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 |
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(Address of principal executive offices) |
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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 – June 30, 2009 |
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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
Annual Report to Shareholders
June 30, 2009
www.RevenueSharesETFs.com | 877.738.8870
Table of Contents
Letter to Shareholders | 2 | ||||||
Management Discussion of Fund Performance | 4 | ||||||
Shareholder Expense Examples | 15 | ||||||
Schedule of Investments Summary Tables | 16 | ||||||
Schedules of Investments | |||||||
RevenueShares Large Cap Fund | 17 | ||||||
RevenueShares Mid Cap Fund | 22 | ||||||
RevenueShares Small Cap Fund | 27 | ||||||
RevenueShares Financials Sector Fund | 33 | ||||||
RevenueShares ADR Fund | 34 | ||||||
RevenueShares Navellier Overall A-100 Fund | 37 | ||||||
Statements of Assets and Liabilities | 40 | ||||||
Statements of Operations | 41 | ||||||
Statements of Changes in Net Assets | 42 | ||||||
Financial Highlights | 44 | ||||||
Notes to Financial Statements | 46 | ||||||
Report of Independent Registered Public Accounting Firm | 54 | ||||||
Board Approval of Investment Advisory and Sub-Advisory Agreements | 55 | ||||||
Trustees and Officers of the RevenueShares ETF Trust | 58 | ||||||
Supplemental Information | 60 | ||||||
1
Letter To Shareholders
August 2009
Dear Shareholder:
RevenueShares ETF Trust completed its first full fiscal year during the most challenging global equity market in a generation. For the periods ended June 30, 2009, the RevenueShares ETFs of RWL (RevenueShares Large Cap Fund) returned -26.27%, RWK (RevenueShares Mid Cap Fund) returned -21.39%, RWJ (RevenueShares Small Cap Fund) returned -13.67%. RWW (RevenueShares Financials Sector Fund) returned -9.87%*, RTR (RevenueShares ADR Fund) returned 21.15%**, and RWV (RevenueShares Navellier Overall A-100 Fund) returned 10.48%*** (Fund performance reflects net asset value). However, since early March 2009 the global equity markets have turned up and pulled ahead significantly enough to turn most domestic and global equity indexes into positive territory. The Revenue Weighted Strategies have responded well during this period with several funds outperforming their underlying indexes for the calendar year-to-date. It is important to note past performan ce is not an indicator of future results.
Calendar Year-To-Date as of 06/30/09 at NAV:
° RWL, 4.59% vs. S&P 500 Index, 3.19%
° RWK, 18.30% vs. S&P MidCap 400 Index, 8.47%
° RWJ, 14.36% vs. S&P SmallCap 600 Index, .67%
° RWW, 2.46% vs. S&P 500 Financials Index, -3.31%
° RTR, 12.15% vs. S&P ADR Index, 10.09%
° RWV, 10.48% vs. Russell 3000 Index, 16.63%***
We believe the equity markets will continue to rise slowly over the next several months in anticipation of a global economic expansion. However, this recovery will be more difficult to measure because of the continued uncertainty surrounding the global banking system. Until the question surrounding the banking system becomes more transparent and better understood we believe the global expansion will not be as robust as in the past, however, we believe the economy will expand enough for the equity markets to outperform bonds.
China continues to expand economically, as its construction and other sectors experienced increased activity during the first six months of 2009. In the United States, unemployment continues to loom as the major obstacle to the domestic housing recovery. We believe the fall in the housing market led the U.S. and global economies into this difficult downturn and that a stable U.S. housing market is essential for a broad economic expansion. An economic expansion will also require a greater global demand for goods and services from many of the emerging economies. Despite the many obstacles and challenges to come during the upcoming year, we believe the powerful force of individuals in the emerging global economies desiring to live better will provide the next growth engine needed for a global economic recovery.
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 Funds. The alternative weighting approach employed by the Funds (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. The risks associated with each specific fund are detailed in the prospectus and could include factors such as increased volatility risk, small and medium capitalization stock risk, concentration risk, non-diversification risk, financials sector risk, American Depositary
2
Letter To Shareholders — concluded
Receipt risk, currency exchange risk, foreign market risk, growth style investing risk, portfolio turnover risk, and/or special risks of exchange-traded funds.
Russell 3000 Index measures the performance of the 3000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. One cannot invest directly in an index. RevenueShares ETFs are not sponsored, endorsed, sold or promoted by Standard & Poor's. Standard & Poor's makes no representation regarding the advisability of investing in RevenueShares ETFs.
The views in this letter were those of the Fund manager as of the publication of the report and may not necessarily reflect his views on the date of this letter is first published or anytime thereafter. These views are intended to assist shareholders in understanding the Funds' present investment methodology and do not constitute investment advice.
A Fund's per share net asset value or "NAV" is the value of one share of a Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The price used to calculate market return ("Market Price") is determined by using the closing price on the primary stock exchange on which the shares of the Fund are listed for trading when the fund's NAV is calculated at market close. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. Returns less than one year are cumulative.
* Since inception on November 10, 2008
** Since inception on November 18, 2008
*** Since inception on January 21, 2009
3
Management Discussion of Fund Performance
June 30, 2009
RevenueShares Large Cap FundTM (Ticker: RWL)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500 Index ("S&P 500") by investing in the constituent securities of the S&P 500 in the same proportions as the RevenueShares Large Cap Index. The S&P 500 is a stock market index comprised of a representative sample of common stocks of 500 leading companies in leading industries of the United States economy selected by Standard & Poor's®. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of large capitalization companies included in the S&P 500 and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines large capitalization companies as companies that are included in the S&P 500 at the time of purchase. The Fund will provide shareholders with at least 60 days' notice prior to any change in this policy.
The RevenueShares Large Cap Fund (RWL) underperformed the S&P 500 during the fiscal year ended June 30, 2009, returning -26.27% vs. -26.21% for the S&P 500. Market participants began to slowly initiate positions in riskier assets outside the U.S. Treasury market and, as a result, corporate bond spreads have narrowed significantly reducing costs for corporations. The equity market is also experiencing positive inflows. Collectively, many more signs of economic stability are emerging. These trends will need to continue for the economy to rebound during the remainder of 2009.
Sector Allocations As of June 30, 2009 | |||||||
Sector | Percentage of Net Assets | ||||||
Consumer Discretionary | 16.16 | ||||||
Energy | 14.54 | ||||||
Consumer Staples | 13.21 | ||||||
Financials | 12.91 | ||||||
Health Care | 10.65 | ||||||
Industrials | 10.28 | ||||||
Information Technology | 10.13 | ||||||
Materials | 4.31 | ||||||
Utilities | 4.00 | ||||||
Telecommunication Services | 3.41 | ||||||
Total Investments | 99.60 | ||||||
Other Asset in Excess of Liabilities | 0.40 | ||||||
Net Assets | 100.00 | ||||||
Top Ten Fund Holdings As of June 30, 2009 | |||||||
Security | Percentage of Net Assets | ||||||
Exxon Mobil Corp. | 3.89 | ||||||
Wal-Mart Stores, Inc. | 3.21 | ||||||
Ford Motor Co. | 3.01 | ||||||
Chevron Corp. | 2.25 | ||||||
ConocoPhillips | 1.78 | ||||||
Goldman Sachs Group, Inc. | 1.55 | ||||||
Morgan Stanley | 1.41 | ||||||
International Business Machines Corp. | 1.30 | ||||||
General Electric Co. | 1.24 | ||||||
Hewlett-Packard Co. | 1.23 | ||||||
Total | 20.87 |
4
Management Discussion of Fund Performance — continued
Fund Performance History (%) | Annualized Total Return As of June 30, 2009 | ||||||||||
Since Inception (February 22, 2008) | 1 Year | ||||||||||
Index | |||||||||||
RevenueShares Large Cap IndexTM | (24.46 | )% | (25.85 | )% | |||||||
S&P 500 Index | (22.42 | )% | (26.21 | )% | |||||||
Fund | |||||||||||
NAV Return | (25.08 | )% | (26.27 | )% | |||||||
Market Price | (25.10 | )% | (26.52 | )% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Large Cap Fund's annual operating expense ratio (gross) is 2.32% and the net expense is .49%. (Actual expenses can be referenced in the Financial Highlights section later in the report.) The Fund's advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund's expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2011. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund's fees were waived and/or expenses reimbursed; otherwise, the Fund's performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Large Cap Index returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
5
Management Discussion of Fund Performance — continued
June 30, 2009
RevenueShares Mid Cap FundTM (Ticker: RWK)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P MidCap 400 Index ("S&P MidCap 400") by investing in the constituent securities of the S&P MidCap 400 in the same proportions as the RevenueShares Mid Cap Index . The S&P MidCap 400 is a stock market index comprised of common stock of 400 mid-sized companies selected by Standard & Poor's®. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of mid capitalization companies included in the S&P MidCap 400 and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines mid capitalization companies as companies that are included in the S&P MidCap 400 at the time of purchase. The Fund will provide shareholders with at least 60 days' notice prior to any change in this poli cy.
The RevenueShares Mid Cap Fund (RWK) experienced a negative return for the fiscal year ended June 30, 2009 of -21.39%, vs. -28.02% for the S&P MidCap 400. Despite the negative return, RWK has turned in a strong rebound since early March and continues to post positive returns for the calendar year 2009. Energy, financial and information technology sectors were strong calendar year-to-date sector performers for the Fund.
Sector Allocations As of June 30, 2009 | |||||||
Sector | Percentage of Net Assets | ||||||
Information Technology | 20.33 | ||||||
Industrials | 18.54 | ||||||
Consumer Discretionary | 16.52 | ||||||
Health Care | 10.48 | ||||||
Materials | 10.30 | ||||||
Financials | 8.82 | ||||||
Utilities | 5.10 | ||||||
Consumer Staples | 4.65 | ||||||
Energy | 4.10 | ||||||
Telecommunication Services | 0.86 | ||||||
Total Investments | 99.70 | ||||||
Other Assets in Excess of Liabilities | 0.30 | ||||||
Net Assets | �� | 100.00 | |||||
Top Ten Fund Holdings As of June 30, 2009 | |||||||
Security | Percentage of Net Assets | ||||||
Ingram Micro, Inc. Class A | 3.69 | ||||||
Tech Data Corp. | 3.27 | ||||||
Manpower, Inc. | 2.17 | ||||||
Arrow Electronics, Inc. | 1.64 | ||||||
Avnet, Inc. | 1.63 | ||||||
Ashland, Inc. | 1.63 | ||||||
Health Net, Inc. | 1.61 | ||||||
Community Health Systems, Inc. | 1.45 | ||||||
ONEOK, Inc. | 1.34 | ||||||
Smithfield Foods, Inc. | 1.30 | ||||||
19.73 |
6
Management Discussion of Fund Performance — continued
Fund Performance History (%) | Annualized Total Return As of June 30, 2009 | ||||||||||
Since Inception (February 22, 2008) | 1 Year | ||||||||||
Index | |||||||||||
RevenueShares Mid Cap IndexTM | (17.61 | )% | (20.69 | )% | |||||||
S&P MidCap 400 Index | (19.61 | )% | (28.02 | )% | |||||||
Fund | |||||||||||
NAV Return | (18.13 | )% | (21.39 | )% | |||||||
Market Price | (18.03 | )% | (21.71 | )% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Mid Cap Fund's annual operating expense ratios (gross) is 4.93% and the net expense ratio is .54%. (Actual expenses can be referenced in the Financial Highlights section later in the report.) The Funds' advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Funds' expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2011. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. For the F und's most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund's fees were waived and/or expenses reimbursed; otherwise, the Fund's performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Mid Cap IndexTM returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
The S&P MidCap 400 Index consists of 400 domestic mid cap stocks selected for market size, liquidity and industry group representation.
7
Management Discussion of Fund Performance — continued
June 30, 2009
RevenueShares Small Cap FundTM (Ticker: RWJ)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P SmallCap 600 Index ("S&P SmallCap 600") by investing in the constituent securities of the S&P SmallCap 600 in the same proportions as the RevenueShares Small Cap Index. The S&P SmallCap 600 is a stock market index comprised of 600 common stocks of small-cap companies selected by Standard & Poor's® based on inclusion criteria to ensure that they are investable and financially viable. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of small capitalization companies included in the S&P SmallCap 600 and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines small capitalization companies as companies that are included in the S&P SmallCap 600 at the time of pur chase. The Fund will provide shareholders with at least 60 days' notice prior to any change in this policy.
The RevenueShares Small Cap Fund (RWJ) was in negative territory for the fiscal year ended June 30, 2009. However, it outperformed the S&P SmallCap 600 by a significant margin: RWJ returned -13.67% vs. -25.31% for the S&P SmallCap 600. The rally in consumer discretionary and finance sectors since early March 2009 contributed heavily to calendar year-to-date positive outperformance of the Fund versus the S&P SmallCap 600.
Sector Allocations As of June 30, 2009 | |||||||
Sector | Percentage of Net Assets | ||||||
Consumer Discretionary | 33.06 | ||||||
Industrials | 16.77 | ||||||
Information Technology | 15.92 | ||||||
Health Care | 8.30 | ||||||
Energy | 6.50 | ||||||
Financials | 5.69 | ||||||
Consumer Staples | 5.66 | ||||||
Materials | 4.50 | ||||||
Utilities | 3.20 | ||||||
Telecommunication Services | 0.40 | ||||||
Total Investments | 100.00 | ||||||
Liabilities in Excess of other Assets | 0.00 | ||||||
Net Assets | 100.00 | ||||||
Top Ten Fund Holdings As of June 30, 2009 | |||||||
Security | Percentage of Net Assets | ||||||
World Fuel Services Corp. | 3.08 | ||||||
Sonic Automotive, Inc. Class A | 2.96 | ||||||
SYNNEX Corp. | 2.68 | ||||||
Group 1 Automotive, Inc. | 2.34 | ||||||
Stein Mart, Inc. | 1.55 | ||||||
HSN, Inc. | 1.49 | ||||||
Insight Enterprises, Inc. | 1.40 | ||||||
OfficeMax, Inc. | 1.18 | ||||||
Anixter International, Inc. | 1.14 | ||||||
Helen of Troy Ltd. | 1.08 | ||||||
18.90 |
8
Management Discussion of Fund Performance — continued
Fund Performance History (%) | Annualized Total Return As of June 30, 2009 | ||||||||||
Since Inception (February 22, 2008) | 1 Year | ||||||||||
Index | |||||||||||
RevenueShares Small Cap IndexTM | (12.98 | )% | (12.14 | )% | |||||||
S&P SmallCap 600 Index | (19.64 | )% | (25.31 | )% | |||||||
Fund | |||||||||||
NAV Return | (14.52 | )% | (13.67 | )% | |||||||
Market Price | (14.33 | )% | (13.67 | )% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Returns less than one year are cumulative. The Small Cap Fund's annual operating expense ratio (gross) is 5.03% and the net expense ratio is .54%. (Actual expenses can be referenced in the Financial Highlights section later in the report.) The Fund's advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund's expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2011. The performance table and graph do no reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund's fees were waived and/or expenses reimbursed; otherwise, the Fund's performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Small Cap Index returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
The S&P SmallCap 600 Index consists of 600 domestic small cap stocks selected for market size, liquidity and industry group representation.
9
Management Discussion of Fund Performance — continued
June 30, 2009
RevenueShares Financials Sector FundTM (Ticker: RWW)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500® Financials Index ("S&P 500 Financials") by investing in the constituent securities of the S&P 500® Financials in the same proportions as the RevenueShares Financials Sector Index. The S&P 500® Financials is a stock market index comprised of large cap companies that Standard & Poor's® deems to be part of the Financials sector of the United States economy, using the Global Industry Classification Standard. It is a subset of the S&P 500® Index and includes companies involved in activities such as: banking; mortgage finance; consumer finance; specialized finance; investment banking and brokerage; asset management and custody; corporate lending; insurance; financial investment; and real estate, including real estate investment trusts ("RE ITs"). Under normal circumstances, the Fund will invest at least 80% of its net assets in Financials companies included in the S&P 500® Financials and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines Financials companies as companies that are included in the S&P 500® Financials at the time of purchase. The Fund will provide shareholders with at least 60 days' notice prior to any change in this policy.
The RevenueShares Financials Sector Fund (RWW) launched in November 2008. For the fiscal period from November 10, 2008 through June 30, 2009, RWW returned –9.87% vs. -10.72% for the S&P 500 Financials. Exposure to larger revenue banks contributed significantly to the Fund's outperformance.
Sector Allocations As of June 30, 2009 | |||||||
Sector | Percentage of Net Assets | ||||||
Financials | 100.19 | ||||||
Total Investments | 100.19 | ||||||
Liabilities in Excess of Other Assets | (0.19 | ) | |||||
Net Assets | 100.00 | ||||||
Top Ten Holdings As of June 30, 2009 | |||||||
Security | Percentage of Net Assets | ||||||
Goldman Sachs Group, Inc. | 11.92 | ||||||
Morgan Stanley | 10.87 | ||||||
JPMorgan Chase & Co. | 9.43 | ||||||
Bank of America Corp. | 8.15 | ||||||
MetLife, Inc. | 4.16 | ||||||
Wells Fargo & Co. | 3.80 | ||||||
Citigroup, Inc. | 3.60 | ||||||
Prudential Financial, Inc. | 3.55 | ||||||
American Express Co. | 2.98 | ||||||
American International Group, Inc. | 2.68 | ||||||
61.14 |
10
Management Discussion of Fund Performance — continued
Fund Performance History (%) | Cumulative Total Return As of June 30, 2009 | ||||||
Since Inception (November 10, 2008) | |||||||
Index | |||||||
RevenueShares Financials Sector IndexTM | (4.92 | )% | |||||
S&P 500 Financials Index | (10.72 | )% | |||||
S&P 500 Index | 1.85 | % | |||||
Fund | |||||||
NAV Return | (9.87 | )% | |||||
Market Price | (10.03 | )% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Returns less than one year are cumulative. The Financials Sector Fund's annual operating expense ratio (gross) is 1.23% and the net expense ratio is .49%. (Actual expenses can be referenced in the Financial Highlights section later in the report.) The Fund's advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund's expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2011. The performance table and graph do no reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund sha res. For the Fund's most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund's fees were waived and/or expenses reimbursed; otherwise, the Fund's performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Financials Sector Index returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
The S&P 500 Financials Index consists of large cap stocks deemed to be part of the Financials Sector of the United States economy.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
11
Management Discussion of Fund Performance — continued
June 30, 2009
RevenueShares ADR FundTM (Ticker: RTR)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P ADR Index by investing in the constituent securities of the S&P ADR Index in the same proportions as the RevenueShares ADR Index. The RevenueShares ADR Index is constructed using a rules-driven methodology, which re-weights the constituent securities of the S&P ADR Index according to the revenue earned by the companies in that index, subject to certain tax diversification requirements. The RevenueShares ADR Index generally contains the same securities as the S&P ADR Index, but in different proportions. Constituent securities that are added to or removed from the S&P ADR Index during a calendar quarter are generally added to and removed from the RevenueShares ADR Index on a quarterly basis. The S&P ADR Index is a U.S. dollar denominated version of the S&P Global 1200 Ex U.S. Index and is based on the non-U.S. stocks of the S&P Global 1200. American Depositary Receipts ("ADRs") are certificates that represent a U.S. dollar denominated equity ownership in a foreign company and offer U.S. investors the same economic benefits enjoyed by the shareholders of that company. Typically, ADRs are listed and traded on U.S. exchanges and trade in U.S. dollars just like any other U.S.-domiciled security. Since not all foreign companies offer ADR programs, the S&P ADR Index is made up of those companies from the S&P Global 1200 who make available ADRs that are offered or listed on a U.S. exchange, global shares or, in the case of Canadian equities, ordinary shares, all of which are traded on a U.S. exchange. Under normal circumstances, the Fund will invest at least 80% of its net assets in ADRs included in the S&P ADR Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund will provide shareholders with at least 60 days' notice prior to any change in this policy.
In November 2008, RevenueShares launched the RevenueShares ADR Fund (RTR). For the fiscal period from November 18, 2008 through June 30, 2009, RTR returned a positive 21.15% vs. 21.00% for the S&P ADR Index. Three sectors provided RTR superior returns: energy, financials and healthcare.
Sector Allocations As of June 30, 2009 | |||||||
Sector | Percentage of Net Assets | ||||||
Energy | 28.20 | ||||||
Financials | 28.11 | ||||||
Consumer Discretionary | 12.51 | ||||||
Telecommunication Services | 8.98 | ||||||
Information Technology | 5.35 | ||||||
Materials | 5.20 | ||||||
Industrials | 3.92 | ||||||
Consumer Staples | 3.07 | ||||||
Health Care | 2.66 | ||||||
Utilities | 1.70 | ||||||
Total Investments | 99.70 | ||||||
Other Assets in Excess of Liabilities | 0.3 | ||||||
Net Assets | 100.00 | ||||||
Top Ten Holdings As of June 30, 2009 | |||||||
Security | Percentage of Net Assets | ||||||
BP PLC | 5.37 | ||||||
Royal Dutch Shell PLC Class B | 3.38 | ||||||
Royal Dutch Shell PLC Class A | 3.29 | ||||||
Total SA | 3.29 | ||||||
AXA SA | 3.06 | ||||||
Toyota Motor Corp. | 2.99 | ||||||
ENI SpA | 2.41 | ||||||
Daimler AG | 2.38 | ||||||
HSBC Holdings PLC | 2.33 | ||||||
ING Groep NV | 2.27 | ||||||
Total | 30.77 |
12
Management Discussion of Fund Performance — continued
Fund Performance History (%) | Cumulative Total Return As of June 30, 2009 | ||||||
Since Inception (November 18, 2008) | |||||||
Index | |||||||
RevenueShares ADR IndexTM | 25.45 | % | |||||
S&P ADR Index | 21.00 | % | |||||
MSCI EAFE Index | 17.88 | % | |||||
Fund | |||||||
NAV Return | 21.15 | % | |||||
Market Price | 21.18 | % |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Returns less than one year are cumulative. The ADR Fund's annual operating expense ratio (gross) is .70% and the net expense ratio is .49%. (Actual expenses can be referenced in the Financial Highlights section later in the report.) The Fund's advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund's expenses from exceeding the net expense ratio. This agreement is in effect until October 31, 2011. The performance table and graph do no reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fu nd's most recent month end performance please visit www.revenuesharesetfs.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund's fees were waived and/or expenses reimbursed; otherwise, the Fund's performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares ADR Index returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
The S&P ADR Index is a U.S. dollar denominated version of the S&P Global 1200 Ex U.S. Index, consisting of the companies in that index who make available American Depositary Receipts ("ADRs").
The MSCI EAFE Index (Europe, Australasia, Far East) adjusts the market capitalization of index constituents for free float and targets for index inclusion 85% of free float-adjusted market capitalization in each industry group in developed market countries, excluding the U.S. and Canada.
13
Management Discussion of Fund Performance — continued
June 30, 2009
RevenueShares Navellier Overall A-100 FundTM (Ticker: RWV)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the Navellier Overall A-100 Index by investing in the constituent securities of the Navellier Overall A-100 Index in the same proportions as the RevenueShares Navellier Overall A-100 Index. The Navellier Overall A-100 Index is constructed from companies that are traded on the New York Stock Exchange, Nasdaq Stock Exchange or American Stock Exchange that have over 2,500 shares traded daily, a closing price over $1, and companies that have been public for at least one year. This universe of companies is narrowed through a combination of quantitative and fundamental screens to select the top 100 of the total universe. This is accomplished by implementing a multi-factor model that encompasses nine factors, one of which is quantitative based and eight that are fundamental. The quantitative factor begins with a computer-driven analysis based on Mode rn Portfolio Theory. The Index calculates reward (alpha) and risk (standard deviation) characteristics for the universe of approximately 4,800 stocks. Trailing 52-week "alphas" (measure of return independent of the market) are divided by trailing 52-week "standard deviations" (measure of volatility or risk) to create a "reward/risk" ratio. This factor has the highest weight in the Navellier Overall A-100 Index.
The Navellier Overall A-100 Index then calculates the following fundamental factors:
1. Sales Growth
2. Operating Margin Growth
3. EPS Growth
4. Earnings Revisions
5. Earnings Surprise
6. Earnings Momentum
7. Return of Equity
8. Free Cash Flow
All eight fundamental factors are equally weighted and combined with the Quantitative Score. Each stock in this universe is percentile ranked and the top 100 stocks of the total universe comprise the final Navellier Overall A-100 Index. The Navellier Overall A-100 Index is rebalanced and reconstituted quarterly. Navellier is not affiliated with the Funds or their investment advisers.
The RevenueShares Navellier Overall A-100 Index is constructed using a rules-driven methodology, which re-weights the constituent securities of the Navellier Overall A-100 Index according to the revenue earned by the companies in that index, subject to certain tax diversification requirements and a maximum 7% per-company weighting. The RevenueShares Navellier Overall A-100 Index generally contains the same securities as the Navellier Overall A-100 Index, but in different proportions. The RevenueShares Navellier Overall A-100 Index is reconstituted quarterly according to September 30 weightings promptly following the reconstitution of the Navellier Overall A-100 Index. See "The RevenueShares Indexes" for more information.
Under normal circumstances, the Fund will invest at least 80% of its net assets in companies included in the Navellier Overall A-100 Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund will provide shareholders with at least 60 days' notice prior to any change in this policy.
The Growth of $10,000 Investment Chart and Fund Performance History Table are omitted for RevenueShares Navellier Overall A-100 Fund, as the Fund had fewer than six months of operating history at June 30, 2009.
Sector Allocation As of June 30, 2009 | |||||||
Sector | Percentage of Net Assets | ||||||
Consumer Discretionary | 30.59 | ||||||
Health Care | 24.53 | ||||||
Industrials | 18.08 | ||||||
Information Technology | 9.79 | ||||||
Energy | 4.70 | ||||||
Materials | 4.00 | ||||||
Financials | 3.21 | ||||||
Consumer Staples | 2.97 | ||||||
Utilities | 1.40 | ||||||
Telecommunication Services | 0.53 | ||||||
Total Investments | 99.80 | ||||||
Other Assets in Excess of Liabilities | 0.20 | ||||||
Net Assets | 100.00 | ||||||
Top Ten Holdings As of June 30, 2009 | |||||||
Security | Percentage of Net Assets | ||||||
Aecom Technology Corp. | 7.46 | ||||||
AstraZeneca PLC | 4.92 | ||||||
Centene Corp. | 4.34 | ||||||
World Fuel Services Corp. | 3.75 | ||||||
McDonald's Corp. | 3.49 | ||||||
Cerner Corp. | 2.81 | ||||||
Sociedad Quimica y Minera de Chile SA | 2.60 | ||||||
Metavante Technologies, Inc. | 2.35 | ||||||
Amgen, Inc. | 2.28 | ||||||
Beacon Roofing Supply, Inc. | 2.19 | ||||||
Total | 36.19 |
14
Shareholder Expense Examples
As a shareholder of a RevenueShares ETF, you incur two types of costs: (1) transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory fees and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds.
The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from January 1, 2009 to June 30, 2009.
Actual expenses
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled "Expenses Paid During the Six Month Period" to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other exchange-traded funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other exchange-traded 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 01/01/09 | Ending Account Value 06/30/09 | Annualized Expense Ratios for the Six Month Period | Expenses Paid During the Six Month Period† | ||||||||||||||||
RevenueShares Large Cap Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,045.90 | 0.49 | % | $ | 2.49 | |||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.36 | 0.49 | % | $ | 2.46 | |||||||||||
RevenueShares Mid Cap Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,183.00 | 0.54 | % | $ | 2.92 | |||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.12 | 0.54 | % | $ | 2.71 | |||||||||||
RevenueShares Small Cap Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,143.60 | 0.54 | % | $ | 2.87 | |||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.12 | 0.54 | % | $ | 2.71 | |||||||||||
RevenueShares Financials Sector Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,024.60 | 0.49 | % | $ | 2.46 | |||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.36 | 0.49 | % | $ | 2.46 | |||||||||||
RevenueShares ADR Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,121.50 | 0.49 | % | $ | 2.58 | |||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.36 | 0.49 | % | $ | 2.46 | |||||||||||
RevenueShares Navellier Overall A-100 Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,104.80 | 0.60 | % | $ | 2.75 | †† | ||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.82 | 0.60 | % | $ | 3.01 |
† Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending account value for the period, multiplied by 181/365 (to reflect the six-month period).
†† Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending account value for the period, multiplied by 159/365 (to reflect the period since commencement of operations).
15
Schedule of Investments Summary Tables
RevenueShares Large Cap Fund
Industry | % of Net Assets | ||||||
Automobiles & Components | 3.9 | % | |||||
Banks | 1.3 | ||||||
Capital Goods | 8.0 | ||||||
Commercial & Professional Services | 0.6 | ||||||
Consumer Durables & Apparel | 1.4 | ||||||
Consumer Services | 1.6 | ||||||
Diversified Financials | 7.5 | ||||||
Energy | 14.5 | ||||||
Food & Staples Retailing | 7.3 | ||||||
Food Beverage & Tobacco | 4.6 | ||||||
Health Care Equipment & Services | 7.4 | ||||||
Household & Personal Products | 1.3 | ||||||
Insurance | 3.7 | ||||||
Materials | 4.3 | ||||||
Media | 2.6 | ||||||
Pharmaceuticals, Biotechnology | 3.2 | ||||||
Real Estate | 0.5 | ||||||
Retailing | 6.7 | ||||||
Semiconductors & Semiconductor Equipment | 1.3 | ||||||
Software & Services | 2.5 | ||||||
Technology Hardware & Equipment | 6.3 | ||||||
Telecommunication Services | 3.4 | ||||||
Transportation | 1.7 | ||||||
Utilities | 4.0 | ||||||
Total Investments | 99.6 | ||||||
Other Assets in Excess of Liabilities | 0.4 | ||||||
Net Assets | 100.0 | % |
RevenueShares Financials Sector Fund
Industry | % of Net Assets | ||||||
Capital Markets | 29.5 | % | |||||
Commercial Banks | 9.6 | ||||||
Consumer Finance | 5.5 | ||||||
Diversified Financials Services | 22.7 | ||||||
Insurance | 28.9 | ||||||
Real Estate Investment Trusts | 2.7 | ||||||
Real Estate Management & Development | 1.1 | ||||||
Thrifts & Mortgage Finance | 0.2 | ||||||
Total Investments | 100.2 | ||||||
Liability in Excess of Other Assets | (0.2 | ) | |||||
Net Assets | 100.0 | % |
RevenueShares Mid Cap Fund
Industry | % of Net Assets | ||||||
Automobiles & Components | 1.0 | % | |||||
Banks | 1.8 | ||||||
Capital Goods | 11.7 | ||||||
Commercial & Professional Services | 4.7 | ||||||
Consumer Durables & Apparel | 3.4 | ||||||
Consumer Services | 3.1 | ||||||
Diversified Financials | 1.4 | ||||||
Energy | 4.1 | ||||||
Food & Staples Retailing | 0.9 | ||||||
Food Beverage & Tobacco | 2.8 | ||||||
Health Care Equipment & Services | 9.1 | ||||||
Household & Personal Products | 1.0 | ||||||
Insurance | 3.6 | ||||||
Materials | 10.4 | ||||||
Media | 0.7 | ||||||
Pharmaceuticals, Biotechnology | 1.4 | ||||||
Real Estate | 1.9 | ||||||
Retailing | 8.3 | ||||||
Semiconductors & Semiconductor Equipment | 1.3 | ||||||
Software & Services | 5.1 | ||||||
Technology Hardware & Equipment | 13.8 | ||||||
Telecommunication Services | 0.9 | ||||||
Transportation | 2.2 | ||||||
Utilities | 5.1 | ||||||
Total Investments | 99.7 | ||||||
Other Assets in Excess of Liabilities | 0.3 | ||||||
Net Assets | 100.0 | % |
RevenueShares ADR Fund
Industry | % of Net Assets | ||||||
Automobiles & Components | 9.0 | % | |||||
Banks | 13.6 | ||||||
Capital Goods | 3.6 | ||||||
Consumer Durables & Apparel | 2.4 | ||||||
Consumer Services | 0.2 | ||||||
Diversified Financials | 6.8 | ||||||
Energy | 28.2 | ||||||
Food Beverage & Tobacco | 3.1 | ||||||
Health Care Equipment & Services | 0.2 | ||||||
Insurance | 7.5 | ||||||
Materials | 5.2 | ||||||
Media | 0.9 | ||||||
Pharmaceuticals, Biotechnology | 2.4 | ||||||
Real Estate | 0.2 | ||||||
Semiconductors & Semiconductor Equipment | 0.5 | ||||||
Software & Services | 0.2 | ||||||
Technology Hardware & Equipment | 4.6 | ||||||
Telecommunication Services | 9.0 | ||||||
Transportation | 0.4 | ||||||
Utilities | 1.7 | ||||||
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 | 1.1 | % | |||||
Banks | 2.1 | ||||||
Capital Goods | 10.2 | ||||||
Commercial & Professional Services | 5.0 | ||||||
Consumer Durables & Apparel | 7.2 | ||||||
Consumer Services | 5.4 | ||||||
Diversified Financials | 0.8 | ||||||
Energy | 6.5 | ||||||
Food & Staples Retailing | 3.2 | ||||||
Food Beverage & Tobacco | 1.8 | ||||||
Health Care Equipment & Services | 7.6 | ||||||
Household & Personal Products | 0.6 | ||||||
Insurance | 1.7 | ||||||
Materials | 4.5 | ||||||
Media | 1.1 | ||||||
Pharmaceuticals, Biotechnology | 0.7 | ||||||
Real Estate | 1.1 | ||||||
Retailing | 18.3 | ||||||
Semiconductors & Semiconductor Equipment | 2.4 | ||||||
Software & Services | 3.1 | ||||||
Technology Hardware & Equipment | 10.5 | ||||||
Telecommunication Services | 0.4 | ||||||
Transportation | 1.6 | ||||||
Utilities | 3.2 | ||||||
Total Investments | 100.1 | ||||||
Liabilities in Excess of Other Assets | (0.1 | ) | |||||
Net Assets | 100.0 | % |
RevenueShares Navellier Overall A-100 Fund
Industry | % of Net Assets | ||||||
Automobiles & Components | 0.3 | % | |||||
Banks | 0.9 | ||||||
Capital Goods | 16.2 | ||||||
Commercial & Professional Services | 0.5 | ||||||
Consumer Durables & Apparel | 1.2 | ||||||
Consumer Services | 11.8 | ||||||
Diversified Financials | 1.2 | ||||||
Energy | 4.7 | ||||||
Food Beverage & Tobacco | 3.0 | ||||||
Health Care Equipment & Services | 13.9 | ||||||
Insurance | 1.1 | ||||||
Materials | 4.0 | ||||||
Media | 0.7 | ||||||
Pharmaceuticals, Biotechnology | 9.9 | ||||||
Retailing | 16.7 | ||||||
Semiconductors & Semiconductor Equipment | 0.8 | ||||||
Software & Services | 8.0 | ||||||
Technology Hardware & Equipment | 1.7 | ||||||
Telecommunication Services | 0.5 | ||||||
Transportation | 1.3 | ||||||
Utilities | 1.4 | ||||||
Total Investments | 99.8 | ||||||
Other Assets in Excess of Liabilities | 0.2 | ||||||
Net Assets | 100.0 | % |
16
Schedule of Investments
REVENUESHARES LARGE CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
COMMON STOCKS†—99.6% | |||||||||||
Automobiles & Components—3.9% | |||||||||||
Ford Motor Co.* | 263,870 | $ | 1,601,691 | ||||||||
Goodyear Tire & Rubber Co.* | 18,185 | 204,763 | |||||||||
Harley-Davidson, Inc. | 1,936 | 31,383 | |||||||||
Johnson Controls, Inc. | 10,646 | 231,231 | |||||||||
Total Automobiles & Components | 2,069,068 | ||||||||||
Banks—1.3% | |||||||||||
BB&T Corp. | 2,061 | 45,301 | |||||||||
Comerica, Inc. | 1,193 | 25,232 | |||||||||
Fifth Third Bancorp | 6,092 | 43,253 | |||||||||
First Horizon National Corp. | 1,718 | 20,616 | |||||||||
Hudson City Bancorp., Inc. | 873 | 11,602 | |||||||||
Huntington Bancshares, Inc. | 2,765 | 11,558 | |||||||||
KeyCorp | 4,729 | 24,780 | |||||||||
M&T Bank Corp. | 399 | 20,321 | |||||||||
Marshall & Ilsley Corp. | 1,387 | 6,658 | |||||||||
People's United Financial, Inc. | 342 | 5,144 | |||||||||
PNC Financial Services Group, Inc. | 1,139 | 44,205 | |||||||||
Regions Financial Corp. | 6,266 | 25,315 | |||||||||
SunTrust Banks, Inc. | 2,439 | 40,122 | |||||||||
U.S. Bancorp | 4,340 | 77,772 | |||||||||
Wells Fargo & Co. | 10,732 | 260,357 | |||||||||
Zions Bancorporation | 758 | 8,762 | |||||||||
Total Banks | 670,998 | ||||||||||
Capital Goods—8.0% | |||||||||||
3M Co. | 2,414 | 145,081 | |||||||||
Boeing Co. | 8,774 | 372,894 | |||||||||
Caterpillar, Inc. | 6,192 | 204,584 | |||||||||
Cooper Industries Ltd., Class A | 1,239 | 38,471 | |||||||||
Cummins, Inc. | 3,128 | 110,137 | |||||||||
Danaher Corp. | 1,288 | 79,521 | |||||||||
Deere & Co. | 3,848 | 153,728 | |||||||||
Dover Corp. | 1,349 | 44,638 | |||||||||
Eaton Corp. | 1,791 | 79,897 | |||||||||
Emerson Electric Co. | 4,022 | 130,313 | |||||||||
Fastenal Co. | 376 | 12,472 | |||||||||
Flowserve Corp. | 440 | 30,716 | |||||||||
Fluor Corp. | 2,247 | 115,249 | |||||||||
General Dynamics Corp. | 2,815 | 155,923 | |||||||||
General Electric Co. | 56,101 | 657,503 | |||||||||
Goodrich Corp. | 1,073 | 53,618 | |||||||||
Honeywell International, Inc. | 6,227 | 195,528 | |||||||||
Illinois Tool Works, Inc. | 2,820 | 105,299 | |||||||||
Ingersoll-Rand Co. Ltd., Class A | 397 | 8,297 | |||||||||
ITT Corp. | 1,362 | 60,609 | |||||||||
Jacobs Engineering Group, Inc.* | 1,193 | 50,213 | |||||||||
L-3 Communications Holdings, Inc. | 1,129 | 78,330 | |||||||||
Lockheed Martin Corp. | 2,890 | 233,079 | |||||||||
Manitowoc Co., Inc. | 2,745 | 14,439 | |||||||||
Masco Corp. | 5,440 | 52,115 | |||||||||
Northrop Grumman Corp. | 4,297 | 196,287 | |||||||||
PACCAR, Inc. | 3,031 | 98,538 | |||||||||
Pall Corp. | 489 | 12,988 | |||||||||
Parker Hannifin Corp. | 1,644 | 70,626 | |||||||||
Precision Castparts Corp. | 621 | 45,352 | |||||||||
Quanta Services, Inc.* | 3,280 | 75,866 | |||||||||
Raytheon Co. | 2,347 | 104,277 | |||||||||
Rockwell Automation, Inc. | 1,012 | 32,505 |
Investments | Shares | Value | |||||||||
Rockwell Collins, Inc. | 689 | $ | 28,752 | ||||||||
Textron, Inc. | 5,233 | 50,551 | |||||||||
United Technologies Corp. | 6,137 | 318,878 | |||||||||
W.W. Grainger, Inc. | 492 | 40,285 | |||||||||
Total Capital Goods | 4,257,559 | ||||||||||
Commercial & Professional Services—0.6% | |||||||||||
Avery Dennison Corp. | 1,158 | 29,737 | |||||||||
Cintas Corp. | 829 | 18,934 | |||||||||
Dun & Bradstreet Corp. | 122 | 9,908 | |||||||||
Equifax, Inc. | 433 | 11,301 | |||||||||
Iron Mountain, Inc.* | 401 | 11,529 | |||||||||
Monster Worldwide, Inc.* | 663 | 7,830 | |||||||||
Pitney Bowes, Inc. | 1,404 | 30,790 | |||||||||
R.R. Donnelley & Sons Co. | 5,200 | 60,424 | |||||||||
Republic Services, Inc. | 706 | 17,233 | |||||||||
Robert Half International, Inc. | 1,389 | 32,808 | |||||||||
Stericycle, Inc.* | 111 | 5,720 | |||||||||
Waste Management, Inc. | 2,346 | 66,064 | |||||||||
Total Commercial & Professional Services | 302,278 | ||||||||||
Consumer Durables & Apparel—1.4% | |||||||||||
Black & Decker Corp. | 809 | 23,186 | |||||||||
Centex Corp. | 4,725 | 39,974 | |||||||||
Coach, Inc. | 790 | 21,235 | |||||||||
D.R. Horton, Inc. | 5,908 | 55,299 | |||||||||
Eastman Kodak Co. | 8,695 | 25,737 | |||||||||
Fortune Brands, Inc. | 1,003 | 34,844 | |||||||||
Harman International Industries, Inc. | 1,392 | 26,170 | |||||||||
Hasbro, Inc. | 765 | 18,544 | |||||||||
KB Home | 1,610 | 22,025 | |||||||||
Leggett & Platt, Inc. | 1,516 | 23,089 | |||||||||
Lennar Corp. Class A | 3,202 | 31,027 | |||||||||
Mattel, Inc. | 2,187 | 35,101 | |||||||||
Newell Rubbermaid, Inc. | 2,799 | 29,138 | |||||||||
Nike, Inc. Class B | 1,919 | 99,365 | |||||||||
Polo Ralph Lauren Corp. | 561 | 30,036 | |||||||||
Pulte Homes, Inc. | 3,819 | 33,722 | |||||||||
Snap-On, Inc. | 438 | 12,588 | |||||||||
Stanley Works | 788 | 26,666 | |||||||||
VF Corp. | 779 | 43,118 | |||||||||
Whirlpool Corp. | 2,762 | 117,550 | |||||||||
Total Consumer Durables & Apparel | 748,414 | ||||||||||
Consumer Services—1.6% | |||||||||||
Apollo Group, Inc. Class A* | 212 | 15,077 | |||||||||
Carnival Corp. | 3,585 | 92,385 | |||||||||
Darden Restaurants, Inc. | 1,496 | 49,338 | |||||||||
DeVry, Inc. | 3,383 | 169,286 | |||||||||
H&R Block, Inc. | 973 | 16,765 | |||||||||
International Game Technology | 1,280 | 20,352 | |||||||||
Marriott International, Inc. Class A | 4,226 | 93,269 | |||||||||
McDonald's Corp. | 2,009 | 115,498 | |||||||||
Starbucks Corp.* | 6,019 | 83,604 | |||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 2,177 | 48,329 | |||||||||
Wyndham Worldwide Corp. | 4,220 | 51,146 | |||||||||
Wynn Resorts Ltd.* | 391 | 13,802 | |||||||||
Yum! Brands, Inc. | 2,042 | 68,080 | |||||||||
Total Consumer Services | 836,931 |
The accompanying notes are an integral part of these financial statements.
17
Schedule of Investments — continued
REVENUESHARES LARGE CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Diversified Financials—7.5% | |||||||||||
American Express Co. | 8,772 | $ | 203,861 | ||||||||
Ameriprise Financial, Inc. | 2,246 | 54,510 | |||||||||
Bank of America Corp. | 42,438 | 560,182 | |||||||||
Bank of New York Mellon Corp. | 3,497 | 102,497 | |||||||||
Capital One Financial Corp. | 3,728 | 81,569 | |||||||||
Charles Schwab Corp. | 1,776 | 31,151 | |||||||||
CIT Group, Inc. | 8,842 | 19,010 | |||||||||
Citigroup, Inc. | 82,858 | 246,088 | |||||||||
CME Group, Inc. | 64 | 19,911 | |||||||||
Discover Financial Services | 3,780 | 38,821 | |||||||||
E*Trade Financial Corp.* | 5,867 | 7,510 | |||||||||
Federated Investors, Inc. Class B | 332 | 7,998 | |||||||||
Franklin Resources, Inc. | 581 | 41,838 | |||||||||
Goldman Sachs Group, Inc. | 5,593 | 824,632 | |||||||||
IntercontinentalExchange, Inc.* | 53 | 6,055 | |||||||||
Invesco Ltd. | 1,722 | 30,686 | |||||||||
Janus Capital Group, Inc. | 810 | 9,234 | |||||||||
JPMorgan Chase & Co. | 19,147 | 653,104 | |||||||||
Legg Mason, Inc. | 1,281 | 31,231 | |||||||||
Leucadia National Corp.* | 315 | 6,643 | |||||||||
Moody's Corp. | 470 | 12,385 | |||||||||
Morgan Stanley | 26,386 | 752,265 | |||||||||
Nasdaq OMX Group, Inc.* | 726 | 15,471 | |||||||||
Northern Trust Corp. | 640 | 34,355 | |||||||||
NYSE Euronext | 939 | 25,588 | |||||||||
SLM Corp.* | 4,742 | 48,700 | |||||||||
State Street Corp. | 1,942 | 91,662 | |||||||||
T. Rowe Price Group, Inc. | 382 | 15,918 | |||||||||
Total Diversified Financials | 3,972,875 | ||||||||||
Energy—14.5% | |||||||||||
Anadarko Petroleum Corp. | 1,994 | 90,508 | |||||||||
Apache Corp. | 962 | 69,408 | |||||||||
Baker Hughes, Inc. | 1,881 | 68,544 | |||||||||
BJ Services Co. | 2,373 | 32,344 | |||||||||
Cabot Oil & Gas Corp. | 172 | 5,270 | |||||||||
Cameron International Corp.* | 1,405 | 39,762 | |||||||||
Chesapeake Energy Corp. | 4,056 | 80,430 | |||||||||
Chevron Corp. | 18,060 | 1,196,475 | |||||||||
ConocoPhillips | 22,525 | 947,402 | |||||||||
Consol Energy, Inc. | 745 | 25,300 | |||||||||
Denbury Resources, Inc.* | 3,956 | 58,272 | |||||||||
Devon Energy Corp. | 1,228 | 66,926 | |||||||||
Diamond Offshore Drilling, Inc. | 701 | 58,218 | |||||||||
El Paso Corp. | 3,890 | 35,905 | |||||||||
ENSCO International, Inc. | 377 | 13,146 | |||||||||
EOG Resources, Inc. | 468 | 31,787 | |||||||||
Exxon Mobil Corp. | 29,623 | 2,070,943 | |||||||||
FMC Technologies, Inc.* | 1,168 | 43,893 | |||||||||
Halliburton Co. | 5,242 | 108,509 | |||||||||
Hess Corp. | 4,732 | 254,345 | |||||||||
Marathon Oil Corp. | 16,012 | 482,442 | |||||||||
Massey Energy Co. | 1,032 | 20,165 | |||||||||
Murphy Oil Corp. | 3,451 | 187,458 | |||||||||
Nabors Industries Ltd.* | 2,192 | 34,151 | |||||||||
National Oilwell Varco, Inc.* | 2,570 | 83,936 | |||||||||
Noble Energy, Inc. | 407 | 24,001 | |||||||||
Occidental Petroleum Corp. | 2,426 | 159,655 | |||||||||
Peabody Energy Corp. | 1,270 | 38,303 |
Investments | Shares | Value | |||||||||
Pioneer Natural Resources Co. | 698 | $ | 17,799 | ||||||||
Range Resources Corp. | 192 | 7,951 | |||||||||
Rowan Cos., Inc. | 690 | 13,331 | |||||||||
Schlumberger Ltd. | 3,201 | 173,206 | |||||||||
Smith International, Inc. | 2,121 | 54,616 | |||||||||
Southwestern Energy Co.* | 407 | 15,812 | |||||||||
Spectra Energy Corp. | 1,771 | 29,965 | |||||||||
Sunoco, Inc. | 8,266 | 191,771 | |||||||||
Tesoro Corp. | 17,075 | 217,365 | |||||||||
Valero Energy Corp. | 34,701 | 586,100 | |||||||||
Williams Cos., Inc. | 4,276 | 66,748 | |||||||||
XTO Energy, Inc. | 1,040 | 39,666 | |||||||||
Total Energy | 7,741,828 | ||||||||||
Food & Staples Retailing—7.3% | |||||||||||
Costco Wholesale Corp. | 6,850 | 313,045 | |||||||||
CVS Caremark Corp. | 15,878 | 506,032 | |||||||||
Kroger Co. | 14,074 | 310,332 | |||||||||
Safeway, Inc. | 9,746 | 198,526 | |||||||||
SUPERVALU, Inc. | 18,423 | 238,578 | |||||||||
SYSCO Corp. | 8,591 | 193,126 | |||||||||
Walgreen Co. | 11,605 | 341,187 | |||||||||
Wal-Mart Stores, Inc. | 35,234 | 1,706,734 | |||||||||
Whole Foods Market, Inc. | 3,988 | 75,692 | |||||||||
Total Food & Staples Retailing | 3,883,252 | ||||||||||
Food Beverage & Tobacco—4.6% | |||||||||||
Altria Group, Inc. | 7,249 | 118,811 | |||||||||
Archer-Daniels-Midland Co. | 11,842 | 317,010 | |||||||||
Brown-Forman Corp. Class B | 270 | 11,605 | |||||||||
Campbell Soup Co. | 1,424 | 41,894 | |||||||||
Coca-Cola Co. | 3,697 | 177,419 | |||||||||
Coca-Cola Enterprises, Inc. | 11,073 | 184,365 | |||||||||
ConAgra Foods, Inc. | 4,404 | 83,940 | |||||||||
Constellation Brands, Inc. Class A* | 1,420 | 18,006 | |||||||||
Dean Foods Co.* | 4,374 | 83,937 | |||||||||
Dr Pepper Snapple Group, Inc.* | 1,856 | 39,329 | |||||||||
General Mills, Inc. | 1,137 | 63,695 | |||||||||
H.J. Heinz Co. | 1,368 | 48,838 | |||||||||
Hershey Co. | 727 | 26,172 | |||||||||
J.M. Smucker Co. | 303 | 14,744 | |||||||||
Kellogg Co. | 1,556 | 72,463 | |||||||||
Kraft Foods, Inc. Class A | 8,194 | �� | 207,636 | ||||||||
Lorillard Inc. | 339 | 22,974 | |||||||||
McCormick & Co., Inc.** | 535 | 17,404 | |||||||||
Molson Coors Brewing Co. Class B | 646 | 27,345 | |||||||||
Pepsi Bottling Group, Inc. | 3,910 | 132,314 | |||||||||
PepsiCo, Inc. | 4,226 | 232,261 | |||||||||
Philip Morris International, Inc. | 3,270 | 142,637 | |||||||||
Reynolds American, Inc. | 1,144 | 44,181 | |||||||||
Sara Lee Corp. | 7,152 | 69,804 | |||||||||
Tyson Foods, Inc. Class A | 20,044 | 252,755 | |||||||||
Total Food Beverage & Tobacco | 2,451,539 | ||||||||||
Health Care Equipment & Services—7.4% | |||||||||||
Aetna, Inc. | 6,718 | 168,286 | |||||||||
AmerisourceBergen Corp. | 21,901 | 388,524 | |||||||||
Baxter International, Inc. | 1,237 | 65,512 | |||||||||
Becton Dickinson & Co. | 535 | 38,151 | |||||||||
Boston Scientific Corp.* | 5,871 | 59,532 |
The accompanying notes are an integral part of these financial statements.
18
Schedule of Investments — continued
REVENUESHARES LARGE CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Health Care Equipment & Services—7.4% (continued) | |||||||||||
C.R. Bard, Inc. | 149 | $ | 11,093 | ||||||||
Cardinal Health, Inc. | 14,992 | 458,005 | |||||||||
Cigna Corp. | 6,609 | 159,211 | |||||||||
Coventry Health Care, Inc.* | 4,826 | 90,294 | |||||||||
DaVita, Inc.* | 593 | 29,330 | |||||||||
DENTSPLY International, Inc. | 437 | 13,337 | |||||||||
Express Scripts, Inc.* | 1,709 | 117,494 | |||||||||
Hospira, Inc.* | 704 | 27,118 | |||||||||
Humana, Inc.* | 4,483 | 144,622 | |||||||||
IMS Health, Inc. | 826 | 10,490 | |||||||||
Intuitive Surgical, Inc.* | 22 | 3,601 | |||||||||
Laboratory Corp. of America Holdings* | 368 | 24,947 | |||||||||
McKesson Corp. | 14,319 | 630,035 | |||||||||
Medco Health Solutions, Inc.* | 6,581 | 300,159 | |||||||||
Medtronic, Inc. | 2,200 | 76,758 | |||||||||
Patterson Cos., Inc.* | 855 | 18,554 | |||||||||
Quest Diagnostics, Inc. | 787 | 44,410 | |||||||||
St. Jude Medical, Inc.* | 717 | 29,469 | |||||||||
Stryker Corp. | 873 | 34,693 | |||||||||
Tenet Healthcare Corp.* | 37,692 | 106,291 | |||||||||
UnitedHealth Group, Inc. | 17,408 | 434,852 | |||||||||
Varian Medical Systems, Inc.* | 271 | 9,523 | |||||||||
WellPoint, Inc.* | 8,667 | 441,064 | |||||||||
Zimmer Holdings, Inc.* | 562 | 23,941 | |||||||||
Total Health Care Equipment & Services | 3,959,296 | ||||||||||
Household & Personal Products—1.3% | |||||||||||
Avon Products, Inc. | 2,500 | 64,450 | |||||||||
Clorox Co. | 507 | 28,306 | |||||||||
Colgate-Palmolive Co. | 1,331 | 94,155 | |||||||||
Estee Lauder Cos., Inc. Class A | 1,349 | 44,072 | |||||||||
Kimberly-Clark Corp. | 1,941 | 101,767 | |||||||||
Procter & Gamble Co. | 7,160 | 365,875 | |||||||||
Total Household & Personal Products | 698,625 | ||||||||||
Insurance—3.7% | |||||||||||
Aflac, Inc. | 2,042 | 63,486 | |||||||||
Allstate Corp. | 6,390 | 155,916 | |||||||||
American International Group, Inc. | 158,441 | 183,792 | |||||||||
AON Corp. | 984 | 37,264 | |||||||||
Assurant, Inc. | 2,032 | 48,951 | |||||||||
Chubb Corp. | 1,415 | 56,430 | |||||||||
Cincinnati Financial Corp. | 652 | 14,572 | |||||||||
Genworth Financial, Inc. Class A | 18,643 | 130,315 | |||||||||
Hartford Financial Services Group, Inc. | 5,304 | 62,958 | |||||||||
Lincoln National Corp. | 3,369 | 57,980 | |||||||||
Loews Corp. | 3,086 | 84,556 | |||||||||
Marsh & McLennan Cos., Inc. | 2,751 | 55,378 | |||||||||
MetLife, Inc. | 9,487 | 284,704 | |||||||||
Principal Financial Group, Inc. | 3,052 | 57,500 | |||||||||
Progressive Corp.* | 4,534 | 68,509 | |||||||||
Prudential Financial, Inc. | 6,523 | 242,786 | |||||||||
Torchmark Corp. | 448 | 16,594 | |||||||||
Travelers Cos., Inc. | 3,248 | 133,298 | |||||||||
Unum Group | 3,570 | 56,620 | |||||||||
XL Capital Ltd. Class A | 14,156 | 162,228 | |||||||||
Total Insurance | 1,973,837 |
Investments | Shares | Value | |||||||||
Materials—4.3% | |||||||||||
Air Products & Chemicals, Inc. | 1,102 | $ | 71,178 | ||||||||
AK Steel Holding Corp. | 4,355 | 83,572 | |||||||||
Alcoa, Inc. | 15,429 | 159,382 | |||||||||
Allegheny Technologies, Inc. | 1,223 | 42,719 | |||||||||
Ball Corp. | 983 | 44,392 | |||||||||
Bemis Co. Inc. | 778 | 19,606 | |||||||||
CF Industries Holdings, Inc. | 400 | 29,656 | |||||||||
Dow Chemical Co. | 15,887 | 256,416 | |||||||||
E.I. Du Pont de Nemours & Co. | 6,361 | 162,969 | |||||||||
Eastman Chemical Co. | 1,257 | 47,640 | |||||||||
Ecolab, Inc. | 890 | 34,701 | |||||||||
Freeport-McMoRan Copper & Gold, Inc. | 4,567 | 228,852 | |||||||||
International Flavors & Fragrances, Inc. | 425 | 13,906 | |||||||||
International Paper Co. | 10,179 | 154,008 | |||||||||
MeadWestvaco Corp. | 3,257 | 53,447 | |||||||||
Monsanto Co. | 792 | 58,877 | |||||||||
Newmont Mining Corp. | 856 | 34,985 | |||||||||
Nucor Corp. | 2,869 | 127,470 | |||||||||
Owens-Illinois, Inc.* | 9,909 | 277,552 | |||||||||
Pactiv Corp.* | 817 | 17,729 | |||||||||
PPG Industries, Inc. | 1,806 | 79,283 | |||||||||
Praxair, Inc. | 1,015 | 72,136 | |||||||||
Sealed Air Corp. | 1,719 | 31,716 | |||||||||
Sigma-Aldrich Corp. | 275 | 13,629 | |||||||||
Titanium Metals Corp. | 709 | 6,516 | |||||||||
United States Steel Corp. | 3,315 | 118,478 | |||||||||
Vulcan Materials Co. | 277 | 11,939 | |||||||||
Weyerhaeuser Co. | 1,450 | 44,124 | |||||||||
Total Materials | 2,296,878 | ||||||||||
Media—2.6% | |||||||||||
CBS Corp. Class B** | 9,562 | 66,169 | |||||||||
Comcast Corp. Class A | 11,090 | 160,694 | |||||||||
DIRECTV Group, Inc.* | 4,314 | 106,599 | |||||||||
Gannett Co., Inc. | 4,927 | 17,589 | |||||||||
Interpublic Group of Cos., Inc.* | 9,515 | 48,051 | |||||||||
McGraw-Hill Cos., Inc. | 1,457 | 43,870 | |||||||||
Meredith Corp. | 553 | 14,129 | |||||||||
New York Times Co. Class A | 2,194 | 12,089 | |||||||||
News Corp. Class A | 21,099 | 192,212 | |||||||||
Omnicom Group, Inc. | 2,576 | 81,350 | |||||||||
Scripps Networks Interactive, Inc. Class A | 390 | 10,854 | |||||||||
Time Warner Cable, Inc. | 68 | 2,154 | |||||||||
Time Warner, Inc. | 11,348 | 285,857 | |||||||||
Viacom, Inc., Class B* | 4,602 | 104,465 | |||||||||
Walt Disney Co. | 8,465 | 197,488 | |||||||||
Washington Post Co. Class B | 61 | 21,483 | |||||||||
Total Media | 1,365,053 | ||||||||||
Pharmaceuticals, Biotechnology—3.2% | |||||||||||
Abbott Laboratories | 2,879 | 135,428 | |||||||||
Allergan, Inc. | 659 | 31,355 | |||||||||
Amgen, Inc.* | 1,338 | 70,834 | |||||||||
Biogen Idec, Inc.* | 435 | 19,640 | |||||||||
Bristol-Myers Squibb Co. | 4,812 | 97,732 | |||||||||
Celgene Corp.* | 215 | 10,286 |
The accompanying notes are an integral part of these financial statements.
19
Schedule of Investments — continued
REVENUESHARES LARGE CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Pharmaceuticals, Biotechnology—3.2% (continued) | |||||||||||
Cephalon, Inc.* | 130 | $ | 7,365 | ||||||||
Eli Lilly & Co. | 3,018 | 104,544 | |||||||||
Forest Laboratories, Inc.* | 766 | 19,234 | |||||||||
Genzyme Corp.* | 361 | 20,097 | |||||||||
Gilead Sciences, Inc.* | 584 | 27,355 | |||||||||
Johnson & Johnson | 5,769 | 327,678 | |||||||||
King Pharmaceuticals, Inc.* | 937 | 9,023 | |||||||||
Life Technologies Corp.* | 335 | 13,976 | |||||||||
Merck & Co., Inc. | 4,732 | 132,307 | |||||||||
Millipore Corp.* | 176 | 12,357 | |||||||||
Mylan Inc.* | 2,674 | 34,896 | |||||||||
PerkinElmer, Inc. | 792 | 13,781 | |||||||||
Pfizer, Inc. | 15,234 | 228,509 | |||||||||
Schering-Plough Corp. | 5,438 | 136,603 | |||||||||
Thermo Fisher Scientific, Inc.* | 1,804 | 73,549 | |||||||||
Waters Corp.* | 213 | 10,963 | |||||||||
Watson Pharmaceuticals, Inc.* | 553 | 18,631 | |||||||||
Wyeth | 3,402 | 154,416 | |||||||||
Total Pharmaceuticals, Biotechnology | 1,710,559 | ||||||||||
Real Estate—0.5% | |||||||||||
Apartment Investment & Management Co. Class A (a) | 748 | 6,620 | |||||||||
AvalonBay Communities, Inc. (a) | 71 | 3,972 | |||||||||
Boston Properties, Inc. (a) | 142 | 6,773 | |||||||||
CB Richard Ellis Group, Inc. Class A* | 8,154 | 76,321 | |||||||||
Equity Residential (a) | 366 | 8,136 | |||||||||
HCP, Inc. (a) | 250 | 5,298 | |||||||||
Health Care REIT, Inc. (a) | 593 | 20,221 | |||||||||
Host Hotels & Resorts, Inc. (a) | 4,041 | 33,904 | |||||||||
Kimco Realty Corp. (a) | 329 | 3,306 | |||||||||
Plum Creek Timber Co., Inc. (a) | 261 | 7,773 | |||||||||
ProLogis (a) | 3,649 | 29,411 | |||||||||
Public Storage (a) | 136 | 8,905 | |||||||||
Simon Property Group, Inc. (a) | 388 | 19,955 | |||||||||
Ventas, Inc. (a) | 467 | 13,945 | |||||||||
Vornado Realty Trust (a) | 259 | 11,663 | |||||||||
Total Real Estate | 256,203 | ||||||||||
Retailing—6.7% | |||||||||||
Abercrombie & Fitch Co. Class A | 937 | 23,790 | |||||||||
Amazon.com, Inc.* | 1,918 | 160,460 | |||||||||
AutoNation, Inc.* | 9,222 | 160,002 | |||||||||
AutoZone, Inc.* | 252 | 38,080 | |||||||||
Bed Bath & Beyond, Inc.* | 1,552 | 47,724 | |||||||||
Best Buy Co., Inc. | 8,705 | 291,530 | |||||||||
Big Lots, Inc.* | 1,659 | 34,889 | |||||||||
Expedia, Inc.* | 2,037 | 30,779 | |||||||||
Family Dollar Stores, Inc. | 1,449 | 41,007 | |||||||||
GameStop Corp. Class A* | 1,459 | 32,113 | |||||||||
Gap, Inc. | 6,419 | 105,272 | |||||||||
Genuine Parts Co. | 1,577 | 52,924 | |||||||||
Home Depot, Inc. | 17,159 | 405,467 | |||||||||
JC Penney Co., Inc. | 5,309 | 152,421 | |||||||||
Kohl's Corp.* | 2,434 | 104,054 | |||||||||
Limited Brands, Inc. | 6,658 | 79,696 | |||||||||
Lowe's Cos., Inc. | 11,383 | 220,944 | |||||||||
Macy's, Inc. | 17,039 | 200,379 | |||||||||
Nordstrom, Inc. | 3,884 | 77,253 |
Investments | Shares | Value | |||||||||
Office Depot, Inc.* | 31,862 | $ | 145,291 | ||||||||
O'Reilly Automotive, Inc.* | 472 | 17,974 | |||||||||
RadioShack Corp. | 2,047 | 28,576 | |||||||||
Sears Holdings Corp.* | 6,683 | 444,552 | |||||||||
Sherwin-Williams Co. | 745 | 40,044 | |||||||||
Staples, Inc. | 5,891 | 118,821 | |||||||||
Target Corp. | 9,423 | 371,926 | |||||||||
Tiffany & Co. | 641 | 16,256 | |||||||||
TJX Cos., Inc. | 4,753 | 149,529 | |||||||||
Total Retailing | 3,591,753 | ||||||||||
Semiconductors & Semiconductor Equipment—1.3% | |||||||||||
Advanced Micro Devices, Inc.* | 14,973 | 57,946 | |||||||||
Altera Corp. | 447 | 7,277 | |||||||||
Analog Devices, Inc. | 697 | 17,272 | |||||||||
Applied Materials, Inc. | 4,283 | 46,985 | |||||||||
Broadcom Corp. Class A* | 1,332 | 33,020 | |||||||||
Intel Corp. | 14,200 | 235,009 | |||||||||
KLA-Tencor Corp. | 663 | 16,741 | |||||||||
Linear Technology Corp. | 248 | 5,791 | |||||||||
LSI Corp.* | 4,339 | 19,786 | |||||||||
MEMC Electronic Materials, Inc.* | 745 | 13,268 | |||||||||
Microchip Technology, Inc. | 254 | 5,728 | |||||||||
Micron Technology, Inc.* | 15,870 | 80,302 | |||||||||
National Semiconductor Corp. | 873 | 10,956 | |||||||||
Novellus Systems Inc.* | 489 | 8,166 | |||||||||
NVIDIA Corp.* | 2,328 | 26,283 | |||||||||
Teradyne, Inc.* | 1,496 | 10,263 | |||||||||
Texas Instruments, Inc. | 4,522 | 96,319 | |||||||||
Xilinx, Inc. | 535 | 10,946 | |||||||||
Total Semiconductors & Semiconductor Equipment | 702,058 | ||||||||||
Software & Services—2.5% | |||||||||||
Adobe Systems, Inc.* | 856 | 24,225 | |||||||||
Affiliated Computer Services, Inc. Class A* | 792 | 35,181 | |||||||||
Akamai Technologies, Inc.* | 278 | 5,332 | |||||||||
Autodesk, Inc.* | 617 | 11,711 | |||||||||
Automatic Data Processing, Inc. | 1,162 | 41,181 | |||||||||
BMC Software, Inc.* | 343 | 11,590 | |||||||||
CA, Inc. | 1,258 | 21,927 | |||||||||
Citrix Systems, Inc.* | 341 | 10,874 | |||||||||
Cognizant Technology Solutions Corp. Class A* | 788 | 21,040 | |||||||||
Computer Sciences Corp.* | 2,668 | 118,192 | |||||||||
Compuware Corp.* | 1,027 | 7,045 | |||||||||
Convergys Corp.* | 2,373 | 22,021 | |||||||||
eBay, Inc.* | 3,219 | 55,141 | |||||||||
Electronic Arts, Inc.* | 1,002 | 21,763 | |||||||||
Fidelity National Information Services, Inc. | 1,600 | 31,936 | |||||||||
Fiserv, Inc.* | 755 | 34,504 | |||||||||
Google, Inc. Class A* | 342 | 144,185 | |||||||||
Intuit, Inc.* | 682 | 19,205 | |||||||||
Mastercard, Inc. Class A | 180 | 30,116 | |||||||||
McAfee, Inc.* | 438 | 18,479 | |||||||||
Microsoft Corp. | 15,743 | 374,212 | |||||||||
Novell, Inc.* | 1,332 | 6,034 | |||||||||
Oracle Corp. | 6,609 | 141,565 |
The accompanying notes are an integral part of these financial statements.
20
Schedule of Investments — continued
REVENUESHARES LARGE CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Software & Services—2.5% (continued) | |||||||||||
Paychex, Inc. | 405 | $ | 10,206 | ||||||||
Salesforce.com, Inc.* | 108 | 4,122 | |||||||||
Symantec Corp.* | 2,382 | 37,064 | |||||||||
Total System Services, Inc. | 724 | 9,694 | |||||||||
VeriSign, Inc.* | 315 | 5,821 | |||||||||
Western Union Co. | 1,993 | 32,685 | |||||||||
Yahoo! Inc.* | 2,930 | 45,884 | |||||||||
Total Software & Services | 1,352,935 | ||||||||||
Technology Hardware & Equipment—6.3% | |||||||||||
Agilent Technologies, Inc.* | 1,794 | 36,436 | |||||||||
Amphenol Corp. Class A | 769 | 24,331 | |||||||||
Apple, Inc.* | 1,677 | 238,855 | |||||||||
Ciena Corp* | 709 | 7,338 | |||||||||
Cisco Systems, Inc.* | 11,849 | 220,865 | |||||||||
Corning, Inc. | 3,919 | 62,939 | |||||||||
Dell, Inc.* | 27,701 | 380,335 | |||||||||
EMC Corp.* | 7,024 | 92,014 | |||||||||
Flir Systems, Inc.* | 1,877 | 42,345 | |||||||||
Harris Corp. | 720 | 20,419 | |||||||||
Hewlett-Packard Co. | 16,909 | 653,534 | |||||||||
International Business Machines Corp. | 6,642 | 693,559 | |||||||||
Jabil Circuit, Inc. | 10,347 | 76,775 | |||||||||
JDS Uniphase Corp.* | 2,057 | 11,766 | |||||||||
Juniper Networks, Inc.* | 1,040 | 24,544 | |||||||||
Lexmark International, Inc. Class A* | 937 | 14,851 | |||||||||
Molex, Inc. | 1,268 | 19,717 | |||||||||
Motorola, Inc. | 40,465 | 268,283 | |||||||||
NetApp Inc.* | 1,202 | 23,703 | |||||||||
QLogic Corp.* | 246 | 3,119 | |||||||||
QUALCOMM, Inc. | 1,538 | 69,518 | |||||||||
SanDisk Corp.* | 2,130 | 31,290 | |||||||||
Sun Microsystems Inc. | 18,188 | 167,693 | |||||||||
Tellabs, Inc.* | 2,248 | �� | 12,881 | ||||||||
Teradata Corp.* | 627 | 14,691 | |||||||||
Western Digital Corp.* | 1,620 | 42,930 | |||||||||
Xerox Corp. | 13,021 | 84,376 | |||||||||
Total Technology Hardware & Equipment | 3,339,107 | ||||||||||
Telecommunication Services—3.4% | |||||||||||
American Tower Corp., Class A* | 312 | 9,837 | |||||||||
AT&T, Inc. | 23,673 | 588,037 | |||||||||
CenturyTel, Inc. | 560 | 17,192 | |||||||||
Frontier Communications Corp. | 1,426 | 10,182 | |||||||||
MetroPCS Communications, Inc.* | 5,994 | 79,780 | |||||||||
Qwest Communications International, Inc. | 25,717 | 106,726 | |||||||||
Sprint Nextel Corp.* | 106,065 | 510,173 | |||||||||
Verizon Communications, Inc. | 15,569 | 478,435 | |||||||||
Windstream Corp. | 1,928 | 16,118 | |||||||||
Total Telecommunication Services | 1,816,480 | ||||||||||
Transportation—1.7% | |||||||||||
Burlington Northern Santa Fe Corp. | 1,287 | 94,646 | |||||||||
C.H. Robinson Worldwide, Inc. | 902 | 47,039 | |||||||||
CSX Corp. | 1,833 | 63,477 | |||||||||
Expeditors International of Washington, Inc. | 957 | 31,906 |
Investments | Shares | Value | |||||||||
FedEx Corp. | 3,196 | $ | 177,762 | ||||||||
Norfolk Southern Corp. | 1,257 | 47,351 | |||||||||
Ryder System, Inc. | 1,030 | 28,758 | |||||||||
Southwest Airlines Co. | 7,338 | 49,385 | |||||||||
Union Pacific Corp. | 2,119 | 110,315 | |||||||||
United Parcel Service, Inc. Class B | 5,201 | 259,998 | |||||||||
Total Transportation | 910,637 | ||||||||||
Utilities—4.0% | |||||||||||
AES Corp.* | 12,208 | 141,736 | |||||||||
Allegheny Energy, Inc. | 573 | 14,697 | |||||||||
Ameren Corp. | 1,270 | 31,610 | |||||||||
American Electric Power Co., Inc. | 2,553 | 73,756 | |||||||||
Centerpoint Energy, Inc. | 4,671 | 51,755 | |||||||||
CMS Energy Corp. | 3,606 | 43,560 | |||||||||
Consolidated Edison, Inc. | 1,834 | 68,628 | |||||||||
Constellation Energy Group, Inc. | 3,889 | 103,370 | |||||||||
Dominion Resources, Inc. | 2,363 | 78,971 | |||||||||
DTE Energy Co. | 1,411 | 45,152 | |||||||||
Duke Energy Corp. | 4,667 | 68,092 | |||||||||
Dynegy Inc. Class A* | 10,324 | 23,435 | |||||||||
Edison International | 2,260 | 71,100 | |||||||||
Entergy Corp. | 820 | 63,566 | |||||||||
EQT CORP | 1,555 | 54,285 | |||||||||
Exelon Corp. | 1,814 | 92,895 | |||||||||
FirstEnergy Corp. | 1,300 | 50,375 | |||||||||
FPL Group, Inc. | 1,834 | 104,281 | |||||||||
Integrys Energy Group, Inc. | 1,689 | 50,653 | |||||||||
Nicor, Inc. | 527 | 18,245 | |||||||||
NiSource, Inc. | 3,956 | 46,127 | |||||||||
Northeast Utilities | 4,758 | 106,152 | |||||||||
Pepco Holdings, Inc. | 3,279 | 44,070 | |||||||||
PG&E Corp. | 2,028 | 77,956 | |||||||||
Pinnacle West Capital Corp. | 622 | 18,753 | |||||||||
PPL Corp. | 1,276 | 42,057 | |||||||||
Progress Energy, Inc. | 1,215 | 45,963 | |||||||||
Public Service Enterprise Group, Inc. | 2,356 | 76,876 | |||||||||
Questar Corp. | 562 | 17,456 | |||||||||
SCANA Corp. | 4,401 | 142,901 | |||||||||
Sempra Energy | 1,456 | 72,261 | |||||||||
Southern Co. | 2,412 | 75,158 | |||||||||
TECO Energy, Inc. | 1,471 | 17,549 | |||||||||
Wisconsin Energy Corp. | 533 | 21,698 | |||||||||
Xcel Energy, Inc. | 3,210 | 59,096 | |||||||||
Total Utilities | 2,114,235 | ||||||||||
Total Investments—99.6% (Cost $57,924,122) | 53,022,398 | ||||||||||
Other Assets in Excess of Liabilities—0.4% | 210,806 | ||||||||||
Net Assets—100.0% | $ | 53,233,204 |
† Statement of Financial Accounting Standards No. 157 "Fair Value Measurement" establishes an authoritative framework for the measurement of fair value. Securities listed are level 1 quoted prices in active markets for identical securities.
* Non-income producing security.
** Non-voting Shares
(a) Real Estate Investment Trust.
The accompanying notes are an integral part of these financial statements.
21
Schedule of Investments
REVENUESHARES MID CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
COMMON STOCKS†—99.7% | |||||||||||
Automobiles & Components—1.0% | |||||||||||
BorgWarner, Inc. | 5,982 | $ | 204,285 | ||||||||
Gentex Corp. | 1,640 | 19,024 | |||||||||
Thor Industries, Inc. | 4,613 | 84,741 | |||||||||
Total Automobiles & Components | 308,050 | ||||||||||
Banks—1.8% | |||||||||||
Associated Banc-Corp. | 1,762 | 22,025 | |||||||||
Astoria Financial Corp. | 1,635 | 14,028 | |||||||||
BancorpSouth, Inc. | 1,118 | 22,953 | |||||||||
Bank of Hawaii Corp. | 448 | 16,052 | |||||||||
Cathay General Bancorp | 677 | 6,438 | |||||||||
City National Corp. | 604 | 22,245 | |||||||||
Commerce Bancshares, Inc. | 701 | 22,313 | |||||||||
Cullen/Frost Bankers, Inc. | 450 | 20,754 | |||||||||
First Niagara Financial Group, Inc. | 832 | 9,501 | |||||||||
FirstMerit Corp. | 835 | 14,178 | |||||||||
Fulton Financial Corp. | 2,213 | 11,530 | |||||||||
International Bancshares Corp. | 672 | 6,928 | |||||||||
New Alliance Bancshares, Inc. | 832 | 9,568 | |||||||||
New York Community Bancorp, Inc. | 3,116 | 33,310 | |||||||||
PacWest Bancorp | 291 | 3,830 | |||||||||
SVB Financial Group* | 418 | 11,378 | |||||||||
Synovus Financial Corp. | 6,453 | 19,294 | |||||||||
TCF Financial Corp. | 2,626 | 35,110 | |||||||||
Trustmark Corp. | 9,010 | 174,074 | |||||||||
Valley National Bancorp | 1,414 | 16,544 | |||||||||
Washington Federal, Inc. | 996 | 12,948 | |||||||||
Webster Financial Corp. | 1,834 | 14,764 | |||||||||
Westamerica Bancorporation | 127 | 6,300 | |||||||||
Wilmington Trust Corp. | 1,088 | 14,862 | |||||||||
Total Banks | 540,927 | ||||||||||
Capital Goods—11.7% | |||||||||||
Aecom Technology Corp.* | 293 | 9,376 | |||||||||
AGCO Corp.* | 8,472 | 246,281 | |||||||||
Alliant Techsystems, Inc.* | 1,062 | 87,466 | |||||||||
AMETEK, Inc. | 1,918 | 66,324 | |||||||||
BE Aerospace, Inc.* | 6,159 | 88,443 | |||||||||
Bucyrus International, Inc. | 2,640 | 75,398 | |||||||||
Carlisle Cos., Inc. | 3,203 | 77,000 | |||||||||
Crane Co. | 3,858 | 86,072 | |||||||||
Donaldson Co., Inc. | 1,447 | 50,124 | |||||||||
Dycom Industries, Inc.* | 3,858 | 42,708 | |||||||||
Federal Signal Corp. | 3,177 | 24,304 | |||||||||
GATX Corp. | 987 | 25,386 | |||||||||
Graco, Inc. | 859 | 18,915 | |||||||||
Granite Construction, Inc. | 1,289 | 42,898 | |||||||||
Harsco Corp. | 3,683 | 104,229 | |||||||||
Hubbell, Inc. Class B | 1,925 | 61,716 | |||||||||
IDEX Corp. | 1,469 | 36,093 | |||||||||
Joy Global, Inc. | 3,049 | 108,910 | |||||||||
KBR, Inc. | 15,347 | 282,999 | |||||||||
Kennametal, Inc. | 2,982 | 57,195 | |||||||||
Lennox International, Inc. | 1,408 | 45,211 | |||||||||
Lincoln Electric Holdings, Inc. | 1,223 | 44,077 | |||||||||
MSC Industrial Direct Co. Class A | 1,188 | 42,150 | |||||||||
Nordson Corp. | 830 | 32,088 | |||||||||
Oshkosh Corp. | 19,377 | 281,742 |
Investments | Shares | Value | |||||||||
Pentair, Inc. | 3,145 | $ | 80,575 | ||||||||
Roper Industries, Inc. | 1,282 | 58,087 | |||||||||
Shaw Group, Inc.* | 8,001 | 219,307 | |||||||||
SPX Corp. | 3,658 | 179,132 | |||||||||
Terex Corp.* | 14,127 | 170,513 | |||||||||
Thomas & Betts Corp.* | 2,498 | 72,092 | |||||||||
Timken Co. | 8,088 | 138,143 | |||||||||
Trinity Industries, Inc. | 6,396 | 87,114 | |||||||||
United Rentals, Inc.* | 11,583 | 75,174 | |||||||||
URS Corp.* | 5,224 | 258,692 | |||||||||
Valmont Industries, Inc. | 1,290 | 92,983 | |||||||||
Wabtec Corp. | 805 | 25,897 | |||||||||
Woodward Governor Co. | 1,474 | 29,185 | |||||||||
Total Capital Goods | 3,523,999 | ||||||||||
Commercial & Professional Services—4.7% | |||||||||||
Brink's Co. | 3,555 | 103,202 | |||||||||
Clean Harbors, Inc.* | 386 | 20,840 | |||||||||
Copart, Inc.* | 612 | 21,218 | |||||||||
Corporate Executive Board Co. | 603 | 12,518 | |||||||||
Corrections Corp. of America* | 2,250 | 38,228 | |||||||||
Deluxe Corp. | 2,982 | 38,199 | |||||||||
FTI Consulting, Inc.* | 641 | 32,512 | |||||||||
Herman Miller, Inc. | 3,209 | 49,226 | |||||||||
HNI Corp. | 3,915 | 70,705 | |||||||||
Kelly Services, Inc. Class A | 10,971 | 120,132 | |||||||||
Korn/Ferry International* | 1,661 | 17,673 | |||||||||
Manpower, Inc. | 15,459 | 654,535 | |||||||||
Mine Safety Appliances Co. | 1,063 | 25,618 | |||||||||
MPS Group, Inc.* | 7,988 | 61,028 | |||||||||
Navigant Consulting, Inc.* | 993 | 12,830 | |||||||||
Rollins, Inc. | 1,340 | 23,195 | |||||||||
Waste Connections, Inc.* | 795 | 20,598 | |||||||||
Watson Wyatt Worldwide, Inc. Class A | 2,304 | 86,469 | |||||||||
Total Commercial & Professional Services | 1,408,726 | ||||||||||
Consumer Durables & Apparel—3.4% | |||||||||||
American Greetings Corp. Class A | 4,489 | 52,432 | |||||||||
Blyth, Inc. | 994 | 32,593 | |||||||||
Callaway Golf Co. | 2,629 | 13,329 | |||||||||
Fossil, Inc.* | 3,350 | 80,668 | |||||||||
Hanesbrands, Inc.* | 8,415 | 126,309 | |||||||||
MDC Holdings, Inc. | 1,411 | 42,485 | |||||||||
Mohawk Industries, Inc.* | 4,425 | 157,884 | |||||||||
NVR, Inc.* | 219 | 110,023 | |||||||||
Phillips-Van Heusen Corp. | 2,886 | 82,799 | |||||||||
Ryland Group, Inc. | 2,626 | 44,012 | |||||||||
Timberland Co. Class A* | 2,985 | 39,611 | |||||||||
Toll Brothers, Inc.* | 3,848 | 65,301 | |||||||||
Tupperware Brands Corp. | 2,627 | 68,355 | |||||||||
Under Armour, Inc. Class A* | 611 | 13,674 | |||||||||
Warnaco Group Inc.* | 2,882 | 93,377 | |||||||||
Total Consumer Durables & Apparel | 1,022,852 | ||||||||||
Consumer Services—3.1% | |||||||||||
Bob Evans Farms, Inc. | 2,110 | 60,641 | |||||||||
Boyd Gaming Corp.* | 9,753 | 82,901 | |||||||||
Brinker International, Inc. | 11,067 | 188,470 |
The accompanying notes are an integral part of these financial statements.
22
Schedule of Investments — continued
REVENUESHARES MID CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Consumer Services—3.1% (continued) | |||||||||||
Brinks Home Security Holdings, Inc.* | 702 | $ | 19,874 | ||||||||
Career Education Corp.* | 2,178 | 54,210 | |||||||||
Cheesecake Factory* | 5,003 | 86,552 | |||||||||
Chipotle Mexican Grill, Inc. Class A* | 483 | 38,640 | |||||||||
Corinthian Colleges, Inc.* | 1,484 | 25,124 | |||||||||
International Speedway Corp. Class A | 675 | 17,287 | |||||||||
ITT Educational Services, Inc.* | 257 | 25,870 | |||||||||
Life Time Fitness, Inc.* | 1,476 | 29,535 | |||||||||
Matthews International Corp. Class A | 454 | 14,128 | |||||||||
Panera Bread Co. Class A* | 581 | 28,969 | |||||||||
Regis Corp. | 5,483 | 95,459 | |||||||||
Scientific Games Corp. Class A* | 1,601 | 25,248 | |||||||||
Service Corp. International | 9,366 | 51,326 | |||||||||
Sotheby's | 1,955 | 27,585 | |||||||||
Strayer Education, Inc. | 36 | 7,852 | |||||||||
Wendy's/Arby's Group, Inc. Class A | 6,509 | 26,036 | |||||||||
WMS Industries, Inc.* | 490 | 15,440 | |||||||||
Total Consumer Services | 921,147 | ||||||||||
Diversified Financials—1.4% | |||||||||||
Affiliated Managers Group, Inc.* | 891 | 51,847 | |||||||||
AmeriCredit Corp.* | 8,484 | 114,959 | |||||||||
Apollo Investment Corp. | 928 | 5,568 | |||||||||
Eaton Vance Corp. | 1,287 | 34,427 | |||||||||
Jefferies Group, Inc.* | 3,917 | 83,550 | |||||||||
Raymond James Financial, Inc. | 3,716 | 63,952 | |||||||||
SEI Investments Co. | 1,985 | 35,809 | |||||||||
Waddell & Reed Financial, Inc. Class A | 1,800 | 47,466 | |||||||||
Total Diversified Financials | 437,578 | ||||||||||
Energy—4.1% | |||||||||||
Arch Coal, Inc. | 4,012 | 61,664 | |||||||||
Bill Barrett Corp.* | 609 | 16,723 | |||||||||
Cimarex Energy Co. | 1,672 | 47,384 | |||||||||
Comstock Resources, Inc.* | 359 | 11,865 | |||||||||
Encore Acquisition Co.* | 1,189 | 36,681 | |||||||||
Exterran Holdings, Inc.* | 3,473 | 55,707 | |||||||||
Forest Oil Corp.* | 2,082 | 31,063 | |||||||||
Frontier Oil Corp. | 11,881 | 155,761 | |||||||||
Helix Energy Solutions Group, Inc.* | 6,720 | 73,046 | |||||||||
Helmerich & Payne, Inc. | 1,828 | 56,430 | |||||||||
Mariner Energy Inc* | 3,108 | 36,519 | |||||||||
Newfield Exploration Co.* | 2,442 | 79,780 | |||||||||
Oceaneering International, Inc.* | 1,635 | 73,902 | |||||||||
Overseas Shipholding Group, Inc. | 891 | 30,330 | |||||||||
Patriot Coal Corp.* | 4,468 | 28,506 | |||||||||
Patterson-UTI Energy, Inc. | 4,147 | 53,330 | |||||||||
Plains Exploration & Production Co.* | 2,593 | 70,944 | |||||||||
Pride International, Inc.* | 2,959 | 74,153 | |||||||||
Quicksilver Resources, Inc.* | 3,141 | 29,180 | |||||||||
Southern Union Co. | 5,263 | 96,788 | |||||||||
Superior Energy Services, Inc.* | 2,531 | 43,710 | |||||||||
Tidewater, Inc. | 702 | 30,095 | |||||||||
Unit Corp.* | 1,153 | 31,788 | |||||||||
Total Energy | 1,225,349 |
Investments | Shares | Value | |||||||||
Food & Staples Retailing—0.9% | |||||||||||
BJ's Wholesale Club, Inc.* | 5,629 | $ | 181,422 | ||||||||
Ruddick Corp. | 3,334 | 78,116 | |||||||||
Total Food & Staples Retailing | 259,538 | ||||||||||
Food Beverage & Tobacco—2.8% | |||||||||||
Corn Products International, Inc. | 2,959 | 79,272 | |||||||||
Flowers Foods, Inc. | 2,153 | 47,022 | |||||||||
Hansen Natural Corp.* | 769 | 23,701 | |||||||||
Lancaster Colony Corp. | 639 | 28,161 | |||||||||
PepsiAmericas, Inc. | 5,900 | 158,179 | |||||||||
Ralcorp Holdings, Inc.* | 995 | 60,615 | |||||||||
Smithfield Foods, Inc.* | 28,127 | 392,933 | |||||||||
Tootsie Roll Industries, Inc. | 455 | 10,324 | |||||||||
Universal Corp. | 1,420 | 47,016 | |||||||||
Total Food Beverage & Tobacco | 847,223 | ||||||||||
Health Care Equipment & Services—9.1% | |||||||||||
Beckman Coulter, Inc. | 1,790 | 102,281 | |||||||||
Cerner Corp.* | 899 | 55,999 | |||||||||
Community Health Systems, Inc.* | 17,331 | 437,607 | |||||||||
Edwards Lifesciences Corp.* | 517 | 35,172 | |||||||||
Gen-Probe, Inc.* | 258 | 11,089 | |||||||||
Health Management Associates, Inc. Class A* | 63,947 | 315,897 | |||||||||
Health Net, Inc.* | 31,168 | 484,661 | |||||||||
Henry Schein, Inc.* | 4,136 | 198,321 | |||||||||
Hill-Rom Holdings, Inc. | 1,989 | 32,262 | |||||||||
Hologic, Inc.* | 2,408 | 34,266 | |||||||||
IDEXX Laboratories, Inc.* | 709 | 32,756 | |||||||||
Immucor, Inc. | 992 | 13,650 | |||||||||
Kindred Healthcare, Inc.* | 8,373 | 103,574 | |||||||||
Kinetic Concepts, Inc.* | 2,089 | 56,925 | |||||||||
LifePoint Hospitals, Inc.* | 2,895 | 75,994 | |||||||||
Lincare Holdings, Inc.* | 1,507 | 35,445 | |||||||||
Masimo Corporation* | 223 | 5,377 | |||||||||
Omnicare, Inc. | 6,095 | 157,007 | |||||||||
Owens & Minor, Inc. | 347 | 15,206 | |||||||||
Psychiatric Solutions, Inc.* | 1,409 | 32,041 | |||||||||
ResMed, Inc.* | 480 | 19,550 | |||||||||
STERIS Corp. | 1,058 | 27,593 | |||||||||
Teleflex, Inc. | 1,149 | 51,510 | |||||||||
Thoratec Corp.* | 224 | 5,999 | |||||||||
Universal Health Services, Inc. Class B | 3,280 | 160,228 | |||||||||
VCA Antech, Inc.* | 1,662 | 44,375 | |||||||||
WellCare Health Plans, Inc.* | 10,088 | 186,527 | |||||||||
Total Health Care Equipment & Services | 2,731,312 | ||||||||||
Household & Personal Products—1.0% | |||||||||||
Alberto-Culver Co. | 1,540 | 39,162 | |||||||||
Church & Dwight Co., Inc. | 995 | 54,038 | |||||||||
Energizer Holdings, Inc.* | 2,090 | 109,182 | |||||||||
NBTY, Inc.* | 3,176 | 89,309 | |||||||||
Total Household & Personal Products | 291,691 | ||||||||||
Insurance—3.6% | |||||||||||
American Financial Group, Inc. | 4,428 | 95,556 | |||||||||
Arthur J. Gallagher & Co. | 1,507 | 32,159 | |||||||||
Brown & Brown, Inc. | 1,091 | 21,744 | |||||||||
Everest Re Group Ltd. | 1,123 | 80,373 |
The accompanying notes are an integral part of these financial statements.
23
Schedule of Investments — continued
REVENUESHARES MID CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Insurance—3.6% (continued) | |||||||||||
Fidelity National Financial, Inc. Class A | 7,649 | $ | 103,491 | ||||||||
First American Corp. | 5,514 | 142,869 | |||||||||
Hanover Insurance Group, Inc. | 1,511 | 57,584 | |||||||||
HCC Insurance Holdings, Inc. | 2,053 | 49,293 | |||||||||
Horace Mann Educators Corp. | 2,186 | 21,794 | |||||||||
Mercury General Corp. | 1,380 | 46,133 | |||||||||
Old Republic International Corp. | 7,897 | 77,785 | |||||||||
Protective Life Corp. | 6,032 | 69,006 | |||||||||
Reinsurance Group of America, Inc. | 3,506 | 122,395 | |||||||||
StanCorp Financial Group, Inc. | 1,731 | 49,645 | |||||||||
Unitrin, Inc. | 3,722 | 44,738 | |||||||||
W.R. Berkley Corp. | 3,664 | 78,666 | |||||||||
Total Insurance | 1,093,231 | ||||||||||
Materials—10.4% | |||||||||||
Airgas, Inc. | 2,367 | 95,935 | |||||||||
Albemarle Corp. | 2,895 | 74,025 | |||||||||
AptarGroup, Inc. | 1,412 | 47,683 | |||||||||
Ashland, Inc. | 17,495 | 490,735 | |||||||||
Cabot Corp. | 4,147 | 52,169 | |||||||||
Carpenter Technology Corp. | 2,346 | 48,820 | |||||||||
Cliffs Natural Resources | 3,008 | 73,606 | |||||||||
Commercial Metals Co. | 17,015 | 272,750 | |||||||||
Cytec Industries, Inc. | 4,019 | 74,834 | |||||||||
FMC Corp. | 1,539 | 72,795 | |||||||||
Greif, Inc. Class A | 2,498 | 110,462 | |||||||||
Louisiana-Pacific Corp.* | 19,966 | 68,284 | |||||||||
Lubrizol Corp. | 3,211 | 151,912 | |||||||||
Martin Marietta Materials, Inc. | 509 | 40,150 | |||||||||
Minerals Technologies, Inc. | 541 | 19,487 | |||||||||
Olin Corp. | 2,110 | 25,088 | |||||||||
Packaging Corp of America | 4,133 | 66,955 | |||||||||
Reliance Steel & Aluminum Co. | 8,132 | 312,187 | |||||||||
RPM International, Inc. | 5,995 | 84,170 | |||||||||
Scotts Miracle-Gro Co. Class A | 2,248 | 78,792 | |||||||||
Sensient Technologies Corp. | 1,185 | 26,745 | |||||||||
Sonoco Products Co. | 3,826 | 91,633 | |||||||||
Steel Dynamics, Inc. | 16,597 | 244,474 | |||||||||
Temple-Inland, Inc. | 20,340 | 266,861 | |||||||||
Terra Industries, Inc. | 4,070 | 98,575 | |||||||||
Valspar Corp. | 4,301 | 96,902 | |||||||||
Worthington Industries, Inc. | 4,979 | 63,681 | |||||||||
Total Materials | 3,149,710 | ||||||||||
Media—0.7% | |||||||||||
DreamWorks Animation SKG, Inc. Class A* | 673 | 18,568 | |||||||||
Harte-Hanks, Inc. | 4,109 | 38,008 | |||||||||
John Wiley & Sons, Inc. Class A | 1,187 | 39,468 | |||||||||
Lamar Advertising Co. Class A* | 2,094 | 31,975 | |||||||||
Marvel Entertainment, Inc.* | 419 | 14,912 | |||||||||
Scholastic Corp. | 2,828 | 55,967 | |||||||||
Total Media | 198,898 | ||||||||||
Pharmaceuticals, Biotechnology—1.4% | |||||||||||
Affymetrix, Inc.* | 3,857 | 22,872 | |||||||||
Bio-Rad Laboratories, Inc. Class A* | 583 | 44,005 |
Investments | Shares | Value | |||||||||
Charles River Laboratories International, Inc.* | 1,255 | $ | 42,356 | ||||||||
Covance, Inc.* | 989 | 48,660 | |||||||||
Endo Pharmaceuticals Holdings, Inc.* | 1,149 | 20,590 | |||||||||
Medicis Pharmaceutical Corp. Class A | 832 | 13,578 | |||||||||
Mettler-Toledo International, Inc.* | 613 | 47,293 | |||||||||
OSI Pharmaceuticals, Inc.* | 384 | 10,840 | |||||||||
Perrigo Co. | 1,190 | 33,058 | |||||||||
Pharmaceutical Product Development, Inc. | 1,310 | 30,418 | |||||||||
Sepracor, Inc.* | 2,447 | 42,382 | |||||||||
Techne Corp. | 92 | 5,871 | |||||||||
United Therapeutics Corp.* | 98 | 8,166 | |||||||||
Valeant Pharmaceuticals International* | 837 | 21,528 | |||||||||
Varian, Inc.* | 739 | 29,139 | |||||||||
Vertex Pharmaceuticals, Inc* | 163 | 5,809 | |||||||||
Total Pharmaceuticals, Biotechnology | 426,565 | ||||||||||
Real Estate—1.9% | |||||||||||
Alexandria Real Estate Equities, Inc. (a) | 220 | 7,874 | |||||||||
AMB Property Corp. (a) | 864 | 16,252 | |||||||||
BRE Properties, Inc. (a) | 257 | 6,106 | |||||||||
Camden Property Trust (a) | 515 | 14,214 | |||||||||
Corporate Office Properties Trust (a) | 2,240 | 65,699 | |||||||||
Cousins Properties, Inc.(a) | 384 | 3,264 | |||||||||
Duke Realty Corp. (a) | 3,073 | 26,950 | |||||||||
Equity One, Inc. (a) | 315 | 4,177 | |||||||||
Essex Property Trust, Inc. (a) | 126 | 7,841 | |||||||||
Federal Realty Investment Trust (a) | 193 | 9,943 | |||||||||
Highwoods Properties, Inc. (a) | 444 | 9,932 | |||||||||
Hospitality Properties Trust (a) | 2,279 | 27,097 | |||||||||
Jones Lang LaSalle, Inc. | 2,345 | 76,752 | |||||||||
Liberty Property Trust (a) | 833 | 19,192 | |||||||||
Macerich Co. (a) | 1,367 | 24,073 | |||||||||
Mack-Cali Realty Corp.(a) | 864 | 19,699 | |||||||||
Nationwide Health Properties, Inc. (a) | 326 | 8,391 | |||||||||
Omega Healthcare Investors, Inc. (a) | 7,278 | 112,956 | |||||||||
Potlatch Corp. (a) | 1,765 | 42,872 | |||||||||
Rayonier, Inc. (a) | 893 | 32,461 | |||||||||
Realty Income Corp. (a) | 350 | 7,672 | |||||||||
Regency Centers Corp. (a) | 287 | 10,019 | |||||||||
SL Green Realty Corp.(a) | 543 | 12,456 | |||||||||
UDR Inc. (a) | 932 | 9,628 | |||||||||
Weingarten Realty Investors (a) | 742 | 10,766 | |||||||||
Total Real Estate | 586,286 | ||||||||||
Retailing—8.3% | |||||||||||
99 Cents Only Stores* | 2,434 | 33,054 | |||||||||
Aaron's, Inc. | 586 | 17,475 | |||||||||
Advance Auto Parts, Inc. | 3,459 | 143,514 | |||||||||
Aeropostale, Inc.* | 2,117 | 72,550 | |||||||||
American Eagle Outfitters, Inc. | 6,838 | 96,894 | |||||||||
AnnTaylor Stores Corp.* | 9,879 | 78,834 | |||||||||
Barnes & Noble, Inc. | 7,823 | 161,388 | |||||||||
Carmax, Inc.* | 22,841 | 335,764 | |||||||||
Chico's FAS, Inc.* | 11,088 | 107,886 | |||||||||
Coldwater Creek, Inc.* | 9,505 | 57,600 | |||||||||
Collective Brands, Inc.* | 6,607 | 96,264 | |||||||||
Dick's Sporting Goods, Inc.* | 6,326 | 108,807 |
The accompanying notes are an integral part of these financial statements.
24
Schedule of Investments — continued
REVENUESHARES MID CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Retailing—8.3% (continued) | |||||||||||
Dollar Tree, Inc.* | 2,246 | $ | 94,557 | ||||||||
Foot Locker, Inc. | 17,228 | 180,377 | |||||||||
Guess?, Inc. | 3,116 | 80,330 | |||||||||
J. Crew Group, Inc.* | 2,406 | 65,010 | |||||||||
LKQ Corp.* | 3,143 | 51,702 | |||||||||
NetFlix, Inc.* | 992 | 41,009 | |||||||||
PetSmart, Inc. | 5,974 | 128,202 | |||||||||
Priceline.com, Inc.* | 614 | 68,492 | |||||||||
Rent-A-Center, Inc.* | 4,372 | 77,953 | |||||||||
Ross Stores, Inc. | 4,646 | 179,336 | |||||||||
Saks, Inc.* | 17,633 | 78,114 | |||||||||
Urban Outfitters, Inc.* | 2,047 | 42,721 | |||||||||
Williams-Sonoma, Inc. | 11,043 | 131,080 | |||||||||
Total Retailing | 2,528,913 | ||||||||||
Semiconductors & Semiconductor Equipment—1.3% | |||||||||||
Atmel Corp.* | 11,306 | 42,171 | |||||||||
Cree, Inc.* | 671 | 19,721 | |||||||||
Fairchild Semiconductor International, Inc.* | 7,896 | 55,193 | |||||||||
Integrated Device Technology, Inc.* | 3,076 | 18,579 | |||||||||
International Rectifier Corp.* | 1,860 | 27,547 | |||||||||
Intersil Corp. Class A | 1,922 | 24,160 | |||||||||
Lam Research Corp.* | 2,600 | 67,600 | |||||||||
RF Micro Devices, Inc.* | 27,817 | 104,591 | |||||||||
Semtech Corp.* | 471 | 7,494 | |||||||||
Silicon Laboratories, Inc.* | 420 | 15,935 | |||||||||
Semiconductors & Semiconductor Equipment | 382,991 | ||||||||||
Software & Services—5.1% | |||||||||||
ACI Worldwide, Inc.* | 608 | 8,488 | |||||||||
Acxiom Corp. | 4,050 | 35,762 | |||||||||
Advent Software, Inc.* | 250 | 8,198 | |||||||||
Alliance Data Systems Corp.* | 1,128 | 46,462 | |||||||||
ANSYS, Inc.* | 352 | 10,968 | |||||||||
Broadridge Financial Solutions, Inc. | 4,013 | 66,536 | |||||||||
Cadence Design Systems, Inc.* | 12,196 | 71,956 | |||||||||
Digital River, Inc.* | 380 | 13,802 | |||||||||
DST Systems, Inc.* | 1,350 | 49,883 | |||||||||
Equinix, Inc.* | 4,560 | 331,693 | |||||||||
FactSet Research Systems, Inc. | 326 | 16,258 | |||||||||
Fair Isaac Corp. | 1,280 | 19,789 | |||||||||
Gartner, Inc.* | 1,734 | 26,461 | |||||||||
Global Payments, Inc. | 831 | 31,129 | |||||||||
Hewitt Associates, Inc., Class A | 2,950 | 87,850 | |||||||||
Jack Henry & Associates, Inc. | 894 | 18,551 | |||||||||
Lender Processing Services, Inc. | 1,640 | 45,543 | |||||||||
Macrovision Solutions Corp.* | 644 | 14,046 | |||||||||
Mantech International Corp. Class A* | 795 | 34,217 | |||||||||
Mentor Graphics Corp.* | 3,463 | 18,943 | |||||||||
Metavante Technologies, Inc.* | 2,314 | 59,840 | |||||||||
Micros Systems, Inc.* | 7,040 | 178,252 | |||||||||
NeuStar, Inc. Class A* | 571 | 12,653 | |||||||||
Parametric Technology Corp.* | 2,053 | 24,000 | |||||||||
SAIC Inc.* | 10,054 | 186,501 | |||||||||
SRA International, Inc. Class A* | 2,057 | 36,121 | |||||||||
Sybase, Inc.* | 1,060 | 33,220 |
Investments | Shares | Value | |||||||||
Synopsys, Inc.* | 1,631 | $ | 31,821 | ||||||||
ValueClick, Inc.* | 2,241 | �� | 23,575 | ||||||||
Wind River Systems, Inc.* | 775 | 8,882 | |||||||||
Total Software & Services | 1,551,400 | ||||||||||
Technology Hardware & Equipment—13.8% | |||||||||||
3Com Corp.* | 13,003 | 61,244 | |||||||||
ADC Telecommunications, Inc.* | 6,495 | 51,700 | |||||||||
Adtran, Inc. | 795 | 17,069 | |||||||||
Arrow Electronics, Inc.* | 23,358 | 496,124 | |||||||||
Avnet, Inc.* | 23,439 | 492,922 | |||||||||
Avocent Corp.* | 891 | 12,438 | |||||||||
CommScope, Inc.* | 5,691 | 149,446 | |||||||||
Diebold, Inc. | 2,639 | 69,564 | |||||||||
F5 Networks, Inc.* | 613 | 21,204 | |||||||||
Imation Corp. | 3,973 | 30,235 | |||||||||
Ingram Micro, Inc. Class A* | 63,548 | 1,112,090 | |||||||||
Itron, Inc.* | 1,734 | 95,491 | |||||||||
National Instruments Corp. | 774 | 17,461 | |||||||||
NCR Corp.* | 8,768 | 103,726 | |||||||||
Palm, Inc.* | 15,428 | 255,642 | |||||||||
Plantronics, Inc. | 1,509 | 28,535 | |||||||||
Polycom, Inc.* | 1,667 | 33,790 | |||||||||
Tech Data Corp.* | 30,121 | 985,258 | |||||||||
Trimble Navigation Ltd.* | 1,479 | 29,033 | |||||||||
Vishay Intertechnology, Inc.* | 16,172 | 109,808 | |||||||||
Zebra Technologies Corp. Class A* | 1,087 | 25,718 | |||||||||
Total Technology Hardware & Equipment | 4,198,498 | ||||||||||
Telecommunication Services—0.9% | |||||||||||
Cincinnati Bell, Inc.* | 17,038 | 48,388 | |||||||||
Syniverse Holdings, Inc.* | 6,834 | 109,549 | |||||||||
Telephone & Data Systems, Inc. | 3,624 | 102,559 | |||||||||
Total Telecommunication Services | 260,496 | ||||||||||
Transportation—2.2% | |||||||||||
Airtran Holdings, Inc.* | 15,089 | 93,401 | |||||||||
Alaska Air Group, Inc.* | 3,116 | 56,898 | |||||||||
Alexander & Baldwin, Inc. | 1,672 | 39,192 | |||||||||
Con-way, Inc. | 5,353 | 189,013 | |||||||||
JB Hunt Transport Services, Inc. | 3,473 | 106,031 | |||||||||
JetBlue Airways Corp.* | 13,340 | 56,962 | |||||||||
Kansas City Southern* | 2,463 | 39,679 | |||||||||
Landstar System, Inc. | 549 | 19,715 | |||||||||
Werner Enterprises, Inc. | 3,039 | 55,067 | |||||||||
Total Transportation | 655,958 | ||||||||||
Utilities—5.1% | |||||||||||
AGL Resources, Inc. | 1,960 | 62,328 | |||||||||
Alliant Energy Corp. | 2,663 | 69,584 | |||||||||
Aqua America, Inc. | 679 | 12,154 | |||||||||
Black Hills Corp. | 703 | 16,162 | |||||||||
Cleco Corp. | 356 | 7,982 | |||||||||
DPL, Inc. | 1,634 | 37,860 | |||||||||
Energen Corp. | 1,118 | 44,608 | |||||||||
Great Plains Energy, Inc. | 2,984 | 46,401 | |||||||||
Hawaiian Electric Industries, Inc. | 2,991 | 57,008 | |||||||||
IDACORP, Inc. | 709 | 18,533 | |||||||||
MDU Resources Group, Inc. | 4,876 | 92,498 |
The accompanying notes are an integral part of these financial statements.
25
Schedule of Investments — continued
REVENUESHARES MID CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Utilities—5.1% (continued) | |||||||||||
National Fuel Gas Co. | 1,662 | $ | 59,965 | ||||||||
NSTAR | 2,048 | 65,761 | |||||||||
NV Energy Inc. | 8,505 | 91,769 | |||||||||
OGE Energy Corp. | 3,788 | 107,276 | |||||||||
ONEOK, Inc. | 13,709 | 404,279 | |||||||||
PNM Resources, Inc. | 4,045 | 43,322 | |||||||||
UGI Corp. | 5,871 | 149,652 | |||||||||
Vectren Corp. | 2,056 | 48,172 | |||||||||
Westar Energy, Inc. | 2,114 | 39,680 | |||||||||
WGL Holdings, Inc. | 1,762 | 56,419 | |||||||||
Total Utilities | 1,531,413 | ||||||||||
Total Investments—99.7% (Cost $28,995,152) | 30,082,751 | ||||||||||
Other Assets in Excess of Liabilities—0.3% | 83,611 | ||||||||||
Net Assets—100.0% | $ | 30,166,362 |
† Statement of Financial Accounting Standards No. 157 "Fair Value Measurement" establishes an authoritative framework for the measurement of fair value. Securities listed are level 1 quoted prices in active markets for identical securities.
* Non-income producing security.
(a) Real Estate Investment Trust.
The accompanying notes are an integral part of these financial statements.
26
Schedule of Investments
REVENUESHARES SMALL CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
COMMON STOCKS†—100.1% | |||||||||||
Automobiles & Components—1.1% | |||||||||||
Drew Industries, Inc.* | 1,761 | $ | 21,431 | ||||||||
Spartan Motors, Inc. | 12,554 | 142,237 | |||||||||
Standard Motor Products, Inc. | 10,043 | 83,056 | |||||||||
Superior Industries International, Inc. | 2,890 | 40,749 | |||||||||
Winnebago Industries, Inc. | 6,897 | 51,245 | |||||||||
Total Automobiles & Components | 338,718 | ||||||||||
Banks—2.1% | |||||||||||
Bank Mutual Corp. | 801 | 6,985 | |||||||||
Bank of the Ozarks, Inc. | 3,380 | 73,110 | |||||||||
Boston Private Financial Holdings, Inc. | 4,774 | 21,388 | |||||||||
Brookline Bancorp, Inc. | 609 | 5,676 | |||||||||
Cascade Bancorp | 902 | 1,272 | |||||||||
Central Pacific Financial Corp. | 1,475 | 5,531 | |||||||||
Columbia Banking System, Inc. | 1,028 | 10,516 | |||||||||
Community Bank System, Inc. | 580 | 8,445 | |||||||||
Dime Community Bancshares, Inc. | 638 | 5,812 | |||||||||
East West Bancorp, Inc. | 2,118 | 13,746 | |||||||||
First BanCorp. | 4,874 | 19,252 | |||||||||
First Commonwealth Financial Corp. | 1,474 | 9,345 | |||||||||
First Financial Bancorp | 831 | 6,249 | |||||||||
First Financial Bankshares, Inc. | 162 | 8,158 | |||||||||
First Midwest Bancorp, Inc. | 1,152 | 8,421 | |||||||||
Frontier Financial Corp. | 4,787 | 5,792 | |||||||||
Glacier Bancorp, Inc. | 933 | 13,780 | |||||||||
Hancock Holding Co. | 482 | 15,660 | |||||||||
Hanmi Financial Corp. | 6,749 | 11,811 | |||||||||
Home Bancshares, Inc. | 289 | 5,503 | |||||||||
Independent Bank Corp. MI | 5,481 | 7,235 | |||||||||
Independent Bank Corp. MA | 1,471 | 28,979 | |||||||||
Nara Bancorp, Inc. | 899 | 4,657 | |||||||||
National Penn Bancshares, Inc. | 1,567 | 7,224 | |||||||||
NBT Bancorp, Inc. | 3,171 | 68,842 | |||||||||
Old National Bancorp. | 1,540 | 15,123 | |||||||||
Pinnacle Financial Partners, Inc.* | 2,022 | 26,933 | |||||||||
PrivateBancorp, Inc. | 608 | 13,522 | |||||||||
Prosperity Bancshares, Inc. | 605 | 18,047 | |||||||||
S&T Bancorp, Inc. | 317 | 3,855 | |||||||||
Signature Bank* | 549 | 14,889 | |||||||||
Simmons First National Corp. Class A | 346 | 9,245 | |||||||||
South Financial Group, Inc. | 9,912 | 11,795 | |||||||||
Sterling Bancorp | 547 | 4,567 | |||||||||
Sterling Bancshares, Inc. | 2,312 | 14,635 | |||||||||
Sterling Financial Corp. | 5,830 | 16,965 | |||||||||
Susquehanna Bancshares, Inc. | 2,375 | 11,614 | |||||||||
Tompkins Financial Corp. | 156 | 7,480 | |||||||||
TrustCo Bank Corp. | 801 | 4,734 | |||||||||
UCBH Holdings, Inc. | 6,379 | 8,038 | |||||||||
UMB Financial Corp. | 640 | 24,326 | |||||||||
Umpqua Holdings Corp. | 1,701 | 13,200 | |||||||||
United Bankshares, Inc. | 668 | 13,053 | |||||||||
United Community Banks, Inc. | 1,906 | 11,417 | |||||||||
Whitney Holding Corp. | 1,916 | 17,551 | |||||||||
Wilshire Bancorp, Inc. | 899 | 5,169 | |||||||||
Wintrust Financial Corp. | 1,509 | 24,265 | |||||||||
Total Banks | 663,812 |
Investments | Shares | Value | |||||||||
Capital Goods—10.2% | |||||||||||
Actuant Corp. Class A | 128 | $ | 1,562 | ||||||||
Aerovironment, Inc.* | 320 | 9,875 | |||||||||
A.O. Smith Corp. | 3,337 | 108,686 | |||||||||
AAR Corp.* | 3,394 | 54,474 | |||||||||
Acuity Brands, Inc. | 2,564 | 71,920 | |||||||||
Albany International Corp. Class A | 3,463 | 39,409 | |||||||||
American Science & Engineering, Inc. | 1,440 | 99,533 | |||||||||
Apogee Enterprises, Inc. | 4,017 | 49,409 | |||||||||
Applied Industrial Technologies, Inc. | 4,713 | 92,846 | |||||||||
Applied Signal Technology, Inc. | 446 | 11,377 | |||||||||
Astec Industries, Inc.* | 1,310 | 38,894 | |||||||||
Axsys Technologies, Inc.* | 188 | 10,084 | |||||||||
AZZ, Inc.* | 480 | 16,517 | |||||||||
Badger Meter, Inc. | 706 | 28,946 | |||||||||
Baldor Electric Co. | 5,193 | 123,541 | |||||||||
Barnes Group, Inc. | 4,298 | 51,103 | |||||||||
Belden, Inc. | 4,994 | 83,400 | |||||||||
Brady Corp. Class A | 2,690 | 67,573 | |||||||||
Briggs & Stratton Corp. | 6,260 | 83,508 | |||||||||
C&D Technologies, Inc.* | 4,618 | 9,236 | |||||||||
Cascade Corp. | 767 | 12,065 | |||||||||
Ceradyne, Inc.* | 1,216 | 21,475 | |||||||||
CIRCOR International, Inc. | 3,362 | 79,377 | |||||||||
CLARCOR, Inc. | 1,284 | 37,480 | |||||||||
Cubic Corp. | 1,252 | 44,809 | |||||||||
Curtiss-Wright Corp. | 2,466 | 73,314 | |||||||||
EMCOR Group, Inc.* | 13,343 | 268,460 | |||||||||
EnPro Industries, Inc.* | 2,368 | 42,648 | |||||||||
ESCO Technologies, Inc.* | 2,088 | 93,542 | |||||||||
Esterline Technologies Corp.* | 1,728 | 46,777 | |||||||||
Gardner Denver, Inc.* | 3,301 | 83,086 | |||||||||
GenCorp, Inc.* | 9,924 | 18,955 | |||||||||
Gibraltar Industries, Inc. | 3,748 | 25,749 | |||||||||
Griffon Corp.* | 6,471 | 53,839 | |||||||||
II-VI, Inc.* | 673 | 14,920 | |||||||||
Insituform Technologies, Inc. Class A* | 1,155 | 19,600 | |||||||||
John Bean Technologies Corp. | 4,843 | 60,634 | |||||||||
Kaman Corp. | 2,528 | 42,218 | |||||||||
Kaydon Corp. | 640 | 20,838 | |||||||||
Lawson Products, Inc. | 1,094 | 15,546 | |||||||||
Lindsay Corp. | 356 | 11,784 | |||||||||
Lydall, Inc.* | 3,074 | 10,452 | |||||||||
Magnetek, Inc.* | 1,984 | 2,758 | |||||||||
Moog, Inc. Class A* | 2,496 | 64,422 | |||||||||
Mueller Industries, Inc. | 5,251 | 109,221 | |||||||||
NCI Buildings Systems, Inc.* | 4,298 | 11,347 | |||||||||
Orbital Sciences Corp.* | 3,045 | 46,193 | |||||||||
Quanex Building Products Corp. | 4,000 | 44,880 | |||||||||
Regal-Beloit Corp. | 2,821 | 112,050 | |||||||||
Robbins & Myers, Inc. | 1,667 | 32,090 | |||||||||
Simpson Manufacturing Co., Inc. | 1,183 | 25,576 | |||||||||
Standex International Corp. | 1,442 | 16,727 | |||||||||
Stanley, Inc.* | 4,258 | 140,003 | |||||||||
Teledyne Technologies, Inc.* | 1,953 | 63,961 | |||||||||
Toro Co. | 2,466 | 73,733 | |||||||||
Tredegar Corp. | 2,092 | 27,865 | |||||||||
Triumph Group, Inc. | 1,188 | 47,520 | |||||||||
Universal Forest Products, Inc. | 4,198 | 138,912 |
The accompanying notes are an integral part of these financial statements.
27
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Capital Goods—10.2% (continued) | |||||||||||
Vicor Corp. | 1,825 | $ | 13,177 | ||||||||
Wabash National Corp. | 8,545 | 5,982 | |||||||||
Watsco, Inc. | 1,991 | 97,420 | |||||||||
Watts Water Technologies, Inc. Class A | 2,536 | 54,625 | |||||||||
Total Capital Goods | 3,277,923 | ||||||||||
Commercial & Professional Services—5.0% | |||||||||||
ABM Industries, Inc. | 8,152 | 147,307 | |||||||||
ATC Technology Corp.* | 1,442 | 20,909 | |||||||||
Administaff, Inc. | 3,937 | 91,614 | |||||||||
Bowne & Co., Inc. | 10,133 | 65,966 | |||||||||
CDI Corp. | 5,108 | 56,954 | |||||||||
Consolidated Graphics, Inc.* | 2,502 | 43,585 | |||||||||
G&K Services, Inc. Class A | 1,948 | 41,200 | |||||||||
Geo Group, Inc.* | 2,407 | 44,722 | |||||||||
Healthcare Services Group, Inc. | 1,734 | 31,004 | |||||||||
Heidrick & Struggles International, Inc. | 1,314 | 23,981 | |||||||||
Interface, Inc. Class A | 9,113 | 56,501 | |||||||||
Mobile Mini, Inc.* | 1,186 | 17,399 | |||||||||
On Assignment, Inc.* | 6,070 | 23,734 | |||||||||
School Specialty, Inc.* | 2,502 | 50,565 | |||||||||
Spherion Corp.* | 80,312 | 330,884 | |||||||||
Standard Register Co. | 4,289 | 13,982 | |||||||||
SYKES Enterprises, Inc.* | 1,919 | 34,715 | |||||||||
Tetra Tech, Inc.* | 3,664 | 104,974 | |||||||||
TrueBlue, Inc.* | 7,191 | 60,404 | |||||||||
United Stationers, Inc.* | 6,100 | 212,768 | |||||||||
Viad Corp. | 1,890 | 32,546 | |||||||||
Volt Information Sciences, Inc.* | 15,419 | 96,677 | |||||||||
Total Commercial & Professional Services | 1,602,391 | ||||||||||
Consumer Durables & Apparel—7.2% | |||||||||||
Arctic Cat, Inc. | 5,235 | 21,149 | |||||||||
Brunswick Corp. | 65,881 | 284,606 | |||||||||
Iconix Brand Group, Inc.* | 1,024 | 15,749 | |||||||||
Carter's, Inc.* | 3,273 | 80,549 | |||||||||
CROCS, Inc.* | 23,591 | 80,209 | |||||||||
Deckers Outdoor Corp.* | 382 | 26,843 | |||||||||
Ethan Allen Interiors, Inc. | 2,878 | 29,816 | |||||||||
Helen of Troy Ltd.* | 20,642 | 346,580 | |||||||||
JAKKS Pacific, Inc.* | 2,028 | 26,019 | |||||||||
K-Swiss, Inc. Class A | 1,284 | 10,914 | |||||||||
La-Z-Boy, Inc. | 24,925 | 117,646 | |||||||||
Liz Claiborne, Inc. | 59,430 | 171,158 | |||||||||
M/I Homes, Inc. | 3,042 | 29,781 | |||||||||
Maidenform Brands, Inc.* | 1,886 | 21,632 | |||||||||
Meritage Homes Corp.* | 6,356 | 119,874 | |||||||||
Movado Group, Inc. | 3,399 | 35,825 | |||||||||
National Presto Industries, Inc. | 286 | 21,765 | |||||||||
Nautilus, Inc.* | 10,149 | 11,468 | |||||||||
Oxford Industries, Inc. | 7,824 | 91,150 | |||||||||
Perry Ellis International, Inc.* | 4,914 | 35,774 | |||||||||
Polaris Industries, Inc. | 3,142 | 100,921 | |||||||||
Pool Corp. | 4,650 | 77,004 | |||||||||
Quiksilver, Inc.* | 67,279 | 124,466 | |||||||||
RC2 Corp.* | 2,822 | 37,335 | |||||||||
Russ Berrie & Co., Inc.* | 12,867 | 50,310 |
Investments | Shares | Value | |||||||||
Skechers U.S.A., Inc. Class A* | 5,348 | $ | 52,250 | ||||||||
Skyline Corp. | 544 | 11,832 | |||||||||
Standard-Pacific Corp. | 41,261 | 83,760 | |||||||||
Sturm Ruger & Co., Inc. | 925 | 11,507 | |||||||||
True Religion Apparel, Inc.* | 934 | 20,828 | |||||||||
UniFirst Corp. | 1,542 | 57,316 | |||||||||
Universal Electronics, Inc.* | 768 | 15,491 | |||||||||
Volcom, Inc.* | 1,411 | 17,638 | |||||||||
Wolverine World Wide, Inc. | 2,564 | 56,562 | |||||||||
Total Consumer Durables & Apparel | 2,295,727 | ||||||||||
Consumer Services—5.4% | |||||||||||
American Public Education, Inc.* | 640 | 25,350 | |||||||||
Buffalo Wild Wings, Inc.* | 705 | 22,927 | |||||||||
California Pizza Kitchen, Inc.* | 3,103 | 41,239 | |||||||||
Capella Education Co.* | 194 | 11,630 | |||||||||
CEC Entertainment, Inc.* | 1,539 | 45,370 | |||||||||
CKE Restaurants, Inc. | 7,471 | 63,354 | |||||||||
Coinstar, Inc.* | 1,827 | 48,781 | |||||||||
Cracker Barrel Old Country Store, Inc. | 5,283 | 147,396 | |||||||||
DineEquity, Inc. | 5,076 | 158,320 | |||||||||
Hillenbrand, Inc. | 1,830 | 30,451 | |||||||||
Interval Leisure Group, Inc.* | 3,235 | 30,150 | |||||||||
Jack in the Box, Inc.* | 5,894 | 132,320 | |||||||||
Landry's Restaurants, Inc.* | 4,210 | 36,206 | |||||||||
Marcus Corp. | 1,251 | 13,161 | |||||||||
Monarch Casino & Resort, Inc.* | 612 | 4,468 | |||||||||
Multimedia Games, Inc.* | 1,987 | 9,856 | |||||||||
O'Charleys, Inc. | 18,936 | 175,158 | |||||||||
Papa John's International, Inc.* | 2,814 | 69,759 | |||||||||
Peet's Coffee & Tea, Inc.* | 513 | 12,928 | |||||||||
P.F. Chang's China Bistro, Inc.* | 2,308 | 73,994 | |||||||||
Pinnacle Entertainment, Inc.* | 6,251 | 58,072 | |||||||||
Pre-Paid Legal Services, Inc.* | 482 | 21,010 | |||||||||
Red Robin Gourmet Burgers, Inc.* | 2,309 | 43,294 | |||||||||
Ruby Tuesday, Inc. | 39,145 | 260,705 | |||||||||
Ruth's Hospitality Group, Inc.* | 11,561 | 42,429 | |||||||||
Shuffle Master, Inc.* | 1,760 | 11,634 | |||||||||
Sonic Corp.* | 2,945 | 29,538 | |||||||||
Steak N Shake Co.* | 4,843 | 42,328 | |||||||||
Texas Roadhouse, Inc. Class A* | 4,963 | 54,146 | |||||||||
Universal Technical Institute, Inc.* | 862 | 12,870 | |||||||||
Total Consumer Services | 1,728,844 | ||||||||||
Diversified Financials—0.8% | |||||||||||
Cash America International, Inc. | 1,574 | 36,815 | |||||||||
Financial Federal Corp. | 355 | 7,295 | |||||||||
First Cash Financial Services, Inc.* | 926 | 16,224 | |||||||||
Greenhill & Co., Inc. | 156 | 11,265 | |||||||||
Investment Technology Group, Inc.* | 1,638 | 33,399 | |||||||||
LaBranche & Co., Inc.* | 2,365 | 10,170 | |||||||||
optionsXpress Holdings, Inc. | 898 | 13,946 | |||||||||
Piper Jaffray Cos.* | 574 | 25,067 | |||||||||
Portfolio Recovery Associates, Inc.* | 324 | 12,549 | |||||||||
Rewards Network, Inc.* | 3,273 | 12,372 | |||||||||
Stifel Financial Corp. | 836 | 40,202 | |||||||||
SWS Group, Inc. | 1,219 | 17,029 | |||||||||
TradeStation Group, Inc.* | 1,151 | 9,737 | |||||||||
World Acceptance Corp.* | 738 | 14,694 | |||||||||
Total Diversified Financials | 260,764 |
The accompanying notes are an integral part of these financial statements.
28
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Energy—6.5% | |||||||||||
Atwood Oceanics, Inc.* | 1,245 | $ | 31,013 | ||||||||
Basic Energy Services, Inc.* | 3,492 | 23,850 | |||||||||
Bristow Group, Inc.* | 1,980 | 58,667 | |||||||||
CARBO Ceramics, Inc. | 478 | 16,348 | |||||||||
Dril-Quip, Inc.* | 1,088 | 41,453 | |||||||||
Gulf Island Fabrication, Inc. | 1,405 | 22,241 | |||||||||
Holly Corp. | 14,092 | 253,374 | |||||||||
Hornbeck Offshore Services, Inc.* | 1,117 | 23,893 | |||||||||
ION Geophysical Corp.* | 11,079 | 28,473 | |||||||||
Lufkin Industries, Inc. | 798 | 33,556 | |||||||||
Matrix Service Co.* | 3,653 | 41,936 | |||||||||
NATCO Group, Inc. Class A* | 1,735 | 57,116 | |||||||||
Oil States International, Inc.* | 5,644 | 136,641 | |||||||||
Penn Virginia Corp. | 1,824 | 29,859 | |||||||||
Petroleum Development Corp.* | 1,189 | 18,655 | |||||||||
Petroquest Energy, Inc.* | 2,337 | 8,624 | |||||||||
Pioneer Drilling Co.* | 4,168 | 19,965 | |||||||||
SEACOR Holdings, Inc.* | 966 | 72,682 | |||||||||
St. Mary Land & Exploration Co. | 2,850 | 59,480 | |||||||||
Stone Energy Corp.* | 2,568 | 19,055 | |||||||||
Superior Well Services, Inc.* | 1,922 | 11,436 | |||||||||
Swift Energy Co.* | 1,765 | 29,387 | |||||||||
Tetra Technologies, Inc.* | 8,240 | 65,590 | |||||||||
World Fuel Services Corp. | 23,992 | 989,190 | |||||||||
Total Energy | 2,092,484 | ||||||||||
Food & Staples Retailing—3.2% | |||||||||||
Andersons, Inc. | 8,694 | 260,298 | |||||||||
Casey's General Stores, Inc. | 8,053 | 206,882 | |||||||||
Great Atlantic & Pacific Tea Co., Inc.* | 42,746 | 181,671 | |||||||||
Nash Finch Co. | 4,651 | 125,856 | |||||||||
Spartan Stores, Inc. | 4,296 | 53,313 | |||||||||
United Natural Foods, Inc.* | 7,672 | 201,390 | |||||||||
Total Food & Staples Retailing | 1,029,410 | ||||||||||
Food Beverage & Tobacco—1.8% | |||||||||||
Alliance One International, Inc.* | 38,308 | 145,570 | |||||||||
Boston Beer Co., Inc. Class A* | 548 | 16,215 | |||||||||
Cal-Maine Foods, Inc. | 1,350 | 33,696 | |||||||||
Darling International, Inc.* | 7,510 | 49,566 | |||||||||
Diamond Foods, Inc. | 893 | 24,915 | |||||||||
Green Mountain Coffee Roasters, Inc.* | 861 | 50,902 | |||||||||
Hain Celestial Group, Inc.* | 2,306 | 35,997 | |||||||||
J&J Snack Foods Corp. | 830 | 29,797 | |||||||||
Lance, Inc. | 1,575 | 36,430 | |||||||||
Sanderson Farms, Inc. | 2,124 | 95,580 | |||||||||
TreeHouse Foods, Inc.* | 2,501 | 71,954 | |||||||||
Total Food Beverage & Tobacco | 590,622 | ||||||||||
Health Care Equipment & Services—7.6% | |||||||||||
Abaxis, Inc.* | 258 | 5,299 | |||||||||
Air Methods Corp.* | 1,346 | 36,827 | |||||||||
Align Technology, Inc.* | 9,600 | 101,760 | |||||||||
Almost Family, Inc.* | 129 | 3,368 | |||||||||
Amedisys, Inc.* | 1,061 | 35,034 | |||||||||
American Medical Systems Holdings, Inc.* | 2,368 | 37,414 | |||||||||
AMERIGROUP Corp.* | 6,679 | 179,332 |
Investments | Shares | Value | |||||||||
AMN Healthcare Services, Inc.* | 6,215 | $ | 39,652 | ||||||||
Amsurg Corp.* | 1,155 | 24,763 | |||||||||
Analogic Corp. | 575 | 21,246 | |||||||||
Bio-Reference Labs, Inc.* | 549 | 17,354 | |||||||||
Catalyst Health Solutions, Inc.* | 4,385 | 109,362 | |||||||||
Centene Corp.* | 8,429 | 168,412 | |||||||||
Chemed Corp. | 1,158 | 45,718 | |||||||||
Computer Programs & Systems, Inc. | 255 | 9,769 | |||||||||
CONMED Corp.* | 1,311 | 20,347 | |||||||||
Cooper Cos., Inc. | 3,401 | 84,107 | |||||||||
Corvel Corp.* | 703 | 16,007 | |||||||||
Cross Country Healthcare, Inc.* | 3,536 | 24,292 | |||||||||
CryoLife Inc.* | 483 | 2,676 | |||||||||
Cyberonics* | 320 | 5,322 | |||||||||
Eclipsys Corp.* | 1,535 | 27,292 | |||||||||
Genoptix, Inc.* | 716 | 22,905 | |||||||||
Gentiva Health Services, Inc.* | 2,092 | 34,434 | |||||||||
Greatbatch, Inc.* | 833 | 18,834 | |||||||||
Haemonetics Corp.* | 348 | 19,836 | |||||||||
Hanger Orthopedic Group, Inc.* | 4,575 | 62,174 | |||||||||
Healthspring, Inc.* | 5,164 | 56,081 | |||||||||
Healthways, Inc.* | 3,304 | 44,439 | |||||||||
HMS Holdings Corp.* | 256 | 10,424 | |||||||||
ICU Medical, Inc.* | 255 | 10,493 | |||||||||
Integra Lifesciences Holdings Corp.* | 773 | 20,492 | |||||||||
Invacare Corp. | 4,905 | 86,573 | |||||||||
inVentiv Health, Inc.* | 3,974 | 53,768 | |||||||||
IPC The Hospitalist Co., Inc. | 2,462 | 65,711 | |||||||||
Kensy Nash Corp.* | 165 | 4,325 | |||||||||
Landauer, Inc. | 63 | 3,864 | |||||||||
LCA-Vision, Inc. | 3,109 | 13,120 | |||||||||
LHC Group, Inc.* | 419 | 9,306 | |||||||||
Magellan Health Services, Inc.* | 3,174 | 104,171 | |||||||||
Medcath Corp.* | 2,756 | 32,411 | |||||||||
Mednax, Inc.* | 1,348 | 56,791 | |||||||||
Meridian Bioscience, Inc. | 225 | 5,081 | |||||||||
Merit Medical Systems, Inc.* | 540 | 8,802 | |||||||||
Molina Healthcare, Inc.* | 6,870 | 164,330 | |||||||||
MWI Veterinary Supply, Inc.* | 1,156 | 40,298 | |||||||||
Natus Medical, Inc.* | 479 | 5,528 | |||||||||
Neogen Corp.* | 444 | 12,867 | |||||||||
Odyssey HealthCare, Inc.* | 2,625 | 26,985 | |||||||||
Omnicell, Inc.* | 866 | 9,310 | |||||||||
Osteotech, Inc.* | 1,923 | 8,461 | |||||||||
Palomar Medical Technologies, Inc.* | 414 | 6,069 | |||||||||
PharMerica Corp.* | 5,669 | 111,282 | |||||||||
Phase Forward, Inc.* | 511 | 7,721 | |||||||||
PSS World Medical, Inc.* | 4,049 | 74,947 | |||||||||
Quality Systems, Inc. | 195 | 11,107 | |||||||||
RehabCare Group, Inc.* | 1,951 | 46,687 | |||||||||
Res-Care, Inc.* | 4,839 | 69,198 | |||||||||
SurModics, Inc.* | 162 | 3,666 | |||||||||
Symmetry Medical, Inc.* | 2,048 | 19,087 | |||||||||
Theragenics Corp.* | 2,304 | 2,972 | |||||||||
West Pharmaceutical Services, Inc. | 1,215 | 42,343 | |||||||||
Zoll Medical Corp.* | 838 | 16,207 | |||||||||
Total Health Care Equipment & Services | 2,438,453 |
The accompanying notes are an integral part of these financial statements.
29
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Household & Personal Products—0.6% | |||||||||||
Central Garden & Pet Co., Class A* | 14,591 | $ | 143,721 | ||||||||
Chattem, Inc.* | 258 | 17,570 | |||||||||
Mannatech, Inc. | 6,492 | 21,424 | |||||||||
WD-40 Co. | 483 | 14,007 | |||||||||
Total Household & Personal Products | 196,722 | ||||||||||
Insurance—1.7% | |||||||||||
American Physicians Capital, Inc. | 800 | 31,328 | |||||||||
Amerisafe, Inc.* | 701 | 10,908 | |||||||||
Delphi Financial Group, Inc. Class A | 4,359 | 84,695 | |||||||||
eHealth, Inc.* | 740 | 13,068 | |||||||||
Employers Holdings, Inc. | 165 | 2,236 | |||||||||
Infinity Property & Casualty Corp. | 893 | 32,559 | |||||||||
National Financial Partners Corp. | 14,991 | 109,733 | |||||||||
Navigators Group, Inc.* | 513 | 22,793 | |||||||||
Presidential Life Corp. | 1,313 | 9,939 | |||||||||
ProAssurance Corp.* | 512 | 23,660 | |||||||||
RLI Corp. | 419 | 18,771 | |||||||||
Safety Insurance Group, Inc. | 737 | 22,523 | |||||||||
Selective Insurance Group, Inc. | 3,460 | 44,184 | |||||||||
Stewart Information Services Corp. | 4,679 | 66,676 | |||||||||
Tower Group, Inc. | 837 | 20,741 | |||||||||
United Fire & Casualty Co. | 1,117 | 19,157 | |||||||||
Zenith National Insurance Corp. | 926 | 20,131 | |||||||||
Total Insurance | 553,102 | ||||||||||
Materials—4.5% | |||||||||||
A.M. Castle & Co. | 5,747 | 69,424 | |||||||||
AMCOL International Corp. | 1,605 | 34,636 | |||||||||
American Vanguard Corp. | 479 | 5,413 | |||||||||
Arch Chemicals, Inc. | 2,565 | 63,073 | |||||||||
Balchem Corp. | 381 | 9,342 | |||||||||
Brush Engineered Materials, Inc.* | 3,177 | 53,215 | |||||||||
Buckeye Technologies, Inc.* | 10,353 | 46,485 | |||||||||
Calgon Carbon Corp.* | 1,218 | 16,918 | |||||||||
Century Aluminum Co* | 8,653 | 53,908 | |||||||||
Clearwater Paper Corp.* | 1,124 | 28,426 | |||||||||
Deltic Timber Corp. | 124 | 4,398 | |||||||||
Eagle Materials, Inc. | 1,640 | 41,394 | |||||||||
H.B. Fuller Co. | 4,001 | 75,099 | |||||||||
Headwaters, Inc.* | 5,385 | 18,094 | |||||||||
Myers Industries, Inc. | 5,063 | 42,124 | |||||||||
Neenah Paper, Inc. | 3,784 | 33,337 | |||||||||
NewMarket Corp. | 1,797 | 120,991 | |||||||||
Olympic Steel, Inc. | 2,438 | 59,658 | |||||||||
OM Group, Inc.* | 3,463 | 100,496 | |||||||||
Penford Corp. | 1,510 | 8,743 | |||||||||
PolyOne Corp.* | 40,431 | 109,567 | |||||||||
Quaker Chemical Corp. | 1,987 | 26,407 | |||||||||
Rock-Tenn Co. Class A | 3,205 | 122,302 | |||||||||
RTI International Metals, Inc.* | 1,792 | 31,665 | |||||||||
Schulman A., Inc. | 4,935 | 74,568 | |||||||||
Schweitzer-Mauduit International, Inc. | 1,927 | 52,434 | |||||||||
Stepan Co. | 1,505 | 66,461 | |||||||||
Texas Industries, Inc. | 1,249 | 39,169 | |||||||||
Wausau Paper Corp. | 4,866 | 32,700 | |||||||||
Zep, Inc. | 1,471 | 17,726 | |||||||||
Total Materials | 1,458,173 |
Investments | Shares | Value | |||||||||
Media—1.1% | |||||||||||
Arbitron, Inc. | 1,409 | $ | 22,389 | ||||||||
E.W. Scripps Co. Class A | 52,329 | 109,368 | |||||||||
Live Nation, Inc.* | 47,934 | 232,959 | |||||||||
Total Media | 364,716 | ||||||||||
Pharmaceuticals, Biotechnology—0.7% | |||||||||||
Cambrex Corp.* | 2,818 | 11,610 | |||||||||
Cubist Pharmaceuticals, Inc.* | 670 | 12,281 | |||||||||
Dionex Corp.* | 319 | 19,469 | |||||||||
Enzo Biochem, Inc.* | 671 | 2,973 | |||||||||
eResearch Technology, Inc. | 1,373 | 8,526 | |||||||||
Kendle International, Inc.* | 1,320 | 16,157 | |||||||||
Martek Biosciences Corp.* | 512 | 10,829 | |||||||||
Noven Pharmaceuticals, Inc.* | 349 | 4,991 | |||||||||
Par Pharmaceutical Cos., Inc.* | 1,859 | 28,164 | |||||||||
Parexel International Corp.* | 6,261 | 90,032 | |||||||||
Regeneron Pharmaceuticals, Inc.* | 636 | 11,397 | |||||||||
Salix Pharmaceuticals Ltd.* | 838 | 8,271 | |||||||||
Viropharma, Inc.* | 805 | 4,774 | |||||||||
Total Pharmaceuticals, Biotechnology | 229,474 | ||||||||||
Real Estate—1.1% | |||||||||||
Acadia Realty Trust (a) | 388 | 5,063 | |||||||||
BioMed Realty Trust, Inc. (a) | 1,373 | 14,046 | |||||||||
Cedar Shopping Centers, Inc. (a) | 1,314 | 5,939 | |||||||||
Colonial Properties Trust (a) | 2,117 | 15,666 | |||||||||
DiamondRock Hospitality Co. (a) | 5,810 | 36,371 | |||||||||
EastGroup Properties, Inc. (a) | 221 | 7,297 | |||||||||
Entertainment Properties Trust (a) | 416 | 8,570 | |||||||||
Extra Space Storage, Inc. (a) | 1,282 | 10,705 | |||||||||
Forestar Real Estate Group, Inc.* | 1,376 | 16,347 | |||||||||
Franklin Street Properties Corp. (a) | 2,018 | 26,739 | |||||||||
Home Properties, Inc. (a) | 574 | 19,573 | |||||||||
Inland Real Estate Corp. (a) | 675 | 4,725 | |||||||||
Kilroy Realty Corp. (a) | 383 | 7,867 | |||||||||
Kite Realty Group Trust (a) | 1,245 | 3,635 | |||||||||
LaSalle Hotel Properties (a) | 2,754 | 33,984 | |||||||||
Lexington Realty Trust (a) | 4,585 | 15,589 | |||||||||
LTC Properties, Inc. (a) | 161 | 3,292 | |||||||||
Medical Properties Trust, Inc. (a) | 707 | 4,291 | |||||||||
Mid-America Apartment Communities, Inc. (a) | 476 | 17,474 | |||||||||
National Retail Properties, Inc. (a) | 673 | 11,677 | |||||||||
Parkway Properties, Inc. (a) | 706 | 9,178 | |||||||||
Pennsylvania Real Estate Investment Trust (a) | 3,974 | 19,870 | |||||||||
Post Properties, Inc. (a) | 636 | 8,548 | |||||||||
PS Business Parks, Inc. (a) | 259 | 12,546 | |||||||||
Senior Housing Properties Trust (a) | 701 | 11,440 | |||||||||
Sovran Self Storage, Inc. (a) | 256 | 6,298 | |||||||||
Tanger Factory Outlet Centers, Inc. (a) | 261 | 8,464 | |||||||||
Urstadt Biddle Properties, Inc., Class A (a) | 221 | 3,112 | |||||||||
Total Real Estate | 348,306 | ||||||||||
Retailing—18.3% | |||||||||||
Audiovox Corp. Class A* | 3,946 | 23,124 | |||||||||
Big 5 Sporting Goods Corp. | 7,727 | 85,461 |
The accompanying notes are an integral part of these financial statements.
30
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Retailing—18.3% (continued) | |||||||||||
Blue Nile, Inc.* | 541 | $ | 23,258 | ||||||||
Brown Shoe Co., Inc. | 17,143 | 124,115 | |||||||||
Buckle, Inc. | 1,155 | 36,694 | |||||||||
Cabela's, Inc.* | 15,811 | 194,475 | |||||||||
Cato Corp. Class A | 2,598 | 45,309 | |||||||||
Charlotte Russe Holding, Inc.* | 6,002 | 77,306 | |||||||||
Childrens Place Retail Stores, Inc.* | 3,633 | 96,020 | |||||||||
Christopher & Banks Corp. | 6,253 | 41,958 | |||||||||
Dress Barn, Inc.* | 6,677 | 95,481 | |||||||||
Finish Line Class A | 9,562 | 70,950 | |||||||||
Fred's, Inc. Class A | 7,215 | 90,909 | |||||||||
Genesco, Inc.* | 4,682 | 87,881 | |||||||||
Group 1 Automotive, Inc. | 28,889 | 751,692 | |||||||||
Gymboree Corp.* | 1,635 | 58,010 | |||||||||
Haverty Furniture Cos., Inc. | 3,689 | 33,754 | |||||||||
Hibbett Sports, Inc.* | 1,410 | 25,380 | |||||||||
Hot Topic, Inc.* | 3,914 | 28,611 | |||||||||
HSN, Inc.* | 45,395 | 479,825 | |||||||||
Jo-Ann Stores, Inc.* | 6,198 | 128,113 | |||||||||
Jos A. Bank Clothiers, Inc.* | 901 | 31,048 | |||||||||
Lithia Motors, Inc. Class A | 36,738 | 339,459 | |||||||||
MarineMax, Inc.* | 14,117 | 48,562 | |||||||||
Men's Wearhouse, Inc. | 6,636 | 127,278 | |||||||||
Midas Inc.* | 1,085 | 11,371 | |||||||||
NutriSystem, Inc. | 2,183 | 31,654 | |||||||||
OfficeMax, Inc. | 60,135 | 377,648 | |||||||||
PEP Boys-Manny, Moe & Jack | 27,360 | 277,430 | |||||||||
PetMed Express, Inc.* | 481 | 7,229 | |||||||||
Sonic Automotive, Inc. Class A | 93,501 | 949,970 | |||||||||
Stage Stores, Inc. | 10,353 | 114,918 | |||||||||
Stamps.com, Inc.* | 384 | 3,256 | |||||||||
Stein Mart, Inc. | 55,996 | 496,125 | |||||||||
Ticketmaster Entertainment Inc.* | 10,181 | 65,362 | |||||||||
Tractor Supply Co.* | 3,010 | 124,373 | |||||||||
Tuesday Morning Corp. | 32,929 | 110,971 | |||||||||
Tween Brands, Inc.* | 9,294 | 62,084 | |||||||||
Zale Corp.* | 27,966 | 96,203 | |||||||||
Zumiez, Inc.* | 1,854 | 14,851 | |||||||||
Total Retailing | 5,888,118 | ||||||||||
Semiconductors & Semiconductor Equipment—2.4% | |||||||||||
Actel Corp.* | 803 | 8,616 | |||||||||
Advanced Energy Industries, Inc.* | 1,471 | 13,224 | |||||||||
ATMI, Inc.* | 1,119 | 17,378 | |||||||||
Brooks Automation, Inc.* | 4,425 | 19,824 | |||||||||
Cabot Microelectronics Corp.* | 613 | 17,342 | |||||||||
Cohu, Inc. | 764 | 6,861 | |||||||||
Cymer, Inc.* | 901 | 26,787 | |||||||||
Cypress Semiconductor Corp.* | 16,547 | 152,232 | |||||||||
Diodes, Inc.* | 3,199 | 50,032 | |||||||||
DSP Group, Inc.* | 2,018 | 13,642 | |||||||||
Exar Corp.* | 476 | 3,422 | |||||||||
FEI Co.* | 1,374 | 31,465 | |||||||||
Hittite Microwave Corp.* | 253 | 8,792 | |||||||||
Kopin Corp.* | 2,208 | 8,103 | |||||||||
Kulicke & Soffa Industries, Inc.* | 21,119 | 72,438 | |||||||||
Micrel, Inc. | 1,476 | 10,804 | |||||||||
Microsemi Corp.* | 1,444 | 19,927 |
Investments | Shares | Value | |||||||||
MKS Instruments, Inc.* | 1,929 | $ | 25,444 | ||||||||
Pericom Semiconductor Corp.* | 1,120 | 9,430 | |||||||||
Rudolph Technologies, Inc.* | 2,020 | 11,150 | |||||||||
Skyworks Solutions, Inc.* | 6,895 | 67,433 | |||||||||
Standard Microsystems Corp.* | 926 | 18,937 | |||||||||
Supertex, Inc.* | 160 | 4,018 | |||||||||
TriQuint Semiconductor, Inc.* | 10,523 | 55,877 | |||||||||
Ultratech, Inc.* | 421 | 5,183 | |||||||||
Varian Semiconductor Equipment Associates, Inc.* | 2,113 | 50,691 | |||||||||
Veeco Instruments, Inc.* | 2,798 | 32,429 | |||||||||
Total Semiconductors & Semiconductor Equipment | 761,481 | ||||||||||
Software & Services—3.1% | |||||||||||
Bankrate, Inc.* | 190 | 4,796 | |||||||||
Blackbaud, Inc. | 959 | 14,912 | |||||||||
CACI International, Inc., Class A* | 2,208 | 94,304 | |||||||||
CIBER, Inc.* | 12,568 | 38,961 | |||||||||
CommVault Systems, Inc. | 3,872 | 64,198 | |||||||||
comScore, Inc.* | 540 | 7,193 | |||||||||
Concur Technologies, Inc.* | 284 | 8,827 | |||||||||
CSG Systems International, Inc.* | 1,181 | 15,636 | |||||||||
CyberSource Corp.* | 806 | 12,332 | |||||||||
DealerTrack Holdings Inc* | 925 | 15,725 | |||||||||
Ebix, Inc.* | 67 | 2,098 | |||||||||
Epicor Software Corp.* | 5,043 | 26,728 | |||||||||
EPIQ Systems, Inc.* | 540 | 8,289 | |||||||||
Forrester Research, Inc.* | 2,080 | 51,064 | |||||||||
Heartland Payment Systems, Inc. | 3,878 | 37,112 | |||||||||
Informatica Corp.* | 1,408 | 24,204 | |||||||||
InfoSpace, Inc.* | 837 | 5,549 | |||||||||
Integral Systems, Inc.* | 482 | 4,010 | |||||||||
j2 Global Communications, Inc.* | 544 | 12,273 | |||||||||
JDA Software Group, Inc.* | 1,278 | 19,119 | |||||||||
Knot, Inc.* | 542 | 4,271 | |||||||||
Manhattan Associates, Inc.* | 990 | 18,038 | |||||||||
MAXIMUS, Inc. | 965 | 39,806 | |||||||||
Perficient, Inc.* | 2,177 | 15,217 | |||||||||
Phoenix Technologies Ltd.* | 740 | 2,005 | |||||||||
Progress Software Corp.* | 1,094 | 23,160 | |||||||||
Radiant Systems, Inc.* | 3,333 | 27,664 | |||||||||
Smith Micro Software, Inc.* | 732 | 7,188 | |||||||||
Sonic Solutions* | 4,423 | 13,048 | |||||||||
SPSS, Inc.* | 517 | 17,252 | |||||||||
StarTek, Inc.* | 3,336 | 26,755 | |||||||||
Take-Two Interactive Software, Inc.* | 5,228 | 49,509 | |||||||||
Taleo Corp. Class A* | 1,030 | 18,818 | |||||||||
TeleTech Holdings, Inc.* | 6,300 | 95,445 | |||||||||
THQ, Inc.* | 9,562 | 68,464 | |||||||||
Tyler Technologies, Inc.* | 837 | 13,074 | |||||||||
United Online, Inc. | 3,783 | 24,627 | |||||||||
Websense, Inc.* | 764 | 13,630 | |||||||||
Wright Express Corp.* | 1,439 | 36,651 | |||||||||
Total Software & Services | 981,952 | ||||||||||
Technology Hardware & Equipment—10.5% | |||||||||||
Adaptec, Inc.* | 1,953 | 5,175 | |||||||||
Agilysys, Inc. | 6,664 | 31,188 |
The accompanying notes are an integral part of these financial statements.
31
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Technology Hardware & Equipment—10.5% (continued) | |||||||||||
Anixter International, Inc.* | 9,700 | $ | 364,623 | ||||||||
Arris Group, Inc.* | 6,599 | 80,244 | |||||||||
Avid Technology, Inc.* | 3,240 | 43,448 | |||||||||
Bel Fuse, Inc. Class B | 611 | 9,800 | |||||||||
Benchmark Electronics, Inc.* | 8,545 | 123,048 | |||||||||
Black Box Corp. | 1,634 | 54,690 | |||||||||
Blue Coat Systems Inc* | 1,474 | 24,380 | |||||||||
Brightpoint, Inc.* | 50,779 | 318,384 | |||||||||
Checkpoint Systems, Inc.* | 3,683 | 57,786 | |||||||||
Cognex Corp. | 800 | 11,304 | |||||||||
Comtech Telecommunications Corp.* | 447 | 14,250 | |||||||||
CTS Corp. | 4,747 | 31,093 | |||||||||
Daktronics, Inc. | 2,342 | 18,033 | |||||||||
Digi International, Inc.* | 992 | 9,672 | |||||||||
DTS, Inc.* | 490 | 13,264 | |||||||||
Electro Scientific Industries, Inc.* | 1,510 | 16,882 | |||||||||
EMS Technologies, Inc.* | 541 | 11,307 | |||||||||
FARO Technologies, Inc.* | 573 | 8,899 | |||||||||
Gerber Scientific, Inc.* | 8,205 | 20,513 | |||||||||
Harmonic Inc.* | 2,657 | 15,650 | |||||||||
Hutchinson Technology, Inc.* | 9,081 | 17,708 | |||||||||
Insight Enterprises, Inc.* | 46,459 | 448,794 | |||||||||
Intermec, Inc.* | 1,760 | 22,704 | |||||||||
Intevac, Inc.* | 896 | 7,804 | |||||||||
Keithley Instruments, Inc. | 1,861 | 7,444 | |||||||||
Littelfuse, Inc.* | 1,406 | 28,064 | |||||||||
LoJack Corp.* | 1,694 | 7,098 | |||||||||
Mercury Computer Systems, Inc.* | 2,079 | 19,231 | |||||||||
Methode Electronics, Inc. | 2,789 | 19,579 | |||||||||
MTS Systems Corp. | 768 | 15,859 | |||||||||
Netgear, Inc.* | 2,988 | 43,057 | |||||||||
Network Equipment Technologies Inc.* | 1,414 | 6,024 | |||||||||
Newport Corp.* | 2,917 | 16,889 | |||||||||
Novatel Wireless, Inc.* | 5,252 | 47,373 | |||||||||
Park Electrochemical Corp. | 544 | 11,712 | |||||||||
PC-Tel, Inc.* | 576 | 3,082 | |||||||||
Plexus Corp.* | 4,394 | 89,901 | |||||||||
RadiSys Corp.* | 2,536 | 22,849 | |||||||||
Rogers Corp.* | 604 | 12,219 | |||||||||
Scansource, Inc.* | 4,996 | 122,502 | |||||||||
Stratasys, Inc.* | 481 | 5,286 | |||||||||
Symmetricom, Inc.* | 2,274 | 13,121 | |||||||||
Synaptics, Inc.* | 803 | 31,036 | |||||||||
SYNNEX Corp.* | 34,425 | 860,282 | |||||||||
Technitrol, Inc. | 15,777 | 102,077 | |||||||||
Tekelec* | 1,567 | 26,373 | |||||||||
Tollgrade Communications, Inc.* | 546 | 2,861 | |||||||||
TTM Technologies, Inc.* | 6,022 | 47,935 | |||||||||
Viasat, Inc.* | 1,091 | 27,973 | |||||||||
Total Technology Hardware & Equipment | 3,370,470 | ||||||||||
Telecommunication Services—0.4% | |||||||||||
Cbeyond Communications, Inc.* | 4,800 | 68,880 | |||||||||
Fairpoint Communications, Inc. | 14,767 | 8,860 | |||||||||
General Communication, Inc. Class A* | 2,917 | 20,215 |
Investments | Shares | Value | |||||||||
Iowa Telecommunications Services, Inc. | 349 | $ | 4,366 | ||||||||
Neutral Tandem, Inc.* | 670 | 19,778 | |||||||||
Total Telecommunication Services | 122,099 | ||||||||||
Transportation—1.6% | |||||||||||
Arkansas Best Corp. | 3,363 | 88,615 | |||||||||
Forward Air Corp. | 930 | 19,828 | |||||||||
Heartland Express, Inc. | 1,866 | 27,468 | |||||||||
HUB Group, Inc., Class A* | 3,394 | 70,052 | |||||||||
Kirby Corp.* | 2,085 | 66,282 | |||||||||
Knight Transportation, Inc. | 2,251 | 37,254 | |||||||||
Old Dominion Freight Line, Inc.* | 3,006 | 100,911 | |||||||||
Skywest, Inc. | 9,306 | 94,921 | |||||||||
Total Transportation | 505,331 | ||||||||||
Utilities—3.2% | |||||||||||
ALLETE, Inc. | 1,118 | 32,143 | |||||||||
American States Water Co. | 416 | 14,410 | |||||||||
Atmos Energy Corp. | 11,679 | 292,443 | |||||||||
Avista Corp. | 3,601 | 64,134 | |||||||||
Central Vermont Public Service Corp. | 703 | 12,724 | |||||||||
CH Energy Group, Inc. | 1,280 | 59,776 | |||||||||
El Paso Electric Co.* | 2,433 | 33,965 | |||||||||
Laclede Group, Inc. | 1,822 | 60,363 | |||||||||
New Jersey Resources Corp. | 3,880 | 143,715 | |||||||||
Northwest Natural Gas Co. | 932 | 41,306 | |||||||||
Piedmont Natural Gas Co., Inc. | 2,694 | 64,952 | |||||||||
South Jersey Industries, Inc. | 1,089 | 37,995 | |||||||||
Southwest Gas Corp. | 3,686 | 81,866 | |||||||||
UIL Holdings Corp. | 1,347 | 30,240 | |||||||||
UniSource Energy Corp. | 2,144 | 56,902 | |||||||||
Total Utilities | 1,026,934 | ||||||||||
Total Investments—100.1% (Cost $29,870,569) | 32,126,026 | ||||||||||
Liabilities in Excess of Other Assets—(0.1)% | (26,844 | ) | |||||||||
Net Assets—100.0% | $ | 32,099,182 |
† Statement of Financial Accounting Standards No. 157 "Fair Value Measurement" establishes an authoritative framework for the measurement of fair value. Securities listed are level 1 quoted prices in active markets for identical securities.
* Non-Income Producing Security.
(a) Real Estate Investment Trust.
The accompanying notes are an integral part of these financial statements.
32
Schedule of Investments
REVENUESHARES FINANCIALS SECTOR FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
COMMON STOCKS†—100.2% | |||||||||||
Capital Markets—29.5% | |||||||||||
Ameriprise Financial, Inc. | 1,833 | $ | 44,487 | ||||||||
Bank of New York Mellon Corp. | 2,866 | 84,002 | |||||||||
Charles Schwab Corp. | 1,446 | 25,363 | |||||||||
E*Trade Financial Corp.* | 4,995 | 6,394 | |||||||||
Federated Investors, Inc. Class B | 270 | 6,504 | |||||||||
Franklin Resources, Inc. | 477 | 34,349 | |||||||||
Goldman Sachs Group, Inc. | 4,520 | 666,428 | |||||||||
Invesco Ltd. | 1,405 | 25,037 | |||||||||
Janus Capital Group, Inc. | 698 | 7,957 | |||||||||
Legg Mason, Inc. | 1,064 | 25,940 | |||||||||
Morgan Stanley | 21,313 | 607,634 | |||||||||
Northern Trust Corp. | 525 | 28,182 | |||||||||
State Street Corp. | 1,558 | 73,538 | |||||||||
T. Rowe Price Group, Inc. | 316 | 13,168 | |||||||||
Total Capital Markets | 1,648,983 | ||||||||||
Commercial Banks—9.6% | |||||||||||
BB&T Corp. | 1,684 | 37,014 | |||||||||
Comerica, Inc. | 984 | 20,812 | |||||||||
Fifth Third Bancorp | 4,974 | 35,315 | |||||||||
First Horizon National Corp. | 1,418 | 17,016 | |||||||||
Huntington Bancshares, Inc. | 2,347 | 9,810 | |||||||||
KeyCorp | 3,852 | 20,184 | |||||||||
M&T Bank Corp. | 325 | 16,552 | |||||||||
Marshall & Ilsley Corp. | 1,128 | 5,414 | |||||||||
PNC Financial Services Group, Inc. | 939 | 36,443 | |||||||||
Regions Financial Corp. | 5,108 | 20,636 | |||||||||
SunTrust Banks, Inc. | 2,012 | 33,097 | |||||||||
U.S. Bancorp | 3,532 | 63,294 | |||||||||
Wells Fargo & Co. | 8,768 | 212,713 | |||||||||
Zions Bancorporation | 616 | 7,121 | |||||||||
Total Commercial Banks | 535,421 | ||||||||||
Consumer Finance—5.5% | |||||||||||
American Express Co. | 7,178 | 166,817 | |||||||||
Capital One Financial Corp. | 3,055 | 66,843 | |||||||||
Discover Financial Services | 3,127 | 32,114 | |||||||||
SLM Corp.* | 3,906 | 40,115 | |||||||||
Total Consumer Finance | 305,889 | ||||||||||
Diversified Financial Services—22.7% | |||||||||||
Bank of America Corp. | 34,509 | 455,519 | |||||||||
CIT Group, Inc. | 7,216 | 15,514 | |||||||||
Citigroup, Inc. | 67,700 | 201,069 | |||||||||
CME Group, Inc. | 53 | 16,489 | |||||||||
IntercontinentalExchange, Inc.* | 48 | 5,484 | |||||||||
JPMorgan Chase & Co. | 15,463 | 527,443 | |||||||||
Leucadia National Corp.* | 261 | 5,504 | |||||||||
Moody's Corp. | 398 | 10,487 | |||||||||
Nasdaq OMX Group, Inc.* | 609 | 12,978 | |||||||||
NYSE Euronext | 778 | 21,201 | |||||||||
Total Diversified Financial Services | 1,271,688 | ||||||||||
Insurance—28.9% | |||||||||||
Allstate Corp. | 5,230 | 127,612 | |||||||||
American Family Life Assurance Co., Inc. | 1,673 | 52,014 | |||||||||
American International Group, Inc. | 129,391 | 150,094 |
Investments | Shares | Value | |||||||||
AON Corp. | 813 | $ | 30,788 | ||||||||
Assurant, Inc. | 1,668 | 40,182 | |||||||||
Chubb Corp. | 1,168 | 46,580 | |||||||||
Cincinnati Financial Corp. | 535 | 11,957 | |||||||||
Genworth Financial, Inc. Class A | 15,252 | 106,611 | |||||||||
Hartford Financial Services Group, Inc. | 4,350 | 51,635 | |||||||||
Lincoln National Corp. | 2,763 | 47,551 | |||||||||
Loews Corp. | 2,514 | 68,884 | |||||||||
Marsh & McLennan Cos., Inc. | 2,239 | 45,071 | |||||||||
MetLife, Inc. | 7,753 | 232,669 | |||||||||
Principal Financial Group, Inc. | 2,506 | 47,213 | |||||||||
Progressive Corp.* | 3,694 | 55,816 | |||||||||
Prudential Financial, Inc. | 5,334 | 198,531 | |||||||||
Torchmark Corp. | 361 | 13,371 | |||||||||
Travelers Cos., Inc. | 2,657 | 109,043 | |||||||||
Unum Group | 2,909 | 46,137 | |||||||||
XL Capital Ltd. Class A | 11,572 | 132,615 | |||||||||
Total Insurance | 1,614,374 | ||||||||||
Real Estate Investment Trusts—2.7% | |||||||||||
Apartment Investment & Management Co. Class A | 682 | 6,036 | |||||||||
AvalonBay Communities, Inc. | 56 | 3,133 | |||||||||
Boston Properties, Inc. | 115 | 5,486 | |||||||||
Equity Residential | 295 | 6,558 | |||||||||
HCP, Inc. | 204 | 4,323 | |||||||||
Health Care REIT, Inc. | 505 | 17,221 | |||||||||
Host Hotels & Resorts, Inc. | 3,337 | 27,997 | |||||||||
Kimco Realty Corp. | 254 | 2,553 | |||||||||
Plum Creek Timber Co., Inc. | 208 | 6,194 | |||||||||
ProLogis | 2,962 | 23,874 | |||||||||
Public Storage, Inc. | 109 | 7,137 | |||||||||
Simon Property Group, Inc. | 329 | 16,920 | |||||||||
Ventas, Inc. | 385 | 11,496 | |||||||||
Vornado Realty Trust | 215 | 9,681 | |||||||||
Total Real Estate Investment Trusts | 148,609 | ||||||||||
Real Estate Management & Development—1.1% | |||||||||||
CB Richard Ellis Group, Inc. Class A* | 6,644 | 62,187 | |||||||||
Thrifts & Mortgage Finance—0.2% | |||||||||||
Hudson City Bancorp, Inc. | 706 | 9,383 | |||||||||
People's United Financial, Inc. | 280 | 4,211 | |||||||||
Total Thrifts & Mortgage Finance | 13,594 | ||||||||||
Total Investments—100.2% (Cost $5,122,544) | 5,600,745 | ||||||||||
Liabilities in Excess of Other Assets—(0.2%) | (10,372 | ) | |||||||||
Net Assets—100.0% | $ | 5,590,373 |
† Statement of Financial Accounting Standards No. 157 "Fair Value Measurement" establishes an authoritative framework for the measurement of fair value. Securities listed are level 1 quoted prices in active markets for identical securities.
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
33
Schedule of Investments
REVENUESHARES ADR FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
COMMON STOCKS†—99.7% | |||||||||||
Automobiles & Components—9.0% | |||||||||||
Daimler AG (a) | 4,938 | $ | 179,101 | ||||||||
Honda Motor Co. Ltd. (b) | 3,625 | 99,216 | |||||||||
Magna International, Inc. Class A | 873 | 36,876 | |||||||||
Nissan Motor Co. Ltd. (b) | 11,112 | 134,233 | |||||||||
Toyota Motor Corp. (b) | 2,974 | 224,626 | |||||||||
Total Automobiles & Components | 674,052 | ||||||||||
Banks—13.6% | |||||||||||
Banco Bilbao Vizcaya Argentaria SA (b) | 3,078 | 38,660 | |||||||||
Banco Bradesco SA (b) | 4,416 | 65,224 | |||||||||
Banco de Chile (b) | 122 | 5,191 | |||||||||
Banco Santander Chile (b) | 147 | 6,863 | |||||||||
Banco Santander SA (b) | 5,577 | 67,482 | |||||||||
Bank of Montreal | 701 | 29,547 | |||||||||
Bank of Nova Scotia | 982 | 36,825 | |||||||||
Barclays PLC (b) | 7,849 | 144,736 | |||||||||
Canadian Imperial Bank of Commerce | 363 | 18,175 | |||||||||
HSBC Holdings PLC (b) | 4,189 | 174,974 | |||||||||
Itau Unibanco Banco Multiplo SA (b) | 2,676 | 42,361 | |||||||||
KB Financial Group, Inc.* (b) | 86 | 2,865 | |||||||||
Lloyds TSB Group PLC (b) | 8,283 | 39,510 | |||||||||
Mitsubishi UFJ Financial Group, Inc. (b) | 9,671 | 59,380 | |||||||||
Mizuho Financial Group, Inc. (b) | 8,016 | 36,954 | |||||||||
National Bank of Greece SA* (b) | 3,529 | 19,374 | |||||||||
Royal Bank of Canada | 1,143 | 46,692 | |||||||||
Royal Bank of Scotland Group PLC* (b) | 9,857 | 125,874 | |||||||||
Shinhan Financial Group Co., Ltd (b) | 64 | 3,253 | |||||||||
Toronto-Dominion Bank | 674 | 34,853 | |||||||||
Westpac Banking Corp. (b) | 287 | 23,132 | |||||||||
Total Banks | 1,021,925 | ||||||||||
Capital Goods—3.6% | |||||||||||
ABB Ltd. (b) | 2,224 | 35,095 | |||||||||
Empresa Brasileira de Aeronaut SA (b) | 421 | 6,972 | |||||||||
Koninklijke Philips Electronics NV (a) | 2,429 | 44,742 | |||||||||
Kubota Corp. (b) | 332 | 13,585 | |||||||||
Mitsui & Co. Ltd. (b) | 207 | 48,653 | |||||||||
Siemens AG (b) | 1,613 | 111,604 | |||||||||
Tomkins PLC (b) | 801 | 7,786 | |||||||||
Total Capital Goods | 268,437 | ||||||||||
Consumer Durables & Apparel—2.4% | |||||||||||
Gildan Activewear, Inc.* | 176 | 2,605 | |||||||||
Luxottica Group SpA* (b) | 494 | 10,265 | |||||||||
Panasonic Corp. (b) | 6,380 | 85,429 | |||||||||
Sony Corp. (b) | 3,156 | 81,614 | |||||||||
Thomson* (b) | 56 | 46 | |||||||||
Total Consumer Durables & Apparel | 179,959 | ||||||||||
Consumer Services—0.2% | |||||||||||
Carnival PLC (b) | 578 | 15,484 | |||||||||
Intercontinental Hotels Group PLC (b) | 222 | 2,289 | |||||||||
Total Consumer Services | 17,773 | ||||||||||
Diversified Financials—6.8% | |||||||||||
Credit Suisse Group AG (b) | 1,761 | 80,531 | |||||||||
Deutsche Bank AG (a) | 2,341 | 142,801 | |||||||||
ING Groep NV (b) | 16,853 | 170,888 |
Investments | Shares | Value | |||||||||
Nomura Holdings, Inc. (b) | 3,272 | $ | 27,583 | ||||||||
ORIX Corp. (b) | 290 | 8,567 | |||||||||
UBS AG* (a) | 6,932 | 84,640 | |||||||||
Total Diversified Financials | 515,010 | ||||||||||
Energy—28.2% | |||||||||||
BP PLC (b) | 8,464 | 403,564 | |||||||||
Cameco Corp. | 140 | 3,584 | |||||||||
Canadian Natural Resources Ltd. | 327 | 17,164 | |||||||||
CNOOC Ltd. (b) | 144 | 17,716 | |||||||||
Enbridge, Inc. | 462 | 16,045 | |||||||||
EnCana Corp. | 597 | 29,534 | |||||||||
Enerplus Resources Fund (c) | 130 | 2,794 | |||||||||
ENI SpA (b) | 3,828 | 181,485 | |||||||||
Imperial Oil Ltd. | 797 | 30,653 | |||||||||
Nexen, Inc. | 458 | 9,916 | |||||||||
Penn West Energy Trust (c) | 412 | 5,245 | |||||||||
Petrobras Energia Participaciones SA (b) | 840 | 4,990 | |||||||||
Petro-Canada | 952 | 36,576 | |||||||||
PetroChina Co. Ltd. (b) | 1,383 | 152,794 | |||||||||
Petroleo Brasilerio SA (b) | 4,493 | 149,886 | |||||||||
Repsol YPF SA (b) | 4,756 | 106,344 | |||||||||
Royal Dutch Shell PLC Class B (b) | 5,005 | 254,554 | |||||||||
Royal Dutch Shell PLC Class A (b) | 4,935 | 247,688 | |||||||||
Santos Ltd. (b) | 59 | 2,790 | |||||||||
StatoilHydro ASA (b) | 6,805 | 134,535 | |||||||||
Suncor Energy, Inc. | 1,136 | 34,466 | |||||||||
Talisman Energy, Inc. | 883 | 12,618 | |||||||||
Tenaris SA (b) | 499 | 13,493 | |||||||||
Total SA (b) | 4,561 | 247,343 | |||||||||
TransCanada Corp. | 345 | 9,284 | |||||||||
Total Energy | 2,125,061 | ||||||||||
Food Beverage & Tobacco—3.1% | |||||||||||
British American Tobacco PLC (b) | 448 | 24,998 | |||||||||
Cadbury PLC (b) | 513 | 17,647 | |||||||||
Cia de Bebidas das Americas (b) | 230 | 14,911 | |||||||||
Diageo PLC (b) | 336 | 19,236 | |||||||||
Fomento Economico Mexicano SAB de CV (b) | 551 | 17,764 | |||||||||
Unilever NV (a) | 2,815 | 68,067 | |||||||||
Unilever PLC (b) | 2,899 | 68,127 | |||||||||
Total Food Beverage & Tobacco | 230,750 | ||||||||||
Health Care Equipment & Services—0.2% | |||||||||||
Fresenius Medical Care AG & Co. KGaA (b) | 261 | 11,745 | |||||||||
Smith & Nephew PLC (b) | 127 | 4,732 | |||||||||
Total Health Care Equipment & Services | 16,477 | ||||||||||
Insurance—7.5% | |||||||||||
Aegon NV (b) | 8,393 | 51,701 | |||||||||
Allianz SE (b) | 15,462 | 142,405 | |||||||||
AXA SA (b) | 12,151 | 230,383 | |||||||||
China Life Insurance Co. Ltd. (b) | 486 | 26,944 | |||||||||
Manulife Financial Corp. | 2,387 | 41,414 | |||||||||
Prudential PLC (b) | 3,531 | 48,304 | |||||||||
Sun Life Financial, Inc. | 800 | 21,536 | |||||||||
Total Insurance | 562,687 |
The accompanying notes are an integral part of these financial statements.
34
Schedule of Investments — continued
REVENUESHARES ADR FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Materials—5.2% | |||||||||||
Agnico-Eagle Mines Ltd. | 14 | $ | 735 | ||||||||
Agrium, Inc. | 250 | 9,973 | |||||||||
Anglo American PLC (b) | 2,442 | 35,751 | |||||||||
Aracruz Celulose SA* (b) | 305 | 4,526 | |||||||||
Barrick Gold Corp. | 229 | 7,683 | |||||||||
BHP Billiton Ltd. (b) | 606 | 33,166 | |||||||||
BHP Billiton PLC (b) | 681 | 30,958 | |||||||||
Cemex SAB de CV (b) | 2,724 | 25,442 | |||||||||
Cia de Minas Buenaventura SA ADR (b) | 45 | 1,081 | |||||||||
Cia Siderurgica Nacional SA (b) | 503 | 11,242 | |||||||||
CRH PLC (b) | 1,228 | 28,281 | |||||||||
Gerdau SA (b) | 3,655 | 38,268 | |||||||||
Goldcorp, Inc. | 87 | 3,023 | |||||||||
Kinross Gold Corp. | 122 | 2,214 | |||||||||
POSCO (b) | 373 | 30,836 | |||||||||
Potash Corp. of Saskatchewan | 107 | 9,956 | |||||||||
Rio Tinto PLC (b) | 252 | 41,296 | |||||||||
Sociedad Quimica y Minera de Chile SA (b) | 76 | 2,750 | |||||||||
Syngenta AG (b) | 253 | 11,770 | |||||||||
Teck Cominco Ltd. Class B | 981 | 15,637 | |||||||||
Vale SA (b) | 3,101 | 47,601 | |||||||||
Yamana Gold, Inc. | 212 | 1,874 | |||||||||
Total Materials | 394,063 | ||||||||||
Media—0.9% | |||||||||||
British Sky Broadcasting Group PLC (b) | 361 | 10,837 | |||||||||
Grupo Televisa SA (b) | 300 | 5,100 | |||||||||
Pearson PLC (b) | 795 | 8,037 | |||||||||
Shaw Communications, Inc., Class B | 222 | 3,743 | |||||||||
Thomson Reuters Corp. | 377 | 11,050 | |||||||||
Thomson Reuters PLC (b) | 90 | 15,476 | |||||||||
WPP PLC (b) | 430 | 14,302 | |||||||||
Total Media | 68,545 | ||||||||||
Pharmaceuticals, Biotechnology—2.4% | |||||||||||
AstraZeneca PLC (b) | 815 | 35,974 | |||||||||
Biovail Corp. | 140 | 1,883 | |||||||||
Elan Corp. PLC* (b) | 151 | 962 | |||||||||
GlaxoSmithKline PLC (b) | 1,371 | 48,451 | |||||||||
MDS, Inc.* | 417 | 2,227 | |||||||||
Novartis AG (b) | 991 | 40,423 | |||||||||
Novo Nordisk A/S (b) | 178 | 9,694 | |||||||||
Sanofi-Aventis SA (b) | 1,356 | 39,988 | |||||||||
Shire PLC (b) | 94 | 3,899 | |||||||||
Total Pharmaceuticals, Biotechnology | 183,501 | ||||||||||
Real Estate—0.2% | |||||||||||
Brookfield Asset Management, Inc., Class A | 862 | 14,714 | |||||||||
Semiconductors & Semiconductor Equipment—0.5% | |||||||||||
Advantest Corp. (b) | 116 | 2,123 | |||||||||
ARM Holdings PLC (b) | 271 | 1,618 | |||||||||
ASML Holding NV (a) | 302 | 6,538 | |||||||||
STMicroelectronics NV (a) | 1,918 | 14,404 |
Investments | Shares | Value | |||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (b) | 1,168 | $ | 10,991 | ||||||||
United Microelectronics Corp. (b) | 1,423 | 3,757 | |||||||||
Total Semiconductors & Semiconductor Equipment | 39,431 | ||||||||||
Software & Services—0.2% | |||||||||||
SAP AG (b) | 451 | 18,126 | |||||||||
Technology Hardware & Equipment—4.6% | |||||||||||
Alcatel-Lucent* (b) | 12,595 | 31,236 | |||||||||
AU Optronics Corp. (b) | 1,706 | 16,514 | |||||||||
Canon, Inc. (b) | 1,247 | 40,565 | |||||||||
FUJIFILM Holdings Corp. (b) | 984 | 31,193 | |||||||||
Hitachi Ltd. (b) | 2,692 | 83,371 | |||||||||
Kyocera Corp. (b) | 156 | 11,653 | |||||||||
Nokia OYJ (b) | 6,107 | 89,039 | |||||||||
Research In Motion Ltd.* | 111 | 7,887 | |||||||||
Telefonaktiebolaget LM Ericsson (b) | 3,409 | 33,340 | |||||||||
Total Technology Hardware & Equipment | 344,798 | ||||||||||
Telecommunication Services—9.0% | |||||||||||
America Movil SAB de CV Series L (b) | 1,066 | 41,276 | |||||||||
BCE, Inc. | 452 | 9,338 | |||||||||
BT Group PLC (b) | 2,787 | 46,822 | |||||||||
China Mobile Ltd. (b) | 1,128 | 56,490 | |||||||||
Chungwa Telecom Ltd (b) | 347 | 6,881 | |||||||||
Deutsche Telekom AG (b) | 5,936 | 70,044 | |||||||||
France Telecom SA (b) | 2,723 | 62,112 | |||||||||
Hellenic Telecommunications Organization SA (b) | 1,201 | 9,188 | |||||||||
Nippon Telegraph & Telephone Corp. (b) | 3,761 | 76,535 | |||||||||
NTT DoCoMo, Inc. (b) | 1,995 | 29,027 | |||||||||
Portugal Telecom SGPS SA (b) | 1,141 | 11,148 | |||||||||
Rogers Communications, Inc., Class B | 410 | 10,558 | |||||||||
SK Telecom Co., Ltd. (b) | 735 | 11,135 | |||||||||
Tele Norte Leste Participacoes SA (b) | 734 | 10,915 | |||||||||
Telecom Corp. of New Zealand, Ltd. (b) | 625 | 5,444 | |||||||||
Telecom Italia SpA (b) | 3,131 | 43,083 | |||||||||
Telefonica SA (b) | 1,312 | 89,071 | |||||||||
Telefonos de Mexico SAB de CV Class L (b) | 555 | 8,997 | |||||||||
TELUS Corp.** | 312 | 8,050 | |||||||||
Vodafone Group PLC (b) | 3,504 | 68,292 | |||||||||
Total Telecommunication Services | 674,406 | ||||||||||
Transportation—0.4% | |||||||||||
Canadian National Railway Co. | 212 | 9,107 | |||||||||
Canadian Pacific Railway Ltd. | 155 | 6,169 | |||||||||
Lan Airlines SA (b) | 539 | 6,484 | |||||||||
Ryanair Holdings PLC* (b) | 171 | 4,855 | |||||||||
Total Transportation | 26,615 | ||||||||||
Utilities—1.7% | |||||||||||
Cia Energetica de Minas Gerais (b) | 466 | 6,263 | |||||||||
Cia Paranaense de Energia Series B (b) | 290 | 4,098 | |||||||||
Empresa Nacional de Electricidad SA (b) | 124 | 6,174 |
The accompanying notes are an integral part of these financial statements.
35
Schedule of Investments — continued
REVENUESHARES ADR FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Utilities—1.7% (continued) | |||||||||||
Enersis SA (b) | 761 | $ | 14,056 | ||||||||
National Grid PLC (b) | 514 | 23,248 | |||||||||
TransAlta Corp. | 227 | 4,411 | |||||||||
Veolia Environnement (b) | 2,259 | 66,730 | |||||||||
Total Utilities | 124,980 | ||||||||||
Total Investments—99.7% (Cost $6,995,870) | 7,501,310 | ||||||||||
Other Assets in Excess of Liabilities—0.3% | 20,625 | ||||||||||
Net Assets—100.0% | $ | 7,521,935 | |||||||||
Country | Value | % of Net Assets | |||||||||
Argentina | $ | 4,990 | 0.1 | % | |||||||
Australia | 59,089 | 0.8 | |||||||||
Brazil | 402,266 | 5.4 | |||||||||
Britain | 1,482,222 | 19.7 | |||||||||
Canada | 605,582 | 8.1 | |||||||||
Chile | 41,519 | 0.6 | |||||||||
China | 179,738 | 2.4 | |||||||||
Denmark | 9,694 | 0.1 | |||||||||
Finland | 89,040 | 1.2 | |||||||||
France | 677,839 | 9.0 | |||||||||
Germany | 675,826 | 9.0 | |||||||||
Greece | 28,562 | 0.4 | |||||||||
Hong Kong | 74,206 | 1.0 | |||||||||
Ireland | 34,097 | 0.5 | |||||||||
Italy | 234,833 | 3.1 | |||||||||
Japan | 1,094,308 | 14.5 | |||||||||
Luxembourg | 13,493 | 0.2 | |||||||||
Mexico | 98,578 | 1.3 | |||||||||
Netherlands | 844,179 | 11.2 | |||||||||
New Zealand | 5,444 | 0.1 | |||||||||
Norway | 134,535 | 1.8 | |||||||||
Peru | 1,081 | 0.0 | †† | ||||||||
Portugal | 11,148 | 0.1 | |||||||||
South Korea | 48,089 | 0.6 | |||||||||
Spain | 301,557 | 4.0 | |||||||||
Sweden | 33,340 | 0.4 | |||||||||
Switzerland | 266,862 | 3.5 | |||||||||
Taiwan | 38,143 | 0.5 | |||||||||
United States | 11,050 | 0.1 | |||||||||
Total Investments | 7,501,310 | 99.7 | |||||||||
Other Assets in Excess of Liabilities | 20,625 | 0.3 | |||||||||
Net Assets | $ | 7,521,935 | 100.0 | % |
† Statement of Financial Accounting Standards No. 157 "Fair Value Measurement" establishes an authoritative framework for the measurement of fair value. Securities listed are level 1 quoted prices in active markets for identical securities.
* Non-income producing security.
** Non-voting Shares
†† Less than 0.05%
(a) Registered Shares
(b) American Depository Receipt
(c) Units
The accompanying notes are an integral part of these financial statements.
36
Schedule of Investments
REVENUESHARES NAVELLIER OVERALL A-100 FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
COMMON STOCKS†—99.8% | |||||||||||
Automobiles & Components—0.3% | |||||||||||
Fuel Systems Solutions, Inc.* | 869 | $ | 17,545 | ||||||||
Banks—0.9% | |||||||||||
Signature Bank* | 763 | 20,693 | |||||||||
Westamerica Bancorporation | 540 | 26,789 | |||||||||
Total Banks | 47,482 | ||||||||||
Capital Goods—16.2% | |||||||||||
Aecom Technology Corp.* | 12,830 | 410,559 | |||||||||
American Science & Engineering, Inc. | 388 | 26,819 | |||||||||
Applied Signal Technology, Inc. | 1,484 | 37,857 | |||||||||
Beacon Roofing Supply, Inc.* | 8,354 | 120,799 | |||||||||
EMCOR Group, Inc.* | 3,306 | 66,517 | |||||||||
Encore Wire Corp. | 1,813 | 38,708 | |||||||||
Force Protection, Inc.* | 5,613 | 49,619 | |||||||||
Granite Construction Inc. | 1,227 | 40,835 | |||||||||
MasTec, Inc. | 6,545 | 76,707 | |||||||||
Met-Pro Corp. | 2,077 | 22,473 | |||||||||
Total Capital Goods | 890,893 | ||||||||||
Commercial & Professional Services—0.5% | |||||||||||
SYKES Enterprises, Inc.* | 1,669 | 30,192 | |||||||||
Consumer Durables & Apparel—1.2% | |||||||||||
Hasbro, Inc. | 2,188 | 53,037 | |||||||||
Sturm Ruger & Co., Inc. | 889 | 11,059 | |||||||||
Total Consumer Durables & Apparel | 64,096 | ||||||||||
Consumer Services—11.8% | |||||||||||
American Public Education, Inc.* | 159 | 6,298 | |||||||||
Apollo Group, Inc. Class A* | 652 | 46,370 | |||||||||
Corinthian Colleges, Inc.* | 3,846 | 65,113 | |||||||||
Darden Restaurants, Inc. | 2,578 | 85,022 | |||||||||
DeVry, Inc. | 672 | 33,627 | |||||||||
H&R Block, Inc. | 1,608 | 27,706 | |||||||||
ITT Educational Services, Inc. | 559 | 56,269 | |||||||||
Lincoln Educational Services Corp.* | 1,405 | 29,407 | |||||||||
McDonald's Corp. | 3,338 | 191,902 | |||||||||
Panera Bread Co. Class A* | 1,461 | 72,845 | |||||||||
Strayer Education, Inc. | 152 | 33,153 | |||||||||
Total Consumer Services | 647,712 | ||||||||||
Diversified Financials—1.2% | |||||||||||
Ezcorp, Inc. Class A* | 1,780 | 19,188 | |||||||||
Financial Federal Corp. | 1,197 | 24,599 | |||||||||
First Cash Financial Services, Inc.* | 1,387 | 24,300 | |||||||||
Total Diversified Financials | 68,087 | ||||||||||
Energy—4.7% | |||||||||||
Southwestern Energy Co.* | 1,367 | 53,108 | |||||||||
World Fuel Services Corp. | 5,006 | 206,397 | |||||||||
Total Energy | 259,505 | ||||||||||
Food Beverage & Tobacco—3.0% | |||||||||||
American Italian Pasta Co.* | 1,111 | 32,375 | |||||||||
Diamond Foods, Inc. | 1,275 | 35,573 | |||||||||
Green Mountain Coffee Roasters, Inc.* | 1,045 | 61,780 | |||||||||
National Beverage Corp.* | 3,185 | 33,920 | |||||||||
Total Food Beverage & Tobacco | 163,648 |
Investments | Shares | Value | |||||||||
Health Care Equipment & Services—13.9% | |||||||||||
Almost Family, Inc.* | 616 | $ | 16,084 | ||||||||
Centene Corp.* | 11,968 | 239,120 | |||||||||
Cerner Corp.* | 2,481 | 154,541 | |||||||||
Computer Programs & Systems, Inc. | 1,001 | 38,348 | |||||||||
CryoLife Inc.* | 3,018 | 16,720 | |||||||||
Edwards Lifesciences Corp.* | 1,339 | 91,092 | |||||||||
Ensign Group, Inc. | 1,925 | 27,393 | |||||||||
Landauer, Inc. | 383 | 23,493 | |||||||||
LHC Group, Inc. | 832 | 18,479 | |||||||||
RehabCare Group, Inc.* | 2,748 | 65,760 | |||||||||
SXC Health Solutions Corp.* | 1,893 | 48,120 | |||||||||
Thoratec Corp.* | 973 | 26,057 | |||||||||
Total Health Care Equipment & Services | 765,207 | ||||||||||
Insurance—1.1% | |||||||||||
American Physicians Service Group, Inc. | 1,287 | 29,202 | |||||||||
Amerisafe, Inc.* | 1,329 | 20,679 | |||||||||
Crawford & Co. Class B* | 2,325 | 11,160 | |||||||||
Total Insurance | 61,041 | ||||||||||
Materials—4.0% | |||||||||||
Compass Minerals International, Inc. | 515 | 28,279 | |||||||||
FMC Corp. | 1,061 | 50,185 | |||||||||
Sociedad Quimica y Minera de Chile SA (a) | 3,958 | 143,240 | |||||||||
Total Materials | 221,704 | ||||||||||
Media—0.7% | |||||||||||
Marvel Entertainment, Inc.* | 1,011 | 35,981 | |||||||||
Pharmaceuticals, Biotechnology—9.9% | |||||||||||
Amgen, Inc.* | 2,372 | 125,574 | |||||||||
AstraZeneca PLC (a) | 6,137 | 270,887 | |||||||||
Cubist Pharmaceuticals, Inc.* | 1,215 | 22,271 | |||||||||
Emergent Biosolutions, Inc.* | 1,121 | 16,064 | |||||||||
Gilead Sciences, Inc.* | 1,331 | 62,344 | |||||||||
Myriad Genetics, Inc.* | 839 | 29,910 | |||||||||
Myriad Pharmaceuticals, Inc.* | 157 | 731 | |||||||||
Questcor Pharmaceuticals, Inc.* | 3,086 | 15,430 | |||||||||
Total Pharmaceuticals, Biotechnology | 543,211 | ||||||||||
Retailing—16.7% | |||||||||||
99 Cents Only Stores* | 3,386 | 45,982 | |||||||||
Aarons, Inc. | 3,793 | 113,107 | |||||||||
AutoZone, Inc.* | 496 | 74,951 | |||||||||
Buckle, Inc. | 1,440 | 45,749 | |||||||||
Citi Trends, Inc.* | 2,260 | 58,489 | |||||||||
Dollar Tree, Inc.* | 1,477 | 62,182 | |||||||||
Fred's, Inc., Class A | 3,489 | 43,961 | |||||||||
hhgregg, Inc.* | 6,066 | 91,961 | |||||||||
Hibbett Sports, Inc.* | 1,765 | 31,770 | |||||||||
Hot Topic, Inc.* | 3,585 | 26,206 | |||||||||
Jo-Ann Stores, Inc.* | 2,732 | 56,470 | |||||||||
Jos. A. Bank Clothiers, Inc.* | 1,021 | 35,184 | |||||||||
Lumber Liquidators, Inc.* | 2,449 | 38,596 | |||||||||
NetFlix, Inc.* | 1,107 | 45,763 | |||||||||
PetMed Express, Inc.* | 1,537 | 23,101 | |||||||||
Ross Stores, Inc. | 2,376 | 91,714 | |||||||||
Wet Seal, Inc. Class A* | 10,716 | 32,898 | |||||||||
Total Retailing | 918,084 |
The accompanying notes are an integral part of these financial statements.
37
Schedule of Investments — concluded
REVENUESHARES NAVELLIER OVERALL A-100 FUND
JUNE 30, 2009
Investments | Shares | Value | |||||||||
Semiconductors & Semiconductor Equipment—0.8% | |||||||||||
NVE Corp.* | 961 | $ | 46,705 | ||||||||
Software & Services—8.0% | |||||||||||
ArcSight, Inc.* | 555 | 9,862 | |||||||||
CSG Systems International, Inc.* | 1,804 | 23,885 | |||||||||
Cybersource Corp.* | 903 | 13,816 | |||||||||
Metavante Technologies, Inc.* | 5,007 | 129,482 | |||||||||
NCI, Inc. Class A* | 983 | 29,903 | |||||||||
NETEASE.COM, Inc.* (a) | 2,558 | 89,990 | |||||||||
Quality Systems, Inc. | 720 | 41,011 | |||||||||
Shanda Interactive Entertainment Ltd.* (a) | 783 | 40,943 | |||||||||
Sohu.com, Inc.* | 623 | 39,143 | |||||||||
TeleCommunication Systems, Inc., Class A* | 3,218 | 22,880 | |||||||||
Total Software & Services | 440,915 | ||||||||||
Technology Hardware & Equipment—1.7% | |||||||||||
InterDigital, Inc.* | 1,035 | 25,295 | |||||||||
Seachange International, Inc.* | 4,009 | 32,192 | |||||||||
Synaptics, Inc.* | 901 | 34,824 | |||||||||
Total Technology Hardware & Equipment | 92,311 | ||||||||||
Telecommunication Services—0.5% | |||||||||||
Neutral Tandem, Inc.* | 291 | 8,590 | |||||||||
Shenandoah Telecommunications Co. | 1,011 | 20,514 | |||||||||
Total Telecommunication Services | 29,104 | ||||||||||
Transportation—1.3% | |||||||||||
Allegiant Travel Co.* | 731 | 28,977 | |||||||||
Marten Transport Ltd.* | 2,173 | 45,111 | |||||||||
Total Transportation | 74,088 | ||||||||||
Utilities—1.4% | |||||||||||
California Water Service Group. | 708 | 26,083 | |||||||||
New Jersey Resources Corp. | 1,323 | 49,004 | |||||||||
Total Utilities | 75,087 | ||||||||||
Total Investments—99.8% (Cost $5,126,215) | 5,492,598 | ||||||||||
Other Assets in Excess of Liabilities—0.2% | 11,046 | ||||||||||
Net Assets—100.0% | $ | 5,503,644 |
† Statement of Financial Accounting Standards No. 157 "Fair Value Measurement" establishes an authoritative framework for the measurement of fair value. Securities listed are level 1 quoted prices in active markets for identical securities.
* Non-income producing security.
(a) American Depository Receipt.
The accompanying notes are an integral part of these financial statements.
38
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Statements of Assets and Liabilities
JUNE 30, 2009
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | ||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||||
Investments at value | $ | 53,022,398 | $ | 30,082,751 | $ | 32,126,026 | $ | 5,600,745 | $ | 7,501,310 | $ | 5,492,598 | |||||||||||||||
Cash | 184,533 | 83,757 | 16,952 | 26,775 | 34,988 | 43,086 | |||||||||||||||||||||
Receivables: | |||||||||||||||||||||||||||
Receivable for capital shares sold | 831,405 | 1,889,448 | 1,005,406 | — | — | — | |||||||||||||||||||||
Expense reimbursement due from Adviser | 171,764 | — | — | — | — | — | |||||||||||||||||||||
Receivable for securities sold | 120,778 | 548,558 | 202,131 | — | 6,833 | — | |||||||||||||||||||||
Dividends receivable | 58,188 | 20,630 | 18,089 | 3,865 | 13,049 | 1,684 | |||||||||||||||||||||
Total Assets | 54,389,066 | 32,625,144 | 33,368,604 | 5,631,385 | 7,556,180 | 5,537,368 | |||||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||||||
Payables: | |||||||||||||||||||||||||||
Investment securities purchased | 1,030,484 | 2,390,072 | 1,204,228 | — | — | — | |||||||||||||||||||||
Trustee fees | 2,952 | 560 | 551 | 54 | 67 | 66 | |||||||||||||||||||||
Compliance fees | 2,700 | 174 | 185 | 1,135 | 1,398 | 1,442 | |||||||||||||||||||||
Principal Financial Officer fees | 2,294 | 156 | 167 | 1,093 | 1,339 | 1,383 | |||||||||||||||||||||
Due to Adviser | — | 14,381 | 7,347 | 14,033 | 2,656 | 5,934 | |||||||||||||||||||||
Other accrued expenses | 117,432 | 53,439 | 56,944 | 24,697 | 28,785 | 24,899 | |||||||||||||||||||||
Total Liabilities | 1,155,862 | 2,458,782 | 1,269,422 | 41,012 | 34,245 | �� | 33,724 | ||||||||||||||||||||
NET ASSETS | $ | 53,233,204 | $ | 30,166,362 | $ | 32,099,182 | $ | 5,590,373 | $ | 7,521,935 | $ | 5,503,644 | |||||||||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||||||||||||
Paid-in capital | $ | 61,003,430 | $ | 30,262,033 | $ | 30,923,787 | $ | 5,168,638 | $ | 6,989,842 | $ | 5,221,250 | |||||||||||||||
Undistributed net investment income | 185,246 | 40,987 | 22,934 | 8,484 | 61,115 | 1,321 | |||||||||||||||||||||
Accumulated net realized loss on investments | (3,053,748 | ) | (1,224,257 | ) | (1,102,996 | ) | (64,950 | ) | (34,462 | ) | (85,310 | ) | |||||||||||||||
Net unrealized appreciation (depreciation) on investments | (4,901,724 | ) | 1,087,599 | 2,255,457 | 478,201 | 505,440 | 366,383 | ||||||||||||||||||||
NET ASSETS | $ | 53,233,204 | $ | 30,166,362 | $ | 32,099,182 | $ | 5,590,373 | $ | 7,521,935 | $ | 5,503,644 | |||||||||||||||
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value) | 3,201,400 | 1,601,400 | 1,601,400 | 250,000 | 250,000 | 200,000 | |||||||||||||||||||||
Net asset value, per share | $ | 16.63 | $ | 18.84 | $ | 20.04 | $ | 22.36 | $ | 30.09 | $ | 27.52 | |||||||||||||||
Investments at cost | $ | 57,924,122 | $ | 28,995,152 | $ | 29,870,569 | $ | 5,122,544 | $ | 6,995,870 | $ | 5,126,215 |
The accompanying notes are an integral part of these financial statements.
40
Statements of Operations
YEAR ENDED JUNE 30, 2009
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund* | RevenueShares ADR Fund** | RevenueShares Navellier Overall A-100 Fund*** | ||||||||||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||||||||||
Dividend income | $ | 852,365 | $ | 183,455 | $ | 117,412 | $ | 37,821 | $ | 95,869 | $ | 18,942 | |||||||||||||||
Foreign withholding tax | — | — | (96 | ) | — | (10,607 | ) | (397 | ) | ||||||||||||||||||
Total Income | 852,365 | 183,455 | 117,316 | 37,821 | 85,262 | 18,545 | |||||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||||||
BNY Fund Services fees | 174,349 | 53,523 | 66,083 | 5,919 | 13,811 | 3,294 | |||||||||||||||||||||
Advisory fees (Note 3) | 150,968 | 55,236 | 50,519 | 8,161 | 11,964 | 7,899 | |||||||||||||||||||||
Professional fees | 139,362 | 63,192 | 58,967 | 22,025 | 22,894 | 22,419 | |||||||||||||||||||||
Compliance fees | 48,264 | 14,673 | 13,455 | 6,138 | 6,303 | 4,508 | |||||||||||||||||||||
Principal Financial Officer fees | 41,015 | 13,165 | 12,155 | 5,911 | 6,037 | 4,325 | |||||||||||||||||||||
Trustees fees | 15,362 | 1,405 | 1,049 | 333 | 429 | 301 | |||||||||||||||||||||
Other expense | 64,481 | 21,417 | 19,924 | 8,418 | 8,761 | 6,217 | |||||||||||||||||||||
Total Expenses | 633,801 | 222,611 | 222,152 | 56,905 | 70,199 | 48,963 | |||||||||||||||||||||
Less expense waivers and reimbursements (Note 3) | (469,413 | ) | (162,965 | ) | (167,591 | ) | (48,026 | ) | (60,428 | ) | (41,064 | ) | |||||||||||||||
Net Expenses | 164,388 | 59,646 | 54,561 | 8,879 | 9,771 | 7,899 | |||||||||||||||||||||
Net Investment Income | 687,977 | 123,809 | 62,755 | 28,942 | 75,491 | 10,646 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||||||||||||||||||||
Net realized loss on investments | (3,587,793 | ) | (1,220,607 | ) | (1,102,600 | ) | (64,950 | ) | (32,367 | ) | (85,310 | ) | |||||||||||||||
Net realized gain (loss) on In-kind redemptions | (1,687,076 | ) | 17,447 | — | — | — | — | ||||||||||||||||||||
Total realized gain (loss) | (5,274,869 | ) | (1,203,160 | ) | (1,102,600 | ) | (64,950 | ) | (32,367 | ) | (85,310 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (2,144,931 | ) | 1,320,689 | 2,604,691 | 478,201 | 505,440 | 366,383 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (7,419,800 | ) | 117,529 | 1,502,091 | 413,251 | 473,073 | 281,073 | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations | $ | (6,731,823 | ) | $ | 241,338 | $ | 1,564,846 | $ | 442,193 | $ | 548,564 | $ | 291,719 |
* Commencement of operations was November 10, 2008.
** Commencement of operations was November 18, 2008.
*** Commencement of operations was January 21, 2009.
The accompanying notes are an integral part of these financial statements.
41
Statements of Changes in Net Assets
JUNE 30, 2009
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | ||||||||||||||||||
Year Ended June 30, 2009 | For the Period February 22, 2008* Through June 30, 2008 | Year Ended June 30, 2009 | For the Period February 22, 2008* Through June 30, 2008 | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income | $ | 687,977 | $ | 80,630 | $ | 123,809 | $ | 16,245 | |||||||||||
Net realized gain (loss) on investments | (5,274,869 | ) | (27,016 | ) | (1,203,160 | ) | (5,054 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | (2,144,931 | ) | (2,756,793 | ) | 1,320,689 | (233,090 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from operations | (6,731,823 | ) | (2,703,179 | ) | 241,338 | (221,899 | ) | ||||||||||||
DISTRIBUTION TO SHAREHOLDERS FROM: | |||||||||||||||||||
Net investment income | (510,754 | ) | (72,607 | ) | (85,012 | ) | (14,055 | ) | |||||||||||
SHAREHOLDER TRANSACTIONS: | |||||||||||||||||||
Proceeds from shares sold | 52,727,371 | 34,789,142 | 27,160,779 | 5,069,798 | |||||||||||||||
Cost of shares redeemed | (24,299,946 | ) | — | (2,019,587 | ) | — | |||||||||||||
Net increase in net assets resulting from shareholder transactions | 28,427,425 | 34,789,142 | 25,141,192 | 5,069,798 | |||||||||||||||
Increase in net assets | 21,184,848 | 32,013,356 | 25,297,518 | 4,833,844 | |||||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 32,048,356 | 35,000 | 4,868,844 | 35,000 | |||||||||||||||
End of period | $ | 53,233,204 | $ | 32,048,356 | $ | 30,166,362 | $ | 4,868,844 | |||||||||||
Undistributed net investment income included in net assets at end of period | $ | 185,246 | $ | 7,646 | $ | 40,987 | $ | 1,189 | |||||||||||
CHANGES IN SHARES OUTSTANDING: | |||||||||||||||||||
Shares outstanding, beginning of period1 | 1,401,400 | 1,400 | 201,400 | 1,400 | |||||||||||||||
Shares sold1 | 3,100,000 | 1,400,000 | 1,500,000 | 200,000 | |||||||||||||||
Shares redeemed1 | (1,300,000 | ) | — | (100,000 | ) | — | |||||||||||||
Shares outstanding, end of period1 | 3,201,400 | 1,401,400 | 1,601,400 | 201,400 |
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.
* Commencement of operations.
The accompanying notes are an integral part of these financial statements.
42
Statements of Changes in Net Assets — concluded
RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | ||||||||||||||||||||
Year Ended June 30, 2009 | For the Period February 22, 2008* Through June 30, 2008 | For the Period November 10, 2008* Through June 30, 2009 | For the Period November 18, 2008* Through June 30, 2009 | For the Period January 21, 2009* Through June 30, 2009 | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||||
Net investment income | $ | 62,755 | $ | 15,074 | $ | 28,942 | $ | 75,491 | $ | 10,646 | |||||||||||||
Net realized gain (loss) on investments | (1,102,600 | ) | 5,187 | (64,950 | ) | (32,367 | ) | (85,310 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 2,604,691 | (349,234 | ) | 478,201 | 505,440 | 366,383 | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,564,846 | (328,973 | ) | 442,193 | 548,564 | 291,719 | |||||||||||||||||
DISTRIBUTION TO SHAREHOLDERS FROM: | |||||||||||||||||||||||
Net investment income | (47,294 | ) | (13,184 | ) | (20,458 | ) | (16,525 | ) | (9,325 | ) | |||||||||||||
SHAREHOLDER TRANSACTIONS: | |||||||||||||||||||||||
Proceeds from shares sold | 25,879,509 | 5,009,278 | 5,168,638 | 6,989,896 | 5,221,250 | ||||||||||||||||||
Cost of shares redeemed | — | — | — | — | — | ||||||||||||||||||
Net increase in net assets resulting from shareholder transactions | 25,879,509 | 5,009,278 | 5,168,638 | 6,989,896 | 5,221,250 | ||||||||||||||||||
Increase in net assets | 27,397,061 | 4,667,121 | 5,590,373 | 7,521,935 | 5,503,644 | ||||||||||||||||||
NET ASSETS: | |||||||||||||||||||||||
Beginning of period | 4,702,121 | 35,000 | — | — | — | ||||||||||||||||||
End of period | $ | 32,099,182 | $ | 4,702,121 | $ | 5,590,373 | $ | 7,521,935 | $ | 5,503,644 | |||||||||||||
Undistributed net investment income included in net assets at end of period | $ | 22,934 | $ | 981 | $ | 8,484 | $ | 61,115 | $ | 1,321 | |||||||||||||
CHANGES IN SHARES OUTSTANDING: | |||||||||||||||||||||||
Shares outstanding, beginning of period1 | 201,400 | 1,400 | — | — | — | ||||||||||||||||||
Shares sold1 | 1,400,000 | 200,000 | 250,000 | 250,000 | 200,000 | ||||||||||||||||||
Shares redeemed1 | — | — | — | — | — | ||||||||||||||||||
Shares outstanding, end of period1 | 1,601,400 | 201,400 | 250,000 | 250,000 | 200,000 |
The accompanying notes are an integral part of these financial statements.
43
Financial Highlights
JUNE 30, 2009
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | ||||||||||||||||||
Year Ended June 30, 2009 | For the Period February 22, 20081 Through June 30, 2008 | Year Ended June 30, 2009 | For the Period February 22, 20081 Through June 30, 2008 | ||||||||||||||||
Per Share Operating Performance2: | |||||||||||||||||||
Net asset value, beginning of period | $ | 22.87 | $ | 25.00 | $ | 24.17 | $ | 25.00 | |||||||||||
Net investment income3 | 0.33 | 0.15 | 0.18 | 0.08 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.34 | ) | (2.23 | ) | (5.36 | ) | (0.84 | ) | |||||||||||
Total gain (loss) from investment operations | (6.01 | ) | (2.08 | ) | (5.18 | ) | (0.76 | ) | |||||||||||
Less: Dividends from net investment income | (0.23 | ) | (0.05 | ) | (0.15 | ) | (0.07 | ) | |||||||||||
Net asset value, end of period | $ | 16.63 | $ | 22.87 | $ | 18.84 | $ | 24.17 | |||||||||||
Total Return at Net Asset Value4 | (26.27 | )% | (8.31 | )% | (21.39 | )% | (3.02 | )% | |||||||||||
Total Return at Market Value4 | (26.52 | )% | (8.19 | )% | (21.71 | )% | (2.44 | )% | |||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (000's omitted) | $ | 53,233 | $ | 32,048 | $ | 30,166 | $ | 4,869 | |||||||||||
Ratio to average net assets of: | |||||||||||||||||||
Expenses, net of expense waivers and reimbursements | 0.49 | % | 0.49 | %5 | 0.54 | % | 0.54 | %5 | |||||||||||
Expenses, prior to expense waivers and reimbursements | 1.89 | % | 2.32 | %5 | 2.02 | % | 4.93 | %5 | |||||||||||
Net investment income, net of waivers and reimbursements | 2.05 | % | 1.87 | %5 | 1.12 | % | 0.89 | %5 | |||||||||||
Portfolio turnover rate | 23.67 | % | 0.88 | %6 | 35.25 | % | 1.07 | %6 |
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 Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the Fund's closing price on the NYSE Arca. Total investment returns calculated for a period of less than one year are not annualized. The total return would have been lower if certain expenses had not been waived and reimbursed by the Adviser.
5 Annualized for periods less than one year.
6 Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds' capital shares.
The accompanying notes are an integral part of these financial statements.
44
Financial Highlights — concluded
RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | ||||||||||||||||||||
Year Ended June 30, 2009 | For the Period February 22, 20081 Through June 30, 2008 | For the Period November 10, 20081 Through June 30, 2009 | For the Period November 18, 20081 Through June 30, 2009 | For the Period January 21, 20091 Through June 30, 2009 | |||||||||||||||||||
Per Share Operating Performance2: | |||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.35 | $ | 25.00 | $ | 25.00 | $ | 25.00 | $ | 25.00 | |||||||||||||
Net investment income3 | 0.11 | 0.08 | 0.19 | 0.58 | 0.09 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.32 | ) | (1.67 | ) | (2.69 | ) | 4.68 | 2.52 | |||||||||||||||
Total gain (loss) from investment operations | (3.21 | ) | (1.59 | ) | (2.50 | ) | 5.26 | 2.61 | |||||||||||||||
Less: Dividends from net investment income | (0.10 | ) | (0.06 | ) | (0.14 | ) | (0.17 | ) | (0.09 | ) | |||||||||||||
Net asset value, end of period | $ | 20.04 | $ | 23.35 | $ | 22.36 | $ | 30.09 | $ | 27.52 | |||||||||||||
Total Return at Net Asset Value4 | (13.67 | )% | (6.36 | )% | (9.87 | )% | 21.15 | % | 10.48 | % | |||||||||||||
Total Return at Market Value4 | (13.67 | )% | (6.10 | )% | (10.03 | )% | 21.18 | % | 10.69 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||
Net assets, end of period (000's omitted) | $ | 32,099 | $ | 4,702 | $ | 5,590 | $ | 7,522 | $ | 5,504 | |||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||
Expenses, net of expense waivers and reimbursements | 0.54 | % | 0.54 | %5 | 0.49 | %5 | 0.49 | %5 | 0.60 | %5 | |||||||||||||
Expenses, prior to expense waivers and reimbursements | 2.20 | % | 5.03 | %5 | 3.14 | %5 | 3.52 | %5 | 3.72 | %5 | |||||||||||||
Net investment income, net of waivers and reimbursements | 0.62 | % | 0.85 | %5 | 1.60 | %5 | 3.79 | %5 | 0.81 | %5 | |||||||||||||
Portfolio turnover rate | 32.38 | % | 6.44 | %6 | 19.26 | %6 | 82.02 | %6 | 32.48 | %6 |
The accompanying notes are an integral part of these financial statements.
45
Notes to Financial Statements
1. ORGANIZATION
The RevenueShares ETF Trust (the "Trust") was organized as a Delaware statutory trust on December 15, 2006 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"), which is currently comprised of six active funds (collectively, the "Funds" and each individually a "Fund"). The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund are diversified funds under the Act, the RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund are not diversified. Operations commenced on February 22, 2008 for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, November 10, 2008 for the RevenueShares Financials Sector Fund, November 18, 2008 for the RevenueShares ADR Fund and January 21, 2009 for the RevenueShar es Navellier Overall A-100 Fund.
The objective of the Funds, (RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund) is to outperform the total return performance of the Fund's corresponding benchmark (Standard & Poor's ("S&P") 500 Index, S&P MidCap 400 Index, S&P SmallCap 600 Index, S&P 500 Financials Index, S&P ADR Index, and the Navellier Overall A-100 Index, respectively).
2. SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The following summarizes the significant accounting policies of the Funds:
Investment Valuation — Security holdings traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ Closing Price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith and in accordance with procedures adopted by the Trust's Board of Trustees (the "Board").
The Net Asset Value ("NAV") per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon Corp. calculates each Fund's NAV at the close of the regular trading session on the NYSE ordinarily 4:00 p.m., Eastern Time on each day that such exchange is open.
Investment Transactions — Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method.
Distribution to Shareholders — Each Fund shareholder is entitled to their share of a Fund's income and net realized gains on investments. Each Fund pays out substantially all of its net earnings to its shareholders as "distributions." Income dividends, if any are generally distributed to shareholders quarterly. Net capital gains are distributed at least annually.
Investment Income — Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities.
Expenses — Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
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
46
Notes to Financial Statements — continued
fee based on a percentage of daily net assets of each Fund. 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, ADR and Navellier Overall A-100 Funds pay the Adviser an annualized fee of 0.45%, 0.50%, 0.50%, 0.45%, 0.60% and 0.60% respectively, based upon each Fund's daily net assets.
The Trust and the Adviser have entered into a written fee waiver and expense reimbursement agreement pursuant to which the Adviser has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the net annual fund operating expenses for the RevenueShares Large Cap, Mid Cap, Small Cap, Financials Sector, ADR, and Navellier Overall A-100 Funds from exceeding 0.49%, 0.54%, 0.54%, 0.49%, 0.49%, 0.60% respectively, based upon each Fund's daily net assets. This agreement will remain in effect and will be contractually binding until October 31, 2011, after which it may be terminated or revised.
For the fiscal period ended June 30, 2009, the Adviser waived and reimbursed the following fees:
Fund | Fees Waived and Reimbursed | ||||||
RevenueShares Large Cap Fund | $ | 469,413 | |||||
RevenueShares Mid Cap Fund | 162,965 | ||||||
RevenueShares Small Cap Fund | 167,591 | ||||||
RevenueShares Financials Sector Fund | 48,026 | ||||||
RevenueShares ADR Fund | 60,428 | ||||||
RevenueShares Navellier Overall A-100 Fund | 41,064 |
Mellon Capital Management Corp. (the "Sub-Adviser"), a separate identifiable division of The Bank of New York Mellon Corp., 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. Out of the advisory fee, the Adviser pays all fees and expenses of the Sub-Adviser.
The Bank of New York Mellon Corp. serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Distribution 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.
Foreside Compliance Services, LLC ("FCS"), an affiliate of the Distributor, provides an Anti-Money Laundering Officer and Chief Compliance Officer as well as certain additional compliance support functions to the Funds. Foreside Management Services, LLC ("FMS"), an affiliate of the Distributor, provides a Principal Financial Officer to the Funds. Neither the Distributor, FCS nor FMS, nor any of their officers or employees who serve as an officer of the Funds, has any role in determining the investment policies or which securities are to be purchased or sold by the Trust or its Funds. Certain officers or employees of FCS and FMS are also officers of the Trust.
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 make no representation regarding the advisability of investing in any of the Funds.
47
Notes to Financial Statements — continued
4. CREATION AND REDEMPTION TRANSACTIONS
As of June 30, 2009, 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. Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of equity securities constituting a portfolio sampling representation of the securities included in the relevant Fund's underlying index and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
The Board authorized a two-for-one stock split for the RevenueShares Large Cap Fund, 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 FASB Staff Position FAS 157-4, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly" ("FSP 157-4"), provides additional guidance for estimating fair value in accordance with FAS 157, when the volume and level of activity for the asset or liability have significantly decreased. FSP 157-4 also includes guidance on identifying circumstances that indicate a transaction is not orderly and outlines additional disclosure based on investment type.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of June 30, 2009 in valuing the Funds' assets carried at fair value:
Fund | Quoted Prices in Active Market (Level 1) Common Stock | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||
RevenueShares Large Cap Fund | $ | 53,022,398 | — | — | $ | 53,022,398 | |||||||||||||
RevenueShares Mid Cap Fund | 30,082,751 | — | — | 30,082,751 | |||||||||||||||
RevenueShares Small Cap Fund | 32,126,026 | — | — | 32,126,026 | |||||||||||||||
RevenueShares Financials Sector Fund | 5,600,745 | — | — | 5,600,745 | |||||||||||||||
RevenueShares ADR Fund | 7,501,310 | — | — | 7,501,310 | |||||||||||||||
RevenueShares Navellier Overall A-100 Fund | 5,492,598 | — | — | 5,492,598 |
At June 30, 2009 the Funds did not hold any Level 2 or Level 3 securities.
48
Notes to Financial Statements — continued
6. INVESTMENT TRANSACTIONS
The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the period ended June 30, 2009 were as follows:
Fund | Purchases | Sales | |||||||||
RevenueShares Large Cap Fund | $ | 8,331,995 | $ | 8,102,932 | |||||||
RevenueShares Mid Cap Fund | 4,188,453 | 4,154,040 | |||||||||
RevenueShares Small Cap Fund | 3,700,380 | 3,611,034 | |||||||||
RevenueShares Financials Sector Fund | 624,295 | 591,345 | |||||||||
RevenueShares ADR Fund | 2,958,587 | 2,887,312 | |||||||||
RevenueShares Navellier Overall A-100 Fund | 1,049,495 | 1,057,929 |
For the period ended June 30, 2009, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:
Fund | Purchases | Sales | |||||||||
RevenueShares Large Cap Fund | $ | 52,566,434 | $ | 24,262,415 | |||||||
RevenueShares Mid Cap Fund | 27,116,876 | 2,020,339 | |||||||||
RevenueShares Small Cap Fund | 25,872,327 | — | |||||||||
RevenueShares Financials Sector Fund | 5,154,739 | — | |||||||||
RevenueShares ADR Fund | 6,957,026 | — | |||||||||
RevenueShares Navellier Overall A-100 Fund | 5,219,959 | — |
Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.
7. TRUSTEE'S FEES
The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. The interested Trustee does not receive any Trustees' fees.
8. FEDERAL INCOME TAX
The Funds intend to qualify as "regulated investment companies" under Subchapter M of the Internal Revenue Code of 1986 as amended (the "Internal Revenue Code"). If so qualified, the Funds will not be subject to federal income tax to the extent they distribute substantially all of their net investment income and capital gains to shareholders.
At June 30, 2009, 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 | $ | 58,933,148 | $ | 2,014,433 | $ | (7,925,183 | ) | $ | (5,910,750 | ) | |||||||||
RevenueShares Mid Cap Fund | 29,323,109 | 2,136,732 | (1,377,090 | ) | 759,642 | ||||||||||||||
RevenueShares Small Cap Fund | 30,125,721 | 3,704,246 | (1,703,941 | ) | 2,000,305 | ||||||||||||||
RevenueShares Financials Sector Fund | 5,135,771 | 800,629 | (335,655 | ) | 464,974 | ||||||||||||||
RevenueShares ADR Fund | 7,031,265 | 537,862 | (67,817 | ) | 470,045 | ||||||||||||||
RevenueShares Navellier Overall A-100 Fund | 5,126,669 | 464,901 | (98,972 | ) | 365,929 |
49
Notes to Financial Statements — continued
The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark to market of unrealized gains on PFICs. At June 30, 2009, the components of accumulated earnings/loss on a tax-basis were as follows:
Fund | Undistributed Ordinary Income | Undistributed Capital and Other Losses | Net Unrealized Appreciation (Depreciation) | Total Accumulated Earnings/(Losses) | |||||||||||||||
RevenueShares Large Cap Fund | $ | 185,246 | $ | (2,044,722 | ) | $ | (5,910,750 | ) | $ | (7,770,226 | ) | ||||||||
RevenueShares Mid Cap Fund | 40,987 | (896,300 | ) | 759,642 | (95,671 | ) | |||||||||||||
RevenueShares Small Cap Fund | 22,934 | (847,844 | ) | 2,000,305 | 1,175,395 | ||||||||||||||
RevenueShares Financials Sector Fund | 8,484 | (51,723 | ) | 464,974 | 421,735 | ||||||||||||||
RevenueShares ADR Fund | 62,048 | — | 470,045 | 532,093 | |||||||||||||||
RevenueShares Navellier Overall A-100 Fund | 1,321 | (84,856 | ) | 365,929 | 282,394 |
The tax character of distributions paid during the period ended June 30, 2009 were as follows:
Fund | Distributions Paid From Ordinary Income | Distributions Paid From Long Term Capital Gain | |||||||||
RevenueShares Large Cap Fund | $ | 510,754 | $ | — | |||||||
RevenueShares Mid Cap Fund | 85,012 | — | |||||||||
RevenueShares Small Cap Fund | 46,898 | 396 | |||||||||
RevenueShares Financials Sector Fund | 20,458 | — | |||||||||
RevenueShares ADR Fund | 16,525 | — | |||||||||
RevenueShares Navellier Overall A-100 Fund | 9,325 | — |
At June 30, 2009, for Federal income tax purposes, the Funds have capital loss carryforwards available to offset future capital gains through the years indicated. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders. During the fiscal year end June 30, 2009, the RevenueShares Mid Cap Fund had carryforward adjustments of $201 and in addition utilized capital loss carryforwards of $1,324.
Fund | Capital Loss Available Through 2016 | Capital Loss Available Through 2017 | Total | ||||||||||||
RevenueShares Large Cap Fund | $ | 26,666 | $ | 386,347 | $ | 413,013 | |||||||||
RevenueShares Mid Cap Fund | 3,042 | — | 3,042 | ||||||||||||
RevenueShares Small Cap Fund | — | 48,718 | 48,718 | ||||||||||||
RevenueShares Financials Sector Fund | — | 51,723 | 51,723 | ||||||||||||
RevenueShares ADR Fund | — | — | — | ||||||||||||
RevenueShares Navellier Overall A-100 Fund | — | 84,856 | 84,856 |
Post-October losses represent losses realized on investment transactions from November 1, 2008 through June 30, 2009, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year. During the period ended June 30, 2009, the Funds incurred and will elect to defer net capital losses as follows:
Fund | Post-October Capital Losses | ||||||
RevenueShares Large Cap Fund | $ | 1,631,709 | |||||
RevenueShares Mid Cap Fund | 893,258 | ||||||
RevenueShares Small Cap Fund | 799,126 | ||||||
RevenueShares Financials Sector Fund | — | ||||||
RevenueShares ADR Fund | — | ||||||
RevenueShares Navellier Overall A-100 Fund | — |
50
Notes to Financial Statements — continued
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of redemptions in kind. Results of operations and net assets were not affected by these reclassifications. At June 30, 2009, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets as follows:
Fund | Undistributed Net Investment Income | Accumulated Net Realized Gain/(Losses) on Investments | Paid-in Capital | ||||||||||||
RevenueShares Large Cap Fund | $ | 377 | $ | 2,247,760 | $ | (2,248,137 | ) | ||||||||
RevenueShares Mid Cap Fund | 1,001 | (17,044 | ) | 16,043 | |||||||||||
RevenueShares Small Cap Fund | 6,492 | (6,492 | ) | — | |||||||||||
RevenueShares Financials Sector Fund | — | — | — | ||||||||||||
RevenueShares ADR Fund | 2,149 | (2,095 | ) | (54 | ) | ||||||||||
RevenueShares Navellier Overall A-100 Fund | — | — | — |
The Funds have adopted the provisions of FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN 48"). This interpretation prescribes a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Foreign taxes are provided for based on the Funds' understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation, as applicable, as the income is earned or capital gains are recorded. If applicable, the Funds will recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in "Other" expense on the Statements of Operations. Management has evaluated the application of FIN 48 to the Funds and has determined that there is no impact resulting from the application of this int erpretation to the Funds' financial statements.
FIN 48 requires management of the Funds to analyze all open tax years, fiscal years 2008-2009 as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the year ended June 30, 2009, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
9. RISKS
Concentration Risk
The RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Funds may be adversely affected by the performance of the securities in a particular industry and may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class than may be the case for a fund that was not concentrated in a particular industry.
Non-Diversification Risk
Each of the RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund is non-diversified and, as a result, may have greater volatility than other diversified funds. Because a non-diversified fund may invest a larger percentage of its assets in securities of a single company than diversified funds, the performance of that company can have a substantial impact on a Fund's Share price. Each Fund intends to maintain the required level of diversification so as to qualify as a "regulated investment company" for purposes of the Internal Revenue Code in order to avoid liability for federal income tax to the extent that its earnings are distributed to shareholders. Compliance with diversification requirements of the Internal Revenue Code could limit the investment flexibility of a Fund.
Financial Sector Risk
Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be
51
Notes to Financial Statements — continued
subject to severe price competition and adversely affected by natural disasters. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITs).
ADR Risk
The RevenueShares ADR Fund holds the securities of foreign companies in the form of ADRs, global shares or, in the case of Canadian equities, ordinary shares. Global shares are the actual (ordinary) shares of a non-U.S. company, which trade both in the home market and the U.S and are represented by the same share certificate in both the U.S. and the home market. Global shares may also be eligible to list on exchanges in addition to the United States and home country. ADRs are receipts typically issued by an American bank or trust company that evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs are designed for use in the U.S. securities markets. Separate registrars in the United States and home country are maintained. In most cases, purchases occurring on a U.S. exchange would be reflected on the U.S. Registrar.
The underlying securities of the ADRs in the Fund's portfolio are usually denominated or quoted in currencies other than the U.S. dollar. Global shares may trade in their home market in currencies other than the U.S. dollar. Changes in foreign currency exchange rates affect the value of the ADR or global shares and, therefore, the value of the Fund's portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as "currency risk," means that a strong U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase those returns.
In addition, although the ADRs, global shares and ordinary shares in which the Fund invests are listed on major U.S. exchanges, there can be no assurance that a market for these securities will be made or maintained or that any such market will be or remain liquid. The price at which the Fund's securities may be sold and the value of the Fund's Shares will be adversely affected if trading markets for the securities are limited or absent or if bid/ask spreads are wide.
Foreign Market Risk
Since global shares and the underlying securities of ADRs in the RevenueShares ADR Fund's portfolio trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the ADRs representing those underlying securities may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for Shares of the Fund.
10. ACCOUNTING PRONOUNCEMENTS
The FASB Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities" ("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. The Funds adopted FAS 161 on June 30, 2009, and has determined that the application of FAS 161 did not have any impact on the results of their operations and financial position.
The Funds have adopted Statement of Financial Accounting Standards 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 statement of non-governmental entities that are presented in conformity with GAAP in the United States. SFAS 162 became effective on November 15, 2008. Management has evaluated SFAS 162 and does not expect it to materially impact the Funds' financial statements.
The Funds have also adopted 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. FSP 133-1 is effective for fiscal periods and interim periods ending after November 15, 2008. Management has evaluated FSP 133-1 and does not expect it to materially impact the Funds' financial statements.
In May 2009, FASB issued Statement of Financial Accounting Standards No. 165, Subsequent Events ( "FAS 165"), which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. Although there is new terminology, the standard is based on the same principles as those that currently exist in the auditing standards. The standard, which includes a
52
Notes to Financial Statements — concluded
new required disclosure of the date through which an entity has evaluated subsequent events, is effective for interim or annual periods ending after June 15, 2009. The adoption of FAS 165 has had no material effect on the Funds' financial statements and related disclosures.
11. SUBSEQUENT EVENTS
In accordance with the provisions set forth in FAS 165, adopted by the Funds as of May 28, 2009, management has evaluated the possibility of subsequent events existing in the Fund's financial statements through August 25, 2009, the date the financial statements were available to be issued.
On July 1, 2009, the Funds declared quarterly income dividends with an ex-date of July 2, 2009 and payable date of July 9, 2009. The income dividend per share for each Fund was as follows:
Fund | Income Dividend Per Share | ||||||
RevenueShares Large Cap Fund | $ | 0.05786 | |||||
RevenueShares Mid Cap Fund | 0.02559 | ||||||
RevenueShares Small Cap Fund | 0.01390 | ||||||
RevenueShares Financials Sector Fund | 0.03394 | ||||||
RevenueShares ADR Fund | 0.23615 | ||||||
RevenueShares Navellier Overall A-100 Fund | 0.00660 |
53
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of RevenueShares ETF Trust
We have audited the accompanying statements of assets and liabilities of the RevenueShares ETF Trust (comprising, respectively, the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund (the "Funds")) as of June 30, 2009, the related statements of operations, and changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds' internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant esti mates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds constituting RevenueShares ETF Trust at June 30, 2009, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
August 25, 2009
54
Board Approval of Investment Advisory and Sub-Advisory Agreements (UNAUDITED)
The Board of Trustees (the "Board"), including those Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), unanimously approved each of the RevenueShares Financials Sector Fund's, the RevenueShares ADR Fund's and the RevenueShares Navellier Overall A-100 Fund's (each, a "Fund") investment advisory agreement with VTL Associates, LLC (the "Adviser") and sub-advisory agreement with Mellon Capital Management Corporation (the "Sub-Adviser"), as well as each Fund's administrative services agreement with an affiliate of the Fund's Sub-Adviser. In connection with considering approval of such agreements, the Board held two meetings primarily dedicated to the approval process. Throughout the process, the Independent Trustees received assistance and advice from and met separately with independent counsel. The Independent Trustees met with and inte rviewed officers of the Adviser and Sub-Adviser (including portfolio managers), the transfer agent and the distributor. In approving the investment advisory agreement, the sub-advisory agreement and the administrative services agreement for each Fund, the Board, including the Independent Trustees, determined that the investment advisory fee structure was fair and reasonable and that approval of the agreements was in the best interests of each Fund and its shareholders.
In reaching their decision on the investment advisory agreement and the sub-advisory agreement (as well as the administrative services agreement), the Board took into account information specifically requested and furnished in connection with the approval process. During the process, the Independent Trustees considered the Adviser's and Sub-Adviser's activities on behalf of other clients.
The information obtained by the Board during the approval process also included a special report prepared by Lipper, Inc. ("Lipper"), an independent third-party analyst, comparing each Fund's proposed expenses with those of other funds deemed comparable to such Fund selected by Lipper ("Lipper Section 15(c) Report"). The Board reviewed the Lipper Section 15(c) Report and its usefulness in the approval process with respect to matters such as comparative fees, expenses and expense ratios. They concluded that the report was helpful in the performance of their duties.
In addition to the above and other matters considered by the Board throughout the course of the year, the following discussion relates to certain primary factors relevant to the Board's decision. No single factor was determinative to the decision of the Board.
NATURE, EXTENT AND QUALITY OF SERVICES.
The Board reviewed the nature, extent and quality of the services to be provided by the Adviser and the Sub-Adviser. In this regard, they reviewed each Fund's revenue-weighted investment approach and the Adviser's and Sub-Adviser's ability, respectively, to implement such approach. The Board reviewed each Fund's portfolio management team, including its performance in advising the other RevenueShares funds (and other similar accounts managed by such team), staffing, skills and compensation program. With respect to portfolio manager compensation, management of the Adviser and the Sub-Adviser assured the Board that each Fund's ability to replicate its corresponding performance of the revenue-weighted index is a significant component of incentive-based compensation. The Board noted that the portfolio manager compensation program aligned the interests of the portfolio managers with that of Fund shareholders. The Board discussed with management of the Adviser and the Sub-Adviser various other products, portfolios and entities that are advised by each of them and the relative fees of such accounts and reasons for differences with respect thereto and any potential conflicts. During the aforementioned meetings, the Board received and discussed the Adviser's and Sub-Adviser's compliance policies, proxy voting procedures and code of ethics. The Board noted that the Adviser and the Sub-Adviser do not have any soft-dollar arrangements.
The Independent Trustees also discussed the Adviser's ability to oversee: each Fund's security weighting allocations as compared to the Fund's underlying revenue-weighted index; each Fund's cash management and, if any, investing of securities lending collateral; and corporate developments in constituent securities to ensure that reconstitutions of a Fund are done according to the predetermined methodology. The Board also considered the services to be provided by the Adviser in its oversight of the Fund's administrator, custodian and transfer agent and the Sub-Adviser. They noted the significant amount of time and effort that had been devoted to structuring each Fund, obtaining the necessary exemptive relief from the U.S. Securities and Exchange Commission and arranging prospective service providers for the Fund.
The Independent Trustees discussed the replication method to be employed by the Sub-Adviser in adjusting each Fund's portfolio in response to changes in the underlying index. The Independent Trustees also discussed the Adviser's review and selection process with respect to the Sub-Adviser, and the Adviser's favorable assessment as to the nature and quality of the sub-advisory services expected to be provided by the Sub-Adviser.
Based on their review, the Board was satisfied with the nature and quality of the overall services to be provided by the Adviser and the Sub-Adviser, respectively, to each Fund and its shareholders and were confident in the abilities of the
55
Board Approval of Investment Advisory and Sub-Advisory Agreements (UNAUDITED) — continued
Adviser and Sub-Adviser, respectively, to implement the revenue-weighted investment approach of each Fund and to provide quality services to each Fund and its shareholders.
INVESTMENT PERFORMANCE.
The Board noted that, as each Fund had not yet commenced investment operations, there was no investment performance for each Fund. The Board did consider the investment performance of the Adviser with respect to other RevenueShares funds and other accounts managed by the Adviser that have similar revenue-weighted investment objectives. The Board also considered the investment performance of the Sub-Adviser with respect to other accounts managed by the Sub-Adviser that seek to track the performance of an index. Both the Adviser and the Sub-Adviser had had minimal tracking deviations compared to the respective underlying indexes.
COMPARATIVE EXPENSES AND ADVISER AND SUB-ADVISER PROFITABILITY.
The Board considered the cost of the services to be provided and the profits to be realized by the Adviser and the Sub-Adviser (and its affiliates) from their respective relationships with each Fund. The Board noted that the Adviser and Sub-Adviser could not report any financial results from their relationships with each Fund because each Fund had not yet commenced investment operations, and thus, the Board could not evaluate the Adviser's or Sub-Adviser's profitability with respect to each Fund. The Board, however, discussed the methods and processes for determining the profitability of the Adviser and the Sub-Adviser (and its affiliates) from providing investment advisory and sub-advisory services to each Fund once financial results become available. The Board also considered the extent to which the Adviser and Sub-Adviser may derive ancillary benefits from Fund operations.
In considering the appropriateness of the advisory fee charged to each Fund, the Board also reviewed and considered the advisory fees in light of the nature, extent and quality of the advisory services expected to be provided by the Adviser, including, but not limited to, the quality and experience of the portfolio managers. The Board also reviewed and considered the sub-advisory fee that would be payable by the Adviser to the Sub-Adviser in light of the nature, extent and quality of the advisory services expected to be provided by the sub-adviser. The Board noted that the Adviser, and not the Fund, will pay the sub-advisory fee to the Sub-Adviser.
The Independent Trustees compared both the services to be rendered and the proposed fees to be paid pursuant to other investment advisory contracts of the Adviser and the Sub-Adviser. The Independent Trustees considered the fees charged to other RevenueShares funds and other accounts managed by the Adviser and Sub-Adviser, respectively, with similar strategies to the Fund. The Board also noted that the sub-advisory fee rates to be charged by the Sub-Adviser were within the range of fees charged by the sub-advisory to other comparable accounts managed by it. The Board considered the proposed fee waiver and expense limitation arrangements that would be in effect for the first year of operation.
Consideration was also given to a comparative analysis in the Lipper Section 15(c) Report of the investment advisory fee and total expense ratios of the Fund in comparison with those of a group of other funds selected by Lipper as its appropriate expense group.
RevenueShares Financials Sector Fund — The Board noted that the actual investment advisory fee (both including and excluding the proposed fee waiver and expense limitation arrangements) of the Fund was within the range of fees charged by other funds in the Fund's Lipper expense group. The Board also noted that the total expenses (both including and excluding the proposed fee waiver and expense limitation arrangements) of the Fund were within the range of total expenses of other funds in the Fund's Lipper expense group.
RevenueShares ADR Fund — The Board noted that the actual investment advisory fee (including, but not excluding, the proposed fee waiver and expense limitation arrangements) of the Fund was within the range of fees charged by other funds in the Fund's Lipper expense group. The Board also noted the total expenses (including, but not excluding, the proposed fee waiver and expense limitation arrangements) of the Fund were within the range of total expenses of other funds in the Fund's Lipper expense group.
RevenueShares Navellier Overall A-100 Fund — The Board noted that the actual investment advisory fee (including, but not excluding, the proposed fee waiver and expense limitation arrangements) of the Fund was within the range of fees charged by other funds in the Fund's Lipper expense group. The Board also noted the total expenses (both including and excluding the proposed fee waiver and expense limitation arrangements) of the Fund were within the range of total expenses of other funds in the Fund's Lipper expense group.
56
Board Approval of Investment Advisory and Sub-Advisory Agreements (UNAUDITED) — concluded
Based upon their consideration of all these factors, the Board determined that the level of profits (if any) to be realized by the Adviser and Sub-Adviser in providing services to each Fund was not expected to be excessive in view of the nature, quality and extent of services to be provided.
ECONOMIES OF SCALE.
The Board considered economies of scale realized by the Adviser and its affiliates as each Fund grows larger and the extent to which they are shared with Fund shareholders, as for example, in the level of the investment advisory fee charged, in the quality and efficiency of services rendered and in increased capital commitments benefiting the Fund directly or indirectly. Since each Fund had not yet commenced operations, the Board concluded that economies of scale were difficult to consider at that time.
57
Trustees and Officers of the RevenueShares ETF Trust
(UNAUDITED)
Independent Trustees
Name, Address and Year of Birth | Position(s) Held with Trust | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex(2) Overseen by Trustee | Other Directorships Held by Trustee | ||||||||||||||||||
Vincent DiStefano One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Year of Birth: 1938 | Trustee | Since 2006 | Orthopaedic Surgeon since 1970. | 6 | None | ||||||||||||||||||
Lawrence A. Goldberg One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Year of Birth: 1960 | Trustee | Since 2006 | Attorney since 1972. | 6 | None | ||||||||||||||||||
James C. McAuliffe One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Year of Birth: 1951 | Trustee | Since 2006 | Retired. Police Officer from 1971 to 2004. | 6 | None | ||||||||||||||||||
Christian W. Myers, III One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Year of Birth: 1952 | Trustee | Since 2006 | Firefighter from 1976 to present. | 6 | None | ||||||||||||||||||
John J. Kolodziej One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Year of Birth: 1956 | Trustee | Since 2007 | Director of Finance, St. Francis Medical Center, from 2002 to present. | 6 | None | ||||||||||||||||||
Interested Trustee
Vincent T. Lowry(3) One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Year of Birth: 1951 | Chairman and Trustee; President | Since 2006 | Chief Executive Officer, VTL, from 2004 to present; Managing Director, Smith Barney, Inc. from 1984 to 2004. | 6 | None | ||||||||||||||||||
(1) Each Trustee holds office for an indefinite term.
(2) The "Fund Complex" consists of the Trust, which consists of six Funds.
(3) Mr. Lowry is considered to be an "interested person" of the Trust as defined in the 1940 Act, due to his relationship with VTL, the Funds' investment adviser.
58
Trustees and Officers of the RevenueShares ETF Trust (UNAUDITED) — concluded
Officers
Name, Address and Year of Birth | Position(s) Held with the Trust | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | ||||||||||||
Christopher C. Lanza(2) Three Canal Plaza, Suite 100 Portland, ME 04101 Year of BIrth: 1961 | Treasurer | Since 2007 | Director, ETF Services, Foreside Fund Services, LLC, 2007 to present; Vice President, Citigroup, from 2004 to 2007; Director, CMB Global Solutions, from 2000 to 2004. | ||||||||||||
Patrick J. Keniston(2) Three Canal Plaza, Suite 100 Portland, ME 04101 Year of BIrth: 1964 | Chief Compliance Officer | Since 2009 | Director, Foreside Compliance Services, since October 2008; Vice President, Citi Fund Services Ohio, Inc. (from 2005 to 2008); Attorney, Citigroup Global Transaction Services (from 2001 to 2005). | ||||||||||||
Jennifer Folgia One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Year of Birth: 1973 | Secretary | Since 2006 | Operations Manager, VTL, from 2004 to present; Sales Assistant, Smith Barney, Inc., from 1994 to 2004. | ||||||||||||
(1) Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board.
(2) Mr. Lanza and Mr. Keniston are affiliated persons of Foreside Financial Group, LLC, the principal underwriter to the Funds.
59
Supplemental Information
(UNAUDITED)
Federal Tax Status of Dividends Declared during the Tax Year
For Federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction ("DRD"), and the individual qualified dividend rate ("QDI") is presented below.
QDI | DRD | ||||||||||
RevenueShares Large Cap Fund | 100 | % | 100.00 | % | |||||||
RevenueShares Mid Cap Fund | 100 | 100.00 | |||||||||
RevenueShares Small Cap Fund | 100 | 99.80 | |||||||||
RevenueShares Financials Sector Fund | 100 | 100.00 | |||||||||
RevenueShares ADR Fund | 100 | — | |||||||||
RevenueShares Navellier Overall A-100 Fund | 100 | 96.92 |
Special 2009 Tax Information
RevenueShares ADR Fund in accordance with Section 853 of the Internal Revenue Code intends to elect to pass through to its shareholders the credit for taxes paid in foreign countries during its fiscal year ended June 30, 2009. In accordance with the current tax laws, the foreign income and foreign tax per share (for a share outstanding as of June 30, 2009) is as follows:
Dividend | Foreign Tax | ||||||||||
Dollar Amount | $ | 85,262 | $ | 10,607 |
60
Supplemental Information — concluded
(UNAUDITED)
Proxy Voting Policies, Procedures and Record
A description of the Trust's proxy voting policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, and each Fund's proxy voting record for the most recent twelve-month period ended June 30 is available, without charge upon request, by calling (877)738-8870. This information is also available on the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The RevenueShares ETF Trust files its complete schedule of portfolio holdings with the SEC for its first and third quarters on Form N-Q. Copies of the filings are available on the SEC's website at http://www.sec.gov. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC's Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to 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.
61
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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.
50 Fremont Street, Suite 3900
San Francisco, California 94105
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
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.
a). The Registrant has adopted a code of ethics that applies to the Registrant’s Principal Executive Officer, Principal Financial Officer or persons performing similar functions.
b). There have not been any changes to the Code of Ethics.
c). Not applicable.
d). During the period, Registrant granted no waivers from the provisions of its code of ethics that applies to the Registrant’s Principal Executive Officer, Principal Financial Officer or persons performing similar functions.
e). Not applicable.
f). Attached.
Item 3. Audit Committee Financial Expert.
a). The Registrant’s Board of Trustees has one audit committee financial expert serving on its audit committee, an “independent” Trustee, John J. Kolodziej. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
a). Audit Fees: the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for the audit are as follows:
2009: $ 82,000
2008: $ 56,000
b). Audit-Related Fees: the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this item are as follows:
2009: $ 0
2008: $ 0
c). Tax Fees, the aggregate fees billed in each of the previous last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are as follows:
2009: $ 18,000
2008: $ 19,000
d). All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) and (c) of this Item are as follows:
2009: $ 0
2008: $ 0
e) Audit Committee Pre-Approval Policies and Procedures.
(i) Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant.
(ii) 100% of services described in each of Items 4(b) through (d) were approved
by the audit committee pursuant to paragraph (c)(7)(A) of Rule 2-01 of Regulation S-X.
(f) No response required.
(g) The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Funds, the Advisor or any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant (except for any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) that directly impacted the Funds for the last two fiscal years is as follows:
2009: $ 18,000
2008: $ 19,000
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants.
(a) The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and all independent Trustees are members of such committee.
(b) Not applicable.
Item 6. Schedule of Investments.
(a) Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company & Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) The Principal Executive Officer and Principal Financial Officer have evaluated the Registrant’s disclosure controls and procedures within 90 days of the filing date of this report and have concluded that these controls and procedures are effective.
(b) There were no significant changes in the Registrant’s internal controls over financial reporting or in other factors that could significantly affect these controls during the second fiscal quarter of the period covered by this report.
Item 12. Exhibits.
(a) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached.
(b) Separate certifications for each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17CFR 270.30a-(a)).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: RevenueShares ETF Trust
By: | /s/ Vincent T. Lowry |
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Vincent T. Lowry, Chief Executive Officer |
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Date: | August 25, 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
By: | /s/ Vincent T. Lowry |
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Vincent T. Lowry, Chief Executive Officer |
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Date: | August 25, 2009 |
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By: | /s/ Christopher Lanza |
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Christopher Lanza, Chief Financial Officer |
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Date: | August 25, 2009 |
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