Inc.   688    103,847 
Stanley Black & Decker, Inc.   3,425    332,157 
Textron, Inc.   10,318    388,370 
United Rentals, Inc.*   2,574    154,569 
United Technologies Corp.   21,081    1,875,998 
W.W. Grainger, Inc.(a)   1,368    294,134 
Xylem, Inc.   3,471    114,022 
Total Capital Goods        25,967,481 
Commercial & Professional Services—0.6%             
ADT Corp. (The)(a)   3,354    100,285 
Cintas Corp.   1,578    135,314 
Dun & Bradstreet Corp. (The)   469    49,245 
Equifax, Inc.   786    76,383 
Nielsen Holdings PLC   4,067    180,859 
Pitney Bowes, Inc.   5,398    107,150 
Republic Services, Inc.   6,715    276,658 
Robert Half International, Inc.   2,875    147,085 
Stericycle, Inc.*   600    83,586 
Tyco International PLC   8,556    286,284 
Waste Management, Inc.   8,141    405,503 
Total Commercial & Professional Services        1,848,352 
Consumer Durables & Apparel—1.5%             
Coach, Inc.   4,664    134,929 
D.R. Horton, Inc.   9,102    267,235 
Fossil Group, Inc.*(a)   1,790    100,025 
Garmin Ltd.   2,419    86,794 

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

 

Schedule of Investments - continued

REVENUESHARES LARGE CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Hanesbrands, Inc.(a)   5,753   $166,492 
Harman International Industries, Inc.   1,775    170,382 
Hasbro, Inc.   1,641    118,382 
Leggett & Platt, Inc.   2,709    111,746 
Lennar Corp., Class A   5,036    242,383 
Mattel, Inc.   7,835    165,005 
Michael Kors Holdings Ltd.*   2,719    114,851 
Mohawk Industries, Inc.*   1,164    211,604 
Newell Rubbermaid, Inc.   4,187    166,266 
NIKE, Inc., Class B   7,961    978,964 
PulteGroup, Inc.   8,591    162,112 
PVH Corp.   2,218    226,103 
Ralph Lauren Corp.   2,108    249,081 
Under Armour, Inc., Class A*(a)   1,060    102,587 
VF Corp.   5,350    364,923 
Whirlpool Corp.   3,801    559,735 
Total Consumer Durables & Apparel        4,699,599 
Consumer Services—1.0%             
Carnival Corp.   9,256    460,023 
Chipotle Mexican Grill, Inc.*   186    133,967 
Darden Restaurants, Inc.   2,792    191,364 
H&R Block, Inc.   2,572    93,106 
Marriott International, Inc., Class A   1,205    82,181 
McDonald's Corp.   8,068    794,940 
Royal Caribbean Cruises Ltd.   2,566    228,605 
Starbucks Corp.   9,485    539,127 
Starwood Hotels & Resorts Worldwide, Inc.   1,302    86,557 
Wyndham Worldwide Corp.   2,099    150,918 
Wynn Resorts Ltd.(a)   2,034    108,046 
Yum! Brands, Inc.   4,837    386,718 
Total Consumer Services        3,255,552 
Diversified Financials—4.2%             
Affiliated Managers Group, Inc.*   438    74,894 
American Express Co.   12,637    936,781 
Ameriprise Financial, Inc.   3,444    375,844 
Bank of New York Mellon Corp. (The)   12,178    476,769 
Berkshire Hathaway, Inc., Class B*   45,509    5,934,374 
BlackRock, Inc.   1,114    331,382 
Capital One Financial Corp.   7,435    539,186 
Charles Schwab Corp. (The)   6,043    172,588 
CME Group, Inc.   1,046    97,006 
Discover Financial Services   4,070    211,599 
E*TRADE Financial Corp.*   1,953    51,422 
Franklin Resources, Inc.   6,461    240,737 
Goldman Sachs Group, Inc. (The)   5,820    1,011,283 
           
Investments   Shares    Value 
Intercontinental Exchange, Inc.   414   $97,286 
Invesco Ltd.   4,766    148,842 
Legg Mason, Inc.   1,988    82,721 
Leucadia National Corp.   18,557    375,965 
McGraw Hill Financial, Inc.   1,660    143,590 
Moody's Corp.   1,037    101,833 
Morgan Stanley   32,118    1,011,717 
Nasdaq, Inc.   2,002    106,767 
Navient Corp.   6,363    71,520 
Northern Trust Corp.   1,987    135,434 
State Street Corp.   4,415    296,732 
T. Rowe Price Group, Inc.   1,779    123,640 
Total Diversified Financials        13,149,912 
Energy—11.0%             
Anadarko Petroleum Corp.   5,973    360,710 
Apache Corp.   7,420    290,567 
Baker Hughes, Inc.   12,239    636,918 
Cabot Oil & Gas Corp.   2,213    48,376 
Cameron International Corp.*   4,718    289,308 
Chesapeake Energy Corp.(a)   64,568    473,283 
Chevron Corp.   61,350    4,839,288 
Cimarex Energy Co.(a)   575    58,926 
Columbia Pipeline Group, Inc.   1,651    30,197 
ConocoPhillips   26,557    1,273,674 
CONSOL Energy, Inc.(a)   7,413    72,647 
Devon Energy Corp.   11,903    441,482 
Diamond Offshore Drilling, Inc.(a)   3,639    62,955 
Ensco PLC, Class A   8,476    119,342 
EOG Resources, Inc.   5,058    368,222 
EQT Corp.   990    64,122 
Exxon Mobil Corp.   123,876    9,210,181 
FMC Technologies, Inc.*   6,797    210,707 
Halliburton Co.   25,068    886,154 
Helmerich & Payne, Inc.(a)   2,372    112,101 
Hess Corp.   4,921    246,345 
Kinder Morgan, Inc.   15,450    427,656 
Marathon Oil Corp.   16,328    251,451 
Marathon Petroleum Corp.   50,455    2,337,580 
Murphy Oil Corp.   4,657    112,699 
National Oilwell Varco, Inc.   15,799    594,832 
Newfield Exploration Co.*   1,744    57,378 
Noble Energy, Inc.   3,606    108,829 
Occidental Petroleum Corp.   6,170    408,146 
ONEOK, Inc.   8,665    279,013 
Phillips 66   43,312    3,328,094 

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

 

Schedule of Investments - continued

REVENUESHARES LARGE CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Pioneer Natural Resources Co.   932   $113,369 
Range Resources Corp.(a)   1,288    41,371 
Schlumberger Ltd.   18,466    1,273,600 
Southwestern Energy Co.*   7,181    91,127 
Spectra Energy Corp.   6,172    162,138 
Tesoro Corp.   11,004    1,070,029 
Transocean Ltd.(a)   16,350    211,242 
Valero Energy Corp.   53,994    3,245,039 
Williams Cos., Inc. (The)   5,428    200,022 
Total Energy        34,409,120 
Food & Staples Retailing—9.6%             
Costco Wholesale Corp.   24,752    3,578,397 
CVS Health Corp.   43,682    4,214,439 
Kroger Co. (The)   85,335    3,078,034 
Sysco Corp.   37,154    1,447,891 
Walgreens Boots Alliance, Inc.   28,351    2,355,968 
Wal-Mart Stores, Inc.   227,781    14,769,320 
Whole Foods Market, Inc.   14,037    444,271 
Total Food & Staples Retailing        29,888,320 
Food, Beverage & Tobacco—4.3%             
Altria Group, Inc.   10,409    566,250 
Archer-Daniels-Midland Co.   51,681    2,142,177 
Brown-Forman Corp., Class B   962    93,218 
Campbell Soup Co.   5,042    255,529 
Coca-Cola Co. (The)   36,206    1,452,585 
Coca-Cola Enterprises, Inc.   4,760    230,146 
ConAgra Foods, Inc.   11,493    465,581 
Constellation Brands, Inc., Class A   1,392    174,292 
Dr Pepper Snapple Group, Inc.   2,462    194,621 
General Mills, Inc.   9,477    531,944 
Hershey Co. (The)   2,516    231,170 
Hormel Foods Corp.   4,669    295,594 
J.M. Smucker Co. (The)   1,442    164,518 
Kellogg Co.   6,427    427,717 
Keurig Green Mountain, Inc.   2,542    132,540 
Kraft Heinz Co. (The)   4,430    312,669 
McCormick & Co., Inc.   1,582    130,009 
Mead Johnson Nutrition Co.   1,735    122,144 
Molson Coors Brewing Co., Class B   1,613    133,911 
Mondelez International, Inc., Class A   23,165    969,919 
Monster Beverage Corp.*   588    79,462 
PepsiCo, Inc.   21,632    2,039,898 
Philip Morris International, Inc.   10,752    852,956 
Reynolds American, Inc.   6,396    283,151 
Tyson Foods, Inc., Class A   28,288    1,219,213 
           
Investments   Shares    Value 
           
Total Food, Beverage & Tobacco       $13,501,214 
Health Care Equipment & Services—9.6%             
Abbott Laboratories   14,227    572,210 
Aetna, Inc.   15,486    1,694,323 
AmerisourceBergen Corp.   37,020    3,516,530 
Anthem, Inc.   15,757    2,205,980 
Baxter International, Inc.   13,708    450,308 
Becton Dickinson & Co.   1,880    249,401 
Boston Scientific Corp.*   12,974    212,903 
C.R. Bard, Inc.   534    99,490 
Cardinal Health, Inc.   33,662    2,585,915 
Cerner Corp.*(a)   1,852    111,046 
Cigna Corp.   7,939    1,071,924 
DaVita HealthCare Partners, Inc.*   5,392    390,003 
DENTSPLY International, Inc.   1,563    79,041 
Edwards Lifesciences Corp.*   531    75,492 
Express Scripts Holding Co.*   36,731    2,973,742 
HCA Holdings, Inc.*   13,648    1,055,809 
Henry Schein, Inc.*   2,347    311,494 
Humana, Inc.   8,466    1,515,414 
Intuitive Surgical, Inc.*   134    61,584 
Laboratory Corp. of America Holdings*   1,790    194,161 
McKesson Corp.   23,653    4,376,515 
Medtronic PLC   7,520    503,389 
Patterson Cos., Inc.   2,880    124,560 
Quest Diagnostics, Inc.   3,450    212,071 
St. Jude Medical, Inc.   2,453    154,760 
Stryker Corp.   2,998    282,112 
Tenet Healthcare Corp.*   11,395    420,703 
UnitedHealth Group, Inc.   35,132    4,075,663 
Universal Health Services, Inc., Class B   1,946    242,880 
Varian Medical Systems, Inc.*(a)   1,182    87,208 
Zimmer Biomet Holdings, Inc.   1,414    132,817 
Total Health Care Equipment & Services        30,039,448 
Household & Personal Products—1.3%             
Clorox Co. (The)   1,521    175,721 
Colgate-Palmolive Co.   8,173    518,659 
Estee Lauder Cos., Inc., (The), Class A   4,309    347,650 
Kimberly-Clark Corp.   5,652    616,294 
Procter & Gamble Co. (The)   34,928    2,512,720 
Total Household & Personal Products        4,171,044 
Insurance—4.4%     
ACE Ltd.   5,833    603,132 
Aflac, Inc.   11,268    655,009 
Allstate Corp. (The)   18,418    1,072,664 

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

 

Schedule of Investments - continued

REVENUESHARES LARGE CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
American International Group, Inc.   32,759   $1,861,366 
Aon PLC   3,910    346,465 
Assurant, Inc.   4,138    326,943 
Chubb Corp. (The)   3,509    430,379 
Cincinnati Financial Corp.   2,928    157,526 
Genworth Financial, Inc., Class A*   55,395    255,925 
Hartford Financial Services Group, Inc. (The)   12,214    559,157 
Lincoln National Corp.   8,325    395,105 
Loews Corp.   11,692    422,549 
Marsh & McLennan Cos., Inc.   7,161    373,948 
MetLife, Inc.   45,003    2,121,892 
Principal Financial Group, Inc.   6,999    331,333 
Progressive Corp. (The)   20,077    615,159 
Prudential Financial, Inc.   23,215    1,769,215 
Torchmark Corp.   2,101    118,496 
Travelers Cos., Inc. (The)   8,161    812,264 
Unum Group   9,800    314,384 
XL Group PLC   5,990    217,557 
Total Insurance        13,760,468 
Materials—3.5%             
Air Products & Chemicals, Inc.   2,313    295,093 
Airgas, Inc.   1,680    150,074 
Alcoa, Inc.   76,822    742,101 
Avery Dennison Corp.   3,196    180,798 
Ball Corp.   3,782    235,240 
CF Industries Holdings, Inc.   2,447    109,870 
Dow Chemical Co. (The)   37,859    1,605,222 
E.I. du Pont de Nemours & Co.   20,721    998,752 
Eastman Chemical Co.   4,234    274,025 
Ecolab, Inc.   3,891    426,921 
FMC Corp.   2,789    94,575 
Freeport-McMoRan, Inc.   51,862    502,543 
International Flavors & Fragrances, Inc.   882    91,075 
International Paper Co.   17,247    651,764 
LyondellBasell Industries NV, Class A   14,453    1,204,802 
Martin Marietta Materials, Inc.   555    84,332 
Monsanto Co.   5,016    428,065 
Mosaic Co. (The)   7,190    223,681 
Newmont Mining Corp.   14,505    233,095 
Nucor Corp.   14,511    544,888 
Owens-Illinois, Inc.*   8,983    186,128 
PPG Industries, Inc.   4,984    437,047 
Praxair, Inc.   3,354    341,638 
Sealed Air Corp.   4,427    207,538 
Sherwin-Williams Co. (The)   1,380    307,436 
           
Investments   Shares    Value 
Sigma-Aldrich Corp.   603   $83,769 
Vulcan Materials Co.   960    85,632 
Westrock Co.   5,207    267,848 
Total Materials        10,993,952 
Media—2.8%             
Cablevision Systems Corp., Class A   7,187    233,362 
CBS Corp., Class B   9,595    382,840 
Comcast Corp., Class A   19,205    1,092,380 
Comcast Corp., Special Class A   18,508    1,059,398 
Discovery Communications, Inc., Class A*(a)   7,251    188,744 
Discovery Communications, Inc., Class C*   7,725    187,640 
Interpublic Group of Cos., Inc. (The)   11,672    223,285 
News Corp., Class A   10,373    130,907 
News Corp., Class B   10,091    129,367 
Omnicom Group, Inc.(a)   6,801    448,186 
Scripps Networks Interactive, Inc., Class A   1,556    76,540 
TEGNA, Inc.   7,950    178,000 
Time Warner Cable, Inc.   3,737    670,306 
Time Warner, Inc.   12,310    846,313 
Twenty-First Century Fox, Inc., Class A   18,710    504,796 
Twenty-First Century Fox, Inc., Class B   18,491    500,551 
Viacom, Inc., Class B   9,506    410,184 
Walt Disney Co. (The)   14,943    1,527,175 
Total Media        8,789,974 
Pharmaceuticals, Biotechnology & Life Sciences—3.3%     
AbbVie, Inc.   10,800    587,628 
Agilent Technologies, Inc.   4,051    139,071 
Alexion Pharmaceuticals, Inc.*   436    68,186 
Allergan PLC*   1,778    483,278 
Amgen, Inc.   4,164    575,965 
Baxalta, Inc.   4,876    153,643 
Biogen, Inc.*   978    285,390 
Bristol-Myers Squibb Co.   8,307    491,774 
Celgene Corp.*   2,072    224,128 
Eli Lilly & Co.   7,237    605,665 
Endo International PLC*   1,206    83,552 
Gilead Sciences, Inc.   8,012    786,698 
Johnson & Johnson   23,211    2,166,747 
Mallinckrodt PLC*   1,172    74,938 
Merck & Co., Inc.   22,911    1,131,574 
Mylan NV*   5,161    207,782 
PerkinElmer, Inc.   1,413    64,941 
Perrigo Co. PLC   694    109,145 
Pfizer, Inc.   44,323    1,392,185 
Regeneron Pharmaceuticals, Inc.*   192    89,307 

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

 

Schedule of Investments - continued

REVENUESHARES LARGE CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Thermo Fisher Scientific, Inc.   4,109   $502,449 
Vertex Pharmaceuticals, Inc.*   141    14,684 
Waters Corp.*   497    58,750 
Zoetis, Inc.   3,245    133,629 
Total Pharmaceuticals, Biotechnology & Life Sciences        10,431,109 
Real Estate—0.7%     
American Tower Corp.   1,476    129,859 
Apartment Investment & Management Co., Class A   807    29,875 
AvalonBay Communities, Inc.   349    61,012 
Boston Properties, Inc.   665    78,736 
CBRE Group, Inc., Class A*   8,786    281,152 
Crown Castle International Corp.   1,437    113,336 
Equinix, Inc.   269    73,545 
Equity Residential   1,134    85,186 
Essex Property Trust, Inc.   164    36,641 
General Growth Properties, Inc.   3,098    80,455 
HCP, Inc.(a)   1,991    74,165 
Host Hotels & Resorts, Inc.   9,513    150,401 
Iron Mountain, Inc.   3,237    100,412 
Kimco Realty Corp.   1,416    34,593 
Macerich Co. (The)   514    39,485 
Plum Creek Timber Co., Inc.   1,282    50,652 
Prologis, Inc.   1,610    62,629 
Public Storage   348    73,647 
Realty Income Corp.   654    30,993 
Simon Property Group, Inc.   845    155,243 
SL Green Realty Corp.   457    49,429 
Ventas, Inc.   1,890    105,953 
Vornado Realty Trust   852    77,038 
Welltower, Inc.   1,674    113,363 
Weyerhaeuser Co.   8,051    220,114 
Total Real Estate        2,307,914 
Retailing—6.2%     
Advance Auto Parts, Inc.   1,714    324,854 
Amazon.com, Inc.*   5,618    2,875,798 
AutoNation, Inc.*   10,415    605,945 
AutoZone, Inc.*   412    298,218 
Bed Bath & Beyond, Inc.*(a)   5,753    328,036 
Best Buy Co., Inc.   28,159    1,045,262 
CarMax, Inc.*   6,702    397,563 
Dollar General Corp.   7,884    571,117 
Dollar Tree, Inc.*   3,752    250,108 
Expedia, Inc.   1,576    185,464 
GameStop Corp., Class A(a)   6,745    277,961 
           
Investments   Shares    Value 
Gap, Inc. (The)   15,631   $445,484 
Genuine Parts Co.   5,563    461,117 
Home Depot, Inc. (The)   21,174    2,445,385 
Kohl's Corp.   11,428    529,231 
L Brands, Inc.   3,670    330,777 
Lowe's Cos., Inc.   23,978    1,652,564 
Macy's, Inc.   14,990    769,287 
Netflix, Inc.*   1,881    194,232 
Nordstrom, Inc.   5,334    382,501 
O'Reilly Automotive, Inc.*   924    231,000 
Priceline Group, Inc. (The)*   205    253,556 
Ross Stores, Inc.   6,512    315,637 
Signet Jewelers Ltd.   1,021    138,989 
Staples, Inc.   50,892    596,963 
Target Corp.   26,632    2,094,873 
Tiffany & Co.   1,599    123,475 
TJX Cos., Inc. (The)   12,129    866,253 
Tractor Supply Co.   2,132    179,770 
TripAdvisor, Inc.*   612    38,568 
Urban Outfitters, Inc.*   3,266    95,955 
Total Retailing        19,305,943 
Semiconductors & Semiconductor Equipment—1.3%     
Altera Corp.   1,100    55,088 
Analog Devices, Inc.   1,640    92,512 
Applied Materials, Inc.   17,890    262,804 
Avago Technologies Ltd.   1,388    173,514 
Broadcom Corp., Class A   4,850    249,435 
First Solar, Inc.*   2,140    91,485 
Intel Corp.   56,654    1,707,552 
KLA-Tencor Corp.   1,673    83,650 
Lam Research Corp.   2,006    131,052 
Linear Technology Corp.   1,072    43,255 
Microchip Technology, Inc.(a)   1,419    61,145 
Micron Technology, Inc.*   31,479    471,555 
NVIDIA Corp.   5,853    144,276 
Qorvo, Inc.*   710    31,986 
Skyworks Solutions, Inc.   956    80,505 
Texas Instruments, Inc.   8,303    411,165 
Xilinx, Inc.   1,711    72,546 
Total Semiconductors & Semiconductor Equipment        4,163,525 
Software & Services—4.9%     
Accenture PLC, Class A   9,588    942,117 
Activision Blizzard, Inc.   4,736    146,295 
Adobe Systems, Inc.*   1,667    137,061 
Akamai Technologies, Inc.*   852    58,839 

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

 

Schedule of Investments - continued

REVENUESHARES LARGE CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Alliance Data Systems Corp.*   703   $182,063 
Autodesk, Inc.*   1,551    68,461 
Automatic Data Processing, Inc.   4,076    327,547 
CA, Inc.   4,729    129,102 
Citrix Systems, Inc.*   1,338    92,697 
Cognizant Technology Solutions Corp., Class A*   5,497    344,167 
Computer Sciences Corp.   6,217    381,599 
eBay, Inc.*   20,867    509,990 
Electronic Arts, Inc.*   1,818    123,170 
Facebook, Inc., Class A*   4,802    431,700 
Fidelity National Information Services, Inc.   2,803    188,025 
Fiserv, Inc.*   1,804    156,244 
Google, Inc., Class A*   1,601    1,022,030 
Google, Inc., Class C*   1,678    1,020,929 
International Business Machines Corp.   17,960    2,603,661 
Intuit, Inc.   1,481    131,439 
MasterCard, Inc., Class A   3,158    284,599 
Microsoft Corp.   64,779    2,867,119 
Oracle Corp.   31,292    1,130,267 
Paychex, Inc.   1,747    83,210 
PayPal Holdings, Inc.*   8,187    254,125 
Red Hat, Inc.*   709    50,963 
salesforce.com, Inc.*   2,039    141,568 
Symantec Corp.   10,224    199,061 
Teradata Corp.*   2,701    78,221 
Total System Services, Inc.   1,673    76,004 
VeriSign, Inc.*(a)   447    31,540 
Visa, Inc., Class A   5,690    396,365 
Western Union Co. (The)   9,075    166,617 
Xerox Corp.   55,343    538,487 
Yahoo!, Inc.*   4,799    138,739 
Total Software & Services        15,434,021 
Technology Hardware & Equipment—4.8%     
Amphenol Corp., Class A   3,186    162,359 
Apple, Inc.   55,770    6,151,431 
Cisco Systems, Inc.   56,444    1,481,655 
Corning, Inc.   16,159    276,642 
EMC Corp.   30,682    741,277 
F5 Networks, Inc.*   474    54,889 
FLIR Systems, Inc.   1,650    46,184 
Harris Corp.   2,046    149,665 
Hewlett-Packard Co.   122,275    3,131,463 
Juniper Networks, Inc.   5,337    137,214 
Motorola Solutions, Inc.   2,653    181,412 
NetApp, Inc.   5,956    176,298 
           
Investments   Shares    Value 
QUALCOMM, Inc.   15,281   $821,048 
SanDisk Corp.   3,312    179,941 
Seagate Technology PLC(a)   8,909    399,123 
TE Connectivity Ltd.   6,319    378,445 
Western Digital Corp.   5,737    455,747 
Total Technology Hardware & Equipment        14,924,793 
Telecommunication Services—2.8%     
AT&T, Inc.   123,372    4,019,460 
CenturyLink, Inc.   20,582    517,020 
Frontier Communications Corp.   29,869    141,878 
Level 3 Communications, Inc.*   5,103    222,950 
Verizon Communications, Inc.   84,717    3,686,036 
Total Telecommunication Services        8,587,344 
Transportation—3.0%     
American Airlines Group, Inc.   30,093    1,168,511 
C.H. Robinson Worldwide, Inc.   5,988    405,867 
CSX Corp.   13,198    355,026 
Delta Air Lines, Inc.   26,629    1,194,843 
Expeditors International of Washington, Inc.   4,232    199,116 
FedEx Corp.   9,256    1,332,679 
JB Hunt Transport Services, Inc.   2,421    172,859 
Kansas City Southern   811    73,704 
Norfolk Southern Corp.   4,233    323,401 
Ryder System, Inc.   2,390    176,956 
Southwest Airlines Co.   14,881    566,073 
Union Pacific Corp.   8,099    716,033 
United Continental Holdings, Inc.*   19,365    1,027,313 
United Parcel Service, Inc., Class B   17,676    1,744,444 
Total Transportation        9,456,825 
Utilities—3.3%     
AES Corp.   45,006    440,609 
AGL Resources, Inc.   2,220    135,509 
Ameren Corp.   4,507    190,511 
American Electric Power Co., Inc.   9,625    547,277 
CenterPoint Energy, Inc.   13,897    250,702 
CMS Energy Corp.   6,173    218,030 
Consolidated Edison, Inc.   6,147    410,927 
Dominion Resources, Inc.   5,443    383,078 
DTE Energy Co.   4,359    350,333 
Duke Energy Corp.   10,323    742,637 
Edison International   6,657    419,857 
Entergy Corp.   5,745    374,000 
Eversource Energy   5,294    267,982 
Exelon Corp.   29,475    875,408 
FirstEnergy Corp.   13,994    438,152 

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

 

Schedule of Investments - continued

REVENUESHARES LARGE CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
NextEra Energy, Inc.   5,634   $549,597 
NiSource, Inc.   10,973    203,549 
NRG Energy, Inc.   25,533    379,165 
Pepco Holdings, Inc.   6,420    155,492 
PG&E Corp.   10,848    572,774 
Pinnacle West Capital Corp.   1,754    112,502 
PPL Corp.   11,646    383,037 
Public Service Enterprise Group, Inc.   8,369    352,837 
SCANA Corp.   2,748    154,602 
Sempra Energy   3,561    344,420 
Southern Co. (The)   12,796    571,981 
TECO Energy, Inc.   3,144    82,561 
WEC Energy Group, Inc.   2,975    155,355 
Xcel Energy, Inc.   10,399    368,229 
Total Utilities        10,431,113 
Total Common Stocks          
(Cost $283,915,232)        312,567,062 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—0.7%          
Dreyfus Institutional Preferred Money Market Fund-Prime Shares, 0.06% (b)
(Cost $2,196,594)		   2,196,594    2,196,594 
Total Investments—100.5%
(Cost $286,111,826)		        314,763,656 
Liabilities in Excess of Other Assets—(0.5)%        (1,465,832)
Net Assets—100.0%       $313,297,824 
           

 

 

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 $6,351,828; total market value of the collateral held by the fund was $6,357,328.  The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $4,160,734.
(b) Rate shown represents annualized 7-day yield as of September 30, 2015.

 

 

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

 

Schedule of Investments

REVENUESHARES MID CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—99.8%      
Automobiles & Components—0.8%     
Dana Holding Corp.   63,490   $1,008,221 
Gentex Corp.   15,406    238,793 
Thor Industries, Inc.   11,918    617,352 
Total Automobiles & Components        1,864,366 
Banks—1.8%     
Associated Banc-Corp.   8,979    161,353 
BancorpSouth, Inc.   4,953    117,733 
Bank of Hawaii Corp.   1,584    100,568 
Bank of the Ozarks, Inc.(a)   1,555    68,047 
Cathay General Bancorp   2,090    62,616 
City National Corp.   2,540    223,672 
Commerce Bancshares, Inc.   3,885    177,001 
Cullen/Frost Bankers, Inc.   2,797    177,833 
East West Bancorp, Inc.   4,143    159,174 
First Horizon National Corp.(a)   13,296    188,537 
First Niagara Financial Group, Inc.   23,749    242,477 
FirstMerit Corp.   9,299    164,313 
Fulton Financial Corp.   9,231    111,695 
Hancock Holding Co.   4,870    131,734 
International Bancshares Corp.   3,165    79,220 
New York Community Bancorp, Inc.   12,995    234,690 
PacWest Bancorp   3,129    133,952 
Prosperity Bancshares, Inc.   2,551    125,280 
Signature Bank*   1,058    145,538 
SVB Financial Group*   1,815    209,705 
Synovus Financial Corp.   5,865    173,604 
TCF Financial Corp.   12,680    192,229 
Trustmark Corp.(a)   4,034    93,468 
Umpqua Holdings Corp.   11,183    182,283 
Valley National Bancorp   9,713    95,576 
Washington Federal, Inc.   3,414    77,669 
Webster Financial Corp.   3,888    138,529 
Total Banks        3,968,496 
Capital Goods—10.3%     
A.O. Smith Corp.   6,015    392,118 
Acuity Brands, Inc.   2,245    394,177 
AECOM*   82,464    2,268,585 
AGCO Corp.(a)   29,789    1,389,061 
B/E Aerospace, Inc.   10,806    474,383 
Carlisle Cos., Inc.   5,923    517,552 
CLARCOR, Inc.(a)   4,867    232,059 
Crane Co.   9,544    444,846 
           
Investments   Shares    Value 
Donaldson Co., Inc.   13,956   $391,885 
Esterline Technologies Corp.*   4,148    298,200 
Fortune Brands Home & Security, Inc.(a)   13,635    647,253 
GATX Corp.   5,347    236,070 
Graco, Inc.   2,996    200,822 
Granite Construction, Inc.   11,400    338,238 
Hubbell, Inc., Class B   6,172    524,311 
Huntington Ingalls Industries, Inc.   10,209    1,093,894 
IDEX Corp.   4,989    355,716 
ITT Corp.   11,808    394,741 
KBR, Inc.   58,001    966,297 
Kennametal, Inc.   17,876    444,934 
KLX, Inc.*   8,297    296,535 
Lennox International, Inc.   4,701    532,764 
Lincoln Electric Holdings, Inc.   8,014    420,174 
MSC Industrial Direct Co., Inc., Class A   7,371    449,852 
Nordson Corp.   4,403    277,125 
NOW, Inc.*(a)   39,524    584,955 
Orbital ATK, Inc.   9,454    679,459 
Oshkosh Corp.(a)   28,178    1,023,707 
Regal-Beloit Corp.   9,276    523,630 
Teledyne Technologies, Inc.*   4,245    383,324 
Terex Corp.   57,518    1,031,873 
Timken Co.   17,313    475,934 
Toro Co. (The)   9,462    667,449 
Trinity Industries, Inc.   41,561    942,188 
Triumph Group, Inc.   13,506    568,332 
Valmont Industries, Inc.(a)   4,795    454,998 
Wabtec Corp.   5,829    513,243 
Watsco, Inc.   5,581    661,237 
Woodward, Inc.   8,123    330,606 
Total Capital Goods        22,822,527 
Commercial & Professional Services—3.9%     
CEB, Inc.   2,220    151,715 
Clean Harbors, Inc.*   11,811    519,330 
Copart, Inc.*   5,643    185,655 
Deluxe Corp.   5,019    279,759 
FTI Consulting, Inc.*   7,078    293,808 
Herman Miller, Inc.   12,507    360,702 
HNI Corp.   8,860    380,094 
Manpowergroup, Inc.   38,377    3,142,692 
MSA Safety, Inc.   4,220    168,673 
R.R. Donnelley & Sons Co.   128,824    1,875,677 
Rollins, Inc.   8,664    232,802 
Towers Watson & Co., Class A   5,180    608,028 

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

 

Schedule of Investments - continued

REVENUESHARES MID CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Waste Connections, Inc.   7,362   $357,646 
Total Commercial & Professional Services        8,556,581 
Consumer Durables & Apparel—3.5%     
Brunswick Corp.   13,917    666,485 
Carter’s, Inc.   5,157    467,431 
Deckers Outdoor Corp.*   4,721    274,101 
Jarden Corp.*   27,046    1,322,009 
Kate Spade & Co.*   10,058    192,208 
KB Home(a)   29,800    403,790 
MDC Holdings, Inc.(a)   10,624    278,136 
NVR, Inc.*   516    787,014 
Polaris Industries, Inc.(a)   6,369    763,452 
Skechers U.S.A., Inc., Class A*   3,665    491,403 
Tempur Sealy International, Inc.*   6,852    489,438 
Toll Brothers, Inc.*   18,802    643,781 
TRI Pointe Group, Inc.*   23,826    311,882 
Tupperware Brands Corp.   7,978    394,831 
Vista Outdoor, Inc.*   7,987    354,863 
Total Consumer Durables & Apparel        7,840,824 
Consumer Services—2.4%     
Apollo Education Group, Inc.*   40,674    449,854 
Brinker International, Inc.   9,252    487,303 
Buffalo Wild Wings, Inc.*(a)   1,404    271,576 
Cheesecake Factory, Inc.   6,384    344,481 
Cracker Barrel Old Country Store, Inc.   3,180    468,350 
DeVry Education Group, Inc.(a)   12,306    334,846 
Domino’s Pizza, Inc.   3,178    342,938 
Dunkin' Brands Group, Inc.   2,807    137,543 
Graham Holdings Co., Class B   1,002    578,154 
International Speedway Corp., Class A   3,241    102,805 
Jack in the Box, Inc.   3,610    278,114 
Panera Bread Co., Class A*   2,434    470,760 
Service Corp. International   17,461    473,193 
Sotheby’s(a)   4,592    146,852 
Wendy’s Co. (The)   36,795    318,277 
Total Consumer Services        5,205,046 
Diversified Financials—1.2%     
CBOE Holdings, Inc.   1,571    105,383 
Eaton Vance Corp.   7,094    237,081 
Federated Investors, Inc., Class B(a)   4,856    140,338 
Janus Capital Group, Inc.(a)   11,776    160,153 
MSCI, Inc.   2,863    170,234 
Raymond James Financial, Inc.   16,320    809,962 
SEI Investments Co.   4,420    213,177 
SLM Corp.*   16,020    118,548 
           
Investments   Shares    Value 
Stifel Financial Corp.*   8,476   $356,840 
Waddell & Reed Financial, Inc., Class A   7,200    250,344 
WisdomTree Investments, Inc.(a)   2,252    36,325 
Total Diversified Financials        2,598,385 
Energy—7.9%     
Atwood Oceanics, Inc.   13,254    196,292 
California Resources Corp.   174,025    452,465 
Denbury Resources, Inc.(a)   109,867    268,076 
Dril-Quip, Inc.*(a)   2,469    143,745 
Energen Corp.   3,642    181,590 
Gulfport Energy Corp.*   3,736    110,884 
Helix Energy Solutions Group, Inc.*   25,663    122,926 
HollyFrontier Corp.   60,235    2,941,877 
Nabors Industries Ltd.   102,351    967,217 
Noble Corp. PLC(a)   48,045    524,171 
Oceaneering International, Inc.   14,532    570,817 
Oil States International, Inc.*   9,329    243,767 
Patterson-UTI Energy, Inc.   34,565    454,184 
QEP Resources, Inc.   40,442    506,738 
Rowan Cos. PLC, Class A   21,030    339,635 
SM Energy Co.(a)   9,843    315,370 
Superior Energy Services, Inc.   50,624    639,381 
Western Refining, Inc.   49,020    2,162,762 
World Fuel Services Corp.   170,107    6,089,831 
WPX Energy, Inc.*(a)   46,165    305,612 
Total Energy        17,537,340 
Food & Staples Retailing—2.3%     
Casey's General Stores, Inc.(a)   11,649    1,198,915 
SUPERVALU, Inc.*   363,904    2,612,831 
United Natural Foods, Inc.*(a)   25,402    1,232,251 
Total Food & Staples Retailing        5,043,997 
Food, Beverage & Tobacco—2.5%     
Boston Beer Co., Inc. (The), Class A*(a)   818    172,279 
Dean Foods Co.   88,220    1,457,394 
Flowers Foods, Inc.   26,348    651,850 
Hain Celestial Group, Inc. (The)*   7,245    373,842 
Ingredion, Inc.   11,054    965,125 
Lancaster Colony Corp.   1,831    178,486 
Post Holdings, Inc.*   9,574    565,823 
Tootsie Roll Industries, Inc.   2,899    90,710 
TreeHouse Foods, Inc.*(a)   6,814    530,061 
WhiteWave Foods Co. (The)*   13,421    538,853 
Total Food, Beverage & Tobacco        5,524,423 
Health Care Equipment & Services—8.1%     
Align Technology, Inc.*   2,425    137,643 

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

 

Schedule of Investments - continued

REVENUESHARES MID CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Allscripts Healthcare Solutions, Inc.*   17,096   $211,990 
Centene Corp.*   50,188    2,721,695 
Community Health Systems, Inc.*   64,457    2,756,826 
Cooper Cos., Inc. (The)   2,048    304,865 
Halyard Health, Inc.*   8,306    236,223 
Health Net, Inc.*   40,681    2,449,810 
Hill-Rom Holdings, Inc.   5,747    298,787 
Hologic, Inc.*   10,720    419,474 
IDEXX Laboratories, Inc.*   3,429    254,603 
LifePoint Hospitals, Inc.*   10,690    757,921 
MEDNAX, Inc.*   5,382    413,284 
Molina Healthcare, Inc.*(a)   24,980    1,719,873 
Owens & Minor, Inc.   48,081    1,535,707 
ResMed, Inc.(a)   5,418    276,101 
Sirona Dental Systems, Inc.*   1,955    182,480 
STERIS Corp.(a)   4,588    298,082 
Teleflex, Inc.   2,235    277,609 
Thoratec Corp.*   1,307    82,681 
VCA, Inc.*   6,128    322,639 
WellCare Health Plans, Inc.*   23,864    2,056,600 
West Pharmaceutical Services, Inc.   4,170    225,680 
Total Health Care Equipment & Services        17,940,573 
Household & Personal Products—1.2%     
Avon Products, Inc.(a)   359,487    1,168,333 
Church & Dwight Co., Inc.   6,825    572,617 
Edgewell Personal Care Co.   8,747    713,755 
Energizer Holdings, Inc.   6,987    270,467 
Total Household & Personal Products        2,725,172 
Insurance—6.0%     
Alleghany Corp.*   1,856    868,812 
American Financial Group, Inc.   14,723    1,014,562 
Arthur J. Gallagher & Co.   20,504    846,405 
Aspen Insurance Holdings Ltd.   9,716    451,503 
Brown & Brown, Inc.   8,620    266,961 
CNO Financial Group, Inc.   36,408    684,835 
Endurance Specialty Holdings Ltd.   5,478    334,322 
Everest Re Group Ltd.   5,753    997,225 
First American Financial Corp.   21,414    836,645 
Hanover Insurance Group, Inc. (The)   10,738    834,343 
HCC Insurance Holdings, Inc.   6,028    466,989 
Kemper Corp.(a)   10,363    366,539 
Mercury General Corp.   9,782    494,089 
Old Republic International Corp.   58,798    919,601 
Primerica, Inc.   5,129    231,164 
Reinsurance Group of America, Inc.   19,559    1,771,850 
           
Investments   Shares    Value 
RenaissanceRe Holdings Ltd.   2,229   $236,987 
StanCorp Financial Group, Inc.   4,185    477,927 
W.R. Berkley Corp.   22,347    1,215,006 
Total Insurance        13,315,765 
Materials—9.1%     
Albemarle Corp.   11,754    518,351 
Allegheny Technologies, Inc.(a)   42,648    604,749 
AptarGroup, Inc.   6,069    400,311 
Ashland, Inc.   9,527    958,607 
Bemis Co., Inc.   16,984    672,057 
Cabot Corp.   16,966    535,447 
Carpenter Technology Corp.   11,384    338,902 
Chemours Co. (The)(a)   118,904    769,309 
Commercial Metals Co.   79,012    1,070,613 
Compass Minerals International, Inc.   2,559    200,549 
Cytec Industries, Inc.   4,631    341,999 
Domtar Corp.   24,219    865,829 
Eagle Materials, Inc.   2,042    139,714 
Greif, Inc., Class A   19,028    607,183 
Louisiana-Pacific Corp.*   19,698    280,500 
Minerals Technologies, Inc.   6,621    318,867 
NewMarket Corp.   1,015    362,355 
Olin Corp.(a)   19,683    330,871 
Packaging Corp. of America   15,025    903,904 
PolyOne Corp.   19,571    574,213 
Reliance Steel & Aluminum Co.   30,817    1,664,426 
Royal Gold, Inc.   984    46,228 
RPM International, Inc.   17,104    716,487 
Scotts Miracle-Gro Co., (The), Class A   7,952    483,641 
Sensient Technologies Corp.   3,776    231,469 
Silgan Holdings, Inc.   12,485    649,719 
Sonoco Products Co.   21,646    816,920 
Steel Dynamics, Inc.   84,611    1,453,617 
United States Steel Corp.(a)   189,221    1,971,683 
Valspar Corp. (The)   10,472    752,727 
Worthington Industries, Inc.   24,239    641,849 
Total Materials        20,223,096 
Media—1.6%     
AMC Networks, Inc., Class A*   5,513    403,386 
Cable One, Inc.*   364    152,669 
Cinemark Holdings, Inc.   13,677    444,366 
DreamWorks Animation SKG, Inc., Class A*(a)   6,849    119,515 
John Wiley & Sons, Inc., Class A   6,244    312,387 
Live Nation Entertainment, Inc.*   46,856    1,126,418 
Meredith Corp.(a)   5,401    229,974 

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

 

Schedule of Investments - continued

REVENUESHARES MID CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
New York Times Co., (The), Class A   22,402   $264,568 
Time, Inc.   26,859    511,664 
Total Media        3,564,947 
Pharmaceuticals, Biotechnology & Life Sciences—0.9%     
Akorn, Inc.*(a)   2,417    68,896 
Bio-Rad Laboratories, Inc., Class A*   2,619    351,758 
Bio-Techne Corp.   660    61,024 
Catalent, Inc.*   11,153    271,018 
Charles River Laboratories International, Inc.*   3,175    201,676 
Mettler-Toledo International, Inc.*   1,412    402,053 
PARAXEL International Corp.*   5,123    317,216 
United Therapeutics Corp.*   1,489    195,416 
Total Pharmaceuticals, Biotechnology & Life Sciences        1,869,057 
Real Estate—2.4%     
Alexander & Baldwin, Inc.   3,053    104,809 
Alexandria Real Estate Equities, Inc.   1,470    124,465 
American Campus Communities, Inc.   3,791    137,386 
BioMed Realty Trust, Inc.   5,692    113,726 
Camden Property Trust   2,065    152,603 
Care Capital Properties, Inc.   2,141    70,503 
Communications Sales & Leasing, Inc.   1,267    22,679 
Corporate Office Properties Trust   5,106    107,379 
Corrections Corp. of America   9,615    284,027 
Douglas Emmett, Inc.   3,598    103,335 
Duke Realty Corp.   10,165    193,643 
Equity One, Inc.   2,479    60,339 
Extra Space Storage, Inc.   1,615    124,613 
Federal Realty Investment Trust   953    130,037 
Highwoods Properties, Inc.   2,713    105,129 
Home Properties, Inc.   1,552    116,012 
Hospitality Properties Trust   11,944    305,528 
Jones Lang LaSalle, Inc.   6,510    935,943 
Kilroy Realty Corp.   1,379    89,856 
Lamar Advertising Co., Class A   4,268    222,704 
LaSalle Hotel Properties   6,459    183,371 
Liberty Property Trust   4,350    137,068 
Mack-Cali Realty Corp.   5,144    97,119 
Mid-America Apartment Communities, Inc.   2,215    181,342 
National Retail Properties, Inc.   2,089    75,768 
Omega Healthcare Investors, Inc.   3,027    106,399 
Potlatch Corp.   3,251    93,596 
Rayonier, Inc.   4,109    90,686 
Regency Centers Corp.   1,548    96,208 
Senior Housing Properties Trust   10,099    163,604 
Sovran Self Storage, Inc.   653    61,578 
           
Investments   Shares    Value 
Tanger Factory Outlet Centers, Inc.   2,207   $72,765 
Taubman Centers, Inc.   1,530    105,692 
UDR, Inc.   4,416    152,264 
Urban Edge Properties(a)   2,430    52,464 
Weingarten Realty Investors   2,770    91,715 
WP GLIMCHER, Inc.   11,759    137,110 
Total Real Estate        5,403,465 
Retailing—8.4%     
Aaron’s, Inc.   13,446    485,535 
Abercrombie & Fitch Co., Class A(a)   33,591    711,793 
American Eagle Outfitters, Inc.(a)   36,390    568,776 
Ascena Retail Group, Inc.*   74,704    1,039,133 
Big Lots, Inc.(a)   19,753    946,564 
Cabela’s, Inc.*(a)   13,590    619,704 
Chico’s FAS, Inc.   26,901    423,153 
CST Brands, Inc.   51,649    1,738,505 
Dick’s Sporting Goods, Inc.   21,729    1,077,976 
Foot Locker, Inc.   16,274    1,171,240 
Guess?, Inc.(a)   18,979    405,391 
HSN, Inc.   10,830    619,909 
JC Penney Co., Inc.*(a)   212,613    1,975,175 
LKQ Corp.*   39,267    1,113,612 
Murphy USA, Inc.*   40,990    2,252,400 
Office Depot, Inc.*   353,748    2,271,062 
Rent-A-Center, Inc.   20,861    505,879 
Williams-Sonoma, Inc.   10,259    783,275 
Total Retailing        18,709,082 
Semiconductors & Semiconductor Equipment—1.2%     
Advanced Micro Devices, Inc.*(a)   426,472    733,532 
Atmel Corp.   28,309    228,454 
Cree, Inc.*(a)   10,787    261,369 
Cypress Semiconductor Corp.*   18,443    157,134 
Fairchild Semiconductor International, Inc.*   17,965    252,229 
Integrated Device Technology, Inc.*   4,398    89,280 
Intersil Corp., Class A   8,399    98,268 
Silicon Laboratories, Inc.*   2,502    103,933 
SunEdison, Inc.*(a)   31,783    228,202 
Synaptics, Inc.*   2,929    241,525 
Teradyne, Inc.   14,916    268,637 
Total Semiconductors & Semiconductor Equipment        2,662,563 
Software & Services—3.8%     
ACI Worldwide, Inc.*   8,096    170,987 
Acxiom Corp.*   8,191    161,854 
ANSYS, Inc.*   1,740    153,364 
Broadridge Financial Solutions, Inc.   8,471    468,870 

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

 

Schedule of Investments - continued

REVENUESHARES MID CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Cadence Design Systems, Inc.*   13,326   $275,582 
CDK Global, Inc.   6,689    319,600 
CommVault Systems, Inc.*   2,909    98,790 
Convergys Corp.   21,952    507,311 
CoreLogic, Inc.*   6,498    241,921 
DST Systems, Inc.   4,413    463,983 
FactSet Research Systems, Inc.   1,015    162,207 
Fair Isaac Corp.   1,627    137,481 
Fortinet, Inc.*   3,314    140,779 
Gartner, Inc.*   4,058    340,588 
Global Payments, Inc.   4,022    461,444 
Jack Henry & Associates, Inc.   2,995    208,482 
Leidos Holdings, Inc.   20,971    866,312 
Manhattan Associates, Inc.*   1,408    87,718 
MAXIMUS, Inc.   4,842    288,389 
Mentor Graphics Corp.   8,028    197,730 
NeuStar, Inc., Class A*(a)   6,034    164,185 
PTC, Inc.*   6,950    220,593 
Rackspace Hosting, Inc.*   10,513    259,461 
Rovi Corp.*(a)   7,835    82,189 
Science Applications International Corp.   15,691    630,935 
SolarWinds, Inc.*   1,921    75,380 
Solera Holdings, Inc.   3,477    187,758 
Synopsys, Inc.*   7,573    349,721 
Tyler Technologies, Inc.*   731    109,146 
Ultimate Software Group, Inc. (The)*   592    105,974 
VeriFone Systems, Inc.*   11,324    314,014 
WEX, Inc.*(a)   1,514    131,476 
Total Software & Services        8,384,224 
Technology Hardware & Equipment—13.9%     
3D Systems Corp.*(a)   9,347    107,958 
ARRIS Group, Inc.*   31,878    827,872 
Arrow Electronics, Inc.*   67,900    3,753,512 
Avnet, Inc.   109,273    4,663,772 
Belden, Inc.   7,995    373,286 
Ciena Corp.*   17,910    371,095 
Cognex Corp.   2,403    82,591 
Diebold, Inc.   16,407    488,436 
FEI Co.   2,045    149,367 
Ingram Micro, Inc., Class A   287,858    7,841,252 
InterDigital, Inc./PA   1,400    70,840 
IPG Photonics Corp.*(a)   1,763    133,935 
Jabil Circuit, Inc.   142,307    3,183,408 
Keysight Technologies, Inc.*   15,339    473,055 
Knowles Corp.*(a)   10,974    202,251 
           
Investments   Shares    Value 
Lexmark International, Inc., Class A   21,535   $624,084 
National Instruments Corp.   7,315    203,284 
NCR Corp.*   40,457    920,397 
NetScout Systems, Inc.*   2,000    70,740 
Plantronics, Inc.   2,654    134,956 
Polycom, Inc.*   21,891    229,418 
Tech Data Corp.*   68,695    4,705,607 
Trimble Navigation Ltd.*   22,810    374,540 
Vishay Intertechnology, Inc.   41,008    397,367 
Zebra Technologies Corp., Class A*   5,901    451,722 
Total Technology Hardware & Equipment        30,834,745 
Telecommunication Services—0.4%     
Telephone & Data Systems, Inc.   32,910    821,434 
           
Transportation—2.2%     
Alaska Air Group, Inc.   11,758    934,173 
Con-way, Inc.   20,684    981,456 
Genesee & Wyoming, Inc., Class A*   4,647    274,545 
JetBlue Airways Corp.*   39,767    1,024,796 
Kirby Corp.*   6,116    378,886 
Landstar System, Inc.   8,315    527,753 
Old Dominion Freight Line, Inc.*   7,250    442,250 
Werner Enterprises, Inc.   12,934    324,643 
Total Transportation        4,888,502 
Utilities—4.0%     
Alliant Energy Corp.   10,021    586,128 
Aqua America, Inc.   5,371    142,170 
Atmos Energy Corp.   14,157    823,654 
Black Hills Corp.   6,147    254,117 
Cleco Corp.   4,032    214,664 
Great Plains Energy, Inc.   17,010    459,610 
Hawaiian Electric Industries, Inc.   17,926    514,297 
IDACORP, Inc.   3,748    242,533 
MDU Resources Group, Inc.   44,220    760,584 
National Fuel Gas Co.   6,323    316,024 
OGE Energy Corp.   14,570    398,635 
ONE Gas, Inc.   6,756    306,249 
PNM Resources, Inc.   9,670    271,244 
Questar Corp.   10,495    203,708 
Talen Energy Corp.*   65,838    664,964 
UGI Corp.   36,824    1,282,212 
Vectren Corp.   11,024    463,118 
Westar Energy, Inc.   12,011    461,703 
WGL Holdings, Inc.   8,567    494,059 
Total Utilities        8,859,673 

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

 

Schedule of Investments - continued

REVENUESHARES MID CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Total Common Stocks      
(Cost $217,904,592)       $221,164,283 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—3.6%          
Dreyfus Institutional Preferred Money Market Fund-Prime Shares, 0.06% (b)
(Cost $8,011,922)		   8,011,922    8,011,922 
Total Investments—103.4%
(Cost $225,916,514)		        229,176,205 
Liabilities in Excess of Other Assets—(3.4)%        (7,563,548)
Net Assets—100.0%       $221,612,657 
           

 

 

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 $21,261,985; total market value of the collateral held by the fund was $21,617,182.  The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $13,605,260.
(b) Rate shown represents annualized 7-day yield as of September 30, 2015.

 

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

 

Schedule of Investments

REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—99.9%      
Automobiles & Components—0.9%     
Dorman Products, Inc.*(a)   8,071   $410,733 
Drew Industries, Inc.   12,754    696,496 
Gentherm, Inc.*   9,544    428,716 
Standard Motor Products, Inc.   14,979    522,468 
Superior Industries International, Inc.   20,352    380,175 
Winnebago Industries, Inc.(a)   25,319    484,859 
Total Automobiles & Components        2,923,447 
Banks—2.7%     
Astoria Financial Corp.   12,910    207,851 
Bank Mutual Corp.   6,932    53,238 
Banner Corp.   2,780    132,801 
BBCN Bancorp, Inc.   10,689    160,549 
BofI Holding, Inc.*(a)   780    100,487 
Boston Private Financial Holdings, Inc.   15,296    178,963 
Brookline Bancorp, Inc.   10,139    102,809 
Cardinal Financial Corp.   3,697    85,068 
Central Pacific Financial Corp.   5,166    108,331 
City Holding Co.(a)   1,855    91,452 
Columbia Banking System, Inc.(a)   6,627    206,829 
Community Bank System, Inc.(a)   5,379    199,937 
CVB Financial Corp.   8,942    149,331 
Dime Community Bancshares   4,357    73,633 
F.N.B. Corp.   24,916    322,662 
First BanCorp*   64,548    229,791 
First Commonwealth Financial Corp.   13,721    124,724 
First Financial Bancorp   8,416    160,577 
First Financial Bankshares, Inc.(a)   4,535    144,122 
First Midwest Bancorp, Inc.   12,191    213,830 
First NBC Bank Holding Co.*   890    31,186 
Glacier Bancorp, Inc.   7,378    194,705 
Hanmi Financial Corp.   3,843    96,844 
Home BancShares, Inc.   4,909    198,815 
Independent Bank Corp.   3,231    148,949 
LegacyTexas Financial Group, Inc.   3,733    113,782 
LendingTree, Inc.*   902    83,913 
MB Financial, Inc.(a)   11,782    384,564 
National Penn Bancshares, Inc.   15,789    185,521 
NBT Bancorp, Inc.   6,693    180,309 
Northfield Bancorp, Inc.   2,538    38,603 
Northwest Bancshares, Inc.   12,847    167,011 
OFG Bancorp   17,335    151,335 
Old National Bancorp(a)   21,663    301,766 
Oritani Financial Corp.   3,529    55,123 
           
Investments   Shares    Value 
Pinnacle Financial Partners, Inc.   2,825   $139,583 
PrivateBancorp, Inc.(a)   8,100    310,473 
Provident Financial Services, Inc.   8,135    158,633 
S&T Bancorp, Inc.(a)   3,517    114,725 
Simmons First National Corp., Class A(a)   3,242    155,389 
Southside Bancshares, Inc.   2,802    77,195 
Sterling Bancorp   10,297    153,116 
Talmer Bancorp, Inc., Class A(a)   9,205    153,263 
Texas Capital Bancshares, Inc.*(a)   5,361    281,024 
Tompkins Financial Corp.   2,353    125,556 
TrustCo Bank Corp.   14,453    84,406 
UMB Financial Corp.(a)   8,925    453,479 
United Bankshares, Inc.(a)   6,280    238,577 
United Community Banks, Inc.   7,630    155,957 
Walker & Dunlop, Inc.*   9,536    248,699 
Westamerica Bancorporation(a)   2,207    98,079 
Wilshire Bancorp, Inc.   9,398    98,773 
Wintrust Financial Corp.   8,371    447,263 
Total Banks        8,873,601 
Capital Goods—13.1%     
AAON, Inc.   9,411    182,385 
AAR Corp.   41,443    786,174 
Actuant Corp., Class A   38,125    701,119 
Aegion Corp.*   39,951    658,393 
Aerojet Rocketdyne Holdings, Inc.*   41,374    669,431 
Aerovironment, Inc.*(a)   6,400    128,256 
Albany International Corp., Class A   13,265    379,512 
American Science & Engineering, Inc.   2,377    84,526 
American Woodmark Corp.*   6,155    399,275 
Apogee Enterprises, Inc.(a)   8,119    362,513 
Applied Industrial Technologies, Inc.   35,700    1,361,955 
Astec Industries, Inc.   14,925    500,137 
AZZ, Inc.   8,134    396,044 
Barnes Group, Inc.   17,720    638,806 
Briggs & Stratton Corp.   48,985    945,900 
Chart Industries, Inc.*   27,582    529,850 
CIRCOR International, Inc.   9,012    361,561 
Comfort Systems USA, Inc.   28,128    766,769 
Cubic Corp.   17,936    752,236 
Curtiss-Wright Corp.   17,805    1,111,388 
DXP Enterprises, Inc.*   26,512    723,247 
Dycom Industries, Inc.*   12,896    933,155 
EMCOR Group, Inc.   75,757    3,352,247 
Encore Wire Corp.   18,024    588,844 
EnerSys(a)   26,052    1,395,866 

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

 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Engility Holdings, Inc.   32,322   $833,261 
EnPro Industries, Inc.   14,744    577,522 
ESCO Technologies, Inc.   7,930    284,687 
Federal Signal Corp.   36,650    502,472 
Franklin Electric Co., Inc.(a)   18,747    510,481 
General Cable Corp.   197,803    2,353,856 
Gibraltar Industries, Inc.*   28,246    518,314 
Griffon Corp.(a)   67,358    1,062,236 
Harsco Corp.   104,707    949,693 
Hillenbrand, Inc.   35,293    917,971 
John Bean Technologies Corp.   14,599    558,412 
Kaman Corp.(a)   25,935    929,770 
Lindsay Corp.(a)   4,248    287,972 
Lydall, Inc.*   9,998    284,843 
Moog, Inc., Class A*   23,141    1,251,234 
Mueller Industries, Inc.   39,569    1,170,451 
MYR Group, Inc.*   20,472    536,366 
National Presto Industries, Inc.(a)   2,822    237,782 
Orion Marine Group, Inc.*   29,979    179,274 
PGT, Inc.*   14,018    172,141 
Powell Industries, Inc.   11,746    353,555 
Quanex Building Products Corp.   16,364    297,334 
Simpson Manufacturing Co., Inc.   11,757    393,742 
SPX Corp.   11,129    132,658 
SPX FLOW, Inc.*   11,129    383,171 
Standex International Corp.   5,359    403,801 
TASER International, Inc.*(a)   4,073    89,708 
Tennant Co.   7,898    443,710 
Titan International, Inc.   111,427    736,532 
Universal Forest Products, Inc.   24,483    1,412,179 
Veritiv Corp.*   128,866    4,798,970 
Vicor Corp.*   12,782    130,376 
Watts Water Technologies, Inc., Class A   14,862    785,011 
Total Capital Goods        43,189,074 
Commercial & Professional Services—6.6%     
ABM Industries, Inc.   92,546    2,527,431 
Brady Corp., Class A   32,749    643,845 
Brink's Co. (The)   63,120    1,704,871 
CDI Corp.   65,025    555,964 
Essendant, Inc.   89,358    2,897,880 
Exponent, Inc.   3,620    161,307 
G&K Services, Inc., Class A   7,271    484,394 
Healthcare Services Group, Inc.(a)   21,657    729,841 
Heidrick & Struggles International, Inc.   13,675    265,979 
Insperity, Inc.   30,808    1,353,395 
           
Investments   Shares    Value 
Interface, Inc.   22,024   $494,219 
Kelly Services, Inc., Class A   206,119    2,914,523 
Korn/Ferry International   15,895    525,648 
Matthews International Corp., Class A   13,952    683,229 
Mobile Mini, Inc.   8,349    257,066 
Navigant Consulting, Inc.*   27,710    440,866 
On Assignment, Inc.*   27,636    1,019,768 
Resources Connection, Inc.   19,914    300,104 
Tetra Tech, Inc.   37,544    912,695 
TrueBlue, Inc.*   55,158    1,239,400 
UniFirst Corp.   7,036    751,515 
US Ecology, Inc.   6,737    294,070 
Viad Corp.   20,948    607,283 
WageWorks, Inc.*   3,473    156,563 
Total Commercial & Professional Services        21,921,856 
Consumer Durables & Apparel—4.2%     
Arctic Cat, Inc.(a)   17,178    381,008 
Callaway Golf Co.   51,223    427,712 
Crocs, Inc.*(a)   43,527    562,586 
Ethan Allen Interiors, Inc.   13,227    349,325 
G-III Apparel Group Ltd.*   15,677    966,644 
Helen of Troy Ltd.*   7,922    707,435 
Iconix Brand Group, Inc.*   15,053    203,516 
iRobot Corp.*(a)   10,120    294,897 
La-Z-Boy, Inc.   26,656    707,983 
M/I Homes, Inc.*   26,824    632,510 
Meritage Homes Corp.*   32,823    1,198,696 
Movado Group, Inc.   11,804    304,897 
Oxford Industries, Inc.   6,153    454,584 
Perry Ellis International, Inc.*   20,498    450,136 
Ryland Group, Inc. (The)(a)   32,729    1,336,325 
Standard Pacific Corp.*   155,701    1,245,608 
Steven Madden Ltd.*   18,761    687,028 
Sturm Ruger & Co., Inc.(a)   4,277    251,017 
TopBuild Corp.*   24,944    772,516 
Unifi, Inc.*   13,017    388,037 
Universal Electronics, Inc.*   6,702    281,685 
Wolverine World Wide, Inc.   56,081    1,213,593 
Total Consumer Durables & Apparel        13,817,738 
Consumer Services—3.9%     
American Public Education, Inc.*   8,090    189,711 
Biglari Holdings, Inc.*   1,303    476,559 
BJ's Restaurants, Inc.*(a)   10,659    458,657 
Bob Evans Farms, Inc.   15,624    677,300 
Boyd Gaming Corp.*   74,823    1,219,615 

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

 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Capella Education Co.   4,629   $229,228 
Career Education Corp.*   86,849    326,552 
DineEquity, Inc.   3,921    359,399 
Interval Leisure Group, Inc.   18,333    336,594 
Marcus Corp. (The)   12,880    249,099 
Marriott Vacations Worldwide Corp.   10,644    725,282 
Monarch Casino & Resort, Inc.*   5,374    96,571 
Papa John's International, Inc.   12,850    879,968 
Pinnacle Entertainment, Inc.*   33,835    1,144,976 
Popeyes Louisiana Kitchen, Inc.*   2,333    131,488 
Red Robin Gourmet Burgers, Inc.*   8,417    637,504 
Regis Corp.*   83,878    1,098,802 
Ruby Tuesday, Inc.*   94,497    586,826 
Ruth's Hospitality Group, Inc.   10,551    171,348 
Scientific Games Corp., Class A*(a)   107,720    1,125,674 
Sonic Corp.   12,326    282,882 
Strayer Education, Inc.*   4,407    242,253 
Texas Roadhouse, Inc.   24,556    913,483 
Universal Technical Institute, Inc.   45,743    160,558 
Total Consumer Services        12,720,329 
Diversified Financials—2.0%     
Calamos Asset Management, Inc., Class A   13,226    125,382 
Cash America International, Inc.   24,792    693,432 
Encore Capital Group, Inc.*(a)   15,260    564,620 
Enova International, Inc.*   30,483    311,536 
Evercore Partners, Inc., Class A   10,776    541,386 
Ezcorp, Inc., Class A*   86,221    531,984 
Financial Engines, Inc.(a)   5,123    150,975 
First Cash Financial Services, Inc.*   9,820    393,389 
Green Dot Corp., Class A*   20,367    358,459 
Greenhill & Co., Inc.   4,976    141,667 
HFF, Inc., Class A   7,189    242,701 
Interactive Brokers Group, Inc., Class A(a)   17,727    699,685 
Investment Technology Group, Inc.   24,308    324,269 
MarketAxess Holdings, Inc.   1,583    147,029 
Piper Jaffray Cos.*   9,038    326,904 
PRA Group, Inc.*(a)   9,627    509,461 
Virtus Investment Partners, Inc.   2,305    231,653 
World Acceptance Corp.*(a)   11,930    320,201 
Total Diversified Financials        6,614,733 
Energy—3.9%     
Approach Resources, Inc.*(a)   45,692    85,444 
Basic Energy Services, Inc.*(a)   160,781    530,577 
Bill Barrett Corp.*(a)   50,741    167,445 
Bonanza Creek Energy, Inc.*(a)   43,759    178,099 
           
Investments   Shares    Value 
Bristow Group, Inc.(a)   29,465   $770,805 
CARBO Ceramics, Inc.(a)   11,984    227,576 
Carrizo Oil & Gas, Inc.*(a)   9,696    296,116 
Cloud Peak Energy, Inc.*(a)   226,064    594,548 
Contango Oil & Gas Co.*   10,561    80,264 
Era Group, Inc.*   9,897    148,158 
Exterran Holdings, Inc.   72,868    1,311,624 
Geospace Technologies Corp.*(a)   3,898    53,831 
Green Plains, Inc.   81,254    1,581,203 
Gulf Island Fabrication, Inc.   19,285    203,071 
GulfMark Offshore, Inc., Class A(a)   31,181    190,516 
Hornbeck Offshore Services, Inc.*(a)   19,140    258,964 
ION Geophysical Corp.*   342,867    133,718 
Matrix Service Co.*   33,196    745,914 
Newpark Resources, Inc.*   85,256    436,511 
Northern Oil and Gas, Inc.*(a)   35,917    158,753 
PDC Energy, Inc.*(a)   3,900    206,739 
Penn Virginia Corp.*(a)   322,453    170,900 
Pioneer Energy Services Corp.*   203,870    428,127 
REX American Resources Corp.*   6,746    341,483 
Rex Energy Corp.*(a)   60,816    125,889 
SEACOR Holdings, Inc.*(a)   10,788    645,230 
Stone Energy Corp.*(a)   62,344    309,226 
Synergy Resources Corp.*(a)   6,980    68,404 
Tesco Corp.   31,591    225,560 
TETRA Technologies, Inc.*   92,674    547,703 
Tidewater, Inc.(a)   53,519    703,240 
U.S. Silica Holdings, Inc.(a)   25,572    360,310 
Unit Corp.*   63,574    715,843 
Total Energy        13,001,791 
Food & Staples Retailing—1.9%     
Andersons, Inc. (The)   68,780    2,342,647 
SpartanNash Co.   153,574    3,969,888 
Total Food & Staples Retailing        6,312,535 
Food, Beverage & Tobacco—2.7%     
B&G Foods, Inc.   12,656    461,311 
Calavo Growers, Inc.   9,945    443,945 
Cal-Maine Foods, Inc.(a)   14,228    776,991 
Darling Ingredients, Inc.*   170,711    1,918,792 
Diamond Foods, Inc.*   15,530    479,256 
J&J Snack Foods Corp.   4,423    502,718 
Sanderson Farms, Inc.(a)   23,128    1,585,887 
Seneca Foods Corp., Class A*   26,172    689,632 
Snyder's-Lance, Inc.   26,553    895,633 
Universal Corp.(a)   23,151    1,147,595 

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

 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
           
Total Food, Beverage & Tobacco       $8,901,760 
Health Care Equipment & Services—6.7%             
Abaxis, Inc.(a)   2,009    88,376 
ABIOMED, Inc.*   1,092    101,294 
Aceto Corp.(a)   9,730    267,088 
Air Methods Corp.*(a)   15,563    530,543 
Almost Family, Inc.*   5,825    233,291 
Amedisys, Inc.*   15,703    596,243 
AMN Healthcare Services, Inc.*   18,558    556,926 
Amsurg Corp.*(a)   15,095    1,173,032 
Analogic Corp.   3,367    276,229 
AngioDynamics, Inc.*   13,394    176,667 
Anika Therapeutics, Inc.*   1,265    40,265 
Cantel Medical Corp.   5,317    301,474 
Chemed Corp.(a)   5,715    762,781 
Computer Programs & Systems, Inc.   2,250    94,792 
CONMED Corp.   7,567    361,249 
CorVel Corp.*   8,197    264,763 
Cross Country Healthcare, Inc.*   29,350    399,453 
CryoLife, Inc.   7,965    77,499 
Cyberonics, Inc.*(a)   2,312    140,523 
Cynosure, Inc., Class A*   4,764    143,111 
Ensign Group, Inc. (The)   12,744    543,277 
ExamWorks Group, Inc.*   13,824    404,214 
Greatbatch, Inc.*   5,960    336,263 
Haemonetics Corp.*   14,168    457,910 
Hanger, Inc.*   16,178    220,668 
HealthEquity, Inc.*(a)   1,578    46,630 
HealthStream, Inc.*   4,149    90,490 
Healthways, Inc.*   34,553    384,229 
HMS Holdings Corp.*   24,172    211,988 
ICU Medical, Inc.*   1,508    165,126 
Inogen, Inc.*(a)   1,321    64,134 
Integra LifeSciences Holdings Corp.*   8,075    480,866 
Invacare Corp.   42,121    609,491 
IPC Healthcare, Inc.*   4,833    375,476 
Kindred Healthcare, Inc.   164,185    2,585,914 
Landauer, Inc.   2,298    85,003 
LHC Group, Inc.*   8,548    382,694 
Magellan Health, Inc.*   37,552    2,081,507 
Masimo Corp.*   7,869    303,429 
MedAssets, Inc.*   18,827    377,670 
Medidata Solutions, Inc.*   4,135    174,125 
Meridian Bioscience, Inc.   5,859    100,189 
Merit Medical Systems, Inc.*   11,778    281,612 
           
Investments   Shares    Value 
Natus Medical, Inc.*   4,807   $189,636 
Neogen Corp.*   2,634    118,504 
NuVasive, Inc.*   7,914    381,613 
Omnicell, Inc.*   7,443    231,477 
PharMerica Corp.*   33,192    944,976 
Providence Service Corp. (The)*   21,864    952,833 
Quality Systems, Inc.   18,537    231,342 
Select Medical Holdings Corp.(a)   136,804    1,476,115 
SurModics, Inc.*   1,271    27,759 
Vascular Solutions, Inc.*   2,071    67,121 
Total Health Care Equipment & Services        21,969,880 
Household & Personal Products—0.5%     
Central Garden & Pet Co.*   29,053    449,450 
Central Garden & Pet Co., Class A*   28,322    456,267 
Inter Parfums, Inc.   10,154    251,921 
Medifast, Inc.*   5,256    141,176 
WD-40 Co.   2,544    226,594 
Total Household & Personal Products        1,525,408 
Insurance—2.5%     
American Equity Investment Life Holding Co.   42,056    980,325 
AMERISAFE, Inc.   4,613    229,404 
eHealth, Inc.*   7,060    90,439 
Employers Holdings, Inc.   18,303    407,974 
HCI Group, Inc.   4,110    159,345 
Horace Mann Educators Corp.   17,393    577,795 
Infinity Property & Casualty Corp.   10,383    836,247 
Navigators Group, Inc. (The)*   7,218    562,860 
ProAssurance Corp.   9,139    448,451 
RLI Corp.(a)   7,704    412,395 
Safety Insurance Group, Inc.   7,905    428,056 
Selective Insurance Group, Inc.   34,851    1,082,472 
Stewart Information Services Corp.   28,009    1,145,848 
United Fire Group, Inc.   15,295    536,090 
United Insurance Holdings Corp.   12,911    169,780 
Universal Insurance Holdings, Inc.   8,486    250,676 
Total Insurance        8,318,157 
Materials—7.5%     
A. Schulman, Inc.   41,790    1,356,921 
AK Steel Holding Corp.*(a)   1,379,336    3,324,200 
American Vanguard Corp.   12,110    139,992 
Balchem Corp.   5,540    336,666 
Boise Cascade Co.*   63,113    1,591,710 
Calgon Carbon Corp.   18,766    292,374 
Century Aluminum Co.*(a)   209,960    965,816 
Clearwater Paper Corp.*   21,504    1,015,849 

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

 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Deltic Timber Corp.   1,831   $109,512 
Flotek Industries, Inc.*(a)   11,278    188,343 
FutureFuel Corp.   18,996    187,680 
Globe Specialty Metals, Inc.   30,365    368,327 
H.B. Fuller Co.   32,589    1,106,071 
Hawkins, Inc.   5,005    192,692 
Haynes International, Inc.   7,246    274,189 
Headwaters, Inc.*   22,061    414,747 
Innophos Holdings, Inc.   9,872    391,326 
Innospec, Inc.   11,474    533,656 
Intrepid Potash, Inc.*   25,812    142,998 
Kaiser Aluminum Corp.   9,277    744,479 
KapStone Paper and Packaging Corp.   65,825    1,086,771 
Koppers Holdings, Inc.   43,809    883,627 
Kraton Performance Polymers, Inc.*   29,884    534,924 
LSB Industries, Inc.*   17,622    269,969 
Materion Corp.   19,349    580,857 
Myers Industries, Inc.   25,510    341,834 
Neenah Paper, Inc.   8,514    496,196 
Olympic Steel, Inc.(a)   63,510    631,924 
OM Group, Inc.   15,758    518,281 
PH Glatfelter Co.   53,886    927,917 
Quaker Chemical Corp.   5,100    393,108 
Rayonier Advanced Materials, Inc.   84,003    514,098 
Schweitzer-Mauduit International, Inc.   11,955    411,013 
Stepan Co.   24,653    1,025,811 
Stillwater Mining Co.*(a)   52,766    545,073 
SunCoke Energy, Inc.   75,188    584,963 
TimkenSteel Corp.   67,617    684,284 
Tredegar Corp.   38,917    509,034 
Wausau Paper Corp.   28,222    180,621 
Total Materials        24,797,853 
Media—1.0%     
E.W. Scripps Co., (The), Class A(a)   24,977    441,344 
Gannett Co., Inc.   126,840    1,868,353 
Harte-Hanks, Inc.   75,623    266,949 
Scholastic Corp.   20,159    785,395 
Sizmek, Inc.*   13,999    83,854 
Total Media        3,445,895 
Pharmaceuticals, Biotechnology & Life Sciences—0.9%     
Acorda Therapeutics, Inc.*   7,202    190,925 
Affymetrix, Inc.*   20,024    171,005 
Albany Molecular Research, Inc.*(a)   8,151    141,990 
ANI Pharmaceuticals, Inc.*(a)   689    27,222 
Cambrex Corp.*   4,539    180,108 
           
Investments   Shares    Value 
Depomed, Inc.*(a)   7,340   $138,359 
Emergent BioSolutions, Inc.*   7,899    225,042 
Enanta Pharmaceuticals, Inc.*(a)   2,941    106,288 
Impax Laboratories, Inc.*(a)   7,934    279,356 
Lannett Co., Inc.*(a)   3,533    146,690 
Ligand Pharmaceuticals, Inc.*(a)   409    35,031 
Luminex Corp.*   6,602    111,640 
Medicines Co. (The)*   7,282    276,425 
MiMedx Group, Inc.*(a)   10,485    101,180 
Momenta Pharmaceuticals, Inc.*   2,461    40,385 
Nektar Therapeutics*(a)   31,369    343,804 
Prestige Brands Holdings, Inc.*   7,125    321,765 
Repligen Corp.*(a)   1,069    29,772 
Sagent Pharmaceuticals, Inc.*   8,654    132,666 
Spectrum Pharmaceuticals, Inc.*(a)   14,987    89,622 
Supernus Pharmaceuticals, Inc.*   3,924    55,054 
Total Pharmaceuticals, Biotechnology & Life Sciences        3,144,329 
Real Estate—1.8%     
Acadia Realty Trust   3,966    119,258 
Agree Realty Corp.   1,131    33,760 
American Assets Trust, Inc.   3,622    147,995 
Capstead Mortgage Corp.   7,130    70,516 
CareTrust REIT, Inc.   3,119    35,401 
Cedar Realty Trust, Inc.   12,944    80,382 
Chesapeake Lodging Trust   9,751    254,111 
CoreSite Realty Corp.   3,175    163,322 
Cousins Properties, Inc.   21,940    202,287 
DiamondRock Hospitality Co.   42,338    467,835 
EastGroup Properties, Inc.   2,229    120,767 
Education Realty Trust, Inc.(a)   4,279    140,993 
EPR Properties   4,227    217,986 
Forestar Group, Inc.*   10,461    137,562 
Franklin Street Properties Corp.   12,520    134,590 
Geo Group, Inc. (The)   31,279    930,237 
Getty Realty Corp.   3,464    54,731 
Government Properties Income Trust(a)   8,713    139,408 
Healthcare Realty Trust, Inc.   8,905    221,289 
Inland Real Estate Corp.   13,396    108,508 
Kite Realty Group Trust   7,901    188,123 
Lexington Realty Trust   28,696    232,438 
LTC Properties, Inc.   1,565    66,778 
Medical Properties Trust, Inc.(a)   17,751    196,326 
Parkway Properties, Inc.   16,992    264,395 
Pennsylvania Real Estate Investment Trust   11,831    234,609 
Post Properties, Inc.   3,617    210,835 

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

 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
PS Business Parks, Inc.   2,691   $213,612 
Retail Opportunity Investments Corp.   5,807    96,048 
Sabra Health Care REIT, Inc.(a)   4,823    111,797 
Saul Centers, Inc.   2,212    114,471 
Summit Hotel Properties, Inc.   19,368    226,025 
Universal Health Realty Income Trust   820    38,491 
Urstadt Biddle Properties, Inc., Class A   3,122    58,506 
Total Real Estate        6,033,392 
Retailing—12.1%     
Barnes & Noble Education, Inc.*   61,821    785,745 
Barnes & Noble, Inc.(a)   257,188    3,114,547 
Big 5 Sporting Goods Corp.   45,972    477,189 
Blue Nile, Inc.*   7,841    262,987 
Buckle, Inc. (The)   15,919    588,525 
Caleres, Inc.   42,528    1,298,380 
Cato Corp., (The), Class A   15,254    519,094 
Children's Place, Inc. (The)(a)   16,300    940,021 
Core-Mark Holding Co., Inc.   18,973    1,241,783 
Express, Inc.*   63,414    1,133,208 
Finish Line, Inc., (The), Class A   37,919    731,837 
Francesca's Holdings Corp.*   16,475    201,489 
Fred's, Inc., Class A   81,575    966,664 
FTD Cos., Inc.*   18,350    546,830 
Genesco, Inc.*   25,222    1,439,419 
Group 1 Automotive, Inc.(a)   66,858    5,692,959 
Haverty Furniture Cos., Inc.   18,152    426,209 
Hibbett Sports, Inc.*(a)   12,179    426,387 
Kirkland's, Inc.   11,538    248,528 
Lithia Motors, Inc., Class A(a)   33,296    3,599,631 
Lumber Liquidators Holdings, Inc.*(a)   35,663    468,612 
MarineMax, Inc.*   25,999    367,366 
Men's Wearhouse, Inc. (The)   29,939    1,273,006 
Monro Muffler Brake, Inc.   7,239    488,994 
Nutrisystem, Inc.   8,508    225,632 
Outerwall, Inc.(a)   20,076    1,142,927 
Pep Boys-Manny, Moe & Jack (The)*   96,395    1,175,055 
PetMed Express, Inc.(a)   7,417    119,414 
Pool Corp.   17,112    1,237,198 
Select Comfort Corp.*   29,839    652,877 
Sonic Automotive, Inc., Class A   235,344    4,805,724 
Stage Stores, Inc.   85,335    839,696 
Stein Mart, Inc.   67,132    649,838 
Tuesday Morning Corp.*   67,237    363,752 
Vitamin Shoppe, Inc.*   19,758    644,901 
VOXX International Corp.*   56,145    416,596 
           
Investments   Shares    Value 
Zumiez, Inc.*(a)   27,925   $436,468 
Total Retailing        39,949,488 
Semiconductors & Semiconductor Equipment—1.5%     
Advanced Energy Industries, Inc.*   12,266    322,596 
Brooks Automation, Inc.   25,110    294,038 
Cabot Microelectronics Corp.*   5,484    212,450 
CEVA, Inc.*   1,557    28,913 
Cirrus Logic, Inc.*   12,949    408,023 
Cohu, Inc.   18,272    180,162 
Diodes, Inc.*   21,508    459,626 
DSP Group, Inc.*   9,201    83,821 
Exar Corp.*   11,935    71,013 
Kopin Corp.*   6,693    21,016 
Kulicke & Soffa Industries, Inc.*   36,364    333,822 
Microsemi Corp.*   19,344    634,870 
MKS Instruments, Inc.   12,810    429,519 
Monolithic Power Systems, Inc.   3,242    165,990 
Nanometrics, Inc.*   6,315    76,664 
Pericom Semiconductor Corp.   4,239    77,362 
Power Integrations, Inc.   4,464    188,247 
Rudolph Technologies, Inc.*   8,854    110,232 
Semtech Corp.*   16,045    242,280 
Tessera Technologies, Inc.   4,634    150,188 
Ultratech, Inc.*   5,529    88,575 
Veeco Instruments, Inc.*   10,569    216,770 
Total Semiconductors & Semiconductor Equipment        4,796,177 
Software & Services—4.3%     
Blackbaud, Inc.   5,814    326,282 
Blucora, Inc.*   19,817    272,880 
Bottomline Technologies (de), Inc.*(a)   6,465    161,690 
CACI International, Inc., Class A*   23,855    1,764,554 
Cardtronics, Inc.*   17,986    588,142 
Ciber, Inc.*   138,563    440,630 
comScore, Inc.*(a)   3,883    179,200 
Constant Contact, Inc.*   7,418    179,812 
CSG Systems International, Inc.   13,280    409,024 
DHI Group, Inc.*   19,216    140,469 
Ebix, Inc.(a)   4,655    116,189 
EPIQ Systems, Inc.   19,889    256,966 
ePlus, Inc.*   7,988    631,611 
Exlservice Holdings, Inc.*   7,781    287,352 
Forrester Research, Inc.   5,423    170,499 
Heartland Payment Systems, Inc.   21,631    1,362,969 
Interactive Intelligence Group, Inc.*   5,873    174,487 
j2 Global, Inc.(a)   5,096    361,052 

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

 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Liquidity Services, Inc.*   34,274   $253,285 
LivePerson, Inc.*   15,329    115,887 
LogMeIn, Inc.*   2,072    141,228 
ManTech International Corp., Class A   32,624    838,437 
MicroStrategy, Inc., Class A*   1,433    281,542 
Monotype Imaging Holdings, Inc.   4,588    100,110 
Monster Worldwide, Inc.*   57,535    369,375 
NIC, Inc.   8,228    145,718 
Perficient, Inc.*   14,962    230,864 
Progress Software Corp.*   6,902    178,279 
QuinStreet, Inc.*   24,636    136,730 
Stamps.com, Inc.*   1,119    82,817 
Sykes Enterprises, Inc.*   27,712    706,656 
Synchronoss Technologies, Inc.*(a)   7,044    231,043 
Take-Two Interactive Software, Inc.*   42,231    1,213,297 
Tangoe, Inc.*   14,941    107,575 
TeleTech Holdings, Inc.   24,870    666,267 
VASCO Data Security International, Inc.*(a)   7,703    131,259 
Virtusa Corp.*   4,503    231,049 
XO Group, Inc.*   5,325    75,242 
Total Software & Services        14,060,468 
Technology Hardware & Equipment—10.7%     
ADTRAN, Inc.   21,658    316,207 
Agilysys, Inc.*(a)   5,108    56,801 
Anixter International, Inc.*   52,326    3,023,396 
Badger Meter, Inc.   3,409    197,927 
Bel Fuse, Inc., Class B   16,975    329,994 
Benchmark Electronics, Inc.*   68,678    1,494,433 
Black Box Corp.   35,827    528,090 
CalAmp Corp.*(a)   7,796    125,438 
Checkpoint Systems, Inc.   43,565    315,846 
Coherent, Inc.*   7,556    413,313 
Comtech Telecommunications Corp.   6,805    140,251 
CTS Corp.   11,557    213,920 
Daktronics, Inc.   38,212    331,298 
Digi International, Inc.*   10,367    122,227 
DTS, Inc.*   2,700    72,090 
Electro Scientific Industries, Inc.(a)   18,490    85,794 
Electronics For Imaging, Inc.*   9,536    412,718 
Fabrinet*   20,253    371,238 
FARO Technologies, Inc.*   5,070    177,450 
Harmonic, Inc.*   37,304    216,363 
II-VI, Inc.*   23,406    376,368 
Insight Enterprises, Inc.*   114,155    2,950,907 
Itron, Inc.*   34,740    1,108,553 
           
Investments   Shares    Value 
Ixia*   17,722   $256,792 
Littelfuse, Inc.   4,975    453,471 
Lumentum Holdings, Inc.*   25,748    436,429 
Mercury Systems, Inc.*   7,468    118,816 
Methode Electronics, Inc.   14,216    453,490 
MTS Systems Corp.   5,286    317,741 
NETGEAR, Inc.*   23,799    694,217 
Newport Corp.*   22,759    312,936 
OSI Systems, Inc.*   6,669    513,246 
Park Electrochemical Corp.   5,278    92,840 
Plexus Corp.*   37,707    1,454,736 
QLogic Corp.*   25,111    257,388 
Rofin-Sinar Technologies, Inc.*   11,024    285,852 
Rogers Corp.*   6,210    330,248 
Sanmina Corp.*   172,735    3,691,347 
ScanSource, Inc.*   45,525    1,614,317 
Super Micro Computer, Inc.*   33,664    917,681 
SYNNEX Corp.   86,835    7,386,185 
TTM Technologies, Inc.*   124,796    777,479 
ViaSat, Inc.*(a)   11,636    748,078 
Viavi Solutions, Inc.*   169,473    910,070 
Total Technology Hardware & Equipment        35,403,981 
Telecommunication Services—0.7%     
8x8, Inc.*   9,785    80,922 
Atlantic Tele-Network, Inc.   2,570    190,000 
Cincinnati Bell, Inc.*   191,365    597,059 
Consolidated Communications Holdings, Inc.   20,019    385,766 
General Communication, Inc., Class A*   29,966    517,213 
Iridium Communications, Inc.*(a)   32,029    196,978 
Lumos Networks Corp.   8,971    109,087 
Spok Holdings, Inc.   6,503    107,040 
Total Telecommunication Services        2,184,065 
Transportation—4.8%     
Allegiant Travel Co.   3,044    658,265 
ArcBest Corp.   50,004    1,288,603 
Atlas Air Worldwide Holdings, Inc.*   25,166    869,737 
Celadon Group, Inc.   24,286    389,062 
Echo Global Logistics, Inc.*   31,815    623,574 
Forward Air Corp.(a)   10,503    435,769 
Hawaiian Holdings, Inc.*(a)   50,072    1,235,777 
Heartland Express, Inc.(a)   20,396    406,696 
Hub Group, Inc., Class A*(a)   49,615    1,806,482 
Knight Transportation, Inc.   22,806    547,344 
Marten Transport Ltd.   18,130    293,162 
Matson, Inc.   24,634    948,163 

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

 

Schedule of Investments - continued

REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Republic Airways Holdings, Inc.*   236,452   $1,366,693 
Roadrunner Transportation Systems, Inc.*   51,573    948,943 
Saia, Inc.*   18,494    572,389 
SkyWest, Inc.   100,557    1,677,291 
UTi Worldwide, Inc.*   393,054    1,804,118 
Total Transportation        15,872,068 
Utilities—3.0%     
ALLETE, Inc.   13,716    692,521 
American States Water Co.   6,431    266,243 
Avista Corp.(a)   26,193    870,917 
El Paso Electric Co.   13,450    495,229 
Laclede Group, Inc. (The)(a)   20,792    1,133,788 
New Jersey Resources Corp.   61,518    1,847,385 
Northwest Natural Gas Co.(a)   9,063    415,448 
NorthWestern Corp.   12,748    686,225 
Piedmont Natural Gas Co., Inc.   20,056    803,644 
South Jersey Industries, Inc.   19,087    481,947 
Southwest Gas Corp.   23,584    1,375,419 
UIL Holdings Corp.   18,393    924,616 
Total Utilities        9,993,382 
Total Common Stocks          
(Cost $334,792,008)        329,771,407 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—5.7%          
Dreyfus Institutional Preferred Money Market Fund-Prime Shares, 0.06% (b)
(Cost $18,747,451)		   18,747,451    18,747,451 
Total Investments—105.6%
(Cost $353,539,459)		        348,518,858 
Liabilities in Excess of Other Assets—(5.6)%        (18,557,662)
Net Assets—100.0%       $329,961,196 
           

 

 

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 $40,479,904; total market value of the collateral held by the fund was $41,210,930.  The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $22,463,479.
(b) Rate shown represents annualized 7-day yield as of September 30, 2015.

 

 

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

 

Schedule of Investments

REVENUESHARES FINANCIALS SECTOR FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—99.9%      
Banks—28.7%     
Bank of America Corp.   101,406   $1,579,905 
BB&T Corp.   4,952    176,291 
Citigroup, Inc.   27,529    1,365,714 
Comerica, Inc.   1,237    50,841 
Fifth Third Bancorp   5,643    106,709 
Huntington Bancshares, Inc.   5,281    55,979 
JPMorgan Chase & Co.   29,328    1,788,128 
KeyCorp   5,972    77,696 
M&T Bank Corp.(a)   733    89,389 
People's United Financial, Inc.   1,583    24,901 
PNC Financial Services Group, Inc. (The)   3,384    301,853 
Regions Financial Corp.   10,477    94,398 
SunTrust Banks, Inc.   3,960    151,430 
U.S. Bancorp   8,897    364,866 
Wells Fargo & Co.   31,958    1,641,043 
Zions Bancorporation   1,492    41,090 
Total Banks        7,910,233 
Capital Markets—11.1%     
Affiliated Managers Group, Inc.*   297    50,784 
Ameriprise Financial, Inc.   2,316    252,745 
Bank of New York Mellon Corp. (The)   8,180    320,247 
BlackRock, Inc.   749    222,805 
Charles Schwab Corp. (The)   4,057    115,868 
E*TRADE Financial Corp.*   1,312    34,545 
Franklin Resources, Inc.   4,352    162,156 
Goldman Sachs Group, Inc. (The)   3,914    680,097 
Invesco Ltd.   3,208    100,186 
Legg Mason, Inc.   1,339    55,716 
Morgan Stanley   21,625    681,187 
Northern Trust Corp.   1,337    91,130 
State Street Corp.   2,968    199,479 
T. Rowe Price Group, Inc.   1,197    83,191 
Total Capital Markets        3,050,136 
Consumer Finance—4.3%     
American Express Co.   8,485    628,993 
Capital One Financial Corp.   5,000    362,600 
Discover Financial Services   2,733    142,089 
Navient Corp.   4,264    47,927 
Total Consumer Finance        1,181,609 
Diversified Financial Services—16.7%     
Berkshire Hathaway, Inc., Class B*   30,567    3,985,937 
CME Group, Inc.   700    64,918 
           
Investments   Shares    Value 
Intercontinental Exchange, Inc.   280   $65,797 
Leucadia National Corp.   12,460    252,440 
McGraw Hill Financial, Inc.   1,116    96,534 
Moody's Corp.   692    67,954 
Nasdaq, Inc.   1,344    71,675 
Total Diversified Financial Services        4,605,255 
Insurance—33.5%     
ACE Ltd.   3,917    405,018 
Aflac, Inc.   7,564    439,695 
Allstate Corp. (The)   12,386    721,361 
American International Group, Inc.   21,993    1,249,642 
Aon PLC   2,627    232,778 
Assurant, Inc.   2,771    218,937 
Chubb Corp. (The)   2,352    288,473 
Cincinnati Financial Corp.   1,966    105,771 
Genworth Financial, Inc., Class A*   37,463    173,079 
Hartford Financial Services Group, Inc. (The)   8,162    373,656 
Lincoln National Corp.   5,610    266,251 
Loews Corp.   7,852    283,771 
Marsh & McLennan Cos., Inc.   4,803    250,813 
MetLife, Inc.   30,240    1,425,816 
Principal Financial Group, Inc.   4,704    222,687 
Progressive Corp. (The)   13,453    412,200 
Prudential Financial, Inc.   15,599    1,188,800 
Torchmark Corp.   1,410    79,524 
Travelers Cos., Inc.   5,474    544,827 
Unum Group   6,585    211,247 
XL Group PLC   4,029    146,333 
Total Insurance        9,240,679 
Real Estate Investment Trusts—4.9%     
American Tower Corp.   992    87,276 
Apartment Investment & Management Co., Class A   542    20,065 
AvalonBay Communities, Inc.   234    40,908 
Boston Properties, Inc.   446    52,806 
Crown Castle International Corp.   966    76,189 
Equinix, Inc.   181    49,485 
Equity Residential   762    57,242 
Essex Property Trust, Inc.   108    24,129 
General Growth Properties, Inc.   2,082    54,070 
HCP, Inc.(a)   1,337    49,803 
Host Hotels & Resorts, Inc.   6,408    101,311 
Iron Mountain, Inc.   2,174    67,438 
Kimco Realty Corp.   954    23,306 
Macerich Co. (The)   345    26,503 

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

 

Schedule of Investments - continued

REVENUESHARES FINANCIALS SECTOR FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Plum Creek Timber Co., Inc.   861   $34,018 
Prologis, Inc.   1,081    42,051 
Public Storage   240    50,791 
Realty Income Corp.   439    20,804 
Simon Property Group, Inc.   568    104,353 
SL Green Realty Corp.   308    33,313 
Ventas, Inc.   1,268    71,084 
Vornado Realty Trust   572    51,720 
Welltower, Inc.   1,124    76,146 
Weyerhaeuser Co.   5,409    147,882 
Total Real Estate Investment Trusts        1,362,693 
Real Estate Management & Development—0.7%     
CBRE Group, Inc., Class A*   5,906    188,992 
           
Thrifts & Mortgage Finance—0.0%†     
Hudson City Bancorp, Inc.   1,000    10,170 
           
Total Investments—99.9%
(Cost $25,222,209)		        27,549,767 
Other Assets in Excess of Liabilities—0.1%        32,124 
Net Assets—100.0%       $27,581,891 
           

 

 

PLC - Public Limited Company
     
 

 

* Non-income producing security
† Less than 0.05%
(a) All or a portion of the security was on loan. The aggregate market value of the securities on loan was $135,464; total market value of the collateral held by the fund was $137,345.  The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $137,345.

 

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

 

 

Schedule of Investments

REVENUESHARES ADR FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—96.3%      
Automobiles & Components—7.6%     
Honda Motor Co. Ltd.(a)   17,153   $512,875 
Magna International, Inc.   3,014    144,702 
Toyota Motor Corp.(a)   9,085    1,065,489 
Total Automobiles & Components        1,723,066 
Banks—9.3%     
Banco Bilbao Vizcaya Argentaria SA(a)(b)   10,147    84,930 
Banco Bradesco SA(a)   14,242    76,337 
Banco de Chile(a)   150    9,420 
Banco Santander Chile(a)   467    8,509 
Banco Santander SA(a)   31,973    168,818 
Bancolombia SA(a)   458    14,748 
Bank of Montreal   1,280    69,824 
Bank of Nova Scotia (The)(b)   1,893    83,444 
Barclays PLC(a)   9,845    145,509 
Canadian Imperial Bank of Commerce(b)   665    47,854 
Credicorp Ltd.   137    14,571 
HSBC Holdings PLC(a)   6,655    252,091 
ING Groep NV(a)   5,133    72,529 
KB Financial Group, Inc.(a)   864    25,393 
Lloyds Banking Group PLC(a)   23,927    110,064 
Mitsubishi UFJ Financial Group, Inc.(a)   30,210    183,979 
Mizuho Financial Group, Inc.(a)(b)   27,016    100,229 
Royal Bank of Canada   2,344    129,506 
Royal Bank of Scotland Group PLC*(a)   9,548    91,088 
Shinhan Financial Group Co. Ltd.(a)(b)   933    32,468 
Sumitomo Mitsui Financial Group, Inc.(a)   24,736    188,736 
Toronto-Dominion Bank (The)   2,746    108,247 
Westpac Banking Corp.(a)   3,331    70,151 
Total Banks        2,088,445 
Capital Goods—1.4%     
ABB Ltd.*(a)   8,912    157,475 
Embraer SA(a)(b)   948    24,250 
Koninklijke Philips NV   4,509    105,781 
Nidec Corp.(a)(b)   2,110    36,566 
Total Capital Goods        324,072 
Consumer Durables & Apparel—1.7%     
Gildan Activewear, Inc.   348    10,496 
Luxottica Group S.p.A.(a)   636    44,062 
Sony Corp.(a)   12,903    316,123 
Total Consumer Durables & Apparel        370,681 
Consumer Services—0.4%     
Carnival PLC(a)(b)   1,296    67,042 
InterContinental Hotels Group PLC(a)   217    7,515 
           
Investments   Shares    Value 
Restaurant Brands International, Inc.(b)   313   $11,243 
Total Consumer Services        85,800 
Diversified Financials—2.3%     
Credit Suisse Group AG*(a)(b)   4,468    107,366 
Deutsche Bank AG(b)   5,887    158,714 
Nomura Holdings, Inc.(a)   10,304    59,969 
ORIX Corp.(a)   1,093    70,968 
UBS Group AG   6,819    126,288 
Total Diversified Financials        523,305 
Energy—35.3%     
BP PLC(a)   39,820    1,216,899 
Cameco Corp.(b)   697    8,483 
Canadian Natural Resources Ltd.   2,901    56,425 
Cenovus Energy, Inc.   4,489    68,053 
China Petroleum & Chemical Corp.(a)(b)   24,609    1,514,438 
CNOOC Ltd.(a)   1,427    147,095 
Ecopetrol SA(a)   12,055    103,673 
Enbridge, Inc.   3,237    120,190 
Encana Corp.   4,082    26,288 
Eni S.p.A.(a)(b)   15,136    474,816 
Imperial Oil Ltd.   3,553    112,310 
Pembina Pipeline Corp.(b)   741    17,791 
PetroChina Co. Ltd.(a)(b)   19,255    1,342,074 
Royal Dutch Shell PLC, Class A(a)   14,669    695,164 
Royal Dutch Shell PLC, Class B(a)   14,687    697,339 
Statoil ASA(a)(b)   21,965    319,810 
Suncor Energy, Inc.   5,003    133,680 
Tenaris SA(a)(b)   1,591    38,359 
Total SA(a)(b)   16,611    742,678 
TransCanada Corp.(b)   1,195    37,738 
Ultrapar Participacoes SA(a)(b)   6,536    109,282 
Total Energy        7,982,585 
Food & Staples Retailing—0.8%     
Cencosud SA(a)(b)   11,965    69,875 
Delhaize Group(a)(b)   5,205    115,187 
Total Food & Staples Retailing        185,062 
Food, Beverage & Tobacco—2.5%     
Ambev SA(a)   13,101    64,195 
Anheuser-Busch InBev NV(a)   1,853    197,011 
BRF SA(a)   2,646    47,073 
British American Tobacco PLC(a)   866    95,329 
Diageo PLC(a)   681    73,405 
Fomento Economico Mexicano SAB de CV(a)   916    81,753 
Total Food, Beverage & Tobacco        558,766 

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

 

Schedule of Investments - continued

REVENUESHARES ADR FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Health Care Equipment & Services—0.4%     
Fresenius Medical Care AG & Co. KGaA(a)(b)   1,845   $71,973 
Smith & Nephew PLC(a)   572    20,020 
Total Health Care Equipment & Services        91,993 
Household & Personal Products—1.2%     
Unilever NV   3,329    133,826 
Unilever PLC(a)   3,278    133,677 
Total Household & Personal Products        267,503 
Insurance—5.9%     
Aegon NV, Class G   33,977    195,368 
Aviva PLC(a)(b)   13,127    180,102 
China Life Insurance Co. Ltd.(a)(b)   21,193    368,334 
Manulife Financial Corp.   10,101    156,364 
Prudential PLC(a)   8,520    359,033 
Sun Life Financial, Inc.   2,481    80,037 
Total Insurance        1,339,238 
Materials—6.3%     
Agnico Eagle Mines Ltd.   385    9,748 
Agrium, Inc.(b)   653    58,443 
ArcelorMittal   45,920    236,488 
Barrick Gold Corp.   6,696    42,587 
BHP Billiton Ltd.(a)(b)   4,046    127,934 
BHP Billiton PLC(a)   4,154    127,403 
Cemex SAB de CV*(a)   8,308    58,073 
Cia de Minas Buenaventura SAA(a)   801    4,774 
Cia Siderurgica Nacional SA(a)(b)   19,180    18,380 
CRH PLC(a)   3,439    91,271 
Eldorado Gold Corp.(b)   1,600    5,152 
Gerdau SA(a)   40,760    55,841 
Goldcorp, Inc.   1,330    16,652 
James Hardie Industries PLC(a)   535    6,436 
Kinross Gold Corp.*   9,479    16,304 
POSCO(a)   6,438    225,459 
Potash Corp. of Saskatchewan, Inc.   1,125    23,119 
Randgold Resources Ltd.(a)   79    4,668 
Rio Tinto PLC(a)(b)   4,873    164,805 
Silver Wheaton Corp.   227    2,726 
Sociedad Quimica y Minera de Chile SA(a)   468    6,805 
Southern Copper Corp.   879    23,487 
Syngenta AG(a)   899    57,338 
Teck Resources Ltd., Class B   4,984    23,923 
Yamana Gold, Inc.   5,578    9,483 
Total Materials        1,417,299 
Media—0.9%     
Grupo Televisa SAB(a)   871    22,664 
           
Investments   Shares    Value 
Pearson PLC(a)   1,912   $32,810 
Shaw Communications, Inc., Class B   1,056    20,486 
Thomson Reuters Corp.   1,361    54,794 
WPP PLC(a)   778    80,935 
Total Media        211,689 
Pharmaceuticals, Biotechnology & Life Sciences—3.5%     
AstraZeneca PLC(a)   3,355    106,756 
GlaxoSmithKline PLC(a)   3,975    152,839 
Novartis AG(a)(b)   2,360    216,931 
Novo Nordisk A/S(a)   1,202    65,196 
QIAGEN NV*   212    5,470 
Sanofi(a)   3,717    176,446 
Shire PLC(a)   126    25,859 
Valeant Pharmaceuticals International, Inc.*   179    31,930 
Total Pharmaceuticals, Biotechnology & Life Sciences        781,427 
Real Estate—0.4%     
Brookfield Asset Management, Inc., Class A   2,930    92,119 
           
Semiconductors & Semiconductor Equipment—0.8%     
ARM Holdings PLC(a)   129    5,579 
ASML Holding NV, Class G(b)   332    29,210 
STMicroelectronics NV, Class Y(b)   4,399    30,001 
Taiwan Semiconductor Manufacturing Co. Ltd.(a)   5,925    122,944 
Total Semiconductors & Semiconductor Equipment        187,734 
Software & Services—0.6%     
CGI Group, Inc., Class A*   1,088    39,396 
SAP SE(a)   1,458    94,464 
Total Software & Services        133,860 
Technology Hardware & Equipment—2.1%     
Alcatel-Lucent*(a)   19,602    71,547 
BlackBerry Ltd.*   2,364    14,491 
Canon, Inc.(a)   4,556    131,987 
Kyocera Corp.(a)(b)   1,238    56,973 
Nokia OYJ(a)(b)   10,466    70,960 
Telefonaktiebolaget LM Ericsson(a)   13,591    132,920 
Total Technology Hardware & Equipment        478,878 
Telecommunication Services—11.1%     
America Movil SAB de CV, Class L(a)   14,766    244,377 
BCE, Inc.(b)   1,932    79,135 
BT Group PLC(a)(b)   2,025    129,094 
China Mobile Ltd.(a)   7,949    472,965 
Chunghwa Telecom Co. Ltd.(a)(b)   1,058    31,973 
Nippon Telegraph & Telephone Corp.(a)   13,138    463,903 
NTT DOCOMO, Inc.(a)(b)   10,311    174,050 

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

 

Schedule of Investments - continued

REVENUESHARES ADR FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Orange SA(a)(b)   13,688   $206,962 
Rogers Communications, Inc., Class B(b)   1,448    49,927 
Telecom Italia S.p.A.*(a)(b)   8,753    107,487 
Telefonica SA(a)   19,548    235,358 
TELUS Corp.(b)   1,418    44,724 
Vodafone Group PLC(a)   8,634    274,043 
Total Telecommunication Services        2,513,998 
Transportation—0.7%     
Canadian National Railway Co.   817    46,373 
Canadian Pacific Railway Ltd.(b)   173    24,838 
Latam Airlines Group SA*(a)(b)   9,083    44,325 
Ryanair Holdings PLC(a)   378    29,597 
Total Transportation        145,133 
Utilities—1.1%     
Cia Energetica de Minas Gerais(a)   17,744    31,584 
CPFL Energia SA*(a)(b)   3,829    28,718 
Empresa Nacional de Electricidad SA(a)   495    17,577 
Enersis SA(a)   4,015    50,750 
National Grid PLC(a)(b)   1,605    111,756 
TransAlta Corp.   24    112 
Total Utilities        240,497 
Total Common Stocks          
(Cost $25,642,257)        21,743,150 
PREFERRED STOCKS—3.2%          
Banks—0.5%             
Itau Unibanco Holding SA(a)   16,544    109,521 
Energy—2.2%             
Petroleo Brasileiro SA*(a)(b)   134,615    495,383 
Materials—0.5%             
Vale SA, Class A(a)(b)   33,759    113,093 
Total Preferred Stocks          
(Cost $1,206,270)        717,997 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—17.6%          
Dreyfus Institutional Preferred Money Market Fund-Prime Shares, 0.06% (c)
(Cost $3,984,729)		   3,984,729    3,984,729 
Total Investments—117.1%
(Cost $30,833,256)		        26,445,876 
Liabilities in Excess of Other Assets—(17.1)%        (3,853,133)
Net Assets—100.0%       $22,592,743 
           

 

 

Country  Value  % of Net
Assets
Australia  $198,085    0.9%
Belgium   312,198    1.4 
Brazil   1,173,657    5.2 
Canada   2,074,343    9.2 
Chile   207,261    0.9 
China   1,710,408    7.6 
Colombia   118,421    0.5 
Denmark   65,196    0.3 
Finland   70,960    0.3 
France   1,197,633    5.3 
Germany   325,151    1.4 
Hong Kong   2,134,498    9.4 
Ireland   153,163    0.7 
Italy   626,365    2.8 
Japan   3,361,847    14.9 
Jersey Islands   4,668    0.0†
Luxembourg   274,847    1.2 
Mexico   406,867    1.8 
Netherlands   1,934,687    8.6 
Norway   319,810    1.4 
Peru   19,345    0.1 
South Korea   283,320    1.2 
Spain   489,106    2.2 
Sweden   132,920    0.6 
Switzerland   695,399    3.1 
Taiwan   154,917    0.7 
United Kingdom   3,937,794    17.4 
United States   4,063,010    18.0 
Total Investments   26,445,876    117.1 
Liabilities  in Excess of Other Assets   (3,853,133)   (17.1)
Net Assets  $22,592,743    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 $3,985,650; total market value of the collateral held by the fund was $3,984,729.  
(c) Rate shown represents annualized 7-day yield as of September 30, 2015.

 

 

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

 

Schedule of Investments

REVENUESHARES NAVELLIER OVERALL A-100 FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—100.1%      
Banks—3.4%     
BNC Bancorp   945   $21,007 
BofI Holding, Inc.*(a)   176    22,674 
CenterState Banks, Inc.   1,244    18,287 
Enterprise Financial Services Corp.   816    20,539 
Fidelity Southern Corp.   1,081    22,852 
Heartland Financial USA, Inc.   613    22,246 
LendingTree, Inc.*   173    16,094 
Pacific Premier Bancorp, Inc.*   958    19,466 
Pinnacle Financial Partners, Inc.   458    22,630 
Suffolk Bancorp   677    18,496 
TriState Capital Holdings, Inc.*   1,310    16,336 
Walker & Dunlop, Inc.*   1,006    26,236 
Total Banks        246,863 
Capital Goods—3.4%     
A.O. Smith Corp.   759    49,479 
American Woodmark Corp.*   428    27,764 
Apogee Enterprises, Inc.(a)   535    23,888 
Comfort Systems USA, Inc.   1,361    37,101 
Dycom Industries, Inc.*   598    43,271 
Global Brass & Copper Holdings, Inc.   1,981    40,630 
Patrick Industries, Inc.*   630    24,879 
Total Capital Goods        247,012 
Commercial & Professional Services—2.4%     
Equifax, Inc.   546    53,060 
Insperity, Inc.   1,236    54,298 
Interface, Inc.   1,282    28,768 
Multi-Color Corp.(a)   437    33,426 
Total Commercial & Professional Services        169,552 
Consumer Durables & Apparel—12.8%     
Culp, Inc.   682    21,872 
D.R. Horton, Inc.   5,108    149,971 
G-III Apparel Group Ltd.*   742    45,752 
Helen of Troy Ltd.*   404    36,077 
Hooker Furniture Corp.   842    19,821 
NIKE, Inc., Class B   3,934    483,764 
NVR, Inc.*   54    82,362 
Skechers U.S.A., Inc., Class A*   418    56,045 
Smith & Wesson Holding Corp.*   1,252    21,121 
Total Consumer Durables & Apparel        916,785 
Consumer Services—5.0%     
Bright Horizons Family Solutions, Inc.*   573    36,810 
Cracker Barrel Old Country Store, Inc.   381    56,114 
Darden Restaurants, Inc.   1,619    110,966 
           
Investments   Shares    Value 
Isle of Capri Casinos, Inc.*   1,636   $28,532 
Ruth's Hospitality Group, Inc.   1,178    19,131 
Service Corp. International   2,065    55,961 
ServiceMaster Global Holdings, Inc.*   1,535    51,499 
Total Consumer Services        359,013 
Diversified Financials—0.7%     
Credit Acceptance Corp.*(a)   138    27,168 
MarketAxess Holdings, Inc.   221    20,527 
Total Diversified Financials        47,695 
Food & Staples Retailing—6.9%     
Walgreens Boots Alliance, Inc.   5,939    493,531 
           
Food, Beverage & Tobacco—2.8%     
Coca-Cola Bottling Co. Consolidated   266    51,439 
Reynolds American, Inc.   3,430    151,846 
Total Food, Beverage & Tobacco        203,285 
Health Care Equipment & Services—21.3%     
ABIOMED, Inc.*   223    20,686 
Aetna, Inc.   4,425    484,139 
AMN Healthcare Services, Inc.*   984    29,530 
Centene Corp.*   4,771    258,731 
Cigna Corp.   3,661    494,308 
Ensign Group, Inc. (The)   696    29,671 
ICU Medical, Inc.*   193    21,134 
LeMaitre Vascular, Inc.   1,122    13,677 
LHC Group, Inc.*   599    26,817 
Masimo Corp.*   631    24,331 
Universal Health Services, Inc., Class B   1,021    127,431 
Total Health Care Equipment & Services        1,530,455 
Household & Personal Products—0.4%     
USANA Health Sciences, Inc.*(a)   214    28,682 
           
Insurance—9.5%     
First American Financial Corp.   2,196    85,798 
FNF Group   3,814    135,283 
Hanover Insurance Group, Inc. (The)   1,135    88,189 
Hartford Financial Services Group, Inc. (The)   6,302    288,505 
StanCorp Financial Group, Inc.   505    57,671 
Universal Insurance Holdings, Inc.   855    25,257 
Total Insurance        680,703 
Materials—0.4%     
Headwaters, Inc.*   1,492    28,050 
           
Pharmaceuticals, Biotechnology & Life Sciences—2.0%     
Cambrex Corp.*   496    19,681 
China Biologic Products, Inc.*   212    19,042 

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

 

Schedule of Investments - continued

REVENUESHARES NAVELLIER OVERALL A-100 FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Heska Corp.*   540   $16,459 
Ligand Pharmaceuticals, Inc.*(a)   181    15,503 
Regeneron Pharmaceuticals, Inc.*   120    55,817 
Sucampo Pharmaceuticals, Inc., Class A*   762    15,141 
Total Pharmaceuticals, Biotechnology & Life Sciences        141,643 
Real Estate—0.6%     
CoreSite Realty Corp.   424    21,811 
CubeSmart   891    24,244 
Total Real Estate        46,055 
Retailing—11.9%     
Aaron’s, Inc.   1,571    56,729 
Foot Locker, Inc.   1,659    119,398 
Nutrisystem, Inc.   857    22,728 
O'Reilly Automotive, Inc.*   506    126,500 
Target Corp.   6,681    525,527 
Total Retailing        850,882 
Semiconductors & Semiconductor Equipment—1.0%     
Ambarella, Inc.*(a)   303    17,510 
Skyworks Solutions, Inc.   678    57,095 
Total Semiconductors & Semiconductor Equipment        74,605 
Software & Services—13.5%     
Cognizant Technology Solutions Corp., Class A*   2,886    180,692 
Ebix, Inc.(a)   755    18,845 
Electronic Arts, Inc.*   1,178    79,809 
Ellie Mae, Inc.*(a)   275    18,307 
Genpact Ltd.*   2,254    53,217 
Global Payments, Inc.   500    57,365 
Globant SA*   651    19,914 
Hackett Group, Inc. (The)   1,419    19,511 
Luxoft Holding, Inc.*   395    25,000 
Manhattan Associates, Inc.*   401    24,982 
MAXIMUS, Inc.   719    42,824 
MicroStrategy, Inc., Class A*   125    24,559 
NCI, Inc., Class A   1,434    19,029 
Sapiens International Corp NV   1,650    19,008 
Total System Services, Inc.   1,153    52,381 
Tucows, Inc., Class A*(a)   806    18,651 
Tyler Technologies, Inc.*   171    25,532 
Vantiv, Inc., Class A*   1,275    57,273 
Visa, Inc., Class A   3,017    210,164 
Total Software & Services        967,063 
Technology Hardware & Equipment—0.3%     
Dot Hill Systems Corp.*   1,965    19,119 
           
           
Investments   Shares    Value 
Transportation—1.8%     
Alaska Air Group, Inc.   1,196   $95,022 
Allegiant Travel Co.   156    33,735 
Total Transportation        128,757 
Total Common Stocks          
(Cost $7,322,248)        7,179,750 
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—1.6%          
Dreyfus Institutional Preferred Money Market Fund-Prime Shares, 0.06% (b)
(Cost $114,901)		   114,901    114,901 
Total Investments—101.7%
(Cost $7,437,149)		        7,294,651 
Liabilities in Excess of Other Assets—(1.7)%        (119,441)
Net Assets—100.0%       $7,175,210 
           

   
* 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 $217,676; total market value of the collateral held by the fund was $218,120. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $103,219.
(b) Rate shown represents annualized 7-day yield as of September 30, 2015.

 

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

 

Schedule of Investments

REVENUESHARES ULTRA DIVIDEND FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—99.2%      
Banks—1.0%     
New York Community Bancorp, Inc.   11,795   $213,018 
PacWest Bancorp   2,872    122,950 
People's United Financial, Inc.   12,014    188,980 
Valley National Bancorp(a)   8,912    87,694 
Total Banks        612,642 
Commercial & Professional Services—2.7%     
R.R. Donnelley & Sons Co.   116,757    1,699,982 
           
Consumer Durables & Apparel—1.9%     
Mattel, Inc.(a)   39,691    835,892 
Tupperware Brands Corp.   7,218    357,219 
Total Consumer Durables & Apparel        1,193,111 
Diversified Financials—0.8%     
CME Group, Inc.   5,311    492,542 
           
Energy—26.5%     
Chevron Corp.   40,645    3,206,078 
ConocoPhillips   66,340    3,181,666 
Ensco PLC, Class A   42,033    591,825 
HollyFrontier Corp.   54,171    2,645,712 
Kinder Morgan, Inc.   78,485    2,172,465 
Noble Corp. PLC(a)   40,326    439,957 
ONEOK, Inc.   43,981    1,416,188 
Spectra Energy Corp.   31,315    822,645 
Transocean Ltd.(a)   82,961    1,071,856 
Williams Cos., Inc. (The)   27,597    1,016,949 
Total Energy        16,565,341 
Food, Beverage & Tobacco—11.8%     
Altria Group, Inc.   52,979    2,882,057 
Philip Morris International, Inc.   38,814    3,079,115 
Reynolds American, Inc.   32,500    1,438,775 
Total Food, Beverage & Tobacco        7,399,947 
Insurance—2.1%     
Mercury General Corp.   8,906    449,842 
Old Republic International Corp.   53,354    834,457 
Total Insurance        1,284,299 
Materials—1.9%     
Chemours Co. (The)(a)   100,519    650,358 
Greif, Inc., Class A   17,262    550,830 
Total Materials        1,201,188 
Real Estate—6.8%     
BioMed Realty Trust, Inc.   5,159    103,077 
Corporate Office Properties Trust   4,639    97,558 
           
Investments   Shares    Value 
Corrections Corp. of America   8,736   $258,061 
HCP, Inc.(a)   10,119    376,933 
Hospitality Properties Trust   10,827    276,955 
Iron Mountain, Inc.   16,453    510,372 
Lamar Advertising Co., Class A   3,875    202,197 
LaSalle Hotel Properties   5,833    165,599 
Liberty Property Trust   4,071    128,277 
Mid-America Apartment Communities, Inc.   2,004    164,067 
National Retail Properties, Inc.   2,025    73,447 
Omega Healthcare Investors, Inc.   2,768    97,295 
Plum Creek Timber Co., Inc.   6,521    257,645 
Realty Income Corp.   3,327    157,667 
Senior Housing Properties Trust   9,205    149,121 
Ventas, Inc.   9,647    540,811 
Welltower, Inc.   8,516    576,721 
WP GLIMCHER, Inc.   10,729    125,100 
Total Real Estate        4,260,903 
Retailing—0.6%     
Guess?, Inc.(a)   17,271    368,909 
           
Telecommunication Services—15.1%     
AT&T, Inc.   95,452    3,109,826 
CenturyLink, Inc.   104,257    2,618,936 
Frontier Communications Corp.   151,651    720,342 
Verizon Communications, Inc.   67,642    2,943,103 
Windstream Holdings, Inc.   13,683    84,014 
Total Telecommunication Services        9,476,221 
Utilities—28.0%     
AGL Resources, Inc.   11,273    688,104 
Ameren Corp.   22,848    965,785 
CenterPoint Energy, Inc.   70,569    1,273,065 
Consolidated Edison, Inc.(a)   31,192    2,085,185 
Duke Energy Corp.   45,729    3,289,744 
Entergy Corp.   29,198    1,900,790 
Hawaiian Electric Industries, Inc.   16,258    466,442 
Pepco Holdings, Inc.   32,591    789,354 
PPL Corp.   59,113    1,944,227 
SCANA Corp.   13,935    783,983 
Southern Co. (The)   64,932    2,902,460 
TECO Energy, Inc.   16,003    420,239 
Total Utilities        17,509,378 
Total Common Stocks          
(Cost $66,452,640)        62,064,463 
           

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

 

Schedule of Investments - continued

REVENUESHARES ULTRA DIVIDEND FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—2.8%      
Dreyfus Institutional Preferred Money Market Fund-Prime Shares, 0.06% (b)
(Cost $1,750,992)		   1,750,992   $1,750,992 
Total Investments—102.0%
(Cost $68,203,632)		        63,815,455 
Liabilities in Excess of Other Assets—(2.0)%        (1,267,839)
Net Assets—100.0%       $62,547,616 
           

 

PLC - Public Limited Company
 

 

(a) All or a portion of the security was on loan. The aggregate market value of the securities on loan was $5,152,193; total market value of the collateral held by the fund was $5,168,522. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $3,417,530.
(b) Rate shown represents annualized 7-day yield as of September 30, 2015.

 

 

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

 

Schedule of Investments

REVENUESHARES GLOBAL GROWTH FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
COMMON STOCKS—99.6%      
Automobiles & Components—5.6%     
Bayerische Motoren Werke AG   95   $8,401 
Daimler AG   412    29,824 
Fiat Chrysler Automobiles NV*   2,912    37,739 
Ford Otomotiv Sanayi AS   1,384    14,764 
Volkswagen AG   281    32,919 
Total Automobiles & Components        123,647 
Banks—6.2%     
BBVA Banco Continental SA   12,453    11,676 
Credicorp Ltd.   321    34,142 
Danske Bank A/S   425    12,814 
DNB ASA   728    9,448 
Intesa Sanpaolo S.p.A.   982    3,459 
Intesa Sanpaolo S.p.A.-RSP   1,086    3,491 
KBC Groep NV   169    10,634 
Komercni banka AS   162    35,068 
Turkiye Is Bankasi, Class C   9,811    15,262 
Total Banks        135,994 
Capital Goods—13.8%     
Alliance Global Group, Inc.   25,640    8,404 
CNH Industrial NV   1,386    9,012 
Ellaktor SA*   5,622    9,602 
Enka Insaat ve Sanayi AS   8,291    13,692 
Ferreycorp SAA   46,023    18,003 
FLSmidth & Co. A/S   171    5,667 
Grana y Montero SAA   31,418    25,361 
JG Summit Holdings, Inc.   12,038    18,248 
KOC Holding AS   18,070    70,424 
San Miguel Corp.   64,425    66,851 
Siemens AG   199    17,757 
SM Investments Corp.   1,302    24,806 
Vestas Wind Systems A/S   329    17,062 
Total Capital Goods        304,889 
Commercial & Professional Services—1.1%     
ISS A/S   713    23,631 
           
Consumer Durables & Apparel—0.9%     
Arcelik AS   2,660    12,958 
Pegas Nonwovens SA   202    7,132 
Total Consumer Durables & Apparel        20,090 
Consumer Services—0.5%     
Intralot SA-Integrated Lottery Systems & Services*   5,879    11,156 
           
Investments   Shares    Value 
Diversified Financials—4.9%     
Ackermans & van Haaren NV   49   $7,165 
Aker ASA, Class A   858    14,887 
Ayala Corp.   1,031    16,919 
EXOR S.p.A.   1,143    49,733 
GT Capital Holdings, Inc.   474    12,829 
Marfin Investment Group Holdings SA*   78,255    6,551 
Total Diversified Financials        108,084 
Energy—17.0%     
Aegean Marine Petroleum Network, Inc.   3,935    26,522 
Aker Solutions ASA   1,848    6,378 
Eni S.p.A.(a)   2,413    37,844 
Hellenic Petroleum SA*   8,616    51,454 
Motor Oil Hellas Corinth Refineries SA*   4,484    54,057 
Petron Corp.   232,263    34,536 
Seadrill Ltd.*   1,039    6,048 
Statoil ASA   7,539    109,682 
Subsea 7 SA*   1,072    8,043 
Tupras Turkiye Petrol Rafinerileri AS*   1,623    39,721 
Total Energy        374,285 
Food & Staples Retailing—5.5%     
Bim Birlesik Magazalar AS   896    15,877 
Colruyt SA*   382    18,348 
Cosco Capital, Inc.   66,811    9,677 
Delhaize Group   463    40,881 
InRetail Peru Corp.*   1,872    22,370 
Metro AG   535    14,745 
Total Food & Staples Retailing        121,898 
Food, Beverage & Tobacco—5.9%     
Alicorp SAA*   14,141    22,302 
Anheuser-Busch InBev NV   667    70,672 
Carlsberg A/S, Class B   281    21,548 
Philip Morris CR AS   35    16,519 
Total Food, Beverage & Tobacco        131,041 
Insurance—4.2%     
Ageas   581    23,805 
Allianz SE   160    25,049 
Assicurazioni Generali S.p.A.   1,977    36,104 
Storebrand ASA*   2,402    7,856 
Total Insurance        92,814 
Materials—8.1%     
BASF SE   237    18,074 
Cia de Minas Buenaventura SAA(b)   742    4,422 
Norsk Hydro ASA   4,987    16,581 
Sociedad Minera Cerro Verde SAA*   737    11,799 

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

 

Schedule of Investments - continued

REVENUESHARES GLOBAL GROWTH FUND
SEPTEMBER 30, 2015 (UNAUDITED)

Investments  Shares  Value
Solvay SA   175   $17,819 
Southern Copper Corp.(a)   2,098    56,059 
Titan Cement Co. SA   303    6,832 
Umicore SA   402    15,457 
Union Andina de Cementos SAA   20,267    11,766 
Yara International ASA   501    19,940 
Total Materials        178,749 
Pharmaceuticals, Biotechnology & Life Sciences—1.4%     
Novo Nordisk A/S, Class B   553    29,639 
           
Retailing—0.4%     
D'Ieteren SA   241    9,282 
           
Telecommunication Services—7.9%     
Deutsche Telekom AG   915    16,224 
Hellenic Telecommunications Organization SA   2,509    21,845 
O2 Czech Republic AS(a)   5,609    49,075 
Philippine Long Distance Telephone Co.   286    13,400 
Proximus   288    9,921 
TDC A/S   1,328    6,829 
Telecom Italia S.p.A.*(a)   3,362    4,136 
Telecom Italia S.p.A.-RSP   4,229    4,329 
Telenor ASA   1,206    22,466 
Turk Telekomunikasyon AS   7,296    14,386 
Turkcell Iletisim Hizmetleri AS   3,581    12,478 
Total Telecommunication Services        175,089 
Transportation—6.3%     
AP Moeller - Maersk A/S, Class A   30    45,068 
AP Moeller - Maersk A/S, Class B   29    44,564 
DryShips, Inc.*   47,981    8,099 
DSV A/S   431    16,077 
Turk Hava Yollari AO*   9,425    24,810 
Total Transportation        138,618 
Utilities—9.9%     
CEZ AS   5,266    109,495 
E.ON SE   3,046    26,103 
Enel S.p.A.   6,684    29,755 
Manila Electric Co.   3,719    23,584 
Public Power Corp. SA   5,686    29,640 
Total Utilities        218,577 
Total Common Stocks          
(Cost $2,331,779)        2,197,483 
PREFERRED STOCK—0.4%          
Automobiles & Components—0.4%             
Bayerische Motoren Werke AG          
(Cost $10,880)   141   $9,653 
           
Investments   Shares    Value 
           
           
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED—3.6%          
Dreyfus Institutional Preferred Money Market Fund-Prime Shares, 0.06% (c)
(Cost $78,565)		   78,565    78,565 
Total Investments—103.6%
(Cost $2,421,224)		        2,285,701 
Liabilities in Excess of Other Assets—(3.6)%        (79,700)
Net Assets—100.0%       $2,206,001 
           

 

* 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 $76,369; total market value of the collateral held by the fund was $78,565.  
(b) American Depositary Receipt
(c) Rate shown represents annualized 7-day yield as of September 30, 2015.

 

 

Country  Value  % of Net
Assets
Belgium  $223,984    10.1%
Bermuda   6,048    0.3 
Czech Republic   217,289    9.8 
Denmark   222,899    10.1 
Germany   198,749    9.0 
Greece   225,758    10.2 
Italy   168,851    7.7 
Norway   207,238    9.4 
Peru   217,900    9.9 
Philippines   229,254    10.4 
Turkey   234,372    10.6 
United Kingdom   54,794    2.5 
United States   78,565    3.6 
Total Investments   2,285,701    103.6 
Liabilities  in Excess of Other Assets   (79,700)   (3.6)
Net Assets  $2,206,001    100.0%
           

 

 

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.

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 September 30, 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 September 30, 2015, the collateral consisted of an institutional money market fund and U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Inflation Index Bonds.

3. FAIR VALUE MEASUREMENT

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

Level 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 September 30, 2015 in valuing the Funds’ assets carried at fair value:

  (Level 1)   (Level 2)   (Level 3)  
Fund Common Stock Preferred Stock   Money Market
Funds		 Common Stock   Common Stock Total
RevenueShares Large Cap Fund $      312,567,062   $                        –     $          2,196,594   $                        –     $                        –   $      314,763,656  
RevenueShares Mid Cap Fund         221,164,283                             –                 8,011,922                             –                               –           229,176,205  
RevenueShares Small Cap Fund         329,771,407                             –               18,747,451                             –                               –           348,518,858  
RevenueShares Financials Sector Fund           27,549,767                             –                               –                             –                               –             27,549,767  
RevenueShares ADR Fund           21,743,150                  717,997                 3,984,729                             –                               –             26,445,876  
RevenueShares Navellier Overall A-100 Fund             7,179,750                             –                    114,901                             –                               –               7,294,651  
RevenueShares Ultra Dividend Fund           62,064,463                             –                 1,750,992                             –                               –             63,815,455  
RevenueShares Global Growth Fund             2,197,483                      9,653                      78,565                             –                               –               2,285,701  

 

At September 30, 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. At September 30, 2015, there were no transfers between Levels 1, 2, or 3, based on the valuation input Levels assigned to securities on June 30, 2015.

 

 

4. FEDERAL INCOME TAX

At September 30, 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 $288,949,732 $43,207,887 $(17,393,963) $25,813,924
RevenueShares Mid Cap Fund 227,968,259 23,706,307 (22,498,361) 1,207,946
RevenueShares Small Cap Fund 357,125,746 37,757,661 (46,364,549) (8,606,888)
RevenueShares Financials Sector Fund 25,329,475 2,844,024 (623,732) 2,220,292
RevenueShares ADR Fund 31,669,363 1,632,593 (6,856,080) (5,223,487)
RevenueShares Navellier Overall A-100 Fund 7,437,149 163,861 (306,359) (142,498)
RevenueShares Ultra Dividend Fund 68,547,344 2,091,547 (6,823,436) (4,731,889)
RevenueShares Global Growth Fund 2,421,451 34,088 (169,838) (135,750)

5. 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.

6. 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 11-30-2015

 

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 11-30-2015

 

 

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

 

Date 11-30-2015

 

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