N-CSR 1 e54966ncsr.htm ANNUAL REPORT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21993

RevenueShares ETF Trust

(Exact name of registrant as specified in charter)

One Commerce Square

2005 Market Street, Suite 2020

Philadelphia, PA 19103

(Address of principal executive offices) (Zip code)

Vincent T. Lowry
One Commerce Square
2005 Market Street, Suite 2020

Philadelphia, PA 19103

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 1-877-738-8870

Date of fiscal year end: June 30

Date of reporting period: June 30, 2013

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

RevenueShares™ ETF Trust
Annual Report to Shareholders

June 30, 2013

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1
 

Letter to Shareholders

August 2013

Dear Shareholder:

This past fiscal year was a relief for the U.S. Domestic Equity and Developed International markets of France, Germany, and Japan. Emerging Markets such as Brazil, China, and India experienced negative returns over the second half of the fiscal year with Brazil ending the past year with double digit negative returns.

Revenue Weighted Fund’s outperformed Value Indexes, Growth Indexes, and Core S&P Domestic Indexes, with the exception of the RevenueShares ADR Fund.

The RevenueShares Large Cap Fund outperformed the S&P 500 Index with an NAV return of 26.98% versus 20.69% for the fiscal year end 6/30/2013. The RevenueShares Mid Cap Fund outperformed the S&P 400 with an NAV return of 28.95% versus 25.43%. The RevenueShares Small Cap Fund outperformed the S&P 600 with an NAV return of 31.74% versus 25.62%. The RevenueShares ADR Fund underperformed the S&P ADR Index with an NAV return of 10.87% versus 12.94%. The RevenueShares Financial Sector Fund outperformed the S&P 500 Financials Index with an NAV return of 44.09% versus 35.45%. Lastly, the RevenueShares Navellier Overall A-100 Fund outperformed the Navellier Overall A-100 Market Capital Index with an NAV return of 16.79% versus 3.96%.


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 400™ Index consists of 400 domestic mid cap stocks 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 Navellier Overall A -100 Market Capital Index is constructed from the companies that are traded on the New York Stock Exchange, Nasdaq Stock Exchange or American Stock Exchange that have over 2,500 shares traded daily, a closing price over $1, and companies that have been public for at least one year. An investor cannot invest directly in an index.

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.

2
 

Management Discussion of Fund Performance

June 30, 2013

RevenueShares Large Cap Fund™ (Ticker: RWL)

The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500 Index (“S&P 500”) by investing in the constituent securities of the S&P 500 in the same proportions as the RevenueShares Large Cap Index. The S&P 500 is a stock market index comprised of a representative sample of common stocks of 500 leading companies in leading industries of the United States economy selected by Standard & Poor’s®. An investor cannot invest directly in an index. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of large capitalization companies included in the S&P 500 and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines large capitalization companies as companies that are included in the S&P 500 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.

The RevenueShares Large Cap Fund had a very strong year outperforming the S&P 500 with an NAV return of 26.98% versus 20.69%. The Fund outperformed 9 of the 10 S&P 500 sectors for the fiscal year end 6/30/2013.

Among the top and bottom performing Fund holdings for the fiscal year 6/30/2013, the top three performers were Netflix Inc. (+209.18%), First Solar Inc. (+198.44%), GameStop Corp. (+139.41%), while the bottom three performers in this group were Cliffs Natural Resources Inc. (–65.54%), Apollo Group Inc. (–51.13%), and Peabody Energy Corp. (–39.49%).

3
 

Management Discussion of Fund Performance — continued


Fund Performance History (%) Cumulative Total Return
As of June 30, 2013		 Average Annual Total Return
As of June 30, 2013
  1 Year Since Inception
(February 22, 2008)		 1 Year Since Inception
(February 22, 2008)
Index        
RevenueShares Large Cap Index™ 27.69% 40.98% 27.69% 6.63%
S&P 500 Index 20.69% 35.03% 20.69% 5.77%
Fund        
NAV Return 26.98% 36.33% 26.98% 5.96%
Market Price 26.86% 36.10% 26.86% 5.92%

 

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Large Cap Fund’s annual operating expense ratio (gross) is 0.75% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2013. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.

Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.

Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Large Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.

4
 

Management Discussion of Fund Performance — continued

June 30, 2013

RevenueShares Mid Cap Fund™ (Ticker: RWK)

The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P MidCap 400 Index (“S&P MidCap 400”) by investing in the constituent securities of the S&P MidCap 400 in the same proportions as the RevenueShares Mid Cap. The S&P MidCap 400 is a stock market index comprised of common stock of 400 mid-sized companies selected by Standard & Poor’s®. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of mid capitalization companies included in the S&P MidCap 400 Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines mid capitalization companies as companies that are included in the S&P MidCap 400 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.

The RevenueShares Mid Cap Fund had a positive year after struggling in the 4th Quarter of 2011 and 1st Quarter of 2012. The Fund’s fiscal year NAV return of 28.95% outperformed the S&P 400 return of 25.43%. The Fund has experienced attractive returns in the Consumer Staples Sector and outperformed in 7 of 10 sectors for the fiscal year end 6/30/2013.

Among the top and bottom performing Fund holdings for the fiscal year 6/30/2013, the top three performers were SunEdison Inc. (+277.57%), Green Mountain Coffee Roasters Inc. (+246.53%), Cree Inc. (+149.28%), while the bottom three performers in this group were Strayer Education Inc. (–53.68%), Apollo Group Inc. (–51.13%), and Verifone Systems Inc. (–49.29%).

5
 

Management Discussion of Fund Performance — continued


Fund Performance History (%) Cumulative Total Return
As of June 30, 2013		 Average Annual Total Return
As of June 30, 2013
  1 Year Since Inception
(February 22, 2008)		 1 Year Since Inception
(February 22, 2008)
Index        
RevenueShares Mid Cap Index™ 29.71% 69.18% 29.71% 10.32%
S&P MidCap 400 Index 25.43% 59.28% 25.43% 9.08%
Fund        
NAV Return 28.95% 62.86% 28.95% 9.53%
Market Price 29.25% 63.17% 29.25% 9.57%

 

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Mid Cap Fund’s annual operating expense ratio (gross) is 0.82% and the net expense ratio is 0.54%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2013. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.

Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.

Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Mid Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.

6
 

Management Discussion of Fund Performance — continued

June 30, 2013

RevenueShares Small Cap Fund™ (Ticker: RWJ)

The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P Small Cap 600 Index (“S&P Small Cap 600”) by investing in the constituent securities of the S&P Small Cap 600 in the same proportions as the RevenueShares Small Cap. The S&P Small Cap 600 is a stock market index comprised of 600 common stocks of small-cap companies selected by Standard & Poor’s® based on inclusion criteria to ensure that they are investable and financially viable. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of small capitalization companies included in the S&P SmallCap 600 Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines small capitalization companies as companies that are included in the S&P Small Cap 600 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.

The RevenueShares Small Cap Fund had a strong fiscal year generating NAV returns of 31.74% as of 6/30/13. This Fund outperformed the S&P 600 by 6.12% during this period.

Among the top and bottom performing Fund holdings for the fiscal year 6/30/2013, the top three performers were Christopher & Banks Corp. (+473.93%), Zale Corp. (+239.42%), Big 5 Sporting Goods Corp. (+198.73%), while the bottom three performers in this group were Arqule Inc. (–60.98%), ITT Educational Services Inc., (–59.94%), and Blyth Inc. (–59.30%).

7
 

Management Discussion of Fund Performance — continued


Fund Performance History (%) Cumulative Total Return
As of June 30, 2013		 Average Annual Total Return
As of June 30, 2013
  1 Year Since Inception
(February 22, 2008)		 1 Year Since Inception
(February 22, 2008)
Index        
RevenueShares Small Cap Index™ 32.86% 90.92% 32.86% 12.84%
S&P SmallCap 600 Index 25.62% 61.38% 25.62% 9.35%
Fund        
NAV Return 31.74% 81.19% 31.74% 11.74%
Market Price 31.53% 80.83% 31.53% 11.69%

 

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Small Cap Fund’s annual operating expense ratio (gross) is 0.84% and the net expense ratio is 0.54%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2013. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.

Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.

Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Small Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.

8
 

Management Discussion of Fund Performance — continued

June 30, 2012

RevenueShares Financials Sector Fund™ (Ticker: RWW)

The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500® Financials Index by investing in the constituent securities of the S&P 500® Financials Index in the same proportions as the RevenueShares Financials Index. 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 United States economy, using the Global Industry Classification Standard. It is a subset of the S&P 500® Index and includes companies involved in activities such as: banking; mortgage finance; consumer finance; specialized finance; investment banking and brokerage; asset management and custody; corporate lending; insurance; financial investment; and real estate, including real estate investment trusts (“REITs”). Under normal circumstances, the Fund will invest at least 80% of its net assets in Financials companies included in the S&P 500® Financials Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines Financials companies as companies that are included in the S&P 500® Financials Index at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.

The RevenueShares Financial Sector Fund had an NAV return of 44.09% for the fiscal year ending 6/30/2013 compared to the S&P 500® Financials Index return of 35.45%.

Among the top and bottom performing Fund holdings for the fiscal year 6/30/2013, the top three performers were Genworth Financial Inc. (+101.98%), Hartford Financial Services Group Inc. (+78.78%), Citigroup Inc. (+75.47%), while the bottom three performers in this group were Equity Residential (–3.66%), AvalonBay Communities Inc. (–1.69%), and Boston Properties Inc. (–0.34%).

9
 

Management Discussion of Fund Performance — continued


Fund Performance History (%) Cumulative Total Return
As of June 30, 2013		 Average Annual Total Return
As of June 30, 2013
  1 Year Since Inception
(November 10, 2008)		 1 Year Since Inception
(November 10, 2008)
Index        
RevenueShares Financials Sector Index™ 44.84% 78.30% 44.84% 13.29%
S&P 500 Financials Index 35.45% 55.25% 35.45% 9.96%
Fund        
NAV Return 44.09% 65.66% 44.09% 11.50%
Market Price 44.24% 65.67% 44.24% 11.51%

 

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Financials Sector Fund’s annual operating expense ratio (gross) is 1.29% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2013. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.

Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Financials Sector Index™ returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.

10
 

Management Discussion of Fund Performance — continued

June 30, 2013

RevenueShares ADR Fund™ (Ticker: RTR)

The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P ADR Index by investing in the constituent securities of the S&P ADR Index in the same proportions as the RevenueShares ADR Index. The RevenueShares ADR Index is constructed using a rules-driven methodology, which re-weights the constituent securities of the S&P ADR Index according to the revenue earned by the companies in that index, subject to certain tax diversification requirements. The RevenueShares ADR Index generally contains the same securities as the S&P ADR Index, but in different proportions. Constituent securities that are added to or removed from the S&P ADR Index during a calendar quarter are generally added to and removed from the RevenueShares ADR Index on a quarterly basis. The S&P ADR Index is a U.S. dollar denominated version of the S&P Global 1200 Ex U.S. Index and is based on the non-U.S. stocks of the S&P Global 1200. American Depositary Receipts (“ADRs”) are certificates that represent a U.S. dollar denominated equity ownership in a foreign company and offer U.S. investors the same economic benefits enjoyed by the shareholders of that company. Typically, ADRs are listed and traded on U.S. exchanges and trade in U.S. dollars just like any other U.S.-domiciled security. Since not all foreign companies offer ADR programs, the S&P ADR Index is made up of those companies from the S&P Global 1200 who make available ADRs that are offered or listed on a U.S. exchange, global shares or, in the case of Canadian equities, ordinary shares, all of which are traded on a U.S. exchange. Under normal circumstances, the Fund will invest at least 80% of its net assets in ADRs included in the S&P ADR Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.

The RevenueShares ADR Fund had an NAV return of 10.87% versus 12.94% for the S&P ADR Index for the fiscal year period. The Fund’s overweight to China and Brazil accounted for most of the underperformance versus the benchmark. Additionally, the Fund was underweight several developed countries such as France, Germany, and Japan.

Among the top and bottom performing Fund holdings for the fiscal year 6/30/2013, the top three performers were Nomura Holdings Inc. (+105.38%), Lloyds Banking Group PLC. (+100.38%), Valeant Pharmaceuticals International (+92.53%), while the bottom three performers in this group were National Bank of Greece SA (–79.70%), IAMGOLD Corp. (–63.00%), and Cia de Minas Buenaventura SA. (–60.51%).

11
 

Management Discussion of Fund Performance — continued


Fund Performance History (%) Cumulative Total Return
As of June 30, 2013		 Average Annual Total Return
As of June 30, 2013
  1 Year Since Inception
(November 18, 2008)		 1 Year Since Inception
(November 18, 2008)
Index        
RevenueShares ADR Index™ 11.51% 66.69% 11.51% 11.72%
S&P ADR Index 12.94% 69.11% 12.94% 12.07%
Fund        
NAV Return 10.87% 56.32% 10.87% 10.17%
Market Price 10.76% 56.07% 10.76% 10.13%

 

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the ADR Fund’s annual operating expense ratio (gross) is 1.05% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2013. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.

Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares ADR Index™ returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.

12
 

Management Discussion of Fund Performance — continued

June 30, 2013

RevenueShares Navellier Overall A-100 Fund™ (Ticker: RWV)

The Fund seeks to achieve its investment objective of outperforming the total return performance of the Navellier Overall A-100 Market Capital Index by investing in the constituent securities of the Navellier Overall A-100 Index in the same proportions as the RevenueShares Navellier Overall A-100 Market Capital Index. The Navellier Overall A-100 Index is constructed from companies that are traded on the New York Stock Exchange, Nasdaq Stock Exchange or American Stock Exchange that have over 2,500 shares traded daily, a closing price over $1, and companies that have been public for at least one year. This universe of companies is narrowed through a combination of quantitative and fundamental screens to select the top 100 of the total universe. This is accomplished by implementing a multi-factor model that encompasses nine factors, one of which is quantitative based and eight that are fundamental. The quantitative factor begins with a computer-driven analysis based on Modern Portfolio Theory. The Index calculates reward (alpha) and risk (standard deviation) characteristics for the universe of approximately 4,800 stocks. Trailing 52-week “alphas” (measure of return independent of the market) are divided by trailing 52-week “standard deviations” (measure of volatility or risk) to create a “reward/risk” ratio. This factor has the highest weight in the Navellier Overall A-100 Market Capital Index.

The RevenueShares Navellier Overall A-100 Fund’s bias towards momentum and growth stocks resulted in an NAV return of 16.79% for the fiscal year period.

Among the top and bottom performing Fund holdings for the fiscal year 6/30/2013, the top three performers were Nautilus Inc. (+136.78%), Ocwen Financial Corp. (+119.49%), Himax Technologies Inc. (+118.83%), while the bottom three performers in this group were Mellanox Technologies LTD. (–39.57%), Sypris Solutions Inc. (–41.31%), and Questcor Pharmaceuticals Inc. (–65.25%).

13
 

Management Discussion of Fund Performance — concluded


Fund Performance History (%) Cumulative Total Return
As of June 30, 2013		 Average Annual Total Return
As of June 30, 2013
  1 Year Since Inception
(January 21, 2009)		 1 Year Since Inception
(January 21, 2009)
Index        
RevenueShares Navellier Overall A-100 Index™ 18.69% 90.97% 18.69% 15.70%
Navellier Overall A-100 Market Capital Index 3.96% 54.11% 3.96% 10.24%
Fund        
NAV Return 16.79% 87.14% 16.79% 15.17%
Market Price 16.77% 86.82% 16.77% 15.12%

 

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Navellier Overall A-100 Fund’s annual operating expense ratio (gross) is 1.42% and the net expense ratio is 0.60%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2013. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.

Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Navellier Overall A-100 Market Capital Index™ returns became publicly available on December 31, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.

14
 

Shareholder Expense Examples

As a shareholder of a RevenueShares ETF, you incur two types of costs: (1) transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory fees and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from January 1, 2013 to June 30, 2013.

Actual expenses

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Six Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

  Beginning
Account
Value
01/01/2013		 Ending
Account
Value
06/30/2013		 Annualized
Expense Ratios
for the Six Month
Period		 Expenses Paid
During the
Six Month
Period†
RevenueShares Large Cap Fund        
Actual $1,000.00 $1,169.06 0.49% $2.64
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 0.49% $2.46
RevenueShares Mid Cap Fund        
Actual $1,000.00 $1,183.97 0.54% $2.92
Hypothetical (5% return before expenses) $1,000.00 $1,022.12 0.54% $2.71
RevenueShares Small Cap Fund        
Actual $1,000.00 $1,169.07 0.54% $2.90
Hypothetical (5% return before expenses) $1,000.00 $1,022.12 0.54% $2.71
RevenueShares Financials Sector Fund        
Actual $1,000.00 $1,230.95 0.49% $2.71
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 0.49% $2.46
RevenueShares ADR Fund        
Actual $1,000.00 $973.73 0.49% $2.40
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 0.49% $2.46
RevenueShares Navellier Overall A-100 Fund        
Actual $1,000.00 $1,096.10 0.60% $3.12
Hypothetical (5% return before expenses) $1,000.00 $1,021.82 0.60% $3.01

 

†Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365 (to reflect the six-month period).

15
 

Schedule of Investments Summary Tables

(UNAUDITED)

RevenueShares Large Cap Fund   RevenueShares Mid Cap Fund       RevenueShares Small Cap Fund    
 
  % of     % of     % of
Industry Net Assets   Industry Net Assets   Industry Net Assets
Automobiles & Components 3.6 %   Automobiles & Components 0.4 %   Automobiles & Components 0.8 %
Banks 1.8     Banks 2.2     Banks 2.9  
Capital Goods 8.3     Capital Goods 13.7     Capital Goods 11.9  
Commercial & Professional Services 0.5   Commercial & Professional Services 4.7     Commercial & Professional Services 6.5  
Consumer Durables & Apparel 1.2     Consumer Durables & Apparel 3.3     Consumer Durables & Apparel 5.3  
Consumer Services 1.1     Consumer Services 2.2     Consumer Services 5.5  
Diversified Financials 5.1     Diversified Financials 1.1     Diversified Financials 1.9  
Energy 13.8     Energy 6.5     Energy 3.0  
Food & Staples Retailing 8.9     Food & Staples Retailing 3.5     Food & Staples Retailing 3.3  
Food, Beverage & Tobacco 4.5     Food, Beverage & Tobacco 4.1     Food, Beverage & Tobacco 3.1  
Health Care Equipment & Services 8.1     Health Care Equipment & Services 7.8     Health Care Equipment & Services 9.5  
Household & Personal Products 1.4     Household & Personal Products 0.7     Household & Personal Products 0.4  
Insurance 6.3     Insurance 6.4     Insurance 2.4  
Materials 3.8     Materials 7.7     Materials 7.1  
Media 2.9     Media 1.3     Media 1.6  
Money Market Fund 21.8     Money Market Fund 45.6     Money Market Fund 29.6  
Pharmaceuticals, Biotechnology       Pharmaceuticals, Biotechnology       Pharmaceuticals, Biotechnology    
& Life Sciences 3.4     & Life Sciences 1.3     & Life Sciences 1.4  
Real Estate Investment Trusts 0.3     Real Estate 0.1     Real Estate Investment Trusts 1.5  
Real Estate Management &       Real Estate Investment Trusts 1.7     Real Estate Management &    
Development 0.1     Real Estate Management &       Development —†  
Retailing 5.8     Development 0.3     Retailing 10.9  
Semiconductors & Semiconductor       Retailing 6.6     Semiconductors & Semiconductor    
Equipment 1.1     Semiconductors & Semiconductor       Equipment 1.8  
Software & Services 4.1     Equipment 1.0     Software & Services 4.1  
Technology Hardware & Equipment 5.4     Software & Services 4.0     Technology Hardware & Equipment 8.9  
Telecommunication Services 3.0     Technology Hardware & Equipment 11.9     Telecommunication Services 0.6  
Transportation 1.8     Telecommunication Services 0.4     Transportation 2.9  
Utilities 3.1     Transportation 3.0     Utilities 2.7  
Total Investments 121.2     Utilities 4.1     Total Investments 129.6  
Liabilities in Excess of Other Assets (21.2 )   Total Investments 145.6     Liabilities in Excess of Other Assets (29.6 )
Net Assets 100.0 %   Liabilities in Excess of Other Assets (45.6 )   Net Assets 100.0 %
        Net Assets 100.0 %        
 
RevenueShares Financials Sector Fund   RevenueShares ADR Fund       RevenueShares Navellier Overall
                A-100 Fund    
 
  % of     % of     % of
Industry Net Assets   Industry Net Assets   Industry Net Assets
Capital Markets 9.9 %   Automobiles & Components 6.5 %   Automobiles & Components 0.8 %
Commercial Banks 13.0     Banks 12.0     Banks 1.8  
Consumer Finance 5.2     Capital Goods 3.1     Capital Goods 1.4  
Diversified Financial Services 21.9     Consumer Durables & Apparel 1.5     Commercial & Professional Services 1.6  
Insurance 45.8     Consumer Services 0.3     Consumer Durables & Apparel 9.0  
Media 0.4     Diversified Financials 3.5     Consumer Services 2.7  
Money Market Fund 1.0     Energy 35.7     Diversified Financials 2.2  
Paper & Forest Products 0.5     Food & Staples Retailing 0.8     Energy 16.0  
Real Estate Investment Trusts 2.5     Food, Beverage & Tobacco 3.1     Food, Beverage & Tobacco 9.4  
Real Estate Management &       Health Care Equipment & Services 0.5     Health Care Equipment & Services 3.5  
Development 0.5     Insurance 5.0     Household & Personal Products 0.5  
Thrifts & Mortgage Finance 0.2     Materials 6.6     Insurance 4.7  
Total Investments 100.9     Media 0.9     Materials 5.5  
Liabilities in Excess of Other Assets (0.9 )   Money Market Fund 10.3     Media 9.3  
        Pharmaceuticals, Biotechnology       Money Market Fund 15.6  
Net Assets 100.0 %   & Life Sciences 3.0     Pharmaceuticals, Biotechnology    
        Real Estate 0.3     & Life Sciences 14.6  
        Semiconductors & Semiconductor       Real Estate 1.3  
        Equipment 0.5     Real Estate Investment Trusts 0.1  
        Software & Services 0.3     Retailing 2.1  
        Technology Hardware & Equipment 2.5     Semiconductors & Semiconductor    
        Telecommunication Services 10.9     Equipment 0.6  
        Transportation 0.5     Software & Services 3.7  
        Utilities 1.4     Technology Hardware & Equipment 1.0  
        Total Investments 109.2     Telecommunication Services 5.4  
        Liabilities in Excess of Other Assets (9.2 )   Transportation 2.3  
        Net Assets 100.0 %   Utilities 0.4  
                Total Investments 115.5  
                Liabilities in Excess of Other Assets (15.5 )
† Less than 0.05%               Net Assets 100.0 %
16
 

Schedule of Investments

RevenueShares Large Cap Fund

June 30, 2013

Investments Shares     Value
COMMON STOCKS—99.4%      
Automobiles & Components—3.6%    
BorgWarner, Inc.*(a) 1,464 $ 126,124
Delphi Automotive PLC 5,284   267,846
Ford Motor Co.(a) 156,544   2,421,736
General Motors Co.*(a) 79,240   2,639,484
Goodyear Tire & Rubber Co.* 24,064   367,939
Harley-Davidson, Inc.(a) 1,860   101,965
Johnson Controls, Inc.(a) 19,865   710,968
Total Automobiles & Components     6,636,062
 
Banks—1.8%      
BB&T Corp. 5,609   190,033
Comerica, Inc.(a) 1,235   49,190
Fifth Third Bancorp 6,796   122,668
Hudson City Bancorp, Inc. 3,263   29,889
Huntington Bancshares, Inc.(a) 6,858   54,041
KeyCorp 7,671   84,688
M&T Bank Corp. 806   90,071
People’s United Financial, Inc.(a) 1,548   23,065
PNC Financial Services Group, Inc. 4,162   303,493
Regions Financial Corp. 11,473   109,338
SunTrust Banks, Inc. 6,172   194,850
U.S. Bancorp 11,035   398,915
Wells Fargo & Co. 39,397   1,625,914
Zions Bancorporation(a) 1,571   45,370
Total Banks     3,321,525
 
Capital Goods—8.3%      
3M Co.(a) 4,751   519,522
Boeing Co. 13,904   1,424,326
Caterpillar, Inc.(a) 13,300   1,097,117
Cummins, Inc. 2,570   278,742
Danaher Corp. 4,950   313,335
Deere & Co. 7,623   619,369
Dover Corp.(a) 1,877   145,768
Eaton Corp. PLC 4,638   305,227
Emerson Electric Co. 7,650   417,231
Fastenal Co.(a) 1,194   54,745
Flowserve Corp. 1,443   77,936
Fluor Corp.(a) 7,869   466,710
General Dynamics Corp. 7,083   554,811
General Electric Co.(a) 105,048   2,436,063
Honeywell International, Inc. 8,313   659,553
Illinois Tool Works, Inc. 4,344   300,475
Ingersoll-Rand PLC 4,184   232,296
Jacobs Engineering Group, Inc.*(a) 3,267   180,110
Joy Global, Inc.(a) 1,900   92,207
L-3 Communications Holdings, Inc.(a) 2,799   239,986
Lockheed Martin Corp.(a) 7,690   834,057
Masco Corp. 6,259   121,988
Northrop Grumman Corp. 5,340   442,152
PACCAR, Inc. 5,273   282,949
Pall Corp.(a) 519   34,477
Parker Hannifin Corp.(a) 2,389   227,911
Pentair Ltd. 1,448   83,535
Precision Castparts Corp. 623   140,804
Quanta Services, Inc.* 4,199   111,106
Raytheon Co. 6,237   412,390
Rockwell Automation, Inc.(a) 1,271   105,671
Rockwell Collins, Inc.(a) 1,148   72,795

 

Investments Shares     Value
Roper Industries, Inc. 434 $ 53,912
Snap-On, Inc. 607   54,254
Textron, Inc.(a) 7,966   207,514
Tyco International Ltd. 7,316   241,062
United Technologies Corp. 11,061   1,028,009
W.W. Grainger, Inc. 653   164,674
Xylem, Inc./NY 2,279   61,396
Total Capital Goods     15,096,185
 
Commercial & Professional Services—0.5%    
ADT Corp. (The)* 1,269   50,570
Avery Dennison Corp.(a) 2,304   98,519
Cintas Corp.(a) 1,575   71,726
Dun & Bradstreet Corp.(a) 301   29,332
Equifax, Inc. 514   30,290
Iron Mountain, Inc.(a) 1,727   45,955
Pitney Bowes, Inc.(a) 5,821   85,452
Republic Services, Inc. 4,135   140,342
Robert Half International, Inc.(a) 2,114   70,248
Stericycle, Inc.*(a) 320   35,338
Waste Management, Inc. 5,940   239,560
Total Commercial & Professional Services   897,332
 
Consumer Durables & Apparel—1.2%    
Coach, Inc. 1,343   76,672
D.R. Horton, Inc.(a) 3,445   73,310
Fossil Group, Inc.* 510   52,688
Garmin Ltd.(a) 1,207   43,645
Harman International Industries, Inc.(a) 1,447   78,427
Hasbro, Inc.(a) 1,624   72,804
Leggett & Platt, Inc.(a) 1,992   61,931
Lennar Corp., Class A(a) 1,843   66,422
Mattel, Inc. 2,419   109,605
Newell Rubbermaid, Inc. 3,802   99,802
NIKE, Inc., Class B(a) 6,884   438,373
Pulte Group, Inc.*(a) 4,106   77,891
PVH Corp. 843   105,417
Ralph Lauren Corp., Class A 714   124,050
Stanley Black & Decker, Inc. 2,376   183,665
VF Corp.(a) 1,044   201,555
Whirlpool Corp. 2,502   286,129
Total Consumer Durables & Apparel     2,152,386
 
Consumer Services—1.1%      
Carnival Corp. 7,942   272,331
Chipotle Mexican Grill, Inc.,      
Class A*(a) 136   49,552
Darden Restaurants, Inc. 2,705   136,548
H&R Block, Inc. 1,574   43,678
International Game Technology 2,286   38,199
Marriott International, Inc., Class A(a) 5,395   217,796
McDonald’s Corp. 4,947   489,753
Starbucks Corp.(a) 3,492   228,691
Starwood Hotels & Resorts      
Worldwide, Inc. 1,493   94,343
Wyndham Worldwide Corp. 1,253   71,709
Wynn Resorts Ltd. 670   85,760
Yum! Brands, Inc. 3,184   220,779
Total Consumer Services     1,949,139

 

The accompanying notes are an integral part of these financial statements.

17
 

Schedule of Investments — continued

RevenueShares Large Cap Fund

June 30, 2013

Investments Shares     Value
Diversified Financials—5.1%      
American Express Co. 8,091 $ 604,883
Ameriprise Financial, Inc. 2,241   181,252
Bank of America Corp. 133,941   1,722,481
Bank of New York Mellon Corp.(a) 9,129   256,069
BlackRock, Inc. 640   164,384
Capital One Financial Corp. 6,824   428,615
Charles Schwab Corp.(a) 4,452   94,516
Citigroup, Inc. 32,173   1,543,339
CME Group, Inc., Class A(a) 677   51,439
Discover Financial Services 3,352   159,689
E*Trade Financial Corp.*(a) 3,087   39,081
Franklin Resources, Inc. 903   122,826
Goldman Sachs Group, Inc. 4,528   684,860
IntercontinentalExchange, Inc.* 133   23,642
Invesco Ltd. 2,323   73,871
JPMorgan Chase & Co. 35,013   1,848,336
Legg Mason, Inc.(a) 1,239   38,421
Leucadia National Corp.(a) 5,798   152,024
Moody’s Corp.(a) 655   39,909
Morgan Stanley 22,410   547,476
NASDAQ OMX Group, Inc.(a) 1,630   53,448
Northern Trust Corp. 1,122   64,964
NYSE Euronext 1,439   59,575
SLM Corp. 4,689   107,191
State Street Corp. 2,537   165,438
T. Rowe Price Group, Inc. 616   45,060
Total Diversified Financials     9,272,789
 
Energy—13.8%      
Anadarko Petroleum Corp. 2,943   252,892
Apache Corp.(a) 3,410   285,860
Baker Hughes, Inc.(a) 8,065   372,038
Cabot Oil & Gas Corp.(a) 335   23,792
Cameron International Corp.* 2,326   142,258
Chesapeake Energy Corp. 10,452   213,012
Chevron Corp.(a) 31,929   3,778,478
ConocoPhillips(a) 16,563   1,002,062
Consol Energy, Inc.(a) 2,596   70,352
Denbury Resources, Inc.*(a) 2,194   38,000
Devon Energy Corp.(a) 2,786   144,538
Diamond Offshore Drilling, Inc.(a) 638   43,888
Ensco PLC, Class A 1,193   69,337
EOG Resources, Inc. 1,657   218,194
EQT Corp. 379   30,081
Exxon Mobil Corp. 79,691   7,200,082
FMC Technologies, Inc.*(a) 1,964   109,356
Halliburton Co. 11,520   480,614
Helmerich & Payne, Inc.(a) 778   48,586
Hess Corp. 8,157   542,359
Kinder Morgan, Inc./Delaware(a) 5,129   195,671
Marathon Oil Corp. 7,766   268,548
Marathon Petroleum Corp. 17,806   1,265,294
Murphy Oil Corp.(a) 7,799   474,881
Nabors Industries Ltd. 6,960   106,558
National Oilwell Varco, Inc.(a) 5,247   361,518
Newfield Exploration Co.*(a) 1,949   46,562
Noble Corp. 1,697   63,773
Noble Energy, Inc.(a) 1,049   62,982
Occidental Petroleum Corp.(a) 4,589   409,476
Peabody Energy Corp.(a) 8,212   120,224

 

Investments Shares     Value
Phillips 66 47,363 $ 2,790,154
Pioneer Natural Resources Co. 374   54,137
QEP Resources, Inc.(a) 1,570   43,615
Range Resources Corp.(a) 354   27,371
Rowan Cos. PLC, Class A* 611   20,817
Schlumberger Ltd.(a) 10,308   738,671
Southwestern Energy Co.*(a) 1,175   42,923
Spectra Energy Corp. 2,488   85,737
Tesoro Corp.(a) 10,295   538,634
Valero Energy Corp. 63,986   2,224,793
Williams Cos., Inc.(a) 3,780   122,737
Wpx Energy, Inc.*(a) 2,509   47,520
Total Energy     25,178,375
 
Food & Staples Retailing—8.9%      
Costco Wholesale Corp.(a) 16,093   1,779,403
CVS Caremark Corp. 36,465   2,085,069
Kroger Co. 45,980   1,588,149
Safeway, Inc.(a) 32,746   774,770
Sysco Corp. 21,921   748,821
Walgreen Co.(a) 24,680   1,090,856
Wal-Mart Stores, Inc.(a) 107,097   7,977,656
Whole Foods Market, Inc. 4,106   211,377
Total Food & Staples Retailing     16,256,101
 
Food, Beverage & Tobacco—4.5%      
Altria Group, Inc. 8,571   299,899
Archer-Daniels-Midland Co. 46,622   1,580,952
Beam, Inc. 539   34,016
Brown-Forman Corp., Class B 562   37,963
Campbell Soup Co.(a) 3,061   137,102
Coca-Cola Co. 20,795   834,087
Coca-Cola Enterprises, Inc. 3,788   133,186
ConAgra Foods, Inc. 6,979   243,776
Constellation Brands, Inc., Class A* 887   46,230
Dr Pepper Snapple Group, Inc. 2,243   103,021
General Mills, Inc. 5,984   290,404
Hershey Co.(a) 1,358   121,242
Hormel Foods Corp.(a) 3,762   145,138
J.M. Smucker Co. 998   102,944
Kellogg Co.(a) 3,871   248,634
Kraft Foods Group, Inc. 7,216   403,158
Lorillard, Inc.(a) 1,720   75,130
McCormick & Co., Inc. 992   69,797
Molson Coors Brewing Co., Class B(a) 1,310   62,697
Mondelez International, Inc., Class A 25,887   738,556
Monster Beverage Corp.*(a) 476   28,927
PepsiCo, Inc. 14,167   1,158,719
Philip Morris International, Inc. 6,069   525,697
Reynolds American, Inc.(a) 2,840   137,371
Tyson Foods, Inc., Class A(a) 22,863   587,122
Total Food, Beverage & Tobacco     8,145,768
 
Health Care Equipment & Services—8.1%    
Aetna, Inc. 10,437   663,167
AmerisourceBergen Corp., Class A 25,663   1,432,765
Baxter International, Inc. 3,456   239,397
Becton Dickinson & Co.(a) 1,394   137,769
Boston Scientific Corp.*(a) 13,304   123,328
C.R. Bard, Inc. 493   53,579
Cardinal Health, Inc. 38,855   1,833,956

 

The accompanying notes are an integral part of these financial statements.

18
 

Schedule of Investments — continued

RevenueShares Large Cap Fund

June 30, 2013

Investments Shares     Value
Health Care Equipment & Services (continued)  
CareFusion Corp.* 1,667 $ 61,429
Cerner Corp.* 490   47,084
CIGNA Corp. 7,833   567,814
Covidien PLC 3,102   194,930
DaVita, Inc.* 1,269   153,295
DENTSPLY International, Inc. 1,251   51,241
Edwards Lifesciences Corp.* 354   23,789
Express Scripts Holding Co.* 30,474   1,879,941
Hospira, Inc.*(a) 1,938   74,245
Humana, Inc. 8,398   708,623
Intuitive Surgical, Inc.*(a) 81   41,033
Laboratory Corp. of America      
Holdings*(a) 1,025   102,602
McKesson Corp.(a) 19,209   2,199,431
Medtronic, Inc. 5,317   273,666
Patterson Cos., Inc. 1,623   61,025
Quest Diagnostics, Inc. 1,944   117,865
St. Jude Medical, Inc. 1,966   89,709
Stryker Corp. 2,139   138,351
Tenet Healthcare Corp.*(a) 3,434   158,307
UnitedHealth Group, Inc. 30,692   2,009,712
Varian Medical Systems, Inc.*(a) 586   39,526
WellPoint, Inc. 14,317   1,171,703
Zimmer Holdings, Inc. 1,006   75,390
Total Health Care Equipment & Services   14,724,672
 
Household & Personal Products—1.4%    
Avon Products, Inc. 8,039   169,060
Clorox Co. 1,156   96,110
Colgate-Palmolive Co. 5,002   286,564
Estee Lauder Cos., Inc., Class A 2,365   155,546
Kimberly-Clark Corp. 3,798   368,938
Mead Johnson Nutrition Co., Class A 852   67,504
Procter & Gamble Co. 18,688   1,438,789
Total Household & Personal Products     2,582,511
 
Insurance—6.3%      
ACE Ltd.(a) 3,586   320,875
Aflac, Inc. 7,664   445,432
Allstate Corp. 12,451   599,142
American International Group, Inc.* 26,175   1,170,022
AON PLC 3,003   193,243
Assurant, Inc. 2,803   142,701
Berkshire Hathaway, Inc., Class B* 26,022   2,912,382
Chubb Corp.(a) 2,783   235,581
Cincinnati Financial Corp. 1,585   72,751
Genworth Financial, Inc., Class A* 15,404   175,760
Hartford Financial Services Group, Inc. 16,359   505,820
Lincoln National Corp. 5,776   210,651
Loews Corp. 5,702   253,169
Marsh & McLennan Cos., Inc. 5,259   209,939
MetLife, Inc.(a) 27,334   1,250,804
Principal Financial Group, Inc.(a) 4,224   158,189
Progressive Corp.(a) 12,099   307,557
Prudential Financial, Inc. 20,700   1,511,721
Torchmark Corp. 851   55,434
Travelers Cos., Inc. 5,442   434,925
Unum Group 6,503   190,993
XL Group PLC 4,064   123,220
Total Insurance     11,480,311

 

Investments Shares     Value
Materials—3.8%      
Air Products & Chemicals, Inc. 1,842 $ 168,672
Airgas, Inc. 919   87,728
Alcoa, Inc.(a) 50,927   398,249
Allegheny Technologies, Inc.(a) 3,035   79,851
Ball Corp. 3,437   142,773
Bemis Co., Inc. 2,232   87,360
CF Industries Holdings, Inc. 579   99,299
Cliffs Natural Resources, Inc.(a) 5,472   88,920
Dow Chemical Co. 28,952   931,386
E.I. du Pont de Nemours & Co. 11,886   624,015
Eastman Chemical Co. 2,090   146,321
Ecolab, Inc. 2,457   209,312
FMC Corp. 914   55,809
Freeport-McMoRan Copper      
& Gold, Inc. 10,812   298,519
International Flavors & Fragrances, Inc. 655   49,230
International Paper Co. 10,922   483,954
LyondellBasell Industries NV, Class A 11,319   749,997
MeadWestvaco Corp.(a) 2,741   93,496
Monsanto Co. 2,375   234,650
Mosaic Co. (The) 3,040   163,582
Newmont Mining Corp. 5,097   152,655
Nucor Corp. 7,488   324,380
Owens-Illinois, Inc.*(a) 4,245   117,969
PPG Industries, Inc. 1,706   249,775
Praxair, Inc.(a) 1,703   196,117
Sealed Air Corp.(a) 5,455   130,647
Sigma-Aldrich Corp.(a) 593   47,653
United States Steel Corp.(a) 18,602   326,093
Vulcan Materials Co. 827   40,035
Weyerhaeuser Co. 4,608   131,282
Total Materials     6,909,729
 
Media—2.9%      
Cablevision Systems Corp., Class A(a) 7,535   126,739
CBS Corp., Class B 5,322   260,086
Comcast Corp., Class A 27,682   1,159,322
DIRECTV* 8,335   513,603
Discovery Communications, Inc.,      
Class A*(a) 1,055   81,457
Gannett Co., Inc. 3,813   93,266
Interpublic Group of Cos., Inc. 8,305   120,838
McGraw Hill Financial, Inc. 1,864   99,146
News Corp., Class A(a) 19,044   620,834
Omnicom Group, Inc.(a) 3,853   242,238
Scripps Networks Interactive, Inc.,      
Class A(a) 482   32,178
Time Warner Cable, Inc.(a) 3,776   424,725
Time Warner, Inc. 8,532   493,320
Viacom, Inc., Class B 3,354   228,240
Walt Disney Co. 11,543   728,940
Washington Post Co., Class B(a) 170   82,241
Total Media     5,307,173
 
Pharmaceuticals, Biotechnology & Life Sciences—3.4%
Abbott Laboratories 16,968   591,844
Abbvie, Inc. 9,260   382,808
Actavis, Inc.* 916   115,618
Alexion Pharmaceuticals, Inc.* 243   22,414
Allergan, Inc.(a) 1,055   88,873

 

The accompanying notes are an integral part of these financial statements.

19
 

Schedule of Investments — continued

RevenueShares Large Cap Fund

June 30, 2013

Investments Shares       Value  
Pharmaceuticals, Biotechnology & Life Sciences (continued)  
Amgen, Inc. 3,078   $ 303,676  
Biogen IDEC, Inc.* 478     102,866  
Bristol-Myers Squibb Co. 6,135     274,173  
Celgene Corp.* 863     100,893  
Eli Lilly & Co. 7,666     376,554  
Forest Laboratories, Inc.* 1,796     73,636  
Gilead Sciences, Inc.*(a) 3,264     167,149  
Johnson & Johnson 14,153     1,215,177  
Life Technologies Corp.* 930     68,829  
Merck & Co., Inc. 17,200     798,940  
Mylan, Inc.* 3,806     118,100  
PerkinElmer, Inc.(a) 1,084     35,230  
Perrigo Co.(a) 473     57,233  
Pfizer, Inc. 34,791     974,496  
Regeneron Pharmaceuticals, Inc.* 141     31,708  
Thermo Fisher Scientific, Inc. 2,624     222,069  
Waters Corp.*(a) 332     33,217  
Total Pharmaceuticals, Biotechnology          
& Life Sciences       6,155,503  
   
Real Estate Investment Trusts—0.3%        
American Tower Corp. 701     51,292  
Apartment Investment & Management          
Co., Class A(a) 646     19,406  
AvalonBay Communities, Inc. 152     20,506  
Boston Properties, Inc. 327     34,489  
Equity Residential 542     31,469  
HCP, Inc. 621     28,218  
Health Care REIT, Inc. 398     26,678  
Host Hotels & Resorts, Inc. 5,744     96,901  
Kimco Realty Corp. 754     16,158  
Macerich Co. (The)(a) 118     7,195  
Plum Creek Timber Co., Inc.(a) 361     16,848  
Prologis, Inc.(a) 925     34,891  
Public Storage(a) 221     33,886  
Simon Property Group, Inc. 550     86,856  
Ventas, Inc. 651     45,218  
Vornado Realty Trust(a) 625     51,781  
Total Real Estate Investment Trusts       601,792  
   
Real Estate Management & Development—0.1%    
CBRE Group, Inc., Class A* 5,101     119,159  
   
Retailing—5.8%          
Abercrombie & Fitch Co., Class A(a) 1,525     69,006  
Amazon.com, Inc.* 4,060     1,127,421  
AutoNation, Inc.*(a) 6,391     277,305  
AutoZone, Inc.*(a) 385     163,121  
Bed Bath & Beyond, Inc.*(a) 2,384     169,026  
Best Buy Co., Inc.(a) 31,929     872,620  
CarMax, Inc.* 3,717     171,577  
Dollar General Corp.* 5,174     260,925  
Dollar Tree, Inc.*(a) 2,248     114,288  
Expedia, Inc.(a) 1,106     66,526  
Family Dollar Stores, Inc. 2,525     157,333  
Gamestop Corp., Class A(a) 4,270     179,468  
Gap, Inc. 6,172     257,558  
Genuine Parts Co.(a) 2,931     228,823  
Home Depot, Inc. 16,479     1,276,628  
JC Penney Co., Inc.*(a) 16,717     285,526  
Kohl’s Corp.(a) 6,407     323,618  

 

Investments Shares     Value
L Brands, Inc.(a) 3,496 $ 172,178
Lowe’s Cos., Inc.(a) 21,925   896,733
Macy’s, Inc. 9,613   461,424
Netflix, Inc.*(a) 294   62,060
Nordstrom, Inc.(a) 3,192   191,328
O’Reilly Automotive, Inc.*(a) 999   112,507
PetSmart, Inc.(a) 1,612   107,988
priceline.com, Inc.* 119   98,428
Ross Stores, Inc. 2,279   147,702
Sherwin-Williams Co. 947   167,240
Staples, Inc. 26,616   422,130
Target Corp.(a) 17,832   1,227,912
Tiffany & Co. 728   53,028
TJX Cos., Inc. 8,348   417,901
Tripadvisor, Inc.*(a) 84   5,113
Urban Outfitters, Inc.* 1,101   44,282
Total Retailing     10,588,723
 
Semiconductors & Semiconductor Equipment—1.1%
Advanced Micro Devices, Inc.*(a) 21,299   86,900
Altera Corp.(a) 963   31,769
Analog Devices, Inc. 1,000   45,060
Applied Materials, Inc.(a) 8,999   134,175
Broadcom Corp., Class A(a) 4,205   141,961
First Solar, Inc.* 1,271   56,852
Intel Corp. 36,935   894,566
KLA-Tencor Corp. 960   53,501
Lam Research Corp.*(a) 946   41,945
Linear Technology Corp.(a) 600   22,104
LSI Corp.*(a) 5,801   41,419
Microchip Technology, Inc.(a) 487   18,141
Micron Technology, Inc.*(a) 10,309   147,728
NVIDIA Corp. 4,775   66,993
Teradyne, Inc.*(a) 1,421   24,967
Texas Instruments, Inc. 6,201   216,229
Xilinx, Inc.(a) 975   38,620
Total Semiconductors &      
Semiconductor Equipment     2,062,930
 
Software & Services—4.1%      
Accenture PLC, Class A 6,417   461,767
Adobe Systems, Inc.*(a) 1,658   75,539
Akamai Technologies, Inc.* 460   19,573
Autodesk, Inc.* 1,018   34,551
Automatic Data Processing, Inc.(a) 2,760   190,054
BMC Software, Inc.* 717   32,365
CA, Inc.(a) 2,847   81,510
Citrix Systems, Inc.* 625   37,706
Cognizant Technology Solutions Corp.,      
Class A* 2,002   125,345
Computer Sciences Corp. 5,978   261,657
eBay, Inc.* 4,902   253,532
Electronic Arts, Inc.* 3,160   72,585
Fidelity National Information      
Services, Inc. 2,358   101,017
Fiserv, Inc.* 931   81,379
Google, Inc., Class A* 1,103   971,048
International Business Machines      
Corp.(a) 8,980   1,716,168
Intuit, Inc. 1,147   70,001

 

The accompanying notes are an integral part of these financial statements.

20
 

Schedule of Investments — continued

RevenueShares Large Cap Fund

June 30, 2013

Investments Shares     Value  
Software & Services (continued)        
Mastercard, Inc., Class A 230 $ 132,135  
Microsoft Corp. 36,680   1,266,560  
Oracle Corp. 19,045   585,062  
Paychex, Inc.(a) 1,037   37,871  
Red Hat, Inc.*(a) 440   21,041  
SAIC, Inc. 13,801   192,248  
Salesforce.com, Inc.*(a) 1,122   42,838  
Symantec Corp. 5,255   118,080  
Total System Services, Inc. 1,295   31,702  
VeriSign, Inc.* 223   9,959  
Visa, Inc., Class A 1,060   193,715  
Western Union Co.(a) 5,775   98,810  
Yahoo!, Inc.*(a) 8,248   207,107  
Total Software & Services     7,522,925  
   
Technology Hardware & Equipment—5.4%      
Agilent Technologies, Inc. 2,600   111,176  
Amphenol Corp., Class A 989   77,083  
Apple, Inc. 6,800   2,693,344  
Cisco Systems, Inc. 33,390   811,711  
Corning, Inc. 9,216   131,144  
Dell, Inc. 81,188   1,083,860  
EMC Corp. 15,610   368,708  
F5 Networks, Inc.* 194   13,347  
FLIR Systems, Inc. 916   24,704  
Harris Corp. 1,938   95,446  
Hewlett-Packard Co. 83,050   2,059,640  
Jabil Circuit, Inc. 15,554   316,991  
JDS Uniphase Corp.*(a) 2,072   29,795  
Juniper Networks, Inc.*(a) 3,948   76,236  
Molex, Inc. 2,040   59,854  
Motorola Solutions, Inc.(a) 2,576   148,712  
NetApp, Inc.* 2,795   105,595  
QUALCOMM, Inc. 5,710   348,767  
SanDisk Corp.* 1,326   81,019  
Seagate Technology PLC 6,262   280,725  
TE Connectivity Ltd. 5,018   228,520  
Teradata Corp.*(a) 843   42,344  
Western Digital Corp. 3,657   227,063  
Xerox Corp. 41,697   378,192  
Total Technology Hardware        
& Equipment     9,793,976  
   
Telecommunication Services—3.0%        
AT&T, Inc. 62,492   2,212,217  
CenturyLink, Inc.(a) 8,961   316,772  
Crown Castle International Corp.* 529   38,294  
Frontier Communications Corp.(a) 21,714   87,942  
Sprint Nextel Corp.* 86,103   604,443  
Verizon Communications, Inc. 40,300   2,028,702  
Windstream Corp. 13,382   103,175  
Total Telecommunication Services     5,391,545  
   
Transportation—1.8%        
CH Robinson Worldwide, Inc. 3,646   205,306  
CSX Corp.(a) 8,266   191,689  
Expeditors International of        
Washington, Inc. 2,728   103,691  
FedEx Corp. 7,699   758,968  
Kansas City Southern 375   39,735  

 

Investments   Shares     Value
Norfolk Southern Corp.   2,544 $ 184,822  
Ryder System, Inc.   1,652   100,425  
Southwest Airlines Co.(a)   21,951   282,948  
Union Pacific Corp.   2,401   370,426  
United Parcel Service, Inc., Class B(a) 11,093   959,323  
Total Transportation       3,197,333  
 
Utilities—3.1%          
AES Corp.(a)   25,766   308,934  
AGL Resources, Inc.(a)   1,708   73,205  
Ameren Corp.   3,402   117,165  
American Electric Power Co., Inc. 5,856   262,232  
CenterPoint Energy, Inc.   5,685   133,541  
CMS Energy Corp.(a)   4,047   109,957  
Consolidated Edison, Inc.(a)   3,580   208,750  
Dominion Resources, Inc.(a)   3,968   225,462  
DTE Energy Co.   2,253   150,973  
Duke Energy Corp.(a)   5,593   377,527  
Edison International   4,773   229,868  
Entergy Corp.   2,573   179,287  
Exelon Corp.   14,201   438,527  
FirstEnergy Corp.(a)   7,023   262,239  
Integrys Energy Group, Inc.   1,293   75,679  
NextEra Energy, Inc.   3,159   257,395  
NiSource, Inc.   3,026   86,665  
Northeast Utilities   2,982   125,304  
NRG Energy, Inc.(a)   5,713   152,537  
Oneok, Inc.   5,067   209,318  
Pepco Holdings, Inc.(a)   4,033   81,305  
PG&E Corp.   5,837   266,926  
Pinnacle West Capital Corp.   1,063   58,964  
PPL Corp.(a)   6,399   193,634  
Public Service Enterprise Group, Inc. 5,173   168,950  
SCANA Corp.   1,419   69,673  
Sempra Energy   2,163   176,847  
Southern Co.(a)   6,673   294,479  
TECO Energy, Inc.   2,948   50,676  
Wisconsin Energy Corp.   1,839   75,381  
Xcel Energy, Inc.   6,230   176,558  
Total Utilities       5,597,958  
 
Total Common Stocks          
(Cost $133,766,733)       180,941,902  
INVESTMENT OF CASH COLLATERAL        
FOR SECURITIES LOANED—21.8%        
Dreyfus Institutional Preferred          
Money Market Fund—          
Prime Shares, 0.07% (b)          
(Cost $39,675,886) 39,675,886   39,675,886  
Total Investments—121.2%          
(Cost $173,442,619)     $ 220,617,788  
Liabilities in Excess of Other Assets—(21.2)%   (38,592,628 )
Net Assets—100.0%     $ 182,025,160  

 

PLC – Public Limited Company

REIT – Real Estate Investment Trusts


* Non-income producing security
(a)All or a portion of the security was on loan. The aggregate market value
of the securities on loan was $38,522,440; total market value of
collateral held by the Fund was $39,675,886. The total market value of
the collateral includes non-cash U.S. Treasury securities collateral having
a value of $1,394.
(b)Rate shown represents annualized 7-day yield as of June 30, 2013.

The accompanying notes are an integral part of these financial statements.

21
 

Schedule of Investments

RevenueShares Mid Cap Fund

June 30, 2013

Investments Shares     Value
COMMON STOCKS—100.0%      
Automobiles & Components—0.4%      
Gentex Corp. 5,018 $ 115,665
Thor Industries, Inc. 7,471   367,424
Total Automobiles & Components     483,089
 
Banks—2.2%      
Associated Banc-Corp.(a) 7,362   114,479
Astoria Financial Corp.(a) 6,924   74,641
BancorpSouth, Inc.(a) 4,924   87,155
Bank of Hawaii Corp.(a) 1,356   68,234
Cathay General Bancorp 2,595   52,808
City National Corp.(a) 2,248   142,456
Commerce Bancshares, Inc. 2,693   117,307
Cullen/Frost Bankers, Inc.(a) 1,574   105,096
East West Bancorp, Inc.(a) 4,153   114,207
First Horizon National Corp. 14,020   157,024
First Niagara Financial Group, Inc.(a) 17,031   171,502
FirstMerit Corp.(a) 4,095   82,023
Fulton Financial Corp. 8,055   92,471
Hancock Holding Co. 3,841   115,499
International Bancshares Corp.(a) 2,760   62,321
New York Community Bancorp, Inc.(a) 16,627   232,778
Prosperity Bancshares, Inc.(a) 1,173   60,750
Signature Bank*(a) 1,017   84,431
SVB Financial Group*(a) 1,468   122,314
Synovus Financial Corp. 47,050   137,386
TCF Financial Corp.(a) 9,932   140,836
Trustmark Corp.(a) 2,433   59,803
Valley National Bancorp(a) 9,509   90,050
Washington Federal, Inc. 3,653   68,969
Webster Financial Corp.(a) 3,942   101,230
Westamerica Bancorporation(a) 623   28,465
Total Banks     2,684,235
 
Capital Goods—13.7%      
Acuity Brands, Inc.(a) 2,707   204,433
Aecom Technology Corp.*(a) 28,673   911,515
AGCO Corp.(a) 20,238   1,015,745
Alliant Techsystems, Inc. 6,258   515,221
AMETEK, Inc.(a) 8,747   369,998
BE Aerospace, Inc.*(a) 5,258   331,675
Carlisle Cos., Inc. 5,912   368,377
CLARCOR, Inc. 2,228   116,324
Crane Co. 4,657   279,047
Donaldson Co., Inc. 7,435   265,132
Esterline Technologies Corp.*(a) 2,947   213,039
Exelis, Inc. 43,668   602,182
Fortune Brands Home & Security, Inc. 9,603   372,020
Gardner Denver, Inc. 3,281   246,666
GATX Corp. 2,936   139,254
General Cable Corp.(a) 18,266   561,680
Graco, Inc.(a) 1,779   112,451
Granite Construction, Inc. 5,970   177,667
Harsco Corp. 1,757   40,745
Hubbell, Inc., Class B(a) 3,344   331,056
Huntington Ingalls Industries, Inc. 12,708   717,748
IDEX Corp. 3,962   213,195
ITT Corp.(a) 8,295   243,956
KBR, Inc.(a) 24,547   797,778
Kennametal, Inc. 7,239   281,090

 

Investments Shares     Value
Lennox International, Inc. 5,195 $ 335,285
Lincoln Electric Holdings, Inc. 5,235   299,808
MSC Industrial Direct Co., Inc., Class A 3,205   248,259
Nordson Corp.(a) 2,282   158,165
Oshkosh Corp.*(a) 23,583   895,447
Regal-Beloit Corp. 5,106   331,073
SPX Corp. 7,203   518,472
Terex Corp.*(a) 24,478   643,771
Timken Co.(a) 8,644   486,484
Trinity Industries, Inc. 11,134   427,991
Triumph Group, Inc.(a) 4,700   372,005
United Rentals, Inc.*(a) 8,389   418,695
URS Corp.(a) 25,689   1,213,035
Valmont Industries, Inc. 2,410   344,847
Wabtec Corp. 4,907   262,181
Watsco, Inc.(a) 4,414   370,599
Woodward, Inc.(a) 4,986   199,440
Total Capital Goods     16,953,551
 
Commercial & Professional Services—4.7%    
Brink’s Co. 15,769   402,267
Clean Harbors, Inc.* 4,830   244,060
Copart, Inc.* 3,212   98,930
Corporate Executive Board Co.(a) 1,243   78,582
Corrections Corp. of America 5,558   188,249
Deluxe Corp.(a) 4,723   163,652
FTI Consulting, Inc.*(a) 1,077   35,423
Herman Miller, Inc.(a) 6,569   177,823
HNI Corp.(a) 5,836   210,504
Manpower, Inc.(a) 39,145   2,145,146
Mine Safety Appliances Co.(a) 2,721   126,663
Monster Worldwide, Inc.*(a) 2,955   14,509
R.R. Donnelley & Sons Co.(a) 82,498   1,155,797
Rollins, Inc.(a) 5,601   145,066
Towers Watson & Co., Class A(a) 4,782   391,837
Waste Connections, Inc.(a) 4,555   187,393
Total Commercial & Professional Services   5,765,901
 
Consumer Durables & Apparel—3.3%    
Carter’s, Inc. 3,598   266,504
Deckers Outdoor Corp.*(a) 2,924   147,691
Hanesbrands, Inc.(a) 9,393   482,988
Jarden Corp.* 16,633   727,694
KB Home(a) 8,496   166,776
MDC Holdings, Inc. 3,245   105,495
Mohawk Industries, Inc.*(a) 5,589   628,707
NVR, Inc.*(a) 378   348,516
Polaris Industries, Inc.(a) 3,708   352,260
Tempur-Pedic International, Inc.*(a) 3,371   147,987
Toll Brothers, Inc.* 5,183   169,121
Tupperware Brands Corp.(a) 3,545   275,411
Under Armour, Inc., Class A*(a) 3,498   208,866
Total Consumer Durables & Apparel     4,028,016
 
Consumer Services—2.2%      
Apollo Group, Inc., Class A* 3,655   64,767
Bally Technologies, Inc.*(a) 1,756   99,073
Bob Evans Farms, Inc.(a) 3,794   178,242
Brinker International, Inc.(a) 7,551   297,736
Cheesecake Factory, Inc.(a) 4,771   199,857
DeVry, Inc.(a) 7,660   237,613

 

The accompanying notes are an integral part of these financial statements.

22
 

Schedule of Investments — continued

RevenueShares Mid Cap Fund

June 30, 2013

Investments Shares     Value
Consumer Services (continued)      
International Speedway Corp., Class A 1,993 $ 62,720
Life Time Fitness, Inc.*(a) 2,449   122,719
Matthews International Corp., Class A 2,584   97,417
Panera Bread Co., Class A*(a) 1,291   240,048
Regis Corp.(a) 13,690   224,790
Scientific Games Corp., Class A* 8,820   99,225
Service Corp. International 15,006   270,558
Sotheby’s(a) 2,181   82,682
Strayer Education, Inc.(a) 1,159   56,594
Wendy’s Co. (The)(a) 45,979   268,058
WMS Industries, Inc.* 2,963   75,586
Total Consumer Services     2,677,685
 
Diversified Financials—1.1%      
Affiliated Managers Group, Inc.*(a) 1,252   205,253
Apollo Investment Corp.(a) 1,   8,986
CBOE Holdings, Inc.(a) 1,363   63,571
Eaton Vance Corp.(a) 3,492   131,264
Federated Investors, Inc., Class B(a) 3,717   101,883
Greenhill & Co., Inc.(a) 678   31,012
Janus Capital Group, Inc.(a) 10,781   91,746
MSCI, Inc., Class A*(a) 3,075   102,305
Raymond James Financial, Inc. 10,642   457,393
SEI Investments Co. 3,797   107,949
Waddell & Reed Financial, Inc.,      
Class A 2,854   124,149
Total Diversified Financials     1,425,511
 
Energy—6.5%      
Alpha Natural Resources, Inc.*(a) 2,947   15,442
Arch Coal, Inc.(a) 2,979   11,261
Atwood Oceanics, Inc.*(a) 1,652   85,987
Bill Barrett Corp.*(a) 3,403   68,809
CARBO Ceramics, Inc.(a) 947   63,856
Cimarex Energy Co.(a) 2,458   159,745
Dresser-Rand Group, Inc.*(a) 5,166   309,857
Dril-Quip, Inc.*(a) 930   83,970
Helix Energy Solutions Group, Inc.*(a) 4,848   111,698
HollyFrontier Corp.(a) 49,058   2,098,701
Oceaneering International, Inc.(a) 4,284   309,305
Oil States International, Inc.*(a) 5,105   472,927
Patterson-UTI Energy, Inc.(a) 13,738   265,899
Rosetta Resources, Inc.* 1,571   66,799
SM Energy Co. 2,890   173,342
Superior Energy Services, Inc.*(a) 18,404   477,400
Tidewater, Inc.(a) 2,068   117,814
Unit Corp.*(a) 3,173   135,106
World Fuel Services Corp. 75,948   3,036,401
Total Energy     8,064,319
         
Food & Staples Retailing—3.5%      
Harris Teeter Supermarkets, Inc.(a) 10,383   486,547
SUPERVALU, Inc.*(a) 527,536   3,281,274
United Natural Foods, Inc.*(a) 10,909   588,977
Total Food & Staples Retailing     4,356,798
         
Food, Beverage & Tobacco—4.1%      
Dean Foods Co.* 126,631   1,268,843
Flowers Foods, Inc. 15,551   342,900
Green Mountain Coffee      
Roasters, Inc.*(a) 5,569   418,009

 

Investments Shares     Value
Hillshire Brands Co. 10,073 $ 333,215
Ingredion, Inc. 8,728   572,731
Lancaster Colony Corp.(a) 1,569   122,366
Post Holdings, Inc.*(a) 2,275   99,326
Smithfield Foods, Inc.*(a) 43,332   1,419,123
Tootsie Roll Industries, Inc.(a) 1,846   58,666
Universal Corp. 4,320   249,912
WhiteWave Foods Co., Class A*(a) 11,412   185,445
Total Food, Beverage & Tobacco     5,070,536
 
Health Care Equipment & Services—7.8%    
Allscripts Healthcare Solutions, Inc.*(a) 11,807   152,783
Community Health Systems, Inc.(a) 29,340   1,375,459
Cooper Cos., Inc. 1,362   162,146
Health Management Associates, Inc.,      
Class A*(a) 39,351   618,598
Health Net, Inc.*(a) 38,623   1,228,984
Henry Schein, Inc.*(a) 10,172   973,969
Hill-Rom Holdings, Inc.(a) 5,201   175,170
HMS Holdings Corp.*(a) 2,298   53,543
Hologic, Inc.*(a) 11,227   216,681
IDEXX Laboratories, Inc.*(a) 1,574   141,314
LifePoint Hospitals, Inc.*(a) 7,447   363,711
Masimo Corp.(a) 2,478   52,534
Mednax, Inc.*(a) 2,247   205,780
Omnicare, Inc.(a) 14,018   668,799
Owens & Minor, Inc.(a) 28,094   950,420
ResMed, Inc.(a) 3,196   144,235
STERIS Corp. 3,479   149,180
Teleflex, Inc.(a) 2,200   170,478
Thoratec Corp.* 1,666   52,162
Universal Health Services, Inc.,      
Class B(a) 10,929   731,806
VCA Antech, Inc.*(a) 7,330   191,240
WellCare Health Plans, Inc.*(a) 15,944   885,689
Total Health Care Equipment & Services   9,664,681
 
Household & Personal Products—0.7%    
Church & Dwight Co., Inc.(a) 5,324   328,544
Energizer Holdings, Inc.(a) 4,863   488,780
Total Household & Personal Products     817,324
 
Insurance—6.4%      
Alleghany Corp.*(a) 1,398   535,867
American Financial Group, Inc.(a) 11,339   554,590
Arthur J. Gallagher & Co.(a) 6,380   278,742
Aspen Insurance Holdings Ltd. 6,694   248,280
Brown & Brown, Inc. 4,065   131,056
Everest Re Group Ltd. 4,214   540,488
Fidelity National Financial, Inc.,      
Class A 29,110   693,109
First American Financial Corp.(a) 19,273   424,777
Hanover Insurance Group, Inc.(a) 10,402   508,970
HCC Insurance Holdings, Inc. 6,456   278,318
Kemper Corp.(a) 8,037   275,267
Mercury General Corp.(a) 7,064   310,533
Old Republic International Corp.(a) 42,102   541,853
Primerica, Inc. 3,531   132,201
Protective Life Corp.(a) 10,055   386,213
Reinsurance Group of America, Inc.,      
Class A(a) 16,497   1,140,108

 

The accompanying notes are an integral part of these financial statements.

23
 

Schedule of Investments — continued

RevenueShares Mid Cap Fund

June 30, 2013

Investments Shares     Value
Insurance (continued)      
StanCorp Financial Group, Inc.(a) 6,798 $ 335,889
W.R. Berkley Corp.(a) 15,573   636,313
Total Insurance     7,952,574
 
Materials—7.7%      
Albemarle Corp. 4,570   284,665
Aptargroup, Inc.(a) 4,491   247,948
Ashland, Inc.(a) 10,263   856,960
Cabot Corp.(a) 9,440   353,245
Carpenter Technology Corp.(a) 4,966   223,818
Commercial Metals Co. 7,818   115,472
Compass Minerals International, Inc.(a) 517   43,702
Cytec Industries, Inc.(a) 2,557   187,300
Domtar Corp.(a) 8,174   543,571
Eagle Materials, Inc.(a) 850   56,330
Greif, Inc., Class A(a) 8,685   457,439
Intrepid Potash, Inc.(a) 2,541   48,406
Louisiana-Pacific Corp.*(a) 12,099   178,944
Martin Marietta Materials, Inc.(a) 2,021   198,907
Minerals Technologies, Inc.(a) 2,535   104,797
NewMarket Corp.(a) 928   243,656
Olin Corp.(a) 10,413   249,079
Packaging Corp. of America(a) 6,462   316,380
Reliance Steel & Aluminum Co. 13,470   883,093
Rock-Tenn Co., Class A(a) 9,477   946,563
Royal Gold, Inc. 593   24,953
RPM International, Inc. 12,708   405,894
Scotts Miracle-Gro Co., Class A(a) 6,224   300,681
Sensient Technologies Corp. 3,845   155,607
Silgan Holdings, Inc. 8,256   387,702
Sonoco Products Co.(a) 14,584   504,169
Steel Dynamics, Inc. 32,106   478,700
Valspar Corp.(a) 6,305   407,744
Worthington Industries, Inc. 8,292   262,939
Total Materials     9,468,664
 
Media—1.3%      
AMC Networks, Inc., Class A* 2,398   156,853
Cinemark Holdings, Inc.(a) 9,276   258,986
DreamWorks Animation SKG, Inc.,      
Class A*(a) 3,365   86,346
John Wiley & Sons, Inc., Class A 4,866   195,078
Lamar Advertising Co., Class A*(a) 2,993   129,896
Meredith Corp.(a) 3,324   158,555
New York Times Co., Class A*(a) 20,782   229,849
Scholastic Corp.(a) 7,823   229,135
Valassis Communications, Inc.(a) 8,869   218,089
Total Media     1,662,787
 
Pharmaceuticals, Biotechnology & Life Sciences—1.3%
Bio-Rad Laboratories, Inc., Class A*(a) 1,996   223,951
Charles River Laboratories      
International, Inc.*(a) 2,915   119,602
Covance, Inc.*(a) 3,362   255,983
Endo Health Solutions Inc.*(a) 8,574   315,438
Mallinckrodt PLC* 2,110   95,857
Mettler-Toledo International, Inc.*(a) 1,210   243,452
Techne Corp.(a) 564   38,961

 

Investments Shares     Value
United Therapeutics Corp.*(a) 1,594 $ 104,917
Vertex Pharmaceuticals, Inc.*(a) 1,965   156,945
Total Pharmaceuticals, Biotechnology      
& Life Sciences     1,555,106
 
Real Estate—0.1%      
Alexander & Baldwin, Inc.*(a) 1,730   68,767
 
Real Estate Investment Trusts—1.7%    
Alexandria Real Estate Equities, Inc. 1,035   68,020
American Campus Communities, Inc. 1,534   62,372
BioMed Realty Trust, Inc., Class A 2,992   60,528
BRE Properties, Inc. 943   47,169
Camden Property Trust 1,332   92,095
Corporate Office Properties Trust 2,187   55,769
Duke Realty Corp.(a) 7,534   117,455
Equity One, Inc.(a) 1,629   36,864
Essex Property Trust, Inc. 475   75,487
Extra Space Storage, Inc.(a) 1,155   48,429
Federal Realty Investment Trust(a) 724   75,064
Highwoods Properties, Inc.(a) 1,668   59,397
Home Properties, Inc. 1,199   78,379
Hospitality Properties Trust(a) 5,499   144,514
Kilroy Realty Corp. 951   50,413
Liberty Property Trust 1,991   73,587
Mack-Cali Realty Corp. 3,144   76,997
National Retail Properties, Inc.(a) 1,088   37,427
Omega Healthcare Investors, Inc.(a) 1,278   39,644
Potlatch Corp.(a) 1,479   59,811
Rayonier, Inc.(a) 3,225   178,633
Realty Income Corp. 1,352   56,676
Regency Centers Corp. 1,125   57,161
Senior Housing Properties Trust(a) 2,868   74,367
SL Green Realty Corp. 1,733   152,833
Taubman Centers, Inc. 1,094   82,214
UDR, Inc. 3,287   83,786
Weingarten Realty Investors(a) 1,820   56,001
Total Real Estate Investment Trusts     2,101,092
 
Real Estate Management & Development—0.3%  
Jones Lang LaSalle, Inc.(a) 4,781   435,740
 
Retailing—6.6%      
Aaron’s, Inc.(a) 8,380   234,724
Advance Auto Parts, Inc.(a) 8,180   663,971
Aeropostale, Inc.*(a) 18,651   257,384
American Eagle Outfitters, Inc. 4,321   78,901
ANN, Inc.*(a) 7,614   252,785
Ascena Retail Group, Inc.*(a) 7,932   138,413
Barnes & Noble, Inc.*(a) 40,299   643,172
Big Lots, Inc.*(a) 2,077   65,488
Cabela’s, Inc.*(a) 5,202   336,882
Chico’s FAS, Inc.(a) 11,552   197,077
CST Brands, Inc.*(a) 850   26,188
Dick’s Sporting Goods, Inc.(a) 11,312   566,279
Foot Locker, Inc.(a) 17,745   623,382
Guess?, Inc.(a) 9,111   282,714
HSN, Inc.(a) 6,402   343,915
LKQ Corp.*(a) 17,759   457,294
Office Depot, Inc.* 262,248   1,014,900

 

The accompanying notes are an integral part of these financial statements.

24
 

Schedule of Investments — continued

RevenueShares Mid Cap Fund

June 30, 2013

Investments Shares     Value
Retailing (continued)      
Rent-A-Center, Inc., Class A 8,661 $ 325,221
Saks, Inc.*(a) 23,035   314,197
Signet Jewelers Ltd. 5,882   396,623
Tractor Supply Co.(a) 4,396   517,014
Williams-Sonoma, Inc.(a) 7,253   405,370
Total Retailing     8,141,894
 
Semiconductors & Semiconductor Equipment—1.0%
Atmel Corp.*(a) 19,392   142,531
Cree, Inc.* 2,016   128,742
Cypress Semiconductor Corp. 698   7,490
Fairchild Semiconductor International,      
Inc., Class A*(a) 11,224   154,891
Integrated Device Technology, Inc.* 6,542   51,944
International Rectifier Corp.*(a) 5,013   104,972
Intersil Corp., Class A 8,306   64,953
RF Micro Devices, Inc.*(a) 17,086   91,410
Semtech Corp.*(a) 1,414   49,532
Silicon Laboratories, Inc.*(a) 1,495   61,908
Skyworks Solutions, Inc.*(a) 7,979   174,660
SunEdison, Inc.*(a) 30,762   251,326
Total Semiconductors &      
Semiconductor Equipment     1,284,359
 
Software & Services—4.0%      
ACI Worldwide, Inc.*(a) 1,686   78,365
Acxiom Corp.*(a) 5,411   122,722
Advent Software, Inc.* 1,184   41,511
Alliance Data Systems Corp.*(a) 2,312   418,541
ANSYS, Inc.*(a) 1,192   87,135
AOL, Inc. 6,543   238,689
Broadridge Financial Solutions, Inc.(a) 9,410   250,118
Cadence Design Systems, Inc.*(a) 9,932   143,815
CommVault Systems, Inc.*(a) 592   44,927
Compuware Corp.(a) 10,059   104,111
Concur Technologies, Inc.*(a) 696   56,641
Convergys Corp. 11,822   206,058
CoreLogic, Inc.*(a) 5,839   135,290
DST Systems, Inc. 4,199   274,321
Equinix, Inc.*(a) 1,182   218,339
Factset Research Systems, Inc.(a) 933   95,110
Fair Isaac Corp.(a) 1,615   74,015
Gartner, Inc.*(a) 3,077   175,358
Global Payments, Inc.(a) 5,032   233,082
Informatica Corp.*(a) 2,502   87,520
Jack Henry & Associates, Inc.(a) 2,388   112,546
Lender Processing Services, Inc. 6,835   221,112
Mantech International Corp.,      
Class A(a) 10,521   274,809
Mentor Graphics Corp.(a) 5,708   111,591
MICROS Systems, Inc.*(a) 2,895   124,919
NeuStar, Inc., Class A*(a) 1,856   90,350
PTC, Inc.*(a) 5,455   133,811
Rackspace Hosting, Inc.*(a) 3,978   150,726
Rovi Corp.*(a) 2,807   64,112
Solarwinds, Inc.* 736   28,564
Solera Holdings, Inc.(a) 1,597   88,873
Synopsys, Inc.*(a) 5,391   192,728
TIBCO Software, Inc.* 5,244   112,222

 

Investments   Shares     Value
ValueClick, Inc.*(a)   2,995 $ 73,917
VeriFone Systems, Inc.*(a)   646   10,859
Wex, Inc.*(a)   951   72,942
Total Software & Services       4,949,749
 
Technology Hardware & Equipment—11.9%    
3D Systems Corp.*(a)   924   40,564
ADTRAN, Inc.(a)   2,827   69,572
Arrow Electronics, Inc.*(a)   54,971   2,190,594
Avnet, Inc.*(a)   80,424   2,702,246
Ciena Corp.*(a)   10,031   194,802
Diebold, Inc.(a)   9,767   329,050
Ingram Micro, Inc., Class A*(a) 222,617   4,227,497
InterDigital, Inc./Pa   1,510   67,422
Itron, Inc.*(a)   5,167   219,236
Lexmark International, Inc., Class A(a) 13,029   398,297
National Instruments Corp.(a)   4,598   128,468
NCR Corp.*(a)   18,925   624,336
Plantronics, Inc.   1,698   74,576
Polycom, Inc.*(a)   3,091   32,579
Riverbed Technology, Inc.*(a)   5,980   93,049
Tech Data Corp.*(a)   57,836   2,723,497
Trimble Navigation Ltd.*(a)   8,477   220,487
Vishay Intertechnology, Inc.*(a)   16,551   229,893
Zebra Technologies Corp., Class A* 2,369   102,909
Total Technology Hardware & Equipment   14,669,074
 
Telecommunication Services—0.4%      
Telephone & Data Systems, Inc.(a) 12,176   300,139
tw Telecom, Inc., Class A*(a)   5,659   159,244
Total Telecommunication Services       459,383
 
Transportation—3.0%        
Alaska Air Group, Inc.*(a)   9,226   479,752
Con-Way, Inc.(a)   15,238   593,672
Genesee & Wyoming, Inc., Class A*(a) 1,297   110,037
JB Hunt Transport Services, Inc.   7,789   562,677
JetBlue Airways Corp.*(a)   86,717   546,317
Kirby Corp.*(a)   2,816   223,985
Landstar System, Inc.   5,723   294,735
Matson, Inc.   6,943   173,575
UTi Worldwide, Inc.   33,751   555,879
Werner Enterprises, Inc.   9,053   218,811
Total Transportation       3,759,440
 
Utilities—4.1%        
Alliant Energy Corp.   6,959   350,873
Aqua America, Inc.   2,691   84,201
Atmos Energy Corp.(a)   8,966   368,144
Black Hills Corp.(a)   2,642   128,797
Cleco Corp.(a)   2,385   110,736
Energen Corp.(a)   3,337   174,392
Great Plains Energy, Inc.   11,220   252,899
Hawaiian Electric Industries, Inc.(a) 14,615   369,906
IDACORP, Inc.(a)   2,473   118,110
MDU Resources Group, Inc.(a)   17,764   460,265
National Fuel Gas Co.   2,908   168,519
NV Energy, Inc.   13,683   321,003
OGE Energy Corp.   5,909   402,994
PNM Resources, Inc.(a)   6,569   145,766

 

The accompanying notes are an integral part of these financial statements.

25
 

Schedule of Investments — continued

RevenueShares Mid Cap Fund

June 30, 2013

Investments Shares     Value
Utilities (continued)        
Questar Corp.(a) 5,218 $ 124,449  
UGI Corp.(a) 19,080   746,219  
Vectren Corp.(a) 7,417   250,917  
Westar Energy, Inc. 7,935   253,603  
WGL Holdings, Inc.(a) 5,942   256,813  
Total Utilities     5,088,606  
 
Total Common Stocks        
(Cost $95,007,397)     123,588,881  
INVESTMENT OF CASH COLLATERAL      
FOR SECURITIES LOANED—45.6%      
Dreyfus Institutional Preferred        
Money Market Fund—        
Prime Shares, 0.07% (b)        
(Cost $56,306,534) 56,306,534   56,306,534  
Total Investments—145.6%        
(Cost $151,313,931)     179,895,415  
Liabilities in Excess of Other Assets—(45.6)%   (56,330,314 )
Net Assets—100.0%   $ 123,565,101  

 

*Non-income producing security
(a)All or a portion of the security was on loan. The aggregate market value of the securities on loan was $54,861,999; total market value of collateral held by the Fund was $56,306,534.
(b)Rate shown represents annualized 7-day yield as of June 30, 2013.

The accompanying notes are an integral part of these financial statements.

26
 

Schedule of Investments

RevenueShares Small Cap Fund

June 30, 2013

Investments Shares     Value
COMMON STOCKS—100.0%      
Automobiles & Components—0.8%      
Dorman Products, Inc.(a) 3,675 $ 167,690
Drew Industries, Inc. 6,317   248,384
Spartan Motors, Inc.(a) 19,654   120,283
Standard Motor Products, Inc. 7,553   259,370
Superior Industries International, Inc. 12,340   212,371
Winnebago Industries, Inc.* 8,234   172,832
Total Automobiles & Components     1,180,930
 
Banks—2.9%      
Bank Mutual Corp. 5,146   29,023
Bank of the Ozarks, Inc.(a) 1,829   79,250
Banner Corp. 2,083   70,384
BBCN Bancorp, Inc. 6,309   89,714
Boston Private Financial Holdings, Inc. 8,863   94,302
Brookline Bancorp, Inc. 7,204   62,531
City Holding Co.(a) 1,441   56,127
Columbia Banking System, Inc.(a) 3,020   71,906
Community Bank System, Inc.(a) 3,939   121,518
CVB Financial Corp. 6,747   79,345
Dime Community Bancshares 3,832   58,706
First BanCorp*(a) 28,486   201,681
First Commonwealth Financial Corp. 10,463   77,112
First Financial Bancorp 6,899   102,795
First Financial Bankshares, Inc.(a) 1,302   72,469
First Midwest Bancorp, Inc. 8,539   117,155
FNB Corp.(a) 13,265   160,241
Glacier Bancorp, Inc.(a) 4,335   96,194
Hanmi Financial Corp.* 2,359   41,683
Home BancShares, Inc. 2,844   73,859
Independent Bank Corp. 2,350   81,075
MB Financial, Inc. 4,648   124,566
National Penn Bancshares, Inc.(a) 11,004   111,801
NBT Bancorp, Inc. 4,221   89,359
Northwest Bancshares, Inc.(a) 8,284   111,917
Old National Bancorp(a) 10,506   145,298
Oritani Financial Corp. 2,245   35,202
PacWest Bancorp(a) 2,817   86,341
Pinnacle Financial Partners, Inc.* 2,484   63,864
PrivateBancorp, Inc.(a) 8,088   171,546
Provident Financial Services, Inc. 5,224   82,435
S&T Bancorp, Inc. 2,851   55,880
Simmons First National Corp., Class A 1,876   48,945
Sterling Bancorp, Class N 3,377   39,241
Susquehanna Bancshares, Inc.(a) 18,979   243,880
Taylor Capital Group, Inc.* 5,276   89,112
Texas Capital Bancshares, Inc.*(a) 3,033   134,544
Tompkins Financial Corp.(a) 1,653   74,699
TrustCo Bank Corp. 8,333   45,331
UMB Financial Corp.(a) 4,243   236,208
Umpqua Holdings Corp. 10,701   160,622
United Bankshares, Inc.(a) 4,013   106,144
United Community Banks, Inc.* 6,971   86,580
ViewPoint Financial Group, Inc. 2,275   47,343
Wilshire Bancorp, Inc. 5,923   39,210
Wintrust Financial Corp.(a) 6,346   242,925
Total Banks     4,510,063

 

Investments Shares     Value
Capital Goods—11.9%      
A.O. Smith Corp.(a) 13,808 $ 500,954
AAON, Inc. 2,722   90,044
AAR Corp. 25,861   568,425
Actuant Corp., Class A(a) 13,159   433,852
Aegion Corp., Class A* 11,910   268,094
Aerovironment, Inc.*(a) 4,339   87,561
Albany International Corp., Class A 6,277   207,015
American Science & Engineering, Inc. 1,148   64,288
Apogee Enterprises, Inc. 7,090   170,160
Applied Industrial Technologies, Inc.(a) 13,458   650,425
Astec Industries, Inc. 7,554   259,027
AZZ, Inc.(a) 3,214   123,932
Barnes Group, Inc.(a) 10,754   322,512
Belden, Inc.(a) 10,273   512,931
Brady Corp., Class A 11,311   347,587
Briggs & Stratton Corp.(a) 26,093   516,641
CIRCOR International, Inc. 4,436   225,615
Comfort Systems USA, Inc. 24,010   358,229
Cubic Corp.(a) 7,663   368,590
Curtiss-Wright Corp. 16,067   595,443
Dycom Industries, Inc.* 13,507   312,552
EMCOR Group, Inc. 42,877   1,742,950
Encore Wire Corp. 8,245   281,154
EnerSys(a) 12,468   611,431
Engility Holdings, Inc.* 19,097   542,737
EnPro Industries, Inc.*(a) 6,301   319,839
ESCO Technologies, Inc. 5,760   186,509
Federal Signal Corp.* 24,500   214,375
Franklin Electric Co., Inc.(a) 7,172   241,338
GenCorp, Inc.*(a) 16,545   269,022
Gibraltar Industries, Inc.* 13,441   195,701
Griffon Corp. 43,675   491,344
II-VI, Inc.*(a) 8,495   138,129
John Bean Technologies Corp. 10,890   228,799
Kaman Corp. 12,818   442,990
Kaydon Corp. 4,554   125,463
Lindsay Corp.(a) 2,207   165,481
Lydall, Inc.* 7,044   102,842
Moog, Inc., Class A*(a) 13,317   686,225
Mueller Industries, Inc. 11,398   574,801
National Presto Industries, Inc.(a) 1,823   131,311
Orbital Sciences Corp.*(a) 21,210   368,418
Orion Marine Group, Inc.* 6,852   82,841
Powell Industries, Inc.* 3,930   202,984
Quanex Building Products Corp.(a) 12,669   213,346
Simpson Manufacturing Co., Inc. 6,025   177,255
Standex International Corp. 3,482   183,676
Teledyne Technologies, Inc.* 7,905   611,452
Tennant Co. 4,071   196,507
Titan International, Inc. 391   6,596
Toro Co.(a) 11,411   518,174
Universal Forest Products, Inc.(a) 13,194   526,704
Vicor Corp.*(a) 10,107   69,233
Watts Water Technologies, Inc.,      
Class A 8,592   389,561
Total Capital Goods     18,223,065

 

The accompanying notes are an integral part of these financial statements.

27
 

Schedule of Investments — continued

RevenueShares Small Cap Fund

June 30, 2013

Investments Shares     Value
Commercial & Professional Services—6.5%    
ABM Industries, Inc. 48,038 $ 1,177,411
CDI Corp. 19,699   278,938
Consolidated Graphics, Inc.* 6,072   285,445
Encore Capital Group, Inc.*(a) 4,649   153,928
Exponent, Inc. 1,593   94,162
G&K Services, Inc., Class A 5,044   240,094
Geo Group, Inc. (The) 12,355   419,452
Healthcare Services Group, Inc.(a) 12,371   303,337
Heidrick & Struggles International, Inc. 7,111   118,896
Insperity, Inc. 18,534   561,580
Interface, Inc.(a) 14,281   242,349
Kelly Services, Inc., Class A 80,640   1,408,781
Korn/Ferry International* 12,050   225,817
Mobile Mini, Inc.*(a) 3,368   111,649
Navigant Consulting, Inc.* 16,459   197,508
On Assignment, Inc.*(a) 14,503   387,520
Portfolio Recovery Associates, Inc.* 1,278   196,339
Resources Connection, Inc. 13,439   155,892
Sykes Enterprises, Inc.* 16,773   264,343
Tetra Tech, Inc.*(a) 23,251   546,631
TrueBlue, Inc.* 16,451   346,294
UniFirst Corp. 3,738   341,093
United Stationers, Inc.(a) 40,982   1,374,946
Viad Corp. 10,668   261,579
WageWorks, Inc.* 8,791   302,850
Total Commercial & Professional Services   9,996,834
 
Consumer Durables & Apparel—5.3%    
American Greetings Corp., Class A 24,269   442,181
Arctic Cat, Inc. 3,657   164,492
Blyth, Inc.(a) 9,193   128,334
Brunswick Corp.(a) 32,667   1,043,711
Callaway Golf Co.(a) 23,439   154,229
Crocs, Inc.*(a) 19,000   313,500
Ethan Allen Interiors, Inc. 6,351   182,909
Fifth & Pacific Cos., Inc.*(a) 18,600   415,524
Helen of Troy Ltd.* 8,062   309,339
Iconix Brand Group, Inc.* 3,235   95,141
iRobot Corp.*(a) 3,362   133,707
Jakks Pacific, Inc.(a) 9,379   105,514
La-Z-Boy, Inc., Class Z 16,796   340,455
M/I Homes, Inc.* 8,690   199,522
Maidenform Brands, Inc.* 8,406   145,676
Meritage Homes Corp.*(a) 7,543   327,064
Movado Group, Inc. 3,965   134,136
Oxford Industries, Inc.(a) 3,502   218,525
Perry Ellis International, Inc. 11,618   235,962
Quiksilver, Inc.*(a) 81,288   523,495
Ryland Group, Inc.(a) 9,022   361,782
Skechers U.S.A., Inc., Class A*(a) 19,277   462,841
Standard Pacific Corp.*(a) 41,262   343,712
Steven Madden Ltd.* 7,085   342,772
Sturm Ruger & Co., Inc.(a) 3,135   150,605
True Religion Apparel, Inc. 4,019   127,242
Universal Electronics, Inc.* 4,562   128,329
Wolverine World Wide, Inc. 10,285   561,664
Total Consumer Durables & Apparel     8,092,363

 

Investments Shares     Value
Consumer Services—5.5%      
American Public Education, Inc.*(a) 2,499 $ 92,863
Biglari Holdings, Inc.* 733   300,823
BJ’s Restaurants, Inc.*(a) 5,384   199,746
Boyd Gaming Corp.*(a) 72,748   822,052
Buffalo Wild Wings, Inc.*(a) 3,176   311,756
Capella Education Co.* 2,917   121,493
Career Education Corp.* 103,232   299,373
CEC Entertainment, Inc. 5,506   225,966
Coinstar, Inc.*(a) 10,282   603,245
Corinthian Colleges, Inc.*(a) 151,333   338,986
Cracker Barrel Old Country Store, Inc.(a) 7,553   714,967
DineEquity, Inc.(a) 3,104   213,773
Hillenbrand, Inc.(a) 11,820   280,252
Interval Leisure Group, Inc.(a) 6,077   121,054
ITT Educational Services, Inc.*(a) 18,817   459,135
Jack in the Box, Inc.*(a) 12,923   507,745
Lincoln Educational Services Corp.(a) 15,632   82,381
Marcus Corp. 8,838   112,419
Marriott Vacations Worldwide Corp.* 10,035   433,913
Monarch Casino & Resort, Inc.* 2,930   49,400
Multimedia Games Holding Co., Inc.* 1,670   43,537
Papa John’s International, Inc.*(a) 5,747   375,681
Pinnacle Entertainment, Inc.*(a) 16,388   322,352
Red Robin Gourmet Burgers, Inc.* 4,848   267,513
Ruby Tuesday, Inc.* 37,115   342,571
Ruth’s Hospitality Group, Inc. 8,635   104,224
Shfl Entertainment, Inc.*(a) 3,822   67,688
Sonic Corp.* 9,646   140,446
Texas Roadhouse, Inc.(a) 13,662   341,823
Universal Technical Institute, Inc.(a) 9,526   98,404
Total Consumer Services     8,395,581
 
Diversified Financials—1.9%      
Calamos Asset Management, Inc.,      
Class A 7,927   83,234
Cash America International, Inc.(a) 10,357   470,829
Evercore Partners, Inc., Class A 9,071   356,309
Ezcorp, Inc., Class A* 12,457   210,274
Financial Engines, Inc.(a) 1,376   62,732
First Cash Financial Services, Inc.*(a) 3,087   151,911
HFF, Inc., Class A 4,284   76,127
Interactive Brokers Group, Inc., Class A 17,639   281,695
Investment Technology Group, Inc.* 9,191   128,490
MarketAxess Holdings, Inc. 1,374   64,235
Piper Jaffray Cos.* 4,053   128,115
Prospect Capital Corp. 8,875   95,850
Stifel Financial Corp.*(a) 12,861   458,752
SWS Group, Inc.* 15,812   86,175
Virtus Investment Partners, Inc.* 636   112,108
World Acceptance Corp.*(a) 1,629   141,625
Total Diversified Financials     2,908,461
 
Energy—3.0%      
Approach Resources, Inc.*(a) 1,406   34,545
Basic Energy Services, Inc.*(a) 25,861   312,659
Bristow Group, Inc. 5,961   389,373
C&J Energy Services, Inc.*(a) 665   12,881
Carrizo Oil & Gas, Inc.*(a) 3,893   110,289
Cloud Peak Energy, Inc.*(a) 12,028   198,221
Comstock Resources, Inc. 6,555   103,110

 

The accompanying notes are an integral part of these financial statements.

28
 

Schedule of Investments — continued

RevenueShares Small Cap Fund

June 30, 2013

Investments Shares     Value
Energy (continued)      
Contango Oil & Gas Co. 829 $ 27,979
Era Group, Inc.* 3,350   87,603
Exterran Holdings, Inc.*(a) 27,077   761,405
Forest Oil Corp.* 6,207   25,387
Geospace Technologies Corp.*(a) 583   40,274
Gulf Island Fabrication, Inc. 5,705   109,251
Gulfport Energy Corp.*(a) 1,457   68,581
Hornbeck Offshore Services, Inc.*(a) 2,845   152,208
ION Geophysical Corp.* 23,852   143,589
Matrix Service Co.* 12,523   195,108
Northern Oil and Gas, Inc.*(a) 5,947   79,333
PDC Energy, Inc.* 2,069   106,512
Penn Virginia Corp.*(a) 17,460   82,062
Petroquest Energy, Inc.* 8,276   32,773
Pioneer Energy Services Corp.* 28,736   190,232
SEACOR Holdings, Inc.(a) 5,716   474,714
Stone Energy Corp.*(a) 10,778   237,439
Swift Energy Co.*(a) 8,154   97,766
Tesco Corp.* 20,368   269,876
TETRA Technologies, Inc.* 21,455   220,128
Total Energy     4,563,298
 
Food & Staples Retailing—3.3%      
Andersons, Inc. 27,416   1,458,257
Casey’s General Stores, Inc.(a) 31,203   1,877,173
Nash Finch Co. 47,039   1,035,328
Spartan Stores, Inc. 37,639   694,063
Total Food & Staples Retailing     5,064,821
 
Food, Beverage & Tobacco—3.1%      
Alliance One International, Inc.* 151,440   575,472
B&G Foods, Inc., Class A 5,395   183,700
Boston Beer Co., Inc., Class A*(a) 1,189   202,891
Calavo Growers, Inc.(a) 5,717   155,445
Cal-Maine Foods, Inc. 6,802   316,361
Darling International, Inc.*(a) 23,690   442,055
Diamond Foods, Inc.*(a) 12,274   254,686
Hain Celestial Group, Inc.*(a) 5,984   388,780
J&J Snack Foods Corp. 3,240   252,072
Sanderson Farms, Inc. 10,390   690,104
Seneca Foods Corp., Class A* 10,126   310,666
Snyders-Lance, Inc.(a) 15,528   441,150
TreeHouse Foods, Inc.* 9,083   595,300
Total Food, Beverage & Tobacco     4,808,682
 
Health Care Equipment & Services—9.5%    
Abaxis, Inc.(a) 1,197   56,869
Abiomed, Inc.*(a) 1,618   34,884
Air Methods Corp.(a) 6,152   208,430
Align Technology, Inc.*(a) 4,506   166,902
Almost Family, Inc. 4,659   88,521
Amedisys, Inc.*(a) 29,152   338,746
AMN Healthcare Services, Inc.* 18,443   264,104
Amsurg Corp.*(a) 7,359   258,301
Analogic Corp. 2,073   150,977
Bio-Reference Labs, Inc.*(a) 6,259   179,946
Cantel Medical Corp. 3,324   112,584
Centene Corp.*(a) 50,576   2,653,217
Chemed Corp.(a) 5,429   393,222
Computer Programs & Systems, Inc. 1,238   60,835

 

Investments Shares     Value
CONMED Corp. 6,406 $ 200,123
Corvel Corp.* 4,062   118,895
Cross Country Healthcare, Inc.* 24,937   128,675
CryoLife, Inc. 5,841   36,565
Cyberonics, Inc.*(a) 1,437   74,667
Cynosure, Inc., Class A*(a) 1,745   45,335
Ensign Group, Inc. 6,416   225,972
Gentiva Health Services, Inc.* 39,719   395,601
Greatbatch, Inc.* 5,257   172,377
Haemonetics Corp.*(a) 4,830   199,721
Hanger, Inc.*(a) 8,246   260,821
HealthStream, Inc.* 1,116   28,257
Healthways, Inc.* 11,755   204,302
ICU Medical, Inc.*(a) 1,385   99,803
Integra LifeSciences Holdings Corp.*(a) 6,264   229,450
Invacare Corp. 19,142   274,879
IPC The Hospitalist Co., Inc.* 3,015   154,850
Kindred Healthcare, Inc.* 132,427   1,738,767
Landauer, Inc. 1,058   51,112
LHC Group, Inc.* 7,762   151,980
Magellan Health Services, Inc.* 15,710   881,017
Medidata Solutions, Inc.*(a) 1,081   83,723
Meridian Bioscience, Inc.(a) 2,171   46,677
Merit Medical Systems, Inc.* 9,646   107,553
Molina Healthcare, Inc.*(a) 44,593   1,657,968
MWI Veterinary Supply, Inc.* 4,867   599,809
Natus Medical, Inc.* 6,015   82,105
Neogen Corp.*(a) 1,161   64,505
NuVasive, Inc.*(a) 7,266   180,124
Omnicell, Inc.* 4,638   95,311
PharMerica Corp.* 28,784   398,946
Quality Systems, Inc.(a) 6,469   121,035
SurModics, Inc.* 630   12,606
Symmetry Medical, Inc.* 14,051   118,309
West Pharmaceutical Services, Inc. 5,308   372,940
Total Health Care Equipment & Services   14,582,318
 
Household & Personal Products—0.4%    
Central Garden and Pet Co., Class A* 15,055   103,879
Inter Parfums, Inc. 5,919   168,810
Medifast, Inc.* 3,526   90,830
Prestige Brands Holdings, Inc.* 4,425   128,945
WD-40 Co. 1,679   91,472
Total Household & Personal Products     583,936
 
Insurance—2.4%      
AMERISAFE, Inc. 2,871   92,992
eHealth, Inc.* 1,852   42,077
Employers Holdings, Inc. 6,658   162,788
Horace Mann Educators Corp. 10,830   264,035
Infinity Property & Casualty Corp. 6,242   373,022
Meadowbrook Insurance Group, Inc. 32,938   264,492
Navigators Group, Inc.* 4,387   250,235
ProAssurance Corp.(a) 3,983   207,753
RLI Corp.(a) 2,582   197,291
Safety Insurance Group, Inc. 4,036   195,786
Selective Insurance Group, Inc.(a) 20,380   469,148
Stewart Information Services Corp.(a) 19,087   499,889
Tower Group International, Ltd. 24,745   507,520
United Fire Group, Inc. 7,994   198,491
Total Insurance     3,725,519

 

The accompanying notes are an integral part of these financial statements.

29
 

Schedule of Investments — continued

RevenueShares Small Cap Fund

June 30, 2013

Investments Shares     Value
Materials—7.1%      
A. Schulman, Inc. 20,542 $ 550,936
A.M. Castle & Co.*(a) 18,580   292,821
AK Steel Holding Corp.*(a) 174,748   531,234
AMCOL International Corp.(a) 8,195   259,700
American Vanguard Corp. 3,659   85,730
Balchem Corp.(a) 2,067   92,498
Buckeye Technologies, Inc.(a) 6,366   235,797
Calgon Carbon Corp.* 8,920   148,786
Century Aluminum Co.* 34,731   322,304
Clearwater Paper Corp.*(a) 10,638   500,624
Deltic Timber Corp. 861   49,783
Globe Specialty Metals, Inc. 8,513   92,536
H.B. Fuller Co.(a) 13,368   505,444
Hawkins, Inc. 2,537   99,932
Haynes International, Inc. 3,370   161,322
Headwaters, Inc.* 17,241   152,411
Innophos Holdings, Inc. 4,862   229,341
Kaiser Aluminum Corp.(a) 5,811   359,933
KapStone Paper and Packaging Corp.(a) 9,665   388,340
Koppers Holdings, Inc. 6,404   244,505
Kraton Performance Polymers, Inc.*(a) 17,922   379,946
LSB Industries, Inc.* 5,798   176,317
Materion Corp. 11,068   299,832
Myers Industries, Inc. 14,051   210,906
Neenah Paper, Inc. 6,842   217,370
Olympic Steel, Inc. 14,006   343,147
OM Group, Inc.* 14,707   454,740
Ph Glatfelter Co. 16,362   410,686
PolyOne Corp.(a) 30,394   753,163
Quaker Chemical Corp. 3,188   197,688
RTI International Metals, Inc.* 6,978   193,360
Schweitzer-Mauduit      
International, Inc.(a) 4,407   219,821
Stepan Co.(a) 8,853   492,315
Stillwater Mining Co.*(a) 5,029   54,012
SunCoke Energy, Inc.* 33,942   475,867
Texas Industries, Inc.*(a) 2,792   181,871
Tredegar Corp. 9,294   238,856
Wausau Paper Corp. 17,797   202,886
Zep, Inc. 10,578   167,450
Total Materials     10,974,210
 
Media—1.6%      
Arbitron, Inc.(a) 2,838   131,825
Digital Generation, Inc.*(a) 12,633   93,105
E.W. Scripps Co., Class A* 15,426   240,337
Harte-Hanks, Inc. 24,279   208,800
Live Nation Entertainment, Inc.*(a) 111,678   1,731,009
Total Media     2,405,076
 
Pharmaceuticals, Biotechnology & Life Sciences—1.4%
Acorda Therapeutics, Inc.*(a) 2,566   84,652
Affymetrix, Inc.*(a) 21,872   97,112
Akorn, Inc.*(a) 5,509   74,482
Arqule, Inc.* 3,945   9,152
Cambrex Corp.* 5,173   72,267
Cubist Pharmaceuticals, Inc.*(a) 5,250   253,575
Emergent Biosolutions, Inc.* 5,040   72,677
Hi-Tech Pharmacal Co., Inc.(a) 2,038   67,662
Impax Laboratories, Inc.*(a) 8,630   172,168

 

Investments Shares     Value
Luminex Corp.* 2,664 $ 54,905
Medicines Co.*(a) 4,629   142,388
Momenta Pharmaceuticals, Inc.* 880   13,253
PAREXEL International Corp.*(a) 9,827   451,452
Questcor Pharmaceuticals, Inc. 3,324   151,109
Salix Pharmaceuticals Ltd.*(a) 3,311   219,023
Spectrum Pharmaceuticals, Inc.(a) 7,977   59,508
ViroPharma, Inc.*(a) 3,664   104,974
Total Pharmaceuticals, Biotechnology      
& Life Sciences     2,100,359
 
Real Estate Investment Trusts—1.5%    
Acadia Realty Trust 1,784   44,047
Associated Estates Realty Corp. 6,212   99,889
Cedar Realty Trust, Inc. 6,722   34,820
Colonial Properties Trust 4,688   113,075
Cousins Properties, Inc.(a) 4,546   45,915
DiamondRock Hospitality Co. 23,216   216,373
EastGroup Properties, Inc.(a) 1,140   64,148
Epr Properties 1,713   86,112
Franklin Street Properties Corp. 3,443   45,448
Getty Realty Corp. 1,272   26,267
Government Properties Income Trust(a) 2,393   60,351
Healthcare Realty Trust, Inc. 3,453   88,051
Inland Real Estate Corp. 4,358   44,539
Kite Realty Group Trust 5,031   30,337
LaSalle Hotel Properties 9,564   236,231
Lexington Realty Trust 8,071   94,269
LTC Properties, Inc. 666   26,007
Medical Properties Trust, Inc.(a) 4,006   57,366
Mid-America Apartment      
Communities, Inc.(a) 2,402   162,784
Parkway Properties, Inc. 3,816   63,956
Pennsylvania Real Estate Investment      
Trust(a) 6,146   116,036
Post Properties, Inc. 2,176   107,690
PS Business Parks, Inc. 1,546   111,575
Sabra Health Care REIT, Inc.(a) 1,110   28,982
Saul Centers, Inc. 1,421   63,178
Sovran Self Storage, Inc.(a) 995   64,466
Tanger Factory Outlet Centers(a) 2,882   96,432
Universal Health Realty Income Trust 570   24,584
Urstadt Biddle Properties, Inc., Class A 1,202   24,244
Total Real Estate Investment Trusts     2,277,172
 
Real Estate Management & Development—0.0%  
Forestar Group, Inc.* 3,004   60,260
         
Retailing—10.9%      
Big 5 Sporting Goods Corp. 11,793   258,856
Blue Nile, Inc.* 3,115   117,685
Brown Shoe Co., Inc. 34,983   753,184
Buckle, Inc. 5,673   295,109
Cato Corp., Class A 9,869   246,330
Children’s Place Retail Stores, Inc.*(a) 8,687   476,048
Christopher & Banks Corp.* 18,136   122,237
Finish Line, Inc., Class A(a) 17,487   382,266
Francesca’s Holdings Corp.*(a) 2,364   65,696
Fred’s, Inc., Class A 31,383   486,123
Genesco, Inc.* 9,432   631,850
Group 1 Automotive, Inc.(a) 32,738   2,106,036
Haverty Furniture Cos., Inc. 7,541   173,518

 

The accompanying notes are an integral part of these financial statements.

30
 

Schedule of Investments — continued

RevenueShares Small Cap Fund

June 30, 2013

Investments Shares     Value
Retailing (continued)      
Hibbett Sports, Inc.*(a) 3,789 $ 210,289
Jos. A. Bank Clothiers, Inc.*(a) 6,880   284,282
Kirkland’s, Inc.* 6,484   111,849
Lithia Motors, Inc., Class A 17,728   945,080
Lumber Liquidators Holdings, Inc.*(a) 2,884   224,577
MarineMax, Inc.* 11,806   133,762
Men’s Wearhouse, Inc. 17,457   660,747
Monro Muffler Brake, Inc.(a) 3,956   190,086
Nutrisystem, Inc. 9,623   113,359
OfficeMax, Inc. 162,579   1,663,183
Pep Boys-Manny, Moe & Jack* 46,042   533,166
PetMed Express, Inc.(a) 4,657   58,678
Pool Corp.(a) 10,080   528,293
rue21, Inc.* 5,286   219,950
Select Comfort Corp.*(a) 9,596   240,476
Sonic Automotive, Inc., Class A(a) 104,247   2,203,782
Stage Stores, Inc. 18,072   424,692
Stein Mart, Inc. 27,503   375,416
Tuesday Morning Corp.* 20,819   215,893
Vitamin Shoppe, Inc.*(a) 5,781   259,220
VOXX International Corp., Class A* 16,437   201,682
Zale Corp.* 80,102   728,928
Zumiez, Inc.*(a) 5,334   153,352
Total Retailing     16,795,680
 
Semiconductors & Semiconductor Equipment—1.8%
Advanced Energy Industries, Inc.* 6,885   119,868
ATMI, Inc.*(a) 4,566   107,986
Brooks Automation, Inc. 13,137   127,823
Cabot Microelectronics Corp.* 3,563   117,615
Ceva, Inc.* 767   14,849
Cirrus Logic, Inc.*(a) 5,473   95,011
Cohu, Inc. 5,097   63,713
Diodes, Inc.*(a) 7,197   186,906
DSP Group, Inc.* 5,048   41,949
Entropic Communications, Inc.* 20,056   85,639
Exar Corp.* 2,905   31,287
GT Advanced Technologies, Inc.*(a) 29,166   121,039
Hittite Microwave Corp.*(a) 1,583   91,814
Kopin Corp.* 4,299   15,949
Kulicke & Soffa Industries, Inc.* 18,080   199,965
Micrel, Inc. 6,671   65,909
Microsemi Corp.*(a) 12,189   277,300
MKS Instruments, Inc.(a) 5,622   149,208
Monolithic Power Systems, Inc. 2,326   56,080
Nanometrics, Inc.* 2,620   38,435
Pericom Semiconductor Corp.* 5,123   36,476
Power Integrations, Inc.(a) 2,289   92,842
Rubicon Technology, Inc.*(a) 2,307   18,479
Rudolph Technologies, Inc.* 4,612   51,654
Sigma Designs, Inc.* 8,885   44,869
STR Holdings, Inc.*(a) 8,301   18,843
Supertex, Inc. 710   16,976
Tessera Technologies, Inc. 2,733   56,846
TriQuint Semiconductor, Inc.*(a) 30,363   210,416
Ultratech, Inc.* 2,048   75,203
Veeco Instruments, Inc.*(a) 3,455   122,376
Volterra Semiconductor Corp.* 3,104   43,828
Total Semiconductors &      
Semiconductor Equipment     2,797,153

 

Investments Shares     Value
Software & Services—4.1%      
Blackbaud, Inc.(a) 3,992 $ 130,019
Blucora, Inc.*(a) 6,418   118,990
Bottomline Technologies, Inc.* 2,369   59,912
CACI International, Inc., Class A*(a) 16,540   1,050,125
Cardtronics, Inc.* 7,165   197,754
CIBER, Inc.* 64,582   215,704
comScore, Inc.* 2,967   72,365
CSG Systems International, Inc.* 9,103   197,535
Dealertrack Technologies, Inc.*(a) 3,325   117,805
Dice Holdings, Inc.* 5,754   52,994
Digital River, Inc.* 5,760   108,115
Ebix, Inc.(a) 2,754   25,502
EPIQ Systems, Inc. 8,022   108,056
Exlservice Holdings, Inc.* 3,890   114,988
Forrester Research, Inc. 2,395   87,873
Heartland Payment Systems, Inc.(a) 15,815   589,109
Higher One Holdings, Inc.*(a) 4,692   54,615
iGate Corp.* 7,685   126,188
Interactive Intelligence Group, Inc.*(a) 1,574   81,218
j2 Global, Inc.(a) 2,784   118,348
Liquidity Services, Inc.*(a) 4,399   152,513
LivePerson, Inc.* 4,839   43,333
LogMeIn, Inc.* 1,449   35,443
Manhattan Associates, Inc.* 1,536   118,518
MAXIMUS, Inc.(a) 4,021   299,484
MicroStrategy, Inc., Class A* 1,997   173,659
Monotype Imaging Holdings, Inc. 1,676   42,587
Netscout Systems, Inc.* 3,511   81,947
NIC, Inc.(a) 3,651   60,351
OpenTable, Inc.*(a) 923   59,026
Perficient, Inc.* 6,677   89,071
Progress Software Corp.*(a) 4,748   109,252
QuinStreet, Inc.*(a) 11,603   100,134
Sourcefire, Inc.*(a) 1,381   76,715
Stamps.com, Inc.* 1,055   41,556
Synchronoss Technologies, Inc.*(a) 2,411   74,428
Take-Two Interactive Software, Inc.*(a) 12,325   184,505
Tangoe, Inc.*(a) 7,421   114,506
TeleTech Holdings, Inc.*(a) 12,828   300,560
Tyler Technologies, Inc.*(a) 1,684   115,438
United Online, Inc. 29,987   227,301
VASCO Data Security      
International, Inc.* 5,036   41,849
Virtusa Corp.* 3,450   76,452
XO Group, Inc.* 3,046   34,115
Total Software & Services     6,279,958
 
Technology Hardware & Equipment—8.9%    
Agilysys, Inc.* 4,078   46,041
Anixter International, Inc.*(a) 22,014   1,668,881
ARRIS Group, Inc.*(a) 25,159   361,032
Avid Technology, Inc.* 17,081   100,436
Badger Meter, Inc. 2,130   94,891
Bel Fuse, Inc., Class B 5,301   71,298
Benchmark Electronics, Inc.* 32,336   649,954
Black Box Corp. 10,955   277,381
CalAmp Corp.* 1,724   25,170
Checkpoint Systems, Inc.* 13,114   186,088
Cognex Corp.(a) 2,158   97,585
Coherent, Inc. 3,833   211,083

 

The accompanying notes are an integral part of these financial statements.

31
 

Schedule of Investments — continued

RevenueShares Small Cap Fund

June 30, 2013

Investments Shares     Value  
Technology Hardware & Equipment (continued)    
Comtech Telecommunications Corp. 4,056 $ 109,066  
CTS Corp. 12,685   173,023  
Daktronics, Inc. 12,994   133,318  
Digi International, Inc.* 5,296   49,624  
DTS, Inc.* 1,272   26,178  
Electro Scientific Industries, Inc. 5,658   60,880  
Electronics For Imaging, Inc.* 6,142   173,757  
FARO Technologies, Inc.* 2,384   80,627  
FEI Co. 3,406   248,604  
Harmonic, Inc.* 21,351   135,579  
Insight Enterprises, Inc.* 75,510   1,339,547  
Intermec, Inc.* 21,564   211,974  
Intevac, Inc.*(a) 3,925   22,215  
Ixia*(a) 7,087   130,401  
Littelfuse, Inc. 2,687   200,477  
Measurement Specialties, Inc.* 2,126   98,923  
Mercury Systems, Inc.*(a) 7,008   64,614  
Methode Electronics, Inc. 8,644   147,034  
MTS Systems Corp. 2,748   155,537  
NETGEAR, Inc.*(a) 10,133   309,462  
Newport Corp.* 10,955   152,603  
Oplink Communications, Inc.* 2,536   44,050  
OSI Systems, Inc.*(a) 3,986   256,778  
Park Electrochemical Corp. 2,045   49,100  
PC-Tel, Inc. 3,253   27,585  
Plexus Corp.*(a) 20,759   620,487  
Procera Networks, Inc.* 1,108   15,213  
QLogic Corp.* 15,640   149,988  
Radisys Corp.* 14,720   70,803  
Rofin-Sinar Technologies, Inc.* 5,389   134,402  
Rogers Corp.* 3,028   143,285  
ScanSource, Inc.* 23,606   755,392  
Super Micro Computer, Inc.* 18,653   198,468  
Symmetricom, Inc.* 13,770   61,827  
Synaptics, Inc.*(a) 4,094   157,865  
SYNNEX Corp.*(a) 64,417   2,723,551  
TTM Technologies, Inc.* 20,257   170,159  
ViaSat, Inc.*(a) 4,110   293,701  
Total Technology Hardware        
& Equipment     13,685,937  
   
Telecommunication Services—0.6%        
Atlantic Tele-Network, Inc. 4,075   202,364  
Cbeyond, Inc.* 16,427   128,788  
Cincinnati Bell, Inc.* 30,285   92,672  
General Communication, Inc.,        
Class A* 23,695   185,532  
Lumos Networks Corp.(a) 3,274   55,985  
NTELOS Holdings Corp. 7,843   129,096  
USA Mobility, Inc. 4,498   61,038  
Total Telecommunication Services     855,475  

 

Investments Shares     Value
Transportation—2.9%        
Allegiant Travel Co.(a) 2,631 $ 278,860  
Arkansas Best Corp. 34,968   802,516  
Atlas Air Worldwide Holdings, Inc.*(a) 9,795   428,629  
Forward Air Corp. 4,229   161,886  
Heartland Express, Inc.(a) 10,308   142,972  
HUB Group, Inc., Class A*(a) 24,577   895,094  
Knight Transportation, Inc.(a) 14,830   249,441  
Old Dominion Freight Line, Inc.*(a) 13,617   566,739  
SkyWest, Inc. 63,348   857,732  
Total Transportation     4,383,869  
 
Utilities—2.7%        
ALLETE, Inc. 5,599   279,110  
American States Water Co.(a) 2,569   137,878  
Avista Corp.(a) 15,757   425,754  
El Paso Electric Co. 6,758   238,625  
Laclede Group, Inc. 6,106   278,800  
New Jersey Resources Corp.(a) 10,924   453,674  
Northwest Natural Gas Co.(a) 4,626   196,512  
NorthWestern Corp. 7,355   293,465  
Piedmont Natural Gas Co., Inc. 9,185   309,902  
South Jersey Industries, Inc. 3,256   186,927  
Southwest Gas Corp. 10,767   503,788  
UIL Holdings Corp.(a) 11,095   424,384  
UNS Energy Corp. 8,844   395,592  
Total Utilities     4,124,411  
 
Total Common Stocks        
(Cost $113,199,907)     153,375,431  
INVESTMENT OF CASH COLLATERAL        
FOR SECURITIES LOANED—29.6%        
Dreyfus Institutional Preferred        
Money Market Fund—        
Prime Shares, 0.07% (b)        
(Cost $45,423,813) 45,423,813   45,423,813  
Total Investments—129.6%        
(Cost $158,623,720)     198,799,244  
Liabilities in Excess of Other Assets—(29.6)%   (45,358,000 )
Net Assets—100.0%   $ 153,441,244  

 

REIT – Real Estate Investment Trusts

*Non-income producing security
(a)All or a portion of the security was on loan. The aggregate market value of the securities on loan was $43,046,269; total market value of collateral held by the Fund was $45,423,813.
(b)Rate shown represents annualized 7-day yield as of June 30, 2013.

The accompanying notes are an integral part of these financial statements.

32
 

Schedule of Investments

RevenueShares Financials Sector Fund

June 30, 2013

Investments Shares     Value
COMMON STOCKS—99.9%      
Capital Markets—9.9%      
Ameriprise Financial, Inc. 2,589 $ 209,398
Bank of New York Mellon Corp. 10,829   303,753
BlackRock, Inc. 720   184,932
Charles Schwab Corp.(a) 5,204   110,481
E*Trade Financial Corp.*(a) 3,605   45,639
Franklin Resources, Inc. 1,030   140,101
Goldman Sachs Group, Inc. 5,322   804,952
Invesco Ltd. 2,730   86,814
Legg Mason, Inc.(a) 1,600   49,616
Morgan Stanley 26,267   641,703
Northern Trust Corp. 1,464   84,766
State Street Corp. 3,123   203,651
T. Rowe Price Group, Inc. 866   63,348
Total Capital Markets     2,929,154
 
Commercial Banks—13.0%      
BB&T Corp. 6,713   227,437
Comerica, Inc. 1,455   57,953
Fifth Third Bancorp 7,944   143,389
Huntington Bancshares, Inc. 8,131   64,072
KeyCorp 9,120   100,685
M&T Bank Corp. 938   104,822
PNC Financial Services Group, Inc. 4,901   357,381
Regions Financial Corp. 13,446   128,140
SunTrust Banks, Inc. 7,234   228,377
U.S. Bancorp 12,988   469,516
Wells Fargo & Co. 46,268   1,909,480
Zions Bancorporation(a) 1,852   53,486
Total Commercial Banks     3,844,738
 
Consumer Finance—5.2%      
American Express Co. 9,480   708,725
Capital One Financial Corp. 8,184   514,037
Discover Financial Services 3,918   186,654
SLM Corp. 5,618   128,427
Total Consumer Finance     1,537,843
 
Diversified Financial Services—21.9%    
Bank of America Corp. 156,821   2,016,718
Citigroup, Inc. 37,773   1,811,971
CME Group, Inc., Class A 769   58,429
IntercontinentalExchange, Inc.* 153   27,197
JPMorgan Chase & Co. 41,107   2,170,039
Leucadia National Corp. 6,825   178,951
Moody’s Corp. 934   56,909
NASDAQ OMX Group, Inc. 1,917   62,858
NYSE Euronext 1,848   76,507
Total Diversified Financial Services     6,459,579
 
Insurance—45.8%      
ACE Ltd. 4,164   372,595
Aflac, Inc. 9,164   532,612
Allstate Corp. 14,619   703,466
American International Group, Inc.* 30,713   1,372,871
AON PLC 3,670   236,164
Assurant, Inc. 3,444   175,334
Berkshire Hathaway, Inc., Class B* 30,438   3,406,621
Chubb Corp. 3,228   273,250
Cincinnati Financial Corp. 1,866   85,649
Genworth Financial, Inc., Class A* 18,117   206,715
Hartford Financial Services Group, Inc. 19,181   593,077
Lincoln National Corp. 6,756   246,391
Loews Corp. 6,691   297,080

 

Investments Shares     Value
Marsh & McLennan Cos., Inc. 6,164 $ 246,067
MetLife, Inc. 32,093   1,468,576
Principal Financial Group, Inc. 4,964   185,902
Progressive Corp. 14,206   361,117
Prudential Financial, Inc. 24,388   1,781,056
Torchmark Corp. 1,161   75,628
Travelers Cos., Inc. 6,396   511,168
Unum Group 7,624   223,917
XL Group PLC 4,767   144,535
Total Insurance     13,499,791
 
Media—0.4%      
McGraw Hill Financial, Inc. 2,189   116,433
 
Paper & Forest Products—0.5%      
Weyerhaeuser Co. 5,531   157,578
 
Real Estate Investment Trusts—2.5%    
American Tower Corp. 802   58,682
Apartment Investment &      
Management Co., Class A 762   22,890
AvalonBay Communities, Inc. 171   23,070
Boston Properties, Inc. 358   37,758
Equity Residential 803   46,622
HCP, Inc. 888   40,351
Health Care REIT, Inc. 629   42,162
Host Hotels & Resorts, Inc. 6,726   113,468
Kimco Realty Corp. 893   19,137
Macerich Co. (The) 310   18,901
Plum Creek Timber Co., Inc.(a) 587   27,395
Prologis, Inc. 1,106   41,718
Public Storage 258   39,559
Simon Property Group, Inc. 618   97,595
Ventas, Inc. 755   52,442
Vornado Realty Trust(a) 701   58,078
Total Real Estate Investment Trusts     739,828
 
Real Estate Management & Development—0.5%
CBRE Group, Inc., Class A* 5,986   139,833
 
Thrifts & Mortgage Finance—0.2%      
Hudson City Bancorp, Inc. 3,879   35,532
People’s United Financial, Inc. 1,960   29,204
Total Thrifts & Mortgage Finance     64,736
 
Total Common Stocks      
(Cost $26,866,252)     29,489,513
INVESTMENT OF CASH COLLATERAL    
FOR SECURITIES LOANED—1.0%      
Dreyfus Institutional Preferred      
Money Market Fund—      
Prime Shares, 0.07% (b)      
(Cost $280,929) 280,929   280,929
Total Investments—100.9%      
(Cost $27,147,181)     29,770,442
Liabilities in Excess of Other Assets—(0.9)%   (261,155
Net Assets—100.0%   29,509,287

 

PLC – Public Limited Company REIT – Real Estate Investment Trust

*Non-income producing security
(a)All or a portion of the security was on loan. The aggregate market value of the securities on loan was $274,038; total market value of collateral held by the Fund was $280,929.
(b)Rate shown represents annualized 7-day yield as of June 30, 2013.

The accompanying notes are an integral part of these financial statements.

33
 

Schedule of Investments

RevenueShares Adr Fund

June 30, 2013

Investments Shares     Value
COMMON STOCKS—97.9%      
Automobiles & Components—6.5%      
Honda Motor Co. Ltd.(a) 11,547 $ 430,126
Magna International, Inc. 1,736   123,638
Toyota Motor Corp.(a) 8,337   1,005,942
Total Automobiles & Components     1,559,706
         
Banks—12.0%      
Banco Bilbao Vizcaya Argentaria SA(a)(b) 12,256   103,073
Banco Bradesco SA(a) 22,618   294,260
Banco de Chile(a) 198   17,242
Banco Santander Chile(a) 775   18,949
Banco Santander SA(a)(b) 29,869   193,252
Bancolombia SA(a) 410   23,165
Bank of Montreal(b) 1,370   79,501
Bank of Nova Scotia 1,895   101,477
Barclays PLC(a) 10,999   188,303
Canadian Imperial Bank of Commerce 877   62,249
Credicorp Ltd. 125   15,995
HSBC Holdings PLC(a) 5,025   260,798
Itau Unibanco Holding SA(a) 17,813   230,144
KB Financial Group, Inc.(a) 32   948
Lloyds Banking Group PLC*(a) 59,908   230,047
Mitsubishi UFJ Financial      
Group, Inc.(a)(b) 34,814   216,195
Mizuho Financial Group, Inc.(a) 31,199   128,852
National Bank of Greece SA*(a) 6,360   21,942
Royal Bank of Canada 2,284   133,180
Royal Bank of Scotland      
Group PLC*(a)(b) 16,948   142,533
Shinhan Financial Group Co., Ltd.(a) 119   3,871
Sumitomo Mitsui Financial      
Group, Inc.(a) 16,956   156,334
Toronto-Dominion Bank 1,478   118,787
Westpac Banking Corp.(a) 1,205   158,927
Total Banks     2,900,024
         
Capital Goods—3.1%      
ABB Ltd.*(a) 6,948   150,494
Embraer SA(a) 616   22,724
Koninklijke Philips Electronics NV 4,186   113,818
Kubota Corp.(a) 646   47,022
Nidec Corp.(a) 2,017   35,338
Siemens AG(a) 3,659   370,693
Total Capital Goods     740,089
         
Consumer Durables & Apparel—1.5%    
Gildan Activewear, Inc. 195   7,900
Luxottica Group S.p.A.(a) 668   33,774
Sony Corp.(a) 15,059   319,100
Total Consumer Durables & Apparel     360,774
         
Consumer Services—0.3%      
Carnival PLC(a)(b) 1,695   59,427
Intercontinental Hotels Group PLC(a) 250   6,867
Tim Hortons, Inc. 221   11,963
Total Consumer Services     78,257
         
Diversified Financials—3.5%      
Credit Suisse Group AG*(a)(b) 5,632   149,023
Deutsche Bank AG 5,539   232,361
ING Groep NV*(a) 21,598   196,326
Nomura Holdings, Inc.(a)(b) 11,558   85,991
ORIX Corp.(a) 327   22,344

 

Investments Shares     Value
UBS AG*(b) 8,738 $ 148,109
Total Diversified Financials     834,154
 
Energy—35.7%      
BP PLC(a) 28,652   1,195,934
Cameco Corp. 397   8,202
Canadian Natural Resources Ltd. 1,939   54,796
Cenovus Energy, Inc. 2,155   61,461
China Petroleum & Chemical Corp.(a) 13,061   1,195,081
CNOOC Ltd.(a) 872   146,043
Ecopetrol SA(a)(b) 3,344   140,649
Enbridge, Inc. 2,313   97,308
Encana Corp. 948   16,059
Enerplus Corp.(b) 274   4,052
ENI SpA(a) 14,300   586,872
Imperial Oil Ltd.(b) 2,951   112,758
Penn West Petroleum Ltd. 824   8,718
PetroChina Co. Ltd.(a) 11,205   1,240,057
Petroleo Brasileiro SA, Class A(a) 33,718   494,306
Royal Dutch Shell PLC, Class A(a) 13,539   863,788
Royal Dutch Shell PLC, Class B(a) 13,106   868,535
Statoil ASA(a) 20,310   420,214
Suncor Energy, Inc. 4,796   141,434
Talisman Energy, Inc.(b) 2,081   23,786
Tenaris SA(a)(b) 1,030   41,478
Total SA(a) 17,463   850,448
TransCanada Corp. 685   29,530
Total Energy     8,601,509
 
Food & Staples Retailing—0.8%      
Cencosud SA(a)(b) 5,188   77,301
Delhaize Group SA(a) 1,730   106,983
Total Food & Staples Retailing     184,284
 
Food, Beverage & Tobacco—2.8%      
Anheuser-Busch InBev NV(a) 1,643   148,297
BRF—Brasil Foods SA(a) 2,653   57,596
British American Tobacco PLC(a) 856   88,117
Diageo PLC(a) 577   66,326
Fomento Economico Mexicano      
SAB de CV(a) 709   73,162
Unilever NV 3,148   123,748
Unilever PLC(a) 3,080   124,586
Total Food, Beverage & Tobacco     681,832
 
Health Care Equipment & Services—0.5%    
Catamaran Corp.* 841   40,974
Fresenius Medical Care AG & Co.      
KGaA(a) 1,535   54,139
Smith & Nephew PLC(a) 268   15,032
Total Health Care Equipment & Services   110,145
 
Insurance—5.0%      
Aegon NV, Class G 28,497   192,640
Aviva PLC(a)(b) 24,863   258,824
China Life Insurance Co. Ltd.(a) 6,749   235,405
Manulife Financial Corp.(b) 7,514   120,374
Prudential PLC(a)(b) 10,011   327,560
Sun Life Financial, Inc.(b) 2,497   73,961
Total Insurance     1,208,764

 

The accompanying notes are an integral part of these financial statements.

34
 

Schedule of Investments — continued

RevenueShares Adr Fund

June 30, 2013

Investments Shares     Value
Materials—5.9%      
Agnico-Eagle Mines Ltd. 245 $ 6,747
Agrium, Inc. 706   61,394
ArcelorMittal(b) 25,808   289,050
Barrick Gold Corp. 2,947   46,386
BHP Billiton Ltd.(a) 2,241   129,216
BHP Billiton PLC(a) 2,469   126,586
Cemex SAB de CV*(a) 5,454   57,703
Cia de Minas Buenaventura SA(a) 326   4,812
Cia Siderurgica Nacional SA(a)(b) 10,469   28,999
CRH PLC(a) 4,471   90,806
Eldorado Gold Corp. 668   4,128
Gerdau SA(a) 12,293   70,193
Goldcorp, Inc. 730   18,053
IAMGOLD Corp. 1,198   5,187
Kinross Gold Corp. 2,916   14,872
POSCO(a) 1,703   110,831
Potash Corp. of Saskatchewan, Inc. 783   29,856
Randgold Resources Ltd.(a) 75   4,804
Rio Tinto PLC(a)(b) 4,489   184,408
Silver Wheaton Corp. 146   2,872
Sociedad Quimica y Minera      
de Chile SA(a) 231   9,332
Southern Copper Corp.(b) 846   23,367
Syngenta AG(a) 705   54,891
Teck Resources Ltd., Class B(b) 1,667   35,624
Yamana Gold, Inc. 840   7,988
Total Materials     1,418,105
 
Media—0.9%      
Grupo Televisa SAB(a) 873   21,685
Pearson PLC(a) 1,648   29,516
Reed Elsevier NV(a) 549   18,183
Reed Elsevier PLC(a)(b) 399   18,206
Shaw Communications, Inc., Class B 854   20,522
Thomson Reuters Corp. 1,505   49,018
WPP PLC(a) 727   62,078
Total Media     219,208
 
Pharmaceuticals, Biotechnology & Life Sciences—3.0%
AstraZeneca PLC(a) 2,058   97,343
Elan Corp. PLC*(a) 167   2,361
GlaxoSmithKline PLC(a) 3,073   153,558
Novartis AG(a) 3,025   213,898
Novo Nordisk A/S(a) 333   51,605
QIAGEN NV*(b) 249   4,957
Sanofi(a) 3,160   162,772
Shire PLC(a) 184   17,500
Valeant Pharmaceuticals      
International, Inc.* 170   14,634
Total Pharmaceuticals, Biotechnology      
& Life Sciences     718,628

 

Investments Shares     Value
Real Estate—0.3%      
Brookfield Asset Management, Inc.,      
Class A 2,203 $ 79,352
 
Semiconductors & Semiconductor Equipment—0.5%
Advantest Corp.(a) 439   7,196
ARM Holdings PLC(a)(b) 95   3,437
ASML Holding NV, Class G 272   21,515
STMicroelectronics NV, Class Y 3,288   29,559
Taiwan Semiconductor Manufacturing      
Co. Ltd.(a) 3,563   65,274
Total Semiconductors &      
Semiconductor Equipment     126,981
 
Software & Services—0.3%      
SAP AG(a) 1,068   77,783
 
Technology Hardware & Equipment—2.5%    
Alcatel-Lucent*(a) 38,686   70,408
Canon, Inc.(a) 4,860   159,748
Kyocera Corp.(a) 572   58,201
Nokia OYJ*(a)(b) 37,124   138,844
Research In Motion Ltd.*(b) 4,273   44,738
Telefonaktiebolaget LM Ericsson(a) 10,909   123,054
Total Technology Hardware & Equipment   594,993
 
Telecommunication Services—10.9%    
America Movil SAB de CV, Series R(a) 11,460   249,255
BCE, Inc. 1,780   73,016
BT Group PLC(a) 2,348   110,332
China Mobile Ltd.(a) 6,971   360,889
Chunghwa Telecom Co. Ltd.(a) 778   24,982
France Telecom SA(a) 21,063   199,045
Nippon Telegraph & Telephone Corp.(a) 20,225   526,052
NTT DoCoMo, Inc.(a) 13,964   218,537
Oi SA(a) 29,326   52,787
Portugal Telecom SGPS SA(a)(b) 7,432   29,208
Rogers Communications, Inc., Class B 1,061   41,591
Telecom Italia SpA(a) 19,614   136,317
Telefonica SA*(a) 22,193   284,292
TELUS Corp.(b) 1,235   36,050
Vodafone Group PLC(a) 9,757   280,416
Total Telecommunication Services     2,622,769
 
Transportation—0.5%      
Canadian National Railway Co. 393   38,227
Canadian Pacific Railway Ltd. 181   21,970
Latam Airlines Group SA(a) 2,695   45,519
Ryanair Holdings PLC(a) 472   24,322
Total Transportation     130,038

 

The accompanying notes are an integral part of these financial statements.

35
 

Schedule of Investments — continued

RevenueShares Adr Fund

June 30, 2013

 
Investments   Shares     Value
Utilities—1.4%          
Cia Energetica de Minas Gerais(a)(b)   3,663 $ 32,857  
CPFL Energia SA(a)   1,562   28,569  
Empresa Nacional de Electricidad SA(a)   413   18,242  
Enersis SA(a)   3,185   52,107  
National Grid PLC(a)   1,497   84,835  
TransAlta Corp.   623   8,548  
Veolia Environnement SA(a)   10,937   124,791  
Total Utilities       349,949  
 
Total Common Stocks          
(Cost $25,560,925)       23,597,344  
PREFERRED STOCKS—1.0%          
Food, Beverage & Tobacco—0.3%          
Cia de Bebidas das Americas(a)   1,762   65,811  
 
Materials—0.7%          
Vale SA, Class B(a)   13,832   168,197  
 
Utilities—0.0%          
Cia Paranaense de Energia-Copel          
Preference B(a)   1,104   13,711  
 
Total Preferred Stocks          
(Cost $407,044)       247,719  
INVESTMENT OF CASH COLLATERAL          
FOR SECURITIES LOANED—10.3%          
Dreyfus Institutional Preferred          
Money Market Fund—          
Prime Shares, 0.07%(c)          
(Cost $2,483,240)   2,483,240   2,483,240  
Total Investments—109.2%          
(Cost $28,451,209)       26,328,303  
Liabilities in Excess of Other Assets—(9.2)%   (2,210,671 )
Net Assets—100.0%     $ 24,117,632  

 

Country   Value     % of
Net Assets
Australia $ 288,143   1.2 %
Belgium   255,280   1.0  
Brazil   1,560,155   6.5  
Canada   2,043,861   8.5  
Chile   238,692   1.0  
China   1,475,462   6.1  
Colombia   163,814   0.7  
Denmark   51,605   0.2  
Finland   138,844   0.6  
France   1,407,465   5.8  
Germany   734,976   3.0  
Greece   21,942   0.1  
Hong Kong   1,702,013   7.0  
Ireland   134,990   0.6  
Italy   756,963   3.1  
Japan   3,416,978   14.2  
Jersey Islands   4,804   0.0 †
Luxembourg   330,528   1.4  
Mexico   401,805   1.7  
Netherlands   2,403,509   10.0  
Norway   420,214   1.7  
Peru   20,807   0.1  
Portugal   29,208   0.1  
South Korea   115,650   0.5  
Spain   580,618   2.4  
Sweden   123,054   0.5  
Switzerland   745,974   3.1  
Taiwan   90,256   0.4  
United Kingdom   4,115,069   17.1  
United States   2,555,624     10.6  
Total Investments   26,328,303   109.2  
Liabilities in Excess of          
Other Assets   (2,210,671 )   (9.2 )
Net Assets $ 24,117,632     100.0 %

 

†Less than 0.05%

PLC – Public Limited Company

*Non-income producing security (a) American Depositary Receipt
(b)All or a portion of the security was on loan. The aggregate market value of the securities on loan was $2,395,121; total market value of collateral held by the Fund was $2,483,240.
(c)Rate shown represents annualized 7-day yield as of June 30, 2013.

The accompanying notes are an integral part of these financial statements.

36
 

Schedule of Investments

RevenueShares Navellier Overall A-100 Fund

June 30, 2013

Investments Shares     Value
COMMON STOCKS—99.9%        
Automobiles & Components—0.8%      
Standard Motor Products, Inc.   902 $ 30,975
Winnebago Industries, Inc.*   940   19,730
Total Automobiles & Components       50,705
 
Banks—1.8%        
BofI Holding, Inc.*   629   28,821
Farmers Capital Bank Corp.*   475   10,303
Fidelity Southern Corp.*(a)   2,091   25,865
First M&F Corp.   674   10,656
Home Loan Servicing Solutions Ltd. 449   10,762
MutualFirst Financial, Inc.   698   9,842
Pulaski Financial Corp.   1,036   9,894
Waterstone Financial, Inc.*   1,288   13,086
Total Banks       119,229
 
Capital Goods—1.4%        
Coleman Cable, Inc.   1,476   26,657
Middleby Corp.*   217   36,909
Pike Electric Corp.   2,374   29,200
Total Capital Goods       92,766
 
Commercial & Professional Services—1.6%    
Barrett Business Services, Inc.   507   26,471
Huron Consulting Group, Inc.*(a)   577   26,681
Mobile Mini, Inc.*   536   17,768
Portfolio Recovery Associates, Inc.* 210   32,262
Total Commercial & Professional Services     103,182
 
Consumer Durables & Apparel—9.0%    
Libbey, Inc.*   1,167   27,973
Luxottica Group S.p.A.(b)   2,605   131,709
Nautilus, Inc.*   4,567   39,687
Whirlpool Corp.   3,463   396,029
Total Consumer Durables & Apparel     595,398
 
Consumer Services—2.7%        
Carriage Services, Inc.   711   12,051
Cracker Barrel Old Country Store, Inc.(a) 765   72,415
Monarch Casino & Resort, Inc.*   744   12,544
Nathan’s Famous, Inc.*   202   10,555
Service Corp. International   3,768   67,937
Total Consumer Services       175,502
 
Diversified Financials—2.2%        
CBOE Holdings, Inc.   496   23,133
Financial Engines, Inc.(a)   283   12,902
MarketAxess Holdings, Inc.   285   13,324
Nelnet, Inc., Class A   933   33,672
Ocwen Financial Corp., Class A*   838   34,542
Regional Management Corp.*   469   11,725
Virtus Investment Partners, Inc.*   74   13,044
Total Diversified Financials       142,342

 

Investments Shares     Value
Energy—16.0%      
CVR Energy, Inc. 2,237 $ 106,034
Delek US Holdings, Inc. 4,398   126,574
Marathon Petroleum Corp. 5,432   385,998
Tesoro Corp.(a) 8,283   433,367
Total Energy     1,051,973
 
Food, Beverage & Tobacco—9.4%      
Flowers Foods, Inc. 4,590   101,210
General Mills, Inc. 8,606   417,649
Green Mountain Coffee      
Roasters, Inc.*(a) 1,318   98,929
Total Food, Beverage & Tobacco     617,788
 
Health Care Equipment & Services—3.5%    
Addus HomeCare Corp.* 700   13,818
AMN Healthcare Services, Inc.* 1,991   28,511
Medidata Solutions, Inc.*(a) 193   14,948
Providence Service Corp. (The)* 1,316   38,283
ResMed, Inc.(a) 764   34,479
Team Health Holdings, Inc.*(a) 2,432   99,882
Total Health Care Equipment & Services   229,921
 
Household & Personal Products—0.5%    
Female Health Co. (The) 933   9,199
Inter Parfums, Inc. 804   22,930
Total Household & Personal Products     32,129
 
Insurance—4.7%      
Arch Capital Group Ltd.* 2,110   108,475
Axis Capital Holdings Ltd. 2,260   103,463
HCC Insurance Holdings, Inc. 1,173   50,568
HCI Group, Inc. 958   29,430
Universal Insurance Holdings, Inc. 2,062   14,599
Total Insurance     306,535
 
Materials—5.5%      
American Pacific Corp.* 480   13,608
CaesarStone Sdot—Yam Ltd.* 553   15,058
Chase Corp. 563   12,589
Packaging Corp. of America 2,103   102,963
Rock-Tenn Co., Class A 2,172   216,939
Total Materials     361,157
 
Media—9.3%      
Fisher Communications, Inc. 142   5,833
Lions Gate Entertainment Corp.*(a) 2,567   70,516
Reed Elsevier NV(b) 861   28,516
Reed Elsevier PLC(a)(b) 653   29,796
Time Warner, Inc. 8,219   475,223
Total Media     609,884

 

The accompanying notes are an integral part of these financial statements.

37
 

Schedule of Investments — continued

RevenueShares Navellier Overall A-100 Fund

June 30, 2013

Investments Shares     Value  
Pharmaceuticals, Biotechnology & Life Sciences—14.6%  
Amgen, Inc. 2,251 $ 222,084  
China Biologic Products, Inc.* 190   4,360  
Covance, Inc.*(a) 864   65,785  
Gilead Sciences, Inc.* 4,843   248,010  
ICON PLC* 1,019   36,103  
Jazz Pharmaceuticals PLC* 363   24,949  
Lannett Co., Inc.* 1,017   12,112  
Santarus, Inc.*(a) 1,615   33,996  
Thermo Fisher Scientific, Inc. 3,663   310,000  
Total Pharmaceuticals, Biotechnology        
& Life Sciences     957,399  
   
Real Estate—1.3%        
China HGS Real Estate, Inc.*(a) 1,013   8,904  
Geo Group, Inc. (The) 1,265   42,947  
Redwood Trust, Inc. 1,188   20,196  
Select Income REIT(a) 417   11,693  
Total Real Estate     83,740  
   
Real Estate Investment Trusts—0.1%      
Medical Properties Trust, Inc.(a) 411   5,886  
   
Retailing—2.1%        
Big 5 Sporting Goods Corp. 1,439   31,586  
Conn’s, Inc.*(a) 567   29,348  
Lumber Liquidators Holdings, Inc.*(a) 494   38,468  
Overstock.com, Inc.*(a) 1,336   37,675  
Total Retailing     137,077  
   
Semiconductors & Semiconductor Equipment—0.6%  
Cree, Inc.* 615   39,274  
   
Software & Services—3.7%        
Bitauto Holdings Ltd.* (a)(b) 1,057   11,595  
Fleetcor Technologies, Inc.* 460   37,398  
NIC, Inc.(a) 841   13,902  
Perion Network Ltd.* 840   9,618  
Reis, Inc.* 1,342   24,814  
Tyler Technologies, Inc.*(a) 431   29,545  
Yahoo!, Inc.* 4,768   119,724  
Total Software & Services     246,596  

 

Investments Shares     Value
Technology Hardware & Equipment—1.0%      
Alliance Fiber Optic Products, Inc. 400 $ 8,004  
CalAmp Corp.* 2,307   33,682  
Methode Electronics, Inc. 1,387   23,593  
Silicom Ltd. 56   1,920  
Total Technology Hardware & Equipment   67,199  
 
Telecommunication Services—5.4%      
SK Telecom Co. Ltd.(b) 17,659   359,007  
 
Transportation—2.3%        
Allegiant Travel Co. 332   35,189  
Copa Holdings SA, Class A 395   51,792  
Grupo Aeroportuario del Centro        
Norte S.A.B. de CV*(b) 858   22,463  
Grupo Aeroportuario del Pacifico        
S.A.B. de CV(b) 424   21,552  
Grupo Aeroportuario del Sureste        
S.A.B. de CV(b) 205   22,804  
Total Transportation     153,800  
 
Utilities—0.4%        
American States Water Co.(a) 451   24,205  
 
Total Common Stocks        
(Cost $6,221,330)     6,562,694  
INVESTMENT OF CASH COLLATERAL      
FOR SECURITIES LOANED—15.6%      
Dreyfus Institutional Preferred        
Money Market Fund—        
Prime Shares, 0.07% (c)        
(Cost $1,024,538) 1,024,538   1,024,538  
Total Investments—115.5%        
(Cost $7,245,868)     7,587,232  
Liabilities in Excess of Other Assets—(15.5)%   (1,017,247 )
Net Assets—100.0%   $ 6,569,985  

 

PLC – Public Limited Company

REIT – Real Estate Investment Trusts

*Non-income producing security
(a)All or a portion of the security was on loan. The aggregate market value of the securities on loan was $996,171; total market value of collateral held by the Fund was $1,024,538.
(b)American Depositary Receipt
(c)Rate shown represents annualized 7-day yield as of June 30, 2013.

The accompanying notes are an integral part of these financial statements.

38
 

Statements of Assets and Liabilities

June 30, 2013

  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
(including securities
on loan) (Note 5)1		  
 
$		  
 
220,617,788 		  
 
 		  
 
$		  
 
179,895,415		  
 
 		  
 
$		  
 
198,799,244		  
 
 		  
 
$		  
 
29,770,442		  
 
 		  
 
$		  
 
26,328,303		  
 
 		  
 
$		  
 
7,587,232		  
 
 
Cash   943,942     2,400,370     —     26,681     122,015     12,055  
Receivables:                                    
Dividends   209,954     107,379     306,919     12,955     154,815     24,111  
Capital shares sold   —     —     —     1,967,286     —     —  
Investment securities sold   62,728     10,628,135     3,885,362     —     —     174  
Securities lending income, net (Note 2)  
 		  
1,253		  
 		  
 		  
5,506		  
 		  
 		  
7,705		  
 		  
 		  
15		  
 		  
 		  
1,166		  
 		  
 		  
65		  
 
Reclaims   —     —     —     —     41,126     99  
Prepaid expenses   7,086     6,896     7,085     5,819     5,897     5,974  
 
Total Assets   221,842,751     193,043,701     203,006,315     31,783,198     26,653,322     7,629,710  
 
LIABILITIES:                                    
Payables:                                    
Investment of cash collateral                                  
for securities on loan                                    
(Note 2)   39,675,886     56,306,534     45,423,813     280,929     2,483,240     1,024,538  
Due to custodian   —     —     13,601     —     —     —  
Capital shares payable   —     6,022     —     —     —     —  
Investment securities purchased —     13,048,706     4,003,743     1,964,356     15,919     10,298  
Advisory fees (Note 3)   32,275     27,720     32,933     2,458     964     1,266  
Compliance Officer fees   3,097     2,377     2,496     809     1,177     797  
Trustees fees   3,373     2,431     2,763     1,367     500     1,462  
Other accrued expenses   102,960     84,810     85,722     23,992     33,890     21,364  
 
Total Liabilities   39,817,591     69,478,600     49,565,071     2,273,911     2,535,690     1,059,725  
 
NET ASSETS $ 182,025,160   $ 123,565,101   $ 153,441,244   $ 29,509,287   $ 24,117,632   $ 6,569,985  
 
NET ASSETS CONSIST OF:                                    
Paid-in capital $ 137,494,716   $ 95,461,806   $ 113,897,749   $ 28,287,975   $ 29,970,289   $ 6,507,265  
Undistributed net investment income   754,270     272,297     360,340     36,799     262,179     78,900  
Accumulated net realized gain (loss) on investments   (3,398,995 )   (750,486 )   (992,369 )   (1,438,748 )   (3,991,930 )   (357,544 )
Net unrealized appreciation                                    
(depreciation) on                                    
Investments   47,175,169     28,581,484     40,175,524     2,623,261     (2,122,906 )   341,364  
 
NET ASSETS $ 182,025,160   $ 123,565,101   $ 153,441,244   $ 29,509,287   $ 24,117,632   $ 6,569,985  
 
Shares outstanding                                    
(unlimited number of                                    
shares of beneficial                                    
interest authorized,                                    
without par value)   5,801,400     3,251,400     3,501,400     750,000     700,000     150,000  
Net asset value, per share   31.38   $ 38.00   $ 43.82   $ 39.35   $ 34.45   $ 43.80  
 
Investment at cost $ 173,442,619   $ 151,313,931   $ 158,623,720   $ 27,147,181   $ 28,451,209   $ 7,245,868  
 
1 Market value of                                    
securities on loan: $ 38,522,440   $ 54,861,999   $ 43,046,269   $ 274,038   $ 2,395,121   $ 996,171  

 

The accompanying notes are an integral part of these financial statements.

39
 

Statements of Operations

Year Ended June 30, 2013

  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 $ 3,924,113   $ 1,723,239   $ 1,885,799   $ 200,755   $ 1,044,746   $ 198,153  
Foreign withholding tax   (8,431 )   —     —     —     (106,377 )   (5,029 )
Securities lending income,                                    
net (Note 2)   29,314     251,052     95,330     88     13,430     1,963  
 
Total Income   3,944,996     1,974,291     1,981,129     200,843     951,799     195,087  
 
EXPENSES:                                    
Advisory fees (Note 3)   734,364     576,016     646,194     56,087     171,774     44,236  
BNY Fund Services fees   252,833     198,677     221,344     24,880     61,927     16,869  
Professional fees   74,770     57,347     63,274     19,153     25,354     17,619  
Compliance Officer fees   34,516     26,949     28,757     9,880     12,958     9,500  
Printing and Postage   34,447     32,127     34,441     3,978     13,114     5,042  
Trustees fees   15,241     11,194     12,194     2,087     2,691     1,998  
NYSE Calculation fees   5,947     5,948     5,947     6,064     5,947     6,025  
NYSE Listing fees   4,951     4,950     4,950     4,954     4,955     2,495  
Other Expenses   8,235     6,518     6,020     1,846     3,482     1,876  
 
Total Expenses   1,165,304     919,726     1,023,121     128,929     302,202     105,660  
 
Less expense waivers and                                    
reimbursements (Note 3)   (365,663 )   (297,629 )   (325,232 )   (67,857 )   (161,920 )   (61,424 )
 
Net Expenses   799,641     622,097     697,889     61,072     140,282     44,236  
 
Net Investment Income   3,145,355     1,352,194     1,283,240     139,771     811,517     150,851  
 
NET REALIZED AND UNREALIZED                              
GAIN (LOSS) ON INVESTMENTS:                              
Net realized gain (loss) on                                    
Investments   1,389,271     (410,190 )   109,786     (512,195 )   (1,621,201 )   1,178,377  
Net realized gain on in-kind                                    
redemptions   4,672,230     13,032,580     1,602,188     294,686     612,064     35,932  
 
Total net realized gain (loss)   6,061,501     12,622,390     1,711,974     (217,509 )   (1,009,137 )   1,214,309  
Net change in unrealized                                    
appreciation (depreciation)                                    
on investments   28,706,563     14,220,744     32,237,520     4,301,291     2,860,112     (288,549 )
 
Net realized and unrealized gain on investments   34,768,064     26,843,134     33,949,494     4,083,782     1,850,975     925,760  
 
Net Increase in Net Assets Resulting From                                    
Operations $ 37,913,419   $ 28,195,328   $ 35,232,734   $ 4,223,553   $ 2,662,492   $ 1,076,611  

 

The accompanying notes are an integral part of these financial statements.

40
 

Statements of Changes in Net Assets

  RevenueShares
Large Cap Fund		 RevenueShares
Mid Cap Fund		 RevenueShares
Small Cap Fund
  Year Ended
June 30,
2013		 Year Ended
June 30,
2012		 Year Ended
June 30,
2013		     Year Ended
June 30,
2012		 Year Ended
June 30,
2013		     Year Ended
June 30,
2012
 
OPERATIONS:                                        
Net investment income $ 3,145,355   $ 2,849,300   $ 1,352,194     $ 991,878   $ 1,283,240     $ 694,560  
Net realized gain (loss)                                        
on investments and                                        
in-kind redemptions   6,061,501     7,447,148     12,622,390       7,661,493     1,711,974       5,526,394  
Net change in unrealized                                        
appreciation (depreciation)                                        
on investments   28,706,563     (9,224,638 )   14,220,744       (13,900,467 )   32,237,520       (13,168,974 )
 
Net increase (decrease) in                                        
net assets resulting from                                        
operations   37,913,419     1,071,810     28,195,328       (5,247,096 )   35,232,734       (6,948,020 )
 
DISTRIBUTIONS TO                                        
SHAREHOLDERS FROM:                                        
Net investment income   (3,079,803 )   (2,947,099 )   (1,079,903 )     (955,245 )   (1,172,877 )     (525,064 )
Realized gains   —     —     (460,717 )     (3,004,099 )   (474,726 )     —  
 
Total distributions                                        
to shareholders   (3,079,803 )   (2,947,099 )   (1,540,620 )     (3,959,344 )   (1,647,603 )     (525,064 )
 
SHAREHOLDER TRANSACTIONS:                                  
Proceeds from shares sold   10,107,207     4,872,841     21,289,708       15,756,545     15,785,481       19,561,410  
Cost of shares redeemed   (19,199,413 )   (48,014,378 )   (46,936,774 )     (28,227,159 )   (5,530,374 )     (33,504,188 )
 
Net increase (decrease) in                                        
net assets resulting from                                        
shareholder transactions   (9,092,206 )   (43,141,537 )   (25,647,066 )     (12,470,614 )   10,255,107       (13,942,778 )
 
Increase (Decrease) in                                        
net assets   25,741,410     (45,016,826 )   1,007,642       (21,677,054 )   43,840,238       (21,415,862 )
 
NET ASSETS:                                        
Beginning of year   156,283,750     201,300,576     122,557,459       144,234,513     109,601,006     131,016,868  
 
End of year $ 182,025,160   $ 156,283,750   $ 123,565,101   $ 122,557,459   $ 153,441,244   $ 109,601,006  
 
Undistributed net investment                                        
income (loss) included in                                        
net assets at end of year $ 754,270   $ 688,718   $ 272,297     $ —   $ 360,340     $ 249,977  
 
CHANGES IN SHARES                                        
OUTSTANDING:                                        
Shares outstanding,                                        
beginning of year   6,201,400     8,051,400     4,101,400       4,551,400     3,251,400       3,801,400  
Shares sold   350,000     200,000     600,000       550,000     400,000       550,000  
Shares redeemed   (750,000 )   (2,050,000 )   (1,450,000 )     (1,000,000 )   (150,000 )     (1,100,000 )
 
Shares outstanding,                                        
end of year   5,801,400     6,201,400     3,251,400       4,101,400     3,501,400       3,251,400  

 

The accompanying notes are an integral part of these financial statements.

41
 

Statements of Changes in Net Assets — concluded

  RevenueShares
Financials Sector Fund		 RevenueShares ADR Fund RevenueShares
Navellier Overall A-100 Fund
  Year Ended
June 30,
2013		   Year Ended
June 30,
2012		 Year Ended
June 30,
2013		 Year Ended
June 30,
2012		 Year Ended
June 30,
2013		 Year Ended
June 30,
2012
 
OPERATIONS:                                      
Net investment income $ 139,771     $ 85,120   $ 811,517   $ 1,268,326   $ 150,851   $ 111,601  
Net realized gain (loss) on                                      
investments and in-kind                                      
redemptions   (217,509 )     (964,070 )   (1,009,137 )   (211,384 )   1,214,309     (671,187 )
Net change in unrealized                                      
appreciation (depreciation)                                      
on investments   4,301,291       (270,013 )   2,860,112     (11,591,153 )   (288,549 )   (307,826 )
 
Net increase (decrease) in net                                      
assets resulting from                                      
operations   4,223,553       (1,148,963 )   2,662,492     (10,534,211 )   1,076,611     (867,412 )
 
DISTRIBUTIONS TO                                      
SHAREHOLDERS FROM:                                      
Net investment income   (116,947 )     (98,921 )   (695,468 )   (1,906,146 )   (84,688 )   (101,716 )
Realized gains   —       —     —     (280,536 )   —     (110,327 )
 
Total distributions                                      
to shareholders   (116,947 )     (98,921 )   (695,468 )   (2,186,682 )   (84,688 )   (212,043 )
 
SHAREHOLDER TRANSACTIONS:                                      
Proceeds from shares sold   17,282,827       1,326,786     —     —     —     5,602,571  
Cost of shares redeemed   (1,547,478 )     (2,291,797 )   (14,436,425 )   (22,408,571 )   (2,007,397 )   (7,433,585 )
 
Net increase (decrease) in                                      
net assets resulting from                                      
shareholder transactions   15,735,349       (965,011 )   (14,436,425 )   (22,408,571 )   (2,007,397 )   (1,831,014 )
 
Increase (Decrease) in                                      
net assets   19,841,955       (2,212,895 )   (12,469,401 )   (35,129,464 )   (1,015,474 )   (2,910,469 )
 
NET ASSETS:                                      
Beginning of year   9,667,332       11,880,227     36,587,033     71,716,497     7,585,459     10,495,928  
 
End of year $ 29,509,287   $ 9,667,332   $ 24,117,632   $ 36,587,033   $ 6,569,985   $ 7,585,459  
 
Undistributed net investment                                      
income (loss) included in                                      
net assets at end of year $ 36,799     $ 13,975   $ 259,276   $ 142,122   $ 78,900   $ 12,737  
 
CHANGES IN SHARES                                      
OUTSTANDING:                                      
Shares outstanding,                                      
beginning of year   350,000       400,000     1,150,000     1,800,000     200,000     250,000  
Shares sold   450,000       50,000     —     —     —     150,000  
Shares redeemed   (50,000 )     (100,000 )   (450,000 )   (650,000 )   (50,000 )   (200,000 )
 
Shares outstanding,                                      
end of year   750,000       350,000     700,000     1,150,000     150,000     200,000  

 

The accompanying notes are an integral part of these financial statements.

42
 

Financial Highlights

RevenueShares Large Cap Fund

For a share outstanding throughout each year presented.

  Year Ended June 30,
    2013     2012     2011     2010     20091  
 
Per Share Operating Performance:                              
Net asset value, beginning of year $ 25.20   $ 25.00   $ 19.40   $ 16.63   $ 22.87  
 
Net investment income2   0.546     0.41     0.39     0.29     0.33  
Net realized and unrealized gain (loss)                              
on investments   6.17     0.215     5.57     2.74     (6.34 )
 
Total gain (loss) from investment operations   6.71     0.62     5.96     3.03     (6.01 )
 
Less Distributions from:                              
Net investment income   (0.53 )   (0.42 )   (0.36 )   (0.26 )   (0.23 )
 
Net asset value, end of year $ 31.38   $ 25.20   $ 25.00   $ 19.40   $ 16.63  
 
Total Return at Net Asset Value3   26.98 %   2.59 %   30.97 %   18.21 %   (26.27 )%
Total Return at Market Value3   26.86 %   2.57 %   30.94 %   17.99 %   (26.52 )%
 
Ratios/Supplemental Data:                              
Net assets, end of year (000’s) omitted $ 182,025   $ 156,284   $ 201,301   $ 138,721   $ 53,233  
Ratio to average net assets of:                              
Expenses, net of expense waivers                              
and reimbursements   0.49 %   0.49 %   0.49 %   0.49 %   0.49 %
Expenses, prior to expense waivers                              
and reimbursements   0.71 %   0.75 %   0.73 %   0.85 %   1.89 %
Net investment income, net of waivers                              
and reimbursements   1.93 %6   1.72 %   1.68 %   1.44 %   2.05 %
Portfolio turnover rate4   23.47 %   29.05 %   12.73 %   6.72 %   23.67 %

 

1On 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.
2Based on average daily shares outstanding.
3Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. 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. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca.
4Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
5The amount of net gain from securities (both realized and unrealized) per share does not accord with the amounts reported in the Statement of Operations due to the timing of purchases and redemptions of Fund shares during the year.
6For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.02 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.85%.

The accompanying notes are an integral part of these financial statements.

43
 

Financial Highlights — continued

RevenueShares Mid Cap Fund

For a share outstanding throughout each year presented.

  Year Ended June 30,
    2013     2012     2011     2010     20091  
 
Per Share Operating Performance:                              
Net asset value, beginning of year $ 29.88   $ 31.69   $ 23.04   $ 18.84   $ 24.17  
 
Net investment income2   0.395     0.23     0.18     0.17     0.18  
Net realized and unrealized gain (loss)                              
on investments   8.18     (1.15 )   8.64     4.18     (5.36 )
 
Total gain (loss) from investment operations   8.57     (0.92 )   8.82     4.35     (5.18 )
 
Less Distributions from:                              
Net investment income   (0.31 )   (0.22 )   (0.17 )   (0.15 )   (0.15 )
Realized gains   (0.14 )   (0.67 )   —     —     —  
 
Total distributions   (0.45 )   (0.89 )   (0.17 )   (0.15 )   (0.15 )
 
Net asset value, end of year $ 38.00   $ 29.88   $ 31.69   $ 23.04   $ 18.84  
 
Total Return at Net Asset Value3   28.95 %   (2.72 )%   38.40 %   23.07 %   (21.39 )%
Total Return at Market Value3   29.25 %   (2.80 )%   38.42 %   22.86 %   (21.71 )%
 
Ratios/Supplemental Data:                              
Net assets, end of year (000’s) omitted $ 123,565   $ 122,557   $ 144,235   $ 100,270   $ 30,166  
Ratio to average net assets of:                              
Expenses, net of expense waivers and                              
reimbursements   0.54 %   0.54 %   0.54 %   0.54 %   0.54 %
Expenses, prior to expense waivers and                              
reimbursements   0.80 %   0.82 %   0.81 %   0.89 %   2.02 %
Net investment income, net of waivers                              
and reimbursements   1.17 %5   0.77 %   0.61 %   0.71 %   1.12 %
Portfolio turnover rate4   44.42 %   55.02 %   38.03 %   14.51 %   35.25 %

 

1On 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.
2Based on average daily shares outstanding.
3Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. 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. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca.
4Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
5For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.05 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.03%.

The accompanying notes are an integral part of these financial statements.

44
 

Financial Highlights — continued

RevenueShares Small Cap Fund

For a share outstanding throughout each year presented.

  Year Ended June 30,
    2013     2012     2011     2010     20091  
 
Per Share Operating Performance:                              
Net asset value, beginning of year $ 33.71   $ 34.47   $ 25.41   $ 20.04   $ 23.35  
 
Net investment income2   0.385     0.20     0.14     0.07     0.11  
Net realized and unrealized gain (loss)                              
on investments   10.22     (0.81 )   9.06     5.35     (3.32 )
 
Total gain (loss) from investment operations   10.60     (0.61 )   9.20     5.42     (3.21 )
 
Less Distributions from:                              
Net investment income   (0.35 )   (0.15 )   (0.14 )   (0.05 )   (0.10 )
Realized gains   (0.14 )   —     —     —     —  
 
Total distributions   (0.49 )   (0.15 )   (0.14 )   (0.05 )   (0.10 )
 
Net asset value, end of year $ 43.82   $ 33.71   $ 34.47   $ 25.41   $ 20.04  
 
Total Return at Net Asset Value3   31.74 %   (1.75 )%   36.26 %   27.07 %   (13.67 )%
Total Return at Market Value3   31.53 %   (1.67 )%   36.10 %   26.88 %   (13.67 )%
 
Ratios/Supplemental Data:                              
Net assets, end of year (000’s) omitted $ 153,441   $ 109,601   $ 131,017   $ 109,319   $ 32,099  
Ratio to average net assets of:                              
Expenses, net of expense waivers and                              
reimbursements   0.54 %   0.54 %   0.54 %   0.54 %   0.54 %
Expenses, prior to expense waivers and                              
reimbursements   0.79 %   0.84 %   0.83 %   0.89 %   2.20 %
Net investment income, net of waivers                              
and reimbursements   0.99 %5   0.61 %   0.44 %   0.25 %   0.62 %
Portfolio turnover rate4   39.39 %   47.80 %   33.72 %   16.33 %   32.38 %

 

1On 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.
2Based on average daily shares outstanding.
3Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. 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. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca.
4Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
5For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.12 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.69%.

The accompanying notes are an integral part of these financial statements.

45
 

Financial Highlights — continued

RevenueShares Financials Sector Fund

For a share outstanding throughout each period presented.

  Year Ended June 30, For the Period
November 10, 20081
Through
June 30, 2009
  2013 2012 2011 2010
 
Per Share Operating Performance:                              
Net asset value, beginning of period $ 27.62   $ 29.70   $ 27.30   $ 22.36   $ 25.00  
 
Net investment income2   0.386     0.26     0.46     0.15     0.19  
Net realized and unrealized gain (loss)                              
on investments   11.71     (2.05 )   2.41     4.96     (2.69 )
 
Total gain (loss) from investment operations   12.09     (1.79 )   2.87     5.11     (2.50 )
 
Less Distributions from:                              
Net investment income   (0.36 )   (0.29 )   (0.47 )   (0.17 )   (0.14 )
 
Net asset value, end of period $ 39.35   $ 27.62   $ 29.70   $ 27.30   $ 22.36  
 
Total Return at Net Asset Value3   44.09 %   (5.95 )%   10.40 %   22.87 %   (9.87 )%
Total Return at Market Value3   44.24 %   (5.93 )%   10.29 %   23.00 %   (10.03 )%
 
Ratios/Supplemental Data:                              
Net assets, end of period (000’s) omitted $ 29,509   $ 9,667   $ 11,880   $ 24,572   $ 5,590  
Ratio to average net assets of:                              
Expenses, net of expense waivers and                              
reimbursements   0.49 %   0.49 %   0.49 %   0.49 %   0.49 %5
Expenses, prior to expense waivers and                              
reimbursements   1.03 %   1.29 %   1.03 %   1.11 %   3.14 %5
Net investment income, net of waivers                              
and reimbursements   1.12 %6   0.98 %   1.52 %   0.51 %   1.60 %5
Portfolio turnover rate4   20.20 %   26.17 %   15.99 %   1.76 %   19.26 %

 

1Commencement of operations.
2Based on average daily shares outstanding.
3Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/ waived by the Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca.
4Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
5Annualized for periods less than one year.
6For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.004 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.11%.

The accompanying notes are an integral part of these financial statements.

46
 

Financial Highlights — continued

RevenueShares Adr Fund

For a share outstanding throughout each period presented.

  Year Ended June 30, For the Period
November 18, 20081
Through
June 30, 2009
  2013 2012 2011 2010
 
Per Share Operating Performance:                              
Net asset value, beginning of period $ 31.81   $ 39.84   $ 30.74   $ 30.09   $ 25.00  
 
Net investment income2   0.976     1.00     0.96     1.07     0.58  
Net realized and unrealized gain (loss)                              
on investments   2.47     (7.47 )   9.01     0.40     4.68  
 
Total gain (loss) from investment operations   3.44     (6.47 )   9.97     1.47     5.26  
 
Less Distributions from:                              
Net investment income   (0.80 )   (1.33 )   (0.87 )   (0.68 )   (0.17 )
Realized gains   —     (0.23 )   —     (0.14 )   —  
 
Total distributions   (0.80 )   (1.56 )   (0.87 )   (0.82 )   (0.17 )
 
Net asset value, end of period $ 34.45   $ 31.81   $ 39.84   $ 30.74   $ 30.09  
 
Total Return at Net Asset Value3   10.87 %   (16.30 )%   32.89 %   4.64 %   21.15 %
Total Return at Market Value3   10.76 %   (16.32 )%   32.90 %   4.55 %   21.18 %
 
Ratios/Supplemental Data:                              
Net assets, end of period (000’s) omitted $ 24,118   $ 36,587   $ 71,716   $ 47,641   $ 7,522  
Ratio to average net assets of:                              
Expenses, net of expense waivers and                              
reimbursements   0.49 %   0.49 %   0.49 %   0.49 %   0.49 %5
Expenses, prior to expense waivers and                              
reimbursements   1.06 %   1.05 %   0.99 %   1.08 %   3.52 %5
Net investment income, net of waivers                              
and reimbursements   2.83 %6   2.97 %   2.55 %   3.06 %   3.79 %5
Portfolio turnover rate4   21.02 %   35.04 %   37.11 %   45.80 %   82.02 %

 

1Commencement of operations.
2Based on average daily shares outstanding.
3Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/ waived by the Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca.
4Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
5Annualized for periods less than one year.
6For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.003 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 2.82%.

The accompanying notes are an integral part of these financial statements.

47
 

Financial Highlights — concluded

RevenueShares Navellier Overall A-100 Fund

For a share outstanding throughout each period presented.

  Year Ended June 30, For the Period
January 21, 20091
Through
June 30, 2009
  2013 2012 2011 2010
 
Per Share Operating Performance:                              
Net asset value, beginning of period $ 37.93   $ 41.98   $ 29.68   $ 27.52   $ 25.00  
 
Net investment income2   0.866     0.44     0.39     0.10     0.09  
Net realized and unrealized gain (loss)                              
on investments   5.49     (3.67 )   12.32     2.61     2.52  
 
Total gain (loss) from investment operations   6.35     (3.23 )   12.71     2.71     2.61  
 
Less Distributions from:                              
Net investment income   (0.48 )   (0.38 )   (0.41 )   (0.07 )   (0.09 )
Realized gains   —     (0.44 )   —     (0.48 )   —  
 
Total distributions   (0.48 )   (0.82 )   (0.41 )   (0.55 )   (0.09 )
 
Net asset value, end of period $ 43.80   $ 37.93   $ 41.98   $ 29.68   $ 27.52  
 
Total Return at Net Asset Value3   16.79 %   (7.61 )%   43.05 %   9.70 %   10.48 %
Total Return at Market Value3   16.77 %   (7.93 )%   43.22 %   9.81 %   10.69 %
 
Ratios/Supplemental Data:                              
Net assets, end of period (000’s) omitted $ 6,570   $ 7,585   $ 10,496   $ 10,388   $ 5,504  
Ratio to average net assets of:                              
Expenses, net of expense waivers and                              
reimbursements   0.60 %   0.60 %   0.60 %   0.60 %   0.60 %5
Expenses, prior to expense waivers and                              
reimbursements   1.43 %   1.42 %   1.60 %   1.40 %   3.72 %5
Net investment income, net of waivers                              
and reimbursements   2.05 %6   1.18 %   1.06 %   0.32 %   0.81 %5
Portfolio turnover rate4   224.74 %   154.06 %   190.44 %   182.12 %   32.48 %

 

1Commencement of operations.
2Based on average daily shares outstanding.
3Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/ waived by the Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca.
4Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
5Annualized for periods less than one year.
6For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.06 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.91%.

48
 

Notes to Financial Statements

1. Organization

The RevenueShares ETF Trust (the “Trust”) was organized as a Delaware statutory trust on December 15, 2006 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), which is currently comprised of six active funds (collectively, the “Funds” and each individually a “Fund”). The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund are diversified funds under the Act, the RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund are not diversified. Operations commenced on February 22, 2008 for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, November 10, 2008 for the RevenueShares Financials Sector Fund, November 18, 2008 for the RevenueShares ADR Fund and January 21, 2009 for the RevenueShares Navellier Overall A-100 Fund.

The objective of the Funds (RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund) is to outperform the total return performance of the Funds’ corresponding benchmarks (Standard & Poor’s (“S&P”) 500 Index, S&P MidCap 400 Index, S&P SmallCap 600 Index, S&P 500 Financials Index, S&P ADR Index, and the Navellier Overall A-100 Index, respectively).

2. Significant Accounting Policies

These financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The following summarizes the significant accounting policies of the Funds:

Investment Valuation — Security holdings traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ Official Closing Price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith and in accordance with procedures adopted by the Trust’s Board of Trustees (the “Board”).

The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon Corp. calculates each Fund’s NAV at the close of the regular trading session on the NYSE, ordinarily 4:00 p.m., Eastern Time on each day that such exchange is open.

Investment Transactions — Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses on sales of investment securities are calculated using the identified cost method.

Distributions to Shareholders — Each Fund shareholder is entitled to their share of a Fund’s income and net realized gains on investments. Each Fund pays out substantially all of its net earnings to its shareholders as “distributions.” Income dividends, if any, are generally distributed to shareholders quarterly. Net capital gains are distributed at least annually.

Investment Income — Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the information is available after the ex-dividend date. Interest income is accrued daily. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities.

Securities Lending — Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of cash and /or high grade debt obligations, equivalent to at least 100% of the market value of securities loaned, is maintained at all times. The collateral can be invested in certain money market mutual funds which also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The dividend and interest income earned on the securities loaned is accounted for in

49
 

Notes to Financial Statements — continued

the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. Lending portfolio securities could result in a loss or delay in recovering the Fund’s securities if the borrower defaults.

The securities lending income earned by the Funds is disclosed on the Statements of Operations. The value of loaned securities and related collateral outstanding at June 30, 2013 are shown in the Schedules of Investments and Statements of Assets and Liabilities. Therefore the value of the collateral held may be temporarily less than that required under the lending contract. As of June 30, 2013, the collateral consisted of an institutional money market fund and U.S. Treasury Notes.

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.

Recent Accounting Pronouncements — In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities”(“ASU 2011-11”). These disclosures are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position. They also improve transparency in the reporting of how companies mitigate credit risk, including disclosure of related collateral pledged or received. In addition, ASU 2011-11 facilitates comparisons between those entities that prepare their financial statements on the basis of US GAAP and those entities that prepare their financial statements on the basis of international financial reporting standards. ASU 2011-11 requires entities to disclose (i) gross and net information about both instruments and transactions eligible for offset in the financial statements and (ii) instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2011-11 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods.

On January 31, 2013, FASB issued Accounting Standards Update No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”). ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to the following financial instruments, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement: (i) recognized derivative instruments accounted for under ASC 815 (Derivatives and Hedging); (ii) repurchase agreements and reverse repurchase agreements; and (iii) securities borrowing and securities lending transactions. The disclosures are required irrespective of whether the transactions are offset in the statement of assets and liabilities. The effective date and transition of the disclosure requirements in ASU 2011-11 remain unchanged.

At this time, management is evaluating the implications of ASU 2011-11 and ASU 2013-01 and their impact on the Funds’ financial statements.

3. Advisory Fees, Servicing Fees and Other Fees and Expenses

VTL Associates, LLC (the “Adviser”) has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Board. For the services it provides to the Funds, the Adviser receives an advisory fee.

The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund pay the Adviser an annualized fee of 0.45%, 0.50%, 0.50%, 0.45%, 0.60% and 0.60% respectively, based upon each Fund’s daily net assets.

The Trust and the Adviser have entered into a written fee waiver and expense reimbursement agreement pursuant to which the Adviser has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the net annual fund operating expenses for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund from exceeding 0.49%, 0.54%, 0.54%, 0.49%, 0.49% and 0.60%, respectively, based upon each Fund’s daily net assets. Amounts waived and/or reimbursed pursuant to this agreement are not subject to subsequent recapture by the Adviser. This agreement will remain in effect and will be contractually binding until October 28, 2013, after which it may be terminated or revised.

50
 

Notes to Financial Statements — continued

For the year ended June 30, 2013, the Adviser waived and reimbursed the following fees:

Fund Fees Waived
and
Reimbursed
RevenueShares Large Cap Fund $365,663
RevenueShares Mid Cap Fund   297,629
RevenueShares Small Cap Fund   325,232
RevenueShares Financials Sector Fund   67,857
RevenueShares ADR Fund   161,920
RevenueShares Navellier Overall A-100 Fund   61,424

 

Pursuant to a Sub-Advisory Agreement between the Adviser and Index Management Solutions, LLC (the “Sub-Adviser”), an affiliate of the Adviser, the Sub-Adviser will be responsible for the day-to-day management of the Funds, subject to the supervision of the Adviser and the Board. In this regard, the Sub-Adviser will be responsible for implementing the investment strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Adviser and Sub-Adviser from time to time. Out of the advisory fee, the Adviser pays all fees and expenses of the Sub-Adviser.

The Bank of New York Mellon Corp. serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

Distribution — Foreside Fund Services, LLC serves as the Funds’ distributor (the “Distributor”). The Trust has adopted a distribution and services plan (“12b-1”) pursuant to rule 12b-1 under the 1940 Act. Each Fund is authorized to pay an amount up to a maximum annual rate of 0.25% of its average daily net assets for distribution related activities. No 12b-1 fees are currently paid by the Funds, and there are currently no plans to impose these fees.

Other Service Providers — Foreside Compliance Services, LLC (“FCS”), an affiliate of the Distributor, provides an Anti-Money Laundering Officer and Chief Compliance Officer as well as certain additional compliance support functions to the Funds.

Neither the Distributor, FCS nor any of their officers or employees who serve as an officer of the Funds, has any role in determining the investment policies of, or which securities are to be purchased or sold by, the Trust or its Funds. Certain officers or employees of FCS are also officers of the Trust.

Licensing Fee Agreements — The Adviser has licensed each Fund to use certain trademarks that are owned by the Adviser. No fees were charged to the Funds for this license.

4. Creation and Redemption Transactions

As of June 30, 2013, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Retail investors may only purchase and sell Fund shares at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund’s shares may be at, above or below its NAV depending on the premium or discount at which the Fund’s shares trade.

Each Fund issues and redeems shares at NAV, only in large blocks typically consisting of 50,000 shares or more (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated basket of equity securities constituting a portfolio sampling representation of the securities included in the relevant Fund’s underlying index and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

51
 

Notes to Financial Statements — continued

5. Fair Value Measurement

The authoritative guidance for fair value measurements and disclosures, Accounting Standards Codification™ Topic 820, establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized various inputs in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels as follows:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, the intrinsic value of securities such as rights, warrants or options, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of June 30, 2013 in valuing the Funds’ assets carried at fair value:

  Quoted Prices in Active Markets (Level 1)
Fund Common Stock   Preferred
Stock		 Money
Market
Funds		 Other
Significant
Observable
Inputs
(Level 2)		 Significant
Unobservable 
Inputs
(Level 3)		 Total
RevenueShares Large Cap Fund $180,941,902 $           — $39,675,886 $ — $ — $220,617,788
RevenueShares Mid Cap Fund   123,588,881   —   56,306,534   —   —   179,895,415
RevenueShares Small Cap Fund   153,375,431   —   45,423,813   —   —   198,799,244
RevenueShares Financials                        
Sector Fund   29,489,513   —   280,929   —   —   29,770,442
RevenueShares ADR Fund   23,597,344 247,719    2,483,240   —   —   26,328,303
RevenueShares Navellier                        
Overall A-100 Fund   6,562,694   —   1,024,538   —   —   7,587,232

 

At June 30, 2013, the Funds did not hold any Level 2 or Level 3 securities. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.

The Funds’ policy is to disclose transfers between Levels based on valuations at the beginning of the reporting period. At June 30, 2013, there were no transfers between Levels 1, 2, or 3, based on the valuation input Levels assigned to securities on June 30, 2012.

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 year ended June 30, 2013 were as follows:

Fund Purchases   Sales
RevenueShares Large Cap Fund $38,295,368 $39,251,838
RevenueShares Mid Cap Fund   53,310,076   51,512,919
RevenueShares Small Cap Fund   50,893,714   51,199,909
RevenueShares Financials Sector Fund   2,624,972   2,588,468
RevenueShares ADR Fund   5,968,616   5,982,442
RevenueShares Navellier Overall A-100 Fund   16,320,258     16,272,367

 

52
 

Notes to Financial Statements — continued

For the year ended June 30, 2013, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:

Fund Purchases   Sales
RevenueShares Large Cap Fund $10,074,871 $19,142,121
RevenueShares Mid Cap Fund   16,401,020   44,410,023
RevenueShares Small Cap Fund   14,586,927   4,360,369
RevenueShares Financials Sector Fund   17,255,308   1,544,462
RevenueShares ADR Fund   —     14,418,641
RevenueShares Navellier Overall A-100 Fund   —     2,005,403

 

Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.

7. Trustee’s Fees

The Trust compensates each Trustee who is not an officer or employee of the Adviser. No Trustee of the Trust who is also an officer or employee of the Adviser receives any compensation from the Trust for services to the Trust.

8. Federal Income Tax

The Funds intend to continue to qualify as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986 as amended (the “Internal Revenue Code”). If so qualified, the Funds will not be subject to Federal income tax to the extent they distribute substantially all of their net investment income and capital gains to shareholders.

At June 30, 2013, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were as follows:

Fund Cost Gross
Unrealized
Appreciation		 Gross
Unrealized
(Depreciation)		 Net
Unrealized
Appreciation
(Depreciation)
RevenueShares Large Cap Fund $175,626,828 $48,498,221 $(3,507,261 ) $44,990,960  
RevenueShares Mid Cap Fund   152,593,289   28,601,591   (1,299,465 )   27,302,126  
RevenueShares Small Cap Fund   160,495,526   40,804,487   (2,500,769 )   38,303,718  
RevenueShares Financials Sector Fund   27,451,207   2,730,679   (411,444 )   2,319,235  
RevenueShares ADR Fund   28,936,594   1,966,220   (4,574,511 )   (2,608,291 )
RevenueShares Navellier Overall A-100 Fund   7,246,297   424,772   (83,837 )   340,935  

 

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark to market of unrealized gains on passive foreign investment companies. At June 30, 2013, the components of accumulated earnings/loss on a tax-basis were as follows:

Fund Undistributed
Ordinary
Income		 Accumulated
Undistributed
Capital and
Other Loss		 Net Unrealized
Appreciation
(Depreciation)		 Total
Accumulated
Earnings/
(Loss)
RevenueShares Large Cap Fund $754,270 $(1,214,786 ) $44,990,960   $44,530,444  
RevenueShares Mid Cap Fund   272,297   528,872     27,302,126     28,103,295  
RevenueShares Small Cap Fund   1,166,956   72,821     38,303,718     39,543,495  
RevenueShares Financial Sector Fund   36,799   (1,134,722 )   2,319,235     1,221,312  
Revenueshares ADR Fund   271,862   (3,516,228 )   (2,608,291 )   (5,852,657 )
RevenueShares Navellier Overall A-100 Fund   78,900   (357,115 )   340,935     62,720  

 

53
 

Notes to Financial Statements — continued

The tax character of distributions paid during the years ended June 30, 2013 and 2012 were as follows:

  2013 2012
Fund Distributions
Paid From
Ordinary Income		     Distributions
Paid From
Long-Term
Capital Gain		   Distributions
Paid From
Ordinary Income		     Distributions
Paid From
Long-Term
Capital Gain
RevenueShares Large Cap Fund $3,079,803 $        — $2,947,099 $           —
RevenueShares Mid Cap Fund   1,079,897   460,723   1,623,906   2,335,438
RevenueShares Small Cap Fund   1,209,977   437,626   525,064   —
RevenueShares Financials Sector Fund   116,947   —   98,921   —
RevenueShares ADR Fund   695,468   —   1,975,494   211,188
RevenueShares Navellier Overall A-100 Fund   84,688   —   144,914     67,129

 

At June 30, 2013, for Federal income tax purposes, the following Funds have capital loss carryforwards available to offset future capital gains through the years indicated. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders.

Fund   Capital Loss
Available
Through
2017		   Capital Loss
Available
Through
2018		   Capital Loss
Available
Through
2019		   Short-Term
Post-Effective
No Expiration		   Long-Term
Post-Effective
No Expiration		   Total
RevenueShares Large Cap Fund $      — $711,581 $      — $        — $   503,205 $1,214,786
RevenueShares Financial Sector Fund   52,317   21,626   78,535   148,177 727,637   1,028,292
RevenueShares ADR Fund   —   —   —   838,744 1,455,889   2,294,633
RevenueShares Navellier Overall A-100 Fund   —     —     —     357,115       —     357,115

 

On December 22, 2010, the Regulated Investment Company (“RIC”) Modernization Act of 2010 ( the “Act”), The Act permits the Funds to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Post-October losses represent losses realized on investment transactions from November 1, 2012 through June 30, 2013, that, in accordance with Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year. During the year ended June 30, 2013, the Funds incurred and will elect to defer net capital losses as follows:

Fund Post-October
Capital Losses
RevenueShares Mid Cap Fund $   278,827
RevenueShares Financial Sector Fund   106,430
RevenueShares ADR Fund   1,221,595

 

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of redemptions in kind. Results of operations and net assets were not affected by these reclassifications. At June 30, 2013, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets as follows:

Fund Undistributed
Net Investment
Income		 Accumulated
Net Realized
Gain/(Loss) on
Investment		 Paid -in-
Capital
RevenueShares Large Cap Fund $    — $  (4,370,950 ) $  4,370,950
RevenueShares Mid Cap Fund   6   (11,907,209 )   11,907,203
RevenueShares Small Cap Fund   —   (1,530,944 )   1,530,944
RevenueShares Financial Sector Fund   —   (254,354 )   254,354
Revenueshares ADR Fund   4,008   (232,813 )   228,805
RevenueShares Navellier Overall A-100 Fund   —   (35,917 )   35,917

 

54
 

Notes to Financial Statements — continued

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 Funds will recognize expenses accrued related to unrecognized interest expense and penalties in “Other” expense on the Statements of Operations. Management has determined that there is no impact resulting from the application of this interpretation to the Funds’ financial statements.

Financial reporting rules require management of the Funds to analyze all open tax years, fiscal years 2010-2013, as defined by IRS statute of limitations, for all major jurisdictions, including Federal tax authorities and certain state tax authorities. As of and during the year ended June 30, 2013, 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 and the RevenueShares ADR Fund may be adversely affected by the performance of the securities in a particular industry and may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class than may be the case for a fund that was not concentrated in a particular industry.

Non-Diversification Risk

Each of the RevenueShares Financials Sector, RevenueShares ADR and RevenueShares Navellier Overall A-100 Funds are non-diversified and, as a result, may have greater volatility than other diversified funds. Because a non-diversified fund may invest a larger percentage of its assets in securities of a single company than diversified funds, the performance of that company can have a substantial impact on a Fund’s Share price. Each Fund intends to maintain the required level of diversification so as to qualify as a “regulated investment company” for purposes of the Internal Revenue Code in order to avoid liability for Federal income tax to the extent that its earnings are distributed to shareholders. Compliance with diversification requirements of the Internal Revenue Code could limit the investment flexibility of a Fund.

Financial Sector Risk

Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition and adversely affected by natural disasters. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITs).

ADR Risk

The RevenueShares ADR Fund holds the securities of foreign companies in the form of ADRs, global shares or, in the case of Canadian equities, ordinary shares. Global shares are the actual (ordinary) shares of a non-U.S. company, which trade both in the home market and the U.S and are represented by the same share certificate in both the U.S. and the home market. Global shares may also be eligible to list on exchanges in addition to the United States and home country. ADRs are receipts typically issued by an American bank or trust company that evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs are designed for use in the U.S. securities markets. Separate registrars in the United States and home country are maintained. In most cases, purchases occurring on a U.S. exchange would be reflected on the U.S. Registrar.

The underlying securities of the ADRs in the Fund’s portfolio are usually denominated or quoted in currencies other than the U.S. dollar. Global shares may trade in their home market in currencies other than the U.S. dollar. Changes in foreign currency exchange rates affect the value of the ADR or global shares and, therefore, the value of the Fund’s portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase those returns.

55
 

Notes to Financial Statements — concluded

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

On July 2, 2013, the Funds declared quarterly income dividends with an ex-date of July 3, 2013 and payable date of July 10, 2013. The income dividend per share for each Fund was as follows:

Fund Income
Dividend
Per Share
RevenueShares Large Cap Fund $0.13085
RevenueShares Mid Cap Fund   0.08479
RevenueShares Small Cap Fund   0.10411
RevenueShares Financials Sector Fund   0.05006
RevenueShares ADR Fund   0.37737
RevenueShares Navellier Overall A-100 Fund   0.52741

 

Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that, except as set forth above, there are no material events that would require disclosure in the Funds’ financial statements through this date.

56
 

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of RevenueShares ETF Trust
and the Shareholders of the RevenueShares Large Cap Fund,
the RevenueShares Mid Cap Fund, the RevenueShares Small Cap Fund
the RevenueShares Financials Sector Fund, the RevenueShares ADR Fund
and the RevenueShares Navellier Overall A-100 Fund

We have audited the accompanying statements of assets and liabilities of the RevenueShares Large Cap Fund, the RevenueShares Mid Cap Fund, the RevenueShares Small Cap Fund, the RevenueShares Financials Sector Fund, the RevenueShares ADR Fund, and the RevenueShares Navellier Overall A-100 Fund (the “Funds”), each a series of shares of the RevenueShares ETF Trust, including the schedules of investments, as of June 30, 2013, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the years in the two-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each year or period presented through the year ended June 30, 2011 have been audited by other auditors, whose report dated August 29, 2011, expressed an unqualified opinion on such financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2013 by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund as of June 30, 2013, and the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the years in the two-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

BBD, LLP

Philadelphia,Pennsylvania
August 28, 2013

57
 

Board Approval of Investment Advisory Agreements

At the January 9, 2013 meeting (the “January Meeting”) of the Board of Trustees (the “Board”) of the RevenueShares ETF Trust (the “Trust”), the Board, including those Trustees (the “Independent Trustees”) who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Trust, approved VTL Associates, LLC (the “Adviser”) to continue to serve as investment adviser to each series of the Trust (each a “Fund” and, collectively, the “Funds”) and approved the continuation of the investment advisory agreement (the “Investment Advisory Agreement”) between the Adviser and the Trust with respect to each Fund, upon the same terms and conditions set forth therein, for the period January 25, 2013 until January 24, 2014. In addition, the Board, including the Independent Trustees, approved Index Management Solutions, LLC (the “Sub-Adviser”) to continue to serve as sub-adviser to each Fund and approved the continuation of the sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Investment Advisory Agreement, the “Advisory Agreements”) between the Adviser and the Sub-Adviser with respect to each Fund, upon the same terms and conditions set forth therein, for the period January 19, 2013 until January 18, 2014.

In connection with considering the continuation of the Advisory Agreements, the Independent Trustees met in executive sessions with independent counsel, who provided assistance and advice. The Board, including the Independent Trustees, evaluated the terms of the Advisory Agreements, reviewed the information provided by the Adviser and Sub-Adviser in connection with the consideration of continuing the Advisory Agreements and reviewed the duties and responsibilities of the Trustees in evaluating and approving their continuation.

In considering whether to approve the continuation of the Advisory Agreements for an additional year, the Board reviewed the materials provided for the November 19, 2012 meeting of the Board and the January Meeting (collectively, the “Meetings”) by the Adviser and Sub-Adviser, including: (i) a copy of the Investment Advisory Agreement with the Adviser and all amendments thereto; (ii) a copy of the Sub-Advisory Agreement with the Sub-Adviser; (iii) information describing the nature, quality, and extent of the services that the Adviser and Sub-Adviser provide and expect to provide to the Funds; (iv) information concerning the financial condition, businesses, operations and compliance programs of the Adviser and Sub-Adviser; and (v) a copy of the current Form ADV for each of the Adviser and Sub-Adviser. The Board also considered the information presented at Board meetings throughout the year. In addition, the Board received a report prepared by Lipper Inc. (“Lipper”) comparing the advisory fees, expenses and performance of the Funds that had commenced operations (the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund) (the “Operating Funds”) with the fees, expenses and performance of other exchange-traded funds (“ETFs”) with similar investment objectives and policies. The Board noted that eight Funds of the Trust are registered with the U.S. Securities and Exchange Commission (“SEC”) but have not yet commenced operations. It was noted that the Board would discuss the fee and expense structure of these Funds before they commence operations.

During its review of this information, the Board focused on and analyzed the factors that the Board deemed relevant, including: the nature, quality, and extent of the services provided and expected to be provided to each Fund by the Adviser and Sub-Adviser; the personnel and operations of the Adviser and Sub-Adviser; the investment performance of the Operating Funds; the profitability to the Adviser and Sub-Adviser under the Investment Advisory Agreement and Sub-Advisory Agreement, respectively; any “fall-out” benefits to the Adviser and Sub-Adviser (i.e., the ancillary benefits realized due to a relationship with the Trust); and possible conflicts of interest.

In considering the continuation of the Advisory Agreements, the Board, including the Independent Trustees, considered and discussed the following with respect to each Fund:

(a)The nature, extent, and quality of services provided and expected to be provided to the Funds by the Adviser and Sub-Adviser; Personnel and operations of the Adviser and Sub-Adviser. The Board reviewed the services that the Adviser and Sub-Adviser provide and expect to provide to the Funds. The Board noted the responsibilities that the Adviser has as the Funds’ investment adviser, including: overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio; ultimate responsibility, subject to oversight by the Board, for oversight of the Sub-Adviser as sub-adviser to the Trust; responsibility for daily monitoring of tracking error and quarterly reporting to the Board; monitoring the Funds’ securities lending program; and implementation of Board directives as they relate to the Funds. The Board also noted the responsibilities that the Sub-Adviser has as the Funds’ sub-adviser, including implementation of the investment management program of each Fund, management of the day-to-day investment and reinvestment of the assets of each Fund, determining daily baskets of deposit securities and cash components, executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis; and oversight of general portfolio compliance with relevant law.

58
 

Board Approval of Investment Advisory Agreements — continued

The Board reviewed the Adviser’s and Sub-Adviser’s experience, resources and strengths in managing the Funds, including the Adviser’s and Sub-Adviser’s personnel. Based on their consideration and review of the foregoing information, the Board determined that each Fund was likely to continue to benefit from the nature, quality, and extent of these services, as well as the Adviser’s and Sub-Adviser’s ability to render such services based on their experience, personnel, operations and resources.

(b)Comparison of services provided and fees charged by the Adviser and Sub-Adviser and other investment advisers to similar clients. The Board then compared both the services rendered and the fees paid pursuant to the Investment Advisory Agreement to contracts of other registered investment advisers providing services to similar ETFs. In particular, the Board compared each Operating Fund’s advisory fee and expense ratio to other investment companies considered to be in each Operating Fund’s peer group as chosen by Lipper. The Board also considered that the sub-advisory fees paid by the Adviser to the Sub-Adviser pursuant to the Sub-Advisory Agreement were paid entirely by the Adviser. The Board noted that the Adviser has entered into an expense limitation agreement whereby the Adviser reimburses expenses and/or waives fees to keep the expenses from exceeding 0.49% of average daily net assets of each of the RevenueShares Large Cap Fund, RevenueShares Financials Sector Fund and RevenueShares ADR Fund; from exceeding 0.54% of average daily net assets of each of the RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund; and from exceeding 0.60% of average daily net assets of the RevenueShares Navellier Overall A-100 Fund. The Board also received and considered information about the fee rates charged to other accounts and clients that are managed by the Adviser and Sub-Adviser, including information about the differences in services provided to the non-Fund clients.

With respect to the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, the Board noted that each Fund’s actual advisory fee (including the fee waiver), contractual advisory fee and total expenses (including the fee waiver) were above the median of its Lipper peer group. With respect to the RevenueShares Financials Sector Fund, the Board noted that the Fund’s actual advisory fee (including the fee waiver) and contractual advisory fee were below the median of its Lipper peer group but the Fund’s total expenses (including the fee waiver) were above the median of its Lipper peer group. With respect to the RevenueShares ADR Fund, the Board noted that the Fund’s actual advisory fee (including the fee waiver) was below the median of its Lipper peer group but the Fund’s contractual advisory fee and total expenses (including the fee waiver) were above the median of its Lipper peer group. With respect to the RevenueShares Navellier Overall A-100 Fund, the Board noted that the Fund’s actual advisory fee (including the fee waiver) was equal to the median of its Lipper peer group but the Fund’s contractual advisory fee and total expenses (including the fee waiver) were above the median of its Lipper peer group. To the extent that a Fund’s actual advisory fee (including the fee waiver), contractual advisory fee or total expenses (including the fee waiver) were above the median of its Lipper peer group, representatives from the Adviser explained and the Board considered the reasons for the higher fees or expenses.

After comparing each Operating Fund’s fees with those of other funds in each Operating Fund’s peer group and considering the information about fee rates charged to other accounts and clients managed by the Adviser and Sub-Adviser, and in light of the nature, quality, and extent of services provided by the Adviser and Sub-Adviser and the costs incurred by the Adviser and Sub-Adviser in rendering those services, the Board concluded that the level of fees paid to the Adviser and Sub-Adviser with respect to each Fund were fair and reasonable.

(c)The cost of the services provided and profits realized by the Adviser and Sub-Adviser from the relationship with the Funds, the extent to which economies of scale were realized as the Funds grow, and whether fee levels would reflect such economies of scale; “Fall-out” benefits. The Board discussed with the representatives from the Adviser and Sub-Adviser the costs and profitability of the Adviser and Sub-Adviser in connection with their serving as investment adviser and sub-adviser to each Fund, including operational costs. The Board reviewed the profitability and viability of the Adviser, including the month-by-month profitability information, and considered the Adviser’s decision to continue operating those Operating Funds that have not yet gained traction in the market. The Board next discussed economies of scale. The Board considered that the Operating Funds were still not yet of a sufficient size to be experiencing economies of scale. The Board concluded that the profitability of the Adviser and Sub-Adviser, and the extent to which economies of scale were reflected in the Funds’ advisory fees, were reasonable in relation to the performance and asset sizes of the Funds.

The Board also considered that the Adviser and Sub-Adviser may experience reputational “fall-out” benefits based on the success of the Funds, but that such benefits are not easily quantifiable. The Board also noted that the Trust’s service providers are not affiliated with the Adviser and Sub-Adviser, so that such services do not give rise to “fall-out” benefits for the Adviser and Sub-Adviser.

59
 

Board Approval of Investment Advisory Agreements — concluded

(d)Investment performance of the Operating Funds. The Board considered the investment performance of the Operating Funds, including tracking error. In particular, the Board considered the investment performance of the Operating Funds relative to their stated objectives and the success of the Adviser and Sub-Adviser in reaching such objectives. The Board also considered each Operating Fund’s investment performance compared to: (i) its corresponding revenue-weighted index that it seeks to track and (ii) the benchmark index that each Operating Fund uses for comparison in its Prospectus and shareholder reports. Consideration was given to tracking error data provided to the Board for the Meetings and throughout the year by the Adviser and Sub-Adviser.

The Board also considered each Operating Fund’s investment performance compared to the respective Operating Fund’s Lipper peer group. With respect to the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund and RevenueShares Financials Sector Fund, the Board considered that the Fund outperformed the Fund’s Lipper performance universe average for the one-year, three-year and since inception periods ended December 31, 2012. With respect to the RevenueShares ADR Fund, the Board considered that the Fund underperformed the Fund’s Lipper performance universe average for the one-year period ended December 31, 2012 but outperformed the Fund’s Lipper performance universe average for the three-year and since inception periods ended December 31, 2012. The Board discussed with the portfolio managers of the Fund the reasons for the relative underperformance for the one-year period ended December 31, 2012. With respect to the RevenueShares Navellier Overall A-100 Fund, the Board considered that the Fund underperformed the Fund’s Lipper performance universe average for the one-year, three-year and since inception periods ended December 31, 2012. The Board discussed with the portfolio managers of the Fund the reasons for the relative underperformance for the one-year, three-year and since inception periods ended December 31, 2012.

The Board also received and considered information about the premium/discount history of the Operating Funds, which illustrated the number of times that the market price of the Operating Funds trading on the secondary market closed above or below the net asset value (“NAV”) of the Operating Funds, and by how much, measured in basis points. The Board concluded that the performance of the Operating Funds, including the tracking error, was reasonable in light of the respective investment objectives and policies of the Operating Funds.

Conclusion. No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, such as the fee waiver and expense limitation arrangement, the Board concluded that the advisory fee rates and total expense ratios were reasonable in relation to the services provided and expected to be provided by the Adviser and Sub-Adviser to each Fund, as well as the costs incurred and benefits gained by the Adviser and Sub-Adviser in providing such services. The Board also found the investment advisory fees to be reasonable in comparison to the fees charged by advisers to other comparable ETFs of similar size. As a result, the Board concluded that the continuation of the Investment Advisory Agreement between the Trust and the Adviser and the Sub-Advisory Agreement between the Adviser and Sub-Adviser were in the best interests of each Fund.

60
 

Trustees and Officers of the Revenueshares ETF Trust

Independent Trustees

Name and Year
of Birth		 Position(s)
Held with
Trust		 Term of Office1
and Length of
Time Served		 Principal Occupation(s)
During Past 5 Years		 Number of
Portfolios in
Fund Complex2
Overseen by
Trustee		 Other Directorships
Held by Trustee
During Past 5 Years
James C. McAuliffe Trustee Since 2006 Retired. Police Officer from 14 Director, Officer
Year of Birth: 1951     1971 to 2004.   Daniel Boyle
          Scholarship Fund,
          from 1992 to
          present.
Christian W. Myers, III Trustee Since 2006 Firefighter from 1976 to 14 None
Year of Birth: 1952     present.    
 
John J. Kolodziej Trustee Since 2007 Controller, Diagnostic 14 None
Year of Birth: 1956     Imaging Inc., from August    
      2010 to 2012; Director of    
      Finance, St. Francis Medical    
      Center, from 2002 to 2009.    
 
John A. Reilly Trustee Since 2010 Retired. Firefighter from 14 Trustee, Philadelphia
Year of Birth: 1931     1956 to 1988.   Board of Pensions,
          from 1976 to
          present; Member of
          the Executive Board
          of National
          Conference on
          Public Employee
          Retirement Systems
          (NCPERS), from
          1990 to present.
Interested Trustees          
Vincent T. Lowry3 Chairman Since 2006 Chief Executive Officer and 14 None
Year of Birth: 1951 and Trustee;   Chief Investment Officer,    
  President   VTL, from 2004 to present;    
      Managing Director, Smith    
      Barney, Inc., from 1984 to    
      2004    
Daniel J. Ledva4 Trustee Since Senior Managing Director, 14 Trustee, Dr. Gene A.
Year of Birth: 1972   September Co-Founder and Principal,   Carpenter
    2011 Kelson Group, from 2010   Foundation, from
      to present; Director,   2008 to present.
      Marwood Group, from    
      2002 to 2010.    

 

1Each Trustee holds office for an indefinite term.
2The “Fund Complex” consists of the Trust, which consists of 14 Funds, only six of which are operating.
3Mr. Lowry is considered to be an “interested person” of the Trust as defined in the 1940 Act due to his relationship with VTL, the Funds’ investment adviser.
4Mr. Ledva is deemed to be an “interested person” of the Trust as defined in the 1940 Act because the Kelson Group and its affiliated broker-dealer, Kelson Capital LLC, are currently negotiating certain arrangements, including acting as a private placement agent, with VTL and/or the Trust.

The Funds’ Statement of Additional Information (“SAI”) has additional information about the Funds’ Trustees and Officers and is available without charge upon request. Contact your financial representative for a free prospectus or SAI.

61
 

Trustees and Officers of the Revenueshares ETF Trust (Unaudited ) — concluded

Officers

Name, Address and
Year of Birth		 Position(s)
Held with
the Trust		 Term of Office1
and Length of
Time Served		 Principal Occupation(s) During Past 5 Years
Michael Gompers Treasurer Since March Chief Operating Officer, VTL, from March 2007 to present;
One Commerce   2012 Chief Executive Officer and Chief Compliance Officer, IMS,
2005 Market Street     from December 2009 to present; Analyst, VTL, from July
Suite 2020     2005 – Marc h 2007; Accountant, Gompers & Associates,
Philadelphia, PA 19103     PLLC from January 2005 – July 2005.
Year of Birth: 1981        
         
Jennifer J. Mortimer(2) Chief Since Fund Chief Compliance Officer (2012 to present) and
10 High Street Compliance November Compliance Manager (2011 to 2012), Foreside Compliance
Suite 302 Officer 2012 Services, LLC; Vice President (2010 to 2011) and Assistant
Boston, MA 02110     Vice President (2005 to 2010), Wellington Management
Year of Birth: 1971     Company, LLP.
       
Jennifer Folgia Secretary Since 2006 Operations Manager, VTL, from 2004 to present; Sales
One Commerce Square     Assistant, Smith Barney, Inc., from 1994 to 2004.
2005 Market Street        
Suite 2020        
Philadelphia, PA 19103        
Year of Birth: 1973        

 

1Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board.
2The Funds’ Chief Compliance Officer may also serve as an officer of other unaffiliated mutual funds, closed-end funds and ETFs for which Foreside Fund Services, LLC, the Funds’ distributor (“Foreside” or the “Distributor”), or its affiliates act as distributor or service provider.

The Funds’ 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.

62
 

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 the SEC’s website at http://www.sec.gov. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to the following email box address: <publicinfo@sec.gov>.

Premium/Discount Information

Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund’s net asset value may be found on the Funds’ website at http://www.revenueshares.com.

Federal Tax Status of Dividends Declared during the Tax Year

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

For Federal income tax purposes, dividends and short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), and the individual qualified dividend rate (“QDI”) is presented below:

  QDI   DRD
RevenueShares Large Cap Fund 100.00 % 100.00 %
RevenueShares Mid Cap Fund 100.00 % 100.00 %
RevenueShares Small Cap Fund 91.03 % 90.65 %
RevenueShares Financials Sector Fund 100.00 % 100.00 %
RevenueShares ADR Fund 100.00 % 6.83 %
RevenueShares Navellier Overall A-100 Fund 100.00 %   72.04 %

 

With respect to the taxable year ended June 30, 2013, the Funds hereby designate as capital gain dividends the amounts listed below, or, if subsequently determined to be different, the net capital gain of such year:

  RevenueShares
Mid Cap Fund		 RevenueShares
Small Cap Fund
From long-term capital gains, subject to the 15% rate gains category   $460,717   $192,076

 

RevenueShares ADR Fund in accordance with Section 853 of the Internal Revenue Code intends to elect to pass through to its shareholders the credit for taxes paid in foreign countries during its fiscal year ended June 30, 2013. In accordance with the current tax laws, the foreign income and foreign tax as of June 30, 2013 is as follows:

  Foreign
Dividend		   Foreign
Taxes
Dollar Amount   $830,037     $106,377

 

63
 

Investment Adviser

Sub-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

Index Management Solutions, LLC|
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, Pennsylvania 19103

Transfer Agent

The Bank of New York Mellon
101 Barclay Street
New York, New York 10286

 
  Independent Registered Public Accounting Firm
Custodian  
  BBD, LLP

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

1835 Market Street, 26th Floor
Philadelphia, Pennsylvania 19103

 

64
 

RevenueShares™ ETF Trust
One Commerce Square, 2005 Market Street, Suite 2020
Philadelphia, PA 19103

This report is submitted for the general information of the shareholders of each Fund.
It is not authorized for distribution to prospective investors unless preceded or accompanied
by an effective prospectus, which includes information regarding the Funds’ risks, objectives,
fees and expenses, experience of their management, and other information.

DISTRIBUTOR
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
www.foreside.com


 
 

Item 2. Code of Ethics.

(a)The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

 

(c)There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

 

(d)The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

 

 

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has one audit committee financial expert serving on its audit committee, an “independent” Trustee, John J. Kolodziej. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

 

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $78,000 for 2013 and $78,000 for 2012.
 
 

Audit-Related Fees

(b)The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2013 and $0 for 2012.

Tax Fees

(c)The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $12,000 for 2013 and $12,000 for 2012.

All Other Fees

(d)The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2013 and $0 for 2012.
(e)(1)Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant.

 

(e)(2)The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

 

(b) N/A
(c) 100%
(d) N/A
(f)No response required.
(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2013 and $12,000 for 2012.
(h)Not applicable.

 

 

 

 
 

Item 5. Audit Committee of Listed registrants.

(a)The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and all independent Trustees are members of such committee.

 

(b)Not applicable.

 

 

Item 6. Investments.

(a)Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
(b)Not applicable.

 

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 

 

 

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 

 

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 

 

 

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

 

 

 

Item 11. Controls and Procedures.

(a)The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as
 
 

defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits.

(a)(1)Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

 

(a)(2)Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(3) Not applicable.

 

(b)Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(12.other)Not applicable.

 

 

 

 

 

 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)  RevenueShares ETF Trust

 

By (Signature and Title)* /s/ Vincent T. Lowry  
  Vincent T. Lowry  
  Principal Executive Officer  

 

Date    September 5, 2013  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)* /s/ Vincent T. Lowry  
  Vincent T. Lowry  
  Principal Executive Officer  

 

Date    September 5, 2013  

 

By (Signature and Title)* /s/ Michael Gompers  
  Michael Gompers  
  Chief Financial Officer  

 

Date    September 5, 2013  

 

* Print the name and title of each signing officer under his or her signature.