UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21993
RevenueShares ETF Trust
(Exact name of registrant as specified in charter)
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, PA 19103
(Address of principal executive offices) (Zip code)
Vincent T. Lowry
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, PA 19103
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-888-854-8181
Date of fiscal year end: June 30
Date of reporting period: December 31, 2014
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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
RevenueSharessm ETF Trust
Semi-Annual Report to Shareholders
December 31, 2014
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TABLE OF CONTENTS
Shareholder Expense Examples | 2 |
Schedule of Investments Summary Tables | 3 |
Schedules of Investments | |
RevenueShares Large Cap Fund | 5 |
RevenueShares Mid Cap Fund | 10 |
RevenueShares Small Cap Fund | 15 |
RevenueShares Financials Sector Fund | 21 |
RevenueShares ADR Fund | 22 |
RevenueShares Navellier Overall A-100 Fund | 25 |
RevenueShares Ultra Dividend Fund | 27 |
Statements of Assets and Liabilities | 28 |
Statements of Operations | 29 |
Statements of Changes in Net Assets | 30 |
Financial Highlights | 32 |
Notes to Financial Statements | 39 |
Board Approval of Investment Advisory and Sub-Advisory Agreements | 48 |
Supplemental Information | 51 |
1 |
SHAREHOLDER EXPENSE EXAMPLES
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, 2014 to December 31, 2014.
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 07/01/2014 | Ending Account Value 12/31/2014 | Annualized Expense Ratios for the Six Month Period | Expenses Paid During the Six Month Period† | |
RevenueShares Large Cap Fund | ||||
Actual | $1,000.00 | $1,069.30 | 0.49% | $2.56 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | 0.49% | $2.50 |
RevenueShares Mid Cap Fund | ||||
Actual | $1,000.00 | $1,021.50 | 0.54% | $2.75 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.48 | 0.54% | $2.75 |
RevenueShares Small Cap Fund | ||||
Actual | $1,000.00 | $1,019.50 | 0.54% | $2.75 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.48 | 0.54% | $2.75 |
RevenueShares Financials Sector Fund | ||||
Actual | $1,000.00 | $1,093.50 | 0.49% | $2.59 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | 0.49% | $2.50 |
RevenueShares ADR Fund | ||||
Actual | $1,000.00 | $ 882.40 | 0.49% | $2.32 |
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 | $1,061.10 | 0.60% | $3.12 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.18 | 0.60% | $3.06 |
RevenueShares Ultra Dividend Fund | ||||
Actual | $1,000.00 | $1,086.20 | 0.49% | $2.58 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | 0.49% | $2.50 |
† | 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 |
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 | 3.8 | % | Automobiles & Components | 0.3 | % | Automobiles & Components | 0.7 | % | |||
Banks | 4.3 | Banks | 1.9 | Banks | 2.6 | ||||||
Capital Goods | 8.4 | Capital Goods | 10.8 | Capital Goods | 13.5 | ||||||
Commercial & Professional Services | 0.6 | Commercial & Professional Services | 3.9 | Commercial & Professional Services | 6.3 | ||||||
Consumer Durables & Apparel | 1.3 | Consumer Durables & Apparel | 3.3 | Consumer Durables & Apparel | 4.3 | ||||||
Consumer Services | 1.2 | Consumer Services | 2.0 | Consumer Services | 4.5 | ||||||
Diversified Financials | 4.3 | Diversified Financials | 1.2 | Diversified Financials | 2.4 | ||||||
Energy | 14.2 | Energy | 9.0 | Energy | 5.4 | ||||||
Food & Staples Retailing | 9.1 | Food & Staples Retailing | 1.8 | Food & Staples Retailing | 2.9 | ||||||
Food, Beverage & Tobacco | 4.3 | Food, Beverage & Tobacco | 2.2 | Food, Beverage & Tobacco | 2.9 | ||||||
Health Care Equipment & Services | 8.6 | Health Care Equipment & Services | 8.0 | Health Care Equipment & Services | 7.8 | ||||||
Household & Personal Products | 1.3 | Household & Personal Products | 0.5 | Household & Personal Products | 0.4 | ||||||
Insurance | 4.2 | Insurance | 5.5 | Insurance | 2.5 | ||||||
Materials | 3.8 | Materials | 9.9 | Materials | 7.7 | ||||||
Media | 3.0 | Media | 1.5 | Media | 0.5 | ||||||
Money Market Fund | 0.2 | Money Market Fund | 6.1 | Money Market Fund | 5.9 | ||||||
Pharmaceuticals, Biotechnology & | Pharmaceuticals, Biotechnology & | Pharmaceuticals, Biotechnology & | |||||||||
Life Sciences | 3.2 | Life Sciences | 1.1 | Life Sciences | 1.1 | ||||||
Real Estate | 0.6 | Real Estate | 2.3 | Real Estate | 1.7 | ||||||
Retailing | 5.9 | Retailing | 9.7 | Retailing | 10.5 | ||||||
Semiconductors & Semiconductor | Semiconductors & Semiconductor | Semiconductors & Semiconductor | |||||||||
Equipment | 1.2 | Equipment | 1.6 | Equipment | 1.6 | ||||||
Software & Services | 4.5 | Software & Services | 3.9 | Software & Services | 4.6 | ||||||
Technology Hardware & | Technology Hardware & | Technology Hardware & | |||||||||
Equipment | 4.4 | Equipment | 13.3 | Equipment | 9.2 | ||||||
Telecommunication Services | 2.7 | Telecommunication Services | 0.4 | Telecommunication Services | 0.6 | ||||||
Transportation | 2.2 | Transportation | 2.5 | Transportation | 3.9 | ||||||
Utilities | 3.2 | Utilities | 3.6 | Utilities | 2.7 | ||||||
Total Investments | 100.5 | Total Investments | 106.3 | Total Investments | 106.2 | ||||||
Liabilities in Excess of Other Assets | (0.5 | ) | Liabilities in Excess of Other Assets | (6.3 | ) | Liabilities in Excess of Other Assets | (6.2 | ) | |||
Net Assets | 100.0 | % | Net Assets | 100.0 | % | Net Assets | 100.0 | % |
3 |
SCHEDULE OF INVESTMENTS SUMMARY TABLES — concluded
(UNAUDITED )
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 | |||||
Banks | 32.3 | % | Automobiles & Components | 6.5 | % | Automobiles & Components | 0.5 | % | ||
Capital Markets | 11.5 | Banks | 13.1 | Banks | 1.5 | |||||
Consumer Finance | 5.1 | Capital Goods | 1.4 | Capital Goods | 1.1 | |||||
Diversified Financial Services | 15.2 | Consumer Durables & Apparel | 1.4 | Commercial & Professional Services | 1.5 | |||||
Insurance | 31.2 | Consumer Services | 0.3 | Consumer Durables & Apparel | 6.0 | |||||
Real Estate Investment Trusts | 4.0 | Diversified Financials | 2.6 | Consumer Services | 3.5 | |||||
Real Estate Management | Energy | 37.7 | Food & Staples Retailing | 10.5 | ||||||
& Development | 0.6 | Food & Staples Retailing | 0.8 | Food, Beverage & Tobacco | 2.9 | |||||
Thrifts & Mortgage Finance | 0.2 | Food, Beverage & Tobacco | 3.3 | Health Care Equipment & Services | 10.5 | |||||
Total Investments | 100.1 | Health Care Equipment & Services | 0.7 | Insurance | 3.1 | |||||
Liabilities in Excess of Other Assets | (0.1 | ) | Insurance | 5.7 | Materials | 5.4 | ||||
Net Assets | 100.0 | % | Materials | 7.5 | Money Market Fund | 2.5 | ||||
Media | 1.1 | Pharmaceuticals, Biotechnology & | ||||||||
Money Market Fund | 21.1 | Life Sciences | 10.3 | |||||||
Pharmaceuticals, Biotechnology & | Real Estate | 9.9 | ||||||||
Life Sciences | 3.1 | Retailing | 6.0 | |||||||
Real Estate | 0.3 | Semiconductors & Semiconductor | ||||||||
Semiconductors & Semiconductor | Equipment | 16.4 | ||||||||
Equipment | 0.6 | Software & Services | 5.5 | |||||||
Software & Services | 0.5 | Technology Hardware & | ||||||||
Technology Hardware & | Equipment | 9.9 | ||||||||
Equipment | 2.0 | Telecommunication Services | 2.5 | |||||||
Telecommunication Services | 9.7 | Transportation | 6.5 | |||||||
Transportation | 0.6 | Utilities | 6.3 | |||||||
Utilities | 0.7 | Total Investments | 122.3 | |||||||
Total Investments | 120.7 | Liabilities in Excess of Other Assets | (22.3 | ) | ||||||
Liabilities in Excess of Other Assets | (20.7 | ) | Net Assets | 100.0 | % | |||||
Net Assets | 100.0 | % | ||||||||
RevenueShares Ultra Dividend Fund | ||||||||||
Industry | % of Net Assets | |||||||||
Banks | 1.0 | % | ||||||||
Commercial & Professional Services | 3.0 | |||||||||
Consumer Durables & Apparel | 1.5 | |||||||||
Consumer Services | 1.9 | |||||||||
Diversified Financials | 0.7 | |||||||||
Energy | 15.1 | |||||||||
Food, Beverage & Tobacco | 12.4 | |||||||||
Insurance | 2.2 | |||||||||
Money Market Fund | 4.2 | |||||||||
Real Estate | 6.4 | |||||||||
Semiconductors & Semiconductor | ||||||||||
Equipment | 0.2 | |||||||||
Telecommunication Services | 17.4 | |||||||||
Utilities | 38.3 | |||||||||
Total Investments | 104.3 | |||||||||
Liabilities in Excess of Other Assets | (4.3 | ) | ||||||||
Net Assets | 100.0 | % |
4 |
SCHEDULE OF INVESTMENTS
REVENUE SHARES LARGE CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
COMMON STOCKS—100.3% | ||||
Automobiles & Components—3.8% | ||||
BorgWarner, Inc. | 4,113 | $ | 226,009 | |
Delphi Automotive PLC | 6,439 | 468,244 | ||
Ford Motor Co. | 269,007 | 4,169,608 | ||
General Motors Co. | 133,856 | 4,672,913 | ||
Goodyear Tire & Rubber Co. | 18,487 | 528,174 | ||
Harley-Davidson, Inc. | 2,481 | 163,523 | ||
Johnson Controls, Inc. | 25,071 | 1,211,932 | ||
Total Automobiles & Components | 11,440,403 | |||
Banks—4.3% | ||||
Bank of America Corp. | 154,477 | 2,763,594 | ||
BB&T Corp. | 7,105 | 276,313 | ||
Citigroup, Inc. | 45,683 | 2,471,907 | ||
Comerica, Inc. | 1,559 | 73,024 | ||
Fifth Third Bancorp | 8,903 | 181,399 | ||
Hudson City Bancorp, Inc. | 3,589 | 36,321 | ||
Huntington Bancshares, Inc. | 7,751 | 81,540 | ||
JPMorgan Chase & Co. | 46,174 | 2,889,569 | ||
KeyCorp | 8,715 | 121,138 | ||
M&T Bank Corp. | 1,028 | 129,137 | ||
People’s United Financial, Inc. | 2,499 | 37,935 | ||
PNC Financial Services Group, Inc. | 4,959 | 452,410 | ||
Regions Financial Corp. | 14,789 | 156,172 | ||
SunTrust Banks, Inc. | 5,767 | 241,637 | ||
U.S. Bancorp | 12,881 | 579,001 | ||
Wells Fargo & Co. | 43,604 | 2,390,371 | ||
Zions Bancorporation | 2,200 | 62,722 | ||
Total Banks | 12,944,190 | |||
Capital Goods—8.4% | ||||
3M Co. | 5,346 | 878,455 | ||
Allegion PLC | 1,035 | 57,401 | ||
AMETEK, Inc. | 2,144 | 112,839 | ||
Boeing Co. | 19,540 | 2,539,809 | ||
Caterpillar, Inc. | 16,321 | 1,493,861 | ||
Cummins, Inc. | 3,534 | 509,497 | ||
Danaher Corp. | 6,274 | 537,745 | ||
Deere & Co. | 11,066 | 979,009 | ||
Dover Corp. | 3,216 | 230,652 | ||
Eaton Corp. PLC | 9,253 | 628,834 | ||
Emerson Electric Co. | 11,171 | 689,586 | ||
Fastenal Co. | 2,116 | 100,637 | ||
Flowserve Corp. | 2,359 | 141,139 | ||
Fluor Corp. | 10,449 | 633,523 | ||
General Dynamics Corp. | 5,984 | 823,518 | ||
General Electric Co. | 156,333 | 3,950,535 | ||
Honeywell International, Inc. | 11,174 | 1,116,506 | ||
Illinois Tool Works, Inc. | 4,159 | 393,857 | ||
Ingersoll-Rand PLC | 5,479 | 347,314 | ||
Jacobs Engineering Group, Inc.* | 8,269 | 369,542 | ||
Joy Global, Inc. | 2,206 | 102,623 | ||
L-3 Communications Holdings, Inc. | 2,671 | 337,107 | ||
Lockheed Martin Corp. | 6,410 | 1,234,374 | ||
Masco Corp. | 9,326 | 235,015 | ||
Northrop Grumman Corp. | 4,483 | 660,749 | ||
PACCAR, Inc. | 7,246 | 492,800 | ||
Pall Corp. | 759 | 76,818 | ||
Parker Hannifin Corp. | 2,847 | 367,121 | ||
Pentair PLC | 3,233 | 214,736 |
Investments | Shares | Value | ||
Precision Castparts Corp. | 1,092 | $ | 263,041 | |
Quanta Services, Inc.* | 7,795 | 221,300 | ||
Raytheon Co. | 5,777 | 624,898 | ||
Rockwell Automation, Inc. | 1,677 | 186,482 | ||
Rockwell Collins, Inc. | 1,580 | 133,478 | ||
Roper Industries, Inc. | 610 | 95,373 | ||
Snap-on, Inc. | 684 | 93,530 | ||
Stanley Black & Decker, Inc. | 3,213 | 308,705 | ||
Textron, Inc. | 8,868 | 373,431 | ||
United Rentals, Inc.* | 1,453 | 148,221 | ||
United Technologies Corp. | 15,343 | 1,764,445 | ||
W.W. Grainger, Inc. | 1,065 | 271,458 | ||
Xylem, Inc./NY | 2,855 | 108,690 | ||
Total Capital Goods | 24,848,654 | |||
Commercial & Professional Services—0.6% | ||||
ADT Corp. (The)(a) | 2,906 | 105,284 | ||
Cintas Corp. | 1,668 | 130,838 | ||
Dun & Bradstreet Corp. | 384 | 46,449 | ||
Equifax, Inc. | 783 | 63,321 | ||
Nielsen NV | 3,820 | 170,869 | ||
Pitney Bowes, Inc. | 4,342 | 105,814 | ||
Republic Services, Inc. | 5,917 | 238,159 | ||
Robert Half International, Inc. | 2,110 | 123,182 | ||
Stericycle, Inc.* | 504 | 66,064 | ||
Tyco International PLC | 6,623 | 290,485 | ||
Waste Management, Inc. | 7,583 | 389,160 | ||
Total Commercial & Professional Services | 1,729,625 | |||
Consumer Durables & Apparel—1.3% | ||||
Coach, Inc. | 3,692 | 138,672 | ||
D.R. Horton, Inc. | 8,250 | 208,642 | ||
Fossil Group, Inc.* | 872 | 96,565 | ||
Garmin Ltd. | 1,432 | 75,653 | ||
Harman International Industries, Inc. | 1,292 | 137,869 | ||
Hasbro, Inc. | 2,007 | 110,365 | ||
Leggett & Platt, Inc. | 2,440 | 103,968 | ||
Lennar Corp., Class A | 4,516 | 202,362 | ||
Mattel, Inc. | 5,316 | 164,504 | ||
Michael Kors Holdings Ltd.* | 1,019 | 76,527 | ||
Mohawk Industries, Inc.* | 1,343 | 208,648 | ||
Newell Rubbermaid, Inc. | 4,359 | 166,034 | ||
NIKE, Inc., Class B | 7,508 | 721,894 | ||
PulteGroup, Inc. | 7,502 | 160,993 | ||
PVH Corp. | 1,627 | 208,533 | ||
Ralph Lauren Corp. | 1,062 | 196,640 | ||
Under Armour, Inc., Class A* | 1,110 | 75,369 | ||
VF Corp. | 4,375 | 327,688 | ||
Whirlpool Corp. | 2,738 | 530,460 | ||
Total Consumer Durables & Apparel | 3,911,386 | |||
Consumer Services—1.2% | ||||
Carnival Corp. | 9,700 | 439,701 | ||
Chipotle Mexican Grill, Inc.* | 168 | 114,998 | ||
Darden Restaurants, Inc. | 3,426 | 200,866 | ||
H&R Block, Inc. | 2,192 | 73,826 | ||
Marriott International, Inc., Class A | 4,593 | 358,392 | ||
McDonald’s Corp. | 8,364 | 783,707 | ||
Royal Caribbean Cruises Ltd. | 2,726 | 224,704 | ||
Starbucks Corp. | 5,253 | 431,009 |
The accompanying notes are an integral part of these financial statements.
5 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES LARGE CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
Consumer Services (continued) | ||||
Starwood Hotels & Resorts | ||||
Worldwide, Inc. | 2,026 | $ | 164,248 | |
Wyndham Worldwide Corp. | 1,683 | 144,334 | ||
Wynn Resorts Ltd. | 1,060 | 157,686 | ||
Yum! Brands, Inc. | 5,043 | 367,382 | ||
Total Consumer Services | 3,460,853 | |||
Diversified Financials—4.3% | ||||
Affiliated Managers Group, Inc.* | 337 | 71,525 | ||
American Express Co. | 10,435 | 970,872 | ||
Ameriprise Financial, Inc. | 2,543 | 336,312 | ||
Bank of New York Mellon Corp. | 10,628 | 431,178 | ||
Berkshire Hathaway, Inc., Class B* | 35,049 | 5,262,607 | ||
BlackRock, Inc. | 867 | 310,004 | ||
Capital One Financial Corp. | 7,857 | 648,595 | ||
Charles Schwab Corp. | 5,561 | 167,887 | ||
CME Group, Inc. | 890 | 78,898 | ||
Discover Financial Services | 4,180 | 273,748 | ||
E*TRADE Financial Corp.* | 2,367 | 57,412 | ||
Franklin Resources, Inc. | 4,118 | 228,014 | ||
Goldman Sachs Group, Inc. | 5,933 | 1,149,993 | ||
Intercontinental Exchange, Inc. | 461 | 101,093 | ||
Invesco Ltd. | 3,496 | 138,162 | ||
Legg Mason, Inc. | 1,442 | 76,960 | ||
Leucadia National Corp. | 14,254 | 319,575 | ||
McGraw Hill Financial, Inc. | 1,531 | 136,228 | ||
Moody’s Corp. | 912 | 87,379 | ||
Morgan Stanley | 27,946 | 1,084,305 | ||
NASDAQ OMX Group, Inc. | 1,956 | 93,810 | ||
Navient Corp. | 7,264 | 156,975 | ||
Northern Trust Corp. | 1,789 | 120,579 | ||
State Street Corp. | 3,688 | 289,508 | ||
T. Rowe Price Group, Inc. | 1,248 | 107,153 | ||
Total Diversified Financials | 12,698,772 | |||
Energy—14.2% | ||||
Anadarko Petroleum Corp. | 6,846 | 564,795 | ||
Apache Corp. | 6,835 | 428,349 | ||
Baker Hughes, Inc. | 11,459 | 642,506 | ||
Cabot Oil & Gas Corp. | 1,774 | 52,528 | ||
Cameron International Corp.* | 6,242 | 311,788 | ||
Chesapeake Energy Corp. | 31,427 | 615,026 | ||
Chevron Corp. | 53,537 | 6,005,781 | ||
Cimarex Energy Co. | 649 | 68,794 | ||
ConocoPhillips | 23,412 | 1,616,833 | ||
CONSOL Energy, Inc. | 2,699 | 91,253 | ||
Denbury Resources, Inc. | 10,145 | 82,479 | ||
Devon Energy Corp. | 8,121 | 497,086 | ||
Diamond Offshore Drilling, Inc.(a) | 2,154 | 79,073 | ||
Ensco PLC, Class A | 4,916 | 147,234 | ||
EOG Resources, Inc. | 5,217 | 480,329 | ||
EQT Corp. | 766 | 57,986 | ||
Exxon Mobil Corp. | 117,917 | 10,901,427 | ||
FMC Technologies, Inc.* | 4,850 | 227,174 | ||
Halliburton Co. | 22,215 | 873,716 | ||
Helmerich & Payne, Inc. | 1,577 | 106,321 | ||
Hess Corp. | 6,603 | 487,434 | ||
Kinder Morgan, Inc./DE | 11,161 | 472,222 | ||
Marathon Oil Corp. | 13,131 | 371,476 | ||
Marathon Petroleum Corp. | 30,618 | 2,763,581 |
Investments | Shares | Value | ||
Murphy Oil Corp. | 3,230 | $ | 163,180 | |
Nabors Industries Ltd. | 17,077 | 221,659 | ||
National Oilwell Varco, Inc. | 9,742 | 638,393 | ||
Newfield Exploration Co.* | 2,472 | 67,041 | ||
Noble Corp. PLC | 8,099 | 134,200 | ||
Noble Energy, Inc. | 3,127 | 148,314 | ||
Occidental Petroleum Corp. | 8,873 | 715,253 | ||
ONEOK, Inc. | 8,057 | 401,158 | ||
Phillips 66 | 62,884 | 4,508,783 | ||
Pioneer Natural Resources Co. | 874 | 130,095 | ||
QEP Resources, Inc. | 4,889 | 98,856 | ||
Range Resources Corp. | 939 | 50,190 | ||
Schlumberger Ltd. | 15,853 | 1,354,005 | ||
Southwestern Energy Co.* | 3,730 | 101,792 | ||
Spectra Energy Corp. | 4,694 | 170,392 | ||
Tesoro Corp. | 14,846 | 1,103,800 | ||
Transocean Ltd.(a) | 15,095 | 276,691 | ||
Valero Energy Corp. | 78,890 | 3,905,055 | ||
Williams Cos., Inc. | 4,493 | 201,915 | ||
Total Energy | 42,335,963 | |||
Food & Staples Retailing—9.1% | ||||
Costco Wholesale Corp. | 21,000 | 2,976,750 | ||
CVS Health Corp. | 39,809 | 3,834,005 | ||
Kroger Co. | 42,728 | 2,743,565 | ||
Safeway, Inc. | 27,644 | 970,857 | ||
Sysco Corp. | 30,644 | 1,216,260 | ||
Walgreens Boots Alliance, Inc. | 27,128 | 2,067,154 | ||
Wal-Mart Stores, Inc. | 149,660 | 12,852,801 | ||
Whole Foods Market, Inc. | 7,588 | 382,587 | ||
Total Food & Staples Retailing | 27,043,979 | |||
Food, Beverage & Tobacco—4.3% | ||||
Altria Group, Inc. | 9,483 | 467,227 | ||
Archer-Daniels-Midland Co. | 44,866 | 2,333,032 | ||
Brown-Forman Corp., Class B | 904 | 79,407 | ||
Campbell Soup Co. | 5,000 | 220,000 | ||
Coca-Cola Co. | 30,119 | 1,271,624 | ||
Coca-Cola Enterprises, Inc. | 5,228 | 231,182 | ||
ConAgra Foods, Inc. | 12,552 | 455,387 | ||
Constellation Brands, Inc., Class A* | 1,252 | 122,909 | ||
Dr Pepper Snapple Group, Inc. | 2,301 | 164,936 | ||
General Mills, Inc. | 9,275 | 494,636 | ||
Hershey Co. | 1,981 | 205,885 | ||
Hormel Foods Corp. | 4,725 | 246,172 | ||
J.M. Smucker Co. | 1,537 | 155,206 | ||
Kellogg Co. | 6,013 | 393,491 | ||
Keurig Green Mountain, Inc. | 906 | 119,950 | ||
Kraft Foods Group, Inc. | 8,164 | 511,556 | ||
Lorillard, Inc. | 2,141 | 134,755 | ||
McCormick & Co., Inc. | 1,562 | 116,057 | ||
Mead Johnson Nutrition Co. | 1,203 | 120,950 | ||
Molson Coors Brewing Co., Class B | 1,544 | 115,059 | ||
Mondelez International, Inc., Class A | 25,190 | 915,027 | ||
Monster Beverage Corp.* | 604 | 65,443 | ||
PepsiCo, Inc. | 18,797 | 1,777,444 | ||
Philip Morris International, Inc. | 9,742 | 793,486 | ||
Reynolds American, Inc. | 3,498 | 224,816 | ||
Tyson Foods, Inc., Class A | 23,363 | 936,623 | ||
Total Food, Beverage & Tobacco | 12,672,260 |
The accompanying notes are an integral part of these financial statements.
6 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES LARGE CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
Health Care Equipment & Services—8.6% | ||||
Abbott Laboratories | 13,129 | $ | 591,068 | |
Aetna, Inc. | 17,230 | 1,530,541 | ||
AmerisourceBergen Corp. | 32,824 | 2,959,412 | ||
Anthem, Inc. | 15,766 | 1,981,313 | ||
Baxter International, Inc. | 6,248 | 457,916 | ||
Becton Dickinson & Co. | 1,627 | 226,413 | ||
Boston Scientific Corp.* | 15,159 | 200,857 | ||
C.R. Bard, Inc. | 519 | 86,476 | ||
Cardinal Health, Inc. | 31,148 | 2,514,578 | ||
CareFusion Corp.* | 1,632 | 96,843 | ||
Cerner Corp.* | 1,407 | 90,977 | ||
Cigna Corp. | 8,883 | 914,149 | ||
Covidien PLC | 2,774 | 283,725 | ||
DaVita HealthCare Partners, Inc.* | 4,552 | 344,768 | ||
DENTSPLY International, Inc. | 1,465 | 78,041 | ||
Edwards Lifesciences Corp.* | 466 | 59,359 | ||
Express Scripts Holding Co.* | 32,097 | 2,717,653 | ||
Humana, Inc. | 8,578 | 1,232,058 | ||
Intuitive Surgical, Inc.* | 119 | 62,944 | ||
Laboratory Corp. of America Holdings* 1,551 | 167,353 | |||
McKesson Corp. | 16,682 | 3,462,850 | ||
Medtronic, Inc. | 6,212 | 448,506 | ||
Patterson Cos., Inc. | 2,204 | 106,012 | ||
Quest Diagnostics, Inc. | 3,050 | 204,533 | ||
St. Jude Medical, Inc. | 2,272 | 147,748 | ||
Stryker Corp. | 2,759 | 260,256 | ||
Tenet Healthcare Corp.* | 8,612 | 436,370 | ||
UnitedHealth Group, Inc. | 34,522 | 3,489,829 | ||
Universal Health Services, Inc., Class B | 1,929 | 214,621 | ||
Varian Medical Systems, Inc.* | 935 | 80,887 | ||
Zimmer Holdings, Inc. | 1,127 | 127,824 | ||
Total Health Care Equipment & Services | 25,575,880 | |||
Household & Personal Products—1.3% | ||||
Avon Products, Inc. | 26,528 | 249,098 | ||
Clorox Co. | 1,489 | 155,168 | ||
Colgate-Palmolive Co. | 6,784 | 469,385 | ||
Estee Lauder Cos., Inc., Class A | 3,904 | 297,485 | ||
Kimberly-Clark Corp. | 5,035 | 581,744 | ||
Procter & Gamble Co. | 24,919 | 2,269,872 | ||
Total Household & Personal Products | 4,022,752 | |||
Insurance—4.2% | ||||
ACE Ltd. | 4,635 | 532,469 | ||
Aflac, Inc. | 10,588 | 646,821 | ||
Allstate Corp. | 13,860 | 973,665 | ||
American International Group, Inc. | 32,772 | 1,835,560 | ||
Aon PLC | 3,336 | 316,353 | ||
Assurant, Inc. | 4,111 | 281,316 | ||
Chubb Corp. | 3,655 | 378,183 | ||
Cincinnati Financial Corp. | 2,567 | 133,048 | ||
Genworth Financial, Inc., Class A* | 32,412 | 275,502 | ||
Hartford Financial Services Group, Inc. | 13,085 | 545,514 | ||
Lincoln National Corp. | 6,274 | 361,821 | ||
Loews Corp. | 9,897 | 415,872 | ||
Marsh & McLennan Cos., Inc. | 6,019 | 344,527 | ||
MetLife, Inc. | 37,201 | 2,012,202 | ||
Principal Financial Group, Inc. | 5,452 | 283,177 | ||
Progressive Corp. | 18,982 | 512,324 | ||
Prudential Financial, Inc. | 14,269 | 1,290,774 |
Investments | Shares | Value | ||
Torchmark Corp. | 1,996 | $ | 108,123 | |
Travelers Cos., Inc. | 6,964 | 737,139 | ||
Unum Group | 8,579 | 299,235 | ||
XL Group PLC | 5,391 | 185,289 | ||
Total Insurance | 12,468,914 | |||
Materials—3.8% | ||||
Air Products & Chemicals, Inc. | 1,996 | 287,883 | ||
Airgas, Inc. | 1,205 | 138,792 | ||
Alcoa, Inc. | 40,990 | 647,232 | ||
Allegheny Technologies, Inc. | 3,603 | 125,276 | ||
Avery Dennison Corp. | 3,307 | 171,567 | ||
Ball Corp. | 3,448 | 235,050 | ||
CF Industries Holdings, Inc. | 530 | 144,446 | ||
Dow Chemical Co. | 35,443 | 1,616,555 | ||
E.I. du Pont de Nemours & Co. | 13,411 | 991,609 | ||
Eastman Chemical Co. | 3,470 | 263,234 | ||
Ecolab, Inc. | 3,673 | 383,902 | ||
FMC Corp. | 1,960 | 111,779 | ||
Freeport-McMoRan, Inc. | 27,786 | 649,081 | ||
International Flavors & Fragrances, Inc. | 821 | 83,217 | ||
International Paper Co. | 13,835 | 741,279 | ||
LyondellBasell Industries NV, Class A | 17,404 | 1,381,704 | ||
Martin Marietta Materials, Inc. | 667 | 73,583 | ||
MeadWestvaco Corp. | 3,397 | 150,793 | ||
Monsanto Co. | 3,468 | 414,322 | ||
Mosaic Co. (The) | 5,308 | 242,310 | ||
Newmont Mining Corp. | 10,983 | 207,579 | ||
Nucor Corp. | 10,865 | 532,928 | ||
Owens-Illinois, Inc.* | 7,627 | 205,853 | ||
PPG Industries, Inc. | 1,865 | 431,095 | ||
Praxair, Inc. | 2,626 | 340,225 | ||
Sealed Air Corp. | 5,062 | 214,781 | ||
Sherwin-Williams Co. (The) | 1,182 | 310,913 | ||
Sigma-Aldrich Corp. | 539 | 73,988 | ||
Vulcan Materials Co. | 1,257 | 82,623 | ||
Total Materials | 11,253,599 | |||
Media—3.0% | ||||
Cablevision Systems Corp., Class A(a) | 8,670 | 178,949 | ||
CBS Corp., Class B | 7,166 | 396,566 | ||
Comcast Corp., Class A | 32,746 | 1,899,595 | ||
DIRECTV* | 10,448 | 905,842 | ||
Discovery Communications, Inc., | ||||
Class C* | 5,073 | 171,062 | ||
Discovery Communications, Inc., | ||||
Class A* | 4,931 | 169,873 | ||
Gannett Co., Inc. | 5,036 | 160,800 | ||
Interpublic Group of Cos., Inc. | 10,183 | 211,501 | ||
News Corp., Class A* | 15,373 | 241,202 | ||
Omnicom Group, Inc. | 5,322 | 412,295 | ||
Scripps Networks Interactive, Inc., | ||||
Class A | 923 | 69,474 | ||
Time Warner Cable, Inc. | 4,151 | 631,201 | ||
Time Warner, Inc. | 9,458 | 807,902 | ||
Twenty-First Century Fox, Inc., Class A | 22,229 | 853,705 | ||
Viacom, Inc., Class B | 4,870 | 366,468 | ||
Walt Disney Co. | 13,974 | 1,316,211 | ||
Total Media | 8,792,646 |
The accompanying notes are an integral part of these financial statements.
7 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES LARGE CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
Pharmaceuticals, Biotechnology & Life Sciences—3.2% | ||||
AbbVie, Inc. | 7,917 | $ | 518,088 | |
Actavis PLC* | 1,186 | 305,288 | ||
Agilent Technologies, Inc. | 4,717 | 193,114 | ||
Alexion Pharmaceuticals, Inc.* | 295 | 54,584 | ||
Allergan, Inc. | 888 | 188,780 | ||
Amgen, Inc. | 3,273 | 521,356 | ||
Biogen Idec, Inc.* | 712 | 241,688 | ||
Bristol-Myers Squibb Co. | 7,262 | 428,676 | ||
Celgene Corp.* | 1,737 | 194,301 | ||
Eli Lilly & Co. | 7,715 | 532,258 | ||
Gilead Sciences, Inc.* | 5,309 | 500,426 | ||
Hospira, Inc.* | 1,938 | 118,702 | ||
Johnson & Johnson | 18,954 | 1,982,020 | ||
Mallinckrodt PLC* | 660 | 65,360 | ||
Merck & Co., Inc. | 20,018 | 1,136,822 | ||
Mylan, Inc.* | 3,615 | 203,778 | ||
PerkinElmer, Inc. | 1,422 | 62,184 | ||
Perrigo Co. PLC | 668 | 111,663 | ||
Pfizer, Inc. | 42,929 | 1,337,238 | ||
Regeneron Pharmaceuticals, Inc.* | 182 | 74,666 | ||
Thermo Fisher Scientific, Inc. | 3,393 | 425,109 | ||
Vertex Pharmaceuticals, Inc.* | 184 | 21,859 | ||
Waters Corp.* | 466 | 52,528 | ||
Zoetis, Inc. | 2,994 | 128,832 | ||
Total Pharmaceuticals, Biotechnology & Life Sciences | 9,399,320 | |||
Real Estate—0.6% | ||||
American Tower Corp. | 1,084 | 107,153 | ||
Apartment Investment & | ||||
Management Co., Class A | 731 | 27,157 | ||
AvalonBay Communities, Inc. | 268 | 43,789 | ||
Boston Properties, Inc. | 483 | 62,157 | ||
CBRE Group, Inc., Class A* | 6,804 | 233,037 | ||
Crown Castle International Corp. | 1,283 | 100,972 | ||
Equity Residential | 975 | 70,044 | ||
Essex Property Trust, Inc. | 112 | 23,139 | ||
General Growth Properties, Inc. | 2,501 | 70,353 | ||
HCP, Inc. | 1,299 | 57,195 | ||
Health Care REIT, Inc. | 1,150 | 87,020 | ||
Host Hotels & Resorts, Inc. | 6,109 | 145,211 | ||
Iron Mountain, Inc. | 2,229 | 86,173 | ||
Kimco Realty Corp. | 1,073 | 26,975 | ||
Macerich Co. (The) | 351 | 29,277 | ||
Plum Creek Timber Co., Inc. | 887 | 37,955 | ||
Prologis, Inc. | 1,120 | 48,194 | ||
Public Storage | 310 | 57,304 | ||
Simon Property Group, Inc. | 755 | 137,493 | ||
Ventas, Inc. | 1,092 | 78,296 | ||
Vornado Realty Trust | 629 | 74,040 | ||
Weyerhaeuser Co. | 6,037 | 216,668 | ||
Total Real Estate | 1,819,602 | |||
Retailing—5.9% | ||||
Amazon.com, Inc.* | 7,372 | 2,287,900 | ||
AutoNation, Inc.* | 8,613 | 520,311 | ||
AutoZone, Inc.* | 417 | 258,169 | ||
Bed Bath & Beyond, Inc.*(a) | 4,235 | 322,580 | ||
Best Buy Co., Inc. | 30,768 | 1,199,337 | ||
CarMax, Inc.* | 5,545 | 369,186 |
Investments | Shares | Value | ||
Dollar General Corp.* | 6,489 | $ | 458,772 | |
Dollar Tree, Inc.* | 3,030 | 213,251 | ||
Expedia, Inc. | 1,686 | 143,917 | ||
Family Dollar Stores, Inc. | 3,466 | 274,542 | ||
GameStop Corp., Class A(a) | 7,171 | 242,380 | ||
Gap, Inc. | 10,661 | 448,935 | ||
Genuine Parts Co. | 3,916 | 417,328 | ||
Home Depot, Inc. | 21,002 | 2,204,580 | ||
Kohl’s Corp. | 8,796 | 536,908 | ||
L Brands, Inc. | 3,442 | 297,905 | ||
Lowe’s Cos., Inc. | 21,403 | 1,472,526 | ||
Macy’s, Inc. | 11,778 | 774,403 | ||
Netflix, Inc.* | 421 | 143,818 | ||
Nordstrom, Inc. | 4,399 | 349,237 | ||
O’Reilly Automotive, Inc.* | 975 | 187,804 | ||
PetSmart, Inc. | 2,286 | 185,840 | ||
Priceline Group, Inc. (The)* | 199 | 226,902 | ||
Ross Stores, Inc. | 2,950 | 278,067 | ||
Staples, Inc. | 37,414 | 677,942 | ||
Target Corp. | 26,698 | 2,026,645 | ||
Tiffany & Co. | 1,009 | 107,822 | ||
TJX Cos., Inc. | 10,917 | 748,688 | ||
Tractor Supply Co. | 1,890 | 148,970 | ||
TripAdvisor, Inc.* | 429 | 32,029 | ||
Urban Outfitters, Inc.* | 2,476 | 86,982 | ||
Total Retailing | 17,643,676 | |||
Semiconductors & Semiconductor Equipment—1.2% | ||||
Altera Corp. | 1,344 | 49,647 | ||
Analog Devices, Inc. | 1,303 | 72,342 | ||
Applied Materials, Inc. | 9,954 | 248,054 | ||
Avago Technologies Ltd. | 920 | 92,543 | ||
Broadcom Corp., Class A | 5,226 | 226,442 | ||
First Solar, Inc.* | 2,003 | 89,324 | ||
Intel Corp. | 40,516 | 1,470,326 | ||
KLA-Tencor Corp. | 1,146 | 80,587 | ||
Lam Research Corp. | 1,468 | 116,471 | ||
Linear Technology Corp. | 772 | 35,203 | ||
Microchip Technology, Inc.(a) | 1,146 | 51,696 | ||
Micron Technology, Inc.*(a) | 11,880 | 415,919 | ||
NVIDIA Corp. | 5,536 | 110,997 | ||
Texas Instruments, Inc. | 6,388 | 341,534 | ||
Xilinx, Inc. | 1,375 | 59,524 | ||
Total Semiconductors & Semiconductor Equipment | 3,460,609 | |||
Software & Services—4.5% | ||||
Accenture PLC, Class A | 10,065 | 898,905 | ||
Adobe Systems, Inc.* | 1,490 | 108,323 | ||
Akamai Technologies, Inc.* | 816 | 51,375 | ||
Alliance Data Systems Corp.* | 464 | 132,727 | ||
Autodesk, Inc.* | 1,042 | 62,583 | ||
Automatic Data Processing, Inc. | 3,666 | 305,634 | ||
CA, Inc. | 4,017 | 122,318 | ||
Citrix Systems, Inc.* | 1,357 | 86,577 | ||
Cognizant Technology Solutions Corp., Class A* | 5,177 | 272,621 | ||
Computer Sciences Corp. | 5,631 | 355,035 | ||
eBay, Inc.* | 8,360 | 469,163 | ||
Electronic Arts, Inc.* | 2,133 | 100,283 |
The accompanying notes are an integral part of these financial statements.
8 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES LARGE CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | |||
Software & Services (continued) | |||||
Facebook, Inc., Class A* | 3,849 | $ | 300,299 | ||
Fidelity National Information | |||||
Services, Inc. | 2,760 | 171,672 | |||
Fiserv, Inc.* | 1,923 | 136,475 | |||
Google, Inc., Class A* | 1,661 | 881,426 | |||
Google, Inc., Class C* | 1,667 | 877,509 | |||
International Business Machines Corp. | 16,763 | 2,689,456 | |||
Intuit, Inc. | 1,265 | 116,620 | |||
MasterCard, Inc., Class A | 2,874 | 247,624 | |||
Microsoft Corp. | 47,274 | 2,195,877 | |||
Oracle Corp. | 24,422 | 1,098,257 | |||
Paychex, Inc. | 1,393 | 64,315 | |||
Red Hat, Inc.* | 666 | 46,047 | |||
salesforce.com, Inc.* | 1,795 | 106,461 | |||
Symantec Corp. | 7,076 | 181,535 | |||
Teradata Corp.* | 1,742 | 76,091 | |||
Total System Services, Inc. | 1,976 | 67,105 | |||
VeriSign, Inc.*(a) | 450 | 25,650 | |||
Visa, Inc., Class A | 1,284 | 336,665 | |||
Western Union Co. | 8,710 | 155,996 | |||
Xerox Corp. | 41,873 | 580,360 | |||
Yahoo!, Inc.* | 2,461 | 124,305 | |||
Total Software & Services | 13,445,289 | ||||
Technology Hardware & Equipment—4.4% | |||||
Amphenol Corp., Class A | 2,634 | 141,736 | |||
Apple, Inc. | 43,564 | 4,808,594 | |||
Cisco Systems, Inc. | 46,832 | 1,302,632 | |||
Corning, Inc. | 11,904 | 272,959 | |||
EMC Corp. | 22,566 | 671,113 | |||
F5 Networks, Inc.* | 334 | 43,575 | |||
FLIR Systems, Inc. | 1,249 | 40,355 | |||
Harris Corp. | 1,940 | 139,331 | |||
Hewlett-Packard Co. | 78,947 | 3,168,143 | |||
Juniper Networks, Inc. | 5,975 | 133,362 | |||
Motorola Solutions, Inc. | 3,050 | 204,594 | |||
NetApp, Inc. | 4,159 | 172,391 | |||
QUALCOMM, Inc. | 9,885 | 734,752 | |||
SanDisk Corp. | 1,795 | 175,874 | |||
Seagate Technology PLC | 5,752 | 382,508 | |||
TE Connectivity Ltd. | 5,948 | 376,211 | |||
Western Digital Corp. | 3,819 | 422,763 | |||
Total Technology Hardware & Equipment | 13,190,893 | ||||
Telecommunication Services—2.7% | |||||
AT&T, Inc. | 107,684 | 3,617,106 | |||
CenturyLink, Inc. | 12,710 | 503,062 | |||
Frontier Communications Corp. | 19,426 | 129,571 | |||
Level 3 Communications, Inc.* | 3,611 | 178,311 | |||
Verizon Communications, Inc. | 72,826 | 3,406,800 | |||
Windstream Holdings, Inc. | 18,307 | 150,850 | |||
Total Telecommunication Services | 7,985,700 | ||||
Transportation—2.2% | |||||
C.H. Robinson Worldwide, Inc. | 4,864 | 364,265 | |||
CSX Corp. | 9,587 | 347,337 | |||
Delta Air Lines, Inc. | 22,040 | 1,084,148 | |||
Expeditors International of Washington, Inc. | 3,739 | 166,797 | |||
FedEx Corp. | 6,784 | 1,178,109 | |||
Kansas City Southern | 608 | 74,194 | |||
Norfolk Southern Corp. | 3,030 | 332,118 | |||
Investments | Shares | Value | |||
Ryder System, Inc. | 1,997 | $ | 185,421 | ||
Southwest Airlines Co. | 11,719 | 495,948 | |||
Union Pacific Corp. | 5,530 | 658,789 | |||
United Parcel Service, Inc., Class B | 13,703 | 1,523,363 | |||
Total Transportation | 6,410,489 | ||||
Utilities—3.2% | |||||
AES Corp. | 34,199 | 470,920 | |||
AGL Resources, Inc. | 2,812 | 153,282 | |||
Ameren Corp. | 3,741 | 172,572 | |||
American Electric Power Co., Inc. | 7,641 | 463,961 | |||
CenterPoint Energy, Inc. | 11,104 | 260,167 | |||
CMS Energy Corp. | 5,687 | 197,623 | |||
Consolidated Edison, Inc. | 5,356 | 353,550 | |||
Dominion Resources, Inc. | 4,662 | 358,508 | |||
DTE Energy Co. | 3,816 | 329,588 | |||
Duke Energy Corp. | 8,179 | 683,274 | |||
Edison International | 5,545 | 363,087 | |||
Entergy Corp. | 3,787 | 331,287 | |||
Exelon Corp. | 19,637 | 728,140 | |||
FirstEnergy Corp. | 10,776 | 420,156 | |||
Integrys Energy Group, Inc. | 2,584 | 201,164 | |||
NextEra Energy, Inc. | 4,205 | 446,949 | |||
NiSource, Inc. | 4,282 | 181,642 | |||
Northeast Utilities | 3,985 | 213,277 | |||
NRG Energy, Inc. | 14,661 | 395,114 | |||
Pepco Holdings, Inc. | 4,818 | 129,749 | |||
PG&E Corp. | 8,478 | 451,369 | |||
Pinnacle West Capital Corp. | 1,422 | 97,137 | |||
PPL Corp. | 7,990 | 290,277 | |||
Public Service Enterprise Group, Inc. | 6,810 | 282,002 | |||
SCANA Corp. | 2,276 | 137,470 | |||
Sempra Energy | 2,742 | 305,349 | |||
Southern Co. | 10,167 | 499,301 | |||
TECO Energy, Inc. | 3,867 | 79,235 | |||
Wisconsin Energy Corp. | 2,613 | 137,810 | |||
Xcel Energy, Inc. | 8,877 | 318,862 | |||
Total Utilities | 9,452,822 | ||||
Total Common Stocks | |||||
(Cost $216,256,356) | 298,008,276 | ||||
INVESTMENT OF CASH COLLATERAL | ||||||
FOR SECURITIES LOANED—0.2% | ||||||
Dreyfus Institutional Preferred | ||||||
Money Market Fund— | ||||||
Prime Shares, 0.06% (b) | ||||||
(Cost $697,582) | 697,582 | 697,582 | ||||
Total Investments—100.5% | ||||||
(Cost $216,953,938) | 298,705,858 | |||||
Liabilities in Excess of Other Assets—(0.5)% | (1,441,745 | ) | ||||
Net Assets—100.0% | $ | 297,264,113 |
PLC – Public Limited Company
REIT – Real Estate Investment Trust
* | Non-income producing security |
(a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $1,598,188; total market value of the collateral held by the fund was $1,649,691. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $952,109. |
(b) | Rate shown represents annualized 7-day yield as of December 31, 2014. |
The accompanying notes are an integral part of these financial statements.
9 |
SCHEDULE OF INVESTMENTS
REVENUE SHARES MID CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
COMMON STOCKS—100.2% | ||||
Automobiles & Components—0.3% | ||||
Gentex Corp. | 5,664 | $ | 204,640 | |
Thor Industries, Inc. | 9,463 | 528,698 | ||
Total Automobiles & Components | 733,338 | |||
Banks—1.9% | ||||
Associated Banc-Corp. | 8,485 | 158,075 | ||
Astoria Financial Corp. | 6,535 | 87,308 | ||
BancorpSouth, Inc. | 5,025 | 113,113 | ||
Bank of Hawaii Corp. | 1,560 | 92,524 | ||
Cathay General Bancorp | 2,776 | 71,038 | ||
City National Corp. | 2,488 | 201,055 | ||
Commerce Bancshares, Inc. | 4,044 | 175,874 | ||
Cullen/Frost Bankers, Inc. | 2,127 | 150,251 | ||
East West Bancorp, Inc. | 4,409 | 170,672 | ||
First Horizon National Corp. | 14,830 | 201,391 | ||
First Niagara Financial Group, Inc. | 28,561 | 240,769 | ||
FirstMerit Corp. | 9,280 | 175,299 | ||
Fulton Financial Corp. | 9,651 | 119,286 | ||
Hancock Holding Co. | 4,727 | 145,119 | ||
International Bancshares Corp. | 3,616 | 95,969 | ||
New York Community Bancorp, Inc.(a) | 17,892 | 286,272 | ||
PacWest Bancorp | 1,997 | 90,784 | ||
Prosperity Bancshares, Inc. | 2,226 | 123,231 | ||
Signature Bank* | 1,151 | 144,980 | ||
SVB Financial Group* | 2,054 | 238,408 | ||
Synovus Financial Corp. | 6,879 | 186,352 | ||
TCF Financial Corp. | 12,932 | 205,489 | ||
Trustmark Corp. | 3,842 | 94,283 | ||
Umpqua Holdings Corp. | 7,618 | 129,582 | ||
Valley National Bancorp(a) | 11,332 | 110,034 | ||
Washington Federal, Inc. | 3,791 | 83,971 | ||
Webster Financial Corp. | 4,341 | 141,213 | ||
Total Banks | 4,032,342 | |||
Capital Goods—10.8% | ||||
A.O. Smith Corp. | 6,405 | 361,306 | ||
Acuity Brands, Inc. | 2,653 | 371,606 | ||
AECOM Technology Corp.* | 39,383 | 1,196,062 | ||
AGCO Corp.(a) | 34,021 | 1,537,749 | ||
Alliant Techsystems, Inc. | 6,629 | 770,621 | ||
B/E Aerospace, Inc.* | 8,078 | 468,686 | ||
Carlisle Cos., Inc. | 5,459 | 492,620 | ||
CLARCOR, Inc. | 3,264 | 217,513 | ||
Crane Co. | 7,910 | 464,317 | ||
Donaldson Co., Inc. | 9,916 | 383,055 | ||
Esterline Technologies Corp.* | 3,057 | 335,292 | ||
Exelis, Inc. | 40,174 | 704,250 | ||
Fortune Brands Home & Security, Inc. | 14,652 | 663,296 | ||
GATX Corp. | 3,882 | 223,370 | ||
Graco, Inc. | 2,300 | 184,414 | ||
Granite Construction, Inc. | 9,561 | 363,509 | ||
Harsco Corp. | 19,429 | 367,014 | ||
Hubbell, Inc., Class B | 4,829 | 515,882 | ||
Huntington Ingalls Industries, Inc. | 10,060 | 1,131,348 | ||
IDEX Corp. | 4,304 | 335,023 | ||
ITT Corp. | 10,262 | 415,200 | ||
KBR, Inc. | 65,138 | 1,104,089 | ||
Kennametal, Inc. | 11,992 | 429,194 | ||
KLX, Inc.* | 4,243 | 175,024 |
Investments | Shares | Value | ||
Lennox International, Inc. | 5,351 | $ | 508,720 | |
Lincoln Electric Holdings, Inc. | 6,371 | 440,172 | ||
MSC Industrial Direct Co., Inc., Class A | 5,192 | 421,850 | ||
Nordson Corp. | 3,256 | 253,838 | ||
NOW, Inc.*(a) | 25,798 | 663,783 | ||
Oshkosh Corp. | 22,703 | 1,104,501 | ||
Regal-Beloit Corp. | 7,027 | 528,430 | ||
SPX Corp. | 8,884 | 763,313 | ||
Terex Corp. | 41,362 | 1,153,173 | ||
Timken Co. | 13,800 | 588,984 | ||
Trinity Industries, Inc. | 31,620 | 885,676 | ||
Triumph Group, Inc. | 8,855 | 595,233 | ||
Valmont Industries, Inc. | 3,756 | 477,012 | ||
Wabtec Corp. | 5,124 | 445,224 | ||
Watsco, Inc. | 5,652 | 604,764 | ||
Woodward, Inc. | 6,301 | 310,198 | ||
Total Capital Goods | 22,955,311 | |||
Commercial & Professional Services—3.9% | ||||
Clean Harbors, Inc.*(a) | 10,468 | 502,987 | ||
Copart, Inc.* | 4,676 | 170,627 | ||
Corporate Executive Board Co. | 1,917 | 139,040 | ||
Deluxe Corp. | 4,134 | 257,342 | ||
FTI Consulting, Inc.* | 7,233 | 279,411 | ||
Herman Miller, Inc. | 9,273 | 272,904 | ||
HNI Corp. | 6,551 | 334,494 | ||
Manpowergroup, Inc. | 47,788 | 3,257,708 | ||
MSA Safety, Inc. | 3,272 | 173,711 | ||
R.R. Donnelley & Sons Co. | 109,334 | 1,837,358 | ||
Rollins, Inc. | 6,357 | 210,417 | ||
Towers Watson & Co., Class A | 4,618 | 522,619 | ||
Waste Connections, Inc. | 6,957 | 306,038 | ||
Total Commercial & Professional Services | 8,264,656 | |||
Consumer Durables & Apparel—3.3% | ||||
Brunswick Corp. | 12,083 | 619,375 | ||
Carter’s, Inc. | 5,209 | 454,798 | ||
Deckers Outdoor Corp.*(a) | 2,659 | 242,075 | ||
Hanesbrands, Inc. | 6,888 | 768,839 | ||
Jarden Corp.* | 26,383 | 1,263,218 | ||
Kate Spade & Co.* | 6,576 | 210,498 | ||
KB Home(a) | 21,210 | 351,025 | ||
MDC Holdings, Inc.(a) | 9,855 | 260,862 | ||
NVR, Inc.* | 536 | 683,577 | ||
Polaris Industries, Inc. | 4,456 | 673,925 | ||
Tempur Sealy International, Inc.* | 8,116 | 445,650 | ||
Toll Brothers, Inc.* | 17,102 | 586,085 | ||
Tupperware Brands Corp. | 6,260 | 394,380 | ||
Total Consumer Durables & Apparel | 6,954,307 | |||
Consumer Services—2.0% | ||||
Apollo Education Group, Inc.* | 14,749 | 503,088 | ||
Brinker International, Inc. | 7,699 | 451,854 | ||
Cheesecake Factory, Inc. | 6,021 | 302,916 | ||
DeVry Education Group, Inc. | 6,225 | 295,501 | ||
Domino’s Pizza, Inc. | 3,016 | 284,017 | ||
Graham Holdings Co., Class B | 580 | 500,952 | ||
International Game Technology | 19,107 | 329,596 | ||
International Speedway Corp., Class A | 3,123 | 98,843 | ||
Life Time Fitness, Inc.*(a) | 3,543 | 200,605 |
The accompanying notes are an integral part of these financial statements.
10 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES MID CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
Consumer Services (continued) | ||||
Panera Bread Co., Class A* | 2,287 | $ | 399,768 | |
Service Corp. International | 19,644 | 445,919 | ||
Sotheby’s | 3,568 | 154,066 | ||
Wendy’s Co. (The) | 36,977 | 333,902 | ||
Total Consumer Services | 4,301,027 | |||
Diversified Financials—1.2% | ||||
CBOE Holdings, Inc. | 1,419 | 89,993 | ||
Eaton Vance Corp. | 5,548 | 227,080 | ||
Federated Investors, Inc., Class B | 4,043 | 133,136 | ||
Janus Capital Group, Inc.(a) | 9,064 | 146,202 | ||
MSCI, Inc. | 3,286 | 155,888 | ||
Raymond James Financial, Inc. | 13,122 | 751,759 | ||
SEI Investments Co. | 4,698 | 188,108 | ||
SLM Corp. | 50,592 | 515,532 | ||
Waddell & Reed Financial, Inc., Class A 5,280 | 263,050 | |||
Total Diversified Financials | 2,470,748 | |||
Energy—9.0% | ||||
Atwood Oceanics, Inc.* | 6,256 | 177,483 | ||
California Resources Corp.* | 118,104 | 650,753 | ||
CARBO Ceramics, Inc.(a) | 2,668 | 106,853 | ||
Dresser-Rand Group, Inc.* | 5,254 | 429,777 | ||
Dril-Quip, Inc.* | 1,913 | 146,785 | ||
Energen Corp. | 4,548 | 289,981 | ||
Gulfport Energy Corp.* | 1,832 | 76,468 | ||
Helix Energy Solutions Group, Inc.* | 8,213 | 178,222 | ||
HollyFrontier Corp. | 82,267 | 3,083,367 | ||
Oceaneering International, Inc. | 9,358 | 550,344 | ||
Oil States International, Inc.* | 7,730 | 377,997 | ||
Patterson-UTI Energy, Inc. | 29,774 | 493,951 | ||
Peabody Energy Corp.(a) | 137,233 | 1,062,183 | ||
Rosetta Resources, Inc.* | 8,434 | 188,163 | ||
Rowan Cos. PLC, Class A | 12,153 | 283,408 | ||
SM Energy Co. | 12,145 | 468,554 | ||
Superior Energy Services, Inc. | 38,207 | 769,871 | ||
Tidewater, Inc.(a) | 7,112 | 230,500 | ||
Unit Corp.* | 7,532 | 256,841 | ||
Western Refining, Inc. | 58,353 | 2,204,576 | ||
World Fuel Services Corp. | 141,086 | 6,621,166 | ||
WPX Energy, Inc.* | 47,813 | 556,065 | ||
Total Energy | 19,203,308 | |||
Food & Staples Retailing—1.8% | ||||
SUPERVALU, Inc.* | 285,565 | 2,769,980 | ||
United Natural Foods, Inc.* | 13,257 | 1,025,098 | ||
Total Food & Staples Retailing | 3,795,078 | |||
Food, Beverage & Tobacco—2.2% | ||||
Dean Foods Co.(a) | 78,202 | 1,515,555 | ||
Flowers Foods, Inc. | 30,087 | 577,370 | ||
Hain Celestial Group, Inc.*(a) | 5,518 | 321,644 | ||
Ingredion, Inc. | 10,592 | 898,625 | ||
Lancaster Colony Corp. | 1,744 | 163,308 | ||
Post Holdings, Inc.*(a) | 6,117 | 256,241 | ||
Tootsie Roll Industries, Inc.(a) | 2,800 | 85,820 | ||
TreeHouse Foods, Inc.* | 4,740 | 405,412 | ||
WhiteWave Foods Co.* | 14,040 | 491,260 | ||
Total Food, Beverage & Tobacco | 4,715,235 |
Investments | Shares | Value | ||
Health Care Equipment & Services—8.0% | ||||
Align Technology, Inc.* | 1,995 | $ | 111,540 | |
Allscripts Healthcare Solutions, Inc.* | 17,594 | 224,675 | ||
Centene Corp.* | 21,421 | 2,224,571 | ||
Community Health Systems, Inc.* | 49,569 | 2,672,761 | ||
Cooper Cos., Inc. | 1,568 | 254,157 | ||
Halyard Health, Inc.*(a) | 6,148 | 279,550 | ||
Health Net, Inc.* | 37,764 | 2,021,507 | ||
Henry Schein, Inc.* | 11,411 | 1,553,608 | ||
Hill-Rom Holdings, Inc. | 5,423 | 247,397 | ||
HMS Holdings Corp.* | 3,321 | 70,206 | ||
Hologic, Inc.* | 14,427 | 385,778 | ||
IDEXX Laboratories, Inc.* | 1,494 | 221,515 | ||
LifePoint Hospitals, Inc.* | 8,838 | 635,541 | ||
MEDNAX, Inc.* | 5,457 | 360,762 | ||
Omnicare, Inc. | 13,418 | 978,575 | ||
Owens & Minor, Inc. | 41,392 | 1,453,273 | ||
ResMed, Inc.(a) | 4,349 | 243,805 | ||
Sirona Dental Systems, Inc.* | 2,005 | 175,177 | ||
STERIS Corp.(a) | 3,621 | 234,822 | ||
Teleflex, Inc. | 2,365 | 271,549 | ||
Thoratec Corp.* | 2,264 | 73,489 | ||
VCA, Inc.* | 5,878 | 286,670 | ||
WellCare Health Plans, Inc.* | 23,696 | 1,944,494 | ||
Total Health Care Equipment & Services | 16,925,422 | |||
Household & Personal Products—0.5% | ||||
Church & Dwight Co., Inc. | 6,408 | 505,014 | ||
Energizer Holdings, Inc. | 5,219 | 670,955 | ||
Total Household & Personal Products | 1,175,969 | |||
Insurance—5.5% | ||||
Alleghany Corp.* | 1,772 | 821,322 | ||
American Financial Group, Inc. | 14,084 | 855,180 | ||
Arthur J. Gallagher & Co. | 13,628 | 641,606 | ||
Aspen Insurance Holdings Ltd. | 9,063 | 396,688 | ||
Brown & Brown, Inc. | 7,157 | 235,537 | ||
Everest Re Group Ltd. | 5,128 | 873,298 | ||
First American Financial Corp. | 21,381 | 724,816 | ||
Hanover Insurance Group, Inc. | 10,868 | 775,106 | ||
HCC Insurance Holdings, Inc. | 7,459 | 399,206 | ||
Kemper Corp. | 9,729 | 351,314 | ||
Mercury General Corp. | 8,253 | 467,698 | ||
Old Republic International Corp. | 57,756 | 844,970 | ||
Primerica, Inc. | 3,829 | 207,762 | ||
Protective Life Corp. | 9,699 | 675,535 | ||
Reinsurance Group of America, Inc. | 19,542 | 1,712,270 | ||
RenaissanceRe Holdings Ltd. | 2,086 | 202,801 | ||
StanCorp Financial Group, Inc. | 6,390 | 446,405 | ||
W.R. Berkley Corp. | 20,378 | 1,044,576 | ||
Total Insurance | 11,676,090 | |||
Materials—9.9% | ||||
Albemarle Corp.(a) | 7,022 | 422,233 | ||
AptarGroup, Inc. | 6,109 | 408,325 | ||
Ashland, Inc. | 8,404 | 1,006,463 | ||
Bemis Co., Inc. | 15,839 | 716,081 | ||
Cabot Corp. | 13,378 | 586,759 | ||
Carpenter Technology Corp. | 6,868 | 338,249 | ||
Cliffs Natural Resources, Inc.(a) | 105,505 | 753,306 | ||
Commercial Metals Co. | 63,727 | 1,038,113 |
The accompanying notes are an integral part of these financial statements.
11 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES MID CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
Materials (continued) | ||||
Compass Minerals International, Inc. | 2,210 | $ | 191,894 | |
Cytec Industries, Inc. | 6,734 | 310,909 | ||
Domtar Corp. | 21,458 | 863,041 | ||
Eagle Materials, Inc. | 1,798 | 136,702 | ||
Greif, Inc., Class A | 14,517 | 685,638 | ||
Louisiana-Pacific Corp.*(a) | 18,390 | 304,538 | ||
Minerals Technologies, Inc. | 3,332 | 231,407 | ||
NewMarket Corp. | 929 | 374,879 | ||
Olin Corp. | 15,510 | 353,163 | ||
Packaging Corp. of America | 11,193 | 873,614 | ||
PolyOne Corp. | 16,609 | 629,647 | ||
Reliance Steel & Aluminum Co. | 26,230 | 1,607,112 | ||
Rock-Tenn Co., Class A | 25,574 | 1,559,502 | ||
Royal Gold, Inc. | 498 | 31,225 | ||
RPM International, Inc. | 13,206 | 669,676 | ||
Scotts Miracle-Gro Co., Class A | 6,929 | 431,815 | ||
Sensient Technologies Corp. | 3,830 | 231,102 | ||
Silgan Holdings, Inc. | 11,273 | 604,233 | ||
Sonoco Products Co. | 17,131 | 748,625 | ||
Steel Dynamics, Inc. | 60,513 | 1,194,527 | ||
TimkenSteel Corp. | 7,694 | 284,909 | ||
United States Steel Corp. | 93,477 | 2,499,575 | ||
Valspar Corp. | 7,945 | 687,084 | ||
Worthington Industries, Inc. | 12,626 | 379,916 | ||
Total Materials | 21,154,262 | |||
Media—1.5% | ||||
AMC Networks, Inc., Class A* | 5,036 | 321,146 | ||
Cinemark Holdings, Inc. | 10,890 | 387,466 | ||
DreamWorks Animation SKG, Inc., Class A*(a) | 4,664 | 104,147 | ||
John Wiley & Sons, Inc., Class A | 4,612 | 273,215 | ||
Live Nation Entertainment, Inc.* | 41,163 | 1,074,766 | ||
Meredith Corp. | 4,100 | 222,712 | ||
New York Times Co., Class A | 18,323 | 242,230 | ||
Time, Inc.(a) | 21,083 | 518,853 | ||
Total Media | 3,144,535 | |||
Pharmaceuticals, Biotechnology & Life Sciences—1.1% | ||||
Bio-Rad Laboratories, Inc., Class A* | 2,777 | 334,795 | ||
Bio-Techne Corp. | 561 | 51,836 | ||
Charles River Laboratories International, Inc.* | 3,007 | 191,365 | ||
Covance, Inc.* | 3,953 | 410,480 | ||
Cubist Pharmaceuticals, Inc.* | 1,813 | 182,478 | ||
Endo International PLC* | 5,797 | 418,080 | ||
Mettler-Toledo International, Inc.* | 1,284 | 388,359 | ||
Salix Pharmaceuticals Ltd.* | 1,957 | 224,938 | ||
United Therapeutics Corp.* | 1,420 | 183,876 | ||
Total Pharmaceuticals, Biotechnology & Life Sciences | 2,386,207 | |||
Real Estate—2.3% | ||||
Alexander & Baldwin, Inc. | 2,446 | 96,030 | ||
Alexandria Real Estate Equities, Inc. | 1,205 | 106,932 | ||
American Campus Communities, Inc. | 2,683 | 110,969 | ||
BioMed Realty Trust, Inc. | 4,685 | 100,915 | ||
Camden Property Trust | 1,727 | 127,522 | ||
Corporate Office Properties Trust | 3,015 | 85,535 | ||
Corrections Corp. of America | 6,747 | 245,186 |
Investments | Shares | Value | ||
Duke Realty Corp. | 8,991 | $ | 181,618 | |
Equity One, Inc. | 2,125 | 53,890 | ||
Extra Space Storage, Inc. | 1,593 | 93,413 | ||
Federal Realty Investment Trust | 765 | 102,097 | ||
Highwoods Properties, Inc. | 2,072 | 91,748 | ||
Home Properties, Inc. | 1,563 | 102,533 | ||
Hospitality Properties Trust | 8,184 | 253,704 | ||
Jones Lang LaSalle, Inc. | 5,464 | 819,218 | ||
Kilroy Realty Corp. | 1,102 | 76,115 | ||
Lamar Advertising Co., Class A | 3,588 | 192,460 | ||
LaSalle Hotel Properties | 4,084 | 165,279 | ||
Liberty Property Trust | 3,262 | 122,749 | ||
Mack-Cali Realty Corp. | 5,266 | 100,370 | ||
Mid-America Apartment Communities, Inc. | 1,989 | 148,538 | ||
National Retail Properties, Inc. | 1,656 | 65,197 | ||
Omega Healthcare Investors, Inc. | 1,863 | 72,787 | ||
Potlatch Corp. | 2,179 | 91,235 | ||
Rayonier, Inc. | 6,938 | 193,848 | ||
Realty Income Corp. | 2,894 | 138,073 | ||
Regency Centers Corp. | 1,269 | 80,937 | ||
Senior Housing Properties Trust(a) | 5,399 | 119,372 | ||
SL Green Realty Corp. | 1,907 | 226,971 | ||
Tanger Factory Outlet Centers, Inc. | 1,699 | 62,795 | ||
Taubman Centers, Inc. | 1,471 | 112,414 | ||
UDR, Inc. | 3,868 | 119,212 | ||
Washington Prime Group, Inc.(a) | 5,780 | 99,532 | ||
Weingarten Realty Investors | 2,260 | 78,919 | ||
Total Real Estate | 4,838,113 | |||
Retailing—9.7% | ||||
Aaron’s, Inc. | 13,724 | 419,543 | ||
Abercrombie & Fitch Co., Class A(a) | 23,097 | 661,498 | ||
Advance Auto Parts, Inc. | 8,424 | 1,341,775 | ||
American Eagle Outfitters, Inc.(a) | 38,320 | 531,881 | ||
ANN, Inc.* | 9,851 | 359,364 | ||
Ascena Retail Group, Inc.*(a) | 58,557 | 735,476 | ||
Big Lots, Inc. | 20,393 | 816,128 | ||
Cabela’s, Inc.*(a) | 10,516 | 554,298 | ||
Chico’s FAS, Inc. | 24,713 | 400,598 | ||
CST Brands, Inc. | 43,922 | 1,915,438 | ||
Dick’s Sporting Goods, Inc. | 17,982 | 892,806 | ||
Foot Locker, Inc. | 17,139 | 962,869 | ||
Guess?, Inc. | 19,196 | 404,652 | ||
HSN, Inc. | 6,996 | 531,696 | ||
JC Penney Co., Inc.*(a) | 272,916 | 1,768,496 | ||
LKQ Corp.* | 34,382 | 966,822 | ||
Murphy USA, Inc.* | 42,272 | 2,910,850 | ||
Office Depot, Inc.* | 302,666 | 2,595,361 | ||
Rent-A-Center, Inc. | 15,050 | 546,616 | ||
Signet Jewelers Ltd. | 4,903 | 645,088 | ||
Williams-Sonoma, Inc. | 8,980 | 679,606 | ||
Total Retailing | 20,640,861 | |||
Semiconductors & Semiconductor Equipment—1.6% | ||||
Advanced Micro Devices, Inc.*(a) | 348,030 | 929,240 | ||
Atmel Corp.* | 26,438 | 221,947 | ||
Cree, Inc.*(a) | 7,690 | 247,772 | ||
Cypress Semiconductor Corp.*(a) | 7,794 | 111,298 |
The accompanying notes are an integral part of these financial statements.
12 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES MID CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
Semiconductors & Semiconductor Equipment (continued) | ||||
Fairchild Semiconductor International, Inc.* | 12,829 | $ | 216,554 | |
Integrated Device Technology, Inc.* | 3,628 | 71,109 | ||
International Rectifier Corp.* | 4,086 | 163,031 | ||
Intersil Corp., Class A | 6,448 | 93,303 | ||
RF Micro Devices, Inc.* | 11,333 | 188,014 | ||
Semtech Corp.* | 3,421 | 94,317 | ||
Silicon Laboratories, Inc.* | 2,010 | 95,716 | ||
Skyworks Solutions, Inc. | 4,445 | 323,196 | ||
SunEdison, Inc.* | 19,965 | 389,517 | ||
Teradyne, Inc. | 12,525 | 247,870 | ||
Total Semiconductors & Semiconductor Equipment | 3,392,884 | |||
Software & Services—3.9% | ||||
ACI Worldwide, Inc.* | 7,986 | 161,078 | ||
Acxiom Corp.* | 8,269 | 167,613 | ||
Advent Software, Inc. | 1,991 | 61,004 | ||
ANSYS, Inc.* | 1,711 | 140,302 | ||
AOL, Inc.* | 8,643 | 399,047 | ||
Broadridge Financial Solutions, Inc. | 8,622 | 398,164 | ||
Cadence Design Systems, Inc.*(a) | 12,840 | 243,575 | ||
CDK Global, Inc. | 7,231 | 294,736 | ||
CommVault Systems, Inc.* | 1,753 | 90,613 | ||
Convergys Corp. | 19,540 | 398,030 | ||
CoreLogic, Inc.* | 6,551 | 206,946 | ||
DST Systems, Inc. | 4,295 | 404,374 | ||
Equinix, Inc. | 1,565 | 354,832 | ||
FactSet Research Systems, Inc.(a) | 999 | 140,609 | ||
Fair Isaac Corp. | 1,589 | 114,885 | ||
Fortinet, Inc.* | 3,850 | 118,041 | ||
Gartner, Inc.* | 3,545 | 298,524 | ||
Global Payments, Inc. | 4,721 | 381,126 | ||
Informatica Corp.* | 4,080 | 155,591 | ||
Jack Henry & Associates, Inc. | 2,915 | 181,138 | ||
Leidos Holdings, Inc. | 21,243 | 924,495 | ||
Mentor Graphics Corp. | 7,641 | 167,491 | ||
NeuStar, Inc., Class A*(a) | 5,494 | 152,733 | ||
PTC, Inc.* | 5,542 | 203,114 | ||
Rackspace Hosting, Inc.* | 5,708 | 267,192 | ||
Rovi Corp.* | 3,993 | 90,202 | ||
Science Applications International Corp. | 12,601 | 624,128 | ||
SolarWinds, Inc.* | 1,217 | 60,643 | ||
Solera Holdings, Inc. | 2,937 | 150,316 | ||
Synopsys, Inc.* | 7,139 | 310,332 | ||
Tyler Technologies, Inc.* | 633 | 69,276 | ||
Ultimate Software Group, Inc.* | 508 | 74,582 | ||
VeriFone Systems, Inc.* | 8,107 | 301,580 | ||
WEX, Inc.* | 1,233 | 121,968 | ||
Total Software & Services | 8,228,280 | |||
Technology Hardware & Equipment—13.3% | ||||
3D Systems Corp.*(a) | 3,197 | 105,085 | ||
ARRIS Group, Inc.* | 28,470 | 859,509 | ||
Arrow Electronics, Inc.* | 60,529 | 3,504,024 | ||
Avnet, Inc. | 94,472 | 4,064,185 | ||
Belden, Inc. | 4,111 | 323,988 | ||
Ciena Corp.* | 18,658 | 362,152 | ||
Cognex Corp.* | 1,709 | 70,633 |
Investments | Shares | Value | ||
Diebold, Inc.(a) | 13,262 | $ | 459,396 | |
FEI Co. | 1,620 | 146,367 | ||
Ingram Micro, Inc., Class A* | 252,501 | 6,979,128 | ||
InterDigital, Inc./PA | 1,245 | 65,861 | ||
IPG Photonics Corp.*(a) | 1,457 | 109,158 | ||
Itron, Inc.* | 7,453 | 315,187 | ||
Jabil Circuit, Inc. | 119,619 | 2,611,283 | ||
JDS Uniphase Corp.* | 18,595 | 255,123 | ||
Keysight Technologies, Inc.* | 13,206 | 445,967 | ||
Knowles Corp.*(a) | 9,458 | 222,736 | ||
Lexmark International, Inc., Class A | 13,993 | 577,491 | ||
National Instruments Corp. | 5,869 | 182,467 | ||
NCR Corp.* | 35,142 | 1,024,038 | ||
Plantronics, Inc. | 2,350 | 124,597 | ||
Polycom, Inc.* | 15,565 | 210,128 | ||
Riverbed Technology, Inc.* | 8,700 | 177,567 | ||
Tech Data Corp.* | 66,661 | 4,214,975 | ||
Trimble Navigation Ltd.* | 13,543 | 359,431 | ||
Vishay Intertechnology, Inc. | 28,075 | 397,261 | ||
Zebra Technologies Corp., Class A* | 2,347 | 181,681 | ||
Total Technology Hardware & Equipment | 28,349,418 | |||
Telecommunication Services—0.4% | ||||
Telephone & Data Systems, Inc. | 31,059 | 784,240 | ||
Transportation—2.5% | ||||
Alaska Air Group, Inc. | 14,146 | 845,365 | ||
Con-Way, Inc. | 18,234 | 896,748 | ||
Genesee & Wyoming, Inc., Class A* | 2,840 | 255,373 | ||
JB Hunt Transport Services, Inc. | 10,982 | 925,233 | ||
JetBlue Airways Corp.*(a) | 57,985 | 919,642 | ||
Kirby Corp.* | 4,220 | 340,723 | ||
Landstar System, Inc. | 6,141 | 445,407 | ||
Old Dominion Freight Line, Inc.* | 5,119 | 397,439 | ||
Werner Enterprises, Inc. | 10,370 | 323,026 | ||
Total Transportation | 5,348,956 | |||
Utilities—3.6% | ||||
Alliant Energy Corp. | 7,977 | 529,832 | ||
Aqua America, Inc. | 4,490 | 119,883 | ||
Atmos Energy Corp. | 13,652 | 760,962 | ||
Black Hills Corp. | 3,967 | 210,410 | ||
Cleco Corp. | 3,396 | 185,218 | ||
Great Plains Energy, Inc. | 14,401 | 409,132 | ||
Hawaiian Electric Industries, Inc.(a) | 14,871 | 497,881 | ||
IDACORP, Inc. | 3,094 | 204,792 | ||
MDU Resources Group, Inc. | 32,225 | 757,288 | ||
National Fuel Gas Co. | 4,670 | 324,705 | ||
OGE Energy Corp. | 10,899 | 386,697 | ||
ONE Gas, Inc. | 6,576 | 271,063 | ||
PNM Resources, Inc. | 7,392 | 219,025 | ||
Questar Corp. | 7,473 | 188,917 | ||
UGI Corp. | 33,391 | 1,268,190 | ||
Vectren Corp. | 8,901 | 411,493 | ||
Westar Energy, Inc. | 9,775 | 403,121 | ||
WGL Holdings, Inc. | 7,771 | 424,452 | ||
Total Utilities | 7,573,061 | |||
Total Common Stocks | ||||
(Cost $178,799,989) | 213,043,648 |
The accompanying notes are an integral part of these financial statements.
13 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES MID CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | |||
INVESTMENT OF CASH COLLATERAL | |||||
FOR SECURITIES LOANED—6.1% | |||||
Dreyfus Institutional Preferred | |||||
Money Market Fund—Prime | |||||
Shares, 0.06% (b) | |||||
(Cost $12,963,425) | 12,963,425 | $ | 12,963,425 | ||
Total Investments—106.3% | |||||
(Cost $191,763,414) | 226,007,073 | ||||
Liabilities in Excess of Other Assets—(6.3)% | (13,342,880 | ) | |||
Net Assets—100.0% | $ | 212,664,193 |
PLC – Public Limited Company
* | Non-income producing security |
(a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $12,829,909; total market value of the collateral held by the fund was $13,253,192. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $289,767. |
(b) | Rate shown represents annualized 7-day yield as of December 31, 2014. |
The accompanying notes are an integral part of these financial statements.
14 |
SCHEDULE OF INVESTMENTS
REVENUE SHARES SMALL CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
COMMON STOCKS—100.3% | ||||
Automobiles & Components—0.7% | ||||
Dorman Products, Inc.*(a) | 7,069 | $ | 341,221 | |
Drew Industries, Inc.* | 11,027 | 563,149 | ||
Standard Motor Products, Inc. | 12,807 | 488,203 | ||
Superior Industries International, Inc. | 18,486 | 365,838 | ||
Winnebago Industries, Inc. | 17,690 | 384,934 | ||
Total Automobiles & Components | 2,143,345 | |||
Banks—2.6% | ||||
Bank Mutual Corp. | 7,685 | 52,719 | ||
Bank of the Ozarks, Inc. | 4,551 | 172,574 | ||
Banner Corp. | 2,728 | 117,359 | ||
BBCN Bancorp, Inc. | 12,136 | 174,516 | ||
BofI Holding, Inc.* | 1,092 | 84,968 | ||
Boston Private Financial Holdings, Inc. | 12,635 | 170,193 | ||
Brookline Bancorp, Inc. | 11,419 | 114,533 | ||
Cardinal Financial Corp. | 4,017 | 79,657 | ||
City Holding Co. | 2,026 | 94,270 | ||
Columbia Banking System, Inc. | 6,295 | 173,805 | ||
Community Bank System, Inc. | 5,006 | 190,879 | ||
CVB Financial Corp. | 8,634 | 138,317 | ||
Dime Community Bancshares | 5,423 | 88,286 | ||
F.N.B. Corp. | 24,424 | 325,328 | ||
First BanCorp* | 59,652 | 350,157 | ||
First Commonwealth Financial Corp. | 14,488 | 133,579 | ||
First Financial Bancorp | 8,152 | 151,546 | ||
First Financial Bankshares, Inc.(a) | 4,248 | 126,930 | ||
First Midwest Bancorp, Inc. | 11,713 | 200,409 | ||
Glacier Bancorp, Inc. | 7,032 | 195,279 | ||
Hanmi Financial Corp. | 3,628 | 79,127 | ||
Home BancShares, Inc. | 5,650 | 181,704 | ||
Independent Bank Corp. | 3,308 | 141,615 | ||
MB Financial, Inc. | 7,540 | 247,764 | ||
National Penn Bancshares, Inc. | 17,710 | 186,398 | ||
NBT Bancorp, Inc. | 7,628 | 200,388 | ||
Northwest Bancshares, Inc. | 14,419 | 180,670 | ||
OFG Bancorp | 15,115 | 251,665 | ||
Old National Bancorp | 18,033 | 268,331 | ||
Oritani Financial Corp. | 4,353 | 67,036 | ||
Pinnacle Financial Partners, Inc. | 3,162 | 125,025 | ||
PrivateBancorp, Inc. | 9,494 | 317,100 | ||
Provident Financial Services, Inc. | 8,321 | 150,277 | ||
S&T Bancorp, Inc. | 3,384 | 100,877 | ||
Simmons First National Corp., Class A | 2,691 | 109,389 | ||
Sterling Bancorp | 8,889 | 127,824 | ||
Susquehanna Bancshares, Inc. | 30,271 | 406,539 | ||
Texas Capital Bancshares, Inc.* | 4,790 | 260,241 | ||
Tompkins Financial Corp. | 2,435 | 134,655 | ||
TrustCo Bank Corp. | 12,354 | 89,690 | ||
UMB Financial Corp. | 7,691 | 437,541 | ||
United Bankshares, Inc. | 6,166 | 230,917 | ||
United Community Banks, Inc. | 8,023 | 151,956 | ||
ViewPoint Financial Group, Inc. | 3,587 | 85,550 | ||
Westamerica Bancorporation(a) | 1,999 | 97,991 | ||
Wilshire Bancorp, Inc. | 9,699 | 98,251 | ||
Wintrust Financial Corp. | 9,227 | 431,454 | ||
Total Banks | 8,295,279 |
Investments | Shares | Value | ||
Capital Goods—13.5% | ||||
AAON, Inc. | 7,732 | $ | 173,119 | |
AAR Corp. | 35,919 | 997,830 | ||
Aceto Corp. | 10,988 | 238,440 | ||
Actuant Corp., Class A | 22,351 | 608,841 | ||
Aegion Corp., Class A* | 36,006 | 670,072 | ||
Aerovironment, Inc.* | 4,079 | 111,153 | ||
Albany International Corp., Class A | 9,888 | 375,645 | ||
American Science & Engineering, Inc. | 1,661 | 86,206 | ||
American Woodmark Corp.* | 8,845 | 357,692 | ||
Apogee Enterprises, Inc. | 8,027 | 340,104 | ||
Applied Industrial Technologies, Inc. | 26,321 | 1,199,974 | ||
Astec Industries, Inc. | 12,349 | 485,439 | ||
AZZ, Inc. | 7,549 | 354,199 | ||
Barnes Group, Inc. | 17,103 | 632,982 | ||
Briggs & Stratton Corp. | 44,908 | 917,021 | ||
CIRCOR International, Inc. | 6,851 | 412,978 | ||
Comfort Systems USA, Inc. | 41,669 | 713,373 | ||
Cubic Corp. | 12,159 | 640,050 | ||
Curtiss-Wright Corp. | 18,305 | 1,292,150 | ||
DXP Enterprises, Inc.* | 14,940 | 754,918 | ||
Dycom Industries, Inc.* | 27,348 | 959,641 | ||
EMCOR Group, Inc. | 71,946 | 3,200,878 | ||
Encore Wire Corp. | 15,941 | 595,078 | ||
EnerSys | 19,688 | 1,215,143 | ||
Engility Holdings, Inc.* | 16,508 | 706,542 | ||
EnPro Industries, Inc.* | 9,146 | 574,003 | ||
ESCO Technologies, Inc. | 7,147 | 263,724 | ||
Federal Signal Corp. | 27,964 | 431,764 | ||
Franklin Electric Co., Inc. | 13,574 | 509,432 | ||
GenCorp, Inc.*(a) | 47,247 | 864,620 | ||
General Cable Corp. | 206,214 | 3,072,589 | ||
Gibraltar Industries, Inc.* | 27,320 | 444,223 | ||
Griffon Corp. | 74,733 | 993,949 | ||
Hillenbrand, Inc. | 24,542 | 846,699 | ||
John Bean Technologies Corp. | 14,175 | 465,791 | ||
Kaman Corp. | 22,013 | 882,501�� | ||
Lindsay Corp.(a) | 3,247 | 278,398 | ||
Lydall, Inc.* | 8,208 | 269,387 | ||
Moog, Inc., Class A* | 18,119 | 1,341,350 | ||
Mueller Industries, Inc. | 32,933 | 1,124,333 | ||
National Presto Industries, Inc.(a) | 3,399 | 197,278 | ||
Orbital Sciences Corp.* | 28,440 | 764,752 | ||
Orion Marine Group, Inc.* | 17,987 | 198,756 | ||
PGT, Inc.* | 15,234 | 146,703 | ||
Powell Industries, Inc. | 6,900 | 338,583 | ||
Quanex Building Products Corp. | 20,286 | 380,971 | ||
Simpson Manufacturing Co., Inc. | 10,570 | 365,722 | ||
Standex International Corp. | 4,509 | 348,365 | ||
TASER International, Inc.*(a) | 3,229 | 85,504 | ||
Teledyne Technologies, Inc.* | 11,286 | 1,159,524 | ||
Tennant Co. | 5,446 | 393,038 | ||
Titan International, Inc. | 96,077 | 1,021,299 | ||
Toro Co. | 16,464 | 1,050,568 | ||
Universal Forest Products, Inc. | 24,471 | 1,301,857 | ||
Veritiv Corp.* | 83,835 | 4,348,521 | ||
Vicor Corp.* | 8,211 | 99,353 | ||
Watts Water Technologies, Inc., Class A | 11,869 | 752,969 | ||
Total Capital Goods | 43,355,994 |
The accompanying notes are an integral part of these financial statements.
15 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
Commercial & Professional Services—6.3% | ||||
ABM Industries, Inc. | 84,057 | $ | 2,408,233 | |
Brady Corp., Class A | 22,304 | 609,791 | ||
Brink’s Co. (The) | 79,537 | 1,941,498 | ||
CDI Corp. | 32,048 | 567,570 | ||
Exponent, Inc. | 1,832 | 151,140 | ||
G&K Services, Inc., Class A | 6,565 | 465,130 | ||
Healthcare Services Group, Inc. | 19,880 | 614,888 | ||
Heidrick & Struggles International, Inc. 11,304 | 260,557 | |||
Insperity, Inc. | 34,794 | 1,179,169 | ||
Interface, Inc. | 29,827 | 491,251 | ||
Kelly Services, Inc., Class A | 161,248 | 2,744,441 | ||
Korn/Ferry International* | 16,775 | 482,449 | ||
Matthews International Corp., | ||||
Class A | 10,400 | 506,168 | ||
Mobile Mini, Inc. | 5,427 | 219,848 | ||
Navigant Consulting, Inc.* | 27,134 | 417,050 | ||
On Assignment, Inc.* | 27,445 | 910,899 | ||
Resources Connection, Inc. | 16,928 | 278,466 | ||
Tetra Tech, Inc. | 35,821 | 956,421 | ||
TrueBlue, Inc.* | 44,272 | 985,052 | ||
UniFirst Corp. | 5,910 | 717,769 | ||
United Stationers, Inc. | 61,980 | 2,613,077 | ||
US Ecology, Inc.(a) | 4,167 | 167,180 | ||
Viad Corp. | 19,324 | 515,178 | ||
WageWorks, Inc.* | 2,017 | 130,238 | ||
Total Commercial & Professional Services | 20,333,463 | |||
Consumer Durables & Apparel—4.3% | ||||
Arctic Cat, Inc. | 10,283 | 365,046 | ||
Callaway Golf Co. | 56,805 | 437,398 | ||
Crocs, Inc.* | 46,996 | 586,980 | ||
Ethan Allen Interiors, Inc. | 11,676 | 361,606 | ||
G-III Apparel Group Ltd.* | 7,996 | 807,676 | ||
Helen of Troy Ltd.* | 10,052 | 653,983 | ||
Iconix Brand Group, Inc.* | 5,769 | 194,935 | ||
iRobot Corp.*(a) | 7,373 | 255,991 | ||
La-Z-Boy, Inc., Class Z | 24,699 | 662,921 | ||
M/I Homes, Inc.* | 26,043 | 597,947 | ||
Meritage Homes Corp.* | 28,842 | 1,038,024 | ||
Movado Group, Inc. | 9,524 | 270,196 | ||
Oxford Industries, Inc. | 7,839 | 432,791 | ||
Perry Ellis International, Inc.* | 17,878 | 463,577 | ||
Quiksilver, Inc.*(a) | 387,679 | 856,771 | ||
Ryland Group, Inc. | 31,622 | 1,219,344 | ||
Skechers U.S.A., Inc., Class A* | 18,403 | 1,016,766 | ||
Standard Pacific Corp.* | 154,771 | 1,128,281 | ||
Steven Madden Ltd.* | 19,786 | 629,788 | ||
Sturm Ruger & Co., Inc. | 8,288 | 287,013 | ||
Universal Electronics, Inc.* | 4,297 | 279,434 | ||
Wolverine World Wide, Inc. | 43,215 | 1,273,546 | ||
Total Consumer Durables & Apparel | 13,820,014 | |||
Consumer Services—4.5% | ||||
American Public Education, Inc.* | 4,677 | 172,441 | ||
Biglari Holdings, Inc.* | 1,017 | 406,302 | ||
BJ’s Restaurants, Inc.* | 8,271 | 415,287 | ||
Bob Evans Farms, Inc. | 12,347 | 631,919 | ||
Boyd Gaming Corp.* | 118,995 | 1,520,756 | ||
Buffalo Wild Wings, Inc.*(a) | 4,015 | 724,226 | ||
Capella Education Co. | 2,816 | 216,719 |
Investments | Shares | Value | ||
Career Education Corp.* | 75,410 | $ | 524,854 | |
Cracker Barrel Old Country Store, Inc. | 9,489 | 1,335,672 | ||
DineEquity, Inc. | 3,045 | 315,584 | ||
Interval Leisure Group, Inc. | 13,220 | 276,166 | ||
Jack in the Box, Inc. | 8,925 | 713,643 | ||
Marcus Corp. | 12,743 | 235,873 | ||
Marriott Vacations Worldwide Corp. | 11,458 | 854,079 | ||
Monarch Casino & Resort, Inc.* | 5,570 | 92,406 | ||
Papa John’s International, Inc. | 13,044 | 727,855 | ||
Pinnacle Entertainment, Inc.* | 50,571 | 1,125,205 | ||
Red Robin Gourmet Burgers, Inc.* | 7,234 | 556,837 | ||
Regis Corp.* | 54,556 | 914,359 | ||
Ruby Tuesday, Inc.* | 67,161 | 459,381 | ||
Ruth’s Hospitality Group, Inc. | 14,765 | 221,475 | ||
Scientific Games Corp., Class A*(a) | 62,685 | 797,980 | ||
Sonic Corp. | 9,430 | 256,779 | ||
Strayer Education, Inc.* | 3,050 | 226,554 | ||
Texas Roadhouse, Inc. | 22,148 | 747,716 | ||
Universal Technical Institute, Inc. | 19,096 | 187,905 | ||
Total Consumer Services | 14,657,973 | |||
Diversified Financials—2.4% | ||||
Calamos Asset Management, Inc., Class A | 9,799 | 130,523 | ||
Cash America International, Inc. | 42,996 | 972,569 | ||
Encore Capital Group, Inc.*(a) | 11,956 | 530,846 | ||
Enova International, Inc.* | 16,938 | 377,040 | ||
Evercore Partners, Inc., Class A | 8,028 | 420,426 | ||
Ezcorp, Inc., Class A*(a) | 43,009 | 505,356 | ||
Financial Engines, Inc.(a) | 3,776 | 138,013 | ||
First Cash Financial Services, Inc.* | 6,049 | 336,748 | ||
FXCM, Inc., Class A | 12,324 | 204,209 | ||
Green Dot Corp., Class A* | 12,772 | 261,698 | ||
Greenhill & Co., Inc. | 3,226 | 140,654 | ||
HFF, Inc., Class A | 5,770 | 207,258 | ||
Interactive Brokers Group, Inc., Class A | 19,484 | 568,153 | ||
Investment Technology Group, Inc.* | 13,113 | 273,013 | ||
MarketAxess Holdings, Inc. | 1,726 | 123,771 | ||
Piper Jaffray Cos.* | 6,007 | 348,947 | ||
PRA Group, Inc.* | 6,582 | 381,295 | ||
Stifel Financial Corp.* | 21,096 | 1,076,318 | ||
SWS Group, Inc.* | 21,199 | 146,485 | ||
Virtus Investment Partners, Inc. | 1,340 | 228,457 | ||
World Acceptance Corp.*(a) | 3,838 | 304,929 | ||
Total Diversified Financials | 7,676,708 | |||
Energy—5.4% | ||||
Approach Resources, Inc.*(a) | 26,312 | 168,134 | ||
Arch Coal, Inc.(a) | 841,509 | 1,497,886 | ||
Basic Energy Services, Inc.* | 122,166 | 856,384 | ||
Bill Barrett Corp.* | 31,678 | 360,812 | ||
Bonanza Creek Energy, Inc.* | 4,549 | 109,176 | ||
Bristow Group, Inc. | 12,952 | 852,112 | ||
C&J Energy Services, Inc.* | 55,339 | 731,028 | ||
Carrizo Oil & Gas, Inc.* | 9,419 | 391,830 | ||
Cloud Peak Energy, Inc.* | 68,269 | 626,709 | ||
Comstock Resources, Inc.(a) | 48,870 | 332,805 | ||
Contango Oil & Gas Co.* | 4,766 | 139,358 | ||
Era Group, Inc.* | 7,573 | 160,169 | ||
Exterran Holdings, Inc. | 42,442 | 1,382,760 | ||
Geospace Technologies Corp.* | 5,381 | 142,597 |
The accompanying notes are an integral part of these financial statements.
16 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
Energy (continued) | ||||
Green Plains, Inc. | 68,269 | $ | 1,691,706 | |
Gulf Island Fabrication, Inc. | 12,905 | 250,228 | ||
GulfMark Offshore, Inc., Class A(a) | 11,734 | 286,544 | ||
Hornbeck Offshore Services, Inc.* | 14,852 | 370,855 | ||
ION Geophysical Corp.* | 117,341 | 322,688 | ||
Matrix Service Co.* | 27,367 | 610,832 | ||
Newpark Resources, Inc.* | 59,841 | 570,883 | ||
Northern Oil and Gas, Inc.*(a) | 35,912 | 202,903 | ||
Paragon Offshore PLC(a) | 321,367 | 890,187 | ||
PDC Energy, Inc.* | 8,463 | 349,268 | ||
Penn Virginia Corp.*(a) | 53,015 | 354,140 | ||
PetroQuest Energy, Inc.* | 33,066 | 123,667 | ||
Pioneer Energy Services Corp.* | 110,532 | 612,347 | ||
Rex Energy Corp.*(a) | 34,643 | 176,679 | ||
SEACOR Holdings, Inc.*(a) | 8,822 | 651,152 | ||
Stone Energy Corp.* | 29,975 | 505,978 | ||
Swift Energy Co.*(a) | 104,014 | 421,257 | ||
Synergy Resources Corp.* | 3,700 | 46,398 | ||
Tesco Corp. | 21,298 | 273,040 | ||
TETRA Technologies, Inc.* | 92,080 | 615,094 | ||
U.S. Silica Holdings, Inc.(a) | 15,351 | 394,367 | ||
Total Energy | 17,471,973 | |||
Food & Staples Retailing—2.9% | ||||
Andersons, Inc. | 45,309 | 2,407,720 | ||
Casey’s General Stores, Inc. | 42,090 | 3,801,569 | ||
SpartanNash Co. | 122,174 | 3,193,628 | ||
Total Food & Staples Retailing | 9,402,917 | |||
Food, Beverage & Tobacco—2.9% | ||||
Alliance One International, Inc.* | 639,218 | 1,009,964 | ||
B&G Foods, Inc., Class A | 13,247 | 396,085 | ||
Boston Beer Co., Inc. (The), Class A*(a) | 1,505 | 435,758 | ||
Calavo Growers, Inc. | 7,937 | 375,420 | ||
Cal-Maine Foods, Inc.(a) | 16,992 | 663,198 | ||
Darling Ingredients, Inc.*(a) | 88,459 | 1,606,415 | ||
Diamond Foods, Inc.* | 14,819 | 418,340 | ||
J&J Snack Foods Corp. | 4,011 | 436,277 | ||
Sanderson Farms, Inc. | 14,825 | 1,245,671 | ||
Seneca Foods Corp., Class A* | 24,341 | 657,937 | ||
Snyder’s-Lance, Inc. | 27,349 | 835,512 | ||
Universal Corp. | 28,668 | 1,260,819 | ||
Total Food, Beverage & Tobacco | 9,341,396 | |||
Health Care Equipment & Services—7.8% | ||||
Abaxis, Inc. | 1,498 | 85,131 | ||
Abiomed, Inc.* | 2,285 | 86,967 | ||
Air Methods Corp.*(a) | 11,137 | 490,362 | ||
Almost Family, Inc.* | 7,630 | 220,888 | ||
Amedisys, Inc.* | 21,289 | 624,832 | ||
AMN Healthcare Services, Inc.* | 26,528 | 519,949 | ||
Amsurg Corp.* | 12,680 | 693,976 | ||
Analogic Corp. | 3,068 | 259,583 | ||
AngioDynamics, Inc.* | 8,833 | 167,915 | ||
Anika Therapeutics, Inc.* | 1,336 | 54,429 | ||
Bio-Reference Laboratories, Inc.*(a) | 13,408 | 430,799 | ||
Cantel Medical Corp. | 5,199 | 224,909 | ||
Chemed Corp.(a) | 6,171 | 652,090 | ||
Computer Programs & Systems, Inc. | 1,654 | 100,481 |
Investments | Shares | Value | ||
CONMED Corp. | 8,229 | $ | 369,976 | |
CorVel Corp.* | 6,379 | 237,426 | ||
Cross Country Healthcare, Inc.* | 23,604 | 294,578 | ||
CryoLife, Inc. | 6,594 | 74,710 | ||
Cyberonics, Inc.* | 2,394 | 133,298 | ||
Cynosure, Inc., Class A* | 4,576 | 125,474 | ||
Ensign Group, Inc. | 11,005 | 488,512 | ||
ExamWorks Group, Inc.* | 2,383 | 99,109 | ||
Gentiva Health Services, Inc.* | 48,365 | 921,353 | ||
Greatbatch, Inc.* | 6,920 | 341,156 | ||
Haemonetics Corp.* | 12,154 | 454,803 | ||
Hanger, Inc.* | 23,380 | 512,022 | ||
HealthStream, Inc.* | 2,744 | 80,893 | ||
Healthways, Inc.*(a) | 17,951 | 356,866 | ||
ICU Medical, Inc.* | 1,792 | 146,765 | ||
Integra LifeSciences Holdings Corp.* | 8,323 | 451,356 | ||
Invacare Corp. | 37,136 | 622,399 | ||
IPC The Hospitalist Co., Inc.* | 7,201 | 330,454 | ||
Kindred Healthcare, Inc. | 129,540 | 2,355,037 | ||
Landauer, Inc. | 2,076 | 70,875 | ||
LHC Group, Inc.* | 11,564 | 360,566 | ||
Magellan Health, Inc.* | 30,283 | 1,817,888 | ||
Masimo Corp.* | 10,999 | 289,714 | ||
MedAssets, Inc.* | 17,622 | 348,211 | ||
Medidata Solutions, Inc.* | 3,433 | 163,926 | ||
Meridian Bioscience, Inc. | 5,620 | 92,505 | ||
Merit Medical Systems, Inc.* | 14,372 | 249,067 | ||
Molina Healthcare, Inc.* | 79,163 | 4,237,595 | ||
MWI Veterinary Supply, Inc.* | 7,948 | 1,350,445 | ||
Natus Medical, Inc.* | 4,730 | 170,469 | ||
Neogen Corp.* | 2,398 | 118,917 | ||
NuVasive, Inc.* | 7,726 | 364,358 | ||
Omnicell, Inc.* | 6,050 | 200,376 | ||
PharMerica Corp.* | 42,882 | 888,086 | ||
Providence Service Corp.* | 16,841 | 613,686 | ||
Quality Systems, Inc. | 13,907 | 216,810 | ||
SurModics, Inc.* | 1,220 | 26,962 | ||
West Pharmaceutical Services, Inc. | 12,665 | 674,285 | ||
Total Health Care Equipment & Services | 25,263,239 | |||
Household & Personal Products—0.4% | ||||
Central Garden and Pet Co., Class A* | 88,397 | 844,191 | ||
Inter Parfums, Inc. | 8,870 | 243,482 | ||
Medifast, Inc.* | 4,831 | 162,080 | ||
WD-40 Co. | 2,325 | 197,811 | ||
Total Household & Personal Products | 1,447,564 | |||
Insurance—2.5% | ||||
American Equity Investment Life Holding Co. | 39,267 | 1,146,204 | ||
AMERISAFE, Inc. | 4,465 | 189,137 | ||
eHealth, Inc.* | 3,397 | 84,653 | ||
Employers Holdings, Inc. | 17,273 | 406,088 | ||
HCI Group, Inc. | 3,024 | 130,758 | ||
Horace Mann Educators Corp. | 15,578 | 516,878 | ||
Infinity Property & Casualty Corp. | 9,185 | 709,633 | ||
Meadowbrook Insurance Group, Inc. | 56,579 | 478,658 | ||
Montpelier Re Holdings Ltd. | 9,198 | 329,472 | ||
Navigators Group, Inc.* | 6,692 | 490,791 | ||
ProAssurance Corp. | 8,247 | 372,352 | ||
RLI Corp. | 7,955 | 392,977 |
The accompanying notes are an integral part of these financial statements.
17 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
Insurance (continued) | ||||
Safety Insurance Group, Inc. | 6,023 | $ | 385,532 | |
Selective Insurance Group, Inc. | 36,228 | 984,315 | ||
Stewart Information Services Corp. | 23,995 | 888,775 | ||
United Fire Group, Inc. | 15,365 | 456,802 | ||
Universal Insurance Holdings, Inc. | 8,337 | 170,492 | ||
Total Insurance | 8,133,517 | |||
Materials—7.7% | ||||
A. Schulman, Inc. | 30,379 | 1,231,261 | ||
A.M. Castle & Co.*(a) | 67,693 | 540,190 | ||
AK Steel Holding Corp.*(a) | 535,796 | 3,182,628 | ||
American Vanguard Corp. | 12,798 | 148,713 | ||
Balchem Corp. | 3,403 | 226,776 | ||
Boise Cascade Co.* | 47,779 | 1,774,990 | ||
Calgon Carbon Corp.* | 13,264 | 275,626 | ||
Century Aluminum Co.* | 37,701 | 919,904 | ||
Clearwater Paper Corp.* | 13,650 | 935,707 | ||
Deltic Timber Corp. | 1,637 | 111,971 | ||
Flotek Industries, Inc.* | 12,367 | 231,634 | ||
FutureFuel Corp. | 15,270 | 198,815 | ||
Globe Specialty Metals, Inc. | 21,980 | 378,715 | ||
H.B. Fuller Co. | 23,804 | 1,059,992 | ||
Hawkins, Inc. | 4,121 | 178,563 | ||
Haynes International, Inc. | 4,555 | 220,918 | ||
Headwaters, Inc.* | 26,917 | 403,486 | ||
Innophos Holdings, Inc. | 7,456 | 435,803 | ||
Intrepid Potash, Inc.*(a) | 14,217 | 197,332 | ||
Kaiser Aluminum Corp. | 8,829 | 630,655 | ||
KapStone Paper and Packaging Corp. | 37,924 | 1,111,552 | ||
Koppers Holdings, Inc. | 30,432 | 790,623 | ||
Kraton Performance Polymers, Inc.* | 31,169 | 648,004 | ||
LSB Industries, Inc.* | 11,195 | 351,971 | ||
Materion Corp. | 16,324 | 575,095 | ||
Myers Industries, Inc. | 21,713 | 382,149 | ||
Neenah Paper, Inc. | 7,407 | 446,420 | ||
Olympic Steel, Inc. | 41,257 | 733,549 | ||
OM Group, Inc. | 19,263 | 574,037 | ||
PH Glatfelter Co. | 35,062 | 896,535 | ||
Quaker Chemical Corp. | 4,188 | 385,464 | ||
Rayonier Advanced Materials, Inc. | 20,139 | 449,100 | ||
RTI International Metals, Inc.* | 16,431 | 415,047 | ||
Schweitzer-Mauduit International, Inc. 9,252 | 391,360 | |||
Stepan Co. | 24,538 | 983,483 | ||
Stillwater Mining Co.* | 32,703 | 482,042 | ||
SunCoke Energy, Inc. | 39,147 | 757,103 | ||
Tredegar Corp. | 22,216 | 499,638 | ||
Wausau Paper Corp. | 16,121 | 183,296 | ||
Zep, Inc. | 23,306 | 353,086 | ||
Total Materials | 24,693,233 | |||
Media—0.5% | ||||
E.W. Scripps Co., Class A*(a) | 19,559 | 437,144 | ||
Harte-Hanks, Inc. | 37,577 | 290,846 | ||
Scholastic Corp. | 24,564 | 894,621 | ||
Sizmek, Inc.* | 13,051 | 81,699 | ||
Total Media | 1,704,310 |
Investments | Shares | Value | ||
Pharmaceuticals, Biotechnology & Life Sciences—1.1% | ||||
Acorda Therapeutics, Inc.* | 4,588 | $ | 187,512 | |
Affymetrix, Inc.* | 18,534 | 182,931 | ||
Akorn, Inc.*(a) | 5,412 | 195,914 | ||
Albany Molecular Research, Inc.*(a) | 8,057 | 131,168 | ||
Cambrex Corp.* | 6,988 | 151,081 | ||
Depomed, Inc.* | 7,519 | 121,131 | ||
Emergent Biosolutions, Inc.* | 7,452 | 202,918 | ||
Impax Laboratories, Inc.* | 8,643 | 273,810 | ||
Lannett Co., Inc.* | 2,480 | 106,342 | ||
Ligand Pharmaceuticals, Inc., Class B*(a) 516 | 27,456 | |||
Luminex Corp.* | 6,063 | 113,742 | ||
Medicines Co.* | 13,381 | 370,252 | ||
Momenta Pharmaceuticals, Inc.* | 1,794 | 21,600 | ||
PAREXEL International Corp.* | 19,472 | 1,081,864 | ||
Prestige Brands Holdings, Inc.* | 8,608 | 298,870 | ||
Repligen Corp.* | 1,469 | 29,086 | ||
Sagent Pharmaceuticals, Inc.* | 4,609 | 115,732 | ||
Spectrum Pharmaceuticals, Inc.*(a) | 11,822 | 81,927 | ||
Total Pharmaceuticals, Biotechnology & Life Sciences | 3,693,336 | |||
Real Estate—1.7% | ||||
Acadia Realty Trust | 2,830 | 90,645 | ||
Agree Realty Corp. | 788 | 24,499 | ||
American Assets Trust, Inc. | 3,147 | 125,282 | ||
Associated Estates Realty Corp. | 4,040 | 93,768 | ||
Aviv REIT, Inc. | 2,379 | 82,028 | ||
Capstead Mortgage Corp. | 8,548 | 104,969 | ||
CareTrust REIT, Inc. | 2,245 | 27,681 | ||
Cedar Realty Trust, Inc. | 10,192 | 74,809 | ||
Chesapeake Lodging Trust | 6,210 | 231,074 | ||
CoreSite Realty Corp. | 3,241 | 126,561 | ||
Cousins Properties, Inc. | 14,558 | 166,252 | ||
DiamondRock Hospitality Co. | 26,627 | 395,944 | ||
EastGroup Properties, Inc. | 1,672 | 105,871 | ||
Education Realty Trust, Inc. | 2,872 | 105,086 | ||
EPR Properties | 3,153 | 181,707 | ||
Forestar Group, Inc.* | 10,534 | 162,224 | ||
Franklin Street Properties Corp. | 9,862 | 121,007 | ||
Geo Group, Inc. (The) | 20,173 | 814,182 | ||
Getty Realty Corp. | 2,680 | 48,803 | ||
Government Properties Income Trust | 5,085 | 117,006 | ||
Healthcare Realty Trust, Inc. | 6,470 | 176,760 | ||
Inland Real Estate Corp. | 9,080 | 99,426 | ||
Kite Realty Group Trust | 3,549 | 101,998 | ||
Lexington Realty Trust | 19,302 | 211,936 | ||
LTC Properties, Inc. | 1,327 | 57,287 | ||
Medical Properties Trust, Inc. | 10,543 | 145,283 | ||
Parkway Properties, Inc. | 10,916 | 200,745 | ||
Pennsylvania Real Estate Investment Trust | 9,100 | 213,486 | ||
Post Properties, Inc. | 3,076 | 180,777 | ||
PS Business Parks, Inc. | 2,338 | 185,965 | ||
Retail Opportunity Investments Corp. | 4,332 | 72,734 | ||
Sabra Health Care REIT, Inc. | 2,777 | 84,338 | ||
Saul Centers, Inc. | 1,784 | 102,027 | ||
Sovran Self Storage, Inc. | 1,747 | 152,373 | ||
Universal Health Realty Income Trust | 573 | 27,573 | ||
Urstadt Biddle Properties, Inc., Class A | 2,135 | 46,714 | ||
Total Real Estate | 5,258,820 |
The accompanying notes are an integral part of these financial statements.
18 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
Retailing—10.5% | ||||
Aeropostale, Inc.*(a) | 449,731 | $ | 1,043,376 | |
Barnes & Noble, Inc.* | 129,229 | 3,000,697 | ||
Big 5 Sporting Goods Corp. | 33,888 | 495,781 | ||
Blue Nile, Inc.* | 6,113 | 220,129 | ||
Brown Shoe Co., Inc. | 38,480 | 1,237,132 | ||
Buckle, Inc.(a) | 10,690 | 561,439 | ||
Cato Corp., Class A | 10,760 | 453,857 | ||
Children’s Place, Inc. (The) | 15,082 | 859,674 | ||
Christopher & Banks Corp.* | 45,286 | 258,583 | ||
Finish Line, Inc., Class A | 26,258 | 638,332 | ||
Francesca’s Holdings Corp.* | 9,837 | 164,278 | ||
Fred’s, Inc., Class A | 58,057 | 1,010,772 | ||
FTD Cos., Inc.* | 8,558 | 297,990 | ||
Genesco, Inc.* | 17,054 | 1,306,678 | ||
Group 1 Automotive, Inc. | 52,796 | 4,731,578 | ||
Haverty Furniture Cos., Inc. | 16,774 | 369,196 | ||
Hibbett Sports, Inc.* | 8,120 | 393,252 | ||
Kirkland’s, Inc.* | 9,582 | 226,519 | ||
Lithia Motors, Inc., Class A | 25,913 | 2,246,398 | ||
Lumber Liquidators Holdings, Inc.*(a) | 8,100 | 537,111 | ||
MarineMax, Inc.* | 15,397 | 308,710 | ||
Men’s Wearhouse, Inc. | 28,956 | 1,278,407 | ||
Monro Muffler Brake, Inc.(a) | 6,871 | 397,144 | ||
Nutrisystem, Inc. | 9,635 | 188,364 | ||
Outerwall, Inc.*(a) | 14,547 | 1,094,225 | ||
Pep Boys-Manny, Moe & Jack* | 113,509 | 1,114,658 | ||
PetMed Express, Inc.(a) | 8,189 | 117,676 | ||
Pool Corp. | 16,944 | 1,074,927 | ||
Select Comfort Corp.* | 18,636 | 503,731 | ||
Sonic Automotive, Inc., Class A | 163,162 | 4,411,900 | ||
Stage Stores, Inc. | 40,224 | 832,637 | ||
Stein Mart, Inc. | 41,169 | 601,891 | ||
Tuesday Morning Corp.* | 18,703 | 405,855 | ||
Vitamin Shoppe, Inc.* | 11,887 | 577,470 | ||
VOXX International Corp., Class A* | 48,006 | 420,533 | ||
Zumiez, Inc.* | 9,221 | 356,207 | ||
Total Retailing | 33,737,107 | |||
Semiconductors & Semiconductor Equipment—1.6% | ||||
Advanced Energy Industries, Inc.* | 12,290 | 291,273 | ||
Brooks Automation, Inc. | 18,610 | 237,278 | ||
Cabot Microelectronics Corp.* | 4,393 | 207,877 | ||
CEVA, Inc.* | 1,349 | 24,471 | ||
Cirrus Logic, Inc.*(a) | 15,735 | 370,874 | ||
Cohu, Inc. | 13,023 | 154,974 | ||
Diodes, Inc.* | 15,590 | 429,816 | ||
DSP Group, Inc.* | 6,066 | 65,937 | ||
Entropic Communications, Inc.* | 40,046 | 101,316 | ||
Exar Corp.* | 6,247 | 63,719 | ||
Kopin Corp.* | 3,859 | 13,970 | ||
Kulicke & Soffa Industries, Inc.* | 18,988 | 274,567 | ||
Micrel, Inc. | 8,584 | 124,554 | ||
Microsemi Corp.* | 18,334 | 520,319 | ||
MKS Instruments, Inc. | 10,289 | 376,577 | ||
Monolithic Power Systems, Inc. | 2,636 | 131,115 | ||
Nanometrics, Inc.* | 5,400 | 90,828 | ||
Pericom Semiconductor Corp.* | 4,393 | 59,481 | ||
Power Integrations, Inc. | 3,282 | 169,811 | ||
Rudolph Technologies, Inc.* | 8,754 | 89,553 | ||
Synaptics, Inc.* | 6,194 | 426,395 |
Investments | Shares | Value | ||
Tessera Technologies, Inc. | 3,715 | $ | 132,848 | |
TriQuint Semiconductor, Inc.* | 17,782 | 489,894 | ||
Ultratech, Inc.* | 3,389 | 62,900 | ||
Veeco Instruments, Inc.*(a) | 4,633 | 161,599 | ||
Total Semiconductors & Semiconductor Equipment | 5,071,946 | |||
Software & Services—4.6% | ||||
Blackbaud, Inc. | 5,978 | 258,608 | ||
Blucora, Inc.* | 22,839 | 316,320 | ||
Bottomline Technologies (de), Inc.* | 5,904 | 149,253 | ||
CACI International, Inc., Class A* | 19,956 | 1,719,808 | ||
Cardtronics, Inc.* | 12,897 | 497,566 | ||
Ciber, Inc.* | 131,699 | 467,531 | ||
comScore, Inc.* | 3,345 | 155,308 | ||
CSG Systems International, Inc. | 14,346 | 359,654 | ||
Dealertrack Technologies, Inc.* | 8,077 | 357,892 | ||
Dice Holdings, Inc.* | 11,707 | 117,187 | ||
Digital River, Inc.* | 10,490 | 259,418 | ||
Ebix, Inc.(a) | 5,978 | 101,566 | ||
EPIQ Systems, Inc. | 14,385 | 245,696 | ||
Exlservice Holdings, Inc.* | 8,573 | 246,131 | ||
Forrester Research, Inc. | 3,645 | 143,467 | ||
Heartland Payment Systems, Inc. | 20,149 | 1,087,039 | ||
iGATE Corp.* | 16,757 | 661,566 | ||
Interactive Intelligence Group, Inc.* | 3,627 | 173,733 | ||
j2 Global, Inc. | 4,419 | 273,978 | ||
Liquidity Services, Inc.*(a) | 29,129 | 237,984 | ||
LivePerson, Inc.* | 6,797 | 95,838 | ||
LogMeIn, Inc.* | 1,958 | 96,608 | ||
Manhattan Associates, Inc.* | 5,397 | 219,766 | ||
ManTech International Corp., Class A | 30,336 | 917,057 | ||
MAXIMUS, Inc. | 15,350 | 841,794 | ||
MicroStrategy, Inc., Class A* | 1,779 | 288,910 | ||
Monotype Imaging Holdings, Inc. | 3,151 | 90,843 | ||
Monster Worldwide, Inc.* | 86,830 | 401,155 | ||
NetScout Systems, Inc.* | 5,090 | 185,989 | ||
NIC, Inc. | 7,144 | 128,521 | ||
Perficient, Inc.* | 11,916 | 221,995 | ||
Progress Software Corp.* | 5,817 | 157,175 | ||
QuinStreet, Inc.* | 30,384 | 184,431 | ||
Stamps.com, Inc.* | 1,335 | 64,067 | ||
Sykes Enterprises, Inc.* | 26,882 | 630,921 | ||
Synchronoss Technologies, Inc.* | 4,965 | 207,835 | ||
Take-Two Interactive Software, Inc.*(a) | 40,878 | 1,145,810 | ||
Tangoe, Inc.* | 7,726 | 100,670 | ||
TeleTech Holdings, Inc.* | 24,711 | 585,156 | ||
VASCO Data Security International, Inc.*(a) | 3,267 | 92,162 | ||
Virtusa Corp.* | 4,334 | 180,598 | ||
XO Group, Inc.* | 3,893 | 70,891 | ||
Total Software & Services | 14,737,897 | |||
Technology Hardware & Equipment—9.2% | ||||
ADTRAN, Inc. | 14,628 | 318,890 | ||
Agilysys, Inc.* | 3,876 | 48,799 | ||
Anixter International, Inc.* | 36,043 | 3,188,364 | ||
Badger Meter, Inc. | 3,053 | 181,196 | ||
Bel Fuse, Inc., Class B | 8,008 | 218,939 | ||
Benchmark Electronics, Inc.* | 55,634 | 1,415,329 |
The accompanying notes are an integral part of these financial statements.
19 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
Technology Hardware & Equipment (continued) | ||||
Black Box Corp. | 19,935 | $ | 476,446 | |
CalAmp Corp.* | 5,508 | 100,796 | ||
Checkpoint Systems, Inc.* | 23,976 | 329,190 | ||
Coherent, Inc.* | 6,407 | 389,033 | ||
Comtech Telecommunications Corp. | 5,182 | 163,337 | ||
CTS Corp. | 11,344 | 202,263 | ||
Daktronics, Inc. | 21,150 | 264,586 | ||
Digi International, Inc.* | 11,364 | 105,572 | ||
DTS, Inc.* | 2,242 | 68,941 | ||
Electro Scientific Industries, Inc. | 11,621 | 90,179 | ||
Electronics For Imaging, Inc.* | 8,310 | 355,917 | ||
Fabrinet* | 20,135 | 357,195 | ||
FARO Technologies, Inc.* | 2,716 | 170,239 | ||
Harmonic, Inc.* | 31,877 | 223,458 | ||
II-VI, Inc.* | 22,914 | 312,776 | ||
Insight Enterprises, Inc.* | 104,470 | 2,704,728 | ||
Ixia* | 22,450 | 252,562 | ||
Littelfuse, Inc. | 4,207 | 406,691 | ||
Mercury Systems, Inc.* | 7,570 | 105,374 | ||
Methode Electronics, Inc. | 9,788 | 357,360 | ||
MTS Systems Corp. | 3,961 | 297,194 | ||
NETGEAR, Inc.* | 19,296 | 686,552 | ||
Newport Corp.* | 15,702 | 300,065 | ||
OSI Systems, Inc.* | 6,049 | 428,088 | ||
Park Electrochemical Corp. | 3,359 | 83,740 | ||
Plexus Corp.* | 28,505 | 1,174,691 | ||
QLogic Corp.* | 18,214 | 242,610 | ||
Rofin-Sinar Technologies, Inc.* | 8,702 | 250,357 | ||
Rogers Corp.* | 4,113 | 334,963 | ||
Sanmina Corp.* | 119,526 | 2,812,447 | ||
ScanSource, Inc.* | 34,948 | 1,403,512 | ||
Super Micro Computer, Inc.* | 20,277 | 707,262 | ||
SYNNEX Corp. | 88,499 | 6,917,082 | ||
TTM Technologies, Inc.* | 86,652 | 652,490 | ||
ViaSat, Inc.* | 9,934 | 626,140 | ||
Total Technology Hardware & Equipment | 29,725,353 | |||
Telecommunication Services—0.6% | ||||
8x8, Inc.* | 7,096 | 64,999 | ||
Atlantic Tele-Network, Inc. | 2,250 | 152,077 | ||
Cincinnati Bell, Inc.* | 201,540 | 642,913 | ||
Consolidated Communications Holdings, Inc.(a) | 10,885 | 302,930 | ||
General Communication, Inc., Class A* | 33,619 | 462,261 | ||
Lumos Networks Corp. | 5,825 | 97,976 | ||
NTELOS Holdings Corp.(a) | 55,508 | 232,579 | ||
Spok Holdings, Inc. | 5,770 | 100,167 | ||
Total Telecommunication Services | 2,055,902 |
Investments | Shares | Value | ||||
Transportation—3.9% | ||||||
Allegiant Travel Co. | 3,753 | $ | 564,188 | |||
ArcBest Corp. | 26,813 | 1,243,319 | ||||
Atlas Air Worldwide Holdings, Inc.* | 18,165 | 895,534 | ||||
Celadon Group, Inc. | 15,898 | 360,726 | ||||
Forward Air Corp. | 7,135 | 359,390 | ||||
Heartland Express, Inc. | 15,269 | 412,416 | ||||
Hub Group, Inc., Class A* | 47,079 | 1,792,768 | ||||
Knight Transportation, Inc. | 15,008 | 505,169 | ||||
Matson, Inc. | 22,738 | 784,916 | ||||
Roadrunner Transportation Systems, Inc.* | 36,190 | 845,037 | ||||
Saia, Inc.* | 10,735 | 594,290 | ||||
SkyWest, Inc. | 131,837 | 1,750,795 | ||||
UTi Worldwide, Inc.* | 193,535 | 2,335,967 | ||||
Total Transportation | 12,444,515 | |||||
Utilities—2.7% | ||||||
ALLETE, Inc. | 10,040 | 553,605 | ||||
American States Water Co. | 6,380 | 240,271 | ||||
Avista Corp. | 21,717 | 767,696 | ||||
El Paso Electric Co. | 11,480 | 459,889 | ||||
Laclede Group, Inc. | 14,414 | 766,825 | ||||
New Jersey Resources Corp. | 31,142 | 1,905,890 | ||||
Northwest Natural Gas Co.(a) | 7,830 | 390,717 | ||||
NorthWestern Corp. | 10,702 | 605,519 | ||||
Piedmont Natural Gas Co., Inc. | 18,474 | 728,060 | ||||
South Jersey Industries, Inc. | 6,776 | 399,310 | ||||
Southwest Gas Corp. | 16,832 | 1,040,386 | ||||
UIL Holdings Corp. | 18,240 | 794,170 | ||||
Total Utilities | 8,652,338 | |||||
Total Common Stocks | ||||||
(Cost $274,427,641) | 323,118,139 | |||||
INVESTMENT OF CASH COLLATERAL | ||||||
FOR SECURITIES LOANED—5.9% | ||||||
Dreyfus Institutional Preferred | ||||||
Money Market Fund—Prime | ||||||
Shares, 0.06% (b) | ||||||
(Cost $18,983,098) | 18,983,098 | 18,983,098 | ||||
Total Investments—106.2% | ||||||
(Cost $293,410,739) | 342,101,237 | |||||
Liabilities in Excess of Other Assets—(6.2)% | (19,891,769 | ) | ||||
Net Assets—100.0% | $ | 322,209,468 |
PLC – Public Limited Company
REIT – Real Estate Investment Trust
* Non-income producing security
(a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $17,616,330; total market value of the collateral held by the fund was $18,983,098. |
(b) | Rate shown represents annualized 7-day yield as of December 31, 2014. |
The accompanying notes are an integral part of these financial statements.
20 |
SCHEDULE OF INVESTMENTS
REVENUE SHARES FINANCIALS SECTOR FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
COMMON STOCKS—100.1% | ||||
Banks—32.3% | ||||
Bank of America Corp. | 136,948 | $ | 2,450,000 | |
BB&T Corp. | 6,298 | 244,929 | ||
Citigroup, Inc. | 40,496 | 2,191,239 | ||
Comerica, Inc. | 1,381 | 64,686 | ||
Fifth Third Bancorp | 7,893 | 160,820 | ||
Huntington Bancshares, Inc. | 6,870 | 72,272 | ||
JPMorgan Chase & Co. | 40,932 | 2,561,525 | ||
KeyCorp | 7,725 | 107,377 | ||
M&T Bank Corp. | 912 | 114,565 | ||
PNC Financial Services Group, Inc. | 4,395 | 400,956 | ||
Regions Financial Corp. | 13,111 | 138,452 | ||
SunTrust Banks, Inc. | 5,113 | 214,235 | ||
U.S. Bancorp | 11,417 | 513,194 | ||
Wells Fargo & Co. | 38,651 | 2,118,848 | ||
Zions Bancorporation | 1,950 | 55,595 | ||
Total Banks | 11,408,693 | |||
Capital Markets—11.5% | ||||
Affiliated Managers Group, Inc.* | 299 | 63,460 | ||
Ameriprise Financial, Inc. | 2,255 | 298,224 | ||
Bank of New York Mellon Corp. | 9,419 | 382,129 | ||
BlackRock, Inc. | 767 | 274,248 | ||
Charles Schwab Corp. | 4,929 | 148,806 | ||
E*TRADE Financial Corp.* | 2,098 | 50,887 | ||
Franklin Resources, Inc. | 3,651 | 202,156 | ||
Goldman Sachs Group, Inc. | 5,260 | 1,019,546 | ||
Invesco Ltd. | 3,098 | 122,433 | ||
Legg Mason, Inc. | 1,278 | 68,207 | ||
Morgan Stanley | 24,772 | 961,154 | ||
Northern Trust Corp. | 1,586 | 106,896 | ||
State Street Corp. | 3,274 | 257,009 | ||
T. Rowe Price Group, Inc. | 1,107 | 95,047 | ||
Total Capital Markets | 4,050,202 | |||
Consumer Finance—5.1% | ||||
American Express Co. | 9,250 | 860,620 | ||
Capital One Financial Corp. | 6,963 | 574,796 | ||
Discover Financial Services | 3,706 | 242,706 | ||
Navient Corp. | 6,437 | 139,103 | ||
Total Consumer Finance | 1,817,225 | |||
Diversified Financial Services—15.2% | ||||
Berkshire Hathaway, Inc., Class B* | 31,064 | 4,664,259 | ||
CME Group, Inc. | 789 | 69,945 | ||
Intercontinental Exchange, Inc. | 409 | 89,690 | ||
Leucadia National Corp. | 12,635 | 283,277 | ||
McGraw Hill Financial, Inc. | 1,358 | 120,835 | ||
Moody’s Corp. | 809 | 77,510 | ||
NASDAQ OMX Group, Inc. | 1,732 | 83,067 | ||
Total Diversified Financial Services | 5,388,583 | |||
Insurance—31.2% | ||||
ACE Ltd. | 4,110 | 472,157 | ||
Aflac, Inc. | 9,381 | 573,085 | ||
Allstate Corp. | 12,283 | 862,881 | ||
American International Group, Inc. | 29,050 | 1,627,090 | ||
AON PLC | 2,957 | 280,412 | ||
Assurant, Inc. | 3,644 | 249,359 | ||
Chubb Corp. | 3,239 | 335,139 |
Investments | Shares | Value | |||
Cincinnati Financial Corp. | 2,276 | $ | 117,965 | ||
Genworth Financial, Inc., Class A* | 28,735 | 244,248 | |||
Hartford Financial Services Group, Inc. | 11,596 | 483,437 | |||
Lincoln National Corp. | 5,560 | 320,645 | |||
Loews Corp. | 8,771 | 368,557 | |||
Marsh & McLennan Cos., Inc. | 5,335 | 305,375 | |||
MetLife, Inc. | 32,984 | 1,784,105 | |||
Principal Financial Group, Inc. | 4,833 | 251,026 | |||
Progressive Corp. | 16,823 | 454,053 | |||
Prudential Financial, Inc. | 12,649 | 1,144,229 | |||
Torchmark Corp. | 1,768 | 95,773 | |||
Travelers Cos., Inc. | 6,171 | 653,200 | |||
Unum Group | 7,602 | 265,158 | |||
XL Group PLC | 4,778 | 164,220 | |||
Total Insurance | 11,052,114 | ||||
Real Estate Investment Trusts—4.0% | |||||
American Tower Corp. | 962 | 95,094 | |||
Apartment Investment & Management Co., Class A | 648 | 24,073 | |||
AvalonBay Communities, Inc. | 237 | 38,723 | |||
Boston Properties, Inc. | 429 | 55,208 | |||
Crown Castle International Corp. | 1,122 | 88,301 | |||
Equity Residential | 863 | 61,998 | |||
Essex Property Trust, Inc. | 105 | 21,693 | |||
General Growth Properties, Inc. | 2,217 | 62,364 | |||
HCP, Inc. | 1,151 | 50,679 | |||
Health Care REIT, Inc. | 1,019 | 77,108 | |||
Host Hotels & Resorts, Inc. | 5,413 | 128,667 | |||
Iron Mountain, Inc. | 1,973 | 76,276 | |||
Kimco Realty Corp. | 944 | 23,732 | |||
Macerich Co. (The) | 312 | 26,024 | |||
Plum Creek Timber Co., Inc. | 787 | 33,676 | |||
Prologis, Inc. | 992 | 42,686 | |||
Public Storage | 279 | 51,573 | |||
Simon Property Group, Inc. | 670 | 122,014 | |||
Ventas, Inc. | 969 | 69,477 | |||
Vornado Realty Trust | 559 | 65,800 | |||
Weyerhaeuser Co. | 5,352 | 192,083 | |||
Total Real Estate Investment Trusts | 1,407,249 | ||||
Real Estate Management & Development—0.6% | |||||
CBRE Group, Inc., Class A* | 6,029 | 206,493 | |||
Thrifts & Mortgage Finance—0.2% | |||||
Hudson City Bancorp, Inc. | 3,179 | 32,171 | |||
People’s United Financial, Inc. | 2,216 | 33,639 | |||
Total Thrifts & Mortgage Finance | 65,810 | ||||
Total Investments—100.1% | |||||
(Cost $28,647,476) | 35,396,369 | ||||
Liabilities in Excess of Other Assets—(0.1)% | (18,057 | ) | |||
Net Assets—100.0% | $ | 35,378,312 |
PLC – Public Limited Company
REIT – Real Estate Investment Trust
* | Non-income producing security |
The accompanying notes are an integral part of these financial statements.
21 |
SCHEDULE OF INVESTMENTS
REVENUE SHARES ADR FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
COMMON STOCKS—95.8% | ||||
Automobiles & Components—6.5% | ||||
Honda Motor Co. Ltd.(a)(b) | 14,652 | $ | 432,527 | |
Magna International, Inc. | 1,266 | 137,602 | ||
Toyota Motor Corp.(b) | 7,573 | 950,260 | ||
Total Automobiles & Components | 1,520,389 | |||
Banks—12.0% | ||||
Banco Bilbao Vizcaya Argentaria SA(b) 10,614 | 99,666 | |||
Banco Bradesco SA(b) | 23,277 | 311,214 | ||
Banco de Chile(b) | 249 | 17,166 | ||
Banco Santander Chile(b) | 864 | 17,038 | ||
Banco Santander SA(b) | 24,980 | 208,083 | ||
Bancolombia SA(b) | 535 | 25,616 | ||
Bank of Ireland*(a)(b) | 1,132 | 17,229 | ||
Bank of Montreal | 1,041 | 73,630 | ||
Bank of Nova Scotia | 1,880 | 107,310 | ||
Barclays PLC(b) | 11,095 | 166,536 | ||
Canadian Imperial Bank of Commerce | 698 | 59,993 | ||
Credicorp Ltd. | 114 | 18,261 | ||
HSBC Holdings PLC(b) | 5,695 | 268,975 | ||
ING Groep NV*(b) | 12,853 | 166,703 | ||
KB Financial Group, Inc.(b) | 1,691 | 55,160 | ||
Lloyds Banking Group PLC*(b) | 34,740 | 161,194 | ||
Mitsubishi UFJ Financial Group, Inc.(b) | 31,962 | 176,750 | ||
Mizuho Financial Group, Inc.(a)(b) | 30,903 | 105,070 | ||
Royal Bank of Canada | 1,907 | 131,717 | ||
Royal Bank of Scotland Group PLC*(b) 12,702 | 153,821 | |||
Shinhan Financial Group Co. Ltd.(b) | 1,714 | 69,229 | ||
Sumitomo Mitsui Financial Group, Inc.(b) | 18,664 | 135,874 | ||
Toronto-Dominion Bank | 2,480 | 118,494 | ||
Westpac Banking Corp.(a)(b) | 4,936 | 132,778 | ||
Total Banks | 2,797,507 | |||
Capital Goods—1.4% | ||||
ABB Ltd.*(a)(b) | 7,169 | 151,624 | ||
Embraer SA(a)(b) | 689 | 25,397 | ||
Koninklijke Philips NV | 3,934 | 114,086 | ||
Nidec Corp.(a)(b) | 1,864 | 30,215 | ||
Total Capital Goods | 321,322 | |||
Consumer Durables & Apparel—1.4% | ||||
Gildan Activewear, Inc. | 150 | 8,482 | ||
Luxottica Group S.p.A.(b) | 683 | 37,203 | ||
Sony Corp.(b) | 14,257 | 291,841 | ||
Total Consumer Durables & Apparel | 337,526 | |||
Consumer Services—0.3% | ||||
Carnival PLC(b) | 1,332 | 59,927 | ||
Intercontinental Hotels Group PLC(a)(b) | 179 | 7,169 | ||
Restaurant Brands International, Inc.*(a) 135 | 5,270 | |||
Total Consumer Services | 72,366 | |||
Diversified Financials—2.6% | ||||
Credit Suisse Group AG*(a)(b) | 5,733 | 143,784 | ||
Deutsche Bank AG | 6,921 | 207,768 | ||
Nomura Holdings, Inc.(a)(b) | 13,687 | 77,605 | ||
ORIX Corp.(a)(b) | 361 | 22,573 | ||
UBS AG*(a) | 8,522 | 140,869 | ||
Total Diversified Financials | 592,599 |
Investments | Shares | Value | ||
Energy—35.8% | ||||
BP PLC(b) | 31,682 | $ | 1,207,718 | |
Cameco Corp.(a) | 551 | 9,042 | ||
Canadian Natural Resources Ltd.(a) | 2,241 | 69,202 | ||
Cenovus Energy, Inc. | 4,047 | 83,449 | ||
China Petroleum & Chemical Corp.(a)(b) | 14,504 | 1,174,969 | ||
CNOOC Ltd.(a)(b) | 1,322 | 179,052 | ||
Ecopetrol SA(a)(b) | 9,072 | 155,313 | ||
Enbridge, Inc. | 2,640 | 135,722 | ||
Encana Corp. | 2,225 | 30,861 | ||
ENI S.p.A.(b) | 16,295 | 568,858 | ||
Imperial Oil Ltd. | 2,926 | 125,906 | ||
Pembina Pipeline Corp. | 641 | 23,339 | ||
PetroChina Co. Ltd.(a)(b) | 10,867 | 1,205,802 | ||
Royal Dutch Shell PLC, Class A(b) | 12,929 | 865,597 | ||
Royal Dutch Shell PLC, Class B(b) | 12,602 | 876,595 | ||
Statoil ASA(a)(b) | 22,673 | 399,271 | ||
Suncor Energy, Inc. | 5,084 | 161,569 | ||
Talisman Energy, Inc. | 3,535 | 27,679 | ||
Tenaris SA(b) | 1,319 | 39,847 | ||
Total SA(a)(b) | 16,539 | 846,797 | ||
TransCanada Corp. | 728 | 35,745 | ||
Ultrapar Participacoes SA(b) | 5,715 | 108,985 | ||
Total Energy | 8,331,318 | |||
Food & Staples Retailing—0.8% | ||||
Cencosud SA(a)(b) | 9,973 | 76,692 | ||
Delhaize Group SA(b) | 6,006 | 108,829 | ||
Total Food & Staples Retailing | 185,521 | |||
Food, Beverage & Tobacco—3.3% | ||||
Ambev SA(b) | 10,101 | 62,828 | ||
Anheuser-Busch InBev NV(b) | 1,540 | 172,973 | ||
BRF SA(b) | 2,317 | 54,102 | ||
British American Tobacco PLC(b) | 806 | 86,903 | ||
Diageo PLC(b) | 529 | 60,354 | ||
Fomento Economico Mexicano SAB de CV*(b) | 930 | 81,868 | ||
Unilever NV | 3,054 | 119,228 | ||
Unilever PLC(b) | 2,965 | 120,023 | ||
Total Food, Beverage & Tobacco | 758,279 | |||
Health Care Equipment & Services—0.7% | ||||
Catamaran Corp.* | 1,501 | 77,677 | ||
Fresenius Medical Care AG & Co. KGaA(b) | 1,520 | 56,453 | ||
Smith & Nephew PLC(a)(b) | 510 | 18,737 | ||
Total Health Care Equipment & Services | 152,867 | |||
Insurance—5.7% | ||||
Aegon NV, Class G | 26,613 | 199,598 | ||
Aviva PLC(a)(b) | 16,217 | 241,633 | ||
China Life Insurance Co. Ltd.(a)(b) | 4,778 | 280,516 | ||
Manulife Financial Corp. | 8,108 | 154,782 | ||
Prudential PLC(b) | 7,928 | 366,036 | ||
Sun Life Financial, Inc. | 2,183 | 78,719 | ||
Total Insurance | 1,321,284 |
The accompanying notes are an integral part of these financial statements.
22 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES ADR FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
Materials—6.7% | ||||
Agnico-Eagle Mines Ltd. | 296 | $ | 7,367 | |
Agrium, Inc. | 639 | 60,526 | ||
ArcelorMittal(a) | 27,364 | 301,825 | ||
Barrick Gold Corp. | 3,631 | 39,033 | ||
BHP Billiton Ltd.(a)(b) | 2,677 | 126,676 | ||
BHP Billiton PLC(b) | 3,031 | 130,333 | ||
Cemex SAB de CV*(b) | 5,691 | 57,991 | ||
Cia de Minas Buenaventura SA(b) | 464 | 4,436 | ||
Cia Siderurgica Nacional SA(a)(b) | 16,362 | 34,033 | ||
CRH PLC(b) | 4,036 | 96,904 | ||
Eldorado Gold Corp. | 648 | 3,940 | ||
Gerdau SA(b) | 22,131 | 78,565 | ||
Goldcorp, Inc. | 750 | 13,890 | ||
James Hardie Industries PLC(b) | 101 | 5,494 | ||
Kinross Gold Corp.* | 4,732 | 13,344 | ||
POSCO(b) | 3,500 | 223,335 | ||
Potash Corp. of Saskatchewan, Inc. | 705 | 24,901 | ||
Randgold Resources Ltd.(b) | 70 | 4,719 | ||
Rio Tinto PLC(a)(b) | 4,507 | 207,592 | ||
Silver Wheaton Corp. | 115 | 2,338 | ||
Sociedad Quimica y Minera de Chile SA(b) | 321 | 7,666 | ||
Southern Copper Corp. | 774 | 21,827 | ||
Syngenta AG(b) | 867 | 55,696 | ||
Teck Resources Ltd., Class B(a) | 2,608 | 35,573 | ||
Yamana Gold, Inc. | 1,697 | 6,822 | ||
Total Materials | 1,564,826 | |||
Media—1.1% | ||||
Grupo Televisa SAB*(b) | 602 | 20,504 | ||
Pearson PLC(b) | 1,622 | 29,926 | ||
Reed Elsevier NV(b) | 735 | 35,016 | ||
Reed Elsevier PLC(a)(b) | 525 | 35,726 | ||
Shaw Communications, Inc., Class B | 671 | 18,110 | ||
Thomson Reuters Corp. | 1,179 | 47,561 | ||
WPP PLC(a)(b) | 669 | 69,643 | ||
Total Media | 256,486 | |||
Pharmaceuticals, Biotechnology & Life Sciences—3.1% | ||||
AstraZeneca PLC(b) | 1,354 | 95,295 | ||
GlaxoSmithKline PLC(b) | 3,419 | 146,128 | ||
Novartis AG(b) | 2,179 | 201,906 | ||
Novo Nordisk A/S(b) | 1,288 | 54,508 | ||
QIAGEN NV* | 215 | 5,044 | ||
Sanofi(b) | 3,644 | 166,203 | ||
Shire PLC(b) | 100 | 21,254 | ||
Valeant Pharmaceuticals International, Inc.* | 210 | 30,053 | ||
Total Pharmaceuticals, Biotechnology & Life Sciences | 720,391 | |||
Real Estate—0.3% | ||||
Brookfield Asset Management, Inc., | ||||
Class A | 1,462 | 73,290 |
Investments | Shares | Value | ||
Semiconductors & Semiconductor Equipment—0.6% | ||||
ARM Holdings PLC(b) | 103 | $ | 4,769 | |
ASML Holding NV, Class G | 294 | 31,702 | ||
STMicroelectronics NV, Class Y(a) | 3,829 | 28,603 | ||
Taiwan Semiconductor Manufacturing Co. Ltd.(b) | 3,749 | 83,902 | ||
Total Semiconductors & Semiconductor Equipment | 148,976 | |||
Software & Services—0.5% | ||||
CGI Group, Inc., Class A* | 1,010 | 38,542 | ||
SAP SE(b) | 1,250 | 87,062 | ||
Total Software & Services | 125,604 | |||
Technology Hardware & Equipment—2.0% | ||||
Alcatel-Lucent*(b) | 19,983 | 70,940 | ||
BlackBerry Ltd.* | 3,248 | 35,663 | ||
Canon, Inc.(b) | 4,046 | 128,096 | ||
Kyocera Corp.(b) | 1,163 | 53,289 | ||
Nokia OYJ(b) | 7,818 | 61,449 | ||
Telefonaktiebolaget LM Ericsson(b) | 10,452 | 126,469 | ||
Total Technology Hardware & Equipment | 475,906 | |||
Telecommunication Services—9.7% | ||||
America Movil SAB de CV, Class L(b) | 11,022 | 244,468 | ||
BCE, Inc. | 1,565 | 71,771 | ||
BT Group PLC(b) | 1,652 | 102,407 | ||
China Mobile Ltd.(b) | 6,244 | 367,272 | ||
Chunghwa Telecom Co. Ltd.(a)(b) | 934 | 27,488 | ||
Nippon Telegraph & Telephone Corp.(b) | 15,270 | 391,065 | ||
NTT DoCoMo, Inc.(b) | 10,895 | 159,067 | ||
Orange SA(a)(b) | 12,125 | 205,155 | ||
Portugal Telecom SGPS SA(a)(b) | 4,960 | 5,258 | ||
Rogers Communications, Inc., Class B | 1,116 | 43,368 | ||
Telecom Italia S.p.A.*(b) | 8,332 | 87,819 | ||
Telefonica SA(b) | 17,113 | 243,176 | ||
TELUS Corp. | 1,102 | 39,716 | ||
Vodafone Group PLC(b) | 8,115 | 277,289 | ||
Total Telecommunication Services | 2,265,319 | |||
Transportation—0.6% | ||||
Canadian National Railway Co. | 607 | 41,829 | ||
Canadian Pacific Railway Ltd. | 122 | 23,508 | ||
Latam Airlines Group SA*(a)(b) | 4,142 | 49,621 | ||
Ryanair Holdings PLC*(b) | 356 | 25,372 | ||
Total Transportation | 140,330 | |||
Utilities—0.7% | ||||
Cia Energetica de Minas Gerais(b) | 5,804 | 28,846 | ||
CPFL Energia SA(b) | 1,895 | 25,715 | ||
Empresa Nacional de Electricidad SA(b) | 368 | 16,464 | ||
Enersis SA(b) | 2,884 | 46,231 | ||
National Grid PLC(b) | 470 | 33,210 | ||
TransAlta Corp.(a) | 984 | 8,915 | ||
Total Utilities | 159,381 | |||
Total Common Stocks | ||||
(Cost $22,626,806) | 22,321,487 |
The accompanying notes are an integral part of these financial statements.
23 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES ADR FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | |||
PREFERRED STOCKS—3.8% | |||||
Banks—1.1% | |||||
Itau Unibanco Holding SA(b) | 19,905 | $ | 258,964 | ||
Energy—1.9% | |||||
Petroleo Brasileiro SA(b) | 58,770 | 445,476 | |||
Materials—0.8% | |||||
Vale SA, Class A(a)(b) | 25,426 | 184,593 | |||
Total Preferred Stocks | |||||
(Cost $1,306,276) | 889,033 | ||||
INVESTMENT OF CASH COLLATERAL | |||||
FOR SECURITIES LOANED—21.1% | |||||
Dreyfus Institutional Preferred | |||||
Money Market Fund—Prime | |||||
Shares, 0.06%(c) | |||||
(Cost $4,905,552) | 4,905,552 | 4,905,552 | |||
Total Investments—120.7% | |||||
(Cost $28,838,634) | 28,116,072 | ||||
Liabilities in Excess of Other Assets—(20.7)% | (4,829,859 | ) | |||
Net Assets—100.0% | $ | 23,286,213 |
% of | |||||
Country | Value | Net Assets | |||
Australia | $ | 259,454 | 1.1 | % | |
Belgium | 281,802 | 1.2 | |||
Brazil | 1,618,718 | 6.9 | |||
Canada | 2,288,689 | 9.8 | |||
Chile | 230,878 | 1.0 | |||
China | 1,486,319 | 6.4 | |||
Colombia | 180,928 | 0.8 | |||
Denmark | 54,508 | 0.2 | |||
Finland | 61,449 | 0.3 | |||
France | 1,289,094 | 5.5 | |||
Germany | 351,284 | 1.5 | |||
Hong Kong | 1,721,293 | 7.4 | |||
Ireland | 166,254 | 0.7 | |||
Italy | 693,881 | 3.0 | |||
Japan | 2,954,233 | 12.7 | |||
Jersey Islands | 4,719 | 0.0 | † | ||
Luxembourg | 341,672 | 1.5 | |||
Mexico | 404,831 | 1.7 | |||
Netherlands | 2,413,568 | 10.4 | |||
Norway | 399,272 | 1.7 | |||
Peru | 22,696 | 0.1 | |||
Portugal | 5,258 | 0.0 | † | ||
South Korea | 347,724 | 1.5 | |||
Spain | 550,925 | 2.4 | |||
Sweden | 126,469 | 0.5 | |||
Switzerland | 722,481 | 3.1 | |||
Taiwan | 111,390 | 0.5 | |||
United Kingdom | 4,051,344 | 17.4 | |||
United States | 4,974,939 | 21.4 | |||
Total Investments | 28,116,072 | 120.7 | |||
Liabilities in Excess of | |||||
Other Assets | (4,829,859 | ) | (20.7 | ) | |
Net Assets | $ | 23,286,213 | 100.0 | % |
PLC – Public Limited Company
* | Non-income producing security |
† | Less than 0.05% |
(a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $4,808,318; total market value of the collateral held by the fund was $4,915,423. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $9,871. |
(b) | American Depositary Receipt |
(c) | Rate shown represents annualized 7-day yield as of December 31, 2014. |
The accompanying notes are an integral part of these financial statements.
24 |
SCHEDULE OF INVESTMENTS
REVENUE SHARES NAVELLIER OVERALL A-100 FUND
DECEMBER 31, 2014 (UNAUDITED )
Investments | Shares | Value | ||
COMMON STOCKS—119.8% | ||||
Automobiles & Components—0.5% | ||||
Gentherm, Inc.* | 943 | $ | 34,533 | |
Banks—1.5% | ||||
Bear State Financial, Inc.*(a) | 2,136 | 23,496 | ||
Credicorp Ltd. | 542 | 86,818 | ||
Total Banks | 110,314 | |||
Capital Goods—1.1% | ||||
AerCap Holdings NV* | 1,403 | 54,465 | ||
Douglas Dynamics, Inc. | 1,224 | 26,230 | ||
Total Capital Goods | 80,695 | |||
Commercial & Professional Services—1.5% | ||||
CTPartners Executive Search, Inc.* | 1,645 | 24,987 | ||
KAR Auction Services, Inc. | 1,446 | 50,104 | ||
Multi-Color Corp. | 614 | 34,028 | ||
Total Commercial & Professional Services | 109,119 | |||
Consumer Durables & Apparel—6.0% | ||||
NIKE, Inc., Class B | 3,767 | 362,197 | ||
Sequential Brands Group, Inc.* | 1,925 | 25,160 | ||
Skechers U.S.A., Inc., Class A* | 865 | 47,791 | ||
Total Consumer Durables & Apparel | 435,148 | |||
Consumer Services—3.5% | ||||
Domino’s Pizza, Inc. | 487 | 45,861 | ||
Marriott International, Inc., Class A | 2,337 | 182,356 | ||
TAL Education Group*(b) | 906 | 25,449 | ||
Total Consumer Services | 253,666 | |||
Food & Staples Retailing—10.5% | ||||
Kroger Co. (The) | 9,599 | 616,352 | ||
Pantry, Inc. (The)* | 3,712 | 137,566 | ||
Total Food & Staples Retailing | 753,918 | |||
Food, Beverage & Tobacco—2.9% | ||||
Calavo Growers, Inc. | 708 | 33,488 | ||
Cal-Maine Foods, Inc.(a) | 1,055 | 41,176 | ||
Keurig Green Mountain, Inc. | 584 | 77,319 | ||
Pinnacle Foods, Inc. | 1,539 | 54,327 | ||
Total Food, Beverage & Tobacco | 206,310 | |||
Health Care Equipment & Services—10.5% | ||||
Abaxis, Inc. | 451 | 25,630 | ||
Centene Corp.* | 1,911 | 198,457 | ||
Edwards Lifesciences Corp.* | 390 | 49,678 | ||
HCA Holdings, Inc.* | 6,060 | 444,744 | ||
IDEXX Laboratories, Inc.* | 278 | 41,219 | ||
Total Health Care Equipment & Services | 759,728 | |||
Insurance—3.1% | ||||
AmTrust Financial Services, Inc. | 1,211 | 68,119 | ||
Federated National Holding Co. | 1,015 | 24,522 | ||
United Insurance Holdings Corp. | 1,290 | 28,316 | ||
W.R. Berkley Corp. | 2,071 | 106,159 | ||
Total Insurance | 227,116 |
Investments | Shares | Value | ||
Materials—5.4% | ||||
Alcoa, Inc. | 19,660 | $ | 310,431 | |
Handy & Harman Ltd.* | 851 | 39,172 | ||
Headwaters, Inc.* | 2,432 | 36,456 | ||
Total Materials | 386,059 | |||
Pharmaceuticals, Biotechnology & Life Sciences—10.3% | ||||
Alexion Pharmaceuticals, Inc.* | 259 | 47,923 | ||
ANI Pharmaceuticals, Inc.* | 442 | 24,924 | ||
BioSpecifics Technologies Corp.* | 631 | 24,369 | ||
Depomed, Inc.* | 1,740 | 28,032 | ||
Gilead Sciences, Inc.* | 2,589 | 244,039 | ||
Hospira, Inc.* | 1,245 | 76,256 | ||
ICON PLC* | 800 | 40,792 | ||
Illumina, Inc.* | 244 | 45,038 | ||
Shire PLC(b) | 448 | 95,218 | ||
Taro Pharmaceutical Industries Ltd.* | 238 | 35,269 | ||
Zoetis, Inc. | 1,859 | 79,993 | ||
Total Pharmaceuticals, Biotechnology & Life Sciences | 741,853 | |||
Real Estate—9.9% | ||||
Acadia Realty Trust | 793 | 25,400 | ||
Chatham Lodging Trust | 880 | 25,494 | ||
Chimera Investment Corp. | 9,013 | 28,661 | ||
Corporate Office Properties Trust | 1,044 | 29,618 | ||
DiamondRock Hospitality Co. | 2,213 | 32,907 | ||
Extra Space Storage, Inc. | 529 | 31,021 | ||
Geo Group, Inc. (The) | 1,113 | 44,921 | ||
Health Care REIT, Inc. | 817 | 61,822 | ||
Healthcare Trust of America, Inc., Class A | 1,055 | 28,422 | ||
Highwoods Properties, Inc. | 706 | 31,262 | ||
Jones Lang LaSalle, Inc. | 594 | 89,058 | ||
LaSalle Hotel Properties | 901 | 36,463 | ||
Marcus & Millichap, Inc.* | 921 | 30,623 | ||
Mid-America Apartment Communities, Inc. | 477 | 35,622 | ||
New York Mortgage Trust, Inc.(a) | 3,528 | 27,201 | ||
Omega Healthcare Investors, Inc. | 756 | 29,537 | ||
SL Green Realty Corp. | 346 | 41,181 | ||
Sun Communities, Inc. | 486 | 29,384 | ||
UDR, Inc. | 1,042 | 32,114 | ||
Western Asset Mortgage Capital Corp. | 1,631 | 23,976 | ||
Total Real Estate | 714,687 | |||
Retailing—6.0% | ||||
Advance Auto Parts, Inc. | 802 | 127,742 | ||
Expedia, Inc. | 1,014 | 86,555 | ||
O’Reilly Automotive, Inc.* | 553 | 106,519 | ||
Ulta Salon Cosmetics & Fragrance, Inc.* 461 | 58,934 | |||
Vipshop Holdings Ltd.*(b) | 2,857 | 55,826 | ||
Total Retailing | 435,576 | |||
Semiconductors & Semiconductor Equipment—16.4% | ||||
Ambarella, Inc.*(a) | 552 | 27,998 | ||
Cascade Microtech, Inc.* | 1,737 | 25,378 | ||
Intel Corp. | 16,442 | 596,680 | ||
Lam Research Corp. | 1,007 | 79,895 | ||
RF Micro Devices, Inc.*(a) | 2,492 | 41,342 | ||
Silicon Motion Technology Corp.(b) | 1,050 | 24,833 |
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, 2014 (UNAUDITED )
Investments | Shares | Value | ||
Semiconductors & Semiconductor Equipment (continued) | ||||
Skyworks Solutions, Inc. | 730 | $ | 53,078 | |
Taiwan Semiconductor Manufacturing Co. Ltd.(b) | 13,230 | 296,087 | ||
TriQuint Semiconductor, Inc.* | 1,350 | 37,193 | ||
Total Semiconductors & Semiconductor Equipment | 1,182,484 | |||
Software & Services—5.5% | ||||
Bitauto Holdings Ltd.*(b) | 384 | 27,037 | ||
Dice Holdings, Inc.* | 2,559 | 25,616 | ||
Facebook, Inc., Class A* | 2,010 | 156,820 | ||
Net 1 UEPS Technologies, Inc.* | 2,761 | 31,475 | ||
Open Text Corp. | 774 | 45,093 | ||
Qualys, Inc.* | 690 | 26,048 | ||
Reis, Inc. | 1,068 | 27,950 | ||
TechTarget, Inc.* | 2,477 | 28,164 | ||
VASCO Data Security International, Inc.*(a) | 944 | 26,630 | ||
Total Software & Services | 394,833 | |||
Technology Hardware & Equipment—9.9% | ||||
Apple, Inc. | 5,457 | 602,344 | ||
F5 Networks, Inc.* | 335 | 43,706 | ||
Super Micro Computer, Inc.* | 1,311 | 45,728 | ||
SuperCom Ltd.* | 2,036 | 20,787 | ||
Total Technology Hardware & Equipment | 712,565 | |||
Telecommunication Services—2.5% | ||||
General Communication, Inc., Class A* 2,676 | 36,795 | |||
Inteliquent, Inc. | 1,428 | 28,032 | ||
PT Telekomunikasi Indonesia Persero Tbk(b) | 2,541 | 114,929 | ||
Total Telecommunication Services | 179,756 |
Investments | Shares | Value | |||
Transportation—6.5% | |||||
Knight Transportation, Inc. | 1,070 | $ | 36,016 | ||
Landstar System, Inc. | 795 | 57,661 | |||
Old Dominion Freight Line, Inc.* | 704 | 54,659 | |||
Union Pacific Corp. | 2,660 | 316,886 | |||
Total Transportation | 465,222 | ||||
Utilities—6.3% | |||||
Edison International | 2,803 | 183,540 | |||
PG&E Corp. | 4,179 | 222,490 | |||
Portland General Electric Co. | 1,219 | 46,115 | |||
Total Utilities | 452,145 | ||||
Total Common Stocks | |||||
(Cost $8,112,367) | 8,635,727 | ||||
INVESTMENT OF CASH COLLATERAL | |||||
FOR SECURITIES LOANED—2.5% | |||||
Dreyfus Institutional Preferred | |||||
Money Market Fund—Prime | |||||
Shares, 0.06% (c) | |||||
(Cost $181,231) | 181,231 | 181,231 | |||
Total Investments—122.3% | |||||
(Cost $8,293,598) | 8,816,958 | ||||
Liabilities in Excess of Other Assets—(22.3)% | (1,609,454 | ) | |||
Net Assets—100.0% | $ | 7,207,504 |
PLC – Public Limited Company
REIT – Real Estate Investment Trust
* | Non-income producing security |
(a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $173,769; total market value of the collateral held by the fund was $181,231. |
(b) | American Depositary Receipt |
(c) | Rate shown represents annualized 7-day yield as of December 31, 2014. |
The accompanying notes are an integral part of these financial statements.
26 |
SCHEDULE OF INVESTMENTS
REVENUESHARES ULTRA DIVIDEND FUND
DECEMBER 31, 2014 (UNAUDITED)
Investments | Shares | Value | ||
COMMON STOCKS—100.1% | ||||
Banks—1.0% | ||||
New York Community Bancorp, Inc. | 14,783 | $ | 236,528 | |
People’s United Financial, Inc. | 11,616 | 176,331 | ||
Valley National Bancorp | 9,419 | 91,458 | ||
Total Banks | 504,317 | |||
Commercial & Professional Services—3.0% | ||||
R.R. Donnelley & Sons Co. | 90,542 | 1,521,558 | ||
Consumer Durables & Apparel—1.5% | ||||
Mattel, Inc. | 24,710 | 764,651 | ||
Consumer Services—1.9% | ||||
Darden Restaurants, Inc. | 15,963 | 935,911 | ||
Diversified Financials—0.7% | ||||
CME Group, Inc. | 4,201 | 372,419 | ||
Energy—15.1% | ||||
Diamond Offshore Drilling, Inc.(a) | 10,611 | 389,530 | ||
Ensco PLC, Class A | 22,442 | 672,138 | ||
HollyFrontier Corp. | 65,085 | 2,439,386 | ||
Kinder Morgan, Inc. | 50,980 | 2,156,964 | ||
Noble Corp. PLC | 38,220 | 633,305 | ||
Transocean Ltd.(a) | 69,599 | 1,275,749 | ||
Total Energy | 7,567,072 | |||
Food, Beverage & Tobacco—12.4% | ||||
Altria Group, Inc. | 44,175 | 2,176,502 | ||
Lorillard, Inc. | 9,928 | 624,868 | ||
Philip Morris International, Inc. | 28,781 | 2,344,213 | ||
Reynolds American, Inc. | 16,117 | 1,035,840 | ||
Total Food, Beverage & Tobacco | 6,181,423 | |||
Insurance—2.2% | ||||
Mercury General Corp. | 6,817 | 386,320 | ||
Old Republic International Corp. | 47,713 | 698,041 | ||
Total Insurance | 1,084,361 | |||
Real Estate—6.4% | ||||
BioMed Realty Trust, Inc. | 3,866 | 83,274 | ||
Corporate Office Properties Trust | 2,493 | 70,726 | ||
Corrections Corp. of America | 5,577 | 202,668 | ||
HCP, Inc. | 5,980 | 263,299 | ||
Health Care REIT, Inc. | 5,296 | 400,748 | ||
Highwoods Properties, Inc. | 1,717 | 76,029 | ||
Home Properties, Inc. | 1,291 | 84,690 | ||
Hospitality Properties Trust | 6,764 | 209,684 | ||
Iron Mountain, Inc. | 10,549 | 407,824 | ||
Kimco Realty Corp. | 4,970 | 124,946 | ||
Mack-Cali Realty Corp. | 4,291 | 81,787 | ||
Mid-America Apartment Communities, Inc. | 1,646 | 122,923 | ||
National Retail Properties, Inc. | 1,371 | 53,976 | ||
Omega Healthcare Investors, Inc. | 1,539 | 60,129 | ||
Plum Creek Timber Co., Inc. | 4,134 | 176,894 | ||
Rayonier, Inc. | 5,622 | 157,079 | ||
Realty Income Corp. | 2,395 | 114,265 |
Investments | Shares | Value | |||
Senior Housing Properties Trust(a) | 4,461 | $ | 98,633 | ||
Ventas, Inc. | 4,995 | 358,142 | |||
Weingarten Realty Investors | 1,873 | 65,405 | |||
Total Real Estate | 3,213,121 | ||||
Semiconductors & Semiconductor Equipment—0.2% | |||||
Cypress Semiconductor Corp.*(a) | 6,433 | 91,863 | |||
Telecommunication Services—17.4% | |||||
AT&T, Inc. | 75,548 | 2,537,657 | |||
CenturyLink, Inc. | 59,680 | 2,362,134 | |||
Frontier Communications Corp. | 91,322 | 609,118 | |||
Verizon Communications, Inc. | 53,305 | 2,493,608 | |||
Windstream Holdings, Inc. | 85,820 | 707,157 | |||
Total Telecommunication Services | 8,709,674 | ||||
Utilities—38.3% | |||||
Ameren Corp. | 17,303 | 798,187 | |||
Consolidated Edison, Inc. | 24,999 | 1,650,184 | |||
Dominion Resources, Inc. | 21,561 | 1,658,041 | |||
Duke Energy Corp. | 29,384 | 2,454,739 | |||
Entergy Corp. | 17,686 | 1,547,171 | |||
FirstEnergy Corp. | 50,261 | 1,959,676 | |||
Hawaiian Electric Industries, Inc.(a) | 12,284 | 411,268 | |||
Integrys Energy Group, Inc. | 12,084 | 940,740 | |||
Pepco Holdings, Inc. | 22,503 | 606,006 | |||
PG&E Corp. | 39,800 | 2,118,952 | |||
PPL Corp. | 36,706 | 1,333,529 | |||
SCANA Corp. | 10,580 | 639,032 | |||
Southern Co. (The) | 47,427 | 2,329,140 | |||
TECO Energy, Inc. | 17,908 | 366,935 | |||
WGL Holdings, Inc. | 6,417 | 350,497 | |||
Total Utilities | 19,164,097 | ||||
Total Common Stocks | |||||
(Cost $47,564,305) | 50,110,467 | ||||
INVESTMENT OF CASH COLLATERAL | |||||
FOR SECURITIES LOANED—4.2% | |||||
Dreyfus Institutional Preferred | |||||
Money Market Fund—Prime | |||||
Shares, 0.06% (b) | |||||
(Cost $2,092,755) | 2,092,755 | 2,092,755 | |||
Total Investments—104.3% | |||||
(Cost $49,657,060) | 52,203,222 | ||||
Liabilities in Excess of Other Assets—(4.3)% | (2,143,734 | ) | |||
Net Assets—100.0% | $ | 50,059,488 |
PLC – Public Limited Company
REIT – Real Estate Investment Trust
* | Non-income producing security |
(a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $2,084,334; total market value of the collateral held by the fund was $2,185,589.The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $92,834. |
(b) | Rate shown represents annualized 7-day yield as of December 31, 2014. |
The accompanying notes are an integral part of these financial statements.
27 |
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2014 (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 | RevenueShares Ultra Dividend Fund | |||||||||||||
ASSETS: | |||||||||||||||||||
Investments at value | |||||||||||||||||||
(including securities | |||||||||||||||||||
on loan) (Note 5)1 | $ | 298,705,858 | $ | 226,007,073 | $ | 342,101,237 | $ | 35,396,369 | $ | 28,116,072 | $ | 8,816,958 | $ | 52,203,222 | |||||
Cash | 534,780 | 935,745 | 176,822 | 76,598 | 246,897 | 10,820 | 266,371 | ||||||||||||
Receivables: | |||||||||||||||||||
Expense | |||||||||||||||||||
reimbursement | |||||||||||||||||||
due from | |||||||||||||||||||
Adviser | — | — | — | — | 449 | 2,478 | — | ||||||||||||
Capital shares sold | 2,042,023 | — | — | — | — | — | — | ||||||||||||
Dividends | 388,013 | 133,209 | 264,272 | 27,974 | 31,069 | 17,028 | 139,541 | ||||||||||||
Investment securities | |||||||||||||||||||
sold | — | 887 | — | — | — | — | 708 | ||||||||||||
Securities lending | |||||||||||||||||||
income, net | |||||||||||||||||||
(Note 2) | 707 | 8,391 | 13,733 | — | 1,747 | 174 | 2,641 | ||||||||||||
Reclaims | — | — | — | — | 48,887 | 715 | — | ||||||||||||
Prepaid expenses | 4,238 | 3,336 | 8,017 | 594 | 94 | 167 | 491 | ||||||||||||
Total Assets | 301,675,619 | 227,088,641 | 342,564,081 | 35,501,535 | 28,445,215 | 8,848,340 | 52,612,974 | ||||||||||||
LIABILITIES: | |||||||||||||||||||
Payables: | |||||||||||||||||||
Investment of cash | |||||||||||||||||||
collateral for | |||||||||||||||||||
securities on | |||||||||||||||||||
loan (Note 2) | 697,582 | 12,963,425 | 18,983,098 | — | 4,905,552 | 181,231 | 2,092,755 | ||||||||||||
Investment securities | |||||||||||||||||||
purchased | 2,041,730 | — | — | — | — | — | — | ||||||||||||
Income Distributions | |||||||||||||||||||
(Note 7) | 1,144,489 | 511,003 | 589,271 | 86,877 | 219,778 | 14,540 | 397,271 | ||||||||||||
Capital Gains | |||||||||||||||||||
Distributions | |||||||||||||||||||
(Note 7) | 274,828 | 745,289 | 547,508 | — | — | 1,431,498 | 51,249 | ||||||||||||
Advisory fees (Note 3) | 85,313 | 67,397 | 96,536 | 3,929 | — | — | 6,845 | ||||||||||||
Compliance Officer | |||||||||||||||||||
fees | 297 | 4,606 | 5,978 | — | — | — | — | ||||||||||||
Trustee fees | 1,439 | 1,111 | 563 | 552 | 16 | 932 | — | ||||||||||||
Other accrued expenses | 165,828 | 131,617 | 131,659 | 31,865 | 33,656 | 12,635 | 5,366 | ||||||||||||
Total Liabilities | 4,411,506 | 14,424,448 | 20,354,613 | 123,223 | 5,159,002 | 1,640,836 | 2,553,486 | ||||||||||||
NET ASSETS | $ | 297,264,113 | $ | 212,664,193 | $ | 322,209,468 | $ | 35,378,312 | $ | 23,286,213 | $ | 7,207,504 | $ | 50,059,488 | |||||
NET ASSETS CONSIST OF: | |||||||||||||||||||
Paid-in capital | $ | 217,562,499 | $ | 163,813,323 | $ | 269,961,630 | $ | 29,466,536 | $ | 28,850,227 | $ | 6,507,265 | $ | 46,138,236 | |||||
Undistributed net | |||||||||||||||||||
investment income | |||||||||||||||||||
(loss) | (19,705 | ) | (4,527 | ) | (127,859 | ) | 3,034 | (116,506 | ) | 115 | 2,512 | ||||||||
Accumulated net realized | |||||||||||||||||||
gain (loss) on | |||||||||||||||||||
investments | (2,030,601 | ) | 14,611,738 | 3,685,199 | (840,151 | ) | (4,724,946 | ) | 176,764 | 1,372,578 | |||||||||
Net unrealized | |||||||||||||||||||
appreciation | |||||||||||||||||||
(depreciation) on | |||||||||||||||||||
investments | 81,751,920 | 34,243,659 | 48,690,498 | 6,748,893 | (722,562 | ) | 523,360 | 2,546,162 | |||||||||||
NET ASSETS | $ | 297,264,113 | $ | 212,664,193 | $ | 322,209,468 | $ | 35,378,312 | $ | 23,286,213 | $ | 7,207,504 | $ | 50,059,488 | |||||
Shares outstanding | |||||||||||||||||||
(unlimited number of | |||||||||||||||||||
shares of beneficial | |||||||||||||||||||
interest authorized, | |||||||||||||||||||
without par value) | 7,301,400 | 4,401,400 | 5,651,400 | 700,000 | 650,000 | 150,000 | 1,650,000 | ||||||||||||
Net asset value, | |||||||||||||||||||
per share | $ | 40.71 | $ | 48.32 | $ | 57.01 | $ | 50.54 | $ | 35.82 | $ | 48.05 | $ | 30.34 | |||||
Investment at cost | $ | 216,953,938 | $ | 191,763,414 | $ | 293,410,739 | $ | 28,647,476 | $ | 28,838,634 | $ | 8,293,598 | $ | 49,657,060 | |||||
1 Market value of | |||||||||||||||||||
securities on loan: | $ | 1,598,188 | $ | 12,829,909 | $ | 17,616,330 | $ | — | $ | 4,808,318 | $ | 173,769 | $ | 2,084,334 |
The accompanying notes are an integral part of these financial statements.
28 |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2014 (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 | RevenueShares Ultra Dividend Fund | |||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||||
Dividend income | $ | 2,760,154 | $ | 1,433,603 | $ | 1,641,740 | $ | 261,824 | $ | 339,409 | $ | 49,886 | $ | 766,789 | |||||||
Foreign withholding tax | (241 | ) | — | (395 | ) | — | (33,048 | ) | (2,092 | ) | — | ||||||||||
Securities lending | |||||||||||||||||||||
income, net (Note 2) | 3,663 | 46,732 | 59,361 | 181 | 9,537 | 2,151 | 8,747 | ||||||||||||||
Total Income | 2,763,576 | 1,480,335 | 1,700,706 | 262,005 | 315,898 | 49,945 | 775,536 | ||||||||||||||
EXPENSES: | |||||||||||||||||||||
Advisory fees (Note 3) | 595,604 | 532,048 | 736,824 | 76,057 | 68,663 | 25,265 | 74,433 | ||||||||||||||
BNY Fund Services fees | 161,603 | 134,085 | 144,098 | 26,895 | 28,802 | 8,207 | 26,787 | ||||||||||||||
Professional fees | 26,949 | 23,492 | 23,520 | 11,189 | 10,374 | 7,536 | 5,995 | ||||||||||||||
Compliance Officer fees | 16,100 | 16,139 | 20,834 | 2,353 | 4,657 | (1,495 | ) | (8,253 | ) | ||||||||||||
Printing and Postage | 15,761 | 13,719 | 22,704 | 2,070 | (4,068 | ) | 496 | (13,921 | ) | ||||||||||||
Trustees fees | 9,109 | 6,397 | 6,262 | 967 | 821 | 199 | 437 | ||||||||||||||
NYSE Listing fees | 7,735 | 7,750 | 7,720 | 7,816 | 7,820 | 7,840 | 13,122 | ||||||||||||||
NYSE Calculation fees | (2,521 | ) | (2,523 | ) | (2,521 | ) | (2,579 | ) | (2,523 | ) | (2,561 | ) | (1,892 | ) | |||||||
Other Expenses | 2,549 | 1,037 | 1,868 | 374 | 492 | 67 | (84 | ) | |||||||||||||
Total Expenses | 832,889 | 732,144 | 961,309 | 125,142 | 115,038 | 45,554 | 96,624 | ||||||||||||||
Less expense waivers | |||||||||||||||||||||
and reimbursements | |||||||||||||||||||||
(Note 3) | (184,884 | ) | (157,532 | ) | (166,168 | ) | (42,325 | ) | (58,963 | ) | (20,289 | ) | (15,574 | ) | |||||||
Net Expenses | 648,005 | 574,612 | 795,141 | 82,817 | 56,075 | 25,265 | 81,050 | ||||||||||||||
Net Investment Income | 2,115,571 | 905,723 | 905,565 | 179,188 | 259,823 | 24,680 | 694,486 | ||||||||||||||
NET REALIZED AND | |||||||||||||||||||||
UNREALIZED GAIN | |||||||||||||||||||||
(LOSS) ON | |||||||||||||||||||||
INVESTMENTS: | |||||||||||||||||||||
Net realized gain | |||||||||||||||||||||
(loss) on | |||||||||||||||||||||
investments | 227,763 | (848,315 | ) | (1,817,483 | ) | 137,465 | (470,129 | ) | 1,264,337 | (10,675 | ) | ||||||||||
Net realized gain on | |||||||||||||||||||||
in-kind redemptions | — | 16,758,146 | 7,869,230 | — | — | — | 1,458,403 | ||||||||||||||
Total net realized gain (loss) | 227,763 | 15,909,831 | 6,051,747 | 137,465 | (470,129 | ) | 1,264,337 | 1,447,728 | |||||||||||||
Net change in unrealized | |||||||||||||||||||||
appreciation | |||||||||||||||||||||
(depreciation) on | |||||||||||||||||||||
investments | 16,098,217 | (12,139,140 | ) | (657,281 | ) | 2,723,739 | (2,566,617 | ) | (767,003 | ) | 1,184,433 | ||||||||||
Net realized and | |||||||||||||||||||||
unrealized gain | |||||||||||||||||||||
(loss) on | |||||||||||||||||||||
investments | 16,325,980 | 3,770,691 | 5,394,466 | 2,861,204 | (3,036,746 | ) | 497,334 | 2,632,161 | |||||||||||||
Net Increase (Decrease) | |||||||||||||||||||||
in Net Assets | |||||||||||||||||||||
Resulting From | |||||||||||||||||||||
Operations | $ | 18,441,551 | $ | 4,676,414 | $ | 6,300,031 | $ | 3,040,392 | $ | (2,776,923 | ) | $ | 522,014 | $ | 3,326,647 |
The accompanying notes are an integral part of these financial statements.
29 |
STATEMENTS OF CHANGES IN NET ASSETS
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | ||||||||||||||||
Six Months Ended December 31, 2014 (Unaudited) | Year Ended June 30, 2014 | Six Months Ended December 31, 2014 (Unaudited) | Year Ended June 30, 2014 | Six Months Ended December 31, 2014 (Unaudited) | Year Ended June 30, 2014 | |||||||||||||
OPERATIONS: | ||||||||||||||||||
Net investment income | $ | 2,115,571 | $ | 3,348,387 | $ | 905,723 | $ | 1,308,165 | $ | 905,565 | $ | 1,189,594 | ||||||
Net realized gain on | ||||||||||||||||||
investments and in-kind | ||||||||||||||||||
redemptions | 227,763 | 21,792,185 | 15,909,831 | 19,575,638 | $ | 6,051,747 | 44,566,505 | |||||||||||
Net change in unrealized | ||||||||||||||||||
appreciation (depreciation) | ||||||||||||||||||
on investments | 16,098,217 | 18,478,534 | (12,139,140 | ) | 17,801,315 | (657,281 | ) | 9,172,255 | ||||||||||
Net increase in net assets | ||||||||||||||||||
resulting from operations | 18,441,551 | 43,619,106 | 4,676,414 | 38,685,118 | 6,300,031 | 54,928,354 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||
Net investment income | (3,153,591 | ) | (3,077,924 | ) | (1,265,822 | ) | (1,218,541 | ) | (1,254,897 | ) | (2,135,006 | ) | ||||||
Realized gains | (274,828 | ) | — | (745,289 | ) | (807,714 | ) | (547,508 | ) | (552,449 | ) | |||||||
Total distributions to | ||||||||||||||||||
shareholders | (3,428,419 | ) | (3,077,924 | ) | (2,011,111 | ) | (2,026,255 | ) | (1,802,405 | ) | (2,687,455 | ) | ||||||
SHAREHOLDER TRANSACTIONS: | ||||||||||||||||||
Proceeds from shares sold | 39,281,448 | 74,120,953 | 65,553,898 | 105,992,709 | 63,361,547 | 219,926,798 | ||||||||||||
Cost of shares redeemed | — | (53,717,762 | ) | (60,958,566 | ) | (60,813,115 | ) | (38,234,087 | ) | (133,024,559 | ) | |||||||
Net increase in net assets | ||||||||||||||||||
resulting from shareholder | ||||||||||||||||||
transactions | 39,281,448 | 20,403,191 | 4,595,332 | 45,179,594 | 25,127,460 | 86,902,239 | ||||||||||||
Increase in net assets | 54,294,580 | 60,944,373 | 7,260,635 | 81,838,457 | 29,625,086 | 139,143,138 | ||||||||||||
NET ASSETS: | ||||||||||||||||||
Beginning of period | 242,969,533 | 182,025,160 | 205,403,558 | 123,565,101 | 292,584,382 | 153,441,244 | ||||||||||||
End of period | $ | 297,264,113 | $ | 242,969,533 | $ | 212,664,193 | $ | 205,403,558 | $ | 322,209,468 | $ | 292,584,382 | ||||||
Undistributed net investment | ||||||||||||||||||
income (loss) included in | ||||||||||||||||||
net assets at end of period | $ | (19,705 | ) | $ | 1,018,315 | $ | (4,527) | $ 355,572 | $ | (127,859 | ) | $ | 221,473 | |||||
CHANGES IN SHARES OUTSTANDING: | ||||||||||||||||||
Shares outstanding, beginning | ||||||||||||||||||
of period | 6,301,400 | 5,801,400 | 4,301,400 | 3,251,400 | 5,201,400 | 3,501,400 | ||||||||||||
Shares sold | 1,000,000 | 2,050,000 | 1,400,000 | 2,450,000 | 1,150,000 | 4,250,000 | ||||||||||||
Shares redeemed | — | (1,550,000 | ) | (1,300,000 | ) | (1,400,000 | ) | (700,000 | ) | (2,550,000 | ) | |||||||
Shares outstanding, | ||||||||||||||||||
end of period | 7,301,400 | 6,301,400 | 4,401,400 | 4,301,400 | 5,651,400 | 5,201,400 |
The accompanying notes are an integral part of these financial statements.
30 |
STATEMENTS OF CHANGES IN NET ASSETS — concluded
RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | RevenueShares Ultra Dividend Fund | |||||||||||||||||||||
Six Months Ended December 31, 2014 (Unaudited) | Year Ended June 30, 2014 | Six Months Ended December 31, 2014 (Unaudited) | Year Ended June 30, 2014 | Six Months Ended December 31, 2014 (Unaudited) | Year Ended June 30, 2014 | Six Months Ended December 31, 2014 (Unaudited) | For the Period September 30, 20131 to June 30, 2014 | |||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||
Net investment | ||||||||||||||||||||||||
income | $ | 179,188 | $ | 322,549 | $ | 259,823 | $ | 794,802 | $ | 24,680 | $ | 58,273 | $ | 694,486 | $ | 359,022 | ||||||||
Net realized gain | ||||||||||||||||||||||||
(loss) on investments | ||||||||||||||||||||||||
and in-kind | ||||||||||||||||||||||||
redemptions | 137,465 | 3,369,006 | (470,129 | ) | 507,978 | 1,264,337 | 701,355 | 1,447,728 | (23,901 | ) | ||||||||||||||
Net change in | ||||||||||||||||||||||||
unrealized | ||||||||||||||||||||||||
appreciation | ||||||||||||||||||||||||
(depreciation) on | ||||||||||||||||||||||||
investments | 2,723,739 | 1,401,893 | (2,566,617 | ) | 3,966,961 | (767,003 | ) | 948,999 | 1,184,433 | 1,361,729 | ||||||||||||||
Net increase (decrease) | ||||||||||||||||||||||||
in net assets | ||||||||||||||||||||||||
resulting from | ||||||||||||||||||||||||
operations | 3,040,392 | 5,093,448 | (2,776,923 | ) | 5,269,741 | 522,014 | 1,708,627 | 3,326,647 | 1,696,850 | |||||||||||||||
DISTRIBUTIONS TO | ||||||||||||||||||||||||
SHAREHOLDERS FROM: | ||||||||||||||||||||||||
Net investment income | (239,309 | ) | (296,193 | ) | (679,055 | ) | (758,211 | ) | (42,212 | ) | (119,412 | ) | (872,682 | ) | (178,314 | ) | ||||||||
Realized gains | — | — | — | — | (1,431,498 | ) | — | (51,249 | ) | — | ||||||||||||||
Total distributions to | ||||||||||||||||||||||||
shareholders | (239,309 | ) | (296,193 | ) | (679,055 | ) | (758,211 | ) | (1,473,710 | ) | (119,412 | ) | (923,931 | ) | (178,314 | ) | ||||||||
SHAREHOLDER | ||||||||||||||||||||||||
TRANSACTIONS: | ||||||||||||||||||||||||
Proceeds from shares sold | — | 10,649,165 | 3,742,017 | — | — | — | 42,122,981 | 21,457,458 | ||||||||||||||||
Cost of shares redeemed | — | (12,378,478 | ) | — | (5,628,988 | ) | — | — | (17,442,203 | ) | — | |||||||||||||
Net increase (decrease) | ||||||||||||||||||||||||
in net assets resulting | ||||||||||||||||||||||||
from shareholder | ||||||||||||||||||||||||
transactions | — | (1,729,313 | ) | 3,742,017 | (5,628,988 | ) | — | — | 24,680,778 | 21,457,458 | ||||||||||||||
Increase (Decrease) in | ||||||||||||||||||||||||
net assets | 2,801,083 | 3,067,942 | 286,039 | (1,117,458 | ) | (951,696 | ) | 1,589,215 | 27,083,494 | 22,975,994 | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||
Beginning of period | 32,577,229 | 29,509,287 | 23,000,174 | 24,117,632 | 8,159,200 | 6,569,985 | 22,975,994 | — | ||||||||||||||||
End of period | $ | 35,378,312 | $ | 32,577,229 | $ | 23,286,213 | $ | 23,000,174 | $ | 7,207,504 | $ | 8,159,200 | $ | 50,059,488 | $ | 22,975,994 | ||||||||
Undistributed net | ||||||||||||||||||||||||
investment income | ||||||||||||||||||||||||
(loss) included in | ||||||||||||||||||||||||
net assets at end | ||||||||||||||||||||||||
of period | $ | 3,034 | $ | 63,155 | $ | (116,506 | ) | $ | 302,726 | $ | 115 | $ | 17,647 | $ | 2,512 | $ | 180,708 | |||||||
CHANGES IN SHARES | ||||||||||||||||||||||||
OUTSTANDING: | ||||||||||||||||||||||||
Shares outstanding, | ||||||||||||||||||||||||
beginning of period | 700,000 | 750,000 | 550,000 | 700,000 | 150,000 | 150,000 | 800,000 | — | ||||||||||||||||
Shares sold | — | 250,000 | 100,000 | — | — | — | 1,450,000 | 800,000 | ||||||||||||||||
Shares redeemed | — | (300,000 | ) | — | (150,000 | ) | — | — | (600,000 | ) | — | |||||||||||||
Shares outstanding, | ||||||||||||||||||||||||
end of period | 700,000 | 700,000 | 650,000 | 550,000 | 150,000 | 150,000 | 1,650,000 | 800,000 |
1 Commencement of operations
The accompanying notes are an integral part of these financial statements.
31 |
FINANCIAL HIGHLIGHTS
REVENUE SHARES LARGE CAP FUND
For a share outstanding throughout each period presented.
Six-Months Ended | ||||||||||||||||||
December 31, 2014 | Year Ended June 30, | |||||||||||||||||
(Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating | ||||||||||||||||||
Performance: | ||||||||||||||||||
Net asset value, beginning | ||||||||||||||||||
of period | $ | 38.56 | $ | 31.38 | $ | 25.20 | $ | 25.00 | $ | 19.40 | $ | 16.63 | ||||||
Net investment income1 | 0.32 | 0.59 | 0.54 | 2 | 0.41 | 0.39 | 0.29 | |||||||||||
Net realized and unrealized | ||||||||||||||||||
gain on investments | 2.34 | 7.13 | 6.17 | 0.213 | 5.57 | 2.74 | ||||||||||||
Total gain from investment | ||||||||||||||||||
operations | 2.66 | 7.72 | 6.71 | 0.62 | 5.96 | 3.03 | ||||||||||||
Less Distributions from: | ||||||||||||||||||
Net investment income | (0.47 | ) | (0.54 | ) | (0.53 | ) | (0.42 | ) | (0.36 | ) | (0.26 | ) | ||||||
Realized gains | (0.04 | ) | — | — | — | — | — | |||||||||||
Total distributions | (0.51 | ) | (0.54 | ) | (0.53 | ) | (0.42 | ) | (0.36 | ) | (0.26 | ) | ||||||
Net asset value, end of period | $ | 40.71 | $ | 38.56 | $ | 31.38 | $ | 25.20 | $ | 25.00 | $ | 19.40 | ||||||
Total Return at Net Asset Value4 | 6.93 | % | 24.84 | % | 26.98 | % | 2.59 | % | 30.97 | % | 18.21 | % | ||||||
Total Return at Market Value4 | 6.95 | % | 25.10 | % | 28.86 | % | 2.57 | % | 30.94 | % | 17.99 | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||||
Net assets, end of period | ||||||||||||||||||
(000’s) omitted | $ | 297,264 | $ | 242,970 | $ | 182,025 | $ | 156,284 | $ | 201,301 | $ | 138,721 | ||||||
Ratio to average net assets of: | ||||||||||||||||||
Expenses, net of expense | ||||||||||||||||||
waivers and reimbursements | 0.49 | %5 | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||
Expenses, prior to expense | ||||||||||||||||||
waivers and reimbursements | 0.63 | %5 | 0.68 | % | 0.71 | % | 0.75 | % | 0.73 | % | 0.85 | % | ||||||
Net investment income, net of | ||||||||||||||||||
waivers and reimbursements | 1.60 | %5 | 1.66 | % | 1.93 | %2 | 1.72 | % | 1.68 | % | 1.44 | % | ||||||
Portfolio turnover rate6 | 13.87 | % | 11.98 | % | 23.47 | % | 29.05 | % | 12.73 | % | 6.72 | % |
1 | Based on average daily shares outstanding. |
2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.02 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.85%. |
3 | The amount of net gain from securities (both realized and unrealized) per share does not accord with the amounts reported in the Statement of Operations due to the timing of purchases and redemptions of Fund shares during the year. |
4 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE |
Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. | |
5 | Annualized for periods less than one year. |
6 | Portfolio turnover rate is not annualized 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.
32 |
FINANCIAL HIGHLIGHTS — continued
REVENUE SHARES MID CAP FUND
For a share outstanding throughout each period presented.
Six-Months Ended | ||||||||||||||||||
December 31, 2014 | Year Ended June 30, | |||||||||||||||||
(Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning | ||||||||||||||||||
of period | $ | 47.75 | $ | 38.00 | $ | 29.88 | $ | 31.69 | $ | 23.04 | $ | 18.84 | ||||||
Net investment income1 | 0.20 | 0.34 | 0.39 | 2 | 0.23 | 0.18 | 0.17 | |||||||||||
Net realized and unrealized gain | ||||||||||||||||||
(loss) on investments | 0.82 | 9.97 | 8.18 | (1.15 | ) | 8.64 | 4.18 | |||||||||||
Total gain (loss) from investment | ||||||||||||||||||
operations | 1.02 | 10.31 | 8.57 | (0.92 | ) | 8.82 | 4.35 | |||||||||||
Less Distributions from: | ||||||||||||||||||
Net investment income | (0.28 | ) | (0.34 | ) | (0.31 | ) | (0.22 | ) | (0.17 | ) | (0.15 | ) | ||||||
Realized gains | (0.17 | ) | (0.22 | ) | (0.14 | ) | (0.67 | ) | — | — | ||||||||
Total distributions | (0.45 | ) | (0.56 | ) | (0.45 | ) | (0.89 | ) | (0.17 | ) | (0.15 | ) | ||||||
Net asset value, end of period | $ | 48.32 | $ | 47.75 | $ | 38.00 | $ | 29.88 | $ | 31.69 | $ | 23.04 | ||||||
Total Return at Net Asset Value3 | 2.15 | % | 27.28 | % | 28.95 | % | (2.72 | )% | 38.40 | % | 23.07 | % | ||||||
Total Return at Market Value3 | 2.59 | % | 27.14 | % | 29.25 | % | (2.80 | )% | 38.42 | % | 22.86 | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||||
Net assets, end of period | ||||||||||||||||||
(000’s) omitted | $ | 212,664 | $ | 205,404 | $ | 123,565 | $ | 122,557 | $ | 144,235 | $ | 100,270 | ||||||
Ratio to average net assets of: | ||||||||||||||||||
Expenses, net of expense | ||||||||||||||||||
waivers and reimbursements | 0.54 | %4 | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | ||||||
Expenses, prior to expense | ||||||||||||||||||
waivers and reimbursements | 0.69 | %4 | 0.73 | % | 0.80 | % | 0.82 | % | 0.81 | % | 0.89 | % | ||||||
Net investment income, net of | ||||||||||||||||||
waivers and reimbursements | 0.85 | %4 | 0.78 | % | 1.17 | %2 | 0.77 | % | 0.61 | % | 0.71 | % | ||||||
Portfolio turnover rate5 | 5.45 | % | 24.19 | % | 44.42 | % | 55.02 | % | 38.03 | % | 14.51 | % |
1 | Based on average daily shares outstanding. |
2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.05 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.03%. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE |
Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. | |
4 | Annualized for periods less than one year. |
5 | Portfolio turnover rate is not annualized 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.
33 |
FINANCIAL HIGHLIGHTS — continued
REVENUE SHARES SMALL CAP FUND
For a share outstanding throughout each period presented.
Six-Months Ended | ||||||||||||||||||
December 31, 2014 | Year Ended June 30, | |||||||||||||||||
(Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning | ||||||||||||||||||
of period | $56.25 | $43.82 | $33.71 | $34.47 | $25.41 | $20.04 | ||||||||||||
Net investment income1 | 0.17 | 0.26 | 0.38 | 2 | 0.20 | 0.14 | 0.07 | |||||||||||
Net realized and unrealized gain | ||||||||||||||||||
(loss) on investments | 0.92 | 12.81 | 10.22 | (0.81 | ) | 9.06 | 5.35 | |||||||||||
Total gain (loss) from investment | ||||||||||||||||||
operations | 1.09 | 13.07 | 10.60 | (0.61 | ) | 9.20 | 5.42 | |||||||||||
Less Distributions from: | ||||||||||||||||||
Net investment income | (0.23 | ) | (0.52 | ) | (0.35 | ) | (0.15 | ) | (0.14 | ) | (0.05 | ) | ||||||
Realized gains | (0.10 | ) | (0.12 | ) | (0.14 | ) | — | — | — | |||||||||
Total distributions | (0.33 | ) | (0.64 | ) | (0.49 | ) | (0.15 | ) | (0.14 | ) | (0.05 | ) | ||||||
Net asset value, end of period | $57.01 | $56.25 | $43.82 | $33.71 | $34.47 | $25.41 | ||||||||||||
Total Return at Net Asset Value3 | 1.95 | % | 30.03 | % | 31.74 | % | (1.75 | )% | 36.26 | % | 27.07 | % | ||||||
Total Return at Market Value3 | 2.12 | % | 30.38 | % | 31.53 | % | (1.67 | )% | 36.10 | % | 26.88 | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||||
Net assets, end of period | ||||||||||||||||||
(000’s) omitted | $322,209 | $292,584 | $153,441 | $109,601 | $131,017 | $109,319 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||
Expenses, net of expense | ||||||||||||||||||
waivers and reimbursements | 0.54 | %4 | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | ||||||
Expenses, prior to expense | ||||||||||||||||||
waivers and reimbursements | 0.65 | %4 | 0.72 | % | 0.79 | % | 0.84 | % | 0.83 | % | 0.89 | % | ||||||
Net investment income, net of | ||||||||||||||||||
waivers and reimbursements | 0.61 | %4 | 0.51 | % | 0.99 | %2 | 0.61 | % | 0.44 | % | 0.25 | % | ||||||
Portfolio turnover rate5 | 10.82 | % | 10.69 | % | 39.39 | % | 47.80 | % | 33.72 | % | 16.33 | % |
1 | Based on average daily shares outstanding. |
2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.12 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.69% |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE |
Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. | |
4 | Annualized for periods less than one year. |
5 | Portfolio turnover rate is not annualized 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.
34 |
FINANCIAL HIGHLIGHTS — continued
REVENUE SHARES FINANCIALS SECTOR FUND
For a share outstanding throughout each period presented.
Six-Months Ended | ||||||||||||||||||
December 31, 2014 | Year Ended June 30, | |||||||||||||||||
(Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning | ||||||||||||||||||
of period | $46.54 | $39.35 | $27.62 | $29.70 | $27.30 | $22.36 | ||||||||||||
Net investment income1 | 0.26 | 0.45 | 0.38 | 2 | 0.26 | 0.46 | 0.15 | |||||||||||
Net realized and unrealized gain | ||||||||||||||||||
(loss) on investments | 4.08 | 7.17 | 11.71 | (2.05 | ) | 2.41 | 4.96 | |||||||||||
Total gain (loss) from investment | ||||||||||||||||||
operations | 4.34 | 7.62 | 12.09 | (1.79 | ) | 2.87 | 5.11 | |||||||||||
Less Distributions from: | ||||||||||||||||||
Net investment income | (0.34 | ) | (0.43 | ) | (0.36 | ) | (0.29 | ) | (0.47 | ) | (0.17 | ) | ||||||
Net asset value, end of period | $50.54 | $46.54 | $39.35 | $27.62 | $29.70 | $27.30 | ||||||||||||
Total Return at Net Asset Value3 | 9.35 | % | 19.44 | % | 44.09 | % | (5.95 | )% | 10.40 | % | 22.87 | % | ||||||
Total Return at Market Value3 | 9.40 | % | 19.32 | % | 44.24 | % | (5.93 | )% | 10.29 | % | 23.00 | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||||
Net assets, end of period | ||||||||||||||||||
(000’s) omitted | $35,378 | $32,577 | $29,509 | $9,667 | $11,880 | $24,572 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||
Expenses, net of expense | ||||||||||||||||||
waivers and reimbursements | 0.49 | %4 | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||
Expenses, prior to expense | ||||||||||||||||||
waivers and reimbursements | 0.74 | %4 | 0.80 | % | 1.03 | % | 1.29 | % | 1.03 | % | 1.11 | % | ||||||
Net investment income, net of | ||||||||||||||||||
waivers and reimbursements | 1.06 | %4 | 1.03 | % | 1.12 | %2 | 0.98 | % | 1.52 | % | 0.51 | % | ||||||
Portfolio turnover rate5 | 5.14 | % | 13.27 | % | 20.20 | % | 26.17 | % | 15.99 | % | 1.76 | % |
1 | Based on average daily shares outstanding. |
2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.004 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.11%. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE |
Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. | |
4 | Annualized for periods less than one year. |
5 | Portfolio turnover rate is not annualized 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.
35 |
FINANCIAL HIGHLIGHTS — continued
REVENUE SHARES ADR FUND
For a share outstanding throughout each period presented.
Six-Months Ended | ||||||||||||||||||
December 31, 2014 | Year Ended June 30, | |||||||||||||||||
(Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning | ||||||||||||||||||
of period | $41.82 | $34.45 | $31.81 | $39.84 | $30.74 | $30.09 | ||||||||||||
Net investment income1 | 0.45 | 1.33 | 0.97 | 2 | 1.00 | 0.96 | 1.07 | |||||||||||
Net realized and unrealized gain | ||||||||||||||||||
(loss) on investments | (5.28 | ) | 7.24 | 2.47 | (7.47 | ) | 9.01 | 0.40 | ||||||||||
Total gain (loss) from investment | ||||||||||||||||||
operations | (4.83 | ) | 8.57 | 3.44 | (6.47 | ) | 9.97 | 1.47 | ||||||||||
Less Distributions from: | ||||||||||||||||||
Net investment income | (1.17 | ) | (1.20 | ) | (0.80 | ) | (1.33 | ) | (0.87 | ) | (0.68 | ) | ||||||
Realized gains | — | — | — | (0.23 | ) | — | (0.14 | ) | ||||||||||
Total distributions | (1.17 | ) | (1.20 | ) | (0.80 | ) | (1.56 | ) | (0.87 | ) | (0.82 | ) | ||||||
Net asset value, end of period | $35.82 | $41.82 | $34.45 | $31.81 | $39.84 | $30.74 | ||||||||||||
Total Return at Net Asset Value3 | (11.76 | )% | 25.38 | % | 10.87 | % | (16.30 | )% | 32.89 | % | 4.64 | % | ||||||
Total Return at Market Value3 | (11.72 | )% | 25.39 | % | 10.76 | % | (16.32 | )% | 32.90 | % | 4.55 | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||||
Net assets, end of period | ||||||||||||||||||
(000’s) omitted | $23,286 | $23,000 | $24,118 | $36,587 | $71,716 | $47,641 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||
Expenses, net of expense | ||||||||||||||||||
waivers and reimbursements | 0.49 | %4 | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||
Expenses, prior to expense | ||||||||||||||||||
waivers and reimbursements | 1.01 | %4 | 1.04 | % | 1.06 | % | 1.05 | % | 0.99 | % | 1.08 | % | ||||||
Net investment income, net of | ||||||||||||||||||
waivers and reimbursements | 2.27 | %4 | 3.47 | % | 2.83 | %2 | 2.97 | % | 2.55 | % | 3.06 | % | ||||||
Portfolio turnover rate5 | 12.10 | % | 21.31 | % | 21.02 | % | 35.04 | % | 37.11 | % | 45.80 | % |
1 | Based on average daily shares outstanding. |
2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.003 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 2.82%. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE |
Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. | |
4 | Annualized for periods less than one year. |
5 | Portfolio turnover rate is not annualized 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.
36 |
FINANCIAL HIGHLIGHTS — continued
REVENUE SHARES NAVELLIER OVERALL A-100 FUND
For a share outstanding throughout each period presented.
Six-Months Ended | ||||||||||||||||||
December 31, 2014 | Year Ended June 30, | |||||||||||||||||
(Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning | ||||||||||||||||||
of period | $54.39 | $43.80 | $37.93 | $41.98 | $29.68 | $27.52 | ||||||||||||
Net investment income1 | 0.16 | 0.39 | 0.86 | 2 | 0.44 | 0.39 | 0.10 | |||||||||||
Net realized and unrealized gain | ||||||||||||||||||
(loss) on investments | 3.32 | 11.00 | 5.49 | (3.67 | ) | 12.32 | 2.61 | |||||||||||
Total gain (loss) from investment | ||||||||||||||||||
operations | 3.48 | 11.39 | 6.35 | (3.23 | ) | 12.71 | 2.71 | |||||||||||
Less Distributions from: | ||||||||||||||||||
Net investment income | (0.28 | ) | (0.80 | ) | (0.48 | ) | (0.38 | ) | (0.41 | ) | (0.07 | ) | ||||||
Realized gains | (9.54 | ) | — | — | (0.44 | ) | — | (0.48 | ) | |||||||||
Total distributions | (9.82 | ) | (0.80 | ) | (0.48 | ) | (0.82 | ) | (0.41 | ) | (0.55 | ) | ||||||
Net asset value, end of period | $48.05 | $54.39 | $43.80 | $37.93 | $41.98 | $29.68 | ||||||||||||
Total Return at Net Asset Value3 | 6.11 | % | 26.37 | % | 16.79 | % | (7.61 | )% | 43.05 | % | 9.70 | % | ||||||
Total Return at Market Value3 | 6.34 | % | 26.61 | % | 16.77 | % | (7.93 | )% | 43.22 | % | 9.81 | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||||
Net assets, end of period | ||||||||||||||||||
(000’s) omitted | $7,208 | $8,159 | $6,570 | $7,585 | $10,496 | $10,388 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||
Expenses, net of expense | ||||||||||||||||||
waivers and reimbursements | 0.60 | %4 | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||
Expenses, prior to expense | ||||||||||||||||||
waivers and reimbursements | 1.08 | %4 | 1.37 | % | 1.43 | % | 1.42 | % | 1.60 | % | 1.40 | % | ||||||
Net investment income, net of | ||||||||||||||||||
waivers and reimbursements | 0.59 | %4 | 0.79 | % | 2.05 | %2 | 1.18 | % | 1.06 | % | 0.32 | % | ||||||
Portfolio turnover rate5 | 152.39 | % | 142.40 | % | 224.74 | % | 154.06 | % | 190.44 | % | 182.12 | % |
1 | Based on average daily shares outstanding. |
2 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.06 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.91%. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE |
Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. | |
4 | Annualized for periods less than one year. |
5 | Portfolio turnover rate is not annualized 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.
37 |
FINANCIAL HIGHLIGHTS — concluded
REVENUE SHARES ULTRA DIVIDEND FUND
For a share outstanding throughout each period presented.
Six-Months Ended December 31, 2014 (Unaudited) | For the Period September 30, 20131 Through June 30, 2014 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 28.72 | $ | 24.87 | ||||||
Net investment income2 | 0.61 | 0.91 | ||||||||
Net realized and unrealized gain on investments | 1.82 | 3.39 | ||||||||
Total gain from investment operations | 2.43 | 4.30 | ||||||||
Less Distributions from: | ||||||||||
Net investment income | (0.78 | ) | (0.45 | ) | ||||||
Realized gains | (0.03 | ) | — | |||||||
Total distributions | (0.81 | ) | (0.45 | ) | ||||||
Net asset value, end of period | $ | 30.34 | $ | 28.72 | ||||||
Total Return at Net Asset Value3 | 8.62 | % | 17.46 | % | ||||||
Total Return at Market Value3 | 8.50 | % | 17.58 | % | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of period (000’s) omitted | $ | 50,059 | $ | 22,976 | ||||||
Ratio to average net assets of: | ||||||||||
Expenses, net of expense waivers and reimbursements | 0.49 | %4 | 0.49 | %4 | ||||||
Expenses, prior to expense waivers and reimbursements | 0.58 | %4 | 1.18 | %4 | ||||||
Net investment income, net of waivers and reimbursements | 4.20 | %4 | 4.57 | %4 | ||||||
Portfolio turnover rate5 | 5.37 | % | 37.43 | % |
1 | Commencement of operations. |
2 | Based on average daily shares outstanding. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE |
Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. | |
4 | Annualized for periods less than one year. |
5 | Portfolio turnover rate is not annualized 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.
38 |
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2014 (UNAUDITED )
1. ORGANIZ ATION
The RevenueShares ETF Trust (the “Trust”) was organized as a Delaware statutory trust on December 15, 2006 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), which, as of the date of this report, is comprised of seven active funds (collectively, the “Funds” and each individually a “Fund”). The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund are diversified funds under the Act, the RevenueShares Financials Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund are non-diversified. Operations commenced on February 22, 2008 for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, November 10, 2008 for the RevenueShares Financials Sector Fund, November 18, 2008 for the RevenueShares ADR Fund, January 21, 2009 for the RevenueShares Navellier Overall A-100 Fund and September 30, 2013 for RevenueShares Ultra Dividend Fund.
The objective of the RevenueShares Large Cap Fund is to outperform the total return performance of the S&P 500® Index. The objective of the RevenueShares Mid Cap Fund is to outperform the total return performance of the S&P MidCap 400® Index. The objective of the RevenueShares Small Cap Fund is to outperform the total return performance of the S&P SmallCap 600® Index. The objective of the RevenueShares Financials Sector Fund is to outperform the total return performance of the S&P 500® Financials Index. The objective of the RevenueShares ADR Fund is to outperform the total return performance of the S&P ADR Index. The objective of the RevenueShares Navellier Overall A-100 Fund is to outperform the total return performance of the Navellier Overall A-100 Index. The objective of the RevenueShares Ultra Dividend Fund is to outperform the total return performance of the S&P 900® Index.
Under the Funds’ organizational documents, its officers and trustees are indemnified by the Funds against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. Currently, the Funds expect the risk of loss to be remote.
2. SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The following summarizes the significant accounting policies of the Funds:
Investment Valuation — Securities traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ Official Closing Price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith and in accordance with procedures adopted by the Trust’s Board of Trustees (the “Board”).
The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon calculates each Fund’s NAV at the close of the regular trading session on the NYSE, ordinarily 4:00 p.m., Eastern time on each day that such exchange is open.
Investment Transactions — Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses on sales of investment securities are calculated using the identified cost method.
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, if any, are distributed at least annually.
Investment Income — Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the information is available if after 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.
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NOTES TO FINANCIAL STATEMENTS — continued
Securities Lending — Each Fund may lend securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of U.S. dollar cash and/or U.S. government securities, is maintained at all times. The cash collateral can be invested in a certain money market mutual fund, which may also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash invested in the money market mutual fund or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. Lending securities could result in a loss or delay in recovering the Fund’s securities if the borrower defaults.
The securities lending income earned by the Funds is disclosed on the Statements of Operations. The value of loaned securities and related collateral outstanding at December 31, 2014 are shown in the Schedules of Investments and Statements of Assets and Liabilities. The value of the collateral held may be temporarily less than that required under the lending contract. As of December 31, 2014, the collateral consisted of an institutional money market fund and U.S. Treasury Notes.
Master Netting Arrangements
A Fund’s security lending activities are governed by a Securities Lending Authorization Agreement (“Lending Agreement”) between the Fund and The Bank of New York Mellon. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each a “Borrower”). To mitigate borrower risk, a Fund typically receives from a Borrower, collateral in the form of U.S. dollar cash and/or U.S. government securities in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, a Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. A Fund is exposed to risk of loss if a Borrower defaults on its obligation to return borrowed securities and the lending agent fails to fulfill its guarantee to the Fund against that risk, and the value of the collateral a Fund received is insufficient to cover the market value of the securities loaned. Also, the lending agent is permitted to invest the cash collateral it receives from a Borrower into a money market fund which may be subject to market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy the Fund’s obligation to return the full amount owed to such Borrower.
For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of December 31, 2014, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting provisions in the Lending Agreement are detailed in the following table:
Assets | Liabilities | ||||||||||||||
Fund | Gross Amounts Presented in Statement of Assets and Liabilities | Gross Amounts Not Offset in Statement of Assets and Liabilities Collateral Received1 | Net Amount | Gross Amounts Presented in Statement of Assets and Liabilities | Gross Amounts Not Offset in Statement of Assets and Liabilities Collateral Received | Net Amount | |||||||||
RevenueShares Large Cap Fund | $ | 1,598,188 | $ | (697,582 | ) | $ | 900,606 | $ | — | $ | — | $ | — | ||
RevenueShares Mid Cap Fund | 12,829,909 | (12,829,909 | ) | — | — | — | — | ||||||||
RevenueShares Small Cap Fund | 17,616,330 | (17,616,330 | ) | — | — | — | — | ||||||||
RevenueShares Financials | |||||||||||||||
Sector Fund | — | — | — | — | — | — | |||||||||
RevenueShares ADR Fund | 4,808,318 | (4,808,318 | ) | — | — | — | — | ||||||||
RevenueShares Navellier | |||||||||||||||
Overall A-100 Fund | 173,769 | (173,769 | ) | — | — | — | — | ||||||||
RevenueShares Ultra Dividend Fund | 2,084,334 | (2,084,334 | ) | — | — | — | — |
1 | The amount of collateral presented is limited such that the net amount cannot be less than zero. |
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NOTES TO FINANCIAL STATEMENTS — continued
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.
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, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund pay the Adviser the following annualized fees:
Fund | Management Fees | Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement | ||
RevenueShares Large Cap Fund | 0.45 | % | 0.49 | % |
RevenueShares Mid Cap Fund | 0.50 | % | 0.54 | % |
RevenueShares Small Cap Fund | 0.50 | % | 0.54 | % |
RevenueShares Financials Sector Fund | 0.45 | % | 0.49 | % |
RevenueShares ADR Fund | 0.60 | % | 0.49 | % |
RevenueShares Navellier Overall A-100 Fund | 0.60 | % | 0.60 | % |
RevenueShares Ultra Dividend Fund | 0.45 | % | 0.49 | % |
The Trust and the Adviser have entered into a written fee waiver and expense reimbursement agreements pursuant to which the Adviser has agreed to waive all or a portion of its fees and/or reimburse expenses to the extent necessary to keep fund expenses (excluding any taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses) for the 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 and RevenueShares Ultra Dividend from exceeding the percentage of each Fund’s daily net assets in the above table. Amounts waived and/or reimbursed pursuant to these agreements are not subject to subsequent recapture by the Adviser. These agreements will remain in effect and will be contractually binding until October 28, 2015, after which they may be terminated or revised.
For the six months ended December 31, 2014, the Adviser waived and reimbursed the following fees:
Fund | Fees Waived and Reimbursed | |
RevenueShares Large Cap Fund | $184,884 | |
RevenueShares Mid Cap Fund | 157,532 | |
RevenueShares Small Cap Fund | 166,168 | |
RevenueShares Financials Sector Fund | 42,325 | |
RevenueShares ADR Fund | 58,963 | |
RevenueShares Navellier Overall A-100 Fund | 20,289 | |
RevenueShares Ultra Dividend Fund | 15,574 |
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 of the Sub-Adviser.
The Bank of New York Mellon serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
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NOTES TO FINANCIAL STATEMENTS — continued
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 its 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.
Neither the Distributor, FCS 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 are also officers of the Trust.
Licensing Fee Agreements — The Adviser has licensed each Fund to use certain trademarks that are owned by the Adviser. No fees were charged to the Funds for this license.
4. CREATION AND REDEMPTION TRANSACTIONS
As of December 31, 2014, 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 basket 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 Codification™ Topic 820, establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized various inputs in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels as follows:
Level 1 — quoted prices in active markets for identical securities
Level 2 — other significant observable inputs (including quoted prices in an active market for similar securities, the intrinsic value of securities such as rights, warrants or options, etc.)
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
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NOTES TO FINANCIAL STATEMENTS — continued
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of December 31, 2014 in valuing the Funds’ assets carried at fair value:
Quoted Prices in Active Markets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Fund | Common Stock | Preferred Stock | Money Market Funds | ||||||||||||
RevenueShares Large Cap Fund | $ | 298,008,276 | $ | — | $ | 697,582 | $ | — | $ | — | $ | 298,705,858 | |||
RevenueShares Mid Cap Fund | 213,043,648 | — | 12,963,425 | — | — | 226,007,073 | |||||||||
RevenueShares Small Cap Fund | 323,118,139 | — | 18,983,098 | — | — | 342,101,237 | |||||||||
RevenueShares Financials | |||||||||||||||
Sector Fund | 35,396,369 | — | — | — | — | 35,396,369 | |||||||||
RevenueShares ADR Fund | 22,321,487 | 889,033 | 4,905,552 | — | — | 28,116,072 | |||||||||
RevenueShares Navellier | |||||||||||||||
Overall A-100 Fund | 8,635,727 | — | 181,231 | — | — | 8,816,958 | |||||||||
RevenueShares Ultra | |||||||||||||||
Dividend Fund | 50,110,467 | — | 2,092,755 | — | — | 52,203,222 |
At December 31, 2014, the Funds did not hold any Level 2 or Level 3 securities during the period. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.
The Funds’ policy is to disclose transfers between Levels based on valuations at the beginning of the reporting period. At December 31, 2014, there were no transfers between Levels 1, 2, or 3, based on the valuation input Levels assigned to securities on June 30, 2014.
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, 2014 were as follows:
Fund | Purchases | Sales | ||
RevenueShares Large Cap Fund | $ | 37,478,183 | $ | 36,784,618 |
RevenueShares Mid Cap Fund | 53,205,856 | 11,517,039 | ||
RevenueShares Small Cap Fund | 61,108,647 | 31,851,484 | ||
RevenueShares Financials Sector Fund | 1,777,062 | 1,729,167 | ||
RevenueShares ADR Fund | 2,734,335 | 2,834,536 | ||
RevenueShares Navellier Overall A-100 Fund | 12,811,681 | 12,816,668 | ||
RevenueShares Ultra Dividend Fund | 17,087,757 | 1,824,605 |
For the six months ended December 31, 2014, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:
Fund | Purchases | Sales | ||
RevenueShares Large Cap Fund | $ | 39,198,219 | $ | — |
RevenueShares Mid Cap Fund | 14,082,105 | 51,419,213 | ||
RevenueShares Small Cap Fund | 24,807,321 | 28,564,201 | ||
RevenueShares Financials Sector Fund | — | |||
RevenueShares ADR Fund | 3,735,931 | — | ||
RevenueShares Navellier Overall A-100 Fund | — | — | ||
RevenueShares Ultra Dividend Fund | 26,037,678 | 16,726,767 |
Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.
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NOTES TO FINANCIAL STATEMENTS — continued
7. INCOME AND CAPITAL GAIN DISTRIBUTIONS
On December 26, 2014, the Funds declared quarterly income dividends with an ex-date of December 29, 2014 and payable date of January 5, 2015. The income and capital gain dividends per share for each Fund were as follows:
Fund | Income Dividend Per Share | Short-Term Capital Gain Dividend Per Share | Long-Term Capital Gain Dividend Per Share | |||
RevenueShares Large Cap Fund | $ | 0.15783 | $ | — | $ | 0.03790 |
RevenueShares Mid Cap Fund | 0.11610 | — | 0.16933 | |||
RevenueShares Small Cap Fund | 0.10427 | — | 0.09688 | |||
RevenueShares Financials Sector Fund | 0.12411 | — | — | |||
RevenueShares ADR Fund | 0.33812 | — | — | |||
RevenueShares Navellier Overall A-100 Fund | 0.09693 | 4.47594 | 5.06738 | |||
RevenueShares Ultra Dividend Fund | 0.24077 | 0.03106 | — |
8. TRUSTEE ’S FEES
The Trust compensates each Trustee who is not an officer or employee of the Adviser. No Trustee of the Trust who is also an officer or employee of the Adviser receives any compensation from the Trust for services to the Trust.
9. 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, 2014, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were as follows:
Fund | Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||||
RevenueShares Large Cap Fund | $ | 216,953,938 | $ | 82,342,606 | $ | (590,686 | ) | $ | 81,751,920 | |
RevenueShares Mid Cap Fund | 191,763,414 | 39,372,233 | (5,128,574 | ) | 34,243,659 | |||||
RevenueShares Small Cap Fund | 293,410,739 | 57,864,557 | (9,174,059 | ) | 48,690,498 | |||||
RevenueShares Financials Sector Fund | 28,647,476 | 6,858,624 | (109,731 | ) | 6,748,893 | |||||
RevenueShares ADR Fund | 28,838,634 | 2,034,786 | (2,757,348 | ) | (722,562 | ) | ||||
RevenueShares Navellier Overall A-100 Fund | 8,293,598 | 552,210 | (28,850 | ) | 523,360 | |||||
RevenueShares Ultra Dividend Fund | 49,657,060 | 3,574,782 | (1,028,620 | ) | 2,546,162 |
The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark to market of unrealized gains on passive foreign investment companies. At June 30, 2014, the components of accumulated earnings/loss on a tax-basis were as follows:
Fund | Undistributed Ordinary Income | Accumulated Undistributed Capital and Other Gain (Loss) | Net Unrealized Appreciation (Depreciation) | Total Accumulated Earnings/ (Loss) | ||||||
RevenueShares Large Cap Fund | $ | 1,000,489 | $ | 126,852 | $ | 63,561,141 | $ | 64,688,482 | ||
RevenueShares Mid Cap Fund | 353,659 | 745,247 | 45,086,661 | 46,185,567 | ||||||
RevenueShares Small Cap Fund | 342,291 | 308,710 | 47,099,211 | 47,750,212 | ||||||
RevenueShares Financials Sector Fund | 63,155 | (871,729 | ) | 3,919,267 | 3,110,693 | |||||
Revenueshares ADR Fund | 313,202 | (3,882,434 | ) | 1,461,196 | (2,108,036 | ) | ||||
RevenueShares Navellier Overall A-100 Fund | 17,647 | 347,583 | 1,286,705 | 1,651,935 | ||||||
RevenueShares Ultra Dividend Fund | 179,227 | (2,227 | ) | 1,341,536 | 1,518,536 |
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NOTES TO FINANCIAL STATEMENTS — continued
The tax character of distributions paid during the years ended June 30, 2014 and 2013 were as follows:
2014 | 2013 | |||||||||
Fund | Distributions Paid From Ordinary Income | Distributions Paid From Long-Term Capital Gains | Distributions Paid From Ordinary Income | Distributions Paid From Long-Term Capital Gains | ||||||
RevenueShares Large Cap Fund | $ | 3,077,924 | $ | — | $ | 3,079,803 | $ | — | ||
RevenueShares Mid Cap Fund | 1,218,541 | 807,714 | 1,079,897 | 460,723 | ||||||
RevenueShares Small Cap Fund | 2,135,006 | 552,449 | 1,209,977 | 437,626 | ||||||
RevenueShares Financials Sector Fund | 296,193 | — | 116,947 | — | ||||||
Revenueshares ADR Fund | 758,211 | — | 695,468 | — | ||||||
RevenueShares Navellier Overall A-100 Fund | 119,412 | — | 84,688 | — | ||||||
RevenueShares Ultra Dividend Fund | 178,314 | — | — | — |
At June 30, 2014, 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.
Fund | Capital Loss Available Through 2017 | Capital Loss Available Through 2018 | Capital Loss Available Through 2019 | Short-Term Post-Effective No Expiration | Long-Term Post-Effective No Expiration | Total | ||||||
RevenueShares Financials Sector Fund | $ | 52,317 | $ | 21,626 | $ | 78,535 | $ | — | $ | 719,251 | $ | 871,729 |
Revenueshares ADR Fund | — | — | — | 787,855 | 2,801,490 | 3,589,345 |
On December 22, 2010, the Regulated Investment Company (“RIC”) Modernization Act of 2010 ( the “Act”), The Act permits the Funds to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
Post-October losses represent losses realized on investment transactions from November 1, 2013 through June 30, 2014, 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 year ended June 30, 2014, the Funds incurred and will elect to defer net capital losses as follows:
Fund | Post-October Capital Losses | |
RevenueShares Large Cap Fund | $ | 147,970 |
RevenueShares Small Cap Fund | 238,769 | |
Revenueshares ADR Fund | 293,089 | |
RevenueShares Ultra Dividend Fund | 2,227 |
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NOTES TO FINANCIAL STATEMENTS — continued
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of redemptions in kind. Results of operations and net assets were not affected by these reclassifications. At June 30, 2014, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets as follows:
Fund | Undistributed Net Investment Income | Accumulated Net Realized Gain/(Loss) on Investments | Paid-in- Capital | |||||
RevenueShares Large Cap Fund | $ | (6,418 | ) | $ | (20,376,726 | ) | $ | 20,383,144 |
RevenueShares Mid Cap Fund | (6,349 | ) | (18,570,242 | ) | 18,576,591 | |||
RevenueShares Small Cap Fund | 806,545 | (44,840,727 | ) | 44,034,182 | ||||
RevenueShares Financials Sector Fund | — | (2,907,874 | ) | 2,907,874 | ||||
Revenueshares ADR Fund | 3,956 | (770,865 | ) | 766,909 | ||||
RevenueShares Navellier Overall A-100 Fund | (114 | ) | 114 | — | ||||
RevenueShares Ultra Dividend Fund | — | — | — |
Accounting principles generally accepted in the United States (“GAAP”) 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 Funds will recognize expenses accrued related to unrecognized interest expense and penalties in “Other” expense on the Statements of Operations. Management has determined that there is no impact resulting from the application of this interpretation to the Funds’ financial statements.
GAAP requires management of the Funds to analyze all open tax years, fiscal years 2010-2014, 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 year ended June 30, 2014, 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.
10. RISKS
Concentration Risk
The RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Ultra Dividend 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, RevenueShares Navellier Overall A-100 and RevenueShares Ultra Dividend Funds are non-diversified and, as a result, may have greater volatility than other diversified funds. Because a non-diversified fund may invest a larger percentage of its assets in securities of a single company than diversified funds, the performance of that company can have a substantial impact on a Fund’s Share price. Each Fund intends to maintain the required level of diversification so as to qualify as a “regulated investment company” for purposes of the Internal Revenue Code in order to avoid liability for Federal income tax to the extent that its earnings are distributed to shareholders. Compliance with diversification requirements of the Internal Revenue Code could limit the investment flexibility of a Fund.
Financials Sector Risk
The RevenueShares Financials Sector Fund is subject to Financials Sector risk. Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Government regulation may also adversely affect the scope of their activities and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Credit losses resulting from financial difficulties of borrowers and financial losses
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NOTES TO FINANCIAL STATEMENTS — concluded
associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition and/or rate regulation and adversely may be 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 American depositary receipts (“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.
Energy Industry Risk
The RevenueShares ADR Fund is subject to energy industry risk. Stock prices for energy companies are affected by supply and demand both for their specific product or service and for energy products in general. The price of oil and gas, exploration and production spending, government regulation, world events and economic conditions will likewise affect the performance of these companies. Energy companies may incur large cleanup and litigation costs relating to environmental damage such as oil spills.
Utilities Industry Risk
The RevenueShares Ultra Dividend Fund is subject to utilities industry risk. The utilities industry is subject to significant government regulation and oversight. Companies in the utilities industry may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with regulations, among other factors.
11. SUBSEQUENT EVENTS
On February 2, 2015, the Trust launched RevenueShares Global Growth Fund.
Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that, except as set forth above, there are no material events that would require disclosure in the Funds’ financial statements through this date.
47 |
BOARD APPROVAL OF INVESTMENT ADVISORY
AGREEMENTS
At the November 18, 2014 meeting (the “Meeting”) of the Board of Trustees (the “Board” or “Trustees”) 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) of the Trust (the “Independent Trustees”), approved (i) VTL Associates, LLC (the “Adviser”) as the investment adviser to the RevenueShares Global Growth Fund series of the Trust (the “New Fund”); (ii) the investment advisory agreement between the Trust and the Adviser (the “Investment Advisory Agreement”), on behalf of the New Fund; (iii) the Adviser to continue to serve as investment adviser to the 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 and RevenueShares Ultra Dividend Fund series of the Trust (each a “Renewing Fund” and, together with the New Fund, the “Funds”); and (iv) the continuation of the Investment Advisory Agreement, on behalf of each Renewing Fund. In addition, the Board, including the Independent Trustees, approved (i) Index Management Solutions, LLC (the “Sub-Adviser”) as the sub-adviser to the New Fund; (ii) the sub-advisory agreement between the Adviser and Sub-Adviser (the “Sub-Advisory Agreement” and, together with the Investment Advisory Agreement, the “Advisory Agreements”), on behalf of the New Fund; (iii) the Sub-Adviser to continue to serve as sub-adviser to each Renewing Fund; and (iv) the continuation of the Sub-Advisory Agreement, on behalf of each Renewing Fund. The New Fund commenced operations on February 2, 2015.
In connection with considering the approval of the Advisory Agreements on behalf of the New Fund and the continuation of the Advisory Agreements on behalf of the Renewing Funds, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. The Board, including the Independent Trustees, evaluated the terms of the Advisory Agreements, reviewed the information provided by the Adviser and Sub-Adviser in connection with the consideration of approving the Advisory Agreements on behalf of the New Fund and continuing the Advisory Agreements on behalf of the Renewing Funds and reviewed the duties and responsibilities of the Trustees in evaluating and approving the Advisory Agreements.
In considering whether to approve the Advisory Agreements on behalf of the New Fund and approve the continuation of the Advisory Agreements on behalf of the Renewing Funds for an additional year, the Board reviewed the materials provided for the Meeting by the Adviser and Sub-Adviser, including: (i) a copy of the Investment Advisory Agreement between the Trust and the Adviser and all amendments thereto; (ii) a copy of the Sub-Advisory Agreement between the Adviser and Sub-Adviser and all amendments thereto; (iii) information describing the nature, quality and extent of the services that the Adviser and Sub-Adviser provided and expect to provide to the Funds; (iv) information concerning the financial condition, businesses, operations and compliance programs of the Adviser and Sub-Adviser; and (v) a copy of the current Form ADV for each of the Adviser and Sub-Adviser. The Board also considered the information presented at Board meetings throughout the year. In addition, the Board received a report prepared by Lipper Inc. (“Lipper”), an independent third-party, comparing the advisory fees and expenses of the Funds and the performance of the Renewing Funds with the fees, expenses and performance of other exchange-traded funds (“ETFs”) with similar investment objectives and policies.
During its review of this information, the Board focused on and analyzed the factors that the Board deemed relevant, including: (i) the nature, quality and extent of the services provided and expected to be provided to each Fund by the Adviser and Sub-Adviser; (ii) the personnel and operations of the Adviser and Sub-Adviser; (iii) the investment performance of the Renewing Funds; (iv) the profitability (expected profitability with respect to the New Fund) to the Adviser and Sub-Adviser under the Investment Advisory Agreement and Sub-Advisory Agreement, respectively; (v) any “fall-out” benefits to the Adviser and Sub-Adviser (i.e., the ancillary benefits realized due to a relationship with the Trust); and (vi) possible conflicts of interest.
The Board, including the Independent Trustees, considered and discussed the following with respect to each Fund:
(a) The nature, extent, and quality of services provided and expected to be provided to the Funds by the Adviser and Sub-Adviser; Personnel and operations of the Adviser and Sub-Adviser. The Board reviewed the services that the Adviser and Sub-Adviser provided and expect to provide to the Funds. The Board 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 Sub-Adviser as sub-adviser to the Funds; responsibility for daily monitoring of tracking error and quarterly reporting to the Board; monitoring the Funds’ securities lending program; and implementation of Board directives as they relate to the Funds. The Board also noted the responsibilities that the Sub-Adviser has as the Funds’ sub-adviser, including implementation of the investment management program of each Fund, management of the day-to-day investment and reinvestment of the assets of each Fund, determining
48 |
BOARD APPROVAL OF INVESTMENT ADVISORY
AGREEMENTS — continued
daily baskets of deposit securities and cash components, executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis, and oversight of general portfolio compliance with relevant law.
The Board reviewed the Adviser’s and Sub-Adviser’s experience, resources and strengths in managing the Funds, including the Adviser’s and Sub-Adviser’s personnel. Based on their consideration and review of the foregoing information, the Board determined that the New Fund would likely benefit from and each Renewing Fund was likely to continue to benefit from the nature, quality and extent of these services, as well as the Adviser’s and Sub-Adviser’s ability to render such services based on their experience, personnel, operations and resources.
(b) Comparison of services provided and fees charged by the Adviser and Sub-Adviser and other investment advisers to similar clients. The Board 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 Board compared each Fund’s advisory fee and expense ratio to other investment companies considered to be in each Fund’s peer group as chosen by Lipper. The Board also considered that the sub-advisory fees paid by the Adviser to the Sub-Adviser pursuant to the Sub-Advisory Agreement were paid entirely by the Adviser. The Board noted that the Adviser has entered into (proposed to enter into with respect to the New Fund) written Fee Waiver and Expense Reimbursement Agreements (the “Expense Limitation Agreements”) 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 ADR Fund and RevenueShares Ultra Dividend Fund; from exceeding 0.54% of average daily net assets of each of the RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund; from exceeding 0.60% of average daily net assets of the RevenueShares Navellier Overall A-100 Fund; and from exceeding 0.70% of average daily net assets of the New Fund. The Board also received and considered information about the fee rates charged to other accounts and clients (including other ETFs) that are managed by the Adviser and Sub-Adviser, including information about the differences in services provided to the non-Fund clients.
With respect to the RevenueShares Large Cap Fund, the Board noted that the Fund’s actual advisory fee (including the fee waiver), contractual advisory fee and total expenses (including the fee waiver) were above the median of its Lipper peer group. With respect to the RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, the Board noted that each Fund’s contractual advisory fee was equal to the median of its respective Lipper peer group but the Fund’s actual advisory fee (including the fee waiver) and total expenses (including the fee waiver) were above the median of its respective Lipper peer group. With respect to the RevenueShares Financials Sector Fund, the Board noted that the Fund’s actual advisory fee (including the fee waiver) and total expenses (including the fee waiver) were equal to the median of its Lipper peer group but the Fund’s contractual advisory fee was above the median of its Lipper peer group. With respect to the RevenueShares ADR Fund, the Board noted that the Fund’s actual advisory fee (including the fee waiver) was equal to the median of its Lipper peer group but the Fund’s contractual advisory fee and total expenses (including the fee waiver) were above the median of its Lipper peer group. With respect to the RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund, the Board noted that each Fund’s actual advisory fee (including the fee waiver) was below the median of its respective Lipper peer group but the Fund’s contractual advisory fee and total expenses (including the fee waiver) were above the median of its respective Lipper peer group. With respect to the New Fund, the Board noted that the Fund’s contractual advisory fee and total expenses (including the fee waiver) were above the median of its Lipper peer group. To the extent that a Fund’s actual advisory fee (including the fee waiver), contractual advisory fee or total expenses (including the fee waiver) were above the median of its Lipper peer group, representatives from the Adviser explained and the Board considered the reasons for the higher fees or expenses.
After comparing each Fund’s fees with those of other funds in each Fund’s peer group and considering the information about fee rates charged to other accounts and clients managed by the Adviser and Sub-Adviser, and in light of the nature, quality and extent of services provided and expected to be provided by the Adviser and Sub-Adviser and the costs incurred (expected to be incurred with respect to the New Fund) by the Adviser and Sub-Adviser in rendering those services, the Board concluded that the level of fees paid to the Adviser and Sub-Adviser with respect to each Fund were fair and reasonable.
(c) The cost of the services provided (or to be provided) and the profits realized (or to be realized) by the Adviser and Sub-Adviser from the relationship with the Funds, the extent to which economies of scale would be realized as the New Fund grows and were realized as the Renewing Funds grew, and whether fee levels reflect such economies of scale; “Fall-out” benefits. The Board discussed with the representatives from the Adviser and Sub-Adviser the costs and profitability (expected costs and profitability with respect to the New Fund) of the Adviser
49 |
BOARD APPROVAL OF INVESTMENT ADVISORY
AGREEMENTS — concluded
and Sub-Adviser in connection with their serving as investment adviser and sub-adviser to each Fund, including operational costs. The Board reviewed the profitability and viability of the Adviser, including the month-by-month profitability information, and considered the Adviser���s decision to continue operating those Renewing Funds that have not yet gained traction in the market. The Board discussed economies of scale. As the New Fund had not yet commenced operations, the Board would address economies of scale for the New Fund when assets under management reached appropriate levels. The Board considered that the Renewing Funds were still not yet of a sufficient size to be experiencing economies of scale. The Board concluded that the profitability (expected profitability with respect to the New Fund) of the Adviser and Sub-Adviser, and the extent to which economies of scale were reflected in the Funds’ advisory fees, were reasonable for the New Fund and were reasonable for the Renewing Funds in relation to the performance and asset sizes of the Renewing Funds.
The Board also considered that the Adviser and Sub-Adviser may experience reputational “fall-out” benefits based on the success of the Funds, but that such benefits are not easily quantifiable. The Board also noted that the Trust’s service providers are not affiliated with the Adviser and Sub-Adviser, so that such services do not give rise to “fall-out” benefits for the Adviser and Sub-Adviser.
(d) Investment performance of the Renewing Funds. The Board considered the investment performance of the Renewing Funds, including tracking error. In particular, the Board considered the investment performance of the Renewing Funds relative to their stated objectives and the success of the Adviser and Sub-Adviser in reaching such objectives. The Board also considered each Renewing Fund’s investment performance compared to: (i) its corresponding revenue-weighted index that it seeks to track and (ii) the benchmark index that each Renewing Fund uses for comparison in its Prospectus and shareholder reports. In addition, consideration was given to tracking error data provided to the Board for the Meeting and throughout the year by the Adviser and Sub-Adviser. The Board also considered each Renewing Fund’s investment performance compared to the respective Renewing Fund’s Lipper peer group.
With respect to the RevenueShares Large Cap Fund, Revenue Shares Mid Cap Fund, RevenueShares Small Cap Fund and RevenueShares Financials Sector Fund, the Board considered that each Fund outperformed its respective Lipper performance universe average for the one-year, three-year, five-year and since-inception periods ended September 30, 2014. With respect to the RevenueShares ADR Fund, the Board considered that the Fund outperformed its Lipper performance universe average for the one-year, three-year and since-inception periods but underperformed its Lipper performance universe average for the five-year period ended September 30, 2014. With respect to the RevenueShares Navellier Overall A-100 Fund, the Board considered that the Fund outperformed its Lipper performance universe average for the one-year period but underperformed its Lipper performance universe average for the three-year, five-year and since-inception periods ended September 30, 2014. With respect to the RevenueShares Ultra Dividend Fund, the Board considered that the Fund underperformed its Lipper performance universe average for the since-inception period ended September 30, 2014. The Board discussed with the portfolio managers the reasons for the relative underperformance of the RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund for certain periods ended September 30, 2014.
The Board received and considered information about the premium/discount history of the Renewing Funds, which illustrated the number of times that the market price of the Renewing Funds trading on the secondary market closed above or below the net asset value of the Renewing Funds, and by how much, measured in basis points. The Board concluded that the performance of the Renewing Funds, including the tracking error, was reasonable in light of the respective investment objectives and policies of the Renewing Funds.
Conclusion. No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, such as the Expense Limitation Agreements, the Board concluded that the advisory fee rates and total expense ratios were reasonable in relation to the services provided and expected to be provided by the Adviser and Sub-Adviser to each Fund, as well as the costs incurred and benefits gained (expected costs incurred and benefits gained with respect to the New Fund) by the Adviser and Sub-Adviser in providing such services. The Board 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 Board concluded that the approval of the Investment Advisory Agreement between the Trust and the Adviser and the Sub-Advisory Agreement between the Adviser and Sub-Adviser on behalf of the New Fund, and the continuation of the Investment Advisory Agreement between the Trust and the Adviser and the Sub-Advisory Agreement between the Adviser and Sub-Adviser on behalf of the Renewing Funds, were in the best interests of each Fund.
50 |
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 1 (888) 854-8181. 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 the 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.revenueshares.com.
51 |
Investment Adviser
VTL Associates, LLC
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, Pennsylvania 19103
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
www.foreside.com
Custodian
The Bank of New York Mellon
101 Barclay Street
New York, New York 10286
Legal Counsel
Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, Pennsylvania 19103
Sub-Adviser
Index Management Solutions, LLC
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, Pennsylvania 19103
Transfer Agent
The Bank of New York Mellon
101 Barclay Street
New York, New York 10286
Independent Registered Public Accounting Firm
BBD, LLP
1835 Market Street, 26th Floor
Philadelphia, Pennsylvania 19103
RevenueSharessm 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-CSRS/0000891092-15-001857/e62759ncsrsx55x1.jpg)
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period 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 and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a)(1) | Not applicable. | |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |
(a)(3) | Not applicable. | |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | RevenueShares ETF Trust | |
By (Signature and Title)* | /s/ Vincent T. Lowry |
Vincent T. Lowry | |
Principal Executive Officer | |
Date | February 25, 2015 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Vincent T. Lowry |
Vincent T. Lowry | |
Principal Executive Officer | |
Date | February 25, 2015 |
By (Signature and Title)* | /s/ Michael Gompers |
Michael Gompers | |
Chief Financial Officer | |
Date | February 25, 2015 |
* Print the name and title of each signing officer under his or her signature.