UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR/A
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-21993 | ||||||||
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RevenueShares ETF Trust | |||||||||
(Exact name of registrant as specified in charter) | |||||||||
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One Commerce Square, |
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2005 Market Street Suite 2020 |
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Philadelphia, Pennsylvania |
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(Address of principal executive offices) |
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Vincent T. Lowry | |||||||||
(Name and address of agent for service) | |||||||||
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Registrant’s telephone number, including area code: | 1-877-738-8870 |
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Date of fiscal year end: | June 30 |
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Date of reporting period: | July 1, 2010 - December 31, 2010 |
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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.
RevenueShares™ ETF Trust
Semi-Annual Report to Shareholders
December 31, 2010
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TABLE OF CONTENTS
1
As a shareholder of a RevenueShares ETF, you incur two types of costs: (1) transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory fees and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from July 1, 2010 – December 31, 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 7/1/2010 | Ending Account Value 12/31/2010 | Annualized Expense Ratios for the Six Month Period | Expenses Paid During the Six Month Period† | |
RevenueShares Large Cap Fund | ||||
Actual | $1,000.00 | $1,231.20 | 0.49% | $2.76 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | 0.49% | $2.50 |
RevenueShares Mid Cap Fund | ||||
Actual | $1,000.00 | $1,285.90 | 0.54% | $3.11 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.48 | 0.54% | $2.75 |
RevenueShares Small Cap Fund | ||||
Actual | $1,000.00 | $1,281.80 | 0.54% | $3.11 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.48 | 0.54% | $2.75 |
RevenueShares Financials Sector Fund | ||||
Actual | $1,000.00 | $1,180.30 | 0.49% | $2.72 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.71 | 0.49% | $2.52 |
RevenueShares ADR Fund | ||||
Actual | $1,000.00 | $1,267.10 | 0.49% | $2.80 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | 0.49% | $2.50 |
RevenueShares Navellier Overall A-100 Fund | ||||
Actual | $1,000.00 | $1,308.50 | 0.60% | $3.49 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.18 | 0.60% | $3.06 |
† | Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period). |
2
FREQUENCY DISTRIBUTION OF PREMIUM AND DISCOUNT
(UNAUDITED)
The tables that follow present information about the differences between the daily market price on secondary markets for shares of each Fund and the Fund’s net asset value. Net asset value, or “NAV”, is the price per share at which the Funds issue and redeem 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 each 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. Each Fund’s Market Price may be at, above or below its NAV. The NAV of each Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of each 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 a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV. A discount is the amount that a 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% | 247 | 35.4 | % | 329 | 47.1 | % | 0.00% - 0.249% | 296 | 42.2 | % | 285 | 40.6 | % | |||||
0.25% - 0.499% | 18 | 2.6 | % | 29 | 4.1 | % | 0.25% - 0.499% | 12 | 1.7 | % | 12 | 1.7 | % | |||||
0.50% - 0.749% | 10 | 1.4 | % | 8 | 1.2 | % | 0.50% - 0.749% | 14 | 2.0 | % | 12 | 1.7 | % | |||||
0.75% - 0.999% | 8 | 1.2 | % | 10 | 1.4 | % | 0.75% - 0.999% | 7 | 1.0 | % | 10 | 1.4 | % | |||||
1.00% or more | 19 | 2.7 | % | 20 | 2.9 | % | 1.00% or more | 26 | 3.7 | % | 28 | 4.0 | % | |||||
Total | 302 | 43.3 | % | 396 | 56.7 | % | Total | 355 | 50.6 | % | 347 | 49.4 | % | |||||
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% | 208 | 29.6 | % | 360 | 51.3 | % | 0.00% - 0.249% | 210 | 40.5 | % | 268 | 51.7 | % | |||||
0.25% - 0.499% | 22 | 3.1 | % | 17 | 2.4 | % | 0.25% - 0.499% | 1 | 0.2 | % | 10 | 1.9 | % | |||||
0.50% - 0.749% | 11 | 1.6 | % | 17 | 2.4 | % | 0.50% - 0.749% | 3 | 0.6 | % | 2 | 0.4 | % | |||||
0.75% - 0.999% | 6 | 0.8 | % | 9 | 1.3 | % | 0.75% - 0.999% | 2 | 0.4 | % | 5 | 1.0 | % | |||||
1.00% or more | 25 | 3.6 | % | 27 | 3.9 | % | 1.00% or more | 10 | 1.9 | % | 7 | 1.4 | % | |||||
Total | 272 | 38.7 | % | 430 | 61.3 | % | Total | 226 | 43.6 | % | 292 | 56.4 | % | |||||
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% | 206 | 40.2 | % | 283 | 55.2 | % | 0.00% - 0.249% | 248 | 52.7 | % | 180 | 38.3 | % | |||||
0.25% - 0.499% | 1 | 0.2 | % | 7 | 1.4 | % | 0.25% - 0.499% | 4 | 0.9 | % | 13 | 2.7 | % | |||||
0.50% - 0.749% | 3 | 0.6 | % | 1 | 0.2 | % | 0.50% - 0.749% | 4 | 0.9 | % | 16 | 3.4 | % | |||||
0.75% - 0.999% | 1 | 0.2 | % | 2 | 0.4 | % | 0.75% - 0.999% | 0 | 0.0 | % | 4 | 0.9 | % | |||||
1.00% or more | 5 | 1.0 | % | 3 | 0.6 | % | 1.00% or more | 0 | 0.0 | % | 1 | 0.2 | % | |||||
Total | 216 | 42.2 | % | 296 | 57.8 | % | Total | 256 | 54.5 | % | 214 | 45.5 | % | |||||
3
SCHEDULE OF INVESTMENTS SUMMARY TABLES
(UNAUDITED)
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 | 2.1 | % | Automobiles & Components | 0.9 | % | Automobiles & Components | 0.6 | % |
Banks | 2.2 | Banks | 2.4 | Banks | 3.1 | |||
Capital Goods | 8.8 | Capital Goods | 13.3 | Capital Goods | 11.2 | |||
Commercial & Professional Services | 0.6 | Commercial & Professional Services | 4.0 | Commercial & Professional Services | 6.1 | |||
Consumer Durables & Apparel | 1.1 | Consumer Durables & Apparel | 3.7 | Consumer Durables & Apparel | 5.7 | |||
Consumer Services | 1.1 | Consumer Services | 3.0 | Consumer Services | 4.4 | |||
Diversified Financials | 6.4 | Diversified Financials | 1.2 | Diversified Financials | 1.4 | |||
Energy | 13.0 | Energy | 3.6 | Energy | 7.6 | |||
Food & Staples Retailing | 9.5 | Food & Staples Retailing | 1.5 | Food & Staples Retailing | 3.7 | |||
Food, Beverage & Tobacco | 4.5 | Food, Beverage & Tobacco | 3.0 | Food, Beverage & Tobacco | 2.4 | |||
Health Care Equipment & Services | 8.4 | Health Care Equipment & Services | 10.2 | Health Care Equipment & Services | 10.3 | |||
Household & Personal Products | 1.6 | Household & Personal Products | 0.9 | Household & Personal Products | 0.4 | |||
Insurance | 6.1 | Insurance | 6.1 | Insurance | 2.5 | |||
Materials | 3.5 | Materials | 8.8 | Materials | 5.0 | |||
Media | 2.8 | Media | 0.7 | Media | 1.1 | |||
Pharmaceuticals, Biotechnology & | Pharmaceuticals, Biotechnology & | Pharmaceuticals, Biotechnology & | ||||||
Life Sciences | 3.6 | Life Sciences | 1.4 | Life Sciences | 1.3 | |||
Real Estate | 0.3 | Real Estate | 1.9 | Real Estate | 1.5 | |||
Retailing | 6.1 | Retailing | 7.1 | Retailing | 11.1 | |||
Semiconductors & Semiconductor | Semiconductors & Semiconductor | Semiconductors & Semiconductor | ||||||
Equipment | 1.2 | Equipment | 1.0 | Equipment | 2.2 | |||
Software & Services | 3.7 | Software & Services | 4.0 | Software & Services | 3.8 | |||
Technology Hardware & Equipment | 4.6 | Technology Hardware & Equipment | 11.7 | Technology Hardware & Equipment | 9.0 | |||
Telecommunication Services | 3.3 | Telecommunication Services | 0.9 | Telecommunication Services | 0.5 | |||
Transportation | 1.6 | Transportation | 2.8 | Transportation | 1.8 | |||
Utilities | 3.8 | Utilities | 5.9 | Utilities | 3.3 | |||
Total Investments | 99.9 | Total Investments | 100.0 | Total Investments | 100.0 | |||
Other Assets in Excess of Liabilities | 0.1 | Liabilities in Excess of Other Assets | — | ‡ | Liabilities in Excess of Other Assets | — | ‡ | |
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 | 10.6 | % | Automobiles & Components | 5.5 | % | Automobiles & Components | 15.8 | % |
Commercial Banks | 14.4 | Banks | 12.7 | Banks | 4.9 | |||
Consumer Finance | 4.4 | Capital Goods | 4.1 | Capital Goods | 17.3 | |||
Diversified Financial Services | 27.6 | Consumer Durables & Apparel | 2.8 | Commercial & Professional Services | 0.7 | |||
Insurance | 40.1 | Consumer Services | 0.3 | Consumer Durables & Apparel | 3.7 | |||
Paper & Forest Products | 0.5 | Diversified Financials | 5.9 | Consumer Services | 6.0 | |||
Real Estate Investment Trusts | 1.8 | Energy | 29.8 | Energy | 1.0 | |||
Real Estate Management & | Food & Staples Retailing | 0.5 | Food, Beverage & Tobacco | 1.8 | ||||
Development | 0.4 | Food, Beverage & Tobacco | 2.9 | Health Care Equipment & Services | 0.6 | |||
Thrifts & Mortgage Finance | 0.3 | Health Care Equipment & Services | 0.3 | Household & Personal Products | 1.9 | |||
Total Investments | 100.1 | Insurance | 5.6 | Materials | 5.3 | |||
Liabilities in Excess of Other | Materials | 6.3 | Media | 0.6 | ||||
Assets | (0.1) | Media | 0.8 | Pharmaceuticals, Biotechnology & | ||||
Pharmaceuticals, Biotechnology & | Life Sciences | 3.6 | ||||||
Net Assets | 100.0 | % | Life Sciences | 3.1 | Real Estate | 0.3 | ||
Real Estate | 0.2 | Retailing | 15.0 | |||||
Semiconductors & Semiconductor | Semiconductors & Semiconductor | |||||||
Equipment | 0.5 | Equipment | 5.0 | |||||
Software & Services | 0.3 | Software & Services | 7.2 | |||||
Technology Hardware & Equipment 4.9 | Technology Hardware & Equipment 5.0 | |||||||
Telecommunication Services | 10.6 | Telecommunication Services | 0.5 | |||||
Transportation | 0.3 | Transportation | 3.6 | |||||
Utilities | 2.5 | Utilities | 0.4 | |||||
Total Investments | 99.9 | Total Investments | 100.2 | |||||
Other Assets in Excess of Liabilities | 0.1 | Liabilities in Excess of Other Assets | (0.2) | |||||
Net Assets | 100.0 | % | Net Assets | 100.0 | % | |||
‡ | More than (0.05)% |
4
SCHEDULE OF INVESTMENTS
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
COMMON STOCKS—99.9% | ||||
Automobiles & Components—2.1% | ||||
Ford Motor Co.* | 166,498 | $ | 2,795,502 | |
Goodyear Tire & Rubber Co.* | 33,004 | 391,097 | ||
Harley-Davidson, Inc. | 2,900 | 100,543 | ||
Johnson Controls, Inc. | 18,212 | 695,698 | ||
Total Automobiles & Components | 3,982,840 | |||
Banks—2.2% | ||||
BB&T Corp. | 8,611 | 226,383 | ||
Comerica, Inc. | 1,377 | 58,164 | ||
Fifth Third Bancorp | 10,398 | 152,643 | ||
First Horizon National Corp.* | 3,668 | 43,209 | ||
Hudson City Bancorp, Inc. | 4,972 | 63,343 | ||
Huntington Bancshares, Inc. | 10,006 | 68,741 | ||
KeyCorp | 13,570 | 120,095 | ||
M&T Bank Corp. | 946 | 82,349 | ||
Marshall & Ilsley Corp. | 11,135 | 77,054 | ||
People’s United Financial, Inc. | 1,679 | 23,523 | ||
PNC Financial Services Group, Inc. | 6,146 | 373,185 | ||
Regions Financial Corp. | 25,948 | 181,636 | ||
SunTrust Banks, Inc. | 7,485 | 220,882 | ||
U.S. Bancorp | 16,232 | 437,777 | ||
Wells Fargo & Co. | 65,252 | 2,022,160 | ||
Zions Bancorporation | 2,647 | 64,137 | ||
Total Banks | 4,215,281 | |||
Capital Goods—8.8% | ||||
3M Co. | 6,375 | 550,163 | ||
Boeing Co. | 21,396 | 1,396,303 | ||
Caterpillar, Inc. | 8,575 | 803,134 | ||
Cummins, Inc. | 2,441 | 268,534 | ||
Danaher Corp. | 5,792 | 273,209 | ||
Deere & Co. | 6,036 | 501,290 | ||
Dover Corp. | 2,440 | 142,618 | ||
Eaton Corp. | 2,793 | 283,517 | ||
Emerson Electric Co. | 7,495 | 428,489 | ||
Fastenal Co. | 770 | 46,131 | ||
Flowserve Corp. | 733 | 87,388 | ||
Fluor Corp. | 7,065 | 468,127 | ||
General Dynamics Corp. | 9,494 | 673,694 | ||
General Electric Co. | 177,422 | 3,245,048 | ||
Goodrich Corp. | 1,648 | 145,139 | ||
Honeywell International, Inc. | 12,951 | 688,475 | ||
Illinois Tool Works, Inc. | 6,290 | 335,886 | ||
Ingersoll-Rand PLC | 6,356 | 299,304 | ||
ITT Corp. | 4,510 | 235,016 | ||
Jacobs Engineering Group, Inc.* | 4,896 | 224,482 | ||
L-3 Communications Holdings, Inc. | 4,582 | 322,985 | ||
Lockheed Martin Corp. | 13,923 | 973,357 | ||
Masco Corp. | 12,159 | 153,933 | ||
Northrop Grumman Corp. | 11,379 | 737,132 | ||
PACCAR, Inc. | 3,507 | 201,372 | ||
Pall Corp. | 993 | 49,233 | ||
Parker Hannifin Corp. | 2,286 | 197,282 | ||
Precision Castparts Corp. | 846 | 117,772 | ||
Quanta Services, Inc.* | 3,994 | 79,560 | ||
Raytheon Co. | 11,406 | 528,554 | ||
Rockwell Automation, Inc. | 1,339 | 96,020 | ||
Rockwell Collins, Inc. | 1,646 | 95,896 | ||
Roper Industries, Inc. | 612 | 46,775 |
Snap-On, Inc. | 955 | 54,034 | |
Textron, Inc. | 8,961 | 211,838 | |
Tyco International Ltd. | 8,576 | 355,389 | |
United Technologies Corp. | 14,255 | 1,122,154 | |
W.W. Grainger, Inc. | 1,090 | 150,540 | |
Total Capital Goods | 16,589,773 | ||
Commercial & Professional Services—0.6% | |||
Avery Dennison Corp. | 3,225 | 136,547 | |
Cintas Corp. | 2,616 | 73,144 | |
Dun & Bradstreet Corp. | 435 | 35,709 | |
Equifax, Inc. | 1,102 | 39,231 | |
Iron Mountain, Inc. | 2,628 | 65,726 | |
Monster Worldwide, Inc.* | 695 | 16,423 | |
Pitney Bowes, Inc. | 4,751 | 114,879 | |
R.R. Donnelley & Sons Co. | 11,872 | 207,404 | |
Republic Services, Inc. | 5,515 | 164,678 | |
Robert Half International, Inc. | 2,092 | 64,015 | |
Stericycle, Inc.* | 359 | 29,050 | |
Waste Management, Inc. | 7,063 | 260,413 | |
Total Commercial & Professional Services | 1,207,219 | ||
Consumer Durables & Apparel—1.1% | |||
Coach, Inc. | 1,250 | 69,138 | |
D.R. Horton, Inc. | 8,192 | 97,731 | |
Fortune Brands, Inc. | 2,150 | 129,537 | |
Harman International Industries, Inc.* | 1,375 | 63,663 | |
Hasbro, Inc. | 1,746 | 82,376 | |
Leggett & Platt, Inc. | 3,070 | 69,873 | |
Lennar Corp., Class A | 3,664 | 68,700 | |
Mattel, Inc. | 4,609 | 117,207 | |
Newell Rubbermaid, Inc. | 6,766 | 123,006 | |
Nike, Inc., Class B | 4,361 | 372,517 | |
Polo Ralph Lauren Corp. | 909 | 100,826 | |
Pulte Group, Inc.* | 15,114 | 113,657 | |
Stanley Black & Decker, Inc. | 2,284 | 152,731 | |
VF Corp. | 1,787 | 154,004 | |
Whirlpool Corp. | 4,433 | 393,783 | |
Total Consumer Durables & Apparel | 2,108,749 | ||
Consumer Services—1.1% | |||
Apollo Group, Inc., Class A* | 2,543 | 100,423 | |
Carnival Corp. | 6,670 | 307,554 | |
Darden Restaurants, Inc. | 3,104 | 144,150 | |
DeVry, Inc. | 845 | 40,543 | |
H&R Block, Inc. | 5,949 | 70,853 | |
International Game Technology | 2,532 | 44,791 | |
Marriott International, Inc., Class A | 5,686 | 236,196 | |
McDonald’s Corp. | 6,446 | 494,795 | |
Starbucks Corp. | 6,638 | 213,279 | |
Starwood Hotels & Resorts | |||
Worldwide, Inc. | 1,713 | 104,116 | |
Wyndham Worldwide Corp. | 2,623 | 78,585 | |
Wynn Resorts Ltd. | 782 | 81,203 | |
Yum! Brands, Inc. | 4,679 | 229,505 | |
Total Consumer Services | 2,145,993 | ||
Diversified Financials—6.4% | |||
American Express Co. | 13,138 | 563,883 | |
Ameriprise Financial, Inc. | 3,578 | 205,914 | |
Bank of America Corp. | 229,670 | 3,063,798 |
The accompanying notes are an integral part of these financial statements.
5
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
Diversified Financials (continued) | ||||
Bank of New York Mellon Corp. | 9,911 | $ | 299,312 | |
Capital One Financial Corp. | 9,089 | 386,828 | ||
Charles Schwab Corp. | 5,349 | 91,521 | ||
Citigroup, Inc.* | 454,298 | 2,148,830 | ||
CME Group, Inc., Class A | 192 | 61,776 | ||
Discover Financial Services | 8,325 | 154,262 | ||
E*Trade Financial Corp.* | 3,169 | 50,704 | ||
Federated Investors, Inc., Class B | 765 | 20,020 | ||
Franklin Resources, Inc. | 1,019 | 113,323 | ||
Goldman Sachs Group, Inc. | 5,702 | 958,848 | ||
IntercontinentalExchange, Inc.* | 202 | 24,068 | ||
Invesco Ltd. | 3,206 | 77,136 | ||
Janus Capital Group, Inc. | 1,676 | 21,738 | ||
JPMorgan Chase & Co. | 56,200 | 2,384,004 | ||
Legg Mason, Inc. | 1,501 | 54,441 | ||
Leucadia National Corp. | 893 | 26,058 | ||
Moody’s Corp. | 1,451 | 38,510 | ||
Morgan Stanley | 28,200 | 767,322 | ||
NASDAQ OMX Group, Inc.* | 2,896 | 68,664 | ||
Northern Trust Corp. | 1,554 | 86,107 | ||
NYSE Euronext | 3,163 | 94,827 | ||
SLM Corp.* | 11,110 | 139,875 | ||
State Street Corp. | 4,943 | 229,059 | ||
T. Rowe Price Group, Inc. | 758 | 48,921 | ||
Total Diversified Financials | 12,179,749 | |||
Energy—13.0% | ||||
Anadarko Petroleum Corp. | 3,181 | 242,265 | ||
Apache Corp. | 2,019 | 240,725 | ||
Baker Hughes, Inc. | 4,704 | 268,928 | ||
Cabot Oil & Gas Corp. | 443 | 16,768 | ||
Cameron International Corp.* | 2,386 | 121,042 | ||
Chesapeake Energy Corp. | 8,909 | 230,832 | ||
Chevron Corp. | 43,598 | 3,978,318 | ||
ConocoPhillips | 53,034 | 3,611,615 | ||
Consol Energy, Inc. | 2,384 | 116,196 | ||
Denbury Resources, Inc.* | 1,585 | 30,258 | ||
Devon Energy Corp. | 2,804 | 220,142 | ||
Diamond Offshore Drilling, Inc. | 1,052 | 70,347 | ||
El Paso Corp. | 7,401 | 101,838 | ||
EOG Resources, Inc. | 1,298 | 118,650 | ||
EQT Corp. | 620 | 27,801 | ||
Exxon Mobil Corp. | 94,266 | 6,892,730 | ||
FMC Technologies, Inc.* | 1,012 | 89,977 | ||
Halliburton Co. | 8,327 | 339,991 | ||
Helmerich & Payne, Inc. | 727 | 35,245 | ||
Hess Corp. | 9,397 | 719,246 | ||
Marathon Oil Corp. | 37,740 | 1,397,512 | ||
Massey Energy Co. | 1,194 | 64,058 | ||
Murphy Oil Corp. | 6,657 | 496,279 | ||
Nabors Industries Ltd.* | 3,364 | 78,919 | ||
National Oilwell Varco, Inc. | 3,934 | 264,562 | ||
Newfield Exploration Co.* | 2,518 | 181,573 | ||
Noble Energy, Inc. | 774 | 66,626 | ||
Occidental Petroleum Corp. | 4,213 | 413,295 | ||
Peabody Energy Corp. | 2,208 | 141,268 | ||
Pioneer Natural Resources Co. | 478 | 41,500 | ||
QEP Resources, Inc. | 1,295 | 47,021 | ||
Range Resources Corp. | 479 | 21,545 | ||
Rowan Cos., Inc.* | 1,088 | 37,982 |
Schlumberger Ltd. | 6,080 | 507,680 | |
Southwestern Energy Co.* | 1,462 | 54,723 | |
Spectra Energy Corp. | 4,041 | 100,985 | |
Sunoco, Inc. | 17,702 | 713,568 | |
Tesoro Corp.* | 23,666 | 438,768 | |
Valero Energy Corp. | 77,686 | 1,796,100 | |
Williams Cos., Inc. | 8,187 | 202,383 | |
Total Energy | 24,539,261 | ||
Food & Staples Retailing—9.5% | |||
Costco Wholesale Corp. | 22,383 | 1,616,276 | |
CVS Caremark Corp. | 59,997 | 2,086,096 | |
Kroger Co. | 74,305 | 1,661,460 | |
Safeway, Inc. | 40,119 | 902,276 | |
SUPERVALU, Inc. | 102,946 | 991,370 | |
Sysco Corp. | 25,411 | 747,083 | |
Walgreen Co. | 37,773 | 1,471,636 | |
Wal-Mart Stores, Inc. | 154,558 | 8,335,313 | |
Whole Foods Market, Inc.* | 3,706 | 187,487 | |
Total Food & Staples Retailing | 17,998,997 | ||
Food, Beverage & Tobacco—4.5% | |||
Altria Group, Inc. | 14,154 | 348,471 | |
Archer-Daniels-Midland Co. | 42,281 | 1,271,812 | |
Brown-Forman Corp., Class B | 743 | 51,728 | |
Campbell Soup Co. | 4,627 | 160,788 | |
Coca-Cola Co. | 10,283 | 676,313 | |
Coca-Cola Enterprises, Inc. | 14,156 | 354,325 | |
ConAgra Foods, Inc. | 11,579 | 261,454 | |
Constellation Brands, Inc., Class A* | 3,292 | 72,918 | |
Dean Foods Co.* | 30,140 | 266,438 | |
Dr Pepper Snapple Group, Inc. | 3,103 | 109,101 | |
General Mills, Inc. | 8,567 | 304,899 | |
H.J. Heinz Co. | 4,293 | 212,332 | |
Hershey Co. | 2,480 | 116,932 | |
Hormel Foods Corp. | 2,792 | 143,118 | |
J.M. Smucker Co. | 1,465 | 96,177 | |
Kellogg Co. | 5,146 | 262,858 | |
Kraft Foods, Inc., Class A | 31,252 | 984,750 | |
Lorillard, Inc. | 1,009 | 82,799 | |
McCormick & Co., Inc. | 1,452 | 67,562 | |
Molson Coors Brewing Co., Class B | 1,385 | 69,513 | |
PepsiCo, Inc. | 16,800 | 1,097,544 | |
Philip Morris International, Inc. | 9,503 | 556,211 | |
Reynolds American, Inc. | 5,543 | 180,813 | |
Sara Lee Corp. | 13,959 | 244,422 | |
Tyson Foods, Inc., Class A | 34,242 | 589,647 | |
Total Food, Beverage & Tobacco | 8,582,925 | ||
Health Care Equipment & Services—8.4% | |||
Aetna, Inc. | 23,154 | 706,429 | |
AmerisourceBergen Corp., Class A | 50,883 | 1,736,128 | |
Baxter International, Inc. | 5,285 | 267,527 | |
Becton Dickinson & Co. | 1,897 | 160,334 | |
Boston Scientific Corp.* | 23,093 | 174,814 | |
C.R. Bard, Inc. | 650 | 59,651 | |
Cardinal Health, Inc. | 55,253 | 2,116,742 | |
CareFusion Corp.* | 3,381 | 86,892 | |
Cerner Corp.* | 412 | 39,033 | |
CIGNA Corp. | 11,335 | 415,541 | |
Coventry Health Care, Inc.* | 9,286 | 245,150 |
The accompanying notes are an integral part of these financial statements.
6
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
Health Care Equipment & Services (continued) | ||||
DaVita, Inc.* | 1,878 | $ | 130,502 | |
DENTSPLY International, Inc. | 1,365 | 46,642 | ||
Express Scripts, Inc.* | 16,021 | 865,935 | ||
Hospira, Inc.* | 1,482 | 82,533 | ||
Humana, Inc.* | 12,178 | 666,624 | ||
Intuitive Surgical, Inc.* | 115 | 29,641 | ||
Laboratory Corp. of America | ||||
Holdings* | 1,212 | 106,559 | ||
McKesson Corp. | 33,407 | 2,351,185 | ||
Medco Health Solutions, Inc.* | 21,166 | 1,296,841 | ||
Medtronic, Inc. | 8,892 | 329,804 | ||
Patterson Cos., Inc. | 2,242 | 68,672 | ||
Quest Diagnostics, Inc. | 3,008 | 162,342 | ||
St. Jude Medical, Inc.* | 2,552 | 109,098 | ||
Stryker Corp. | 2,813 | 151,058 | ||
Tenet Healthcare Corp.* | 29,333 | 196,238 | ||
UnitedHealth Group, Inc. | 51,749 | 1,868,656 | ||
Varian Medical Systems, Inc.* | 725 | 50,228 | ||
WellPoint, Inc.* | 21,471 | 1,220,841 | ||
Zimmer Holdings, Inc.* | 1,670 | 89,646 | ||
Total Health Care Equipment & Services | 15,831,286 | |||
Household & Personal Products—1.6% | ||||
Avon Products, Inc. | 7,774 | 225,912 | ||
Clorox Co. | 1,820 | 115,170 | ||
Colgate-Palmolive Co. | 4,118 | 330,964 | ||
Estee Lauder Cos., Inc., Class A | 2,077 | 167,614 | ||
Kimberly-Clark Corp. | 6,649 | 419,153 | ||
Mead Johnson Nutrition Co., Class A | 1,031 | 64,180 | ||
Procter & Gamble Co. | 25,683 | 1,652,187 | ||
Total Household & Personal Products | 2,975,180 | |||
Insurance—6.1% | ||||
ACE Ltd. | 5,431 | 338,080 | ||
Aflac, Inc. | 7,452 | 420,516 | ||
Allstate Corp. | 20,993 | 669,257 | ||
American International Group, Inc.* | 31,948 | 1,840,844 | ||
AON Corp. | 3,587 | 165,038 | ||
Assurant, Inc. | 4,632 | 178,425 | ||
Berkshire Hathaway, Inc., Class B* | 33,684 | 2,698,425 | ||
Chubb Corp. | 4,662 | 278,042 | ||
Cincinnati Financial Corp. | 2,571 | 81,475 | ||
Genworth Financial, Inc., Class A* | 15,781 | 207,362 | ||
Hartford Financial Services Group, Inc. | 18,487 | 489,721 | ||
Lincoln National Corp. | 7,603 | 211,439 | ||
Loews Corp. | 7,886 | 306,844 | ||
Marsh & McLennan Cos., Inc. | 8,279 | 226,348 | ||
MetLife, Inc. | 24,706 | 1,097,935 | ||
Principal Financial Group, Inc. | 5,885 | 191,615 | ||
Progressive Corp. | 14,926 | 296,580 | ||
Prudential Financial, Inc. | 14,270 | 837,792 | ||
Torchmark Corp. | 1,110 | 66,311 | ||
Travelers Cos., Inc. | 9,468 | 527,462 | ||
Unum Group | 8,755 | 212,046 | ||
XL Group PLC, Class A | 6,094 | 132,971 | ||
Total Insurance | 11,474,528 | |||
Materials—3.5% | ||||
Air Products & Chemicals, Inc. | 2,072 | 188,448 | ||
Airgas, Inc. | 1,275 | 79,637 |
AK Steel Holding Corp. | 8,185 | 133,988 | ||
Alcoa, Inc. | 30,087 | 463,039 | ||
Allegheny Technologies, Inc. | 1,468 | 81,004 | ||
Ball Corp. | 2,326 | 158,284 | ||
Bemis Co., Inc. | 2,823 | 92,199 | ||
CF Industries Holdings, Inc. | 566 | 76,495 | ||
Cliffs Natural Resources, Inc. | 1,133 | 88,385 | ||
Dow Chemical Co. | 31,894 | 1,088,861 | ||
E.I. Du Pont de Nemours & Co. | 13,060 | 651,433 | ||
Eastman Chemical Co. | 1,637 | 137,639 | ||
Ecolab, Inc. | 2,567 | 129,428 | ||
FMC Corp. | 791 | 63,193 | ||
Freeport-McMoRan Copper | ||||
& Gold, Inc. | 3,235 | 388,491 | ||
International Flavors & | ||||
Fragrances, Inc. | 972 | 54,034 | ||
International Paper Co. | 19,163 | 522,000 | ||
MeadWestvaco Corp. | 4,934 | 129,073 | ||
Monsanto Co. | 3,569 | 248,545 | ||
Newmont Mining Corp. | 3,192 | 196,085 | ||
Nucor Corp. | 7,262 | 318,221 | ||
Owens-Illinois, Inc.* | 4,742 | 145,579 | ||
PPG Industries, Inc. | 3,411 | 286,763 | ||
Praxair, Inc. | 2,212 | 211,180 | ||
Sealed Air Corp. | 3,772 | 95,997 | ||
Sigma-Aldrich Corp. | 710 | 47,258 | ||
Titanium Metals Corp.* | 999 | 17,163 | ||
United States Steel Corp. | 6,323 | 369,390 | ||
Vulcan Materials Co. | 1,194 | 52,966 | ||
Weyerhaeuser Co. (a) | 7,339 | 138,927 | ||
Total Materials | 6,653,705 | |||
Media—2.8% | ||||
Cablevision Systems Corp., Class A | 928 | 31,403 | ||
CBS Corp., Class B | 15,902 | 302,933 | ||
Comcast Corp., Class A | 36,368 | 799,005 | ||
DIRECTV, Class A* | 12,135 | 484,551 | ||
Discovery Communications, Inc., | ||||
Class A* | 1,849 | 77,103 | ||
Gannett Co., Inc. | 7,324 | 110,519 | ||
Interpublic Group of Cos., Inc.* | 11,820 | 125,528 | ||
McGraw-Hill Cos., Inc. | 3,475 | 126,525 | ||
Meredith Corp. | 801 | 27,755 | ||
News Corp., Class A | 46,848 | 682,107 | ||
Omnicom Group, Inc. | 5,446 | 249,427 | ||
Scripps Networks Interactive, Inc., | ||||
Class A | 776 | 40,158 | ||
Time Warner Cable, Inc. | 6,001 | 396,246 | ||
Time Warner, Inc. | 17,338 | 557,763 | ||
Viacom, Inc., Class B | 7,147 | 283,093 | ||
Walt Disney Co. | 21,357 | 801,101 | ||
Washington Post Co., Class B | 242 | 106,359 | ||
Total Media | 5,201,576 | |||
Pharmaceuticals, Biotechnology & Life Sciences—3.6% | ||||
Abbott Laboratories | 14,872 | 712,517 | ||
Allergan, Inc. | 1,455 | 99,915 | ||
Amgen, Inc.* | 5,797 | 318,255 | ||
Biogen IDEC, Inc.* | 1,464 | 98,161 | ||
Bristol-Myers Squibb Co. | 15,354 | 406,574 | ||
Celgene Corp.* | 1,219 | 72,092 |
The accompanying notes are an integral part of these financial statements.
7
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
Pharmaceuticals, Biotechnology & Life Sciences (continued) | ||||
Cephalon, Inc.* | 867 | $ | 53,511 | |
Eli Lilly & Co. | 13,557 | 475,037 | ||
Forest Laboratories, Inc.* | 2,562 | 81,933 | ||
Genzyme Corp.* | 1,258 | 89,570 | ||
Gilead Sciences, Inc.* | 4,502 | 163,152 | ||
Johnson & Johnson | 20,987 | 1,298,046 | ||
Life Technologies Corp.* | 1,374 | 76,257 | ||
Merck & Co., Inc. | 25,315 | 912,353 | ||
Mylan, Inc.* | 5,614 | 118,624 | ||
PerkinElmer, Inc. | 1,517 | 39,169 | ||
Pfizer, Inc. | 80,727 | 1,413,530 | ||
Thermo Fisher Scientific, Inc.* | 4,071 | 225,370 | ||
Waters Corp.* | 415 | 32,250 | ||
Watson Pharmaceuticals, Inc.* | 1,448 | 74,789 | ||
Total Pharmaceuticals, Biotechnology | ||||
& Life Sciences | 6,761,105 | |||
Real Estate—0.3% | ||||
Apartment Investment & | ||||
Management Co., Class A (a) | 954 | 24,651 | ||
AvalonBay Communities, Inc. (a) | 167 | 18,796 | ||
Boston Properties, Inc. (a) | 389 | 33,493 | ||
CB Richard Ellis Group, Inc., Class A* | 4,872 | 99,779 | ||
Equity Residential (a) | 833 | 43,274 | ||
HCP, Inc. (a) | 738 | 27,151 | ||
Health Care REIT, Inc. (a) | 299 | 14,244 | ||
Host Hotels & Resorts, Inc. (a) | 5,150 | 92,031 | ||
Kimco Realty Corp. (a) | 1,149 | 20,728 | ||
Plum Creek Timber Co., Inc. (a) | 578 | 21,646 | ||
ProLogis (a) | 1,567 | 22,627 | ||
Public Storage (a) | 344 | 34,888 | ||
Simon Property Group, Inc. (a) | 840 | 83,572 | ||
Ventas, Inc. (a) | 420 | 22,042 | ||
Vornado Realty Trust (a) | 724 | 60,331 | ||
Total Real Estate | 619,253 | |||
Retailing—6.1% | ||||
Abercrombie & Fitch Co., Class A | 1,134 | 65,352 | ||
Amazon.com, Inc.* | 3,684 | 663,120 | ||
Autonation, Inc.* | 9,338 | 263,332 | ||
AutoZone, Inc.* | 565 | 154,013 | ||
Bed Bath & Beyond, Inc.* | 3,274 | 160,917 | ||
Best Buy Co., Inc. | 23,846 | 817,679 | ||
Big Lots, Inc.* | 3,387 | 103,168 | ||
Carmax, Inc.* | 4,238 | 135,108 | ||
Expedia, Inc. | 2,559 | 64,205 | ||
Family Dollar Stores, Inc. | 3,250 | 161,558 | ||
Gamestop Corp., Class A* | 8,570 | 196,082 | ||
Gap, Inc. | 13,769 | 304,846 | ||
Genuine Parts Co. | 4,433 | 227,590 | ||
Home Depot, Inc. | 39,804 | 1,395,528 | ||
JC Penney Co., Inc. | 11,239 | 363,132 | ||
Kohl’s Corp.* | 6,514 | 353,971 | ||
Lowe’s Cos., Inc. | 39,092 | 980,427 | ||
Ltd. Brands, Inc. | 5,755 | 176,851 | ||
Macy’s, Inc. | 19,624 | 496,487 | ||
NetFlix, Inc.* | 1,392 | 244,574 | ||
Nordstrom, Inc. | 4,165 | 176,513 | ||
O’Reilly Automotive, Inc.* | 1,791 | 108,212 | ||
priceline.com, Inc.* | 151 | 60,332 |
RadioShack Corp. | 4,780 | 88,382 | ||
Ross Stores, Inc. | 2,255 | 142,629 | ||
Sears Holdings Corp.* | 13,482 | 994,298 | ||
Sherwin-Williams Co. | 1,995 | 167,081 | ||
Staples, Inc. | 22,475 | 511,756 | ||
Target Corp. | 22,882 | 1,375,895 | ||
Tiffany & Co. | 844 | 52,556 | ||
TJX Cos., Inc. | 9,265 | 411,273 | ||
Urban Outfitters, Inc.* | 1,051 | 37,636 | ||
Total Retailing | 11,454,503 | |||
Semiconductors & Semiconductor Equipment—1.2% | ||||
Advanced Micro Devices, Inc.* | 16,381 | 133,997 | ||
Altera Corp. | 951 | 33,836 | ||
Analog Devices, Inc. | 1,379 | 51,947 | ||
Applied Materials, Inc. | 12,849 | 180,528 | ||
Broadcom Corp., Class A | 2,826 | 123,072 | ||
First Solar, Inc.* | 398 | 51,796 | ||
Intel Corp. | 41,293 | 868,392 | ||
KLA-Tencor Corp. | 814 | 31,453 | ||
Linear Technology Corp. | 608 | 21,031 | ||
LSI Corp.* | 8,928 | 53,479 | ||
MEMC Electronic Materials, Inc.* | 3,063 | 34,489 | ||
Microchip Technology, Inc. | 508 | 17,379 | ||
Micron Technology, Inc.* | 18,604 | 149,204 | ||
National Semiconductor Corp. | 1,986 | 27,327 | ||
Novellus Systems, Inc.* | 722 | 23,335 | ||
NVIDIA Corp.* | 4,019 | 61,893 | ||
Teradyne, Inc.* | 2,317 | 32,531 | ||
Texas Instruments, Inc. | 8,532 | 277,290 | ||
Xilinx, Inc. | 1,197 | 34,689 | ||
Total Semiconductors & | ||||
Semiconductor Equipment | 2,207,668 | |||
Software & Services—3.7% | ||||
Adobe Systems, Inc.* | 2,652 | 81,629 | ||
Akamai Technologies, Inc.* | 412 | 19,385 | ||
Autodesk, Inc.* | 945 | 36,099 | ||
Automatic Data Processing, Inc. | 3,932 | 181,973 | ||
BMC Software, Inc.* | 822 | 38,749 | ||
CA, Inc. | 3,626 | 88,619 | ||
Citrix Systems, Inc.* | 549 | 37,557 | ||
Cognizant Technology | ||||
Solutions Corp., Class A* | 1,252 | 91,759 | ||
Computer Sciences Corp. | 7,085 | 351,416 | ||
Compuware Corp.* | 1,638 | 19,115 | ||
eBay, Inc.* | 6,196 | 172,435 | ||
Electronic Arts, Inc.* | 4,660 | 76,331 | ||
Fidelity National Information | ||||
Services, Inc. | 3,870 | 105,999 | ||
Fiserv, Inc.* | 1,452 | 85,029 | ||
Google, Inc., Class A* | 967 | 574,369 | ||
International Business Machines Corp. | 14,126 | 2,073,132 | ||
Intuit, Inc.* | 1,459 | 71,929 | ||
Mastercard, Inc., Class A | 449 | 100,625 | ||
McAfee, Inc.* | 904 | 41,864 | ||
Microsoft Corp. | 45,431 | 1,268,434 | ||
Novell, Inc.* | 2,839 | 16,807 | ||
Oracle Corp. | 16,524 | 517,201 | ||
Paychex, Inc. | 1,319 | 40,770 | ||
Red Hat, Inc.* | 315 | 14,380 |
The accompanying notes are an integral part of these financial statements.
8
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
Software & Services (continued) | ||||
SAIC, Inc.* | 14,419 | $ | 228,685 | |
Salesforce.com, Inc.* | 190 | 25,080 | ||
Symantec Corp.* | 7,152 | 119,724 | ||
Total System Services, Inc. | 2,281 | 35,082 | ||
VeriSign, Inc. | 486 | 15,878 | ||
Visa, Inc., Class A | 2,007 | 141,253 | ||
Western Union Co. | 5,700 | 105,849 | ||
Yahoo!, Inc.* | 8,123 | 135,085 | ||
Total Software & Services | 6,912,242 | |||
Technology Hardware & Equipment—4.6% | ||||
Agilent Technologies, Inc.* | 2,710 | 112,275 | ||
Amphenol Corp., Class A | 1,320 | 69,670 | ||
Apple, Inc.* | 3,701 | 1,193,795 | ||
Cisco Systems, Inc.* | 40,067 | 810,555 | ||
Corning, Inc. | 6,889 | 133,095 | ||
Dell, Inc.* | 79,983 | 1,083,770 | ||
EMC Corp.* | 14,991 | 343,294 | ||
F5 Networks, Inc.* | 389 | 50,632 | ||
FLIR Systems, Inc.* | 910 | 27,073 | ||
Harris Corp. | 2,280 | 103,284 | ||
Hewlett-Packard Co. | 61,626 | 2,594,455 | ||
Jabil Circuit, Inc. | 15,347 | 308,321 | ||
JDS Uniphase Corp.* | 1,861 | 26,947 | ||
Juniper Networks, Inc.* | 2,216 | 81,815 | ||
Lexmark International, Inc., Class A* | 2,341 | 81,514 | ||
Molex, Inc. | 2,427 | 55,141 | ||
Motorola, Inc.* | 51,749 | 469,363 | ||
NetApp, Inc.* | 1,361 | 74,801 | ||
QLogic Corp.* | 580 | 9,872 | ||
QUALCOMM, Inc. | 4,527 | 224,041 | ||
SanDisk Corp.* | 1,977 | 98,573 | ||
Tellabs, Inc. | 4,993 | 33,853 | ||
Teradata Corp.* | 911 | 37,497 | ||
Western Digital Corp.* | 5,497 | 186,348 | ||
Xerox Corp. | 34,645 | 399,110 | ||
Total Technology Hardware & Equipment | 8,609,094 | |||
Telecommunication Services—3.3% | ||||
American Tower Corp., Class A* | 779 | 40,227 | ||
AT&T, Inc. | 89,443 | 2,627,835 | ||
CenturyLink, Inc. | 3,289 | 151,853 | ||
Frontier Communications Corp. | 6,571 | 63,936 | ||
MetroPCS Communications, Inc.* | 6,516 | 82,297 | ||
Qwest Communications | ||||
International, Inc. | 33,019 | 251,275 | ||
Sprint Nextel Corp.* | 152,417 | 644,724 | ||
Verizon Communications, Inc. | 65,332 | 2,337,579 | ||
Windstream Corp. | 5,087 | 70,913 | ||
Total Telecommunication Services | 6,270,639 | |||
Transportation—1.6% | ||||
CH Robinson Worldwide, Inc. | 2,393 | 191,895 | ||
CSX Corp. | 3,330 | 215,151 |
Expeditors International of | ||||
Washington, Inc. | 2,096 | 114,441 | ||
FedEx Corp. | 7,303 | 679,252 | ||
Norfolk Southern Corp. | 3,118 | 195,873 | ||
Ryder System, Inc. | 2,262 | 119,072 | ||
Southwest Airlines Co. | 18,934 | 245,763 | ||
Union Pacific Corp. | 3,694 | 342,286 | ||
United Parcel Service, Inc., Class B | 13,855 | 1,005,596 | ||
Total Transportation | 3,109,329 | |||
Utilities—3.8% | ||||
AES Corp.* | 29,376 | 357,800 | ||
Allegheny Energy, Inc. | 3,480 | 84,355 | ||
Ameren Corp. | 5,461 | 153,946 | ||
American Electric Power Co., Inc. | 8,228 | 296,044 | ||
CenterPoint Energy, Inc. | 11,685 | 183,688 | ||
CMS Energy Corp. | 6,999 | 130,181 | ||
Consolidated Edison, Inc. | 5,688 | 281,954 | ||
Constellation Energy Group, Inc. | 10,546 | 323,024 | ||
Dominion Resources, Inc. | 7,250 | 309,720 | ||
DTE Energy Co. | 3,819 | 173,077 | ||
Duke Energy Corp. | 16,508 | 294,008 | ||
Edison International | 6,707 | 258,890 | ||
Entergy Corp. | 3,380 | 239,406 | ||
Exelon Corp. | 9,316 | 387,918 | ||
FirstEnergy Corp. | 7,606 | 281,574 | ||
Integrys Energy Group, Inc. | 2,320 | 112,543 | ||
Nextera Energy, Inc. | 6,209 | 322,806 | ||
Nicor, Inc. | 1,145 | 57,158 | ||
NiSource, Inc. | 7,618 | 134,229 | ||
Northeast Utilities | 3,259 | 103,897 | ||
NRG Energy, Inc.* | 10,165 | 198,624 | ||
Oneok, Inc. | 5,109 | 283,396 | ||
Pepco Holdings, Inc. | 9,288 | 169,506 | ||
PG&E Corp. | 6,041 | 289,002 | ||
Pinnacle West Capital Corp. | 1,664 | 68,973 | ||
PPL Corp. | 6,859 | 180,529 | ||
Progress Energy, Inc. | 4,839 | 210,400 | ||
Public Service Enterprise | ||||
Group, Inc. | 8,151 | 259,283 | ||
SCANA Corp. | 2,335 | 94,801 | ||
Sempra Energy | 3,661 | 192,129 | ||
Southern Co. | 9,397 | 359,247 | ||
TECO Energy, Inc. | 4,196 | 74,689 | ||
Wisconsin Energy Corp. | 1,485 | 87,407 | ||
Xcel Energy, Inc. | 9,131 | 215,035 | ||
Total Utilities | 7,169,239 | |||
Total Investments—99.9% | ||||
(Cost $166,142,775) | 188,800,134 | |||
Other Assets in Excess of | ||||
Liabilities—0.1% | 142,827 | |||
Net Assets—100.0% | $ | 188,942,961 | ||
* | Non-income producing security |
(a) | Real Estate Investment Trust |
The accompanying notes are an integral part of these financial statements.
9
SCHEDULE OF INVESTMENTS
REVENUESHARES MID CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
COMMON STOCKS—100.0% | ||||
Automobiles & Components—0.9% | ||||
BorgWarner, Inc.* | 11,407 | $ | 825,411 | |
Gentex Corp. | 3,782 | 111,796 | ||
Thor Industries, Inc. | 9,512 | 323,027 | ||
Total Automobiles & Components | 1,260,234 | |||
Banks—2.4% | ||||
Associated Banc-Corp. | 11,376 | 172,346 | ||
Astoria Financial Corp. | 10,358 | 144,080 | ||
Bancorpsouth, Inc. | 8,165 | 130,232 | ||
Bank of Hawaii Corp. | 2,332 | 110,094 | ||
Cathay General Bancorp | 4,597 | 76,770 | ||
City National Corp. | 2,653 | 162,788 | ||
Commerce Bancshares, Inc. | 4,161 | 165,317 | ||
Cullen/Frost Bankers, Inc. | 2,219 | 135,625 | ||
East West Bancorp, Inc. | 7,540 | 147,407 | ||
First Niagara Financial Group, Inc. | 9,085 | 127,008 | ||
FirstMerit Corp. | 5,358 | 106,035 | ||
Fulton Financial Corp. | 14,239 | 147,231 | ||
International Bancshares Corp. | 4,968 | 99,509 | ||
New York Community Bancorp, Inc. | 18,178 | 342,655 | ||
NewAlliance Bancshares, Inc. | 4,141 | 62,032 | ||
PacWest Bancorp | 2,457 | 52,531 | ||
Prosperity Bancshares, Inc. | 1,715 | 67,365 | ||
SVB Financial Group* | 1,893 | 100,424 | ||
Synovus Financial Corp. | 99,780 | 263,419 | ||
TCF Financial Corp. | 14,160 | 209,710 | ||
Trustmark Corp. | 3,427 | 85,127 | ||
Valley National Bancorp | 7,920 | 113,256 | ||
Washington Federal, Inc. | 6,938 | 117,391 | ||
Webster Financial Corp. | 7,355 | 144,893 | ||
Westamerica Bancorporation | 753 | 41,769 | ||
Total Banks | 3,325,014 | |||
Capital Goods—13.3% | ||||
Acuity Brands, Inc. | 3,869 | 223,125 | ||
Aecom Technology Corp.* | 32,134 | 898,788 | ||
AGCO Corp.* | 19,640 | 994,962 | ||
Alliant Techsystems, Inc.* | 8,914 | 663,469 | ||
AMETEK, Inc. | 8,260 | 324,205 | ||
Baldor Electric Co. | 3,721 | 234,572 | ||
BE Aerospace, Inc.* | 7,343 | 271,911 | ||
Bucyrus International, Inc., Class A | 4,886 | 436,808 | ||
Carlisle Cos., Inc. | 8,987 | 357,143 | ||
Crane Co. | 7,888 | 323,960 | ||
Donaldson Co., Inc. | 4,385 | 255,558 | ||
Gardner Denver, Inc. | 3,720 | 256,010 | ||
GATX Corp. | 4,623 | 163,100 | ||
Graco, Inc. | 2,511 | 99,059 | ||
Granite Construction, Inc. | 8,836 | 242,372 | ||
Harsco Corp. | 15,897 | 450,203 | ||
Hubbell, Inc., Class B | 5,871 | 353,023 | ||
IDEX Corp. | 5,244 | 205,145 | ||
Joy Global, Inc. | 6,119 | 530,823 | ||
KBR, Inc. | 51,746 | 1,576,701 | ||
Kennametal, Inc. | 6,440 | 254,122 | ||
Lennox International, Inc. | 9,378 | 443,486 | ||
Lincoln Electric Holdings, Inc. | 4,326 | 282,358 | ||
MSC Industrial Direct Co., Class A | 3,527 | 228,162 | ||
Nordson Corp. | 1,620 | 148,846 |
Oshkosh Corp.* | 37,098 | 1,307,334 | |
Pentair, Inc. | 11,864 | 433,155 | |
Regal-Beloit Corp. | 4,657 | 310,901 | |
Shaw Group, Inc.* | 29,327 | 1,003,863 | |
SPX Corp. | 9,810 | 701,317 | |
Terex Corp.* | 21,843 | 678,007 | |
Thomas & Betts Corp.* | 5,910 | 285,453 | |
Timken Co. | 11,265 | 537,679 | |
Trinity Industries, Inc. | 11,602 | 308,729 | |
United Rentals, Inc.* | 13,853 | 315,156 | |
URS Corp.* | 29,394 | 1,223,084 | |
Valmont Industries, Inc. | 3,010 | 267,077 | |
Wabtec Corp. | 4,019 | 212,565 | |
Watsco, Inc. | 6,167 | 389,014 | |
Woodward Governor Co. | 5,328 | 200,120 | |
Total Capital Goods | 18,391,365 | ||
Commercial & Professional Services—4.0% | |||
Brink’s Co. | 16,893 | 454,084 | |
Clean Harbors, Inc.* | 3,010 | 253,081 | |
Copart, Inc.* | 3,159 | 117,989 | |
Corporate Executive Board Co. | 1,641 | 61,619 | |
Corrections Corp. of America* | 9,773 | 244,911 | |
Deluxe Corp. | 9,163 | 210,932 | |
FTI Consulting, Inc.* | 5,549 | 206,867 | |
Herman Miller, Inc. | 8,115 | 205,309 | |
HNI Corp. | 7,698 | 240,178 | |
Korn/Ferry International* | 3,416 | 78,944 | |
Manpower, Inc. | 41,230 | 2,587,595 | |
Mine Safety Appliances Co. | 4,305 | 134,015 | |
Navigant Consulting, Inc.* | 10,480 | 96,416 | |
Rollins, Inc. | 8,215 | 162,246 | |
Towers Watson & Co., Class A | 5,512 | 286,955 | |
Waste Connections, Inc. | 6,795 | 187,066 | |
Total Commercial & Professional Services | 5,528,207 | ||
Consumer Durables & Apparel—3.7% | |||
American Greetings Corp., Class A | 10,486 | 232,370 | |
Deckers Outdoor Corp.* | 1,644 | 131,092 | |
Eastman Kodak Co.* | 58,310 | 312,542 | |
Fossil, Inc.* | 3,639 | 256,477 | |
Hanesbrands, Inc.* | 22,926 | 582,320 | |
KB Home | 20,557 | 277,314 | |
MDC Holdings, Inc. | 5,427 | 156,135 | |
Mohawk Industries, Inc.* | 13,345 | 757,462 | |
NVR, Inc.* | 679 | 469,203 | |
Phillips-Van Heusen Corp. | 4,971 | 313,223 | |
Polaris Industries, Inc. | 3,444 | 268,701 | |
Ryland Group, Inc. | 11,019 | 187,653 | |
Timberland Co., Class A* | 7,564 | 185,999 | |
Toll Brothers, Inc.* | 12,050 | 228,950 | |
Tupperware Brands Corp. | 6,848 | 326,444 | |
Under Armour, Inc., Class A* | 2,365 | 129,697 | |
Warnaco Group, Inc.* | 5,633 | 310,209 | |
Total Consumer Durables & Apparel | 5,125,791 | ||
Consumer Services—3.0% | |||
Bally Technologies, Inc.* | 2,636 | 111,213 | |
Bob Evans Farms, Inc. | 7,278 | 239,883 | |
Boyd Gaming Corp.* | 29,131 | 308,789 | |
Brinker International, Inc. | 20,235 | 422,507 |
The accompanying notes are an integral part of these financial statements.
10
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
Consumer Services (continued) | ||||
Career Education Corp.* | 14,828 | $ | 307,384 | |
Cheesecake Factory, Inc.* | 7,239 | 221,948 | ||
Chipotle Mexican Grill, Inc., Class A* | 1,104 | 234,777 | ||
International Speedway Corp., | ||||
Class A | 3,701 | 96,855 | ||
ITT Educational Services, Inc.* | 3,583 | 228,201 | ||
Life Time Fitness, Inc.* | 3,113 | 127,602 | ||
Matthews International Corp., Class A | 3,320 | 116,133 | ||
Panera Bread Co., Class A* | 2,078 | 210,314 | ||
Regis Corp. | 18,282 | 303,481 | ||
Scientific Games Corp., Class A* | 14,169 | 141,123 | ||
Service Corp. International | 36,628 | 302,181 | ||
Sotheby’s | 2,157 | 97,065 | ||
Strayer Education, Inc. | 558 | 84,939 | ||
Wendy’s/Arby’s Group, Inc., Class A | 104,377 | 482,222 | ||
WMS Industries, Inc.* | 2,345 | 106,088 | ||
Total Consumer Services | 4,142,705 | |||
Diversified Financials—1.2% | ||||
Affiliated Managers Group, Inc.* | 1,788 | 177,405 | ||
Apollo Investment Corp. | 5,397 | 59,745 | ||
Eaton Vance Corp. | 4,931 | 149,064 | ||
Greenhill & Co., Inc. | 503 | 41,085 | ||
Jefferies Group, Inc. | 14,441 | 384,564 | ||
MSCI, Inc., Class A* | 2,194 | 85,478 | ||
Raymond James Financial, Inc. | 13,042 | 426,474 | ||
SEI Investments Co. | 5,704 | 135,698 | ||
Waddell & Reed Financial, Inc., Class A | 4,218 | 148,853 | ||
Total Diversified Financials | 1,608,366 | |||
Energy—3.6% | ||||
Arch Coal, Inc. | 13,620 | 477,517 | ||
Atwood Oceanics, Inc.* | 2,358 | 88,118 | ||
Bill Barrett Corp.* | 2,447 | 100,645 | ||
Cimarex Energy Co. | 2,559 | 226,548 | ||
Comstock Resources, Inc.* | 2,084 | 51,183 | ||
Dril-Quip, Inc.* | 987 | 76,710 | ||
Exterran Holdings, Inc.* | 15,060 | 360,687 | ||
Forest Oil Corp.* | 3,651 | 138,628 | ||
Frontier Oil Corp.* | 45,293 | 815,727 | ||
Helix Energy Solutions Group, Inc.* | 11,498 | 139,586 | ||
Oceaneering International, Inc.* | 3,700 | 272,431 | ||
Overseas Shipholding Group, Inc. | 4,220 | 149,472 | ||
Patriot Coal Corp.* | 16,856 | 326,501 | ||
Patterson-UTI Energy, Inc. | 7,553 | 162,767 | ||
Plains Exploration & Production Co.* | 7,232 | 232,437 | ||
Pride International, Inc.* | 6,063 | 200,079 | ||
Quicksilver Resources, Inc.* | 9,015 | 132,881 | ||
SM Energy Co. | 4,233 | 249,451 | ||
Southern Union Co. | 13,962 | 336,065 | ||
Superior Energy Services, Inc.* | 6,221 | 217,673 | ||
Tidewater, Inc. | 3,464 | 186,502 | ||
Unit Corp.* | 2,558 | 118,896 | ||
Total Energy | 5,060,504 | |||
Food & Staples Retailing—1.5% | ||||
BJ’s Wholesale Club, Inc.* | 31,307 | 1,499,605 | ||
Ruddick Corp. | 16,148 | 594,893 | ||
Total Food & Staples Retailing | 2,094,498 | |||
Food, Beverage & Tobacco—3.0% | ||||
Corn Products International, Inc. | 11,914 | 548,044 | ||
Flowers Foods, Inc. | 14,535 | 391,137 | ||
Green Mountain Coffee | ||||
Roasters, Inc.* | 5,344 | 175,604 | ||
Hansen Natural Corp.* | 3,727 | 194,847 | ||
Lancaster Colony Corp. | 2,733 | 156,328 | ||
Ralcorp Holdings, Inc.* | 8,917 | 579,694 | ||
Smithfield Foods, Inc.* | 79,587 | 1,641,880 | ||
Tootsie Roll Industries, Inc. | 2,632 | 76,249 | ||
Universal Corp. | 8,836 | 359,625 | ||
Total Food, Beverage & Tobacco | 4,123,408 | |||
Health Care Equipment & Services—10.2% | ||||
Allscripts Healthcare Solutions, Inc.* | 7,687 | 148,128 | ||
Beckman Coulter, Inc. | 7,508 | 564,827 | ||
Community Health Systems, Inc.* | 52,446 | 1,959,907 | ||
Edwards Lifesciences Corp.* | 2,642 | 213,579 | ||
Gen-Probe, Inc.* | 1,422 | 82,974 | ||
Health Management Associates, Inc., | ||||
Class A* | 78,543 | 749,300 | ||
Health Net, Inc.* | 75,254 | 2,053,682 | ||
Henry Schein, Inc.* | 17,720 | 1,087,831 | ||
Hill-Rom Holdings, Inc. | 4,969 | 195,630 | ||
Hologic, Inc.* | 13,565 | 255,293 | ||
IDEXX Laboratories, Inc.* | 2,230 | 154,361 | ||
Immucor, Inc.* | 2,353 | 46,660 | ||
Kindred Healthcare, Inc.* | 36,604 | 672,415 | ||
Kinetic Concepts, Inc.* | 6,950 | 291,066 | ||
LifePoint Hospitals, Inc.* | 12,440 | 457,170 | ||
Lincare Holdings, Inc. | 9,045 | 242,677 | ||
Masimo Corp. | 1,797 | 52,239 | ||
Mednax, Inc.* | 3,004 | 202,139 | ||
Omnicare, Inc. | 36,409 | 924,424 | ||
Owens & Minor, Inc. | 41,347 | 1,216,842 | ||
ResMed, Inc.* | 4,522 | 156,642 | ||
STERIS Corp. | 4,954 | 180,623 | ||
Teleflex, Inc. | 4,981 | 268,028 | ||
Thoratec Corp.* | 2,116 | 59,925 | ||
Universal Health Services, Inc., | ||||
Class B | 18,799 | 816,253 | ||
VCA Antech, Inc.* | 8,405 | 195,752 | ||
WellCare Health Plans, Inc.* | 28,890 | 873,056 | ||
Total Health Care Equipment & Services | 14,121,423 | |||
Household & Personal Products—0.9% | ||||
Alberto-Culver Co., Class B | 5,941 | 220,055 | ||
Church & Dwight Co., Inc. | 5,572 | 384,579 | ||
Energizer Holdings, Inc.* | 8,646 | 630,293 | ||
Total Household & Personal Products | 1,234,927 | |||
Insurance—6.1% | ||||
American Financial Group, Inc. | 19,633 | 633,950 | ||
Arthur J. Gallagher & Co. | 8,921 | 259,423 | ||
Brown & Brown, Inc. | 5,728 | 137,128 | ||
Everest Re Group Ltd. | 7,701 | 653,199 | ||
Fidelity National Financial, Inc., | ||||
Class A | 57,246 | 783,125 | ||
First American Financial Corp. | 36,282 | 542,053 | ||
Hanover Insurance Group, Inc. | 9,199 | 429,777 |
The accompanying notes are an integral part of these financial statements.
11
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
Insurance (continued) | ||||
HCC Insurance Holdings, Inc. | 11,560 | $ | 334,546 | |
Mercury General Corp. | 9,070 | 390,101 | ||
Old Republic International Corp. | 42,049 | 573,128 | ||
Protective Life Corp. | 17,068 | 454,692 | ||
Reinsurance Group of America, Inc., | ||||
Class A | 21,227 | 1,140,102 | ||
StanCorp Financial Group, Inc. | 8,620 | 389,107 | ||
Transatlantic Holdings, Inc. | 12,183 | 628,886 | ||
Unitrin, Inc. | 15,136 | 371,437 | ||
W.R. Berkley Corp. | 24,610 | 673,822 | ||
Total Insurance | 8,394,476 | |||
Materials—8.8% | ||||
Albemarle Corp. | 6,026 | 336,130 | ||
Aptargroup, Inc. | 6,231 | 296,409 | ||
Ashland, Inc. | 24,205 | 1,231,066 | ||
Cabot Corp. | 10,602 | 399,165 | ||
Carpenter Technology Corp. | 4,011 | 161,403 | ||
Commercial Metals Co. | 49,821 | 826,530 | ||
Compass Minerals International, Inc. | 1,697 | 151,491 | ||
Cytec Industries, Inc. | 9,166 | 486,348 | ||
Greif, Inc., Class A | 7,573 | 468,769 | ||
Intrepid Potash, Inc.* | 1,493 | 55,674 | ||
Louisiana-Pacific Corp.* | 20,282 | 191,868 | ||
Lubrizol Corp. | 7,247 | 774,559 | ||
Martin Marietta Materials, Inc. | 2,703 | 249,325 | ||
Minerals Technologies, Inc. | 2,287 | 149,593 | ||
NewMarket Corp. | 2,010 | 247,974 | ||
Olin Corp. | 10,941 | 224,509 | ||
Packaging Corp. of America | 12,571 | 324,835 | ||
Reliance Steel & Aluminum Co. | 17,317 | 884,899 | ||
Rock-Tenn Co., Class A | 7,631 | 411,692 | ||
RPM International, Inc. | 22,528 | 497,869 | ||
Scotts Miracle-Gro Co., Class A | 9,022 | 458,047 | ||
Sensient Technologies Corp. | 5,157 | 189,416 | ||
Silgan Holdings, Inc. | 12,595 | 451,027 | ||
Sonoco Products Co. | 16,930 | 570,033 | ||
Steel Dynamics, Inc. | 50,408 | 922,466 | ||
Temple-Inland, Inc. | 23,501 | 499,161 | ||
Valspar Corp. | 13,066 | 450,516 | ||
Worthington Industries, Inc. | 14,655 | 269,652 | ||
Total Materials | 12,180,426 | |||
Media—0.7% | ||||
DreamWorks Animation SKG, Inc., | ||||
Class A* | 3,336 | 98,312 | ||
Harte-Hanks, Inc. | 9,097 | 116,169 | ||
John Wiley & Sons, Inc., Class A | 5,179 | 234,298 | ||
Lamar Advertising Co., Class A* | 4,093 | 163,065 | ||
New York Times Co., Class A* | 11,446 | 112,171 | ||
Scholastic Corp. | 8,893 | 262,699 | ||
Total Media | 986,714 | |||
Pharmaceuticals, Biotechnology & Life Sciences—1.4% | ||||
Bio-Rad Laboratories, Inc., Class A* | 2,653 | 275,514 | ||
Charles River Laboratories | ||||
International, Inc.* | 4,793 | 170,343 | ||
Covance, Inc.* | 5,942 | 305,478 | ||
Endo Pharmaceuticals Holdings, Inc.* | 6,329 | 226,009 |
Medicis Pharmaceutical Corp., Class A | 3,652 | 97,837 | ||
Mettler-Toledo International, Inc.* | 1,757 | 265,676 | ||
Perrigo Co. | 4,650 | 294,485 | ||
Pharmaceutical Product | ||||
Development, Inc. | 7,877 | 213,782 | ||
Techne Corp. | 632 | 41,503 | ||
United Therapeutics Corp.* | 1,264 | 79,910 | ||
Vertex Pharmaceuticals, Inc.* | 462 | 16,184 | ||
Total Pharmaceuticals, Biotechnology | ||||
& Life Sciences | 1,986,721 | |||
Real Estate—1.9% | ||||
Alexandria Real Estate Equities, Inc. (a) | 967 | 70,842 | ||
AMB Property Corp. (a) | 2,878 | 91,261 | ||
BRE Properties, Inc. (a) | 1,125 | 48,938 | ||
Camden Property Trust (a) | 1,686 | 91,010 | ||
Corporate Office Properties Trust | ||||
SBI Md (a) | 2,473 | 86,431 | ||
Cousins Properties, Inc. (a) | 4,361 | 36,371 | ||
Duke Realty Corp. (a) | 18,354 | 228,691 | ||
Equity One, Inc. (a) | 2,328 | 42,323 | ||
Essex Property Trust, Inc. (a) | 526 | 60,080 | ||
Federal Realty Investment Trust (a) | 1,037 | 80,813 | ||
Highwoods Properties, Inc. (a) | 2,190 | 69,752 | ||
Hospitality Properties Trust (a) | 6,847 | 157,755 | ||
Jones Lang LaSalle, Inc. | 4,925 | 413,306 | ||
Liberty Property Trust (a) | 3,486 | 111,273 | ||
Macerich Co. (a) | 2,405 | 113,925 | ||
Mack-Cali Realty Corp. (a) | 3,698 | 122,256 | ||
Nationwide Health Properties, Inc. (a) | 1,735 | 63,119 | ||
Omega Healthcare Investors, Inc. (a) | 1,595 | 35,792 | ||
Potlatch Corp. (a) | 2,210 | 71,936 | ||
Rayonier, Inc. (a) | 3,585 | 188,284 | ||
Realty Income Corp. (a) | 1,394 | 47,675 | ||
Regency Centers Corp. (a) | 1,685 | 71,174 | ||
Senior Housing Properties Trust (a) | 2,172 | 47,654 | ||
SL Green Realty Corp. (a) | 2,406 | 162,429 | ||
UDR, Inc. (a) | 3,849 | 90,529 | ||
Weingarten Realty Investors (a) | 3,390 | 80,546 | ||
Total Real Estate | 2,684,165 | |||
Retailing—7.1% | ||||
99 Cents Only Stores* | 12,073 | 192,444 | ||
Aaron’s, Inc. | 12,780 | 260,584 | ||
Advance Auto Parts, Inc. | 12,233 | 809,213 | ||
Aeropostale, Inc.* | 12,731 | 313,692 | ||
American Eagle Outfitters, Inc. | 27,011 | 395,171 | ||
AnnTaylor Stores Corp.* | 10,009 | 274,147 | ||
Ascena Retail Group, Inc.* | 11,522 | 304,411 | ||
Barnes & Noble, Inc. | 59,084 | 836,039 | ||
Chico’s FAS, Inc. | 19,838 | 238,651 | ||
Collective Brands, Inc.* | 22,965 | 484,561 | ||
Dick’s Sporting Goods, Inc.* | 16,961 | 636,037 | ||
Dollar Tree, Inc.* | 12,990 | 728,479 | ||
Foot Locker, Inc. | 36,659 | 719,250 | ||
Guess?, Inc. | 6,220 | 294,330 | ||
J. Crew Group, Inc.* | 4,893 | 211,084 | ||
LKQ Corp.* | 14,741 | 334,916 | ||
Office Depot, Inc.* | 57,569 | 310,873 | ||
PetSmart, Inc. | 19,237 | 766,017 |
The accompanying notes are an integral part of these financial statements.
12
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
Retailing (continued) | ||||
Rent-A-Center, Inc., Class A | 13,004 | $ | 419,769 | |
Saks, Inc.* | 33,087 | 354,031 | ||
Tractor Supply Co. | 10,453 | 506,866 | ||
Williams-Sonoma, Inc. | 12,236 | 436,703 | ||
Total Retailing | 9,827,268 | |||
Semiconductors & Semiconductor Equipment—1.0% | ||||
Atmel Corp.* | 17,800 | 219,296 | ||
Cree, Inc.* | 1,527 | 100,614 | ||
Fairchild Semiconductor International, | ||||
Inc., Class A* | 14,378 | 224,440 | ||
Integrated Device Technology, Inc.* | 10,200 | 67,932 | ||
International Rectifier Corp.* | 3,768 | 111,872 | ||
Intersil Corp., Class A | 7,638 | 116,632 | ||
Lam Research Corp.* | 4,556 | 235,910 | ||
RF Micro Devices, Inc.* | 16,185 | 118,960 | ||
Semtech Corp.* | 1,548 | 35,047 | ||
Silicon Laboratories, Inc.* | 1,567 | 72,113 | ||
Skyworks Solutions, Inc.* | 5,216 | 149,334 | ||
Total Semiconductors | ||||
& Semiconductor Equipment | 1,452,150 | |||
Software & Services—4.0% | ||||
ACI Worldwide, Inc.* | 2,092 | 56,212 | ||
Acxiom Corp.* | 8,863 | 152,000 | ||
Advent Software, Inc.* | 729 | 42,224 | ||
Alliance Data Systems Corp.* | 5,372 | 381,573 | ||
ANSYS, Inc.* | 1,552 | 80,813 | ||
AOL, Inc.* | 14,744 | 349,580 | ||
Broadridge Financial Solutions, Inc. | 13,732 | 301,143 | ||
Cadence Design Systems, Inc.* | 15,611 | 128,947 | ||
Concur Technologies, Inc.* | 2,064 | 107,183 | ||
Convergys Corp.* | 24,812 | 326,774 | ||
CoreLogic, Inc. | 7,447 | 137,918 | ||
Digital River, Inc.* | 1,386 | 47,706 | ||
DST Systems, Inc. | 7,318 | 324,553 | ||
Equinix, Inc.* | 1,904 | 154,719 | ||
Factset Research Systems, Inc. | 931 | 87,291 | ||
Fair Isaac Corp. | 3,585 | 83,781 | ||
Gartner, Inc.* | 5,423 | 180,044 | ||
Global Payments, Inc. | 5,170 | 238,906 | ||
Informatica Corp.* | 1,967 | 86,607 | ||
Jack Henry & Associates, Inc. | 3,873 | 112,898 | ||
Lender Processing Services, Inc. | 11,464 | 338,417 | ||
Mantech International Corp., | ||||
Class A* | 8,894 | 367,589 | ||
Mentor Graphics Corp.* | 9,661 | 115,932 | ||
MICROS Systems, Inc.* | 2,730 | 119,738 | ||
NeuStar, Inc., Class A* | 2,832 | 73,774 | ||
Parametric Technology Corp.* | 6,184 | 139,325 | ||
Quest Software, Inc.* | 3,884 | 107,742 | ||
Rackspace Hosting, Inc.* | 3,344 | 105,035 | ||
Rovi Corp.* | 1,359 | 84,272 | ||
Solera Holdings, Inc. | 1,730 | 88,784 | ||
SRA International, Inc., Class A* | 11,366 | 232,435 | ||
Synopsys, Inc.* | 7,165 | 192,810 | ||
TIBCO Software, Inc.* | 4,885 | 96,283 | ||
ValueClick, Inc.* | 3,493 | 55,993 | ||
Total Software & Services | 5,499,001 | |||
Technology Hardware & Equipment—11.7% | ||||
ADTRAN, Inc. | 2,318 | 83,935 | ||
Arrow Electronics, Inc.* | 74,923 | 2,566,113 | ||
Avnet, Inc.* | 77,193 | 2,549,685 | ||
Ciena Corp.* | 7,430 | 156,401 | ||
CommScope, Inc.* | 14,290 | 446,134 | ||
Diebold, Inc. | 12,713 | 407,452 | ||
Ingram Micro, Inc., Class A* | 258,037 | 4,925,926 | ||
Itron, Inc.* | 5,430 | 301,093 | ||
National Instruments Corp. | 3,265 | 122,895 | ||
NCR Corp.* | 45,275 | 695,877 | ||
Plantronics, Inc. | 2,229 | 82,963 | ||
Polycom, Inc.* | 4,200 | 163,716 | ||
Riverbed Technology, Inc.* | 1,993 | 70,094 | ||
Tech Data Corp.* | 68,349 | 3,008,723 | ||
Trimble Navigation Ltd.* | 4,296 | 171,539 | ||
Vishay Intertechnology, Inc.* | 25,339 | 371,976 | ||
Zebra Technologies Corp., Class A* | 3,437 | 130,572 | ||
Total Technology Hardware & Equipment | 16,255,094 | |||
Telecommunication Services—0.9% | ||||
Cincinnati Bell, Inc.* | 75,457 | 211,280 | ||
Syniverse Holdings, Inc.* | 2,866 | 88,416 | ||
Telephone & Data Systems, Inc. | 19,819 | 724,384 | ||
tw Telecom, Inc., Class A* | 10,879 | 185,487 | ||
Total Telecommunication Services | 1,209,567 | |||
Transportation—2.8% | ||||
AirTran Holdings, Inc.* | 49,675 | 367,098 | ||
Alaska Air Group, Inc.* | 9,448 | 535,607 | ||
Alexander & Baldwin, Inc. | 5,849 | 234,135 | ||
Con-Way, Inc. | 19,622 | 717,577 | ||
JB Hunt Transport Services, Inc. | 13,100 | 534,611 | ||
JetBlue Airways Corp.* | 77,600 | 512,936 | ||
Kansas City Southern* | 5,195 | 248,633 | ||
Kirby Corp.* | 3,472 | 152,942 | ||
Landstar System, Inc. | 8,491 | 347,621 | ||
Werner Enterprises, Inc. | 11,227 | 253,730 | ||
Total Transportation | 3,904,890 | |||
Utilities—5.9% | ||||
AGL Resources, Inc. | 9,373 | 336,022 | ||
Alliant Energy Corp. | 13,381 | 492,019 | ||
Aqua America, Inc. | 4,646 | 104,442 | ||
Atmos Energy Corp. | 21,334 | 665,621 | ||
Black Hills Corp. | 6,177 | 185,310 | ||
Cleco Corp. | 5,026 | 154,600 | ||
DPL, Inc. | 10,094 | 259,517 | ||
Dynegy, Inc., Class A* | 58,315 | 327,730 | ||
Energen Corp. | 4,824 | 232,806 | ||
Great Plains Energy, Inc. | 16,767 | 325,112 | ||
Hawaiian Electric Industries, Inc. | 16,612 | 378,588 | ||
IDACORP, Inc. | 4,007 | 148,179 | ||
MDU Resources Group, Inc. | 27,452 | 556,452 | ||
National Fuel Gas Co. | 3,850 | 252,637 | ||
NSTAR | 9,955 | 420,001 | ||
NV Energy, Inc. | 35,045 | 492,382 | ||
OGE Energy Corp. | 11,642 | 530,177 | ||
PNM Resources, Inc. | 19,014 | 247,562 | ||
Questar Corp. | 18,212 | 317,071 | ||
UGI Corp. | 25,087 | 792,247 |
The accompanying notes are an integral part of these financial statements.
13
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | |||
Utilities (continued) | |||||
Vectren Corp. | 11,993 | $ | 304,382 | ||
Westar Energy, Inc. | 11,623 | 292,435 | |||
WGL Holdings, Inc. | 10,550 | 377,374 | |||
Total Utilities | 8,192,666 | ||||
Total Investments—100.0% | |||||
(Cost $115,591,038) | 138,589,580 | ||||
Liabilities in Excess of | |||||
Other Assets—(0.0)% | $ | (8,465 | ) | ||
Net Assets—100.0% | $ | 138,581,115 | |||
* | Non-income producing security |
(a) | Real Estate Investment Trust |
The accompanying notes are an integral part of these financial statements.
14
SCHEDULE OF INVESTMENTS
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
COMMON STOCKS—100.0% | ||||
Automobiles & Components—0.6% | ||||
Drew Industries, Inc. | 6,028 | $ | 136,956 | |
Spartan Motors, Inc. | 18,548 | 112,957 | ||
Standard Motor Products, Inc. | 13,959 | 191,238 | ||
Superior Industries International, Inc. | 7,892 | 167,468 | ||
Winnebago Industries, Inc.* | 7,448 | 113,210 | ||
Total Automobiles & Components | 721,829 | |||
Banks—3.1% | ||||
Bank Mutual Corp. | 7,646 | 36,548 | ||
Bank of The Ozarks, Inc. | 1,141 | 49,462 | ||
Boston Private Financial Holdings, Inc. | 15,508 | 101,577 | ||
Brookline Bancorp, Inc. | 3,050 | 33,093 | ||
City Holding Co. | 1,191 | 43,150 | ||
Columbia Banking System, Inc. | 2,652 | 55,851 | ||
Community Bank System, Inc. | 3,069 | 85,226 | ||
Dime Community Bancshares | 3,601 | 52,539 | ||
First BanCorp.* | 758,962 | 349,123 | ||
First Commonwealth Financial Corp. | 11,653 | 82,503 | ||
First Financial Bancorp | 5,864 | 108,367 | ||
First Financial Bankshares, Inc. | 934 | 47,802 | ||
First Midwest Bancorp, Inc. | 9,729 | 112,078 | ||
Glacier Bancorp, Inc. | 6,472 | 97,792 | ||
Hancock Holding Co. | 3,489 | 121,627 | ||
Hanmi Financial Corp.* | 43,248 | 49,735 | ||
Home Bancshares, Inc. | 1,979 | 43,597 | ||
Independent Bank Corp. | 2,187 | 59,158 | ||
Nara Bancorp, Inc.* | 4,526 | 44,445 | ||
National Penn Bancshares, Inc. | 15,570 | 125,027 | ||
NBT Bancorp, Inc. | 3,483 | 84,114 | ||
Old National Bancorp | 10,353 | 123,097 | ||
Pinnacle Financial Partners, Inc.* | 5,308 | 72,083 | ||
PrivateBancorp, Inc., Class A | 9,982 | 143,541 | ||
Provident Financial Services, Inc. | 5,275 | 79,811 | ||
S&T Bancorp, Inc. | 2,452 | 55,391 | ||
Signature Bank* | 2,574 | 128,700 | ||
Simmons First National Corp., Class A | 1,533 | 43,690 | ||
Sterling Bancorp, Class N | 3,653 | 38,247 | ||
Sterling Bancshares, Inc. | 9,092 | 63,826 | ||
Susquehanna Bancshares, Inc. | 21,948 | 212,457 | ||
Texas Capital Bancshares, Inc.* | 3,434 | 73,041 | ||
Tompkins Financial Corp. | 1,180 | 46,209 | ||
Trustco Bank Corp. | 7,315 | 46,377 | ||
UMB Financial Corp. | 4,069 | 168,538 | ||
Umpqua Holdings Corp. | 11,164 | 135,978 | ||
United Bankshares, Inc. | 3,613 | 105,500 | ||
United Community Banks, Inc.* | 50,350 | 98,182 | ||
Whitney Holding Corp. | 13,455 | 190,388 | ||
Wilmington Trust Corp. | 16,494 | 71,584 | ||
Wilshire Bancorp, Inc. | 5,913 | 45,057 | ||
Wintrust Financial Corp. | 5,525 | 182,491 | ||
Total Banks | 3,907,002 | |||
Capital Goods—11.2% | ||||
A.O. Smith Corp. | 12,228 | 465,642 | ||
AAON, Inc. | 1,947 | 54,925 | ||
AAR Corp.* | 12,053 | 331,096 | ||
Actuant Corp., Class A | 10,673 | 284,115 | ||
Aerovironment, Inc.* | 2,054 | 55,109 | ||
Albany International Corp., Class A | 8,901 | 210,865 |
American Science & Engineering, Inc. | 678 | 57,786 | ||
Apogee Enterprises, Inc. | 14,245 | 191,880 | ||
Applied Industrial Technologies, Inc. | 13,694 | 444,781 | ||
Applied Signal Technology, Inc. | 1,505 | 57,024 | ||
Astec Industries, Inc.* | 5,607 | 181,723 | ||
AZZ, Inc. | 2,349 | 93,984 | ||
Badger Meter, Inc. | 1,459 | 64,517 | ||
Barnes Group, Inc. | 13,060 | 269,950 | ||
Belden, Inc. | 10,618 | 390,955 | ||
Brady Corp., Class A | 8,929 | 291,175 | ||
Briggs & Stratton Corp. | 23,201 | 456,828 | ||
Cascade Corp. | 1,708 | 80,754 | ||
Ceradyne, Inc.* | 3,103 | 97,838 | ||
CIRCOR International, Inc. | 3,655 | 154,533 | ||
CLARCOR, Inc. | 5,432 | 232,978 | ||
Comfort Systems USA, Inc. | 20,642 | 271,855 | ||
Cubic Corp. | 5,588 | 263,474 | ||
Curtiss-Wright Corp. | 13,771 | 457,197 | ||
Dycom Industries, Inc.* | 16,314 | 240,632 | ||
EMCOR Group, Inc.* | 42,058 | 1,218,841 | ||
Encore Wire Corp. | 7,914 | 198,483 | ||
EnPro Industries, Inc.* | 5,416 | 225,089 | ||
ESCO Technologies, Inc. | 3,672 | 138,948 | ||
Esterline Technologies Corp.* | 5,418 | 371,621 | ||
Federal Signal Corp. | 28,212 | 193,534 | ||
GenCorp, Inc.* | 39,307 | 203,217 | ||
Gibraltar Industries, Inc.* | 14,722 | 199,778 | ||
Griffon Corp.* | 24,922 | 317,506 | ||
II-VI, Inc.* | 1,596 | 73,991 | ||
Insituform Technologies, Inc., | ||||
Class A* | 8,018 | 212,557 | ||
John Bean Technologies Corp. | 10,173 | 204,782 | ||
Kaman Corp. | 10,053 | 292,241 | ||
Kaydon Corp. | 2,883 | 117,396 | ||
Lawson Products, Inc. | 3,669 | 91,321 | ||
Lindsay Corp. | 1,175 | 69,830 | ||
Lydall, Inc.* | 9,350 | 75,268 | ||
Moog, Inc., Class A* | 12,559 | 499,848 | ||
Mueller Industries, Inc. | 14,601 | 477,453 | ||
NCI Building Systems, Inc.* | 18,978 | 265,502 | ||
Orbital Sciences Corp.* | 16,869 | 288,966 | ||
Orion Marine Group, Inc.* | 5,181 | 60,100 | ||
Powell Industries, Inc.* | 4,398 | 144,606 | ||
Quanex Building Products Corp. | 10,108 | 191,749 | ||
Robbins & Myers, Inc. | 3,840 | 137,395 | ||
Simpson Manufacturing Co., Inc. | 4,830 | 149,295 | ||
Standex International Corp. | 4,500 | 134,595 | ||
Teledyne Technologies, Inc.* | 9,835 | 432,445 | ||
Toro Co. | 6,325 | 389,873 | ||
Tredegar Corp. | 8,966 | 173,761 | ||
Triumph Group, Inc. | 3,347 | 299,255 | ||
Universal Forest Products, Inc. | 12,064 | 469,290 | ||
Vicor Corp. | 3,204 | 52,546 | ||
Watts Water Technologies, Inc., | ||||
Class A | 8,822 | 322,797 | ||
Total Capital Goods | 14,395,495 | |||
Commercial & Professional Services—6.1% | ||||
ABM Industries, Inc. | 32,455 | 853,566 | ||
Administaff, Inc. | 13,959 | 408,999 | ||
CDI Corp. | 11,227 | 208,710 |
The accompanying notes are an integral part of these financial statements.
15
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
Commercial & Professional Services (continued) | ||||
Consolidated Graphics, Inc.* | 4,737 | $ | 229,413 | |
Dolan Co.* | 4,987 | 69,419 | ||
Exponent, Inc.* | 1,445 | 54,231 | ||
G&K Services, Inc., Class A | 6,699 | 207,066 | ||
Geo Group, Inc.* | 11,781 | 290,519 | ||
Healthcare Services Group, Inc. | 11,165 | 181,655 | ||
Heidrick & Struggles International, | ||||
Inc. | 4,292 | 122,966 | ||
Interface, Inc., Class A | 13,905 | 217,613 | ||
Kelly Services, Inc., Class A* | 60,161 | 1,131,027 | ||
Mobile Mini, Inc.* | 4,117 | 81,064 | ||
On Assignment, Inc.* | 11,912 | 97,083 | ||
School Specialty, Inc.* | 17,907 | 249,444 | ||
SFN Group, Inc.* | 49,426 | 482,398 | ||
Standard Register Co. | 50,954 | 173,753 | ||
SYKES Enterprises, Inc.* | 12,467 | 252,581 | ||
Tetra Tech, Inc.* | 13,335 | 334,175 | ||
TrueBlue, Inc.* | 14,117 | 253,965 | ||
United Stationers, Inc.* | 17,988 | 1,147,814 | ||
Viad Corp. | 7,472 | 190,312 | ||
Volt Information Sciences, Inc.* | 72,035 | 623,103 | ||
Total Commercial & Professional | ||||
Services | 7,860,876 | |||
Consumer Durables & Apparel—5.7% | ||||
Arctic Cat, Inc.* | 7,256 | 106,228 | ||
Blyth, Inc. | 6,210 | 214,121 | ||
Brunswick Corp. | 44,886 | 841,164 | ||
Callaway Golf Co. | 29,117 | 234,974 | ||
Carter’s, Inc.* | 12,855 | 379,351 | ||
CROCS, Inc.* | 10,108 | 173,049 | ||
Ethan Allen Interiors, Inc. | 6,919 | 138,449 | ||
Helen of Troy Ltd.* | 5,291 | 157,354 | ||
Iconix Brand Group, Inc.* | 3,761 | 72,625 | ||
Jakks Pacific, Inc.* | 9,226 | 168,098 | ||
Kid Brands, Inc.* | 6,855 | 58,610 | ||
K-Swiss, Inc., Class A* | 4,286 | 53,446 | ||
La-Z-Boy, Inc., Class Z* | 32,109 | 289,623 | ||
Liz Claiborne, Inc.* | 85,060 | 609,030 | ||
M/I Homes, Inc.* | 11,896 | 182,961 | ||
Maidenform Brands, Inc.* | 5,045 | 119,920 | ||
Meritage Homes Corp.* | 11,223 | 249,151 | ||
Movado Group, Inc.* | 5,393 | 87,043 | ||
National Presto Industries, Inc. | 939 | 122,079 | ||
Oxford Industries, Inc. | 8,176 | 209,387 | ||
Perry Ellis International, Inc.* | 6,883 | 189,076 | ||
Pool Corp. | 17,015 | 383,518 | ||
Quiksilver, Inc.* | 85,792 | 434,965 | ||
RC2 Corp.* | 4,485 | 97,639 | ||
Skechers U.S.A., Inc., Class A* | 21,059 | 421,180 | ||
Skyline Corp. | 1,242 | 32,391 | ||
Standard Pacific Corp.* | 65,055 | 299,253 | ||
Steven Madden Ltd.* | 3,229 | 134,714 | ||
Sturm Ruger & Co., Inc. | 3,865 | 59,096 | ||
True Religion Apparel, Inc.* | 3,800 | 84,588 | ||
Unifirst Corp. | 4,527 | 249,211 | ||
Universal Electronics, Inc.* | 2,572 | 72,968 | ||
Volcom, Inc. | 3,885 | 73,310 | ||
Wolverine World Wide, Inc. | 8,990 | 286,601 | ||
Total Consumer Durables & Apparel | 7,285,173 | |||
Consumer Services—4.4% | ||||
American Public Education, Inc.* | 1,317 | 49,045 | ||
Biglari Holdings, Inc.* | 398 | 163,264 | ||
BJ’s Restaurants, Inc.* | 3,111 | 110,223 | ||
Buffalo Wild Wings, Inc.* | 3,128 | 137,163 | ||
California Pizza Kitchen, Inc.* | 8,982 | 155,209 | ||
Capella Education Co.* | 1,568 | 104,397 | ||
CEC Entertainment, Inc.* | 5,049 | 196,053 | ||
Coinstar, Inc.* | 5,254 | 296,536 | ||
Corinthian Colleges, Inc.* | 48,202 | 251,132 | ||
Cracker Barrel Old Country Store, Inc. | 10,666 | 584,177 | ||
DineEquity, Inc.* | 6,280 | 310,106 | ||
Hillenbrand, Inc. | 8,499 | 176,864 | ||
Interval Leisure Group, Inc.* | 5,817 | 93,886 | ||
Jack in the Box, Inc.* | 26,435 | 558,572 | ||
Marcus Corp. | 6,279 | 83,322 | ||
Monarch Casino & Resort, Inc.* | 2,675 | 33,438 | ||
Multimedia Games, Inc.* | 5,732 | 31,985 | ||
O’Charleys, Inc.* | 28,725 | 206,820 | ||
Papa John’s International, Inc.* | 10,385 | 287,665 | ||
Peet’s Coffee & Tea, Inc.* | 2,011 | 83,939 | ||
PF Chang’s China Bistro, Inc. | 5,954 | 288,531 | ||
Pinnacle Entertainment, Inc.* | 18,620 | 261,052 | ||
Pre-Paid Legal Services, Inc.* | 1,777 | 107,064 | ||
Red Robin Gourmet Burgers, Inc.* | 10,184 | 218,650 | ||
Ruby Tuesday, Inc.* | 21,562 | 281,600 | ||
Ruth’s Hospitality Group, Inc.* | 16,832 | 77,932 | ||
Shuffle Master, Inc.* | 4,225 | 48,376 | ||
Sonic Corp.* | 14,078 | 142,469 | ||
Texas Roadhouse, Inc., Class A* | 13,465 | 231,194 | ||
Universal Technical Institute, Inc. | 4,891 | 107,700 | ||
Total Consumer Services | 5,678,364 | |||
Diversified Financials—1.4% | ||||
Cash America International, Inc. | 7,968 | 294,258 | ||
Ezcorp, Inc., Class A* | 6,057 | 164,326 | ||
First Cash Financial Services, Inc.* | 3,247 | 100,625 | ||
Interactive Brokers Group, Inc., | ||||
Class A | 13,851 | 246,825 | ||
Investment Technology Group, Inc.* | 8,919 | 146,004 | ||
LaBranche & Co., Inc.* | 4,801 | 17,284 | ||
OptionsXpress Holdings, Inc. | 2,810 | 44,033 | ||
Piper Jaffray Cos.* | 3,758 | 131,568 | ||
Portfolio Recovery Associates, Inc.* | 1,155 | 86,856 | ||
Stifel Financial Corp.* | 5,337 | 331,107 | ||
SWS Group, Inc. | 24,863 | 125,558 | ||
TradeStation Group, Inc.* | 4,912 | 33,156 | ||
World Acceptance Corp.* | 2,004 | 105,811 | ||
Total Diversified Financials | 1,827,411 | |||
Energy—7.6% | ||||
Basic Energy Services, Inc.* | 10,068 | 165,921 | ||
Bristow Group, Inc.* | 5,973 | 282,822 | ||
CARBO Ceramics, Inc. | 1,033 | 106,957 | ||
Contango Oil & Gas Co.* | 642 | 37,191 | ||
Gulf Island Fabrication, Inc. | 2,269 | 63,940 | ||
Gulfport Energy Corp.* | 1,238 | 26,803 | ||
Holly Corp. | 49,202 | 2,005,965 | ||
Hornbeck Offshore Services, Inc.* | 4,726 | 98,679 | ||
ION Geophysical Corp.* | 11,827 | 100,293 | ||
Lufkin Industries, Inc. | 2,394 | 149,362 |
The accompanying notes are an integral part of these financial statements.
16
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
Energy (continued) | ||||
Matrix Service Co.* | 12,416 | $ | 151,227 | |
Oil States International, Inc.* | 8,491 | 544,188 | ||
Penn Virginia Corp. | 8,177 | 137,537 | ||
Petroleum Development Corp.* | 2,074 | 87,543 | ||
Petroquest Energy, Inc.* | 5,992 | 45,120 | ||
Pioneer Drilling Co.* | 13,338 | 117,508 | ||
SEACOR Holdings, Inc. | 6,071 | 613,717 | ||
Seahawk Drilling, Inc.* | 2,806 | 25,114 | ||
Stone Energy Corp.* | 7,293 | 162,561 | ||
Swift Energy Co.* | 2,622 | 102,651 | ||
Tetra Technologies, Inc.* | 18,158 | 215,535 | ||
World Fuel Services Corp. | 124,975 | 4,519,096 | ||
Total Energy | 9,759,730 | |||
Food & Staples Retailing—3.7% | ||||
Andersons, Inc. | 21,347 | 775,964 | ||
Casey’s General Stores, Inc. | 25,187 | 1,070,699 | ||
Nash Finch Co. | 32,523 | 1,382,553 | ||
Spartan Stores, Inc. | 36,099 | 611,878 | ||
United Natural Foods, Inc.* | 23,812 | 873,424 | ||
Total Food & Staples Retailing | 4,714,518 | |||
Food, Beverage & Tobacco—2.4% | ||||
Alliance One International, Inc.* | 131,603 | 557,997 | ||
Boston Beer Co., Inc., Class A* | 1,295 | 123,142 | ||
Calavo Growers, Inc. | 3,831 | 88,304 | ||
Cal-Maine Foods, Inc. | 6,569 | 207,449 | ||
Darling International, Inc.* | 11,820 | 156,970 | ||
Diamond Foods, Inc. | 2,822 | 150,074 | ||
Hain Celestial Group, Inc.* | 8,177 | 221,270 | ||
J&J Snack Foods Corp. | 3,406 | 164,305 | ||
Sanderson Farms, Inc. | 10,554 | 413,189 | ||
Seneca Foods Corp., Class A* | 12,589 | 339,651 | ||
Snyders-Lance, Inc. | 9,484 | 222,305 | ||
TreeHouse Foods, Inc.* | 7,878 | 402,487 | ||
Total Food, Beverage & Tobacco | 3,047,143 | |||
Health Care Equipment & Services—10.3% | ||||
Abaxis, Inc.* | 1,009 | 27,092 | ||
Air Methods Corp.* | 2,530 | 142,363 | ||
Align Technology, Inc.* | 4,942 | 96,567 | ||
Almost Family, Inc.* | 2,293 | 88,097 | ||
Amedisys, Inc.* | 14,329 | 480,021 | ||
American Medical Systems | ||||
Holdings, Inc.* | 6,924 | 130,587 | ||
AMERIGROUP Corp.* | 30,259 | 1,328,975 | ||
AMN Healthcare Services, Inc.* | 24,868 | 152,690 | ||
Amsurg Corp., Class A* | 8,266 | 173,173 | ||
Analogic Corp. | 2,047 | 101,347 | ||
Bio-Reference Labs, Inc.* | 4,997 | 110,833 | ||
Cantel Medical Corp. | 2,854 | 66,784 | ||
Catalyst Health Solutions, Inc.* | 17,814 | 828,173 | ||
Centene Corp.* | 43,882 | 1,111,970 | ||
Chemed Corp. | 4,787 | 304,022 | ||
Computer Programs & Systems, Inc. | 716 | 33,537 | ||
Conmed Corp.* | 6,955 | 183,821 | ||
Cooper Cos., Inc. | 4,677 | 263,502 | ||
Corvel Corp.* | 1,660 | 80,261 | ||
Cross Country Healthcare, Inc.* | 14,518 | 122,967 | ||
Cryolife, Inc.* | 5,110 | 27,696 |
Cyberonics, Inc.* | 1,300 | 40,326 | ||
Ensign Group, Inc. | 6,770 | 168,370 | ||
Genoptix, Inc.* | 2,632 | 50,061 | ||
Gentiva Health Services, Inc.* | 13,950 | 371,070 | ||
Greatbatch, Inc.* | 5,344 | 129,058 | ||
Haemonetics Corp.* | 2,428 | 153,401 | ||
Hanger Orthopedic Group, Inc.* | 9,053 | 191,833 | ||
Healthspring, Inc.* | 25,865 | 686,198 | ||
Healthways, Inc.* | 16,073 | 179,375 | ||
HMS Holdings Corp.* | 1,039 | 67,296 | ||
ICU Medical, Inc.* | 1,844 | 67,306 | ||
Integra Lifesciences Holdings Corp.* | 3,627 | 171,557 | ||
Invacare Corp. | 14,257 | 429,991 | ||
IPC The Hospitalist Co., Inc.* | 2,361 | 92,103 | ||
Kensey Nash Corp.* | 677 | 18,841 | ||
Landauer, Inc. | 423 | 25,367 | ||
LCA-Vision, Inc.* | 4,448 | 25,576 | ||
LHC Group, Inc.* | 5,829 | 174,870 | ||
Magellan Health Services, Inc.* | 15,504 | 733,029 | ||
Medcath Corp.* | 9,953 | 138,844 | ||
Meridian Bioscience, Inc. | 1,537 | 35,597 | ||
Merit Medical Systems, Inc.* | 4,496 | 71,172 | ||
Molina Healthcare, Inc.* | 38,176 | 1,063,202 | ||
MWI Veterinary Supply, Inc.* | 4,454 | 281,270 | ||
Natus Medical, Inc.* | 3,408 | 48,325 | ||
Neogen Corp.* | 803 | 32,947 | ||
Omnicell, Inc.* | 3,792 | 54,794 | ||
Palomar Medical Technologies, Inc.* | 1,199 | 17,038 | ||
PharMerica Corp.* | 38,746 | 443,642 | ||
PSS World Medical, Inc.* | 22,441 | 507,167 | ||
Quality Systems, Inc. | 997 | 69,611 | ||
RehabCare Group, Inc.* | 14,434 | 342,086 | ||
Surmodics, Inc.* | 1,713 | 20,333 | ||
Symmetry Medical, Inc.* | 8,866 | 82,010 | ||
West Pharmaceutical Services, Inc. | 6,704 | 276,205 | ||
Zoll Medical Corp.* | 2,797 | 104,132 | ||
Total Health Care Equipment | ||||
& Services | 13,218,481 | |||
Household & Personal Products—0.4% | ||||
Central Garden and Pet Co., | ||||
Class A* | 37,534 | 370,836 | ||
Medifast, Inc.* | 2,010 | 58,049 | ||
WD-40 Co. | 1,883 | 75,847 | ||
Total Household & Personal Products | 504,732 | |||
Insurance—2.5% | ||||
AMERISAFE, Inc.* | 3,241 | 56,717 | ||
Delphi Financial Group, Inc., Class A | 13,833 | 398,944 | ||
eHealth, Inc.* | 2,223 | 31,544 | ||
Employers Holdings, Inc. | 5,866 | 102,538 | ||
Horace Mann Educators Corp. | 13,199 | 238,110 | ||
Infinity Property & Casualty Corp. | 3,622 | 223,840 | ||
National Financial Partners Corp.* | 18,404 | 246,613 | ||
Navigators Group, Inc.* | 3,569 | 179,699 | ||
Presidential Life Corp. | 7,024 | 69,748 | ||
ProAssurance Corp.* | 2,695 | 163,317 | ||
RLI Corp. | 2,273 | 119,492 | ||
Safety Insurance Group, Inc. | 3,097 | 147,324 | ||
Selective Insurance Group, Inc. | 20,593 | 373,763 | ||
Stewart Information Services Corp. | 37,204 | 428,962 |
The accompanying notes are an integral part of these financial statements.
17
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
Insurance (continued) | ||||
Tower Group, Inc. | 12,053 | $ | 308,316 | |
United Fire & Casualty Co. | 6,352 | 141,777 | ||
Total Insurance | 3,230,704 | |||
Materials—5.0% | ||||
A. Schulman, Inc. | 14,832 | 339,504 | ||
A.M. Castle & Co.* | 12,559 | 231,211 | ||
AMCOL International Corp. | 6,456 | 200,136 | ||
American Vanguard Corp. | 7,286 | 62,222 | ||
Arch Chemicals, Inc. | 9,502 | 360,411 | ||
Balchem Corp. | 1,748 | 59,100 | ||
Brush Engineered Materials, Inc.* | 7,098 | 274,267 | ||
Buckeye Technologies, Inc. | 8,366 | 175,770 | ||
Calgon Carbon Corp.* | 7,157 | 108,214 | ||
Century Aluminum Co.* | 16,746 | 260,065 | ||
Clearwater Paper Corp.* | 4,116 | 322,283 | ||
Deltic Timber Corp. | 598 | 33,691 | ||
Eagle Materials, Inc. | 4,270 | 120,628 | ||
H.B. Fuller Co. | 15,063 | 309,093 | ||
Headwaters, Inc.* | 34,587 | 158,408 | ||
Kaiser Aluminum Corp. | 4,952 | 248,046 | ||
KapStone Paper And Packaging | ||||
Corp.* | 12,052 | 184,396 | ||
LSB Industries, Inc.* | 5,601 | 135,880 | ||
Myers Industries, Inc. | 16,569 | 161,382 | ||
Neenah Paper, Inc. | 8,026 | 157,952 | ||
Olympic Steel, Inc. | 6,689 | 191,841 | ||
OM Group, Inc.* | 7,071 | 272,304 | ||
Penford Corp.* | 9,329 | 57,000 | ||
PolyOne Corp.* | 47,522 | 593,550 | ||
Quaker Chemical Corp. | 3,149 | 131,219 | ||
RTI International Metals, Inc.* | 3,628 | 97,883 | ||
Schweitzer-Mauduit International, Inc. | 3,026 | 190,396 | ||
Stepan Co. | 4,559 | 347,715 | ||
STR Holdings, Inc.* | 4,158 | 83,160 | ||
Texas Industries, Inc. | 3,590 | 164,350 | ||
Wausau Paper Corp. | 30,870 | 265,791 | ||
Zep, Inc. | 6,813 | 135,442 | ||
Total Materials | 6,433,310 | |||
Media—1.1% | ||||
Arbitron, Inc. | 2,426 | 100,727 | ||
E.W. Scripps Co., Class A* | 19,054 | 193,398 | ||
Live Nation Entertainment, Inc.* | 95,240 | 1,087,641 | ||
Total Media | 1,381,766 | |||
Pharmaceuticals, Biotechnology & Life Sciences—1.3% | ||||
Affymetrix, Inc.* | 16,954 | 85,279 | ||
Arqule, Inc.* | 1,220 | 7,161 | ||
Cambrex Corp.* | 10,031 | 51,860 | ||
Cubist Pharmaceuticals, Inc.* | 7,123 | 152,432 | ||
Dionex Corp.* | 832 | 98,184 | ||
Emergent Biosolutions, Inc.* | 2,834 | 66,486 | ||
Enzo Biochem, Inc.* | 4,810 | 25,397 | ||
eResearchTechnology, Inc.* | 4,322 | 31,767 | ||
Hi-Tech Pharmacal Co., Inc.* | 1,556 | 38,822 | ||
Kendle International, Inc.* | 12,502 | 136,147 | ||
Martek Biosciences Corp.* | 4,520 | 141,476 | ||
Par Pharmaceutical Cos., Inc.* | 6,855 | 263,986 | ||
Parexel International Corp.* | 15,804 | 335,519 |
Regeneron Pharmaceuticals, Inc.* | 3,309 | 108,634 | ||
Salix Pharmaceuticals Ltd.* | 1,601 | 75,183 | ||
Savient Pharmaceuticals, Inc.* | 61 | 680 | ||
Viropharma, Inc.* | 5,842 | 101,183 | ||
Total Pharmaceuticals, Biotechnology | ||||
& Life Sciences | 1,720,196 | |||
Real Estate—1.5% | ||||
Acadia Realty Trust (a) | 2,027 | 36,972 | ||
BioMed Realty Trust, Inc. (a) | 5,029 | 93,791 | ||
Cedar Shopping Centers, Inc. (a) | 6,602 | 41,527 | ||
Colonial Properties Trust (a) | 4,906 | 88,553 | ||
DiamondRock Hospitality Co.* (a) | 12,712 | 152,544 | ||
EastGroup Properties, Inc. (a) | 984 | 41,643 | ||
Entertainment Properties Trust (a) | 1,539 | 71,179 | ||
Extra Space Storage, Inc. (a) | 3,834 | 66,712 | ||
Forestar Group, Inc.* | 1,453 | 28,043 | ||
Franklin Street Properties Corp. (a) | 2,390 | 34,057 | ||
Healthcare Realty Trust, Inc. (a) | 3,011 | 63,743 | ||
Home Properties, Inc. (a) | 2,232 | 123,854 | ||
Inland Real Estate Corp. (a) | 4,589 | 40,383 | ||
Kilroy Realty Corp. (a) | 2,023 | 73,779 | ||
Kite Realty Group Trust (a) | 4,690 | 25,373 | ||
LaSalle Hotel Properties (a) | 5,702 | 150,533 | ||
Lexington Realty Trust (a) | 10,293 | 81,829 | ||
LTC Properties, Inc. (a) | 648 | 18,196 | ||
Medical Properties Trust, Inc. (a) | 3,001 | 32,501 | ||
Mid-America Apartment | ||||
Communities, Inc. (a) | 1,507 | 95,679 | ||
National Retail Properties, Inc. (a) | 2,096 | 55,544 | ||
Parkway Properties, Inc. (a) | 3,556 | 62,301 | ||
Pennsylvania Real Estate Investment | ||||
Trust (a) | 7,821 | 113,639 | ||
Post Properties, Inc. (a) | 1,959 | 71,112 | ||
PS Business Parks, Inc. (a) | 1,216 | 67,755 | ||
Saul Centers, Inc. (a) | 895 | 42,378 | ||
Sovran Self Storage, Inc. (a) | 1,262 | 46,454 | ||
Tanger Factory Outlet Centers (a) | 1,320 | 67,571 | ||
Universal Health Realty Income | ||||
Trust (a) | 201 | 7,343 | ||
Urstadt Biddle Properties, Inc., | ||||
Class A (a) | 1,040 | 20,228 | ||
Total Real Estate | 1,915,216 | |||
Retailing—11.1% | ||||
Audiovox Corp., Class A* | 16,106 | 138,995 | ||
Big 5 Sporting Goods Corp. | 14,942 | 228,164 | ||
Blue Nile, Inc.* | 1,369 | 78,115 | ||
Brown Shoe Co., Inc. | 37,211 | 518,349 | ||
Buckle, Inc. | 5,361 | 202,485 | ||
Cabela’s, Inc.* | 28,526 | 620,441 | ||
Cato Corp., Class A | 7,384 | 202,395 | ||
Childrens Place Retail Stores, Inc.* | 7,550 | 374,782 | ||
Christopher & Banks Corp. | 20,588 | 126,616 | ||
Coldwater Creek, Inc.* | 97,295 | 308,425 | ||
Finish Line, Inc., Class A | 14,859 | 255,426 | ||
Fred’s, Inc., Class A | 31,488 | 433,275 | ||
Genesco, Inc.* | 10,190 | 382,023 | ||
Group 1 Automotive, Inc.* | 30,610 | 1,278,274 | ||
Haverty Furniture Cos., Inc. | 11,635 | 151,022 | ||
Hibbett Sports, Inc.* | 3,790 | 139,851 |
The accompanying notes are an integral part of these financial statements.
18
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
Retailing (continued) | ||||
HOT Topic, Inc. | 29,622 | $ | 185,730 | |
HSN, Inc.* | 23,687 | 725,770 | ||
Jo-Ann Stores, Inc.* | 10,416 | 627,252 | ||
JOS A. Bank Clothiers, Inc.* | 4,463 | 179,948 | ||
Kirkland’s, Inc.* | 7,174 | 100,651 | ||
Lithia Motors, Inc., Class A | 36,616 | 523,243 | ||
Lumber Liquidators Holdings, Inc.* | 6,304 | 157,033 | ||
MarineMax, Inc.* | 15,237 | 142,466 | ||
Men’s Wearhouse, Inc. | 19,131 | 477,892 | ||
Midas, Inc.* | 4,965 | 40,266 | ||
Monro Muffler Brake, Inc. | 3,713 | 128,433 | ||
Nutrisystem, Inc. | 6,243 | 131,290 | ||
OfficeMax, Inc.* | 97,689 | 1,729,095 | ||
PEP Boys-Manny Moe & Jack | 33,919 | 455,532 | ||
PetMed Express, Inc. | 3,139 | 55,906 | ||
Sonic Automotive, Inc., Class A* | 124,586 | 1,649,519 | ||
Stage Stores, Inc. | 21,655 | 375,498 | ||
Stamps.com, Inc.* | 1,486 | 19,690 | ||
Stein Mart, Inc.* | 32,745 | 302,891 | ||
Tuesday Morning Corp.* | 35,794 | 188,992 | ||
Zale Corp.* | 114,104 | 486,083 | ||
Zumiez, Inc.* | 3,236 | 86,951 | ||
Total Retailing | 14,208,769 | |||
Semiconductors & Semiconductor Equipment—2.2% | ||||
Advanced Energy Industries, Inc.* | 7,311 | 99,722 | ||
ATMI, Inc.* | 4,180 | 83,349 | ||
Brooks Automation, Inc.* | 12,838 | 116,441 | ||
Cabot Microelectronics Corp.* | 2,284 | 94,672 | ||
Ceva, Inc.* | 450 | 9,225 | ||
Cohu, Inc. | 4,225 | 70,050 | ||
Cymer, Inc.* | 2,573 | 115,965 | ||
Cypress Semiconductor Corp.* | 11,610 | 215,714 | ||
Diodes, Inc.* | 5,116 | 138,081 | ||
DSP Group, Inc.* | 6,871 | 55,930 | ||
Exar Corp.* | 4,145 | 28,932 | ||
FEI Co.* | 5,745 | 151,725 | ||
Hittite Microwave Corp.* | 857 | 52,311 | ||
Kopin Corp.* | 6,688 | 27,822 | ||
Kulicke & Soffa Industries, Inc.* | 19,650 | 141,480 | ||
Micrel, Inc. | 5,007 | 65,041 | ||
Microsemi Corp.* | 4,715 | 107,973 | ||
MKS Instruments, Inc.* | 8,580 | 210,124 | ||
Monolithic Power Systems, Inc.* | 3,084 | 50,948 | ||
Pericom Semiconductor Corp.* | 2,952 | 32,413 | ||
Power Integrations, Inc. | 1,732 | 69,522 | ||
Rudolph Technologies, Inc.* | 4,964 | 40,854 | ||
Sigma Designs, Inc.* | 3,358 | 47,583 | ||
Standard Microsystems Corp.* | 2,273 | 65,531 | ||
Supertex, Inc.* | 622 | 15,040 | ||
Tessera Technologies, Inc.* | 3,238 | 71,722 | ||
TriQuint Semiconductor, Inc.* | 16,234 | 189,775 | ||
Ultratech, Inc.* | 1,462 | 29,065 | ||
Varian Semiconductor Equipment | ||||
Associates, Inc.* | 4,681 | 173,057 | ||
Veeco Instruments, Inc.* | 4,039 | 173,515 | ||
Volterra Semiconductor Corp.* | 1,572 | 36,408 | ||
Total Semiconductors & | ||||
Semiconductor Equipment | 2,779,990 | |||
Software & Services—3.8% | ||||
Blackbaud, Inc. | 2,739 | 70,940 | ||
Bottomline Technologies, Inc.* | 1,783 | 38,709 | ||
CACI International, Inc., Class A* | 13,717 | 732,488 | ||
Ciber, Inc.* | 67,514 | 315,965 | ||
CommVault Systems, Inc.* | 1,971 | 56,410 | ||
ComScore, Inc.* | 1,653 | 36,878 | ||
CSG Systems International, Inc.* | 6,541 | 123,887 | ||
DealerTrack Holdings, Inc.* | 2,783 | 55,855 | ||
Ebix, Inc.* | 1,319 | 31,221 | ||
Epicor Software Corp.* | 10,042 | 101,424 | ||
EPIQ Systems, Inc. | 4,153 | 57,021 | ||
Forrester Research, Inc.* | 1,835 | 64,757 | ||
Heartland Payment Systems, Inc. | 27,029 | 416,787 | ||
iGate Corp. | 2,870 | 56,568 | ||
Infospace, Inc.* | 7,766 | 64,458 | ||
Integral Systems, Inc.* | 4,177 | 41,394 | ||
Interactive Intelligence, Inc.* | 1,303 | 34,086 | ||
j2 Global Communications, Inc.* | 1,974 | 57,147 | ||
JDA Software Group, Inc.* | 4,815 | 134,820 | ||
Knot, Inc.* | 2,578 | 25,471 | ||
Liquidity Services, Inc.* | 4,316 | 60,640 | ||
LogMeln, Inc.* | 467 | 20,707 | ||
Manhattan Associates, Inc.* | 2,185 | 66,730 | ||
MAXIMUS, Inc. | 2,981 | 195,494 | ||
MicroStrategy, Inc., Class A* | 1,152 | 98,461 | ||
NCI, Inc., Class A* | 5,764 | 132,514 | ||
Netscout Systems, Inc.* | 2,619 | 60,263 | ||
Perficient, Inc.* | 4,176 | 52,200 | ||
Progress Software Corp.* | 3,040 | 128,653 | ||
Radiant Systems, Inc.* | 3,997 | 78,221 | ||
RightNow Technologies, Inc.* | 1,731 | 40,973 | ||
Smith Micro Software, Inc.* | 1,909 | 30,048 | ||
Sonic Solutions, Inc.* | 2,414 | 36,210 | ||
Sourcefire, Inc.* | 1,196 | 31,012 | ||
StarTek, Inc.* | 13,823 | 70,083 | ||
Synchronoss Technologies, Inc.* | 1,238 | 33,067 | ||
Take-Two Interactive Software, Inc.* | 22,796 | 279,023 | ||
Taleo Corp., Class A* | 1,711 | 47,309 | ||
TeleTech Holdings, Inc.* | 12,488 | 257,128 | ||
THQ, Inc.* | 37,279 | 225,911 | ||
Tyler Technologies, Inc.* | 3,275 | 67,989 | ||
United Online, Inc. | 33,527 | 221,278 | ||
Websense, Inc.* | 3,660 | 74,115 | ||
Wright Express Corp.* | 1,925 | 88,550 | ||
Total Software & Services | 4,912,865 | |||
Technology Hardware & Equipment—9.0% | ||||
Agilysys, Inc.* | 28,102 | 158,214 | ||
Anixter International, Inc. | 21,841 | 1,304,563 | ||
Arris Group, Inc.* | 25,046 | 281,016 | ||
Avid Technology, Inc.* | 8,978 | 156,756 | ||
Bel Fuse, Inc., Class B | 2,839 | 67,852 | ||
Benchmark Electronics, Inc.* | 33,096 | 601,023 | ||
Black Box Corp. | 5,875 | 224,954 | ||
Blue Coat Systems, Inc.* | 3,952 | 118,046 | ||
Brightpoint, Inc.* | 91,032 | 794,709 | ||
Checkpoint Systems, Inc.* | 9,729 | 199,931 | ||
Cognex Corp. | 2,029 | 59,693 | ||
Compellent Technologies, Inc.* | 1,248 | 34,432 |
The accompanying notes are an integral part of these financial statements.
19
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | |||
Technology Hardware & Equipment (continued) | |||||
Comtech Telecommunications Corp. | 5,543 | $ | 153,707 | ||
CTS Corp. | 11,896 | 131,570 | |||
Daktronics, Inc.* | 6,451 | 102,700 | |||
DG FastChannel, Inc.* | 1,956 | 56,489 | |||
Digi International, Inc.* | 4,011 | 44,522 | |||
DTS, Inc.* | 403 | 19,767 | |||
Electro Scientific Industries, Inc.* | 1,694 | 27,155 | |||
EMS Technologies, Inc.* | 4,459 | 88,199 | |||
FARO Technologies, Inc.* | 1,395 | 45,812 | |||
Gerber Scientific, Inc.* | 13,913 | 109,495 | |||
Harmonic, Inc.* | 11,820 | 101,297 | |||
Hutchinson Technology, Inc.* | 27,497 | 102,014 | |||
Insight Enterprises, Inc.* | 83,034 | 1,092,728 | |||
Intermec, Inc.* | 12,924 | 163,618 | |||
Intevac, Inc.* | 3,359 | 47,060 | |||
Littelfuse, Inc.* | 2,925 | 137,651 | |||
LoJack Corp.* | 5,324 | 34,393 | |||
Mercury Computer Systems, Inc.* | 2,246 | 41,282 | |||
Methode Electronics, Inc. | 6,781 | 87,950 | |||
MTS Systems Corp. | 2,308 | 86,458 | |||
Netgear, Inc.* | 6,094 | 205,246 | |||
Network Equipment Technologies, Inc.* | 3,956 | 18,316 | |||
Newport Corp.* | 6,352 | 110,334 | |||
Novatel Wireless, Inc.* | 7,976 | 76,171 | |||
Oplink Communications, Inc.* | 1,628 | 30,069 | |||
OSI Systems, Inc.* | 3,895 | 141,622 | |||
Park Electrochemical Corp. | 1,266 | 37,980 | |||
PC-Tel, Inc.* | 2,561 | 15,366 | |||
Plexus Corp.* | 15,943 | 493,277 | |||
Pulse Electronics Corp. | 25,108 | 133,575 | |||
Radisys Corp.* | 7,790 | 69,331 | |||
Rofin-Sinar Technologies, Inc.* | 2,855 | 101,181 | |||
Rogers Corp.* | 2,467 | 94,363 | |||
Scansource, Inc.* | 14,756 | 470,716 | |||
Stratasys, Inc.* | 837 | 27,320 | |||
Super Micro Computer, Inc.* | 12,958 | 149,535 | |||
Symmetricom, Inc.* | 7,807 | 55,352 | |||
Synaptics, Inc.* | 3,898 | 114,523 | |||
SYNNEX Corp.* | 65,217 | 2,034,770 | |||
Tekelec* | 9,607 | 114,419 | |||
Tollgrade Communications, Inc.* | 1,293 | 11,999 | |||
TTM Technologies, Inc.* | 15,676 | 233,729 | |||
Viasat, Inc.* | 3,544 | 157,389 | |||
Total Technology Hardware & Equipment | 11,571,639 | ||||
Telecommunication Services—0.5% | |||||
Atlantic Tele-Network, Inc. | 3,533 | 135,455 | |||
Cbeyond, Inc.* | 7,526 | 114,997 | |||
General Communication, Inc., | |||||
Class A* | 12,303 | 155,756 | |||
Neutral Tandem, Inc.* | 2,804 | 40,490 | |||
NTELOS Holdings Corp. | 6,835 | 130,207 | |||
USA Mobility, Inc. | 3,135 | 55,709 | |||
Total Telecommunication Services | 632,614 | ||||
Transportation—1.8% | |||||
Allegiant Travel Co., Class A | 3,018 | 148,606 | |||
Arkansas Best Corp. | 13,649 | 374,256 | |||
Forward Air Corp. | 3,837 | 108,894 | |||
Heartland Express, Inc. | 7,134 | 114,287 | |||
HUB Group, Inc., Class A* | 11,961 | 420,310 | |||
Knight Transportation, Inc. | 8,598 | 163,362 | |||
Old Dominion Freight Line, Inc.* | 11,056 | 353,681 | |||
Skywest, Inc. | 38,012 | 593,747 | |||
Total Transportation | 2,277,143 | ||||
Utilities—3.3% | |||||
Allete, Inc. | 5,871 | 218,753 | |||
American States Water Co. | 2,624 | 90,449 | |||
Avista Corp. | 17,187 | 387,051 | |||
Central Vermont Public Service Corp. | 3,818 | 83,461 | |||
CH Energy Group, Inc. | 4,265 | 208,516 | |||
El Paso Electric Co.* | 7,727 | 212,724 | |||
Laclede Group, Inc. | 11,222 | 410,052 | |||
New Jersey Resources Corp. | 13,514 | 582,589 | |||
Northwest Natural Gas Co. | 4,400 | 204,468 | |||
NorthWestern Corp. | 9,441 | 272,184 | |||
Piedmont Natural Gas Co., Inc. | 13,009 | 363,732 | |||
South Jersey Industries, Inc. | 3,944 | 208,322 | |||
Southwest Gas Corp. | 12,522 | 459,182 | |||
UIL Holdings Corp. | 6,786 | 203,309 | |||
Unisource Energy Corp. | 9,314 | 333,814 | |||
Total Utilities | 4,238,606 | ||||
Total Investments—100.0% | |||||
(Cost $106,224,911) | 128,223,572 | ||||
Liabilities in Excess of | |||||
Other Assets—(0.0)% | (57,914 | ) | |||
Net Assets—100.0% | $ | 128,165,658 | |||
* | Non-income producing security |
(a) | Real Estate Investment Trust |
The accompanying notes are an integral part of these financial statements.
20
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES FINANCIALS SECTOR FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | |||
COMMON STOCKS—100.1% | |||||
Capital Markets—10.6% | |||||
Ameriprise Financial, Inc. | 2,620 | $ | 150,781 | ||
Bank of New York Mellon Corp. | 7,174 | 216,655 | |||
Charles Schwab Corp. | 3,873 | 66,267 | |||
E*Trade Financial Corp.* | 2,267 | 36,272 | |||
Federated Investors, Inc., Class B | 552 | 14,446 | |||
Franklin Resources, Inc. | 758 | 84,297 | |||
Goldman Sachs Group, Inc. | 4,115 | 691,978 | |||
Invesco Ltd. | 2,276 | 54,761 | |||
Janus Capital Group, Inc. | 1,209 | 15,681 | |||
Legg Mason, Inc. | 1,084 | 39,317 | |||
Morgan Stanley | 20,362 | 554,050 | |||
Northern Trust Corp. | 1,122 | 62,170 | |||
State Street Corp. | 3,571 | 165,480 | |||
T. Rowe Price Group, Inc. | 547 | 35,303 | |||
Total Capital Markets | 2,187,458 | ||||
Commercial Banks—14.4% | |||||
BB&T Corp. | 6,219 | 163,497 | |||
Comerica, Inc. | 994 | 41,987 | |||
Fifth Third Bancorp | 7,504 | 110,159 | |||
First Horizon National Corp.* | 2,633 | 31,017 | |||
Huntington Bancshares, Inc. | 7,217 | 49,581 | |||
KeyCorp | 9,793 | 86,668 | |||
M&T Bank Corp. | 694 | 60,413 | |||
Marshall & Ilsley Corp. | 8,037 | 55,616 | |||
PNC Financial Services Group, Inc. | 4,438 | 269,475 | |||
Regions Financial Corp. | 18,731 | 131,117 | |||
SunTrust Banks, Inc. | 5,405 | 159,501 | |||
U.S. Bancorp | 11,716 | 315,980 | |||
Wells Fargo & Co. | 47,118 | 1,460,187 | |||
Zions Bancorporation | 1,888 | 45,746 | |||
Total Commercial Banks | 2,980,944 | ||||
Consumer Finance—4.4% | |||||
American Express Co. | 9,499 | 407,697 | |||
Capital One Financial Corp. | 6,564 | 279,364 | |||
Discover Financial Services | 6,038 | 111,884 | |||
SLM Corp.* | 8,023 | 101,010 | |||
Total Consumer Finance | 899,955 | ||||
Diversified Financial Services—27.6% | |||||
Bank of America Corp. | 165,833 | 2,212,212 | |||
Citigroup, Inc.* | 328,027 | 1,551,568 | |||
CME Group, Inc., Class A | 139 | 44,723 | |||
IntercontinentalExchange, Inc.* | 143 | 17,038 | |||
JPMorgan Chase & Co. | 40,576 | 1,721,234 | |||
Leucadia National Corp.* | 681 | 19,871 | |||
Moody’s Corp. | 1,081 | 28,690 | |||
NASDAQ OMX Group, Inc.* | 2,077 | 49,246 | |||
NYSE Euronext | 2,265 | 67,905 | |||
Total Diversified Financial Services | 5,712,487 | ||||
Insurance—40.1% | |||||
ACE Ltd. | 3,901 | 242,837 | |||
Aflac, Inc. | 5,377 | 303,424 | |||
Allstate Corp. | 15,164 | 483,428 | |||
American International Group, Inc.* | 23,070 | 1,329,293 | |||
AON Corp. | 2,589 | 119,120 | |||
Assurant, Inc. | 3,337 | 128,541 | |||
Berkshire Hathaway, Inc., Class B* | 24,323 | 1,948,516 | |||
Chubb Corp. | 3,342 | 199,317 | |||
Cincinnati Financial Corp. | 1,831 | 58,024 | |||
Genworth Financial, Inc., Class A* | 11,396 | 149,743 | |||
Hartford Financial Services | |||||
Group, Inc. | 13,354 | 353,748 | |||
Lincoln National Corp. | 5,484 | 152,510 | |||
Loews Corp. | 5,700 | 221,787 | |||
Marsh & McLennan Cos., Inc. | 5,977 | 163,411 | |||
MetLife, Inc. | 17,840 | 792,810 | |||
Principal Financial Group, Inc. | 4,250 | 138,380 | |||
Progressive Corp. | 10,778 | 214,159 | |||
Prudential Financial, Inc. | 10,299 | 604,654 | |||
Torchmark Corp. | 838 | 50,062 | |||
Travelers Cos., Inc. | 6,845 | 381,335 | |||
Unum Group | 6,316 | 152,974 | |||
XL Group PLC, Class A | 4,413 | 96,292 | |||
Total Insurance | 8,284,365 | ||||
Paper & Forest Products—0.5% | |||||
Weyerhaeuser Co.(a) | 5,316 | 100,632 | |||
Real Estate Investment Trusts—1.8% | |||||
Apartment Investment & | |||||
Management Co., Class A(a) | 700 | 18,088 | |||
AvalonBay Communities, Inc.(a) | 121 | 13,619 | |||
Boston Properties, Inc.(a) | 281 | 24,194 | |||
Equity Residential(a) | 601 | 31,222 | |||
HCP, Inc.(a) | 565 | 20,786 | |||
Health Care REIT, Inc.(a) | 216 | 10,290 | |||
Host Hotels & Resorts, Inc.(a) | 3,711 | 66,316 | |||
Kimco Realty Corp.(a) | 791 | 14,270 | |||
Plum Creek Timber Co., Inc.(a) | 453 | 16,965 | |||
ProLogis(a) | 1,092 | 15,768 | |||
Public Storage(a) | 249 | 25,254 | |||
Simon Property Group, Inc.(a) | 607 | 60,390 | |||
Ventas, Inc.(a) | 303 | 15,901 | |||
Vornado Realty Trust(a) | 523 | 43,582 | |||
Total Real Estate Investment Trusts | 376,645 | ||||
Real Estate Management & Development—0.4% | |||||
CB Richard Ellis Group, Inc., Class A* | 3,531 | 72,315 | |||
Thrifts & Mortgage Finance—0.3% | |||||
Hudson City Bancorp, Inc. | 3,614 | 46,042 | |||
People’s United Financial, Inc. | 1,212 | 16,980 | |||
Total Thrifts & Mortgage Finance | 63,022 | ||||
Total Investments—100.1% | |||||
(Cost $20,288,736) | 20,677,823 | ||||
Liabilities in Excess of | |||||
Other Assets—(0.1)% | (11,719 | ) | |||
Net Assets—100.0% | $ | 20,666,104 | |||
* | Non-income producing security | |||||
(a) | Real Estate Investment Trust |
The accompanying notes are an integral part of these financial statements.
21
SCHEDULE OF INVESTMENTS
REVENUESHARES ADR FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
COMMON STOCKS—98.8% | ||||
Automobiles & Components—5.5% | ||||
Honda Motor Co. Ltd. (a) | 23,846 | $ | 941,917 | |
Magna International, Inc., Class A | 4,085 | 212,420 | ||
Toyota Motor Corp. (a) | 26,405 | 2,076,225 | ||
Total Automobiles & Components | 3,230,562 | |||
Banks—12.7% | ||||
Banco Bilbao Vizcaya Argentaria | ||||
SA (a) | 27,801 | 282,736 | ||
Banco Bradesco SA (a) | 30,975 | 628,483 | ||
Banco de Chile (a) | 302 | 26,691 | ||
Banco Santander Chile (a) | 383 | 35,799 | ||
Banco Santander SA (a) | 52,229 | 556,239 | ||
Bank of Montreal | 2,527 | 145,479 | ||
Bank of Nova Scotia | 3,985 | 227,942 | ||
Barclays PLC (a) | 36,333 | 600,221 | ||
Canadian Imperial Bank of Commerce | 1,691 | 132,574 | ||
Credicorp Ltd. | 197 | 23,425 | ||
HSBC Holdings PLC (a) | 16,887 | 861,913 | ||
Itau Unibanco Holding SA (a) | 23,052 | 553,479 | ||
KB Financial Group, Inc. (a) | 10 | 529 | ||
Lloyds Banking Group PLC (a) | 162,638 | 668,442 | ||
Mitsubishi UFJ Financial | ||||
Group, Inc. (a) | 93,166 | 504,028 | ||
Mizuho Financial Group, Inc. (a) | 73,591 | 275,966 | ||
National Bank of Greece SA (a) | 58,836 | 98,845 | ||
Royal Bank of Canada | 5,725 | 299,761 | ||
Royal Bank of Scotland | ||||
Group PLC* (a) | 58,032 | 714,954 | ||
Shinhan Financial Group Co., Ltd. (a) | 190 | 17,826 | ||
Sumitomo Mitsui Financial | ||||
Group, Inc. (a) | 40,674 | 289,192 | ||
Toronto-Dominion Bank | 3,174 | 235,860 | ||
Westpac Banking Corp. (a) | 3,094 | 354,139 | ||
Total Banks | 7,534,523 | |||
Capital Goods—4.1% | ||||
ABB Ltd.* (a) | 14,464 | 324,717 | ||
Embraer SA (a) | 1,815 | 53,361 | ||
Koninklijke Philips Electronics NV | 11,132 | 341,752 | ||
Kubota Corp. (a) | 2,264 | 107,540 | ||
Mitsui & Co. Ltd. (a) | 1,494 | 490,256 | ||
Nidec Corp. (a) | 2,423 | 61,035 | ||
Siemens AG (a) | 8,442 | 1,048,919 | ||
Total Capital Goods | 2,427,580 | |||
Consumer Durables & Apparel—2.8% | ||||
Gildan Activewear, Inc.* | 436 | 12,422 | ||
Luxottica Group SpA (a) | 2,433 | 74,498 | ||
Panasonic Corp. (a) | 55,175 | 777,967 | ||
Sony Corp. (a) | 21,935 | 783,299 | ||
Total Consumer Durables & Apparel | 1,648,186 | |||
Consumer Services—0.3% | ||||
Carnival PLC (a) | 2,982 | 138,275 | ||
Intercontinental Hotels Group PLC (a) | 832 | 16,416 | ||
Tim Hortons, Inc. | 570 | 23,501 | ||
Total Consumer Services | 178,192 | |||
Diversified Financials—5.9% | ||||
Credit Suisse Group AG (a) | 11,431 | 461,927 | ||
Deutsche Bank AG | 10,916 | 568,178 | ||
ING Groep NV* (a) | 189,555 | 1,855,744 | ||
Nomura Holdings, Inc. (a) | 17,993 | 114,795 | ||
ORIX Corp. (a) | 1,008 | 49,120 | ||
UBS AG* | 25,297 | 416,642 | ||
Total Diversified Financials | 3,466,406 | |||
Energy—29.8% | ||||
BP PLC (a) | 60,082 | 2,653,822 | ||
Cameco Corp. | 399 | 16,112 | ||
Canadian Natural Resources Ltd. | 2,609 | 115,892 | ||
Cenovus Energy, Inc. | 3,758 | 124,916 | ||
China Petroleum & Chemical | ||||
Corp. (a) | 27,373 | 2,619,322 | ||
CNOOC Ltd. (a) | 937 | 223,353 | ||
Enbridge, Inc. | 2,325 | 131,130 | ||
Encana Corp. | 3,422 | 99,649 | ||
Enerplus Resources Fund | 316 | 9,745 | ||
ENI SpA (a) | 28,388 | 1,241,691 | ||
Imperial Oil Ltd. | 4,868 | 197,251 | ||
Nexen, Inc. | 2,596 | 59,448 | ||
Penn West Energy Trust (b) | 912 | 21,815 | ||
PetroChina Co. Ltd. (a) | 14,655 | 1,926,986 | ||
Petroleo Brasileiro SA, Class A (a) | 33,631 | 1,149,171 | ||
Repsol YPF SA (a) | 23,826 | 665,698 | ||
Royal Dutch Shell PLC, Class A (a) | 24,402 | 1,629,566 | ||
Royal Dutch Shell PLC, Class B (a) | 24,406 | 1,627,148 | ||
Statoil ASA (a) | 34,111 | 810,819 | ||
Suncor Energy, Inc. | 7,586 | 290,468 | ||
Talisman Energy, Inc. | 2,819 | 62,554 | ||
Tenaris SA (a) | 1,730 | 84,735 | ||
Total SA (a) | 32,721 | 1,749,919 | ||
TransCanada Corp. | 2,040 | 77,602 | ||
Total Energy | 17,588,812 | |||
Food & Staples Retailing—0.5% | ||||
Delhaize Group SA (a) | 3,791 | 279,435 | ||
Food, Beverage & Tobacco—2.5% | ||||
Anheuser-Busch InBev NV (a) | 6,372 | 363,778 | ||
British American Tobacco PLC (a) | 3,053 | 237,218 | ||
Diageo PLC (a) | 2,105 | 156,465 | ||
Fomento Economico Mexicano | ||||
SAB de CV (a) | 2,522 | 141,030 | ||
Unilever NV | 9,108 | 285,991 | ||
Unilever PLC (a) | 9,265 | 286,103 | ||
Total Food, Beverage & Tobacco | 1,470,585 | |||
Health Care Equipment & Services—0.3% | ||||
Fresenius Medical Care AG & Co. | ||||
KGaA (a) | 2,047 | 118,091 | ||
Smith & Nephew PLC (a) | 745 | 39,150 | ||
Total Health Care Equipment & Services | 157,241 | |||
Insurance—5.6% | ||||
Aegon NV, Class G* | 69,314 | 424,895 | ||
Aviva PLC (a) | 66,456 | 824,719 | ||
China Life Insurance Co. Ltd. (a) | 10,567 | 646,383 | ||
The accompanying notes are an integral part of these financial statements.
22
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES ADR FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | |||
Insurance (continued) | |||||
Manulife Financial Corp. | 21,502 | $ | 369,404 | ||
Prudential PLC* (a) | 39,954 | 833,441 | |||
Sun Life Financial, Inc. | 7,574 | 227,977 | |||
Total Insurance | 3,326,819 | ||||
Materials—5.7% | |||||
Agnico-Eagle Mines Ltd. | 142 | 10,891 | |||
Agrium, Inc. | 1,120 | 102,760 | |||
ArcelorMittal | 20,707 | 789,558 | |||
Barrick Gold Corp. | 1,787 | 95,033 | |||
BHP Billiton Ltd. (a) | 2,900 | 269,468 | |||
BHP Billiton PLC (a) | 3,342 | 269,031 | |||
Cemex SAB de CV* (a) | 12,886 | 138,009 | |||
Cia de Minas Buenaventura SA (a) | 223 | 10,918 | |||
Cia Siderurgica Nacional SA (a) | 4,570 | 76,182 | |||
CRH PLC (a) | 11,605 | 241,384 | |||
Eldorado Gold Corp. | 331 | 6,147 | |||
Fibria Celulose SA* (a) | 2,281 | 36,496 | |||
Gerdau SA (a) | 11,983 | 167,642 | |||
Goldcorp, Inc. | 699 | 32,140 | |||
IAMGOLD Corp. | 523 | 9,309 | |||
Kinross Gold Corp. | 1,420 | 26,923 | |||
POSCO (a) | 2,359 | 254,041 | |||
Potash Corp. of Saskatchewan, Inc. | 352 | 54,500 | |||
Rio Tinto PLC (a) | 6,944 | 497,607 | |||
Sociedad Quimica y Minera | |||||
de Chile SA (a) | 305 | 17,818 | |||
Southern Copper Corp. | 878 | 42,794 | |||
Syngenta AG (a) | 1,925 | 113,152 | |||
Teck Resources Ltd., Class B | 1,334 | 82,481 | |||
Yamana Gold, Inc. | 1,122 | 14,362 | |||
Total Materials | 3,358,646 | ||||
Media—0.8% | |||||
Grupo Televisa SA* (a) | 1,660 | 43,044 | |||
Pearson PLC (a) | 5,608 | 89,111 | |||
Reed Elsevier NV (a) | 1,886 | 46,735 | |||
Shaw Communications, Inc., Class B | 1,572 | 33,610 | |||
Thomson Reuters Corp. | 3,496 | 130,296 | |||
WPP PLC (a) | 2,321 | 144,157 | |||
Total Media | 486,953 | ||||
Pharmaceuticals, Biotechnology & Life Sciences—3.1% | |||||
AstraZeneca PLC (a) | 7,188 | 332,014 | |||
Elan Corp. PLC* (a) | 3,651 | 20,920 | |||
GlaxoSmithKline PLC (a) | 11,339 | 444,716 | |||
Novartis AG (a) | 8,011 | 472,248 | |||
Novo Nordisk A/S (a) | 911 | 102,551 | |||
QIAGEN NV* | 542 | 10,596 | |||
Sanofi-Aventis SA (a) | 12,665 | 408,193 | |||
Shire PLC (a) | 491 | 35,538 | |||
Valeant Pharmaceuticals | |||||
International, Inc. | 302 | 8,544 | |||
Total Pharmaceuticals, Biotechnology | |||||
& Life Sciences | 1,835,320 | ||||
Real Estate—0.2% | |||||
Brookfield Asset Management, Inc., | |||||
Class A | 4,041 | 134,525 | |||
Semiconductors & Semiconductor Equipment—0.5% | |||||
Advantest Corp. (a) | 279 | 6,303 | |||
ARM Holdings PLC (a) | 278 | 5,768 | |||
ASML Holding NV, Class G | 1,046 | 40,104 | |||
STMicroelectronics NV, Class Y | 9,258 | 96,653 | |||
Taiwan Semiconductor Manufacturing | |||||
Co. Ltd. (a) | 8,642 | 108,371 | |||
United Microelectronics Corp. (a) | 10,446 | 33,009 | |||
Total Semiconductors & | |||||
Semiconductor Equipment | 290,208 | ||||
Software & Services—0.3% | |||||
SAP AG (a) | 3,080 | 155,879 | |||
Technology Hardware & Equipment—4.9% | |||||
Alcatel-Lucent* (a) | 71,949 | 212,969 | |||
AU Optronics Corp.* (a) | 12,201 | 127,134 | |||
Canon, Inc. (a) | 7,674 | 393,983 | |||
Hitachi Ltd. (a) | 19,537 | 1,042,299 | |||
Kyocera Corp. (a) | 1,151 | 117,759 | |||
Nokia OYJ (a) | 55,327 | 570,975 | |||
Research In Motion Ltd.* | 2,288 | 133,001 | |||
Telefonaktiebolaget LM Ericsson (a) | 24,177 | 278,761 | |||
Total Technology Hardware & | |||||
Equipment | 2,876,881 | ||||
Telecommunication Services—10.6% | |||||
America Movil SAB de CV, Series R (a) | 7,470 | 428,330 | |||
BCE, Inc. | 4,708 | 166,946 | |||
BT Group PLC (a) | 12,276 | 350,357 | |||
China Mobile Ltd. (a) | 13,891 | 689,271 | |||
Chunghwa Telecom Co. Ltd. (a) | 2,297 | 58,045 | |||
France Telecom SA (a) | 28,756 | 606,176 | |||
Nippon Telegraph & Telephone | |||||
Corp. (a) | 48,467 | 1,111,833 | |||
NTT DoCoMo, Inc. (a) | 26,875 | 468,163 | |||
Portugal Telecom SGPS SA (a) | 7,104 | 81,412 | |||
Rogers Communications, Inc., | |||||
Class B | 3,257 | 112,790 | |||
Tele Norte Leste Participacoes SA (a) | 11,345 | 166,771 | |||
Telecom Italia SpA (a) | 27,594 | 357,066 | |||
Telefonica SA (a) | 11,810 | 808,040 | |||
Telefonos de Mexico SAB de CV (a) | 5,576 | 89,997 | |||
TELUS Corp., Class A | 2,053 | 89,429 | |||
Vodafone Group PLC (a) | 26,818 | 708,800 | |||
Total Telecommunication Services | 6,293,426 | ||||
Transportation—0.3% | |||||
Canadian National Railway Co. | 1,108 | 73,649 | |||
Canadian Pacific Railway Ltd. | 680 | 44,071 | |||
Lan Airlines SA (a) | 1,330 | 40,937 | |||
Ryanair Holdings PLC (a) | 1,398 | 43,002 | |||
Total Transportation | 201,659 | ||||
Utilities—2.4% | |||||
Centrais Eletricas Brasileiras SA, | |||||
Class C (a) | 11,144 | 153,230 | |||
Cia Energetica de Minas Gerais (a) | 3,769 | 62,528 | |||
Empresa Nacional de Electricidad SA (a) | 844 | 47,441 | |||
Enersis SA (a) | 5,143 | 119,420 | |||
The accompanying notes are an integral part of these financial statements.
23
SCHEDULE OF INVESTMENTS — continued
REVENUESHARES ADR FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | |||
Utilities (continued) | |||||
Korea Electric Power Corp.* (a) | 22,583 | $ | 305,096 | ||
National Grid PLC (a) | 5,118 | 227,137 | |||
TransAlta Corp. | 1,224 | 25,961 | |||
Veolia Environnement SA (a) | 16,599 | 487,347 | |||
Total Utilities | 1,428,160 | ||||
Total Common Stocks | |||||
(Cost $52,634,376) | 58,369,998 | ||||
PREFERRED STOCKS—1.1% | |||||
Food, Beverage & Tobacco—0.4% | |||||
Cia de Bebidas das Americas (a) | 8,620 | 267,479 | |||
Materials—0.6% | |||||
Vale SA, Class B (a) | 12,678 | 383,129 | |||
Utilities—0.1% | |||||
Cia Paranaense de Energia-Copel | |||||
Preference B (a) | 1,337 | 33,652 | |||
Total Preferred Stocks | |||||
(Cost $531,700) | 684,260 | ||||
Total Investments—99.9% | |||||
(Cost $53,166,076) | 59,054,258 | ||||
Other Assets in Excess | |||||
of Liabilities—0.1% | 41,687 | ||||
Net Assets—100.0% | $ | 59,095,945 | |||
% of | ||||||
Country | Value | Net Assets | ||||
Australia | $ | 623,607 | 1.1 | % | ||
Belgium | 643,213 | 1.1 | ||||
Brazil | 3,731,603 | 6.3 | ||||
Canada | 4,350,994 | 7.4 | ||||
Chile | 288,106 | 0.5 | ||||
China | 2,573,369 | 4.3 | ||||
Denmark | 102,551 | 0.2 | ||||
Finland | 570,975 | 1.0 | ||||
France | 3,464,604 | 5.9 | ||||
Germany | 1,891,067 | 3.2 | ||||
Greece | 98,845 | 0.2 | ||||
Hong Kong | 3,531,946 | 6.0 | ||||
Ireland | 340,844 | 0.6 | ||||
Italy | 1,673,255 | 2.8 | ||||
Japan | 9,611,680 | 16.2 | ||||
Jersey Islands | 144,157 | 0.2 | ||||
Luxembourg | 874,293 | 1.5 | ||||
Mexico | 840,410 | 1.4 | ||||
Netherlands | 6,262,531 | 10.6 | ||||
Norway | 810,819 | 1.4 | ||||
Peru | 34,343 | — | † | |||
Portugal | 81,412 | 0.1 | ||||
South Korea | 577,492 | 1.0 | ||||
Spain | 2,312,713 | 3.9 | ||||
Sweden | 278,761 | 0.5 | ||||
Switzerland | 1,885,339 | 3.2 | ||||
Taiwan | 326,559 | 0.5 | ||||
United Kingdom | 10,955,680 | 18.5 | ||||
United States | 173,090 | 0.3 | ||||
Total Investments | 59,054,258 | 99.9 | ||||
Other Assets in Excess of | ||||||
Liabilities | 41,687 | 0.1 | ||||
Net Assets | 59,095,945 | 100.0 | % | |||
(a) | American Depositary Receipt |
* | Non-income producing security |
(b) | Units |
† | Less than 0.05% |
The accompanying notes are an integral part of these financial statements.
24
SCHEDULE OF INVESTMENTS
REVENUESHARES NAVELLIER OVERALL A-100 FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | ||
COMMON STOCKS—100.2% | ||||
Automobiles & Components—15.8% | ||||
Autoliv, Inc. | 5,737 | $ | 452,879 | |
BorgWarner, Inc.* | 4,845 | 350,584 | ||
Dorman Products, Inc.* | 1,200 | 43,488 | ||
Magna International, Inc., Class A | 12,981 | 675,012 | ||
Total Automobiles & Components | 1,521,963 | |||
Banks—4.9% | ||||
Abington Bancorp, Inc. | 1,573 | 18,766 | ||
Banco de Chile (a) | 2,387 | 210,963 | ||
Corpbanca SA (a) | 777 | 71,888 | ||
Grupo Financiero Galicia SA* (a) | 6,507 | 99,622 | ||
Indiana Community Bancorp | 1,174 | 19,888 | ||
Pacific Premier Bancorp, Inc.* | 2,892 | 18,191 | ||
WSFS Financial Corp. | 608 | 28,843 | ||
Total Banks | 468,161 | |||
Capital Goods—17.3% | ||||
3D Systems Corp.* | 786 | 24,751 | ||
Astronics Corp.* | 1,272 | 26,712 | ||
Cummins, Inc. | 6,153 | 676,892 | ||
Global Power Equipment Group, Inc.* | 2,229 | 51,713 | ||
Middleby Corp.* | 667 | 56,308 | ||
Sauer-Danfoss, Inc.* | 3,834 | 108,310 | ||
Tata Motors Ltd. (a) | 23,385 | 686,116 | ||
Twin Disc, Inc. | 1,069 | 31,920 | ||
Total Capital Goods | 1,662,722 | |||
Commercial & Professional Services—0.7% | ||||
Acacia Research — Acacia | ||||
Technologies* | 948 | 24,591 | ||
AT Cross Co., Class A* | 2,566 | 24,762 | ||
Food Technology Service, Inc.* | 4,023 | 14,885 | ||
Total Commercial & Professional | ||||
Services | 64,238 | |||
Consumer Durables & Apparel—3.7% | ||||
Fossil, Inc.* | 1,885 | 132,855 | ||
Kingold Jewelry, Inc.* | 8,626 | 35,194 | ||
Lululemon Athletica, Inc.* | 799 | 54,668 | ||
Polaris Industries, Inc. | 1,661 | 129,591 | ||
Total Consumer Durables & Apparel | 352,308 | |||
Consumer Services—6.0% | ||||
Coinstar, Inc.* | 1,813 | 102,326 | ||
Krispy Kreme Doughnuts, Inc.* | 5,283 | 36,875 | ||
Las Vegas Sands Corp.* | 8,968 | 412,080 | ||
Stonemor Partners LP | 905 | 27,159 | ||
Total Consumer Services | 578,440 | |||
Energy—1.0% | ||||
OYO Geospace Corp.* | 250 | 24,778 | ||
RPC, Inc. | 4,060 | 73,567 | ||
Total Energy | 98,345 | |||
Food, Beverage & Tobacco—1.8% | ||||
Boston Beer Co., Inc., Class A* | 455 | 43,266 | ||
Embotelladora Andina SA, Class B (a) | 4,245 | 128,496 | ||
Total Food, Beverage & Tobacco | 171,762 | |||
Health Care Equipment & Services—0.6% | ||||
Cardica, Inc.* | 3,463 | 15,099 | ||
Medidata Solutions, Inc.* | 1,048 | 25,026 | ||
Mediware Information Systems* | 1,732 | 18,619 | ||
Total Health Care Equipment | ||||
& Services | 58,744 | |||
Household & Personal Products—1.9% | ||||
Herbalife Ltd. | 2,641 | 180,565 | ||
Materials—5.3% | ||||
Fuwei Films Holdings Co. Ltd.* | 5,503 | 17,665 | ||
Great Northern Iron Ore Properties | 119 | 16,718 | ||
Handy & Harman Ltd.* | 4,257 | 55,256 | ||
Innospec, Inc.* | 2,747 | 56,039 | ||
Kronos Worldwide, Inc. | 2,450 | 104,100 | ||
Material Sciences Corp.* | 3,892 | 24,870 | ||
Mercer International, Inc.* | 10,789 | 83,615 | ||
Mesabi Trust | 438 | 16,859 | ||
TPC Group, Inc.* | 4,335 | 131,437 | ||
Total Materials | 506,559 | |||
Media—0.6% | ||||
Global Traffic Network, Inc.* | 2,336 | 21,608 | ||
Imax Corp.* | 1,184 | 33,211 | ||
Total Media | 54,819 | |||
Pharmaceuticals, Biotechnology & Life Sciences—3.6% | ||||
Ariad Pharmaceuticals, Inc.* | 5,132 | 26,173 | ||
Columbia Laboratories, Inc.* | 8,037 | 18,244 | ||
Illumina, Inc.* | 1,059 | 67,077 | ||
Perrigo Co. | 2,555 | 161,808 | ||
Questcor Pharmaceuticals, Inc.* | 1,497 | 22,051 | ||
Viropharma, Inc.* | 2,351 | 40,719 | ||
VirtualScopics, Inc.* | 7,005 | 14,991 | ||
Total Pharmaceuticals, Biotechnology | ||||
& Life Sciences | 351,063 | |||
Real Estate—0.3% | ||||
Newcastle Investment Corp.* (b) | 5,055 | 33,869 | ||
Retailing—15.0% | ||||
Advance Auto Parts, Inc. | 5,744 | 379,965 | ||
Destination Maternity Corp.* | 1,276 | 48,399 | ||
Dollar Tree, Inc.* | 6,648 | 372,820 | ||
Ltd. Brands, Inc. | 19,477 | 598,528 | ||
Zumiez, Inc.* | 1,563 | 41,998 | ||
Total Retailing | 1,441,710 | |||
Semiconductors & Semiconductor Equipment—5.0% | ||||
Amtech Systems, Inc.* | 882 | 22,182 | ||
Atmel Corp.* | 9,199 | 113,332 | ||
Avago Technologies Ltd.* | 5,152 | 146,677 | ||
AXT, Inc.* | 2,029 | 21,183 | ||
Micrel, Inc. | 2,497 | 32,436 | ||
MIPS Technologies, Inc., Class A* | 1,393 | 21,118 | ||
Omnivision Technologies, Inc.* | 2,135 | 63,217 | ||
Silicon Image, Inc.* | 3,680 | 27,048 | ||
Spreadtrum Communications, Inc.* (a) | 1,712 | 31,450 | ||
Total Semiconductors & | ||||
Semiconductor Equipment | 478,643 | |||
The accompanying notes are an integral part of these financial statements.
25
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES NAVELLIER OVERALL A-100 FUND
DECEMBER 31, 2010 (UNAUDITED)
Investments | Shares | Value | |||
Software & Services—7.2% | |||||
Baidu, Inc.* (a) | 797 | $ | 76,934 | ||
Cimatron Ltd.* | 6,491 | 18,564 | |||
Cognizant Technology Solutions | |||||
Corp., Class A* | 3,770 | 276,303 | |||
Constant Contact, Inc.* | 830 | 25,722 | |||
Dice Holdings, Inc.* | 1,627 | 23,347 | |||
iGate Corp. | 1,519 | 29,939 | |||
LogMeIn, Inc.* | 458 | 20,308 | |||
OpenTable, Inc.* | 291 | 20,510 | |||
Opnet Technologies, Inc. | 896 | 23,986 | |||
Quest Software, Inc.* | 2,247 | 62,332 | |||
Travelzoo, Inc.* | 542 | 22,341 | |||
VeriFone Systems, Inc.* | 2,010 | 77,506 | |||
Zix Corp.* | 4,132 | 17,644 | |||
Total Software & Services | 695,436 | ||||
Technology Hardware & Equipment—5.0% | |||||
ADTRAN, Inc. | 1,413 | 51,165 | |||
Alliance Fiber Optic Products, Inc.* | 1,296 | 20,321 | |||
DDI Corp. | 2,623 | 30,846 | |||
F5 Networks, Inc.* | 534 | 69,505 | |||
Finisar Corp.* | 2,317 | 68,792 | |||
Hypercom Corp.* | 5,115 | 42,813 | |||
Kemet Corp.* | 5,253 | 76,589 | |||
Measurement Specialties, Inc.* | 1,059 | 31,082 | |||
Silicom Ltd.* | 915 | 17,037 | |||
SMTC Corp.* | 9,406 | 30,099 | |||
Technical Communications Corp. | 1,201 | 16,490 | |||
Westell Technologies, Inc., Class A* | 8,258 | 27,004 | |||
Total Technology Hardware | |||||
& Equipment | 481,743 | ||||
Telecommunication Services—0.5% | |||||
General Communication, Inc., Class A* | 4,179 | 52,906 | |||
Transportation—3.6% | |||||
Lan Airlines SA (a) | 9,287 | 285,854 | |||
Park-Ohio Holdings Corp.* | 3,049 | 63,754 | |||
Total Transportation | 349,608 | ||||
Utilities—0.4% | |||||
Transportadora de Gas del Sur SA (a) | 7,638 | 42,849 | |||
Total Investments—100.2% | |||||
(Cost $9,185,236) | 9,646,453 | ||||
Liabilities in Excess of | |||||
Other Assets—(0.2)% | (21,784 | ) | |||
Net Assets—100.0% | $ | 9,624,669 | |||
* | Non-income producing security |
(a) | American Depositary Receipt |
(b) | Real Estate Investment Trust |
The accompanying notes are an integral part of these financial statements.
26
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2010 (UNAUDITED)
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) | $ | 188,800,134 | $ | 138,589,580 | $ | 128,223,572 | $ | 20,677,823 | $ | 59,054,258 | $ | 9,646,453 | ||||||
Cash | 142,148 | 107,833 | 69,257 | 26,049 | 131,880 | 4,938 | ||||||||||||
Receivables: | ||||||||||||||||||
Expense reimbursement | ||||||||||||||||||
due from Advisor | — | — | — | 2,084 | — | 2,907 | ||||||||||||
Dividends | 224,321 | 80,042 | 67,485 | 9,375 | 81,950 | 316 | ||||||||||||
Securities sold | 1,399,174 | 199,046 | 1,278,943 | 232,279 | 3,228,510 | 7,078,448 | ||||||||||||
Prepaid Expenses | 921 | 1,841 | 2,157 | 304 | 866 | 233 | ||||||||||||
Total Assets | 190,566,698 | 138,978,342 | 129,641,414 | 20,947,914 | 62,497,464 | 16,733,295 | ||||||||||||
LIABILITIES: | ||||||||||||||||||
Payables: | ||||||||||||||||||
Investment securities | ||||||||||||||||||
purchased | 720,544 | 13,549 | 1,028,150 | — | 3,073,104 | 7,028,920 | ||||||||||||
Income Distributions | ||||||||||||||||||
Payable | 716,845 | 248,892 | 315,638 | 56,999 | 266,197 | 49,570 | ||||||||||||
Capital Gains Distributions | ||||||||||||||||||
Payable | — | — | — | 193,752 | — | — | ||||||||||||
Advisory fees (Note 3) | 33,802 | 27,709 | 24,894 | — | 4,450 | — | ||||||||||||
Principal Financial | ||||||||||||||||||
& Compliance | ||||||||||||||||||
Officer fees | 7,320 | 7,346 | 7,738 | 2,041 | 3,797 | 3,530 | ||||||||||||
Trustee fees | 4,745 | 3,837 | 3,636 | 416 | 1,488 | 607 | ||||||||||||
Other accrued expenses | 140,481 | 95,894 | 95,700 | 28,602 | 52,483 | 25,999 | ||||||||||||
Total Liabilities | 1,623,737 | 397,227 | 1,475,756 | 281,810 | 3,401,519 | 7,108,626 | ||||||||||||
NET ASSETS | $ | 188,942,961 | $ | 138,581,115 | $ | 128,165,658 | $ | 20,666,104 | $ | 59,095,945 | $ | 9,624,669 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||
Paid-in capital | $ | 168,205,240 | $ | 112,578,580 | $ | 102,936,153 | $ | 19,432,202 | $ | 54,454,331 | $ | 7,665,436 | ||||||
Distributions in excess of | ||||||||||||||||||
net investment income | (1,529 | ) | (1,054 | ) | (449 | ) | (1,105 | ) | (22,937 | ) | (496 | ) | ||||||
Accumulated net realized gain | ||||||||||||||||||
(loss) on investments | (1,918,109 | ) | 3,005,047 | 3,231,293 | 845,920 | (1,223,631 | ) | 1,498,512 | ||||||||||
Net unrealized | ||||||||||||||||||
appreciation | ||||||||||||||||||
(depreciation) on | ||||||||||||||||||
investments | 22,657,359 | 22,998,542 | 21,998,661 | 389,087 | 5,888,182 | 461,217 | ||||||||||||
NET ASSETS | $ | 188,942,961 | $ | 138,581,115 | $ | 128,165,658 | $ | 20,666,104 | $ | 59,095,945 | $ | 9,624,669 | ||||||
Shares outstanding | ||||||||||||||||||
(unlimited number of | ||||||||||||||||||
shares of beneficial | ||||||||||||||||||
interest authorized, | ||||||||||||||||||
without par value) | 8,001,400 | 4,701,400 | 3,951,400 | 650,000 | 1,550,000 | 250,000 | ||||||||||||
Net asset value, per share | $ | 23.61 | $ | 29.48 | $ | 32.44 | $ | 31.79 | $ | 38.13 | $ | 38.50 | ||||||
Investments at cost | $ | 166,142,775 | $ | 115,591,038 | $ | 106,224,911 | $ | 20,288,736 | $ | 53,166,076 | $ | 9,185,236 | ||||||
The accompanying notes are an integral part of these financial statements.
27
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 2010 (UNAUDITED )
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 | $ | 1,759,810 | $ | 727,833 | $ | 702,318 | $ | 129,510 | $ | 739,270 | $ | 114,126 | ||||||
Foreign withholding tax | (122 | ) | — | — | (121 | ) | (83,732 | ) | (1,420 | ) | ||||||||
Total Income | 1,759,688 | 727,833 | 702,318 | 129,389 | 655,538 | 112,706 | ||||||||||||
EXPENSES: | ||||||||||||||||||
Advisory fees (Note 3) | 372,277 | 285,237 | 283,482 | 50,418 | 166,891 | 28,924 | ||||||||||||
BNY Fund Services fees | 150,324 | 117,580 | 119,387 | 23,920 | 64,179 | 12,666 | ||||||||||||
Professional fees | 37,111 | 24,566 | 24,227 | 14,200 | 16,427 | 13,273 | ||||||||||||
Compliance fees | 12,536 | 10,745 | 11,342 | 4,725 | 6,567 | 4,478 | ||||||||||||
Principal Financial Officer fees | 12,871 | 11,033 | 11,645 | 4,852 | 6,742 | 4,597 | ||||||||||||
Printing and Postage | 15,123 | 9,075 | 8,183 | 2,028 | 3,025 | 1,562 | ||||||||||||
Trustees fees | 4,413 | 3,305 | 3,206 | 526 | 1,190 | 504 | ||||||||||||
Registration fees | 2,521 | 2,318 | 2,521 | 504 | 1,562 | 151 | ||||||||||||
Other expense | 12,716 | 11,496 | 11,342 | 11,254 | 11,634 | 8,580 | ||||||||||||
Total Expenses | 619,892 | 475,355 | 475,335 | 112,427 | 278,217 | 74,735 | ||||||||||||
Less expense waivers | ||||||||||||||||||
and reimbursements (Note 3) | (214,579 | ) | (167,299 | ) | (168,774 | ) | (56,528 | ) | (141,923 | ) | (45,811 | ) | ||||||
Net Expenses | 405,313 | 308,056 | 306,561 | 55,899 | 136,294 | 28,924 | ||||||||||||
Net Investment Income | 1,354,375 | 419,777 | 395,757 | 73,490 | 519,244 | 83,782 | ||||||||||||
NET REALIZED AND UNREALIZED | ||||||||||||||||||
GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||
Net realized gain (loss) | ||||||||||||||||||
on investments | (153,261 | ) | 3,034,829 | 1,054,346 | (247,383 | ) | (803,557 | ) | 1,277,896 | |||||||||
Net realized gain (loss) | ||||||||||||||||||
on in-kind redemptions | 2,268,702 | 1,396,363 | 4,288,365 | 1,430,602 | 651,002 | 1,272,005 | ||||||||||||
Total net realized gain (loss) | 2,115,441 | 4,431,192 | 5,342,711 | 1,183,219 | (152,555 | ) | 2,549,901 | |||||||||||
Net change in unrealized | ||||||||||||||||||
appreciation (depreciation) | ||||||||||||||||||
on investments | 30,257,822 | 23,933,328 | 21,945,235 | 1,815,939 | 12,108,565 | 38,488 | ||||||||||||
Net realized and unrealized | ||||||||||||||||||
gain (loss) on investments | 32,373,263 | 28,364,520 | 27,287,946 | 2,999,158 | 11,956,010 | 2,588,389 | ||||||||||||
Net Increase in Net | ||||||||||||||||||
Assets Resulting | ||||||||||||||||||
From Operations | $ | 33,727,638 | $ | 28,784,297 | $ | 27,683,703 | $ | 3,072,648 | $ | 12,475,254 | $ | 2,672,171 | ||||||
The accompanying notes are an integral part of these financial statements.
28
STATEMENTS OF CHANGES IN NET ASSETS
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | |||||||||||||||||||
Six-Months Ended December 31, 2010 (Unaudited) | Year Ended June 30, 2010 | Six-Months Ended December 31, 2010 (Unaudited) | Year Ended June 30, 2010 | Six-Months Ended December 31, 2010 (Unaudited) | Year Ended June 30, 2010 | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||||
Net investment income | $ | 1,354,375 | $ | 1,485,899 | $ | 419,777 | $ | 556,812 | $ | 395,757 | $ | 199,497 | |||||||||
Net realized gain (loss) on | |||||||||||||||||||||
investments | 2,115,441 | 6,492,330 | 4,431,192 | 6,947,066 | 5,342,711 | 6,908,858 | |||||||||||||||
Net change in unrealized | |||||||||||||||||||||
appreciation (depreciation) | |||||||||||||||||||||
on investments | 30,257,822 | (2,698,739 | ) | 23,933,328 | (2,022,385 | ) | 21,945,235 | (2,202,031 | ) | ||||||||||||
Net increase (decrease) in | |||||||||||||||||||||
net assets resulting from | |||||||||||||||||||||
operations | 33,727,638 | 5,279,490 | 28,784,297 | 5,481,493 | 27,683,703 | 4,906,324 | |||||||||||||||
DISTRIBUTIONS TO | |||||||||||||||||||||
SHAREHOLDERS FROM: | |||||||||||||||||||||
Net investment income | (1,855,487 | ) | (1,170,367 | ) | (571,134 | ) | (447,496 | ) | (482,779 | ) | (135,857 | ) | |||||||||
Realized gains | — | — | — | — | — | — | |||||||||||||||
Total distributions to | |||||||||||||||||||||
shareholders | (1,855,487 | ) | (1,170,367 | ) | (571,134 | ) | (447,496 | ) | (482,779 | ) | (135,857 | ) | |||||||||
SHAREHOLDER TRANSACTIONS: | |||||||||||||||||||||
Proceeds from shares sold | 28,777,719 | 105,841,236 | 16,036,524 | 84,452,205 | 8,795,186 | 93,864,879 | |||||||||||||||
Cost of shares redeemed | (10,427,595 | ) | (24,462,877 | ) | (5,938,498 | ) | (19,382,638 | ) | (17,149,422 | ) | (21,415,558 | ) | |||||||||
Net increase (decrease) in | |||||||||||||||||||||
net assets resulting from | |||||||||||||||||||||
shareholder transactions | 18,350,124 | 81,378,359 | 10,098,026 | 65,069,567 | (8,354,236 | ) | 72,449,321 | ||||||||||||||
Increase in net assets | 50,222,275 | 85,487,482 | 38,311,189 | 70,103,564 | 18,846,688 | 77,219,788 | |||||||||||||||
NET ASSETS: | |||||||||||||||||||||
Beginning of period | 138,720,686 | 53,233,204 | 100,269,926 | 30,166,362 | 109,318,970 | 32,099,182 | |||||||||||||||
End of period | $ | 188,942,961 | $ | 138,720,686 | $ | 138,581,115 | $ | 100,269,926 | $ | 128,165,658 | $ | 109,318,970 | |||||||||
Undistributed net investment | |||||||||||||||||||||
income (loss) included in | |||||||||||||||||||||
net assets at end of period | $ | (1,529 | ) | $ | 499,583 | $ | (1,054 | ) | $ | 150,303 | $ | (449 | ) | $ | 86,573 | ||||||
CHANGES IN SHARES | |||||||||||||||||||||
OUTSTANDING: | |||||||||||||||||||||
Shares outstanding, | |||||||||||||||||||||
beginning of period | 7,151,400 | 3,201,400 | 1 | 4,351,400 | 1,601,400 | 1 | 4,301,400 | 1,601,400 | 1 | ||||||||||||
Shares sold | 1,350,000 | 5,150,000 | 1 | 600,000 | 3,550,000 | 1 | 300,000 | 3,550,000 | 1 | ||||||||||||
Shares redeemed | (500,000 | ) | (1,200,000 | )1 | (250,000 | ) | (800,000 | )1 | (650,000 | ) | (850,000 | )1 | |||||||||
Shares outstanding, end | |||||||||||||||||||||
of period | 8,001,400 | 7,151,400 | 4,701,400 | 4,351,400 | 3,951,400 | 4,301,400 | |||||||||||||||
* | Commencement of operations . |
1 | On November 6, 2008, there was a 2 for 1 stock split. Historical share amounts have been adjusted to reflect the 2 for 1 split on a retroactive basis. |
The accompanying notes are an integral part of these financial statements.
29
STATEMENTS OF CHANGES IN NET ASSETS — concluded
RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | ||||||||||||||||||
Six-Months EndedDecember 31,2010 (Unaudited) | Year Ended June 30, 2010 | Six-Months Ended December 31, 2010 (Unaudited) | Year Ended June 30, 2010 | Six-Months Ended December 31, 2010 (Unaudited) | Year Ended June 30, 2010 | |||||||||||||||
OPERATIONS: | ||||||||||||||||||||
Net investment income | $ | 73,490 | $ | 71,095 | $ | 519,244 | $ | 1,007,996 | $ | 83,782 | $ | 35,103 | ||||||||
Net realized gain (loss) on | ||||||||||||||||||||
investments | 1,183,219 | 1,142,697 | (152,555 | ) | 618,236 | 2,549,901 | 873,823 | |||||||||||||
Net change in unrealized | ||||||||||||||||||||
appreciation (depreciation) | ||||||||||||||||||||
on investments | 1,815,939 | (1,905,053 | ) | 12,108,565 | (6,725,823 | ) | 38,488 | 56,346 | ||||||||||||
Net increase (decrease) in | ||||||||||||||||||||
net assets resulting from | ||||||||||||||||||||
operations | 3,072,648 | (691,261 | ) | 12,475,254 | (5,099,591 | ) | 2,672,171 | 965,272 | ||||||||||||
DISTRIBUTIONS TO | ||||||||||||||||||||
SHAREHOLDERS FROM: | ||||||||||||||||||||
Net investment income | (90,186 | ) | (63,988 | ) | (1,106,731 | ) | (507,284 | ) | (95,317 | ) | (25,431 | ) | ||||||||
Realized gains | (193,752 | ) | — | — | (150,700 | ) | — | (192,120 | ) | |||||||||||
Total distributions to | ||||||||||||||||||||
shareholders | (283,938 | ) | (63,988 | ) | (1,106,731 | ) | (657,984 | ) | (95,317 | ) | (217,551 | ) | ||||||||
SHAREHOLDER TRANSACTIONS: | ||||||||||||||||||||
Proceeds from shares sold | 1,480,702 | 22,490,648 | 3,656,796 | 54,509,225 | 5,091,821 | 17,164,040 | ||||||||||||||
Cost of shares redeemed | (8,174,835 | ) | (2,754,245 | ) | (3,570,308 | ) | (8,632,651 | ) | (8,432,113 | ) | (13,027,298 | ) | ||||||||
Net increase (decrease) in | ||||||||||||||||||||
net assets resulting from | ||||||||||||||||||||
shareholder transactions | (6,694,133 | ) | 19,736,403 | 86,488 | 45,876,574 | (3,340,292 | ) | 4,136,742 | ||||||||||||
Increase (Decrease) in | ||||||||||||||||||||
net assets | (3,905,423 | ) | 18,981,154 | 11,455,011 | 40,118,999 | (763,438 | ) | 4,884,463 | ||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of period | 24,571,527 | 5,590,373 | 47,640,934 | 7,521,935 | 10,388,107 | 5,503,644 | ||||||||||||||
End of period | $ | 20,666,104 | $ | 24,571,527 | $ | 59,095,945 | $ | 47,640,934 | $ | 9,624,669 | $ | 10,388,107 | ||||||||
Undistributed net | ||||||||||||||||||||
investment income (loss) included in | ||||||||||||||||||||
net assets at end of period | $ | (1,105 | ) | $ | 15,591 | $ | (22,937 | ) | $ | 564,550 | $ | (496 | ) | $ | 11,039 | |||||
CHANGES IN SHARES | ||||||||||||||||||||
OUTSTANDING: | ||||||||||||||||||||
Shares outstanding, | ||||||||||||||||||||
beginning of period | 900,000 | 250,000 | 1,550,000 | 250,000 | 350,000 | 200,000 | ||||||||||||||
Shares sold | 50,000 | 750,000 | 100,000 | 1,550,000 | 150,000 | 550,000 | ||||||||||||||
Shares redeemed | (300,000 | ) | (100,000 | ) | (100,000 | ) | (250,000 | ) | (250,000 | ) | (400,000 | ) | ||||||||
Shares outstanding, end | ||||||||||||||||||||
of period | 650,000 | 900,000 | 1,550,000 | 1,550,000 | 250,000 | 350,000 | ||||||||||||||
The accompanying notes are an integral part of these financial statements.
30
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | |||||||||||||||||||||||||||||
Six Months Ended December 31, 2010 (Unaudited) | Year Ended June 30, 2010 | Year Ended June 30, 20092 | For the Period February 22, 20081 Through June 30, 20082 | Six Months Ended December 31, 2010 (Unaudited) | 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 | $ | 19.40 | $ | 16.63 | $ | 22.87 | $ | 25.00 | $ | 23.04 | $ | 18.84 | $ | 24.17 | $ | 25.00 | ||||||||||||||
Net investment income3 | 0.18 | 0.29 | 0.33 | 0.15 | 0.10 | 0.17 | 0.18 | 0.08 | ||||||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||||||||
gain (loss) on investments | 4.28 | 2.74 | (6.34 | ) | (2.23 | ) | 6.47 | 4.18 | (5.36 | ) | (0.84 | ) | ||||||||||||||||||
Total gain (loss) | ||||||||||||||||||||||||||||||
from investment operations | 4.46 | 3.03 | (6.01 | ) | (2.08 | ) | 6.57 | 4.35 | (5.18 | ) | (0.76 | ) | ||||||||||||||||||
Less Distributions | ||||||||||||||||||||||||||||||
from: | ||||||||||||||||||||||||||||||
Net investment | ||||||||||||||||||||||||||||||
income | (0.25 | ) | (0.26 | ) | (0.23 | ) | (0.05 | ) | (0.13 | ) | (0.15 | ) | (0.15 | ) | (0.07 | ) | ||||||||||||||
Realized gains | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total distributions | (0.25 | ) | (0.26 | ) | (0.23 | ) | (0.05 | ) | (0.13 | ) | (0.15 | ) | (0.15 | ) | (0.07 | ) | ||||||||||||||
Net asset value, | ||||||||||||||||||||||||||||||
end of period | $ | 23.61 | $ | 19.40 | $ | 16.63 | $ | 22.87 | $ | 29.48 | $ | 23.04 | $ | 18.84 | $ | 24.17 | ||||||||||||||
Total Return at Net | ||||||||||||||||||||||||||||||
Asset Value4 | 23.12 | % | 18.21 | % | (26.27 | )% | (8.31 | )% | 28.59 | % | 23.07 | % | (21.39 | )% | (3.02 | )% | ||||||||||||||
Total Return at Market Value4 | 22.84 | % | 17.99 | % | (26.52 | )% | (8.19 | )% | 28.34 | % | 22.86 | % | (21.71 | )% | (2.44 | )% | ||||||||||||||
Ratios/Supplemental | ||||||||||||||||||||||||||||||
Data: | ||||||||||||||||||||||||||||||
Net assets, end of | ||||||||||||||||||||||||||||||
period (000’s | ||||||||||||||||||||||||||||||
omitted) | $ | 188,943 | $ | 138,721 | $ | 53,233 | $ | 32,048 | $ | 138,581 | $ | 100,270 | $ | 30,166 | $ | 4,869 | ||||||||||||||
Ratio to average net | ||||||||||||||||||||||||||||||
assets of: | ||||||||||||||||||||||||||||||
Expenses, net of | ||||||||||||||||||||||||||||||
expense | ||||||||||||||||||||||||||||||
waivers and | ||||||||||||||||||||||||||||||
reimbursements | 0.49 | %5 | 0.49 | % | 0.49 | % | 0.49 | %5 | 0.54 | %5 | 0.54 | % | 0.54 | % | 0.54 | %5 | ||||||||||||||
Expenses, prior to expense | ||||||||||||||||||||||||||||||
waivers and | ||||||||||||||||||||||||||||||
reimbursements | 0.75 | %5 | 0.85 | % | 1.89 | % | 2.32 | %5 | 0.83 | %5 | 0.89 | % | 2.02 | % | 4.93 | %5 | ||||||||||||||
Net investment | ||||||||||||||||||||||||||||||
income, net of | ||||||||||||||||||||||||||||||
waivers and | ||||||||||||||||||||||||||||||
reimbursements | 1.64 | %5 | 1.44 | % | 2.05 | % | 1.87 | %5 | 0.74 | %5 | 0.71 | % | 1.12 | % | 0.89 | %5 | ||||||||||||||
Portfolio turnover rate6 | 13.02 | % | 6.72 | % | 23.67 | % | 0.88 | % | 26.39 | % | 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 | 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. 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 investment advisor. |
5 | Annualized for periods less than one year. |
6 | Portfolio turnover rate is not annualized 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.
31
FINANCIAL HIGHLIGHTS — continued
RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | ||||||||||||||||||||
Six Months Ended December 31, 2010 (Unaudited) | Year Ended June 30, 2010 | Year Ended June 30, 20092 | For the Period February 22, 20081 Through June 30, 20082 | Six Months Ended December 31, 2010 (Unaudited) | 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 | $ | 25.41 | $ | 20.04 | $ | 23.35 | $ | 25.00 | $ | 27.30 | $ | 22.36 | $ | 25.00 | |||||||
Net investment income3 | 0.10 | 0.07 | 0.11 | 0.08 | 0.10 | 0.15 | 0.19 | ||||||||||||||
Net realized and unrealized | |||||||||||||||||||||
gain (loss) on investments | 7.05 | 5.35 | (3.32 | ) | (1.67 | ) | 4.82 | 4.96 | (2.69 | ) | |||||||||||
Total gain (loss) from | |||||||||||||||||||||
investment operations | 7.15 | 5.42 | (3.21 | ) | (1.59 | ) | 4.92 | 5.11 | (2.50 | ) | |||||||||||
Less Distributions from: | |||||||||||||||||||||
Net investment income | (0.12 | ) | (0.05 | ) | (0.10 | ) | (0.06 | ) | (0.13 | ) | (0.17 | ) | (0.14 | ) | |||||||
Realized gains | — | — | — | — | (0.30 | ) | — | — | |||||||||||||
Total distributions | (0.12 | ) | (0.05 | ) | (0.10 | ) | (0.06 | ) | (0.43 | ) | (0.17 | ) | (0.14 | ) | |||||||
Net asset value, end | |||||||||||||||||||||
of period | $ | 32.44 | $ | 25.41 | $ | 20.04 | $ | 23.35 | $ | 31.79 | $ | 27.30 | $ | 22.36 | |||||||
Total Return at Net | |||||||||||||||||||||
Asset Value4 | 28.18 | % | 27.07 | % | (13.67 | )% | (6.36 | )% | 18.03 | % | 22.87 | % | (9.87 | )% | |||||||
Total Return at Market Value4 | 27.90 | % | 26.88 | % | (13.67 | )% | (6.10 | )% | 16.76 | % | 23.00 | % | (10.03 | )% | |||||||
Ratios/Supplemental Data: | |||||||||||||||||||||
Net assets, end of period | |||||||||||||||||||||
(000’s omitted) | $ | 128,166 | $ | 109,319 | $ | 32,099 | $ | 4,702 | $ | 20,666 | $ | 24,572 | $ | 5,590 | |||||||
Ratio to average net | |||||||||||||||||||||
assets of: | |||||||||||||||||||||
Expenses, net of | |||||||||||||||||||||
expense waivers | 0.54 | %5 | 0.54 | % | 0.54 | % | 0.54 | %5 | 0.49 | %5 | 0.49 | % | 0.49 | %5 | |||||||
Expenses, prior to | |||||||||||||||||||||
expense waivers | 0.84 | %5 | 0.89 | % | 2.20 | % | 5.03 | %5 | 1.00 | %5 | 1.11 | % | 3.14 | %5 | |||||||
Net investment income, | |||||||||||||||||||||
net of waivers | 0.70 | %5 | 0.25 | % | 0.62 | % | 0.85 | %5 | 0.66 | %5 | 0.51 | % | 1.60 | %5 | |||||||
Portfolio turnover rate6 | 28.94 | % | 16.33 | % | 32.38 | % | 6.44 | % | 12.74 | % | 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 | 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. 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 investment advisor. |
5 | Annualized for periods less than one year. |
6 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares. |
The accompanying notes are an integral part of these financial statements.
32
FINANCIAL HIGHLIGHTS — concluded
RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | |||||||||||||||||
Six Months Ended December 31, 2010 (Unaudited) | Year Ended June 30, 2010 | For the Period November 18, 20081 Through June 30, 2009 | Six Months Ended December 31, 2010 (Unaudited) | 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 | $ | 30.74 | $ | 30.09 | $ | 25.00 | $ | 29.68 | $ | 27.52 | $ | 25.00 | ||||||
Net investment income3 | 0.34 | 1.07 | 0.58 | 0.30 | 0.10 | 0.09 | ||||||||||||
Net realized and unrealized | ||||||||||||||||||
gain (loss) on investments | 7.76 | 0.40 | 4.68 | 8.87 | 2.61 | 2.52 | ||||||||||||
Total gain (loss) from | ||||||||||||||||||
investment operations | 8.10 | 1.47 | 5.26 | 9.17 | 2.71 | 2.61 | ||||||||||||
Less Distributions from: | ||||||||||||||||||
Net investment income | (0.71 | ) | (0.68 | ) | (0.17 | ) | (0.35 | ) | (0.07 | ) | (0.09 | ) | ||||||
Realized gains | — | (0.14 | ) | — | — | (0.48 | ) | — | ||||||||||
Total distributions | (0.71 | ) | (0.82 | ) | (0.17 | ) | (0.35 | ) | (0.55 | ) | (0.09 | ) | ||||||
Net asset value, end of period | $ | 38.13 | $ | 30.74 | $ | 30.09 | $ | 38.50 | $ | 29.68 | $ | 27.52 | ||||||
Total Return at Net Asset Value4 | 26.71 | % | 4.64 | % | 21.15 | % | 30.85 | % | 9.70 | % | 10.48 | % | ||||||
Total Return at Market Value4 | 26.06 | % | 4.55 | % | 21.18 | % | 30.26 | % | 9.81 | % | 10.69 | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||||
Net assets, end of period | ||||||||||||||||||
(000’s omitted) | $ | 59,096 | $ | 47,641 | $ | 7,522 | $ | 9,625 | $ | 10,388 | $ | 5,504 | ||||||
Ratio to average net assets of: | ||||||||||||||||||
Expenses, net of expense | ||||||||||||||||||
waivers | 0.49 | %5 | 0.49 | % | 0.49 | %5 | 0.60 | %5 | 0.60 | % | 0.60 | %5 | ||||||
Expenses, prior to expense | ||||||||||||||||||
waivers | 1.00 | %5 | 1.08 | % | 3.52 | %5 | 1.55 | %5 | 1.40 | % | 3.72 | %5 | ||||||
Net investment income, | ||||||||||||||||||
net of waivers | 1.87 | %5 | 3.06 | % | 3.79 | %5 | 1.74 | %5 | 0.32 | % | 0.81 | %5 | ||||||
Portfolio turnover rate6 | 19.17 | % | 45.80 | % | 82.02 | % | 120.78 | % | 182.12 | % | 32.48 | % | ||||||
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 | 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. 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 investment advisor. |
5 | Annualized for periods less than one year. |
6 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares. |
The accompanying notes are an integral part of these financial statements.
33
1. ORGANIZATION
The RevenueShares ETF Trust (the “Trust”) was organized as a Delaware statutory trust on December 15, 2006 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), which is currently comprised of six active funds (collectively, the “Funds” and each individually a “Fund”). The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund are diversified funds under the Act, the RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund are not diversified. Operations commenced on February 22, 2008 for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, November 10, 2008 for the RevenueShares Financials Sector Fund, November 18, 2008 for the RevenueShares ADR Fund and January 21, 2009 for the RevenueShares Navellier Overall A-100 Fund.
The objective of the Funds (RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund) is to outperform the total return performance of the Fund’s corresponding benchmark (Standard & Poor’s (“S&P”) 500 Index, S&P MidCap 400 Index, S&P SmallCap 600 Index, S&P 500 Financials Index, S&P ADR Index, and the Navellier Overall A-100 Index, respectively).
2. SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The following summarizes the significant accounting policies of the Funds:
Investment Valuation — Security holdings traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ Official Closing Price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith and in accordance with procedures adopted by the Trust’s Board of Trustees (the “Board”).
The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon Corp. calculates each Fund’s NAV at the close of the regular trading session on the NYSE, ordinarily 4:00 p.m., Eastern Time on each day that such exchange is open.
Investment Transactions — Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method.
Distributions to Shareholders — Each Fund shareholder is entitled to their share of a Fund’s income and net realized gains on investments. Each Fund pays out substantially all of its net earnings to its shareholders as “distributions.” Income dividends, if any, are generally distributed to shareholders quarterly. Net capital gains are distributed at least annually.
Investment Income — Dividend income is 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.
34
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 December 31, 2010, the Adviser waived and reimbursed the following fees:
Fund | Fees Waived and Reimbursed | |
RevenueShares Large Cap Fund | $ | 214,579 |
RevenueShares Mid Cap Fund | 167,299 | |
RevenueShares Small Cap Fund | 168,774 | |
RevenueShares Financials Sector Fund | 56,528 | |
RevenueShares ADR Fund | 141,923 | |
RevenueShares Navellier Overall A-100 Fund | 45,811 | |
Pursuant to a Sub-Advisory Agreement between the Adviser and Index Management Solutions, LLC (the “Sub-Adviser”), an affiliate of the Adviser, the Sub-Adviser will be responsible for the day-to-day management of the Funds, subject to the supervision of the Adviser and the Board. In this regard, the Sub-Adviser will be responsible for implementing the investment strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Adviser and Sub-Adviser from time to time. Out of the advisory fee, the Adviser pays all fees and expenses of the Sub-Adviser.
The Bank of New York Mellon Corp. serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Distribution — Foreside Fund Services, LLC serves as the Funds’ distributor (the “Distributor”). The Trust has adopted a distribution and services plan (“12b-1”) pursuant to rule 12b-1 under the 1940 Act. Each Fund is authorized to pay an amount up to a maximum annual rate of 0.25% of it’s 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 of, 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. For the period ended December 31, 2010, FCS and FMS were not required to waive fees pursuant to this agreement.
35
NOTES TO FINANCIAL STATEMENTS — continued
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 December 31, 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.
5. FAIR VALUE MEASUREMENT
The authoritative guidance for fair value measurements and disclosures, Accounting Standards CodificationTM Topic 820, establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized various inputs in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels as follows:
Level 1 — quoted prices in active markets for identical securities
Level 2 — other significant observable inputs (including quoted prices for similar securities, the intrinsic value of securities such as rights, warrants or options, etc.)
Level 3 — significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments)
36
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 December 31, 2010 in valuing the Funds’ assets carried at fair value:
Fund | Quoted Prices in Active Markets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||
Common Stocks | Preferred Stocks | ||||||||
RevenueShares Large Cap Fund | $ | 188,800,134 | — | — | — | $ | 188,800,134 | ||
RevenueShares Mid Cap Fund | 138,589,580 | — | — | — | 138,589,580 | ||||
RevenueShares Small Cap Fund | 128,223,572 | — | — | — | 128,223,572 | ||||
RevenueShares Financials | |||||||||
Sector Fund | 20,677,823 | — | — | — | 20,677,823 | ||||
RevenueShares ADR Fund | 58,369,998 | $ | 684,260 | — | — | 59,054,258 | |||
RevenueShares Navellier | |||||||||
Overall A-100 Fund | 9,646,453 | — | — | — | 9,646,453 | ||||
At December 31, 2010, the Funds did not hold any Level 2 or Level 3 securities. Please refer to the Schedule of Investments to view equity securities segregated by industry type.
In January, 2010, the Financial Accounting Standards Board (“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. At December 31, 2010, there were no material transfers between Levels 1 and 2 based on levels assigned to securities on June 30, 2010. 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 six months ended December 31, 2010 were as follows:
Fund | Purchases | Sales | ||
RevenueShares Large Cap Fund | $ | 22,686,628 | $ | 21,010,671 |
RevenueShares Mid Cap Fund | 29,967,289 | 29,847,198 | ||
RevenueShares Small Cap Fund | 32,544,949 | 35,840,415 | ||
RevenueShares Financials Sector Fund | 2,773,185 | 2,987,501 | ||
RevenueShares ADR Fund | 10,283,546 | 10,925,858 | ||
RevenueShares Navellier Overall A-100 Fund | 11,565,016 | 11,525,185 | ||
For the six months ended December 31, 2010, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:
Fund | Purchases | Sales | ||
RevenueShares Large Cap Fund | $ | 26,464,321 | $ | 10,393,430 |
RevenueShares Mid Cap Fund | 16,018,873 | 5,932,042 | ||
RevenueShares Small Cap Fund | 8,788,317 | 13,862,325 | ||
RevenueShares Financials Sector Fund | 1,480,243 | 8,171,805 | ||
RevenueShares ADR Fund | 3,638,343 | 3,552,720 | ||
RevenueShares Navellier Overall A-100 Fund | 5,093,018 | 8,433,019 | ||
Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.
37
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 December 31, 2010, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were substantially the same for book purposes, as indicated below:
Fund | Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||
RevenueShares Large Cap Fund | $ | 166,142,775 | 24,805,658 | (2,148,299 | ) | 22,657,359 |
RevenueShares Mid Cap Fund | 115,591,038 | 24,050,272 | (1,051,730 | ) | 22,998,542 | |
RevenueShares Small Cap Fund | 106,224,911 | 23,452,531 | (1,453,870 | ) | 21,998,661 | |
RevenueShares Financials Sector Fund | 20,288,736 | 1,189,281 | (800,194 | ) | 389,087 | |
RevenueShares ADR Fund | 53,166,076 | 6,748,616 | (860,434 | ) | 5,888,182 | |
RevenueShares Navellier Overall A-100 Fund | 9,185,236 | 527,388 | (66,171 | ) | 461,217 | |
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 | — | |||
38
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 | |
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 December 31, 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.
39
NOTES TO FINANCIAL STATEMENTS — concluded
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.
40
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT
At the November 23, 2010 meeting (the “Meeting”) of the Board of Trustees (the “Board”) of the RevenueShares ETF Trust (the “Trust”), the Board, including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Trust (the “Independent Trustees”), approved VTL Associates, LLC (the “Adviser”) to continue to serve as investment adviser to each series of the Trust (each a “Fund” and collectively, the “Funds”) 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, 2011 until January 24, 2012. 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. The Independent Trustees evaluated the terms of the Investment Advisory Agreement, reviewed the information provided by the Adviser in connection with the consideration of continuing the Investment Advisory Agreement and reviewed the duties and responsibilities of the Independent Trustees in evaluating and approving its continuation.
In considering whether to approve the continuation of the Adviser as investment advisor for an additional year, the Independent Trustees had previously reviewed, and discussed with representatives of the Adviser, the materials distributed in advance of, and supplementally at, the Meeting, which contained detailed information about the Adviser and the Funds, including: (i) a copy of the Investment Advisory Agreement and all amendments thereto with respect to the Adviser’s management of the Funds; (ii) information describing the nature, quality and extent of the services that the Adviser provides to the Funds, and the fees that the Adviser charges to the Funds; (iii) information concerning the Adviser’s financial condition, business and operations, portfolio management team and compliance program; (iv) a copy of the Adviser’s current Form ADV; and (v) a memorandum from Stradley Ronon Stevens & Young LLP, 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 had considered the information presented at Board meetings throughout the year. The Independent Trustees received data compiled by Lipper Inc. (“Lipper”) comparing the advisory fees, expenses and performance of the Funds that had commenced operations (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 “Operating Funds”) with the fees, expenses and performance of other exchange-traded funds (“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 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 noted that the 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 and RevenueShares Utilities Sector Fund are registered with the U.S. Securities and Exchange Commission but have not yet commenced operations. It was noted that the Independent Trustees would further discuss the fee and expense structure of these Funds before they commence operations. In particular, the Independent Trustees considered and discussed the following with respect to each Fund:
(a) | The nature, extent, and quality of services provided to each Fund by the Adviser. The Independent Trustees reviewed the services that the Adviser provides to each Fund. In connection with the investment advisory services provided to each Fund, the Independent Trustees noted the responsibilities that the Adviser has 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 the 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 continue 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. | |
(b) | 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 to contracts of other registered investment advisers providing services to similar ETFs. In particular, the Independent Trustees compared each Operating Fund’s advisory fee and expense ratio to the advisory fees and expense ratios of other investment companies considered to be in such Operating Fund’s peer group as |
41
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT — concluded
chosen by Lipper. 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 expenses from exceeding 0.49% of average daily net assets 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 0.54% of average daily net assets of each of the RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund; and from exceeding 0.60% of average daily net assets of the RevenueShares Navellier Overall A-100 Fund. The Board also received and considered information about the fee rates charged to other accounts that are managed by the Adviser. The Independent Trustees noted that the actual and contractual investment advisory fees of each Operating Fund were within the range of the actual and contractual investment advisory fees charged by other funds in the Operating Fund’s peer group. After comparing each Operating Fund’s fees with those of other funds in such Operating Fund’s peer group and considering the information about the fee rates charged to other accounts managed by the Adviser, and in light of the nature, quality, and extent of services provided by the Adviser and the costs 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. | |
(c) | 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 considered that economies of scale may be realized by the Adviser as the Funds grow larger; however, since the amount of assets under management remains relatively small, the Independent Trustees concluded that economies of scale are difficult to consider at this time. 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. |
(d) | Investment performance of the Funds. The Independent Trustees considered the investment performance of the Operating Funds, including tracking error. 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 objectives. The Independent Trustees considered each Operating Fund’s investment performance compared to (i) its corresponding revenue-weighted index that it seeks to track and (ii) the benchmark index that each Operating Fund uses for comparison in its prospectus and shareholder reports. The Independent Trustees also considered each Operating Fund’s investment performance compared to the average of the Operating Fund’s Lipper peer group. |
The Board also received and considered information about the premium/discount history of the Operating Funds, which illustrated the number of times that the market price of the Operating Funds trading on the secondary market closed above or below the NAV of the Operating Funds, and by how much, measured in basis points. | |
(e) | Expenses. The Independent Trustees considered each Operating Fund’s total expense ratio (both including and excluding the Operating Fund’s fee waiver and expense limitation arrangement) compared to the total expense ratios (both including and excluding the fund’s fee waiver and expense limitation arrangement) of other ETFs considered to be in the Operating Fund’s peer group. The Independent Trustees noted that each Operating Fund’s total expense ratio (including the Operating Fund’s fee waiver and expense limitation arrangement) was within the range of the total expense ratios (including the funds’ fee waiver and expense limitation arrangements) of other funds in the Operating Fund’s peer group. |
Conclusion. No single factor was determinative to the decision of the Independent Trustees. Based on the foregoing and such other matters as were deemed relevant, the Independent Trustees concluded that the advisory fee rates and total expense ratios 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 fees to be reasonable in comparison to the fees charged by advisers to other comparable ETFs of similar size. As a result, the Independent Trustees concluded that the continuation of the Investment Advisory Agreement was in the best interests of each Fund.
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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.
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.
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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
![](https://capedge.com/proxy/N-CSRSA/0000891092-11-003749/a41633x48x1.jpg)
Item 2. Code of Ethics.
Not Applicable for the semi-annual reporting period.
Item 3. Audit Committee Financial Expert.
Not Applicable for the semi-annual reporting period.
Item 4. Principal Accountant Fees and Services.
Not Applicable for the semi-annual reporting period.
Item 5. Audit Committee of Listed Registrants.
Not Applicable for the semi-annual reporting period.
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 Chief Executive Officer and Chief 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 subsequent to the date of their evaluation.
Item 12. Exhibits.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit: not applicable at this time.
(a)(2) Certifications for each Principal Executive Officer and Principal Financial Officer of the Registrant pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the 1940 Act are attached.
(a)(3) Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b) Certification for the Principal Executive Officer and Principal Financial Officer of the Registrant pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the 1940 Act is attached.
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 |
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Vincent T. Lowry, Chief Executive Officer |
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Date: | June 3, 2011 |
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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 |
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Vincent T. Lowry, Chief Executive Officer |
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Date: | June 3, 2011 |
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By: | /s/ Charles S. Todd |
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Charles S. Todd, Chief Financial Officer |
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Date: | June 3, 2011 |
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