UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21993
(Exact name of registrant as specified in charter)
One Commerce Square,2005 Market Street Suite 2020
Philadelphia, Pennsylvania 19103
(Address of principal executive offices) (Zip code)
Vincent T. Lowry
One Commerce Square,
2005 Market Street Suite 2020
Philadelphia, Pennsylvania 19103
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-877-738-8870
Date of fiscal year end: June 30
Date of reporting period: July 1, 2009 – June 30, 2010
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
RevenueShares™ ETF Trust
Annual Report to Shareholders
June 30, 2010
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TABLE OF CONTENTS
1
August 2010
Dear Shareholder:
The fiscal year for the RevenueShares ETF Trust was a solid year of returns for our family of funds.
Total NAV Returns for the Fiscal Year ended June 30, 2010:
RWL, RevenueShares Large Cap Fund 18.21% vs. S&P 500 Index, 14.43%
RWK, RevenueShares Mid Cap Fund 23.07% vs. S&P MidCap 400 Index, 24.93%
RWJ, RevenueShares Small Cap Fund 27.07% vs. S&P SmallCap 600 Index, 23.64%
RWW, RevenueShares Financials Sector Fund 22.87% vs. S&P 500 Financials Index, 16.91%
RTR, RevenueShares ADR Fund 4.64% vs. S&P ADR Index, 6.36%
RWV, RevenueShares Navellier Overall A-100 Fund 9.70% vs. Navellier Overall A-100 Index, 11.88%
Past performance is not an indicator of future results. The recent growth rate in the stock market has helped to produce short-term returns for some asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.
The RevenueShares Mid Cap Fund experienced solid returns but slightly underperformed the S&P MidCap 400™ Index during the fiscal year of 2010. This comes on the heels of a spectacular year in 2009. The RevenueShares Small Cap Fund™ remains in positive territory, outperforming the S&P SmallCap 600™ Index for the past year.
The first half of 2010 resulted in an easing of performance for the RevenueShares ADR Fund™. The Fund is slightly underperforming the S&P® ADR Index for the full fiscal year. The RevenueShares ADR Fund™ is coming off a very strong year versus the S&P® ADR Index for the previous fiscal year.
Despite strong performance in 2009 by the RevenueShares ETFs, the funds have settled down during the first six months of 2010, as the European financial crisis created a fear of a “double-dip” recession. However, RevenueShares experienced outperformance versus their respective benchmarks during the recovery of 2009. We believe the next economic move will result in a substantial recovery of the markets. VTL Associates (VTL) believes the RevenueShares ETFs are poised to perform well during these economic recoveries. In looking forward, we believe the current economic recovery will avoid a “double dip” recession and the RevenueShares ETFs will continue to respond with positive results to the economic recovery which is anticipated over the next 12 months.
The rationale for VTL’s optimism going forward is grounded on the premise that global growth, in particular, growth in Asia and South America, will offset a slower than normal economic recovery in the U.S. We believe the international impact of global expansion will have a significant impact on revenue growth for the S&P 500 Index.
Recently, Standard & Poor’s published (August 5th, 2010) a report on foreign revenues of 250 of the S&P 500 constituents that report foreign revenues. This report indicates that during 2009, Asia represented nearly 18% of the foreign revenues of these 250 companies, which was up from 13% in 2008. The report indicates 25% of the foreign revenues were generated from Europe, which was down from 28% in 2008. In all, the foreign revenues of the S&P 500 constituents reporting both domestic and foreign revenues has been steadily rising over the past decade and based on the global demographics, we believe that foreign revenues will continue to increase for the S&P 500 constituents. Two of the fastest growing sectors experiencing foreign revenue increases are consumer discretion and consumer staples, and RevenueShares Large, Mid and Small Cap all overweight these two sectors versus the indexes.
In summary, VTL Associates believes that a modest recovery for the U.S. economy may occur this year and a more robust global recovery will be led by Asia and South America. The global recovery should provide a solid stimulus to U.S. equities over the next 18 months.
Vincent T. Lowry
C.E.O. and Chief Investment Officer
VTL Associates, LLC
2
LETTER TO SHAREHOLDERS — concluded
An investment in the Funds is subject to investment risk, including the possible loss of principal amount invested. Fund returns may not match the return of their respective Index, known as non-correlation risk, due to operating expenses incurred by the Funds. The alternative weighting approach employed by the Funds (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. The risks associated with each specific fund are detailed in the prospectus and could include factors such as increased volatility risk, small and medium capitalization stock risk, concentration risk, non-diversification risk, financials sector risk, American Depositary Receipt risk, currency exchange risk, foreign market risk, growth style investing risk, portfolio turnover risk, and/or special risks of exchange-traded funds.
The S&P 500® Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The S&P MidCap 400TM Index consists of 400 domestic mid cap stocks selected for market size, liquidity and industry group representation. The S&P SmallCap 600TM Index consists of 600 domestic small cap stocks selected for market size, liquidity and industry group representation. The S&P 500® Financials Index is a stock market index comprised of large cap companies that Standard & Poor’s® deems to be part of the Financials sector of the U.S. economy, using Global Industry Classification Standards. S&P® ADR Index is a U.S. dollar denominated index of the non-U.S. companies contained in the S&P® Global 1200 Ex U.S. Index. The S&P® Global 1200 Ex U.S. Index is a free-float weighted global index covering 29 countries and approximately 70% of the world’s capital markets. The Navellier Overall A-100 Index is constructed from companies that are traded on the NYSE Euronext and the Nasdaq Stock Exchange that have over 2,500 shares traded daily, a closing price over $1, and companies that have been public for at least one year. One cannot invest directly in an index.
RevenueShares ETFs are not sponsored, endorsed, sold or promoted by Standard & Poor’s. Standard & Poor’s makes no representation regarding the advisability of investing in RevenueShares ETFs.
The views in this letter were those of the Fund manager as of the publication of the report and may not necessarily reflect his views on the date this letter is first published or anytime thereafter. These views are intended to assist shareholders in understanding the Funds’ present investment methodology and do not constitute investment advice.
A Fund’s per share net asset value or ‘‘NAV’’ is the value of one share of a Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The price used to calculate market return (‘‘Market Price’’) is determined by using the mean of the bid and offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund’s NAV is calculated at market close. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
3
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
June 30, 2010
RevenueShares Large Cap Fund™ (Ticker: RWL)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500 Index (“S&P 500”) by investing in the constituent securities of the S&P 500 in the same proportions as the RevenueShares Large Cap Index. The S&P 500 is a stock market index comprised of a representative sample of common stocks of 500 leading companies in leading industries of the United States economy selected by Standard & Poor’s®. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of large capitalization companies included in the S&P 500 and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines large capitalization companies as companies that are included in the S&P 500 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares Large Cap Fund outperformed the S&P 500 benchmark with a return of 18.21% compared to 14.43% respectively, for the fiscal year ended June 30, 2010. This outperformance was created by the overweighting of the economically sensitive sectors of consumer discretionary, financials, and industrials. The sector weightings in information technology and health care held back the performance slightly.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2010, the top three performers were Gannett Inc (+277.03%), Sandisk Corp (+186.19%), and Pioneer Natural Resources (+133.14%), while the bottom three performers in this group were Dean Foods (-47.52%), and MEMC Electronic Materials (-44.53%), and Boston Scientific (-42.80%).
4
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
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Fund Performance History (%) | Cumulative Total Return As of June 30, 2010 | Average Annual Total Return As of June 30, 2010 | ||
1 Year | Since Inception (February 22, 2008) | 1 Year | Since Inception (February 22, 2008) | |
Index | ||||
RevenueShares Large Cap Index™ | 18.90% | (18.17)% | 18.90% | (8.42)% |
S&P 500 Index | 14.43% | (18.91)% | 14.43% | (8.51)% |
Fund | ||||
NAV Return | 18.21% | (20.09)% | 18.21% | (9.08)% |
Market Price | 17.99% | (20.12)% | 17.99% | (9.09)% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Large Cap Fund’s annual operating expense ratio (gross) is 1.89% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2011. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Large Cap IndexTM returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
5
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
June 30, 2010
RevenueShares Mid Cap Fund™ (Ticker: RWK)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P MidCap 400 Index (“S&P Mid Cap 400”) by investing in the constituent securities of the S&P MidCap 400 in the same proportions as the RevenueShares Mid Cap Index. The S&P Midcap 400 is a stock market index comprised of common stock of 400 mid-sized companies selected by Standard & Poor’s®. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of mid capitalization companies included in the S&P MidCap 400 and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines mid capitalization companies as companies that are included in the S&P MidCap 400 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares Mid Cap Fund had a return of 23.07% for the fiscal year ended June 30, 2010 compared with 24.93% for the S&P Mid Cap 400. Much of the performance was driven by the Fund’s overweighting in the health care, financial, and consumer discretionary sectors.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2010, the top three performers were Netflix Com (+162.82%), Cimarex Energy (+152.58%), and Alaska Airgroup (+146.17%), while the bottom three performers in this group were Dynegy Inc (-66.08%), Coldwater Creek (-44.92%), and Corinthian Colleges (-41.82%).
6
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
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Fund Performance History (%) | Cumulative Total Return As of June 30, 2010 | Average Annual Total Return As of June 30, 2010 | ||
1 Year | Since Inception (February 22, 2008) | 1 Year | Since Inception (February 22, 2008) | |
Index | ||||
RevenueShares Mid Cap Index™ | 23.90% | (4.73)% | 23.90% | (2.04)% |
S&P MidCap 400 Index | 24.93% | (7.62)% | 24.93% | (3.07)% |
Fund | ||||
NAV Return | 23.07% | (6.18)% | 23.07% | (2.67)% |
Market Price | 22.86% | (6.18)% | 22.86% | (2.67)% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Mid Cap Fund’s annual operating expense ratio (gross) is 2.02% and the net expense ratio is 0.54%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2011. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. For the Fund’s most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Mid Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
The S&P MidCap 400 Index consists of 400 domestic mid cap stocks selected for market size, liquidity and industry group representation.
7
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
June 30, 2010
RevenueShares Small Cap Fund™ (Ticker: RWJ)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P SmallCap 600 Index (“S&P SmallCap 600”) by investing in the constituent securities of the S&P SmallCap 600 in the same proportions as the RevenueShares Small Cap Index. The S&P SmallCap 600 is a stock market index comprised of 600 common stocks of small-cap companies selected by Standard & Poor’s® based on inclusion criteria to ensure that they are investable and financially viable. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of small capitalization companies included in the S&P SmallCap 600 and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines small capitalization companies as companies that are included in the S&P SmallCap 600 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares Small Cap Fund outperformed the S&P SmallCap 600 with a return of 27.07% compared with 23.64%respectively, for the fiscal year ended June 30, 2010. The outperformance versus the benchmark was driven by the Fund’s overweight exposure to the consumer discretionary, industrial, and material sectors. The Fund’s exposure to consumer staples and financials underperformed versus the benchmark.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2010, the top three performers were Salix Pharmaceuticals (+295.44%), Skechers USA-A Inc (+273.80%), and EW Scripps Co. (+255.50%), while the bottom three performers in this group were First Bancorp (-86.58%), South Financial (-77.10%), and Spartan Motors (-62.93%).
8
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
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Fund Performance History (%) | Cumulative Total Return As of June 30, 2010 | Average Annual Total Return As of June 30, 2010 | ||||
1 Year | Since Inception (February 22, 2008) | 1 Year | Since Inception (February 22, 2008) | |||
Index | ||||||
RevenueShares Small Cap Index™ | 27.82% | 5,74 | % | 27.82% | 2.44 | % |
S&P SmallCap 600 Index | 23.64% | (7.12 | )% | 23.64% | (3.52 | )% |
Fund | ||||||
NAV Return | 27.07% | 2.73 | % | 27.07% | 1.15 | % |
Market Price | 26.88% | 2.73 | % | 26.88% | 1.15 | % |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. The Small Cap Fund’s annual operating expense ratio (gross) is 2.20% and the net expense ratio is 0.54%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2011. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Small Cap IndexTM returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
The S&P SmallCap 600 Index consists of 600 domestic small cap stocks selected for market size, liquidity and industry group representation.
9
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
June 30, 2010
RevenueShares Financials Sector Fund™ (Ticker: RWW)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500® Financials Index (“S&P 500 Financials”) by investing in the constituent securities of the S&P 500® Financials in the same proportions as the RevenueShares Financials Sector Index. The S&P 500® Financials is a stock market index comprised of large cap companies that Standard & Poor’s® deems to be part of the Financials sector of the United States economy, using the Global Industry Classification Standard. It is a subset of the S&P 500® Index and includes companies involved in activities such as: banking; mortgage finance; consumer finance; specialized finance; investment banking and brokerage; asset management and custody; corporate lending; insurance; financial investment; and real estate, including real estate investment trusts (“REITs”). Under normal circumstances, the Fund will invest at least 80% of its net assets in Financials companies included in the S&P 500® Financials and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines Financials companies as companies that are included in the S&P 500® Financials at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares Financials Sector Fund had a return of 22.87% and outperformed the S&P 500 Financials which only had a return of 16.91% for the fiscal year ended June 30, 2010. The funds overweight exposure to large money center banks versus the S&P 500 Financials Sector resulted in the outperformance. Many of the money center banks returned to profitability and returned the Troubled Asset Relief Program (“TARP”) investments back to the government.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2010, the top three performers were Apartment Invest (+118.87%), Equity Residential (+87.31%), Genworth Financial (+86.98%), while the bottom three performers in this group were State Street Corp (-28.35%), Moody’s Corp (-24.40%), and Janus Capital Group (-22.11%).
10
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
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Fund Performance History (%) | Cumulative Total Return As of June 30, 2010 | Average Annual Total Return As of June 30, 2010 | ||||
1 Year | Since Inception (November 10, 2008) | 1 Year | Since Inception (November 10, 2008) | |||
Index | ||||||
RevenueShares Financials Sector Index™ | 23.36% | 17.30 | % | 23.36% | 10.25 | % |
S&P 500 Financials Index | 16.91% | 7.14 | % | 16.91% | 2.65 | % |
S&P 500 Index | 14.43% | 16.55 | % | 14.43% | 9.82 | % |
Fund | ||||||
NAV Return | 22.87% | 10.73 | % | 22.87% | 6.43 | % |
Market Price | 23.00% | 10.70 | % | 23.00% | 6.41 | % |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. The Financials Sector Fund’s annual operating expense ratio (gross) is 3.14% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2011. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Financials Sector IndexTM returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
The S&P 500 Financials Index consists of large cap stocks deemed to be part of the Financials Sector of the United States economy.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
11
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
June 30, 2010
RevenueShares ADR Fund™ (Ticker: RTR)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P ADR Index by investing in the constituent securities of the S&P ADR Index in the same proportions as the RevenueShares ADR Index. The RevenueShares ADR Index is constructed using a rules-driven methodology, which re-weights the constituent securities of the S&P ADR Index according to the revenue earned by the companies in that index, subject to certain tax diversification requirements. The RevenueShares ADR Index generally contains the same securities as the S&P ADR Index, but in different proportions. Constituent securities that are added to or removed from the S&P ADR Index during a calendar quarter are generally added to and removed from the RevenueShares ADR Index on a quarterly basis. The S&P ADR Index is a U.S. dollar denominated version of the S&P Global 1200 Ex U.S. Index and is based on the non-U.S. stocks of the S&P Global 1200. American Depositary Receipts (“ADRs”) are certificates that represent a U.S. dollar denominated equity ownership in a foreign company and offer U.S. investors the same economic benefits enjoyed by the shareholders of that company. Typically, ADRs are listed and traded on U.S. exchanges and trade in U.S. dollars just like any other U.S.-domiciled security. Since not all foreign companies offer ADR programs, the S&P ADR Index is made up of those companies from the S&P Global 1200 who make available ADRs that are offered or listed on a U.S. exchange, global shares or, in the case of Canadian equities, ordinary shares, all of which are traded on a U.S. exchange. Under normal circumstances, the Fund will invest at least 80% of its net assets in ADRs included in the S&P ADR Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares ADR Fund reported a 4.64% return compared with the S&P ADR Index return of 6.36% for the fiscal year ended June 30, 2010. The Fund underperformed the benchmark as a result of its exposure to the energy sector and British Petroleum. The Fund’s overweighting to the financials and information technology sectors resulted in the decent overall returns for the year.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2010, the top three performers were ARM Holdings (+107.71%), Eldorado Gold (+100.67%), and Gildan Activewear (+93.58%), while the bottom three performers in this group were National Bank Greece (-58.39%), Hellenic Telecommunications (-51.11%), and Nokia Corp (-44.10%).
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
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Fund Performance History (%) | Cumulative Total Return As of June 30, 2010 | Average Annual Total Return As of June 30, 2010 | ||
1 Year | Since Inception (November 18, 2008) | 1 Year | Since Inception (November 18, 2008) | |
Index | ||||
RevenueShares ADR Index™ | 5.70% | 32.61% | 5.70% | 19.11% |
S&P ADR Index | 6.36% | 21.38% | 6.36% | 16.92% |
MSCI EAFE Index (net) | 5.92% | 24.72% | 5.92% | 14.67% |
Fund | ||||
NAV Return | 4.64% | 26.77% | 4.64% | 15.83% |
Market Price | 4.55% | 26.72% | 4.55% | 15.80% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. The ADR Fund’s annual operating expense ratio (gross) is 3.52% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2011. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares ADR IndexTM returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
The S&P ADR Index is a U.S. dollar denominated version of the S&P Global 1200 Ex U.S. Index, consisting of the companies in that index who make available American Depositary Receipts (“ADRs”).
The MSCI EAFE Index (Europe, Australasia, Far East) adjusts the market capitalization of index constituents for free float and targets for index inclusion 85% of free float-adjusted market capitalization in each industry group in developed market countries, excluding the U.S. and Canada.
13
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
June 30, 2010
RevenueShares Navellier Overall A-100 Fund™ (Ticker: RWV)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the Navellier Overall A-100 Index by investing in the constituent securities of the Navellier Overall A-100 Index in the same proportions as the RevenueShares Navellier Overall A-100 Index. The Navellier Overall A-100 Index is constructed from companies that are traded on the NYSE Euronext (NYX), Nasdaq Stock Exchange (NASD) that have over 2,500 shares traded daily, a closing price over $1, and companies that have been public for at least one year. This universe of companies is narrowed through a combination of quantitative and fundamental screens to select the top 100 of the total universe. This is accomplished by implementing a multi-factor model that encompasses nine factors, one of which is quantitative based and eight that are fundamental. The quantitative factor begins with a computer-driven analysis based on Modern Portfolio Theory. The Index calculates reward (alpha) and risk (standard deviation) characteristics for the universe of approximately 4,800 stocks. Trailing 52-week “alphas” (measure of return independent of the market) are divided by trailing 52-week “standard deviations” (measure of volatility or risk) to create a “reward/risk” ratio. This factor has the highest weight in the Navellier Overall A-100 Index.
The RevenueShares Navellier Overall A-100 Fund returned 9.70% compared to the Navellier Overall A-100 Index return of 11.88% for the fiscal year ended June 30, 2010. The Fund’s exposure to the consumer staples and health care sectors resulted in solid performance for the Fund. The underperformance was a result of the sector weightings in consumer discretionary and financials.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2010, the top three performers were Sxc Health Solutions (+188.15%), Netflix Com. (+138.92%), and China Automotive (+114.67%), while the bottom three performers in this group were Telestone Technologies (-57.46%), La Z Boy (-43.02%), and Synaptics (-41.78%).
14
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — concluded
![](https://capedge.com/proxy/N-CSR/0000891092-10-003694/a38478x17x1.jpg)
Fund Performance History (%) | Cumulative Total Return As of June 30, 2010 | Average Annual Total Return As of June 30, 2010 | ||||||
1 Year | Since Inception (January 21, 2009) | 1 Year | Since Inception (January 21, 2009) | |||||
Index | ||||||||
RevenueShares Navellier Overall A-100 Index™ | 11.02 | % | 19.46 | % | 11.02 | % | 13.16 | % |
Navellier Overall A-100 Index | 11.88 | % | — | 11.88 | % | 11.98 | % | |
Russell 3000 Index | 15.72 | % | 29.23 | % | 15.72 | % | 19.51 | % |
Fund | ||||||||
NAV Return | 9.70 | % | 21.20 | % | 9.70 | % | 14.30 | % |
Market Price | 9.81 | % | 21.33 | % | 9.81 | % | 14.39 | % |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. The Navellier Overall A-100 Fund’s annual operating expense ratio (gross) is 3.72% and the net expense ratio is 0.60%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2011. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Navellier Overall A-100 Index™ returns became publicly available on December 31, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
The Navellier Overall A-I00 Index is constructed from companies that are traded on the NYSE Euronext (NYX), Nasdaq Stock Exchange (NASD) subject to certain minimum requirements. This universe of companies is narrowed through a combination of quantitative and fundamental screens to select the top 100 of the total universe.
The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
15
As a shareholder of a RevenueShares ETF, you incur two types of costs: (1) transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory fees and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from January 1, 2010 to June 30, 2010.
Actual expenses
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Six Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 1/1/2010 | Ending Account Value 6/30/2010 | Annualized Expense Ratios for the Six Month Period | Expenses Paid During the Six Month Period† | |
RevenueShares Large Cap Fund | ||||
Actual | $1,000.00 | $ 949.70 | 0.49% | $2.37 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.36 | 0.49% | $2.46 |
RevenueShares Mid Cap Fund | ||||
Actual | $1,000.00 | $ 958.60 | 0.54% | $2.62 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.12 | 0.54% | $2.71 |
RevenueShares Small Cap Fund | ||||
Actual | $1,000.00 | $ 980.50 | 0.54% | $2.65 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.12 | 0.54% | $2.71 |
RevenueShares Financials Sector Fund | ||||
Actual | $1,000.00 | $ 992.30 | 0.49% | $2.42 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.36 | 0.49% | $2.46 |
RevenueShares ADR Fund | ||||
Actual | $1,000.00 | $ 850.70 | 0.49% | $2.25 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.36 | 0.49% | $2.46 |
RevenueShares Navellier Overall A-100 Fund | ||||
Actual | $1,000.00 | $ 932.20 | 0.60% | $2.87 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | 0.60% | $3.01 |
† | Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365 (to reflect the six-month period). |
16
FREQUENCY DISTRIBUTION OF PREMIUM AND DISCOUNT
(UNAUDITED )
The table that follows presents information about the differences between the daily market price on secondary markets for shares of the Fund and the Fund’s net asset value. Net asset value, or “NAV”, is the price per share at which the Fund issues and redeems shares in large blocks typically consisting of 50,000 shares or more. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Fund generally is determined using the midpoint of the bid/ask at closing on the stock exchange which the shares of the Fund are listed for trading, as of the time the Fund’s NAV is calculated. The Fund’s Market Price may be at, above or below its NAV. The NAV of the Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of the Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.
Premiums or discounts are the differences (expressed as a percentage of the NAV) between the NAV and Market Price of the Fund on a given day, generally at the time NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV. A discount is the amount that the Fund is trading below the reported NAV.
The following information shows the frequency distributions of premiums and discounts for the Funds. The information shown for each Fund is for each full calendar quarter completed after the inception date of such Fund through the date of the most recent calendar quarter-end.
Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | |||||||||||||||||||||||
Closing Bid/Ask Midpoint Above NAV | Closing Bid/Ask Midpoint Below NAV | Closing Bid/Ask Midpoint Above NAV | Closing Bid/Ask Midpoint Below NAV | |||||||||||||||||||||
Premium/ Discount Range | Number of Days | % of Total Days | Number of Days | % of Total Days | Premium/ Discount Range | Number of Days | % of Total Days | Number of Days | % of Total Days | |||||||||||||||
0.00% - 0.249% | 208 | 36.5 | % | 241 | 42.3 | % | 0.00% - 0.249% | 224 | 39.0 | % | 230 | 40.1 | % | |||||||||||
0.25% - 0.499% | 18 | 3.2 | % | 29 | 5.1 | % | 0.25% - 0.499% | 12 | 2.1 | % | 12 | 2.1 | % | |||||||||||
0.50% - 0.749% | 10 | 1.7 | % | 8 | 1.4 | % | 0.50% - 0.749% | 14 | 2.4 | % | 12 | 2.1 | % | |||||||||||
0.75% - 0.999% | 8 | 1.4 | % | 10 | 1.8 | % | 0.75% - 0.999% | 7 | 1.3 | % | 10 | 1.7 | % | |||||||||||
1.00% or more | 19 | 3.3 | % | 19 | 3.3 | % | 1.00% or more | 26 | 4.5 | % | 27 | 4.7 | % | |||||||||||
Total | 263 | 46.1 | % | 307 | 53.9 | % | Total | 283 | 49.3 | % | 291 | 50.7 | % | |||||||||||
RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | |||||||||||||||||||||||
Closing Bid/Ask Midpoint Above NAV | Closing Bid/Ask Midpoint Below NAV | Closing Bid/Ask Midpoint Above NAV | Closing Bid/Ask Midpoint Below NAV | |||||||||||||||||||||
Premium/ Discount Range | Number of Days | % of Total Days | Number of Days | % of Total Days | Premium/ Discount Range | Number of Days | % of Total Days | Number of Days | % of Total Days | |||||||||||||||
0.00% - 0.249% | 178 | 31.0 | % | 263 | 45.8 | % | 0.00% - 0.249% | 162 | 41.5 | % | 189 | 48.5 | % | |||||||||||
0.25% - 0.499% | 22 | 3.8 | % | 17 | 3.0 | % | 0.25% - 0.499% | 1 | 0.2 | % | 10 | 2.6 | % | |||||||||||
0.50% - 0.749% | 11 | 1.9 | % | 17 | 3.0 | % | 0.50% - 0.749% | 3 | 0.8 | % | 2 | 0.5 | % | |||||||||||
0.75% - 0.999% | 6 | 1.1 | % | 9 | 1.5 | % | 0.75% - 0.999% | 2 | 0.5 | % | 5 | 1.3 | % | |||||||||||
1.00% or more | 25 | 4.4 | % | 26 | 4.5 | % | 1.00% or more | 10 | 2.6 | % | 6 | 1.5 | % | |||||||||||
Total | 242 | 42.2 | % | 332 | 57.8 | % | Total | 178 | 45.6 | % | 212 | 54.4 | % | |||||||||||
RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | |||||||||||||||||||||||
Closing Bid/Ask Midpoint Above NAV | Closing Bid/Ask Midpoint Below NAV | Closing Bid/Ask Midpoint Above NAV | Closing Bid/Ask Midpoint Below NAV | |||||||||||||||||||||
Premium/ Discount Range | Number of Days | % of Total Days | Number of Days | % of Total Days | Premium/ Discount Range | Number of Days | % of Total Days | Number of Days | % of Total Days | |||||||||||||||
0.00% - 0.249% | 144 | 37.5 | % | 218 | 56.8 | % | 0.00% - 0.249% | 151 | 44.1 | % | 150 | 43.8 | % | |||||||||||
0.25% - 0.499% | 1 | 0.3 | % | 7 | 1.8 | % | 0.25% - 0.499% | 4 | 1.2 | % | 13 | 3.8 | % | |||||||||||
0.50% - 0.749% | 3 | 0.7 | % | 0 | 0.0 | % | 0.50% - 0.749% | 4 | 1.2 | % | 16 | 4.7 | % | |||||||||||
0.75% - 0.999% | 1 | 0.3 | % | 2 | 0.5 | % | 0.75% - 0.999% | 0 | 0.0 | % | 4 | 1.2 | % | |||||||||||
1.00% or more | 5 | 1.3 | % | 3 | 0.8 | % | 1.00% or more | 0 | 0.0 | % | 0 | 0.0 | % | |||||||||||
Total | 154 | 40.1 | % | 230 | 59.9 | % | Total | 159 | 46.5 | % | 183 | 53.5 | % | |||||||||||
17
SCHEDULE OF INVESTMENTS SUMMARY TABLES
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | ||||||||
Industry | % of Net Assets | Industry | % of Net Assets | Industry | % of Net Assets | |||||
Automobiles & Components | 2.2 | % | Automobiles & Components | 0.7 | % | Automobiles & Components | 0.3 | % | ||
Banks | 2.6 | Banks | 2.6 | Banks | 3.0 | |||||
Capital Goods | 9.5 | Capital Goods | 13.1 | Capital Goods | 12.1 | |||||
Commercial & Professional Services | 0.7 | Commercial & Professional Services | 3.3 | Commercial & Professional Services | 5.5 | |||||
Consumer Durables & Apparel | 1.4 | Consumer Durables & Apparel | 3.1 | Consumer Durables & Apparel | 7.0 | |||||
Consumer Services | 1.3 | Consumer Services | 3.7 | Consumer Services | 5.9 | |||||
Diversified Financials | 6.5 | Diversified Financials | 2.0 | Diversified Financials | 1.1 | |||||
Energy | 11.1 | Energy | 3.7 | Energy | 5.6 | |||||
Food & Staples Retailing | 9.6 | Food & Staples Retailing | 1.7 | Food & Staples Retailing | 4.7 | |||||
Food, Beverage & Tobacco | 5.2 | Food, Beverage & Tobacco | 3.8 | Food, Beverage & Tobacco | 2.2 | |||||
Health Care Equipment & Services | 8.8 | Health Care Equipment & Services | 10.6 | Health Care Equipment & Services | 10.6 | |||||
Household & Personal Products | 1.7 | Household & Personal Products | 1.0 | Household & Personal Products | 0.7 | |||||
Insurance | 4.7 | Insurance | 5.2 | Insurance | 2.1 | |||||
Materials | 3.2 | Materials | 8.0 | Materials | 4.4 | |||||
Media | 3.3 | Media | 0.5 | Media | 1.4 | |||||
Pharmaceuticals, Biotechnology & | Pharmaceuticals, Biotechnology & | Pharmaceuticals, Biotechnology & | ||||||||
Life Sciences | 3.1 | Life Sciences | 1.7 | Life Sciences | 2.1 | |||||
Real Estate | 0.4 | Real Estate | 2.2 | Real Estate | 1.5 | |||||
Retailing | 6.7 | Retailing | 7.6 | Retailing | 10.9 | |||||
Semiconductors & Semiconductor | Semiconductors & Semiconductor | Semiconductors & Semiconductor | ||||||||
Equipment | 1.0 | Equipment | 0.9 | Equipment | 1.6 | |||||
Software & Services | 2.3 | Software & Services | 4.9 | Software & Services | 3.7 | |||||
Technology Hardware & Equipment | 5.7 | Technology Hardware & Equipment | 10.1 | Technology Hardware & Equipment | 8.0 | |||||
Telecommunication Services | 3.3 | Telecommunication Services | 0.9 | Telecommunication Services | 0.4 | |||||
Transportation | 1.7 | Transportation | 2.7 | Transportation | 1.6 | |||||
Utilities | 4.0 | Utilities | 5.7 | Utilities | 3.6 | |||||
Total Investments | 100.0 | Total Investments | 99.7 | Total Investments | 100.0 | |||||
Other Assets in Excess of Liabilities | — | † | Other Assets in Excess of Liabilities | 0.3 | Other Assets in Excess of Liabilities | —† | ||||
Net Assets | 100.0 | % | Net Assets | 100.0 | % | Net Assets | 100.0 | % | ||
RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier Overall | ||||||||
A-100 Fund | ||||||||||
Industry | % of Net Assets | Industry | % of Net Assets | Industry | % of Net Assets | |||||
Capital Markets | 9.2 | % | Automobiles & Components | 5.2 | % | Automobiles & Components | 2.9 | % | ||
Commercial Banks | 18.0 | Banks | 12.8 | Banks | 1.7 | |||||
Consumer Finance | 4.9 | Capital Goods | 4.2 | Beverages | 3.7 | |||||
Diversified Financial Services | 31.7 | Consumer Durables & Apparel | 2.7 | Capital Goods | 4.6 | |||||
Insurance | 33.0 | Consumer Services | 0.3 | Commercial & Professional Services | 0.4 | |||||
Real Estate Investment Trusts | 2.6 | Diversified Financials | 5.9 | Communications | 3.9 | |||||
Real Estate Management & | Energy | 29.7 | Consumer Durables & Apparel | 12.7 | ||||||
Development | 0.4 | Food & Staples Retailing | 0.5 | Consumer Services | 0.4 | |||||
Thrifts & Mortgage Finance | 0.3 | Food, Beverage & Tobacco | 3.8 | Diversified Financials | 0.5 | |||||
Health Care Equipment & Services | 0.3 | Energy | 2.1 | |||||||
Total Investments | 100.1 | Insurance | 5.6 | Entertainment | 0.9 | |||||
Liabilities in Excess of Other Assets | (0.1 | ) | Materials | 5.6 | Financials | 1.6 | ||||
Media | 0.7 | Food & Staples Retailing | 0.4 | |||||||
Net Assets | 100.0 | % | Pharmaceuticals, Biotechnology & | Food, Beverage & Tobacco | 3.5 | |||||
Life Sciences | 3.2 | Health Care Equipment & Services | 11.8 | |||||||
Real Estate | 0.2 | Home Furnishings | 0.4 | |||||||
Semiconductors & Semiconductor | Household & Personal Products | 2.6 | ||||||||
Equipment | 0.5 | Industrial | 0.2 | |||||||
Software & Services | 0.3 | Insurance | 0.9 | |||||||
Technology Hardware & Equipment 4.8 | Materials | 3.4 | ||||||||
Telecommunication Services | 10.9 | Media | 1.8 | |||||||
Transportation | 0.3 | Pharmaceuticals, Biotechnology & | ||||||||
Utilities | 2.5 | Life Sciences | 3.3 | |||||||
Total Investments | 100.0 | Real Estate | 0.1 | |||||||
Liabilities in Excess of Other Assets | — | ‡ | Retailing | 7.3 | ||||||
Semiconductors & Semiconductor | ||||||||||
Net Assets | 100.0 | % | Equipment | 2.6 | ||||||
Software & Services | 7.8 | |||||||||
Technology Hardware & Equipment | 16.2 | |||||||||
Telecommunication Services | 1.0 | |||||||||
Transportation | 1.1 | |||||||||
Total Investments | 99.8 | |||||||||
Other Assets in Excess of Liabilities | 0.2 | |||||||||
Net Assets | 100.0 | % | ||||||||
‡ | More than (0.05)% |
† | Less than 0.05% |
18
SCHEDULE OF INVESTMENTS
REVENUE SHARES LARGE CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
COMMON STOCKS—100.0% | ||||
Automobiles & Components—2.2% | ||||
Ford Motor Co.* | 219,173 | $ | 2,209,264 | |
Goodyear Tire & Rubber Co.* | 19,227 | 191,116 | ||
Harley-Davidson, Inc. | 3,372 | 74,960 | ||
Johnson Controls, Inc. | 19,716 | 529,769 | ||
Total Automobiles & Components | 3,005,109 | |||
Banks—2.6% | ||||
BB&T Corp. | 7,224 | 190,063 | ||
Comerica, Inc. | 2,123 | 78,190 | ||
Fifth Third Bancorp | 13,861 | 170,352 | ||
First Horizon National Corp.* | 3,205 | 36,697 | ||
Hudson City Bancorp, Inc. | 3,917 | 47,944 | ||
Huntington Bancshares, Inc. | 15,285 | 84,679 | ||
KeyCorp | 18,080 | 139,035 | ||
M&T Bank Corp. | 1,112 | 94,464 | ||
Marshall & Ilsley Corp. | 10,581 | 75,972 | ||
People’s United Financial, Inc. | 1,147 | 15,485 | ||
PNC Financial Services Group, Inc. | 5,670 | 320,355 | ||
Regions Financial Corp. | 28,857 | 189,879 | ||
SunTrust Banks, Inc. | 8,592 | 200,194 | ||
U.S. Bancorp | 14,700 | 328,545 | ||
Wells Fargo & Co. | 60,132 | 1,539,379 | ||
Zions Bancorporation | 4,460 | 96,202 | ||
Total Banks | 3,607,435 | |||
Capital Goods—9.5% | ||||
3M Co. | 4,945 | 390,606 | ||
Boeing Co. | 20,288 | 1,273,072 | ||
Caterpillar, Inc. | 11,644 | 699,455 | ||
Cummins, Inc. | 4,097 | 266,838 | ||
Danaher Corp. | 5,518 | 204,828 | ||
Deere & Co. | 8,438 | 469,828 | ||
Dover Corp. | 2,600 | 108,654 | ||
Eaton Corp. | 3,369 | 220,467 | ||
Emerson Electric Co. | 9,472 | 413,832 | ||
Fastenal Co. | 912 | 45,773 | ||
First Solar, Inc.* | 292 | 33,238 | ||
Flowserve Corp. | 826 | 70,045 | ||
Fluor Corp. | 9,958 | 423,215 | ||
General Dynamics Corp. | 8,325 | 487,512 | ||
General Electric Co. | 182,059 | 2,625,291 | ||
Goodrich Corp. | 1,981 | 131,241 | ||
Honeywell International, Inc. | 13,801 | 538,653 | ||
Illinois Tool Works, Inc. | 5,034 | 207,804 | ||
ITT Corp. | 3,820 | 171,594 | ||
Jacobs Engineering Group, Inc.* | 6,191 | 225,600 | ||
L-3 Communications Holdings, Inc. | 3,340 | 236,606 | ||
Lockheed Martin Corp. | 10,235 | 762,507 | ||
Masco Corp. | 10,326 | 111,108 | ||
Northrop Grumman Corp. | 11,369 | 618,928 | ||
PACCAR, Inc. | 4,287 | 170,923 | ||
Pall Corp. | 1,256 | 43,169 | ||
Parker Hannifin Corp. | 3,776 | 209,417 | ||
Precision Castparts Corp. | 1,132 | 116,505 | ||
Quanta Services, Inc.* | 3,068 | 63,354 | ||
Raytheon Co. | 8,241 | 398,782 | ||
Rockwell Automation, Inc. | 1,790 | 87,871 | ||
Rockwell Collins, Inc. | 1,426 | 75,763 | ||
Roper Industries, Inc. | 695 | 38,892 | ||
Snap-On, Inc. | 1,146 | 46,883 | ||
Textron, Inc. | 9,972 | 169,225 | ||
United Technologies Corp. | 13,912 | 903,028 | ||
W.W. Grainger, Inc. | 1,124 | 111,782 | ||
Total Capital Goods | 13,172,289 | |||
Commercial & Professional Services—0.7% | ||||
Avery Dennison Corp. | 2,799 | 89,932 | ||
Cintas Corp. | 2,390 | 57,288 | ||
Dun & Bradstreet Corp. | 397 | 26,647 | ||
Equifax, Inc. | 1,062 | 29,800 | ||
Iron Mountain, Inc. | 2,143 | 48,132 | ||
Monster Worldwide, Inc.* | 957 | 11,149 | ||
Pitney Bowes, Inc. | 4,371 | 95,987 | ||
R.R. Donnelley & Sons Co. | 8,057 | 131,893 | ||
Republic Services, Inc. | 4,506 | 133,963 | ||
Robert Half International, Inc. | 2,179 | 51,315 | ||
Stericycle, Inc.* | 351 | 23,019 | ||
Waste Management, Inc. | 6,316 | 197,628 | ||
Total Commercial & Professional Services | 896,753 | |||
Consumer Durables & Apparel—1.4% | ||||
Coach, Inc. | 1,606 | 58,699 | ||
D.R. Horton, Inc. | 7,851 | 77,175 | ||
Eastman Kodak Co.* | 30,179 | 130,977 | ||
Fortune Brands, Inc. | 2,780 | 108,920 | ||
Harman International Industries, Inc.* | 1,536 | 45,911 | ||
Hasbro, Inc. | 2,281 | 93,749 | ||
Leggett & Platt, Inc. | 2,743 | 55,025 | ||
Lennar Corp., Class A | 5,204 | 72,388 | ||
Mattel, Inc. | 4,773 | 100,997 | ||
Newell Rubbermaid, Inc. | 6,733 | 98,571 | ||
Nike, Inc., Class B | 5,525 | 373,214 | ||
Polo Ralph Lauren Corp. | 1,127 | 82,226 | ||
Pulte Group, Inc.* | 7,956 | 65,876 | ||
Stanley Black & Decker, Inc. | 1,402 | 70,829 | ||
VF Corp. | 1,784 | 126,985 | ||
Whirlpool Corp. | 3,894 | 341,971 | ||
Total Consumer Durables & Apparel | 1,903,513 | |||
Consumer Services—1.3% | ||||
Apollo Group, Inc., Class A* | 1,183 | 50,242 | ||
Carnival Corp. | 7,302 | 220,813 | ||
Darden Restaurants, Inc. | 3,901 | 151,554 | ||
DeVry, Inc. | 445 | 23,358 | ||
H&R Block, Inc. | 3,425 | 53,738 | ||
International Game Technology | 2,162 | 33,943 | ||
Marriott International, Inc., Class A | 7,419 | 222,125 | ||
McDonald’s Corp. | 6,481 | 426,904 | ||
Starbucks Corp. | 7,800 | 189,540 | ||
Starwood Hotels & Resorts | ||||
Worldwide, Inc. | 2,587 | 107,179 | ||
Wyndham Worldwide Corp. | 3,300 | 66,462 | ||
Wynn Resorts Ltd. | 865 | 65,974 | ||
Yum! Brands, Inc. | 5,607 | 218,897 | ||
Total Consumer Services | 1,830,729 | |||
Diversified Financials—6.5% | ||||
American Express Co. | 11,855 | 470,644 | ||
Ameriprise Financial, Inc. | 3,326 | 120,168 | ||
Bank of America Corp. | 167,818 | 2,411,545 |
The accompanying notes are an integral part of these financial statements.
19
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES LARGE CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Diversified Financials (continued) | ||||
Bank of New York Mellon Corp. | 5,260 | $ | 129,869 | |
Capital One Financial Corp. | 7,375 | 297,212 | ||
Charles Schwab Corp. | 4,504 | 63,867 | ||
Citigroup, Inc.* | 484,386 | 1,821,291 | ||
CME Group, Inc., Class A | 158 | 44,485 | ||
Discover Financial Services | 6,913 | 96,644 | ||
E*Trade Financial Corp.* | 3,155 | 37,292 | ||
Federated Investors, Inc., Class B | 759 | 15,719 | ||
Franklin Resources, Inc. | 723 | 62,315 | ||
Goldman Sachs Group, Inc. | 4,728 | 620,645 | ||
IntercontinentalExchange, Inc.* | 172 | 19,441 | ||
Invesco Ltd. | 1,838 | 30,934 | ||
Janus Capital Group, Inc. | 1,031 | 9,155 | ||
JPMorgan Chase & Co. | 48,944 | 1,791,840 | ||
Legg Mason, Inc. | 2,543 | 71,280 | ||
Leucadia National Corp. | 710 | 13,852 | ||
Moody’s Corp. | 1,155 | 23,008 | ||
Morgan Stanley | 17,626 | 409,099 | ||
NASDAQ OMX Group, Inc.* | 3,226 | 57,358 | ||
Northern Trust Corp. | 1,694 | 79,110 | ||
NYSE Euronext | 3,331 | 92,036 | ||
SLM Corp.* | 9,418 | 97,853 | ||
State Street Corp. | 4,442 | 150,228 | ||
T. Rowe Price Group, Inc. | 590 | 26,190 | ||
Total Diversified Financials | 9,063,080 | |||
Energy—11.1% | ||||
Anadarko Petroleum Corp. | 2,559 | 92,354 | ||
Apache Corp. | 1,504 | 126,622 | ||
Baker Hughes, Inc. | 4,744 | 197,208 | ||
Cabot Oil & Gas Corp. | 415 | 12,998 | ||
Cameron International Corp.* | 2,492 | 81,040 | ||
Chesapeake Energy Corp. | 6,375 | 133,556 | ||
Chevron Corp. | 35,437 | 2,404,755 | ||
ConocoPhillips | 47,858 | 2,349,349 | ||
Consol Energy, Inc. | 1,783 | 60,194 | ||
Denbury Resources, Inc.* | 1,036 | 15,167 | ||
Devon Energy Corp. | 2,352 | 143,284 | ||
Diamond Offshore Drilling, Inc. | 700 | 43,533 | ||
El Paso Corp. | 8,973 | 99,690 | ||
EOG Resources, Inc. | 794 | 78,106 | ||
Exxon Mobil Corp. | 65,750 | 3,752,352 | ||
FMC Technologies, Inc.* | 1,466 | 77,200 | ||
Halliburton Co. | 9,901 | 243,070 | ||
Helmerich & Payne, Inc. | 987 | 36,045 | ||
Hess Corp. | 8,970 | 451,550 | ||
Marathon Oil Corp. | 26,600 | 826,994 | ||
Massey Energy Co. | 1,356 | 37,087 | ||
Murphy Oil Corp. | 5,844 | 289,570 | ||
Nabors Industries Ltd.* | 3,755 | 66,163 | ||
National Oilwell Varco, Inc. | 5,414 | 179,041 | ||
Noble Energy, Inc. | 565 | 34,086 | ||
Occidental Petroleum Corp. | 3,464 | 267,248 | ||
Peabody Energy Corp. | 2,621 | 102,560 | ||
Pioneer Natural Resources Co. | 719 | 42,745 | ||
QEP Resources, Inc.* | 633 | 19,515 | ||
Range Resources Corp. | 297 | 11,924 | ||
Rowan Cos., Inc.* | 1,427 | 31,308 | ||
Schlumberger Ltd. | 6,866 | 379,964 | ||
Smith International, Inc. | 6,260 | 235,689 | ||
Southwestern Energy Co.* | 881 | 34,042 | ||
Spectra Energy Corp. | 3,883 | 77,932 | ||
Sunoco, Inc. | 19,784 | 687,890 | ||
Tesoro Corp. | 22,471 | 262,237 | ||
Valero Energy Corp. | 72,785 | 1,308,674 | ||
Williams Cos., Inc. | 7,509 | 137,264 | ||
Total Energy | 15,430,006 | |||
Food & Staples Retailing—9.6% | ||||
Costco Wholesale Corp. | 21,777 | 1,194,033 | ||
CVS Caremark Corp. | 54,480 | 1,597,354 | ||
Kroger Co. | 67,071 | 1,320,628 | ||
Safeway, Inc. | 34,664 | 681,494 | ||
SUPERVALU, Inc. | 58,935 | 638,855 | ||
Sysco Corp. | 22,867 | 653,310 | ||
Walgreen Co. | 28,656 | 765,115 | ||
Wal-Mart Stores, Inc. | 130,370 | 6,266,886 | ||
Whole Foods Market, Inc.* | 5,323 | 191,735 | ||
Total Food & Staples Retailing | 13,309,410 | |||
Food, Beverage & Tobacco—5.2% | ||||
Altria Group, Inc. | 15,005 | 300,700 | ||
Archer-Daniels-Midland Co. | 43,130 | 1,113,617 | ||
Brown-Forman Corp., Class B | 864 | 49,447 | ||
Campbell Soup Co. | 3,956 | 141,743 | ||
Coca-Cola Co. | 9,261 | 464,161 | ||
Coca-Cola Enterprises, Inc. | 19,349 | 500,365 | ||
ConAgra Foods, Inc. | 9,865 | 230,052 | ||
Constellation Brands, Inc., Class A* | 4,223 | 65,963 | ||
Dean Foods Co.* | 11,630 | 117,114 | ||
Dr Pepper Snapple Group, Inc. | 3,545 | 132,548 | ||
General Mills, Inc. | 7,484 | 265,832 | ||
H.J. Heinz Co. | 4,278 | 184,895 | ||
Hershey Co. | 2,630 | 126,056 | ||
Hormel Foods Corp. | 3,098 | 125,407 | ||
J.M. Smucker Co. | 972 | 58,534 | ||
Kellogg Co. | 4,219 | 212,216 | ||
Kraft Foods, Inc., Class A | 26,548 | 743,344 | ||
Lorillard, Inc. | 826 | 59,455 | ||
McCormick & Co., Inc. | 1,563 | 59,332 | ||
Molson Coors Brewing Co., Class B | 1,158 | 49,053 | ||
PepsiCo, Inc. | 12,222 | 744,931 | ||
Philip Morris International, Inc. | 8,866 | 406,417 | ||
Reynolds American, Inc. | 2,852 | 148,646 | ||
Sara Lee Corp. | 18,344 | 258,650 | ||
Tyson Foods, Inc., Class A | 37,374 | 612,560 | ||
Total Food, Beverage & Tobacco | 7,171,038 | |||
Health Care Equipment & Services—8.8% | ||||
Aetna, Inc. | 18,592 | 490,457 | ||
AmerisourceBergen Corp., Class A | 49,549 | 1,573,181 | ||
Baxter International, Inc. | 3,735 | 151,790 | ||
Becton Dickinson & Co. | 1,635 | 110,559 | ||
Boston Scientific Corp.* | 16,430 | 95,294 | ||
C.R. Bard, Inc. | 539 | 41,789 | ||
Cardinal Health, Inc. | 52,748 | 1,772,860 | ||
CareFusion Corp.* | 2,652 | 60,200 | ||
Cerner Corp.* | 1,253 | 95,090 | ||
CIGNA Corp. | 9,181 | 285,162 | ||
Coventry Health Care, Inc.* | 10,259 | 181,379 | ||
DaVita, Inc.* | 1,800 | 112,392 | ||
The accompanying notes are an integral part of these financial statements.
20
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES LARGE CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Health Care Equipment & Services (continued) | ||||
DENTSPLY International, Inc. | 1,089 | $ | 32,572 | |
Express Scripts, Inc.* | 8,922 | 419,513 | ||
Hospira, Inc.* | 1,395 | 80,143 | ||
Humana, Inc.* | 12,984 | 592,979 | ||
Intuitive Surgical, Inc.* | 63 | 19,884 | ||
Laboratory Corp. of America | ||||
Holdings* | 1,129 | 85,070 | ||
McKesson Corp. | 30,283 | 2,033,806 | ||
Medco Health Solutions, Inc.* | 15,686 | 863,985 | ||
Medtronic, Inc. | 5,986 | 217,112 | ||
Patterson Cos., Inc. | 2,048 | 58,430 | ||
Quest Diagnostics, Inc. | 2,221 | 110,539 | ||
St. Jude Medical, Inc.* | 2,162 | 78,027 | ||
Stryker Corp. | 2,285 | 114,387 | ||
Tenet Healthcare Corp.* | 32,586 | 141,423 | ||
UnitedHealth Group, Inc. | 50,050 | 1,421,420 | ||
Varian Medical Systems, Inc.* | 828 | 43,288 | ||
WellPoint, Inc.* | 18,832 | 921,450 | ||
Zimmer Holdings, Inc.* | 1,241 | 67,076 | ||
Total Health Care Equipment & Services | 12,271,257 | |||
Household & Personal Products—1.7% | ||||
Avon Products, Inc. | 5,339 | 141,484 | ||
Clorox Co. | 1,558 | 96,845 | ||
Colgate-Palmolive Co. | 3,211 | 252,898 | ||
Estee Lauder Cos., Inc., Class A | 2,819 | 157,103 | ||
Kimberly-Clark Corp. | 5,141 | 311,699 | ||
Mead Johnson Nutrition Co., Class A | 161 | 8,069 | ||
Procter & Gamble Co. | 22,959 | 1,377,081 | ||
Total Household & Personal Products | 2,345,179 | |||
Insurance—4.7% | ||||
Aflac, Inc. | 6,838 | 291,777 | ||
Allstate Corp. | 19,382 | 556,845 | ||
American International Group, Inc.* | 32,008 | 1,102,356 | ||
AON Corp. | 3,500 | 129,920 | ||
Assurant, Inc. | 5,273 | 182,973 | ||
Berkshire Hathaway, Inc., Class B* | 1,793 | 142,884 | ||
Berkshire Hathaway, Inc., Class A* | 1 | 120,000 | ||
Chubb Corp. | 4,617 | 230,896 | ||
Cincinnati Financial Corp. | 2,609 | 67,495 | ||
Genworth Financial, Inc., Class A* | 15,222 | 198,952 | ||
Hartford Financial Services Group, Inc. | 13,779 | 304,929 | ||
Lincoln National Corp. | 6,563 | 159,415 | ||
Loews Corp. | 6,519 | 217,148 | ||
Marsh & McLennan Cos., Inc. | 8,474 | 191,089 | ||
MetLife, Inc. | 21,044 | 794,621 | ||
Principal Financial Group, Inc. | 6,744 | 158,079 | ||
Progressive Corp. | 14,559 | 272,545 | ||
Prudential Financial, Inc. | 11,314 | 607,109 | ||
Torchmark Corp. | 1,323 | 65,502 | ||
Travelers Cos., Inc. | 8,393 | 413,355 | ||
Unum Group | 9,193 | 199,488 | ||
XL Capital Ltd., Class A* | 5,786 | 92,634 | ||
Total Insurance | 6,500,012 | |||
Materials—3.2% | ||||
Air Products & Chemicals, Inc. | 1,916 | 124,176 | ||
Airgas, Inc. | 1,685 | 104,807 | ||
AK Steel Holding Corp. | 3,582 | 42,697 | ||
Alcoa, Inc. | 23,161 | 233,000 | ||
Allegheny Technologies, Inc. | 1,690 | 74,681 | ||
Ball Corp. | 2,490 | 131,547 | ||
Bemis Co., Inc. | 2,039 | 55,053 | ||
CF Industries Holdings, Inc. | 666 | 42,258 | ||
Cliffs Natural Resources, Inc. | 853 | 40,227 | ||
Dow Chemical Co. | 28,704 | 680,859 | ||
E.I. Du Pont de Nemours & Co. | 14,297 | 494,533 | ||
Eastman Chemical Co. | 1,554 | 82,921 | ||
Ecolab, Inc. | 2,267 | 101,811 | ||
FMC Corp. | 929 | 53,352 | ||
Freeport-McMoRan Copper | ||||
& Gold, Inc. | 2,852 | 168,639 | ||
International Flavors & | ||||
Fragrances, Inc. | 978 | 41,487 | ||
International Paper Co. | 16,371 | 370,476 | ||
MeadWestvaco Corp. | 3,718 | 82,540 | ||
Monsanto Co. | 2,535 | 117,168 | ||
Newmont Mining Corp. | 2,252 | 139,038 | ||
Nucor Corp. | 5,228 | 200,128 | ||
Owens-Illinois, Inc.* | 3,734 | 98,764 | ||
Pactiv Corp.* | 2,541 | 70,767 | ||
PPG Industries, Inc. | 3,695 | 223,215 | ||
Praxair, Inc. | 1,939 | 147,345 | ||
Sealed Air Corp. | 3,291 | 64,898 | ||
Sigma-Aldrich Corp. | 713 | 35,529 | ||
Titanium Metals Corp.* | 1,446 | 25,435 | ||
United States Steel Corp. | 4,718 | 181,879 | ||
Vulcan Materials Co. | 1,085 | 47,555 | ||
Weyerhaeuser Co. | 2,498 | 87,930 | ||
Total Materials | 4,364,715 | |||
Media—3.3% | ||||
CBS Corp., Class B | 16,622 | 214,922 | ||
Comcast Corp., Class A | 35,548 | 617,469 | ||
DIRECTV, Class A* | 11,261 | 381,973 | ||
Discovery Communications, Inc., | ||||
Class A* | 7,592 | 271,110 | ||
Gannett Co., Inc. | 7,982 | 107,438 | ||
Interpublic Group of Cos., Inc.* | 15,075 | 107,485 | ||
McGraw-Hill Cos., Inc. | 3,042 | 85,602 | ||
Meredith Corp. | 873 | 27,176 | ||
New York Times Co., Class A* | 4,880 | 42,212 | ||
News Corp., Class A | 44,216 | 528,823 | ||
Omnicom Group, Inc. | 5,604 | 192,217 | ||
Scripps Networks Interactive, Inc., | ||||
Class A | 686 | 27,673 | ||
Time Warner Cable, Inc. | 7,332 | 381,851 | ||
Time Warner, Inc. | 19,313 | 558,339 | ||
Viacom, Inc., Class B | 7,906 | 248,011 | ||
Walt Disney Co. | 20,228 | 637,182 | ||
Washington Post Co., Class B | 195 | 80,044 | ||
Total Media | 4,509,527 | |||
Pharmaceuticals, Biotechnology & Life Sciences—3.1% | ||||
Abbott Laboratories | 9,809 | 458,865 | ||
Allergan, Inc. | 1,274 | 74,223 | ||
Amgen, Inc.* | 4,601 | 242,013 | ||
Biogen IDEC, Inc.* | 1,585 | 75,208 | ||
Bristol-Myers Squibb Co. | 14,559 | 363,101 | ||
Celgene Corp.* | 852 | 43,299 |
The accompanying notes are an integral part of these financial statements.
21
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES LARGE CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Pharmaceuticals, Biotechnology & Life Sciences (continued) | ||||
Cephalon, Inc.* | 669 | $ | 37,966 | |
Eli Lilly & Co. | 10,683 | 357,881 | ||
Forest Laboratories, Inc.* | 2,188 | 60,017 | ||
Genzyme Corp.* | 1,654 | 83,974 | ||
Gilead Sciences, Inc.* | 2,459 | 84,295 | ||
Johnson & Johnson | 16,558 | 977,915 | ||
King Pharmaceuticals, Inc.* | 2,518 | 19,112 | ||
Life Technologies Corp.* | 1,039 | 49,093 | ||
Merck & Co., Inc. | 11,029 | 385,684 | ||
Millipore Corp.* | 413 | 44,046 | ||
Mylan, Inc. | 4,732 | 80,633 | ||
PerkinElmer, Inc. | 1,608 | 33,237 | ||
Pfizer, Inc. | 44,238 | 630,834 | ||
Thermo Fisher Scientific, Inc.* | 3,628 | 177,953 | ||
Waters Corp.* | 437 | 28,274 | ||
Watson Pharmaceuticals, Inc.* | 1,264 | 51,280 | ||
Total Pharmaceuticals, Biotechnology | ||||
& Life Sciences | 4,358,903 | |||
Real Estate—0.4% | ||||
Apartment Investment & | ||||
Management Co., Class A (a) | 1,596 | 30,915 | ||
AvalonBay Communities, Inc. (a) | 208 | 19,421 | ||
Boston Properties, Inc. (a) | 409 | 29,178 | ||
CB Richard Ellis Group, Inc., Class A* | 6,085 | 82,817 | ||
Equity Residential (a) | 1,159 | 48,261 | ||
HCP, Inc. (a) | 586 | 18,898 | ||
Health Care REIT, Inc. (a) | 267 | 11,246 | ||
Host Hotels & Resorts, Inc. (a) | 7,652 | 103,149 | ||
Kimco Realty Corp. (a) | 1,166 | 15,671 | ||
Plum Creek Timber Co., Inc. (a) | 745 | 25,725 | ||
ProLogis (a) | 3,178 | 32,193 | ||
Public Storage (a) | 389 | 34,197 | ||
Simon Property Group, Inc. (a) | 922 | 74,451 | ||
Ventas, Inc. (a) | 407 | 19,109 | ||
Vornado Realty Trust (a) | 711 | 51,867 | ||
Total Real Estate | 597,098 | |||
Retailing—6.7% | ||||
Abercrombie & Fitch Co., Class A | 1,905 | 58,464 | ||
Amazon.com, Inc.* | 2,860 | 312,484 | ||
Autonation, Inc.* | 10,381 | 202,429 | ||
AutoZone, Inc.* | 775 | 149,746 | ||
Bed Bath & Beyond, Inc.* | 3,316 | 122,957 | ||
Best Buy Co., Inc. | 17,921 | 606,805 | ||
Big Lots, Inc.* | 2,938 | 94,280 | ||
Carmax, Inc.* | 7,390 | 147,061 | ||
Expedia, Inc. | 1,921 | 36,076 | ||
Family Dollar Stores, Inc. | 4,672 | 176,088 | ||
Gamestop Corp., Class A* | 6,754 | 126,908 | ||
Gap, Inc. | 12,612 | 245,430 | ||
Genuine Parts Co. | 4,737 | 186,875 | ||
Home Depot, Inc. | 46,954 | 1,317,999 | ||
JC Penney Co., Inc. | 11,948 | 256,643 | ||
Kohl’s Corp.* | 5,404 | 256,690 | ||
Lowe’s Cos., Inc. | 37,216 | 759,951 | ||
Ltd. Brands, Inc. | 8,950 | 197,527 | ||
Macy’s, Inc. | 28,052 | 502,131 | ||
Nordstrom, Inc. | 4,175 | 134,393 | ||
Office Depot, Inc.* | 32,735 | 132,249 | ||
O’Reilly Automotive, Inc.* | 2,263 | 107,628 | ||
priceline.com, Inc.* | 211 | 37,250 | ||
RadioShack Corp. | 3,894 | 75,972 | ||
Ross Stores, Inc. | 1,160 | 61,816 | ||
Sears Holdings Corp.* | 11,784 | 761,836 | ||
Sherwin-Williams Co. | 2,067 | 143,016 | ||
Staples, Inc. | 16,228 | 309,143 | ||
Target Corp. | 25,137 | 1,235,986 | ||
Tiffany & Co. | 1,299 | 49,245 | ||
TJX Cos., Inc. | 8,900 | 373,355 | ||
Urban Outfitters, Inc.* | 3,911 | 134,499 | ||
Total Retailing | 9,312,932 | |||
Semiconductors & Semiconductor Equipment—1.0% | ||||
Advanced Micro Devices, Inc.* | 10,054 | 73,595 | ||
Altera Corp. | 868 | 21,535 | ||
Analog Devices, Inc. | 1,243 | 34,630 | ||
Applied Materials, Inc. | 7,299 | 87,734 | ||
Broadcom Corp., Class A | 2,422 | 79,853 | ||
Intel Corp. | 28,792 | 560,004 | ||
KLA-Tencor Corp. | 902 | 25,148 | ||
Linear Technology Corp. | 676 | 18,800 | ||
LSI Corp.* | 6,895 | 31,717 | ||
MEMC Electronic Materials, Inc.* | 1,693 | 16,727 | ||
Microchip Technology, Inc. | 620 | 17,199 | ||
Micron Technology, Inc.* | 9,990 | 84,815 | ||
National Semiconductor Corp. | 1,847 | 24,861 | ||
Novellus Systems, Inc.* | 440 | 11,158 | ||
NVIDIA Corp.* | 4,676 | 47,742 | ||
Teradyne, Inc.* | 1,345 | 13,114 | ||
Texas Instruments, Inc. | 6,697 | 155,906 | ||
Xilinx, Inc. | 1,410 | 35,617 | ||
Total Semiconductors & | ||||
Semiconductor Equipment | 1,340,155 | |||
Software & Services—2.3% | ||||
Adobe Systems, Inc.* | 1,546 | 40,861 | ||
Akamai Technologies, Inc.* | 594 | 24,099 | ||
Autodesk, Inc.* | 1,841 | 44,847 | ||
Automatic Data Processing, Inc. | 3,682 | 148,237 | ||
BMC Software, Inc.* | 874 | 30,267 | ||
CA, Inc. | 3,320 | 61,088 | ||
Citrix Systems, Inc.* | 736 | 31,081 | ||
Cognizant Technology | ||||
Solutions Corp., Class A* | 1,268 | 63,476 | ||
Computer Sciences Corp. | 5,448 | 246,522 | ||
Compuware Corp.* | 2,851 | 22,751 | ||
eBay, Inc.* | 6,569 | 128,818 | ||
Electronic Arts, Inc.* | 4,767 | 68,645 | ||
Fidelity National Information | ||||
Services, Inc. | 2,506 | 67,211 | ||
Fiserv, Inc.* | 1,571 | 71,732 | ||
Google, Inc., Class A* | 699 | 311,020 | ||
Intuit, Inc.* | 1,886 | 65,576 | ||
Mastercard, Inc., Class A | 385 | 76,819 | ||
McAfee, Inc.* | 859 | 26,388 | ||
Microsoft Corp. | 36,185 | 832,617 | ||
Novell, Inc.* | 3,865 | 21,953 | ||
Oracle Corp. | 18,452 | 395,980 | ||
Paychex, Inc. | 1,173 | 30,463 | ||
Red Hat, Inc.* | 417 | 12,068 | ||
The accompanying notes are an integral part of these financial statements.
22
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES LARGE CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Software & Services (continued) | ||||
SAIC, Inc.* | 2,620 | $ | 43,859 | |
Salesforce.com, Inc.* | 276 | 23,686 | ||
Symantec Corp.* | 6,165 | 85,570 | ||
Total System Services, Inc. | 1,725 | 23,460 | ||
VeriSign, Inc.* | 822 | 21,824 | ||
Visa, Inc., Class A | 172 | 12,169 | ||
Western Union Co. | 4,706 | 70,166 | ||
Yahoo!, Inc.* | 7,413 | 102,522 | ||
Total Software & Services | 3,205,775 | |||
Technology Hardware & Equipment—5.7% | ||||
Agilent Technologies, Inc.* | 2,868 | 81,537 | ||
Amphenol Corp., Class A | 1,148 | 45,093 | ||
Apple, Inc.* | 3,121 | 785,025 | ||
Cisco Systems, Inc.* | 27,985 | 596,360 | ||
Corning, Inc. | 4,767 | 76,987 | ||
Dell, Inc.* | 85,111 | 1,026,439 | ||
EMC Corp.* | 14,833 | 271,444 | ||
FLIRr Systems, Inc.* | 632 | 18,385 | ||
Harris Corp. | 2,127 | 88,590 | ||
Hewlett-Packard Co. | 41,403 | 1,791,922 | ||
International Business | ||||
Machines Corp. | 13,085 | 1,615,736 | ||
Jabil Circuit, Inc. | 15,293 | 203,397 | ||
JDS Uniphase Corp.* | 3,000 | 29,520 | ||
Juniper Networks, Inc.* | 2,072 | 47,283 | ||
Lexmark International, Inc., Class A* | 2,766 | 91,361 | ||
Molex, Inc. | 2,484 | 45,308 | ||
Motorola, Inc.* | 49,017 | 319,591 | ||
NetApp, Inc.* | 1,866 | 69,621 | ||
QLogic Corp.* | 562 | 9,341 | ||
QUALCOMM, Inc. | 4,304 | 141,343 | ||
SanDisk Corp.* | 2,508 | 105,512 | ||
Tellabs, Inc. | 4,803 | 30,691 | ||
Teradata Corp.* | 982 | 29,931 | ||
Western Digital Corp.* | 3,396 | 102,423 | ||
Xerox Corp. | 34,354 | 276,206 | ||
Total Technology Hardware | ||||
& Equipment | 7,899,046 | |||
Telecommunication Services—3.3% | ||||
American Tower Corp., Class A* | 746 | 33,197 | ||
AT&T, Inc. | 78,537 | 1,899,810 | ||
CenturyLink, Inc. | 1,859 | 61,923 | ||
Frontier Communications Corp. | 4,734 | 33,659 | ||
MetroPCS Communications, Inc.* | 8,393 | 68,739 | ||
Qwest Communications | ||||
International, Inc. | 54,090 | 283,972 | ||
Sprint Nextel Corp.* | 144,098 | 610,975 | ||
Verizon Communications, Inc. | 55,345 | 1,550,767 | ||
Windstream Corp. | 4,880 | 51,533 | ||
Total Telecommunication Services | 4,594,575 | |||
Transportation—1.7% | ||||
CH Robinson Worldwide, Inc. | 2,319 | 129,076 | ||
CSX Corp. | 3,413 | 169,387 | ||
Expeditors International of | ||||
Washington, Inc. | 2,281 | 78,717 | ||
FedEx Corp. | 7,552 | 529,471 | ||
Norfolk Southern Corp. | 2,837 | 150,503 | ||
Ryder System, Inc. | 2,162 | 86,977 | ||
Southwest Airlines Co. | 17,940 | 199,314 | ||
Union Pacific Corp. | 4,030 | 280,125 | ||
United Parcel Service, Inc., Class B | 14,026 | 797,939 | ||
Total Transportation | 2,421,509 | |||
Utilities—4.0% | ||||
AES Corp.* | 19,653 | 181,594 | ||
Allegheny Energy, Inc. | 2,538 | 52,486 | ||
Ameren Corp. | 4,710 | 111,957 | ||
American Electric Power Co., Inc. | 6,826 | 220,480 | ||
CenterPoint Energy, Inc. | 10,996 | 144,707 | ||
CMS Energy Corp. | 7,540 | 110,461 | ||
Consolidated Edison, Inc. | 5,063 | 218,215 | ||
Constellation Energy Group, Inc. | 9,128 | 294,378 | ||
Dominion Resources, Inc. | 7,364 | 285,281 | ||
DTE Energy Co. | 3,317 | 151,288 | ||
Duke Energy Corp. | 12,762 | 204,192 | ||
Edison International | 6,267 | 198,789 | ||
Entergy Corp. | 2,447 | 175,254 | ||
EQT Corp. | 517 | 18,684 | ||
Exelon Corp. | 6,144 | 233,288 | ||
FirstEnergy Corp. | 5,111 | 180,061 | ||
Integrys Energy Group, Inc. | 3,979 | 174,041 | ||
Nextera Energy, Inc. | 5,438 | 265,157 | ||
Nicor, Inc. | 1,233 | 49,937 | ||
NiSource, Inc. | 8,124 | 117,798 | ||
Northeast Utilities | 3,891 | 99,143 | ||
NRG Energy, Inc.* | 9,995 | 211,994 | ||
Oneok, Inc. | 2,198 | 95,064 | ||
Pepco Holdings, Inc. | 9,952 | 156,047 | ||
PG&E Corp. | 5,405 | 222,146 | ||
Pinnacle West Capital Corp. | 1,580 | 57,449 | ||
PPL Corp. | 4,544 | 113,373 | ||
Progress Energy, Inc. | 4,179 | 163,900 | ||
Public Service Enterprise Group, Inc. | 6,895 | 216,020 | ||
Questar Corp. | 1,387 | 63,095 | ||
SCANA Corp. | 2,167 | 77,492 | ||
Sempra Energy | 2,591 | 121,233 | ||
Southern Co. | 8,416 | 280,084 | ||
TECO Energy, Inc. | 3,700 | 55,759 | ||
Wisconsin Energy Corp. | 1,606 | 81,488 | ||
Xcel Energy, Inc. | 8,134 | 167,642 | ||
Total Utilities | 5,569,977 | |||
Total Investments—100.0% | ||||
(Cost $146,280,485) | 138,680,022 | |||
Other Assets in Excess of Liabilities—0.0%† | 40,664 | |||
Net Assets—100.0% | $ | 138,720,686 | ||
* | Non-income producing security |
(a) | Real Estate Investment Trust |
† | Less than 0.05% |
The accompanying notes are an integral part of these financial statements.
23
SCHEDULE OF INVESTMENTS
REVENUE SHARES MID CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
COMMON STOCKS—99.7% | ||||
Automobiles & Components—0.7% | ||||
BorgWarner, Inc.* | 12,812 | $ | 478,400 | |
Gentex Corp. | 2,915 | 52,412 | ||
Thor Industries, Inc. | 5,266 | 125,067 | ||
Total Automobiles & Components | 655,879 | |||
Banks—2.6% | ||||
Associated Banc-Corp. | 12,651 | 155,101 | ||
Astoria Financial Corp. | 9,455 | 130,101 | ||
Bancorpsouth, Inc. | 4,084 | 73,022 | ||
Bank of Hawaii Corp. | 1,746 | 84,419 | ||
Cathay General Bancorp | 7,881 | 81,411 | ||
City National Corp. | 2,589 | 132,635 | ||
Commerce Bancshares, Inc. | 3,281 | 118,083 | ||
Cullen/Frost Bankers, Inc. | 2,314 | 118,940 | ||
First Niagara Financial Group, Inc. | 4,581 | 57,400 | ||
Firstmerit Corp. | 3,664 | 62,764 | ||
Fulton Financial Corp. | 11,900 | 114,835 | ||
International Bancshares Corp. | 4,617 | 77,058 | ||
New York Community Bancorp, Inc. | 13,909 | 212,390 | ||
NewAlliance Bancshares, Inc. | 3,910 | 43,831 | ||
PacWest Bancorp | 1,648 | 30,175 | ||
Prosperity Bancshares, Inc. | 5,696 | 197,936 | ||
SVB Financial Group* | 1,477 | 60,897 | ||
Synovus Financial Corp. | 96,215 | 244,386 | ||
TCF Financial Corp. | 11,958 | 198,622 | ||
Trustmark Corp. | 3,271 | 68,102 | ||
Valley National Bancorp | 6,612 | 90,055 | ||
Washington Federal, Inc. | 3,978 | 64,364 | ||
Webster Financial Corp. | 6,951 | 124,701 | ||
Westamerica Bancorporation | 588 | 30,882 | ||
Wilmington Trust Corp. | 6,673 | 74,004 | ||
Total Banks | 2,646,114 | |||
Capital Goods—13.1% | ||||
Acuity Brands, Inc. | 18,787 | 683,471 | ||
Aecom Technology Corp.* | 24,744 | 570,597 | ||
AGCO Corp.* | 24,293 | 655,182 | ||
Alliant Techsystems, Inc.* | 5,322 | 330,283 | ||
AMETEK, Inc. | 6,165 | 247,525 | ||
BE Aerospace, Inc.* | 8,606 | 218,851 | ||
Bucyrus International, Inc., Class A | 5,738 | 272,268 | ||
Carlisle Cos., Inc. | 7,613 | 275,058 | ||
Crane Co. | 7,120 | 215,095 | ||
Donaldson Co., Inc. | 5,186 | 221,183 | ||
Gardner Denver, Inc. | 1,009 | 44,991 | ||
GATX Corp. | 3,986 | 106,347 | ||
Graco, Inc. | 2,218 | 62,525 | ||
Granite Construction, Inc. | 6,320 | 149,026 | ||
Harsco Corp. | 10,676 | 250,886 | ||
Hubbell, Inc., Class B | 5,544 | 220,041 | ||
IDEX Corp. | 4,585 | 130,993 | ||
Joy Global, Inc. | 7,435 | 372,419 | ||
KBR, Inc. | 73,136 | 1,487,586 | ||
Kennametal, Inc. | 9,365 | 238,152 | ||
Lennox International, Inc. | 8,214 | 341,456 | ||
Lincoln Electric Holdings, Inc. | 3,654 | 186,317 | ||
MSC Industrial Direct Co., Class A | 4,233 | 214,444 | ||
Nordson Corp. | 1,694 | 95,000 | ||
Oshkosh Corp.* | 14,232 | 443,469 | ||
Pentair, Inc. | 9,369 | 301,682 | ||
Regal-Beloit Corp. | 3,916 | 218,435 | ||
Shaw Group, Inc.* | 25,899 | 886,264 | ||
SPX Corp. | 9,843 | 519,809 | ||
Terex Corp.* | 33,038 | 619,132 | ||
Thomas & Betts Corp.* | 5,793 | 201,017 | ||
Timken Co. | 15,065 | 391,539 | ||
Trinity Industries, Inc. | 17,011 | 301,435 | ||
United Rentals, Inc.* | 27,159 | 253,122 | ||
URS Corp.* | 24,206 | 952,506 | ||
Valmont Industries, Inc. | 2,482 | 180,342 | ||
Wabtec Corp. | 3,927 | 156,648 | ||
Woodward Governor Co. | 6,259 | 159,792 | ||
Total Capital Goods | 13,174,888 | |||
Commercial & Professional Services—3.3% | ||||
Brink’s Co. | 11,985 | 228,075 | ||
Clean Harbors, Inc.* | 2,868 | 190,464 | ||
Copart, Inc.* | 2,323 | 83,187 | ||
Corporate Executive Board Co. | 2,340 | 61,472 | ||
Corrections Corp. of America* | 7,051 | 134,533 | ||
Deluxe Corp. | 9,674 | 181,388 | ||
FTI Consulting, Inc.* | 3,172 | 138,267 | ||
Herman Miller, Inc. | 10,911 | 205,891 | ||
HNI Corp. | 7,449 | 205,518 | ||
Korn/Ferry International* | 4,872 | 67,721 | ||
Manpower, Inc. | 30,535 | 1,318,501 | ||
Mine Safety Appliances Co. | 2,866 | 71,019 | ||
Navigant Consulting, Inc.* | 5,174 | 53,706 | ||
Rollins, Inc. | 4,917 | 101,733 | ||
Towers Watson & Co., Class A | 3,925 | 152,486 | ||
Waste Connections, Inc.* | 3,605 | 125,778 | ||
Total Commercial & Professional | ||||
Services | 3,319,739 | |||
Consumer Durables & Apparel—3.1% | ||||
American Greetings Corp., Class A | 7,646 | 143,439 | ||
Fossil, Inc.* | 4,886 | 169,544 | ||
Hanesbrands, Inc.* | 15,614 | 375,673 | ||
KB Home | 19,255 | 211,805 | ||
MDC Holdings, Inc. | 2,237 | 60,287 | ||
Mohawk Industries, Inc.* | 12,822 | 586,735 | ||
NVR, Inc.* | 484 | 317,035 | ||
Phillips-Van Heusen Corp. | 6,678 | 308,991 | ||
Ryland Group, Inc. | 8,311 | 131,480 | ||
Timberland Co., Class A* | 8,170 | 131,945 | ||
Toll Brothers, Inc.* | 11,869 | 194,177 | ||
Tupperware Brands Corp. | 4,420 | 176,137 | ||
Under Armour, Inc., Class A* | 2,988 | 98,992 | ||
Warnaco Group, Inc.* | 4,869 | 175,966 | ||
Total Consumer Durables & Apparel | 3,082,206 | |||
Consumer Services—3.7% | ||||
Bally Technologies, Inc.* | 10,930 | 354,023 | ||
Bob Evans Farms, Inc. | 6,997 | 172,266 | ||
Boyd Gaming Corp.* | 20,822 | 176,779 | ||
Brinker International, Inc. | 29,441 | 425,717 | ||
Burger King Holdings, Inc. | 10,052 | 169,276 | ||
Career Education Corp.* | 6,935 | 159,644 | ||
Cheesecake Factory, Inc.* | 7,556 | 168,196 | ||
Chipotle Mexican Grill, Inc., Class A* | 2,770 | 378,964 |
The accompanying notes are an integral part of these financial statements.
24
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES MID CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Consumer Services (continued) | ||||
Corinthian Colleges, Inc.* | 9,501 | $ | 93,585 | |
International Speedway Corp., | ||||
Class A | 2,653 | 68,341 | ||
ITT Educational Services, Inc.* | 1,464 | 121,541 | ||
Life Time Fitness, Inc.* | 3,557 | 113,077 | ||
Matthews International Corp., | ||||
Class A | 2,473 | 72,409 | ||
Panera Bread Co., Class A* | 2,223 | 167,370 | ||
Regis Corp. | 17,077 | 265,889 | ||
Scientific Games Corp., Class A* | 6,325 | 58,190 | ||
Service Corp. International | 27,310 | 202,094 | ||
Sotheby’s | 1,325 | 30,303 | ||
Strayer Education, Inc. | 266 | 55,299 | ||
Wendy’s/Arby’s Group, Inc., Class A | 92,213 | 368,852 | ||
WMS Industries, Inc.* | 1,898 | 74,496 | ||
Total Consumer Services | 3,696,311 | |||
Diversified Financials—2.0% | ||||
Affiliated Managers Group, Inc.* | 1,762 | 107,077 | ||
AmeriCredit Corp.* | 12,263 | 223,432 | ||
Eaton Vance Corp. | 2,218 | 61,239 | ||
Greenhill & Co., Inc. | 14,993 | 916,522 | ||
Jefferies Group, Inc. | 9,594 | 202,241 | ||
MSCI, Inc., Class A* | 405 | 11,097 | ||
Raymond James Financial, Inc. | 11,366 | 280,627 | ||
SEI Investments Co. | 6,307 | 128,410 | ||
Waddell & Reed Financial, Inc., | ||||
Class A | 2,873 | 62,861 | ||
Total Diversified Financials | 1,993,506 | |||
Energy—3.7% | ||||
Arch Coal, Inc. | 13,324 | 263,949 | ||
Atwood Oceanics, Inc.* | 2,786 | 71,099 | ||
Bill Barrett Corp.* | 2,326 | 71,571 | ||
Cimarex Energy Co. | 3,180 | 227,624 | ||
Comstock Resources, Inc.* | 843 | 23,368 | ||
Exterran Holdings, Inc.* | 14,022 | 361,908 | ||
Forest Oil Corp.* | 4,437 | 121,396 | ||
Frontier Oil Corp. | 40,113 | 539,520 | ||
Helix Energy Solutions Group, Inc.* | 17,095 | 184,113 | ||
Mariner Energy, Inc.* | 7,403 | 159,017 | ||
Newfield Exploration Co.* | 3,205 | 156,596 | ||
Oceaneering International, Inc.* | 3,712 | 166,669 | ||
Overseas Shipholding Group, Inc. | 3,335 | 123,528 | ||
Patriot Coal Corp.* | 16,564 | 194,627 | ||
Patterson-UTI Energy, Inc. | 8,388 | 107,954 | ||
Plains Exploration & Production Co.* | 3,536 | 72,877 | ||
Pride International, Inc.* | 6,774 | 151,331 | ||
Quicksilver Resources, Inc.* | 6,587 | 72,457 | ||
Southern Union Co. | 11,741 | 256,658 | ||
Superior Energy Services, Inc.* | 8,725 | 162,896 | ||
Tidewater, Inc. | 3,320 | 128,550 | ||
Unit Corp.* | 2,187 | 88,770 | ||
Total Energy | 3,706,478 | |||
Food & Staples Retailing—1.7% | ||||
BJ’s Wholesale Club, Inc.* | 32,636 | 1,207,858 | ||
Ruddick Corp. | 15,136 | 469,065 | ||
Total Food & Staples Retailing | 1,676,923 | |||
Food, Beverage & Tobacco—3.8% | ||||
Corn Products International, Inc. | 12,558 | 380,507 | ||
Flowers Foods, Inc. | 11,188 | 273,323 | ||
Green Mountain Coffee | ||||
Roasters, Inc.* | 39,774 | 1,022,192 | ||
Hansen Natural Corp.* | 3,281 | 128,320 | ||
Lancaster Colony Corp. | 2,246 | 119,846 | ||
Ralcorp Holdings, Inc.* | 6,900 | 378,120 | ||
Smithfield Foods, Inc.* | 80,034 | 1,192,507 | ||
Tootsie Roll Industries, Inc. | 2,108 | 49,854 | ||
Universal Corp. | 5,679 | 225,343 | ||
Total Food, Beverage & Tobacco | 3,770,012 | |||
Health Care Equipment & Services—10.6% | ||||
Beckman Coulter, Inc. | 4,843 | 291,984 | ||
Community Health Systems, Inc.* | 39,658 | 1,340,837 | ||
Edwards Lifesciences Corp.* | 7,334 | 410,851 | ||
Gen-Probe, Inc.* | 1,837 | 83,436 | ||
Health Management Associates, Inc., | ||||
Class A* | 72,386 | 562,439 | ||
Health Net, Inc.* | 69,297 | 1,688,768 | ||
Henry Schein, Inc.* | 13,209 | 725,174 | ||
Hill-Rom Holdings, Inc. | 6,346 | 193,109 | ||
Hologic, Inc.* | 12,416 | 172,955 | ||
IDEXX Laboratories, Inc.* | 2,953 | 179,838 | ||
Immucor, Inc.* | 1,582 | 30,137 | ||
Kindred Healthcare, Inc.* | 27,450 | 352,458 | ||
Kinetic Concepts, Inc.* | 5,894 | 215,190 | ||
LifePoint Hospitals, Inc.* | 9,444 | 296,542 | ||
Lincare Holdings, Inc.* | 10,358 | 336,738 | ||
Masimo Corp.* | 1,305 | 31,072 | ||
Mednax, Inc.* | 3,546 | 197,193 | ||
Omnicare, Inc. | 27,674 | 655,874 | ||
Owens & Minor, Inc. | 32,058 | 909,806 | ||
Psychiatric Solutions, Inc.* | 9,146 | 299,257 | ||
ResMed, Inc.* | 1,808 | 109,944 | ||
STERIS Corp. | 3,860 | 119,969 | ||
Teleflex, Inc. | 4,038 | 219,183 | ||
Thoratec Corp.* | 1,279 | 54,652 | ||
Universal Health Services, Inc., | ||||
Class B | 16,045 | 612,117 | ||
VCA Antech, Inc.* | 5,701 | 141,157 | ||
WellCare Health Plans, Inc.* | 18,552 | 440,424 | ||
Total Health Care Equipment & Services | 10,671,104 | |||
Household & Personal Products—1.0% | ||||
Alberto-Culver Co., Class B | 5,365 | 145,338 | ||
Church & Dwight Co., Inc. | 4,375 | 274,356 | ||
Energizer Holdings, Inc.* | 7,110 | 357,491 | ||
NBTY, Inc.* | 5,112 | 173,859 | ||
Total Household & Personal Products | 951,044 | |||
Insurance—5.2% | ||||
American Financial Group, Inc. | 18,297 | 499,874 | ||
Arthur J. Gallagher & Co. | 7,115 | 173,464 | ||
Brown & Brown, Inc. | 5,770 | 110,438 | ||
Everest Re Group Ltd. | 5,111 | 361,450 | ||
Fidelity National Financial, Inc., | ||||
Class A | 41,016 | 532,798 | ||
First American Financial Corp. | 8,341 | 105,764 | ||
Hanover Insurance Group, Inc. | 6,758 | 293,973 | ||
The accompanying notes are an integral part of these financial statements.
25
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES MID CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Insurance (continued) | ||||
HCC Insurance Holdings, Inc. | 8,319 | $ | 205,978 | |
Mercury General Corp. | 8,287 | 343,413 | ||
Old Republic International Corp. | 35,329 | 428,541 | ||
Protective Life Corp. | 17,182 | 367,523 | ||
Reinsurance Group of America, Inc., | ||||
Class A | 14,817 | 677,285 | ||
StanCorp Financial Group, Inc. | 7,313 | 296,469 | ||
Transatlantic Holdings, Inc. | 1,407 | 67,480 | ||
Unitrin, Inc. | 12,449 | 318,694 | ||
W.R. Berkley Corp. | 17,419 | 460,907 | ||
Total Insurance | 5,244,051 | |||
Materials—8.0% | ||||
Albemarle Corp. | 5,781 | 229,563 | ||
Aptargroup, Inc. | 5,256 | 198,782 | ||
Ashland, Inc. | 22,656 | 1,051,692 | ||
Cabot Corp. | 9,555 | 230,371 | ||
Carpenter Technology Corp. | 6,914 | 226,987 | ||
Commercial Metals Co. | 52,305 | 691,472 | ||
Cytec Industries, Inc. | 7,938 | 317,441 | ||
Greif, Inc., Class A | 5,798 | 322,021 | ||
Intrepid Potash, Inc.* | 6,920 | 135,424 | ||
Louisiana-Pacific Corp.* | 18,040 | 120,688 | ||
Lubrizol Corp. | 6,713 | 539,121 | ||
Martin Marietta Materials, Inc. | 2,208 | 187,260 | ||
Minerals Technologies, Inc. | 1,788 | 85,001 | ||
NewMarket Corp. | 1,365 | 119,192 | ||
Olin Corp. | 8,855 | 160,187 | ||
Packaging Corp. of America | 10,494 | 231,078 | ||
Reliance Steel & Aluminum Co. | 15,730 | 568,639 | ||
Rock-Tenn Co., Class A | 1,833 | 91,045 | ||
RPM International, Inc. | 18,034 | 321,727 | ||
Scotts Miracle-Gro Co., Class A | 8,475 | 376,375 | ||
Sensient Technologies Corp. | 4,909 | 127,290 | ||
Silgan Holdings, Inc. | 1,386 | 39,335 | ||
Sonoco Products Co. | 11,664 | 355,519 | ||
Steel Dynamics, Inc. | 22,597 | 298,054 | ||
Temple-Inland, Inc. | 18,218 | 376,566 | ||
Valspar Corp. | 10,911 | 328,639 | ||
Worthington Industries, Inc. | 25,930 | 333,460 | ||
Total Materials | 8,062,929 | |||
Media—0.5% | ||||
DreamWorks Animation SKG, Inc., | ||||
Class A* | 2,017 | 57,585 | ||
Harte-Hanks, Inc. | 8,247 | 86,181 | ||
John Wiley & Sons, Inc., Class A | 4,236 | 163,806 | ||
Lamar Advertising Co., Class A* | 3,102 | 76,061 | ||
Scholastic Corp. | 6,147 | 148,266 | ||
Total Media | 531,899 | |||
Pharmaceuticals, Biotechnology & Life Sciences—1.7% | ||||
Affymetrix, Inc.* | 5,474 | 32,297 | ||
Bio-Rad Laboratories, Inc., Class A* | 1,895 | 163,898 | ||
Charles River Laboratories | ||||
International, Inc.* | 4,049 | 138,516 | ||
Covance, Inc.* | 3,954 | 202,919 | ||
Endo Pharmaceuticals Holdings, Inc.* | 6,599 | 143,990 | ||
Medicis Pharmaceutical Corp., Class A | 2,265 | 49,558 | ||
Mettler-Toledo International, Inc.* | 2,657 | 296,601 | ||
Perrigo Co. | 5,669 | 334,868 | ||
Pharmaceutical Product | ||||
Development, Inc. | 6,500 | 165,165 | ||
Techne Corp. | 419 | 24,072 | ||
United Therapeutics Corp.* | 770 | 37,584 | ||
Valeant Pharmaceuticals International* | 2,534 | 132,503 | ||
Vertex Pharmaceuticals, Inc.* | 274 | 9,015 | ||
Total Pharmaceuticals, Biotechnology | ||||
& Life Sciences | 1,730,986 | |||
Real Estate—2.2% | ||||
Alexandria Real Estate Equities, Inc. (a) | 921 | 58,364 | ||
AMB Property Corp. (a) | 2,786 | 66,056 | ||
BRE Properties, Inc. (a) | 2,024 | 74,746 | ||
Camden Property Trust (a) | 2,538 | 103,677 | ||
Corporate Office Properties Trust | ||||
SBI Md (a) | 2,745 | 103,651 | ||
Cousins Properties, Inc. (a) | 2,057 | 13,864 | ||
Duke Realty Corp. (a) | 13,347 | 151,488 | ||
Equity One, Inc. (a) | 1,697 | 26,473 | ||
Essex Property Trust, Inc. (a) | 544 | 53,062 | ||
Federal Realty Investment Trust (a) | 857 | 60,221 | ||
Highwoods Properties, Inc. (a) | 1,493 | 41,446 | ||
Hospitality Properties Trust (a) | 5,385 | 113,624 | ||
Jones Lang Lasalle, Inc. | 4,856 | 318,748 | ||
Liberty Property Trust (a) | 2,547 | 73,481 | ||
Macerich Co. (a) | 3,008 | 112,259 | ||
Mack-Cali Realty Corp. (a) | 2,404 | 71,471 | ||
Nationwide Health Properties, Inc. (a) | 2,168 | 77,549 | ||
Omega Healthcare Investors, Inc. (a) | 1,145 | 22,820 | ||
Potlatch Corp. (a) | 2,142 | 76,534 | ||
Rayonier, Inc. (a) | 3,037 | 133,689 | ||
Realty Income Corp. (a) | 1,372 | 41,613 | ||
Regency Centers Corp. (a) | 886 | 30,478 | ||
Senior Housing Properties Trust (a) | 5,390 | 108,393 | ||
SL Green Realty Corp. (a) | 2,793 | 153,727 | ||
UDR, Inc. (a) | 4,378 | 83,751 | ||
Weingarten Realty Investors (a) | 3,348 | 63,779 | ||
Total Real Estate | 2,234,964 | |||
Retailing—7.6% | ||||
99 Cents Only Stores* | 11,092 | 164,162 | ||
Aaron’s, Inc. | 9,956 | 169,949 | ||
Advance Auto Parts, Inc. | 15,513 | 778,442 | ||
Aeropostale, Inc.* | 11,106 | 318,076 | ||
American Eagle Outfitters, Inc. | 19,631 | 230,664 | ||
AnnTaylor Stores Corp.* | 14,949 | 243,220 | ||
Barnes & Noble, Inc. | 27,343 | 352,725 | ||
Chico’s FAS, Inc. | 11,285 | 111,496 | ||
Coldwater Creek, Inc.* | 25,491 | 85,650 | ||
Collective Brands, Inc.* | 16,648 | 263,038 | ||
Dick’s Sporting Goods, Inc.* | 18,474 | 459,818 | ||
Dollar Tree, Inc.* | 22,550 | 938,756 | ||
Dress Barn, Inc.* | 7,523 | 179,123 | ||
Foot Locker, Inc. | 57,929 | 731,064 | ||
Guess?, Inc. | 3,907 | 122,055 | ||
J. Crew Group, Inc.* | 3,449 | 126,958 | ||
LKQ Corp.* | 11,234 | 216,592 | ||
NetFlix, Inc.* | 2,953 | 320,843 | ||
PetSmart, Inc. | 20,224 | 610,158 | ||
Rent-A-Center, Inc., Class A* | 16,417 | 332,608 | ||
The accompanying notes are an integral part of these financial statements.
26
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES MID CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Retailing (continued) | ||||
Saks, Inc.* | 54,786 | $ | 415,826 | |
Tractor Supply Co. | 1,055 | 64,323 | ||
Williams-Sonoma, Inc. | 17,398 | 431,818 | ||
Total Retailing | 7,667,364 | |||
Semiconductors & Semiconductor Equipment—0.9% | ||||
Atmel Corp.* | 30,110 | 144,528 | ||
Cree, Inc.* | 1,839 | 110,395 | ||
Fairchild Semiconductor | ||||
International, Inc., Class A* | 13,300 | 111,853 | ||
Integrated Device Technology, Inc.* | 11,947 | 59,138 | ||
International Rectifier Corp.* | 4,066 | 75,668 | ||
Intersil Corp., Class A | 4,274 | 51,758 | ||
Lam Research Corp.* | 4,338 | 165,104 | ||
RF Micro Devices, Inc.* | 20,132 | 78,716 | ||
Semtech Corp.* | 1,933 | 31,643 | ||
Silicon Laboratories, Inc.* | 974 | 39,506 | ||
Total Semiconductors & | ||||
Semiconductor Equipment | 868,309 | |||
Software & Services—4.9% | ||||
ACI Worldwide, Inc.* | 2,485 | 48,383 | ||
Acxiom Corp.* | 11,950 | 175,546 | ||
Advent Software, Inc.* | 744 | 34,938 | ||
Alliance Data Systems Corp.* | 3,224 | 191,893 | ||
ANSYS, Inc.* | 1,302 | 52,822 | ||
Broadridge Financial Solutions, Inc. | 10,181 | 193,948 | ||
Cadence Design Systems, Inc.* | 13,937 | 80,695 | ||
Convergys Corp.* | 96,855 | 950,148 | ||
CoreLogic, Inc. | 32,823 | 579,654 | ||
Digital River, Inc.* | 1,584 | 37,874 | ||
DST Systems, Inc. | 5,402 | 195,228 | ||
Equinix, Inc.* | 865 | 70,255 | ||
FactSet Research Systems, Inc. | 876 | 58,683 | ||
Fair Isaac Corp. | 3,742 | 81,538 | ||
Gartner, Inc.* | 5,943 | 138,175 | ||
Global Payments, Inc. | 3,197 | 116,818 | ||
Hewitt Associates, Inc., Class A* | 7,491 | 258,140 | ||
Informatica Corp.* | 1,531 | 36,560 | ||
Jack Henry & Associates, Inc. | 3,439 | 82,123 | ||
Lender Processing Services, Inc. | 5,793 | 181,379 | ||
Mantech International Corp., | ||||
Class A* | 4,702 | 200,164 | ||
Mentor Graphics Corp.* | 10,702 | 94,713 | ||
MICROS Systems, Inc.* | 2,928 | 93,315 | ||
NeuStar, Inc., Class A* | 2,223 | 45,838 | ||
Parametric Technology Corp.* | 6,849 | 107,324 | ||
Quest Software, Inc.* | 4,288 | 77,356 | ||
Rovi Corp.* | 2,614 | 99,097 | ||
Solera Holdings, Inc. | 1,655 | 59,911 | ||
SRA International, Inc., Class A* | 7,981 | 156,986 | ||
Sybase, Inc.* | 2,878 | 186,092 | ||
Synopsys, Inc.* | 6,018 | 125,596 | ||
TIBCO Software, Inc.* | 6,139 | 74,036 | ||
ValueClick, Inc.* | 5,002 | 53,471 | ||
Total Software & Services | 4,938,699 | |||
Technology Hardware & Equipment—10.1% | ||||
ADC Telecommunications, Inc.* | 19,074 | 141,338 | ||
ADTRAN, Inc. | 2,137 | 58,276 | ||
Arrow Electronics, Inc.* | 55,027 | 1,229,854 | ||
Avnet, Inc.* | 62,853 | 1,515,386 | ||
Ciena Corp.* | 9,821 | 124,530 | ||
CommScope, Inc.* | 12,825 | 304,850 | ||
Diebold, Inc. | 10,583 | 288,387 | ||
F5 Networks, Inc.* | 2,247 | 154,077 | ||
Ingram Micro, Inc., Class A* | 180,991 | 2,749,253 | ||
Itron, Inc.* | 2,718 | 168,027 | ||
National Instruments Corp. | 2,458 | 78,115 | ||
NCR Corp.* | 49,670 | 602,000 | ||
Plantronics, Inc. | 3,460 | 98,956 | ||
Polycom, Inc.* | 4,040 | 120,352 | ||
Tech Data Corp.* | 58,582 | 2,086,691 | ||
Trimble Navigation Ltd.* | 5,039 | 141,092 | ||
Vishay Intertechnology, Inc.* | 27,104 | 209,785 | ||
Zebra Technologies Corp., Class A* | 2,181 | 55,332 | ||
Total Technology Hardware | ||||
& Equipment | 10,126,301 | |||
Telecommunication Services—0.9% | ||||
Cincinnati Bell, Inc.* | 44,558 | 134,120 | ||
Syniverse Holdings, Inc.* | 2,984 | 61,023 | ||
Telephone & Data Systems, Inc. | 15,550 | 472,564 | ||
tw Telecom, Inc., Class A* | 11,633 | 194,038 | ||
Total Telecommunication Services | 861,745 | |||
Transportation—2.7% | ||||
Airtran Holdings, Inc.* | 48,859 | 236,966 | ||
Alaska Air Group, Inc.* | 11,872 | 533,647 | ||
Alexander & Baldwin, Inc. | 4,682 | 139,430 | ||
Con-Way, Inc. | 11,945 | 358,589 | ||
JB Hunt Transport Services, Inc. | 10,137 | 331,176 | ||
JetBlue Airways Corp.* | 59,506 | 326,688 | ||
Kansas City Southern* | 5,389 | 195,890 | ||
Kirby Corp.* | 4,392 | 167,994 | ||
Landstar System, Inc. | 5,707 | 222,516 | ||
Werner Enterprises, Inc. | 9,106 | 199,330 | ||
Total Transportation | 2,712,226 | |||
Utilities—5.7% | ||||
AGL Resources, Inc. | 7,280 | 260,770 | ||
Alliant Energy Corp. | 11,278 | 357,964 | ||
Aqua America, Inc. | 4,146 | 73,301 | ||
Atmos Energy Corp. | 20,278 | 548,317 | ||
Black Hills Corp. | 4,725 | 134,521 | ||
Cleco Corp. | 2,592 | 68,455 | ||
DPL, Inc. | 5,865 | 140,173 | ||
Dynegy, Inc., Class A* | 67,426 | 259,590 | ||
Energen Corp. | 3,468 | 153,736 | ||
Great Plains Energy, Inc. | 11,022 | 187,594 | ||
Hawaiian Electric Industries, Inc. | 11,624 | 264,795 | ||
IDACORP, Inc. | 2,669 | 88,798 | ||
MDU Resources Group, Inc. | 20,742 | 373,978 | ||
The accompanying notes are an integral part of these financial statements.
27
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES MID CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Utilities (continued) | ||||
National Fuel Gas Co. | 4,939 | $ | 226,601 | |
NSTAR | 9,934 | 347,690 | ||
NV Energy, Inc. | 30,773 | 363,429 | ||
OGE Energy Corp. | 8,087 | 295,661 | ||
PNM Resources, Inc. | 13,933 | 155,771 | ||
Questar Corp., Class W* | 6,240 | 100,776 | ||
UGI Corp. | 25,720 | 654,317 | ||
Vectren Corp. | 8,673 | 205,203 | ||
Westar Energy, Inc. | 7,996 | 172,794 | ||
WGL Holdings, Inc. | 7,647 | 260,227 | ||
Total Utilities | 5,694,461 | |||
Total Investments—99.7% | ||||
(Cost $100,952,924) | 100,018,138 | |||
Other Assets in Excess of | ||||
Liabilities—0.3% | 251,788 | |||
Net Assets—100.0% | $ | 100,269,926 | ||
* | Non-income producing security |
(a) | Real Estate Investment Trust |
The accompanying notes are an integral part of these financial statements.
28
SCHEDULE OF INVESTMENTS
REVENUE SHARES SMALL CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
COMMON STOCKS—100.0% | ||||
Automobiles & Components—0.3% | ||||
Drew Industries, Inc.* | 3,756 | $ | 75,871 | |
Spartan Motors, Inc. | 9,725 | 40,845 | ||
Standard Motor Products, Inc. | 8,234 | 66,448 | ||
Superior Industries International, Inc. | 5,593 | 75,170 | ||
Winnebago Industries, Inc.* | 4,956 | 49,263 | ||
Total Automobiles & Components | 307,597 | |||
Banks—3.0% | ||||
Bank Mutual Corp. | 5,564 | 31,604 | ||
Bank of The Ozarks, Inc. | 1,809 | 64,165 | ||
Boston Private Financial | ||||
Holdings, Inc. | 19,319 | 124,221 | ||
Brookline Bancorp, Inc. | 3,046 | 27,048 | ||
City Holding Co. | 1,382 | 38,530 | ||
Columbia Banking System, Inc. | 2,660 | 48,572 | ||
Community Bank System, Inc. | 3,593 | 79,154 | ||
Dime Community Bancshares | 3,863 | 47,631 | ||
East West Bancorp, Inc. | 8,922 | 136,061 | ||
First BanCorp. | 115,336 | 61,128 | ||
First Commonwealth Financial Corp. | 15,781 | 82,850 | ||
First Financial Bancorp | 3,573 | 53,416 | ||
First Financial Bankshares, Inc. | 756 | 36,356 | ||
First Midwest Bancorp, Inc. | 7,385 | 89,802 | ||
Glacier Bancorp, Inc. | 5,948 | 87,257 | ||
Hancock Holding Co. | 2,223 | 74,159 | ||
Hanmi Financial Corp.* | 49,554 | 62,438 | ||
Home Bancshares, Inc. | 1,523 | 34,740 | ||
Independent Bank Corp. | 2,386 | 58,887 | ||
Nara Bancorp, Inc.* | 3,622 | 30,533 | ||
National Penn Bancshares, Inc. | 20,114 | 120,885 | ||
NBT Bancorp, Inc. | 3,758 | 76,738 | ||
Old National Bancorp | 9,196 | 95,271 | ||
Pinnacle Financial Partners, Inc.* | 4,111 | 52,826 | ||
PrivateBancorp, Inc., Class A | 11,752 | 130,212 | ||
S&t Bancorp, Inc. | 2,953 | 58,351 | ||
Signature Bank* | 2,688 | 102,171 | ||
Simmons First National Corp., | ||||
Class A | 1,513 | 39,731 | ||
South Financial Group, Inc. | 255,573 | 69,644 | ||
Sterling Bancorp, Class N | 4,660 | 41,940 | ||
Sterling Bancshares, Inc. | 12,906 | 60,787 | ||
Susquehanna Bancshares, Inc. | 29,465 | 245,443 | ||
Tompkins Financial Corp. | 1,084 | 40,921 | ||
TrustCo Bank Corp. | 5,894 | 33,006 | ||
UMB Financial Corp. | 3,503 | 124,567 | ||
Umpqua Holdings Corp. | 8,346 | 95,812 | ||
United Bankshares, Inc. | 4,837 | 115,798 | ||
United Community Banks, Inc.* | 25,036 | 98,892 | ||
Whitney Holding Corp. | 15,654 | 144,800 | ||
Wilshire Bancorp, Inc. | 5,398 | 47,233 | ||
Wintrust Financial Corp. | 5,890 | 196,373 | ||
Total Banks | 3,259,953 | |||
Capital Goods—12.1% | ||||
A.O. Smith Corp. | 9,360 | 451,058 | ||
AAON, Inc. | 2,862 | 66,713 | ||
AAR Corp.* | 14,800 | 247,752 | ||
Actuant Corp., Class A | 16,135 | 303,822 | ||
Aerovironment, Inc.* | 1,613 | 35,051 | ||
Albany International Corp., Class A | 8,907 | 144,204 | ||
American Science & Engineering, Inc. | 679 | 51,747 | ||
Apogee Enterprises, Inc. | 14,124 | 152,963 | ||
Applied Industrial Technologies, Inc. | 19,704 | 498,905 | ||
Applied Signal Technology, Inc. | 1,953 | 38,376 | ||
Astec Industries, Inc.* | 6,298 | 174,644 | ||
AZZ, Inc. | 2,255 | 82,916 | ||
Badger Meter, Inc. | 1,415 | 54,746 | ||
Baldor Electric Co. | 19,940 | 719,435 | ||
Barnes Group, Inc. | 13,379 | 219,282 | ||
Belden, Inc. | 16,769 | 368,918 | ||
Brady Corp., Class A | 8,942 | 222,835 | ||
Briggs & Stratton Corp. | 23,364 | 397,655 | ||
Cascade Corp. | 4,493 | 159,996 | ||
Ceradyne, Inc.* | 5,108 | 109,158 | ||
CIRCOR International, Inc. | 5,843 | 149,464 | ||
CLARCOR, Inc. | 5,918 | 210,207 | ||
Comfort Systems USA, Inc. | 10,478 | 101,217 | ||
Cubic Corp. | 5,362 | 195,070 | ||
Curtiss-Wright Corp. | 12,390 | 359,806 | ||
Dycom Industries, Inc.* | 5,658 | 48,376 | ||
EMCOR Group, Inc.* | 47,917 | 1,110,237 | ||
Encore Wire Corp. | 6,365 | 115,779 | ||
EnPro Industries, Inc.* | 8,338 | 234,715 | ||
ESCO Technologies, Inc. | 3,846 | 99,035 | ||
Esterline Technologies Corp.* | 7,131 | 338,366 | ||
Federal Signal Corp. | 1,737 | 10,491 | ||
GenCorp, Inc.* | 8,326 | 36,468 | ||
Gibraltar Industries, Inc.* | 11,676 | 117,928 | ||
Griffon Corp.* | 20,766 | 229,672 | ||
II-VI, Inc.* | 2,215 | 65,630 | ||
Insituform Technologies, Inc., | ||||
Class A* | 5,788 | 118,538 | ||
John Bean Technologies Corp. | 9,922 | 151,311 | ||
Kaman Corp. | 10,417 | 230,424 | ||
Kaydon Corp. | 2,656 | 87,276 | ||
Lawson Products, Inc. | 4,931 | 83,728 | ||
Lindsay Corp. | 2,356 | 74,662 | ||
Lydall, Inc.* | 8,404 | 64,207 | ||
Moog, Inc., Class A* | 13,640 | 439,617 | ||
Mueller Industries, Inc. | 15,219 | 374,387 | ||
NCI Building Systems, Inc.* | 28,710 | 240,303 | ||
Orbital Sciences Corp.* | 17,313 | 273,026 | ||
Powell Industries, Inc.* | 1,740 | 47,572 | ||
Quanex Building Products Corp. | 8,156 | 141,017 | ||
Robbins & Myers, Inc. | 6,262 | 136,136 | ||
Simpson Manufacturing Co., Inc. | 5,140 | 126,187 | ||
Standex International Corp. | 6,503 | 164,851 | ||
Stanley, Inc.* | 5,928 | 221,589 | ||
Teledyne Technologies, Inc.* | 9,917 | 382,598 | ||
Toro Co. | 7,864 | 386,280 | ||
Tredegar Corp. | 9,300 | 151,776 | ||
Triumph Group, Inc. | 5,309 | 353,739 | ||
Universal Forest Products, Inc. | 9,759 | 295,795 | ||
Vicor Corp.* | 4,809 | 60,064 | ||
Watsco, Inc. | 7,237 | 419,167 | ||
Watts Water Technologies, Inc., | ||||
Class A | 8,134 | 233,120 | ||
Total Capital Goods | 13,180,007 | |||
The accompanying notes are an integral part of these financial statements.
29
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Commercial & Professional Services—5.5% | ||||
ABM Industries, Inc. | 35,914 | $ | 752,398 | |
Administaff, Inc. | 14,426 | 348,532 | ||
ATC Technology Corp.* | 4,208 | 67,833 | ||
Bowne & Co., Inc. | 18,717 | 210,005 | ||
CDI Corp. | 14,581 | 226,443 | ||
Consolidated Graphics, Inc.* | 7,639 | 330,310 | ||
Dolan Co.* | 27,436 | 305,088 | ||
Exponent, Inc.* | 1,853 | 60,630 | ||
G&K Services, Inc., Class A | 7,951 | 164,188 | ||
Geo Group, Inc.* | 10,360 | 214,970 | ||
Healthcare Services Group, Inc. | 6,691 | 126,794 | ||
Heidrick & Struggles International, Inc. | 3,029 | 69,122 | ||
Interface, Inc., Class A | 16,126 | 173,193 | ||
Kelly Services, Inc., Class A* | 12,929 | 192,254 | ||
Mobile Mini, Inc.* | 5,495 | 89,459 | ||
On Assignment, Inc.* | 4,723 | 23,757 | ||
School Specialty, Inc.* | 9,189 | 166,045 | ||
SFN Group, Inc.* | 53,760 | 293,530 | ||
Standard Register Co. | 28,202 | 88,554 | ||
SYKES Enterprises, Inc.* | 6,499 | 92,481 | ||
Tetra Tech, Inc.* | 10,686 | 209,553 | ||
TrueBlue, Inc.* | 5,572 | 62,351 | ||
United Stationers, Inc.* | 20,944 | 1,140,820 | ||
Viad Corp. | 8,898 | 157,050 | ||
Volt Information Sciences, Inc.* | 49,380 | 414,792 | ||
Total Commercial & Professional | ||||
Services | 5,980,152 | |||
Consumer Durables & Apparel—7.0% | ||||
Arctic Cat, Inc.* | 18,105 | 164,936 | ||
Blyth, Inc. | 2,016 | 68,685 | ||
Brunswick Corp. | 45,331 | 563,464 | ||
Callaway Golf Co. | 13,173 | 79,565 | ||
Carter’s, Inc.* | 13,291 | 348,889 | ||
CROCS, Inc.* | 24,050 | 254,449 | ||
Deckers Outdoor Corp.* | 1,587 | 226,735 | ||
Ethan Allen Interiors, Inc. | 12,838 | 179,604 | ||
Helen of Troy Ltd.* | 6,116 | 134,919 | ||
Iconix Brand Group, Inc.* | 3,853 | 55,368 | ||
Jakks Pacific, Inc.* | 15,741 | 226,356 | ||
Kid Brands, Inc.* | 8,426 | 59,235 | ||
K-Swiss, Inc., Class A* | 5,714 | 64,168 | ||
La-Z-Boy, Inc., Class Z* | 17,908 | 133,056 | ||
Liz Claiborne, Inc.* | 127,407 | 537,657 | ||
M/I Homes, Inc.* | 10,998 | 106,021 | ||
Maidenform Brands, Inc.* | 5,858 | 119,269 | ||
Meritage Homes Corp.* | 12,987 | 211,428 | ||
Movado Group, Inc.* | 10,985 | 117,320 | ||
National Presto Industries, Inc. | 1,015 | 94,253 | ||
Nautilus, Inc.* | 27,330 | 41,542 | ||
Oxford Industries, Inc. | 7,161 | 149,880 | ||
Perry Ellis International, Inc.* | 13,229 | 267,226 | ||
Polaris Industries, Inc. | 7,635 | 417,024 | ||
Pool Corp. | 17,495 | 383,490 | ||
Quiksilver, Inc.* | 251,291 | 929,777 | ||
RC2 Corp.* | 6,157 | 99,189 | ||
Skechers U.S.A., Inc., Class A* | 18,596 | 679,126 | ||
Skyline Corp. | 2,317 | 41,729 | ||
Standard Pacific Corp.* | 68,739 | 228,901 | ||
Sturm Ruger & Co., Inc. | 5,365 | 76,880 | ||
True Religion Apparel, Inc.* | 3,344 | 73,802 | ||
Unifirst Corp. | 4,570 | 201,171 | ||
Universal Electronics, Inc.* | 2,742 | 45,599 | ||
Volcom, Inc.* | 3,763 | 69,879 | ||
Wolverine World Wide, Inc. | 8,651 | 218,178 | ||
Total Consumer Durables & Apparel | 7,668,770 | |||
Consumer Services—5.9% | ||||
American Public Education, Inc.* | 868 | 37,932 | ||
Biglari Holdings, Inc.* | 536 | 153,778 | ||
BJ’s Restaurants, Inc.* | 4,745 | 111,982 | ||
Buffalo Wild Wings, Inc.* | 2,656 | 97,157 | ||
California Pizza Kitchen, Inc.* | 10,558 | 159,954 | ||
Capella Education Co.* | 894 | 72,727 | ||
CEC Entertainment, Inc.* | 5,453 | 192,273 | ||
CKE Restaurants, Inc. | 37,567 | 470,715 | ||
Coinstar, Inc.* | 9,573 | 411,352 | ||
Cracker Barrel Old Country Store, Inc. | 19,585 | 911,878 | ||
DineEquity, Inc.* | 15,308 | 427,399 | ||
Hillenbrand, Inc. | 6,776 | 144,939 | ||
Interval Leisure Group, Inc.* | 6,711 | �� | 83,552 | |
Jack in the Box, Inc.* | 27,269 | 530,382 | ||
Landry’s Restaurants, Inc.* | 20,455 | 500,329 | ||
Marcus Corp. | 6,143 | 58,113 | ||
Monarch Casino & Resort, Inc.* | 3,688 | 37,359 | ||
Multimedia Games, Inc.* | 5,193 | 23,368 | ||
O’Charleys, Inc.* | 20,570 | 109,021 | ||
Papa John’s International, Inc.* | 10,439 | 241,350 | ||
Peet’s Coffee & Tea, Inc.* | 1,964 | 77,126 | ||
PF Chang’s China Bistro, Inc. | 6,735 | 267,043 | ||
Pinnacle Entertainment, Inc.* | 21,439 | 202,813 | ||
Pre-Paid Legal Services, Inc.* | 2,372 | 107,902 | ||
Red Robin Gourmet Burgers, Inc.* | 11,353 | 194,817 | ||
Ruby Tuesday, Inc.* | 30,575 | 259,887 | ||
Ruth’s Hospitality Group, Inc.* | 31,242 | 130,592 | ||
Shuffle Master, Inc.* | 4,755 | 38,088 | ||
Sonic Corp.* | 15,670 | 121,442 | ||
Texas Roadhouse, Inc., Class A* | 17,908 | 225,999 | ||
Universal Technical Institute, Inc.* | 3,845 | 90,896 | ||
Total Consumer Services | 6,492,165 | |||
Diversified Financials—1.1% | ||||
Cash America International, Inc. | 6,863 | 235,195 | ||
Ezcorp, Inc., Class A* | 7,188 | 133,338 | ||
First Cash Financial Services, Inc.* | 3,443 | 75,057 | ||
Investment Technology Group, Inc.* | 7,095 | 113,946 | ||
LaBranche & Co., Inc.* | 13,642 | 58,388 | ||
OptionsXpress Holdings, Inc.* | 3,276 | 51,564 | ||
Piper Jaffray Cos.* | 1,783 | 57,448 | ||
Portfolio Recovery Associates, Inc.* | 1,264 | 84,410 | ||
Rewards Network, Inc. | 3,772 | 51,563 | ||
Stifel Financial Corp.* | 3,857 | 167,355 | ||
SWS Group, Inc. | 8,748 | 83,106 | ||
TradeStation Group, Inc.* | 4,132 | 27,891 | ||
World Acceptance Corp.* | 2,486 | 95,239 | ||
Total Diversified Financials | 1,234,500 | |||
Energy—5.6% | ||||
Basic Energy Services, Inc.* | 17,852 | 137,460 | ||
Bristow Group, Inc.* | 6,421 | 188,777 | ||
CARBO Ceramics, Inc. | 1,264 | 91,248 | ||
The accompanying notes are an integral part of these financial statements.
30
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Energy (continued) | ||||
Dril-Quip, Inc.* | 2,085 | $ | 91,782 | |
Gulf Island Fabrication, Inc. | 3,133 | 48,624 | ||
Holly Corp. | 35,665 | 947,976 | ||
Hornbeck Offshore Services, Inc.* | 3,828 | 55,889 | ||
ION Geophysical Corp.* | 8,753 | 30,460 | ||
Lufkin Industries, Inc. | 4,104 | 160,015 | ||
Matrix Service Co.* | 16,160 | 150,450 | ||
Oil States International, Inc.* | 19,115 | 756,572 | ||
Penn Virginia Corp. | 8,624 | 173,429 | ||
Petroleum Development Corp.* | 3,235 | 82,881 | ||
Petroquest Energy, Inc.* | 8,739 | 59,076 | ||
Pioneer Drilling Co.* | 12,772 | 72,417 | ||
SEACOR Holdings, Inc.* | 4,652 | 328,710 | ||
SM Energy Co. | 4,297 | 172,567 | ||
Stone Energy Corp.* | 7,880 | 87,941 | ||
Superior Well Services, Inc.* | 6,919 | 115,686 | ||
Swift Energy Co.* | 3,490 | 93,916 | ||
Tetra Technologies, Inc.* | 9,877 | 89,683 | ||
World Fuel Services Corp. | 84,832 | 2,200,542 | ||
Total Energy | 6,136,101 | |||
Food & Staples Retailing—4.7% | ||||
Andersons, Inc. | 23,735 | 773,524 | ||
Casey’s General Stores, Inc. | 37,587 | 1,311,786 | ||
Great Atlantic & Pacific Tea Co.* | 171,445 | 668,636 | ||
Nash Finch Co. | 30,525 | 1,042,734 | ||
Spartan Stores, Inc. | 37,577 | 515,556 | ||
United Natural Foods, Inc.* | 27,270 | 814,828 | ||
Total Food & Staples Retailing | 5,127,064 | |||
Food, Beverage & Tobacco—2.2% | ||||
Alliance One International, Inc.* | 88,515 | 315,113 | ||
Boston Beer Co., Inc., Class A* | 2,001 | 134,967 | ||
Calavo Growers, Inc. | 4,238 | 76,115 | ||
Cal-Maine Foods, Inc. | 6,729 | 214,857 | ||
Darling International, Inc.* | 11,283 | 84,735 | ||
Diamond Foods, Inc. | 3,721 | 152,933 | ||
Hain Celestial Group, Inc.* | 14,890 | 300,331 | ||
J&J Snack Foods Corp. | 3,561 | 149,918 | ||
Lance, Inc. | 7,342 | 121,070 | ||
Sanderson Farms, Inc. | 8,474 | 429,971 | ||
TreeHouse Foods, Inc.* | 9,031 | 412,356 | ||
Total Food, Beverage & Tobacco | 2,392,366 | |||
Health Care Equipment & Services—10.6% | ||||
Abaxis, Inc.* | 932 | 19,973 | ||
Air Methods Corp.* | 3,093 | 92,017 | ||
Align Technology, Inc.* | 4,016 | 59,718 | ||
Almost Family, Inc.* | 1,544 | 53,932 | ||
Amedisys, Inc.* | 7,291 | 320,585 | ||
American Medical Systems | ||||
Holdings, Inc.* | 5,714 | 126,394 | ||
AMERIGROUP Corp.* | 40,432 | 1,313,231 | ||
AMN Healthcare Services, Inc.* | 22,529 | 168,517 | ||
Amsurg Corp., Class A* | 6,172 | 109,985 | ||
Analogic Corp. | 2,374 | 108,041 | ||
Bio-Reference Labs, Inc.* | 4,152 | 92,050 | ||
Cantel Medical Corp. | 2,922 | 48,797 | ||
Catalyst Health Solutions, Inc.* | 17,106 | 590,157 | ||
Centene Corp.* | 41,193 | 885,649 | ||
Chemed Corp. | 5,224 | 285,439 | ||
Computer Programs & Systems, Inc. | 536 | 21,933 | ||
Conmed Corp.* | 6,583 | 122,641 | ||
Cooper Cos., Inc. | 6,039 | 240,292 | ||
CorVel Corp.* | 1,939 | 65,519 | ||
Cross Country Healthcare, Inc.* | 14,608 | 131,326 | ||
Cryolife, Inc.* | 3,503 | 18,881 | ||
Cyberonics, Inc.* | 1,455 | 34,454 | ||
Eclipsys Corp.* | 5,481 | 97,781 | ||
Genoptix, Inc.* | 986 | 16,959 | ||
Gentiva Health Services, Inc.* | 9,471 | 255,812 | ||
Greatbatch, Inc.* | 5,810 | 129,621 | ||
Haemonetics Corp.* | 2,176 | 116,459 | ||
Hanger Orthopedic Group, Inc.* | 17,878 | 321,089 | ||
Healthspring, Inc.* | 29,015 | 450,023 | ||
Healthways, Inc.* | 8,869 | 105,718 | ||
HMS Holdings Corp.* | 951 | 51,563 | ||
ICU Medical, Inc.* | 1,279 | 41,145 | ||
Integra Lifesciences Holdings Corp.* | 4,029 | 149,073 | ||
Invacare Corp. | 13,439 | 278,725 | ||
InVentiv Health, Inc.* | 13,786 | 352,921 | ||
IPC The Hospitalist Co., Inc.* | 2,051 | 51,480 | ||
Kensey Nash Corp.* | 749 | 17,759 | ||
Landauer, Inc. | 323 | 19,664 | ||
LCA-Vision, Inc.* | 5,096 | 28,232 | ||
LHC Group, Inc.* | 3,125 | 86,719 | ||
Magellan Health Services, Inc.* | 14,634 | 531,507 | ||
Medcath Corp.* | 17,802 | 139,924 | ||
Meridian Bioscience, Inc. | 1,341 | 22,797 | ||
Merit Medical Systems, Inc.* | 2,813 | 45,205 | ||
Molina Healthcare, Inc.* | 34,316 | 988,301 | ||
MWI Veterinary Supply, Inc.* | 5,389 | 270,851 | ||
Natus Medical, Inc.* | 2,331 | 37,972 | ||
Neogen Corp.* | 1,161 | 30,244 | ||
Odyssey HealthCare, Inc.* | 9,428 | 251,916 | ||
Omnicell, Inc.* | 3,846 | 44,960 | ||
Osteotech, Inc.* | 5,693 | 18,047 | ||
Palomar Medical Technologies, Inc.* | 1,188 | 13,294 | ||
PharMerica Corp.* | 25,674 | 376,381 | ||
Phase Forward, Inc.* | 2,758 | 46,003 | ||
PSS World Medical, Inc.* | 19,551 | 413,504 | ||
Quality Systems, Inc. | 792 | 45,928 | ||
RehabCare Group, Inc.* | 5,683 | 123,776 | ||
Res-Care, Inc.* | 29,248 | 282,536 | ||
Surmodics, Inc.* | 1,076 | 17,657 | ||
Symmetry Medical, Inc.* | 10,018 | 105,590 | ||
West Pharmaceutical Services, Inc. | 5,261 | 191,974 | ||
Zoll Medical Corp.* | 2,898 | 78,536 | ||
Total Health Care Equipment | ||||
& Services | 11,557,177 | |||
Household & Personal Products—0.7% | ||||
Central Garden and Pet Co., Class A* | 24,700 | 221,559 | ||
Mannatech, Inc. | 24,588 | 48,930 | ||
Medifast, Inc.* | 16,976 | 439,848 | ||
WD-40 Co. | 1,817 | 60,688 | ||
Total Household & Personal Products | 771,025 | |||
Insurance—2.1% | ||||
American Physicians Capital, Inc. | 1,145 | 35,323 | ||
AMERISAFE, Inc.* | 3,305 | 58,003 |
The accompanying notes are an integral part of these financial statements.
31
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Insurance (continued) | ||||
Delphi Financial Group, Inc., Class A | 14,396 | $ | 351,406 | |
eHealth, Inc.* | 1,800 | 20,466 | ||
Employers Holdings, Inc. | 7,116 | 104,819 | ||
Horace Mann Educators Corp. | 881 | 13,479 | ||
Infinity Property & Casualty Corp. | 4,465 | 206,194 | ||
National Financial Partners Corp.* | 16,853 | 164,654 | ||
Navigators Group, Inc.* | 3,096 | 127,339 | ||
Presidential Life Corp. | 4,143 | 37,701 | ||
ProAssurance Corp.* | 2,380 | 135,089 | ||
RLI Corp. | 1,993 | 104,652 | ||
Safety Insurance Group, Inc. | 3,358 | 124,313 | ||
Selective Insurance Group, Inc. | 19,647 | 291,954 | ||
Stewart Information Services Corp. | 28,707 | 258,937 | ||
Tower Group, Inc. | 7,069 | 152,196 | ||
United Fire & Casualty Co. | 6,502 | 128,870 | ||
Total Insurance | 2,315,395 | |||
Materials—4.4% | ||||
A. Schulman, Inc. | 15,881 | 301,104 | ||
A.M. Castle & Co.* | 21,268 | 295,412 | ||
AMCOL International Corp. | 5,586 | 131,271 | ||
American Vanguard Corp. | 6,369 | 50,506 | ||
Arch Chemicals, Inc. | 10,214 | 313,978 | ||
Balchem Corp. | 2,027 | 50,675 | ||
Brush Engineered Materials, Inc.* | 7,680 | 153,446 | ||
Buckeye Technologies, Inc.* | 12,181 | 121,201 | ||
Calgon Carbon Corp.* | 5,708 | 75,574 | ||
Century Aluminum Co.* | 8,641 | 76,300 | ||
Clearwater Paper Corp.* | 4,737 | 259,398 | ||
Deltic Timber Corp. | 531 | 22,196 | ||
Eagle Materials, Inc. | 4,834 | 125,346 | ||
H.B. Fuller Co. | 11,790 | 223,892 | ||
Headwaters, Inc.* | 29,777 | 84,567 | ||
LSB Industries, Inc.* | 32,889 | 437,753 | ||
Myers Industries, Inc. | 16,173 | 130,840 | ||
Neenah Paper, Inc. | 8,125 | 148,687 | ||
Olympic Steel, Inc. | 4,214 | 96,796 | ||
OM Group, Inc.* | 6,192 | 147,741 | ||
Penford Corp.* | 6,493 | 42,075 | ||
PolyOne Corp.* | 49,528 | 417,026 | ||
Quaker Chemical Corp. | 4,498 | 121,851 | ||
RTI International Metals, Inc.* | 4,746 | 114,426 | ||
Schweitzer-Mauduit | ||||
International, Inc. | 2,335 | 117,801 | ||
Stepan Co. | 4,343 | 297,191 | ||
Texas Industries, Inc. | 5,573 | 164,626 | ||
Wausau Paper Corp. | 19,702 | 133,383 | ||
Zep, Inc. | 6,408 | 111,755 | ||
Total Materials | 4,766,817 | |||
Media—1.4% | ||||
Arbitron, Inc. | 3,737 | 95,779 | ||
DG FastChannel, Inc.* | 4,093 | 133,350 | ||
E.W. Scripps Co., Class A* | 20,336 | 151,097 | ||
Live Nation Entertainment, Inc.* | 104,951 | 1,096,738 | ||
Total Media | 1,476,964 | |||
Pharmaceuticals, Biotechnology & Life Sciences—2.1% | ||||
Arqule, Inc.* | 336 | 1,445 | ||
Cambrex Corp.* | 9,452 | 29,774 | ||
Cubist Pharmaceuticals, Inc.* | 5,888 | 121,293 | ||
Dionex Corp.* | 1,105 | 82,278 | ||
Emergent Biosolutions, Inc.* | 3,316 | 54,183 | ||
Enzo Biochem, Inc.* | 3,243 | 13,199 | ||
eResearchTechnology, Inc.* | 3,394 | 26,745 | ||
Hi-Tech Pharmacal Co., Inc.* | 38,221 | 875,643 | ||
Kendle International, Inc.* | 7,671 | 88,370 | ||
Martek Biosciences Corp.* | 4,092 | 97,021 | ||
Par Pharmaceutical Cos., Inc.* | 8,711 | 226,138 | ||
Parexel International Corp.* | 20,608 | 446,781 | ||
Regeneron Pharmaceuticals, Inc.* | 3,647 | 81,401 | ||
Salix Pharmaceuticals Ltd.* | 1,998 | 77,982 | ||
Savient Pharmaceuticals, Inc.* | 24 | 302 | ||
Viropharma, Inc.* | 7,137 | 80,006 | ||
Total Pharmaceuticals, Biotechnology | ||||
& Life Sciences | 2,302,561 | |||
Real Estate—1.5% | ||||
Acadia Realty Trust (a) | 1,768 | 29,738 | ||
BioMed Realty Trust, Inc. (a) | 4,983 | 80,176 | ||
Cedar Shopping Centers, Inc. (a) | 6,394 | 38,492 | ||
Colonial Properties Trust (a) | 6,199 | 90,071 | ||
DiamondRock Hospitality Co. (a) | 10,079 | 82,849 | ||
EastGroup Properties, Inc. (a) | 901 | 32,058 | ||
Entertainment Properties Trust (a) | 1,726 | 65,709 | ||
Extra Space Storage, Inc. (a) | 5,060 | 70,334 | ||
Forestar Group, Inc.* | 1,601 | 28,754 | ||
Franklin Street Properties Corp. (a) | 2,061 | 24,340 | ||
Healthcare Realty Trust, Inc. (a) | 2,313 | 50,817 | ||
Home Properties, Inc. (a) | 2,321 | 104,607 | ||
Inland Real Estate Corp. (a) | 4,579 | 36,266 | ||
Kilroy Realty Corp. (a) | 1,891 | 56,219 | ||
Kite Realty Group Trust (a) | 7,590 | 31,726 | ||
LaSalle Hotel Properties (a) | 6,419 | 132,039 | ||
Lexington Realty Trust (a) | 16,197 | 97,344 | ||
LTC Properties, Inc. (a) | 455 | 11,043 | ||
Medical Properties Trust, Inc. (a) | 2,586 | 24,412 | ||
Mid-America Apartment | ||||
Communities, Inc. (a) | 1,687 | 86,830 | ||
National Retail Properties, Inc. (a) | 2,342 | 50,212 | ||
Parkway Properties, Inc. (a) | 2,715 | 39,558 | ||
Pennsylvania Real Estate | ||||
Investment Trust (a) | 12,434 | 151,944 | ||
Post Properties, Inc. (a) | 3,166 | 71,963 | ||
PS Business Parks, Inc. (a) | 1,203 | 67,103 | ||
Sovran Self Storage, Inc. (a) | 1,217 | 41,901 | ||
Tanger Factory Outlet Centers (a) | 1,426 | 59,008 | ||
Urstadt Biddle Properties, Inc., | ||||
Class A (a) | 1,166 | 18,808 | ||
Total Real Estate | 1,674,321 | |||
Retailing—10.9% | ||||
Audiovox Corp., Class A* | 18,292 | 134,446 | ||
Big 5 Sporting Goods Corp. | 11,582 | 152,188 | ||
Blue Nile, Inc.* | 1,023 | 48,163 | ||
Brown Shoe Co., Inc. | 45,535 | 691,221 | ||
Buckle, Inc. | 5,360 | 173,771 | ||
Cabela’s, Inc.* | 42,595 | 602,293 | ||
Cato Corp., Class A | 9,178 | 202,100 | ||
Childrens Place Retail Stores, Inc.* | 19,513 | 858,962 | ||
Christopher & Banks Corp. | 18,409 | 113,952 |
The accompanying notes are an integral part of these financial statements.
32
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Retailing (continued) | ||||
Finish Line, Inc., Class A | 28,994 | $ | 403,886 | |
Fred’s, Inc., Class A | 39,998 | 442,378 | ||
Genesco, Inc.* | 13,453 | 353,948 | ||
Group 1 Automotive, Inc.* | 34,882 | 820,773 | ||
Gymboree Corp.* | 4,914 | 209,877 | ||
Haverty Furniture Cos., Inc. | 9,926 | 121,991 | ||
Hibbett Sports, Inc.* | 5,762 | 138,058 | ||
HOT Topic, Inc. | 26,284 | 133,523 | ||
HSN, Inc.* | 33,312 | 799,488 | ||
Jo-Ann Stores, Inc.* | 18,335 | 687,746 | ||
JOS A. Bank Clothiers, Inc.* | 3,412 | 184,214 | ||
Lithia Motors, Inc., Class A | 37,285 | 230,421 | ||
Lumber Liquidators Holdings, Inc.* | 4,009 | 93,530 | ||
MarineMax, Inc.* | 5,654 | 39,239 | ||
Men’s Wearhouse, Inc. | 19,801 | 363,546 | ||
Midas, Inc.* | 4,808 | 36,877 | ||
Monro Muffler Brake, Inc. | 3,841 | 151,835 | ||
NutriSystem, Inc. | 3,795 | 87,057 | ||
OfficeMax, Inc.* | 106,945 | 1,396,702 | ||
PEP Boys-Manny Moe & Jack | 38,208 | 338,523 | ||
PetMed Express, Inc. | 2,342 | 41,688 | ||
Sonic Automotive, Inc., Class A* | 106,852 | 914,653 | ||
Stage Stores, Inc. | 27,019 | 288,563 | ||
Stamps.com, Inc.* | 1,779 | 18,235 | ||
Stein Mart, Inc.* | 18,810 | 117,186 | ||
Tuesday Morning Corp.* | 56,333 | 224,769 | ||
Zale Corp.* | 119,523 | 188,846 | ||
Zumiez, Inc.* | 7,011 | 112,947 | ||
Total Retailing | 11,917,595 | |||
Semiconductors & Semiconductor Equipment—1.6% | ||||
Actel Corp.* | 3,528 | 45,229 | ||
Advanced Energy Industries, Inc.* | 3,116 | 38,296 | ||
ATMI, Inc.* | 2,961 | 43,349 | ||
Brooks Automation, Inc.* | 6,847 | 52,927 | ||
Cabot Microelectronics Corp.* | 1,827 | 63,196 | ||
Cohu, Inc. | 2,489 | 30,192 | ||
Cymer, Inc.* | 1,744 | 52,390 | ||
Cypress Semiconductor Corp.* | 3,179 | 31,917 | ||
Diodes, Inc.* | 4,237 | 67,241 | ||
DSP Group, Inc.* | 8,105 | 51,791 | ||
Exar Corp.* | 3,509 | 24,317 | ||
FEI Co.* | 4,798 | 94,569 | ||
Hittite Microwave Corp.* | 858 | 38,387 | ||
Kopin Corp.* | 5,768 | 19,553 | ||
Kulicke & Soffa Industries, Inc.* | 8,184 | 57,452 | ||
Micrel, Inc. | 5,717 | 58,199 | ||
Microsemi Corp.* | 5,838 | 85,410 | ||
MKS Instruments, Inc.* | 5,099 | 95,453 | ||
Pericom Semiconductor Corp.* | 2,890 | 27,744 | ||
Rudolph Technologies, Inc.* | 2,126 | 16,051 | ||
Sigma Designs, Inc.* | 4,334 | 43,383 | ||
Skyworks Solutions, Inc.* | 21,867 | 367,147 | ||
Standard Microsystems Corp.* | 3,854 | 89,721 | ||
Supertex, Inc.* | 620 | 15,289 | ||
Tessera Technologies, Inc.* | 1,733 | 27,815 | ||
TriQuint Semiconductor, Inc.* | 12,290 | 75,092 | ||
Ultratech, Inc.* | 1,219 | 19,833 | ||
Varian Semiconductor Equipment | ||||
Associates, Inc.* | 2,431 | 69,672 | ||
Veeco Instruments, Inc.* | 2,359 | 80,867 | ||
Total Semiconductors & | ||||
Semiconductor Equipment | 1,782,482 | |||
Software & Services—3.7% | ||||
Blackbaud, Inc. | 2,862 | 62,306 | ||
CACI International, Inc., Class A* | 11,596 | 492,598 | ||
Ciber, Inc.* | 69,801 | 193,349 | ||
CommVault Systems, Inc.* | 2,371 | 53,348 | ||
ComScore, Inc.* | 1,560 | 25,693 | ||
Concur Technologies, Inc.* | 1,258 | 53,691 | ||
CSG Systems International, Inc.* | 5,550 | 101,732 | ||
Cybersource Corp.* | 2,839 | 72,480 | ||
Dealertrack Holdings, Inc.* | 2,515 | 41,372 | ||
Ebix, Inc.* | 1,077 | 16,887 | ||
Epicor Software Corp.* | 7,709 | 61,595 | ||
EPIQ Systems, Inc. | 3,915 | 50,621 | ||
Forrester Research, Inc.* | 1,965 | 59,461 | ||
Heartland Payment Systems, Inc. | 28,762 | 426,828 | ||
Infospace, Inc.* | 4,265 | 32,073 | ||
Integral Systems, Inc.* | 3,718 | 23,609 | ||
Interactive Intelligence, Inc.* | 5,090 | 83,629 | ||
j2 Global Communications, Inc.* | 2,571 | 56,151 | ||
JDA Software Group, Inc.* | 3,434 | 75,479 | ||
Knot, Inc.* | 2,218 | 17,256 | ||
Manhattan Associates, Inc.* | 2,228 | 61,381 | ||
MAXIMUS, Inc. | 3,135 | 181,422 | ||
MicroStrategy, Inc., Class A* | 2,869 | 215,433 | ||
NCI, Inc., Class A* | 16,067 | 362,793 | ||
Netscout Systems, Inc.* | 4,162 | 59,184 | ||
Perficient, Inc.* | 5,012 | 44,657 | ||
Phoenix Technologies Ltd.* | 4,686 | 13,543 | ||
Progress Software Corp.* | 4,135 | 124,174 | ||
Radiant Systems, Inc.* | 5,865 | 84,808 | ||
Smith Micro Software, Inc.* | 2,914 | 27,712 | ||
Sonic Solutions, Inc.* | 2,747 | 22,937 | ||
StarTek, Inc.* | 8,907 | 34,737 | ||
Take-Two Interactive Software, Inc.* | 24,634 | 221,706 | ||
Taleo Corp., Class A* | 1,993 | 48,410 | ||
TeleTech Holdings, Inc.* | 3,091 | 39,843 | ||
THQ, Inc.* | 40,038 | 172,964 | ||
Tyler Technologies, Inc.* | 3,072 | 47,677 | ||
United Online, Inc. | 29,177 | 168,060 | ||
Websense, Inc.* | 3,786 | 71,555 | ||
Wright Express Corp.* | 2,186 | 64,924 | ||
Total Software & Services | 4,068,078 | |||
Technology Hardware & Equipment—8.0% | ||||
ADPT Corp.* | 8,281 | 23,932 | ||
Agilysys, Inc. | 8,254 | 55,219 | ||
Anixter International, Inc.* | 25,205 | 1,073,733 | ||
Arris Group, Inc.* | 20,439 | 208,273 | ||
Avid Technology, Inc.* | 11,339 | 144,345 | ||
Bel Fuse, Inc., Class B | 2,065 | 34,093 | ||
Benchmark Electronics, Inc.* | 22,489 | 356,451 | ||
Black Box Corp. | 7,266 | 202,649 | ||
Blue Coat Systems, Inc.* | 3,244 | 66,275 | ||
Brightpoint, Inc.* | 87,348 | 611,436 | ||
Checkpoint Systems, Inc.* | 10,921 | 189,589 | ||
Cogent, Inc.* | 47,390 | 426,984 | ||
Cognex Corp. | 2,126 | 37,375 |
The accompanying notes are an integral part of these financial statements.
33
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Technology Hardware & Equipment (continued) | ||||
Compellent Technologies, Inc.* | 1,108 | $ | 13,429 | |
Comtech Telecommunications Corp.* | 3,483 | 104,246 | ||
CTS Corp. | 7,793 | 72,007 | ||
Daktronics, Inc. | 13,334 | 100,005 | ||
Digi International, Inc.* | 4,512 | 37,314 | ||
DTS, Inc.* | 513 | 16,862 | ||
Electro Scientific Industries, Inc.* | 4,050 | 54,108 | ||
EMS Technologies, Inc.* | 6,089 | 91,457 | ||
FARO Technologies, Inc.* | 1,545 | 28,907 | ||
Gerber Scientific, Inc.* | 24,593 | 131,573 | ||
Harmonic, Inc.* | 11,959 | 65,057 | ||
Hutchinson Technology, Inc.* | 2,367 | 10,249 | ||
Insight Enterprises, Inc.* | 73,572 | 968,208 | ||
Intermec, Inc.* | 11,337 | 116,204 | ||
Intevac, Inc.* | 1,076 | 11,481 | ||
Keithley Instruments, Inc. | 5,043 | 44,530 | ||
Littelfuse, Inc.* | 2,960 | 93,566 | ||
LoJack Corp.* | 7,190 | 26,531 | ||
Mercury Computer Systems, Inc.* | 3,738 | 43,847 | ||
Methode Electronics, Inc. | 12,410 | 120,873 | ||
MTS Systems Corp. | 3,263 | 94,627 | ||
Netgear, Inc.* | 6,001 | 107,058 | ||
Network Equipment Technologies, Inc.* | 4,176 | 14,574 | ||
Newport Corp.* | 9,280 | 84,077 | ||
Novatel Wireless, Inc.* | 8,136 | 46,701 | ||
OSI Systems, Inc.* | 1,938 | 53,818 | ||
Park Electrochemical Corp. | 1,803 | 44,011 | ||
PC-Tel, Inc.* | 1,716 | 8,649 | ||
Plexus Corp.* | 11,843 | 316,682 | ||
RadiSys Corp.* | 6,780 | 64,546 | ||
Rogers Corp.* | 2,052 | 56,984 | ||
Scansource, Inc.* | 16,655 | 415,209 | ||
Stratasys, Inc.* | 1,315 | 32,296 | ||
Symmetricom, Inc.* | 8,738 | 44,476 | ||
Synaptics, Inc.* | 3,521 | 96,827 | ||
SYNNEX Corp.* | 54,703 | 1,401,491 | ||
Technitrol, Inc. | 14,047 | 44,389 | ||
Tekelec* | 6,243 | 82,657 | ||
Tollgrade Communications, Inc.* | 1,511 | 9,519 | ||
TTM Technologies, Inc.* | 4,192 | 39,824 | ||
Viasat, Inc.* | 4,034 | 131,347 | ||
Total Technology Hardware | ||||
& Equipment | 8,770,570 | |||
Telecommunication Services—0.4% | ||||
Cbeyond, Inc.* | 5,879 | 73,488 | ||
General Communication, Inc., | ||||
Class A* | 19,338 | 146,775 | ||
Neutral Tandem, Inc.* | 1,732 | 19,485 | ||
NTELOS Holdings Corp. | 7,436 | 127,899 | ||
USA Mobility, Inc. | 6,059 | 78,282 | ||
Total Telecommunication Services | 445,929 | |||
Transportation—1.6% | ||||
Allegiant Travel Co., Class A* | 2,535 | 108,219 | ||
Arkansas Best Corp. | 10,825 | 224,619 | ||
Forward Air Corp. | 3,609 | 98,345 | ||
Heartland Express, Inc. | 6,538 | 94,932 | ||
HUB Group, Inc., Class A* | 11,225 | 336,862 | ||
Knight Transportation, Inc. | 7,458 | 150,950 | ||
Old Dominion Freight Line, Inc.* | 8,439 | 296,546 | ||
Skywest, Inc. | 34,121 | 416,959 | ||
Total Transportation | 1,727,432 | |||
Utilities—3.6% | ||||
Allete, Inc. | 4,376 | 149,834 | ||
American States Water Co. | 2,073 | 68,699 | ||
Avista Corp. | 14,897 | 290,938 | ||
Central Vermont Public Service Corp. | 3,358 | 66,287 | ||
CH Energy Group, Inc. | 5,400 | 211,896 | ||
El Paso Electric Co.* | 8,471 | 163,914 | ||
Laclede Group, Inc. | 12,683 | 420,188 | ||
New Jersey Resources Corp. | 16,415 | 577,808 | ||
Northwest Natural Gas Co. | 4,872 | 212,273 | ||
NorthWestern Corp. | 14,606 | 382,677 | ||
Piedmont Natural Gas Co., Inc. | 13,973 | 353,517 | ||
South Jersey Industries, Inc. | 4,904 | 210,676 | ||
Southwest Gas Corp. | 13,549 | 399,696 | ||
UIL Holdings Corp. | 6,642 | 166,249 | ||
Unisource Energy Corp., | ||||
Expires 7/12/10 at $1.20 | 9,048 | 273,069 | ||
Total Utilities | 3,947,721 | |||
Total Common Stocks | ||||
(Cost $109,235,293) | 109,302,742 | |||
RIGHTS—0.0%† | ||||
Banks—0.0%† | ||||
Hanmi Financial Corp., | ||||
Expires 7/12/10 at $1.20* | 39,306 | 2,358 | ||
Total Rights | ||||
(Cost $16,381) | 2,358 | |||
Total Investments—100.0% | ||||
(Cost $109,251,674) | 109,305,100 | |||
Other Assets in Excess of | ||||
Liabilities—0.0%† | 13,870 | |||
Net Assets—100.0% | $ | 109,318,970 | ||
* | Non-income producing security |
(a) | Real Estate Investment Trust |
† | Less than 0.05% |
The accompanying notes are an integral part of these financial statements.
34
SCHEDULE OF INVESTMENTS
REVENUE SHARES FINANCIALS SECTOR FUND
JUNE 30, 2010
Investments | Shares | Value | |||
COMMON STOCKS—100.1% | |||||
Capital Markets—9.2% | |||||
Ameriprise Financial, Inc. | 4,108 | $ | 148,422 | ||
Bank of New York Mellon Corp. | 6,641 | 163,966 | |||
Charles Schwab Corp. | 5,624 | 79,748 | |||
E*Trade Financial Corp.* | 3,975 | 46,985 | |||
Federated Investors, Inc., Class B | 1,048 | 21,704 | |||
Franklin Resources, Inc. | 868 | 74,813 | |||
Goldman Sachs Group, Inc. | 5,863 | 769,636 | |||
Invesco Ltd. | 2,374 | 39,954 | |||
Janus Capital Group, Inc. | 1,280 | 11,366 | |||
Legg Mason, Inc. | 3,149 | 88,267 | |||
Morgan Stanley | 21,990 | 510,388 | |||
Northern Trust Corp. | 2,091 | 97,650 | |||
State Street Corp. | 5,497 | 185,909 | |||
T. Rowe Price Group, Inc. | 723 | 32,094 | |||
Total Capital Markets | 2,270,902 | ||||
Commercial Banks—18.0% | |||||
BB&T Corp. | 8,959 | 235,711 | |||
Comerica, Inc. | 2,625 | 96,679 | |||
Fifth Third Bancorp | 17,333 | 213,023 | |||
First Horizon National Corp.* | 3,971 | 45,468 | |||
Huntington Bancshares, Inc. | 19,002 | 105,271 | |||
KeyCorp | 22,476 | 172,840 | |||
M&T Bank Corp. | 1,371 | 116,466 | |||
Marshall & Ilsley Corp. | 13,253 | 95,157 | |||
PNC Financial Services Group, Inc. | 7,025 | 396,912 | |||
Regions Financial Corp. | 35,941 | 236,492 | |||
SunTrust Banks, Inc. | 10,784 | 251,267 | |||
U.S. Bancorp | 18,319 | 409,430 | |||
Wells Fargo & Co. | 74,745 | 1,913,472 | |||
Zions Bancorporation | 5,653 | 121,935 | |||
Total Commercial Banks | 4,410,123 | ||||
Consumer Finance—4.9% | |||||
American Express Co. | 14,743 | 585,297 | |||
Capital One Financial Corp. | 9,146 | 368,584 | |||
Discover Financial Services | 8,608 | 120,340 | |||
SLM Corp.* | 11,718 | 121,750 | |||
Total Consumer Finance | 1,195,971 | ||||
Diversified Financial Services—31.7% | |||||
Bank of America Corp. | 208,499 | 2,996,131 | |||
Citigroup, Inc.* | 601,616 | 2,262,076 | |||
CME Group, Inc., Class A | 182 | 51,242 | |||
IntercontinentalExchange, Inc.* | 212 | 23,962 | |||
JPMorgan Chase & Co. | 60,859 | 2,228,048 | |||
Leucadia National Corp. | 966 | 18,847 | |||
Moody’s Corp. | 1,496 | 29,800 | |||
NASDAQ OMX Group, Inc.* | 4,059 | 72,169 | |||
NYSE Euronext | 4,124 | 113,946 | |||
Total Diversified Financial Services | 7,796,221 | ||||
Insurance—33.0% | |||||
Aflac, Inc. | 8,478 | 361,756 | |||
Allstate Corp. | 24,050 | 690,957 | |||
American International Group, Inc.* | 39,721 | 1,367,991 | |||
Aon Corp. | 4,347 | 161,361 | |||
Assurant, Inc. | 6,540 | 226,938 | |||
Berkshire Hathaway, Inc., Class B* | 4,267 | 340,037 | |||
Chubb Corp. | 5,735 | 286,807 | |||
Cincinnati Financial Corp. | 3,235 | 83,689 | |||
Genworth Financial, Inc., Class A* | 18,959 | 247,794 | |||
Hartford Financial Services Group, Inc. | 17,222 | 381,123 | |||
Lincoln National Corp. | 8,259 | 200,611 | |||
Loews Corp. | 8,083 | 269,245 | |||
Marsh & McLennan Cos., Inc. | 10,613 | 239,323 | |||
MetLife, Inc. | 26,106 | 985,763 | |||
Principal Financial Group, Inc. | 8,476 | 198,677 | |||
Progressive Corp. | 18,129 | 339,375 | |||
Prudential Financial, Inc. | 14,038 | 753,279 | |||
Torchmark Corp. | 1,637 | 81,048 | |||
Travelers Cos., Inc. | 10,406 | 512,496 | |||
Unum Group | 11,523 | 250,049 | |||
XL Capital Ltd., Class A* | 7,288 | 116,681 | |||
Total Insurance | 8,095,000 | ||||
Real Estate Investment Trusts—2.6% | |||||
Apartment Investment & | |||||
Management Co., Class A (a) | 2,043 | 39,573 | |||
AvalonBay Communities, Inc. (a) | 263 | 24,556 | |||
Boston Properties, Inc. (a) | 503 | 35,884 | |||
Equity Residential (a) | 1,422 | 59,212 | |||
HCP, Inc. (a) | 728 | 23,478 | |||
Health Care REIT, Inc. (a) | 284 | 11,962 | |||
Host Hotels & Resorts, Inc. (a) | 9,597 | 129,367 | |||
Kimco Realty Corp. (a) | 1,559 | 20,953 | |||
Plum Creek Timber Co., Inc. (a) | 920 | 31,767 | |||
ProLogis (a) | 3,997 | 40,490 | |||
Public Storage (a) | 470 | 41,318 | |||
Simon Property Group, Inc. (a) | 1,107 | 89,390 | |||
Ventas, Inc. (a) | 468 | 21,973 | |||
Vornado Realty Trust (a) | 867 | 63,248 | |||
Total Real Estate Investment Trusts | 633,171 | ||||
Real Estate Management & Development—0.4% | |||||
CB Richard Ellis Group, Inc., Class A* | 7,575 | 103,096 | |||
Thrifts & Mortgage Finance—0.3% | |||||
Hudson City Bancorp, Inc. | 4,915 | 60,160 | |||
People’s United Financial, Inc. | 1,474 | 19,899 | |||
Total Thrifts & Mortgage Finance | 80,059 | ||||
Total Investments—100.1% | |||||
(Cost $26,011,395) | 24,584,543 | ||||
Liabilities in Excess of Other Assets—(0.1)% | (13,016 | ) | |||
Net Assets—100.0% | $ | 24,571,527 | |||
* | Non-income producing security |
(a) | Real Estate Investment Trust |
The accompanying notes are an integral part of these financial statements.
35
SCHEDULE OF INVESTMENTS
REVENUE SHARES ADR FUND
JUNE 30, 2010
Investments | Shares | Value | ||
COMMON STOCKS—99.3% | ||||
Automobiles & Components—5.2% | ||||
Honda Motor Co. Ltd. (a) | 26,675 | $ | 766,906 | |
Magna International, Inc., Class A | 2,524 | 166,483 | ||
Toyota Motor Corp. (a) | 22,478 | 1,541,317 | ||
Total Automobiles & Components | 2,474,706 | |||
Banks—12.8% | ||||
Banco Bilbao Vizcaya | ||||
Argentaria SA (a) | 24,561 | 252,733 | ||
Banco Bradesco SA (a) | 27,559 | 437,086 | ||
Banco de Chile (a) | 351 | 20,955 | ||
Banco Santander Chile (a) | 413 | 27,708 | ||
Banco Santander SA (a) | 46,711 | 490,465 | ||
Bank of Montreal | 2,133 | 115,779 | ||
Bank of Nova Scotia | 3,901 | 179,524 | ||
Barclays PLC (a) | 32,915 | 523,019 | ||
Canadian Imperial Bank of | ||||
Commerce | 1,669 | 103,862 | ||
Credicorp Ltd. | 203 | 18,451 | ||
HSBC Holdings PLC (a) | 18,418 | 839,677 | ||
Itau Unibanco Holding SA (a) | 23,364 | 420,786 | ||
KB Financial Group, Inc. (a) | 217 | 8,222 | ||
Lloyds Banking Group PLC* (a) | 179,254 | 566,443 | ||
Mitsubishi UFJ Financial | ||||
Group, Inc. (a) | 84,799 | 386,683 | ||
Mizuho Financial Group, Inc. (a) | 66,642 | 216,586 | ||
National Bank of Greece SA (a) | 38,563 | 83,682 | ||
Royal Bank of Canada | 5,142 | 245,736 | ||
Royal Bank of Scotland | ||||
Group PLC*(a) | 58,149 | 703,603 | ||
Shinhan Financial Group Co. Ltd. (a) | 132 | 9,639 | ||
Toronto-Dominion Bank | 2,905 | 188,563 | ||
Westpac Banking Corp. (a) | 2,877 | 254,845 | ||
Total Banks | 6,094,047 | |||
Capital Goods—4.2% | ||||
ABB Ltd.*(a) | 15,173 | 262,189 | ||
Empresa Brasileira de Aeronautica SA (a)2,106 | 44,121 | |||
Koninklijke Philips Electronics NV | 9,457 | 282,197 | ||
Kubota Corp. (a) | 2,284 | 87,751 | ||
Mitsui & Co. Ltd. (a) | 1,778 | 428,498 | ||
Siemens AG (a) | 9,722 | 870,411 | ||
Tomkins PLC (a) | 2,576 | 34,338 | ||
Total Capital Goods | 2,009,505 | |||
Consumer Durables & Apparel—2.7% | ||||
Gildan Activewear, Inc.* | 303 | 8,681 | ||
Luxottica Group SpA (a) | 2,526 | 60,851 | ||
Panasonic Corp. (a) | 49,182 | 616,250 | ||
Sony Corp. (a) | 23,354 | 623,085 | ||
Total Consumer Durables & Apparel | 1,308,867 | |||
Consumer Services—0.3% | ||||
Carnival PLC (a) | 3,491 | 113,144 | ||
Intercontinental Hotels Group PLC (a) | 793 | 12,434 | ||
Tim Hortons, Inc. | 517 | 16,544 | ||
Total Consumer Services | 142,122 | |||
Diversified Financials—5.9% | ||||
Credit Suisse Group AG (a) | 10,825 | 405,180 | ||
Deutsche Bank AG | 8,908 | 500,273 | ||
ING Groep NV* (a) | 193,814 | 1,436,162 | ||
Nomura Holdings, Inc. (a) | 11,931 | 65,024 | ||
ORIX Corp. (a) | 1,082 | 38,984 | ||
UBS AG* | 26,376 | 348,691 | ||
Total Diversified Financials | 2,794,314 | |||
Energy—29.7% | ||||
BP PLC (a) | 80,648 | 2,329,114 | ||
Cameco Corp. | 926 | 19,705 | ||
Canadian Natural Resources Ltd. | 2,626 | 87,262 | ||
Cenovus Energy, Inc. | 4,079 | 105,198 | ||
CNOOC Ltd. (a) | 768 | 130,691 | ||
Enbridge, Inc. | 2,139 | 99,677 | ||
EnCana Corp. | 4,495 | 136,378 | ||
Enerplus Resources Fund (b) | 313 | 6,751 | ||
ENI SpA (a) | 27,306 | 998,034 | ||
Imperial Oil Ltd. | 4,511 | 164,291 | ||
Nexen, Inc. | 2,351 | 46,244 | ||
Penn West Energy Trust (b) | 1,022 | 19,439 | ||
PetroChina Co. Ltd. (a) | 12,903 | 1,415,846 | ||
Petroleo Brasileiro SA, Class A (a) | 29,182 | 869,624 | ||
Repsol YPF SA (a) | 27,058 | 543,866 | ||
Royal Dutch Shell PLC, Class A (a) | 46,636 | 2,342,060 | ||
Royal Dutch Shell PLC, Class B (a) | 48,483 | 2,340,759 | ||
Statoil ASA (a) | 34,699 | 664,486 | ||
Suncor Energy, Inc. | 7,173 | 211,173 | ||
Talisman Energy, Inc. | 3,406 | 51,703 | ||
Tenaris SA (a) | 1,753 | 60,671 | ||
Total SA (a) | 31,943 | 1,425,936 | ||
TransCanada Corp. | 1,959 | 65,489 | ||
Total Energy | 14,134,397 | |||
Food & Staples Retailing—0.5% | ||||
Delhaize Group SA (a) | 3,240 | 234,900 | ||
Food, Beverage & Tobacco—3.6% | ||||
Anheuser-Busch InBev NV (a) | 6,441 | 309,233 | ||
British American Tobacco PLC (a) | 2,961 | 187,431 | ||
Diageo PLC (a) | 1,962 | 123,096 | ||
Fomento Economico Mexicano | ||||
SAB de CV (a) | 2,908 | 125,480 | ||
Unilever NV | 17,423 | 475,996 | ||
Unilever PLC (a) | 17,869 | 477,639 | ||
Total Food, Beverage & Tobacco | 1,698,875 | |||
Health Care Equipment & Services—0.3% | ||||
Fresenius Medical Care AG & Co. | ||||
KGaA (a) | 1,816 | 97,501 | ||
Smith & Nephew PLC (a) | 690 | 32,430 | ||
Total Health Care Equipment & Services | 129,931 | |||
Insurance—5.6% | ||||
Aegon NV* | 78,384 | 413,868 | ||
Aviva PLC (a) | 82,307 | 767,101 | ||
China Life Insurance Co. Ltd. (a) | 5,177 | 337,541 | ||
Manulife Financial Corp. | 21,154 | 308,425 | ||
Prudential PLC (a) | 41,965 | 626,957 | ||
Sun Life Financial, Inc. | 8,320 | 218,899 | ||
Total Insurance | 2,672,791 | |||
The accompanying notes are an integral part of these financial statements.
36
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES ADR FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Materials—5.2% | ||||
Agnico-Eagle Mines Ltd. | 103 | $ | 6,260 | |
Agrium, Inc. | 1,568 | 76,738 | ||
ArcelorMittal | 20,938 | 560,301 | ||
Barrick Gold Corp. | 1,660 | 75,381 | ||
BHP Billiton Ltd. (a) | 3,013 | 186,776 | ||
BHP Billiton PLC (a) | 3,571 | 183,692 | ||
Cemex SAB de CV* (a) | 12,051 | 116,533 | ||
Cia de Minas Buenaventura SA (a) | 188 | 7,227 | ||
Cia Siderurgica Nacional SA (a) | 3,660 | 53,765 | ||
CRH PLC (a) | 9,764 | 204,068 | ||
Eldorado Gold Corp. | 201 | 3,610 | ||
Fibria Celulose SA* (a) | 1,898 | 28,090 | ||
Gerdau SA* (a) | 9,221 | 121,533 | ||
Goldcorp, Inc. | 551 | 24,161 | ||
IAMGOLD Corp. | 461 | 8,151 | ||
Kinross Gold Corp. | 1,237 | 21,140 | ||
Lihir Gold Ltd. (a) | 251 | 9,034 | ||
POSCO (a) | 2,022 | 190,715 | ||
Potash Corp. of Saskatchewan, Inc. | 469 | 40,447 | ||
Rio Tinto PLC (a) | 7,753 | 338,031 | ||
Sociedad Quimica y Minera de | ||||
Chile SA (a) | 397 | 12,946 | ||
Southern Copper Corp. | 1,349 | 35,802 | ||
Syngenta AG (a) | 1,992 | 91,333 | ||
Teck Resources Ltd., Class B | 2,039 | 60,314 | ||
Yamana Gold, Inc. | 1,100 | 11,330 | ||
Total Materials | 2,467,378 | |||
Media—0.7% | ||||
Grupo Televisa SA (a) | 1,924 | 33,497 | ||
Pearson PLC (a) | 5,555 | 73,048 | ||
Shaw Communications, Inc., Class B | 1,401 | 25,260 | ||
Thomson Reuters Corp. | 3,033 | 108,673 | ||
WPP PLC (a) | 2,298 | 107,569 | ||
Total Media | 348,047 | |||
Pharmaceuticals, Biotechnology & Life Sciences—3.2% | ||||
AstraZeneca PLC (a) | 5,818 | 274,202 | ||
Biovail Corp. | 380 | 7,311 | ||
Elan Corp., PLC* (a) | 1,529 | 6,880 | ||
GlaxoSmithKline PLC (a) | 11,506 | 391,319 | ||
Novartis AG (a) | 8,193 | 395,886 | ||
Novo Nordisk A/S (a) | 1,032 | 83,613 | ||
QIAGEN NV* | 440 | 8,457 | ||
Sanofi-Aventis SA (a) | 11,831 | 355,640 | ||
Shire PLC (a) | 457 | 28,051 | ||
Total Pharmaceuticals, Biotechnology | ||||
& Life Sciences | 1,551,359 | |||
Real Estate—0.2% | ||||
Brookfield Asset Management, Inc., | ||||
Class A | 4,560 | 103,147 | ||
Semiconductors & Semiconductor Equipment—0.5% | ||||
Advantest Corp. (a) | 197 | 4,155 | ||
ARM Holdings PLC (a) | 341 | 4,229 | ||
ASML Holding NV, Class G | 928 | 25,492 | ||
STMicroelectronics NV, Class Y | 9,633 | 76,197 | ||
Taiwan Semiconductor Manufacturing | ||||
Co. Ltd. (a) | 8,911 | 86,971 | ||
United Microelectronics Corp.* (a) | 9,367 | 27,258 | ||
Total Semiconductors & | ||||
Semiconductor Equipment | 224,302 | |||
Software & Services—0.3% | ||||
SAP AG (a) | 2,890 | 128,027 | ||
Technology Hardware & Equipment—4.8% | ||||
Alcatel-Lucent (a) | 67,828 | 172,283 | ||
AU Optronics Corp. (a) | 11,716 | 104,038 | ||
Canon, Inc. (a) | 7,959 | 296,950 | ||
Hitachi Ltd.* (a) | 22,106 | 802,448 | ||
Kyocera Corp. (a) | 1,061 | 85,623 | ||
Nokia OYJ (a) | 61,319 | 499,750 | ||
Research In Motion Ltd.* | 2,073 | 102,116 | ||
Telefonaktiebolaget Lm Ericsson (a) | 21,427 | 236,125 | ||
Total Technology Hardware & | ||||
Equipment | 2,299,333 | |||
Telecommunication Services—10.9% | ||||
America Movil SAB de CV, | ||||
Series R (a) | 5,293 | 251,417 | ||
BCE, Inc. | 4,776 | 139,794 | ||
BT Group PLC (a) | 14,800 | 284,308 | ||
China Mobile Ltd. (a) | 11,509 | 568,660 | ||
Chunghwa Telecom Co. Ltd. (a) | 2,447 | 48,181 | ||
France Telecom SA (a) | 33,191 | 574,536 | ||
Hellenic Telecommunications | ||||
Organization SA (a) | 17,403 | 65,087 | ||
Nippon Telegraph & Telephone | ||||
Corp. (a) | 43,238 | 879,461 | ||
NTT DoCoMo, Inc. (a) | 24,602 | 370,998 | ||
Portugal Telecom SGPS SA (a) | 8,112 | 80,471 | ||
Rogers Communications, Inc., | ||||
Class B | 2,755 | 90,254 | ||
Tele Norte Leste Participacoes SA (a) | 8,946 | 133,832 | ||
Telecom Corp. of New Zealand | ||||
Ltd. (a) | 4,398 | 28,323 | ||
Telecom Italia SpA (a) | 28,734 | 316,361 | ||
Telefonica SA (a) | 12,292 | 682,575 | ||
Telefonos de Mexico SAB de CV (a) | 5,387 | 76,011 | ||
TELUS Corp., Class A | 2,046 | 74,065 | ||
Vodafone Group PLC (a) | 26,565 | 549,099 | ||
Total Telecommunication Services | 5,213,433 | |||
Transportation—0.3% | ||||
Canadian National Railway Co. | 998 | 57,265 | ||
Canadian Pacific Railway Ltd. | 636 | 34,102 | ||
Lan Airlines SA (a) | 1,672 | 30,949 | ||
Ryanair Holdings PLC* (a) | 1,280 | 34,675 | ||
Total Transportation | 156,991 | |||
Utilities—2.4% | ||||
Centrais Eletricas Brasileiras SA (a) | 8,377 | 111,917 | ||
Cia Energetica de Minas Gerais (a) | 3,780 | 55,453 | ||
Empresa Nacional de Electricidad SA (a) | 769 | 35,512 | ||
Enersis SA (a) | 4,688 | 93,338 | ||
Korea Electric Power Corp.* (a) | 18,847 | 242,749 | ||
National Grid PLC (a) | 5,024 | 185,034 | ||
TransAlta Corp. | 1,117 | 20,664 | ||
Veolia Environnement (a) | 16,770 | 391,915 | ||
Total Utilities | 1,136,582 | |||
Total Common Stocks | ||||
(Cost $53,543,916) | 47,323,054 | |||
The accompanying notes are an integral part of these financial statements.
37
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES ADR FUND
JUNE 30, 2010
Investments | Shares | Value | |||
PREFERRED STOCKS—0.7% | |||||
Food, Beverage & Tobacco—0.2% | |||||
Cia de Bebidas das Americas (a) | 918 | $ | 92,727 | ||
Materials—0.4% | |||||
Vale SA, Class B (a) | 10,178 | 213,941 | |||
Utilities—0.1% | |||||
Cia Paranaense de Energia-Copel | |||||
Preference B (a) | 1,221 | 25,214 | |||
Total Preferred Stocks | |||||
(Cost $331,403) | 331,882 | ||||
Total Investments—100.0% | |||||
(Cost $53,875,319) | 47,654,936 | ||||
Liabilities in Excess of Other Assets—(0.0)%† | (14,002 | ) | |||
Net Assets—100.0% | $ | 47,640,934 | |||
Country | Value | % of Net Assets | ||||
Australia | $ | 441,621 | 0.9 | % | ||
Belgium | 544,133 | 1.1 | ||||
Brazil | 2,608,089 | 5.5 | ||||
Canada | 3,547,316 | 7.4 | ||||
Chile | 221,408 | 0.5 | ||||
China | 1,753,387 | 3.7 | ||||
Denmark | 83,613 | 0.2 | ||||
Finland | 499,750 | 1.0 | ||||
France | 2,920,310 | 6.1 | ||||
Germany | 1,596,212 | 3.4 | ||||
Greece | 148,769 | 0.3 | ||||
Hong Kong | 699,351 | 1.5 | ||||
Ireland | 273,674 | 0.6 | ||||
Italy | 1,375,246 | 2.9 | ||||
Japan | 7,210,719 | 15.1 | ||||
Luxembourg | 620,972 | 1.3 | ||||
Mexico | 602,938 | 1.3 | ||||
Netherlands | 7,324,991 | 15.4 | ||||
New Zealand | 28,323 | 0.1 | ||||
Norway | 664,486 | 1.4 | ||||
Papua New Guinea | 9,034 | — | † | |||
Peru | 25,678 | — | † | |||
Portugal | 80,471 | 0.2 | ||||
South Korea | 451,325 | 0.9 | ||||
Spain | 1,969,639 | 4.1 | ||||
Sweden | 236,125 | 0.5 | ||||
Switzerland | 1,579,476 | 3.3 | ||||
Taiwan | 266,448 | 0.6 | ||||
United Kingdom | 9,726,957 | 20.4 | ||||
United States | 144,475 | 0.3 | ||||
Total Investments | 47,654,936 | 100.0 | ||||
Liabilities in Excess of | ||||||
Other Assets | (14,002 | ) | — | † | ||
Net Assets | $ | 47,640,934 | 100.0 | % | ||
* | Non-income producing security |
(a) | American Depositary Receipt |
(b) | Units |
† | Less than 0.05% |
The accompanying notes are an integral part of these financial statements.
38
SCHEDULE OF INVESTMENTS
REVENUE SHARES NAVELLIER OVERALL A-100 FUND
JUNE 30, 2010
Investments | Shares | Value | ||
COMMON STOCKS—99.8% | ||||
Automobiles & Components—2.9% | ||||
TRW Automotive Holdings Corp.* | 10,973 | $ | 302,526 | |
Banks—1.7% | ||||
Banco Macro SA (a) | 2,192 | 64,554 | ||
Bofi Holding, Inc.* | 3,310 | 46,737 | ||
Corpbanca SA (a) | 1,340 | 64,642 | ||
Total Banks | 175,933 | |||
Beverages—3.7% | ||||
Coca-Cola Femsa SAB de CV (a) | 6,176 | 386,556 | ||
Capital Goods—4.6% | ||||
Miller Industries, Inc. | 3,219 | 43,360 | ||
Nidec Corp. (a) | 12,382 | 258,784 | ||
Oshkosh Corp.* | 4,128 | 128,628 | ||
Trimas Corp.* | 3,722 | 42,096 | ||
Total Capital Goods | 472,868 | |||
Commercial & Professional Services—0.4% | ||||
51job, Inc.* (a) | 1,840 | 38,290 | ||
Communications—3.9% | ||||
Liberty Media Corp.—Interactive* | 38,382 | 403,011 | ||
Consumer Durables & Apparel—12.7% | ||||
American Greetings Corp., Class A | 4,151 | 77,873 | ||
Deckers Outdoor Corp.* | 296 | 42,289 | ||
Hasbro, Inc. | 4,822 | 198,184 | ||
Lacrosse Footwear, Inc. | 565 | 9,515 | ||
Lululemon Athletica, Inc.* | 591 | 21,997 | ||
Polaris Industries, Inc. | 1,418 | 77,451 | ||
RG Barry Corp. | 4,574 | 50,451 | ||
Skechers U.S.A., Inc., Class A* | 2,145 | 78,335 | ||
Steven Madden Ltd.* | 1,636 | 51,567 | ||
Whirlpool Corp. | 8,140 | 714,855 | ||
Total Consumer Durables & Apparel | 1,322,517 | |||
Consumer Services—0.4% | ||||
Capella Education Co.* | 551 | 44,824 | ||
Diversified Financials—0.5% | ||||
Nicholas Financial, Inc.* | 5,979 | 48,849 | ||
TICC Capital Corp. | 436 | 3,662 | ||
Total Diversified Financials | 52,511 | |||
Energy—2.1% | ||||
Cimarex Energy Co. | 730 | 52,253 | ||
L&l Energy, Inc.* | 4,765 | 40,979 | ||
Pioneer Natural Resources Co. | 1,352 | 80,376 | ||
Teekay Offshore Partners LP | 1,970 | 43,242 | ||
Total Energy | 216,850 | |||
Entertainment—0.9% | ||||
Cinemark Holdings, Inc. | 7,358 | 96,758 | ||
Financials—1.6% | ||||
Arch Capital Group Ltd.* | 2,218 | 165,241 | ||
Food & Staples Retailing—0.4% | ||||
G Willi-Food International Ltd.* | 7,659 | 44,729 | ||
Food, Beverage & Tobacco—3.5% | ||||
Boston Beer Co., Inc., Class A* | 343 | 23,135 | ||
Del Monte Foods Co. | 11,503 | 165,528 | ||
Hormel Foods Corp. | 4,429 | 179,286 | ||
Total Food, Beverage & Tobacco | 367,949 | |||
Health Care Equipment & Services—11.8% | ||||
Edwards Lifesciences Corp.* | 1,484 | 83,134 | ||
Intuitive Surgical, Inc.* | 193 | 60,914 | ||
McKesson Corp. | 10,854 | 728,954 | ||
Shamir Optical Industry Ltd. | 3,817 | 30,498 | ||
SXC Health Solutions Corp.* | 1,147 | 84,018 | ||
Universal American Corp.* | 16,287 | 234,533 | ||
Total Health Care Equipment | ||||
& Services | 1,222,051 | |||
Home Furnishings—0.4% | ||||
Tempur-Pedic International, Inc.* | 1,395 | 42,896 | ||
Household & Personal Products—2.6% | ||||
Estee Lauder Cos., Inc., Class A | 3,200 | 178,336 | ||
Medifast, Inc.* | 1,046 | 27,102 | ||
Nu Skin Enterprises, Inc., Class A | 2,381 | 59,358 | ||
Total Household & Personal Products | 264,796 | |||
Industrial—0.2% | ||||
Coherent, Inc.* | 685 | 23,495 | ||
Insurance—0.9% | ||||
Erie Indemnity Co., Class A | 1,965 | 89,408 | ||
Materials—3.4% | ||||
Clearwater Paper Corp.* | 1,204 | 65,931 | ||
KapStone Paper And Packaging Corp.* | 4,760 | 53,027 | ||
Kronos Worldwide, Inc.* | 2,600 | 50,700 | ||
Lubrizol Corp. | 1,648 | 132,351 | ||
Omnova Solutions, Inc.* | 6,925 | 54,084 | ||
Total Materials | 356,093 | |||
Media—1.8% | ||||
Liberty Media Corp.—Capital, | ||||
Series A* | 1,601 | 67,098 | ||
Valassis Communications, Inc.* | 3,597 | 114,097 | ||
Total Media | 181,195 | |||
Pharmaceuticals, Biotechnology & Life Sciences—3.3% | ||||
China Biologic Products, Inc.* | 827 | 9,089 | ||
Hi-Tech Pharmacal Co., Inc.* | 1,152 | 26,392 | ||
Impax Laboratories, Inc.* | 2,869 | 54,683 | ||
Obagi Medical Products, Inc.* | 3,917 | 46,299 | ||
Perrigo Co. | 1,506 | 88,959 | ||
SeraCare Life Sciences, Inc.* | 12,914 | 49,332 | ||
Valeant Pharmaceuticals International* | 1,370 | 71,637 | ||
Total Pharmaceuticals, Biotechnology | ||||
& Life Sciences | 346,391 | |||
Real Estate—0.1% | ||||
American Capital Agency Corp. (b) | 428 | 11,308 | ||
The accompanying notes are an integral part of these financial statements.
39
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES NAVELLIER OVERALL A-100 FUND
JUNE 30, 2010
Investments | Shares | Value | ||
Retailing—7.3% | ||||
Dress Barn, Inc.* | 3,235 | $ | 77,026 | |
DSW, Inc., Class A* | 3,526 | 79,194 | ||
Ltd. Brands, Inc. | 19,282 | 425,554 | ||
Select Comfort Corp.* | 8,579 | 75,066 | ||
Ulta Salon Cosmetics & Fragrance, Inc.* 2,499 | 59,126 | |||
Winmark Corp. | 1,302 | 43,578 | ||
Total Retailing | 759,544 | |||
Semiconductors & Semiconductor Equipment—2.6% | ||||
Aixtron AG (a) | 1,058 | 25,212 | ||
ARM Holdings PLC (a) | 4,815 | 59,706 | ||
AXT, Inc.* | 1,184 | 5,340 | ||
Cirrus Logic, Inc.* | 753 | 11,905 | ||
Cree, Inc.* | 876 | 52,586 | ||
Integrated Silicon Solution, Inc.* | 5,309 | 40,030 | ||
Mellanox Technologies Ltd.* | 1,606 | 35,172 | ||
Volterra Semiconductor Corp.* | 1,906 | 43,952 | ||
Total Semiconductors & | ||||
Semiconductor Equipment | 273,903 | |||
Software & Services—7.8% | ||||
Baidu, Inc.*(a) | 1,202 | 81,832 | ||
Cognizant Technology Solutions | ||||
Corp., Class A* | 2,646 | 132,459 | ||
IGate Corp. | 916 | 11,743 | ||
Internet Initiative Japan, Inc. (a) | 5,072 | 36,873 | ||
Infosys Technologies Ltd. (a) | 2,995 | 179,430 | ||
Lml Payment Systems, Inc.* | 18,389 | 36,778 | ||
Magic Software Enterprises Ltd.* | 19,522 | 40,996 | ||
Patni Computer Systems Ltd. (a) | 2,759 | 62,988 | ||
WebMD Health Corp., Class A* | 1,111 | 51,584 | ||
Wipro Ltd. (a) | 14,210 | 170,520 | ||
Total Software & Services | 805,203 | |||
Technology Hardware & Equipment—16.2% | ||||
Acme Packet, Inc.* | 2,386 | 64,136 | ||
Apple, Inc.* | 2,859 | 719,124 | ||
Bell Microproducts, Inc.* | 20,586 | 143,690 | ||
DDI Corp. | 1,357 | 10,218 | ||
F5 Networks, Inc.* | 914 | 62,673 | ||
Lexmark International, Inc., Class A* | 5,607 | 185,199 | ||
Littelfuse, Inc.* | 1,465 | 46,309 | ||
Measurement Specialties, Inc.* | 3,676 | 50,361 | ||
NetApp, Inc.* | 3,895 | 145,323 | ||
Power-One, Inc.* | 3,579 | 24,158 | ||
SanDisk Corp.* | 4,176 | 175,685 | ||
Tessco Technologies, Inc. | 3,156 | 52,705 | ||
Total Technology Hardware | ||||
& Equipment | 1,679,581 | |||
Telecommunication Services—1.0% | ||||
Nortel Inversora SA* (a) | 5,638 | 107,291 | ||
Transportation—1.1% | ||||
Dollar Thrifty Automotive Group, Inc.* | 1,827 | 77,849 | ||
Park-Ohio Holdings Corp.* | 2,460 | 35,399 | ||
Total Transportation | 113,248 | |||
Total Investments—99.8% | ||||
(Cost $9,944,237) | 10,366,966 | |||
Other Assets in Excess of Liabilities—0.2% | 21,141 | |||
Net Assets—100.0% | $ | 10,388,107 | ||
* | Non-income producing security |
(a) | American Depositary Receipt |
(b) | Real Estate Investment Trust |
The accompanying notes are an integral part of these financial statements.
40
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2010
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | |||||||||||||
ASSETS: | ||||||||||||||||||
Investments at value | ||||||||||||||||||
(Note 2) | $ | 138,680,022 | $ | 100,018,138 | $ | 109,305,100 | $ | 24,584,543 | $ | 47,654,936 | $ | 10,366,966 | ||||||
Cash | — | 96,605 | 58,093 | 16,786 | 138,872 | 13,387 | ||||||||||||
Receivables: | ||||||||||||||||||
Expense reimbursement | ||||||||||||||||||
due from Advisor | — | — | — | 54 | 337 | 3,855 | ||||||||||||
Dividends | 162,133 | 81,128 | 72,409 | 16,003 | 192,629 | 19,888 | ||||||||||||
Capital shares sold | 1,958,226 | — | — | — | — | — | ||||||||||||
Securities sold | 152,646 | 2,869,615 | 3,171,517 | — | 3,022,132 | 4,687,074 | ||||||||||||
Prepaid expenses | 6,224 | 6,304 | 6,306 | 6,470 | 6,156 | 4,563 | ||||||||||||
Total Assets | 140,959,251 | 103,071,790 | 112,613,425 | 24,623,856 | 51,015,062 | 15,095,733 | ||||||||||||
LIABILITIES: | ||||||||||||||||||
Payables: | ||||||||||||||||||
Cash overdraft | 67,867 | — | — | — | — | — | ||||||||||||
Investment securities | ||||||||||||||||||
purchased | 1,971,564 | 2,640,871 | 3,126,801 | — | 3,287,623 | 4,662,034 | ||||||||||||
Advisory fees (Note 3) | 14,087 | 13,409 | 16,628 | — | — | — | ||||||||||||
Principal Financial | ||||||||||||||||||
and Compliance | ||||||||||||||||||
Officer fees | 8,087 | 6,258 | 5,971 | 3,052 | 4,447 | 3,297 | ||||||||||||
Trustee fees | 3,635 | 2,990 | 2,973 | 408 | 1,467 | 360 | ||||||||||||
Other accrued expenses | 173,325 | 138,336 | 142,082 | 48,869 | 80,591 | 41,935 | ||||||||||||
Total Liabilities | 2,238,565 | 2,801,864 | 3,294,455 | 52,329 | 3,374,128 | 4,707,626 | ||||||||||||
NET ASSETS | $ | 138,720,686 | $ | 100,269,926 | $ | 109,318,970 | $ | 24,571,527 | $ | 47,640,934 | $ | 10,388,107 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||
Paid-in capital | $ | 149,855,116 | $ | 102,480,554 | $ | 111,290,389 | $ | 26,126,335 | $ | 54,367,843 | $ | 11,005,728 | ||||||
Undistributed net | ||||||||||||||||||
investment income | ||||||||||||||||||
(loss) | 499,583 | 150,303 | 86,573 | 15,591 | 564,550 | 11,039 | ||||||||||||
Accumulated net | ||||||||||||||||||
realized gain (loss) on | ||||||||||||||||||
investments | (4,033,550 | ) | (1,426,145 | ) | (2,111,418 | ) | (143,547 | ) | (1,071,076 | ) | (1,051,389 | ) | ||||||
Net unrealized appreciation | ||||||||||||||||||
(depreciation) on | ||||||||||||||||||
investments | (7,600,463 | ) | (934,786 | ) | 53,426 | (1,426,852 | ) | (6,220,383 | ) | 422,729 | ||||||||
NET ASSETS | $ | 138,720,686 | $ | 100,269,926 | $ | 109,318,970 | $ | 24,571,527 | $ | 47,640,934 | $ | 10,388,107 | ||||||
Shares outstanding | ||||||||||||||||||
(unlimited number of | ||||||||||||||||||
shares of beneficial | ||||||||||||||||||
interest authorized, | ||||||||||||||||||
without par value) | 7,151,400 | 4,351,400 | 4,301,400 | 900,000 | 1,550,000 | 350,000 | ||||||||||||
Net asset value, per share | $ | 19.40 | $ | 23.04 | $ | 25.41 | $ | 27.30 | $ | 30.74 | $ | 29.68 | ||||||
Investments at cost | $ | 146,280,485 | $ | 100,952,924 | $ | 109,251,674 | $ | 26,011,395 | $ | 53,875,319 | $ | 9,944,237 | ||||||
The accompanying notes are an integral part of these financial statements.
41
STATEMENTS OF OPERATIONS
YEAR ENDED JUNE 30, 2010
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||
Dividend income | $ | 1,990,666 | $ | 982,331 | $ | 634,769 | $ | 139,703 | $ | 1,276,084 | $ | 103,831 | ||||||
Foreign withholding tax | — | — | — | — | (106,904 | ) | (2,520 | ) | ||||||||||
Total Income | 1,990,666 | 982,331 | 634,769 | 139,703 | 1,169,180 | 101,311 | ||||||||||||
EXPENSES: | ||||||||||||||||||
Advisory fees (Note 3) | 463,562 | 393,999 | 403,030 | 63,007 | 197,368 | 66,208 | ||||||||||||
BNY Fund Services fees | 218,749 | 174,099 | 184,240 | 30,330 | 78,447 | 28,131 | ||||||||||||
Professional fees | 68,634 | 43,398 | 42,187 | 26,690 | 30,394 | 26,312 | ||||||||||||
Compliance fees | 29,647 | 24,641 | 24,616 | 10,419 | 13,745 | 10,140 | ||||||||||||
Principal Financial Officer fees | 26,315 | 21,868 | 21,847 | 9,242 | 12,194 | 8,996 | ||||||||||||
Printing and Postage | 31,528 | 18,388 | 17,891 | 3,699 | 6,549 | 3,588 | ||||||||||||
Trustees fees | 9,238 | 7,520 | 7,646 | 1,313 | 2,922 | 1,193 | ||||||||||||
Registration fees | 5,835 | 5,313 | 6,094 | 1,352 | 2,910 | 152 | ||||||||||||
Other expense | 18,228 | 13,105 | 13,185 | 10,011 | 10,705 | 10,114 | ||||||||||||
Total Expenses | 871,736 | 702,331 | 720,736 | 156,063 | 355,234 | 154,834 | ||||||||||||
Less expense waivers and | ||||||||||||||||||
reimbursements (Note 3) | (366,969 | ) | (276,812 | ) | (285,464 | ) | (87,455 | ) | (194,050 | ) | (88,626 | ) | ||||||
Net Expenses | 504,767 | 425,519 | 435,272 | 68,608 | 161,184 | 66,208 | ||||||||||||
Net Investment Income | 1,485,899 | 556,812 | 199,497 | 71,095 | 1,007,996 | 35,103 | ||||||||||||
NET REALIZED AND UNREALIZED | ||||||||||||||||||
GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||
Net realized gain (loss) on | ||||||||||||||||||
investments | (1,497,987 | ) | (339,090 | ) | (1,189,643 | ) | (80,423 | ) | (913,490 | ) | (779,716 | ) | ||||||
Net realized gain (loss) on | ||||||||||||||||||
in-kind redemptions | 7,990,317 | 7,286,156 | 8,098,501 | 1,223,120 | 1,531,726 | 1,653,539 | ||||||||||||
Total net realized gain | 6,492,330 | 6,947,066 | 6,908,858 | 1,142,697 | 618,236 | 873,823 | ||||||||||||
Net change in unrealized | ||||||||||||||||||
appreciation on | ||||||||||||||||||
investments | (2,698,739 | ) | (2,022,385 | ) | (2,202,031 | ) | (1,905,053 | ) | (6,725,823 | ) | 56,346 | |||||||
Net realized and unrealized | ||||||||||||||||||
gain on investments | 3,793,591 | 4,924,681 | 4,706,827 | (762,356 | ) | (6,107,587 | ) | 930,169 | ||||||||||
Net Increase (Decrease) in | ||||||||||||||||||
Net Assets Resulting From | ||||||||||||||||||
Operations | $ | 5,279,490 | $ | 5,481,493 | $ | 4,906,324 | $ | (691,261 | ) | $ | (5,099,591 | ) | $ | 965,272 | ||||
The accompanying notes are an integral part of these financial statements.
42
STATEMENTS OF CHANGES IN NET ASSETS
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | |||||||||||||||||
Year Ended June 30, 2010 | Year Ended June 30, 2009 | Year Ended June 30, 2010 | Year Ended June 30, 2009 | Year Ended June 30, 2010 | Year Ended June 30, 2009 | ||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income | $ | 1,485,899 | $ | 687,977 | $ | 556,812 | $ | 123,809 | $ | 199,497 | $ | 62,755 | |||||||
Net realized gain (loss) on | |||||||||||||||||||
investments | 6,492,330 | (5,274,869 | ) | 6,947,066 | (1,203,160 | ) | 6,908,858 | (1,102,600 | ) | ||||||||||
Net change in unrealized | |||||||||||||||||||
appreciation (depreciation) | |||||||||||||||||||
on investments | (2,698,739 | ) | (2,144,931 | ) | (2,022,385 | ) | 1,320,689 | (2,202,031 | ) | 2,604,691 | |||||||||
Net increase (decrease) in | |||||||||||||||||||
net assets resulting from | |||||||||||||||||||
operations | 5,279,490 | (6,731,823 | ) | 5,481,493 | 241,338 | 4,906,324 | 1,564,846 | ||||||||||||
DISTRIBUTIONS TO | |||||||||||||||||||
SHAREHOLDERS FROM: | |||||||||||||||||||
Net investment income | (1,170,367 | ) | (510,754 | ) | (447,496 | ) | (85,012 | ) | (135,857 | ) | (47,294 | ) | |||||||
Realized gains | — | — | — | — | — | — | |||||||||||||
Total distributions to | |||||||||||||||||||
shareholders | (1,170,367 | ) | (510,754 | ) | (447,496 | ) | (85,012 | ) | (135,857 | ) | (47,294 | ) | |||||||
SHAREHOLDER TRANSACTIONS: | |||||||||||||||||||
Proceeds from shares sold | 105,841,236 | 52,727,371 | 84,452,205 | 27,160,779 | 93,864,879 | 25,879,509 | |||||||||||||
Cost of shares redeemed | (24,462,877 | ) | (24,299,946 | ) | (19,382,638 | ) | (2,019,587 | ) | (21,415,558 | ) | — | ||||||||
Net increase in net assets | |||||||||||||||||||
resulting from shareholder | |||||||||||||||||||
transactions | 81,378,359 | 28,427,425 | 65,069,567 | 25,141,192 | 72,449,321 | 25,879,509 | |||||||||||||
Increase in net assets | 85,487,482 | 21,184,848 | 70,103,564 | 25,297,518 | 77,219,788 | 27,397,061 | |||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 53,233,204 | 32,048,356 | 30,166,362 | 4,868,844 | 32,099,182 | 4,702,121 | |||||||||||||
End of period | $ | 138,720,686 | $ | 53,233,204 | $ | 100,269,926 | $ | 30,166,362 | $ | 109,318,970 | $ | 32,099,182 | |||||||
Undistributed net investment | |||||||||||||||||||
income (loss) included in | |||||||||||||||||||
net assets at end of period | $ | 499,583 | $ | 185,246 | $ | 150,303 | $ | 40,987 | $ | 86,573 | $ | 22,934 | |||||||
CHANGES IN SHARES | |||||||||||||||||||
OUTSTANDING: | |||||||||||||||||||
Shares outstanding, beginning | |||||||||||||||||||
of period | 3,201,400 | 1,401,400 | 1 | 1,601,400 | 201,400 | 1 | 1,601,400 | 201,400 | 1 | ||||||||||
Shares sold | 5,150,000 | 3,100,000 | 1 | 3,550,000 | 1,500,000 | 1 | 3,550,000 | 1,400,000 | 1 | ||||||||||
Shares redeemed | (1,200,000 | ) | (1,300,000 | )1 | (800,000 | ) | (100,000 | )1 | (850,000 | ) | — | 1 | |||||||
Shares outstanding, end | |||||||||||||||||||
of period | 7,151,400 | 3,201,4001 | 4,351,400 | 1,601,4001 | 4,301,400 | 1,601,4001 | |||||||||||||
The accompanying notes are an integral part of these financial statements.
43
STATEMENTS OF CHANGES IN NET ASSETS — concluded
RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | ||||||||||||||||
Year Ended June 30, 2010 | For the Period November 10, 2008* Through June 30, 2009 | Year Ended June 30, 2010 | For the Period November 18, 2008* Through June 30, 2009 | Year Ended June 30, 2010 | For the Period January 21, 2009* Through June 30, 2009 | |||||||||||||
OPERATIONS: | ||||||||||||||||||
Net investment income | $ | 71,095 | $ | 28,942 | $ | 1,007,996 | $ | 75,491 | $ | 35,103 | $ | 10,646 | ||||||
Net realized gain (loss) on | ||||||||||||||||||
investments | 1,142,697 | (64,950 | ) | 618,236 | (32,367 | ) | 873,823 | (85,310 | ) | |||||||||
Net change in unrealized | ||||||||||||||||||
appreciation (depreciation) | ||||||||||||||||||
on investments | (1,905,053 | ) | 478,201 | (6,725,823 | ) | 505,440 | 56,346 | 366,383 | ||||||||||
Net increase (decrease) in | ||||||||||||||||||
net assets resulting from | ||||||||||||||||||
operations | (691,261 | ) | 442,193 | (5,099,591 | ) | 548,564 | 965,272 | 291,719 | ||||||||||
DISTRIBUTIONS TO | ||||||||||||||||||
SHAREHOLDERS FROM: | ||||||||||||||||||
Net investment income | (63,988 | ) | (20,458 | ) | (507,284 | ) | (16,525 | ) | (25,431 | ) | (9,325 | ) | ||||||
Realized gains | — | — | (150,700 | ) | — | (192,120 | ) | — | ||||||||||
Total distributions to | ||||||||||||||||||
shareholders | (63,988 | ) | (20,458 | ) | (657,984 | ) | (16,525 | ) | (217,551 | ) | (9,325 | ) | ||||||
SHAREHOLDER TRANSACTIONS: | ||||||||||||||||||
Proceeds from shares sold | 22,490,648 | 5,168,638 | 54,509,225 | 6,989,896 | 17,164,040 | 5,221,250 | ||||||||||||
Cost of shares redeemed | (2,754,245 | ) | — | (8,632,651 | ) | — | (13,027,298 | ) | — | |||||||||
Net increase in net assets | ||||||||||||||||||
resulting from shareholder | ||||||||||||||||||
transactions | 19,736,403 | 5,168,638 | 45,876,574 | 6,989,896 | 4,136,742 | 5,221,250 | ||||||||||||
Increase in net assets | 18,981,154 | 5,590,373 | 40,118,999 | 7,521,935 | 4,884,463 | 5,503,644 | ||||||||||||
NET ASSETS: | ||||||||||||||||||
Beginning of period | 5,590,373 | — | 7,521,935 | — | 5,503,644 | — | ||||||||||||
End of period | $ | 24,571,527 | $ | 5,590,373 | $ | 47,640,934 | $ | 7,521,935 | $ | 10,388,107 | $ | 5,503,644 | ||||||
Undistributed net investment | ||||||||||||||||||
income (loss) included in | ||||||||||||||||||
net assets at end of period | $ | 15,591 | $ | 8,484 | $ | 564,550 | $ | 61,115 | $ | 11,039 | $ | 1,321 | ||||||
CHANGES IN SHARES | ||||||||||||||||||
OUTSTANDING: | ||||||||||||||||||
Shares outstanding, beginning | ||||||||||||||||||
of period | 250,000 | — | 250,000 | — | 200,000 | — | ||||||||||||
Shares sold | 750,000 | 250,000 | 1,550,000 | 250,000 | 550,000 | 200,000 | ||||||||||||
Shares redeemed | (100,000 | ) | — | (250,000 | ) | — | (400,000 | ) | — | |||||||||
Shares outstanding, end | ||||||||||||||||||
of period | 900,000 | 250,000 | 1,550,000 | 250,000 | 350,000 | 200,000 | ||||||||||||
* Commencement of operations. |
The accompanying notes are an integral part of these financial statements.
44
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | |||||||||||||||||
Year Ended June 30, 2010 | Year Ended June 30, 20092 | For the Period February 22, 20081 Through June 30, 20082 | Year Ended June 30, 2010 | Year Ended June 30, 20092 | For the Period February 22, 20081 Through June 30, 20082 | |||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 16.63 | $ | 22.87 | $ | 25.00 | $ | 18.84 | $ | 24.17 | $ | 25.00 | ||||||
Net investment income3 | 0.29 | 0.33 | 0.15 | 0.17 | 0.18 | 0.08 | ||||||||||||
Net realized and unrealized gain (loss) | ||||||||||||||||||
on investments | 2.74 | (6.34 | ) | (2.23 | ) | 4.18 | (5.36 | ) | (0.84 | ) | ||||||||
Total gain (loss) from investment | ||||||||||||||||||
operations | 3.03 | (6.01 | ) | (2.08 | ) | 4.35 | (5.18 | ) | (0.76 | ) | ||||||||
Less Distributions from: | ||||||||||||||||||
Net investment income | (0.26 | ) | (0.23 | ) | (0.05 | ) | (0.15 | ) | (0.15 | ) | (0.07 | ) | ||||||
Realized gains | — | — | — | — | — | — | ||||||||||||
Total distributions | (0.26 | ) | (0.23 | ) | (0.05 | ) | (0.15 | ) | (0.15 | ) | (0.07 | ) | ||||||
Net asset value, end of period | $ | 19.40 | $ | 16.63 | $ | 22.87 | $ | 23.04 | $ | 18.84 | $ | 24.17 | ||||||
Total Return at Net Asset Value4 | 18.21 | % | (26.27 | )% | (8.31 | )% | 23.07 | % | (21.39 | )% | (3.02 | )% | ||||||
Total Return at Market Value4 | 17.99 | % | (26.52 | )% | (8.19 | )% | 22.86 | % | (21.71 | )% | (2.44 | )% | ||||||
Ratios/Supplemental Data: | ||||||||||||||||||
Net assets, end of period | ||||||||||||||||||
(000’s omitted) | $ | 138,721 | $ | 53,233 | $ | 32,048 | $ | 100,270 | $ | 30,166 | $ | 4,869 | ||||||
Ratio to average net assets of: | ||||||||||||||||||
Expenses, net of expense waivers | ||||||||||||||||||
and reimbursements | 0.49 | % | 0.49 | % | 0.49 | %5 | 0.54 | % | 0.54 | % | 0.54 | %5 | ||||||
Expenses, prior to expense waivers | ||||||||||||||||||
and reimbursements | 0.85 | % | 1.89 | % | 2.32 | %5 | 0.89 | % | 2.02 | % | 4.93 | %5 | ||||||
Net investment income, net of | ||||||||||||||||||
waivers and reimbursements | 1.44 | % | 2.05 | % | 1.87 | %5 | 0.71 | % | 1.12 | % | 0.89 | %5 | ||||||
Portfolio turnover rate6 | 6.72 | % | 23.67 | % | 0.88 | % | 14.51 | % | 35.25 | % | 1.07 | % | ||||||
1 | Commencement of operations. |
2 | On November 6, 2008, there was a 2 for 1 stock split. Historical per share amounts have been adjusted to reflect the 2 for 1 split on a retroactive basis. |
3 | Based on average daily shares outstanding. |
4 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
5 | Annualized for periods less than one year. |
6 | Portfolio turnover rate is not annualized for periods less than one year and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
45
FINANCIAL HIGHLIGHTS — continued
RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | ||||||||||||||
Year Ended June 30, 2010 | Year Ended June 30, 20092 | For the Period February 22, 20081 Through June 30, 20082 | Year Ended June 30, 2010 | For the Period November 10, 20081 Through June 30, 2009 | |||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value, beginning of period | $ | 20.04 | $ | 23.35 | $ | 25.00 | $ | 22.36 | $ | 25.00 | |||||
Net investment income3 | 0.07 | 0.11 | 0.08 | 0.15 | 0.19 | ||||||||||
Net realized and unrealized gain (loss) | |||||||||||||||
on investments | 5.35 | (3.32 | ) | (1.67 | ) | 4.96 | (2.69 | ) | |||||||
Total gain (loss) from investment operations | 5.42 | (3.21 | ) | (1.59 | ) | 5.11 | (2.50 | ) | |||||||
Less Distributions from: | |||||||||||||||
Net investment income | (0.05 | ) | (0.10 | ) | (0.06 | ) | (0.17 | ) | (0.14 | ) | |||||
Realized gains | — | — | — | — | — | ||||||||||
Total distributions | (0.05 | ) | (0.10 | ) | (0.06 | ) | (0.17 | ) | (0.14 | ) | |||||
Net asset value, end of period | $ | 25.41 | $ | 20.04 | $ | 23.35 | $ | 27.30 | $ | 22.36 | |||||
Total Return at Net Asset Value4 | 27.07 | % | (13.67 | )% | (6.36 | )% | 22.87 | % | (9.87 | )% | |||||
Total Return at Market Value4 | 26.88 | % | (13.67 | )% | (6.10 | )% | 23.00 | % | (10.03 | )% | |||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets, end of period (000’s omitted) | $ | 109,319 | $ | 32,099 | $ | 4,702 | $ | 24,572 | $ | 5,590 | |||||
Ratio to average net assets of: | |||||||||||||||
Expenses, net of expense waivers | |||||||||||||||
and reimbursements | 0.54 | % | 0.54 | % | 0.54 | %5 | 0.49 | % | 0.49 | %5 | |||||
Expenses, prior to expense waivers | |||||||||||||||
and reimbursements | 0.89 | % | 2.20 | % | 5.03 | %5 | 1.11 | % | 3.14 | %5 | |||||
Net investment income, net of waivers | |||||||||||||||
and reimbursements | 0.25 | % | 0.62 | % | 0.85 | %5 | 0.51 | % | 1.60 | %5 | |||||
Portfolio turnover rate6 | 16.33 | % | 32.38 | % | 6.44 | % | 1.76 | % | 19.26 | % | |||||
1 | Commencement of operations. |
2 | On November 6, 2008, there was a 2 for 1 stock split. Historical per share amounts have been adjusted to reflect the 2 for 1 split on a retroactive basis. |
3 | Based on average daily shares outstanding. |
4 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
5 | Annualized for periods less than one year. |
6 | Portfolio turnover rate is not annualized for periods less than one year and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
46
FINANCIAL HIGHLIGHTS — concluded
RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | |||||||||||
Year Ended June 30, 2010 | For the Period November 18, 20081 Through June 30, 2009 | Year Ended June 30, 2010 | For the Period January 21, 20091 Through June 30, 2009 | |||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value, beginning of period | $ | 30.09 | $ | 25.00 | $ | 27.52 | $ | 25.00 | ||||
Net investment income2 | 1.07 | 0.58 | 0.10 | 0.09 | ||||||||
Net realized and unrealized gain (loss) on investments | 0.40 | 4.68 | 2.61 | 2.52 | ||||||||
Total gain (loss) from investment operations | 1.47 | 5.26 | 2.71 | 2.61 | ||||||||
Less Distributions from: | ||||||||||||
Net investment income | (0.68 | ) | (0.17 | ) | (0.07 | ) | (0.09 | ) | ||||
Realized gains | (0.14 | ) | — | (0.48 | ) | — | ||||||
Total distributions | (0.82 | ) | (0.17 | ) | (0.55 | ) | (0.09 | ) | ||||
Net asset value, end of period | $ | 30.74 | $ | 30.09 | $ | 29.68 | $ | 27.52 | ||||
Total Return at Net Asset Value3 | 4.64 | % | 21.15 | % | 9.70 | % | 10.48 | % | ||||
Total Return at Market Value3 | 4.55 | % | 21.18 | % | 9.81 | % | 10.69 | % | ||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 47,641 | $ | 7,522 | $ | 10,388 | $ | 5,504 | ||||
Ratio to average net assets of: | ||||||||||||
Expenses, net of expense waivers and | ||||||||||||
reimbursements | 0.49 | % | 0.49 | %4 | 0.60 | % | 0.60 | %4 | ||||
Expenses, prior to expense waivers and | ||||||||||||
reimbursements | 1.08 | % | 3.52 | %4 | 1.40 | % | 3.72 | %4 | ||||
Net investment income, net of waivers and | ||||||||||||
reimbursements | 3.06 | % | 3.79 | %4 | 0.32 | % | 0.81 | %4 | ||||
Portfolio turnover rate5 | 45.80 | % | 82.02 | % | 182.12 | % | 32.48 | % | ||||
1 | Commencement of operations. |
2 | Based on average daily shares outstanding. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
4 | Annualized for periods less than one year. |
5 | Portfolio turnover rate is not annualized for periods less than one year and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
47
1. ORGANIZ ATION
The RevenueShares ETF Trust (the “Trust”) was organized as a Delaware statutory trust on December 15, 2006 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), which is currently comprised of six active funds (collectively, the “Funds” and each individually a “Fund”). The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund are diversified funds under the Act, the RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund are not diversified. Operations commenced on February 22, 2008 for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, November 10, 2008 for the RevenueShares Financials Sector Fund, November 18, 2008 for the RevenueShares ADR Fund and January 21, 2009 for the RevenueShares Navellier Overall A-100 Fund.
The objective of the Funds (RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund) is to outperform the total return performance of the Fund’s corresponding benchmark (Standard & Poor’s (“S&P”) 500 Index, S&P MidCap 400 Index, S&P SmallCap 600 Index, S&P 500 Financials Index, S&P ADR Index, and the Navellier Overall A-100 Index, respectively).
2. SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. In June 2009, the Financial Accounting Standards Board (“FASB”) announced that effective for financial statements issued for interim and annual periods ending after September 15, 2009, FASB Accounting Standards CodificationTM (“Codification”) will become the source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the Securities and Exchange Commission. All guidance contained in the Codification carries an equal level of authority. The Codification supersedes all previous non-SEC accounting and reporting standards. All other non-grandfathered non-SEC accounting literature not included in the Codification is now non-authoritative. The following summarizes the significant accounting policies of the Funds:
Investment Valuation — Security holdings traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ Official Closing Price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith and in accordance with procedures adopted by the Trust’s Board of Trustees (the “Board”).
The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon Corp. calculates each Fund’s NAV at the close of the regular trading session on the NYSE, ordinarily 4:00 p.m., Eastern Time on each day that such exchange is open.
Investment Transactions — Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method.
Distribution to Shareholders — Each Fund shareholder is entitled to their share of a Fund’s income and net realized gains on investments. Each Fund pays out substantially all of its net earnings to its shareholders as “distributions.” Income dividends, if any, are generally distributed to shareholders quarterly. Net capital gains are distributed at least annually.
Investment Income — Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities.
Expenses — Expenses of the Trust which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
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NOTES TO FINANCIAL STATEMENTS — continued
3. ADVISORY FEES, SERVICING FEES AND OTHER FEES AND EXPENSES
VTL Associates, LLC (the “Adviser”) has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Board. For the services it provides to the Funds, the Adviser receives an advisory fee.
The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund pay the Adviser an annualized fee of 0.45%, 0.50%, 0.50%, 0.45%, 0.60% and 0.60% respectively, based upon each Fund’s daily net assets.
The Trust and the Adviser have entered into a written fee waiver and expense reimbursement agreement pursuant to which the Adviser has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the net annual fund operating expenses for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund from exceeding 0.49%, 0.54%, 0.54%, 0.49%, 0.49% and 0.60%, respectively, based upon each Fund’s daily net assets. Amounts waived and/or reimbursed pursuant to this agreement are not subject to subsequent recapture by the Adviser. This agreement will remain in effect and will be contractually binding until October 31, 2011, after which it may be terminated or revised.
For the period ended June 30, 2010, the Adviser waived and reimbursed the following fees:
Fund | Fees Waived and Reimbursed | ||
RevenueShares Large Cap Fund | $364,137 | ||
RevenueShares Mid Cap Fund | 274,793 | ||
RevenueShares Small Cap Fund | 283,308 | ||
RevenueShares Financials Sector Fund | 87,082 | ||
RevenueShares ADR Fund | 193,442 | ||
RevenueShares Navellier Overall A-100 Fund | 88,272 | ||
Effective February 12, 2010, Index Management Solutions, LLC (the “Sub-Adviser”), an affiliate of the adviser, replaced Mellon Capital Management Corp. as the Funds’ sub-adviser. Pursuant to a Sub-Advisory Agreement between the Adviser and the Sub-Adviser, the Sub-Adviser will be responsible for the day-to-day management of the Funds, subject to the supervision of the Adviser and the Board. In this regard, the Sub-Adviser will be responsible for implementing the investment strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Adviser and Sub-Adviser from time to time. Out of the advisory fee, the Adviser pays all fees and expenses of the Sub-Adviser.
The Bank of New York Mellon Corp. serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Distribution — Foreside Fund Services, LLC serves as the Funds’ distributor (the “Distributor”). The Trust has adopted a distribution and services plan (“12b-1”) pursuant to rule 12b-1 under the 1940 Act. Each Fund is authorized to pay an amount up to a maximum annual rate of 0.25% of the average daily net assets for distribution related activities. No 12b-1 fees are currently paid by the Funds, and there are currently no plans to impose these fees.
Other Service Providers
Foreside Compliance Services, LLC (“FCS”), an affiliate of the Distributor, provides an Anti-Money Laundering Officer and Chief Compliance Officer as well as certain additional compliance support functions to the Funds. Foreside Management Services, LLC (“FMS”), an affiliate of the Distributor, provides a Principal Financial Officer to the Funds.
Neither the Distributor, FCS, FMS nor any of their officers or employees who serve as an officer of the Funds, has any role in determining the investment policies or which securities are to be purchased or sold by the Trust or its Funds. Certain officers or employees of FCS and FMS are also officers of the Trust. FCS and FMS have agreed to waive 10% of their fees when aggregate net assets of the Trust are under $300,000,000 or until December 31, 2010.
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NOTES TO FINANCIAL STATEMENTS — continued
For the period ended June 30, 2010, FCS and FMS waived the following fees:
Fund | Fees Waived by FCS | Fees Waived by FMS | |||
RevenueShares Large Cap Fund | $1,488 | $1,344 | |||
RevenueShares Mid Cap Fund | 1,061 | 958 | |||
RevenueShares Small Cap Fund | 1,133 | 1,023 | |||
RevenueShares Financials Sector Fund | 196 | 177 | |||
RevenueShares ADR Fund | 320 | 288 | |||
RevenueShares Navellier Overall A-100 Fund | 186 | 168 | |||
Licensing Fee Agreements — The Adviser has entered into a licensing agreement for each Fund with RevenueShares Investor Services. The trademarks are owned by the Licensor. These trademarks have been licensed to the Adviser for use with the Funds. The Funds are not sponsored, endorsed, sold or promoted by the Licensor and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
4. CREATION AND REDEMPTION TRANSACTIONS
As of June 30, 2010, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Retail investors may only purchase and sell Fund shares at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund’s shares may be at, above or below its NAV depending on the premium or discount at which the Fund’s shares trade.
Each Fund issues and redeems shares at NAV, only in large blocks typically consisting of 50,000 shares or more (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of equity securities constituting a portfolio sampling representation of the securities included in the relevant Fund’s underlying index and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
The Board authorized a two-for-one stock split for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, effective November 6, 2008, for the shareholders of record on November 3, 2008. The impact of the stock split was to increase the number of shares outstanding by a factor of two, while decreasing the net asset value per share by a factor of two, resulting in no effect to total net assets of the Funds. The financial statements for the Funds have been adjusted to reflect the stock split.
5. FAIR VALUE MEASUREMENT
The authoritative guidance for fair value measurements and disclosures, Codification Topic 820 (formerly FAS 157) establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized various inputs in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels as follows:
Level 1 — quoted prices in active markets for identical securities
Level 2 — other significant observable inputs (including quoted prices for similar securities, the intrinsic value of securities such as rights, warrants or options, etc.)
Level 3 — significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments)
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NOTES TO FINANCIAL STATEMENTS — continued
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of June 30, 2010 in valuing the Funds’ assets carried at fair value:
Quoted Prices in Active Markets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||
Fund | Common Stock | Preferred Stock | ||||||||
RevenueShares Large Cap Fund | $138,680,022 | $ — | $ — | $ — | $138,680,022 | |||||
RevenueShares Mid Cap Fund | 100,018,138 | — | — | — | 100,018,138 | |||||
RevenueShares Small Cap Fund | 109,302,742 | — | 2,358 | — | 109,305,100 | |||||
RevenueShares Financials | ||||||||||
Sector Fund | 24,584,543 | — | — | — | 24,584,543 | |||||
RevenueShares ADR Fund | 47,323,054 | 331,882 | — | — | 47,654,936 | |||||
RevenueShares Navellier | ||||||||||
Overall A-100 Fund | 10,366,966 | — | — | — | 10,366,966 | |||||
For the year ended June 30, 2010, the Funds did not hold any Level 3 securities. Please refer to the Schedule of Investments to view equity securities segregated by industry type.
In January, 2010, FASB issued Accounting Standards Update No. 2010-06, “Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”). ASU 2010-06 requires new disclosure regarding transfers into and out of Levels 1 and 2 effective for interim and annual periods beginning after December 15, 2009. The Funds disclose significant transfers between levels based on valuations at the end of the reporting period. For the period ended June 30, 2010, there were no material transfers between Levels 1 and 2. ASU 2010-06 will also require additional details regarding Level 3 transaction activity effective for interim and annual periods beginning after December 15, 2010. Management is currently evaluating the effect that this additional requirement will have on the Funds’ financial statements.
6. INVESTMENT TRANSACTIONS
The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the period ended June 30, 2010 were as follows:
Fund | Purchases | Sales | |||
RevenueShares Large Cap Fund | $18,491,059 | $6,805,453 | |||
RevenueShares Mid Cap Fund | 23,691,288 | 11,180,085 | |||
RevenueShares Small Cap Fund | 25,673,365 | 12,898,718 | |||
RevenueShares Financials Sector Fund | 2,950,929 | 248,451 | |||
RevenueShares ADR Fund | 18,648,475 | 14,868,705 | |||
RevenueShares Navellier Overall A-100 Fund | 28,197,739 | 19,652,109 | |||
For the period ended June 30, 2010, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:
Fund | Purchases | Sales | |||
RevenueShares Large Cap Fund | $94,411,285 | $24,232,857 | |||
RevenueShares Mid Cap Fund | 70,944,306 | 18,444,803 | |||
RevenueShares Small Cap Fund | 79,966,592 | 20,265,909 | |||
RevenueShares Financials Sector Fund | 19,734,390 | 2,690,714 | |||
RevenueShares ADR Fund | 50,618,317 | 8,092,244 | |||
RevenueShares Navellier Overall A-100 Fund | 7,319,012 | 11,920,442 | |||
Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.
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NOTES TO FINANCIAL STATEMENTS — continued
7. TRUSTEE’S FEES
The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. The interested Trustee does not receive any Trustees’ fees.
8. FEDERAL INCOME TAX
The Funds intend to continue to qualify as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986 as amended (the “Internal Revenue Code”). If so qualified, the Funds will not be subject to Federal income tax to the extent they distribute substantially all of their net investment income and capital gains to shareholders.
At June 30, 2010, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were as follows:
Fund | Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
RevenueShares Large Cap Fund | $147,992,028 | $3,600,486 | $(12,912,492 | ) | $(9,312,006 | ) | ||
RevenueShares Mid Cap Fund | 101,415,253 | 5,286,640 | (6,683,755 | ) | (1,397,115 | ) | ||
RevenueShares SmallCap Fund | 109,582,134 | 7,657,086 | (7,934,120 | ) | (277,034 | ) | ||
RevenueShares Financials Sector Fund | 26,024,495 | 398,292 | (1,838,244 | ) | (1,439,952 | ) | ||
RevenueShares ADR Fund | 54,851,279 | 496,859 | (7,693,202 | ) | (7,196,343 | ) | ||
RevenueShares Navellier Overall A-100 Fund | 9,946,984 | 632,653 | (212,671 | ) | 419,982 | |||
The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark to market of unrealized gains on passive foreign investment companies. At June 30, 2010, the components of accumulated earnings/loss on a tax-basis were as follows:
Fund | Undistributed Ordinary Income | Undistributed Capital and Other Losses | Net Unrealized Appreciation (Depreciation) | Total Accumulated Earnings/ (Losses) | ||||
RevenueShares Large Cap Fund | $499,583 | $(2,322,007 | ) | $(9,312,006 | ) | $(11,134,430 | ) | |
RevenueShares Mid Cap Fund | 150,303 | (963,816 | ) | (1,397,115 | ) | (2,210,628 | ) | |
RevenueShares SmallCap Fund | 86,573 | (1,780,958 | ) | (277,034 | ) | (1,971,419 | ) | |
RevenueShares Financials Sector Fund | 15,591 | (130,447 | ) | (1,439,952 | ) | (1,554,808 | ) | |
RevenueShares ADR Fund | 567,402 | (97,968 | ) | (7,196,343 | ) | (6,726,909 | ) | |
RevenueShares Navellier Overall A-100 Fund | 11,039 | (1,048,642 | ) | 419,982 | (617,621 | ) | ||
The tax character of distributions paid during the period ended June 30, 2010 were as follows:
Fund | Distributions Paid From Ordinary Income | Distributions Paid From Long Term Capital Gain | |||
RevenueShares Large Cap Fund | $1,170,367 | $ — | |||
RevenueShares Mid Cap Fund | 447,496 | — | |||
RevenueShares Small Cap Fund | 135,857 | — | |||
RevenueShares Financials Sector Fund | 63,988 | — | |||
RevenueShares ADR Fund | 657,984 | — | |||
RevenueShares Navellier Overall A-100 Fund | 217,551 | — | |||
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NOTES TO FINANCIAL STATEMENTS — continued
At June 30, 2010, for Federal income tax purposes, the following Funds have capital loss carryforwards available to offset future capital gains through the years indicated. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders. During the period ended June 30, 2010, the RevenueShares Navellier Overall A-100 Fund utilized capital loss carryforwards of $84,807.
Fund | Capital Loss Available Through 2016 | Capital Loss Available Through 2017 | Capital Loss Available Through 2018 | Total | ||||
RevenueShares Large Cap Fund | $26,666 | $386,347 | $1,675,893 | $2,088,906 | ||||
RevenueShares Mid Cap Fund | 3,042 | — | 812,268 | 815,310 | ||||
RevenueShares SmallCap Fund | — | 48,718 | 710,918 | 759,636 | ||||
RevenueShares Financials Sector Fund | — | 52,317 | 21,626 | 73,943 | ||||
Post-October losses represent losses realized on investment transactions from November 1, 2009 through June 30, 2010, that, in accordance with Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year. During the period ended June 30, 2010, the Funds incurred and will elect to defer net capital losses as follows:
Fund | Post-October Capital Losses | ||
RevenueShares Large Cap Fund | $ 233,101 | ||
RevenueShares Mid Cap Fund | 148,506 | ||
RevenueShares Small Cap Fund | 1,021,322 | ||
RevenueShares Financials Sector Fund | 56,504 | ||
RevenueShares ADR Fund | 97,968 | ||
RevenueShares Navellier Overall A-100 Fund | 1,048,642 | ||
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of redemptions in kind. Results of operations and net assets were not affected by these reclassifications. At June 30, 2010, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets as follows:
Fund | Undistributed Net Investment Income | Accumulated Net Realized Gain/(Loss) on Investments | Paid-in- Capital | ||||
RevenueShares Large Cap Fund | $(1,195 | ) | $(7,472,132 | ) | $7,473,327 | ||
RevenueShares Mid Cap Fund | — | (7,148,954 | ) | 7,148,954 | |||
RevenueShares Small Cap Fund | (1 | ) | (7,917,280 | ) | 7,917,281 | ||
RevenueShares Financials Sector Fund | — | (1,221,294 | ) | 1,221,294 | |||
RevenueShares ADR Fund | 2,723 | (1,504,150 | ) | 1,501,427 | |||
RevenueShares Navellier Overall A-100 Fund | 46 | (1,647,782 | ) | 1,647,736 | |||
Financial reporting rules prescribe a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation, as applicable, as the income is earned or capital gains are recorded. If applicable, the Fund will recognize expenses accrued related to unrecognized interest expense and penalties in “Other” expense on the Statement of Operations. Management has determined that there is no impact resulting from the application of this interpretation to the Funds’ financial statements.
Financial reporting rules require management of the Funds to analyze all open tax years, fiscal years 2008-2010, as defined by IRS statute of limitations, for all major jurisdictions, including Federal tax authorities and certain state tax authorities. As of and during the period ended June 30, 2010, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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NOTES TO FINANCIAL STATEMENTS — continued
9. RISKS
Concentration Risk
The RevenueShares Financials Sector Fund and the RevenueShares ADR Fund may be adversely affected by the performance of the securities in a particular industry and may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class than may be the case for a fund that was not concentrated in a particular industry.
Non-Diversification Risk
Each of the RevenueShares Financials Sector, RevenueShares ADR and RevenueShares Navellier Overall A-100 Funds are non-diversified and, as a result, may have greater volatility than other diversified funds. Because a non-diversified fund may invest a larger percentage of its assets in securities of a single company than diversified funds, the performance of that company can have a substantial impact on a Fund’s Share price. Each Fund intends to maintain the required level of diversification so as to qualify as a “regulated investment company” for purposes of the Internal Revenue Code in order to avoid liability for Federal income tax to the extent that its earnings are distributed to shareholders. Compliance with diversification requirements of the Internal Revenue Code could limit the investment flexibility of a Fund.
Financial Sector Risk
Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition and adversely affected by natural disasters. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITs).
ADR Risk
The RevenueShares ADR Fund holds the securities of foreign companies in the form of ADRs, global shares or, in the case of Canadian equities, ordinary shares. Global shares are the actual (ordinary) shares of a non-U.S. company, which trade both in the home market and the U.S and are represented by the same share certificate in both the U.S. and the home market. Global shares may also be eligible to list on exchanges in addition to the United States and home country. ADRs are receipts typically issued by an American bank or trust company that evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs are designed for use in the U.S. securities markets. Separate registrars in the United States and home country are maintained. In most cases, purchases occurring on a U.S. exchange would be reflected on the U.S. Registrar.
The underlying securities of the ADRs in the Fund’s portfolio are usually denominated or quoted in currencies other than the U.S. dollar. Global shares may trade in their home market in currencies other than the U.S. dollar. Changes in foreign currency exchange rates affect the value of the ADR or global shares and, therefore, the value of the Fund’s portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase those returns.
In addition, although the ADRs, global shares and ordinary shares in which the Fund invests are listed on major U.S. exchanges, there can be no assurance that a market for these securities will be made or maintained or that any such market will be or remain liquid. The price at which the Fund’s securities may be sold and the value of the Fund’s Shares will be adversely affected if trading markets for the securities are limited or absent or if bid/ask spreads are wide.
Foreign Market Risk
Since global shares and the underlying securities of ADRs in the RevenueShares ADR Fund’s portfolio trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the ADRs representing those underlying securities may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for Shares of the Fund.
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NOTES TO FINANCIAL STATEMENTS — concluded
10. SUBSEQUENT EVENTS
On July 1, 2010, the Funds declared quarterly income dividends with an ex-date of July 2, 2010 and payable date of July 9, 2010. The income dividend per share for each Fund was as follows:
Fund | Income Dividend Per Share | ||
RevenueShares Large Cap Fund | $0.07000 | ||
RevenueShares Mid Cap Fund | 0.03524 | ||
RevenueShares Small Cap Fund | 0.02015 | ||
RevenueShares Financials Sector Fund | 0.01795 | ||
RevenueShares ADR Fund | 0.36020 | ||
RevenueShares Navellier Overall A-100 Fund | 0.03127 | ||
Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that, except as set forth above, there are no material events that would require disclosure in the Funds’ financial statements through this date.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of
RevenueShares ETF Trust
We have audited the accompanying statements of assets and liabilities, including the schedule of investments, of the RevenueShares ETF Trust (comprising, respectively, the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund (the “Funds”)) as of June 30, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds constituting RevenueShares ETF Trust at June 30, 2010, the results of their operations for the year then ended, the changes in their net assets and their financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
August 30, 2010
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BOARD APPROVAL OF INVESTMENT ADVISORY AND
SUB-ADVISORY AGREEMENTS (UNAUDITED)
Advisory Agreement
At the November 18, 2009 Board of Trustees (the “Board”) meeting (the “November 2009 Meeting”), the Board, including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”), approved VTL Associates, LLC (the “Adviser”) to continue to serve as investment adviser to each Fund and approved the continuation of the investment advisory agreement (the “Investment Advisory Agreement”) between the Adviser and the Trust with respect to each Fund, upon the same terms and conditions set forth therein, for the period January 25, 2010 until January 24, 2011. In connection with considering approval of the Investment Advisory Agreement, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. In approving the continuation of the Investment Advisory Agreement, the Independent Trustees concluded that the advisory fee rate and total expense ratio were reasonable in relation to the services provided by the Adviser to each Fund, as well as the costs incurred and benefits gained by the Adviser in providing such services. The Independent Trustees also found the investment advisory fee to be reasonable in comparison to the fees charged by advisers to other comparable exchange-traded funds (“ETFs”) of similar anticipated size. As a result, the Independent Trustees concluded that the continuation of the Investment Advisory Agreement was in the best interests of each Fund.
In considering whether to approve the continuation of the Adviser as investment adviser for an additional year, the Independent Trustees reviewed the materials distributed in advance of, and supplementally at, the November 2009 Meeting, which contained detailed information about the Adviser and the Funds, including: (i) a copy of the Investment Advisory Agreement, including all amendments, with respect to Adviser’s management of the assets of the Funds; (ii) information describing the nature, quality and extent of the services that Adviser provides to the Funds, and the fees that Adviser charges to the Funds; (iii) information concerning Adviser’s business and operations, portfolio management team and compliance program; (iv) a copy of Adviser’s current Form ADV; and (v) a memorandum from Stradley Ronon Stevens & Young, LLP (“Stradley Ronon”), counsel to the Trust and the Adviser, on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act. The Independent Trustees also considered the information presented at Board meetings throughout the year and data compiled by Lipper Inc. (“Lipper”), an independent third-party analyst, which compared the advisory fees, expenses and performance of the Funds with fees, expenses and performance of other ETFs with similar investment objectives and policies.
The Independent Trustees focused on and analyzed the factors that the Independent Trustees deemed relevant, including: the nature, quality, and extent of the services provided to each Fund by the Adviser; the personnel and operations of the Adviser; each Fund’s expense levels; the investment performance of the Funds that had commenced operations (RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund) (the “Operating Funds”); profitability to the Adviser under the Investment Advisory Agreement; and any “fall-out” benefits to the Adviser (i.e., the ancillary benefits realized due to a relationship with the Trust). The Independent Trustees also considered the nature, quality, and extent of the non-advisory services to be provided to each Fund by the Adviser. In particular, the Independent Trustees considered and discussed the following with respect to each Fund. No single factor was determinative to the decision of the Board.
The nature, extent, and quality of services provided to each Fund by the Adviser. The Independent Trustees reviewed the services that the Adviser provided to each Fund. In connection with the investment advisory services provided to each Fund, the Independent Trustees noted the responsibilities that the Adviser would have as the Funds’ investment adviser, including overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio, ultimate responsibility, subject to oversight by the Board, for oversight of the Trust’s sub-adviser, responsibility for daily monitoring of tracking error and quarterly reporting to the Board, and the implementation of Board directives as they relate to the Funds.
The Independent Trustees reviewed the Adviser’s experience, resources, and strengths in managing the Funds. Based on their consideration and review of the foregoing information, the Independent Trustees determined that each Fund was likely to benefit from the nature, quality, and extent of these services, as well as the Adviser’s ability to render such services based on its experience, operations and resources.
Comparison of services provided and fees charged by the Adviser and other investment advisers to similar clients, and the cost of the services provided and profits realized by the Adviser from the relationship with the Funds. The Independent Trustees then compared both the services rendered and the fees paid pursuant to the Investment Advisory Agreement, and to contracts of other investment advisers with respect to similar open-end registered investment companies. In particular, the Independent Trustees compared each Fund’s advisory fees and expense ratios to other investment companies considered to be in that Fund’s peer group. The Independent Trustees noted that the Adviser has entered into an expense limitation agreement whereby the Adviser reimburses expenses and/or waives fees to keep the
57
BOARD APPROVAL OF INVESTMENT ADVISORY AND
SUB-ADVISORY AGREEMENTS (UNAUDITED) — continued
expenses of each of the RevenueShares Large Cap Fund, RevenueShares Financials Sector Fund, RevenueShares Consumer Discretionary Sector Fund*, RevenueShares Consumer Staples Sector Fund*, RevenueShares Energy Sector Fund*, RevenueShares Health Care Sector Fund*, RevenueShares Industrials Sector Fund*, RevenueShares Information Technology Sector Fund*, RevenueShares Materials Sector Fund*, RevenueShares Utilities Sector Fund* and RevenueShares ADR Fund from exceeding 0.49% of average daily net assets; each of the RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund from exceeding 0.54% of average daily net assets; and the RevenueShares Navellier Overall A-100 from exceeding 0.60% of average daily net assets.
After comparing each Fund’s fees with those of other funds in each Fund’s peer group, and in light of the nature, quality, and extent of the services proposed to be provided by the Adviser and the costs expected to be incurred by the Adviser in rendering those services, the Independent Trustees concluded that the level of fees paid to the Adviser with respect to each Fund were fair and reasonable.
The Adviser’s profitability and the extent to which economies of scale would be realized as each Fund grows and whether fee levels would reflect such economies of scale. The Independent Trustees discussed potential economies of scale. The Independent Trustees discussed with representatives of the Adviser the costs and profitability of the Adviser in connection with its serving as investment adviser to each Fund, including operational costs.
Investment performance of the Funds. The Independent Trustees considered the investment performance of the Operating Funds. In particular, the Independent Trustees considered the investment performance of the Operating Funds relative to their stated objectives and the Adviser’s success in reaching such goals. The Independent Trustees also considered each Operating Fund’s investment performance compared to: (i) the average of the Fund’s peer group, (ii) the broad-based index that each Fund uses for comparison in its prospectus and shareholder reports, and (iii) its corresponding revenue-weighted index. It was noted that tracking error was monitored daily by the Adviser and each Fund’s tracking error was within the tolerances set by the Adviser.
Expenses. The Independent Trustees considered each Fund’s overall net and total expense ratio compared to the overall net and total expense ratios of other ETFs considered to be in the Fund’s peer group.
The Funds listed above with an asterisk (*) have not yet commenced operations as of the date of this report.
58
BOARD APPROVAL OF INVESTMENT ADVISORY AND
SUB-ADVISORY AGREEMENTS (UNAUDITED) — concluded
Sub-Advisory Agreement
At the January 13, 2010 Board meeting (the “January 2010 Meeting”), the Board, including the Independent Trustees, unanimously approved the appointment of Index Management Solutions, LLC (the “Sub-Adviser”), which is a wholly-owned subsidiary of the Adviser, as a sub-adviser to each of the Funds and approved the related sub-advisory agreement (the “Sub-Advisory Agreement”) between the Adviser and the Sub-Adviser, including the compensation payable under the Sub-Advisory Agreement. In connection with considering the approval of the Sub-Advisory Agreement, the Independent Trustees met in executive session with independent counsel, who helped evaluate the Sub-Advisory Agreement. In approving the Sub-Advisory Agreement, the Independent Trustees concluded that the proposed sub-advisory fee rates were reasonable in relation to the services to be provided by the Sub-Adviser to each Fund, as well as the costs to be incurred and the benefits to be gained by the Sub-Adviser in providing such services. As a result, the Independent Trustees concluded that the approval of the Sub-Advisory Agreement with the Sub-Adviser was in the best interests of each Fund.
In considering the approval of the Sub-Advisory Agreement, the Independent Trustees reviewed the materials provided for the January 2010 Meeting by the Sub-Adviser, including: (i) a copy of the Sub-Advisory Agreement; (ii) information describing the nature, quality, and extent of the services that the Sub-Adviser will provide to the Funds, and the fees that the Sub-Adviser will charge for such services; (iii) information concerning the business and operations, portfolio management team and compliance program of the Sub-Adviser; (iv) a copy of the current Form ADV for the Sub-Adviser; and (v) a memorandum from Stradley Ronon on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act. The Independent Trustees also considered presentations made by, and discussion held with, representatives of the Sub-Adviser. In addition, the Independent Trustees received data compiled by Lipper, which compared the investment advisory fees and total expense ratios of each Fund that had commenced operations to the investment advisory fees and total expense ratios of a group of other funds selected by Lipper as its appropriate expense group.
During their review of this information, the Independent Trustees focused on and analyzed the factors that the Independent Trustees deemed relevant, including: the nature, quality, and extent of the services to be provided to each Fund by the Sub-Adviser; the personnel and operations of the Sub-Adviser; each Fund’s expense levels; the anticipated profitability, if any, to the Sub-Adviser under the Sub-Advisory Agreement; any “fall-out” benefits to the Sub-Adviser; the effect of asset growth on each Fund’s expenses; and possible conflicts of interest. In particular, the Independent Trustees considered and discussed the following with respect to each Fund. No single factor was determinative to the decision of the Board.
The nature, extent, and quality of services to be provided to each Fund by the Sub-Adviser. The Independent Trustees reviewed the services that the Sub-Adviser would provide to each Fund. In connection with the sub-advisory services to be provided to each Fund, the Independent Trustees noted the significant responsibilities that the Sub-Adviser would have as the Funds’ sub-adviser, including supervision of the investment management program of each Fund, management of the day-to-day investment and reinvestment of the assets of each Fund, determining daily baskets of deposit securities and cash components, making determinations with respect to alternative cash management vehicles and securities lending collateral investments, and oversight of general portfolio compliance with relevant law.
Based on their consideration and review of the foregoing information, the Independent Trustees determined that each Fund was likely to benefit from the nature, quality, and extent of these services, as well as the ability of the Sub-Adviser and its personnel to render such services based on their experience, operations and resources.
Comparison of services provided and fees charged to the Funds with those that other investment advisers provide and charge to similar clients, and the cost of the services to be provided and profits to be realized by the Sub-Adviser from the relationship with the Funds. The Independent Trustees then compared both the services to be rendered and proposed fees to be paid for advisory services to those of other investment advisers of similar ETFs. In particular, the Independent Trustees noted that the sub-advisory fees would be paid entirely by the Adviser. The Independent Trustees then compared the advisory fees and expense ratios of operations of each Fund that had commenced operations to other ETFs considered to be in such Fund’s peer group. The Board noted that each Fund’s management fees and expenses (after giving effect to the proposed fee waiver and expense limitation arrangements) were at the top of the range of such Fund’s peer group.
The Independent Trustees noted the Adviser’s commitment to continue to limit each Fund’s expenses through a contractual written fee waiver and expense reimbursement agreement with the Trust. After comparing each Fund’s fees with those of other funds in each Fund’s peer group, and in light of the nature, quality, and extent of the services proposed to be provided by the Sub-Adviser and the costs expected to be incurred by the Sub-Adviser in rendering those services, the Independent Trustees concluded that the level of fees proposed to be paid to the Sub-Adviser with respect to each Fund were fair and reasonable.
59
TRUSTEES AND OFFICERS OF THE REVENUESHARES ETF TRUST
(UNAUDITED)
Independent Trustees | |||||
Name, Address and Year of Birth | Position(s) Held with Trust | Term of Office1 and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex2 Overseen by Trustee | Other Directorships Held by Trustee |
Vincent DiStefano | Trustee | Since 2006 | Orthopedic Surgeon since | 6 | None |
One Commerce Square | 1970. | ||||
2005 Market Street, | |||||
Suite 2020 | |||||
Philadelphia, PA 19103 | |||||
Year of Birth: 1938 | |||||
Lawrence A. Goldberg | Trustee | Since 2006 | Attorney since 1967. | 6 | None |
One Commerce Square | |||||
2005 Market Street, | |||||
Suite 2020 | |||||
Philadelphia, PA 19103 | |||||
Year of Birth: 1940 | |||||
James C. McAuliffe | Trustee | Since 2006 | Retired. Police Officer from | 6 | None |
One Commerce Square | 1971 to 2004. | ||||
2005 Market Street, | |||||
Suite 2020 | |||||
Philadelphia, PA 19103 | |||||
Year of Birth: 1951 | |||||
Christian W. Myers, III | Trustee | Since 2006 | Firefighter from 1976 to | 6 | None |
One Commerce Square | present. | ||||
2005 Market Street, | |||||
Suite 2020 | |||||
Philadelphia, PA 19103 | |||||
Year of Birth: 1952 | |||||
John J. Kolodziej | Trustee | Since 2007 | Director of Finance, St. | 6 | None |
One Commerce Square | Francis Medical Center, | ||||
2005 Market Street, | from 2002 to 2009. | ||||
Suite 2020 | |||||
Philadelphia, PA 19103 | |||||
Year of Birth: 1956 | |||||
Interested Trustee | |||||
Vincent T. Lowry3 | Chairman | Since 2006 | Chief Executive Officer, | 6 | None |
One Commerce Square | and Trustee; | VTL, from 2004 to present; | |||
2005 Market Street, | President | Managing Director, Smith | |||
Suite 2020 | Barney, Inc. from 1984 to | ||||
Philadelphia, PA 19103 | 2004. | ||||
Year of Birth: 1951 |
1 | Each Trustee holds office for an indefinite term. |
2 | The “Fund Complex” consists of the Trust, which consists of six Funds. |
3 | Mr. Lowry is considered to be an “interested person” of the Trust as defined in the 1940 Act, due to his relationship with VTL Associates, LLC, the Funds’ investment adviser. |
The Fund’s Statement of Additional Information (“SAI”) has additional information about the Funds’ Trustees and Officers and is available without charge upon request. Contact your financial representative for a free prospectus or SAI.
60
TRUSTEES AND OFFICERS OF THE REVENUESHARES ETF TRUST
(UNAUDITED) — concluded
Officers
Name, Address and Year of Birth | Position(s) Held with the Trust | Term of Office1 and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Charles S. Todd2 | Treasurer | Since 2010 | Director, Foreside Management Services, LLC from |
Three Canal Plaza, | December 2008 to present; Vice President within the | ||
Suite 100 | Fund Administration Department of J.P. Morgan Investor | ||
Portland, ME 04101 | Services Co., formerly serving as Assistant Vice President | ||
Year of Birth: 1971 | from June 2000 to December 2008. | ||
Patrick J. Keniston2 | Chief | Since 2009 | Director, Foreside Compliance Services, LLC, since |
Three Canal Plaza, | Compliance | October 2008; Vice President, Citi Fund Services Ohio, | |
Suite 100 | Officer | Inc. from 2005 to 2008; Attorney, Citigroup Global | |
Portland, ME 04101 | Transaction Services from 2001 to 2005. | ||
Year of Birth: 1964 | |||
Jennifer Folgia | Secretary | Since 2006 | Operations Manager, VTL, from 2004 to present; Sales |
One Commerce Square | Assistant, Smith Barney, Inc., from 1994 to 2004. | ||
2005 Market Street, | |||
Suite 2020 | |||
Philadelphia, PA 19103 | |||
Year of Birth: 1973 |
1 | Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board. |
2 | Mr. Todd and Mr. Keniston are affiliated persons of Foreside Financial Group, LLC, the principal underwriter to the Funds. |
The Funds’ Statement of Additional Information (“SAI”) has additional information about the Funds’ Trustees and Officers and is available without charge upon request. Contact your financial representative for a free prospectus or SAI.
61
SUPPLEMENTAL INFORMATION
(UNAUDITED)
Proxy Voting Policies, Procedures and Record
A description of the Trust’s proxy voting policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, and each Fund’s proxy voting record for the most recent twelve-month period ended June 30 is available, without charge upon request, by calling (877)738-8870. This information is also available on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The RevenueShares ETF Trust files its complete schedule of portfolio holdings with the SEC for its first and third quarters on Form N-Q. Copies of the filings are available on SEC’s website at http://www.sec.gov. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to the following email box address: <publicinfo@sec.gov>.
Premium/Discount Information
Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund’s net asset value may be found on the Funds’ website at http://www.revenuesharesetfs.com.
Federal Tax Status of Dividends Declared during the Tax Year
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
For Federal income tax purposes, dividends and short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), and the individual qualified dividend rate (“QDI”) is presented below:
QDI | DRD | |||
RevenueShares Large Cap Fund | 100.00 | % | 100.00 | % |
RevenueShares Mid Cap Fund | 100.00 | 100.00 | ||
RevenueShares Small Cap Fund | 100.00 | 99.97 | ||
RevenueShares Financials Sector Fund | 100.00 | 100.00 | ||
RevenueShares ADR Fund | 91.40 | 0.06 | ||
RevenueShares Navellier Overall A-100 Fund | 36.41 | 18.94 | ||
RevenueShares ADR Fund in accordance with Section 853 of the Internal Revenue Code intends to elect to pass through to its shareholders the credit for taxes paid in foreign countries during its fiscal year ended June 30, 2010. In accordance with the current tax laws, the foreign income and foreign tax Per share (for a share outstanding as of June 30, 2010) is as follows:
Foreign Dividend | Foreign Taxes | |
Dollar Amount | $1,169,180 | $5,652 |
62
Investment Adviser | Sub-Adviser |
VTL Associates, LLC | Index Management Solutions, LLC |
One Commerce Square | One Commerce Square |
2005 Market Street, Suite 2020 | 2005 Market Street, Suite 2020 |
Philadelphia, Pennsylvania 19103 | Philadelphia, Pennsylvania 19103 |
Distributor | Transfer Agent |
Foreside Fund Services, LLC | The Bank of New York Mellon |
Three Canal Plaza, Suite 100 | 101 Barclay Street |
Portland, Maine 04101 | New York, New York 10286 |
www.foreside.com | |
Independent Registered Public Accounting Firm | |
Custodian | |
Ernst & Young, LLP | |
The Bank of New York Mellon | Two Commerce Square |
101 Barclay Street | 2001 Market Street, Suite 4000 |
New York, New York 10286 | Philadelphia, Pennsylvania 19103 |
Legal Counsel | |
Stradley Ronon Stevens & Young, LLP | |
2600 One Commerce Square | |
Philadelphia, Pennsylvania 19103 |
RevenueShares™ ETF Trust
One Commerce Square, 2005 Market Street, Suite 2020
Philadelphia, PA 19103
This report is submitted for the general information of the shareholders of each Fund.
It is not authorized for distribution to prospective investors unless preceded or accompanied
by an effective prospectus, which includes information regarding the Funds’ risks, objectives,
fees and expenses, experience of their management, and other information.
DISTRIBUTOR
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
www.foreside.com
Item 2. Code of Ethics.
a). The Registrant has adopted a code of ethics that applies to the Registrant’s Principal Executive Officer, Principal Financial Officer or persons performing similar functions.
b). There have not been any changes to the Code of Ethics.
c). Not applicable.
d). During the period, Registrant granted no waivers from the provisions of its code of ethics that applies to the Registrant's Principal Executive Officer, Principal Financial Officer or persons performing similar functions.
e). Not applicable.
f). Attached.
Item 3. Audit Committee Financial Expert.
a). The Registrant’s Board of Trustees has one audit committee financial expert serving on its audit committee, an “independent” Trustee, John J. Kolodziej. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
a). Audit Fees: the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for the audit are as follows:
2010: $ 114,000
2009: $ 82,000
b). Audit-Related Fees: the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this item are as follows:
2010: $ 0
2009: $ 0
c). Tax Fees, the aggregate fees billed in each of the previous last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are as follows:
2010: $ 18,000
2009: $ 18,000
d). All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) and (c) of this Item are as follows:
2010: $ 0
2009: $ 0
e) Audit Committee Pre-Approval Policies and Procedures.
(i) Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant.
(ii) 100% of services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(A) of Rule 2-01 of Regulation S-X.
(f) No response required.
(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Funds, the Advisor or any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant (except for any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) that directly impacted the Funds for the last two fiscal years is as follows:
2010: $ 18,000
2009: $ 18,000
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants.
(a) The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and all independent Trustees are members of such committee.
(b) Not applicable.
Item 6. Schedule of Investments.
(a) Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company & Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) | The Principal Executive Officer and Principal Financial Officer have evaluated the Registrant's disclosure controls and procedures within 90 days of the filing date of this report and have concluded that these controls and procedures are effective. |
(b) | There were no significant changes in the Registrant's internal controls over financial reporting or in other factors that could significantly affect these controls during the second fiscal quarter of the period covered by this report. |
Item 12. Exhibits.
(a) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached.
(b) Separate certifications for each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17CFR 270.30a-(a)).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: RevenueShares ETF Trust
By: /s/ Vincent T. Lowry
Vincent T. Lowry, Chief Executive Officer
Date: August 30, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Registrant: RevenueShares ETF Trust
By: /s/ Vincent T. Lowry
Vincent T. Lowry, Chief Executive Officer
Date: August 30, 2010
By: /s/ Charles S. Todd
Charles S. Todd, Chief Financial Officer
Date: August 30, 2010