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 | ||||||||
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RevenueShares ETF Trust | |||||||||
(Exact name of registrant as specified in charter) | |||||||||
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One Commerce Square, 2005 Market Street Suite 2020 Philadelphia, Pennsylvania |
| 19103 | |||||||
(Address of principal executive offices) |
| (Zip code) | |||||||
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Vincent T. Lowry One Commerce Square, 2005 Market Street Suite 2020 Philadelphia, Pennsylvania 19103 | |||||||||
(Name and address of agent for service) | |||||||||
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Registrant’s telephone number, including area code: | 1-877-738-8870 |
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Date of fiscal year end: | June 30 |
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Date of reporting period: | July 1, 2008 - December 31, 2008 |
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Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
RevenueSharesTM ETF Trust
Semi-Annual Report to Shareholders
December 31, 2008
www.RevenueSharesETFs.com | 877.738.8870
Table of Contents
Letter to Shareholders | 2 | ||||||
Shareholder Expense Examples | 3 | ||||||
Premium/Discount Summary Table | 4 | ||||||
Schedule of Investments Summary Table | 5 | ||||||
Schedules of Investments | |||||||
RevenueShares Large Cap Fund | 6 | ||||||
RevenueShares Mid Cap Fund | 11 | ||||||
RevenueShares Small Cap Fund | 16 | ||||||
RevenueShares Financials Sector Fund | 22 | ||||||
RevenueShares ADR Fund | 23 | ||||||
Statements of Assets and Liabilities | 26 | ||||||
Statements of Operations | 27 | ||||||
Statements of Changes in Net Assets | 28 | ||||||
Financial Highlights | 30 | ||||||
Notes to Financial Statements | 32 | ||||||
Supplemental Information | 37 | ||||||
1
Letter To Shareholders
(UNAUDITED)
January 30, 2009
Dear Shareholders,
Since RevenueShares ETFs first launched on February 22, 2008, the world wide equity markets have struggled the most since the early 1980s and 1990s. Both of these recessions and equity bear markets were preceded by rising oil and commodity prices and severe financial sector stresses. The recession we have experienced in 2008 is similar to these two previous periods, with the exception of the financial sector which seems more severe and may take longer to recover. Despite the recession and equity bear market, RevenueShares is determined to push ahead and make our Revenue Weighted products available to investors. As evidence, the RevenueShares Financials Sector Fund and RevenueShares ADR Fund began trading on November 13 and November 20, 2008, respectively. We are also very excited about the recent launch of the Navellier Overall A-100 Fund, which began trading on January 23, 2009.
We remain committed to our concept of improving known index returns by revenue weighting rather than capitalization weighting. And we understand the challenges present in the current markets, but believe that our strategies are well positioned to benefit as the economy begins to recover.
Sincerely,
Vincent T. Lowry
C.E.O. and Chief Investment Officer
VTL Associates, LLC
An investment in the Funds is subject to investment risk, including the possible loss of principal amount invested. Fund returns may not match the return of their respective Index, known as non-correlation risk, due to operating expenses incurred by the Fund. The alternative weighting approach employed by the Fund (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. The risks associated with each specific fund are detailed in the prospectus and could include factors such as increased volatility risk, small and medium capitalization stock risk, concentration risk, non-diversification risk, financials sector risk, American Depositary Receipt risk, currency exchange risk, foreign market risk, growth style investing risk, portfolio turnover risk, and/or special risks of exchange-traded funds.
RevenueShares Funds are not sponsored, endorsed, sold or promoted by Standard & Poor's. Standard & Poor's makes no representation regarding the advisability of investing in RevenueShares Funds.
The views in this letter were those of the Fund manager as of January 30, 2009 and may not necessarily reflect his views on the date this letter is first published or anytime thereafter. These views are intended to assist shareholders in understanding the Funds' present investment methodology and do not constitute investment advice.
2
Shareholder Expense Examples
(UNAUDITED)
As a shareholder of a RevenueShares ETF, you incur advisory fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2008 to December 31, 2008.
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 Period July 1, 2008 to December 31, 2008" 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 July 1, 2008 | Ending Account Value December 31, 2008 | Annualized Expense Ratio Based on the Period July 1, 2008 to December 31, 2008 | Expenses Paid During the Period July 1, 2008 to December 31, 2008 | ||||||||||||||||
RevenueShares Large Cap Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 705.00 | 0.49 | % | $ | 2.11 | † | ||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.74 | 0.49 | % | $ | 2.50 | † | ||||||||||
RevenueShares Mid Cap Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 664.50 | 0.54 | % | $ | 2.27 | † | ||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.48 | 0.54 | % | $ | 2.75 | † | ||||||||||
RevenueShares Small Cap Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 754.90 | 0.54 | % | $ | 2.39 | † | ||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.48 | 0.54 | % | $ | 2.75 | † | ||||||||||
RevenueShares Financials Sector Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 879.60 | 0.49 | % | $ | 0.63 | †† | ||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.74 | 0.49 | % | $ | 2.50 | † | ||||||||||
RevenueShares ADR Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,080.20 | 0.49 | % | $ | 0.59 | ††† | ||||||||||
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 ending account value for the period, multiplied by 184/365 (to reflect the six-month period).
†† Expenses are calculated using each Fund's annualized expense ratio, multiplied by the ending account value for the period, multiplied by 50/365 (to reflect the period since commencement of investment operations).
††† Expenses are calculated using each Fund's annualized expense ratio, multiplied by the ending account value for the period, multiplied by 42/365 (to reflect the period since commencement of investment operations).
3
Premium/Discount Summary Table
(UNAUDITED)
RevenueShares Large Cap Fund
Premium/Discount Range | Number of Days | % of Total Days | |||||||||
Less than -5.0% | 1 | 0.54 | % | ||||||||
Greater than -5.0% and less than -4.0% | 0 | 0.00 | |||||||||
Greater than -4.0% and less than -3.5% | 3 | 1.63 | |||||||||
Greater than -3.5% and less than -3.0% | 1 | 0.54 | |||||||||
Greater than -3.0% and less than -2.5% | 3 | 1.63 | |||||||||
Greater than -2.5% and less than -2.0% | 1 | 0.54 | |||||||||
Greater than -2.0% and less than -1.5% | 9 | 4.89 | |||||||||
Greater than -1.5% and less than -1.0% | 3 | 1.63 | |||||||||
Greater than -1.0% and less than -0.5% | 20 | 10.87 | |||||||||
Greater than -.05% and less than 0.0% | 65 | 35.34 | |||||||||
Greater than 0.0% and less than 0.5% | 36 | 19.57 | |||||||||
Greater than 0.5% and less than 1.0% | 16 | 8.70 | |||||||||
Greater than 1.0% and less than 1.5% | 9 | 4.89 | |||||||||
Greater than 1.5% and less than 2.0% | 3 | 1.63 | |||||||||
Greater than 2.0% and less than 2.5% | 6 | 3.26 | |||||||||
Greater than 2.5% and less than 3.0% | 3 | 1.63 | |||||||||
Greater than 3.0% and less than 3.5% | 1 | 0.54 | |||||||||
Greater than 3.5% and less than 4.0% | 1 | 0.54 | |||||||||
Greater than 4.0% and less than 5.0% | 0 | 0.00 | |||||||||
Greater than 5.0% | 3 | 1.63 | |||||||||
184 | 100.00 | % |
RevenueShares Financials Sector Fund
Premium/Discount Range | Number of Days | % of Total Days | |||||||||
Less than -5.0% | 6 | 11.53 | % | ||||||||
Greater than -5.0% and less than -4.0% | 1 | 1.92 | |||||||||
Greater than -4.0% and less than -3.5% | 3 | 5.77 | |||||||||
Greater than -3.5% and less than -3.0% | 0 | 0.00 | |||||||||
Greater than -3.0% and less than -2.5% | 5 | 9.62 | |||||||||
Greater than -2.5% and less than -2.0% | 1 | 1.92 | |||||||||
Greater than -2.0% and less than -1.5% | 2 | 3.85 | |||||||||
Greater than -1.5% and less than -1.0% | 5 | 9.62 | |||||||||
Greater than -1.0% and less than -0.5% | 0 | 0.00 | |||||||||
Greater than -.05% and less than 0.0% | 5 | 9.62 | |||||||||
Greater than 0.0% and less than 0.5% | 8 | 15.38 | |||||||||
Greater than 0.5% and less than 1.0% | 0 | 0.00 | |||||||||
Greater than 1.0% and less than 1.5% | 1 | 1.92 | |||||||||
Greater than 1.5% and less than 2.0% | 2 | 3.85 | |||||||||
Greater than 2.0% and less than 2.5% | 0 | 0.00 | |||||||||
Greater than 2.5% and less than 3.0% | 0 | 0.00 | |||||||||
Greater than 3.0% and less than 3.5% | 0 | 0.00 | |||||||||
Greater than 3.5% and less than 4.0% | 5 | 9.62 | |||||||||
Greater than 4.0% and less than 5.0% | 2 | 3.85 | |||||||||
Greater than 5.0% | 6 | 11.53 | |||||||||
52 | 100.00 | % |
RevenueShares Mid Cap Fund
Premium/Discount Range | Number of Days | % of Total Days | |||||||||
Less than -5.0% | 4 | 2.17 | % | ||||||||
Greater than -5.0% and less than -4.0% | 1 | 0.54 | |||||||||
Greater than -4.0% and less than -3.5% | 0 | 0.00 | |||||||||
Greater than -3.5% and less than -3.0% | 2 | 1.09 | |||||||||
Greater than -3.0% and less than -2.5% | 1 | 0.54 | |||||||||
Greater than -2.5% and less than -2.0% | 2 | 1.09 | |||||||||
Greater than -2.0% and less than -1.5% | 6 | 3.26 | |||||||||
Greater than -1.5% and less than -1.0% | 24 | 13.04 | |||||||||
Greater than -1.0% and less than -0.5% | 21 | 11.41 | |||||||||
Greater than -.05% and less than 0.0% | 37 | 20.12 | |||||||||
Greater than 0.0% and less than 0.5% | 41 | 22.29 | |||||||||
Greater than 0.5% and less than 1.0% | 20 | 10.87 | |||||||||
Greater than 1.0% and less than 1.5% | 6 | 3.26 | |||||||||
Greater than 1.5% and less than 2.0% | 7 | 3.80 | |||||||||
Greater than 2.0% and less than 2.5% | 3 | 1.63 | |||||||||
Greater than 2.5% and less than 3.0% | 6 | 3.26 | |||||||||
Greater than 3.0% and less than 3.5% | 0 | 0.00 | |||||||||
Greater than 3.5% and less than 4.0% | 0 | 0.00 | |||||||||
Greater than 4.0% and less than 5.0% | 2 | 1.09 | |||||||||
Greater than 5.0% | 1 | 0.54 | |||||||||
184 | 100.00 | % |
RevenueShares ADR Fund
Premium/Discount Range | Number of Days | % of Total Days | |||||||||
Less than -5.0% | 1 | 2.27 | % | ||||||||
Greater than -5.0% and less than -4.0% | 3 | 6.82 | |||||||||
Greater than -4.0% and less than -3.5% | 4 | 9.09 | |||||||||
Greater than -3.5% and less than -3.0% | 2 | 4.55 | |||||||||
Greater than -3.0% and less than -2.5% | 3 | 6.82 | |||||||||
Greater than -2.5% and less than -2.0% | 0 | 0.00 | |||||||||
Greater than -2.0% and less than -1.5% | 1 | 2.27 | |||||||||
Greater than -1.5% and less than -1.0% | 0 | 0.00 | |||||||||
Greater than -1.0% and less than -0.5% | 6 | 13.64 | |||||||||
Greater than -.05% and less than 0.0% | 12 | 27.27 | |||||||||
Greater than 0.0% and less than 0.5% | 8 | 18.18 | |||||||||
Greater than 0.5% and less than 1.0% | 0 | 0.00 | |||||||||
Greater than 1.0% and less than 1.5% | 0 | 0.00 | |||||||||
Greater than 1.5% and less than 2.0% | 0 | 0.00 | |||||||||
Greater than 2.0% and less than 2.5% | 0 | 0.00 | |||||||||
Greater than 2.5% and less than 3.0% | 0 | 0.00 | |||||||||
Greater than 3.0% and less than 3.5% | 1 | 2.27 | |||||||||
Greater than 3.5% and less than 4.0% | 1 | 2.27 | |||||||||
Greater than 4.0% and less than 5.0% | 0 | 0.00 | |||||||||
Greater than 5.0% | 2 | 4.55 | |||||||||
44 | 100.00 | % |
RevenueShares Small Cap Fund
Premium/Discount Range | Number of Days | % of Total Days | |||||||||
Less than -5.0% | 4 | 2.17 | % | ||||||||
Greater than -5.0% and less than -4.0% | 0 | 0.00 | |||||||||
Greater than -4.0% and less than -3.5% | 1 | 0.54 | |||||||||
Greater than -3.5% and less than -3.0% | 3 | 1.63 | |||||||||
Greater than -3.0% and less than -2.5% | 2 | 1.09 | |||||||||
Greater than -2.5% and less than -2.0% | 9 | 4.89 | |||||||||
Greater than -2.0% and less than -1.5% | 13 | 7.07 | |||||||||
Greater than -1.5% and less than -1.0% | 9 | 4.89 | |||||||||
Greater than -1.0% and less than -0.5% | 27 | 14.67 | |||||||||
Greater than -.05% and less than 0.0% | 26 | 14.13 | |||||||||
Greater than 0.0% and less than 0.5% | 39 | 21.21 | |||||||||
Greater than 0.5% and less than 1.0% | 11 | 5.98 | |||||||||
Greater than 1.0% and less than 1.5% | 12 | 6.52 | |||||||||
Greater than 1.5% and less than 2.0% | 6 | 3.26 | |||||||||
Greater than 2.0% and less than 2.5% | 8 | 4.35 | |||||||||
Greater than 2.5% and less than 3.0% | 4 | 2.17 | |||||||||
Greater than 3.0% and less than 3.5% | 5 | 2.72 | |||||||||
Greater than 3.5% and less than 4.0% | 3 | 1.63 | |||||||||
Greater than 4.0% and less than 5.0% | 1 | 0.54 | |||||||||
Greater than 5.0% | 1 | 0.54 | |||||||||
184 | 100.00 | % |
4
Schedule of Investments Summary Table
(UNAUDITED)
RevenueShares Large Cap Fund
Industry | % of Net Assets | ||||||
Automobiles & Components | 3.2 | % | |||||
Banks | 1.8 | ||||||
Capital Goods | 9.2 | ||||||
Commercial & Professional Services | 0.6 | ||||||
Consumer Durables & Apparel | 1.6 | ||||||
Consumer Services | 1.2 | ||||||
Diversified Financials | 6.9 | ||||||
Energy | 16.4 | ||||||
Food & Staples Retailing | 8.2 | ||||||
Food Beverage & Tobacco | 4.5 | ||||||
Health Care Equipment & Services | 7.4 | ||||||
Household & Personal Products | 1.5 | ||||||
Insurance | 4.0 | ||||||
Materials | 4.1 | ||||||
Media | 2.6 | ||||||
Pharmaceuticals, Biotechnology | 3.4 | ||||||
Real Estate | 0.4 | ||||||
Retailing | 5.6 | ||||||
Semiconductors & Semiconductor Equipment | 1.1 | ||||||
Software & Services | 2.2 | ||||||
Technology Hardware & Equipment | 5.3 | ||||||
Telecommunication Services | 3.1 | ||||||
Transportation | 2.0 | ||||||
Utilities | 4.0 | ||||||
Total Investments | 100.3 | ||||||
Liabilities in Excess of Other Assets | (0.3 | ) | |||||
Net Assets | 100.0 | % |
RevenueShares Financials Sector Fund
Industry | % of Net Assets | ||||||
Banks | 12.7 | % | |||||
Diversified Financials | 48.9 | ||||||
Insurance | 28.5 | ||||||
Real Estate | 3.1 | ||||||
Total Investments | 93.2 | ||||||
Other Assets in Excess of Liabilities | 6.8 | ||||||
Net Assets | 100.0 | % |
RevenueShares Mid Cap Fund
Industry | % of Net Assets | ||||||
Automobiles & Components | 1.5 | % | |||||
Banks | 2.3 | ||||||
Capital Goods | 12.3 | ||||||
Commercial & Professional Services | 4.7 | ||||||
Consumer Durables & Apparel | 3.9 | ||||||
Consumer Services | 2.7 | ||||||
Diversified Financials | 1.3 | ||||||
Energy | 4.7 | ||||||
Food & Staples Retailing | 1.1 | ||||||
Food Beverage & Tobacco | 3.8 | ||||||
Health Care Equipment & Services | 7.8 | ||||||
Household & Personal Products | 1.0 | ||||||
Insurance | 5.2 | ||||||
Materials | 9.4 | ||||||
Media | 0.7 | ||||||
Pharmaceuticals, Biotechnology | 1.3 | ||||||
Real Estate | 2.3 | ||||||
Retailing | 7.3 | ||||||
Semiconductors & Semiconductor Equipment | 0.9 | ||||||
Software & Services | 3.5 | ||||||
Technology Hardware & Equipment | 12.2 | ||||||
Telecommunication Services | 0.6 | ||||||
Transportation | 3.0 | ||||||
Utilities | 6.8 | ||||||
Total Investments | 100.3 | ||||||
Liabilities in Excess of Other Assets | (0.3 | ) | |||||
Net Assets | 100.0 | % |
RevenueShares ADR Fund
Industry | % of Net Assets | ||||||
Automobiles & Components | 9.0 | % | |||||
Banks | 10.6 | ||||||
Capital Goods | 4.5 | ||||||
Consumer Durables & Apparel | 2.0 | ||||||
Consumer Services | 0.2 | ||||||
Diversified Financials | 5.9 | ||||||
Energy | 28.6 | ||||||
Food & Staples Retailing | 0.1 | ||||||
Food Beverage & Tobacco | 3.0 | ||||||
Health Care Equipment & Services | 0.2 | ||||||
Insurance | 7.7 | ||||||
Materials | 6.4 | ||||||
Media | 1.0 | ||||||
Pharmaceuticals, Biotechnology | 2.5 | ||||||
Real Estate | 0.2 | ||||||
Semiconductors & Semiconductor Equipment | 0.6 | ||||||
Software & Services | 0.2 | ||||||
Technology Hardware & Equipment | 4.8 | ||||||
Telecommunication Services | 10.4 | ||||||
Transportation | 0.3 | ||||||
Utilities | 1.5 | ||||||
Total Investments | 99.7 | ||||||
Other Assets in Excess of Liabilities | 0.3 | ||||||
Net Assets | 100.0 | % |
RevenueShares Small Cap Fund
Industry | % of Net Assets | ||||||
Automobiles & Components | 0.7 | % | |||||
Banks | 4.1 | ||||||
Capital Goods | 12.4 | ||||||
Commercial & Professional Services | 5.5 | ||||||
Consumer Durables & Apparel | 6.5 | ||||||
Consumer Services | 4.1 | ||||||
Diversified Financials | 0.9 | ||||||
Energy | 6.8 | ||||||
Food & Staples Retailing | 3.7 | ||||||
Food Beverage & Tobacco | 1.8 | ||||||
Health Care Equipment & Services | 8.6 | ||||||
Household & Personal Products | 0.5 | ||||||
Insurance | 2.2 | ||||||
Materials | 5.3 | ||||||
Media | 1.6 | ||||||
Pharmaceuticals, Biotechnology | 0.8 | ||||||
Real Estate | 1.4 | ||||||
Retailing | 12.8 | ||||||
Semiconductors & Semiconductor Equipment | 1.9 | ||||||
Software & Services | 3.0 | ||||||
Technology Hardware & Equipment | 8.7 | ||||||
Telecommunication Services | 0.3 | ||||||
Transportation | 2.6 | ||||||
Utilities | 4.2 | ||||||
Total Investments | 100.4 | ||||||
Liabilities in Excess of Other Assets | (0.4 | ) | |||||
Net Assets | 100.0 | % |
5
Schedule of Investments
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
COMMON STOCKS—100.3% | |||||||||||
Automobiles & Components—3.2% | |||||||||||
Ford Motor Co.* | 217,976 | $ | 499,165 | ||||||||
General Motors Corp. | 174,805 | 559,376 | |||||||||
Goodyear Tire & Rubber Co.* | 14,951 | 89,257 | |||||||||
Harley-Davidson, Inc. | 1,616 | 27,424 | |||||||||
Johnson Controls, Inc. | 8,865 | 160,988 | |||||||||
Total Automobiles & Components | 1,336,210 | ||||||||||
Banks—1.8% | |||||||||||
BB&T Corp. | 1,719 | 47,204 | |||||||||
Comerica, Inc. | 991 | 19,671 | |||||||||
Fifth Third Bancorp | 5,076 | 41,928 | |||||||||
First Horizon National Corp. | 1,388 | 14,671 | |||||||||
Hudson City Bancorp, Inc. | 729 | 11,635 | |||||||||
Huntington Bancshares, Inc. | 2,321 | 17,779 | |||||||||
KeyCorp. | 3,935 | 33,526 | |||||||||
M&T Bank Corp. | 333 | 19,118 | |||||||||
Marshall & Ilsley Corp. | 1,162 | 15,850 | |||||||||
People's United Financial, Inc. | 287 | 5,117 | |||||||||
PNC Financial Services Group, Inc. | 951 | 46,599 | |||||||||
Regions Financial Corp. | 5,216 | 41,519 | |||||||||
Sovereign Bancorp, Inc.* | 7,600 | 22,648 | |||||||||
SunTrust Banks, Inc. | 2,031 | 59,996 | |||||||||
U.S. Bancorp | 3,610 | 90,286 | |||||||||
Wells Fargo & Co. | 8,925 | 263,109 | |||||||||
Zions Bancorporation | 636 | 15,588 | |||||||||
Total Banks | 766,244 | ||||||||||
Capital Goods—9.2% | |||||||||||
3M Co. | 2,008 | 115,540 | |||||||||
Boeing Co. | 7,295 | 311,277 | |||||||||
Caterpillar, Inc. | 5,150 | 230,051 | |||||||||
Cooper Industries Ltd., Class A | 1,030 | 30,107 | |||||||||
Cummins, Inc. | 2,607 | 69,685 | |||||||||
Danaher Corp. | 1,077 | 60,969 | |||||||||
Deere & Co. | 3,168 | 121,398 | |||||||||
Dover Corp. | 1,131 | 37,233 | |||||||||
Eaton Corp. | 1,494 | 74,267 | |||||||||
Emerson Electric Co. | 3,304 | 120,959 | |||||||||
Fastenal Co. | 310 | 10,804 | |||||||||
Flowserve Corp. | 370 | 19,055 | |||||||||
Fluor Corp. | 1,875 | 84,131 | |||||||||
General Dynamics Corp. | 2,345 | 135,049 | |||||||||
General Electric Co. | 46,324 | 750,448 | |||||||||
Goodrich Corp. | 897 | 33,207 | |||||||||
Honeywell International, Inc. | 5,187 | 170,289 | |||||||||
Illinois Tool Works, Inc. | 2,353 | 82,473 | |||||||||
Ingersoll-Rand Co. Ltd., Class A | 3,372 | 58,504 | |||||||||
ITT Corp. | 1,148 | 52,797 | |||||||||
Jacobs Engineering Group, Inc.* | 980 | 47,138 | |||||||||
L-3 Communications Holdings, Inc. | 937 | 69,132 | |||||||||
Lockheed Martin Corp. | 2,405 | 202,212 | |||||||||
Manitowoc Co., Inc. | 2,292 | 19,849 | |||||||||
Masco Corp. | 4,525 | 50,363 | |||||||||
Northrop Grumman Corp. | 3,577 | 161,108 | |||||||||
PACCAR, Inc. | 2,534 | 72,472 | |||||||||
Pall Corp. | 411 | 11,685 | |||||||||
Parker Hannifin Corp. | 1,370 | 58,280 |
Investments | Shares | Value | |||||||||
Precision Castparts Corp. | 519 | $ | 30,870 | ||||||||
Raytheon Co. | 1,955 | 99,783 | |||||||||
Rockwell Automation, Inc. | 846 | 27,275 | |||||||||
Rockwell Collins, Inc. | 580 | 22,672 | |||||||||
Textron, Inc. | 4,348 | 60,307 | |||||||||
Tyco International Ltd. | 4,215 | 91,044 | |||||||||
United Technologies Corp. | 5,103 | 273,521 | |||||||||
W.W. Grainger, Inc. | 410 | 32,324 | |||||||||
Total Capital Goods | 3,898,278 | ||||||||||
Commercial & Professional Services—0.6% | |||||||||||
Avery Dennison Corp. | 960 | 31,421 | |||||||||
Cintas Corp. | 696 | 16,168 | |||||||||
Dun & Bradstreet Corp. | 105 | 8,106 | |||||||||
Equifax, Inc. | 366 | 9,706 | |||||||||
Monster Worldwide, Inc.* | 572 | 6,915 | |||||||||
Pitney Bowes, Inc. | 1,172 | 29,863 | |||||||||
R.R. Donnelley & Sons Co. | 4,328 | 58,774 | |||||||||
Republic Services, Inc. | 595 | 14,750 | |||||||||
Robert Half International, Inc. | 1,157 | 24,089 | |||||||||
Stericycle, Inc.* | 89 | 4,635 | |||||||||
Waste Management, Inc. | 1,946 | 64,491 | |||||||||
Total Commercial & Professional Services | 268,918 | ||||||||||
Consumer Durables & Apparel—1.6% | |||||||||||
Black & Decker Corp. | 661 | 27,636 | |||||||||
Centex Corp. | 3,929 | 41,805 | |||||||||
Coach, Inc.* | 658 | 13,667 | |||||||||
D.R. Horton, Inc. | 4,923 | 34,806 | |||||||||
Eastman Kodak Co. | 7,226 | 47,547 | |||||||||
Fortune Brands, Inc. | 840 | 34,675 | |||||||||
Harman International Industries, Inc. | 1,160 | 19,407 | |||||||||
Hasbro, Inc. | 643 | 18,756 | |||||||||
Jones Apparel Group, Inc. | 3,074 | 18,014 | |||||||||
KB Home | 1,345 | 18,319 | |||||||||
Leggett & Platt, Inc. | 1,260 | 19,139 | |||||||||
Lennar Corp. Class A | 2,672 | 23,166 | |||||||||
Mattel, Inc. | 1,823 | 29,168 | |||||||||
Newell Rubbermaid, Inc. | 2,333 | 22,817 | |||||||||
Nike, Inc. Class B | 1,599 | 81,549 | |||||||||
Polo Ralph Lauren Corp. | 471 | 21,388 | |||||||||
Pulte Homes, Inc. | 3,176 | 34,714 | |||||||||
Snap-On, Inc. | 361 | 14,216 | |||||||||
Stanley Works | 656 | 22,370 | |||||||||
VF Corp. | 647 | 35,436 | |||||||||
Whirlpool Corp. | 2,268 | 93,781 | |||||||||
Total Consumer Durables & Apparel | 672,376 | ||||||||||
Consumer Services—1.2% | |||||||||||
Apollo Group, Inc. Class A* | 179 | 13,715 | |||||||||
Carnival Corp. | 2,988 | 72,668 | |||||||||
Darden Restaurants, Inc. | 1,255 | 35,366 | |||||||||
H&R Block, Inc. | 818 | 18,585 | |||||||||
International Game Technology | 1,070 | 12,722 | |||||||||
Marriott International, Inc. Class A | 3,512 | 68,308 | |||||||||
McDonald's Corp. | 1,682 | 104,603 | |||||||||
Starbucks Corp.* | 4,925 | 46,591 | |||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 1,813 | 32,453 |
The accompanying notes are an integral part of these financial statements.
6
Schedule of Investments — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Consumer Services—1.2% (continued) | |||||||||||
Wyndham Worldwide Corp. | 3,514 | $ | 23,017 | ||||||||
Wynn Resorts Ltd.* | 325 | 13,735 | |||||||||
Yum! Brands, Inc. | 1,706 | 53,739 | |||||||||
Total Consumer Services | 495,502 | ||||||||||
Diversified Financials—6.9% | |||||||||||
American Express Co. | 7,303 | 135,471 | |||||||||
Ameriprise Financial, Inc. | 1,871 | 43,707 | |||||||||
Bank of America Corp. | 35,276 | 496,685 | |||||||||
Bank of New York Mellon Corp. | 2,913 | 82,525 | |||||||||
Capital One Financial Corp. | 3,100 | 98,859 | |||||||||
Charles Schwab Corp. | 1,478 | 23,899 | |||||||||
CIT Group, Inc. | 7,372 | 33,469 | |||||||||
Citigroup, Inc. | 68,927 | 462,500 | |||||||||
CME Group, Inc. | 53 | 11,030 | |||||||||
Discover Financial Services | 3,151 | 30,029 | |||||||||
E*Trade Financial Corp.* | 4,951 | 5,694 | |||||||||
Federated Investors, Inc. Class B | 277 | 4,698 | |||||||||
Franklin Resources, Inc. | 482 | 30,742 | |||||||||
Goldman Sachs Group, Inc. | 4,622 | 390,051 | |||||||||
IntercontinentalExchange, Inc.* | 47 | 3,875 | |||||||||
Invesco Ltd. | 1,435 | 20,721 | |||||||||
Janus Capital Group, Inc. | 685 | 5,501 | |||||||||
JPMorgan Chase & Co. | 15,807 | 498,394 | |||||||||
Legg Mason, Inc. | 1,071 | 23,466 | |||||||||
Leucadia National Corp.* | 270 | 5,346 | |||||||||
Moody's Corp. | 393 | 7,895 | |||||||||
Morgan Stanley | 21,789 | 349,496 | |||||||||
Nasdaq OMX Group, Inc.* | 605 | 14,950 | |||||||||
Northern Trust Corp. | 530 | 27,634 | |||||||||
NYSE Euronext | 784 | 21,466 | |||||||||
SLM Corp.* | 3,948 | 35,137 | |||||||||
State Street Corp. | 1,592 | 62,613 | |||||||||
T. Rowe Price Group, Inc. | 326 | 11,553 | |||||||||
Total Diversified Financials | 2,937,406 | ||||||||||
Energy—16.4% | |||||||||||
Anadarko Petroleum Corp. | 1,664 | 64,147 | |||||||||
Apache Corp. | 805 | 59,997 | |||||||||
Baker Hughes, Inc. | 1,581 | 50,703 | |||||||||
BJ Services Co. | 1,976 | 23,060 | |||||||||
Cabot Oil & Gas Corp. | 149 | 3,874 | |||||||||
Cameron International Corp.* | 1,173 | 24,047 | |||||||||
Chesapeake Energy Corp. | 3,388 | 54,784 | |||||||||
Chevron Corp. | 14,924 | 1,103,927 | |||||||||
ConocoPhillips | 18,607 | 963,842 | |||||||||
Consol Energy, Inc. | 609 | 17,405 | |||||||||
Devon Energy Corp. | 1,028 | 67,550 | |||||||||
El Paso Corp. | 3,239 | 25,361 | |||||||||
ENSCO International, Inc. | 321 | 9,113 | |||||||||
EOG Resources, Inc. | 391 | 26,033 | |||||||||
Exxon Mobil Corp. | 24,477 | 1,953,998 | |||||||||
Halliburton Co. | 4,371 | 79,465 | |||||||||
Hess Corp. | 3,935 | 211,073 | |||||||||
Marathon Oil Corp. | 13,218 | 361,644 | |||||||||
Massey Energy Co. | 866 | 11,942 | |||||||||
Murphy Oil Corp. | 2,872 | 127,373 | |||||||||
Nabors Industries Ltd.* | 1,837 | 21,989 | |||||||||
National Oilwell Varco, Inc.* | 2,145 | 52,424 |
Investments | Shares | Value | |||||||||
Noble Corp. | 577 | $ | 12,746 | ||||||||
Noble Energy, Inc. | 351 | 17,276 | |||||||||
Occidental Petroleum Corp. | 2,019 | 121,120 | |||||||||
Peabody Energy Corp. | 1,060 | 24,115 | |||||||||
Pioneer Natural Resources Co. | 587 | 9,498 | |||||||||
Range Resources Corp. | 159 | 5,468 | |||||||||
Rowan Cos., Inc. | 579 | 9,206 | |||||||||
Schlumberger Ltd. | 2,666 | 112,852 | |||||||||
Smith International, Inc. | 1,768 | 40,470 | |||||||||
Southwestern Energy Co.* | 341 | 9,879 | |||||||||
Spectra Energy Corp. | 1,470 | 23,138 | |||||||||
Sunoco, Inc. | 6,875 | 298,788 | |||||||||
Tesoro Corp. | 14,200 | 187,014 | |||||||||
Valero Energy Corp. | 28,657 | 620,137 | |||||||||
Weatherford International Ltd.* | 3,819 | 41,322 | |||||||||
Williams Cos., Inc. | 3,559 | 51,534 | |||||||||
XTO Energy, Inc. | 882 | 31,108 | |||||||||
Total Energy | 6,929,422 | ||||||||||
Food & Staples Retailing—8.2% | |||||||||||
Costco Wholesale Corp. | 5,696 | 299,040 | |||||||||
CVS Caremark Corp. | 13,104 | 376,609 | |||||||||
Kroger Co. | 11,703 | 309,076 | |||||||||
Safeway, Inc. | 8,115 | 192,894 | |||||||||
SUPERVALU, Inc. | 15,320 | 223,672 | |||||||||
SYSCO Corp. | 7,150 | 164,021 | |||||||||
Walgreen Co. | 9,649 | 238,041 | |||||||||
Wal-Mart Stores, Inc. | 29,119 | 1,632,411 | |||||||||
Whole Foods Market, Inc. | 3,266 | 30,831 | |||||||||
Total Food & Staples Retailing | 3,466,595 | ||||||||||
Food Beverage & Tobacco—4.5% | |||||||||||
Altria Group, Inc. | 6,045 | 91,038 | |||||||||
Archer-Daniels-Midland Co. | 9,846 | 283,860 | |||||||||
Brown-Forman Corp. Class B | 226 | 11,637 | |||||||||
Campbell Soup Co. | 1,201 | 36,042 | |||||||||
Coca-Cola Co. | 3,075 | 139,205 | |||||||||
Coca-Cola Enterprises, Inc. | 9,219 | 110,905 | |||||||||
ConAgra Foods, Inc. | 3,673 | 60,605 | |||||||||
Constellation Brands, Inc. Class A* | 1,188 | 18,735 | |||||||||
Dean Foods Co.* | 3,653 | 65,644 | |||||||||
Dr Pepper Snapple Group, Inc.* | 1,547 | 25,139 | |||||||||
General Mills, Inc. | 948 | 57,591 | |||||||||
H.J. Heinz Co. | 1,154 | 43,390 | |||||||||
Hershey Co. | 621 | 21,574 | |||||||||
J.M. Smucker Co. | 261 | 11,317 | |||||||||
Kellogg Co. | 1,292 | 56,654 | |||||||||
Kraft Foods, Inc. Class A | 6,818 | 183,063 | |||||||||
Lorillard Inc. | 284 | 16,003 | |||||||||
McCormick & Co., Inc.† | 464 | 14,783 | |||||||||
Molson Coors Brewing Co. Class B | 536 | 26,221 | |||||||||
Pepsi Bottling Group, Inc. | 3,261 | 73,405 | |||||||||
PepsiCo, Inc. | 3,517 | 192,626 | |||||||||
Philip Morris International, Inc. | 2,724 | 118,521 | |||||||||
Reynolds American, Inc. | 957 | 38,577 | |||||||||
Sara Lee Corp. | 5,947 | 58,221 | |||||||||
Tyson Foods, Inc. Class A | 16,680 | 146,117 | |||||||||
UST, Inc. | 121 | 8,395 | |||||||||
Total Food Beverage & Tobacco | 1,909,268 |
The accompanying notes are an integral part of these financial statements.
7
Schedule of Investments — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Health Care Equipment & Services—7.4% | |||||||||||
Aetna, Inc. | 5,591 | $ | 159,344 | ||||||||
AmerisourceBergen Corp. | 9,035 | 322,188 | |||||||||
Baxter International, Inc. | 1,041 | 55,787 | |||||||||
Becton Dickinson & Co. | 458 | 31,323 | |||||||||
Boston Scientific Corp.* | 4,876 | 37,740 | |||||||||
C.R. Bard, Inc. | 127 | 10,701 | |||||||||
Cardinal Health, Inc. | 12,377 | 426,634 | |||||||||
Cigna Corp. | 5,509 | 92,827 | |||||||||
Coventry Health Care, Inc.* | 3,951 | 58,791 | |||||||||
Covidien Ltd. | 1,199 | 43,452 | |||||||||
DaVita, Inc.* | 494 | 24,488 | |||||||||
DENTSPLY International, Inc. | 372 | 10,505 | |||||||||
Express Scripts, Inc.* | 1,424 | 78,292 | |||||||||
Hospira, Inc.* | 593 | 15,904 | |||||||||
Humana, Inc.* | 3,686 | 137,414 | |||||||||
IMS Health, Inc. | 693 | 10,506 | |||||||||
Intuitive Surgical, Inc.* | 30 | 3,810 | |||||||||
Laboratory Corp. of America Holdings* | 309 | 19,903 | |||||||||
McKesson Corp. | 11,816 | 457,633 | |||||||||
Medco Health Solutions, Inc.* | 5,472 | 229,332 | |||||||||
Medtronic, Inc. | 1,844 | 57,938 | |||||||||
Patterson Cos., Inc.* | 721 | 13,519 | |||||||||
Quest Diagnostics, Inc. | 655 | 34,001 | |||||||||
St. Jude Medical, Inc.* | 596 | 19,644 | |||||||||
Stryker Corp. | 729 | 29,124 | |||||||||
Tenet Healthcare Corp.* | 31,343 | 36,044 | |||||||||
UnitedHealth Group, Inc. | 14,364 | 382,082 | |||||||||
Varian Medical Systems, Inc.* | 243 | 8,515 | |||||||||
WellPoint, Inc.* | 7,158 | 301,567 | |||||||||
Zimmer Holdings, Inc.* | 463 | 18,714 | |||||||||
Total Health Care Equipment & Services | 3,127,722 | ||||||||||
Household & Personal Products—1.5% | |||||||||||
Avon Products, Inc. | 2,081 | 50,006 | |||||||||
Clorox Co. | 419 | 23,280 | |||||||||
Colgate-Palmolive Co. | 1,109 | 76,011 | |||||||||
Estee Lauder Cos., Inc. Class A | 1,128 | 34,923 | |||||||||
Kimberly-Clark Corp. | 1,627 | 85,808 | |||||||||
Procter & Gamble Co. | 5,905 | 365,047 | |||||||||
Total Household & Personal Products | 635,075 | ||||||||||
Insurance—4.0% | |||||||||||
Aflac, Inc. | 1,708 | 78,295 | |||||||||
Allstate Corp. | 5,319 | 174,250 | |||||||||
American International Group, Inc. | 131,724 | 206,807 | |||||||||
AON Corp. | 819 | 37,412 | |||||||||
Assurant, Inc. | 1,690 | 50,700 | |||||||||
Chubb Corp. | 1,183 | 60,333 | |||||||||
Cincinnati Financial Corp. | 552 | 16,047 | |||||||||
Genworth Financial, Inc. Class A | 15,506 | 43,882 | |||||||||
Hartford Financial Services Group, Inc. | 4,411 | 72,429 | |||||||||
Lincoln National Corp. | 2,801 | 52,771 | |||||||||
Loews Corp. | 2,568 | 72,546 | |||||||||
Marsh & McLennan Cos., Inc. | 2,288 | 55,530 | |||||||||
MetLife, Inc. | 7,893 | 275,149 | |||||||||
Principal Financial Group, Inc. | 2,541 | 57,350 | |||||||||
Progressive Corp. | 3,773 | 55,878 |
Investments | Shares | Value | |||||||||
Prudential Financial, Inc. | 5,429 | $ | 164,282 | ||||||||
Torchmark Corp. | 371 | 16,584 | |||||||||
Travelers Cos., Inc. | 2,702 | 122,130 | |||||||||
Unum Group | 2,972 | 55,279 | |||||||||
XL Capital Ltd. Class A | 11,771 | 43,553 | |||||||||
Total Insurance | 1,711,207 | ||||||||||
Materials—4.1% | |||||||||||
Air Products & Chemicals, Inc. | 923 | 46,399 | |||||||||
AK Steel Holding Corp. | 3,627 | 33,804 | |||||||||
Alcoa, Inc. | 12,851 | 144,702 | |||||||||
Allegheny Technologies, Inc. | 1,024 | 26,143 | |||||||||
Ball Corp. | 832 | 34,603 | |||||||||
Bemis Co. Inc. | 656 | 15,534 | |||||||||
CF Industries Holdings, Inc. | 334 | 16,419 | |||||||||
Dow Chemical Co. | 13,228 | 199,611 | |||||||||
E.I. Du Pont de Nemours & Co. | 5,301 | 134,115 | |||||||||
Eastman Chemical Co. | 1,042 | 33,042 | |||||||||
Ecolab, Inc. | 748 | 26,292 | |||||||||
Freeport-McMoRan Copper & Gold, Inc. | 3,806 | 93,019 | |||||||||
International Flavors & Fragrances, Inc. | 352 | 10,461 | |||||||||
International Paper Co. | 8,467 | 99,911 | |||||||||
MeadWestvaco Corp. | 2,706 | 30,280 | |||||||||
Monsanto Co. | 673 | 47,346 | |||||||||
Newmont Mining Corp. | 713 | 29,019 | |||||||||
Nucor Corp. | 2,388 | 110,326 | |||||||||
Owens-Illinois, Inc.* | 8,375 | 228,889 | |||||||||
Pactiv Corp.* | 684 | 17,018 | |||||||||
PPG Industries, Inc. | 1,508 | 63,984 | |||||||||
Praxair, Inc. | 847 | 50,278 | |||||||||
Rohm & Haas Co. | 632 | 39,051 | |||||||||
Sealed Air Corp. | 1,432 | 21,394 | |||||||||
Sigma-Aldrich Corp. | 244 | 10,307 | |||||||||
Titanium Metals Corp. | 608 | 5,356 | |||||||||
United States Steel Corp. | 2,753 | 102,412 | |||||||||
Vulcan Materials Co. | 245 | 17,047 | |||||||||
Weyerhaeuser Co. | 1,204 | 36,854 | |||||||||
Total Materials | 1,723,616 | ||||||||||
Media—2.6% | |||||||||||
CBS Corp. Class B† | 7,961 | 65,201 | |||||||||
Comcast Corp. Class A | 9,237 | 155,921 | |||||||||
DIRECTV Group, Inc.* | 3,603 | 82,545 | |||||||||
Gannett Co., Inc. | 4,100 | 32,800 | |||||||||
Interpublic Group of Cos., Inc.* | 7,913 | 31,335 | |||||||||
McGraw-Hill Cos., Inc. | 1,214 | 28,153 | |||||||||
Meredith Corp. | 459 | 7,858 | |||||||||
New York Times Co. Class A | 1,839 | 13,480 | |||||||||
News Corp. Class A | 17,563 | 159,648 | |||||||||
Omnicom Group, Inc. | 2,159 | 58,120 | |||||||||
Scripps Networks Interactive, Inc., Class A | 324 | 7,128 | |||||||||
Time Warner, Inc. | 20,741 | 208,654 | |||||||||
Viacom, Inc., Class B* | 3,836 | 73,114 | |||||||||
Walt Disney Co. | 7,051 | 159,987 | |||||||||
Washington Post Co. Class B | 52 | 20,293 | |||||||||
Total Media | 1,104,237 |
The accompanying notes are an integral part of these financial statements.
8
Schedule of Investments — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Pharmaceuticals, Biotechnology—3.4% | |||||||||||
Abbott Laboratories | 2,398 | $ | 127,981 | ||||||||
Allergan, Inc. | 562 | 22,660 | |||||||||
Amgen, Inc.* | 1,118 | 64,565 | |||||||||
Biogen Idec, Inc.* | 366 | 17,433 | |||||||||
Bristol-Myers Squibb Co. | 4,019 | 93,442 | |||||||||
Celgene Corp.* | 182 | 10,061 | |||||||||
Cephalon, Inc.* | 108 | 8,320 | |||||||||
Eli Lilly & Co. | 2,480 | 99,870 | |||||||||
Forest Laboratories, Inc.* | 644 | 16,403 | |||||||||
Genzyme Corp.* | 303 | 20,110 | |||||||||
Gilead Sciences, Inc.* | 485 | 24,803 | |||||||||
Johnson & Johnson | 4,799 | 287,123 | |||||||||
King Pharmaceuticals, Inc.* | 789 | 8,379 | |||||||||
Life Technologies Corp.* | 280 | 6,527 | |||||||||
Merck & Co., Inc. | 3,888 | 118,195 | |||||||||
Millipore Corp.* | 143 | 7,367 | |||||||||
Mylan, Inc.* | 2,222 | 21,976 | |||||||||
PerkinElmer, Inc. | 660 | 9,181 | |||||||||
Pfizer, Inc. | 12,673 | 224,439 | |||||||||
Schering-Plough Corp. | 4,530 | 77,146 | |||||||||
Thermo Fisher Scientific, Inc.* | 1,509 | 51,412 | |||||||||
Waters Corp.* | 193 | 7,073 | |||||||||
Watson Pharmaceuticals, Inc.* | 460 | 12,222 | |||||||||
Wyeth | 2,834 | 106,303 | |||||||||
Total Pharmaceuticals, Biotechnology | 1,442,991 | ||||||||||
Real Estate—0.4% | |||||||||||
Apartment Investment & Management Co. Class A (a) | 670 | 7,739 | |||||||||
AvalonBay Communities, Inc. (a) | 59 | 3,574 | |||||||||
Boston Properties, Inc. (a) | 120 | 6,600 | |||||||||
CB Richard Ellis Group, Inc. Class A* | 6,785 | 29,311 | |||||||||
Developers Diversified Realty Corp. (a) | 867 | 4,231 | |||||||||
Equity Residential (a) | 310 | 9,244 | |||||||||
HCP, Inc. (a) | 216 | 5,998 | |||||||||
Host Hotels & Resorts, Inc. (a) | 3,368 | 25,496 | |||||||||
Kimco Realty Corp. (a) | 274 | 5,009 | |||||||||
Plum Creek Timber Co., Inc. (a) | 217 | 7,539 | |||||||||
Prologis (a) | 3,042 | 42,252 | |||||||||
Public Storage (a) | 114 | 9,063 | |||||||||
Simon Property Group, Inc. (a) | 328 | 17,427 | |||||||||
Vornado Realty Trust (a) | 222 | 13,398 | |||||||||
Total Real Estate | 186,881 | ||||||||||
Retailing—5.6% | |||||||||||
Abercrombie & Fitch Co. Class A | 769 | 17,741 | |||||||||
Amazon.com, Inc.* | 1,596 | 81,843 | |||||||||
AutoNation, Inc.* | 7,681 | 75,888 | |||||||||
Autozone, Inc.* | 211 | 29,428 | |||||||||
Bed Bath & Beyond, Inc.* | 1,298 | 32,995 | |||||||||
Best Buy Co., Inc. | 7,237 | 203,432 | |||||||||
Big Lots, Inc.* | 1,383 | 20,040 | |||||||||
Expedia, Inc.* | 1,705 | 14,049 | |||||||||
Family Dollar Stores, Inc. | 1,193 | 31,102 | |||||||||
GameStop Corp. Class A* | 1,216 | 26,339 | |||||||||
Gap, Inc. | 5,356 | 71,717 | |||||||||
Genuine Parts Co. | 1,316 | 49,824 | |||||||||
Home Depot, Inc. | 14,160 | 325,962 |
Investments | Shares | Value | |||||||||
JC Penney Co., Inc. | 4,421 | $ | 87,094 | ||||||||
Kohl's Corp.* | 2,027 | 73,377 | |||||||||
Limited Brands, Inc. | 5,544 | 55,662 | |||||||||
Lowe's Cos., Inc. | 9,469 | 203,773 | |||||||||
Macy's, Inc. | 14,182 | 146,784 | |||||||||
Nordstrom, Inc. | 3,173 | 42,233 | |||||||||
Office Depot, Inc.* | 26,487 | 78,931 | |||||||||
RadioShack Corp. | 1,705 | 20,358 | |||||||||
Sears Holdings Corp.* | 5,566 | 216,350 | |||||||||
Sherwin-Williams Co. | 621 | 37,105 | |||||||||
Staples, Inc. | 4,907 | 87,933 | |||||||||
Target Corp. | 7,834 | 270,508 | |||||||||
Tiffany & Co. | 541 | 12,784 | |||||||||
TJX Cos., Inc. | 3,965 | 81,560 | |||||||||
Total Retailing | 2,394,812 | ||||||||||
Semiconductors & Semiconductor Equipment—1.1% | |||||||||||
Advanced Micro Devices, Inc.* | 12,454 | 26,901 | |||||||||
Altera Corp. | 380 | 6,350 | |||||||||
Analog Devices, Inc. | 586 | 11,146 | |||||||||
Applied Materials, Inc. | 3,566 | 36,123 | |||||||||
Broadcom Corp. Class A* | 1,111 | 18,854 | |||||||||
Intel Corp. | 11,809 | 173,119 | |||||||||
KLA-Tencor Corp. | 562 | 12,246 | |||||||||
Linear Technology Corp. | 214 | 4,734 | |||||||||
LSI Corp.* | 3,629 | 11,939 | |||||||||
MEMC Electronic Materials, Inc.* | 619 | 8,839 | |||||||||
Microchip Technology, Inc. | 220 | 4,297 | |||||||||
Micron Technology, Inc.* | 13,197 | 34,840 | |||||||||
National Semiconductor Corp. | 733 | 7,381 | |||||||||
Novellus Systems Inc.* | 408 | 5,035 | |||||||||
NVIDIA Corp.* | 1,950 | 15,737 | |||||||||
Teradyne, Inc.* | 1,275 | 5,381 | |||||||||
Texas Instruments, Inc. | 3,770 | 58,509 | |||||||||
Xilinx, Inc. | 447 | 7,966 | |||||||||
Total Semiconductors & Semiconductor Equipment | 449,397 | ||||||||||
Software & Services—2.2% | |||||||||||
Adobe Systems, Inc.* | 722 | 15,371 | |||||||||
Affiliated Computer Services, Inc. Class A* | 674 | 30,970 | |||||||||
Akamai Technologies, Inc.* | 234 | 3,531 | |||||||||
Autodesk, Inc.* | 503 | 9,884 | |||||||||
Automatic Data Processing, Inc. | 964 | 37,924 | |||||||||
BMC Software, Inc.* | 302 | 8,127 | |||||||||
CA, Inc. | 1,048 | 19,419 | |||||||||
Citrix Systems, Inc.* | 295 | 6,953 | |||||||||
Cognizant Technology Solutions Corp. Class A* | 656 | 11,847 | |||||||||
Computer Sciences Corp.* | 2,221 | 78,046 | |||||||||
Compuware Corp.* | 871 | 5,879 | |||||||||
Convergys Corp.* | 1,986 | 12,730 | |||||||||
eBay, Inc.* | 2,688 | 37,524 | |||||||||
Electronic Arts, Inc.* | 833 | 13,361 | |||||||||
Fidelity National Information Services, Inc. | 1,335 | 21,720 | |||||||||
Fiserv, Inc.* | 634 | 23,059 | |||||||||
Google, Inc. Class A* | 288 | 88,604 |
The accompanying notes are an integral part of these financial statements.
9
Schedule of Investments — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Software & Services—2.2% (continued) | |||||||||||
Intuit, Inc.* | 571 | $ | 13,584 | ||||||||
Mastercard, Inc. Class A | 151 | 21,582 | |||||||||
McAfee, Inc.* | 361 | 12,480 | |||||||||
Microsoft Corp. | 13,088 | 254,432 | |||||||||
Novell, Inc.* | 1,131 | 4,400 | |||||||||
Oracle Corp.* | 5,510 | 97,693 | |||||||||
Paychex, Inc. | 348 | 9,145 | |||||||||
Salesforce.com, Inc.* | 96 | 3,073 | |||||||||
Symantec Corp.* | 1,985 | 26,837 | |||||||||
Total System Services, Inc. | 603 | 8,442 | |||||||||
VeriSign, Inc.* | 270 | 5,152 | |||||||||
Western Union Co. | 1,662 | 23,833 | |||||||||
Yahoo! Inc.* | 2,444 | 29,817 | |||||||||
Total Software & Services | 935,419 | ||||||||||
Technology Hardware & Equipment—5.3% | |||||||||||
Agilent Technologies, Inc.* | 1,496 | 23,382 | |||||||||
Amphenol Corp. Class A | 649 | 15,563 | |||||||||
Apple, Inc.* | 1,397 | 119,234 | |||||||||
Ciena Corp* | 608 | 4,074 | |||||||||
Cisco Systems, Inc.* | 9,857 | 160,669 | |||||||||
Corning, Inc. | 3,268 | 31,144 | |||||||||
Dell, Inc.* | 23,032 | 235,848 | |||||||||
EMC Corp.* | 5,855 | 61,302 | |||||||||
Flir Systems, Inc.* | 1,650 | 50,622 | |||||||||
Harris Corp. | 615 | 23,401 | |||||||||
Hewlett-Packard Co. | 13,964 | 506,754 | |||||||||
International Business Machines Corp. | 5,481 | 461,281 | |||||||||
Jabil Circuit, Inc. | 8,602 | 58,064 | |||||||||
JDS Uniphase Corp.* | 1,734 | 6,329 | |||||||||
Juniper Networks, Inc.* | 874 | 15,304 | |||||||||
Lexmark International, Inc. Class A* | 776 | 20,874 | |||||||||
Molex, Inc. | 1,058 | 15,330 | |||||||||
Motorola, Inc. | 33,671 | 149,163 | |||||||||
NetApp Inc.* | 1,003 | 14,012 | |||||||||
QLogic Corp.* | 212 | 2,849 | |||||||||
QUALCOMM, Inc. | 1,286 | 46,077 | |||||||||
SanDisk Corp.* | 1,777 | 17,059 | |||||||||
Sun Microsystems Inc.* | 14,941 | 57,075 | |||||||||
Tellabs, Inc.* | 1,892 | 7,795 | |||||||||
Teradata Corporation* | 527 | 7,815 | |||||||||
Tyco Electronics Ltd. | 4,082 | 66,169 | |||||||||
Xerox Corp. | 10,838 | 86,379 | |||||||||
Total Technology Hardware & Equipment | 2,263,568 | ||||||||||
Telecommunication Services—3.1% | |||||||||||
American Tower Corp., Class A* | 257 | 7,535 | |||||||||
AT&T, Inc. | 19,546 | 557,061 | |||||||||
CenturyTel, Inc. | 471 | 12,872 | |||||||||
Embarq Corp. | 939 | 33,766 | |||||||||
Frontier Communications Corp. | 1,203 | 10,514 | |||||||||
Qwest Communications International, Inc. | 21,099 | 76,800 | |||||||||
Sprint Nextel Corp.* | 87,538 | 160,195 | |||||||||
Verizon Communications, Inc. | 12,855 | 435,785 | |||||||||
Windstream Corp. | 1,618 | 14,886 | |||||||||
Total Telecommunication Services | 1,309,414 |
Investments | Shares | Value | |||||||||
Transportation—2.0% | |||||||||||
Burlington Northern Santa Fe Corp. | 1,075 | $ | 81,388 | ||||||||
C.H. Robinson Worldwide, Inc. | 757 | 41,658 | |||||||||
CSX Corp. | 1,530 | 49,679 | |||||||||
Expeditors International of Washington, Inc. | 804 | 26,749 | |||||||||
FedEx Corp. | 2,660 | 170,639 | |||||||||
Norfolk Southern Corp. | 1,034 | 48,650 | |||||||||
Ryder System, Inc. | 854 | 33,118 | |||||||||
Southwest Airlines Co. | 6,100 | 52,582 | |||||||||
Union Pacific Corp. | 1,768 | 84,510 | |||||||||
United Parcel Service, Inc. Class B | 4,326 | 238,623 | |||||||||
Total Transportation | 827,596 | ||||||||||
Utilities—4.0% | |||||||||||
AES Corp.* | 9,994 | 82,350 | |||||||||
Allegheny Energy, Inc. | 474 | 16,050 | |||||||||
Ameren Corp. | 1,050 | 34,923 | |||||||||
American Electric Power Co., Inc. | 2,131 | 70,920 | |||||||||
Centerpoint Energy, Inc. | 3,888 | 49,067 | |||||||||
CMS Energy Corp. | 3,008 | 30,411 | |||||||||
Consolidated Edison, Inc. | 1,513 | 58,901 | |||||||||
Constellation Energy Group, Inc. | 3,242 | 81,341 | |||||||||
Dominion Resources, Inc. | 1,972 | 70,676 | |||||||||
DTE Energy Co. | 1,183 | 42,198 | |||||||||
Duke Energy Corp. | 3,884 | 58,299 | |||||||||
Dynegy Inc. Class A* | 8,610 | 17,220 | |||||||||
Edison International | 1,896 | 60,900 | |||||||||
Entergy Corp. | 685 | 56,944 | |||||||||
Equitable Resources, Inc. | 1,458 | 48,916 | |||||||||
Exelon Corp. | 1,521 | 84,582 | |||||||||
FirstEnergy Corp. | 1,096 | 53,244 | |||||||||
FPL Group, Inc. | 1,526 | 76,804 | |||||||||
Integrys Energy Group, Inc. | 1,405 | 60,387 | |||||||||
Nicor, Inc. | 455 | 15,807 | |||||||||
NiSource, Inc. | 3,294 | 36,135 | |||||||||
Pepco Holdings, Inc. | 2,728 | 48,449 | |||||||||
PG&E Corp. | 1,689 | 65,381 | |||||||||
Pinnacle West Capital Corp. | 512 | 16,451 | |||||||||
PPL Corp. | 1,056 | 32,409 | |||||||||
Progress Energy, Inc. | 1,018 | 40,567 | |||||||||
Public Service Enterprise Group, Inc. | 1,966 | 57,348 | |||||||||
Questar Corp. | 463 | 15,135 | |||||||||
SCANA Corp. | 3,385 | 120,505 | |||||||||
Sempra Energy | 1,214 | 51,753 | |||||||||
Southern Co. | 2,001 | 74,037 | |||||||||
TECO Energy, Inc. | 1,228 | 15,166 | |||||||||
Wisconsin Energy Corp. | 445 | 18,681 | |||||||||
Xcel Energy, Inc. | 2,670 | 49,529 | |||||||||
Total Utilities | 1, 711,486 | ||||||||||
Total Investments—100.3% (Cost $49,345,814) | 42,503,640 | ||||||||||
Liabilities in Excess of Other Assets—(0.3%) | (106,246 | ) | |||||||||
Net Assets—100.0% | $ | 42,397,394 |
* Non-income producing security.
† Non-voting shares
(a) Real Estate Investment Trust (REIT)
The accompanying notes are an integral part of these financial statements.
10
Schedule of Investments
REVENUESHARES MID CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
COMMON STOCKS—100.3% | |||||||||||
Automobiles & Components—1.5% | |||||||||||
ArvinMeritor, Inc. | 19,747 | $ | 56,279 | ||||||||
BorgWarner, Inc. | 2,437 | 53,053 | |||||||||
Gentex Corp. | 670 | 5,916 | |||||||||
Modine Manufacturing Co. | 3,801 | 18,511 | |||||||||
Thor Industries, Inc. | 1,876 | 24,726 | |||||||||
Total Automobiles & Components | 158,485 | ||||||||||
Banks—2.3% | |||||||||||
Associated Banc-Corp. | 717 | 15,007 | |||||||||
Astoria Financial Corp. | 666 | 10,976 | |||||||||
BancorpSouth, Inc. | 453 | 10,582 | |||||||||
Bank of Hawaii Corp. | 182 | 8,221 | |||||||||
Cathay General Bancorp | 299 | 7,101 | |||||||||
City National Corp. | 243 | 11,834 | |||||||||
Colonial BancGroup, Inc. | 7,480 | 15,484 | |||||||||
Commerce Bancshares, Inc. | 283 | 12,438 | |||||||||
Cullen/Frost Bankers, Inc. | 184 | 9,325 | |||||||||
First Niagara Financial Group, Inc. | 338 | 5,465 | |||||||||
FirstMerit Corp. | 337 | 6,939 | |||||||||
Fulton Financial Corp. | 902 | 8,677 | |||||||||
New York Community Bancorp, Inc. | 1,271 | 15,201 | |||||||||
PacWest Bancorp | 120 | 3,228 | |||||||||
PMI Group, Inc. | 5,956 | 11,614 | |||||||||
SVB Financial Group* | 171 | 4,485 | |||||||||
Synovus Financial Corp. | 2,855 | 23,696 | |||||||||
TCF Financial Corp. | 1,068 | 14,589 | |||||||||
Valley National Bancorp | 550 | 11,138 | |||||||||
Washington Federal, Inc. | 407 | 6,089 | |||||||||
Webster Financial Corp. | 750 | 10,335 | |||||||||
Westamerica Bancorporation | 51 | 2,609 | |||||||||
Wilmington Trust Corp. | 442 | 9,830 | |||||||||
Total Banks | 234,863 | ||||||||||
Capital Goods—12.3% | |||||||||||
AGCO Corp.* | 3,451 | 81,409 | |||||||||
Alliant Techsystems, Inc.* | 435 | 37,306 | |||||||||
Ametek, Inc. | 778 | 23,503 | |||||||||
BE Aerospace, Inc.* | 2,509 | 19,294 | |||||||||
Bucyrus International, Inc. | 1,078 | 19,965 | |||||||||
Carlisle Cos., Inc. | 1,302 | 26,951 | |||||||||
Crane Co. | 1,574 | 27,136 | |||||||||
Donaldson Co., Inc. | 592 | 19,921 | |||||||||
Dycom Industries, Inc.* | 1,574 | 12,938 | |||||||||
Federal Signal Corp. | 1,295 | 10,632 | |||||||||
GATX Corp. | 398 | 12,326 | |||||||||
Graco, Inc. | 346 | 8,211 | |||||||||
Granite Construction, Inc. | 528 | 23,195 | |||||||||
Harsco Corp. | 1,497 | 41,437 | |||||||||
Hubbell, Inc. Class B | 785 | 25,654 | |||||||||
IDEX Corp. | 595 | 14,369 | |||||||||
Joy Global, Inc. | 1,243 | 28,452 | |||||||||
KBR, Inc. | 6,251 | 95,015 | |||||||||
Kennametal, Inc. | 1,214 | 26,939 | |||||||||
Lincoln Electric Holdings, Inc. | 501 | 25,516 | |||||||||
MSC Industrial Direct Co. Class A | 485 | 17,863 | |||||||||
Nordson Corp. | 336 | 10,849 | |||||||||
Oshkosh Corp. | 7,889 | 70,133 |
Investments | Shares | Value | |||||||||
Pentair, Inc. | 1,282 | $ | 30,345 | ||||||||
Quanta Services, Inc.* | 1,827 | 36,175 | |||||||||
Roper Industries, Inc. | 522 | 22,660 | |||||||||
Shaw Group, Inc.* | 3,259 | 66,712 | |||||||||
SPX Corp. | 1,490 | 60,420 | |||||||||
Terex Corp.* | 5,754 | 99,658 | |||||||||
Thomas & Betts Corp.* | 1,016 | 24,404 | |||||||||
Timken Co. | 3,295 | 64,681 | |||||||||
Trinity Industries, Inc. | 2,606 | 41,071 | |||||||||
United Rentals, Inc.* | 4,717 | 43,019 | |||||||||
URS Corp.* | 2,125 | 86,636 | |||||||||
Wabtec Corp. | 330 | 13,118 | |||||||||
Woodward Governor Co. | 600 | 13,812 | |||||||||
Total Capital Goods | 1,281,725 | ||||||||||
Commercial & Professional Services—4.7% | |||||||||||
Brink's Co. | 1,445 | 38,842 | |||||||||
Clean Harbors, Inc.* | 158 | 10,024 | |||||||||
Copart, Inc.* | 251 | 6,825 | |||||||||
Corporate Executive Board Co. | 242 | 5,339 | |||||||||
Corrections Corp. of America* | 919 | 15,035 | |||||||||
Deluxe Corp. | 1,214 | 18,161 | |||||||||
FTI Consulting, Inc.* | 261 | 11,661 | |||||||||
Herman Miller, Inc. | 1,308 | 17,043 | |||||||||
HNI Corp. | 1,595 | 25,265 | |||||||||
Kelly Services, Inc. Class A | 4,468 | 58,129 | |||||||||
Korn/Ferry International* | 673 | 7,686 | |||||||||
Manpower, Inc. | 6,295 | 213,966 | |||||||||
Mine Safety Appliances Co. | 436 | 10,425 | |||||||||
MPS Group, Inc.* | 3,254 | 24,503 | |||||||||
Navigant Consulting, Inc.* | 404 | 6,411 | |||||||||
Rollins, Inc. | 542 | 9,799 | |||||||||
Waste Connections, Inc.* | 320 | 10,102 | |||||||||
Total Commercial & Professional Services | 489,216 | ||||||||||
Consumer Durables & Apparel—3.9% | |||||||||||
American Greetings Corp. Class A | 1,827 | 13,830 | |||||||||
Blyth, Inc. | 1,622 | 12,716 | |||||||||
Callaway Golf Co. | 1,070 | 9,940 | |||||||||
Furniture Brands International, Inc. | 6,920 | 15,293 | |||||||||
Hanesbrands, Inc.* | 3,428 | 43,707 | |||||||||
Hovnanian Enterprises, Inc. Class A* | 17,042 | 29,312 | |||||||||
MDC Holdings, Inc. | 575 | 17,423 | |||||||||
Mohawk Industries, Inc.* | 1,801 | 77,390 | |||||||||
NVR, Inc.* | 86 | 39,238 | |||||||||
Phillips-Van Heusen Corp. | 1,175 | 23,653 | |||||||||
Ryland Group, Inc. | 1,159 | 20,480 | |||||||||
Timberland Co. Class A* | 1,217 | 14,056 | |||||||||
Toll Brothers, Inc.* | 1,567 | 33,581 | |||||||||
Tupperware Brands Corp. | 1,069 | 24,266 | |||||||||
Under Armour, Inc. Class A* | 260 | 6,198 | |||||||||
Warnaco Group, Inc.* | 1,172 | 23,006 | |||||||||
Total Consumer Durables & Apparel | 404,089 | ||||||||||
Consumer Services—2.7% | |||||||||||
Bob Evans Farms, Inc. | 856 | 17,488 | |||||||||
Boyd Gaming Corp. | 3,972 | 18,788 | |||||||||
Brinker International, Inc. | 4,507 | 47,503 | |||||||||
Brinks Home Security Holdings, Inc.* | 284 | 6,225 |
The accompanying notes are an integral part of these financial statements.
11
Schedule of Investments — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Consumer Services—2.7% (continued) | |||||||||||
Career Education Corp.* | 886 | $ | 15,895 | ||||||||
Cheesecake Factory* | 2,037 | 20,574 | |||||||||
Chipotle Mexican Grill, Inc. Class A* | 198 | 12,272 | |||||||||
Corinthian Colleges, Inc.* | 607 | 9,937 | |||||||||
DeVry, Inc. | 174 | 9,989 | |||||||||
International Speedway Corp. Class A | 276 | 7,929 | |||||||||
ITT Educational Services, Inc.* | 105 | 9,973 | |||||||||
Life Time Fitness, Inc.* | 602 | 7,796 | |||||||||
Matthews International Corp. Class A | 188 | 6,896 | |||||||||
Regis Corp. | 2,232 | 32,431 | |||||||||
Scientific Games Corp. Class A* | 651 | 11,419 | |||||||||
Service Corp. International | 3,815 | 18,961 | |||||||||
Sotheby's | 796 | 7,076 | |||||||||
Strayer Education, Inc. | 17 | 3,645 | |||||||||
Wendy's/Arby's Group, Inc. Class A | 2,650 | 13,091 | |||||||||
Total Consumer Services | 277,888 | ||||||||||
Diversified Financials—1.3% | |||||||||||
Affiliated Managers Group, Inc.* | 359 | 15,049 | |||||||||
AmeriCredit Corp.* | 3,456 | 26,404 | |||||||||
Apollo Investment Corp. | 393 | 3,659 | |||||||||
Eaton Vance Corp. | 527 | 11,072 | |||||||||
Jefferies Group, Inc. | 1,597 | 22,454 | |||||||||
Raymond James Financial, Inc. | 1,641 | 28,111 | |||||||||
SEI Investments Co. | 879 | 13,809 | |||||||||
Waddell & Reed Financial, Inc. Class A | 735 | 11,363 | |||||||||
Total Diversified Financials | 131,921 | ||||||||||
Energy—4.7% | |||||||||||
Arch Coal, Inc. | 1,635 | 26,634 | |||||||||
Bill Barrett Corp.* | 248 | 5,240 | |||||||||
Cimarex Energy Co. | 683 | 18,291 | |||||||||
Comstock Resources, Inc.* | 150 | 7,088 | |||||||||
Denbury Resources, Inc.* | 1,399 | 15,277 | |||||||||
Encore Acquisition Co.* | 486 | 12,403 | |||||||||
Exterran Holdings, Inc.* | 1,417 | 30,182 | |||||||||
FMC Technologies, Inc.* | 1,957 | 46,635 | |||||||||
Forest Oil Corp.* | 847 | 13,967 | |||||||||
Frontier Oil Corp. | 4,838 | 61,103 | |||||||||
Helix Energy Solutions Group, Inc.* | 2,738 | 19,823 | |||||||||
Helmerich & Payne, Inc. | 745 | 16,949 | |||||||||
Mariner Energy Inc.* | 1,264 | 12,893 | |||||||||
Newfield Exploration Co.* | 997 | 19,691 | |||||||||
Oceaneering International, Inc.* | 666 | 19,407 | |||||||||
Overseas Shipholding Group, Inc. | 359 | 15,117 | |||||||||
Patriot Coal Corp.* | 1,823 | 11,394 | |||||||||
Patterson-UTI Energy, Inc. | 1,692 | 19,475 | |||||||||
Plains Exploration & Production Co.* | 1,054 | 24,495 | |||||||||
Pride International, Inc.* | 1,207 | 19,288 | |||||||||
Quicksilver Resources, Inc.* | 1,278 | 7,118 | |||||||||
Southern Union Co. | 2,145 | 27,971 | |||||||||
Superior Energy Services, Inc.* | 1,030 | 16,408 | |||||||||
Tidewater, Inc. | 284 | 11,437 | |||||||||
Unit Corp.* | 469 | 12,532 | |||||||||
Total Energy | 490,818 |
Investments | Shares | Value | |||||||||
Food & Staples Retailing—1.1% | |||||||||||
BJ's Wholesale Club, Inc.* | 2,293 | $ | 78,558 | ||||||||
Ruddick Corp. | 1,357 | 37,521 | |||||||||
Total Food & Staples Retailing | 116,079 | ||||||||||
Food Beverage & Tobacco—3.8% | |||||||||||
Corn Products International, Inc. | 1,207 | 34,822 | |||||||||
Flowers Foods, Inc. | 879 | 21,412 | |||||||||
Hansen Natural Corp.* | 313 | 10,495 | |||||||||
Hormel Foods Corp. | 1,922 | 59,736 | |||||||||
Lancaster Colony Corp. | 259 | 8,884 | |||||||||
PepsiAmericas, Inc. | 2,402 | 48,905 | |||||||||
Ralcorp Holdings, Inc.* | 406 | 23,710 | |||||||||
Smithfield Foods, Inc.* | 11,453 | 161,144 | |||||||||
Tootsie Roll Industries, Inc. | 183 | 4,687 | |||||||||
Universal Corp. | 581 | 17,354 | |||||||||
Total Food Beverage & Tobacco | 391,149 | ||||||||||
Health Care Equipment & Services—7.8% | |||||||||||
Advanced Medical Optics, Inc.* | 1,929 | 12,751 | |||||||||
Beckman Coulter, Inc. | 726 | 31,900 | |||||||||
Cerner Corp.* | 367 | 14,111 | |||||||||
Community Health Systems, Inc.* | 7,056 | 102,876 | |||||||||
Edwards Lifesciences Corp.* | 213 | 11,704 | |||||||||
Gen-Probe, Inc.* | 106 | 4,541 | |||||||||
Health Management Associates, Inc. Class A* | 26,041 | 46,613 | |||||||||
Health Net, Inc.* | 12,692 | 138,215 | |||||||||
Henry Schein, Inc.* | 1,684 | 61,786 | |||||||||
Hill-Rom Holdings, Inc. | 811 | 13,349 | |||||||||
Hologic, Inc.* | 982 | 12,835 | |||||||||
IDEXX Laboratories, Inc.* | 291 | 10,499 | |||||||||
Kindred Healthcare, Inc.* | 3,411 | 44,411 | |||||||||
Kinetic Concepts, Inc.* | 853 | 16,361 | |||||||||
LifePoint Hospitals, Inc.* | 1,181 | 26,974 | |||||||||
Lincare Holdings, Inc.* | 614 | 16,535 | |||||||||
Masimo Corp.* | 90 | 2,685 | |||||||||
Omnicare, Inc. | 2,483 | 68,928 | |||||||||
Psychiatric Solutions, Inc.* | 573 | 15,958 | |||||||||
Resmed, Inc.* | 195 | 7,309 | |||||||||
STERIS Corp. | 431 | 10,297 | |||||||||
Teleflex, Inc. | 465 | 23,297 | |||||||||
Thoratec Corp.* | 91 | 2,957 | |||||||||
Universal Health Services, Inc. Class B | 1,338 | 50,269 | |||||||||
VCA Antech, Inc.* | 674 | 13,399 | |||||||||
WellCare Health Plans, Inc.* | 4,109 | 52,842 | |||||||||
Total Health Care Equipment & Services | 813,402 | ||||||||||
Household & Personal Products—1.0% | |||||||||||
Alberto-Culver Co. | 628 | 15,392 | |||||||||
Church & Dwight Co., Inc. | 406 | 22,785 | |||||||||
Energizer Holdings, Inc.* | 854 | 46,236 | |||||||||
NBTY, Inc.* | 1,294 | 20,251 | |||||||||
Total Household & Personal Products | 104,664 | ||||||||||
Insurance—5.2% | |||||||||||
American Financial Group, Inc. | 1,804 | 41,276 | |||||||||
Arthur J. Gallagher & Co. | 614 | 15,909 | |||||||||
Brown & Brown, Inc. | 445 | 9,301 | |||||||||
Everest Re Group Ltd. | 458 | 34,872 |
The accompanying notes are an integral part of these financial statements.
12
Schedule of Investments — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Insurance—5.2% (continued) | |||||||||||
Fidelity National Financial, Inc. Class A | 3,116 | $ | 55,309 | ||||||||
First American Corp. | 2,244 | 64,828 | |||||||||
Hanover Insurance Group, Inc. | 618 | 26,555 | |||||||||
HCC Insurance Holdings, Inc. | 837 | 22,390 | |||||||||
Horace Mann Educators Corp. | 893 | 8,207 | |||||||||
Mercury General Corp. | 563 | 25,892 | |||||||||
Old Republic International Corp. | 3,218 | 38,359 | |||||||||
Protective Life Corp. | 2,458 | 35,272 | |||||||||
Reinsurance Group of America, Inc. | 1,431 | 61,275 | |||||||||
StanCorp Financial Group, Inc. | 705 | 29,448 | |||||||||
Unitrin, Inc. | 1,516 | 24,165 | |||||||||
W.R. Berkley Corp. | 1,494 | 46,314 | |||||||||
Total Insurance | 539,372 | ||||||||||
Materials—9.4% | |||||||||||
Airgas, Inc. | 961 | 37,469 | |||||||||
Albemarle Corp. | 1,181 | 26,336 | |||||||||
AptarGroup, Inc. | 576 | 20,298 | |||||||||
Ashland, Inc. | 7,125 | 74,884 | |||||||||
Cabot Corp. | 1,692 | 25,888 | |||||||||
Carpenter Technology Corp. | 958 | 19,677 | |||||||||
Chemtura Corp. | 30,187 | 42,262 | |||||||||
Cliffs Natural Resources, Inc. | 1,222 | 31,295 | |||||||||
Commercial Metals Co. | 6,930 | 82,258 | |||||||||
Cytec Industries, Inc. | 1,640 | 34,801 | |||||||||
Ferro Corp. | 3,463 | 24,414 | |||||||||
FMC Corp. | 627 | 28,046 | |||||||||
Greif, Inc. Class A | 1,016 | 33,965 | |||||||||
Louisiana-Pacific Corp. | 8,132 | 12,686 | |||||||||
Lubrizol Corp. | 1,309 | 47,635 | |||||||||
Martin Marietta Materials, Inc. | 205 | 19,901 | |||||||||
Minerals Technologies, Inc. | 218 | 8,916 | |||||||||
Olin Corp. | 856 | 15,476 | |||||||||
Packaging Corp of America | 1,681 | 22,626 | |||||||||
Reliance Steel & Aluminum Co. | 3,313 | 66,061 | |||||||||
RPM International, Inc. | 2,440 | 32,428 | |||||||||
Scotts Miracle-Gro Co. Class A | 917 | 27,253 | |||||||||
Sensient Technologies Corp. | 482 | 11,510 | |||||||||
Sonoco Products Co. | 1,561 | 36,153 | |||||||||
Steel Dynamics, Inc. | 6,759 | 75,566 | |||||||||
Temple-Inland, Inc. | 8,282 | 39,754 | |||||||||
Terra Industries, Inc. | 1,656 | 27,606 | |||||||||
Valspar Corp. | 1,753 | 31,712 | |||||||||
Worthington Industries, Inc. | 2,030 | 22,371 | |||||||||
Total Materials | 979,247 | ||||||||||
Media—0.7% | |||||||||||
Belo Corp. Class A | 5,165 | 8,057 | |||||||||
DreamWorks Animation SKG, Inc. Class A* | 274 | 6,921 | |||||||||
Harte-Hanks, Inc. | 1,675 | 10,452 | |||||||||
John Wiley & Sons, Inc. Class A | 484 | 17,221 | |||||||||
Lamar Advertising Co. Class A* | 855 | 10,739 | |||||||||
Marvel Entertainment, Inc.* | 172 | 5,289 | |||||||||
Scholastic Corp. | 1,154 | 15,671 | |||||||||
Total Media | 74,350 |
Investments | Shares | Value | |||||||||
Pharmaceuticals, Biotechnology—1.3% | |||||||||||
Affymetrix, Inc.* | 1,573 | $ | 4,703 | ||||||||
Bio-Rad Laboratories, Inc. Class A* | 241 | 18,150 | |||||||||
Charles River Laboratories International, Inc.* | 514 | 13,467 | |||||||||
Covance, Inc.* | 400 | 18,412 | |||||||||
Endo Pharmaceuticals Holdings, Inc.* | 465 | 12,034 | |||||||||
Medicis Pharmaceutical Corp. Class A | 338 | 4,698 | |||||||||
Perrigo Co. | 487 | 15,735 | |||||||||
Pharmaceutical Product Development, Inc. | 531 | 15,404 | |||||||||
Sepracor, Inc.* | 999 | 10,969 | |||||||||
Techne Corp. | 35 | 2,258 | |||||||||
United Therapeutics Corp.* | 41 | 2,565 | |||||||||
Valeant Pharmaceuticals International* | 343 | 7,855 | |||||||||
Varian, Inc.* | 302 | 10,120 | |||||||||
Vertex Pharmaceuticals, Inc.* | 68 | 2,066 | |||||||||
Total Pharmaceuticals, Biotechnology | 138,436 | ||||||||||
Real Estate—2.3% | |||||||||||
Alexandria Real Estate Equities, Inc. (a) | 87 | 5,250 | |||||||||
AMB Property Corp. (a) | 351 | 8,220 | |||||||||
BRE Properties, Inc. (a) | 105 | 2,938 | |||||||||
Camden Property Trust (a) | 211 | 6,613 | |||||||||
Cousins Properties, Inc. (a) | 153 | 2,119 | |||||||||
Duke Realty Corp. (a) | 1,249 | 13,689 | |||||||||
Equity One, Inc. (a) | 125 | 2,213 | |||||||||
Essex Property Trust, Inc. (a) | 50 | 3,838 | |||||||||
Federal Realty Investment Trust (a) | 79 | 4,904 | |||||||||
Health Care REIT, Inc. (a) | 133 | 5,613 | |||||||||
Highwoods Properties, Inc. (a) | 178 | 4,870 | |||||||||
Hospitality Properties Trust (a) | 929 | 13,814 | |||||||||
Jones Lang LaSalle, Inc. | 957 | 26,509 | |||||||||
Liberty Property Trust (a) | 339 | 7,739 | |||||||||
Macerich Co. (a) | 545 | 9,897 | |||||||||
Mack-Cali Realty Corp. (a) | 351 | 8,600 | |||||||||
Nationwide Health Properties, Inc. (a) | 136 | 3,906 | |||||||||
Omega Healthcare Investors, Inc. (a) | 3,275 | 52,302 | |||||||||
Potlatch Corp. (a) | 720 | 18,727 | |||||||||
Rayonier, Inc. (a) | 361 | 11,317 | |||||||||
Realty Income Corp. (a) | 141 | 3,264 | |||||||||
Regency Centers Corp. (a) | 116 | 5,417 | |||||||||
SL Green Realty Corp. (a) | 220 | 5,698 | |||||||||
UDR Inc (a) | 342 | 4,716 | |||||||||
Weingarten Realty Investors (a) | 305 | 6,310 | |||||||||
Total Real Estate | 238,483 | ||||||||||
Retailing—7.3% | |||||||||||
99 Cents Only Stores* | 990 | 10,821 | |||||||||
Advance Auto Parts, Inc. | 1,406 | 47,312 | |||||||||
Aeropostale, Inc.* | 863 | 13,894 | |||||||||
American Eagle Outfitters, Inc. | 2,786 | 26,077 | |||||||||
AnnTaylor Stores Corp.* | 4,024 | 23,218 | |||||||||
Barnes & Noble, Inc. | 3,184 | 47,760 | |||||||||
Carmax, Inc.* | 9,300 | 73,283 | |||||||||
Chico's FAS, Inc.* | 4,516 | 18,877 | |||||||||
Coldwater Creek, Inc.* | 3,871 | 11,032 | |||||||||
Collective Brands, Inc.* | 2,691 | 31,539 | |||||||||
Dick's Sporting Goods, Inc.* | 2,578 | 36,376 |
The accompanying notes are an integral part of these financial statements.
13
Schedule of Investments — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Retailing—7.3% (continued) | |||||||||||
Dollar Tree, Inc.* | 915 | $ | 38,247 | ||||||||
Foot Locker, Inc. | 7,014 | 51,483 | |||||||||
Guess?, Inc. | 1,271 | 19,510 | |||||||||
J. Crew Group, Inc.* | 980 | 11,956 | |||||||||
LKQ Corp.* | 1,280 | 14,925 | |||||||||
NetFlix, Inc.* | 403 | 12,046 | |||||||||
O'Reilly Automotive, Inc.* | 945 | 29,049 | |||||||||
Pacific Sunwear of California, Inc.* | 7,729 | 12,289 | |||||||||
PetSmart, Inc. | 2,435 | 44,926 | |||||||||
Priceline.com, Inc.* | 253 | 18,633 | |||||||||
Rent-A-Center, Inc.* | 1,784 | 31,488 | |||||||||
Ross Stores, Inc. | 1,890 | 56,189 | |||||||||
Saks, Inc.* | 7,181 | 31,453 | |||||||||
Urban Outfitters, Inc.* | 831 | 12,448 | |||||||||
Williams-Sonoma, Inc. | 4,496 | 35,339 | |||||||||
Total Retailing | 760,170 | ||||||||||
Semiconductors & Semiconductor Equipment—0.9% | |||||||||||
Atmel Corp.* | 4,605 | 14,414 | |||||||||
Cree, Inc.* | 272 | 4,317 | |||||||||
Fairchild Semiconductor International, Inc.* | 3,217 | 15,731 | |||||||||
Integrated Device Technology, Inc.* | 1,251 | 7,018 | |||||||||
International Rectifier Corp.* | 758 | 10,233 | |||||||||
Intersil Corp. Class A | 782 | 7,187 | |||||||||
Lam Research Corp.* | 1,060 | 22,556 | |||||||||
RF Micro Devices, Inc.* | 11,327 | 8,835 | |||||||||
Semtech Corp.* | 201 | 2,265 | |||||||||
Silicon Laboratories, Inc.* | 173 | 4,287 | |||||||||
Total Semiconductors & Semiconductor Equipment | 96,843 | ||||||||||
Software & Services—3.5% | |||||||||||
ACI Worldwide, Inc.* | 247 | 3,927 | |||||||||
Acxiom Corp. | 1,652 | 13,398 | |||||||||
Advent Software, Inc.* | 98 | 1,957 | |||||||||
Alliance Data Systems Corp.* | 463 | 21,543 | |||||||||
ANSYS, Inc.* | 143 | 3,988 | |||||||||
Broadridge Financial Solutions, Inc. | 1,636 | 20,515 | |||||||||
Cadence Design Systems, Inc.* | 4,965 | 18,172 | |||||||||
Digital River, Inc.* | 152 | 3,770 | |||||||||
DST Systems, Inc.* | 552 | 20,965 | |||||||||
FactSet Research Systems, Inc. | 136 | 6,017 | |||||||||
Fair Isaac Corp. | 520 | 8,767 | |||||||||
Gartner, Inc.* | 708 | 12,624 | |||||||||
Global Payments, Inc. | 337 | 11,050 | |||||||||
Jack Henry & Associates, Inc. | 362 | 7,026 | |||||||||
Lender Processing Services, Inc. | 670 | 19,732 | |||||||||
Macrovision Solutions Corp.* | 264 | 3,340 | |||||||||
Mantech International Corp. Class A* | 320 | 17,341 | |||||||||
Mentor Graphics Corp.* | 1,410 | 7,290 | |||||||||
Metavante Technologies, Inc.* | 945 | 15,224 | |||||||||
NeuStar, Inc. Class A* | 229 | 4,381 | |||||||||
Parametric Technology Corp.* | 837 | 10,588 | |||||||||
SAIC Inc.* | 4,095 | 79,771 | |||||||||
SRA International, Inc. Class A* | 840 | 14,490 | |||||||||
Sybase, Inc.* | 433 | 10,725 | |||||||||
Synopsys, Inc.* | 662 | 12,260 |
Investments | Shares | Value | |||||||||
ValueClick, Inc.* | 911 | $ | 6,231 | ||||||||
Wind River Systems, Inc.* | 330 | 2,980 | |||||||||
Total Software & Services | 358,072 | ||||||||||
Technology Hardware & Equipment—12.2% | |||||||||||
3Com Corp.* | 5,295 | 12,073 | |||||||||
ADC Telecommunications, Inc.* | 2,646 | 14,474 | |||||||||
Adtran, Inc. | 320 | 4,762 | |||||||||
Arrow Electronics, Inc.* | 9,511 | 179,187 | |||||||||
Avnet, Inc.* | 9,545 | 173,814 | |||||||||
Avocent Corp.* | 359 | 6,430 | |||||||||
CommScope, Inc.* | 2,319 | 36,037 | |||||||||
Diebold, Inc. | 1,077 | 30,253 | |||||||||
F5 Networks, Inc.* | 252 | 5,761 | |||||||||
Imation Corp. | 1,616 | 21,929 | |||||||||
Ingram Micro, Inc. Class A* | 25,877 | 346,494 | |||||||||
Mettler-Toledo International, Inc.* | 252 | 16,985 | |||||||||
National Instruments Corp. | 318 | 7,746 | |||||||||
NCR Corp.* | 3,572 | 50,508 | |||||||||
Palm, Inc. * | 6,282 | 19,286 | |||||||||
Plantronics, Inc. | 616 | 8,131 | |||||||||
Polycom, Inc.* | 679 | 9,173 | |||||||||
Tech Data Corp.* | 12,266 | 218,825 | |||||||||
Trimble Navigation Ltd.* | 605 | 13,074 | |||||||||
Vishay Intertechnology, Inc.* | 6,584 | 22,517 | |||||||||
Western Digital Corp.* | 5,533 | 63,353 | |||||||||
Zebra Technologies Corp. Class A* | 441 | 8,935 | |||||||||
Total Technology Hardware & Equipment | 1,269,747 | ||||||||||
Telecommunication Services—0.6% | |||||||||||
Cincinnati Bell, Inc.* | 6,937 | 13,388 | |||||||||
Telephone & Data Systems, Inc. | 1,476 | 46,863 | |||||||||
Total Telecommunication Services | 60,251 | ||||||||||
Transportation—3.0% | |||||||||||
Airtran Holdings, Inc.* | 6,145 | 27,284 | |||||||||
Alaska Air Group, Inc.* | 1,271 | 37,177 | |||||||||
Alexander & Baldwin, Inc. | 683 | 17,116 | |||||||||
Con-way, Inc. | 2,178 | 57,935 | |||||||||
JB Hunt Transport Services, Inc. | 1,417 | 37,225 | |||||||||
JetBlue Airways Corp.* | 5,432 | 38,567 | |||||||||
Kansas City Southern* | 1,000 | 19,050 | |||||||||
Werner Enterprises, Inc. | 1,235 | 21,415 | |||||||||
YRC Worldwide, Inc.* | 21,132 | 60,648 | |||||||||
Total Transportation | 316,417 | ||||||||||
Utilities—6.8% | |||||||||||
AGL Resources, Inc. | 800 | 25,080 | |||||||||
Alliant Energy Corp. | 1,085 | 31,660 | |||||||||
Aqua America, Inc. | 280 | 5,765 | |||||||||
Black Hills Corp. | 285 | 7,684 | |||||||||
DPL, Inc. | 665 | 15,189 | |||||||||
Energen Corp. | 453 | 13,286 | |||||||||
Great Plains Energy, Inc. | 1,216 | 23,505 | |||||||||
Hawaiian Electric Industries, Inc. | 1,220 | 27,011 | |||||||||
IDACORP, Inc. | 291 | 8,570 | |||||||||
MDU Resources Group, Inc. | 1,986 | 42,858 | |||||||||
National Fuel Gas Co. | 674 | 21,116 | |||||||||
Northeast Utilities | 2,197 | 52,860 |
The accompanying notes are an integral part of these financial statements.
14
Schedule of Investments — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Utilities—6.8% (continued) | |||||||||||
NSTAR | 832 | $ | 30,360 | ||||||||
NV Energy, Inc. | 3,465 | 34,269 | |||||||||
OGE Energy Corp. | 1,544 | 39,804 | |||||||||
ONEOK, Inc. | 5,583 | 162,576 | |||||||||
PNM Resources, Inc. | 1,649 | 16,622 | |||||||||
Puget Energy, Inc. | 1,211 | 33,024 | |||||||||
UGI Corp. | 2,392 | 58,413 | |||||||||
Vectren Corp. | 839 | 20,983 | |||||||||
Westar Energy, Inc. | 860 | 17,639 | |||||||||
WGL Holdings, Inc. | 717 | 23,439 | |||||||||
Total Utilities | 711,713 | ||||||||||
Total Investments—100.3% (Cost $12,510,962) | 10,437,400 | ||||||||||
Liabilities in Excess of Other Assets—(0.3%) | (34,776 | ) | |||||||||
Net Assets—100.0% | $ | 10,402,624 |
* Non-income producing security.
(a) Real Estate Investment Trust (REIT)
The accompanying notes are an integral part of these financial statements.
15
Schedule of Investments
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
COMMON STOCKS—100.4% | |||||||||||
Automobiles & Components—0.7% | |||||||||||
Drew Industries, Inc.* | 551 | $ | 6,612 | ||||||||
Spartan Motors, Inc. | 3,940 | 18,636 | |||||||||
Standard Motor Products, Inc. | 3,151 | 10,902 | |||||||||
Superior Industries International, Inc. | 867 | 9,121 | |||||||||
Winnebago Industries, Inc. | 2,164 | 13,049 | |||||||||
Total Automobiles & Components | 58,320 | ||||||||||
Banks—4.1% | |||||||||||
Anchor Bancorp Wisconsin, Inc. | 2,289 | 6,318 | |||||||||
Bank Mutual Corp. | 251 | 2,897 | |||||||||
BankAtlantic Bancorp, Inc. Class A | 1,290 | 7,482 | |||||||||
Boston Private Financial Holdings, Inc. | 1,496 | 10,233 | |||||||||
Brookline Bancorp, Inc. | 191 | 2,034 | |||||||||
Cascade Bancorp | 286 | 1,931 | |||||||||
Central Pacific Financial Corp. | 463 | 4,649 | |||||||||
Columbia Banking System, Inc. | 324 | 3,865 | |||||||||
Community Bank System, Inc. | 184 | 4,488 | |||||||||
Corus Bankshares, Inc. | 7,057 | 7,833 | |||||||||
Dime Community Bancshares, Inc. | 198 | 2,633 | |||||||||
East West Bancorp, Inc. | 666 | 10,636 | |||||||||
First Bancorp | 1,530 | 17,044 | |||||||||
First Commonwealth Financial Corp. | 462 | 5,720 | |||||||||
First Financial Bancorp | 259 | 3,209 | |||||||||
First Financial Bankshares, Inc. | 52 | 2,871 | |||||||||
First Midwest Bancorp, Inc. | 360 | 7,189 | |||||||||
Flagstar Bancorp, Inc.* | 25,343 | 17,994 | |||||||||
Frontier Financial Corp. | 1,503 | 6,553 | |||||||||
Glacier Bancorp, Inc. | 295 | 5,611 | |||||||||
Guaranty Financial Group, Inc.* | 11,308 | 29,514 | |||||||||
Hancock Holding Co. | 152 | 6,910 | |||||||||
Hanmi Financial Corp. | 2,118 | 4,363 | |||||||||
Home Bancshares, Inc. | 91 | 2,452 | |||||||||
Independent Bank Corp. MI | 1,719 | 3,713 | |||||||||
Independent Bank Corp. MA | 425 | 11,118 | |||||||||
Irwin Financial Corp.* | 5,211 | 6,722 | |||||||||
Nara Bancorp, Inc. | 283 | 2,782 | |||||||||
National Penn Bancshares, Inc. | 489 | 7,095 | |||||||||
Old National Bancorp. | 484 | 8,789 | |||||||||
PrivateBancorp, Inc. | 190 | 6,167 | |||||||||
Prosperity Bancshares, Inc. | 187 | 5,533 | |||||||||
Provident Bankshares Corp. | 799 | 7,718 | |||||||||
S&T Bancorp, Inc. | 97 | 3,444 | |||||||||
Signature Bank* | 175 | 5,021 | |||||||||
South Financial Group, Inc. | 3,109 | 13,431 | |||||||||
Sterling Bancorp | 173 | 2,427 | |||||||||
Sterling Bancshares, Inc. | 728 | 4,426 | |||||||||
Sterling Financial Corp. | 1,828 | 16,086 | |||||||||
Susquehanna Bancshares, Inc. | 747 | 11,885 | |||||||||
Tompkins Financial Corp. | 46 | 2,666 | |||||||||
TrustCo Bank Corp. | 251 | 2,387 | |||||||||
UCBH Holdings, Inc. | 2,000 | 13,760 | |||||||||
UMB Financial Corp. | 191 | 9,386 | |||||||||
Umpqua Holdings Corp. | 535 | 7,741 | |||||||||
United Bankshares, Inc. | 206 | 6,843 | |||||||||
United Community Banks, Inc. | 591 | 8,026 | |||||||||
Whitney Holding Corp. | 598 | 9,562 |
Investments | Shares | Value | |||||||||
Wilshire Bancorp, Inc. | 283 | $ | 2,570 | ||||||||
Wintrust Financial Corp. | 475 | 9,771 | |||||||||
Total Banks | 363,498 | ||||||||||
Capital Goods—12.4% | |||||||||||
A.O. Smith Corp. | 1,061 | 31,321 | |||||||||
AAR Corp.* | 1,062 | 19,551 | |||||||||
Actuant Corp. Class A | 40 | 761 | |||||||||
Acuity Brands, Inc. | 804 | 28,068 | |||||||||
Albany International Corp. Class A | 1,087 | 13,957 | |||||||||
Apogee Enterprises, Inc. | 1,216 | 12,598 | |||||||||
Applied Industrial Technologies, Inc. | 1,479 | 27,983 | |||||||||
Applied Signal Technology, Inc. | 138 | 2,476 | |||||||||
Astec Industries, Inc.* | 408 | 12,783 | |||||||||
Axsys Technologies, Inc.* | 56 | 3,072 | |||||||||
Baldor Electric Co. | 1,629 | 29,078 | |||||||||
Barnes Group, Inc. | 1,350 | 19,575 | |||||||||
Belden, Inc. | 1,564 | 32,655 | |||||||||
Brady Corp. Class A | 842 | 20,166 | |||||||||
Briggs & Stratton Corp. | 1,989 | 34,986 | |||||||||
C&D Technologies, Inc.* | 1,450 | 4,539 | |||||||||
Cascade Corp. | 239 | 7,137 | |||||||||
Ceradyne, Inc.* | 380 | 7,718 | |||||||||
CIRCOR International, Inc. | 1,100 | 30,250 | |||||||||
CLARCOR, Inc. | 404 | 13,405 | |||||||||
Cubic Corp. | 394 | 10,717 | |||||||||
Curtiss-Wright Corp. | 784 | 26,178 | |||||||||
EMCOR Group, Inc.* | 4,185 | 93,869 | |||||||||
EnPro Industries, Inc.* | 740 | 15,940 | |||||||||
Esterline Technologies Corp.* | 540 | 20,461 | |||||||||
Gardner Denver, Inc.* | 1,035 | 24,157 | |||||||||
GenCorp, Inc.* | 3,115 | 11,463 | |||||||||
Gibraltar Industries, Inc. | 1,174 | 14,018 | |||||||||
Griffon Corp.* | 2,029 | 18,931 | |||||||||
II-VI, Inc.* | 211 | 4,028 | |||||||||
Insituform Technologies, Inc. Class A* | 363 | 7,147 | |||||||||
John Bean Technologies Corp. | 1,521 | 12,427 | |||||||||
Kaman Corp. | 790 | 14,323 | |||||||||
Kaydon Corp. | 200 | 6,870 | |||||||||
Lawson Products, Inc. | 346 | 7,906 | |||||||||
Lennox International, Inc. | 1,602 | 51,728 | |||||||||
Lindsay Corp. | 114 | 3,624 | |||||||||
Lydall, Inc.* | 962 | 5,532 | |||||||||
Magnetek, Inc.* | 620 | 1,488 | |||||||||
Moog, Inc. Class A* | 780 | 28,525 | |||||||||
Mueller Industries, Inc. | 1,663 | 41,707 | |||||||||
NCI Buildings Systems, Inc.* | 1,350 | 22,005 | |||||||||
Orbital Sciences Corp.* | 955 | 18,651 | |||||||||
Quanex Building Products Corp. | 1,252 | 11,731 | |||||||||
Regal-Beloit Corp. | 896 | 34,038 | |||||||||
Robbins & Myers, Inc. | 523 | 8,457 | |||||||||
Simpson Manufacturing Co., Inc. | 369 | 10,243 | |||||||||
Standex International Corp. | 452 | 8,968 | |||||||||
Teledyne Technologies, Inc.* | 611 | 27,220 | |||||||||
Toro Co. | 784 | 25,872 | |||||||||
Tredegar Corp. | 658 | 11,962 | |||||||||
Triumph Group, Inc. | 374 | 15,880 | |||||||||
Universal Forest Products, Inc. | 1,334 | 35,897 |
The accompanying notes are an integral part of these financial statements.
16
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Capital Goods—12.4% (continued) | |||||||||||
Valmont Industries, Inc. | 407 | $ | 24,974 | ||||||||
Vicor Corp. | 571 | 3,774 | |||||||||
Wabash National Corp. | 2,682 | 12,069 | |||||||||
Watsco, Inc. | 627 | 24,077 | |||||||||
Watts Water Technologies, Inc. Class A | 798 | 19,926 | |||||||||
Total Capital Goods | 1,088,862 | ||||||||||
Commercial & Professional Services—5.5% | |||||||||||
ABM Industries, Inc. | 2,558 | 48,730 | |||||||||
ATC Technology Corp.* | 452 | 6,613 | |||||||||
Administaff, Inc. | 1,233 | 26,731 | |||||||||
Bowne & Co., Inc. | 3,088 | 18,157 | |||||||||
CDI Corp. | 1,604 | 20,756 | |||||||||
Consolidated Graphics, Inc.* | 786 | 17,795 | |||||||||
G&K Services, Inc. Class A | 588 | 11,889 | |||||||||
Geo Group, Inc.* | 757 | 13,649 | |||||||||
Healthcare Services Group, Inc. | 512 | 8,156 | |||||||||
Heidrick & Struggles International, Inc. | 412 | 8,874 | |||||||||
Interface, Inc. Class A | 2,859 | 13,266 | |||||||||
Mobile Mini, Inc.* | 372 | 5,364 | |||||||||
On Assignment, Inc.* | 1,906 | 10,807 | |||||||||
School Specialty, Inc.* | 786 | 15,028 | |||||||||
Spherion Corp.* | 25,444 | 56,232 | |||||||||
Standard Register Co. | 1,343 | 11,993 | |||||||||
SYKES Enterprises, Inc.* | 599 | 11,453 | |||||||||
Tetra Tech, Inc.* | 1,150 | 27,773 | |||||||||
TrueBlue, Inc.* | 2,257 | 21,599 | |||||||||
United Stationers, Inc.* | 1,914 | 64,101 | |||||||||
Viad Corp. | 592 | 14,646 | |||||||||
Volt Information Sciences, Inc.* | 4,906 | 35,470 | |||||||||
Watson Wyatt Worldwide, Inc. Class A | 483 | 23,097 | |||||||||
Total Commercial & Professional Services | 492,179 | ||||||||||
Consumer Durables & Apparel—6.5% | |||||||||||
Arctic Cat, Inc. | 1,643 | 7,870 | |||||||||
Bassett Furniture Industries, Inc. | 1,224 | 4,100 | |||||||||
Brunswick Corp. | 20,673 | 87,033 | |||||||||
Carter's, Inc.* | 1,029 | 19,819 | |||||||||
Champion Enterprises, Inc.* | 16,567 | 9,278 | |||||||||
CROCS, Inc.* | 7,087 | 8,788 | |||||||||
Deckers Outdoor Corp.* | 118 | 9,425 | |||||||||
Ethan Allen Interiors, Inc. | 900 | 12,933 | |||||||||
Fossil, Inc.* | 1,461 | 24,399 | |||||||||
Iconix Brand Group, Inc.* | 320 | 3,130 | |||||||||
JAKKS Pacific, Inc.* | 638 | 13,162 | |||||||||
K-Swiss, Inc. Class A | 404 | 4,606 | |||||||||
La-Z-Boy, Inc. | 7,821 | 16,972 | |||||||||
Liz Claiborne, Inc. | 18,648 | 48,485 | |||||||||
M/I Homes, Inc. | 952 | 10,034 | |||||||||
Maidenform Brands, Inc.* | 588 | 5,968 | |||||||||
Meritage Homes Corp.* | 1,994 | 24,267 | |||||||||
Movado Group, Inc. | 1,067 | 10,019 | |||||||||
National Presto Industries, Inc. | 88 | 6,776 | |||||||||
Nautilus, Inc.* | 3,186 | 7,041 | |||||||||
Oxford Industries, Inc. | 2,455 | 21,530 | |||||||||
Perry Ellis International, Inc.* | 1,542 | 9,776 | |||||||||
Polaris Industries, Inc. | 986 | 28,249 | |||||||||
Pool Corp. | 1,484 | 26,667 |
Investments | Shares | Value | |||||||||
Quiksilver, Inc.* | 21,366 | $ | 39,313 | ||||||||
RC2 Corp.* | 886 | 9,454 | |||||||||
Russ Berrie & Co., Inc.* | 4,039 | 11,996 | |||||||||
Skechers U.S.A., Inc. Class A* | 1,676 | 21,486 | |||||||||
Skyline Corp. | 170 | 3,398 | |||||||||
Standard-Pacific Corp.* | 12,947 | 23,046 | |||||||||
Sturm Ruger & Co., Inc.* | 287 | 1,713 | |||||||||
True Religion Apparel, Inc.* | 296 | 3,682 | |||||||||
UniFirst Corp. | 486 | 14,429 | |||||||||
Universal Electronics, Inc.* | 240 | 3,893 | |||||||||
Volcom, Inc.* | 443 | 4,829 | |||||||||
Wolverine World Wide, Inc. | 804 | 16,916 | |||||||||
Total Consumer Durables & Apparel | 574,482 | ||||||||||
Consumer Services—4.1% | |||||||||||
Buffalo Wild Wings, Inc.* | 221 | 5,669 | |||||||||
California Pizza Kitchen, Inc.* | 971 | 10,409 | |||||||||
Capella Education Co.* | 53 | 3,114 | |||||||||
CEC Entertainment, Inc.* | 463 | 11,228 | |||||||||
CKE Restaurants, Inc. | 2,344 | 20,346 | |||||||||
Coinstar, Inc.* | 547 | 10,672 | |||||||||
Cracker Barrel Old Country Store, Inc. | 1,679 | 34,571 | |||||||||
DineEquity, Inc. | 1,594 | 18,427 | |||||||||
Hillenbrand, Inc. | 576 | 9,608 | |||||||||
Interval Leisure Group, Inc.* | 1,013 | 5,460 | |||||||||
Jack in the Box, Inc.* | 1,848 | 40,821 | |||||||||
Landry's Restaurants, Inc. | 1,322 | 15,335 | |||||||||
Marcus Corp. | 393 | 6,378 | |||||||||
Monarch Casino & Resort, Inc.* | 194 | 2,260 | |||||||||
Multimedia Games, Inc.* | 623 | 1,483 | |||||||||
O'Charleys, Inc. | 5,941 | 11,882 | |||||||||
Panera Bread Co. Class A* | 305 | 15,933 | |||||||||
Papa John's International, Inc.* | 880 | 16,218 | |||||||||
Peet's Coffee & Tea, Inc.* | 161 | 3,743 | |||||||||
P.F. Chang's China Bistro, Inc.* | 724 | 15,161 | |||||||||
Pinnacle Entertainment, Inc.* | 1,960 | 15,053 | |||||||||
Pre-Paid Legal Services, Inc.* | 152 | 5,668 | |||||||||
Red Robin Gourmet Burgers, Inc.* | 695 | 11,697 | |||||||||
Ruby Tuesday, Inc.* | 12,284 | 19,163 | |||||||||
Ruth's Hospitality Group, Inc.* | 3,629 | 5,008 | |||||||||
Shuffle Master, Inc.* | 550 | 2,728 | |||||||||
Sonic Corp.* | 921 | 11,209 | |||||||||
Steak N Shake Co.* | 1,521 | 9,050 | |||||||||
Texas Roadhouse, Inc. Class A* | 1,496 | 11,594 | |||||||||
Universal Technical Institute, Inc.* | 268 | 4,602 | |||||||||
WMS Industries, Inc.* | 329 | 8,850 | |||||||||
Total Consumer Services | 363,340 | ||||||||||
Diversified Financials—0.9% | |||||||||||
Cash America International, Inc. | 496 | 13,565 | |||||||||
Financial Federal Corp. | 113 | 2,630 | |||||||||
First Cash Financial Services, Inc.* | 288 | 5,489 | |||||||||
Greenhill & Co., Inc. | 46 | 3,209 | |||||||||
Investment Technology Group, Inc.* | 516 | 11,724 | |||||||||
LaBranche & Co., Inc.* | 739 | 3,540 | |||||||||
optionsXpress Holdings, Inc. | 282 | 3,768 | |||||||||
Piper Jaffray Cos.* | 178 | 7,077 | |||||||||
Portfolio Recovery Associates, Inc.* | 104 | 3,519 | |||||||||
Rewards Network, Inc.* | 1,029 | 2,665 |
The accompanying notes are an integral part of these financial statements.
17
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Diversified Financials—0.9% (continued) | |||||||||||
Stifel Financial Corp.* | 252 | $ | 11,554 | ||||||||
SWS Group, Inc. | 383 | 7,258 | |||||||||
TradeStation Group, Inc.* | 359 | 2,316 | |||||||||
World Acceptance Corp.* | 232 | 4,584 | |||||||||
Total Diversified Financials | 82,898 | ||||||||||
Energy—6.8% | |||||||||||
Atwood Oceanics, Inc.* | 387 | 5,913 | |||||||||
Basic Energy Services, Inc.* | 1,094 | 14,266 | |||||||||
Bristow Group, Inc.* | 618 | 16,556 | |||||||||
CARBO Ceramics, Inc. | 148 | 5,258 | |||||||||
Dril-Quip, Inc.* | 340 | 6,973 | |||||||||
Gulf Island Fabrication, Inc. | 437 | 6,297 | |||||||||
Holly Corp. | 4,416 | 80,504 | |||||||||
Hornbeck Offshore Services, Inc.* | 347 | 5,670 | |||||||||
ION Geophysical Corp.* | 3,477 | 11,926 | |||||||||
Lufkin Industries, Inc. | 235 | 8,108 | |||||||||
Matrix Service Co.* | 1,145 | 8,782 | |||||||||
NATCO Group, Inc. Class A* | 547 | 8,303 | |||||||||
Oil States International, Inc.* | 1,792 | 33,492 | |||||||||
Penn Virginia Corp. | 570 | 14,809 | |||||||||
Petroleum Development Corp.* | 375 | 9,026 | |||||||||
Petroquest Energy, Inc.* | 731 | 4,942 | |||||||||
Pioneer Drilling Co.* | 1,308 | 7,286 | |||||||||
SEACOR Holdings, Inc.* | 312 | 20,795 | |||||||||
St. Mary Land & Exploration Co. | 892 | 18,117 | |||||||||
Stone Energy Corp.* | 808 | 8,904 | |||||||||
Superior Well Services, Inc.* | 602 | 6,020 | |||||||||
Swift Energy Co.* | 555 | 9,330 | |||||||||
Tetra Technologies, Inc.* | 2,585 | 12,563 | |||||||||
World Fuel Services Corp. | 7,521 | 278,277 | |||||||||
Total Energy | 602,117 | ||||||||||
Food & Staples Retailing—3.7% | |||||||||||
Andersons, Inc. | 2,727 | 44,941 | |||||||||
Casey's General Stores, Inc. | 2,526 | 57,517 | |||||||||
Great Atlantic & Pacific Tea Co., Inc.* | 13,414 | 84,105 | |||||||||
Nash Finch Co. | 1,461 | 65,584 | |||||||||
Spartan Stores, Inc. | 1,367 | 31,783 | |||||||||
United Natural Foods, Inc.* | 2,408 | 42,911 | |||||||||
Total Food & Staples Retailing | 326,841 | ||||||||||
Food Beverage & Tobacco—1.8% | |||||||||||
Alliance One International, Inc.* | 12,182 | 35,815 | |||||||||
Boston Beer Co., Inc. Class A* | 174 | 4,942 | |||||||||
Cal-Maine Foods, Inc. | 426 | 12,226 | |||||||||
Darling International, Inc.* | 2,356 | 12,934 | |||||||||
Diamond Foods, Inc. | 277 | 5,582 | |||||||||
Green Mountain Coffee Roasters, Inc.* | 178 | 6,889 | |||||||||
Hain Celestial Group, Inc.* | 722 | 13,783 | |||||||||
J&J Snack Foods Corp. | 258 | 9,257 | |||||||||
Lance, Inc. | 497 | 11,401 | |||||||||
Sanderson Farms, Inc. | 668 | 23,086 | |||||||||
TreeHouse Foods, Inc.* | 785 | 21,383 | |||||||||
Total Food Beverage & Tobacco | 157,298 |
Investments | Shares | Value | |||||||||
Health Care Equipment & Services—8.6% | |||||||||||
Abaxis, Inc.* | 82 | $ | 1,314 | ||||||||
Air Methods Corp.* | 422 | 6,748 | |||||||||
Amedisys, Inc.* | 335 | 13,849 | |||||||||
American Medical Systems Holdings, Inc.* | 740 | 6,653 | |||||||||
AMERIGROUP Corp.* | 2,097 | 61,903 | |||||||||
AMN Healthcare Services, Inc.* | 1,949 | 16,489 | |||||||||
AmSurg Corp.* | 363 | 8,472 | |||||||||
Analogic Corp. | 179 | 4,883 | |||||||||
ArthroCare Corp.* | 296 | 1,412 | |||||||||
Catalyst Health Solutions, Inc.* | 1,391 | 33,871 | |||||||||
Centene Corp.* | 2,644 | 52,113 | |||||||||
Chemed Corp. | 366 | 14,556 | |||||||||
CONMED Corp.* | 409 | 9,791 | |||||||||
Cooper Cos., Inc. | 1,069 | 17,532 | |||||||||
Corvel Corp.* | 219 | 4,814 | |||||||||
Cross Country Healthcare, Inc.* | 1,110 | 9,757 | |||||||||
CryoLife Inc.* | 153 | 1,486 | |||||||||
Cyberonics* | 100 | 1,657 | |||||||||
Datascope Corp. | 66 | 3,448 | |||||||||
Eclipsys Corp.* | 479 | 6,797 | |||||||||
Gentiva Health Services, Inc.* | 658 | 19,253 | |||||||||
Greatbatch, Inc.* | 261 | 6,906 | |||||||||
Haemonetics Corp.* | 106 | 5,989 | |||||||||
Healthspring, Inc.* | 1,645 | 32,851 | |||||||||
Healthways, Inc.* | 1,038 | 11,916 | |||||||||
HMS Holdings Corp.* | 80 | 2,522 | |||||||||
ICU Medical, Inc.* | 79 | 2,618 | |||||||||
Immucor, Inc.* | 143 | 3,801 | |||||||||
Integra LifeSciences Holdings Corp.* | 245 | 8,715 | |||||||||
Invacare Corp. | 1,539 | 23,885 | |||||||||
inVentiv Health, Inc.* | 1,246 | 14,379 | |||||||||
Kensey Nash Corp.* | 55 | 1,068 | |||||||||
Landauer, Inc. | 19 | 1,393 | |||||||||
LCA-Vision, Inc. | 975 | 4,007 | |||||||||
LHC Group, Inc.* | 133 | 4,788 | |||||||||
Magellan Health Services, Inc.* | 1,006 | 39,395 | |||||||||
Medcath Corp.* | 864 | 9,020 | |||||||||
Mentor Corp. | 145 | 4,485 | |||||||||
Meridian Bioscience, Inc. | 71 | 1,808 | |||||||||
Merit Medical Systems, Inc.* | 166 | 2,976 | |||||||||
Molina Healthcare, Inc.* | 2,156 | 37,967 | |||||||||
MWI Veterinary Supply, Inc.* | 347 | 9,355 | |||||||||
Natus Medical, Inc.* | 149 | 1,930 | |||||||||
Odyssey HealthCare, Inc.* | 821 | 7,594 | |||||||||
Omnicell, Inc.* | 272 | 3,321 | |||||||||
Osteotech, Inc.* | 603 | 1,019 | |||||||||
Owens & Minor, Inc. | 2,407 | 90,623 | |||||||||
Palomar Medical Technologies, Inc.* | 128 | 1,476 | |||||||||
Pediatrix Medical Group, Inc.* | 409 | 12,965 | |||||||||
PharMerica Corp.* | 1,801 | 28,222 | |||||||||
Phase Forward, Inc.* | 159 | 1,991 | |||||||||
PSS World Medical, Inc.* | 1,271 | 23,920 | |||||||||
RehabCare Group, Inc.* | 609 | 9,232 | |||||||||
Res-Care, Inc.* | 1,517 | 22,785 | |||||||||
SurModics, Inc.* | 52 | 1,314 | |||||||||
Symmetry Medical, Inc.* | 640 | 5,101 | |||||||||
Theragenics Corp.* | 720 | 842 |
The accompanying notes are an integral part of these financial statements.
18
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Health Care Equipment & Services—8.6% (continued) | |||||||||||
West Pharmaceutical Services, Inc. | 379 | $ | 14,315 | ||||||||
Zoll Medical Corp.* | 266 | 5,025 | |||||||||
Total Health Care Equipment & Services | 758,317 | ||||||||||
Household & Personal Products—0.5% | |||||||||||
Central Garden & Pet Co., Class A* | 4,643 | 27,394 | |||||||||
Chattem, Inc.* | 82 | 5,865 | |||||||||
Mannatech, Inc. | 2,037 | 4,991 | |||||||||
WD-40 Co. | 153 | 4,328 | |||||||||
Total Household & Personal Products | 42,578 | ||||||||||
Insurance—2.2% | |||||||||||
American Physicians Capital, Inc. | 250 | 12,025 | |||||||||
Amerisafe, Inc.* | 175 | 3,593 | |||||||||
Delphi Financial Group, Inc. Class A | 1,367 | 25,207 | |||||||||
Infinity Property & Casualty Corp. | 277 | 12,944 | |||||||||
National Financial Partners Corp. | 4,704 | 14,300 | |||||||||
Navigators Group, Inc.* | 161 | 8,841 | |||||||||
Presidential Life Corp. | 411 | 4,065 | |||||||||
ProAssurance Corp.* | 160 | 8,445 | |||||||||
RLI Corp. | 133 | 8,134 | |||||||||
Safety Insurance Group, Inc. | 231 | 8,792 | |||||||||
Selective Insurance Group, Inc. | 1,103 | 25,292 | |||||||||
Stewart Information Services Corp. | 1,467 | 34,460 | |||||||||
Tower Group, Inc. | 265 | 7,476 | |||||||||
United Fire & Casualty Co. | 347 | 10,781 | |||||||||
Zenith National Insurance Corp. | 288 | 9,092 | |||||||||
Total Insurance | 193,447 | ||||||||||
Materials—5.3% | |||||||||||
A.M. Castle & Co. | 1,803 | 19,526 | |||||||||
AMCOL International Corp. | 505 | 10,580 | |||||||||
Arch Chemicals, Inc. | 805 | 20,986 | |||||||||
Balchem Corp. | 117 | 2,914 | |||||||||
Brush Engineered Materials, Inc.* | 961 | 12,224 | |||||||||
Buckeye Technologies, Inc.* | 3,248 | 11,823 | |||||||||
Calgon Carbon Corp.* | 382 | 5,868 | |||||||||
Century Aluminum Co.* | 2,714 | 27,140 | |||||||||
Clearwater Paper Corp.* | 354 | 2,970 | |||||||||
Deltic Timber Corp. | 36 | 1,647 | |||||||||
Eagle Materials, Inc. | 494 | 9,095 | |||||||||
Georgia Gulf Corp. | 28,432 | 30,422 | |||||||||
H.B. Fuller Co. | 1,253 | 20,186 | |||||||||
Headwaters, Inc.* | 1,689 | 11,401 | |||||||||
Myers Industries, Inc. | 1,587 | 12,696 | |||||||||
Neenah Paper, Inc. | 1,188 | 10,502 | |||||||||
NewMarket Corp. | 565 | 19,724 | |||||||||
Olympic Steel, Inc. | 766 | 15,603 | |||||||||
OM Group, Inc.* | 1,087 | 22,947 | |||||||||
Penford Corp. | 476 | 4,817 | |||||||||
PolyOne Corp.* | 12,687 | 39,963 | |||||||||
Quaker Chemical Corp. | 623 | 10,248 | |||||||||
Rock-Tenn Co. Class A | 1,020 | 34,864 | |||||||||
RTI International Metals, Inc.* | 560 | 8,014 | |||||||||
Schulman A., Inc. | 1,572 | 26,724 | |||||||||
Schweitzer-Mauduit International, Inc. | 607 | 12,152 | |||||||||
Stepan Co. | 471 | 22,132 | |||||||||
Texas Industries, Inc. | 391 | 13,490 |
Investments | Shares | Value | |||||||||
Wausau Paper Corp. | 1,524 | $ | 17,435 | ||||||||
Zep, Inc. | 459 | 8,863 | |||||||||
Total Materials | 466,956 | ||||||||||
Media—1.6% | |||||||||||
4Kids Entertainment, Inc.* | 370 | 725 | |||||||||
AH Belo Corp. Class A | 4,532 | 9,880 | |||||||||
Arbitron, Inc. | 441 | 5,856 | |||||||||
E.W. Scripps Co. Class A | 16,607 | 36,701 | |||||||||
Live Nation, Inc.* | 15,041 | 86,336 | |||||||||
Total Media | 139,498 | ||||||||||
Pharmaceuticals, Biotechnology—0.8% | |||||||||||
ArQule, Inc.* | 38 | 160 | |||||||||
Cambrex Corp.* | 882 | 4,075 | |||||||||
Cubist Pharmaceuticals, Inc.* | 208 | 5,025 | |||||||||
Dionex Corp.* | 99 | 4,440 | |||||||||
Enzo Biochem Inc.* | 209 | 1,022 | |||||||||
Kendle International, Inc.* | 396 | 10,185 | |||||||||
Martek Biosciences Corp.* | 160 | 4,850 | |||||||||
Noven Pharmaceuticals, Inc.* | 107 | 1,177 | |||||||||
Par Pharmaceutical Cos., Inc.* | 583 | 7,818 | |||||||||
Parexel International Corp.* | 1,965 | 19,080 | |||||||||
Regeneron Pharmaceuticals, Inc.* | 196 | 3,599 | |||||||||
Salix Pharmaceuticals Ltd.* | 266 | 2,349 | |||||||||
Viropharma, Inc.* | 255 | 3,320 | |||||||||
Total Pharmaceuticals, Biotechnology | 67,100 | ||||||||||
Real Estate—1.4% | |||||||||||
Acadia Realty Trust (a) | 120 | 1,712 | |||||||||
BioMed Realty Trust, Inc. (a) | 427 | 5,004 | |||||||||
Cedar Shopping Centers, Inc. (a) | 412 | 2,917 | |||||||||
Colonial Properties Trust (a) | 665 | 5,539 | |||||||||
DiamondRock Hospitality Co. (a) | 1,823 | 9,243 | |||||||||
EastGroup Properties, Inc. (a) | 67 | 2,384 | |||||||||
Entertainment Properties Trust (a) | 130 | 3,874 | |||||||||
Extra Space Storage, Inc. (a) | 402 | 4,149 | |||||||||
Forestar Group, Inc.* | 430 | 4,094 | |||||||||
Franklin Street Properties Corp. (a) | 685 | 10,104 | |||||||||
Home Properties, Inc. (a) | 178 | 7,227 | |||||||||
Inland Real Estate Corp. (a) | 213 | 2,765 | |||||||||
Kilroy Realty Corp. (a) | 119 | 3,982 | |||||||||
Kite Realty Group Trust (a) | 387 | 2,152 | |||||||||
LaSalle Hotel Properties (a) | 862 | 9,525 | |||||||||
Lexington Realty Trust (a) | 1,384 | 6,920 | |||||||||
LTC Properties, Inc. (a) | 51 | 1,034 | |||||||||
Medical Properties Trust, Inc. (a) | 223 | 1,407 | |||||||||
Mid-America Apartment Communities, Inc. (a) | 146 | 5,425 | |||||||||
National Retail Properties, Inc. (a) | 211 | 3,627 | |||||||||
Parkway Properties, Inc. (a) | 222 | 3,996 | |||||||||
Pennsylvania Real Estate Investment Trust (a) | 1,246 | 9,283 | |||||||||
Post Properties, Inc. (a) | 196 | 3,234 | |||||||||
PS Business Parks, Inc. (a) | 83 | 3,707 | |||||||||
Senior Housing Properties Trust (a) | 217 | 3,889 | |||||||||
Sovran Self Storage, Inc. (a) | 80 | 2,880 | |||||||||
Tanger Factory Outlet Centers, Inc. (a) | 85 | 3,198 | |||||||||
Urstadt Biddle Properties, Inc. Class A (a) | 67 | 1,067 | |||||||||
Total Real Estate | 124,338 |
The accompanying notes are an integral part of these financial statements.
19
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Retailing—12.8% | |||||||||||
Aaron Rents, Inc. | 864 | $ | 23,000 | ||||||||
Audiovox Corp. Class A* | 1,240 | 6,212 | |||||||||
Big 5 Sporting Goods Corp. | 2,327 | 12,124 | |||||||||
Blue Nile, Inc.* | 167 | 4,090 | |||||||||
Brown Shoe Co, Inc. | 5,448 | 46,145 | |||||||||
Buckle, Inc. | 363 | 7,921 | |||||||||
Cabela's, Inc.* | 4,987 | 29,074 | |||||||||
Cato Corp. Class A | 783 | 11,823 | |||||||||
Charlotte Russe Holding, Inc.* | 1,808 | 11,734 | |||||||||
Childrens Place Retail Stores, Inc.* | 1,160 | 25,149 | |||||||||
Christopher & Banks Corp. | 1,962 | 10,987 | |||||||||
Dress Barn, Inc.* | 2,095 | 22,500 | |||||||||
Finish Line Class A | 3,000 | 16,800 | |||||||||
Fred's, Inc. Class A | 2,264 | 24,361 | |||||||||
Genesco, Inc.* | 1,470 | 24,872 | |||||||||
Group 1 Automotive, Inc. | 9,058 | 97,555 | |||||||||
Gymboree Corp.* | 513 | 13,384 | |||||||||
Haverty Furniture Cos., Inc. | 1,159 | 10,813 | |||||||||
Hibbett Sports, Inc.* | 442 | 6,944 | |||||||||
Hot Topic, Inc.* | 1,230 | 11,402 | |||||||||
HSN, Inc.* | 14,242 | 103,539 | |||||||||
Jo-Ann Stores, Inc.* | 1,975 | 30,593 | |||||||||
Jos. A. Bank Clothiers, Inc.* | 285 | 7,453 | |||||||||
Lithia Motors, Inc. Class A | 11,527 | 37,578 | |||||||||
MarineMax, Inc.* | 4,430 | 15,018 | |||||||||
Men's Wearhouse, Inc. | 2,113 | 28,610 | |||||||||
Midas Inc.* | 337 | 3,535 | |||||||||
NutriSystem, Inc. | 687 | 10,023 | |||||||||
OfficeMax, Inc. | 18,931 | 144,632 | |||||||||
PEP Boys-Manny, Moe & Jack | 8,707 | 35,960 | |||||||||
PetMed Express, Inc.* | 151 | 2,662 | |||||||||
Sonic Automotive, Inc. Class A | 29,485 | 117,349 | |||||||||
Stage Stores, Inc. | 3,248 | 26,796 | |||||||||
Stamps.com, Inc.* | 120 | 1,180 | |||||||||
Stein Mart, Inc.* | 17,666 | 19,963 | |||||||||
Ticketmaster Entertainment Inc.* | 3,196 | 20,518 | |||||||||
Tractor Supply Co.* | 942 | 34,044 | |||||||||
Tuesday Morning Corp.* | 9,950 | 16,219 | |||||||||
Tween Brands, Inc.* | 2,915 | 12,593 | |||||||||
Zale Corp.* | 8,775 | 29,221 | |||||||||
Zumiez, Inc.* | 578 | 4,306 | |||||||||
Total Retailing | 1,118,682 | ||||||||||
Semiconductors & Semiconductor Equipment—1.9% | |||||||||||
Actel Corp.* | 253 | 2,965 | |||||||||
Advanced Energy Industries, Inc.* | 459 | 4,567 | |||||||||
ATMI, Inc.* | 349 | 5,385 | |||||||||
Axcelis Technologies, Inc.* | 7,821 | 3,989 | |||||||||
Brooks Automation, Inc. * | 1,389 | 8,070 | |||||||||
Cabot Microelectronics Corp.* | 195 | 5,084 | |||||||||
Cohu, Inc. | 236 | 2,867 | |||||||||
Cymer, Inc.* | 285 | 6,244 | |||||||||
Cypress Semiconductor Corp.* | 5,605 | 25,053 | |||||||||
Diodes, Inc.* | 1,001 | 6,066 | |||||||||
DSP Group, Inc.* | 632 | 5,069 | |||||||||
Exar Corp.* | 146 | 974 | |||||||||
FEI Co.* | 428 | 8,072 | |||||||||
Hittite Microwave Corp.* | 77 | 2,268 | |||||||||
Kopin Corp.* | 690 | 1,408 |
Investments | Shares | Value | |||||||||
Kulicke & Soffa Industries, Inc.* | 6,357 | $ | 10,807 | ||||||||
Micrel, Inc. | 464 | 3,392 | |||||||||
Microsemi Corp.* | 454 | 5,739 | |||||||||
MKS Instruments, Inc.* | 576 | 8,519 | |||||||||
Pericom Semiconductor Corp.* | 350 | 1,918 | |||||||||
Rudolph Technologies, Inc.* | 634 | 2,238 | |||||||||
Skyworks Solutions, Inc.* | 2,077 | 11,507 | |||||||||
Standard Microsystems Corp.* | 288 | 4,706 | |||||||||
Supertex, Inc.* | 50 | 1,201 | |||||||||
TriQuint Semiconductor, Inc.* | 3,301 | 11,355 | |||||||||
Ultratech, Inc.* | 135 | 1,615 | |||||||||
Varian Semiconductor Equipment Associates, Inc.* | 661 | 11,977 | |||||||||
Veeco Instruments, Inc.* | 879 | 5,573 | |||||||||
Total Semiconductors & Semiconductor Equipment | 168,628 | ||||||||||
Software & Services—3.0% | |||||||||||
Bankrate, Inc.* | 58 | 2,204 | |||||||||
Blackbaud, Inc. | 299 | 4,037 | |||||||||
CACI International, Inc., Class A* | 699 | 31,517 | |||||||||
Catapult Communications Corp.* | 76 | 499 | |||||||||
CIBER, Inc.* | 3,942 | 18,961 | |||||||||
Concur Technologies, Inc.* | 86 | 2,823 | |||||||||
CSG Systems International, Inc.* | 367 | 6,411 | |||||||||
CyberSource Corp.* | 256 | 3,069 | |||||||||
Dealertrack Holdings, Inc.* | 287 | 3,412 | |||||||||
Epicor Software Corp.* | 1,583 | 7,598 | |||||||||
EPIQ Systems, Inc.* | 166 | 2,774 | |||||||||
Forrester Research, Inc.* | 675 | 19,042 | |||||||||
Gevity HR, Inc. | 5,797 | 8,753 | |||||||||
Heartland Payment Systems, Inc. | 1,216 | 21,280 | |||||||||
Informatica Corp.* | 440 | 6,041 | |||||||||
InfoSpace, Inc.* | 265 | 2,001 | |||||||||
Integral Systems, Inc.* | 152 | 1,832 | |||||||||
Interwoven, Inc.* | 286 | 3,604 | |||||||||
j2 Global Communications, Inc.* | 170 | 3,407 | |||||||||
JDA Software Group, Inc.* | 398 | 5,226 | |||||||||
Knot, Inc.* | 168 | 1,398 | |||||||||
Manhattan Associates, Inc.* | 308 | 4,869 | |||||||||
MAXIMUS, Inc. | 290 | 10,182 | |||||||||
MICROS Systems, Inc.* | 726 | 11,848 | |||||||||
Perficient, Inc.* | 681 | 3,255 | |||||||||
Phoenix Technologies Ltd.* | 234 | 819 | |||||||||
Progress Software Corp.* | 346 | 6,664 | |||||||||
Quality Systems, Inc. | 63 | 2,748 | |||||||||
Radiant Systems, Inc.* | 1,045 | 3,522 | |||||||||
Smith Micro Software, Inc.* | 226 | 1,257 | |||||||||
Sonic Solutions* | 1,387 | 2,441 | |||||||||
SPSS, Inc.* | 165 | 4,448 | |||||||||
Startek, Inc.* | 1,048 | 4,664 | |||||||||
Take-Two Interactive Software, Inc.* | 1,641 | 12,406 | |||||||||
Taleo Corp. Class A* | 326 | 2,553 | |||||||||
THQ, Inc.* | 3,000 | 12,570 | |||||||||
Tyler Technologies, Inc.* | 265 | 3,175 | |||||||||
United Online, Inc. | 1,187 | 7,205 | |||||||||
Websense, Inc.* | 236 | 3,533 | |||||||||
Wright Express Corp.* | 449 | 5,657 | |||||||||
Total Software & Services | 259,705 |
The accompanying notes are an integral part of these financial statements.
20
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Technology Hardware & Equipment—8.7% | |||||||||||
Adaptec, Inc.* | 611 | $ | 2,016 | ||||||||
Agilysys, Inc. | 2,090 | 8,966 | |||||||||
Anixter International, Inc.* | 3,042 | 91,625 | |||||||||
Arris Group, Inc.* | 2,069 | 16,449 | |||||||||
Avid Technology, Inc.* | 1,018 | 11,106 | |||||||||
Bel Fuse, Inc. Class B | 193 | 4,092 | |||||||||
Benchmark Electronics, Inc.* | 2,715 | 34,671 | |||||||||
Black Box Corp. | 512 | 13,373 | |||||||||
Blue Coat Systems Inc.* | 462 | 3,881 | |||||||||
Brightpoint, Inc.* | 15,932 | 69,304 | |||||||||
Checkpoint Systems, Inc.* | 1,153 | 11,346 | |||||||||
Cognex Corp. | 250 | 3,700 | |||||||||
Comtech Telecommunications Corp.* | 139 | 6,369 | |||||||||
CTS Corp. | 1,491 | 8,215 | |||||||||
Daktronics, Inc. | 736 | 6,889 | |||||||||
Digi International, Inc.* | 310 | 2,514 | |||||||||
EMS Technologies, Inc.* | 167 | 4,320 | |||||||||
Electro Scientific Industries, Inc.* | 476 | 3,232 | |||||||||
FARO Technologies, Inc.* | 177 | 2,984 | |||||||||
Gerber Scientific, Inc.* | 2,574 | 13,153 | |||||||||
Harmonic Inc.* | 831 | 4,662 | |||||||||
Hutchinson Technology, Inc.* | 2,849 | 9,915 | |||||||||
Insight Enterprises, Inc.* | 14,578 | 100,588 | |||||||||
Intermec, Inc.* | 550 | 7,304 | |||||||||
Intevac, Inc.* | 280 | 1,420 | |||||||||
Itron, Inc.* | 451 | 28,747 | |||||||||
Keithley Instruments, Inc. | 585 | 2,135 | |||||||||
Littelfuse, Inc.* | 438 | 7,271 | |||||||||
LoJack Corp.* | 528 | 2,175 | |||||||||
Mercury Computer Systems, Inc.* | 649 | 4,095 | |||||||||
Methode Electronics, Inc. | 875 | 5,898 | |||||||||
MTS Systems Corp. | 240 | 6,394 | |||||||||
Netgear, Inc.* | 896 | 10,223 | |||||||||
Network Equipment Technologies, Inc.* | 446 | 1,284 | |||||||||
Newport Corp.* | 915 | 6,204 | |||||||||
Novatel Wireless, Inc.* | 1,646 | 7,637 | |||||||||
Park Electrochemical Corp. | 170 | 3,223 | |||||||||
PC-Tel, Inc. | 180 | 1,183 | |||||||||
Plexus Corp.* | 1,407 | 23,849 | |||||||||
RadiSys Corp.* | 798 | 4,413 | |||||||||
Rogers Corp. * | 186 | 5,165 | |||||||||
Scansource, Inc.* | 1,587 | 30,581 | |||||||||
Stratasys, Inc.* | 151 | 1,623 | |||||||||
Symmetricom, Inc.* | 712 | 2,812 | |||||||||
Synaptics, Inc.* | 253 | 4,190 | |||||||||
SYNNEX Corp.* | 10,790 | 122,252 | |||||||||
Technitrol, Inc. | 4,949 | 17,223 | |||||||||
Tekelec* | 489 | 6,523 | |||||||||
Tollgrade Communications, Inc.* | 172 | 822 | |||||||||
TTM Technologies, Inc.* | 1,794 | 9,347 | |||||||||
Viasat, Inc.* | 343 | 8,259 | |||||||||
Total Technology Hardware & Equipment | 765,622 | ||||||||||
Telecommunication Services—0.3% | |||||||||||
Fairpoint Communications, Inc. | 4,634 | 15,200 | |||||||||
General Communication, Inc. Class A* | 915 | 7,402 | |||||||||
Total Telecommunication Services | 22,602 |
Investments | Shares | Value | |||||||||
Transportation—2.6% | |||||||||||
Arkansas Best Corp. | 1,053 | $ | 31,706 | ||||||||
Forward Air Corp. | 292 | 7,087 | |||||||||
Heartland Express, Inc. | 554 | 8,731 | |||||||||
HUB Group, Inc., Class A* | 1,062 | 28,175 | |||||||||
Kirby Corp.* | 655 | 17,921 | |||||||||
Knight Transportation, Inc. | 675 | 10,881 | |||||||||
Landstar System, Inc. | 1,056 | 40,582 | |||||||||
Old Dominion Freight Line, Inc.* | 940 | 26,752 | |||||||||
Skywest, Inc. | 2,920 | 54,312 | |||||||||
Total Transportation | 226,147 | ||||||||||
Utilities—4.2% | |||||||||||
ALLETE, Inc. | 348 | 11,230 | |||||||||
American States Water Co. | 114 | 3,760 | |||||||||
Atmos Energy Corp. | 3,681 | 87,239 | |||||||||
Avista Corp. | 1,131 | 21,919 | |||||||||
Central Vermont Public Service Corp. | 195 | 4,653 | |||||||||
CH Energy Group, Inc. | 400 | 20,556 | |||||||||
Cleco Corp. | 648 | 14,794 | |||||||||
El Paso Electric Co.* | 761 | 13,766 | |||||||||
Laclede Group, Inc. | 577 | 27,027 | |||||||||
New Jersey Resources Corp. | 1,218 | 47,927 | |||||||||
Northwest Natural Gas Co. | 294 | 13,004 | |||||||||
Piedmont Natural Gas Co., Inc. | 846 | 26,793 | |||||||||
South Jersey Industries, Inc. | 341 | 13,589 | |||||||||
Southwest Gas Corp. | 1,171 | 29,533 | |||||||||
UIL Holdings Corp. | 423 | 12,703 | |||||||||
UniSource Energy Corp. | 670 | 19,671 | |||||||||
Total Utilities | 368,164 | ||||||||||
Total Investments—100.4% (Cost $9,760,227) | 8,831,619 | ||||||||||
Liabilities in Excess of Other Assets—(0.4%) | (37,765 | ) | |||||||||
Net Assets—100.0% | $ | 8,793,854 |
* Non-income producing security.
(a) Real Estate Investment Trust (REIT)
The accompanying notes are an integral part of these financial statements.
21
Schedule of Investments
REVENUESHARES FINANCIALS SECTOR FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
COMMON STOCKS—93.2% | |||||||||||
Banks—12.7% | |||||||||||
BB&T Corp. | 627 | $ | 17,217 | ||||||||
Comerica, Inc. | 360 | 7,146 | |||||||||
Fifth Third Bancorp | 1,849 | 15,273 | |||||||||
First Horizon National Corp. | 504 | 5,327 | |||||||||
Hudson City Bancorp, Inc. | 265 | 4,229 | |||||||||
Huntington Bancshares, Inc. | 846 | 6,480 | |||||||||
KeyCorp | 1,434 | 12,218 | |||||||||
M&T Bank Corp. | 122 | 7,004 | |||||||||
Marshall & Ilsley Corp. | 423 | 5,770 | |||||||||
People's United Financial, Inc. | 106 | 1,890 | |||||||||
PNC Financial Services Group, Inc. | 346 | 16,954 | |||||||||
Regions Financial Corp. | 1,899 | 15,116 | |||||||||
Sovereign Bancorp, Inc.* | 2,768 | 8,249 | |||||||||
SunTrust Banks, Inc. | 740 | 21,860 | |||||||||
U.S. Bancorp | 1,315 | 32,888 | |||||||||
Wells Fargo & Co. | 3,251 | 95,840 | |||||||||
Zions Bancorporation | 231 | 5,661 | |||||||||
Total Banks | 279,122 | ||||||||||
Diversified Financials—48.9% | |||||||||||
American Express Co.* | 2,661 | 49,362 | |||||||||
Ameriprise Financial, Inc. | 682 | 15,932 | |||||||||
Bank of America Corp. | 12,853 | 180,970 | |||||||||
Bank of New York Mellon Corp. | 1,061 | 30,058 | |||||||||
Capital One Financial Corp. | 1,130 | 36,036 | |||||||||
Charles Schwab Corp. | 538 | 8,699 | |||||||||
CIT Group, Inc. | 2,686 | 12,194 | |||||||||
Citigroup, Inc. | 25,112 | 168,502 | |||||||||
CME Group, Inc. | 20 | 4,162 | |||||||||
Discover Financial Services | 1,149 | 10,950 | |||||||||
E*Trade Financial Corp.* | 1,793 | 2,062 | |||||||||
Federated Investors, Inc. Class B | 102 | 1,730 | |||||||||
Franklin Resources, Inc. | 176 | 11,225 | |||||||||
Goldman Sachs Group, Inc. | 1,684 | 142,113 | |||||||||
IntercontinentalExchange, Inc.* | 17 | 1,401 | |||||||||
Invesco Ltd. | 523 | 7,552 | |||||||||
Janus Capital Group, Inc. | 250 | 2,008 | |||||||||
JPMorgan Chase & Co. | 5,760 | 181,613 | |||||||||
Legg Mason, Inc. | 390 | 8,545 | |||||||||
Leucadia National Corp.* | 98 | 1,940 | |||||||||
Moody's Corp. | 144 | 2,893 | |||||||||
Morgan Stanley | 7,938 | 127,326 | |||||||||
Nasdaq OMX Group, Inc.* | 221 | 5,461 | |||||||||
Northern Trust Corp. | 194 | 10,115 | |||||||||
NYSE Euronext | 285 | 7,803 | |||||||||
SLM Corp.* | 1,438 | 12,798 | |||||||||
State Street Corp. | 580 | 22,811 | |||||||||
T. Rowe Price Group, Inc. | 119 | 4,217 | |||||||||
Total Diversified Financials | 1,070,478 | ||||||||||
Insurance—28.5% | |||||||||||
Aflac, Inc. | 623 | 28,558 | |||||||||
Allstate Corp. | 1,938 | 63,489 | |||||||||
American International Group, Inc. | 47,991 | 75,346 | |||||||||
AON Corp. | 299 | 13,658 | |||||||||
Assurant, Inc. | 615 | 18,450 | |||||||||
Chubb Corp. | 431 | 21,981 |
Investments | Shares | Value | |||||||||
Cincinnati Financial Corp. | 202 | $ | 5,872 | ||||||||
Genworth Financial, Inc. Class A | 5,646 | 15,978 | |||||||||
Hartford Financial Services Group, Inc. | 1,607 | 26,387 | |||||||||
Lincoln National Corp. | 1,019 | 19,198 | |||||||||
Loews Corp. | 936 | 26,442 | |||||||||
Marsh & McLennan Cos., Inc. | 833 | 20,217 | |||||||||
MetLife, Inc. | 2,876 | 100,258 | |||||||||
Principal Financial Group, Inc. | 925 | 20,877 | |||||||||
Progressive Corp. | 1,374 | 20,349 | |||||||||
Prudential Financial, Inc. | 1,978 | 59,854 | |||||||||
Torchmark Corp. | 135 | 6,035 | |||||||||
Travelers Cos., Inc. | 984 | 44,477 | |||||||||
Unum Group | 1,081 | 20,107 | |||||||||
XL Capital Ltd., Class A | 4,289 | 15,869 | |||||||||
Total Insurance | 623,402 | ||||||||||
Real Estate—3.1% | |||||||||||
Apartment Investment & Management Co., Class A (a) | 243 | 2,807 | |||||||||
AvalonBay Communities, Inc. (a) | 22 | 1,333 | |||||||||
Boston Properties, Inc. (a) | 44 | 2,420 | |||||||||
CB Richard Ellis Group, Inc., Class A* | 2,474 | 10,688 | |||||||||
Developers Diversified Realty Corp. (a) | 315 | 1,537 | |||||||||
Equity Residential (a) | 113 | 3,370 | |||||||||
HCP, Inc. (a) | 78 | 2,166 | |||||||||
Host Hotels & Resorts, Inc. (a) | 1,227 | 9,288 | |||||||||
Kimco Realty Corp. (a) | 100 | 1,828 | |||||||||
Plum Creek Timber Co., Inc. (a) | 79 | 2,744 | |||||||||
Prologis (a) | 1,109 | 15,404 | |||||||||
Public Storage (a) | 42 | 3,339 | |||||||||
Simon Property Group, Inc. (a) | 120 | 6,376 | |||||||||
Vornado Realty Trust (a) | 81 | 4,888 | |||||||||
Total Real Estate | 68,188 | ||||||||||
Total Investments—93.2% (Cost $2,178,236) | 2,041,190 | ||||||||||
Other Assets in Excess of Liabilities—6.8% | 148,562 | ||||||||||
Net Assets—100.0% | $ | 2,189,752 |
* Non-income producing security.
(a) Real Estate Investment Trust (REIT)
The accompanying notes are an integral part of these financial statements.
22
Schedule of Investments
REVENUESHARES ADR FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
COMMON STOCKS—99.7% | |||||||||||
Automobiles & Components—9.0% | |||||||||||
Daimler AG | 1,524 | $ | 58,339 | ||||||||
Honda Motor Co. Ltd. (a) | 2,082 | 44,430 | |||||||||
Magna International, Inc. Class A | 323 | 9,667 | |||||||||
Nissan Motor Co. Ltd. (a) | 5,478 | 39,880 | |||||||||
Toyota Motor Corp. (a) | 1,401 | 91,681 | |||||||||
Total Automobiles & Components | 243,997 | ||||||||||
Banks—10.6% | |||||||||||
Allied Irish Banks PLC (a) | 1,016 | 4,765 | |||||||||
Banco Bilbao Vizcaya Argentaria SA (a) | 982 | 12,265 | |||||||||
Banco Bradesco SA (a) | 1,820 | 17,963 | |||||||||
Banco de Chile (a) | 47 | 1,538 | |||||||||
Banco Itau Holding Financeira SA (a) | 1,067 | 12,377 | |||||||||
Banco Santander Chile (a) | 55 | 1,927 | |||||||||
Banco Santander SA (a) | 1,935 | 18,363 | |||||||||
Bank of Montreal | 261 | 6,705 | |||||||||
Bank of Nova Scotia | 369 | 10,037 | |||||||||
Barclays PLC (a) | 3,247 | 31,821 | |||||||||
Canadian Imperial Bank of Commerce | 142 | 5,929 | |||||||||
Governor & Co. of the Bank of Ireland (a) | 1,226 | 5,848 | |||||||||
HSBC Holdings PLC (a) | 939 | 45,701 | |||||||||
Lloyds TSB Group PLC (a) | 1,604 | 12,351 | |||||||||
Mitsubishi UFJ Financial Group, Inc. (a) | 2,466 | 15,314 | |||||||||
Mizuho Financial Group, Inc. (a) | 1,724 | 9,947 | |||||||||
National Bank of Greece SA (a) | 1,135 | 4,324 | |||||||||
Royal Bank of Canada | 436 | 12,932 | |||||||||
Royal Bank of Scotland Group PLC (a) | 1,801 | 27,537 | |||||||||
Shinhan Financial Group Co., Ltd.* (a) | 7 | 330 | |||||||||
Toronto-Dominion Bank | 271 | 9,721 | |||||||||
Unibanco-Uniao de Bancos Brasileiros SA (a) | 111 | 7,173 | |||||||||
Westpac Banking Corp. (a) | 191 | 11,508 | |||||||||
Total Banks | 286,376 | ||||||||||
Capital Goods—4.5% | |||||||||||
ABB Ltd. (a) | 1,015 | 15,235 | |||||||||
Empresa Brasileira de Aeronautica SA (a) | 150 | 2,432 | |||||||||
Koninklijke Philips Electronics NV (b) | 856 | 17,009 | |||||||||
Kubota Corp. (a) | 140 | 5,050 | |||||||||
Mitsui & Co. Ltd. (a) | 138 | 28,291 | |||||||||
Siemens AG (a) | 678 | 51,358 | |||||||||
Tomkins PLC (a) | 333 | 2,434 | |||||||||
Total Capital Goods | 121,809 | ||||||||||
Consumer Durables & Apparel—2.0% | |||||||||||
Gildan Activewear, Inc.* | 28 | 329 | |||||||||
Luxottica Group SpA (a) | 144 | 2,609 | |||||||||
Panasonic Corp. (a) | 2,579 | 32,083 | |||||||||
Sony Corp. (a) | 740 | 16,184 | |||||||||
Thomson* (a) | 2,705 | 3,652 | |||||||||
Total Consumer Durables & Apparel | 54,857 | ||||||||||
Consumer Services—0.2% | |||||||||||
Carnival PLC (a) | 255 | 5,776 | |||||||||
Intercontinental Hotels Group PLC (a) | 89 | 745 | |||||||||
Total Consumer Services | 6,521 |
Investments | Shares | Value | |||||||||
Diversified Financials—5.9% | |||||||||||
Credit Suisse Group AG (a) | 864 | $ | 24,417 | ||||||||
Deutsche Bank AG | 1,138 | 46,305 | |||||||||
ING Groep NV (a) | 4,699 | 52,159 | |||||||||
Nomura Holdings, Inc. (a) | 461 | 3,849 | |||||||||
ORIX Corp. (a) | 77 | 2,188 | |||||||||
UBS AG* | 2,189 | 31,303 | |||||||||
Total Diversified Financials | 160,221 | ||||||||||
Energy—28.6% | |||||||||||
BP PLC (a) | 2,996 | 140,032 | |||||||||
Cameco Corp. | 56 | 966 | |||||||||
Canadian Natural Resources Ltd. | 157 | 6,277 | |||||||||
CNOOC Ltd. (a) | 57 | 5,429 | |||||||||
Enbridge, Inc. | 174 | 5,650 | |||||||||
EnCana Corp. | 250 | 11,620 | |||||||||
Enerplus Resources Fund (c) | 31 | 607 | |||||||||
ENI SpA (a) | 1,364 | 65,226 | |||||||||
Imperial Oil Ltd. | 379 | 12,780 | |||||||||
Nexen, Inc. | 190 | 3,340 | |||||||||
Penn West Energy Trust (c) | 109 | 1,212 | |||||||||
Petrobras Energia Participaciones SA (a) | 308 | 1,876 | |||||||||
Petro-Canada | 484 | 10,595 | |||||||||
PetroChina Co. Ltd. (a) | 482 | 42,888 | |||||||||
Petroleo Brasilerio SA (a) | 2,975 | 60,720 | |||||||||
Repsol YPF SA (a) | 1,710 | 36,782 | |||||||||
Royal Dutch Shell PLC Class A (a) | 1,777 | 94,074 | |||||||||
Royal Dutch Shell PLC Class B (a) | 1,821 | 93,654 | |||||||||
Santos Ltd. (a) | 20 | 885 | |||||||||
StatoilHydro ASA (a) | 3,153 | 52,529 | |||||||||
Suncor Energy, Inc. | 559 | 10,901 | |||||||||
Talisman Energy, Inc. | 424 | 4,236 | |||||||||
Tenaris SA (a) | 201 | 4,217 | |||||||||
Total SA (a) | 1,780 | 98,434 | |||||||||
TransCanada Corp. | 114 | 3,094 | |||||||||
Total Energy | 768,024 | ||||||||||
Food & Staples Retailing—0.1% | |||||||||||
Distribucion y Servicio D&S SA (a) | 96 | 2,322 | |||||||||
Total Food & Staples Retailing | 2,322 | ||||||||||
Food Beverage & Tobacco—3.0% | |||||||||||
British American Tobacco PLC (a) | 160 | 8,470 | |||||||||
Cadbury PLC (a) | 306 | 10,915 | |||||||||
Companhia de Bebidas das Americas (a) | 108 | 4,785 | |||||||||
Diageo PLC (a) | 108 | 6,128 | |||||||||
Fomento Economico Mexicano SAB de CV (a) | 200 | 6,026 | |||||||||
Unilever NV (b) | 955 | 23,446 | |||||||||
Unilever PLC (a) | 971 | 22,352 | |||||||||
Total Food Beverage & Tobacco | 82,122 | ||||||||||
Health Care Equipment & Services—0.2% | |||||||||||
Fresenius Medical Care AG & Co. KGaA (a) | 84 | 3,963 | |||||||||
Smith & Nephew PLC (a) | 39 | 1,260 | |||||||||
Total Health Care Equipment & Services | 5,223 |
The accompanying notes are an integral part of these financial statements.
23
Schedule of Investments — continued
REVENUESHARES ADR FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Insurance—7.7% | |||||||||||
Aegon NV (b) | 2,569 | $ | 15,542 | ||||||||
Allianz SE (a) | 6,045 | 65,467 | |||||||||
AXA SA (a) | 2,931 | 65,860 | |||||||||
China Life Insurance Co. Ltd. (a) | 224 | 10,394 | |||||||||
Manulife Financial Corp. | 690 | 11,751 | |||||||||
Prudential PLC (a) | 2,535 | 32,068 | |||||||||
Sun Life Financial, Inc. | 294 | 6,803 | |||||||||
Total Insurance | 207,885 | ||||||||||
Materials—6.4% | |||||||||||
Agnico-Eagle Mines Ltd. | 5 | 257 | |||||||||
Agrium, Inc. | 132 | 4,505 | |||||||||
Anglo American PLC (a) | 963 | 11,190 | |||||||||
Aracruz Celulose SA (a) | 106 | 1,196 | |||||||||
Barrick Gold Corp. | 105 | 3,861 | |||||||||
BHP Billiton Ltd. (a) | 591 | 25,354 | |||||||||
BHP Billiton PLC (a) | 692 | 26,696 | |||||||||
Cemex SAB de CV* (a) | 1,185 | 10,831 | |||||||||
Cia Siderurgica Nacional SA (a) | 293 | 3,753 | |||||||||
Cia Vale do Rio Doce (a) | 1,482 | 16,816 | |||||||||
CRH PLC (a) | 448 | 11,661 | |||||||||
Gerdau SA (a) | 1,480 | 9,768 | |||||||||
Goldcorp, Inc. | 38 | 1,198 | |||||||||
Kinross Gold Corp. | 35 | 645 | |||||||||
Lundin Mining Corp.* | 407 | 391 | |||||||||
Nova Chemicals Corp. | 453 | 2,161 | |||||||||
POSCO (a) | 173 | 13,018 | |||||||||
Potash Corp. of Saskatchewan | 66 | 4,833 | |||||||||
Rio Tinto PLC (a) | 169 | 15,026 | |||||||||
Sociedad Quimica y Minera de Chile SA (a) | 29 | 707 | |||||||||
Syngenta AG (a) | 99 | 3,875 | |||||||||
Teck Cominco Ltd. Class B | 699 | 3,439 | |||||||||
Yamana Gold, Inc. | 76 | 587 | |||||||||
Total Materials | 171,768 | ||||||||||
Media—1.0% | |||||||||||
British Sky Broadcasting Group PLC (a) | 134 | 3,806 | |||||||||
Grupo Televisa SA (a) | 101 | 1,509 | |||||||||
Pearson PLC (a) | 318 | 3,034 | |||||||||
Reed Elsevier NV (a) | 49 | 1,181 | |||||||||
Reed Elsevier PLC (a) | 32 | 955 | |||||||||
Shaw Communications, Inc. Class B | 65 | 1,149 | |||||||||
Thomson Reuters Corp. | 139 | 4,052 | |||||||||
Thomson Reuters PLC (a) | 38 | 5,161 | |||||||||
WPP PLC (a) | 184 | 5,444 | |||||||||
Total Media | 26,291 | ||||||||||
Pharmaceuticals, Biotechnology—2.5% | |||||||||||
AstraZeneca PLC (a) | 294 | 12,063 | |||||||||
Biovail Corp. | 32 | 302 | |||||||||
Elan Corp. PLC* (a) | 28 | 168 | |||||||||
GlaxoSmithKline PLC (a) | 468 | 17,442 | |||||||||
MDS, Inc.* | 67 | 411 | |||||||||
Novartis AG (a) | 302 | 15,028 | |||||||||
Novo Nordisk A/S (a) | 61 | 3,135 | |||||||||
Sanofi-Aventis SA (a) | 514 | 16,530 |
Investments | Shares | Value | |||||||||
Shire PLC (a) | 26 | $ | 1,164 | ||||||||
Total Pharmaceuticals, Biotechnology | 66,243 | ||||||||||
Real Estate—0.2% | |||||||||||
Brookfield Asset Management, Inc. Class A | 337 | 5,146 | |||||||||
Total Real Estate | 5,146 | ||||||||||
Semiconductors & Semiconductor Equipment—0.6% | |||||||||||
Advantest Corp. (a) | 33 | 537 | |||||||||
ARM Holdings PLC (a) | 49 | 189 | |||||||||
ASML Holding NV (b) | 128 | 2,313 | |||||||||
Infineon Technologies AG* (a) | 2,157 | 3,020 | |||||||||
STMicroelectronics NV (b) | 561 | 3,731 | |||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (a) | 614 | 4,850 | |||||||||
United Microelectronics Corp. (a) | 647 | 1,268 | |||||||||
Total Semiconductors & Semiconductor Equipment | �� | 15,908 | |||||||||
Software & Services—0.2% | |||||||||||
SAP AG (a) | 178 | 6,447 | |||||||||
Total Software & Services | 6,447 | ||||||||||
Technology Hardware & Equipment—4.8% | |||||||||||
Alcatel-Lucent (a) | 3,002 | 6,454 | |||||||||
AU Optronics Corp. (a) | 985 | 7,565 | |||||||||
Canon, Inc. (a) | 511 | 16,045 | |||||||||
FUJIFILM Holdings Corp. (a) | 415 | 9,221 | |||||||||
Hitachi Ltd. (a) | 822 | 32,174 | |||||||||
Kyocera Corp. (a) | 71 | 5,138 | |||||||||
Nokia OYJ (a) | 2,015 | 31,434 | |||||||||
Nortel Networks Corp.* | 7,386 | 1,920 | |||||||||
Research In Motion Ltd.* | 77 | 3,125 | |||||||||
TDK Corp. (a) | 99 | 3,687 | |||||||||
Telefonaktiebolaget LM Ericsson (a) | 1,552 | 12,121 | |||||||||
Total Technology Hardware & Equipment | 128,884 | ||||||||||
Telecommunication Services—10.4% | |||||||||||
America Movil SAB de CV Class L (a) | 395 | 12,241 | |||||||||
BCE, Inc. | 340 | 6,967 | |||||||||
Brasil Telecom Participacoes SA (a) | 63 | 2,434 | |||||||||
BT Group PLC (a) | 747 | 14,925 | |||||||||
China Mobile Ltd. (a) | 346 | 17,594 | |||||||||
Chunghwa Telecom Co. Ltd. (a) | 137 | 2,137 | |||||||||
Deutsche Telekom AG (a) | 2,279 | 34,869 | |||||||||
France Telecom SA (a) | 831 | 23,326 | |||||||||
Hellenic Telecommunications Organization SA (a) | 421 | 3,499 | |||||||||
Nippon Telegraph & Telephone Corp. (a) | 1,417 | 38,527 | |||||||||
NTT DoCoMo, Inc. (a) | 833 | 16,343 | |||||||||
Portugal Telecom SGPS SA (a) | 457 | 3,921 | |||||||||
Rogers Communications, Inc. Class B | 144 | 4,332 | |||||||||
SK Telecom Co., Ltd. (a) | 257 | 4,672 | |||||||||
Tele Norte Leste Participacoes SA (a) | 274 | 3,814 | |||||||||
Telecom Corp. of New Zealand, Ltd. (a) | 234 | 1,568 | |||||||||
Telecom Italia SpA (a) | 1,208 | 19,630 |
The accompanying notes are an integral part of these financial statements.
24
Schedule of Investments — concluded
REVENUESHARES ADR FUND
DECEMBER 31, 2008 (UNAUDITED)
Investments | Shares | Value | |||||||||
Telecommunication Services—10.4% (continued) | |||||||||||
Telefonica SA (a) | 498 | $ | 33,560 | ||||||||
Telefonos de Mexico SAB de CV Class L (a) | 237 | 4,963 | |||||||||
TELUS Corp.† | 125 | 3,553 | |||||||||
Vodafone Group PLC (a) | 1,358 | 27,758 | |||||||||
Total Telecommunication Services | 280,633 | ||||||||||
Transportation—0.3% | |||||||||||
Canadian National Railway Co. | 85 | 3,124 | |||||||||
Canadian Pacific Railway Ltd. | 56 | 1,883 | |||||||||
Lan Airlines SA (a) | 195 | 1,570 | |||||||||
Ryanair Holdings PLC* (a) | 63 | 1,832 | |||||||||
Total Transportation | 8,409 | ||||||||||
Utilities—1.5% | |||||||||||
Cia Energetica de Minas Gerais (a) | 149 | 2,047 | |||||||||
Cia Paranaense de Energia (a) | 105 | 1,107 | |||||||||
Empresa Nacional de Electricidad SA/Chile (a) | 49 | 1,641 | |||||||||
Enersis SA (a) | 331 | 4,217 | |||||||||
National Grid PLC (a) | 180 | 9,083 | |||||||||
TransAlta Corp. | 64 | 1,281 | |||||||||
Veolia Environnement (a) | 680 | 21,562 | |||||||||
Total Utilities | 40,938 | ||||||||||
Total Investments—99.7% (Cost $2,440,531) | 2,690,024 | ||||||||||
Other Assets in Excess of Liabilities—0.3% | 8,968 | ||||||||||
Net Assets—100.0% | $ | 2,698,992 |
* Non-income producing security.
† Non-voting
(a) American Depositary Receipt (ADR)
(b) Registered Shares
(c) Unit
The accompanying notes are an integral part of these financial statements.
25
Statements of Assets and Liabilities
DECEMBER 31, 2008 (UNAUDITED)
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | RevenueShares ADR Fund | |||||||||||||||||||
ASSETS: | |||||||||||||||||||||||
Investments at value | $ | 42,503,640 | $ | 10,437,400 | $ | 8,831,619 | $ | 2,041,190 | $ | 2,690,024 | |||||||||||||
Cash | 1,326 | 27,042 | 17,232 | 7,464 | 8,186 | ||||||||||||||||||
Receivables: | |||||||||||||||||||||||
Expense reimbursement due from Adviser | 124,306 | 87,200 | 87,365 | 26,760 | 23,018 | ||||||||||||||||||
Dividends receivables | 86,068 | 11,182 | 10,862 | 3,673 | 3,718 | ||||||||||||||||||
Receivable for capital shares sold | 1,534,200 | — | — | — | — | ||||||||||||||||||
Receivable for securities sold | 415,607 | 58,111 | 38,247 | 147,257 | — | ||||||||||||||||||
Total Assets | 44,665,147 | 10,620,935 | 8,985,325 | 2,226,344 | 2,724,946 | ||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||
Payables: | |||||||||||||||||||||||
Investment securities purchased | 1,934,353 | 63,401 | 44,922 | — | — | ||||||||||||||||||
Dividends payable | 192,784 | 35,397 | 27,737 | 8,442 | 1,519 | ||||||||||||||||||
Advisory fees (Note 3) | 50,830 | 14,544 | 12,875 | 1,284 | 1,735 | ||||||||||||||||||
Principal Financial Officer fees | 4,094 | 4,911 | 5,128 | 3,635 | 3,053 | ||||||||||||||||||
Trustee fees | 101 | 2,172 | 2,304 | 233 | 190 | ||||||||||||||||||
Other accrued expenses | 85,591 | 97,886 | 98,505 | 22,998 | 19,457 | ||||||||||||||||||
Total Liabilities | 2,267,753 | 218,311 | 191,471 | 36,592 | 25,954 | ||||||||||||||||||
NET ASSETS | $ | 42,397,394 | $ | 10,402,624 | $ | 8,793,854 | $ | 2,189,752 | $ | 2,698,992 | |||||||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||||||||
Paid-in capital | $ | 53,828,838 | $ | 13,258,764 | $ | 10,634,806 | $ | 2,385,440 | $ | 2,501,889 | |||||||||||||
Undistributed net investment income (loss) | 2,610 | 277 | (5,719 | ) | 527 | 1,400 | |||||||||||||||||
Accumulated net realized loss on investments | (4,591,880 | ) | (782,855 | ) | (906,625 | ) | (59,169 | ) | (53,790 | ) | |||||||||||||
Net unrealized appreciation (depreciation) on investments | (6,842,174 | ) | (2,073,562 | ) | (928,608 | ) | (137,046 | ) | 249,493 | ||||||||||||||
NET ASSETS | $ | 42,397,394 | $ | 10,402,624 | $ | 8,793,854 | $ | 2,189,752 | $ | 2,698,992 | |||||||||||||
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value) | 2,651,400 | 651,400 | 501,400 | 100,000 | 100,000 | ||||||||||||||||||
Net asset value, per share | $ | 15.99 | $ | 15.97 | $ | 17.54 | $ | 21.90 | $ | 26.99 | |||||||||||||
Investments at cost | $ | 49,345,814 | $ | 12,510,962 | $ | 9,760,227 | $ | 2,178,236 | $ | 2,440,531 |
The accompanying notes are an integral part of these financial statements.
26
Statements of Operations
SIX MONTHS ENDED DECEMBER 31, 2008 (UNAUDITED)
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund* | RevenueShares ADR Fund** | |||||||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||||||
Dividend income | $ | 351,465 | $ | 66,734 | $ | 46,433 | $ | 10,359 | $ | 4,342 | |||||||||||||
Foreign withholding tax | — | — | (25 | ) | — | (6 | ) | ||||||||||||||||
Total Income | 351,465 | 66,734 | 46,408 | 10,359 | 4,336 | ||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||
Advisory fees (Note 3) | 58,709 | 16,650 | 15,015 | 1,284 | 1,735 | ||||||||||||||||||
BNY Fund Services fees | 39,688 | 39,688 | 39,688 | 6,936 | 5,826 | ||||||||||||||||||
Professional fees | 34,900 | 34,900 | 34,900 | 9,131 | 7,851 | ||||||||||||||||||
Compliance fees | 23,430 | 9,413 | 9,346 | 4,268 | 3,585 | ||||||||||||||||||
Principal Financial Officer fees | 19,956 | 8,018 | 7,960 | 3,635 | 3,053 | ||||||||||||||||||
Trustees fees | 7,699 | 1,764 | 1,743 | 233 | 190 | ||||||||||||||||||
Other expense | 9,648 | 806 | 786 | 1,548 | 1,291 | ||||||||||||||||||
Total Expenses | 194,030 | 111,239 | 109,438 | 27,035 | 23,531 | ||||||||||||||||||
Less expenses waived and reimbursed by Adviser (Note 3) | (130,103 | ) | (93,256 | ) | (93,222 | ) | (25,645 | ) | (22,114 | ) | |||||||||||||
Net Expenses | 63,927 | 17,983 | 16,216 | 1,390 | 1,417 | ||||||||||||||||||
Net Investment Income | 287,538 | 48,751 | 30,192 | 8,969 | 2,919 | ||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||||||||||||||||
Net realized loss on investments | (4,565,241 | ) | (778,802 | ) | (912,721 | ) | (59,169 | ) | (53,790 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (4,085,381 | ) | (1,840,472 | ) | (579,374 | ) | (137,046 | ) | 249,493 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (8,650,622 | ) | (2,619,274 | ) | (1,492,095 | ) | (196,215 | ) | 195,703 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (8,363,084 | ) | $ | (2,570,523 | ) | $ | (1,461,903 | ) | $ | (187,246 | ) | $ | 198,622 |
* Commencement of operations was November 10, 2008.
** Commencement of operations was November 18, 2008.
The accompanying notes are an integral part of these financial statements.
27
Statements of Changes in Net Assets
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | RevenueShares ADR Fund | |||||||||||||||||||||||||||||||
Six Months Ended December 31, 2008 (Unaudited) | For the Period February 22, 2008* Through June 30, 2008 | Six Months Ended December 31, 2008 (Unaudited) | For the Period February 22, 2008* Through June 30, 2008 | Six Months Ended December 31, 2008 (Unaudited) | For the Period February 22, 2008* Through June 30, 2008 | For the Period November 10, 2008* Through December 31, 2008 (Unaudited) | For the Period November 18, 2008* Through December 31, 2008 (Unaudited) | ||||||||||||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||||||||||||||||
Net investment income | $ | 287,538 | $ | 80,630 | $ | 48,751 | $ | 16,245 | $ | 30,192 | $ | 15,074 | $ | 8,969 | $ | 2,919 | |||||||||||||||||||
Net realized loss on investments | (4,565,241 | ) | (27,016 | ) | (778,802 | ) | (5,054 | ) | (912,721 | ) | 5,187 | (59,169 | ) | (53,790 | ) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (4,085,381 | ) | (2,756,793 | ) | (1,840,472 | ) | (233,090 | ) | (579,374 | ) | (349,234 | ) | (137,046 | ) | 249,493 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (8,363,084 | ) | (2,703,179 | ) | (2,570,523 | ) | (221,899 | ) | (1,461,903 | ) | (328,973 | ) | (187,246 | ) | 198,622 | ||||||||||||||||||||
DISTRIBUTION TO SHAREHOLDERS FROM: | |||||||||||||||||||||||||||||||||||
Net investment income | (292,574 | ) | (72,607 | ) | (49,663 | ) | (14,055 | ) | (36,892 | ) | (13,184 | ) | (8,442 | ) | (1,519 | ) | |||||||||||||||||||
SHAREHOLDER TRANSACTIONS: | |||||||||||||||||||||||||||||||||||
Proceeds from shares sold | 37,273,311 | 34,789,142 | 10,173,553 | 5,069,798 | 5,590,528 | 5,009,278 | 2,385,440 | 2,501,889 | |||||||||||||||||||||||||||
Cost of shares redeemed | (18,268,615 | ) | — | (2,019,587 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Net increase in net assets resulting from shareholder transactions | 19,004,696 | 34,789,142 | 8,153,966 | 5,069,798 | 5,590,528 | 5,009,278 | 2,385,440 | 2,501,889 | |||||||||||||||||||||||||||
Increase in net assets | 10,349,038 | 32,013,356 | 5,533,780 | 4,833,844 | 4,091,733 | 4,667,121 | 2,189,752 | 2,698,992 | |||||||||||||||||||||||||||
NET ASSETS: | |||||||||||||||||||||||||||||||||||
Beginning of period | 32,048,356 | 35,000 | 4,868,844 | 35,000 | 4,702,121 | 35,000 | — | — | |||||||||||||||||||||||||||
End of period | $ | 42,397,394 | $ | 32,048,356 | $ | 10,402,624 | $ | 4,868,844 | $ | 8,793,854 | $ | 4,702,121 | $ | 2,189,752 | $ | 2,698,992 | |||||||||||||||||||
Undistributed net investment income included in net assets at end of period | $ | 2,610 | $ | 7,646 | $ | 277 | $ | 1,189 | $ | (5,719 | ) | $ | 981 | $ | 527 | $ | 1,400 | ||||||||||||||||||
CHANGES IN SHARES OUTSTANDING: | |||||||||||||||||||||||||||||||||||
Shares outstanding, beginning of period1 | 1,401,400 | 1,400 | 201,400 | 1,400 | 201,400 | 1,400 | — | — | |||||||||||||||||||||||||||
Shares sold1 | 2,150,000 | 1,400,000 | 550,000 | 200,000 | 300,000 | 200,000 | 100,000 | 100,000 | |||||||||||||||||||||||||||
Shares redeemed1 | (900,000 | ) | — | (100,000 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Shares outstanding, end of period | 2,651,400 | 1,401,400 | 651,400 | 201,400 | 501,400 | 201,400 | 100,000 | 100,000 |
* Commencement of operations.
1 On November 6, 2008, there was a 2 for 1 stock split. Historical share amounts have been adjusted to reflect the 2 for 1 stock split on a retroactive basis.
The accompanying notes are an integral part of these financial statements.
28
Statements of Changes in Net Assets — concluded
The accompanying notes are an integral part of these financial statements.
29
Financial Highlights
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | RevenueShares ADR Fund | |||||||||||||||||||||||||||||||
Six Months Ended December 31, 2008 (Unaudited) | For the Period February 22, 20081 Through June 30, 2008 | Six Months Ended December 31, 2008 (Unaudited) | For the Period February 22, 20081 Through June 30, 2008 | Six Months Ended December 31, 2008 (Unaudited) | For the Period February 22, 20081 Through June 30, 2008 | For the Period November 10, 20081 Through December 31, 2008 (Unaudited) | For the Period November 18, 20081 Through December 31, 2008 (Unaudited) | ||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period2 | $ | 22.87 | $ | 25.00 | $ | 24.17 | $ | 25.00 | $ | 23.35 | $ | 25.00 | $ | 25.00 | $ | 25.00 | |||||||||||||||||||
Net investment income2, 3 | 0.19 | 0.15 | 0.13 | 0.08 | 0.09 | 0.08 | 0.09 | 0.03 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments2 | (6.93 | ) | (2.23 | ) | (8.23 | ) | (0.84 | ) | (5.81 | ) | (1.67 | ) | (3.11 | ) | 1.98 | ||||||||||||||||||||
Total gain (loss) from investment operations | (6.74 | ) | (2.08 | ) | (8.10 | ) | (0.76 | ) | (5.72 | ) | (1.59 | ) | (3.02 | ) | 2.01 | ||||||||||||||||||||
Less: Dividends from net investment income2 | (0.14 | ) | (0.05 | ) | (0.10 | ) | (0.07 | ) | (0.09 | ) | (0.06 | ) | (0.08 | ) | (0.02 | ) | |||||||||||||||||||
Net asset value, end of period | $ | 15.99 | $ | 22.87 | $ | 15.97 | $ | 24.17 | $ | 17.54 | $ | 23.35 | $ | 21.90 | $ | 26.99 | |||||||||||||||||||
Total Return4 | (29.50 | )% | (8.31 | )% | (33.55 | )% | (3.02 | )% | (24.51 | )% | (6.36 | )% | (12.04 | )% | 8.02 | % | |||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets, end of period (000's omitted) | $ | 42,397 | $ | 32,048 | $ | 10,403 | $ | 4,869 | $ | 8,794 | $ | 4,702 | $ | 2,190 | $ | 2,699 | |||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses, net of expense waivers and reimbursement5 | 0.49 | % | 0.49 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.49 | % | 0.49 | % | |||||||||||||||||||
Expenses, prior to expense waivers and reimbursement5 | 1.49 | % | 2.32 | % | 3.36 | % | 4.93 | % | 3.64 | % | 5.03 | % | 9.53 | % | 8.14 | % | |||||||||||||||||||
Net investment income, net of waivers and reimbursement5 | 2.20 | % | 1.87 | % | 1.47 | % | 0.89 | % | 1.01 | % | 0.85 | % | 3.16 | % | 1.01 | % | |||||||||||||||||||
Portfolio turnover rate6 | 25.88 | % | 0.88 | % | 41.66 | % | 1.07 | % | 41.70 | % | 6.44 | % | 19.89 | % | 94.45 | % |
1 Commencement of operations.
2 On November 6, 2008 there was a 2 for 1 stock split. Historical per share amounts have been adjusted to reflect the 2 for 1 stock split on a retroactive basis.
3 Based on average shares outstanding.
4 Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived and reimbursed by the Adviser.
5 Annualized.
6 Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds' capital shares.
The accompanying notes are an integral part of these financial statements.
30
Financial Highlights — concluded
The accompanying notes are an integral part of these financial statements.
31
Notes to Financial Statements
(UNAUDITED)
1. ORGANIZATION
The RevenueShares ETF Trust, (the "Trust") was organized as a Delaware statutory trust on December 15, 2006 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"), which is currently comprised of five 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 and RevenueShares ADR Fund are not. The Funds commenced operations on February 22, 2008 for RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, November 10, 2008 for RevenueShares Financials Sector Fund and November 18, 2008 for RevenueShares ADR Fund.
The objective of the Funds, (RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund and RevenueShares ADR Fund) is to outperform the total return performance of the Fund's corresponding benchmark Standard & Poor's index (S&P 500 Index, S&P MidCap 400 Index, S&P SmallCap 600 Index, S&P 500 Financials Index, and the S&P ADR Index, respectively).
2. SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, 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 — The Net Asset Value ("NAV") per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon Corp. calculates each Fund's NAV at the close of regular trading (ordinarily 4:00 p.m. New York City Time) every day the New York Stock Exchange is open. Security holdings traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ official closing price. Other portfolio securities and assets for which market quotations are not readil y 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").
Investment Transactions — Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method.
Distribution to Shareholders — Each Fund shareholders are entitled to their share of a Fund's income and net realized gains on investments. Each Fund pays out substantially all of its net earnings to its shareholders as "distributions." Income dividends, if any are generally distributed to shareholders quarterly. Net capital gains are distributed at least annually.
Investment Income — Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities.
Expenses — Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
Other Risks — The RevenueShares Financials Sector Fund and RevenueShares ADR Fund 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.
3. ADVISORY FEES, SERVICING FEES AND OTHER TRANSACTIONS
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
32
Notes to Financial Statements — continued
(UNAUDITED)
fee based on a percentage of daily net assets of each Fund. Out of the advisory fee, the Adviser pays all fees and expenses of the Sub-Adviser. Each Fund is responsible for the payment of all other expenses associated with the operations, including but not limited to brokerage expenses, taxes, interest, fees and expenses of counsel to the Funds, fees and expenses of the Trustees, fees and expenses associated with the Funds' compliance program, litigation expenses, fees and expenses of the Funds' independent auditors, registration fees, expenses associated with compliance by the Funds with regulatory requirements, including those relating to the development and distribution of their prospectus and shareholder reports, and extraordinary expenses.
For services provided, the RevenueShares Large Cap, Mid Cap, Small Cap, Financials Sector and ADR Funds pay the Adviser an annualized fee of 0.45%, 0.50%, 0.50%, 0.45% and 0.60% respectively, based upon each Fund's daily net assets.
The Trust and the Adviser have entered into a written fee waiver and expense reimbursement agreement pursuant to which the Adviser has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to limit each Fund's net annual fund operating expenses before taxes, interest, brokerage fees, certain insurance costs and extraordinary expenses for the RevenueShares Large Cap, Mid Cap, Small Cap, Financials Sector and ADR Funds to 0.49%, 0.54%, 0.54%, 0.49% and 0.49% respectively. This agreement will remain in effect and will be contractually binding until September 30, 2009, after which it may be terminated or revised.
For the period ended December 31, 2008, the Adviser waived and reimbursed the following fees:
Fund | Fees Waived and Reimbursed | ||||||
RevenueShares Large Cap Fund | $ | 130,103 | |||||
RevenueShares Mid Cap Fund | 93,256 | ||||||
RevenueShares Small Cap Fund | 93,222 | ||||||
RevenueShares Financials Sector Fund | 25,645 | ||||||
RevenueShares ADR Fund | 22,114 |
Mellon Capital Management Corp. (the "Sub-Adviser"), a separate identifiable division of The Bank of New York Mellon Corporation, acts as investment sub-adviser to the Funds. Pursuant to a Sub-Advisory Agreement between the Adviser and the Sub-Adviser, the Sub-Adviser will be responsible for the day-to-day management of the Funds, subject to the supervision of the Adviser and the Board. In this regard, the Sub-Adviser will be responsible for implementing the investment strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Adviser and Sub-Adviser from time to time.
The Bank of New York Mellon Corp. serves as the administrator, custodian and fund accounting and transfer agent for each Fund.
Distribution Agreement — 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 of up to a maximum annual rate 0.25% of the average daily net assets for distribution related activities. No 12b-1 fees are currently paid by the Funds, and there are currently no plans to impose these fees.
Other Agreements — Foreside Compliance Services, LLC ("FCS"), an affiliate of the Distributor, provides an Anti-Money Laundering Officer and Chief Compliance Officer as well as certain additional compliance support functions to the Funds. Foreside Management Services, LLC ("FMS"), an affiliate of the Distributor, provides a Principal Financial Officer to the Funds. Certain officers or employees of FCS and FMS are also officers of the Trust. Neither the Distributor, FCS, FMS or their employees that serve as officers of the Trust has any role in determining the investment policies or which securities are to be purchased or sold by the Trust or its Funds.
Licensing Fee Agreements — The Adviser has entered into a licensing agreement for each Fund with RevenueShares Investor Services. The trademarks are owned by the Licensor. These trademarks have been licensed to the Adviser for the use with the Funds. The Funds are not sponsored, endorsed, sold or promoted by the Licensor and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
4. CREATION AND REDEMPTION TRANSACTIONS
As of December 31, 2008, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. 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.
33
Notes to Financial Statements — continued
(UNAUDITED)
Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of equity securities constituting a portfolio sampling representation of the securities included in the relevant Fund's underlying index and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
The Board authorized a two-for-one stock split for the RevenueShares Large Cap Fund, Mid Cap Fund and Small Cap Fund, effective November 6, 2008, for the shareholders of record on November 3, 2008. The impact of the stock split was to increase the number of shares outstanding by a factor of two, while decreasing the net asset value per share by a factor of two, resulting in no effect to total net assets of the Funds. The financial statements for the Funds have been adjusted to reflect the stock split.
5. FAIR VALUE MEASUREMENT
The Financial Accounting Standard Board's ("FASB") Statement of Financial Accounting Standards No. 157, "Fair Value Measurement" establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. The Funds utilized various inputs in determining the value of each Fund's investments. These inputs are summarized in the three broad levels as follows:
Level 1 — quoted prices in active markets for identical securities
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used as of December 31, 2008 in valuing the Funds' assets carried at fair value:
Valuation inputs | RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | ||||||||||||||||||||||||
Investments in Securities | Other Financial Investments* | Investments in Securities | Other Financial Investments* | Investments in Securities | Other Financial Investments* | ||||||||||||||||||||||
Level 1 — Quoted Prices | $ | 42,503,640 | — | $ | 10,437,400 | — | $ | 8,831,619 | — | ||||||||||||||||||
Level 2 — Other Significant Observable Inputs | — | — | — | — | — | — | |||||||||||||||||||||
Level 3 — Significant Unobservable Inputs | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 42,503,640 | — | $ | 10,437,400 | — | $ | 8,831,619 | — | ||||||||||||||||||
Valuation inputs | RevenueShares Financials Sector Fund | RevenueShares ADR Fund | |||||||||||||||||||||||||
Investments in Securities | Other Financial Investments* | Investments in Securities | Other Financial Investments* | ||||||||||||||||||||||||
Level 1 — Quoted Prices | $ | 2,041,190 | — | $ | 2,690,024 | — | |||||||||||||||||||||
Level 2 — Other Significant Observable Inputs | — | — | — | — | |||||||||||||||||||||||
Level 3 — Significant Unobservable Inputs | — | — | — | — | |||||||||||||||||||||||
Total | $ | 2,041,190 | — | $ | 2,690,024 | — |
* Other financial investments include futures, forwards and swap contracts.
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Notes to Financial Statements — continued
(UNAUDITED)
6. INVESTMENT TRANSACTIONS
The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the period ended December 31, 2008 were as follows:
Fund | Purchases | Sales | |||||||||
RevenueShares Large Cap Fund | $ | 7,505,248 | $ | 7,173,646 | |||||||
RevenueShares Mid Cap Fund | 3,011,857 | 2,935,007 | |||||||||
RevenueShares Small Cap Fund | 2,834,114 | 2,756,398 | |||||||||
RevenueShares Financials Sector Fund | 421,110 | 569,145 | |||||||||
RevenueShares ADR Fund | 2,482,926 | 2,490,494 |
For the period ended December 31, 2008, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:
Fund | Purchases | Sales | |||||||||
RevenueShares Large Cap Fund | $ | 37,160,850 | $ | 18,247,737 | |||||||
RevenueShares Mid Cap Fund | 10,164,435 | 2,020,339 | |||||||||
RevenueShares Small Cap Fund | 5,582,009 | — | |||||||||
RevenueShares Financials Sector Fund | 2,385,440 | — | |||||||||
RevenueShares ADR Fund | 2,501,889 | — |
Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.
7. FEDERAL INCOME TAX
The Funds intend to qualify as a "regulated investment company" under Subchapter M of the Code. If so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders.
At December 31, 2008, 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 | $ | 49,345,814 | $ | 510,666 | $ | (7,352,840 | ) | $ | (6,842,174 | ) | |||||||||
RevenueShares Mid Cap Fund | 12,510,962 | 236,328 | (2,309,890 | ) | (2,073,562 | ) | |||||||||||||
RevenueShares Small Cap Fund | 9,760,227 | 507,812 | (1,436,420 | ) | (928,608 | ) | |||||||||||||
RevenueShares Financials Sector Fund | 2,178,236 | 100,997 | (238,043 | ) | (137,046 | ) | |||||||||||||
RevenueShares ADR Fund | 2,440,531 | 280,000 | (30,507 | ) | 249,493 |
FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN 48") provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The adoption of FIN 48 did not result in the recording of any tax benefit or expense in the current period. Management's determination regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof.
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Notes to Financial Statements — concluded
(UNAUDITED)
8. NEW ACCOUNTING PRONOUNCEMENTS
In March 2008, FASB released Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities" ("FAS 161"). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements has not yet been determined.
In May 2008, the FASB issued SFAS No. 162. The Hierarchy of Generally Accepted Accounting Principles ("SFAS 162"). SFAS 162 identifies the sources of accounting principles and the framework for selecting the principles to be used in the preparation of financial statements of nongovernmental entities that are presented in conformity with GAAP in the United States (the GAAP hierarchy). SFAS 162 is effective 60 days following the Securities and Exchange Commission's approval of the Public Company Accounting Oversight Board amendments to AU Section 411, the Meaning of Present Fairly in Conformity with General Accepted Accounting Principles. SFAS 162 became effective on November 15, 2008. Management has evaluated SFAS 162 and does not expect it to materially impact the Trust's financial statements.
In September 2008, FASB issued FASB Staff Position ("FSP") No. FAS 133-1 and FIN 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FAS No. 161 ("FSP 133-1"). FSP 133-1 requires more detailed disclosures about the Fund's use of credit derivatives when the Fund is a protection seller. The enhanced disclosures include for each credit derivative, its nature (including its terms and its current status with respect to payment/performance risk), the maximum potential amount of undiscounted future payments the Fund could be required to make, its fair value and any associated collateral held by the Fund, or by third parties, FSP 133-1 is effective for fiscal periods and interim periods ending after November 15, 2008. Management is currently evaluating the impact the adoption of FSP 133-1 will have on its financial stateme nts and disclosure.
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Supplemental Information
(UNAUDITED)
Proxy Voting Policies, Procedures and Record
A description of the Funds' proxy voting policies and procedures that the Funds use 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, 2008 is available, without charge upon request, through the Funds' website at www.revenuesharesetfs.com. This information is also available on the Securities and Exchange Commission's website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's website at 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 publicinfosec.gov.
The Fund's Statement of Additional Information ("SAI") has additional information about the Funds' Trustees and Officers and is available without charge upon request. Contact your financial representative for a free prospectus or SAI.
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Investment Adviser
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
Mellon Capital Management Corp.
1633 Broadway
13th Floor
New York, New York 10019
Transfer Agent
The Bank of New York Mellon
101 Barclay Street
New York, New York 10286
Independent Registered Public Accounting Firm
Ernst & Young, LLP
Two Commerce Square
2001 Market Street, Suite 4000
Philadelphia, Pennsylvania 19103
This report is submitted for the general information of the Funds' shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds' objectives and policies, experience of their management, marketability of shares, and other information.
RevenueSharesTM 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
www.RevenueSharesETFs.com | 877.738.8870
Item 2. Code of Ethics.
Not Applicable for the semi-annual reporting period.
Item 3. Audit Committee Financial Expert.
Not Applicable for the semi-annual reporting period.
Item 4. Principal Accountant Fees and Services.
Not Applicable for the semi-annual reporting period.
Item 5. Audit Committee of Listed Registrants.
Not Applicable for the semi-annual reporting period.
Item 6. Schedule of Investments.
(a) Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not Applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company & Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11. Controls and Procedures.
(a) The Chief Executive Officer and Chief Financial Officer have evaluated the Registrant’s disclosure controls and procedures within 90 days of the filing date of this report and have concluded that these controls and procedures are effective.
(b) There were no significant changes in the Registrant’s internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation.
Item 12. Exhibits.
(a) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable at this time.
(b) Certifications for each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17CFR 270.30a-(a)).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | RevenueShares ETF Trust |
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By: | /s/ Vincent T. Lowry |
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Vincent T. Lowry, Chief Executive Officer |
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Date: | February 26, 2009 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Registrant: | RevenueShares ETF Trust |
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By: | /s/ Vincent T. Lowry |
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Vincent T. Lowry, Chief Executive Officer |
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Date: | February 26, 2009 |
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By: | /s/ Christopher Lanza |
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Christopher Lanza, Chief Financial Officer |
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Date: | February 26, 2009 |
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