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, |
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2005 Market Street Suite 2020 |
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Philadelphia, Pennsylvania |
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(Address of principal executive offices) |
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Vincent T. Lowry | |||||||||
(Name and address of agent for service) | |||||||||
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Registrant’s telephone number, including area code: | 1-877-738-8870 |
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Date of fiscal year end: | June 30 |
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Date of reporting period: | July 1, 2009 - December 31, 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
Semi-Annual Report to Shareholders
December 31, 2009
www.RevenueSharesETFs.com | 877.738.8870
Table of Contents
Letter to Shareholders | 2 | ||||||
Shareholder Expense Examples | 4 | ||||||
Frequency Distribution of Premium and Discount | 5 | ||||||
Schedule of Investments Summary Tables | 6 | ||||||
Schedules of Investments | |||||||
RevenueShares Large Cap Fund | 7 | ||||||
RevenueShares Mid Cap Fund | 12 | ||||||
RevenueShares Small Cap Fund | 17 | ||||||
RevenueShares Financials Sector Fund | 23 | ||||||
RevenueShares ADR Fund | 24 | ||||||
RevenueShares Navellier Overall A-100 Fund | 27 | ||||||
Statements of Assets and Liabilities | 30 | ||||||
Statements of Operations | 31 | ||||||
Statements of Changes in Net Assets | 32 | ||||||
Financial Highlights | 34 | ||||||
Notes to Financial Statements | 37 | ||||||
Supplemental Information | 44 | ||||||
1
Letter To Shareholders
February 2010
Dear Shareholder:
In February 2008, RevenueShares launched its first three funds. Despite the worst bear market since the 1930s, RWL (RevenueShares Large Cap Fund), RWK (RevenueShares Mid Cap Fund) and RWJ (RevenueShares Small Cap Fund) have been met with enthusiasm by investors and have gained market share. The three Funds all exceed $80 million in assets with RWL exceeding $100 million in assets.
In the fall of 2008, RevenueShares followed RWL, RWK and RWJ with two additional funds: RWW (RevenueShares Financials Sector Fund), RTR (RevenueShares ADR Fund), and in January 2009, RevenueShares added RWV (RevenueShares Navellier Overall A-100 Fund). Since our last letter to shareholders these Funds have all experienced excellent returns.
Fund returns at NAV — Six Months Ended December 31, 2009 vs. Benchmark:
° RWL, 24.46% vs. S&P 500 Index, 22.59%
° RWK, 28.39% vs. S&P MidCap 400 Index, 26.65%
° RWJ, 29.60% vs. S&P SmallCap 600 Index, 24.73%
° RWW, 23.82% vs. S&P 500 Financials Index, 21.36%
° RTR, 23.00% vs. S&P ADR Index, 24.10%
° RWV, 17.80% vs. Russell 3000 Index, 23.17%
We believe the equity markets will continue in an upward trend as the market continues to climb a "wall of worry" to new highs over the next 18 months. Despite record budget deficits, high unemployment and dysfunctional behavior in Washington, the U.S. and world economies are grudgingly expanding. We believe the U.S. gross domestic product (GDP) may exceed 3% during 2010 and looking back over similar periods, the U.S. equity markets have performed exceedingly well during the first two years of economic recoveries. For example, during the period of 1937-1947 the U.S. economy absorbed huge budget deficits and endured a world war, yet the U.S. equity markets experienced double-digit returns. In the period between 1974-1984, there was a mixture of high budget deficits, inflation and stubbornly high unemployment. Still, the equity markets annualized double-digit returns during this period as well. We believe the U.S. stock market and indeed the g lobal equity markets will exceed most analyst predictions over the next two to five years. The economic global expansion is intact and will be the driving force behind the rising equity market both domestically and internationally. We believe RevenueShares ETFs are well positioned to participate in the forthcoming global expansion.
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 Receipt risk, currency exchange risk, foreign market risk, growth style investing risk, portfolio turnover risk, and/or special risks of exchange-traded funds.
The S&P 500® Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The S&P MidCap 400TM Index consists of 400 domestic mid cap stocks
2
Letter To Shareholders — concluded
selected for market size, liquidity and industry group representation. The S&P SmallCap 600TM Index consists of 600 domestic small cap stocks selected for market size, liquidity and industry group representation. The S&P 500® Financials Index is a stock market index comprised of large cap companies that Standard & Poor's® deems to be part of the Financials sector of the U.S. economy, using Global Industry Classification Standards. S&P® ADR Index is a U.S. dollar denominated index of the non-U.S. companies contained in the S&P® Global 1200 Ex U.S. Index. The S&P® Global 1200 Ex U.S. Index is a free-float weighted global index covering 29 countries and approximately 70% of the world's capital markets. The Russell 3000 Index measures the performance of the 3000 largest U.S. companies based on total market capitalization, which represent s 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 this letter is first published or anytime thereafter. These views are intended to assist shareholders in understanding the Funds' present investment methodology and do not constitute investment advice.
A Fund's per share net asset value or "NAV" is the value of one share of a Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The price used to calculate market return ("Market Price") is determined by using the mean of the bid and offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund's NAV is calculated at market close. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
3
Shareholder Expense Examples
(UNAUDITED)
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 July 1, 2009 to December 31, 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 07/01/09 | Ending Account Value 12/31/09 | Annualized Expense Ratios for the Six Month Period | Expenses Paid During the Six Month Period† | ||||||||||||||||
RevenueShares Large Cap Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,244.60 | 0.49 | % | $ | 2.77 | |||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.74 | 0.49 | % | $ | 2.50 | |||||||||||
RevenueShares Mid Cap Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,283.90 | 0.54 | % | $ | 3.11 | |||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.48 | 0.54 | % | $ | 2.75 | |||||||||||
RevenueShares Small Cap Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,296.00 | 0.54 | % | $ | 3.13 | |||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.48 | 0.54 | % | $ | 2.75 | |||||||||||
RevenueShares Financials Sector Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,238.20 | 0.49 | % | $ | 2.76 | |||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.74 | 0.49 | % | $ | 2.50 | |||||||||||
RevenueShares ADR Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,230.00 | 0.49 | % | $ | 2.75 | |||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.74 | 0.49 | % | $ | 2.50 | |||||||||||
RevenueShares Navellier Overall A-100 Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,178.00 | 0.60 | % | $ | 3.29 | |||||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.18 | 0.60 | % | $ | 3.06 |
† Expenses are calculated using each Fund's annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).
4
Frequency Distribution of Premium and Discount
(UNAUDITED)
The table that follows presents information about the differences between the daily market price on secondary markets for shares of the Fund and the Fund's net asset value. Net asset value, or "NAV", is the price per share at which the Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The "Market Price" of the Fund generally is determined using the midpoint of the bid/ask at closing on the stock exchange which the shares of the Fund are listed for trading, as of the time the Fund's NAV is calculated. The Fund's Market Price may be at, above or below its NAV. The NAV of the Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of the Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Fund on a given day, generally at the time NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV.
The following information shows the frequency distributions of premiums and discounts for the Funds. The information shown for each Fund is for the period from July 1, 2009 to December 31, 2009.
Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.
RevenueShares Large Cap Fund
Closing Bid/Ask Midpoint Above NAV | Closing Bid/Ask Midpoint Below NAV | ||||||||||||||||||
Premium/ Discount Range | Number of Days | % of Total Days | Number of Days | % of Total Days | |||||||||||||||
0.00 | % - 0.249% | 46 | 36.5 | % | 79 | 62.7 | % | ||||||||||||
0.25 | % - 0.499% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
0.50 | % - 0.749% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
0.75 | % - 0.999% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
1.00 | % or more | 0 | 0.0 | 1 | 0.8 | ||||||||||||||
Total | 46 | 36.5 | % | 80 | 63.5 | % |
RevenueShares Small Cap Fund
Closing Bid/Ask Midpoint Above NAV | Closing Bid/Ask Midpoint Below NAV | ||||||||||||||||||
Premium/ Discount Range | Number of Days | % of Total Days | Number of Days | % of Total Days | |||||||||||||||
0.00 | % - 0.249% | 68 | 54.0 | % | 58 | 46.0 | % | ||||||||||||
0.25 | % - 0.499% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
0.50 | % - 0.749% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
0.75 | % - 0.999% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
1.00 | % or more | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
Total | 68 | 54.0 | % | 58 | 46.0 | % |
RevenueShares ADR Fund
Closing Bid/Ask Midpoint Above NAV | Closing Bid/Ask Midpoint Below NAV | ||||||||||||||||||
Premium/ Discount Range | Number of Days | % of Total Days | Number of Days | % of Total Days | |||||||||||||||
0.00 | % - 0.249% | 49 | 38.9 | % | 76 | 60.3 | % | ||||||||||||
0.25 | % - 0.499% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
0.50 | % - 0.749% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
0.75 | % - 0.999% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
1.00 | % or more | 0 | 0.0 | 1 | 0.8 | ||||||||||||||
Total | 49 | 38.9 | % | 77 | 61.1 | % |
RevenueShares Mid Cap Fund
Closing Bid/Ask Midpoint Above NAV | Closing Bid/Ask Midpoint Below NAV | ||||||||||||||||||
Premium/ Discount Range | Number of Days | % of Total Days | Number of Days | % of Total Days | |||||||||||||||
0.00 | % - 0.249% | 45 | 35.7 | % | 81 | 64.3 | % | ||||||||||||
0.25 | % - 0.499% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
0.50 | % - 0.749% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
0.75 | % - 0.999% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
1.00 | % or more | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
Total | 45 | 35.7 | % | 81 | 64.3 | % |
RevenueShares Financials Sector Fund
Closing Bid/Ask Midpoint Above NAV | Closing Bid/Ask Midpoint Below NAV | ||||||||||||||||||
Premium/ Discount Range | Number of Days | % of Total Days | Number of Days | % of Total Days | |||||||||||||||
0.00 | % - 0.249% | 55 | 43.7 | % | 70 | 55.5 | % | ||||||||||||
0.25 | % - 0.499% | 0 | 0.0 | 1 | 0.8 | ||||||||||||||
0.50 | % - 0.749% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
0.75 | % - 0.999% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
1.00 | % or more | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
Total | 55 | 43.7 | % | 71 | 56.3 | % |
RevenueShares Navellier Overall A-100 Fund
Closing Bid/Ask Midpoint Above NAV | Closing Bid/Ask Midpoint Below NAV | ||||||||||||||||||
Premium/ Discount Range | Number of Days | % of Total Days | Number of Days | % of Total Days | |||||||||||||||
0.00 | % - 0.249% | 68 | 54.0 | % | 54 | 42.8 | % | ||||||||||||
0.25 | % - 0.499% | 0 | 0.0 | 3 | 2.4 | ||||||||||||||
0.50 | % - 0.749% | 1 | 0.8 | 0 | 0.0 | ||||||||||||||
0.75 | % - 0.999% | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
1.00 | % or more | 0 | 0.0 | 0 | 0.0 | ||||||||||||||
Total | 69 | 54.8 | % | 57 | 45.2 | % |
5
Schedule of Investments Summary Tables
(UNAUDITED)
RevenueShares Large Cap Fund
Industry | % of Net Assets | ||||||
Automobiles & Components | 2.1 | % | |||||
Banks | 2.3 | ||||||
Capital Goods | 9.1 | ||||||
Commercial & Professional Services | 0.7 | ||||||
Consumer Durables & Apparel | 1.3 | ||||||
Consumer Services | 1.2 | ||||||
Diversified Financials | 6.6 | ||||||
Energy | 11.6 | ||||||
Food & Staples Retailing | 10.0 | ||||||
Food, Beverage & Tobacco | 5.1 | ||||||
Health Care Equipment & Services | 8.5 | ||||||
Household & Personal Products | 1.6 | ||||||
Insurance | 4.1 | ||||||
Materials | 3.5 | ||||||
Media | 3.0 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 3.3 | ||||||
Real Estate | 0.4 | ||||||
Retailing | 6.6 | ||||||
Semiconductors & Semiconductor Equipment | 1.0 | ||||||
Software & Services | 2.7 | ||||||
Technology Hardware & Equipment | 6.1 | ||||||
Telecommunication Services | 3.4 | ||||||
Transportation | 1.9 | ||||||
Utilities | 3.9 | ||||||
Total Investments | 100.0 | ||||||
Liabilities in Excess of Other Assets | — | * | |||||
Net Assets | 100.0 | % |
RevenueShares Financials Sector Fund
Industry | % of Net Assets | ||||||
Capital Markets | 11.7 | % | |||||
Commercial Banks | 16.9 | ||||||
Consumer Finance | 5.0 | ||||||
Diversified Financial Services | 32.6 | ||||||
Insurance | 30.6 | ||||||
Real Estate Investment Trusts | 2.5 | ||||||
Real Estate Management & Development | 0.5 | ||||||
Thrifts & Mortgage Finance | 0.4 | ||||||
Total Investments | 100.2 | ||||||
Liabilities in Excess of Other Assets | (0.2 | ) | |||||
Net Assets | 100.0 | % |
RevenueShares Mid Cap Fund
Industry | % of Net Assets | ||||||
Automobiles & Components | 0.7 | % | |||||
Banks | 2.2 | ||||||
Capital Goods | 12.8 | ||||||
Commercial & Professional Services | 3.8 | ||||||
Consumer Durables & Apparel | 3.3 | ||||||
Consumer Services | 3.1 | ||||||
Diversified Financials | 1.1 | ||||||
Energy | 4.0 | ||||||
Food & Staples Retailing | 1.4 | ||||||
Food, Beverage & Tobacco | 3.7 | ||||||
Health Care Equipment & Services | 9.8 | ||||||
Household & Personal Products | 1.1 | ||||||
Insurance | 5.5 | ||||||
Materials | 7.8 | ||||||
Media | 0.7 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 1.6 | ||||||
Real Estate | 2.0 | ||||||
Retailing | 7.6 | ||||||
Semiconductors & Semiconductor Equipment | 0.9 | ||||||
Software & Services | 4.5 | ||||||
Technology Hardware & Equipment | 11.7 | ||||||
Telecommunication Services | 0.9 | ||||||
Transportation | 2.5 | ||||||
Utilities | 7.3 | ||||||
Total Investments | 100.0 | ||||||
Other Assets in Excess of Liabilities | — | ** | |||||
Net Assets | 100.0 | % |
RevenueShares ADR Fund
Industry | % of Net Assets | ||||||
Automobiles & Components | 7.9 | % | |||||
Banks | 12.3 | ||||||
Capital Goods | 4.3 | ||||||
Consumer Durables & Apparel | 2.9 | ||||||
Consumer Services | 0.3 | ||||||
Diversified Financials | 5.5 | ||||||
Energy | 26.4 | ||||||
Food & Staples Retailing | 0.5 | ||||||
Food, Beverage & Tobacco | 3.7 | ||||||
Health Care Equipment & Services | 0.2 | ||||||
Insurance | 5.8 | ||||||
Materials | 5.8 | ||||||
Media | 0.9 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 2.9 | ||||||
Real Estate | 0.2 | ||||||
Semiconductors & Semiconductor Equipment | 0.4 | ||||||
Software & Services | 0.3 | ||||||
Technology Hardware & Equipment | 4.8 | ||||||
Telecommunication Services | 12.1 | ||||||
Transportation | 0.3 | ||||||
Utilities | 2.4 | ||||||
Total Investments | 99.9 | ||||||
Other Assets in Excess of Liabilities | 0.1 | ||||||
Net Assets | 100.0 | % |
RevenueShares Small Cap Fund
Industry | % of Net Assets | ||||||
Automobiles & Components | 0.4 | % | |||||
Banks | 3.1 | ||||||
Capital Goods | 12.4 | ||||||
Commercial & Professional Services | 5.5 | ||||||
Consumer Durables & Apparel | 6.3 | ||||||
Consumer Services | 4.8 | ||||||
Diversified Financials | 1.3 | ||||||
Energy | 5.7 | ||||||
Food & Staples Retailing | 5.4 | ||||||
Food, Beverage & Tobacco | 2.2 | ||||||
Health Care Equipment & Services | 10.3 | ||||||
Household & Personal Products | 0.6 | ||||||
Insurance | 2.3 | ||||||
Materials | 5.3 | ||||||
Media | 1.2 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 1.1 | ||||||
Real Estate | 1.5 | ||||||
Retailing | 12.0 | ||||||
Semiconductors & Semiconductor Equipment | 1.6 | ||||||
Software & Services | 3.4 | ||||||
Technology Hardware & Equipment | 8.4 | ||||||
Telecommunication Services | 0.3 | ||||||
Transportation | 1.7 | ||||||
Utilities | 3.3 | ||||||
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 | 0.6 | % | |||||
Banks | 0.3 | ||||||
Capital Goods | 0.8 | ||||||
Commercial & Professional Services | 0.9 | ||||||
Consumer Durables & Apparel | 0.3 | ||||||
Consumer Services | 1.4 | ||||||
Diversified Financials | 0.6 | ||||||
Energy | 6.3 | ||||||
Food & Staples Retailing | 2.3 | ||||||
Food, Beverage & Tobacco | 5.9 | ||||||
Health Care Equipment & Services | 13.1 | ||||||
Household & Personal Products | 2.0 | ||||||
Insurance | 0.3 | ||||||
Materials | 8.6 | ||||||
Media | 0.8 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 1.9 | ||||||
Retailing | 11.0 | ||||||
Semiconductors & Semiconductor Equipment | 2.5 | ||||||
Software & Services | 17.4 | ||||||
Technology Hardware & Equipment | 19.3 | ||||||
Telecommunication Services | 2.7 | ||||||
Transportation | 1.0 | ||||||
Total Investments | 100.0 | ||||||
Liabilities in Excess of Other Assets | — | * | |||||
Net Assets | 100.0 | % |
* More than (0.05)%
** Less than 0.05%.
6
Schedule of Investments
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
COMMON STOCKS—100.0% | |||||||||||
Automobiles & Components—2.1% | |||||||||||
Ford Motor Co.* | 153,275 | $ | 1,532,751 | ||||||||
Goodyear Tire & Rubber Co.* | 13,563 | 191,238 | |||||||||
Harley-Davidson, Inc. | 2,396 | 60,379 | |||||||||
Johnson Controls, Inc. | 13,685 | 372,779 | |||||||||
Total Automobiles & Components | 2,157,147 | ||||||||||
Banks—2.3% | |||||||||||
BB&T Corp. | 4,931 | 125,099 | |||||||||
Comerica, Inc. | 1,463 | 43,261 | |||||||||
Fifth Third Bancorp | 9,417 | 91,816 | |||||||||
First Horizon National Corp.* | 2,163 | 28,984 | |||||||||
Hudson City Bancorp, Inc. | 2,697 | 37,030 | |||||||||
Huntington Bancshares, Inc. | 10,401 | 37,964 | |||||||||
KeyCorp | 12,348 | 68,531 | |||||||||
M&T Bank Corp. | 760 | 50,836 | |||||||||
Marshall & Ilsley Corp. | 7,237 | 39,442 | |||||||||
People's United Financial, Inc. | 883 | 14,746 | |||||||||
PNC Financial Services Group, Inc. | 3,854 | 203,453 | |||||||||
Regions Financial Corp. | 19,705 | 104,239 | |||||||||
SunTrust Banks, Inc. | 5,930 | 120,320 | |||||||||
U.S. Bancorp | 10,080 | 226,901 | |||||||||
Wells Fargo & Co. | 41,588 | 1,122,460 | |||||||||
Zions Bancorporation | 3,094 | 39,696 | |||||||||
Total Banks | 2,354,778 | ||||||||||
Capital Goods—9.1% | |||||||||||
3M Co. | 3,406 | 281,574 | |||||||||
Boeing Co. | 13,941 | 754,626 | |||||||||
Caterpillar, Inc. | 8,037 | 458,029 | |||||||||
Cummins, Inc. | 2,853 | 130,839 | |||||||||
Danaher Corp. | 1,897 | 142,654 | |||||||||
Deere & Co. | 5,800 | 313,722 | |||||||||
Dover Corp. | 1,788 | 74,399 | |||||||||
Eaton Corp. | 2,322 | 147,726 | |||||||||
Emerson Electric Co. | 6,502 | 276,985 | |||||||||
Fastenal Co. | 586 | 24,401 | |||||||||
First Solar, Inc.* | 204 | 27,622 | |||||||||
Flowserve Corp. | 562 | 53,126 | |||||||||
Fluor Corp. | 6,775 | 305,146 | |||||||||
General Dynamics Corp. | 5,690 | 387,887 | |||||||||
General Electric Co. | 125,801 | 1,903,369 | |||||||||
Goodrich Corp. | 1,365 | 87,701 | |||||||||
Honeywell International, Inc. | 9,633 | 377,614 | |||||||||
Illinois Tool Works, Inc. | 3,484 | 167,197 | |||||||||
ITT Corp. | 2,614 | 130,020 | |||||||||
Jacobs Engineering Group, Inc.* | 4,207 | 158,225 | |||||||||
L-3 Communications Holdings, Inc. | 2,279 | 198,159 | |||||||||
Lockheed Martin Corp. | 7,057 | 531,745 | |||||||||
Masco Corp. | 7,158 | 98,852 | |||||||||
Northrop Grumman Corp. | 7,791 | 435,127 | |||||||||
PACCAR, Inc. | 2,967 | 107,613 | |||||||||
Pall Corp. | 769 | 27,838 | |||||||||
Parker Hannifin Corp. | 2,554 | 137,610 | |||||||||
Precision Castparts Corp. | 780 | 86,073 | |||||||||
Quanta Services, Inc.* | 2,200 | 45,848 | |||||||||
Raytheon Co. | 5,625 | 289,800 | |||||||||
Rockwell Automation, Inc. | 1,234 | 57,973 | |||||||||
Rockwell Collins, Inc. | 1,074 | 59,457 |
Investments | Shares | Value | |||||||||
Roper Industries, Inc. | 409 | $ | 21,419 | ||||||||
Snap-On, Inc. | 683 | 28,864 | |||||||||
Stanley Works | 962 | 49,553 | |||||||||
Textron, Inc. | 6,892 | 129,639 | |||||||||
United Technologies Corp. | 9,606 | 666,752 | |||||||||
W.W. Grainger, Inc. | 772 | 74,753 | |||||||||
Total Capital Goods | 9,249,937 | ||||||||||
Commercial & Professional Services—0.7% | |||||||||||
Avery Dennison Corp. | 1,951 | 71,192 | |||||||||
Cintas Corp. | 1,634 | 42,566 | |||||||||
Dun & Bradstreet Corp. | 265 | 22,358 | |||||||||
Equifax, Inc. | 678 | 20,943 | |||||||||
Iron Mountain, Inc.* | 1,521 | 34,618 | |||||||||
Monster Worldwide, Inc.* | 1,013 | 17,626 | |||||||||
Pitney Bowes, Inc. | 3,019 | 68,712 | |||||||||
R.R. Donnelley & Sons Co. | 5,649 | 125,803 | |||||||||
Republic Services, Inc. | 3,056 | 86,515 | |||||||||
Robert Half International, Inc. | 1,575 | 42,100 | |||||||||
Stericycle, Inc.* | 181 | 9,986 | |||||||||
Waste Management, Inc. | 4,328 | 146,331 | |||||||||
Total Commercial & Professional Services | 688,750 | ||||||||||
Consumer Durables & Apparel—1.3% | |||||||||||
Black & Decker Corp. | 961 | 62,302 | |||||||||
Coach, Inc. | 1,210 | 44,201 | |||||||||
D.R. Horton, Inc. | 5,514 | 59,937 | |||||||||
Eastman Kodak Co. | 20,632 | 87,067 | |||||||||
Fortune Brands, Inc. | 1,899 | 82,037 | |||||||||
Harman International Industries, Inc. | 1,140 | 40,219 | |||||||||
Hasbro, Inc. | 1,560 | 50,014 | |||||||||
Leggett & Platt, Inc. | 1,963 | 40,045 | |||||||||
Lennar Corp. Class A | 3,676 | 46,943 | |||||||||
Mattel, Inc. | 3,377 | 67,472 | |||||||||
Newell Rubbermaid, Inc. | 4,339 | 65,128 | |||||||||
Nike, Inc. Class B | 3,780 | 249,744 | |||||||||
Polo Ralph Lauren Corp. | 775 | 62,760 | |||||||||
Pulte Homes, Inc. | 5,919 | 59,190 | |||||||||
VF Corp. | 1,199 | 87,815 | |||||||||
Whirlpool Corp. | 2,706 | 218,265 | |||||||||
Total Consumer Durables & Apparel | 1,323,139 | ||||||||||
Consumer Services—1.2% | |||||||||||
Apollo Group, Inc. Class A*,** | 802 | 48,585 | |||||||||
Carnival Corp.* | 5,025 | 159,242 | |||||||||
Darden Restaurants, Inc. | 2,672 | 93,707 | |||||||||
DeVry, Inc. | 401 | 22,749 | |||||||||
H&R Block, Inc. | 2,397 | 54,220 | |||||||||
International Game Technology | 1,502 | 28,193 | |||||||||
Marriott International, Inc. Class A | 5,131 | 139,820 | |||||||||
McDonald's Corp. | 4,428 | 276,484 | |||||||||
Starbucks Corp.* | 5,480 | 126,369 | |||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 1,795 | 65,643 | |||||||||
Wyndham Worldwide Corp. | 2,376 | 47,924 | |||||||||
Wynn Resorts Ltd.* | 601 | 34,996 | |||||||||
Yum! Brands, Inc. | 3,840 | 134,285 | |||||||||
Total Consumer Services | 1,232,217 |
The accompanying notes are an integral part of these financial statements.
7
Schedule of Investments — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Diversified Financials—6.6% | |||||||||||
American Express Co. | 8,291 | $ | 335,951 | ||||||||
Ameriprise Financial, Inc. | 2,314 | 89,829 | |||||||||
Bank of America Corp. | 115,970 | 1,746,508 | |||||||||
Bank of New York Mellon Corp. | 3,720 | 104,048 | |||||||||
Capital One Financial Corp. | 5,085 | 194,959 | |||||||||
Charles Schwab Corp. | 3,108 | 58,493 | |||||||||
Citigroup, Inc. | 334,728 | 1,107,950 | |||||||||
CME Group, Inc. | 99 | 33,259 | |||||||||
Discover Financial Services | 4,801 | 70,623 | |||||||||
E*Trade Financial Corp.* | 21,784 | 38,122 | |||||||||
Federated Investors, Inc. Class B** | 507 | 13,943 | |||||||||
Franklin Resources, Inc. | 503 | 52,991 | |||||||||
Goldman Sachs Group, Inc. | 3,371 | 569,160 | |||||||||
IntercontinentalExchange, Inc.* | 88 | 9,882 | |||||||||
Invesco Ltd. | 1,354 | 31,805 | |||||||||
Janus Capital Group, Inc. | 723 | 9,724 | |||||||||
JPMorgan Chase & Co. | 33,856 | 1,410,780 | |||||||||
Legg Mason, Inc. | 1,751 | 52,810 | |||||||||
Leucadia National Corp.* | 490 | 11,657 | |||||||||
Moody's Corp. | 715 | 19,162 | |||||||||
Morgan Stanley | 12,816 | 379,354 | |||||||||
Nasdaq OMX Group, Inc.* | 2,226 | 44,119 | |||||||||
Northern Trust Corp. | 1,156 | 60,574 | |||||||||
NYSE Euronext | 2,269 | 57,406 | |||||||||
SLM Corp.* | 6,514 | 73,413 | |||||||||
State Street Corp. | 2,992 | 130,272 | |||||||||
T. Rowe Price Group, Inc. | 404 | 21,513 | |||||||||
Total Diversified Financials | 6,728,307 | ||||||||||
Energy—11.6% | |||||||||||
Anadarko Petroleum Corp. | 1,767 | 110,296 | |||||||||
Apache Corp. | 1,020 | 105,233 | |||||||||
Baker Hughes, Inc. | 3,251 | 131,600 | |||||||||
BJ Services Co. | 3,222 | 59,929 | |||||||||
Cabot Oil & Gas Corp. | 277 | 12,074 | |||||||||
Cameron International Corp.* | 1,725 | 72,105 | |||||||||
Chesapeake Energy Corp. | 4,485 | 116,072 | |||||||||
Chevron Corp. | 24,434 | 1,881,174 | |||||||||
ConocoPhillips | 32,943 | 1,682,399 | |||||||||
Consol Energy, Inc. | 1,165 | 58,017 | |||||||||
Denbury Resources, Inc.* | 872 | 12,906 | |||||||||
Devon Energy Corp. | 1,618 | 118,923 | |||||||||
Diamond Offshore Drilling, Inc. | 480 | 47,242 | |||||||||
El Paso Corp. | 6,025 | 59,226 | |||||||||
EOG Resources, Inc. | 526 | 51,180 | |||||||||
Exxon Mobil Corp. | 45,209 | 3,082,802 | |||||||||
FMC Technologies, Inc.* | 1,026 | 59,344 | |||||||||
Halliburton Co. | 6,901 | 207,651 | |||||||||
Hess Corp. | 6,194 | 374,737 | |||||||||
Marathon Oil Corp. | 18,428 | 575,322 | |||||||||
Massey Energy Co. | 948 | 39,825 | |||||||||
Murphy Oil Corp. | 4,040 | 218,968 | |||||||||
Nabors Industries Ltd.* | 2,611 | 57,155 | |||||||||
National Oilwell Varco, Inc. | 3,726 | 164,279 | |||||||||
Noble Energy, Inc. | 389 | 27,705 | |||||||||
Occidental Petroleum Corp. | 2,408 | 195,891 | |||||||||
Peabody Energy Corp. | 1,801 | 81,423 | |||||||||
Pioneer Natural Resources Co. | 499 | 24,037 | |||||||||
Range Resources Corp. | 297 | 14,805 |
Investments | Shares | Value | |||||||||
Rowan Cos., Inc. | 1,075 | $ | 24,338 | ||||||||
Schlumberger Ltd. | 4,725 | 307,550 | |||||||||
Smith International, Inc. | 4,279 | 116,260 | |||||||||
Southwestern Energy Co.* | 617 | 29,739 | |||||||||
Spectra Energy Corp. | 2,751 | 56,423 | |||||||||
Sunoco, Inc. | 13,578 | 354,386 | |||||||||
Tesoro Corp. | 15,739 | 213,263 | |||||||||
Valero Energy Corp. | 50,194 | 840,750 | |||||||||
Williams Cos., Inc. | 5,209 | 109,806 | |||||||||
XTO Energy, Inc. | 2,520 | 117,256 | |||||||||
Total Energy | 11,812,091 | ||||||||||
Food & Staples Retailing—10.0% | |||||||||||
Costco Wholesale Corp. | 15,036 | 889,680 | |||||||||
CVS Caremark Corp. | 37,681 | 1,213,705 | |||||||||
Kroger Co. | 46,379 | 952,161 | |||||||||
Safeway, Inc. | 24,016 | 511,301 | |||||||||
SUPERVALU, Inc. | 40,346 | 512,798 | |||||||||
SYSCO Corp. | 15,733 | 439,580 | |||||||||
Walgreen Co. | 19,728 | 724,412 | |||||||||
Wal-Mart Stores, Inc. | 90,029 | 4,812,050 | |||||||||
Whole Foods Market, Inc.* | 3,756 | 103,102 | |||||||||
Total Food & Staples Retailing | 10,158,789 | ||||||||||
Food, Beverage & Tobacco—5.1% | |||||||||||
Altria Group, Inc. | 10,385 | 203,858 | |||||||||
Archer-Daniels-Midland Co. | 29,856 | 934,792 | |||||||||
Brown-Forman Corp. Class B** | 590 | 31,606 | |||||||||
Campbell Soup Co. | 2,706 | 91,463 | |||||||||
Coca-Cola Co. | 6,350 | 361,951 | |||||||||
Coca-Cola Enterprises, Inc. | 13,457 | 285,288 | |||||||||
ConAgra Foods, Inc. | 6,819 | 157,178 | |||||||||
Constellation Brands, Inc. Class A* | 2,915 | 46,436 | |||||||||
Dean Foods Co.* | 8,034 | 144,933 | |||||||||
Dr Pepper Snapple Group, Inc.* | 2,445 | 69,194 | |||||||||
General Mills, Inc. | 2,556 | 180,990 | |||||||||
H.J. Heinz Co. | 2,919 | 124,816 | |||||||||
Hershey Co. | 1,789 | 64,028 | |||||||||
Hormel Foods Corporation | 2,082 | 80,053 | |||||||||
J.M. Smucker Co. | 664 | 41,002 | |||||||||
Kellogg Co. | 2,887 | 153,588 | |||||||||
Kraft Foods, Inc. Class A | 18,202 | 494,731 | |||||||||
Lorillard Inc. | 514 | 41,238 | |||||||||
McCormick & Co., Inc.** | 1,064 | 38,442 | |||||||||
Molson Coors Brewing Co. Class B | 796 | 35,947 | |||||||||
Pepsi Bottling Group, Inc. | 4,287 | 160,763 | |||||||||
PepsiCo, Inc. | 8,363 | 508,471 | |||||||||
Philip Morris International, Inc. | 6,069 | 292,465 | |||||||||
Reynolds American, Inc. | 1,952 | 103,397 | |||||||||
Sara Lee Corp. | 12,624 | 153,760 | |||||||||
Tyson Foods, Inc. Class A | 25,890 | 317,670 | |||||||||
Total Food, Beverage & Tobacco | 5,118,060 | ||||||||||
Health Care Equipment & Services—8.5% | |||||||||||
Aetna, Inc. | 12,799 | 405,728 | |||||||||
AmerisourceBergen Corp. | 34,121 | 889,534 | |||||||||
Baxter International, Inc. | 2,550 | 149,634 | |||||||||
Becton Dickinson & Co. | 1,113 | 87,771 | |||||||||
Boston Scientific Corp.* | 11,282 | 101,538 | |||||||||
C.R. Bard, Inc. | 363 | 28,278 |
The accompanying notes are an integral part of these financial statements.
8
Schedule of Investments — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Health Care Equipment & Services—8.5% (continued) | |||||||||||
Cardinal Health, Inc. | 36,490 | $ | 1,176,438 | ||||||||
CareFusion Corp.* | 1,916 | 47,919 | |||||||||
Cigna Corp. | 6,453 | 227,597 | |||||||||
Coventry Health Care, Inc.* | 7,091 | 172,240 | |||||||||
DaVita, Inc.* | 1,225 | 71,957 | |||||||||
DENTSPLY International, Inc. | 682 | 23,986 | |||||||||
Express Scripts, Inc.* | 3,053 | 263,932 | |||||||||
Hospira, Inc.* | 955 | 48,705 | |||||||||
Humana, Inc.* | 8,887 | 390,050 | |||||||||
IMS Health, Inc. | 1,281 | 26,978 | |||||||||
Intuitive Surgical, Inc.* | 51 | 15,469 | |||||||||
Laboratory Corp. of America Holdings* | 767 | 57,402 | |||||||||
McKesson Corp. | 20,847 | 1,302,939 | |||||||||
Medco Health Solutions, Inc.* | 10,768 | 688,183 | |||||||||
Medtronic, Inc. | 4,097 | 180,186 | |||||||||
Patterson Cos., Inc.* | 1,310 | 36,654 | |||||||||
Quest Diagnostics, Inc. | 1,515 | 91,476 | |||||||||
St. Jude Medical, Inc.* | 1,474 | 54,214 | |||||||||
Stryker Corp. | 1,561 | 78,628 | |||||||||
Tenet Healthcare Corp.* | 23,257 | 125,355 | |||||||||
UnitedHealth Group, Inc. | 34,628 | 1,055,461 | |||||||||
Varian Medical Systems, Inc.* | 564 | 26,423 | |||||||||
WellPoint, Inc.* | 12,966 | 755,788 | |||||||||
Zimmer Holdings, Inc.* | 877 | 51,839 | |||||||||
Total Health Care Equipment & Services | 8,632,302 | ||||||||||
Household & Personal Products—1.6% | |||||||||||
Avon Products, Inc. | 3,671 | 115,637 | |||||||||
Clorox Co. | 1,064 | 64,904 | |||||||||
Colgate-Palmolive Co. | 2,190 | 179,909 | |||||||||
Estee Lauder Cos., Inc. Class A | 1,939 | 93,770 | |||||||||
Kimberly-Clark Corp. | 3,522 | 224,387 | |||||||||
Mead Johnson Nutrition Co. | 86 | 3,758 | |||||||||
Procter & Gamble Co. | 15,851 | 961,045 | |||||||||
Total Household & Personal Products | 1,643,410 | ||||||||||
Insurance—4.1% | |||||||||||
Aflac, Inc. | 4,668 | 215,895 | |||||||||
Allstate Corp. | 13,254 | 398,150 | |||||||||
American International Group, Inc.* | 22,116 | 663,039 | |||||||||
AON Corp. | 2,384 | 91,403 | |||||||||
Assurant, Inc. | 3,614 | 106,541 | |||||||||
Chubb Corp. | 3,152 | 155,015 | |||||||||
Cincinnati Financial Corp. | 1,777 | 46,628 | |||||||||
Genworth Financial, Inc. Class A* | 10,910 | 123,829 | |||||||||
Hartford Financial Services Group, Inc. | 9,513 | 221,272 | |||||||||
Lincoln National Corp. | 4,589 | 114,174 | |||||||||
Loews Corp. | 4,487 | 163,102 | |||||||||
Marsh & McLennan Cos., Inc. | 5,846 | 129,080 | |||||||||
MetLife, Inc. | 14,466 | 511,373 | |||||||||
Principal Financial Group, Inc. | 4,732 | 113,757 | |||||||||
Progressive Corp.* | 9,983 | 179,594 | |||||||||
Prudential Financial, Inc. | 7,828 | 389,521 | |||||||||
Torchmark Corp. | 905 | 39,775 | |||||||||
Travelers Cos., Inc. | 5,750 | 286,695 | |||||||||
Unum Group | 6,365 | 124,245 | |||||||||
XL Capital Ltd. Class A | 4,434 | 81,275 | |||||||||
Total Insurance | 4,154,363 |
Investments | Shares | Value | |||||||||
Materials—3.5% | |||||||||||
Air Products & Chemicals, Inc. | 1,319 | $ | 106,918 | ||||||||
Airgas, Inc. | 1,157 | 55,073 | |||||||||
AK Steel Holding Corp. | 2,626 | 56,065 | |||||||||
Alcoa, Inc. | 16,121 | 259,871 | |||||||||
Allegheny Technologies, Inc. | 1,162 | 52,023 | |||||||||
Ball Corp. | 1,703 | 88,045 | |||||||||
Bemis Co., Inc. | 1,393 | 41,302 | |||||||||
CF Industries Holdings, Inc. | 441 | 40,034 | |||||||||
Cliffs Natural Resources, Inc. | 549 | 25,303 | |||||||||
Dow Chemical Co. | 19,900 | 549,837 | |||||||||
E.I. Du Pont de Nemours & Co. | 9,838 | 331,245 | |||||||||
Eastman Chemical Co. | 1,070 | 64,457 | |||||||||
Ecolab, Inc. | 1,553 | 69,233 | |||||||||
FMC Corp. | 653 | 36,411 | |||||||||
Freeport-McMoRan Copper & Gold, Inc.* | 2,079 | 166,923 | |||||||||
International Flavors & Fragrances, Inc. | 670 | 27,564 | |||||||||
International Paper Co. | 11,411 | 305,587 | |||||||||
MeadWestvaco Corp. | 2,662 | 76,213 | |||||||||
Monsanto Co. | 1,727 | 141,182 | |||||||||
Newmont Mining Corp. | 1,538 | 72,763 | |||||||||
Nucor Corp. | 3,611 | 168,453 | |||||||||
Owens-Illinois, Inc.* | 2,850 | 93,680 | |||||||||
Pactiv Corp.* | 1,731 | 41,786 | |||||||||
PPG Industries, Inc. | 2,551 | 149,336 | |||||||||
Praxair, Inc. | 1,332 | 106,973 | |||||||||
Sealed Air Corp. | 2,335 | 51,043 | |||||||||
Sigma-Aldrich Corp. | 415 | 20,970 | |||||||||
Titanium Metals Corp. | 1,094 | 13,697 | |||||||||
United States Steel Corp. | 3,266 | 180,022 | |||||||||
Vulcan Materials Co. | 735 | 38,712 | |||||||||
Weyerhaeuser Co. | 1,738 | 74,977 | |||||||||
Total Materials | 3,505,698 | ||||||||||
Media—3.0% | |||||||||||
CBS Corp. Class B** | 11,574 | 162,615 | |||||||||
Comcast Corp. Class A | 24,333 | 410,254 | |||||||||
DIRECTV Class A* | 7,718 | 257,395 | |||||||||
Gannett Co., Inc. | 5,606 | 83,249 | |||||||||
Interpublic Group of Cos., Inc.* | 10,497 | 77,468 | |||||||||
McGraw-Hill Cos., Inc. | 2,262 | 75,800 | |||||||||
Meredith Corp. | 609 | 18,788 | |||||||||
New York Times Co. Class A | 3,384 | 41,826 | |||||||||
News Corp. Class A** | 30,532 | 417,983 | |||||||||
Omnicom Group, Inc. | 3,976 | 155,660 | |||||||||
Scripps Networks Interactive, Inc. Class A** | 466 | 19,339 | |||||||||
Time Warner Cable, Inc. | 5,078 | 210,178 | |||||||||
Time Warner, Inc. | 13,369 | 389,573 | |||||||||
Viacom, Inc., Class B*,** | 5,471 | 162,653 | |||||||||
Walt Disney Co. | 13,883 | 447,727 | |||||||||
Washington Post Co. Class B | 130 | 57,148 | |||||||||
Total Media | 2,987,656 | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences—3.3% | |||||||||||
Abbott Laboratories | 6,694 | 361,409 | |||||||||
Allergan, Inc. | 878 | 55,323 | |||||||||
Amgen, Inc.* | 3,139 | 177,573 | |||||||||
Biogen Idec, Inc.* | 1,081 | 57,834 |
The accompanying notes are an integral part of these financial statements.
9
Schedule of Investments — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Pharmaceuticals, Biotechnology & Life Sciences—3.3% (continued) | |||||||||||
Bristol-Myers Squibb Co. | 10,023 | $ | 253,081 | ||||||||
Celgene Corp.* | 578 | 32,183 | |||||||||
Cephalon, Inc.* | 449 | 28,022 | |||||||||
Eli Lilly & Co. | 7,289 | 260,290 | |||||||||
Forest Laboratories, Inc.* | 1,498 | 48,101 | |||||||||
Genzyme Corp.* | 1,120 | 54,891 | |||||||||
Gilead Sciences, Inc.* | 1,670 | 72,278 | |||||||||
Johnson & Johnson | 11,434 | 736,464 | |||||||||
King Pharmaceuticals, Inc.* | 1,462 | 17,939 | |||||||||
Life Technologies Corp.* | 709 | 37,031 | |||||||||
Merck & Co., Inc. | 7,575 | 276,791 | |||||||||
Millipore Corp.* | 281 | 20,330 | |||||||||
Mylan, Inc.* | 3,336 | 61,482 | |||||||||
PerkinElmer, Inc. | 1,212 | 24,955 | |||||||||
Pfizer, Inc. | 30,328 | 551,666 | |||||||||
Thermo Fisher Scientific, Inc.* | 2,497 | 119,082 | |||||||||
Waters Corp.* | 305 | 18,898 | |||||||||
Watson Pharmaceuticals, Inc.* | 868 | 34,381 | |||||||||
Total Pharmaceuticals, Biotechnology & Life Sciences | 3,300,004 | ||||||||||
Real Estate—0.4% | |||||||||||
Apartment Investment & Management Co. Class A (a) | 1,168 | 18,595 | |||||||||
AvalonBay Communities, Inc. (a) | 106 | 8,704 | |||||||||
Boston Properties, Inc. (a) | 212 | 14,219 | |||||||||
CB Richard Ellis Group, Inc. Class A* | 4,381 | 59,449 | |||||||||
Equity Residential (a) | 787 | 26,585 | |||||||||
HCP, Inc. (a) | 390 | 11,911 | |||||||||
Health Care REIT, Inc. (a) | 179 | 7,933 | |||||||||
Host Hotels & Resorts, Inc. (a) | 5,464 | 63,764 | |||||||||
Kimco Realty Corp. (a) | 504 | 6,819 | |||||||||
Plum Creek Timber Co., Inc. (a) | 401 | 15,142 | |||||||||
ProLogis (a) | 2,298 | 31,460 | |||||||||
Public Storage, Inc. (a) | 206 | 16,779 | |||||||||
Simon Property Group, Inc. (a) | 604 | 48,199 | |||||||||
Ventas, Inc. (a) | 275 | 12,029 | |||||||||
Vornado Realty Trust (a) | 481 | 33,641 | |||||||||
Total Real Estate | 375,229 | ||||||||||
Retailing—6.6% | |||||||||||
Abercrombie & Fitch Co. Class A | 1,307 | 45,549 | |||||||||
Amazon.com, Inc.* | 1,980 | 266,350 | |||||||||
AutoNation, Inc.* | 7,357 | 140,887 | |||||||||
AutoZone, Inc.* | 529 | 83,619 | |||||||||
Bed Bath & Beyond, Inc.* | 2,392 | 92,403 | |||||||||
Best Buy Co., Inc. | 12,354 | 487,489 | |||||||||
Big Lots, Inc.* | 2,030 | 58,829 | |||||||||
Expedia, Inc.* | 1,405 | 36,123 | |||||||||
Family Dollar Stores, Inc. | 3,189 | 88,750 | |||||||||
GameStop Corp. Class A* | 4,654 | 102,109 | |||||||||
Gap, Inc. | 8,740 | 183,103 | |||||||||
Genuine Parts Co. | 3,238 | 122,914 | |||||||||
Home Depot, Inc. | 32,491 | 939,964 | |||||||||
JC Penney Co., Inc. | 8,214 | 218,575 | |||||||||
Kohl's Corp.* | 3,764 | 202,993 | |||||||||
Limited Brands, Inc. | 6,278 | 120,789 | |||||||||
Lowe's Cos., Inc. | 25,776 | 602,901 | |||||||||
Macy's, Inc. | 19,516 | 327,088 |
Investments | Shares | Value | |||||||||
Nordstrom, Inc. | 2,987 | $ | 112,251 | ||||||||
Office Depot, Inc.* | 23,145 | 149,285 | |||||||||
O'Reilly Automotive, Inc.* | 1,534 | 58,476 | |||||||||
priceline.com, Inc.* | 155 | 33,868 | |||||||||
RadioShack Corp. | 2,706 | 52,767 | |||||||||
Ross Stores, Inc. | 710 | 30,324 | |||||||||
Sears Holdings Corp.* | 8,134 | 678,782 | |||||||||
Sherwin-Williams Co. | 1,411 | 86,988 | |||||||||
Staples, Inc. | 11,156 | 274,326 | |||||||||
Target Corp. | 17,361 | 839,751 | |||||||||
Tiffany & Co. | 991 | 42,613 | |||||||||
TJX Cos., Inc. | 6,142 | 224,490 | |||||||||
Total Retailing | 6,704,356 | ||||||||||
Semiconductors & Semiconductor Equipment—1.0% | |||||||||||
Advanced Micro Devices, Inc.* | 7,344 | 71,090 | |||||||||
Altera Corp. | 692 | 15,660 | |||||||||
Analog Devices, Inc. | 847 | 26,748 | |||||||||
Applied Materials, Inc. | 5,095 | 71,024 | |||||||||
Broadcom Corp. Class A* | 1,674 | 52,647 | |||||||||
Intel Corp. | 19,860 | 405,144 | |||||||||
KLA-Tencor Corp. | 631 | 22,817 | |||||||||
Linear Technology Corp. | 388 | 11,850 | |||||||||
LSI Corp.* | 4,834 | 29,052 | |||||||||
MEMC Electronic Materials, Inc.* | 1,165 | 15,867 | |||||||||
Microchip Technology, Inc. | 394 | 11,450 | |||||||||
Micron Technology, Inc.* | 7,306 | 77,151 | |||||||||
National Semiconductor Corp. | 1,363 | 20,936 | |||||||||
Novellus Systems Inc.* | 308 | 7,189 | |||||||||
NVIDIA Corp.* | 3,588 | 67,024 | |||||||||
Teradyne, Inc.* | 977 | 10,483 | |||||||||
Texas Instruments, Inc. | 4,717 | 122,925 | |||||||||
Xilinx, Inc. | 815 | 20,424 | |||||||||
Total Semiconductors & Semiconductor Equipment | 1,059,481 | ||||||||||
Software & Services—2.7% | |||||||||||
Adobe Systems, Inc.* | 1,062 | 39,060 | |||||||||
Affiliated Computer Services, Inc. Class A* | 1,385 | 82,671 | |||||||||
Akamai Technologies, Inc.* | 418 | 10,588 | |||||||||
Autodesk, Inc.* | 1,254 | 31,864 | |||||||||
Automatic Data Processing, Inc. | 2,512 | 107,564 | |||||||||
BMC Software, Inc.* | 518 | 20,772 | |||||||||
CA, Inc. | 2,308 | 51,838 | |||||||||
Citrix Systems, Inc.* | 516 | 21,471 | |||||||||
Cognizant Technology Solutions Corp. Class A* | 872 | 39,502 | |||||||||
Computer Sciences Corp.* | 3,756 | 216,083 | |||||||||
Compuware Corp.* | 1,587 | 11,474 | |||||||||
eBay, Inc.* | 4,545 | 106,989 | |||||||||
Electronic Arts, Inc.* | 3,283 | 58,273 | |||||||||
Fidelity National Information Services, Inc. | 1,746 | 40,926 | |||||||||
Fiserv, Inc.* | 1,175 | 56,964 | |||||||||
Google, Inc. Class A* | 479 | 296,970 | |||||||||
Intuit, Inc.* | 1,287 | 39,524 | |||||||||
Mastercard, Inc. Class A | 253 | 64,763 | |||||||||
McAfee, Inc.* | 683 | 27,709 | |||||||||
Microsoft Corp. | 24,929 | 760,084 |
The accompanying notes are an integral part of these financial statements.
10
Schedule of Investments — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Software & Services—2.7% (continued) | |||||||||||
Novell, Inc.* | 2,067 | $ | 8,578 | ||||||||
Oracle Corp. | 12,688 | 311,363 | |||||||||
Paychex, Inc. | 801 | 24,543 | |||||||||
Red Hat, Inc.* | 285 | 8,807 | |||||||||
SAIC, Inc.* | 1,584 | 30,001 | |||||||||
Salesforce.com, Inc.* | 178 | 13,131 | |||||||||
Symantec Corp.* | 4,273 | 76,444 | |||||||||
Total System Services, Inc. | 1,109 | 19,152 | |||||||||
VeriSign, Inc.* | 490 | 11,878 | |||||||||
Visa Inc. Class A | 79 | 6,909 | |||||||||
Western Union Co. | 3,078 | 58,020 | |||||||||
Yahoo! Inc.* | 5,125 | 85,998 | |||||||||
Total Software & Services | 2,739,913 | ||||||||||
Technology Hardware & Equipment—6.1% | |||||||||||
Agilent Technologies, Inc.* | 1,988 | 61,767 | |||||||||
Amphenol Corp. Class A | 796 | 36,759 | |||||||||
Apple, Inc.* | 2,153 | 453,982 | |||||||||
Cisco Systems, Inc.* | 19,283 | 461,635 | |||||||||
Corning, Inc. | 3,371 | 65,094 | |||||||||
Dell, Inc.* | 58,875 | 845,445 | |||||||||
EMC Corp.* | 10,257 | 179,190 | |||||||||
Flir Systems, Inc.* | 512 | 16,753 | |||||||||
Harris Corp. | 1,457 | 69,280 | |||||||||
Hewlett-Packard Co. | 28,585 | 1,472,412 | |||||||||
International Business Machines Corp. | 9,025 | 1,181,373 | |||||||||
Jabil Circuit, Inc. | 10,673 | 185,390 | |||||||||
JDS Uniphase Corp.* | 2,133 | 17,597 | |||||||||
Juniper Networks, Inc.* | 1,600 | 42,672 | |||||||||
Lexmark International, Inc. Class A* | 1,888 | 49,050 | |||||||||
Molex, Inc. | 1,968 | 42,410 | |||||||||
Motorola, Inc. | 34,406 | 266,991 | |||||||||
NetApp, Inc.* | 1,294 | 44,501 | |||||||||
QLogic Corp.* | 386 | 7,284 | |||||||||
QUALCOMM, Inc. | 2,945 | 136,236 | |||||||||
SanDisk Corp.* | 1,748 | 50,675 | |||||||||
Sun Microsystems, Inc.* | 19,978 | 187,194 | |||||||||
Tellabs, Inc.* | 3,473 | 19,727 | |||||||||
Teradata Corp* | 674 | 21,184 | |||||||||
Western Digital Corp.* | 2,340 | 103,311 | |||||||||
Xerox Corp. | 23,618 | 199,808 | |||||||||
Total Technology Hardware & Equipment | 6,217,720 | ||||||||||
Telecommunication Services—3.4% | |||||||||||
American Tower Corp., Class A* | 487 | 21,043 | |||||||||
AT&T, Inc. | 54,285 | 1,521,608 | |||||||||
CenturyTel, Inc. | 1,265 | 45,806 | |||||||||
Frontier Communications Corp. | 3,282 | 25,632 | |||||||||
MetroPCS Communications, Inc.* | 5,871 | 44,796 | |||||||||
Qwest Communications International, Inc. | 37,302 | 157,041 | |||||||||
Sprint Nextel Corp.* | 100,604 | 368,211 | |||||||||
Verizon Communications, Inc. | 38,281 | 1,268,250 | |||||||||
Windstream Corp. | 2,978 | 32,728 | |||||||||
Total Telecommunication Services | 3,485,115 | ||||||||||
Transportation—1.9% | |||||||||||
Burlington Northern Santa Fe Corp. | 1,818 | 179,291 | |||||||||
C.H. Robinson Worldwide, Inc. | 1,584 | 93,028 |
Investments | Shares | Value | |||||||||
CSX Corp. | 2,357 | $ | 114,291 | ||||||||
Expeditors International Washington, Inc. | 1,482 | 51,470 | |||||||||
FedEx Corp. | 5,183 | 432,521 | |||||||||
Norfolk Southern Corp. | 1,957 | 102,586 | |||||||||
Ryder System, Inc. | 1,590 | 65,460 | |||||||||
Southwest Airlines Co. | 12,340 | 141,046 | |||||||||
Union Pacific Corp. | 2,778 | 177,514 | |||||||||
United Parcel Service, Inc. Class B | 9,607 | 551,155 | |||||||||
Total Transportation | 1,908,362 | ||||||||||
Utilities—3.9% | |||||||||||
AES Corp.* | 13,676 | 182,028 | |||||||||
Allegheny Energy, Inc. | 1,746 | 40,996 | |||||||||
Ameren Corp. | 3,278 | 91,620 | |||||||||
American Electric Power Co., Inc. | 4,673 | 162,574 | |||||||||
Centerpoint Energy, Inc. | 7,608 | 110,392 | |||||||||
CMS Energy Corp. | 5,208 | 81,557 | |||||||||
Consolidated Edison, Inc. | 3,466 | 157,460 | |||||||||
Constellation Energy Group, Inc. | 6,265 | 220,339 | |||||||||
Dominion Resources, Inc. | 5,035 | 195,962 | |||||||||
DTE Energy Co. | 2,181 | 95,070 | |||||||||
Duke Energy Corp. | 8,758 | 150,725 | |||||||||
Edison International | 4,284 | 148,998 | |||||||||
Entergy Corp. | 1,668 | 136,509 | |||||||||
EQT Corp. | 441 | 19,369 | |||||||||
Exelon Corp. | 4,192 | 204,862 | |||||||||
FirstEnergy Corp. | 3,481 | 161,692 | |||||||||
FPL Group, Inc. | 3,525 | 186,191 | |||||||||
Integrys Energy Group, Inc. | 2,727 | 114,507 | |||||||||
Nicor, Inc. | 807 | 33,975 | |||||||||
NiSource, Inc. | 5,616 | 86,374 | |||||||||
Northeast Utilities | 2,847 | 73,424 | |||||||||
Pepco Holdings, Inc. | 6,816 | 114,850 | |||||||||
PG&E Corp. | 3,700 | 165,205 | |||||||||
Pinnacle West Capital Corp. | 972 | 35,556 | |||||||||
PPL Corp. | 3,166 | 102,293 | |||||||||
Progress Energy, Inc. | 2,851 | 116,920 | |||||||||
Public Service Enterprise Group, Inc. | 4,719 | 156,907 | |||||||||
Questar Corp. | 877 | 36,457 | |||||||||
SCANA Corp. | 1,595 | 60,100 | |||||||||
Sempra Energy | 1,789 | 100,148 | |||||||||
Southern Co. | 5,740 | 191,257 | |||||||||
TECO Energy, Inc. | 2,644 | 42,886 | |||||||||
Wisconsin Energy Corp. | 1,098 | 54,713 | |||||||||
Xcel Energy, Inc. | 5,626 | 119,384 | |||||||||
Total Utilities | 3,951,300 | ||||||||||
Total Investments—100.0% (Cost $95,977,708) | 101,488,124 | ||||||||||
Liabilities in Excess of Other Assets—(0.0)%† | (33,929 | ) | |||||||||
Net Assets—100.0% | $ | 101,454,195 |
* Non-income producing security
** Non-voting Shares
(a) Real Estate Investment Trust
† More than (0.05)%
The accompanying notes are an integral part of these financial statements.
11
Schedule of Investments
REVENUESHARES MID CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
COMMON STOCKS—100.0% | |||||||||||
Automobiles & Components—0.7% | |||||||||||
BorgWarner, Inc. | 9,335 | $ | 310,108 | ||||||||
Gentex Corp. | 2,150 | 38,378 | |||||||||
Thor Industries, Inc. | 4,649 | 145,979 | |||||||||
Total Automobiles & Components | 494,465 | ||||||||||
Banks—2.2% | |||||||||||
Associated Banc-Corp. | 9,783 | 107,711 | |||||||||
Astoria Financial Corp. | 7,501 | 93,237 | |||||||||
BancorpSouth, Inc. | 2,956 | 69,348 | |||||||||
Bank of Hawaii Corp. | 1,266 | 59,578 | |||||||||
Cathay General Bancorp | 6,350 | 47,943 | |||||||||
City National Corp. | 1,869 | 85,226 | |||||||||
Commerce Bancshares, Inc. | 2,369 | 91,728 | |||||||||
Cullen/Frost Bankers, Inc. | 1,448 | 72,400 | |||||||||
First Niagara Financial Group, Inc. | 3,309 | 46,028 | |||||||||
FirstMerit Corp. | 2,656 | 53,492 | |||||||||
Fulton Financial Corp. | 8,548 | 74,539 | |||||||||
International Bancshares Corp. | 3,312 | 62,696 | |||||||||
New Alliance Bancshares, Inc. | 2,830 | 33,988 | |||||||||
New York Community Bancorp, Inc. | 10,008 | 145,216 | |||||||||
PacWest Bancorp | 1,192 | 24,019 | |||||||||
SVB Financial Group* | 1,069 | 44,567 | |||||||||
Synovus Financial Corp. | 69,493 | 142,461 | |||||||||
TCF Financial Corp. | 8,603 | 117,173 | |||||||||
Trustmark Corp. | 2,769 | 62,413 | |||||||||
Valley National Bancorp | 4,549 | 64,277 | |||||||||
Washington Federal, Inc. | 2,874 | 55,583 | |||||||||
Webster Financial Corp. | 5,721 | 67,908 | |||||||||
Westamerica Bancorporation | 420 | 23,255 | |||||||||
Wilmington Trust Corp. | 4,790 | 59,109 | |||||||||
Total Banks | 1,703,895 | ||||||||||
Capital Goods—12.8% | |||||||||||
Aecom Technology Corp.* | 18,535 | 509,713 | |||||||||
AGCO Corp.* | 17,578 | 568,473 | |||||||||
Alliant Techsystems, Inc.* | 3,827 | 337,809 | |||||||||
AMETEK, Inc. | 4,461 | 170,589 | |||||||||
BE Aerospace, Inc.* | 7,085 | 166,498 | |||||||||
Bucyrus International, Inc. | 4,184 | 235,852 | |||||||||
Carlisle Cos., Inc. | 5,520 | 189,115 | |||||||||
Crane Co. | 5,923 | 181,362 | |||||||||
Donaldson Co., Inc. | 3,729 | 158,632 | |||||||||
Federal Signal Corp. | 11,014 | 66,304 | |||||||||
GATX Corp. | 2,882 | 82,858 | |||||||||
Graco, Inc. | 1,699 | 48,540 | |||||||||
Granite Construction, Inc. | 5,258 | 176,984 | |||||||||
Harsco Corp. | 7,724 | 248,945 | |||||||||
Hubbell, Inc. Class B | 4,008 | 189,578 | |||||||||
IDEX Corp. | 3,313 | 103,200 | |||||||||
Joy Global, Inc. | 5,401 | 278,638 | |||||||||
KBR, Inc. | 53,566 | 1,017,753 | |||||||||
Kennametal, Inc. | 7,478 | 193,830 | |||||||||
Lennox International, Inc. | 5,893 | 230,063 | |||||||||
Lincoln Electric Holdings, Inc. | 2,646 | 141,455 | |||||||||
MSC Industrial Direct Co. Class A | 2,608 | 122,576 | |||||||||
Nordson Corp. | 1,244 | 76,108 | |||||||||
Oshkosh Corp. | 11,549 | 427,659 | |||||||||
Pentair, Inc. | 6,777 | 218,897 |
Investments | Shares | Value | |||||||||
Regal-Beloit Corp. | 2,805 | $ | 145,692 | ||||||||
Shaw Group, Inc.* | 19,418 | 558,268 | |||||||||
SPX Corp. | 7,131 | 390,066 | |||||||||
Terex Corp.* | 24,714 | 489,584 | |||||||||
Thomas & Betts Corp.* | 4,218 | 150,962 | |||||||||
Timken Co. | 11,736 | 278,261 | |||||||||
Trinity Industries, Inc. | 12,337 | 215,157 | |||||||||
United Rentals, Inc.* | 20,442 | 200,536 | |||||||||
URS Corp.* | 17,418 | 775,448 | |||||||||
Valmont Industries, Inc. | 1,831 | 143,642 | |||||||||
Wabtec Corp. | 2,817 | 115,046 | |||||||||
Woodward Governor Co. | 4,505 | 116,094 | |||||||||
Total Capital Goods | 9,720,187 | ||||||||||
Commercial & Professional Services—3.8% | |||||||||||
Brink's Co. | 9,361 | 227,847 | |||||||||
Clean Harbors, Inc.* | 1,334 | 79,520 | |||||||||
Copart, Inc.* | 1,675 | 61,355 | |||||||||
Corporate Executive Board Co. | 1,692 | 38,611 | |||||||||
Corrections Corp. of America* | 5,107 | 125,377 | |||||||||
Deluxe Corp. | 7,697 | 113,839 | |||||||||
FTI Consulting, Inc.* | 2,289 | 107,949 | |||||||||
Herman Miller, Inc. | 8,587 | 137,220 | |||||||||
HNI Corp. | 5,453 | 150,666 | |||||||||
Korn/Ferry International* | 3,528 | 58,212 | |||||||||
Manpower, Inc. | 22,311 | 1,217,735 | |||||||||
Mine Safety Appliances Co. | 2,780 | 73,753 | |||||||||
MPS Group, Inc.* | 9,911 | 136,177 | |||||||||
Navigant Consulting, Inc.* | 3,739 | 55,562 | |||||||||
Rollins, Inc. | 4,255 | 82,036 | |||||||||
Waste Connections, Inc.* | 2,602 | 86,751 | |||||||||
Watson Wyatt Worldwide, Inc. Class A | 2,895 | 137,570 | |||||||||
Total Commercial & Professional Services | 2,890,180 | ||||||||||
Consumer Durables & Apparel—3.3% | |||||||||||
American Greetings Corp. Class A | 6,331 | 137,952 | |||||||||
Fossil, Inc.* | 3,631 | 121,856 | |||||||||
Hanesbrands, Inc.* | 12,149 | 292,912 | |||||||||
KB Home | 14,402 | 197,019 | |||||||||
MDC Holdings, Inc. | 2,349 | 72,913 | |||||||||
Mohawk Industries, Inc.* | 9,264 | 440,967 | |||||||||
NVR, Inc.* | 352 | 250,170 | |||||||||
Phillips-Van Heusen Corp. | 4,862 | 197,786 | |||||||||
Ryland Group, Inc. | 5,719 | 112,664 | |||||||||
Timberland Co. Class A* | 5,877 | 105,375 | |||||||||
Toll Brothers, Inc.* | 8,586 | 161,503 | |||||||||
Tupperware Brands Corp. | 3,256 | 151,632 | |||||||||
Under Armour, Inc. Class A* | 2,380 | 64,903 | |||||||||
Warnaco Group Inc.* | 3,585 | 151,251 | |||||||||
Total Consumer Durables & Apparel | 2,458,903 | ||||||||||
Consumer Services—3.1% | |||||||||||
Bob Evans Farms, Inc. | 5,058 | 146,429 | |||||||||
Boyd Gaming Corp.* | 15,880 | 132,916 | |||||||||
Brinker International, Inc. | 21,335 | 318,317 | |||||||||
Brinks Home Security Holding, Inc.* | 1,387 | 45,272 | |||||||||
Career Education Corp.* | 5,015 | 116,900 | |||||||||
Cheesecake Factory* | 6,289 | 135,780 | |||||||||
Chipotle Mexican Grill, Inc. Class A* | 1,306 | 115,137 |
The accompanying notes are an integral part of these financial statements.
12
Schedule of Investments — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Consumer Services—3.1% (continued) | |||||||||||
Corinthian Colleges, Inc.* | 6,817 | $ | 93,870 | ||||||||
International Speedway Corp. Class A | 1,914 | 54,453 | |||||||||
ITT Educational Services, Inc.* | 1,051 | 100,854 | |||||||||
Life Time Fitness, Inc.* | 2,905 | 72,422 | |||||||||
Matthews International Corp. Class A | 1,782 | 63,136 | |||||||||
Panera Bread Co. Class A* | 1,604 | 107,420 | |||||||||
Regis Corp. | 12,354 | 192,352 | |||||||||
Scientific Games Corp. Class A* | 5,270 | 76,679 | |||||||||
Service Corp. International | 20,459 | 167,559 | |||||||||
Sotheby's | 1,712 | 38,486 | |||||||||
Strayer Education, Inc. | 179 | 38,036 | |||||||||
Wendy's/Arby's Group, Inc. Class A | 66,700 | 312,822 | |||||||||
WMS Industries, Inc.* | 1,370 | 54,800 | |||||||||
Total Consumer Services | 2,383,640 | ||||||||||
Diversified Financials—1.1% | |||||||||||
Affiliated Managers Group, Inc.* | 986 | 66,407 | |||||||||
AmeriCredit Corp.* | 9,077 | 172,826 | |||||||||
Eaton Vance Corp.** | 2,330 | 70,855 | |||||||||
Jefferies Group, Inc.* | 6,967 | 165,327 | |||||||||
MSCI, Inc. Class A* | 1,163 | 36,983 | |||||||||
Raymond James Financial, Inc. | 8,928 | 212,219 | |||||||||
SEI Investments Co. | 4,560 | 79,891 | |||||||||
Waddell & Reed Financial, Inc. Class A | 2,117 | 64,653 | |||||||||
Total Diversified Financials | 869,161 | ||||||||||
Energy—4.0% | |||||||||||
Arch Coal, Inc. | 9,633 | 214,334 | |||||||||
Atwood Oceanics, Inc.* | 1,918 | 68,760 | |||||||||
Bill Barrett Corp.* | 1,678 | 52,203 | |||||||||
Cimarex Energy Co. | 1,622 | 85,917 | |||||||||
Comstock Resources, Inc.* | 700 | 28,399 | |||||||||
Encore Acquisition Co.* | 1,091 | 52,390 | |||||||||
Exterran Holdings, Inc.* | 10,717 | 229,880 | |||||||||
Forest Oil Corp.* | 3,243 | 72,157 | |||||||||
Frontier Oil Corp. | 29,661 | 357,119 | |||||||||
Helix Energy Solutions Group, Inc.* | 12,397 | 145,665 | |||||||||
Helmerich & Payne, Inc. | 4,244 | 169,251 | |||||||||
Mariner Energy, Inc.* | 5,388 | 62,555 | |||||||||
Newfield Exploration Co.* | 2,388 | 115,173 | |||||||||
Oceaneering International, Inc.* | 2,711 | 158,648 | |||||||||
Overseas Shipholding Group, Inc. | 2,393 | 105,172 | |||||||||
Patriot Coal Corp* | 12,653 | 195,615 | |||||||||
Patterson-UTI Energy, Inc. | 6,125 | 94,019 | |||||||||
Plains Exploration & Production Co.* | 3,328 | 92,052 | |||||||||
Pride International, Inc.* | 4,940 | 157,635 | |||||||||
Quicksilver Resources, Inc.* | 4,803 | 72,093 | |||||||||
Southern Union Co. | 8,546 | 193,994 | |||||||||
Superior Energy Services, Inc.* | 6,306 | 153,173 | |||||||||
Tidewater, Inc. | 2,378 | 114,025 | |||||||||
Unit Corp.* | 1,612 | 68,510 | |||||||||
Total Energy | 3,058,739 | ||||||||||
Food & Staples Retailing—1.4% | |||||||||||
BJ's Wholesale Club, Inc.* | 23,445 | 766,886 | |||||||||
Ruddick Corp. | 11,608 | 298,674 | |||||||||
Total Food & Staples Retailing | 1,065,560 |
Investments | Shares | Value | |||||||||
Food, Beverage & Tobacco—3.7% | |||||||||||
Corn Products International, Inc. | 9,754 | $ | 285,109 | ||||||||
Flowers Foods, Inc. | 8,751 | 207,924 | |||||||||
Green Mountain Coffee Roasters, Inc.* | 4,643 | 378,266 | |||||||||
Hansen Natural Corp.* | 2,369 | 90,970 | |||||||||
Lancaster Colony Corp. | 1,622 | 80,613 | |||||||||
PepsiAmericas, Inc. | 11,921 | 348,808 | |||||||||
Ralcorp Holdings, Inc.* | 4,952 | 295,684 | |||||||||
Smithfield Foods, Inc.* | 58,612 | 890,317 | |||||||||
Tootsie Roll Industries, Inc. | 1,482 | 40,577 | |||||||||
Universal Corp. | 4,089 | 186,499 | |||||||||
Total Food, Beverage & Tobacco | 2,804,767 | ||||||||||
Health Care Equipment & Services—9.8% | |||||||||||
Beckman Coulter, Inc. | 3,529 | 230,938 | |||||||||
Cerner Corp.* | 1,687 | 139,076 | |||||||||
Community Health Systems, Inc.* | 29,545 | 1,051,802 | |||||||||
Edwards Lifesciences Corp.* | 1,145 | 99,443 | |||||||||
Gen-Probe, Inc.* | 838 | 35,950 | |||||||||
Health Management Associates, Inc. Class A* | 54,937 | 399,392 | |||||||||
Health Net, Inc.* | 51,151 | 1,191,308 | |||||||||
Henry Schein, Inc.* | 9,536 | 501,594 | |||||||||
Hill-Rom Holdings, Inc. | 4,853 | 116,423 | |||||||||
Hologic, Inc.* | 8,922 | 129,369 | |||||||||
IDEXX Laboratories, Inc.* | 1,478 | 78,984 | |||||||||
Immucor, Inc.* | 1,175 | 23,782 | |||||||||
Kindred Healthcare, Inc.* | 20,540 | 379,168 | |||||||||
Kinetic Concepts, Inc.* | 4,262 | 160,464 | |||||||||
LifePoint Hospitals, Inc.* | 7,531 | 244,833 | |||||||||
Lincare Holdings, Inc.* | 3,331 | 123,647 | |||||||||
Masimo Corp.* | 945 | 28,747 | |||||||||
Omnicare, Inc. | 20,631 | 498,858 | |||||||||
Owens & Minor, Inc. | 14,557 | 624,932 | |||||||||
Psychiatric Solutions, Inc.* | 6,736 | 142,399 | |||||||||
ResMed, Inc.* | 1,304 | 68,160 | |||||||||
STERIS Corp. | 3,491 | 97,643 | |||||||||
Teleflex, Inc. | 2,915 | 157,089 | |||||||||
Thoratec Corp.* | 919 | 24,739 | |||||||||
Universal Health Services, Inc. Class B | 7,490 | 228,445 | |||||||||
VCA Antech, Inc.* | 4,122 | 102,720 | |||||||||
WellCare Health Plans, Inc.* | 14,305 | 525,852 | |||||||||
Total Health Care Equipment & Services | 7,405,757 | ||||||||||
Household & Personal Products—1.1% | |||||||||||
Alberto-Culver Co. | 3,877 | 113,557 | |||||||||
Church & Dwight Co., Inc. | 3,145 | 190,115 | |||||||||
Energizer Holdings, Inc.* | 5,117 | 313,571 | |||||||||
NBTY, Inc.* | 4,473 | 194,754 | |||||||||
Total Household & Personal Products | 811,997 | ||||||||||
Insurance—5.5% | |||||||||||
American Financial Group, Inc. | 13,893 | 346,630 | |||||||||
Arthur J. Gallagher & Co. | 5,830 | 131,233 | |||||||||
Brown & Brown, Inc. | 4,167 | 74,881 | |||||||||
Everest Re Group Ltd. | 3,670 | 314,446 | |||||||||
Fidelity National Financial, Inc. Class A | 30,196 | 406,438 | |||||||||
First American Corp. | 13,927 | 461,123 | |||||||||
Hanover Insurance Group, Inc. | 4,861 | 215,974 | |||||||||
HCC Insurance Holdings, Inc. | 6,703 | 187,483 |
The accompanying notes are an integral part of these financial statements.
13
Schedule of Investments — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Insurance—5.5% (continued) | |||||||||||
Horace Mann Educators Corp. | 5,801 | $ | 72,513 | ||||||||
Mercury General Corp. | 5,948 | 233,518 | |||||||||
Old Republic International Corp. | 26,131 | 262,355 | |||||||||
Protective Life Corp. | 12,435 | 205,799 | |||||||||
Reinsurance Group of America, Inc. | 10,669 | 508,379 | |||||||||
StanCorp Financial Group, Inc. | 5,265 | 210,705 | |||||||||
Unitrin, Inc. | 9,699 | 213,863 | |||||||||
W.R. Berkley Corp. | 13,247 | 326,406 | |||||||||
Total Insurance | 4,171,746 | ||||||||||
Materials—7.8% | |||||||||||
Albemarle Corp. | 4,226 | 153,700 | |||||||||
AptarGroup, Inc. | 3,786 | 135,312 | |||||||||
Ashland, Inc. | 16,853 | 667,715 | |||||||||
Cabot Corp. | 7,651 | 200,686 | |||||||||
Carpenter Technology Corp. | 4,999 | 134,723 | |||||||||
Commercial Metals Co. | 38,513 | 602,728 | |||||||||
Cytec Industries, Inc. | 5,800 | 211,236 | |||||||||
Greif, Inc. Class A** | 4,220 | 227,796 | |||||||||
Louisiana-Pacific Corp.* | 13,721 | 95,773 | |||||||||
Lubrizol Corp. | 4,898 | 357,309 | |||||||||
Martin Marietta Materials, Inc. | 1,590 | 142,162 | |||||||||
Minerals Technologies, Inc. | 1,278 | 69,613 | |||||||||
Olin Corp. | 7,087 | 124,164 | |||||||||
Packaging Corporation of America | 7,620 | 175,336 | |||||||||
Reliance Steel & Aluminum Co. | 11,504 | 497,203 | |||||||||
RPM International, Inc. | 13,747 | 279,477 | |||||||||
Scotts Miracle-Gro Co. Class A | 6,090 | 239,398 | |||||||||
Sensient Technologies Corp. | 3,546 | 93,260 | |||||||||
Silgan Holdings, Inc. | 800 | 46,304 | |||||||||
Sonoco Products Co. | 9,135 | 267,199 | |||||||||
Steel Dynamics, Inc. | 17,467 | 309,515 | |||||||||
Temple-Inland, Inc. | 14,566 | 307,488 | |||||||||
Terra Industries, Inc. | 3,507 | 112,890 | |||||||||
Valspar Corp. | 8,473 | 229,957 | |||||||||
Worthington Industries, Inc. | 19,346 | 252,852 | |||||||||
Total Materials | 5,933,796 | ||||||||||
Media—0.7% | |||||||||||
DreamWorks Animation SKG, Inc. Class A* | 1,465 | 58,527 | |||||||||
Harte-Hanks, Inc. | 6,728 | 72,528 | |||||||||
John Wiley & Sons, Inc. Class A | 3,060 | 128,153 | |||||||||
Lamar Advertising Co. Class A* | 3,005 | 93,425 | |||||||||
Scholastic Corp. | 5,179 | 154,489 | |||||||||
Total Media | 507,122 | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences—1.6% | |||||||||||
Affymetrix, Inc.* | 4,756 | 27,775 | |||||||||
Bio-Rad Laboratories, Inc. Class A* | 1,368 | 131,957 | |||||||||
Charles River Laboratories International, Inc.* | 2,926 | 98,577 | |||||||||
Covance, Inc.* | 2,844 | 155,197 | |||||||||
Endo Pharmaceuticals Holdings, Inc.* | 5,452 | 111,821 | |||||||||
Medicis Pharmaceutical Corp. Class A | 1,641 | 44,389 | |||||||||
Mettler-Toledo International, Inc.* | 1,342 | 140,897 | |||||||||
OSI Pharmaceuticals, Inc.* | 882 | 27,368 | |||||||||
Perrigo Co. | 3,695 | 147,209 |
Investments | Shares | Value | |||||||||
Pharmaceutical Product Development, Inc. | 5,088 | $ | 119,263 | ||||||||
Techne Corp. | 299 | 20,499 | |||||||||
United Therapeutics Corp.* | 554 | 29,168 | |||||||||
Valeant Pharmaceuticals International* | 1,838 | 58,430 | |||||||||
Varian, Inc.* | 1,339 | 69,012 | |||||||||
Vertex Pharmaceuticals, Inc* | 202 | 8,656 | |||||||||
Total Pharmaceuticals, Biotechnology & Life Sciences | 1,190,218 | ||||||||||
Real Estate—2.0% | |||||||||||
Alexandria Real Estate Equities, Inc. (a) | 651 | 41,853 | |||||||||
AMB Property Corp. (a) | 2,018 | 51,560 | |||||||||
BRE Properties, Inc. (a) | 855 | 28,283 | |||||||||
Camden Property Trust (a) | 1,301 | 55,123 | |||||||||
Corporate Office Properties Trust (a) | 1,732 | 63,443 | |||||||||
Cousins Properties, Inc. (a) | 2,178 | 16,618 | |||||||||
Duke Realty Corp. (a) | 9,606 | 116,905 | |||||||||
Equity One, Inc. (a) | 1,222 | 19,760 | |||||||||
Essex Property Trust, Inc. (a) | 390 | 32,624 | |||||||||
Federal Realty Investment Trust (a) | 617 | 41,783 | |||||||||
Highwoods Properties, Inc. (a) | 1,085 | 36,185 | |||||||||
Hospitality Properties Trust (a) | 3,927 | 93,109 | |||||||||
Jones Lang LaSalle, Inc. | 3,551 | 214,481 | |||||||||
Liberty Property Trust (a) | 1,851 | 59,251 | |||||||||
Macerich Co. (a) | 2,237 | 80,420 | |||||||||
Mack-Cali Realty Corp. (a) | 1,704 | 58,907 | |||||||||
Nationwide Health Properties, Inc. (a) | 860 | 30,255 | |||||||||
Omega Healthcare Investors, Inc. (a) | 1,174 | 22,834 | |||||||||
Potlatch Corp. (a) | 1,195 | 38,097 | |||||||||
Rayonier, Inc. (a) | 2,197 | 92,626 | |||||||||
Realty Income Corp. (a) | 940 | 24,355 | |||||||||
Regency Centers Corp. (a) | 1,154 | 40,459 | |||||||||
Senior Housing Properties Trust (a) | 3,902 | 85,337 | |||||||||
SL Green Realty Corp. (a) | 1,712 | 86,011 | |||||||||
UDR, Inc. (a) | 3,159 | 51,934 | |||||||||
Weingarten Realty Investors (a) | 2,417 | 47,832 | |||||||||
Total Real Estate | 1,530,045 | ||||||||||
Retailing—7.6% | |||||||||||
99 Cents Only Stores* | 7,980 | 104,299 | |||||||||
Aaron's, Inc.** | 4,749 | 131,690 | |||||||||
Advance Auto Parts, Inc. | 10,454 | 423,177 | |||||||||
Aeropostale, Inc.* | 4,295 | 146,245 | |||||||||
American Eagle Outfitters, Inc. | 14,910 | 253,172 | |||||||||
AnnTaylor Stores Corp.* | 11,740 | 160,134 | |||||||||
Barnes & Noble, Inc. | 20,438 | 389,752 | |||||||||
Carmax, Inc.* | 28,490 | 690,882 | |||||||||
Chico's FAS, Inc.* | 9,215 | 129,471 | |||||||||
Coldwater Creek, Inc.* | 18,775 | 83,737 | |||||||||
Collective Brands, Inc.* | 12,076 | 274,971 | |||||||||
Dick's Sporting Goods, Inc.* | 14,070 | 349,921 | |||||||||
Dollar Tree, Inc.* | 7,215 | 348,485 | |||||||||
Foot Locker, Inc. | 42,520 | 473,672 | |||||||||
Guess?, Inc. | 3,622 | 153,211 | |||||||||
J. Crew Group, Inc.* | 2,564 | 114,713 | |||||||||
LKQ Corp.* | 8,119 | 159,051 | |||||||||
NetFlix, Inc.* | 2,137 | 117,834 | |||||||||
PetSmart, Inc. | 14,596 | 389,567 | |||||||||
Rent-A-Center, Inc.* | 11,834 | 209,698 |
The accompanying notes are an integral part of these financial statements.
14
Schedule of Investments — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Retailing—7.6% (continued) | |||||||||||
Saks, Inc.* | 40,292 | $ | 264,316 | ||||||||
Urban Outfitters, Inc.* | 4,167 | 145,803 | |||||||||
Williams-Sonoma, Inc. | 13,175 | 273,777 | |||||||||
Total Retailing | 5,787,578 | ||||||||||
Semiconductors & Semiconductor Equipment—0.9% | |||||||||||
Atmel Corp.* | 22,280 | 102,711 | |||||||||
Cree, Inc.* | 839 | 47,294 | |||||||||
Fairchild Semiconductor International, Inc.* | 9,784 | 97,742 | |||||||||
Integrated Device Technology, Inc.* | 9,322 | 60,313 | |||||||||
International Rectifier Corp.* | 2,968 | 65,652 | |||||||||
Intersil Corp. Class A | 3,123 | 47,907 | |||||||||
Lam Research Corp.* | 2,966 | 116,298 | |||||||||
RF Micro Devices, Inc.* | 15,582 | 74,326 | |||||||||
Semtech Corp.* | 1,405 | 23,899 | |||||||||
Silicon Laboratories, Inc.* | 710 | 34,321 | |||||||||
Total Semiconductors & Semiconductor Equipment | 670,463 | ||||||||||
Software & Services—4.5% | |||||||||||
ACI Worldwide, Inc.* | 1,794 | 30,767 | |||||||||
Acxiom Corp. | 8,643 | 115,989 | |||||||||
Advent Software, Inc.* | 498 | 20,284 | |||||||||
Alliance Data Systems Corp.* | 2,336 | 150,882 | |||||||||
ANSYS, Inc.* | 942 | 40,939 | |||||||||
Broadridge Financial Solutions, Inc. | 7,403 | 167,012 | |||||||||
Cadence Design Systems, Inc.* | 11,141 | 66,735 | |||||||||
Convergys Corporation* | 70,625 | 759,220 | |||||||||
Digital River, Inc.* | 1,152 | 31,092 | |||||||||
DST Systems, Inc.* | 3,884 | 169,148 | |||||||||
Equinix, Inc.* | 773 | 82,054 | |||||||||
FactSet Research Systems, Inc. | 636 | 41,893 | |||||||||
Fair Isaac Corp. | 2,710 | 57,750 | |||||||||
Gartner, Inc.* | 4,998 | 90,164 | |||||||||
Global Payments, Inc. | 2,309 | 124,363 | |||||||||
Hewitt Associates, Inc., Class A* | 5,452 | 230,402 | |||||||||
Informatica Corp.* | 1,711 | 44,246 | |||||||||
Jack Henry & Associates, Inc. | 2,484 | 57,430 | |||||||||
Lender Processing Services, Inc. | 4,190 | 170,365 | |||||||||
Mantech International Corp. Class A* | 3,376 | 162,993 | |||||||||
Mentor Graphics Corp.* | 7,750 | 68,433 | |||||||||
MICROS Systems, Inc.* | 2,729 | 84,681 | |||||||||
NeuStar, Inc. Class A* | 1,604 | 36,956 | |||||||||
Parametric Technology Corp.* | 4,953 | 80,932 | |||||||||
Quest Software, Inc.* | 3,093 | 56,911 | |||||||||
Rovi Corp.* | 1,267 | 40,379 | |||||||||
Solera Holdings, Inc. | 1,296 | 46,669 | |||||||||
SRA International, Inc. Class A* | 6,462 | 123,424 | |||||||||
Sybase, Inc.* | 2,086 | 90,532 | |||||||||
Synopsys, Inc.* | 5,049 | 112,492 | |||||||||
ValueClick, Inc.* | 4,417 | 44,700 | |||||||||
Total Software & Services | 3,399,837 | ||||||||||
Technology Hardware & Equipment—11.7% | |||||||||||
3Com Corp.* | 14,092 | 105,690 | |||||||||
ADC Telecommunications, Inc.* | 13,799 | 85,692 | |||||||||
Adtran, Inc. | 1,573 | 35,471 | |||||||||
Arrow Electronics, Inc.* | 40,685 | 1,204,683 |
Investments | Shares | Value | |||||||||
Avnet, Inc.* | 46,201 | $ | 1,393,422 | ||||||||
Ciena Corp.* | 7,385 | 80,053 | |||||||||
CommScope, Inc.* | 9,332 | 247,578 | |||||||||
Diebold, Inc. | 8,336 | 237,159 | |||||||||
F5 Networks, Inc.* | 962 | 50,967 | |||||||||
Ingram Micro, Inc. Class A* | 131,644 | 2,297,188 | |||||||||
Itron, Inc. | 2,014 | 136,086 | |||||||||
National Instruments Corp. | 1,786 | 52,598 | |||||||||
NCR Corp.* | 36,405 | 405,188 | |||||||||
Palm, Inc.* | 6,561 | 65,872 | |||||||||
Plantronics, Inc. | 2,530 | 65,729 | |||||||||
Polycom, Inc.* | 3,282 | 81,952 | |||||||||
Tech Data Corp.* | 42,823 | 1,998,121 | |||||||||
Trimble Navigation Ltd.* | 3,647 | 91,904 | |||||||||
Vishay Intertechnology, Inc.* | 20,629 | 172,252 | |||||||||
Zebra Technologies Corp. Class A* | 2,298 | 65,171 | |||||||||
Total Technology Hardware & Equipment | 8,872,776 | ||||||||||
Telecommunication Services—0.9% | |||||||||||
Cincinnati Bell, Inc.* | 33,576 | 115,837 | |||||||||
Syniverse Holdings, Inc.* | 2,462 | 43,036 | |||||||||
Telephone & Data Systems, Inc.** | 11,912 | 404,055 | |||||||||
tw telecom, Inc.* | 8,775 | 150,404 | |||||||||
Total Telecommunication Services | 713,332 | ||||||||||
Transportation—2.5% | |||||||||||
Airtran Holdings, Inc.* | 35,991 | 187,873 | |||||||||
Alaska Air Group, Inc.* | 7,956 | 274,959 | |||||||||
Alexander & Baldwin, Inc. | 3,296 | 112,822 | |||||||||
Con-way, Inc. | 9,399 | 328,120 | |||||||||
JB Hunt Transport Services, Inc. | 7,334 | 236,668 | |||||||||
JetBlue Airways Corp.* | 43,530 | 237,239 | |||||||||
Kansas City Southern* | 3,931 | 130,863 | |||||||||
Kirby Corp.* | 2,715 | 94,563 | |||||||||
Landstar System, Inc. | 4,083 | 158,298 | |||||||||
Werner Enterprises, Inc. | 6,586 | 130,337 | |||||||||
Total Transportation | 1,891,742 | ||||||||||
Utilities—7.3% | |||||||||||
AGL Resources, Inc. | 5,239 | 191,066 | |||||||||
Alliant Energy Corp. | 8,832 | 267,256 | |||||||||
Aqua America, Inc. | 2,994 | 52,425 | |||||||||
Atmos Energy Corp. | 15,239 | 448,027 | |||||||||
Black Hills Corp. | 3,953 | 105,268 | |||||||||
Cleco Corp. | 2,572 | 70,293 | |||||||||
DPL, Inc. | 4,238 | 116,969 | |||||||||
Dynegy, Inc. Class A* | 245,404 | 444,181 | |||||||||
Energen Corp. | 2,508 | 117,374 | |||||||||
Great Plains Energy, Inc. | 7,945 | 154,054 | |||||||||
Hawaiian Electric Industries, Inc. | 9,088 | 189,939 | |||||||||
IDACORP, Inc. | 2,519 | 80,482 | |||||||||
MDU Resources Group, Inc. | 14,941 | 352,608 | |||||||||
National Fuel Gas Co. | 3,571 | 178,550 | |||||||||
NSTAR | 7,141 | 262,789 | |||||||||
NV Energy, Inc. | 22,902 | 283,527 | |||||||||
OGE Energy Corp. | 5,895 | 217,467 | |||||||||
ONEOK, Inc. | 19,045 | 848,835 | |||||||||
PNM Resources, Inc. | 10,764 | 136,165 | |||||||||
UGI Corp. | 19,231 | 465,198 |
The accompanying notes are an integral part of these financial statements.
15
Schedule of Investments — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Utilities—7.3% (continued) | |||||||||||
Vectren Corp. | 6,956 | $ | 171,674 | ||||||||
Westar Energy, Inc. | 6,474 | 140,615 | |||||||||
WGL Holdings, Inc. | 6,215 | 208,451 | |||||||||
Total Utilities | 5,503,213 | ||||||||||
Total Investments—100.0% (Cost $67,812,968) | 75,839,119 | ||||||||||
Other Assets in Excess of Liabilities—0.0%† | 22,641 | ||||||||||
Net Assets—100.0% | $ | 75,861,760 |
* Non-income producing security
(a) Real Estate Investment Trust
† Less than 0.05%
** Non-voting Shares
The accompanying notes are an integral part of these financial statements.
16
Schedule of Investments
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
COMMON STOCKS—100.1% | |||||||||||
Automobiles & Components—0.4% | |||||||||||
Drew Industries, Inc.* | 2,505 | $ | 51,728 | ||||||||
Spartan Motors, Inc. | 13,170 | 74,147 | |||||||||
Standard Motor Products, Inc. | 10,774 | 91,794 | |||||||||
Superior Industries International, Inc. | 3,732 | 57,100 | |||||||||
Winnebago Industries, Inc.* | 3,365 | 41,053 | |||||||||
Total Automobiles & Components | 315,822 | ||||||||||
Banks—3.1% | |||||||||||
Bank Mutual Corp. | 3,680 | 25,466 | |||||||||
Bank of the Ozarks, Inc. | 1,243 | 36,383 | |||||||||
Boston Private Financial Holdings, Inc. | 12,775 | 73,712 | |||||||||
Brookline Bancorp, Inc. | 2,007 | 19,889 | |||||||||
City Holding Company | 961 | 31,069 | |||||||||
Columbia Banking System, Inc. | 1,828 | 29,577 | |||||||||
Community Bank System, Inc. | 2,375 | 45,861 | |||||||||
Dime Community Bancshares, Inc. | 2,559 | 29,991 | |||||||||
East West Bancorp, Inc. | 5,906 | 93,315 | |||||||||
First BanCorp. | 76,009 | 174,821 | |||||||||
First Commonwealth Financial Corp. | 10,406 | 48,388 | |||||||||
First Financial Bancorp | 2,360 | 34,362 | |||||||||
First Financial Bankshares, Inc. | 495 | 26,844 | |||||||||
First Midwest Bancorp, Inc. | 4,872 | 53,056 | |||||||||
Glacier Bancorp, Inc. | 3,923 | 53,824 | |||||||||
Hancock Holding Co. | 1,459 | 63,890 | |||||||||
Hanmi Financial Corp.* | 25,380 | 30,456 | |||||||||
Home Bancshares, Inc. | 921 | 22,168 | |||||||||
Independent Bank Corp. | 1,598 | 33,382 | |||||||||
Nara Bancorp, Inc. | 2,405 | 27,273 | |||||||||
National Penn Bancshares, Inc. | 13,261 | 76,781 | |||||||||
NBT Bancorp, Inc. | 2,531 | 51,556 | |||||||||
Old National Bancorp. | 6,073 | 75,487 | |||||||||
Pinnacle Financial Partners, Inc.* | 2,742 | 38,991 | |||||||||
PrivateBancorp, Inc. | 7,740 | 69,428 | |||||||||
Prosperity Bancshares, Inc. | 1,600 | 64,752 | |||||||||
S&T Bancorp, Inc. | 1,943 | 33,050 | |||||||||
Signature Bank* | 1,763 | 56,240 | |||||||||
Simmons First National Corp. Class A | 996 | 27,689 | |||||||||
South Financial Group, Inc. | 168,923 | 108,905 | |||||||||
Sterling Bancorp | 3,070 | 21,920 | |||||||||
Sterling Bancshares, Inc. | 8,533 | 43,774 | |||||||||
Susquehanna Bancshares, Inc. | 19,432 | 114,454 | |||||||||
Tompkins Financial Corp. | 643 | 26,042 | |||||||||
TrustCo Bank Corp. | 3,898 | 24,557 | |||||||||
UMB Financial Corp. | 2,292 | 90,190 | |||||||||
Umpqua Holdings Corp. | 5,509 | 73,876 | |||||||||
United Bankshares, Inc. | 3,189 | 63,684 | |||||||||
United Community Banks, Inc.* | 16,510 | 55,969 | |||||||||
Whitney Holding Corp. | 10,333 | 94,134 | |||||||||
Wilshire Bancorp, Inc. | 3,572 | 29,255 | |||||||||
Wintrust Financial Corp. | 3,894 | 119,896 | |||||||||
Total Banks | 2,314,357 | ||||||||||
Capital Goods—12.4% | |||||||||||
A.O. Smith Corp. | 6,199 | 268,975 | |||||||||
AAON, Inc. | 1,924 | 37,499 | |||||||||
AAR Corp.* | 9,788 | 224,928 | |||||||||
Actuant Corp. Class A | 10,621 | 196,807 | |||||||||
Acuity Brands, Inc. | 6,986 | 248,981 |
Investments | Shares | Value | |||||||||
Aerovironment, Inc.* | 1,062 | $ | 30,883 | ||||||||
Albany International Corp. Class A | 5,916 | 132,873 | |||||||||
American Science & Engineering, Inc. | 471 | 35,721 | |||||||||
Apogee Enterprises, Inc. | 9,344 | 130,816 | |||||||||
Applied Industrial Technologies, Inc. | 13,040 | 287,793 | |||||||||
Applied Signal Technology, Inc. | 1,286 | 24,807 | |||||||||
Astec Industries, Inc.* | 4,157 | 111,990 | |||||||||
AZZ, Inc.* | 1,480 | 48,396 | |||||||||
Badger Meter, Inc. | 946 | 37,670 | |||||||||
Baldor Electric Co. | 8,341 | 234,299 | |||||||||
Barnes Group, Inc. | 8,860 | 149,734 | |||||||||
Belden, Inc. | 8,540 | 187,197 | |||||||||
Brady Corp. Class A** | 5,926 | 177,839 | |||||||||
Briggs & Stratton Corp. | 15,457 | 289,200 | |||||||||
Cascade Corp. | 2,961 | 81,398 | |||||||||
Ceradyne, Inc.* | 3,373 | 64,795 | |||||||||
CIRCOR International, Inc. | 3,895 | 98,076 | |||||||||
CLARCOR, Inc. | 3,904 | 126,646 | |||||||||
Comfort Systems USA, Inc. | 13,599 | 167,812 | |||||||||
Cubic Corp. | 3,540 | 132,042 | |||||||||
Curtiss-Wright Corp. | 8,190 | 256,511 | |||||||||
Dycom Industries, Inc.* | 3,280 | 26,338 | |||||||||
EMCOR Group, Inc.* | 31,722 | 853,322 | |||||||||
Encore Wire Corp. | 4,195 | 88,389 | |||||||||
EnPro Industries, Inc.* | 5,525 | 145,915 | |||||||||
ESCO Technologies, Inc. | 2,565 | 91,955 | |||||||||
Esterline Technologies Corp.* | 4,687 | 191,089 | |||||||||
Gardner Denver, Inc.* | 6,252 | 266,023 | |||||||||
GenCorp, Inc.* | 12,216 | 85,512 | |||||||||
Gibraltar Industries, Inc. | 7,732 | 121,624 | |||||||||
Griffon Corp.* | 13,753 | 168,062 | |||||||||
II-VI, Inc.* | 1,461 | 46,460 | |||||||||
Insituform Technologies, Inc. Class A* | 3,821 | 86,813 | |||||||||
John Bean Technologies Corp. | 6,607 | 112,385 | |||||||||
Kaman Corp. | 6,884 | 158,952 | |||||||||
Kaydon Corp. | 1,746 | 62,437 | |||||||||
Lawson Products, Inc. | 3,254 | 57,433 | |||||||||
Lindsay Corp. | 1,540 | 61,369 | |||||||||
Lydall, Inc.* | 5,476 | 28,530 | |||||||||
Magnetek, Inc.* | 7,763 | 11,955 | |||||||||
Moog, Inc. Class A* | 9,010 | 263,362 | |||||||||
Mueller Industries, Inc. | 8,714 | 216,456 | |||||||||
NCI Buildings Systems, Inc.* | 94,581 | 171,192 | |||||||||
Orbital Sciences Corp.* | 11,436 | 174,513 | |||||||||
Quanex Building Products Corp. | 5,425 | 92,062 | |||||||||
Robbins & Myers, Inc. | 4,145 | 97,490 | |||||||||
Simpson Manufacturing Co., Inc. | 3,400 | 91,426 | |||||||||
Standex International Corp. | 4,304 | 86,467 | |||||||||
Stanley, Inc.* | 3,970 | 108,818 | |||||||||
Teledyne Technologies, Inc.* | 6,501 | 249,378 | |||||||||
Toro Co. | 5,196 | 217,245 | |||||||||
Tredegar Corp. | 6,144 | 97,198 | |||||||||
Triumph Group, Inc. | 3,484 | 168,103 | |||||||||
Universal Forest Products, Inc. | 6,477 | 238,418 | |||||||||
Vicor Corp.* | 3,252 | 30,244 | |||||||||
Watsco, Inc.** | 4,768 | 233,537 | |||||||||
Watts Water Technologies, Inc. Class A | 5,384 | 166,473 | |||||||||
Total Capital Goods | 9,150,633 |
The accompanying notes are an integral part of these financial statements.
17
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Commercial & Professional Services—5.5% | |||||||||||
ABM Industries, Inc. | 23,754 | $ | 490,758 | ||||||||
Administaff, Inc. | 9,555 | 225,402 | |||||||||
ATC Technology Corp.* | 2,787 | 66,470 | |||||||||
Bowne & Co., Inc. | 14,066 | 93,961 | |||||||||
CDI Corp. | 9,664 | 125,149 | |||||||||
Consolidated Graphics, Inc.* | 5,051 | 176,886 | |||||||||
Exponent, Inc.* | 1,263 | 35,162 | |||||||||
G&K Services, Inc. Class A | 5,259 | 132,159 | |||||||||
Geo Group, Inc.* | 6,856 | 150,009 | |||||||||
Healthcare Services Group, Inc. | 4,429 | 95,046 | |||||||||
Heidrick & Struggles International, Inc. | 2,014 | 62,917 | |||||||||
Interface, Inc. Class A | 14,826 | 123,204 | |||||||||
Kelly Services, Inc. Class A*,** | 7,914 | 94,414 | |||||||||
Mobile Mini, Inc.* | 3,640 | 51,288 | |||||||||
On Assignment, Inc.* | 8,662 | 61,933 | |||||||||
School Specialty, Inc.* | 6,086 | 142,352 | |||||||||
Spherion Corp.* | 43,241 | 243,014 | |||||||||
Standard Register Co. | 18,623 | 94,977 | |||||||||
SYKES Enterprises, Inc.* | 4,300 | 109,521 | |||||||||
Tetra Tech, Inc.* | 7,091 | 192,662 | |||||||||
TrueBlue, Inc.* | 10,347 | 153,239 | |||||||||
United Stationers, Inc.* | 11,553 | 656,789 | |||||||||
Viad Corp. | 5,887 | 121,449 | |||||||||
Volt Information Sciences, Inc.* | 32,711 | 327,110 | |||||||||
Total Commercial & Professional Services | 4,025,871 | ||||||||||
Consumer Durables & Apparel—6.3% | |||||||||||
Arctic Cat, Inc. | 11,991 | 109,838 | |||||||||
Blyth, Inc. | 1,043 | 35,170 | |||||||||
Brunswick Corp. | 36,771 | 467,358 | |||||||||
Callaway Golf Co. | 7,588 | 57,214 | |||||||||
Carter's, Inc.* | 8,802 | 231,053 | |||||||||
CROCS, Inc.* | 16,742 | 96,267 | |||||||||
Deckers Outdoor Corp.* | 1,044 | 106,196 | |||||||||
Ethan Allen Interiors, Inc. | 8,493 | 113,976 | |||||||||
Helen of Troy Ltd.* | 4,100 | 100,286 | |||||||||
Iconix Brand Group, Inc.* | 2,548 | 32,232 | |||||||||
JAKKS Pacific, Inc.* | 10,391 | 125,939 | |||||||||
K-Swiss, Inc. Class A | 3,776 | 37,533 | |||||||||
Kid Brands Inc* | 7,013 | 30,717 | |||||||||
La-Z-Boy, Inc. | 18,752 | 178,707 | |||||||||
Liz Claiborne, Inc. | 91,268 | 513,838 | |||||||||
M/I Homes, Inc.* | 7,287 | 75,712 | |||||||||
Maidenform Brands, Inc.* | 3,886 | 64,857 | |||||||||
Meritage Homes Corp.* | 8,632 | 166,857 | |||||||||
Movado Group, Inc. | 7,273 | 70,694 | |||||||||
National Presto Industries, Inc. | 667 | 72,856 | |||||||||
Nautilus, Inc.* | 18,065 | 36,672 | |||||||||
Oxford Industries, Inc. | 4,840 | 100,091 | |||||||||
Perry Ellis International, Inc.* | 8,744 | 131,685 | |||||||||
Polaris Industries, Inc. | 5,079 | 221,597 | |||||||||
Pool Corp. | 11,585 | 221,042 | |||||||||
Quiksilver, Inc.* | 166,319 | 335,964 | |||||||||
RC2 Corp.* | 4,093 | 60,372 | |||||||||
Skechers U.S.A., Inc. Class A* | 7,110 | 209,105 | |||||||||
Skyline Corp. | 1,534 | 28,226 | |||||||||
Standard-Pacific Corp.* | 52,422 | 196,058 | |||||||||
Sturm Ruger & Co., Inc. | 3,543 | 34,367 | |||||||||
True Religion Apparel, Inc.* | 2,213 | 40,918 |
Investments | Shares | Value | |||||||||
UniFirst Corp. | 3,024 | $ | 145,485 | ||||||||
Universal Electronics, Inc.* | 1,814 | 42,121 | |||||||||
Volcom, Inc.* | 2,511 | 42,034 | |||||||||
Wolverine World Wide, Inc. | 5,727 | 155,889 | |||||||||
Total Consumer Durables & Apparel | 4,688,926 | ||||||||||
Consumer Services—4.8% | |||||||||||
American Public Education, Inc* | 578 | 19,860 | |||||||||
BJ's Restaurants, Inc.* | 3,126 | 58,831 | |||||||||
Buffalo Wild Wings, Inc.* | 1,749 | 70,432 | |||||||||
California Pizza Kitchen, Inc.* | 6,991 | 94,029 | |||||||||
Capella Education Co.* | 587 | 44,201 | |||||||||
CEC Entertainment, Inc.* | 3,595 | 114,752 | |||||||||
CKE Restaurants, Inc. | 24,831 | 210,071 | |||||||||
Coinstar, Inc.* | 6,273 | 174,264 | |||||||||
Cracker Barrel Old Country Store, Inc. | 8,674 | 329,526 | |||||||||
DineEquity, Inc. | 8,610 | 209,137 | |||||||||
Hillenbrand, Inc. | 4,485 | 84,497 | |||||||||
Interval Leisure Group, Inc.* | 4,474 | 55,791 | |||||||||
Jack in the Box, Inc.* | 18,034 | 354,730 | |||||||||
Landry's Restaurants, Inc.* | 6,941 | 147,774 | |||||||||
Marcus Corp. | 4,060 | 52,049 | |||||||||
Monarch Casino & Resort, Inc.* | 2,441 | 19,772 | |||||||||
Multimedia Games, Inc.* | 3,539 | 21,269 | |||||||||
O'Charleys, Inc.* | 20,405 | 133,653 | |||||||||
Papa John's International, Inc.* | 6,906 | 161,324 | |||||||||
Peet's Coffee & Tea, Inc.* | 1,292 | 43,062 | |||||||||
P.F. Chang's China Bistro, Inc.* | 4,458 | 169,003 | |||||||||
Pinnacle Entertainment, Inc.* | 14,194 | 127,462 | |||||||||
Pre-Paid Legal Services, Inc.* | 1,553 | 63,797 | |||||||||
Red Robin Gourmet Burgers, Inc.* | 7,501 | 134,268 | |||||||||
Ruby Tuesday, Inc.* | 27,307 | 196,610 | |||||||||
Ruth's Hospitality Group, Inc.* | 20,582 | 43,016 | |||||||||
Shuffle Master, Inc.* | 3,137 | 25,849 | |||||||||
Sonic Corp.* | 10,349 | 104,214 | |||||||||
Steak N Shake Co.* | 359 | 116,359 | |||||||||
Texas Roadhouse, Inc. Class A* | 11,852 | 133,098 | |||||||||
Universal Technical Institute, Inc.* | 2,540 | 51,308 | |||||||||
Total Consumer Services | 3,564,008 | ||||||||||
Diversified Financials—1.3% | |||||||||||
Cash America International, Inc. | 4,543 | 158,823 | |||||||||
Ezcorp, Inc. Class A* | 4,757 | 81,868 | |||||||||
Financial Federal Corp. | 810 | 22,275 | |||||||||
First Cash Financial Services, Inc.* | 2,283 | 50,660 | |||||||||
Greenhill & Co., Inc. | 473 | 37,954 | |||||||||
Investment Technology Group, Inc.* | 4,693 | 92,452 | |||||||||
LaBranche & Co., Inc.* | 9,012 | 25,594 | |||||||||
optionsXpress Holdings, Inc. | 2,174 | 33,588 | |||||||||
Piper Jaffray Cos.* | 1,174 | 59,416 | |||||||||
Portfolio Recovery Associates, Inc.* | 829 | 37,206 | |||||||||
Rewards Network, Inc.* | 2,496 | 31,549 | |||||||||
Stifel Financial Corp.* | 2,530 | 149,877 | |||||||||
SWS Group, Inc. | 5,771 | 69,829 | |||||||||
TradeStation Group, Inc.* | 2,740 | 21,619 | |||||||||
World Acceptance Corp.* | 1,645 | 58,940 | |||||||||
Total Diversified Financials | 931,650 | ||||||||||
Energy—5.7% | |||||||||||
Basic Energy Services, Inc.* | 11,801 | 105,029 | |||||||||
Bristow Group, Inc.* | 4,237 | 162,913 |
The accompanying notes are an integral part of these financial statements.
18
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Energy—5.7% (continued) | |||||||||||
CARBO Ceramics, Inc. | 853 | $ | 58,149 | ||||||||
Dril-Quip, Inc.* | 1,389 | 78,451 | |||||||||
Gulf Island Fabrication, Inc. | 2,084 | 43,827 | |||||||||
Holly Corp. | 22,180 | 568,472 | |||||||||
Hornbeck Offshore Services, Inc.* | 2,528 | 58,852 | |||||||||
ION Geophysical Corp.* | 10,710 | 63,403 | |||||||||
Lufkin Industries, Inc. | 1,355 | 99,186 | |||||||||
Matrix Service Co.* | 10,689 | 113,838 | |||||||||
Oil States International, Inc.* | 9,444 | 371,055 | |||||||||
Penn Virginia Corp. | 5,700 | 121,353 | |||||||||
Petroleum Development Corp.* | 2,114 | 38,496 | |||||||||
Petroquest Energy, Inc.* | 5,786 | 35,468 | |||||||||
Pioneer Drilling Co.* | 8,456 | 66,802 | |||||||||
SEACOR Holdings, Inc.* | 3,050 | 232,563 | |||||||||
St. Mary Land & Exploration Co. | 2,871 | 98,303 | |||||||||
Stone Energy Corp.* | 5,217 | 94,167 | |||||||||
Superior Well Services, Inc.* | 4,575 | 65,240 | |||||||||
Swift Energy Co.* | 2,325 | 55,707 | |||||||||
Tetra Technologies, Inc.* | 13,202 | 146,278 | |||||||||
World Fuel Services Corp. | 56,282 | 1,507,794 | |||||||||
Total Energy | 4,185,346 | ||||||||||
Food & Staples Retailing—5.4% | |||||||||||
Andersons, Inc. | 14,925 | 385,364 | |||||||||
Casey's General Stores, Inc. | 22,128 | 706,326 | |||||||||
Great Atlantic & Pacific Tea Co., Inc.* | 113,427 | 1,337,304 | |||||||||
Nash Finch Co. | 20,164 | 747,883 | |||||||||
Spartan Stores, Inc. | 24,794 | 354,306 | |||||||||
United Natural Foods, Inc.* | 18,053 | 482,737 | |||||||||
Total Food & Staples Retailing | 4,013,920 | ||||||||||
Food, Beverage & Tobacco—2.2% | |||||||||||
Alliance One International, Inc.* | 65,355 | 318,933 | |||||||||
Boston Beer Co., Inc. Class A*,** | 1,318 | 61,419 | |||||||||
Cal-Maine Foods, Inc. | 4,443 | 151,417 | |||||||||
Calavo Growers, Inc. | 2,793 | 47,481 | |||||||||
Darling International, Inc.* | 13,367 | 112,015 | |||||||||
Diamond Foods, Inc. | 2,446 | 86,931 | |||||||||
Hain Celestial Group, Inc.* | 9,830 | 167,208 | |||||||||
J&J Snack Foods Corp. | 2,341 | 93,546 | |||||||||
Lance, Inc. | 4,853 | 127,634 | |||||||||
Sanderson Farms, Inc. | 5,577 | 235,127 | |||||||||
TreeHouse Foods, Inc.* | 5,950 | 231,217 | |||||||||
Total Food, Beverage & Tobacco | 1,632,928 | ||||||||||
Health Care Equipment & Services—10.3% | |||||||||||
Abaxis, Inc.* | 613 | 15,662 | |||||||||
Air Methods Corp.* | 2,049 | 68,887 | |||||||||
Align Technology, Inc.* | 2,811 | 50,092 | |||||||||
Almost Family, Inc.* | 1,004 | 39,688 | |||||||||
Amedisys, Inc.* | 4,761 | 231,194 | |||||||||
American Medical Systems Holdings, Inc.* | 3,795 | 73,206 | |||||||||
AMERIGROUP Corp.* | 26,714 | 720,208 | |||||||||
AMN Healthcare Services, Inc.* | 14,911 | 135,094 | |||||||||
Amsurg Corp.* | 4,085 | 89,952 | |||||||||
Analogic Corp. | 1,559 | 60,037 | |||||||||
Bio-Reference Labs, Inc.* | 1,376 | 53,925 | |||||||||
Cantel Medical Corp.* | 2,003 | 40,421 |
Investments | Shares | Value | |||||||||
Catalyst Health Solutions, Inc.* | 10,756 | $ | 392,271 | ||||||||
Centene Corp.* | 27,236 | 576,586 | |||||||||
Chemed Corp. | 3,428 | 164,441 | |||||||||
Computer Programs & Systems, Inc. | 353 | 16,256 | |||||||||
CONMED Corp.* | 4,355 | 99,294 | |||||||||
Cooper Cos., Inc. | 4,028 | 153,547 | |||||||||
Corvel Corp.* | 1,253 | 42,026 | |||||||||
Cross Country Healthcare, Inc.* | 9,659 | 95,721 | |||||||||
CryoLife Inc.* | 2,314 | 14,856 | |||||||||
Cyberonics* | 962 | 19,663 | |||||||||
Eclipsys Corp.* | 3,625 | 67,135 | |||||||||
Genoptix, Inc.* | 662 | 23,521 | |||||||||
Gentiva Health Services, Inc.* | 6,257 | 169,002 | |||||||||
Greatbatch, Inc.* | 3,843 | 73,901 | |||||||||
Haemonetics Corp.* | 1,424 | 78,534 | |||||||||
Hanger Orthopedic Group, Inc.* | 7,483 | 103,490 | |||||||||
Healthspring, Inc.* | 19,176 | 337,689 | |||||||||
Healthways, Inc.* | 5,882 | 107,876 | |||||||||
HMS Holdings Corp.* | 627 | 30,529 | |||||||||
ICU Medical, Inc.* | 844 | 30,755 | |||||||||
Integra Lifesciences Holdings. Corp.* | 2,638 | 97,026 | |||||||||
Invacare Corp. | 8,915 | 222,340 | |||||||||
inVentiv Health, Inc.* | 9,122 | 147,503 | |||||||||
IPC The Hospitalist Co., Inc.* | 1,398 | 46,484 | |||||||||
Kensy Nash Corp.* | 488 | 12,444 | |||||||||
Landauer, Inc. | 207 | 12,710 | |||||||||
LCA-Vision, Inc.* | 3,404 | 17,428 | |||||||||
LHC Group, Inc.* | 2,057 | 69,136 | |||||||||
Magellan Health Services, Inc.* | 9,604 | 391,171 | |||||||||
Medcath Corp.* | 11,756 | 92,990 | |||||||||
Mednax, Inc.* | 2,973 | 178,707 | |||||||||
Meridian Bioscience, Inc. | 882 | 19,007 | |||||||||
Merit Medical Systems, Inc.* | 1,856 | 35,802 | |||||||||
Molina Healthcare, Inc.* | 22,678 | 518,646 | |||||||||
MWI Veterinary Supply, Inc.* | 3,535 | 133,270 | |||||||||
Natus Medical, Inc.* | 1,548 | 22,895 | |||||||||
Neogen Corp.* | 889 | 20,989 | |||||||||
Odyssey HealthCare, Inc.* | 6,243 | 97,266 | |||||||||
Omnicell, Inc.* | 2,541 | 29,704 | |||||||||
Osteotech, Inc.* | 3,425 | 10,960 | |||||||||
Palomar Medical Technologies, Inc.* | 739 | 7,449 | |||||||||
PharMerica Corp.* | 16,983 | 269,690 | |||||||||
Phase Forward, Inc.* | 1,830 | 28,091 | |||||||||
PSS World Medical, Inc.* | 12,920 | 291,604 | |||||||||
Quality Systems, Inc. | 522 | 32,776 | |||||||||
RehabCare Group, Inc.* | 3,769 | 114,691 | |||||||||
Res-Care, Inc.* | 19,322 | 216,406 | |||||||||
SurModics, Inc.* | 704 | 15,953 | |||||||||
Symmetry Medical, Inc.* | 6,631 | 53,446 | |||||||||
Theragenics Corp.* | 7,633 | 10,228 | |||||||||
West Pharmaceutical Services, Inc. | 3,456 | 135,475 | |||||||||
Zoll Medical Corp.* | 1,912 | 51,089 | |||||||||
Total Health Care Equipment & Services | 7,578,835 | ||||||||||
Household & Personal Products—0.6% | |||||||||||
Central Garden & Pet Co., Class A*,** | 23,033 | 228,947 | |||||||||
Chattem, Inc.* | 895 | 83,504 | |||||||||
Mannatech, Inc. | 16,275 | 50,778 | |||||||||
WD-40 Co. | 1,208 | 39,091 | |||||||||
Total Household & Personal Products | 402,320 |
The accompanying notes are an integral part of these financial statements.
19
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Insurance—2.3% | |||||||||||
American Physicians Capital, Inc. | 768 | $ | 23,286 | ||||||||
Amerisafe, Inc.* | 2,179 | 39,157 | |||||||||
Delphi Financial Group, Inc. Class A | 9,529 | 213,164 | |||||||||
eHealth, Inc.* | 1,191 | 19,568 | |||||||||
Employers Holdings, Inc. | 4,690 | 71,945 | |||||||||
Infinity Property & Casualty Corp. | 2,926 | 118,913 | |||||||||
National Financial Partners Corp.* | 16,380 | 132,514 | |||||||||
Navigators Group, Inc.* | 2,024 | 95,351 | |||||||||
Presidential Life Corp. | 2,751 | 25,172 | |||||||||
ProAssurance Corp.* | 1,560 | 83,788 | |||||||||
RLI Corp. | 1,308 | 69,651 | |||||||||
Safety Insurance Group, Inc. | 2,227 | 80,684 | |||||||||
Selective Insurance Group, Inc. | 12,986 | 213,619 | |||||||||
Stewart Information Services Corp. | 18,958 | 213,845 | |||||||||
Tower Group, Inc. | 4,667 | 109,254 | |||||||||
United Fire & Casualty Co. | 4,303 | 78,444 | |||||||||
Zenith National Insurance Corp. | 2,668 | 79,400 | |||||||||
Total Insurance | 1,667,755 | ||||||||||
Materials—5.3% | |||||||||||
A.M. Castle & Co. | 9,477 | 129,740 | |||||||||
AMCOL International Corp. | 3,701 | 105,182 | |||||||||
American Vanguard Corp. | 4,199 | 34,852 | |||||||||
Arch Chemicals, Inc. | 6,764 | 208,872 | |||||||||
Balchem Corp. | 904 | 30,293 | |||||||||
Brush Engineered Materials, Inc.* | 5,099 | 94,535 | |||||||||
Buckeye Technologies, Inc.* | 12,170 | 118,779 | |||||||||
Calgon Carbon Corp.* | 3,770 | 52,403 | |||||||||
Century Aluminum Co* | 12,397 | 200,707 | |||||||||
Clearwater Paper Corp.* | 3,113 | 171,122 | |||||||||
Deltic Timber Corp. | 349 | 16,117 | |||||||||
Eagle Materials, Inc. | 3,210 | 83,621 | |||||||||
H.B. Fuller Co. | 7,817 | 177,837 | |||||||||
Headwaters, Inc.* | 19,676 | 128,288 | |||||||||
Myers Industries, Inc. | 10,720 | 97,552 | |||||||||
Neenah Paper, Inc. | 5,394 | 75,246 | |||||||||
NewMarket Corp. | 1,889 | 216,801 | |||||||||
Olympic Steel, Inc. | 2,817 | 91,778 | |||||||||
OM Group, Inc.* | 4,128 | 129,578 | |||||||||
Penford Corp. | 4,294 | 37,315 | |||||||||
PolyOne Corp.* | 39,791 | 297,239 | |||||||||
Quaker Chemical Corp. | 2,990 | 61,714 | |||||||||
Rock-Tenn Co. Class A | 7,812 | 393,802 | |||||||||
RTI International Metals, Inc.* | 3,194 | 80,393 | |||||||||
Schulman A., Inc. | 10,520 | 212,294 | |||||||||
Schweitzer-Mauduit International, Inc. | 1,571 | 110,520 | |||||||||
Stepan Co. | 2,877 | 186,458 | |||||||||
Texas Industries, Inc. | 3,658 | 127,993 | |||||||||
Wausau Paper Corp. | 13,037 | 151,229 | |||||||||
Zep, Inc. | 4,238 | 73,402 | |||||||||
Total Materials | 3,895,662 | ||||||||||
Media—1.2% | |||||||||||
Arbitron, Inc. | 2,509 | 58,761 | |||||||||
E.W. Scripps Co. Class A*,** | 20,807 | 144,817 | |||||||||
Live Nation, Inc.* | 76,311 | 649,406 | |||||||||
Total Media | 852,984 |
Investments | Shares | Value | |||||||||
Pharmaceuticals, Biotechnology & Life Sciences—1.1% | |||||||||||
Cambrex Corp.* | 6,262 | $ | 34,942 | ||||||||
Cubist Pharmaceuticals, Inc.* | 3,892 | 73,831 | |||||||||
Dionex Corp.* | 728 | 53,777 | |||||||||
Emergent Biosolutions, Inc.* | 2,190 | 29,762 | |||||||||
Enzo Biochem, Inc.* | 2,141 | 11,519 | |||||||||
eResearch Technology, Inc.* | 2,239 | 13,456 | |||||||||
Kendle International, Inc.* | 5,066 | 92,758 | |||||||||
Martek Biosciences Corp.* | 2,705 | 51,233 | |||||||||
Par Pharmaceutical Cos., Inc.* | 5,758 | 155,812 | |||||||||
Parexel International Corp.* | 13,653 | 192,508 | |||||||||
Regeneron Pharmaceuticals, Inc.* | 2,405 | 58,153 | |||||||||
Salix Pharmaceuticals Ltd.* | 1,331 | 33,807 | |||||||||
Viropharma, Inc.* | 4,706 | 39,483 | |||||||||
Total Pharmaceuticals, Biotechnology & Life Sciences | 841,041 | ||||||||||
Real Estate—1.5% | |||||||||||
Acadia Realty Trust (a) | 1,164 | 19,637 | |||||||||
BioMed Realty Trust, Inc. (a) | 3,301 | 52,090 | |||||||||
Cedar Shopping Centers, Inc. (a) | 4,224 | 28,723 | |||||||||
Colonial Properties Trust (a) | 4,111 | 48,222 | |||||||||
DiamondRock Hospitality Co.* (a) | 10,340 | 87,579 | |||||||||
EastGroup Properties, Inc. (a) | 593 | 22,700 | |||||||||
Entertainment Properties Trust (a) | 1,135 | 40,031 | |||||||||
Extra Space Storage, Inc. (a) | 3,349 | 38,681 | |||||||||
Forestar Group, Inc.* | 1,074 | 23,607 | |||||||||
Franklin Street Properties Corp. (a) | 1,389 | 20,293 | |||||||||
Healthcare Realty Trust, Inc. (a) | 1,530 | 32,834 | |||||||||
Home Properties, Inc. (a) | 1,526 | 72,804 | |||||||||
Inland Real Estate Corp. (a) | 3,018 | 24,597 | |||||||||
Kilroy Realty Corp. (a) | 1,253 | 38,430 | |||||||||
Kite Realty Group Trust (a) | 5,014 | 20,407 | |||||||||
LaSalle Hotel Properties (a) | 4,268 | 90,609 | |||||||||
Lexington Realty Trust (a) | 10,721 | 65,184 | |||||||||
LTC Properties, Inc. (a) | 286 | 7,651 | |||||||||
Medical Properties Trust, Inc. (a) | 1,716 | 17,160 | |||||||||
Mid-America Apartment Communities, Inc. (a) | 1,109 | 53,543 | |||||||||
National Retail Properties, Inc. (a) | 1,560 | 33,103 | |||||||||
Parkway Properties, Inc. (a) | 1,792 | 37,309 | |||||||||
Pennsylvania Real Estate Investment Trust (a) | 8,234 | 69,659 | |||||||||
Post Properties, Inc. (a) | 2,093 | 41,023 | |||||||||
PS Business Parks, Inc. (a) | 790 | 39,540 | |||||||||
Sovran Self Storage, Inc. (a) | 811 | 28,977 | |||||||||
Tanger Factory Outlet Centers, Inc. (a) | 931 | 36,300 | |||||||||
Urstadt Biddle Properties, Inc. Class A (a) | 765 | 11,682 | |||||||||
Total Real Estate | 1,102,375 | ||||||||||
Retailing—12.0% | |||||||||||
Audiovox Corp. Class A* | 12,053 | 85,456 | |||||||||
Big 5 Sporting Goods Corp. | 7,142 | 122,700 | |||||||||
Blue Nile, Inc.* | 675 | 42,748 | |||||||||
Brown Shoe Co., Inc. | 30,170 | 297,778 | |||||||||
Buckle, Inc. | 3,538 | 103,593 | |||||||||
Cabela's, Inc.* | 28,150 | 401,419 | |||||||||
Cato Corp. Class A | 6,056 | 121,483 | |||||||||
Childrens Place Retail Stores, Inc.* | 7,523 | 248,334 |
The accompanying notes are an integral part of these financial statements.
20
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Retailing—12.0% (continued) | |||||||||||
Christopher & Banks Corp. | 12,160 | $ | 92,659 | ||||||||
Dress Barn, Inc.* | 9,565 | 220,952 | |||||||||
Finish Line Class A | 19,178 | 240,684 | |||||||||
Fred's, Inc. Class A | 26,402 | 269,300 | |||||||||
Genesco, Inc.* | 8,905 | 244,531 | |||||||||
Group 1 Automotive, Inc. | 23,333 | 661,491 | |||||||||
Gymboree Corp.* | 3,226 | 140,299 | |||||||||
Haverty Furniture Cos., Inc.* | 6,567 | 90,165 | |||||||||
Hibbett Sports, Inc.* | 3,795 | 83,452 | |||||||||
Hot Topic, Inc.* | 17,304 | 110,053 | |||||||||
HSN, Inc. | 21,433 | 432,732 | |||||||||
Jo-Ann Stores, Inc.* | 8,050 | 291,732 | |||||||||
Jos A. Bank Clothiers, Inc.* | 2,219 | 93,620 | |||||||||
Lithia Motors, Inc. Class A | 31,645 | 260,122 | |||||||||
Lumber Liquidators Holdings Inc.* | 2,627 | 70,404 | |||||||||
MarineMax, Inc.* | 10,486 | 96,366 | |||||||||
Men's Wearhouse, Inc. | 13,107 | 276,033 | |||||||||
Midas Inc.* | 3,141 | 26,542 | |||||||||
Monro Muffler Brake, Inc. | 2,694 | 90,087 | |||||||||
NutriSystem, Inc. | 2,519 | 78,517 | |||||||||
OfficeMax, Inc.* | 77,820 | 987,536 | |||||||||
PEP Boys-Manny, Moe & Jack | 32,098 | 271,549 | |||||||||
PetMed Express, Inc. | 1,535 | 27,062 | |||||||||
Sonic Automotive, Inc. Class A | 78,068 | 811,127 | |||||||||
Stage Stores, Inc. | 17,890 | 221,120 | |||||||||
Stamps.com, Inc.* | 1,152 | 10,368 | |||||||||
Stein Mart, Inc. | 19,626 | 209,213 | |||||||||
Ticketmaster Entertainment Inc.* | 17,730 | 216,661 | |||||||||
Tractor Supply Co.* | 8,518 | 451,113 | |||||||||
Tuesday Morning Corp.* | 44,018 | 113,566 | |||||||||
Zale Corp.* | 78,956 | 214,760 | |||||||||
Zumiez, Inc.* | 4,614 | 58,690 | |||||||||
Total Retailing | 8,886,017 | ||||||||||
Semiconductors & Semiconductor Equipment—1.6% | |||||||||||
Actel Corp.* | 2,339 | 27,787 | |||||||||
Advanced Energy Industries, Inc.* | 2,072 | 31,246 | |||||||||
ATMI, Inc.* | 1,994 | 37,128 | |||||||||
Brooks Automation, Inc.* | 4,575 | 39,254 | |||||||||
Cabot Microelectronics Corp.* | 1,209 | 39,849 | |||||||||
Cohu, Inc. | 1,648 | 22,990 | |||||||||
Cymer, Inc.* | 1,164 | 44,674 | |||||||||
Cypress Semiconductor Corp.* | 8,963 | 94,648 | |||||||||
Diodes, Inc.* | 2,835 | 57,976 | |||||||||
DSP Group, Inc.* | 5,355 | 30,149 | |||||||||
Exar Corp.* | 2,320 | 16,495 | |||||||||
FEI Co.* | 3,174 | 74,145 | |||||||||
Hittite Microwave Corp.* | 566 | 23,065 | |||||||||
Kopin Corp.* | 3,935 | 16,448 | |||||||||
Kulicke & Soffa Industries, Inc.* | 5,735 | 30,912 | |||||||||
Micrel, Inc. | 3,779 | 30,988 | |||||||||
Microsemi Corp.* | 3,866 | 68,622 | |||||||||
MKS Instruments, Inc.* | 3,431 | 59,734 | |||||||||
Pericom Semiconductor Corp.* | 1,995 | 23,002 | |||||||||
Rudolph Technologies, Inc.* | 1,425 | 9,576 | |||||||||
Sigma Designs, Inc.* | 2,860 | 30,602 | |||||||||
Skyworks Solutions, Inc.* | 8,099 | 114,924 | |||||||||
Standard Microsystems Corp.* | 2,549 | 52,968 | |||||||||
Supertex, Inc.* | 417 | 12,427 |
Investments | Shares | Value | |||||||||
TriQuint Semiconductor, Inc.* | 14,823 | $ | 88,937 | ||||||||
Ultratech, Inc.* | 746 | 11,086 | |||||||||
Varian Semiconductor Equipment Associates, Inc.* | 1,638 | 58,771 | |||||||||
Veeco Instruments, Inc.* | 1,595 | 52,699 | |||||||||
Total Semiconductors & Semiconductor Equipment | 1,201,102 | ||||||||||
Software & Services—3.4% | |||||||||||
Blackbaud, Inc. | 1,905 | 45,015 | |||||||||
CACI International, Inc., Class A* | 7,596 | 371,066 | |||||||||
CIBER, Inc.* | 46,125 | 159,131 | |||||||||
CommVault Systems, Inc.* | 1,626 | 38,520 | |||||||||
comScore, Inc.* | 1,038 | 18,217 | |||||||||
Concur Technologies, Inc.* | 824 | 35,226 | |||||||||
CSG Systems International, Inc.* | 3,670 | 70,060 | |||||||||
CyberSource Corp.* | 1,882 | 37,847 | |||||||||
DealerTrack Holdings Inc.* | 1,650 | 31,004 | |||||||||
Ebix, Inc.* | 235 | 11,475 | |||||||||
Epicor Software Corp.* | 7,706 | 58,720 | |||||||||
EPIQ Systems, Inc.* | 2,586 | 36,178 | |||||||||
Forrester Research, Inc.* | 1,322 | 34,306 | |||||||||
Heartland Payment Systems, Inc. | 18,985 | 249,274 | |||||||||
Infospace, Inc.* | 2,820 | 24,167 | |||||||||
Integral Systems, Inc.* | 2,447 | 21,191 | |||||||||
j2 Global Communications, Inc.* | 1,701 | 34,615 | |||||||||
JDA Software Group, Inc.* | 2,278 | 58,021 | |||||||||
Knot, Inc.* | 1,464 | 14,742 | |||||||||
Manhattan Associates, Inc.* | 1,474 | 35,420 | |||||||||
MAXIMUS, Inc. | 2,071 | 103,550 | |||||||||
Netscout Systems, Inc.* | 2,746 | 40,201 | |||||||||
Perficient, Inc.* | 3,330 | 28,072 | |||||||||
Phoenix Technologies Ltd.* | 3,096 | 8,514 | |||||||||
Progress Software Corp.* | 2,743 | 80,123 | |||||||||
Radiant Systems, Inc.* | 3,912 | 40,685 | |||||||||
Smith Micro Software, Inc.* | 1,928 | 17,622 | |||||||||
Sonic Solutions* | 1,886 | 22,311 | |||||||||
StarTek, Inc.* | 5,939 | 44,424 | |||||||||
Take-Two Interactive Software, Inc.* | 16,293 | 163,745 | |||||||||
Taleo Corp. Class A* | 1,326 | 31,188 | |||||||||
TeleTech Holdings, Inc.* | 8,702 | 174,301 | |||||||||
THQ, Inc.* | 26,486 | 133,489 | |||||||||
Tyler Technologies, Inc.* | 2,028 | 40,377 | |||||||||
United Online, Inc. | 19,255 | 138,443 | |||||||||
Websense, Inc.* | 2,511 | 43,842 | |||||||||
Wright Express Corp.* | 1,456 | 46,388 | |||||||||
Total Software & Services | 2,541,470 | ||||||||||
Technology Hardware & Equipment—8.4% | |||||||||||
Adaptec, Inc.* | 5,473 | 18,335 | |||||||||
Agilysys, Inc. | 11,120 | 101,192 | |||||||||
Anixter International, Inc.* | 15,205 | 716,156 | |||||||||
Arris Group, Inc.* | 13,541 | 154,774 | |||||||||
Avid Technology, Inc.* | 7,511 | 95,840 | |||||||||
Bel Fuse, Inc. Class B** | 1,369 | 29,420 | |||||||||
Benchmark Electronics, Inc.* | 14,915 | 282,043 | |||||||||
Black Box Corp. | 4,806 | 136,202 | |||||||||
Blue Coat Systems Inc* | 2,165 | 61,789 | |||||||||
Brightpoint, Inc.* | 64,806 | 476,324 | |||||||||
Checkpoint Systems, Inc.* | 7,238 | 110,380 |
The accompanying notes are an integral part of these financial statements.
21
Schedule of Investments — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Technology Hardware & Equipment—8.4% (continued) | |||||||||||
Cognex Corp. | 1,425 | $ | 25,251 | ||||||||
Compellent Technologies, Inc.* | 731 | 16,579 | |||||||||
Comtech Telecommunications Corp.* | 2,299 | 80,580 | |||||||||
CTS Corp. | 7,986 | 76,825 | |||||||||
Daktronics, Inc. | 8,816 | 81,195 | |||||||||
Digi International, Inc.* | 2,980 | 27,178 | |||||||||
DTS, Inc.* | 339 | 11,597 | |||||||||
Electro Scientific Industries, Inc.* | 2,687 | 29,073 | |||||||||
EMS Technologies, Inc.* | 4,011 | 58,160 | |||||||||
FARO Technologies, Inc.* | 1,023 | 21,933 | |||||||||
Gerber Scientific, Inc.* | 16,300 | 82,315 | |||||||||
Harmonic Inc.* | 7,904 | 50,032 | |||||||||
Hutchinson Technology, Inc.* | 8,282 | 84,973 | |||||||||
Insight Enterprises, Inc.* | 55,676 | 635,820 | |||||||||
Intermec, Inc.* | 7,490 | 96,321 | |||||||||
Intevac, Inc.* | 723 | 8,293 | |||||||||
Keithley Instruments, Inc. | 3,313 | 15,405 | |||||||||
Littelfuse, Inc.* | 1,969 | 63,303 | |||||||||
LoJack Corp.* | 4,759 | 19,226 | |||||||||
Mercury Computer Systems, Inc.* | 2,486 | 27,371 | |||||||||
Methode Electronics, Inc. | 8,210 | 71,263 | |||||||||
MTS Systems Corp. | 2,161 | 62,107 | |||||||||
Netgear, Inc.* | 3,995 | 86,652 | |||||||||
Network Equipment Technologies Inc.* | 2,516 | 10,190 | |||||||||
Newport Corp.* | 6,148 | 56,500 | |||||||||
Novatel Wireless, Inc.* | 5,429 | 43,269 | |||||||||
Park Electrochemical Corp. | 1,194 | 33,002 | |||||||||
PC-Tel, Inc.* | 1,026 | 6,074 | |||||||||
Plexus Corp.* | 7,822 | 222,927 | |||||||||
RadiSys Corp.* | 4,513 | 43,099 | |||||||||
Rogers Corp.* | 1,356 | 41,100 | |||||||||
Scansource, Inc.* | 11,033 | 294,581 | |||||||||
Stratasys, Inc.* | 856 | 14,792 | |||||||||
Symmetricom, Inc.* | 5,785 | 30,082 | |||||||||
Synaptics, Inc.* | 2,332 | 71,476 | |||||||||
SYNNEX Corp.* | 36,327 | 1,113,786 | |||||||||
Technitrol, Inc. | 16,061 | 70,347 | |||||||||
Tekelec* | 4,131 | 63,122 | |||||||||
Tollgrade Communications, Inc.* | 971 | 5,933 | |||||||||
TTM Technologies, Inc.* | 7,749 | 89,346 | |||||||||
Viasat, Inc.* | 2,671 | 84,884 | |||||||||
Total Technology Hardware & Equipment | 6,208,417 | ||||||||||
Telecommunication Services—0.3% | |||||||||||
Cbeyond Communications, Inc.* | 3,951 | 62,228 | |||||||||
General Communication, Inc. Class A* | 12,770 | 81,473 | |||||||||
Iowa Telecommunications Services, Inc. | 2,001 | 33,537 | |||||||||
Neutral Tandem, Inc.* | 1,195 | 27,186 | |||||||||
USA Mobility, Inc.* | 3,985 | 43,875 | |||||||||
Total Telecommunication Services | 248,299 | ||||||||||
Transportation—1.7% | |||||||||||
Allegiant Travel Company* | 1,713 | 80,802 | |||||||||
Arkansas Best Corp. | 7,171 | 211,043 | |||||||||
Forward Air Corp. | 2,391 | 59,895 | |||||||||
Heartland Express, Inc. | 4,334 | 66,180 | |||||||||
HUB Group, Inc., Class A* | 7,431 | 199,374 |
Investments | Shares | Value | |||||||||
Knight Transportation, Inc. | 4,935 | $ | 95,196 | ||||||||
Old Dominion Freight Line, Inc.* | 5,597 | 171,828 | |||||||||
Skywest, Inc. | 22,590 | 382,222 | |||||||||
Total Transportation | 1,266,540 | ||||||||||
Utilities—3.3% | |||||||||||
ALLETE, Inc. | 2,897 | 94,674 | |||||||||
American States Water Co. | 1,377 | 48,760 | |||||||||
Avista Corp. | 9,856 | 212,791 | |||||||||
Central Vermont Public Service Corp. | 2,228 | 46,342 | |||||||||
CH Energy Group, Inc. | 3,547 | 150,818 | |||||||||
El Paso Electric Co.* | 5,605 | 113,669 | |||||||||
Laclede Group, Inc. | 8,372 | 282,722 | |||||||||
New Jersey Resources Corp. | 10,857 | 406,053 | |||||||||
Northwest Natural Gas Co. | 3,190 | 143,678 | |||||||||
Piedmont Natural Gas Co., Inc. | 9,227 | 246,822 | |||||||||
South Jersey Industries, Inc. | 3,219 | 122,901 | |||||||||
Southwest Gas Corp. | 8,972 | 255,971 | |||||||||
UIL Holdings Corp. | 4,385 | 123,131 | |||||||||
UniSource Energy Corp. | 5,979 | 192,464 | |||||||||
Total Utilities | 2,440,796 | ||||||||||
Total Investments—100.1% (Cost $65,576,800) | 73,957,074 | ||||||||||
Liabilities in Excess of Other Assets—(0.1)% | (44,480 | ) | |||||||||
Net Assets—100.0% | $ | 73,912,594 |
* Non-income producing security
(a) Real Estate Investment Trust
** Non-voting Shares
The accompanying notes are an integral part of these financial statements.
22
Schedule of Investments
REVENUESHARES FINANCIALS SECTOR FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
COMMON STOCKS—100.2% | |||||||||||
Capital Markets—11.7% | |||||||||||
Ameriprise Financial, Inc. | 1,894 | $ | 73,525 | ||||||||
Bank of New York Mellon Corp. | 3,050 | 85,309 | |||||||||
Charles Schwab Corp. | 2,505 | 47,144 | |||||||||
E*Trade Financial Corp.* | 17,410 | 30,467 | |||||||||
Federated Investors, Inc. Class B** | 432 | 11,880 | |||||||||
Franklin Resources, Inc. | 410 | 43,194 | |||||||||
Goldman Sachs Group, Inc. | 2,651 | 447,595 | |||||||||
Invesco Ltd. | 1,121 | 26,332 | |||||||||
Janus Capital Group, Inc. | 601 | 8,083 | |||||||||
Legg Mason, Inc. | 1,424 | 42,948 | |||||||||
Morgan Stanley | 10,011 | 296,326 | |||||||||
Northern Trust Corp. | 931 | 48,784 | |||||||||
State Street Corp. | 2,461 | 107,152 | |||||||||
T. Rowe Price Group, Inc. | 333 | 17,732 | |||||||||
Total Capital Markets | 1,286,471 | ||||||||||
Commercial Banks—16.9% | |||||||||||
BB&T Corp. | 3,957 | 100,389 | |||||||||
Comerica, Inc. | 1,192 | 35,247 | |||||||||
Fifth Third Bancorp | 7,755 | 75,611 | |||||||||
First Horizon National Corp.* | 1,757 | 23,544 | |||||||||
Huntington Bancshares, Inc. | 8,311 | 30,335 | |||||||||
KeyCorp | 9,895 | 54,917 | |||||||||
M&T Bank Corp. | 611 | 40,870 | |||||||||
Marshall & Ilsley Corp. | 5,765 | 31,419 | |||||||||
PNC Financial Services Group, Inc. | 3,166 | 167,133 | |||||||||
Regions Financial Corp. | 15,760 | 83,370 | |||||||||
SunTrust Banks, Inc. | 4,758 | 96,540 | |||||||||
U.S. Bancorp | 8,247 | 185,640 | |||||||||
Wells Fargo & Co. | 33,666 | 908,646 | |||||||||
Zions Bancorporation | 2,469 | 31,677 | |||||||||
Total Commercial Banks | 1,865,338 | ||||||||||
Consumer Finance—5.0% | |||||||||||
American Express Co. | 6,722 | 272,375 | |||||||||
Capital One Financial Corp. | 4,131 | 158,383 | |||||||||
Discover Financial Services | 3,905 | 57,443 | |||||||||
SLM Corp.* | 5,291 | 59,630 | |||||||||
Total Consumer Finance | 547,831 | ||||||||||
Diversified Financial Services—32.6% | |||||||||||
Bank of America Corp. | 93,913 | 1,414,330 | |||||||||
Citigroup, Inc. | 270,968 | 896,904 | |||||||||
CME Group, Inc. | 82 | 27,548 | |||||||||
IntercontinentalExchange, Inc.* | 78 | 8,759 | |||||||||
JPMorgan Chase & Co. | 27,412 | 1,142,258 | |||||||||
Leucadia National Corp.* | 417 | 9,920 | |||||||||
Moody's Corp. | 635 | 17,018 | |||||||||
Nasdaq OMX Group, Inc.* | 1,782 | 35,319 | |||||||||
NYSE Euronext | 1,820 | 46,046 | |||||||||
Total Diversified Financial Services | 3,598,102 | ||||||||||
Insurance—30.6% | |||||||||||
Aflac, Inc. | 3,819 | 176,629 | |||||||||
Allstate Corp. | 10,830 | 325,333 | |||||||||
American International Group, Inc.* | 17,889 | 536,311 | |||||||||
AON Corp. | 1,914 | 73,383 | |||||||||
Assurant, Inc. | 2,913 | 85,875 |
Investments | Shares | Value | |||||||||
Chubb Corp. | 2,532 | $ | 124,524 | ||||||||
Cincinnati Financial Corp. | 1,424 | 37,366 | |||||||||
Genworth Financial, Inc. Class A* | 8,953 | 101,617 | |||||||||
Hartford Financial Services Group, Inc. | 7,666 | 178,311 | |||||||||
Lincoln National Corp. | 3,727 | 92,728 | |||||||||
Loews Corp. | 3,635 | 132,132 | |||||||||
MBIA, Inc.* | 1,015 | 4,040 | |||||||||
Marsh & McLennan Cos., Inc. | 4,699 | 103,754 | |||||||||
MetLife, Inc. | 11,702 | 413,665 | |||||||||
Principal Financial Group, Inc. | 3,799 | 91,328 | |||||||||
Progressive Corp.* | 8,160 | 146,798 | |||||||||
Prudential Financial, Inc. | 6,385 | 317,718 | |||||||||
Torchmark Corp. | 727 | 31,952 | |||||||||
Travelers Cos., Inc. | 4,666 | 232,647 | |||||||||
Unum Group | 5,130 | 100,138 | |||||||||
XL Capital Ltd. Class A | 3,555 | 65,163 | |||||||||
Total Insurance | 3,371,412 | ||||||||||
Real Estate Investment Trusts—2.5% | |||||||||||
Apartment Investment & Management Co. Class A | 926 | 14,742 | |||||||||
AvalonBay Communities, Inc. | 113 | 9,278 | |||||||||
Boston Properties, Inc. | 223 | 14,957 | |||||||||
Equity Residential | 632 | 21,349 | |||||||||
HCP, Inc. | 327 | 9,987 | |||||||||
Health Care REIT, Inc. | 160 | 7,091 | |||||||||
Host Hotels & Resorts, Inc. | 4,457 | 52,012 | |||||||||
Kimco Realty Corp. | 690 | 9,336 | |||||||||
Plum Creek Timber Co., Inc. | 410 | 15,482 | |||||||||
ProLogis | 1,935 | 26,490 | |||||||||
Public Storage, Inc. | 210 | 17,105 | |||||||||
Simon Property Group, Inc. | 496 | 39,581 | |||||||||
Ventas, Inc. | 230 | 10,060 | |||||||||
Vornado Realty Trust | 387 | 27,067 | |||||||||
Total Real Estate Investment Trusts | 274,537 | ||||||||||
Real Estate Management & Development—0.5% | |||||||||||
CB Richard Ellis Group, Inc. Class A* | 3,748 | 50,860 | |||||||||
Thrifts & Mortgage Finance—0.4% | |||||||||||
Hudson City Bancorp, Inc. | 2,157 | 29,616 | |||||||||
People's United Financial, Inc. | 654 | 10,922 | |||||||||
Total Thrifts & Mortgage Finance | 40,538 | ||||||||||
Total Investments—100.2% (Cost $9,912,917) | 11,035,089 | ||||||||||
Liabilities in Excess of Other Assets—(0.2)% | (19,147 | ) | |||||||||
Net Assets—100.0% | $ | 11,015,942 |
* Non-income producing security
** Non-voting Shares
The accompanying notes are an integral part of these financial statements.
23
Schedule of Investments
REVENUESHARES ADR FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
COMMON STOCKS—99.2% | |||||||||||
Automobiles & Components—7.9% | |||||||||||
Daimler AG (a) | 14,082 | $ | 750,571 | ||||||||
Honda Motor Co. Ltd.** (b) | 22,152 | 750,953 | |||||||||
Magna International, Inc. Class A | 2,267 | 114,665 | |||||||||
Toyota Motor Corp.** (b) | 18,456 | 1,553,256 | |||||||||
Total Automobiles & Components | 3,169,445 | ||||||||||
Banks—12.3% | |||||||||||
Banco Bilbao Vizcaya Argentaria SA (b) | 11,739 | 211,772 | |||||||||
Banco Bradesco SA** (b) | 15,887 | 347,449 | |||||||||
Banco de Chile** (b) | 338 | 18,218 | |||||||||
Banco Santander Chile** (b) | 358 | 23,191 | |||||||||
Banco Santander SA (b) | 22,197 | 364,919 | |||||||||
Bank of Montreal | 1,902 | 100,958 | |||||||||
Bank of Nova Scotia | 3,253 | 152,045 | |||||||||
Barclays PLC** (b) | 25,646 | 451,370 | |||||||||
Canadian Imperial Bank of Commerce | 1,290 | 83,360 | |||||||||
Credicorp Ltd. | 193 | 14,865 | |||||||||
HSBC Holdings PLC** (b) | 13,532 | 772,541 | |||||||||
Itau Unibanco Banco Multiplo SA** (b) | 15,735 | 359,388 | |||||||||
KB Financial Group, Inc.* (b) | 79 | 4,017 | |||||||||
Lloyds Banking Group PLC* (b) | 105,744 | 345,783 | |||||||||
Mitsubishi UFJ Financial Group, Inc.*,** (b) | 62,903 | 309,483 | |||||||||
Mizuho Financial Group, Inc.** (b) | 50,512 | 179,823 | |||||||||
National Bank of Greece SA** (b) | 14,193 | 73,946 | |||||||||
Royal Bank of Canada | 3,683 | 197,225 | |||||||||
Royal Bank of Scotland Group PLC*,** (b) | 61,148 | 574,179 | |||||||||
Shinhan Financial Group Co., Ltd.** (b) | 133 | 9,879 | |||||||||
Toronto-Dominion Bank | 2,385 | 149,587 | |||||||||
Westpac Banking Corp.** (b) | 1,641 | 185,466 | |||||||||
Total Banks | 4,929,464 | ||||||||||
Capital Goods—4.3% | |||||||||||
ABB Ltd.*,** (b) | 11,630 | 222,133 | |||||||||
Empresa Brasileira de Aeronaut SA** (b) | 1,853 | 40,970 | |||||||||
Koninklijke Philips Electronics NV** (a) | 7,505 | 220,947 | |||||||||
Kubota Corp.** (b) | 1,655 | 76,329 | |||||||||
Mitsui & Co. Ltd.** (b) | 1,426 | 407,350 | |||||||||
Siemens AG (b) | 8,008 | 734,334 | |||||||||
Tomkins PLC** (b) | 2,626 | 32,825 | |||||||||
Total Capital Goods | 1,734,888 | ||||||||||
Consumer Durables & Apparel—2.9% | |||||||||||
Gildan Activewear, Inc.* | 306 | 7,460 | |||||||||
Luxottica Group SpA** (b) | 1,918 | 49,254 | |||||||||
Panasonic Corp.** (b) | 38,234 | 548,658 | |||||||||
Sony Corp.** (b) | 18,493 | 536,297 | |||||||||
Total Consumer Durables & Apparel | 1,141,669 | ||||||||||
Consumer Services—0.3% | |||||||||||
Carnival PLC* (b) | 2,624 | 88,323 | |||||||||
Intercontinental Hotels Group PLC** (b) | 734 | 10,548 | |||||||||
Tim Hortons, Inc. | 406 | 12,387 | |||||||||
Total Consumer Services | 111,258 |
Investments | Shares | Value | |||||||||
Diversified Financials—5.5% | |||||||||||
Credit Suisse Group AG** (b) | 5,975 | $ | 293,731 | ||||||||
Deutsche Bank AG (a) | 5,137 | 364,265 | |||||||||
ING Groep NV*,** (b) | 123,091 | 1,207,522 | |||||||||
Nomura Holdings, Inc.** (b) | 4,528 | 33,507 | |||||||||
ORIX Corp.** (b) | 1,012 | 34,570 | |||||||||
UBS AG* (a) | 17,513 | 271,627 | |||||||||
Total Diversified Financials | 2,205,222 | ||||||||||
Energy—26.4% | |||||||||||
BP PLC** (b) | 26,396 | 1,530,176 | |||||||||
Cameco Corp. | 554 | 17,822 | |||||||||
Canadian Natural Resources Ltd. | 799 | 57,488 | |||||||||
CNOOC Ltd.** (b) | 640 | 99,488 | |||||||||
Enbridge, Inc. | 1,729 | 79,914 | |||||||||
EnCana Corp. | 4,260 | 137,981 | |||||||||
Enerplus Resources Fund (c) | 294 | 6,750 | |||||||||
ENI SpA (b) | 15,659 | 792,502 | |||||||||
Imperial Oil Ltd. | 3,045 | 117,720 | |||||||||
Nexen, Inc. | 1,350 | 32,306 | |||||||||
Penn West Energy Trust (c) | 800 | 14,080 | |||||||||
PetroChina Co. Ltd. (b) | 7,669 | 912,304 | |||||||||
Petroleo Brasilerio SA** (b) | 15,386 | 652,213 | |||||||||
Repsol YPF SA** (b) | 14,978 | 399,313 | |||||||||
Royal Dutch Shell PLC Class B (b) | 32,617 | 1,896,027 | |||||||||
Royal Dutch Shell PLC Class A (b) | 31,521 | 1,894,726 | |||||||||
StatoilHydro ASA** (b) | 20,494 | 510,506 | |||||||||
Suncor Energy, Inc. | 4,247 | 149,962 | |||||||||
Talisman Energy, Inc. | 2,093 | 39,014 | |||||||||
Tenaris SA** (b) | 1,595 | 68,027 | |||||||||
Total SA** (b) | 16,774 | 1,074,207 | |||||||||
TransCanada Corp. | 1,518 | 52,174 | |||||||||
Total Energy | 10,534,700 | ||||||||||
Food & Staples Retailing—0.5% | |||||||||||
Delhaize Group SA** (b) | 2,434 | 186,737 | |||||||||
Food, Beverage & Tobacco—3.5% | |||||||||||
Anheuser-Busch InBev NV*,** (b) | 4,419 | 229,921 | |||||||||
British American Tobacco PLC** (b) | 2,326 | 150,399 | |||||||||
Cadbury PLC** (b) | 1,175 | 60,383 | |||||||||
Diageo PLC** (b) | 1,508 | 104,670 | |||||||||
Fomento Economico Mexicano SAB De CV (b) | 2,068 | 99,016 | |||||||||
Unilever NV (a) | 11,518 | 372,377 | |||||||||
Unilever PLC (b) | 11,762 | 375,208 | |||||||||
Total Food, Beverage & Tobacco | 1,391,974 | ||||||||||
Health Care Equipment & Services—0.2% | |||||||||||
Fresenius Medical Care AG & Co. KGaA (b) | 1,379 | 73,100 | |||||||||
Smith & Nephew PLC** (b) | 498 | 25,523 | |||||||||
Total Health Care Equipment & Services | 98,623 | ||||||||||
Insurance—5.8% | |||||||||||
Aegon NV*,** (a) | 64,045 | 410,528 | |||||||||
Aviva PLC*,** (b) | 27,655 | 361,451 | |||||||||
AXA SA** (b) | 39,381 | 932,543 | |||||||||
China Life Insurance Co. Ltd. (b) | 2,604 | 191,003 | |||||||||
Manulife Financial Corp. | 13,857 | 254,137 |
The accompanying notes are an integral part of these financial statements.
24
Schedule of Investments — continued
REVENUESHARES ADR FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Insurance—5.8% (continued) | |||||||||||
Prudential PLC** (b) | 1,139 | $ | 23,224 | ||||||||
Sun Life Financial, Inc. | 5,218 | 149,861 | |||||||||
Total Insurance | 2,322,747 | ||||||||||
Materials—5.3% | |||||||||||
Agnico-Eagle Mines Ltd. | 65 | 3,510 | |||||||||
Agrium, Inc. | 1,109 | 68,204 | |||||||||
Arcelormittal** (a) | 10,689 | 489,022 | |||||||||
Barrick Gold Corp. | 1,405 | 55,329 | |||||||||
BHP Billiton Ltd. (b) | 2,313 | 177,129 | |||||||||
BHP Billiton PLC (b) | 2,742 | 175,077 | |||||||||
Cemex SAB de CV*,** (b) | 9,538 | 112,739 | |||||||||
Cia de Minas Buenaventura SA (b) | 198 | 6,627 | |||||||||
Cia Siderurgica Nacional SA** (b) | 1,181 | 37,709 | |||||||||
CRH PLC** (b) | 6,483 | 177,179 | |||||||||
Eldorado Gold Corp.* | 129 | 1,828 | |||||||||
Fibria Celulose S.A.*,** (b) | 690 | 15,760 | |||||||||
Gerdau SA** (b) | 5,935 | 101,073 | |||||||||
Goldcorp, Inc. | 447 | 17,585 | |||||||||
Iamgold Corp. | 347 | 5,427 | |||||||||
Kinross Gold Corp. | 807 | 14,849 | |||||||||
Lihir Gold Ltd.** (b) | 247 | 7,210 | |||||||||
POSCO** (b) | 1,166 | 152,863 | |||||||||
Potash Corp. of Saskatchewan | 304 | 32,984 | |||||||||
Rio Tinto PLC (b) | 1,450 | 312,315 | |||||||||
Sociedad Quimica y Mera de Chile SA** (b) | 263 | 9,881 | |||||||||
Southern Copper Corp. | 682 | 22,445 | |||||||||
Syngenta AG** (b) | 1,356 | 76,302 | |||||||||
Teck Cominco Ltd. Class B* | 1,142 | 39,936 | |||||||||
Yamana Gold, Inc. | 708 | 8,057 | |||||||||
Total Materials | 2,121,040 | ||||||||||
Media—0.9% | |||||||||||
British Sky Broadcasting Group PLC** (b) | 1,693 | 61,320 | |||||||||
Grupo Televisa SA** (b) | 1,320 | 27,403 | |||||||||
Pearson PLC** (b) | 4,128 | 59,278 | |||||||||
Shaw Communications, Inc. Class B** | 970 | 19,953 | |||||||||
Thomson Reuters Corp. | 2,784 | 89,784 | |||||||||
WPP PLC** (b) | 1,927 | 93,749 | |||||||||
Total Media | 351,487 | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences—2.9% | |||||||||||
AstraZeneca PLC** (b) | 4,722 | 221,651 | |||||||||
Biovail Corp. | 465 | 6,491 | |||||||||
Elan Corp. PLC* (b) | 661 | 4,310 | |||||||||
GlaxoSmithKline PLC** (b) | 6,785 | 286,666 | |||||||||
Novartis AG (b) | 5,154 | 280,532 | |||||||||
Novo Nordisk A/S (b) | 959 | 61,232 | |||||||||
QIAGEN NV* | 273 | 6,093 | |||||||||
Sanofi-Aventis SA** (b) | 6,809 | 267,390 | |||||||||
Shire PLC** (b) | 343 | 20,134 | |||||||||
Total Pharmaceuticals, Biotechnology & Life Sciences | 1,154,499 | ||||||||||
Real Estate—0.2% | |||||||||||
Brookfield Asset Management, Inc. Class A | 3,652 | 81,001 |
Investments | Shares | Value | |||||||||
Semiconductors & Semiconductor Equipment—0.4% | |||||||||||
Advantest Corp.** (b) | 264 | $ | 6,882 | ||||||||
ARM Holdings PLC** (b) | 418 | 3,578 | |||||||||
ASML Holding NV** (a) | 419 | 14,284 | |||||||||
STMicroelectronics NV** (a) | 6,220 | 57,660 | |||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.** (b) | 4,730 | 54,111 | |||||||||
United Microelectronics Corp.*,** (b) | 4,617 | 17,914 | |||||||||
Total Semiconductors & Semiconductor Equipment | 154,429 | ||||||||||
Software & Services—0.3% | |||||||||||
SAP AG** (b) | 2,133 | 99,846 | |||||||||
Technology Hardware & Equipment—4.8% | |||||||||||
Alcatel-Lucent*,** (b) | 44,621 | 148,142 | |||||||||
AU Optronics Corp.** (b) | 5,246 | 62,900 | |||||||||
Canon, Inc.** (b) | 5,595 | 236,780 | |||||||||
Hitachi Ltd.*,** (b) | 23,910 | 733,558 | |||||||||
Kyocera Corp.** (b) | 896 | 79,341 | |||||||||
Nokia OYJ (b) | 30,136 | 387,247 | |||||||||
Research in Motion Ltd.* | 948 | 64,028 | |||||||||
Telefonaktiebolaget LM Ericsson (b) | 20,250 | 186,098 | |||||||||
Total Technology Hardware & Equipment | 1,898,094 | ||||||||||
Telecommunication Services—12.1% | |||||||||||
America Movil SAB de CV Series L** (b) | 4,043 | 189,940 | |||||||||
BCE, Inc. | 3,850 | 106,299 | |||||||||
BT Group PLC** (b) | 11,760 | 255,662 | |||||||||
China Mobile Ltd.** (b) | 9,336 | 433,470 | |||||||||
Chungwa Telecom Ltd.** (b) | 2,083 | 38,681 | |||||||||
Deutsche Telekom AG** (b) | 39,778 | 584,737 | |||||||||
France Telecom SA** (b) | 19,348 | 488,344 | |||||||||
Hellenic Telecommunications Organization SA** (b) | 6,993 | 52,587 | |||||||||
Nippon Telegraph & Telephone Corp.** (b) | 34,450 | 680,043 | |||||||||
NTT DoCoMo, Inc.** (b) | 21,071 | 294,573 | |||||||||
Portugal Telecom SGPS SA** (b) | 5,033 | 61,101 | |||||||||
Rogers Communications, Inc. Class B** | 2,262 | 70,122 | |||||||||
SK Telecom Co., Ltd.** (b) | 3,758 | 61,105 | |||||||||
Tele Norte Leste Participacoes SA** (b) | 4,179 | 89,514 | |||||||||
Telecom Corp. of New Zealand, Ltd.** (b) | 2,511 | 22,574 | |||||||||
Telecom Italia SpA (b) | 16,907 | 260,875 | |||||||||
Telefonica SA** (b) | 6,147 | 513,398 | |||||||||
Telefonos de Mexico SAB de CV Class L** (b) | 3,554 | 58,925 | |||||||||
TELUS Corp.** | 1,836 | 57,191 | |||||||||
Vodafone Group PLC (b) | 21,643 | 499,738 | |||||||||
Total Telecommunication Services | 4,818,879 | ||||||||||
Transportation—0.3% | |||||||||||
Canadian National Railway Co. | 830 | 45,119 | |||||||||
Canadian Pacific Railway Ltd. | 490 | 26,460 | |||||||||
Lan Airlines SA** (b) | 1,566 | 26,105 | |||||||||
Ryanair Holdings PLC*,** (b) | 1,057 | 28,349 | |||||||||
Total Transportation | 126,033 |
The accompanying notes are an integral part of these financial statements.
25
Schedule of Investments — continued
REVENUESHARES ADR FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Utilities—2.4% | |||||||||||
Centrais Eletricas Brasileiras SA Class C (b) | 4,787 | $ | 100,958 | ||||||||
CIA Energetica de Minas Gerais** (b) | 2,087 | 37,691 | |||||||||
Empresa Nacional de Electricidad SA** | 595 | 29,911 | |||||||||
Enersis SA** (b) | 3,682 | 84,171 | |||||||||
Korea Electric Power Corp.* (b) | 12,504 | 181,808 | |||||||||
National Grid PLC** (b) | 3,079 | 167,435 | |||||||||
TransAlta Corp. | 760 | 16,925 | |||||||||
Veolia Environnement** (b) | 10,135 | 333,239 | |||||||||
Total Utilities | 952,138 | ||||||||||
Total Common Stocks (Cost $37,721,879) | 39,584,173 | ||||||||||
PREFERRED STOCKS—0.7% | |||||||||||
Food, Beverage & Tobacco—0.2% | |||||||||||
Cia de Bebidas das Americas** (b) | 670 | 67,730 | |||||||||
Materials—0.5% | |||||||||||
Vale SA** (b) | 7,167 | 177,885 | |||||||||
Utilities—0.0%† | |||||||||||
Cia Paranaense de Energia-Copel Preference B** (b) | 851 | 18,254 | |||||||||
Total Preferred Stocks (Cost $226,003) | 263,869 | ||||||||||
Total Investments—99.9% (Cost $37,947,882) | 39,848,042 | ||||||||||
Other Assets in Excess of Liabilities—0.1% | 35,709 | ||||||||||
Net Assets—100.0% | $ | 39,883,751 |
Country | Value | % of Net Assets | |||||||||
Australia | $ | 362,595 | 0.9 | % | |||||||
Belgium | 416,657 | 1.0 | |||||||||
Brazil | 2,046,593 | 5.1 | |||||||||
Britain | 7,043,074 | 17.6 | |||||||||
Canada | 2,668,193 | 6.7 | |||||||||
Chile | 191,477 | 0.5 | |||||||||
China | 1,103,308 | 2.8 | |||||||||
Denmark | 61,232 | 0.2 | |||||||||
Finland | 387,248 | 1.0 | |||||||||
France | 3,243,863 | 8.1 | |||||||||
Germany | 2,606,852 | 6.5 | |||||||||
Greece | 126,533 | 0.3 | |||||||||
Hong Kong | 532,958 | 1.3 | |||||||||
Ireland | 229,973 | 0.6 | |||||||||
Italy | 1,102,631 | 2.8 | |||||||||
Japan | 6,461,405 | 16.2 | |||||||||
Luxembourg | 557,048 | 1.4 | |||||||||
Mexico | 488,024 | 1.2 | |||||||||
Netherlands | 6,022,506 | 15.1 | |||||||||
New Zealand | 22,574 | 0.1 | |||||||||
Norway | 510,505 | 1.3 | |||||||||
Papua N.Guinea | 7,210 | — | † | ||||||||
Peru | 21,492 | 0.1 | |||||||||
Portugal | 61,101 | 0.2 | |||||||||
South Korea | 409,672 | 1.0 | |||||||||
Spain | 1,489,401 | 3.7 | |||||||||
Sweden | 186,098 | 0.5 | |||||||||
Switzerland | 1,201,984 | 3.0 | |||||||||
Taiwan | 173,606 | 0.4 | |||||||||
United States | 112,229 | 0.3 | |||||||||
Total Investments | 39,848,042 | 99.9 | |||||||||
Other Assets in Excess of Liabilities | 35,709 | 0.1 | |||||||||
Net Assets | $ | 39,883,751 | 100.0 | % |
* Non-income producing security.
** Non-voting Shares
(a) Registered Shares
(b) American Depositary Receipt
(c) Units
† Less than 0.05%
The accompanying notes are an integral part of these financial statements.
26
Schedule of Investments
REVENUESHARES NAVELLIER OVERALL A-100 FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
COMMON STOCKS—88.5% | |||||||||||
Automobiles & Components—0.6% | |||||||||||
China Automotive Systems, Inc.* | 2,472 | $ | 46,251 | ||||||||
SORL Auto Parts, Inc.* | 4,149 | 35,391 | |||||||||
Total Automobiles & Components | 81,642 | ||||||||||
Banks—0.3% | |||||||||||
National Bankshares, Inc. | 1,270 | 35,928 | |||||||||
Capital Goods—0.8% | |||||||||||
Miller Industries, Inc.* | 3,550 | 40,293 | |||||||||
Trina Solar Ltd.* (a) | 1,044 | 56,344 | |||||||||
Total Capital Goods | 96,637 | ||||||||||
Commercial & Professional Services—0.9% | |||||||||||
51job, Inc.* (a) | 2,060 | 36,503 | |||||||||
APAC Customer Services, Inc.* | 6,833 | 40,725 | |||||||||
RINO International Corp.* | 1,416 | 39,152 | |||||||||
Total Commercial & Professional Services | 116,380 | ||||||||||
Consumer Durables & Apparel—0.3% | |||||||||||
Deer Consumer Products Inc.* | 2,882 | 32,624 | |||||||||
Consumer Services—1.4% | |||||||||||
Caribou Coffee Co., Inc.* | 5,110 | 39,449 | |||||||||
Carrols Restaurant Group, Inc.* | 8,908 | 62,980 | |||||||||
ChinaCast Education Corp.* | 4,780 | 36,137 | |||||||||
Ctrip.com International Ltd.* (a) | 548 | 39,379 | |||||||||
Total Consumer Services | 177,945 | ||||||||||
Diversified Financials—0.6% | |||||||||||
Credit Acceptance Corp.* | 1,056 | 44,458 | |||||||||
Main Street Capital Corp. | 2,035 | 32,804 | |||||||||
Total Diversified Financials | 77,262 | ||||||||||
Energy—1.8% | |||||||||||
Dril-Quip, Inc.* | 855 | 48,290 | |||||||||
FMC Technologies, Inc.* | 3,077 | 177,974 | |||||||||
Total Energy | 226,264 | ||||||||||
Food & Staples Retailing—2.3% | |||||||||||
Whole Foods Market, Inc.* | 10,544 | 289,433 | |||||||||
Food, Beverage & Tobacco—2.7% | |||||||||||
Del Monte Foods Co. | 14,196 | 160,983 | |||||||||
Green Mountain Coffee Roasters, Inc.* | 866 | 70,553 | |||||||||
Wimm-Bill-Dann Foods*,** (a) | 5,000 | 119,150 | |||||||||
Total Food, Beverage & Tobacco | 350,686 | ||||||||||
Health Care Equipment & Services—13.1% | |||||||||||
Alcon, Inc. | 1,518 | 249,483 | |||||||||
Edwards Lifesciences Corp.* | 930 | 80,771 | |||||||||
Health Management Associates, Inc. Class A* | 25,122 | 182,637 | |||||||||
McKesson Corp. | 14,018 | 876,125 | |||||||||
Providence Service Corp.* | 3,479 | 54,968 | |||||||||
Shamir Optical Industry Ltd. | 4,089 | 32,712 | |||||||||
Sharps Compliance Corp.* | 3,105 | 29,808 | |||||||||
Sirona Dental Systems, Inc.* | 1,709 | 54,244 | |||||||||
SXC Health Solutions Corp.* | 1,460 | 78,767 | |||||||||
Transcend Services, Inc.* | 1,717 | 36,675 | |||||||||
Total Health Care Equipment & Services | 1,676,190 |
Investments | Shares | Value | |||||||||
Household & Personal Products—2.0% | |||||||||||
Medifast, Inc.* | 1,166 | $ | 35,656 | ||||||||
NBTY, Inc.* | 2,697 | 117,428 | |||||||||
Nu Skin Enterprises, Inc. Class A | 2,722 | 73,140 | |||||||||
Orchids Paper Products Co.* | 1,664 | 33,313 | |||||||||
Total Household & Personal Products | 259,537 | ||||||||||
Insurance—0.3% | |||||||||||
Universal Insurance Holdings, Inc. | 6,364 | 37,357 | |||||||||
Materials—6.6% | |||||||||||
Boise, Inc.* | 19,329 | 102,637 | |||||||||
China Agritech, Inc.* | 1,473 | 41,170 | |||||||||
China Green Agriculture, Inc.* | 2,234 | 32,840 | |||||||||
Clearwater Paper Corp.* | 1,257 | 69,097 | |||||||||
Eldorado Gold Corp.* | 3,053 | 43,261 | |||||||||
IAMGOLD Corp. | 3,958 | 61,903 | |||||||||
KMG Chemicals, Inc. | 2,724 | 40,724 | |||||||||
NewMarket Corp. | 735 | 84,356 | |||||||||
Omnova Solutions, Inc.* | 8,679 | 53,202 | |||||||||
Schweitzer-Mauduit International, Inc. | 856 | 60,220 | |||||||||
Silver Wheaton Corp.* | 2,421 | 36,363 | |||||||||
Teck Resources Ltd. Class B* | 6,312 | 220,731 | |||||||||
Total Materials | 846,504 | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences—1.9% | |||||||||||
Dr. Reddy's Laboratories Ltd.** (a) | 3,034 | 73,453 | |||||||||
Hi-Tech Pharmacal Co., Inc.* | 1,306 | 36,633 | |||||||||
Life Technologies Corp.* | 2,520 | 131,620 | |||||||||
Total Pharmaceuticals, Biotechnology & Life Sciences | 241,706 | ||||||||||
Retailing—11.0% | |||||||||||
Amazon.com, Inc.* | 5,735 | 771,471 | |||||||||
CarMax, Inc.* | 11,091 | 268,956 | |||||||||
hhgregg, Inc.* | 3,694 | 81,379 | |||||||||
Kirkland's Inc.* | 2,486 | 43,182 | |||||||||
NetFlix, Inc.* | 1,640 | 90,430 | |||||||||
priceline.com, Inc.* | 507 | 110,780 | |||||||||
Winmark Corp.* | 1,550 | 34,178 | |||||||||
Total Retailing | 1,400,376 | ||||||||||
Semiconductors & Semiconductor Equipment—2.5% | |||||||||||
Advanced Semiconductor Engineering Inc.** (a) | 25,665 | 113,696 | |||||||||
Cree, Inc.* | 940 | 52,988 | |||||||||
Marvell Technology Group Ltd.* | 5,699 | 118,254 | |||||||||
Mellanox Technologies Ltd.* | 1,835 | 34,608 | |||||||||
Total Semiconductors & Semiconductor Equipment | 319,546 | ||||||||||
Software & Services—17.4% | |||||||||||
ArcSight, Inc.* | 1,388 | 35,505 | |||||||||
Baidu, Inc.* (a) | 132 | 54,282 | |||||||||
Check Point Software Technologies* | 1,822 | 61,729 | |||||||||
Cognizant Technology Solutions Corp. Class A* | 3,155 | 142,922 | |||||||||
Global Cash Access Holdings, Inc.* | 6,947 | 52,033 | |||||||||
Google Inc. Class A* | 1,333 | 826,433 | |||||||||
i2 Technologies, Inc.* | 2,081 | 39,789 | |||||||||
Infosys Technologies Ltd. (a) | 3,572 | 197,424 |
The accompanying notes are an integral part of these financial statements.
27
Schedule of Investments — concluded
REVENUESHARES NAVELLIER OVERALL A-100 FUND
DECEMBER 31, 2009 (UNAUDITED)
Investments | Shares | Value | |||||||||
Software & Services—17.4% (continued) | |||||||||||
Longtop Financial Technologies Ltd.* (a) | 934 | $ | 34,577 | ||||||||
MicroStrategy Inc. Class A* | 487 | 45,788 | |||||||||
NIC Inc. | 3,715 | 33,955 | |||||||||
Patni Computer Systems Ltd.** (a) | 2,700 | 55,215 | |||||||||
PLATO Learning, Inc.* | 8,369 | 36,489 | |||||||||
Rackspace Hosting, Inc.* | 2,290 | 47,747 | |||||||||
Radiant Systems, Inc.* | 4,157 | 43,233 | |||||||||
SRS Labs, Inc.* | 4,279 | 31,365 | |||||||||
Sybase, Inc.* | 1,615 | 70,091 | |||||||||
Telvent GIT SA | 1,879 | 73,243 | |||||||||
TNS, Inc.* | 1,814 | 46,602 | |||||||||
VanceInfo Technologies, Inc.*,** (a) | 1,892 | 36,345 | |||||||||
VistaPrint NV* | 865 | 49,011 | |||||||||
Wipro Ltd.** (a) | 9,703 | 216,086 | |||||||||
Total Software & Services | 2,229,864 | ||||||||||
Technology Hardware & Equipment—19.3% | |||||||||||
Apple, Inc.* | 4,433 | 934,743 | |||||||||
F5 Networks, Inc.* | 1,071 | 56,742 | |||||||||
Multi-Fineline Electronix, Inc.* | 1,966 | 55,775 | |||||||||
Netapp, Inc.* | 4,718 | 162,252 | |||||||||
STEC, Inc.* | 2,689 | 43,938 | |||||||||
Tech Data Corp.* | 16,789 | 783,375 | |||||||||
Telestone Technologies Corp.* | 1,868 | 37,061 | |||||||||
Teradata Corp.* | 2,880 | 90,518 | |||||||||
Western Digital Corp.* | 6,802 | 300,308 | |||||||||
Total Technology Hardware & Equipment | 2,464,712 | ||||||||||
Telecommunication Services—2.7% | |||||||||||
AboveNet, Inc.* | 695 | 45,203 | |||||||||
Vivo Participacoes SA** (a) | 9,554 | 296,174 | |||||||||
Total Telecommunication Services | 341,377 | ||||||||||
Total Common Stocks (Cost $10,878,735) | 11,301,970 | ||||||||||
PREFERRED STOCK—11.5% | |||||||||||
Energy—4.5% | |||||||||||
Ultrapar Particpacoes SA** (a) | 12,198 | 572,086 | |||||||||
Food, Beverage & Tobacco—3.2% | |||||||||||
Cia de Bebidas das Americas** (a) | 4,079 | 412,346 | |||||||||
Materials—2.0% | |||||||||||
Braskem SA*,** (a) | 15,383 | 252,435 | |||||||||
Media—0.8% | |||||||||||
Net Servicos de Comunicacao SA*,** (a) | 7,532 | 101,908 | |||||||||
Transportation—1.0% | |||||||||||
Gol-Linhas Aereas Inteligentes SA*,** (a) | 8,320 | 127,712 | |||||||||
Total Preferred Stocks (Cost $1,472,023) | 1,466,487 | ||||||||||
Total Investments—100.0% (Cost $12,350,758) | 12,768,457 | ||||||||||
Liabilities in Excess of Other Assets—(0.0)%† | (2,619 | ) | |||||||||
Net Assets—100.0% | $ | 12,765,838 |
* Non-income producing security
** Non-voting Shares
(a) American Depositary Receipt
† More than (0.05)%
The accompanying notes are an integral part of these financial statements.
28
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Statements of Assets and Liabilities
DECEMBER 31, 2009 (UNAUDITED)
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | ||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||||
Investments at value (Note 2) | $ | 101,488,124 | $ | 75,839,119 | $ | 73,957,074 | $ | 11,035,089 | $ | 39,848,042 | $ | 12,768,457 | |||||||||||||||
Cash | 341,179 | 246,833 | 25,051 | 33,250 | 562,822 | 70,766 | |||||||||||||||||||||
Receivables: | |||||||||||||||||||||||||||
Expense reimbursement due from Adviser | — | — | — | 2,782 | — | 1,231 | |||||||||||||||||||||
Dividends | 131,067 | 49,306 | 43,630 | 5,028 | 44,066 | 11,889 | |||||||||||||||||||||
Capital shares sold | — | — | 1,296,076 | — | — | — | |||||||||||||||||||||
Securities sold | — | 49,914 | 77,362 | — | 200,091 | 195,645 | |||||||||||||||||||||
Prepaid expenses and other assets | 20,961 | 6,904 | 5,848 | 712 | 868 | 269 | |||||||||||||||||||||
Total Assets | 101,981,331 | 76,192,076 | 75,405,041 | 11,076,861 | 40,655,889 | 13,048,257 | |||||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||||||
Payables: | |||||||||||||||||||||||||||
Investment securities purchased | — | 46,283 | 1,296,654 | — | 370,648 | 51,506 | |||||||||||||||||||||
Dividends | 345,509 | 175,186 | 75,274 | 29,352 | 352,682 | 198,028 | |||||||||||||||||||||
Advisory fees (Note 3) | 10,198 | 8,379 | 7,302 | — | 1,270 | — | |||||||||||||||||||||
Principal Financial Officer fees | 1,833 | — | — | 654 | 538 | 297 | |||||||||||||||||||||
Trustee fees | 3,400 | 871 | 637 | 202 | 226 | 154 | |||||||||||||||||||||
Other accrued expenses | 166,196 | 99,597 | 112,580 | 30,711 | 46,774 | 32,434 | |||||||||||||||||||||
Total Liabilities | 527,136 | 330,316 | 1,492,447 | 60,919 | 772,138 | 282,419 | |||||||||||||||||||||
NET ASSETS | $ | 101,454,195 | $ | 75,861,760 | $ | 73,912,594 | $ | 11,015,942 | $ | 39,883,751 | $ | 12,765,838 | |||||||||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||||||||||||
Paid-in capital | $ | 94,921,909 | $ | 63,874,400 | $ | 60,722,609 | $ | 8,762,462 | $ | 37,226,982 | $ | 10,988,028 | |||||||||||||||
Undistributed accumulated net investment income (loss) | 1,266 | 4,191 | (35,979 | ) | 514 | (12,120 | ) | (1,400 | ) | ||||||||||||||||||
Undistributed accumulated net realized gain on investments | 1,020,604 | 3,957,018 | 4,845,690 | 1,130,794 | 768,729 | 1,361,511 | |||||||||||||||||||||
Net unrealized appreciation on investments | 5,510,416 | 8,026,151 | 8,380,274 | 1,122,172 | 1,900,160 | 417,699 | |||||||||||||||||||||
NET ASSETS | $ | 101,454,195 | $ | 75,861,760 | $ | 73,912,594 | $ | 11,015,942 | $ | 39,883,751 | $ | 12,765,838 | |||||||||||||||
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value) | 4,951,400 | 3,151,400 | 2,851,400 | 400,000 | 1,100,000 | 400,000 | |||||||||||||||||||||
Net asset value, per share | $ | 20.49 | $ | 24.07 | $ | 25.92 | $ | 27.54 | $ | 36.26 | $ | 31.91 | |||||||||||||||
Investments at cost | $ | 95,977,708 | $ | 67,812,968 | $ | 65,576,800 | $ | 9,912,917 | $ | 37,947,882 | $ | 12,350,758 |
The accompanying notes are an integral part of these financial statements.
30
Statements of Operations
SIX MONTHS ENDED DECEMBER 31, 2009 (UNAUDITED)
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | ||||||||||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||||||||||
Dividend income | $ | 774,039 | $ | 406,529 | $ | 218,249 | $ | 65,662 | $ | 322,182 | $ | 38,589 | |||||||||||||||
Foreign withholding tax | — | — | — | — | (21,984 | ) | (135 | ) | |||||||||||||||||||
Total Income | 774,039 | 406,529 | 218,249 | 65,662 | 300,198 | 38,454 | |||||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||||||
Advisory fees (Note 3) | 178,354 | 143,090 | 150,041 | 22,673 | 58,529 | 30,343 | |||||||||||||||||||||
BNY Fund Services fees | 105,876 | 67,125 | 76,677 | 11,317 | 26,253 | 11,245 | |||||||||||||||||||||
Professional fees | 30,321 | 20,577 | 20,993 | 13,304 | 13,401 | 12,722 | |||||||||||||||||||||
Compliance fees | 15,987 | 11,694 | 12,034 | 5,262 | 5,634 | 4,492 | |||||||||||||||||||||
Principal Financial Officer fees | 14,201 | 10,387 | 10,690 | 4,670 | 5,001 | 3,987 | |||||||||||||||||||||
Trustees fees | 4,719 | 2,743 | 2,604 | 645 | 772 | 504 | |||||||||||||||||||||
Other expense | 22,456 | 14,739 | 14,212 | 6,135 | 6,745 | 6,265 | |||||||||||||||||||||
Total Expenses | 371,914 | 270,355 | 287,251 | 64,006 | 116,335 | 69,558 | |||||||||||||||||||||
Less expense waivers and reimbursements (Note 3) | (177,706 | ) | (115,818 | ) | (125,207 | ) | (39,319 | ) | (68,537 | ) | (39,215 | ) | |||||||||||||||
Net Expenses | 194,208 | 154,537 | 162,044 | 24,687 | 47,798 | 30,343 | |||||||||||||||||||||
Net Investment Income | 579,831 | 251,992 | 56,205 | 40,975 | 252,400 | 8,111 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||||||||||||||||||||
Net realized gain (loss) on investments | (1,376,726 | ) | (86,670 | ) | (799,425 | ) | (27,376 | ) | 32,723 | 159,435 | |||||||||||||||||
Net realized gain on In-kind redemptions | 5,451,078 | 5,267,945 | 6,748,111 | 1,223,120 | 921,168 | 1,479,506 | |||||||||||||||||||||
Total realized gain | 4,074,352 | 5,181,275 | 5,948,686 | 1,195,744 | 953,891 | 1,638,941 | |||||||||||||||||||||
Net change in unrealized appreciation on investments | 10,412,140 | 6,938,552 | 6,124,817 | 643,971 | 1,394,720 | 51,316 | |||||||||||||||||||||
Net realized and unrealized gain on investments | 14,486,492 | 12,119,827 | 12,073,503 | 1,839,715 | 2,348,611 | 1,690,257 | |||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 15,066,323 | $ | 12,371,819 | $ | 12,129,708 | $ | 1,880,690 | $ | 2,601,011 | $ | 1,698,368 |
The accompanying notes are an integral part of these financial statements.
31
Statements of Changes in Net Assets
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | |||||||||||||||||||||||||
Six Months Ended December 31, 2009 (Unaudited) | Year Ended June 30, 2009 | Six Months Ended December 31, 2009 (Unaudited) | Year Ended June 30, 2009 | Six Months Ended December 31, 2009 (Unaudited) | Year Ended June 30, 2009 | ||||||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||||||||
Net investment income | $ | 579,831 | $ | 687,977 | $ | 251,992 | $ | 123,809 | $ | 56,205 | $ | 62,755 | |||||||||||||||
Net realized gain (loss) on investments | 4,074,352 | (5,274,869 | ) | 5,181,275 | (1,203,160 | ) | 5,948,686 | (1,102,600 | ) | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 10,412,140 | (2,144,931 | ) | 6,938,552 | 1,320,689 | 6,124,817 | 2,604,691 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 15,066,323 | (6,731,823 | ) | 12,371,819 | 241,338 | 12,129,708 | 1,564,846 | ||||||||||||||||||||
DISTRIBUTION TO SHAREHOLDERS FROM: | |||||||||||||||||||||||||||
Net investment income | (763,811 | ) | (510,754 | ) | (288,788 | ) | (85,012 | ) | (115,118 | ) | (47,294 | ) | |||||||||||||||
Realized gains | — | — | — | — | — | — | |||||||||||||||||||||
Total distributions to shareholders | (763,811 | ) | (510,754 | ) | (288,788 | ) | (85,012 | ) | (115,118 | ) | (47,294 | ) | |||||||||||||||
SHAREHOLDER TRANSACTIONS: | |||||||||||||||||||||||||||
Proceeds from shares sold | 47,232,378 | 52,727,371 | 46,799,599 | 27,160,779 | 47,240,133 | 25,879,509 | |||||||||||||||||||||
Cost of shares redeemed | (13,313,899 | ) | (24,299,946 | ) | (13,187,232 | ) | (2,019,587 | ) | (17,441,311 | ) | — | ||||||||||||||||
Net increase in net assets resulting from shareholder transactions | 33,918,479 | 28,427,425 | 33,612,367 | 25,141,192 | 29,798,822 | 25,879,509 | |||||||||||||||||||||
Increase in net assets | 48,220,991 | 21,184,848 | 45,695,398 | 25,297,518 | 41,813,412 | 27,397,061 | |||||||||||||||||||||
NET ASSETS: | |||||||||||||||||||||||||||
Beginning of period | 53,233,204 | 32,048,356 | 30,166,362 | 4,868,844 | 32,099,182 | 4,702,121 | |||||||||||||||||||||
End of period | $ | 101,454,195 | $ | 53,233,204 | $ | 75,861,760 | $ | 30,166,362 | $ | 73,912,594 | $ | 32,099,182 | |||||||||||||||
Undistributed net investment income (loss) included in net assets at end of period | $ | 1,266 | $ | 185,246 | $ | 4,191 | $ | 40,987 | $ | (35,979 | ) | $ | 22,934 | ||||||||||||||
CHANGES IN SHARES OUTSTANDING: | |||||||||||||||||||||||||||
Shares outstanding, beginning of period | 3,201,400 | 1,401,4001 | 1,601,400 | 201,4001 | 1,601,400 | 201,4001 | |||||||||||||||||||||
Shares sold | 2,400,000 | 3,100,0001 | 2,100,000 | 1,500,0001 | 1,950,000 | 1,400,0001 | |||||||||||||||||||||
Shares redeemed | (650,000 | ) | (1,300,000 | )1 | (550,000 | ) | (100,000 | )1 | (700,000 | ) | —1 | ||||||||||||||||
Shares outstanding, end of period | 4,951,400 | 3,201,4001 | 3,151,400 | 1,601,4001 | 2,851,400 | 1,601,4001 |
* Commencement of operations .
1 On November 6, 2008, there was a 2 for 1 stock split. Historical share amounts have been adjusted to reflect the 2 for 1 split on a retroactive basis.
The accompanying notes are an integral part of these financial statements.
32
Statements of Changes in Net Assets — concluded
RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | |||||||||||||||||||||||||
Six Months Ended December 31, 2009 (Unaudited) | For the Period November 10, 2008* Through June 30, 2009 | Six Months Ended December 31, 2009 (Unaudited) | For the Period November 18, 2008* Through June 30, 2009 | Six Months Ended December 31, 2009 (Unaudited) | For the Period January 21, 2009* Through June 30, 2009 | ||||||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||||||||
Net investment income | $ | 40,975 | $ | 28,942 | $ | 252,400 | $ | 75,491 | $ | 8,111 | $ | 10,646 | |||||||||||||||
Net realized gain (loss) on investments | 1,195,744 | (64,950 | ) | 953,891 | (32,367 | ) | 1,638,941 | (85,310 | ) | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 643,971 | 478,201 | 1,394,720 | 505,440 | 51,316 | 366,383 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,880,690 | 442,193 | 2,601,011 | 548,564 | 1,698,368 | 291,719 | |||||||||||||||||||||
DISTRIBUTION TO SHAREHOLDERS FROM: | |||||||||||||||||||||||||||
Net investment income | (48,945 | ) | (20,458 | ) | (325,635 | ) | (16,525 | ) | (10,832 | ) | (9,325 | ) | |||||||||||||||
Realized gains | — | — | (150,700 | ) | — | (192,120 | ) | — | |||||||||||||||||||
Total distributions to shareholders | (48,945 | ) | (20,458 | ) | (476,335 | ) | (16,525 | ) | (202,952 | ) | (9,325 | ) | |||||||||||||||
SHAREHOLDER TRANSACTIONS: | |||||||||||||||||||||||||||
Proceeds from shares sold | 6,348,069 | 5,168,638 | 33,925,699 | 6,989,896 | 15,607,598 | 5,221,250 | |||||||||||||||||||||
Cost of shares redeemed | (2,754,245 | ) | — | (3,688,559 | ) | — | (9,840,820 | ) | — | ||||||||||||||||||
Net increase in net assets resulting from shareholder transactions | 3,593,824 | 5,168,638 | 30,237,140 | 6,989,896 | 5,766,778 | 5,221,250 | |||||||||||||||||||||
Increase in net assets | 5,425,569 | 5,590,373 | 32,361,816 | 7,521,935 | 7,262,194 | 5,503,644 | |||||||||||||||||||||
NET ASSETS: | |||||||||||||||||||||||||||
Beginning of period | 5,590,373 | — | 7,521,935 | — | 5,503,644 | — | |||||||||||||||||||||
End of period | $ | 11,015,942 | $ | 5,590,373 | $ | 39,883,751 | $ | 7,521,935 | $ | 12,765,838 | $ | 5,503,644 | |||||||||||||||
Undistributed net investment income (loss) included in net assets at end of period | $ | 514 | $ | 8,484 | $ | (12,120 | ) | $ | 61,115 | $ | (1,400 | ) | $ | 1,321 | |||||||||||||
CHANGES IN SHARES OUTSTANDING: | |||||||||||||||||||||||||||
Shares outstanding, beginning of period | 250,000 | — | 250,000 | — | 200,000 | — | |||||||||||||||||||||
Shares sold | 250,000 | 250,000 | 950,000 | 250,000 | 500,000 | 200,000 | |||||||||||||||||||||
Shares redeemed | (100,000 | ) | — | (100,000 | ) | — | (300,000 | ) | — | ||||||||||||||||||
Shares outstanding, end of period | 400,000 | 250,000 | 1,100,000 | 250,000 | 400,000 | 200,000 |
The accompanying notes are an integral part of these financial statements.
33
Financial Highlights
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | ||||||||||||||||||||||||||
Six Months Ended December 31, 2009 (Unaudited) | Year Ended June 30, 20092 | For the Period February 22, 20081 Through June 30, 20082 | Six Months Ended December 31, 2009 (Unaudited) | Year Ended June 30, 20092 | For the Period February 22, 20081 Through June 30, 20082 | ||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.63 | $ | 22.87 | $ | 25.00 | $ | 18.84 | $ | 24.17 | $ | 25.00 | |||||||||||||||
Net investment income3 | 0.14 | 0.33 | 0.15 | 0.10 | 0.18 | 0.08 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.91 | (6.34 | ) | (2.23 | ) | 5.24 | (5.36 | ) | (0.84 | ) | |||||||||||||||||
Total gain (loss) from investment operations | 4.05 | (6.01 | ) | (2.08 | ) | 5.34 | (5.18 | ) | (0.76 | ) | |||||||||||||||||
Less Distributions from: | |||||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.23 | ) | (0.05 | ) | (0.11 | ) | (0.15 | ) | (0.07 | ) | |||||||||||||||
Realized gains | — | — | — | — | — | — | |||||||||||||||||||||
Total distributions | (0.19 | ) | (0.23 | ) | (0.05 | ) | (0.11 | ) | (0.15 | ) | (0.07 | ) | |||||||||||||||
Net asset value, end of period | $ | 20.49 | $ | 16.63 | $ | 22.87 | $ | 24.07 | $ | 18.84 | $ | 24.17 | |||||||||||||||
Total Return at Net Asset Value4 | 24.46 | % | (26.27 | )% | (8.31 | )% | 28.39 | % | (21.39 | )% | (3.02 | )% | |||||||||||||||
Total Return at Market Value4 | 24.01 | % | (26.52 | )% | (8.19 | )% | 27.88 | % | (21.71 | )% | (2.44 | )% | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (000's omitted) | $ | 101,454 | $ | 53,233 | $ | 32,048 | $ | 75,862 | $ | 30,166 | $ | 4,869 | |||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||
Expenses, net of expense waivers and reimbursements | 0.49 | %5 | 0.49 | % | 0.49 | %5 | 0.54 | %5 | 0.54 | % | 0.54 | %5 | |||||||||||||||
Expenses, prior to expense waivers and reimbursements | 0.94 | %5 | 1.89 | % | 2.32 | %5 | 0.94 | %5 | 2.02 | % | 4.93 | %5 | |||||||||||||||
Net investment income, net of waivers and reimbursements | 1.46 | %5 | 2.05 | % | 1.87 | %5 | 0.88 | %5 | 1.12 | % | 0.89 | %5 | |||||||||||||||
Portfolio turnover rate6 | 6.81 | % | 23.67 | % | 0.88 | % | 7.57 | % | 35.25 | % | 1.07 | % |
1 Commencement of operations.
2 On November 6, 2008, there was a 2 for 1 stock split. Historical per share amounts have been adjusted to reflect the 2 for 1 split on a retroactive basis.
3 Based on average daily shares outstanding.
4 Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/wa ived by the Adviser.
5 Annualized for periods less than one year.
6 Portfolio turnover rate is not annualized for periods less than one year and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds' capital shares.
The accompanying notes are an integral part of these financial statements.
34
Financial Highlights — continued
RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | ||||||||||||||||||||||
Six Months Ended December 31, 2009 (Unaudited) | Year Ended June 30, 20092 | For the Period February 22, 20081 Through June 30, 20082 | Six Months Ended December 31, 2009 (Unaudited) | For the Period November 10, 20081 Through June 30, 2009 | |||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||
Net asset value, beginning of period | $ | 20.04 | $ | 23.35 | $ | 25.00 | $ | 22.36 | $ | 25.00 | |||||||||||||
Net investment income3 | 0.02 | 0.11 | 0.08 | 0.11 | 0.19 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.91 | (3.32 | ) | (1.67 | ) | 5.21 | (2.69 | ) | |||||||||||||||
Total gain (loss) from investment operations | 5.93 | (3.21 | ) | (1.59 | ) | 5.32 | (2.50 | ) | |||||||||||||||
Less Distributions from: | |||||||||||||||||||||||
Net investment income | (0.05 | ) | (0.10 | ) | (0.06 | ) | (0.14 | ) | (0.14 | ) | |||||||||||||
Realized gains | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.05 | ) | (0.10 | ) | (0.06 | ) | (0.14 | ) | (0.14 | ) | |||||||||||||
Net asset value, end of period | $ | 25.92 | $ | 20.04 | $ | 23.35 | $ | 27.54 | $ | 22.36 | |||||||||||||
Total Return at Net Asset Value4 | 29.60 | % | (13.67 | )% | (6.36 | )% | 23.82 | % | (9.87 | )% | |||||||||||||
Total Return at Market Value4 | 29.14 | % | (13.67 | )% | (6.10 | )% | 23.63 | % | (10.03 | )% | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||
Net assets, end of period (000's omitted) | $ | 73,913 | $ | 32,099 | $ | 4,702 | $ | 11,016 | $ | 5,590 | |||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||
Expenses, net of expense waivers and reimbursements | 0.54 | %5 | 0.54 | % | 0.54 | %5 | 0.49 | %5 | 0.49 | %5 | |||||||||||||
Expenses, prior to expense waivers and reimbursements | 0.96 | %5 | 2.20 | % | 5.03 | %5 | 1.27 | %5 | 3.14 | %5 | |||||||||||||
Net investment income, net of waivers and reimbursements | 0.19 | %5 | 0.62 | % | 0.85 | %5 | 0.81 | %5 | 1.60 | %5 | |||||||||||||
Portfolio turnover rate6 | 9.66 | % | 32.38 | % | 6.44 | % | 0.61 | % | 19.26 | % |
The accompanying notes are an integral part of these financial statements.
35
Financial Highlights — concluded
RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | ||||||||||||||||||
Six Months Ended December 31, 2009 (Unaudited) | For the Period November 18, 20081 Through June 30, 2009 | Six Months Ended December 31, 2009 (Unaudited) | For the Period January 21, 20091 Through June 30, 2009 | ||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||
Net asset value, beginning of period | $ | 30.09 | $ | 25.00 | $ | 27.52 | $ | 25.00 | |||||||||||
Net investment income3 | 0.46 | 0.58 | 0.02 | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.40 | 4.68 | 4.88 | 2.52 | |||||||||||||||
Total gain (loss) from investment operations | 6.86 | 5.26 | 4.90 | 2.61 | |||||||||||||||
Less Distributions from: | |||||||||||||||||||
Net investment income | (0.55 | ) | (0.17 | ) | (0.03 | ) | (0.09 | ) | |||||||||||
Realized gains | (0.14 | ) | — | (0.48 | ) | — | |||||||||||||
Total distributions | (0.69 | ) | (0.17 | ) | (0.51 | ) | (0.09 | ) | |||||||||||
Net asset value, end of period | $ | 36.26 | $ | 30.09 | $ | 31.91 | $ | 27.52 | |||||||||||
Total Return at Net Asset Value4 | 23.00 | % | 21.15 | % | 17.80 | % | 10.48 | % | |||||||||||
Total Return at Market Value4 | 21.94 | % | 21.18 | % | 15.81 | % | 10.69 | % | |||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Net assets, end of period (000's omitted) | $ | 39,884 | $ | 7,522 | $ | 12,766 | $ | 5,504 | |||||||||||
Ratio to average net assets of: | |||||||||||||||||||
Expenses, net of expense waivers and reimbursements | 0.49 | %5 | 0.49 | %5 | 0.60 | %5 | 0.60 | %5 | |||||||||||
Expenses, prior to expense waivers and reimbursements | 1.19 | %5 | 3.52 | %5 | 1.38 | %5 | 3.72 | %5 | |||||||||||
Net investment income, net of waivers and reimbursements | 2.59 | %5 | 3.79 | %5 | 0.16 | %5 | 0.81 | %5 | |||||||||||
Portfolio turnover rate6 | 19.21 | % | 82.02 | % | 89.71 | % | 32.48 | % |
1 Commencement of operations.
2 On November 6, 2008, there was a 2 for 1 stock split. Historical per share amounts have been adjusted to reflect the 2 for 1 split on a retroactive basis.
3 Based on average daily shares outstanding.
4 Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/wa ived by the Adviser.
5 Annualized for periods less than one year.
6 Portfolio turnover rate is not annualized for periods less than one year and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds' capital shares.
The accompanying notes are an integral part of these financial statements.
36
Notes to Financial Statements
(UNAUDITED)
1. ORGANIZATION
The RevenueShares ETF Trust, (the "Trust") was organized as a Delaware statutory trust on December 15, 2006 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"), which is currently comprised of 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. The Funds commenced operations on February 22, 2008 for RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, November 10, 2008 for RevenueShares Financials Sector Fund, November 18, 2008 for RevenueShares ADR Fund and January 21, 2009 for RevenueShares Navellier Over all A-100 Fund.
The objective of the Funds, (RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund) is to outperform the total return performance of the Fund's corresponding benchmark (Standard & Poor's ("S&P") 500 Index, S&P MidCap 400 Index, S&P SmallCap 600 Index, S&P 500 Financials Index, S&P ADR Index, and the Navellier Overall A-100 Index, respectively).
2. SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. In June 2009, the Financial Accounting Standards Board ("FASB") announced that effective for financial statements issued for interim and annual periods ending after September 15, 2009, FASB Accounting Standards CodificationTM ("Codification") will become the source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the Securities and Exchange Commission. All guidance contained in the Codificati on carries an equal level of authority. The Codification supersedes all previous non-SEC accounting and reporting standards. All other non-grandfathered non-SEC accounting literature not included in the Codification are now non-authoritative. The following summarizes the significant accounting policies of the Funds:
Investment Valuation — Security holdings traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ 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.
37
Notes to Financial Statements — continued
(UNAUDITED)
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 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. Amounts waived and/or reimbursed pursuant to this agreement are not subject to subsequent recapture by the Adviser. This agreement will remain in effect and will be contractually binding until October 31, 2011, after which it may be terminated or revised.
For the period ended December 31, 2009, the Adviser waived and reimbursed the following fees:
Fund | Fees Waived and Reimbursed | ||||||
RevenueShares Large Cap Fund | $ | 174,874 | |||||
RevenueShares Mid Cap Fund | 113,799 | ||||||
RevenueShares Small Cap Fund | 123,051 | ||||||
RevenueShares Financials Sector Fund | 38,946 | ||||||
RevenueShares ADR Fund | 67,929 | ||||||
RevenueShares Navellier Overall A-100 Fund | 38,861 |
Mellon Capital Management Corp. (the "Sub-Adviser"), a separate identifiable division of The Bank of New York Mellon Corporation, acts as investment Sub-Adviser to the Funds. Pursuant to a Sub-Advisory Agreement between the Adviser and the Sub-Adviser, the Sub-Adviser will be responsible for the day-to-day management of the Funds, subject to the supervision of the Adviser and the Board. In this regard, the Sub-Adviser will be responsible for implementing the investment strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Adviser and Sub-Adviser from time to time. 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 and 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.
38
Notes to Financial Statements — continued
(UNAUDITED)
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. FCS and FMS have agreed to waive 10% of their fees when aggregate net assets of the Trust are under $300,000,000.
For the period ended December 31, 2009, FCS and FMS waived the following fees:
Fund | Fees Waived by FCS | Fees Waived by FMS | |||||||||
RevenueShares Large Cap Fund | $ | 1,488 | $ | 1,344 | |||||||
RevenueShares Mid Cap Fund | 1,061 | 958 | |||||||||
RevenueShares Small Cap Fund | 1,133 | 1,023 | |||||||||
RevenueShares Financials Sector Fund | 196 | 177 | |||||||||
RevenueShares ADR Fund | 320 | 288 | |||||||||
RevenueShares Navellier Overall A-100 Fund | 186 | 168 |
Licensing Fee Agreements — The Adviser has entered into a licensing agreement for each Fund with RevenueShares Investor Services. The trademarks are owned by the Licensor. These trademarks have been licensed to the Adviser for the use with the Funds. The Funds are not sponsored, endorsed, sold or promoted by the Licensor and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
4. CREATION AND REDEMPTION TRANSACTIONS
As of December 31, 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.
Retail investors may only purchase and sell Fund shares at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund's shares may be at, above or below its NAV depending on the premium or discount at which the Fund's shares trade.
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 authoritative guidance for fair value measurements and disclosures, Accounting Standards CodificationTM ("ASC") Topic 820 (formerly FAS 157) establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized various inputs in determining the value of each Fund's investments. These inputs are summarized in the three broad levels as follows:
Level 1 — quoted prices in active markets for identical securities
39
Notes to Financial Statements — continued
(UNAUDITED)
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of December 31, 2009 in valuing the Funds' assets carried at fair value:
Quoted Prices in Active Markets (Level 1) | Other Significant Observable | Significant Unobservable | |||||||||||||||||||||
Fund | Common Stock | Preferred Stock | Inputs (Level 2) | Inputs (Level 3) | Total | ||||||||||||||||||
RevenueShares Large Cap Fund | $ | 101,488,124 | $ | — | — | — | $ | 101,488,124 | |||||||||||||||
RevenueShares Mid Cap Fund | 75,839,119 | — | — | — | 75,839,119 | ||||||||||||||||||
RevenueShares Small Cap Fund | 73,957,074 | — | — | — | 73,957,074 | ||||||||||||||||||
RevenueShares Financials Sector Fund | 11,035,089 | — | — | — | 11,035,089 | ||||||||||||||||||
RevenueShares ADR Fund | 39,584,173 | 263,869 | — | — | 39,848,042 | ||||||||||||||||||
RevenueShares Navellier Overall A-100 Fund | 11,301,970 | 1,466,487 | — | — | 12,768,457 |
At December 31, 2009 the Funds did not hold any Level 2 or Level 3 securities. Please refer to the Schedule of Investments to view equity securities segregated by industry type.
In January, 2010, FASB issued Accounting Standards Update No. 2010-06, "Improving Disclosures about Fair Value Measurements" ("ASU 2010-06"). ASU 2010-06 will require new disclosures regarding transfers into and out of Levels 1 and 2 (effective for interim and annual periods beginning after December 15, 2009) as well as additional details regarding Level 3 transaction activity (effective for interim and annual periods beginning after December 15, 2010). Management is currently evaluating the effect that the adoption of ASU 2010-06 will have on the Funds' financial statements.
6. INVESTMENT TRANSACTIONS
The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the period ended December 31, 2009 were as follows:
Fund | Purchases | Sales | |||||||||
RevenueShares Large Cap Fund | $ | 16,559,141 | $ | 5,342,054 | |||||||
RevenueShares Mid Cap Fund | 16,666,807 | 4,233,272 | |||||||||
RevenueShares Small Cap Fund | 18,297,798 | 5,592,106 | |||||||||
RevenueShares Financials Sector Fund | 2,751,764 | 59,473 | |||||||||
RevenueShares ADR Fund | 6,891,624 | 3,848,876 | |||||||||
RevenueShares Navellier Overall A-100 Fund | 17,406,434 | 8,846,390 |
For the period ended December 31, 2009, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:
Fund | Purchases | Sales | |||||||||
RevenueShares Large Cap Fund | $ | 35,870,559 | $ | 13,108,412 | |||||||
RevenueShares Mid Cap Fund | 33,458,100 | 12,255,094 | |||||||||
RevenueShares Small Cap Fund | 33,344,974 | 16,293,093 | |||||||||
RevenueShares Financials Sector Fund | 3,593,052 | 2,690,714 | |||||||||
RevenueShares ADR Fund | 30,133,496 | 3,178,123 | |||||||||
RevenueShares Navellier Overall A-100 Fund | 5,764,482 | 8,736,566 |
Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.
40
Notes to Financial Statements — continued
(UNAUDITED)
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 December 31, 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 | |||||||||||||||
RevenueShares Large Cap Fund | $ | 95,977,708 | $ | 8,645,318 | $ | (3,134,902 | ) | $ | 5,510,416 | ||||||||||
RevenueShares Mid Cap Fund | 67,812,968 | 8,533,458 | (507,307 | ) | 8,026,151 | ||||||||||||||
RevenueShares Small Cap Fund | 65,576,800 | 9,375,600 | (995,326 | ) | 8,380,274 | ||||||||||||||
RevenueShares Financials Sector Fund | 9,912,917 | 1,359,000 | (236,828 | ) | 1,122,172 | ||||||||||||||
RevenueShares ADR Fund | 37,947,882 | 2,222,373 | (322,213 | ) | 1,900,160 | ||||||||||||||
RevenueShares Navellier Overall A-100 Fund | 12,350,758 | 592,400 | (174,701 | ) | 417,699 |
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
41
Notes to Financial Statements — continued
(UNAUDITED)
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 | — |
Financial reporting rules prescribe a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Foreign taxes are provided for based on the Funds' understanding of the tax rules and rates that exist in the foreign markets in which they invest. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation, as applicable, as the income is earned or capital gains are recorded. If applicable, the Fund will recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in "Other" expense on the Statement of Operations. Management has determined that there is no impact resulting from the application of this interpretation to the Funds' financial statements.
Financial reporting rules require management of the Funds to analyze all open tax years, fiscal years 2008-2010, as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the period ended December 31, 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, RevenueShares ADR and RevenueShares Navellier Overall A-100 Funds are non-diversified and, as a result, may have greater volatility than other diversified funds. Because a non-diversified fund may invest a larger percentage of its assets in securities of a single company than diversified funds, the performance of that company can have a substantial impact on a Fund's Share price. Each Fund intends to maintain the required level of diversification so as to qualify as a "regulated investment company" for purposes of the Internal Revenue Code in order to avoid liability for federal income tax to the extent that its earnings are distributed to shareholders. Compliance with diversification requirements of the Internal Revenue Code could limit the investment flexibility of a Fund.
Financial Sector Risk
Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition and adversely affected by natural disasters. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITs).
42
Notes to Financial Statements — concluded
(UNAUDITED)
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. SUBSEQUENT EVENTS
Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the financial statements were issued.
On January 13, 2010 the Board approved the termination of the sub-advisory agreement with Mellon Capital Management Corp. ("Mellon Capital Management") Further, the Board approved a sub-advisory agreement with Index Management Solutions, LLC ("Index Management Solutions") to serve as the Funds' sub-adviser. Index Management Solutions is an affiliate of the Adviser. The effective date of the conversion of sub-advisers from Mellon Capital Management to Index Management Solutions was February 12, 2010.
43
Supplemental Information
(UNAUDITED)
Proxy Voting Policies, Procedures and Record
A description of the Trust's proxy voting policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, and each Fund's proxy voting record for the most recent twelve-month period ended June 30 is available, without charge upon request, by calling (877)738-8870. This information is also available on the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The RevenueShares ETF Trust files its complete schedule of portfolio holdings with the SEC for its first and third quarters on Form N-Q. Copies of the filings are available on SEC's website at http://www.sec.gov. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC's Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to the following email box address: <publicinfo@sec.gov>.
Premium/Discount Information
Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund's net asset value may be found on the Funds' website at http://www.revenuesharesetfs.com.
The Fund's Statement of Additional Information ("SAI") has additional information about the Funds' Trustees and Officers and is available without charge upon request. Contact your financial representative for a free prospectus or SAI.
44
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.
Not Applicable for the semi-annual reporting period.
Item 3. Audit Committee Financial Expert.
Not Applicable for the semi-annual reporting period.
Item 4. Principal Accountant Fees and Services.
Not Applicable for the semi-annual reporting period.
Item 5. Audit Committee of Listed Registrants.
Not Applicable for the semi-annual reporting period.
Item 6. Schedule of Investments.
(a) Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not Applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company & Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11. Controls and Procedures.
(a) The Chief Executive Officer and Chief Financial Officer have evaluated the Registrant’s disclosure controls and procedures within 90 days of the filing date of this report and have concluded that these controls and procedures are effective.
(b) There were no significant changes in the Registrant’s internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation.
Item 12. Exhibits.
(a) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable at this time.
(b) Certifications for each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17CFR 270.30a-(a)).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: RevenueShares ETF Trust
By: | /s/ Vincent T. Lowry |
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Vincent T. Lowry, Chief Executive Officer |
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Date: | February 25, 2010 |
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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: | February 25, 2010 |
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By: | /s/ Christopher Lanza |
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Christopher Lanza, Chief Financial Officer |
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Date: | February 25, 2010 |
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