N-CSRS 1 e57420_ncsrs.htm SEMI-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: December 31, 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
Semi-Annual Report to Shareholders

December 31, 2013

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TABLE OF CONTENTS

Shareholder Expense Examples 2
Schedule of Investments Summary Tables 3
Schedules of Investments  
RevenueShares Large Cap Fund 5
RevenueShares Mid Cap Fund 11
RevenueShares Small Cap Fund 16
RevenueShares Financials Sector Fund 22
RevenueShares ADR Fund 23
RevenueShares Navellier Overall A-100 Fund 26
RevenueShares Ultra Dividend Fund 28
Statements of Assets and Liabilities 29
Statements of Operations 30
Statements of Changes in Net Assets 31
Financial Highlights 33
Notes to Financial Statements 40
Board Approval of Investment Advisory and Sub-Advisory Agreements 49
Supplemental Information 54

 

1
 

SHAREHOLDER EXPENSE EXAMPLES

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

The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from July 1, 2013 to December 31, 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
07/01/2013		 Ending
Account
Value
12/31/2013		 Annualized
Expense Ratios
for the Six Month
Period		 Expenses Paid
During the
Six Month
Period†
RevenueShares Large Cap Fund        
Actual $1,000.00 $1,177.63 0.49% $2.69
Hypothetical (5% return before expenses) $1,000.00 $1,022.74 0.49% $2.50
RevenueShares Mid Cap Fund        
Actual $1,000.00 $1,187.56 0.54% $2.98
Hypothetical (5% return before expenses) $1,000.00 $1,022.48 0.54% $2.75
RevenueShares Small Cap Fund        
Actual $1,000.00 $1,244.80 0.54% $3.06
Hypothetical (5% return before expenses) $1,000.00 $1,022.48 0.54% $2.75
RevenueShares Financials Sector Fund        
Actual $1,000.00 $1,155.69 0.49% $2.66
Hypothetical (5% return before expenses) $1,000.00 $1,022.74 0.49% $2.50
RevenueShares ADR Fund        
Actual $1,000.00 $1,167.87 0.49% $2.68
Hypothetical (5% return before expenses) $1,000.00 $1,022.74 0.49% $2.50
RevenueShares Navellier Overall A-100 Fund        
Actual $1,000.00 $1,194.20 0.60% $3.32
Hypothetical (5% return before expenses) $1,000.00 $1,022.18 0.60% $3.06
RevenueShares Ultra Dividend Fund††        
Actual $1,000.00 $1,049.78 0.49% $1.27
Hypothetical (5% return before expenses) $1,000.00 $1,022.74 0.49% $2.50

 

†Expenses are calculated using each Fund’s annualized expense ratio, which includes waived fees or reimbursed expenses, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).
††Expenses are calculated using the Fund’s annualized expense ratio, which includes waived fees or reimbursed expenses, multiplied by the average account value for the period, multiplied by 92/365 (to reflect the six-month period), (commencement of operations was October 1, 2013).
2
 

SCHEDULE OF INVESTMENTS SUMMARY TABLES
(UNAUDITED)

RevenueShares Large Cap Fund RevenueShares Mid Cap Fund RevenueShares Small Cap Fund
 
Industry % of
Net Assets		 Industry % of
Net Assets		 Industry % of
Net Assets
Automobiles & Components 3.5 % Automobiles & Components 0.3 % Automobiles & Components 0.7 %
Banks 1.7   Banks 1.9   Banks 2.7  
Capital Goods 8.6   Capital Goods 12.9   Capital Goods 11.8  
Commercial & Professional Services 0.5   Commercial & Professional Services 4.4   Commercial & Professional Services 6.5  
Consumer Durables & Apparel 1.3   Consumer Durables & Apparel 3.0   Consumer Durables & Apparel 4.7  
Consumer Services 1.2   Consumer Services 2.3   Consumer Services 5.4  
Diversified Financials 5.2   Diversified Financials 1.1   Diversified Financials 2.1  
Energy 14.3   Energy 7.6   Energy 4.2  
Food & Staples Retailing 8.9   Food & Staples Retailing 2.6   Food & Staples Retailing 2.5  
Food, Beverage & Tobacco 4.4   Food, Beverage & Tobacco 3.0   Food, Beverage & Tobacco 2.8  
Health Care Equipment & Services 8.2   Health Care Equipment & Services 7.2   Health Care Equipment & Services 9.3  
Household & Personal Products 1.4   Household & Personal Products 0.6   Household & Personal Products 0.5  
Insurance 6.2   Insurance 6.1   Insurance 2.3  
Materials 4.0   Materials 8.0   Materials 8.2  
Media 3.0   Media 1.1   Media 1.5  
Money Market Fund 0.7   Money Market Fund 5.3   Money Market Fund 6.0  
Pharmaceuticals, Biotechnology &     Pharmaceuticals, Biotechnology &     Pharmaceuticals, Biotechnology &    
Life Sciences 3.3   Life Sciences 1.3   Life Sciences 1.1  
Real Estate — † Real Estate — † Real Estate Investment Trusts 1.3  
Real Estate Investment Trusts 0.3   Real Estate Investment Trusts 1.6   Real Estate Management &    
Real Estate Management &     Real Estate Management &     Development 0.1  
Development 0.1   Development 0.3   Retailing 10.9  
Retailing 5.7   Retailing 9.9   Semiconductors & Semiconductor    
Semiconductors & Semiconductor     Semiconductors & Semiconductor     Equipment 1.7  
Equipment 1.1   Equipment 1.6   Software & Services 3.9  
Software & Services 4.3   Software & Services 4.8   Technology Hardware & Equipment 9.8  
Technology Hardware & Equipment 4.9   Technology Hardware & Equipment 11.3   Telecommunication Services 0.7  
Telecommunication Services 2.6   Telecommunication Services 0.5   Transportation 2.5  
Transportation 2.1   Transportation 3.1   Utilities 2.8  
Utilities 3.1   Utilities 3.5   Total Investments 106.0  
Total Investments 100.6   Total Investments 105.3   Liabilities in Excess of Other Assets (6.0 )
Liabilities in Excess of Other Assets (0.6 ) Liabilities in Excess of Other Assets (5.3 ) Net Assets 100.0 %
Net Assets 100.0 % Net Assets 100.0 %      

 

3
 

SCHEDULE OF INVESTMENTS SUMMARY TABLES — concluded
(UNAUDITED )

RevenueShares Financials Sector Fund RevenueShares ADR Fund RevenueShares Navellier Overall
            A-100 Fund    
 
  % of   % of   % of
Industry Net Assets Industry Net Assets Industry Net Assets
Capital Markets 10.8 % Automobiles & Components 6.7 % Automobiles & Components 1.2 %
Commercial Banks 12.3   Banks 12.3   Banks 1.6  
Consumer Finance 5.3   Capital Goods 3.0   Capital Goods 10.6  
Diversified Financial Services 22.0   Consumer Durables & Apparel 1.4   Commercial & Professional Services 1.4  
Insurance 45.3   Consumer Services 0.3   Consumer Durables & Apparel 3.9  
Media 0.3   Diversified Financials 3.6   Consumer Services 5.1  
Paper & Forest Products 0.6   Energy 36.0   Diversified Financials 10.6  
Real Estate Investment Trusts 2.7   Food & Staples Retailing 0.8   Energy 1.0  
Real Estate Management &     Food, Beverage & Tobacco 3.2   Food & Staples Retailing 0.1  
Development 0.5   Health Care Equipment & Services 0.5   Food, Beverage & Tobacco 6.3  
Thrifts & Mortgage Finance 0.2   Insurance 4.8   Health Care Equipment & Services 1.4  
Total Investments 100.0   Materials 6.7   Household & Personal Products 2.7  
Other Assets in Excess of Liabilities 0.0 † Media 0.9   Insurance 12.8  
Net Assets 100.0 % Money Market Fund 13.7   Materials 3.0  
      Pharmaceuticals, Biotechnology &     Media 2.4  
      Life Sciences 3.1   Money Market Fund 8.5  
      Real Estate 0.3   Pharmaceuticals, Biotechnology &    
      Semiconductors & Semiconductor     Life Sciences 12.8  
      Equipment 0.5   Real Estate 0.1  
      Software & Services 0.4   Retailing 4.7  
      Technology Hardware & Equipment 2.4   Software & Services 7.7  
      Telecommunication Services 10.8   Technology Hardware & Equipment 2.0  
      Transportation 0.5   Telecommunication Services 6.3  
      Utilities 1.5   Transportation 2.3  
      Total Investments 113.4   Total Investments 108.5  
      Liabilities in Excess of Other Assets (13.4 ) Liabilities in Excess of Other Assets (8.5 )
      Net Assets 100.0 % Net Assets 100.0 %
 
 
RevenueShares Ultra Dividend Fund            
 
  % of            
Industry Net Assets            
Banks 1.0 %            
Commercial & Professional Services 4.0
Consumer Durables & Apparel 0.7              
Diversified Financials 0.8              
Energy 10.9              
Food, Beverage & Tobacco 8.0              
Insurance 2.2              
Materials 3.7              
Money Market Funds 4.4              
Real Estate Investment Trusts 4.2              
Semiconductors & Semiconductor                
Equipment 0.3              
Telecommunication Services 17.5              
Utilities 46.5              
Total Investments 104.2              
Liabilities in Excess of Other Assets (4.2 )            
Net Assets 100.0 %            
†Less than 0.05%
4
 

SCHEDULE OF INVESTMENTS
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
COMMON STOCKS—99.9%      
Automobiles & Components—3.5%    
BorgWarner, Inc. 2,584 $ 144,471
Delphi Automotive PLC 5,232   314,600
Ford Motor Co. 167,731   2,588,089
General Motors Co.*(a) 73,270   2,994,545
Goodyear Tire & Rubber Co. 16,565   395,075
Harley-Davidson, Inc. 1,665   115,285
Johnson Controls, Inc. 16,075   824,648
Total Automobiles & Components     7,376,713
         
Banks—1.7%      
BB&T Corp. 5,600   208,992
Comerica, Inc. 1,107   52,627
Fifth Third Bancorp 6,878   144,644
Hudson City Bancorp, Inc. 2,888   27,234
Huntington Bancshares, Inc. 5,808   56,047
KeyCorp 6,351   85,230
M&T Bank Corp. 813   94,650
People’s United Financial, Inc. 1,608   24,313
PNC Financial Services Group, Inc. 4,282   332,198
Regions Financial Corp. 11,287   111,628
SunTrust Banks, Inc. 4,684   172,418
U.S. Bancorp 10,295   415,918
Wells Fargo & Co. 38,940   1,767,876
Zions Bancorporation 1,441   43,172
Total Banks     3,536,947
         
Capital Goods—8.6%      
3M Co. 4,638   650,480
Allegion PLC* 781   34,512
AMETEK, Inc. 1,354   71,315
Boeing Co. 12,152   1,658,627
Caterpillar, Inc. 12,726   1,155,648
Cummins, Inc. 2,499   352,284
Danaher Corp. 4,860   375,192
Deere & Co. 8,252   753,655
Dover Corp. 1,820   175,703
Eaton Corp. PLC 5,612   427,185
Emerson Electric Co. 7,086   497,295
Fastenal Co. 1,351   64,186
Flowserve Corp. 1,291   101,770
Fluor Corp. 7,167   575,438
General Dynamics Corp. 6,601   630,726
General Electric Co. 100,821   2,826,013
Honeywell International, Inc. 8,437   770,889
Illinois Tool Works, Inc. 3,876   325,894
Ingersoll-Rand PLC 4,796   295,434
Jacobs Engineering Group, Inc.* 3,858   243,015
Joy Global, Inc.(a) 1,936   113,237
L-3 Communications Holdings, Inc. 2,416   258,174
Lockheed Martin Corp. 6,310   938,045
Masco Corp. 7,089   161,417
Northrop Grumman Corp. 4,381   502,106
PACCAR, Inc. 5,619   332,476
Pall Corp. 595   50,783
Parker Hannifin Corp. 2,087   268,472
Pentair Ltd. 1,994   154,874
Precision Castparts Corp. 602   162,119
Quanta Services, Inc.* 4,090   129,080
Raytheon Co. 5,365   486,606

 

Investments Shares     Value
Rockwell Automation, Inc. 1,090 $ 128,794
Rockwell Collins, Inc. 1,239   91,587
Roper Industries, Inc. 465   64,486
Snap-On, Inc. 587   64,288
Textron, Inc. 7,113   261,474
Tyco International Ltd. 5,279   216,650
United Technologies Corp. 11,088   1,261,814
W.W. Grainger, Inc. 705   180,071
Xylem, Inc./NY 1,982   68,577
Total Capital Goods     17,880,391
         
Commercial & Professional Services—0.5%    
ADT Corp. (The)(a) 1,462   59,167
Avery Dennison Corp. 2,390   119,954
Cintas Corp. 1,462   87,121
Dun & Bradstreet Corp. 269   33,020
Equifax, Inc. 654   45,185
Iron Mountain, Inc. 1,803   54,721
Nielsen Holdings NV 2,201   101,004
Pitney Bowes, Inc. 3,758   87,561
Republic Services, Inc. 4,524   150,197
Robert Half International, Inc. 1,889   79,319
Stericycle, Inc.* 347   40,311
Waste Management, Inc. 5,944   266,707
Total Commercial & Professional Services   1,124,267
         
Consumer Durables & Apparel—1.3%    
Coach, Inc. 1,723   96,712
D.R. Horton, Inc.(a) 5,629   125,639
Fossil Group, Inc.* 490   58,771
Garmin Ltd.(a) 932   43,077
Harman International Industries, Inc. 1,018   83,323
Hasbro, Inc. 1,506   82,845
Leggett & Platt, Inc. 2,277   70,450
Lennar Corp., Class A 2,780   109,977
Mattel, Inc. 2,639   125,564
Michael Kors Holdings Ltd.* 456   37,023
Mohawk Industries, Inc.* 231   34,396
Newell Rubbermaid, Inc. 3,403   110,291
NIKE, Inc., Class B 6,263   492,522
PulteGroup, Inc. 5,774   117,616
PVH Corp. 880   119,698
Ralph Lauren Corp. 758   133,840
Stanley Black & Decker, Inc. 2,559   206,486
VF Corp. 3,640   226,918
Whirlpool Corp. 2,371   371,915
Total Consumer Durables & Apparel     2,647,063
         
Consumer Services—1.2%      
Carnival Corp. 8,011   321,802
Chipotle Mexican Grill, Inc.* 115   61,270
Darden Restaurants, Inc. 3,078   167,351
Graham Holdings Co., Class B 122   80,925
H&R Block, Inc. 1,627   47,248
International Game Technology 2,415   43,856
Marriott International, Inc., Class A 5,465   269,752
McDonald’s Corp. 5,658   548,996
Starbucks Corp. 3,619   283,693
Starwood Hotels & Resorts      
Worldwide, Inc. 1,581   125,611
Wyndham Worldwide Corp. 1,329   97,934

 

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

5
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
Consumer Services (continued)      
Wynn Resorts Ltd. 567 $ 110,117
Yum! Brands, Inc. 3,473   262,594
Total Consumer Services     2,421,149
         
Diversified Financials—5.2%      
American Express Co. 7,900   716,767
Ameriprise Financial, Inc. 1,962   225,728
Bank of America Corp. 124,805   1,943,214
Bank of New York Mellon Corp. 8,778   306,703
BlackRock, Inc. 642   203,174
Capital One Financial Corp. 6,529   500,187
Charles Schwab Corp. 3,958   102,908
Citigroup, Inc. 35,245   1,836,617
CME Group, Inc. 682   53,510
Discover Financial Services 3,306   184,971
E*TRADE Financial Corp.* 1,894   37,198
Franklin Resources, Inc. 2,763   159,508
Goldman Sachs Group, Inc. 4,722   837,022
IntercontinentalExchange Group, Inc. 120   26,990
Invesco Ltd. 2,359   85,868
JPMorgan Chase & Co. 36,368   2,126,801
Legg Mason, Inc.(a) 1,046   45,480
Leucadia National Corp. 6,739   190,983
Moody’s Corp. 784   61,520
Morgan Stanley 22,437   703,624
NASDAQ OMX Group, Inc. 1,394   55,481
Northern Trust Corp. 1,410   87,265
SLM Corp. 4,665   122,596
State Street Corp. 2,820   206,960
T. Rowe Price Group, Inc. 814   68,189
Total Diversified Financials     10,889,264
         
Energy—14.3%      
Anadarko Petroleum Corp. 3,504   277,937
Apache Corp. 3,784   325,197
Baker Hughes, Inc. 7,873   435,062
Cabot Oil & Gas Corp. 712   27,597
Cameron International Corp.* 3,177   189,127
Chesapeake Energy Corp. 11,255   305,461
Chevron Corp. 34,089   4,258,057
ConocoPhillips 15,609   1,102,776
CONSOL Energy, Inc. 2,353   89,508
Denbury Resources, Inc.* 2,839   46,645
Devon Energy Corp. 3,342   206,770
Diamond Offshore Drilling, Inc. 1,001   56,977
Ensco PLC, Class A 1,574   90,001
EOG Resources, Inc. 1,652   277,272
EQT Corp. 453   40,670
Exxon Mobil Corp. 78,975   7,992,270
FMC Technologies, Inc.* 2,562   133,762
Halliburton Co. 11,236   570,227
Helmerich & Payne, Inc. 805   67,684
Hess Corp. 4,524   375,492
Kinder Morgan, Inc./Delaware 7,576   272,736
Marathon Oil Corp. 8,230   290,519
Marathon Petroleum Corp. 20,137   1,847,167
Murphy Oil Corp. 7,319   474,857
Nabors Industries Ltd. 7,404   125,794
National Oilwell Varco, Inc. 5,431   431,927

 

Investments Shares     Value
Newfield Exploration Co.* 1,664 $ 40,984
Noble Corp. PLC 1,957   73,329
Noble Energy, Inc. 1,292   87,998
Occidental Petroleum Corp. 5,128   487,673
Peabody Energy Corp. 7,411   144,737
Phillips 66 42,444   3,273,706
Pioneer Natural Resources Co. 348   64,056
QEP Resources, Inc. 1,705   52,258
Range Resources Corp. 417   35,157
Rowan Cos. PLC, Class A* 725   25,636
Schlumberger Ltd. 9,871   889,476
Southwestern Energy Co.*(a) 1,452   57,107
Spectra Energy Corp. 2,898   103,227
Tesoro Corp. 12,363   723,235
Transocean Ltd. 3,755   185,572
Valero Energy Corp. 57,091   2,877,386
Williams Cos., Inc. 3,810   146,952
WPX Energy, Inc.* 2,807   57,207
Total Energy     29,637,188
         
Food & Staples Retailing—8.9%      
Costco Wholesale Corp. 16,994   2,022,456
CVS Caremark Corp. 35,581   2,546,532
Kroger Co. 44,787   1,770,430
Safeway, Inc. 23,261   757,611
Sysco Corp. 22,941   828,170
Walgreen Co. 23,907   1,373,218
Wal-Mart Stores, Inc. 113,591   8,938,476
Whole Foods Market, Inc. 4,382   253,411
Total Food & Staples Retailing     18,490,304
         
Food, Beverage & Tobacco—4.4%      
Altria Group, Inc. 8,973   344,473
Archer-Daniels-Midland Co. 42,707   1,853,484
Beam, Inc. 732   49,820
Brown-Forman Corp., Class B 726   54,864
Campbell Soup Co. 3,732   161,521
Coca-Cola Co. 22,866   944,594
Coca-Cola Enterprises, Inc. 3,653   161,207
ConAgra Foods, Inc. 8,490   286,113
Constellation Brands, Inc., Class A* 753   52,996
Dr Pepper Snapple Group, Inc. 2,415   117,659
General Mills, Inc. 6,708   334,796
Hershey Co. 1,398   135,928
Hormel Foods Corp. 3,568   161,167
J.M. Smucker Co. 1,125   116,573
Kellogg Co. 4,690   286,418
Kraft Foods Group, Inc. 6,597   355,710
Lorillard, Inc. 1,877   95,126
McCormick & Co., Inc. 1,157   79,740
Molson Coors Brewing Co., Class B 1,510   84,787
Mondelez International, Inc., Class A 19,774   698,022
Monster Beverage Corp.* 677   45,880
PepsiCo, Inc. 15,638   1,297,016
Philip Morris International, Inc. 7,018   611,478
Reynolds American, Inc. 3,228   161,368
Tyson Foods, Inc., Class A 19,389   648,756
Total Food, Beverage & Tobacco     9,139,496

 

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

6
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
Health Care Equipment & Services—8.2%    
Aetna, Inc. 12,938 $ 887,417
AmerisourceBergen Corp. 23,153   1,627,887
Baxter International, Inc. 4,221   293,571
Becton Dickinson & Co. 1,436   158,664
Boston Scientific Corp.* 11,802   141,860
C.R. Bard, Inc. 433   57,996
Cardinal Health, Inc. 29,794   1,990,537
CareFusion Corp.* 1,634   65,066
Cerner Corp.* 997   55,573
Cigna Corp. 7,308   639,304
Covidien PLC 2,827   192,519
DaVita, Inc.* 3,541   224,393
DENTSPLY International, Inc. 1,173   56,867
Edwards Lifesciences Corp.* 627   41,231
Express Scripts Holding Co.* 30,343   2,131,292
Hospira, Inc.* 1,774   73,231
Humana, Inc. 7,779   802,948
Intuitive Surgical, Inc.* 121   46,474
Laboratory Corp. of America Holdings*(a) 1,238   113,116
McKesson Corp. 14,970   2,416,158
Medtronic, Inc. 5,614   322,187
Patterson Cos., Inc. 1,558   64,190
Quest Diagnostics, Inc. 2,524   135,135
St. Jude Medical, Inc. 1,796   111,262
Stryker Corp. 2,373   178,307
Tenet Healthcare Corp.* 4,372   184,149
UnitedHealth Group, Inc. 32,563   2,451,994
Varian Medical Systems, Inc.* 731   56,791
WellPoint, Inc. 15,018   1,387,513
Zimmer Holdings, Inc. 962   89,649
Total Health Care Equipment & Services   16,997,281
         
Household & Personal Products—1.4%    
Avon Products, Inc. 11,565   199,149
Clorox Co. 1,151   106,767
Colgate-Palmolive Co. 5,178   337,657
Estee Lauder Cos., Inc., Class A 2,636   198,544
Kimberly-Clark Corp. 3,889   406,245
Mead Johnson Nutrition Co., Class A 946   79,237
Procter & Gamble Co. 19,417   1,580,738
Total Household & Personal Products     2,908,337
         
Insurance—6.2%      
ACE Ltd. 3,633   376,124
Aflac, Inc. 7,099   474,213
Allstate Corp. 12,392   675,860
American International Group, Inc. 24,540   1,252,767
AON PLC 2,744   230,194
Assurant, Inc. 2,619   173,823
Berkshire Hathaway, Inc., Class B* 30,118   3,570,790
Chubb Corp. 2,841   274,526
Cincinnati Financial Corp. 1,650   86,410
Genworth Financial, Inc., Class A* 12,017   186,624
Hartford Financial Services Group, Inc. 15,134   548,305
Lincoln National Corp. 4,431   228,728
Loews Corp. 6,099   294,216
Marsh & McLennan Cos., Inc. 4,911   237,496
MetLife, Inc. 25,030   1,349,618

 

Investments Shares     Value
Principal Financial Group, Inc. 3,539 $ 174,508
Progressive Corp. 13,027   355,246
Prudential Financial, Inc. 16,784   1,547,820
Torchmark Corp. 949   74,164
Travelers Cos., Inc. 5,727   518,523
Unum Group 5,722   200,728
XL Group PLC 4,642   147,801
Total Insurance     12,978,484
         
Materials—4.0%      
Air Products & Chemicals, Inc. 1,809   202,210
Airgas, Inc. 887   99,211
Alcoa, Inc. 46,689   496,304
Allegheny Technologies, Inc. 2,407   85,762
Ball Corp. 3,286   169,755
Bemis Co., Inc. 2,316   94,863
CF Industries Holdings, Inc. 477   111,160
Cliffs Natural Resources, Inc.(a) 4,491   117,709
Dow Chemical Co. 25,896   1,149,782
E.I. du Pont de Nemours & Co. 11,198   727,534
Eastman Chemical Co. 2,432   196,262
Ecolab, Inc. 2,373   247,433
FMC Corp. 1,018   76,818
Freeport-McMoRan Copper & Gold, Inc. 10,724   404,724
International Flavors & Fragrances, Inc. 656   56,403
International Paper Co. 11,544   566,002
LyondellBasell Industries NV, Class A 11,038   886,131
MeadWestvaco Corp. 2,859   105,583
Monsanto Co. 2,549   297,086
Mosaic Co. (The) 4,094   193,523
Newmont Mining Corp. 6,930   159,598
Nucor Corp. 6,889   367,735
Owens-Illinois, Inc.* 3,762   134,604
PPG Industries, Inc. 1,573   298,335
Praxair, Inc. 1,802   234,314
Sealed Air Corp. 4,485   152,714
Sigma-Aldrich Corp. 571   53,680
United States Steel Corp.(a) 12,190   359,605
Vulcan Materials Co. 918   54,548
Weyerhaeuser Co. 5,116   161,512
Total Materials     8,260,900
         
Media—3.0%      
Cablevision Systems Corp., Class A 7,263   130,226
CBS Corp., Class B 4,928   314,111
Comcast Corp., Class A 24,816   1,289,563
DIRECTV* 8,948   618,217
Discovery Communications, Inc., Class A* 1,205   108,956
Gannett Co., Inc. 3,724   110,156
Interpublic Group of Cos., Inc. 8,028   142,096
McGraw Hill Financial, Inc. 1,283   100,331
News Corp., Class A* 9,467   170,595
Omnicom Group, Inc. 4,016   298,670
Scripps Networks Interactive, Inc., Class A 587   50,723
Time Warner Cable, Inc. 3,202   433,871
Time Warner, Inc. 8,566   597,221

 

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

7
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
Media (continued)      
Twenty-First Century Fox, Inc.,      
Class A 17,949 $ 631,446
Viacom, Inc., Class B 3,177   277,479
Walt Disney Co. 12,140   927,496
Total Media     6,201,157
         
Pharmaceuticals, Biotechnology & Life Sciences—3.3%
Abbott Laboratories 11,303   433,244
AbbVie, Inc. 6,652   351,292
Actavis PLC* 912   153,216
Alexion Pharmaceuticals, Inc.* 221   29,406
Allergan, Inc. 1,212   134,629
Amgen, Inc. 3,081   351,727
Biogen Idec, Inc.* 444   124,209
Bristol-Myers Squibb Co. 6,075   322,886
Celgene Corp.* 716   120,975
Eli Lilly & Co. 8,997   458,847
Forest Laboratories, Inc.* 1,144   68,674
Gilead Sciences, Inc.* 2,855   214,553
Johnson & Johnson 14,746   1,350,586
Life Technologies Corp.* 969   73,450
Merck & Co., Inc. 17,552   878,478
Mylan, Inc.* 2,969   128,855
PerkinElmer, Inc. 901   37,148
Perrigo Co. PLC 429   65,834
Pfizer, Inc. 34,066   1,043,442
Regeneron Pharmaceuticals, Inc.* 135   37,158
Thermo Fisher Scientific, Inc. 2,428   270,358
Vertex Pharmaceuticals, Inc.* 350   26,005
Waters Corp.* 370   37,000
Zoetis, Inc. 2,562   83,752
Total Pharmaceuticals, Biotechnology & Life Sciences     6,795,724
         
Real Estate—0.0%†      
General Growth Properties, Inc. 2,235   44,856
         
Real Estate Investment Trusts—0.3%    
American Tower Corp. 793   63,297
Apartment Investment & Management Co., Class A 621   16,090
AvalonBay Communities, Inc. 219   25,892
Boston Properties, Inc. 398   39,947
Equity Residential 861   44,660
HCP, Inc. 964   35,013
Health Care REIT, Inc. 922   49,392
Host Hotels & Resorts, Inc. 5,816   113,063
Kimco Realty Corp. 780   15,405
Macerich Co. (The) 338   19,905
Plum Creek Timber Co., Inc. 435   20,232
Prologis, Inc. 828   30,595
Public Storage 250   37,630
Simon Property Group, Inc. 643   97,839
Ventas, Inc. 936   53,614
Vornado Realty Trust 604   53,629
Total Real Estate Investment Trusts     716,203

 

Investments Shares     Value
Real Estate Management & Development—0.1%
CBRE Group, Inc., Class A* 5,215 $ 137,155
         
Retailing—5.7%      
Amazon.com, Inc.* 3,488   1,390,979
AutoNation, Inc.* 6,556   325,768
AutoZone, Inc.*(a) 362   173,014
Bed Bath & Beyond, Inc.* 2,557   205,327
Best Buy Co., Inc. 22,057   879,633
CarMax, Inc.* 3,828   179,993
Dollar General Corp.* 5,053   304,797
Dollar Tree, Inc.* 2,431   137,157
Expedia, Inc. 1,398   97,385
Family Dollar Stores, Inc. 3,063   199,003
GameStop Corp., Class A 3,595   177,090
Gap, Inc. 7,398   289,114
Genuine Parts Co. 3,221   267,955
Home Depot, Inc. 17,533   1,443,667
Kohl’s Corp. 6,696   379,998
L Brands, Inc. 3,160   195,446
Lowe’s Cos., Inc. 20,721   1,026,725
Macy’s, Inc. 10,055   536,937
Netflix, Inc.* 215   79,157
Nordstrom, Inc. 3,722   230,020
O’Reilly Automotive, Inc.* 985   126,779
PetSmart, Inc. 1,720   125,130
priceline.com, Inc.* 106   123,214
Ross Stores, Inc. 2,492   186,726
Sherwin-Williams Co. 1,068   195,978
Staples, Inc. 29,794   473,427
Target Corp. 22,015   1,392,889
Tiffany & Co. 801   74,317
TJX Cos., Inc. 7,765   494,863
TripAdvisor, Inc.* 209   17,311
Urban Outfitters, Inc.* 1,273   47,228
Total Retailing     11,777,027
         
Semiconductors & Semiconductor Equipment—1.1%
Altera Corp. 913   29,700
Analog Devices, Inc. 1,045   53,222
Applied Materials, Inc. 8,048   142,369
Broadcom Corp., Class A 5,525   163,816
First Solar, Inc.* 1,283   70,103
Intel Corp. 40,991   1,064,126
KLA-Tencor Corp. 941   60,657
Lam Research Corp.* 1,254   68,280
Linear Technology Corp. 416   18,949
LSI Corp. 5,562   61,293
Microchip Technology, Inc.(a) 535   23,941
Micron Technology, Inc.* 6,630   144,269
NVIDIA Corp. 5,098   81,670
Texas Instruments, Inc. 5,384   236,412
Xilinx, Inc. 817   37,517
Total Semiconductors &      
Semiconductor Equipment     2,256,324

 

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

8
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
Software & Services—4.3%      
Accenture PLC, Class A 7,791 $ 640,576
Adobe Systems, Inc.* 1,306   78,203
Akamai Technologies, Inc.* 485   22,882
Alliance Data Systems Corp.* 329   86,504
Autodesk, Inc.* 919   46,253
Automatic Data Processing, Inc. 2,758   222,874
CA, Inc. 2,614   87,961
Citrix Systems, Inc.* 940   59,455
Cognizant Technology Solutions Corp., Class A* 1,723   173,989
Computer Sciences Corp. 5,451   304,602
eBay, Inc.* 5,746   315,398
Electronic Arts, Inc.* 3,251   74,578
Facebook, Inc., Class A* 479   26,182
Fidelity National Information Services, Inc. 2,249   120,726
Fiserv, Inc.* 1,608   94,952
Google, Inc., Class A* 1,034   1,158,814
International Business Machines Corp. 11,205   2,101,722
Intuit, Inc. 1,089   83,113
MasterCard, Inc., Class A 198   165,421
Microsoft Corp. 39,403   1,474,854
Oracle Corp. 21,206   811,342
Paychex, Inc. 877   39,930
Red Hat, Inc.* 522   29,253
Salesforce.com, Inc.* 1,063   58,667
Symantec Corp. 5,759   135,797
Total System Services, Inc. 1,078   35,876
VeriSign, Inc.(a) 316   18,891
Visa, Inc., Class A 1,062   236,486
Western Union Co. 6,321   109,037
Yahoo!, Inc.* 2,138   86,461
Total Software & Services     8,900,799
         
Technology Hardware & Equipment—4.9%    
Agilent Technologies, Inc. 2,366   135,312
Amphenol Corp., Class A 1,013   90,339
Apple, Inc. 5,837   3,275,199
Cisco Systems, Inc. 44,993   1,010,093
Corning, Inc. 8,913   158,830
EMC Corp. 18,354   461,603
F5 Networks, Inc.* 340   30,892
FLIR Systems, Inc. 837   25,194
Harris Corp. 1,511   105,483
Hewlett-Packard Co. 80,373   2,248,837
Jabil Circuit, Inc. 17,741   309,403
Juniper Networks, Inc.* 4,043   91,250
Motorola Solutions, Inc. 2,535   171,112
NetApp, Inc. 2,885   118,689
QUALCOMM, Inc. 6,122   454,558
SanDisk Corp. 1,724   121,611
Seagate Technology PLC 5,887   330,614
TE Connectivity Ltd. 4,854   267,504
Teradata Corp.* 1,091   49,630
Western Digital Corp. 3,958   332,076
Xerox Corp. 36,835   448,282
Total Technology Hardware & Equipment   10,236,511

 

Investments Shares     Value
Telecommunication Services—2.6%      
AT&T, Inc. 72,014 $ 2,532,012
CenturyLink, Inc. 11,124   354,299
Crown Castle International Corp.* 750   55,073
Frontier Communications Corp.(a) 20,560   95,604
Verizon Communications, Inc. 47,730   2,345,452
Windstream Holdings, Inc.(a) 14,365   114,633
Total Telecommunication Services     5,497,073
         
Transportation—2.1%      
CH Robinson Worldwide, Inc. 4,257   248,353
CSX Corp. 8,101   233,066
Delta Air Lines, Inc. 24,965   685,788
Expeditors International of Washington, Inc. 2,504   110,802
FedEx Corp. 6,076   873,546
Kansas City Southern 379   46,932
Norfolk Southern Corp. 2,399   222,699
Ryder System, Inc. 1,802   132,952
Southwest Airlines Co. 17,738   334,184
Union Pacific Corp. 2,564   430,752
United Parcel Service, Inc., Class B 10,370   1,089,680
Total Transportation     4,408,754
         
Utilities—3.1%      
AES Corp. 23,554   341,769
AGL Resources, Inc. 1,889   89,217
Ameren Corp. 3,137   113,434
American Electric Power Co., Inc. 6,187   289,180
CenterPoint Energy, Inc. 6,638   153,869
CMS Energy Corp. 4,586   122,767
Consolidated Edison, Inc. 4,355   240,744
Dominion Resources, Inc. 3,935   254,555
DTE Energy Co. 2,769   183,834
Duke Energy Corp. 6,773   467,405
Edison International 5,159   238,862
Entergy Corp. 3,475   219,863
Exelon Corp. 17,097   468,287
FirstEnergy Corp. 8,756   288,773
Integrys Energy Group, Inc. 1,841   100,169
NextEra Energy, Inc. 3,437   294,276
NiSource, Inc. 3,242   106,597
Northeast Utilities 3,160   133,952
NRG Energy, Inc. 7,069   203,022
ONEOK, Inc. 4,599   285,966
Pepco Holdings, Inc. 4,355   83,311
PG&E Corp. 7,153   288,123
Pinnacle West Capital Corp. 1,247   65,991
PPL Corp. 7,840   235,906
Public Service Enterprise Group, Inc. 5,879   188,363
SCANA Corp. 1,697   79,640
Sempra Energy 2,323   208,513
Southern Co. 7,878   323,865
TECO Energy, Inc.(a) 3,089   53,254
Wisconsin Energy Corp. 1,929   79,745
Xcel Energy, Inc. 7,243   202,369
Total Utilities     6,405,621
         
Total Common Stocks      
(Cost $143,921,725)     207,664,988

 

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

9
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares   Value
INVESTMENT OF CASH COLLATERAL      
FOR SECURITIES LOANED—0.7%      
Dreyfus Institutional Preferred        
Money Market Fund—        
Prime Shares, 0.05%(b)        
(Cost $1,412,973) 1,412,973 $ 1,412,973  
 
Total Investments—100.6%        
(Cost $145,334,698)     209,077,961  
Liabilities in Excess of Other Assets—(0.6)%   (1,289,723 )
Net Assets—100.0%   $ 207,788,238  

 

PLC – Public Limited Company

REIT – Real Estate Investment Trust

*Non-income producing security
†Less than 0.05%.
(a)All or a portion of security was on loan. The aggregate market value of the securities on loan was $1,429,336; total market value of the collateral held by the fund was $1,468,278. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $55,305.
(b)Rate shown represents annualized 7-day yield as of December 31, 2013.

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

10
 

SCHEDULE OF INVESTMENTS
REVENUESHARES MID CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
COMMON STOCKS—100.0%      
Automobiles & Components—0.3%      
Gentex Corp. 4,539 $ 149,741
Thor Industries, Inc. 7,790   430,242
Total Automobiles & Components     579,983
         
Banks—1.9%      
Associated Banc-Corp. 7,651   133,127
Astoria Financial Corp. 5,689   78,679
BancorpSouth, Inc. 3,917   99,570
Bank of Hawaii Corp. 1,309   77,414
Cathay General Bancorp 2,370   63,350
City National Corp. 2,035   161,213
Commerce Bancshares, Inc. 3,044   136,706
Cullen/Frost Bankers, Inc. 1,666   124,000
East West Bancorp, Inc. 3,624   126,731
First Horizon National Corp. 15,124   176,195
First Niagara Financial Group, Inc. 18,253   193,847
FirstMerit Corp. 5,398   119,998
Fulton Financial Corp. 8,044   105,216
Hancock Holding Co. 3,583   131,424
International Bancshares Corp. 2,647   69,854
New York Community Bancorp, Inc.(a) 15,237   256,744
Prosperity Bancshares, Inc. 1,218   77,209
Signature Bank*(a) 911   97,860
SVB Financial Group* 1,590   166,727
Synovus Financial Corp. 45,103   162,371
TCF Financial Corp. 10,164   165,165
Trustmark Corp. 2,679   71,904
Valley National Bancorp 9,606   97,213
Washington Federal, Inc. 2,940   68,473
Webster Financial Corp. 3,850   120,043
Westamerica Bancorporation 507   28,625
Total Banks     3,109,658
         
Capital Goods—12.9%      
A.O. Smith Corp. 5,085   274,285
Acuity Brands, Inc. 2,520   275,486
Aecom Technology Corp.* 37,439   1,101,830
AGCO Corp. 22,736   1,345,744
Alliant Techsystems, Inc. 4,711   573,235
BE Aerospace, Inc.* 4,998   434,976
Carlisle Cos., Inc. 6,152   488,469
CLARCOR, Inc. 2,353   151,416
Crane Co. 4,936   331,946
Donaldson Co., Inc. 7,373   320,431
Esterline Technologies Corp.* 2,678   273,049
Exelis, Inc. 34,034   648,688
Fortune Brands Home & Security, Inc. 11,873   542,596
GATX Corp. 3,355   175,030
General Cable Corp. 27,764   816,539
Graco, Inc. 1,821   142,257
Granite Construction, Inc. 8,733   305,480
Harsco Corp. 14,295   400,689
Hubbell, Inc., Class B 3,718   404,890
Huntington Ingalls Industries, Inc. 10,389   935,114
IDEX Corp. 3,583   264,605
ITT Corp. 7,302   317,053
KBR, Inc. 30,563   974,654
Kennametal, Inc. 6,838   356,055
Lennox International, Inc. 4,905   417,219

 

Investments Shares     Value
Lincoln Electric Holdings, Inc. 5,018 $ 357,984
MSC Industrial Direct Co., Inc., Class A 3,945   319,032
Nordson Corp. 2,743   203,805
Oshkosh Corp. 20,809   1,048,357
Regal-Beloit Corp. 5,559   409,809
SPX Corp. 6,697   667,088
Terex Corp. 23,417   983,280
Timken Co. 10,636   585,725
Trinity Industries, Inc. 10,072   549,125
Triumph Group, Inc. 6,390   486,087
United Rentals, Inc.*(a) 8,518   663,978
URS Corp. 28,112   1,489,655
Valmont Industries, Inc. 2,943   438,860
Wabtec Corp. 4,526   336,146
Watsco, Inc. 4,948   475,305
Woodward, Inc. 5,663   258,289
Total Capital Goods     21,544,261
         
Commercial & Professional Services—4.4%    
Brink’s Co. 15,578   531,833
Clean Harbors, Inc.*(a) 7,259   435,250
Copart, Inc.* 3,608   132,233
Corporate Executive Board Co. 1,420   109,951
Corrections Corp. of America 6,571   210,732
Deluxe Corp. 4,031   210,378
FTI Consulting, Inc.*(a) 4,647   191,178
Herman Miller, Inc. 7,618   224,883
HNI Corp. 7,151   277,673
Manpower, Inc. 30,969   2,658,998
Mine Safety Appliances Co. 3,081   157,778
R.R. Donnelley & Sons Co.(a) 68,903   1,397,353
Rollins, Inc. 5,714   173,077
Towers Watson & Co., Class A 3,655   466,414
Waste Connections, Inc. 5,541   241,754
Total Commercial & Professional Services   7,419,485
         
Consumer Durables & Apparel—3.0%    
Brunswick Corp. 5,584   257,199
Carter’s, Inc. 4,628   332,244
Deckers Outdoor Corp.*(a) 2,145   181,167
Hanesbrands, Inc. 8,429   592,306
Jarden Corp.* 15,305   938,962
KB Home(a) 15,050   275,114
MDC Holdings, Inc.* 7,058   227,550
NVR, Inc.* 520   533,525
Polaris Industries, Inc. 3,381   492,409
Tempur-Pedic International, Inc.*(a) 5,383   290,467
Toll Brothers, Inc.* 8,753   323,861
Tupperware Brands Corp. 3,604   340,686
Under Armour, Inc., Class A*(a) 3,245   283,288
Total Consumer Durables & Apparel     5,068,778
         
Consumer Services—2.3%      
Apollo Education Group, Inc.* 19,182   524,052
Bally Technologies, Inc.*(a) 1,647   129,207
Bob Evans Farms, Inc. 3,964   200,539
Brinker International, Inc. 13,721   635,831
Cheesecake Factory, Inc. 4,973   240,047
DeVry, Inc. 7,402   262,771
Domino’s Pizza, Inc. 3,235   225,318

 

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

11
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
Consumer Services (continued)      
International Speedway Corp., Class A 2,331 $ 82,727
Life Time Fitness, Inc.*(a) 3,341   157,027
Matthews International Corp., Class A 2,978   126,892
Panera Bread Co., Class A* 1,707   301,610
Scientific Games Corp., Class A* 6,960   117,833
Service Corp. International 18,021   326,721
Sotheby’s 2,011   106,985
Wendy’s Co. (The) 38,031   331,630
Total Consumer Services     3,769,190
         
Diversified Financials—1.1%      
Affiliated Managers Group, Inc.* 1,298   281,510
Apollo Investment Corp. 4,694   39,805
CBOE Holdings, Inc. 1,364   70,874
Eaton Vance Corp. 4,060   173,728
Federated Investors, Inc., Class B(a) 4,428   127,526
Greenhill & Co., Inc. 681   39,457
Janus Capital Group, Inc. 10,218   126,397
MSCI, Inc., Class A* 2,943   128,668
Raymond James Financial, Inc. 11,716   611,458
SEI Investments Co. 4,114   142,879
Waddell & Reed Financial, Inc., Class A 2,633   171,461
Total Diversified Financials     1,913,763
         
Energy—7.6%      
Alpha Natural Resources, Inc.* 108,087   771,741
Atwood Oceanics, Inc.* 2,525   134,810
Bill Barrett Corp.*(a) 2,982   79,858
CARBO Ceramics, Inc.(a) 697   81,221
Cimarex Energy Co. 2,484   260,596
Dresser-Rand Group, Inc.* 6,691   398,984
Dril-Quip, Inc.* 971   106,742
Gulfport Energy Corp.* 564   35,617
Helix Energy Solutions Group, Inc.* 4,584   106,257
HollyFrontier Corp. 56,978   2,831,237
Oceaneering International, Inc. 5,200   410,176
Oil States International, Inc.* 4,955   504,023
Patterson-UTI Energy, Inc. 14,383   364,178
Rosetta Resources, Inc.* 2,074   99,635
SM Energy Co. 3,317   275,676
Superior Energy Services, Inc.* 23,492   625,122
Tidewater, Inc. 2,723   161,392
Unit Corp.* 3,339   172,359
World Fuel Services Corp. 124,243   5,362,328
Total Energy     12,781,952
         
Food & Staples Retailing—2.6%      
Harris Teeter Supermarkets, Inc. 11,897   587,117
SUPERVALU, Inc.*(a) 414,405   3,021,013
United Natural Foods, Inc.*(a) 10,493   791,067
Total Food & Staples Retailing     4,399,197
         
Food, Beverage & Tobacco—3.0%      
Dean Foods Co.* 76,748   1,319,298
Flowers Foods, Inc. 21,394   459,329
Green Mountain Coffee Roasters, Inc.*(a) 7,388   558,385
Hain Celestial Group, Inc.* 4,161   377,736
Hillshire Brands Co. 15,279   510,930
Ingredion, Inc. 12,339   844,728

 

Investments Shares     Value
Lancaster Colony Corp. 1,797 $ 158,405
Post Holdings, Inc.* 2,611   128,644
Tootsie Roll Industries, Inc.(a) 2,114   68,790
Universal Corp. 6,097   332,896
WhiteWave Foods Co., Class A* 13,738   315,150
Total Food, Beverage & Tobacco     5,074,291
         
Health Care Equipment & Services—7.2%    
Allscripts Healthcare Solutions, Inc.* 11,719   181,176
Community Health Systems, Inc.* 41,833   1,642,782
Cooper Cos., Inc. 1,636   202,602
Health Management Associates, Inc., Class A 56,899   745,377
Health Net, Inc.* 49,286   1,462,316
Henry Schein, Inc.* 10,619   1,213,327
Hill-Rom Holdings, Inc. 5,355   221,376
HMS Holdings Corp.* 3,075   69,895
Hologic, Inc. 14,081   314,710
IDEXX Laboratories, Inc.*(a) 1,652   175,723
LifePoint Hospitals, Inc.* 8,999   475,507
Masimo Corp.*(a) 2,394   69,977
Mednax, Inc.* 4,798   256,117
Omnicare, Inc. 13,196   796,510
Owens & Minor, Inc. 32,528   1,189,224
ResMed, Inc.(a) 3,994   188,037
STERIS Corp. 4,056   194,891
Teleflex, Inc. 2,228   209,120
Thoratec Corp.* 1,761   64,453
Universal Health Services, Inc., Class B 11,236   913,037
VCA Antech, Inc.* 7,509   235,482
WellCare Health Plans, Inc.* 16,746   1,179,253
Total Health Care Equipment & Services   12,000,892
         
Household & Personal Products—0.6%    
Church & Dwight Co., Inc. 6,099   404,242
Energizer Holdings, Inc. 5,267   570,100
Total Household & Personal Products     974,342
         
Insurance—6.1%      
Alleghany Corp.* 1,614   645,535
American Financial Group, Inc. 11,229   648,138
Arthur J. Gallagher & Co. 8,150   382,479
Aspen Insurance Holdings Ltd. 7,381   304,909
Brown & Brown, Inc. 5,582   175,219
Everest Re Group Ltd. 4,561   710,923
Fidelity National Financial, Inc., Class A 36,780   1,193,511
First American Financial Corp. 23,088   651,082
Hanover Insurance Group, Inc. 10,214   609,878
HCC Insurance Holdings, Inc. 7,101   327,640
Kemper Corp. 7,626   311,751
Mercury General Corp. 7,348   365,269
Old Republic International Corp. 42,228   729,278
Primerica, Inc. 3,747   160,784
Protective Life Corp. 9,604   486,539
Reinsurance Group of America, Inc. 17,384   1,345,695
StanCorp Financial Group, Inc. 5,625   372,656
W.R. Berkley Corp. 18,710   811,827
Total Insurance     10,233,113

 

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

12
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
Materials—8.0%      
Albemarle Corp. 4,847 $ 307,251
Aptargroup, Inc. 4,857   329,353
Ashland, Inc. 10,692   1,037,552
Cabot Corp. 8,841   454,427
Carpenter Technology Corp. 4,819   299,742
Commercial Metals Co. 46,304   941,360
Compass Minerals International, Inc. 1,718   137,526
Cytec Industries, Inc. 2,723   253,675
Domtar Corp. 7,590   716,041
Eagle Materials, Inc. 1,023   79,211
Greif, Inc., Class A 10,482   549,257
Intrepid Potash, Inc.*(a) 3,226   51,100
Louisiana-Pacific Corp.* 15,388   284,832
Martin Marietta Materials, Inc. 2,752   275,035
Minerals Technologies, Inc. 2,173   130,532
NewMarket Corp.(a) 862   288,037
Olin Corp.(a) 11,723   338,209
Packaging Corp. of America 6,438   407,397
Reliance Steel & Aluminum Co. 15,348   1,163,992
Rock-Tenn Co., Class A 11,775   1,236,493
Royal Gold, Inc. 812   37,409
RPM International, Inc. 12,751   529,294
Scotts Miracle-Gro Co., Class A 5,796   360,627
Sensient Technologies Corp. 3,833   185,977
Silgan Holdings, Inc. 10,027   481,496
Sonoco Products Co. 14,938   623,213
Steel Dynamics, Inc. 48,425   946,224
Valspar Corp. 7,289   519,633
Worthington Industries, Inc. 8,299   349,222
Total Materials     13,314,117
         
Media—1.1%      
AMC Networks, Inc., Class A* 2,977   202,763
Cinemark Holdings, Inc. 10,202   340,033
DreamWorks Animation SKG, Inc., Class A* 2,912   103,376
John Wiley & Sons, Inc., Class A 4,300   237,360
Lamar Advertising Co., Class A* 3,086   161,243
Meredith Corp. 3,720   192,696
New York Times Co., Class A 17,433   276,662
Valassis Communications, Inc. 9,016   308,798
Total Media     1,822,931
         
Pharmaceuticals, Biotechnology & Life Sciences—1.3%
Bio-Rad Laboratories, Inc., Class A* 2,176   268,975
Charles River Laboratories International, Inc.* 2,772   147,027
Covance, Inc.* 3,709   326,615
Cubist Pharmaceuticals, Inc.* 2,004   138,015
Endo Health Solutions Inc.*(a) 5,900   398,014
Mallinckrodt PLC* 5,316   277,814
Mettler-Toledo International, Inc.* 1,228   297,901
Salix Pharmaceuticals Ltd.* 1,312   118,001
Techne Corp. 449   42,507
United Therapeutics Corp.*(a) 1,532   173,239
Total Pharmaceuticals, Biotechnology &      
Life Sciences     2,188,108

 

Investments Shares     Value
Real Estate—0.0%†      
Alexander & Baldwin, Inc. 916 $ 38,225
         
Real Estate Investment Trusts—1.6%    
Alexandria Real Estate Equities, Inc. 1,267   80,607
American Campus Communities, Inc. 2,512   80,912
BioMed Realty Trust, Inc. 4,274   77,445
BRE Properties, Inc. 924   50,552
Camden Property Trust 1,782   101,360
Corporate Office Properties Trust 3,136   74,292
Duke Realty Corp. 9,786   147,181
Equity One, Inc.(a) 1,985   44,543
Essex Property Trust, Inc. 525   75,343
Extra Space Storage, Inc. 1,533   64,585
Federal Realty Investment Trust 790   80,114
Highwoods Properties, Inc.(a) 2,015   72,883
Home Properties, Inc. 1,587   85,095
Hospitality Properties Trust 7,244   195,805
Kilroy Realty Corp. 1,209   60,668
Liberty Property Trust 2,719   92,093
Mack-Cali Realty Corp. 4,160   89,357
Mid-America Apartment Communities, Inc. 1,116   67,786
National Retail Properties, Inc.(a) 1,564   47,436
Omega Healthcare Investors, Inc.(a) 1,675   49,915
Potlatch Corp. 1,820   75,967
Rayonier, Inc. 4,844   203,932
Realty Income Corp. 2,259   84,328
Regency Centers Corp. 1,354   62,690
Senior Housing Properties Trust 4,338   96,434
SL Green Realty Corp. 2,040   188,455
Taubman Centers, Inc. 1,484   94,857
UDR, Inc. 4,040   94,334
Weingarten Realty Investors 2,415   66,219
Total Real Estate Investment Trusts     2,605,188
         
Real Estate Management & Development—0.3%  
Jones Lang LaSalle, Inc. 5,319   544,612
         
Retailing—9.9%      
Aaron’s, Inc. 9,910   291,354
Abercrombie & Fitch Co., Class A 16,221   533,833
Advance Auto Parts, Inc. 7,359   814,494
American Eagle Outfitters, Inc. 30,264   435,802
ANN, Inc.* 8,284   302,863
Ascena Retail Group, Inc.* 28,220   597,135
Big Lots, Inc.* 7,774   251,022
Cabela’s, Inc.*(a) 7,315   487,618
Chico’s FAS, Inc. 16,977   319,847
CST Brands, Inc. 48,721   1,789,035
Dick’s Sporting Goods, Inc. 12,776   742,286
Foot Locker, Inc. 19,393   803,646
Guess?, Inc. 10,739   333,661
HSN, Inc. 6,999   436,038
JC Penney Co., Inc.(a) 213,699   1,955,346
LKQ Corp.* 17,920   589,568
Murphy USA, Inc.* 58,696   2,439,406
Office Depot, Inc.* 252,133   1,333,783
Rent-A-Center, Inc. 11,692   389,811

 

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

13
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
Retailing (continued)      
Signet Jewelers Ltd. 6,390 $ 502,893
Tractor Supply Co. 8,810   683,480
Williams-Sonoma, Inc. 8,455   492,757
Total Retailing     16,525,678
         
Semiconductors & Semiconductor Equipment—1.6%
Advanced Micro Devices, Inc.*(a) 166,224   643,287
Atmel Corp.* 24,101   188,711
Cree, Inc.*(a) 2,963   185,395
Cypress Semiconductor Corp.* 9,695   101,798
Fairchild Semiconductor International, Inc.* 14,019   187,154
Integrated Device Technology, Inc.* 6,276   63,952
International Rectifier Corp.* 4,975   129,698
Intersil Corp., Class A 6,511   74,681
RF Micro Devices, Inc.* 21,800   112,488
Semtech Corp.* 2,427   61,355
Silicon Laboratories, Inc.* 1,812   78,478
Skyworks Solutions, Inc.* 8,008   228,708
SunEdison, Inc.* 22,629   295,308
Teradyne, Inc.* 15,854   279,347
Total Semiconductors &      
Semiconductor Equipment     2,630,360
         
Software & Services—4.8%      
ACI Worldwide, Inc.* 1,648   107,120
Acxiom Corp.* 3,867   143,002
Advent Software, Inc. 1,375   48,111
ANSYS, Inc.* 1,268   110,570
AOL, Inc.* 6,366   296,783
Broadridge Financial Solutions, Inc. 7,731   305,529
Cadence Design Systems, Inc.*(a) 13,296   186,410
CommVault Systems, Inc.* 885   66,269
Compuware Corp. 11,124   124,700
Concur Technologies, Inc.*(a) 685   70,678
Convergys Corp. 12,819   269,840
CoreLogic, Inc.* 6,043   214,708
DST Systems, Inc. 3,727   338,188
Equinix, Inc.* 1,565   277,709
Factset Research Systems, Inc.(a) 912   99,025
Fair Isaac Corp. 1,635   102,743
Gartner, Inc.* 3,296   234,181
Global Payments, Inc. 4,724   307,013
Informatica Corp.* 2,936   121,844
Jack Henry & Associates, Inc. 2,419   143,229
Leidos Holdings, Inc.(a) 31,946   1,485,169
Lender Processing Services, Inc. 6,567   245,474
Mantech International Corp., Class A 10,803   323,334
Mentor Graphics Corp. 6,050   145,623
MICROS Systems, Inc.*(a) 2,945   168,955
NeuStar, Inc., Class A*(a) 2,286   113,980
PTC, Inc.* 4,981   176,278
Rackspace Hosting, Inc.*(a) 5,342   209,032
Rovi Corp.* 4,377   86,183
Science Applications International Corp. 17,878   591,225
Solarwinds, Inc.* 1,105   41,802
Solera Holdings, Inc. 1,501   106,211
Synopsys, Inc.* 6,314   256,159
TIBCO Software, Inc.* 5,514   123,955

 

Investments Shares     Value
ValueClick, Inc.*(a) 3,919 $ 91,587
VeriFone Systems, Inc.* 9,067   243,177
Wex, Inc.* 919   91,009
Total Software & Services     8,066,805
         
Technology Hardware & Equipment—11.3%    
3D Systems Corp.*(a) 716   66,538
ADTRAN, Inc. 3,068   82,867
Arrow Electronics, Inc.* 50,829   2,757,473
Avnet, Inc. 78,064   3,443,403
Ciena Corp.*(a) 11,430   273,520
Diebold, Inc.(a) 11,352   374,729
Ingram Micro, Inc., Class A* 229,386   5,381,396
InterDigital, Inc./Pa 1,225   36,125
Itron, Inc.*(a) 6,333   262,376
JDS Uniphase Corp.* 23,393   303,641
Lexmark International, Inc., Class A 13,574   482,148
National Instruments Corp. 4,947   158,403
NCR Corp.* 23,790   810,287
Plantronics, Inc. 2,161   100,378
Polycom, Inc.* 16,377   183,914
Riverbed Technology, Inc. 7,508   135,745
Tech Data Corp.* 63,843   3,294,299
Trimble Navigation Ltd.* 8,771   304,354
Vishay Intertechnology, Inc.*(a) 23,617   313,161
Zebra Technologies Corp., Class A* 2,520   136,282
Total Technology Hardware & Equipment   18,901,039
         
Telecommunication Services—0.5%    
Telephone & Data Systems, Inc. 25,858   666,619
tw Telecom, Inc.* 6,663   203,022
Total Telecommunication Services     869,641
         
Transportation—3.1%      
Alaska Air Group, Inc. 8,859   649,985
Con-Way, Inc. 17,379   690,120
Genesee & Wyoming, Inc., Class A* 1,913   183,744
JB Hunt Transport Services, Inc. 9,254   715,334
JetBlue Airways Corp.*(a) 75,933   649,227
Kirby Corp.* 3,029   300,628
Landstar System, Inc. 6,152   353,432
Matson, Inc. 8,425   219,977
Old Dominion Freight Line, Inc.* 8,461   448,602
UTi Worldwide, Inc. 35,976   631,739
Werner Enterprises, Inc. 10,652   263,424
Total Transportation     5,106,212
         
Utilities—3.5%      
Alliant Energy Corp. 7,896   407,434
Aqua America, Inc. 4,198   99,031
Atmos Energy Corp. 10,740   487,811
Black Hills Corp. 3,110   163,306
Cleco Corp. 2,920   136,130
Energen Corp. 3,296   233,192
Great Plains Energy, Inc. 12,553   304,285
Hawaiian Electric Industries, Inc.(a) 16,232   423,006
IDACORP, Inc. 2,938   152,306
MDU Resources Group, Inc. 18,686   570,857
National Fuel Gas Co. 3,291   234,977
OGE Energy Corp. 12,117   410,766
PNM Resources, Inc. 7,483   180,490

 

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

14
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
Utilities (continued)        
Questar Corp. 6,527 $ 150,056  
UGI Corp. 22,384   928,041  
Vectren Corp. 9,030   320,565  
Westar Energy, Inc. 9,327   300,049  
WGL Holdings, Inc. 8,047   322,363  
Total Utilities     5,824,665  
 
Total Common Stocks        
(Cost $128,812,181)     167,306,486  
           
INVESTMENT OF CASH COLLATERAL      
FOR SECURITIES LOANED—5.3%        
Dreyfus Institutional Preferred        
Money Market Fund—        
Prime Shares, 0.05% (b)        
(Cost $8,921,783) 8,921,783   8,921,783  
 
Total Investments—105.3%        
(Cost $137,733,964)     176,228,269  
Liabilities in Excess of Other Assets—(5.3)%   (8,923,760 )
Net Assets—100.0%   $ 167,304,509  

 

*Non-income producing security
†Less than 0.05%.
(a)All or a portion of security was on loan. The aggregate market value of the securities on loan was $8,644,238; total market value of the collateral held by the fund was $8,921,783.
(b)Rate shown represents annualized 7-day yield as of December 31, 2013.

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

15
 

SCHEDULE OF INVESTMENTS
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
COMMON STOCKS—100.0%      
Automobiles & Components—0.7%      
Dorman Products, Inc.*(a) 4,682 $ 262,520
Drew Industries, Inc. 7,604   389,325
Spartan Motors, Inc. 28,771   192,766
Standard Motor Products, Inc. 10,957   403,217
Superior Industries International, Inc. 17,269   356,259
Winnebago Industries, Inc.* 9,593   263,328
Total Automobiles & Components     1,867,415
         
Banks—2.7%      
Bank Mutual Corp. 6,460   45,285
Bank of the Ozarks, Inc. 2,015   114,029
Banner Corp. 2,106   94,391
BBCN Bancorp, Inc. 7,879   130,713
BofI Holding, Inc.* 889   69,724
Boston Private Financial Holdings, Inc. 11,801   148,929
Brookline Bancorp, Inc. 10,039   96,073
Cardinal Financial Corp. 3,927   70,686
City Holding Co. 1,695   78,529
Columbia Banking System, Inc. 4,559   125,418
Community Bank System, Inc. 4,662   184,988
CVB Financial Corp. 6,329   108,036
Dime Community Bancshares 4,989   84,414
First BanCorp* 53,125   328,844
First Commonwealth Financial Corp. 12,366   109,068
First Financial Bancorp 8,281   144,338
First Financial Bankshares, Inc.(a) 1,463   97,026
First Midwest Bancorp, Inc. 9,899   173,530
FNB Corp. 18,744   236,549
Glacier Bancorp, Inc. 4,798   142,933
Hanmi Financial Corp. 2,838   62,124
Home BancShares, Inc. 2,557   95,504
Independent Bank Corp. 2,986   117,021
MB Financial, Inc. 6,023   193,278
National Penn Bancshares, Inc. 14,561   164,976
NBT Bancorp, Inc. 5,820   150,738
Northwest Bancshares, Inc. 10,574   156,284
Old National Bancorp 14,601   224,417
Oritani Financial Corp. 3,372   54,121
PacWest Bancorp(a) 2,960   124,971
Pinnacle Financial Partners, Inc. 3,087   100,420
PrivateBancorp, Inc. 8,816   255,047
Provident Financial Services, Inc. 6,482   125,232
S&T Bancorp, Inc. 3,414   86,408
Simmons First National Corp., Class A 2,122   78,832
Sterling Bancorp 4,992   66,743
Susquehanna Bancshares, Inc. 27,836   357,414
Taylor Capital Group, Inc.* 5,811   154,456
Texas Capital Bancshares, Inc.* 3,341   207,810
Tompkins Financial Corp. 2,097   107,765
TrustCo Bank Corp. 9,883   70,960
UMB Financial Corp. 5,132   329,885
Umpqua Holdings Corp. 12,710   243,269
United Bankshares, Inc.(a) 4,940   155,363
United Community Banks, Inc.* 7,081   125,688
ViewPoint Financial Group, Inc. 2,497   68,543
Wilshire Bancorp, Inc. 5,664   61,908
Wintrust Financial Corp. 7,651   352,864
Total Banks     6,875,544

 

Investments Shares     Value
Capital Goods—11.8%      
AAON, Inc. 4,344 $ 138,791
AAR Corp. 29,198   817,836
Actuant Corp., Class A 15,054   551,579
Aegion Corp., Class A* 19,661   430,379
Aerovironment, Inc.* 4,200   122,346
Albany International Corp., Class A 8,580   308,279
American Science & Engineering, Inc. 1,163   83,631
American Woodmark Corp.* 6,866   271,413
Apogee Enterprises, Inc. 8,100   290,871
Applied Industrial Technologies, Inc. 21,274   1,044,341
Astec Industries, Inc. 10,371   400,632
AZZ, Inc. 5,026   245,570
Barnes Group, Inc. 12,627   483,740
Belden, Inc. 12,043   848,429
Brady Corp., Class A 15,106   467,229
Briggs & Stratton Corp. 37,583   817,806
CIRCOR International, Inc. 4,479   361,814
Comfort Systems USA, Inc. 28,730   557,075
Cubic Corp.(a) 11,281   594,058
Curtiss-Wright Corp. 17,540   1,091,514
DXP Enterprises, Inc.* 4,790   551,808
Dycom Industries, Inc.* 21,739   604,127
EMCOR Group, Inc. 64,798   2,750,027
Encore Wire Corp. 9,290   503,518
EnerSys 13,571   951,191
Engility Holdings, Inc.* 18,811   628,287
EnPro Industries, Inc.* 8,547   492,735
ESCO Technologies, Inc. 5,578   191,102
Federal Signal Corp.* 24,608   360,507
Franklin Electric Co., Inc. 8,825   393,948
GenCorp, Inc.*(a) 28,052   505,497
Gibraltar Industries, Inc.* 19,292   358,638
Griffon Corp. 60,027   792,957
II-VI, Inc.* 13,273   233,605
John Bean Technologies Corp. 13,581   398,331
Kaman Corp. 17,712   703,698
Lindsay Corp.(a) 3,507   290,204
Lydall, Inc.* 9,541   168,112
Moog, Inc., Class A* 15,805   1,073,792
Mueller Industries, Inc. 14,611   920,639
National Presto Industries, Inc.*(a) 2,334   187,887
Orbital Sciences Corp.* 23,613   550,183
Orion Marine Group, Inc.* 12,282   147,753
Powell Industries, Inc. 4,174   279,616
Quanex Building Products Corp. 21,590   430,073
Simpson Manufacturing Co., Inc. 7,942   291,710
Standex International Corp. 4,624   290,757
Teledyne Technologies, Inc.* 10,498   964,346
Tennant Co. 4,604   312,197
Titan International, Inc. 52,194   938,448
Toro Co. 13,449   855,356
Universal Forest Products, Inc. 20,115   1,048,796
Vicor Corp.*(a) 6,395   85,821
Watts Water Technologies, Inc., Class A 9,994   618,329
Total Capital Goods     29,801,328
         
Commercial & Professional Services—6.5%    
ABM Industries, Inc. 68,331   1,953,583
CDI Corp. 26,249   486,394
Consolidated Graphics, Inc.* 6,566   442,811

 

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

16
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
Commercial & Professional Services (continued)  
Encore Capital Group, Inc.*(a) 6,136 $ 308,395
Exponent, Inc. 1,597   123,672
G&K Services, Inc., Class A 6,096   379,354
Geo Group, Inc. (The) 19,031   613,179
Healthcare Services Group, Inc. 16,509   468,360
Heidrick & Struggles International, Inc. 10,535   212,175
Insperity, Inc. 26,945   973,523
Interface, Inc. 19,426   426,595
Kelly Services, Inc., Class A 94,441   2,355,358
Korn/Ferry International* 13,074   341,493
Mobile Mini, Inc.* 4,245   174,809
Monster Worldwide, Inc.* 56,451   402,496
Navigant Consulting, Inc.* 19,090   366,528
On Assignment, Inc.* 20,379   711,635
Portfolio Recovery Associates, Inc.* 5,546   293,051
Resources Connection, Inc. 16,995   243,538
Sykes Enterprises, Inc.* 23,722   517,377
Tetra Tech, Inc.* 30,142   843,373
TrueBlue, Inc.* 25,964   669,352
UniFirst Corp. 5,286   565,602
United Stationers, Inc. 47,044   2,158,849
Viad Corp. 14,671   407,560
WageWorks, Inc.* 1,434   85,237
Total Commercial & Professional Services   16,524,299
         
Consumer Durables & Apparel—4.7%    
Arctic Cat, Inc. 4,954   282,279
Blyth, Inc.(a) 34,468   375,012
Callaway Golf Co. 43,202   364,193
Crocs, Inc.* 37,502   597,032
Ethan Allen Interiors, Inc. 10,354   314,969
Fifth & Pacific Cos., Inc.* 20,586   660,193
G-III Apparel Group Ltd.* 1,859   137,176
Helen of Troy Ltd.* 10,786   534,015
Iconix Brand Group, Inc.*(a) 4,261   169,162
iRobot Corp.* 6,028   209,593
Jakks Pacific, Inc.(a) 41,466   279,066
La-Z-Boy, Inc., Class Z 17,726   549,506
M/I Homes, Inc.* 17,079   434,660
Meritage Homes Corp.* 15,982   766,976
Movado Group, Inc. 4,717   207,595
Oxford Industries, Inc. 4,348   350,753
Perry Ellis International, Inc.* 25,254   398,761
Quiksilver, Inc.*(a) 93,884   823,363
Ryland Group, Inc. 19,757   857,651
Skechers U.S.A., Inc., Class A* 21,830   723,228
Standard Pacific Corp.*(a) 88,732   803,025
Steven Madden Ltd.* 14,676   536,995
Sturm Ruger & Co., Inc.(a) 3,728   272,479
Universal Electronics, Inc.* 5,664   215,855
Wolverine World Wide, Inc. 32,890   1,116,944
Total Consumer Durables & Apparel     11,980,481
         
Consumer Services—5.4%      
American Public Education, Inc.*(a) 3,111   135,235
Biglari Holdings, Inc.* 724   366,807
BJ’s Restaurants, Inc.*(a) 10,478   325,447
Boyd Gaming Corp.* 103,503   1,165,444
Buffalo Wild Wings, Inc.* 3,490   513,728
Capella Education Co. 2,584   171,681

 

Investments Shares     Value
Career Education Corp.* 98,159 $ 559,506
CEC Entertainment, Inc. 7,561   334,801
Cracker Barrel Old Country Store, Inc. 10,210   1,123,815
DineEquity, Inc. 3,240   270,702
Hillenbrand, Inc. 19,536   574,749
Interval Leisure Group, Inc. 6,775   209,347
ITT Educational Services, Inc.*(a) 13,706   460,247
Jack in the Box, Inc.* 12,983   649,410
Marcus Corp. 12,271   164,922
Marriott Vacations Worldwide Corp.* 13,645   719,910
Monarch Casino & Resort, Inc.* 4,232   84,979
Multimedia Games Holding Co., Inc.* 2,488   78,024
Outerwall, Inc.*(a) 13,605   915,208
Papa John’s International, Inc. 13,350   606,090
Pinnacle Entertainment, Inc.* 22,339   580,591
Red Robin Gourmet Burgers, Inc.* 5,719   420,575
Regis Corp. 107,767   1,563,699
Ruby Tuesday, Inc.* 76,792   532,169
Ruth’s Hospitality Group, Inc. 12,060   171,373
Sonic Corp.* 10,586   213,731
Strayer Education, Inc.*(a) 4,298   148,152
Texas Roadhouse, Inc. 19,826   551,163
Universal Technical Institute, Inc. 10,669   148,406
Total Consumer Services     13,759,911
         
Diversified Financials—2.1%      
Calamos Asset Management, Inc., Class A 10,359   122,650
Cash America International, Inc. 20,329   778,601
Evercore Partners, Inc., Class A 5,433   324,785
Ezcorp, Inc., Class A* 39,611   463,053
Financial Engines, Inc. 1,351   93,867
First Cash Financial Services, Inc.*(a) 4,423   273,518
FXCM, Inc., Class A 12,360   220,502
Green Dot Corp., Class A* 9,920   249,488
HFF, Inc., Class A* 5,103   137,015
Interactive Brokers Group, Inc., Class A 18,954   461,340
Investment Technology Group, Inc.* 10,830   222,665
MarketAxess Holdings, Inc. 1,464   97,898
Piper Jaffray Cos.* 5,549   219,463
Prospect Capital Corp. 14,235   159,717
Stifel Financial Corp.*(a) 16,879   808,842
SWS Group, Inc.* 23,582   143,379
Virtus Investment Partners, Inc.* 818   163,641
World Acceptance Corp.*(a) 2,704   236,681
Total Diversified Financials     5,177,105
         
Energy—4.2%      
Approach Resources, Inc.*(a) 3,356   64,737
Arch Coal, Inc. 216,745   964,515
Basic Energy Services, Inc.* 34,955   551,590
Bristow Group, Inc. 7,933   595,451
C&J Energy Services, Inc.*(a) 18,686   431,647
Carrizo Oil & Gas, Inc.*(a) 4,920   220,268
Cloud Peak Energy, Inc.* 33,064   595,152
Comstock Resources, Inc. 10,092   184,583
Contango Oil & Gas Co.* 1,241   58,650
Era Group, Inc.* 3,755   115,879
Exterran Holdings, Inc.* 41,199   1,409,006
Forest Oil Corp.* 45,154   163,006

 

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

17
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
Energy (continued)      
Geospace Technologies Corp.*(a) 1,311 $ 124,322
Green Plains Renewable Energy, Inc. 36,506   707,851
Gulf Island Fabrication, Inc. 10,648   247,247
Hornbeck Offshore Services, Inc.* 4,731   232,907
ION Geophysical Corp.* 63,244   208,705
Matrix Service Co.* 15,741   385,182
Newpark Resources, Inc.* 36,617   450,023
Northern Oil and Gas, Inc.*(a) 9,349   140,889
PDC Energy, Inc.* 3,008   160,086
Penn Virginia Corp.* 16,375   154,416
Petroquest Energy, Inc.* 17,833   77,039
Pioneer Energy Services Corp.* 50,893   407,653
SEACOR Holdings, Inc.*(a) 6,145   560,424
Stone Energy Corp.* 12,878   445,450
Swift Energy Co.*(a) 19,395   261,833
Tesco Corp.* 11,414   225,769
TETRA Technologies, Inc.* 31,015   383,345
Total Energy     10,527,625
         
Food & Staples Retailing—2.5%      
Andersons, Inc. 26,794   2,389,221
Casey’s General Stores, Inc. 41,560   2,919,590
Spartan Stores, Inc. 45,596   1,107,071
Total Food & Staples Retailing     6,415,882
         
Food, Beverage & Tobacco—2.8%      
Alliance One International, Inc.* 268,480   818,864
Annie’s, Inc.* 1,470   63,269
B&G Foods, Inc., Class A 8,243   279,520
Boston Beer Co., Inc., Class A*(a) 1,325   320,372
Calavo Growers, Inc. 8,867   268,315
Cal-Maine Foods, Inc. 9,217   555,140
Darling International, Inc.* 36,349   758,967
Diamond Foods, Inc.*(a) 13,922   359,745
J&J Snack Foods Corp. 4,146   367,294
Sanderson Farms, Inc. 15,229   1,101,514
Seneca Foods Corp., Class A* 17,254   550,230
Snyders-Lance, Inc. 25,347   727,966
TreeHouse Foods, Inc.* 13,220   911,122
Total Food, Beverage & Tobacco     7,082,318
         
Health Care Equipment & Services—9.3%    
Abaxis, Inc.*(a) 1,998   79,960
Abiomed, Inc.* 2,321   62,064
Air Methods Corp.*(a) 6,479   377,920
Align Technology, Inc.* 4,588   262,204
Almost Family, Inc.* 4,544   146,908
Amedisys, Inc.* 35,543   519,994
AMN Healthcare Services, Inc.* 29,549   434,370
Amsurg Corp.*(a) 9,135   419,479
Analogic Corp. 2,596   229,902
Anika Therapeutics, Inc.* 913   34,840
Bio-Reference Labs, Inc.*(a) 10,548   269,396
Cantel Medical Corp. 4,940   167,515
Centene Corp.* 75,845   4,471,063
Chemed Corp.(a) 7,810   598,402
Computer Programs & Systems, Inc. 1,288   79,611
CONMED Corp. 7,594   322,745
CorVel Corp.* 3,703   172,930
Cross Country Healthcare, Inc.* 21,702   216,586

 

Investments Shares     Value
CryoLife, Inc. 5,443 $ 60,363
Cyberonics, Inc.* 1,535   100,558
Cynosure, Inc., Class A* 3,265   87,110
Ensign Group, Inc. 7,951   351,991
Gentiva Health Services, Inc.* 55,219   685,268
Greatbatch, Inc.* 6,756   298,885
Haemonetics Corp.* 7,729   325,623
Hanger, Inc.* 11,432   449,735
HealthStream, Inc.* 1,616   52,956
Healthways, Inc.* 19,947   306,186
ICU Medical, Inc.* 1,998   127,293
Integra LifeSciences Holdings Corp.*(a) 7,352   350,764
Invacare Corp. 26,451   613,928
IPC The Hospitalist Co., Inc.* 4,014   238,391
Kindred Healthcare, Inc. 120,516   2,378,986
Landauer, Inc. 1,182   62,185
LHC Group, Inc.* 11,036   265,305
Magellan Health Services, Inc.* 22,977   1,376,552
Medidata Solutions, Inc.* 1,890   114,477
Meridian Bioscience, Inc. 2,970   78,794
Merit Medical Systems, Inc.* 11,425   179,830
Molina Healthcare, Inc.*(a) 80,278   2,789,661
MWI Veterinary Supply, Inc.*(a) 5,529   943,192
Natus Medical, Inc.* 6,579   148,028
Neogen Corp.* 1,679   76,730
NuVasive, Inc.* 8,369   270,570
Omnicell, Inc.* 5,966   152,312
PharMerica Corp.* 34,122   733,623
Quality Systems, Inc. 8,939   188,255
SurModics, Inc.* 996   24,292
Symmetry Medical, Inc.* 17,696   178,376
West Pharmaceutical Services, Inc. 11,247   551,778
Total Health Care Equipment & Services   23,427,886
         
Household & Personal Products—0.5%    
Central Garden and Pet Co., Class A* 73,433   495,673
Inter Parfums, Inc. 7,448   266,713
Medifast, Inc.* 5,678   148,366
Prestige Brands Holdings, Inc.* 6,960   249,168
WD-40 Co. 1,943   145,103
Total Household & Personal Products     1,305,023
         
Insurance—2.3%      
AMERISAFE, Inc. 3,513   148,389
eHealth, Inc.* 1,585   73,687
Employers Holdings, Inc. 9,158   289,851
HCI Group, Inc.(a) 2,012   107,642
Horace Mann Educators Corp. 13,902   438,469
Infinity Property & Casualty Corp. 8,312   596,386
Meadowbrook Insurance Group, Inc. 51,360   357,465
Navigators Group, Inc.* 6,211   392,287
ProAssurance Corp. 6,481   314,199
RLI Corp. 3,032   295,256
Safety Insurance Group, Inc. 5,564   313,253
Selective Insurance Group, Inc. 28,614   774,295
Stewart Information Services Corp. 26,984   870,774
Tower Group International Ltd.(a) 171,309   579,024
United Fire Group, Inc. 12,741   365,157
Total Insurance     5,916,134

 

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

18
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
Materials—8.2%      
A. Schulman, Inc. 25,442 $ 897,085
A.M. Castle & Co.* 33,634   496,774
AK Steel Holding Corp.*(a) 373,974   3,066,587
AMCOL International Corp. 13,121   445,852
American Vanguard Corp. 6,258   152,007
Balchem Corp. 2,377   139,530
Calgon Carbon Corp.* 11,617   238,962
Century Aluminum Co.* 60,194   629,629
Clearwater Paper Corp.* 15,071   791,227
Deltic Timber Corp. 1,205   81,868
Flotek Industries, Inc.* 7,426   149,040
FutureFuel Corp. 10,513   166,105
Globe Specialty Metals, Inc. 18,018   324,504
H.B. Fuller Co. 16,488   858,036
Hawkins, Inc. 3,859   143,516
Haynes International, Inc. 4,026   222,396
Headwaters, Inc.* 28,867   282,608
Innophos Holdings, Inc. 7,445   361,827
Kaiser Aluminum Corp. 7,807   548,364
KapStone Paper and Packaging Corp.* 10,928   610,438
Koppers Holdings, Inc. 13,634   623,755
Kraton Performance Polymers, Inc.* 23,161   533,861
LSB Industries, Inc.* 8,468   347,357
Materion Corp. 18,589   573,471
Myers Industries, Inc. 16,819   355,217
Neenah Paper, Inc. 8,049   344,256
Olympic Steel, Inc. 19,425   562,937
OM Group, Inc.* 15,124   550,665
Ph Glatfelter Co. 24,916   688,678
PolyOne Corp. 41,641   1,472,009
Quaker Chemical Corp. 3,929   302,808
RTI International Metals, Inc.* 9,281   317,503
Schweitzer-Mauduit International, Inc. 6,358   327,246
Stepan Co. 11,697   767,674
Stillwater Mining Co.*(a) 35,225   434,677
SunCoke Energy, Inc.* 31,396   716,143
Texas Industries, Inc.* 4,004   275,395
Tredegar Corp. 16,094   463,668
Wausau Paper Corp. 18,285   231,854
Zep, Inc. 15,383   279,355
Total Materials     20,774,884
         
Media—1.5%      
Digital Generation, Inc.* 13,295   169,511
E.W. Scripps Co., Class A* 17,279   375,300
Harte-Hanks, Inc. 37,772   295,377
Live Nation Entertainment, Inc.* 137,002   2,707,160
Scholastic Corp. 4,848   164,880
Total Media     3,712,228
         
Pharmaceuticals, Biotechnology & Life Sciences—1.1%
Acorda Therapeutics, Inc.* 4,422   129,123
Affymetrix, Inc.* 16,041   137,471
Akorn, Inc.*(a) 5,064   124,726
Arqule, Inc.* 3,729   8,017
Cambrex Corp.* 6,416   114,397
Emergent Biosolutions, Inc.* 5,497   126,376
Hi-Tech Pharmacal Co., Inc.* 2,225   96,543
Impax Laboratories, Inc.* 9,602   241,394

 

Investments Shares     Value
Ligand Pharmaceuticals, Inc., Class B* 374 $ 19,673
Luminex Corp.* 4,778   92,693
Medicines Co.* 7,239   279,570
Momenta Pharmaceuticals, Inc.* 812   14,356
PAREXEL International Corp.* 18,815   850,062
Questcor Pharmaceuticals, Inc.(a) 5,432   295,772
Spectrum Pharmaceuticals, Inc.*(a) 8,296   73,420
ViroPharma, Inc.*(a) 3,523   175,622
Total Pharmaceuticals, Biotechnology & Life Sciences     2,779,215
         
Real Estate Investment Trusts—1.3%    
Acadia Realty Trust 2,749   68,258
Agree Realty Corp. 601   17,441
American Assets Trust, Inc. 3,317   104,253
Associated Estates Realty Corp. 4,721   75,772
Capstead Mortgage Corp. 7,331   88,558
Cedar Realty Trust, Inc. 9,744   60,997
CoreSite Realty Corp. 3,171   102,075
Cousins Properties, Inc. 7,130   73,439
DiamondRock Hospitality Co. 32,169   371,552
EastGroup Properties, Inc. 1,400   81,102
Epr Properties 2,798   137,550
Franklin Street Properties Corp. 6,692   79,969
Getty Realty Corp. 2,321   42,637
Government Properties Income Trust 3,819   94,902
Healthcare Realty Trust, Inc. 6,431   137,045
Inland Real Estate Corp. 6,967   73,293
Kite Realty Group Trust 8,002   52,573
LaSalle Hotel Properties(a) 12,576   388,095
Lexington Realty Trust 15,529   158,551
LTC Properties, Inc. 1,147   40,592
Medical Properties Trust, Inc. 7,811   95,450
Parkway Properties, Inc. 6,656   128,394
Pennsylvania Real Estate Investment Trust 9,636   182,891
Post Properties, Inc. 3,263   147,586
PS Business Parks, Inc. 1,954   149,325
Saul Centers, Inc. 1,679   80,139
Sovran Self Storage, Inc. 1,671   108,899
Tanger Factory Outlet Centers 4,777   152,960
Universal Health Realty Income Trust 532   21,312
Urstadt Biddle Properties, Inc., Class A 2,086   38,487
Total Real Estate Investment Trusts     3,354,097
         
Real Estate Management & Development—0.1%  
Forestar Group, Inc.* 6,343   134,916
         
Retailing—10.9%      
Aeropostale, Inc.*(a) 70,876   644,263
Barnes & Noble, Inc.* 188,839     2,823,143
Big 5 Sporting Goods Corp. 22,185   439,707
Blue Nile, Inc.* 3,871   182,285
Brown Shoe Co., Inc. 40,222   1,131,847
Buckle, Inc.(a) 8,883   466,890
Cato Corp., Class A 12,234   389,041
Children’s Place Retail Stores, Inc.* 13,335   759,695
Christopher & Banks Corp.* 23,335   199,281
Finish Line, Inc., Class A 23,387   658,812
Francesca’s Holdings Corp.* 6,317   116,296
Fred’s, Inc., Class A 45,505   842,753

 

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

19
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
Retailing (continued)      
FTD Cos., Inc.* 6,008 $ 195,741
Genesco, Inc.* 14,685   1,072,886
Group 1 Automotive, Inc. 49,943   3,546,952
Haverty Furniture Cos., Inc. 10,015   313,469
Hibbett Sports, Inc.*(a) 4,994   335,647
Jos. A. Bank Clothiers, Inc.* 7,518   411,460
Kirkland’s, Inc.* 7,282   172,365
Lithia Motors, Inc., Class A 22,966   1,594,300
Lumber Liquidators Holdings, Inc.* 4,295   441,913
MarineMax, Inc.* 15,091   242,663
Men’s Wearhouse, Inc. 19,229   982,217
Monro Muffler Brake, Inc.(a) 5,515   310,825
Nutrisystem, Inc. 7,963   130,912
Pep Boys-Manny, Moe & Jack* 65,826   799,128
PetMed Express, Inc.(a) 6,048   100,578
Pool Corp. 14,769   858,670
Select Comfort Corp.* 18,926   399,149
Sonic Automotive, Inc., Class A 148,168   3,627,153
Stage Stores, Inc.(a) 30,778   683,887
Stein Mart, Inc. 37,293   501,591
Tuesday Morning Corp.* 22,653   361,542
Vitamin Shoppe, Inc.* 8,051   418,733
VOXX International Corp., Class A* 20,275   338,592
Zale Corp.* 52,985   835,573
Zumiez, Inc.* 10,483   272,558
Total Retailing     27,602,517
         
Semiconductors & Semiconductor Equipment—1.7%
Advanced Energy Industries, Inc.* 9,499   217,147
ATMI, Inc.* 5,650   170,686
Brooks Automation, Inc. 18,289   191,852
Cabot Microelectronics Corp.* 3,958   180,881
Ceva, Inc.* 1,211   18,431
Cirrus Logic, Inc.*(a) 15,112   308,738
Cohu, Inc. 9,823   103,141
Diodes, Inc.* 14,533   342,397
DSP Group, Inc.* 6,884   66,844
Entropic Communications, Inc.* 25,487   120,044
Exar Corp.* 4,007   47,243
GT Advanced Technologies, Inc.*(a) 17,965   156,655
Hittite Microwave Corp.* 1,855   114,509
Kopin Corp.* 2,973   12,546
Kulicke & Soffa Industries, Inc.* 20,695   275,244
Micrel, Inc. 10,213   100,802
Microsemi Corp.* 17,122   427,194
MKS Instruments, Inc. 8,374   250,718
Monolithic Power Systems, Inc.*(a) 2,824   97,880
Nanometrics, Inc.* 2,902   55,283
Pericom Semiconductor Corp.* 6,159   54,569
Power Integrations, Inc. 2,564   143,122
Rubicon Technology, Inc.*(a) 2,365   23,532
Rudolph Technologies, Inc.* 7,057   82,849
Sigma Designs, Inc.* 20,291   95,774
Supertex, Inc.* 1,067   26,728
Tessera Technologies, Inc. 3,540   69,773
TriQuint Semiconductor, Inc.* 42,591   355,209

 

Investments Shares     Value
Ultratech, Inc.* 2,967 $ 86,043
Veeco Instruments, Inc.*(a) 4,903   161,358
Total Semiconductors & Semiconductor Equipment     4,357,192
 
Software & Services—3.9%      
Blackbaud, Inc. 5,839   219,838
Blucora, Inc.* 7,167   208,990
Bottomline Technologies, Inc.*(a) 3,056   110,505
CACI International, Inc., Class A*(a) 21,006   1,538,059
Cardtronics, Inc.* 8,001   347,643
CIBER, Inc.* 93,925   388,849
comScore, Inc.* 4,306   123,195
CSG Systems International, Inc. 10,502   308,759
Dealertrack Technologies, Inc.*(a) 4,429   212,946
Dice Holdings, Inc.* 12,154   88,116
Digital River, Inc.* 9,361   173,178
Ebix, Inc.(a) 5,962   87,761
EPIQ Systems, Inc. 11,865   192,332
Exlservice Holdings, Inc.* 7,155   197,621
Forrester Research, Inc. 3,181   121,705
Heartland Payment Systems, Inc. 18,453   919,698
Higher One Holdings, Inc.*(a) 8,264   80,657
iGate Corp.* 12,455   500,193
Interactive Intelligence Group, Inc.* 1,898   127,849
j2 Global, Inc. 4,307   215,393
Liquidity Services, Inc.*(a) 9,580   217,083
LivePerson, Inc.* 5,809   86,089
LogMeIn, Inc.* 2,017   67,670
Manhattan Associates, Inc.* 1,358   159,538
MAXIMUS, Inc. 11,662   513,011
MicroStrategy, Inc., Class A* 1,873   232,702
Monotype Imaging Holdings, Inc. 2,228   70,984
Netscout Systems, Inc.* 5,030   148,838
NIC, Inc. 4,414   109,776
OpenTable, Inc.*(a) 964   76,513
Perficient, Inc.* 6,575   153,986
Progress Software Corp.* 5,670   146,456
QuinStreet, Inc.* 15,610   135,651
Stamps.com, Inc.* 1,218   51,278
Synchronoss Technologies, Inc.* 4,453   138,355
Take-Two Interactive Software, Inc.* 24,989   434,059
Tangoe, Inc.*(a) 4,611   83,044
TeleTech Holdings, Inc.*(a) 20,025   479,399
Tyler Technologies, Inc.* 1,700   173,621
VASCO Data Security International, Inc.* 7,778   60,124
Virtusa Corp.* 3,555   135,410
XO Group, Inc.* 3,865   57,434
Total Software & Services     9,894,308
 
Technology Hardware & Equipment—9.8%    
Agilysys, Inc.* 5,134   71,465
Anixter International, Inc. 29,507   2,650,909
ARRIS Group, Inc.*(a) 50,461   1,229,482
Avid Technology, Inc.* 27,900   227,385
Badger Meter, Inc. 2,490   135,705
Bel Fuse, Inc., Class B 6,399   136,363

 

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

20
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares      Value  
Technology Hardware & Equipment (continued)  
Benchmark Electronics, Inc.* 44,265 $ 1,021,636
Black Box Corp. 15,386   458,503
CalAmp Corp.* 2,841   79,463
Checkpoint Systems, Inc.* 19,759   311,599
Cognex Corp.* 4,054   154,782
Coherent, Inc.* 4,568   339,814
Comtech Telecommunications Corp. 4,427   139,539
CTS Corp. 14,130   281,328
Daktronics, Inc. 13,933   218,469
Digi International, Inc.* 6,594   79,919
DTS, Inc.* 2,180   52,276
Electro Scientific Industries, Inc. 9,165   95,866
Electronics For Imaging, Inc.* 7,374   285,595
FARO Technologies, Inc.* 2,055   119,806
FEI Co. 4,183   373,793
Harmonic, Inc.* 28,630   211,289
Insight Enterprises, Inc.* 87,771   1,993,279
Intevac, Inc.* 3,613   26,845
Ixia* 15,494   206,225
Littelfuse, Inc. 3,406   316,520
Measurement Specialties, Inc.* 2,566   155,731
Mercury Systems, Inc.* 8,180   89,571
Methode Electronics, Inc. 5,965   203,943
MTS Systems Corp. 3,443   245,314
NETGEAR, Inc.*(a) 17,302   569,928
Newport Corp.* 12,996   234,838
Oplink Communications, Inc.* 4,158   77,339
OSI Systems, Inc.*(a) 6,068   322,271
Park Electrochemical Corp. 2,623   75,333
PC-Tel, Inc. 4,375   41,869
Plexus Corp.*(a) 22,431   971,038
Procera Networks, Inc.* 2,079   31,227
QLogic Corp.* 17,989   212,810
Rofin-Sinar Technologies, Inc.* 9,001   243,207
Rogers Corp.* 3,531   217,156
Sanmina Corp.* 155,047   2,589,285
ScanSource, Inc.* 28,627   1,214,644
Super Micro Computer, Inc.* 27,603   473,667
Synaptics, Inc.*(a) 4,659   241,383
SYNNEX Corp.* 65,630   4,423,462
TTM Technologies, Inc.* 72,983   626,194
ViaSat, Inc.* 7,109   445,379  
Total Technology Hardware & Equipment   24,923,444  
 
Telecommunication Services—0.7%    
Atlantic Tele-Network, Inc. 4,510   255,131
Cbeyond, Inc.* 28,698   198,016
Cincinnati Bell, Inc.* 157,444   560,501
     
General Communication, Inc., Class A* 31,814   354,726
Lumos Networks Corp. 3,929   82,509
NTELOS Holdings Corp. 10,146   205,253
USA Mobility, Inc. 5,936   84,766  
Total Telecommunication Services     1,740,902  
 
Transportation—2.5%      
Allegiant Travel Co. 3,850   405,944
Arkansas Best Corp. 27,730   933,946
Atlas Air Worldwide Holdings, Inc.* 17,720   729,178
Forward Air Corp. 6,014   264,075
           
Investments Shares     Value
Heartland Express, Inc. 12,035 $ 236,127  
HUB Group, Inc., Class A* 36,079   1,438,830  
Knight Transportation, Inc. 21,811   400,014  
Saia, Inc.* 14,200   455,110  
SkyWest, Inc. 90,415   1,340,854  
Total Transportation     6,204,078  
 
Utilities—2.8%        
ALLETE, Inc. 8,386   418,294  
American States Water Co. 6,947   199,587  
Avista Corp. 23,387   659,279  
El Paso Electric Co. 10,379   364,407  
Laclede Group, Inc. 9,395   427,848  
New Jersey Resources Corp. 27,859   1,288,200  
Northwest Natural Gas Co. 6,935   296,957  
NorthWestern Corp. 10,587   458,629  
Piedmont Natural Gas Co., Inc. 15,768   522,867  
South Jersey Industries, Inc. 5,201   291,048  
Southwest Gas Corp. 14,620   817,404  
UIL Holdings Corp. 17,664   684,480  
UNS Energy Corp. 10,245   613,163  
Total Utilities     7,042,163  
 
Total Common Stocks        
(Cost $191,751,387)     253,180,895  
           
INVESTMENT OF CASH COLLATERAL      
FOR SECURITIES LOANED—6.0%      
Dreyfus Institutional Preferred        
Money Market Fund—        
Prime Shares, 0.05% (b)        
(Cost $15,088,941) 15,088,941   15,088,941  
 
Total Investments—106.0%        
(Cost $206,840,328)     268,269,836  
Liabilities in Excess of Other Assets—(6.0)%   (15,081,944 )
Net Assets—100.0%   $ 253,187,892  

 

*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 $14,973,615; total market value of the collateral held by the fund was $15,298,281. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $209,340.
(b)Rate shown represents annualized 7-day yield as of December 31, 2013.

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

21
 

SCHEDULE OF INVESTMENTS
REVENUESHARES FINANCIALS SECTOR FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
COMMON STOCKS—100.0%      
Capital Markets—10.8%      
Ameriprise Financial, Inc. 2,010 $ 231,250
Bank of New York Mellon Corp. 9,117   318,548
BlackRock, Inc. 653   206,655
Charles Schwab Corp. 4,181   108,706
E*Trade Financial Corp.* 2,067   40,596
Franklin Resources, Inc. 2,830   163,376
Goldman Sachs Group, Inc. 4,836   857,229
Invesco Ltd. 2,544   92,602
Legg Mason, Inc. 1,201   52,219
Morgan Stanley 23,099   724,385
Northern Trust Corp. 1,444   89,369
State Street Corp. 2,887   211,877
T. Rowe Price Group, Inc. 834   69,864
Total Capital Markets     3,166,676
         
Commercial Banks—12.3%      
BB&T Corp. 5,863   218,807
Comerica, Inc. 1,108   52,674
Fifth Third Bancorp 7,171   150,806
Huntington Bancshares, Inc. 6,076   58,633
KeyCorp 6,632   89,002
M&T Bank Corp. 833   96,978
PNC Financial Services Group, Inc. 4,386   340,266
Regions Financial Corp. 11,686   115,575
SunTrust Banks, Inc. 4,926   181,326
U.S. Bancorp 10,671   431,108
Wells Fargo & Co. 40,000   1,816,000
Zions Bancorporation 1,604   48,056
Total Commercial Banks     3,599,231
         
Consumer Finance—5.3%      
American Express Co. 8,089   733,915
Capital One Financial Corp. 6,685   512,138
Discover Financial Services 3,385   189,391
SLM Corp. 4,906   128,929
Total Consumer Finance     1,564,373
         
Diversified Financial Services—22.0%    
Bank of America Corp. 128,200   1,996,074
Citigroup, Inc. 36,089   1,880,598
CME Group, Inc., Class A 698   54,765
IntercontinentalExchange Group, Inc. 123   27,665
JPMorgan Chase & Co. 37,239   2,177,737
Leucadia National Corp. 7,030   199,230
Moody’s Corp. 803   63,011
NASDAQ OMX Group, Inc. 1,555   61,889
Total Diversified Financial Services     6,460,969
         
Insurance—45.3%      
ACE Ltd. 3,719   385,028
Aflac, Inc. 7,269   485,569
Allstate Corp. 12,690   692,113
American International Group, Inc. 25,097   1,281,202
AON PLC 2,809   235,647
Assurant, Inc. 2,681   177,938
Berkshire Hathaway, Inc., Class B* 30,838   3,656,153
Chubb Corp. 2,909   281,097
Cincinnati Financial Corp. 1,691   88,558
Genworth Financial, Inc., Class A* 12,434   193,100

 

Investments Shares     Value
Hartford Financial Services Group, Inc. 15,624   $ 566,057
Lincoln National Corp. 4,537     234,200
Loews Corp. 6,221     300,101
Marsh & McLennan Cos., Inc. 5,004     241,993
MetLife, Inc. 25,629     1,381,916
Principal Financial Group, Inc. 3,599     177,467
Progressive Corp. 13,468     367,272
Prudential Financial, Inc. 17,186     1,584,893
Torchmark Corp. 968     75,649
Travelers Cos., Inc. 5,865     531,017
Unum Group 5,988     210,059
XL Group PLC 4,882     155,443
Total Insurance       13,302,472
         
Media—0.3%        
McGraw Hill Financial, Inc. 1,314     102,755
         
Paper & Forest Products—0.6%        
Weyerhaeuser Co. 5,367     169,436
         
Real Estate Investment Trusts—2.7%      
American Tower Corp. 812     64,814
Apartment Investment & Management Co., Class A 764     19,795
AvalonBay Communities, Inc. 224     26,484
Boston Properties, Inc. 409     41,051
Equity Residential 881     45,698
General Growth Properties, Inc. 2,417     48,509
HCP, Inc. 1,115     40,497
Health Care REIT, Inc. 945     50,624
Host Hotels & Resorts, Inc. 6,084     118,273
Kimco Realty Corp. 928     18,328
Macerich Co. (The) 347     20,435
Plum Creek Timber Co., Inc. 575     26,743
Prologis, Inc. 976     36,063
Public Storage 256     38,533
Simon Property Group, Inc. 658     100,121
Ventas, Inc. 959     54,932
Vornado Realty Trust 617     54,783
Total Real Estate Investment Trusts       805,683
         
Real Estate Management & Development—0.5%
CBRE Group, Inc., Class A* 5,468     143,809
         
Thrifts & Mortgage Finance—0.2%        
Hudson City Bancorp, Inc. 3,084     29,082
People’s United Financial, Inc. 1,776     26,853
Total Thrifts & Mortgage Finance       55,935
         
Total Investments—100.0%        
(Cost $26,037,356)       29,371,339
Other Assets in Excess of Liabilities—0.0%†     5,372
Net Assets—100.0%   $ 29,376,711 

 

PLC – Public Limited Company

REIT – Real Estate Investment Trust

*Non-income producing security
†Less than 0.05%.

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

22
 

SCHEDULE OF INVESTMENTS
REVENUESHARES ADR FUND
DECEMBER 31, 2013 (UNAUDITED )

Investments Shares     Value
COMMON STOCKS—98.0%      
Automobiles & Components—6.7%      
Honda Motor Co. Ltd.(a) 10,507 $ 434,464
Magna International, Inc. 1,527   125,306
Toyota Motor Corp.(a) 8,245   1,005,230
Total Automobiles & Components     1,565,000
         
Banks—11.4%      
Banco Bilbao Vizcaya Argentaria      
SA(a)(b) 8,866   109,850
Banco Bradesco SA(a) 22,414   280,847
Banco de Chile(a)(b) 199   17,472
Banco Santander Chile(a) 770   18,149
Banco Santander SA(a)(b) 22,465   203,758
Bancolombia SA(a) 406   19,902
Bank of Montreal 1,124   74,926
Bank of Nova Scotia 1,639   102,519
Barclays PLC(a) 11,025   199,883
Canadian Imperial Bank of Commerce 726   62,008
Credicorp Ltd. 123   16,326
HSBC Holdings PLC(a) 5,127   282,652
KB Financial Group, Inc.(a) 25   1,013
Lloyds Banking Group PLC*(a)(b) 40,770   216,896
Mitsubishi UFJ Financial Group, Inc.(a) 31,000   207,080
Mizuho Financial Group, Inc.(a)(b) 28,563   124,535
National Bank of Greece SA*(a) 5,417   30,335
Royal Bank of Canada 1,940   130,426
Royal Bank of Scotland Group PLC*(a)(b) 14,655   166,041
Shinhan Financial Group Co. Ltd.(a) 60   2,742
Sumitomo Mitsui Financial Group, Inc.(a)(b) 14,166   148,601
Toronto-Dominion Bank 1,213   114,313
Westpac Banking Corp.(a) 4,922   142,984
Total Banks     2,673,258
         
Capital Goods—3.0%      
ABB Ltd.*(a) 5,977   158,749
Embraer SA(a) 637   20,499
Koninklijke Philips NV 3,247   120,042
Nidec Corp.(a)(b) 1,309   32,345
Siemens AG(a) 2,765   382,980
Total Capital Goods     714,615
         
Consumer Durables & Apparel—1.4%    
Gildan Activewear, Inc. 123   6,557
Luxottica Group S.p.A.(a) 656   35,372
Sony Corp.(a) 16,917   292,495
Total Consumer Durables & Apparel     334,424
         
Consumer Services—0.3%      
Carnival PLC(a) 1,515   62,797
Intercontinental Hotels Group PLC(a) 193   6,452
Tim Hortons, Inc. 171   9,983
Total Consumer Services     79,232
         
Diversified Financials—3.6%      
Credit Suisse Group AG*(a) 4,854   150,668
Deutsche Bank AG(b) 4,855   234,205
ING Groep NV*(a) 13,372   187,342
Nomura Holdings, Inc.(a)(b) 11,341   88,120

 

Investments Shares     Value
ORIX Corp.(a)(b) 251 $ 22,364
UBS AG* 7,909   152,248
Total Diversified Financials     834,947
         
Energy—36.0%      
BP PLC(a) 24,534   1,192,598
Cameco Corp.(b) 385   7,997
Canadian Natural Resources Ltd. 1,709   57,833
Cenovus Energy, Inc. 2,175   62,314
China Petroleum & Chemical Corp.(a)(b) 13,501   1,109,377
CNOOC Ltd.(a) 790   148,251
Ecopetrol SA(a)(b) 3,165   121,694
Enbridge, Inc. 2,698   117,849
Encana Corp. 1,164   21,010
Enerplus Corp. 218   3,963
ENI S.p.A.(a) 12,556   608,841
Imperial Oil Ltd. 2,518   111,371
Penn West Petroleum Ltd.(b) 987   8,251
PetroChina Co. Ltd.(a)(b) 10,088   1,107,057
Petroleo Brasileiro SA, Class A(a) 33,716   495,288
Royal Dutch Shell PLC, Class A(a) 12,253   873,271
Royal Dutch Shell PLC, Class B(a) 11,645   874,656
Statoil ASA(a) 17,210   415,277
Suncor Energy, Inc. 4,056   142,163
Talisman Energy, Inc. 1,527   17,790
Tenaris SA(a) 870   38,010
Total SA(a) 14,315   877,080
TransCanada Corp. 667   30,455
Total Energy     8,442,396
         
Food & Staples Retailing—0.8%      
Cencosud SA(a)(b) 6,874   74,858
Delhaize Group SA(a) 1,843   109,511
Total Food & Staples Retailing     184,369
         
Food, Beverage & Tobacco—3.2%      
Ambev SA(a) 8,267   60,763
Anheuser-Busch InBev NV(a) 1,490   158,625
BRF SA(a)(b) 2,441   50,944
British American Tobacco PLC(a) 839   90,125
Diageo PLC(a) 521   68,991
Fomento Economico Mexicano SAB de CV(a) 729   71,347
Unilever NV 3,073   123,627
Unilever PLC(a) 3,005   123,806
Total Food, Beverage & Tobacco     748,228
         
Health Care Equipment & Services—0.5%    
Catamaran Corp.* 1,042   49,474
Fresenius Medical Care AG & Co. KGaA(a) 1,470   52,303
Smith & Nephew PLC(a) 197   14,133
Total Health Care Equipment & Services   115,910
         
Insurance—4.8%      
Aegon NV, Class G 21,062   199,668
Aviva PLC(a)(b) 14,927   226,144
China Life Insurance Co. Ltd.(a) 5,406   255,433
Manulife Financial Corp. 3,427   67,615

 

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

23
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES ADR FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
Insurance (continued)      
Prudential PLC(a)(b) 7,238 $ 325,710
Sun Life Financial, Inc. 1,374   48,543
Total Insurance     1,123,113
         
Materials—6.0%      
Agnico-Eagle Mines Ltd. 198   5,223
Agrium, Inc.(b) 657   60,102
ArcelorMittal(b) 16,989   303,084
Barrick Gold Corp. 2,924   51,550
BHP Billiton Ltd.(a) 1,825   124,465
BHP Billiton PLC(a) 2,038   126,601
Cemex SAB de CV*(a) 4,705   55,660
Cia de Minas Buenaventura SA(a) 430   4,825
Cia Siderurgica Nacional SA(a)(b) 5,162   32,004
CRH PLC(a) 3,535   90,319
Eldorado Gold Corp. 762   4,336
Gerdau SA(a) 8,467   66,381
Goldcorp, Inc. 699   15,147
Kinross Gold Corp. 3,137   13,740
POSCO(a) 1,271   99,138
Potash Corp. of Saskatchewan, Inc. 834   27,489
Randgold Resources Ltd.(a) 44   2,764
Rio Tinto PLC(a)(b) 3,434   193,781
Silver Wheaton Corp. 120   2,423
Sociedad Quimica y Minera de Chile SA(a) 331   8,566
Southern Copper Corp. 826   23,715
Syngenta AG(a) 677   54,119
Teck Resources Ltd., Class B 1,467   38,157
Yamana Gold, Inc.(b) 818   7,051
Total Materials     1,410,640
         
Media—0.9%      
Grupo Televisa SAB(a) 657   19,881
Pearson PLC(a) 1,236   27,686
Reed Elsevier NV(a) 413   17,623
Reed Elsevier PLC(a) 279   16,754
Shaw Communications, Inc., Class B 748   18,206
Thomson Reuters Corp. 1,221   46,178
WPP PLC(a) 575   66,045
Total Media     212,373
         
Pharmaceuticals, Biotechnology & Life Sciences—3.1%
AstraZeneca PLC(a) 1,606   95,348
GlaxoSmithKline PLC(a) 2,844   151,841
Novartis AG(a) 2,684   215,740
Novo Nordisk A/S(a) 296   54,689
Perrigo Co. PLC 1   153
QIAGEN NV* 180   4,286
Sanofi(a) 3,091   165,770
Shire PLC(a) 130   18,368
Valeant Pharmaceuticals International, Inc.* 157   18,432
Total Pharmaceuticals, Biotechnology & Life Sciences     724,627
         
Real Estate—0.3%      
Brookfield Asset Management, Inc., Class A 1,983   77,000

 

Investments Shares     Value
Semiconductors & Semiconductor Equipment—0.5%
ARM Holdings PLC(a)(b) 76 $ 4,160
ASML Holding NV, Class G 236   22,113
STMicroelectronics NV, Class Y(b) 3,933   31,464
Taiwan Semiconductor Manufacturing Co. Ltd.(a) 3,509   61,197
Total Semiconductors & Semiconductor Equipment     118,934
         
Software & Services—0.4%      
SAP AG(a)(b) 967   84,264
         
Technology Hardware & Equipment—2.4%    
Alcatel-Lucent*(a) 15,025   66,110
BlackBerry Ltd.*(b) 7,336   54,653
Canon, Inc.(a)(b) 4,439   142,048
Kyocera Corp.(a)(b) 1,081   54,201
Nokia OYJ*(a) 15,567   126,249
Telefonaktiebolaget LM Ericsson(a) 10,422   127,565
Total Technology Hardware & Equipment   570,826
         
Telecommunication Services—10.8%    
America Movil SAB de CV, Series R(a) 9,743   227,694
BCE, Inc. 1,640   70,996
BT Group PLC(a) 1,689   106,626
China Mobile Ltd.(a) 6,754   353,167
Chunghwa Telecom Co. Ltd.(a)(b) 723   22,384
Nippon Telegraph & Telephone Corp.(a) 18,148   490,722
NTT DoCoMo, Inc.(a) 12,303   203,122
Oi SA(a)(b) 31,030   49,338
Orange(a) 16,448   203,133
Portugal Telecom SGPS SA(a)(b) 6,394   27,622
Rogers Communications, Inc., Class B 985   44,571
Telecom Italia S.p.A.(a) 14,433   143,753
Telefonica SA(a) 17,602   287,617
TELUS Corp. 1,145   39,434
Vodafone Group PLC(a) 6,789   266,875
Total Telecommunication Services     2,537,054
         
Transportation—0.5%      
Canadian National Railway Co. 642   36,607
Canadian Pacific Railway Ltd. 141   21,336
Latam Airlines Group SA(a)(b) 2,833   46,206
Ryanair Holdings PLC*(a) 460   21,588
Total Transportation     125,737
         
Utilities—1.4%      
Cia Energetica de Minas Gerais(a)(b) 3,487   27,164
CPFL Energia SA(a) 1,576   25,232
Empresa Nacional de Electricidad SA(a) 313   13,954
Enersis SA(a) 3,001   44,985
National Grid PLC(a) 1,337   87,333
TransAlta Corp. 627   7,950
Veolia Environnement SA(a) 7,237   118,397
Total Utilities     325,015
         
Total Common Stocks      
(Cost $21,777,304)     23,001,962

 

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

24
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES ADR FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
PREFERRED STOCKS—1.7%        
Banks—0.9%        
Itau Unibanco Holding SA(a) 15,730 $ 213,456  
 
Materials—0.7%        
Vale SA, Class B(a) 12,652   177,255  
 
Utilities—0.1%        
Cia Paranaense de Energia-Copel        
Preference B(a)(b) 1,167   15,334  
 
Total Preferred Stocks        
(Cost $631,783)     406,045  
           
RIGHTS—0.0%†        
Transportation—0.0%†        
Latam Airlines Group SA(b)        
(Cost $0) 395   430  
 
INVESTMENT OF CASH COLLATERAL      
FOR SECURITIES LOANED—13.7%      
Dreyfus Institutional Preferred        
Money Market Fund—        
Prime Shares, 0.05%(c)        
(Cost $3,204,470) 3,204,470   3,204,470  
 
Total Investments—113.4%        
(Cost $25,613,557)     26,612,907  
Liabilities in Excess of Other Assets—(13.4)%   (3,134,906 )
Net Assets—100.0%   $ 23,478,001  

 

Country Value % of
Net Assets
Australia $ 267,449   1.1 %
Belgium   268,136   1.1  
Brazil   1,514,504   6.5  
Canada   1,987,069   8.5  
Chile   224,621   1.0  
China   1,362,491   5.8  
Colombia   141,596   0.6  
Denmark   54,689   0.2  
Finland   126,248   0.5  
France   1,430,491   6.1  
Germany   753,752   3.2  
Greece   30,335   0.1  
Hong Kong   1,610,795   6.9  
Ireland   130,275   0.6  
Italy   787,965   3.4  
Japan   3,245,329   13.8  
Jersey Islands   2,764   0.0 †
Luxembourg   341,094   1.5  
Mexico   374,582   1.6  
Netherlands   2,422,627   10.3  
Norway   415,277   1.8  
Peru   21,150   0.1  
Portugal   27,622   0.1  
South Korea   102,893   0.4  
Spain   601,224   2.6  
Sweden   127,565   0.5  
Switzerland   762,989   3.3  
Taiwan   83,581   0.4  
United Kingdom   4,119,278   17.5  
United States   3,274,516   13.9  
Total Investments   26,612,907   113.4  
Liabilities in Excess of Other Assets   (3,134,906 ) (13.4 )
Net Assets $ 23,478,001   100.0 %

 

†Less than 0.05%

PLC – Public Limited Company

*Non-income producing security
(a)American Depositary Receipt
(b)All or a portion of security was on loan. The aggregate market value of the securities on loan was $3,150,686; total market value of the collateral held by the fund was $3,231,300. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $26,830.
(c)Rate shown represents annualized 7-day yield as of December 31, 2013.

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

25
 

SCHEDULE OF INVESTMENTS
REVENUESHARES NAVELLIER OVERALL A-100 FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
COMMON STOCKS—100.0%      
Automobiles & Components—1.2%      
Shiloh Industries, Inc.* 2,041 $ 39,800
Standard Motor Products, Inc. 819   30,139
Winnebago Industries, Inc.* 880   24,156
Total Automobiles & Components     94,095
         
Banks—1.6%      
BofI Holding, Inc.* 618   48,470
Fidelity Southern Corp. 2,059   34,200
MutualFirst Financial, Inc. 682   11,683
Pulaski Financial Corp. 1,002   11,282
Waterstone Financial, Inc.* 1,207   13,398
Total Banks     119,033
         
Capital Goods—10.6%      
Aceto Corp. 1,703   42,592
China Yuchai International Ltd. 5,337   111,383
Federal Signal Corp.* 3,231   47,334
Graham Corp. 160   5,806
Huntington Ingalls Industries, Inc. 5,846   526,199
Middleby Corp.* 218   52,314
PGT, Inc.* 1,102   11,152
Sparton Corp.* 837   23,394
Total Capital Goods     820,174
         
Commercial & Professional Services—1.4%    
Barrett Business Services, Inc. 456   42,289
Huron Consulting Group, Inc.* 537   33,681
Portfolio Recovery Associates, Inc.*(a) 627   33,131
Total Commercial & Professional Services   109,101
         
Consumer Durables & Apparel—3.9%    
Dixie Group, Inc. (The)* 1,964   25,925
Hanesbrands, Inc. 3,574   251,145
Iconix Brand Group, Inc.* 575   22,827
Total Consumer Durables & Apparel     299,897
         
Consumer Services—5.1%      
China Distance Education Holdings Ltd.*(a)(b) 265   4,953
Cracker Barrel Old Country Store, Inc. 747   82,222
Melco Crown Entertainment Ltd.*(b) 7,200   282,384
Monarch Casino & Resort, Inc.* 750   15,060
Nathan’s Famous, Inc.* 197   9,931
Total Consumer Services     394,550
         
Diversified Financials—10.6%      
Apollo Global Management LLC, Class A 9,698   306,554
CBOE Holdings, Inc. 484   25,149
FBR & Co.* 501   13,216
Financial Engines, Inc. 268   18,621
FXCM, Inc., Class A 1,261   22,496
Gain Capital Holdings, Inc. 2,081   15,628
MarketAxess Holdings, Inc. 266   17,787
Nelnet, Inc., Class A 937   39,485
SLM Corp. 13,707   360,220
Total Diversified Financials     819,156

 

Investments Shares     Value
Energy—1.0%      
Cabot Oil & Gas Corp. 2,005 $ 77,714
 
Food & Staples Retailing—0.1%      
Liberator Medical Holdings, Inc. 1,245   5,192
 
Food, Beverage & Tobacco—6.3%      
Gruma S.A.B. de CV*(a)(b) 10,774   328,392
Industrias Bachoco S.A.B. de CV(b) 3,927   158,140
Total Food, Beverage & Tobacco     486,532
 
Health Care Equipment & Services—1.4%    
Addus HomeCare Corp.* 653   14,660
Anika Therapeutics, Inc.* 162   6,182
CorVel Corp.* 605   28,253
Fonar Corp.* 244   5,153
Medidata Solutions, Inc.* 382   23,138
Providence Service Corp. (The)* 1,315   33,822
Total Health Care Equipment & Services   111,208
 
Household & Personal Products—2.7%    
Nu Skin Enterprises, Inc., Class A 1,512   208,989
 
Insurance—12.8%      
American Equity Investment Life Holding Co. 4,742   125,094
American National Insurance Co. 1,576   180,515
AmTrust Financial Services, Inc. 3,322   108,596
Arch Capital Group Ltd.* 2,096   125,110
Endurance Specialty Holdings Ltd. 2,841   166,681
Federated National Holding Co. 519   7,593
HCI Group, Inc.(a) 938   50,183
StanCorp Financial Group, Inc. 2,683   177,749
United Insurance Holdings Corp. 1,131   15,925
Universal Insurance Holdings, Inc. 2,123   30,741
Total Insurance     988,187
 
Materials—3.0%      
American Pacific Corp.* 451   16,804
CaesarStone Sdot-Yam Ltd. 510   25,332
Chase Corp. 552   19,485
Packaging Corp. of America 1,924   121,751
Yongye International, Inc.*(a) 7,192   46,029
Total Materials     229,401
 
Media—2.4%      
Crown Media Holdings, Inc., Class A* 5,385   19,009
Lions Gate Entertainment Corp. 2,795   88,490
Reed Elsevier NV(b) 846   36,099
Reed Elsevier PLC(a)(b) 643   38,612
Total Media     182,210

 

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

26
 

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES NAVELLIER OVERALL A-100 FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value  
Pharmaceuticals, Biotechnology & Life Sciences—12.8%
BioSpecifics Technologies Corp.* 46 $ 997
China Biologic Products, Inc.* 208   6,001
Covance, Inc.* 877   77,229
Gentium S.p.A.*(b) 67   3,826
Gilead Sciences, Inc.* 4,946   371,692
Jazz Pharmaceuticals PLC* 382   48,346
Lannett Co., Inc.* 926   30,650
Questcor Pharmaceuticals, Inc.(a) 961   52,326
Thermo Fisher Scientific, Inc. 3,584   399,078  
Total Pharmaceuticals, Biotechnology & Life Sciences     990,145  
 
Real Estate—0.1%      
China HGS Real Estate, Inc.*(a) 821   4,885  
 
Retailing—4.7%      
Conn’s, Inc.* 637   50,189
Ctrip.com International Ltd.*(b) 737   36,570
Netflix, Inc.* 652   240,047
Overstock.com, Inc.*(a) 1,227   37,779  
Total Retailing     364,585  
 
Software & Services—7.7%      
Autobytel, Inc.* 446   6,748
Bitauto Holdings Ltd.*(b) 1,120   35,795
Broadridge Financial Solutions, Inc. 4,613   182,306
Fleetcor Technologies, Inc.* 457   53,547
Phoenix New Media Ltd.*(a)(b) 798   7,685
Qihoo 360 Technology Co. Ltd.*(b) 269   22,071
SouFun Holdings Ltd.(b) 488   40,216
Tyler Technologies, Inc.* 398   40,648
Yahoo!, Inc.* 4,603   186,145
YY, Inc.*(a)(b) 362   18,201  
Total Software & Services     593,362  
 
Technology Hardware & Equipment—2.0%    
Alliance Fiber Optic Products, Inc.(a) 809   12,175
CalAmp Corp.* 2,177   60,891
Methode Electronics, Inc. 1,267   43,319
Silicom Ltd. 56   2,560
Ubiquiti Networks, Inc.* 704   32,356  
Total Technology Hardware & Equipment   151,301  
 
Telecommunication Services—6.3%      
NTELOS Holdings Corp. 1,737   35,139
SK Telecom Co. Ltd.(a)(b) 18,153   446,927  
Total Telecommunication Services     482,066  

 

Investments Shares     Value
Transportation—2.3%        
Copa Holdings SA, Class A 387 $ 61,963  
Spirit Airlines, Inc.* 2,608   118,429  
Total Transportation     180,392  
 
Total Common Stocks        
(Cost $6,415,326)     7,712,175  
           
INVESTMENT OF CASH COLLATERAL      
FOR SECURITIES LOANED—8.5%        
Dreyfus Institutional Preferred        
Money Market Fund—        
Prime Shares, 0.05% (c)        
(Cost $655,244) 655,244   655,244  
 
Total Investments—108.5%        
(Cost $7,070,570)     8,367,419  
Liabilities in Excess of Other Assets—(8.5)%   (657,488 )
Net Assets—100.0%   $ 7,709,931  

 

LLC – Limited Liability Corporation

PLC – Public Limited Company

*Non-income producing security
(a)All or a portion of security was on loan. The aggregate market value of the securities on loan was $643,065; total market value of the collateral held by the fund was $655,244.
(b)American Depositary Receipt
(c)Rate shown represents annualized 7-day yield as of December 31, 2013.

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

27
 

SCHEDULE OF INVESTMENTS
REVENUESHARES ULTRA DIVIDEND FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments Shares     Value
COMMON STOCKS—99.8%      
Banks—1.0%      
New York Community Bancorp, Inc. 2,735 $ 46,085
People’s United Financial, Inc. 2,075   31,374
Valley National Bancorp 1,708   17,285  
Total Banks     94,744  
 
Commercial & Professional Services—4.0%    
Pitney Bowes, Inc. 4,635   107,996
R.R. Donnelley & Sons Co. 12,380   251,066  
Total Commercial & Professional Services   359,062  
 
Consumer Durables & Apparel—0.7%    
Garmin Ltd. 1,278   59,069  
 
Diversified Financials—0.8%      
Apollo Investment Corp. 825   6,996
CME Group, Inc. 813   63,788  
Total Diversified Financials     70,784  
 
Energy—10.9%      
ConocoPhillips 6,390   451,453
Diamond Offshore Drilling, Inc. 1,204   68,532
HollyFrontier Corp. 9,411   467,633  
Total Energy     987,618  
 
Food, Beverage & Tobacco—8.0%      
Altria Group, Inc. 10,818   415,303
Lorillard, Inc. 2,273   115,196
Reynolds American, Inc. 3,897   194,811  
Total Food, Beverage & Tobacco     725,310  
 
Insurance—2.2%      
Mercury General Corp. 1,328   66,015
Old Republic International Corp. 7,559   130,544  
Total Insurance     196,559  
 
Materials—3.7%      
Cliffs Natural Resources, Inc.(a) 5,503   144,233
Newmont Mining Corp. 8,396   193,360  
Total Materials     337,593  
 
Real Estate Investment Trusts—4.2%    
BioMed Realty Trust, Inc. 759   13,753
Corporate Office Properties Trust 560   13,266
Duke Realty Corp. 1,751   26,335
HCP, Inc. 1,304   47,361
Health Care REIT, Inc. 1,114   59,677
Highwoods Properties, Inc.(a) 341   12,334
Home Properties, Inc. 290   15,550
Hospitality Properties Trust 1,285   34,733
Liberty Property Trust 472   15,987
Mack-Cali Realty Corp. 736   15,809
Mid-America Apartment Communities, Inc. 205   12,452
National Retail Properties, Inc.(a) 259   7,855
Omega Healthcare Investors, Inc. 284   8,463
Realty Income Corp. 387   14,447
Senior Housing Properties Trust 760   16,895
Ventas, Inc. 1,120   64,154
Total Real Estate Investment Trusts     379,071

 

Investments Shares     Value
Semiconductors & Semiconductor Equipment—0.3%
Cypress Semiconductor Corp.* 1,719 $ 18,050  
Intersil Corp., Class A 1,149   13,179  
Total Semiconductors & Semiconductor Equipment     31,229  
 
Telecommunication Services—17.5%      
AT&T, Inc. 12,986   456,587  
CenturyLink, Inc. 13,368   425,771  
Frontier Communications Corp.(a) 24,559   114,199  
Verizon Communications, Inc. 9,220   453,071  
Windstream Holdings, Inc.(a) 17,212   137,352  
Total Telecommunication Services     1,586,980  
 
Utilities—46.5%        
AGL Resources, Inc. 2,220   104,851  
Ameren Corp. 3,897   140,915  
American Electric Power Co., Inc. 7,516   351,298  
Consolidated Edison, Inc. 5,214   288,230  
Duke Energy Corp. 6,508   449,117  
Entergy Corp. 4,138   261,811  
Exelon Corp. 15,869   434,652  
FirstEnergy Corp. 10,561   348,302  
Hawaiian Electric Industries, Inc. 2,900   75,574  
Integrys Energy Group, Inc. 2,189   119,103  
Pepco Holdings, Inc. 5,343   102,212  
PG&E Corp. 8,650   348,422  
PPL Corp. 9,474   285,073  
Public Service Enterprise Group, Inc. 7,149   229,054  
SCANA Corp. 2,185   102,542  
Southern Co. 9,521   391,408  
TECO Energy, Inc.(a) 3,841   66,219  
Vectren Corp. 1,603   56,906  
Westar Energy, Inc. 1,675   53,885  
Total Utilities     4,209,574  
 
Total Common Stocks        
(Cost $8,966,780)     9,037,593  
           
INVESTMENT OF CASH COLLATERAL      
FOR SECURITIES LOANED—4.4%        
Dreyfus Institutional Preferred        
Money Market Fund—        
Prime Shares, 0.05% (b)        
(Cost $399,886) 399,886   399,886  
 
Total Investments—104.2%        
(Cost $9,366,666)     9,437,479  
Liabilities in Excess of Other Assets—(4.2)%   (383,028 )
Net Assets—100.0%   $ 9,054,451  

 

* Non-income producing security

(a)All or a portion of security was on loan. The aggregate market value of the securities on loan was $382,777; total market value of the collateral held by the fund was $399,886.
(b)Rate shown represents annualized 7-day yield as of December 31, 2013.

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

28
 

STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2013 (UNAUDITED)

  RevenueShares
Large Cap
Fund		 RevenueShares
Mid Cap
Fund		 RevenueShares
Small Cap
Fund		 RevenueShares
Financials
Sector Fund		 RevenueShares
ADR Fund		 RevenueShares
Navellier
Overall A-100
Fund		 RevenueShares
Ultra Dividend
Fund
ASSETS:                                        
Investments at value                                        
(including securities                                        
on loan) (Note 5)1 $ 209,077,961   $ 176,228,269   $ 268,269,836   $ 29,371,339 $ 26,612,907   $ 8,367,419   $ 9,437,479  
Cash   192,876     1,055,926     606,067     27,133   42,518     749     25,799  
Receivables:                                        
Expense                                        
reimbursement                                        
due from                                        
Adviser   —     —     —     —   —     1,172     523  
Investment securities                                        
sold   902,311     445,476     755,681     33,758   186,819     53,356     64,745  
Dividends   269,298     118,023     287,149     18,735   33,966     6,079     21,222  
Capital shares sold   —     —     8,060,986     —   —     —     —  
Securities lending                                        
income, net                                        
(Note 2)   368     2,629     11,691     —   1,831     351     136  
Reclaims   —     —     —     —   47,671     502     —  
Prepaid expenses   3,676     2,784     3,486     743   351     430     97  
Total Assets   210,446,490     177,853,107     277,994,896     29,451,708   26,926,063     8,430,058     9,550,001  
LIABILITIES:                                        
Payables:                                        
Investment of cash                                        
collateral for                                        
securities on loan                                        
(Note 2)   1,412,973     8,921,783     15,088,941     —   3,204,470     655,244     399,886  
Investment securities                                        
purchased   —     225,288     8,254,828     —   —     29,059     —  
Income Distributions                                        
(Note 7)   1,133,894     491,733     788,211     59,351   224,760     26,155     83,094  
Capital Gains                                        
Distributions                                        
(Note 7)   —     807,714     552,449     —   —     —     —  
Advisory fees (Note 3)   42,361     41,932     66,199     2,671   505     —     —  
Compliance Officer                                        
fees   9,367     5,276     6,942     —   —     —     —  
Trustees fees   3,684     2,263     2,298     1,440   486     1,286     156  
Other accrued expenses   55,973     52,609     47,136     11,535   17,841     8,383     12,414  
Total Liabilities   2,658,252     10,548,598     24,807,004     74,997   3,448,062     720,127     495,550  
NET ASSETS $ 207,788,238   $ 167,304,509   $ 253,187,892   $ 29,376,711 $ 23,478,001   $ 7,709,931   $ 9,054,451  
NET ASSETS CONSIST OF:                                        
Paid-in capital $ 135,418,924   $ 116,322,173   $ 173,205,223   $ 24,291,831 $ 26,325,243   $ 6,507,265   $ 8,985,790  
Undistributed net                                        
investment income                                        
(loss)   (387,368 )   (134,331 )   (1,132,628 )   14,549   (114,005 )   (12,972 )   (15,768 )
Accumulated net realized                                  
gain (loss) on                                        
investments   9,013,419     12,622,362     19,685,789     1,736,348   (3,732,587 )   (81,211 )   13,616  
Net unrealized                                        
appreciation on                                        
investments   63,743,263     38,494,305     61,429,508     3,333,983   999,350     1,296,849     70,813  
NET ASSETS $ 207,788,238   $ 167,304,509   $ 253,187,892   $ 29,376,711 $ 23,478,001   $ 7,709,931   $ 9,054,451  
Shares outstanding                                        
(unlimited number of                                        
shares of beneficial                                        
interest authorized,                                        
without par value)   5,701,400     3,751,400     4,701,400     650,000   600,000     150,000     350,000  
Net asset value, per                                        
share $ 36.45   $ 44.60   $ 53.85     45.19 $ 39.13   $ 51.40   $ 25.87  
Investment at cost $ 145,334,698   $ 137,733,964   $ 206,840,328   $ 26,037,356 $ 25,613,557   $ 7,070,570   $ 9,366,666  
1  Market value of                                        
securities on loan: $ 1,429,336   $ 8,644,238   $ 14,973,615     — $ 3,150,686   $ 643,065   $ 382,777  

 

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

29
 

STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2013 (UNAUDITED)

  RevenueShares
Large Cap
Fund		 RevenueShares
Mid Cap
Fund		 RevenueShares
Small Cap
Fund		 RevenueShares
Financials
Sector Fund		 RevenueShares
ADR Fund		 RevenueShares
Navellier
Overall A-100
Fund		 RevenueShares
Ultra Dividend
Fund1
INVESTMENT INCOME:                                          
Dividend income $ 1,915,517   $ 996,924   $ 1,128,049   $ 238,616   $ 358,991   $ 48,413   $ 74,034  
Foreign withholding tax   (560 )   —     —     —     (38,418 )   (1,295 )   —  
Securities lending                                          
income, net (Note 2)   4,322     15,922     57,489     54     10,544     1,924     289  
Total Income   1,919,279     1,012,846     1,185,538     238,670     331,117     49,042     74,323  
EXPENSES:                                          
Advisory fees (Note 3)   414,136     370,210     503,241     71,302     69,208     21,501     6,426  
BNY Fund Services fees   132,403     111,032     136,817     27,451     24,055     8,595     3,545  
Professional fees   36,344     28,246     33,560     11,574     11,458     8,662     7,874  
Compliance Officer fees   21,026     15,261     19,458     3,313     2,714     794     311  
Printing and Postage   14,957     11,989     14,516     2,481     3,159     1,166     280  
Trustees fees   9,219     6,703     8,532     1,237     1,196     173     156  
NYSE Calculation fees   3,022     3,023     3,022     3,006     3,023     3,012     1,416  
NYSE Listing fees   2,539     2,539     2,539     2,541     2,541     2,609     1,367  
Other Expenses   4,261     3,247     3,824     1,225     1,166     885     605  
Total Expenses   637,907     552,250     725,509     124,130     118,520     47,397     21,980  
Less expense waivers                                          
and reimbursements                                          
(Note 3)   (186,959 )   (152,424 )   (182,009 )   (46,486 )   (62,000 )   (25,895 )   (14,983 )
Net Expenses   450,948     399,826     543,500     77,644     56,520     21,502     6,997  
Net Investment Income   1,468,331     613,020     642,038     161,026     274,597     27,540     67,326  
NET REALIZED AND                                          
UNREALIZED GAIN                                          
(LOSS) ON                                          
INVESTMENTS:                                          
Net realized gain (loss)                                          
on investments   1,466,426     (222,393 )   (274,102 )   7,045     (307,296 )   276,333     13,616  
Net realized gain on                                          
in-kind redemptions   10,945,988     14,402,955     21,504,709     3,168,051     566,639     —     —  
Total net realized gain   12,412,414     14,180,562     21,230,607     3,175,096     259,343     276,333     13,616  
Net change in unrealized                                          
appreciation                                          
(depreciation) on                                          
investments   16,568,094     9,912,821     21,253,984     710,722     3,122,256     955,485     70,813  
Net realized and                                          
unrealized gain on                                          
investments   28,980,508     24,093,383     42,484,591     3,885,818     3,381,599     1,231,818     84,429  
Net Increase in Net                                          
Assets Resulting                                          
From Operations $ 30,448,839   $ 24,706,403   $ 43,126,629   $ 4,046,844   $ 3,656,196   $ 1,259,358   $ 151,755  

1Commencement of operations was October 1, 2013.

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

30
 

STATEMENTS OF CHANGES IN NET ASSETS

  RevenueShares
Large Cap Fund		   RevenueShares
Mid Cap Fund		 RevenueShares
Small Cap Fund
  Six Months
Ended
December 31,
2013
(Unaudited)		 Year Ended
June 30, 2013		   Six Months
Ended
December 31,
2013
(Unaudited)		 Year Ended
June 30, 2013		 Six Months
Ended
December 31,
2013
(Unaudited)		 Year Ended
June 30, 2013
OPERATIONS:                                    
Net investment income $ 1,468,331   $ 3,145,355   $ 613,020   $ 1,352,194   $ 642,038   $ 1,283,240  
Net realized gain (loss) on                                    
investments and in-kind                                    
redemptions   12,412,414     6,061,501     14,180,562     12,622,390     21,230,607     1,711,974  
Net change in unrealized                                    
appreciation (depreciation)                                    
on investments   16,568,094     28,706,563     9,912,821     14,220,744     21,253,984     32,237,520  
Net increase in net assets                                    
resulting from operations   30,448,839     37,913,419     24,706,403     28,195,328     43,126,629     35,232,734  
DISTRIBUTIONS TO                                    
SHAREHOLDERS FROM:                                    
Net investment income   (2,609,969 )   (3,079,803 )   (1,019,648 )   (1,079,903 )   (2,135,006 )   (1,172,877 )
Realized gains   —     —     (807,714 )   (460,717 )   (552,449 )   (474,726 )
Total distributions to                                    
shareholders   (2,609,969 )   (3,079,803 )   (1,827,362 )   (1,540,620 )   (2,687,455 )   (1,647,603 )
SHAREHOLDER                                    
TRANSACTIONS:                                    
Proceeds from shares sold   27,820,799     10,107,207     61,061,163     21,289,708     125,010,596     15,785,481  
Cost of shares redeemed   (29,896,591 )   (19,199,413 )   (40,200,796 )   (46,936,774 )   (65,703,122 )   (5,530,374 )
Net increase (decrease) in                                    
net assets resulting from                                    
shareholder transactions   (2,075,792 )   (9,092,206 )   20,860,367     (25,647,066 )   59,307,474     10,255,107  
Increase (Decrease) in                                    
net assets   25,763,078     25,741,410     43,739,408     1,007,642     99,746,648     43,840,238  
NET ASSETS:                                    
Beginning of the period   182,025,160     156,283,750     123,565,101     122,557,459     153,441,244     109,601,006  
End of the period $ 207,788,238   $ 182,025,160   $ 167,304,509   $ 123,565,101   $ 253,187,892   $ 153,441,244  
Undistributed net investment                                    
income (loss) included in                                    
net assets at end of period $ (387,368 ) $ 754,270   $ (134,331 )   $ 272,297   $ (1,132,628 ) $ 360,340  
CHANGES IN SHARES                                    
OUTSTANDING:                                    
Shares outstanding,                                    
beginning of period   5,801,400     6,201,400     3,251,400     4,101,400     3,501,400     3,251,400  
Shares sold   800,000     350,000     1,450,000     600,000     2,500,000     400,000  
Shares redeemed   (900,000 )   (750,000 )   (950,000 )   (1,450,000 )   (1,300,000 )   (150,000 )
Shares outstanding,                                    
end of period   5,701,400     5,801,400     3,751,400     3,251,400     4,701,400     3,501,400  

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

31
 

STATEMENTS OF CHANGES IN NET ASSETS — concluded

  RevenueShares
Financials Sector Fund		 RevenueShares
ADR Fund		 RevenueShares
Navellier Overall A-100 Fund		 RevenueShares
Ultra Dividend
Fund
  Six Months
Ended
December 31,
2013
(Unaudited)		 Year Ended
June 30, 2013		 Six Months
Ended
December 31,
2013
(Unaudited)		 Year Ended
June 30, 2013		 Six Months
Ended
December 31,
2013
(Unaudited)		 Year Ended
June 30, 2013		 For the Period
October 31,
20131 to
December 31,
2013
OPERATIONS:                                          
Net investment income $ 161,026   $ 139,771   $ 274,597   $ 811,517   $ 27,540   $ 150,851   $ 67,326  
Net realized gain (loss)                                          
on investments and                                          
in-kind redemptions   3,175,096     (217,509 )   259,343     (1,009,137 )   276,333     1,214,309     13,616  
Net change in unrealized                                          
appreciation                                          
(depreciation) on                                          
investments   710,722     4,301,291     3,122,256     2,860,112     955,485     (288,549 )   70,813  
Net increase in net assets                                          
resulting from                                          
operations   4,046,844     4,223,553     3,656,196     2,662,492     1,259,358     1,076,611     151,755  
DISTRIBUTIONS TO                                          
SHAREHOLDERS                                          
FROM:                                          
Net investment income   (183,276 )   (116,947 )   (650,781 )   (695,468 )   (119,412 )   (84,688 )   (83,094 )
Realized gains   —     —     —     —     —     —     —  
Total distributions to                                          
shareholders   (183,276 )   (116,947 )   (650,781 )   (695,468 )   (119,412 )   (84,688 )   (83,094 )
SHAREHOLDER                                          
TRANSACTIONS:                                          
Proceeds from                                          
shares sold   8,382,334     17,282,827     —     —     —     —     8,985,790  
Cost of shares                                          
redeemed   (12,378,478 )   (1,547,478 )   (3,645,046 )   (14,436,425 )   —     (2,007,397 )   —  
Net increase (decrease) in                                          
net assets resulting                                          
from shareholder                                          
transactions   (3,996,144 )   15,735,349     (3,645,046 )   (14,436,425 )   —     (2,007,397 )   8,985,790  
Increase (Decrease) in                                          
net assets   (132,576 )   19,841,955     (639,631 )   (12,469,401 )   1,139,946     (1,015,474 )   9,054,451  
NET ASSETS:                                          
Beginning of the period   29,509,287     9,667,332     24,117,632     36,587,033     6,569,985     7,585,459     —  
End of the period $ 29,376,711   $ 29,509,287   $ 23,478,001   $ 24,117,632   $ 7,709,931   $ 6,569,985   $ 9,054,451  
Undistributed net                                          
investment income                                          
(loss) included in net                                          
assets at end of                                          
period $ 14,549   $ 36,799   $ (114,005 ) $ 259,276   $ (12,972 ) $ 78,900   $ (15,768 )
CHANGES IN SHARES                                          
OUTSTANDING:                                          
Shares outstanding,                                          
beginning of period   750,000     350,000     700,000     1,150,000     150,000     200,000     —  
Shares sold   200,000     450,000     —     —     —     —     350,000  
Shares redeemed   (300,000 )   (50,000 )   (100,000 )   (450,000 )   —     (50,000 )   —  
Shares outstanding,                                          
end of period   650,000     750,000     600,000     700,000     150,000     150,000     350,000  

1Commencement of Operations.

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

32
 

FINANCIAL HIGHLIGHTS
REVENUESHARES LARGE CAP FUND

For a share outstanding throughout each period presented.

  Six-Months Ended
December 31, 2013
(Unaudited)		     

Year Ended June 30,
      2013     2012     2011     2010     20091  
Per Share Operating                                      
Performance:                                    
Net asset value, beginning                                    
of period $ 31.38     $ 25.20   $ 25.00   $ 19.40   $ 16.63   $ 22.87  
Net investment income2   0.27     0.54 6   0.41     0.39     0.29     0.33  
Net realized and unrealized gain                                    
(loss) on investments   5.26       6.17     0.213     5.57     2.74     (6.34 )
Total gain (loss) from investment                                    
operations   5.53       6.71     0.62     5.96     3.03     (6.01 )
Less Distributions from:                                    
Net investment income   (0.46 )   (0.53 )   (0.42 )   (0.36 )   (0.26 )   (0.23 )
Net asset value, end of period $ 36.45     $ 31.38   $ 25.20   $ 25.00   $ 19.40   $ 16.63  
Total Return at Net Asset Value4   17.76 %   26.98 %   2.59 %   30.97 %   18.21 %   (26.27 )%
Total Return at Market Value4   17.92 %     26.86 %   2.57 %   30.94 %   17.99 %   (26.52 )%
Ratios/Supplemental Data:                                    
Net assets, end of period                                    
(000’s) omitted $ 207,788   $ 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 %5   0.49 %   0.49 %   0.49 %   0.49 %   0.49 %
Expenses, prior to expense                                    
waivers and reimbursements   0.69 %5   0.71 %   0.75 %   0.73 %   0.85 %   1.89 %
Net investment income, net of                                    
waivers and reimbursements   1.60 %5   1.93 %6   1.72 %   1.68 %   1.44 %   2.05 %
Portfolio turnover rate7   10.14 %     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.
3The 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.
4Net 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.
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 $0.02 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.85%.
7Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

33
 

FINANCIAL HIGHLIGHTS — continued
REVENUESHARES MID CAP FUND

For a share outstanding throughout each period presented.

  Six-Months Ended
December 31, 2013
(Unaudited)		     
Year Ended June 30,
      2013     2012     2011     2010     20091  
Per Share Operating Performance:                                    
Net asset value, beginning                                    
of period $ 38.00     $ 29.88   $ 31.69   $ 23.04   $ 18.84   $ 24.17  
Net investment income2   0.17     0.39 5   0.23     0.18     0.17     0.18  
Net realized and unrealized gain                                    
(loss) on investments   6.94       8.18     (1.15 )   8.64     4.18     (5.36 )
Total gain (loss) from investment                                    
operations   7.11       8.57     (0.92 )   8.82     4.35     (5.18 )
Less Distributions from:                                    
Net investment income   (0.29 )   (0.31 )   (0.22 )   (0.17 )   (0.15 )   (0.15 )
Realized gains   (0.22 )     (0.14 )   (0.67 )   —     —     —  
Total distributions   (0.51 )     (0.45 )   (0.89 )   (0.17 )   (0.15 )   (0.15 )
Net asset value, end of period $ 44.60     $ 38.00   $ 29.88   $ 31.69   $ 23.04   $ 18.84  
Total Return at Net Asset Value3   18.76 %   28.95 %   (2.72 )%   38.40 %   23.07 %   (21.39 )%
Total Return at Market Value3   18.72 %     29.25 %   (2.80 )%   38.42 %   22.86 %   (21.71 )%
Ratios/Supplemental Data:                                    
Net assets, end of period                                    
(000’s) omitted $ 167,305   $ 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 %4   0.54 %   0.54 %   0.54 %   0.54 %   0.54 %
Expenses, prior to expense waivers                                    
and reimbursements   0.75 %4   0.80 %   0.82 %   0.81 %   0.89 %   2.02 %
Net investment income, net of                                    
waivers and reimbursements   0.83 %4   1.17 %5   0.77 %   0.61 %   0.71 %   1.12 %
Portfolio turnover rate6   13.41 %     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 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.
4Annualized for periods less than one year.
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%.
6Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

34
 

FINANCIAL HIGHLIGHTS — continued
REVENUE SHARES SMALL CAP FUND

For a share outstanding throughout each period presented.

  Six-Months Ended
December 31, 2013
(Unaudited) 		     

Year Ended June 30,
      2013     2012     2011     2010     20091  
Per Share Operating Performance:                                  
Net asset value, beginning                                    
of period $ 43.82     $ 33.71   $ 34.47   $ 25.41   $ 20.04   $ 23.35  
Net investment income2   0.16     0.38 5   0.20     0.14     0.07     0.11  
Net realized and unrealized gain                                    
(loss) on investments   10.51       10.22     (0.81 )   9.06     5.35     (3.32 )
Total gain (loss) from investment                                    
operations   10.67       10.60     (0.61 )   9.20     5.42     (3.21 )
Less Distributions from:                                    
Net investment income   (0.52 )   (0.35 )   (0.15 )   (0.14 )   (0.05 )   (0.10 )
Realized gains   (0.12 )     (0.14 )   —     —     —     —  
Total distributions   (0.64 )     (0.49 )   (0.15 )   (0.14 )   (0.05 )   (0.10 )
Net asset value, end of period $ 53.85     $ 43.82   $ 33.71   $ 34.47   $ 25.41   $ 20.04  
Total Return at Net Asset Value3   24.48 %   31.74 %   (1.75 )%   36.26 %   27.07 %   (13.67 )%
Total Return at Market Value3   24.76 %     31.53 %   (1.67 )%   36.10 %   26.88 %   (13.67 )%
Ratios/Supplemental Data:                                    
Net assets, end of period                                    
(000’s) omitted 253,188   $ 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 %4   0.54 %   0.54 %   0.54 %   0.54 %   0.54 %
Expenses, prior to expense                                    
waivers and reimbursements   0.72 %4   0.79 %   0.84 %   0.83 %   0.89 %   2.20 %
Net investment income, net of                                    
waivers and reimbursements   0.64 %4   0.99 %5   0.61 %   0.44 %   0.25 %   0.62 %
Portfolio turnover rate6   8.30 %     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 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.
4Annualized for periods less than one year.
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%.
6Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

35
 

FINANCIAL HIGHLIGHTS — continued
REVENUESHARES FINANCIALS SECTOR FUND

For a share outstanding throughout each period presented.

  Six-Months
Ended
December 31, 2013
(Unaudited)

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 $ 39.35   $ 27.62   $ 29.70   $ 27.30   $ 22.36   $ 25.00  
Net investment income2   0.22     0.38 5   0.26     0.46     0.15     0.19  
Net realized and unrealized gain                                    
(loss) on investments   5.88     11.71     (2.05 )   2.41     4.96     (2.69 )
Total gain (loss) from investment                                    
operations   6.10     12.09     (1.79 )   2.87     5.11     (2.50 )
Less Distributions from:                                    
Net investment income   (0.26 )   (0.36 )   (0.29 )   (0.47 )   (0.17 )   (0.14 )
Net asset value, end of period $ 45.19   $ 39.35   $ 27.62   $ 29.70   $ 27.30   $ 22.36  
Total Return at Net Asset Value3   15.57 %   44.09 %   (5.95 )%   10.40 %   22.87 %   (9.87 )%
Total Return at Market Value3   15.66 %   44.24 %   (5.93 )%   10.29 %   23.00 %   (10.03 )%
Ratios/Supplemental Data:                                    
Net assets, end of period                                    
(000’s)omitted $ 29,377 $ 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 %4   0.49 %   0.49 %   0.49 %   0.49 %   0.49 %4
Expenses, prior to expense                                    
waivers and reimbursements   0.78 %4   1.03 %   1.29 %   1.03 %   1.11 %   3.14 %4
Net investment income, net of                                    
waivers and reimbursements   1.02 %4   1.12 %5   0.98 %   1.52 %   0.51 %   1.60 %4
Portfolio turnover rate6   5.95 %   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.
4Annualized for periods less than one year.
5For 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%.
6Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

36
 

FINANCIAL HIGHLIGHTS — continued
REVENUESHARES ADR FUND

For a share outstanding throughout each period presented.

  Six-Months
Ended
December 31, 2013
(Unaudited)
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   $ 34.45   $ 31.81   $ 39.84   $ 30.74   $ 30.09   $ 25.00  
Net investment income2     0.45     0.975     1.00     0.96     1.07     0.58  
Net realized and unrealized gain                                      
(loss) on investments     5.25     2.47     (7.47 )   9.01     0.40     4.68  
Total gain (loss) from investment                                      
operations     5.70     3.44     (6.47 )   9.97     1.47     5.26  
Less Distributions from:                                      
Net investment income     (1.02 )   (0.80 )   (1.33 )   (0.87 )   (0.68 )   (0.17 )
Realized gains     —     —     (0.23 )   —     (0.14 )   —  
Total distributions     (1.02 )   (0.80 )   (1.56 )   (0.87 )   (0.82 )   (0.17 )
Net asset value, end of period   $ 39.13   $ 34.45   $ 31.81   $ 39.84   $ 30.74   $ 30.09  
Total Return at Net Asset Value3     16.79 %   10.87 %   (16.30 )%   32.89 %   4.64 %   21.15 %
Total Return at Market Value3     16.67 %   10.76 %   (16.32 )%   32.90 %   4.55 %   21.18 %
Ratios/Supplemental Data:                                      
Net assets, end of period                                      
(000’s) omitted $ 23,478   $ 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 %4   0.49 %   0.49 %   0.49 %   0.49 %   0.49 %4
Expenses, prior to expense                                      
waivers and reimbursements     1.03 %4   1.06 %   1.05 %   0.99 %   1.08 %   3.52 %4
Net investment income, net of                                      
waivers and reimbursements     2.38 %4   2.83 %5   2.97 %   2.55 %   3.06 %   3.79 %4
Portfolio turnover rate6     8.08 %   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.
4Annualized for periods less than one year.
5For 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%.
6Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

37
 

FINANCIAL HIGHLIGHTS — continued
REVENUESHARES NAVELLIER OVERALL A-100 FUND

For a share outstanding throughout each period presented.

  Six-Months
Ended
December 31, 2013
(Unaudited)
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 $ 43.80   $ 37.93   $ 41.98   $ 29.68   $ 27.52   $ 25.00  
Net investment income2   0.18     0.86 5   0.44     0.39     0.10     0.09  
Net realized and unrealized gain                                    
(loss) on investments   8.22     5.49     (3.67 )   12.32     2.61     2.52  
Total gain (loss) from investment                                    
operations   8.40     6.35     (3.23 )   12.71     2.71     2.61  
Less Distributions from:                                    
Net investment income   (0.80 )   (0.48 )   (0.38 )   (0.41 )   (0.07 )   (0.09 )
Realized gains   —     —     (0.44 )   —     (0.48 )   —  
Total distributions   (0.80 )   (0.48 )   (0.82 )   (0.41 )   (0.55 )   (0.09 )
Net asset value, end of period $ 51.40   $ 43.80   $ 37.93   $ 41.98   $ 29.68   $ 27.52  
Total Return at Net Asset Value3   19.42 %   16.79 %   (7.61 )%   43.05 %   9.70 %   10.48 %
Total Return at Market Value3   19.74 %   16.77 %   (7.93 )%   43.22 %   9.81 %   10.69 %
Ratios/Supplemental Data:                                    
Net assets, end of period                                    
(000’s) omitted $ 7,710   $ 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 %4   0.60 %   0.60 %   0.60 %   0.60 %   0.60 %4
Expenses, prior to expense                                    
waivers and reimbursements   1.32 %4   1.43 %   1.42 %   1.60 %   1.40 %   3.72 %4
Net investment income, net of                                    
waivers and reimbursements   0.77 %4   2.05 %5   1.18 %   1.06 %   0.32 %   0.81 %4
Portfolio turnover rate6   64.75 %   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.
4Annualized for periods less than one year.
5For 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%.
6Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

38
 

FINANCIAL HIGHLIGHTS — concluded
REVENUESHARES ULTRA DIVIDEND FUND

For a share outstanding throughout the period presented.

  For the Period
October 1, 20131
Through
December 31, 2013
Per Share Operating Performance:      
Net asset value, beginning of period $ 25.00  
Net investment income2   0.30  
Net realized and unrealized gain on investments   0.81  
Total gain from investment operations   1.11  
Less Distributions from:      
Net investment income   (0.24 )
Net asset value, end of period $ 25.87  
Total Return at Net Asset Value3   4.98 %
Total Return at Market Value3   5.14 %
Ratios/Supplemental Data:      
Net assets, end of period (000’s) omitted $ 9,054  
Ratio to average net assets of:      
Expenses, net of expense waivers and reimbursements   0.49 %4
Expenses, prior to expense waivers and reimbursements   1.54 %4
Net investment income, net of waivers and reimbursements   4.71 %4
Portfolio turnover rate5   27.59 %

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.
4Annualized for periods less than one year.
5Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

39
 

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 seven active funds (collectively, the “Funds” and each individually a “Fund”). The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund are diversified funds under the Act, the RevenueShares Financials Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund are 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, January 21, 2009 for the RevenueShares Navellier Overall A-100 Fund and October 1, 2013 for RevenueShares Ultra Dividend 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, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend 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, the Navellier Overall A-100 Index and S&P 900 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

40
 

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 December 31, 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 December 31, 2013, the collateral consisted of an institutional money market fund and U.S. Treasury Notes.

Master Netting Arrangements

A Fund’s security lending activities are governed by a Securities Lending Authorization Agreement (“Lending Agreement”) between the Fund and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each a “Borrower”). To mitigate borrower risk, a Fund typically receives from a Borrower, collateral in the form of U.S. dollar cash and/or securities issued or guaranteed by the U.S. Government or its agencies in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, a Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. A Fund is exposed to risk of loss if a Borrower defaults on its obligation to return borrowed securities and the value of the collateral a Fund received is insufficient to cover the market value of the securities loaned. Also, the lending agent is permitted to invest the cash collateral it receives from a Borrower into a money market fund which is subject to market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy the Fund’s obligation to return the full amount owed to such Borrower.

For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of December 31, 2013, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting provisions in the Lending Agreement are detailed in the following table:

      Assets           Liabilities    
Fund Gross
Amounts
Presented in
Statement of
Assets and
Liabilities		 Gross
Amounts
Not Offset in
the Statement
of Assets
and Liabilities
Collateral
Received		 Net
Amount		   Gross
Amounts
Presented in
Statement of
Assets and
Liabilities		 Gross
Amounts
Not Offset in
the Statement
of Assets
and Liabilities
Collateral
Received		 Net
Amount
RevenueShares Large Cap Fund $ 1,429,336   $ (1,412,973 )1   $ 16,363   $ — $ — $ —
RevenueShares Mid Cap Fund   8,644,238   (8,644,238 )1   —     —   —   —
RevenueShares Small Cap Fund   14,973,615   (14,973,615 )1   —     —   —   —
RevenueShares ADR Fund   3,150,686   (3,150,686 )1   —     —   —   —
RevenueShares Navellier                            
Overall A-100 Fund   643,065   (643,065 )1   —     —   —   —
RevenueShares Ultra Dividend Fund   382,777   (382,777 )1   —     —   —   —

1 The amount of collateral presented is limited such that the net amount cannot be less than zero.

Expenses — Expenses of the Trust which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

3. ADVISORY FEES, SERVICING FEES AND OTHER FEES AND EXPENSES

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

41
 

NOTES TO FINANCIAL STATEMENTS — continued

The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund pay the Adviser an annualized fee of 0.45%, 0.50%, 0.50%, 0.45%, 0.60% 0.60%, and 0.45% 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 fund expenses (excluding any taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses) for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund from exceeding 0.49%, 0.54%, 0.54%, 0.49%, 0.49%, 0.60% and 0.49% 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, 2014, after which it may be terminated or revised.

For the six months ended December 31, 2013, the Adviser waived and reimbursed the following fees:

Fund Fees Waived
and
Reimbursed
RevenueShares Large Cap Fund $ 186,959
RevenueShares Mid Cap Fund   152,424
RevenueShares Small Cap Fund   182,009
RevenueShares Financials Sector Fund   46,486
RevenueShares ADR Fund   62,000
RevenueShares Navellier Overall A-100 Fund   25,895
RevenueShares Ultra Dividend Fund   14,983

 

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 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 December 31, 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.

42
 

NOTES TO FINANCIAL STATEMENTS — continued

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

5. FAIR VALUE MEASUREMENT

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

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices 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 December 31, 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 $ 207,664,988   $ —  $ 1,412,973   $ — $ —    $ 209,077,961
RevenueShares Mid Cap Fund   167,306,486   —   8,921,783   —   —   176,228,269
RevenueShares Small Cap Fund   253,180,895   —   15,088,941   —   —   268,269,836
RevenueShares Financials                        
Sector Fund   29,371,339   —   —   —   —   29,371,339
RevenueShares ADR Fund   23,001,962   406,045   3,204,470   430   —   26,612,907
RevenueShares Navellier                        
Overall A-100 Fund   7,712,175   —   655,244   —   —   8,367,419
RevenueShares Ultra                        
Dividend Fund   9,037,593   —   399,886   —   —   9,437,479

 

At December 31, 2013, the Funds did not hold any 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 December 31, 2013, there were no transfers between Levels 1, 2, or 3, based on the valuation input Levels assigned to securities on June 30, 2013.

43
 

NOTES TO FINANCIAL STATEMENTS — continued

6. INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the six months ended December 31, 2013 were as follows:

Fund Purchases Sales
RevenueShares Large Cap Fund $ 19,447,307 $ 18,597,041
RevenueShares Mid Cap Fund   44,062,247   19,607,879
RevenueShares Small Cap Fund   53,510,971   16,607,758
RevenueShares Financials Sector Fund   1,825,338   1,846,645
RevenueShares ADR Fund   1,833,537   1,995,894
RevenueShares Navellier Overall A-100 Fund   4,613,323   4,695,431
RevenueShares Ultra Dividend Fund   1,689,237   1,695,780

 

For the six months ended December 31, 2013, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:

Fund Purchases Sales
RevenueShares Large Cap Fund $ 26,009,362 $ 29,116,889
RevenueShares Mid Cap Fund   30,949,025   35,777,236
RevenueShares Small Cap Fund   71,579,999   51,135,218
RevenueShares Financials Sector Fund   8,370,248   12,352,932
RevenueShares ADR Fund   —   3,643,401
RevenueShares Navellier Overall A-100 Fund   —   —
RevenueShares Ultra Dividend Fund   8,959,869   —

 

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

7. INCOME AND CAPITAL GAIN DISTRIBUTIONS

On December 26, 2013, the Funds declared quarterly income dividends with and ex-date of December 27, 2013 and payable date of January 3, 2014. The income and long-term capital gain dividend per share for each Fund was as follows:

Fund Income
Dividend
Per Share		   Long-Term
Capital Gain
Dividend
Per Share
RevenueShares Large Cap Fund $ 0.19888 $ —
RevenueShares Mid Cap Fund   0.13107   0.21531
RevenueShares Small Cap Fund   0.17318   0.12137
RevenueShares Financials Sector Fund   0.09130   —
RevenueShares ADR Fund   0.37460   —
RevenueShares Navellier Overall A-100 Fund   0.17437   —
RevenueShares Ultra Dividend Fund   0.23741   —

 

8. TRUSTEE’S FEES

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

9. FEDERAL INCOME TAX

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

44
 

NOTES TO FINANCIAL STATEMENTS — continued

At December 31, 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
RevenueShares Large Cap Fund $ 145,334,698 $ 64,287,072 $ (543,809 ) $ 63,743,263
RevenueShares Mid Cap Fund   137,733,964   38,622,280   (127,975 )   38,494,305
RevenueShares Small Cap Fund   206,840,328   62,097,555   (668,047 )   61,429,508
RevenueShares Financials Sector Fund   26,037,356   3,381,033   (47,050 )   3,333,983
RevenueShares ADR Fund   25,613,557   3,187,384   (2,188,034 )   999,350
RevenueShares Navellier Overall A-100 Fund   7,070,570   1,341,275   (44,426 )   1,296,849
RevenueShares Ultra Dividend Fund   9,366,666   167,131   (96,318 )   70,813

 

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 Financials 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  

 

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 Financials 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

 

45
 

NOTES TO FINANCIAL STATEMENTS — continued

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 Financials 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
Investments		   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 Financials 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

 

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.

10. RISKS

Concentration Risk

The RevenueShares Financials Sector Fund, the RevenueShares ADR Fund and the RevenueShares Ultra Dividend Fund may be adversely affected by the performance of the securities in a particular industry and may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class than may be the case for a fund that was not concentrated in a particular industry.

46
 

NOTES TO FINANCIAL STATEMENTS — continued

Non-Diversification Risk

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

Financials Sector Risk

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

ADR Risk

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

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

In addition, although the ADRs, global shares and ordinary shares in which the Fund invests are listed on major U.S. exchanges, there can be no assurance that a market for these securities will be made or maintained or that any such market will be or remain liquid. The price at which the Fund’s securities may be sold and the value of the Fund’s Shares will be adversely affected if trading markets for the securities are limited or absent or if bid/ask spreads are wide.

Foreign Market Risk

Since global shares and the underlying securities of ADRs in the RevenueShares ADR Fund’s portfolio trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the ADRs representing those underlying securities may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for shares of the Fund.

Energy Industry Risk

The RevenueShares ADR Fund is subject to energy industry risk. Stock prices for energy companies are affected by supply and demand both for their specific product or service and for energy products in general. The price of oil and gas, exploration and production spending, government regulation, world events and economic conditions will likewise affect the performance of these companies. Energy companies may incur large cleanup and litigation costs relating to environmental damage such as oil spills.

47
 

NOTES TO FINANCIAL STATEMENTS — concluded

Utilities Industry Risk

The RevenueShares Ultra Dividend Fund is subject to utilities industry risk. The utilities industry is subject to significant government regulation and oversight. Companies in the utilities industry may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with regulations, among other factors.

11. SUBSEQUENT EVENTS

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.

48
 

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

A. Renewing RevenueShares Funds

At the November 22, 2013 meeting (the “November 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) of the Trust, approved VTL Associates, LLC (the “Adviser”) to continue to serve as investment adviser to the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund 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. 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.

In connection with considering the continuation of the Advisory Agreements on behalf of the Funds, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. The Board, including the Independent Trustees, evaluated the terms of the Advisory Agreements, reviewed the information provided by the Adviser and Sub-Adviser in connection with the consideration of continuing the Advisory Agreements on behalf of the Funds 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 on behalf of the Funds for an additional year, the Board reviewed the materials provided for the November Meeting by the Adviser and Sub-Adviser, including: (i) a copy of the Investment Advisory Agreement between the Trust and the Adviser and all amendments thereto; (ii) a copy of the Sub-Advisory Agreement between the Adviser and the Sub-Adviser and all amendments thereto; (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”), an independent third-party, comparing the advisory fees, expenses and performance of the Funds with the fees, expenses and performance of other exchange-traded funds (“ETFs”) with similar investment objectives and policies.

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

In considering the continuation of the Advisory Agreements on behalf of the Funds, 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 Funds; responsibility for daily monitoring of tracking error and quarterly reporting to the Board; monitoring the Funds’ securities lending program; and implementation of Board directives as they relate to the Funds. The Board also noted the responsibilities that the Sub-Adviser has as the Funds’ sub-adviser, including implementation of the investment management program of each Fund, management of the day-to-day investment and reinvestment of the assets of each Fund, determining 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.

49
 

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 Fund’s advisory fee and expense ratio to other investment companies considered to be in each Fund’s peer group as chosen by Lipper. The Board also considered that the sub-advisory fees paid by the Adviser to the Sub-Adviser pursuant to the Sub-Advisory Agreement were paid entirely by the Adviser. The Board noted that the Adviser has entered into a written Fee Waiver and Expense Reimbursement Agreement (the “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 (including other ETFs) that are managed by the Adviser and Sub-Adviser, including information about the differences in services provided to the non-Fund clients.

With respect to the RevenueShares Large Cap Fund, 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 total expenses (including the fee waiver) were below the median of its Lipper peer group but the Fund’s contractual advisory fee was above the median of its Lipper peer group. With respect to the RevenueShares ADR Fund, the Board noted that the Fund’s actual advisory fee (including the fee waiver) was 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 Fund’s fees with those of other funds in each Fund’s peer group and considering the information about fee rates charged to other accounts and clients managed by the Adviser and Sub-Adviser, and in light of the nature, quality and extent of services provided 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 grew, and whether fee levels reflect such economies of scale; “Fall-out” benefits. The Board discussed with the representatives from the Adviser and Sub-Adviser the costs and profitability 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 Funds that have not yet gained traction in the market. The Board next discussed economies of scale. The Board considered that the 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.

50
 

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS — continued

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

With respect to the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, the Board considered that each Fund outperformed its respective Lipper performance universe average for the one-year, three-year, five-year and since-inception periods ended September 30, 2013. With respect to the RevenueShares Financials Sector Fund, the Board considered that the Fund outperformed its Lipper performance universe average for the one-year, three-year and since-inception periods ended September 30, 2013. With respect to the RevenueShares ADR Fund and the RevenueShares Navellier Overall A-100 Fund, the Board considered that each Fund underperformed its respective Lipper performance universe average for the one-year, three-year and since-inception periods ended September 30, 2013. The Board discussed with the portfolio managers the reasons for the relative underperformance of the RevenueShares ADR Fund and the RevenueShares Navellier Overall A-100 Fund for each period ended September 30, 2013.

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

Conclusion. No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, such as the Expense Limitation Agreement, 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 the Sub-Adviser on behalf of the Funds was in the best interests of each Fund.

B. New RevenueShares Ultra Dividend Fund

At the May 23, 2013 meeting (the “May Meeting”) of the Board, the Board, including the Independent Trustees, approved the Adviser as the investment adviser to the RevenueShares Ultra Dividend Fund series of the Trust (the “New Fund”) and approved the Investment Advisory Agreement with respect to the New Fund. The Board, including the Independent Trustees, also approved the Sub-Adviser as the sub-adviser to the New Fund and approved the Sub-Advisory Agreement with respect to the New Fund. The New Fund commenced operations on October 1, 2013.

In connection with considering the approval of the Advisory Agreements on behalf of the New Fund, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. The Board, including the Independent Trustees, evaluated the terms of the Advisory Agreements, reviewed the information provided by the Adviser and Sub-Adviser in connection with the consideration of approving the Advisory Agreements on behalf of the New Fund and reviewed the duties and responsibilities of the Trustees in evaluating and approving the Advisory Agreements.

In considering whether to approve the Advisory Agreements on behalf of the New Fund, the Board reviewed the materials provided for the May Meeting by the Adviser and Sub-Adviser, including: (i) a copy of the Investment Advisory Agreement between the Trust and the Adviser and all amendments thereto; (ii) a copy of the Sub-Advisory Agreement between the Adviser and the Sub-Adviser and all amendments thereto; (iii) information describing the nature, quality and extent of the services that the Adviser and Sub-Adviser would provide to the New Fund; (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, an independent third-party, comparing the proposed advisory fees and expenses of the New Fund with the fees and expenses of other ETFs with similar investment objectives and policies.

51
 

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS — continued

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

In considering the approval of the Advisory Agreements on behalf of the New Fund, the Board, including the Independent Trustees, considered and discussed the following with respect to the New Fund:

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

The Board reviewed the Adviser’s and Sub-Adviser’s experience, resources and strengths in managing the Funds, including the Adviser’s and Sub-Adviser’s personnel. Based on their consideration and review of the foregoing information, the Board determined that the New Fund would likely benefit from 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 to be rendered and the fees to be paid pursuant to the Investment Advisory Agreement to contracts of other registered investment advisers providing services to similar ETFs. In particular, the Board compared the New Fund’s advisory fees and expense ratio to other investment companies considered to be in the New Fund’s peer group as chosen by Lipper. The Board also considered that the sub-advisory fees to be paid by the Adviser to the Sub-Adviser pursuant to the Sub-Advisory Agreement would be paid entirely by the Adviser. The Board noted that the Adviser had proposed to enter into an Expense Limitation Agreement whereby the Adviser would reimburse expenses and/or waives fees to keep the expenses from exceeding 0.49% of average daily net assets of the New Fund. The Board also received and considered information about the fee rates charged to other accounts and clients that are managed by the Adviser and Sub-Adviser, including information about the differences in services provided to the non-Fund clients.

The Board noted that the New Fund’s proposed contractual advisory fee and 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 and expenses for the New Fund as compared to its Lipper peer group.

After comparing the New Fund’s fees with those of other funds in the New 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 to be paid to the Adviser and Sub-Adviser with respect to the New Fund were fair and reasonable.

(c) The cost of the services to be provided and profits to be realized by the Adviser and Sub-Adviser from the relationship with the New Fund, the extent to which economies of scale would be realized as the New Fund grows, 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 expected costs and profitability of the Adviser and Sub-Adviser in connection with their serving as investment adviser and sub-adviser to the New Fund, including operational costs. The Board reviewed the profitability and viability of the Adviser, including the month-by-month profitability information. The Board next discussed economies of scale. The Adviser informed the Board that, as the New Fund had not yet commenced operations, the Adviser would consider addressing economies of scale

52
 

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS — concluded

when assets under management reached appropriate levels. The Board concluded that the expected profitability of the Adviser and Sub-Adviser, and the extent to which economies of scale were reflected in the New Fund’s advisory fees, were reasonable.

The Board also considered that the Adviser and Sub-Adviser may experience reputational “fall-out” benefits based on the success of the New Fund, 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.

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

53
 

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.

54
 

Investment Adviser Sub-Adviser
 
VTL Associates, LLC Index Management Solutions, LLC
One Commerce Square One Commerce Square
2005 Market Street, Suite 2020 2005 Market Street, Suite 2020
Philadelphia, Pennsylvania 19103 Philadelphia, Pennsylvania 19103
 
 
Distributor Transfer Agent
 
Foreside Fund Services, LLC The Bank of New York Mellon
Three Canal Plaza, Suite 100 101 Barclay Street
Portland, Maine 04101 New York, New York 10286
www.foreside.com  
 
  Independent Registered Public Accounting Firm
Custodian  
  BBD, LLP
The Bank of New York Mellon 1835 Market Street, 26th Floor
101 Barclay Street Philadelphia, Pennsylvania 19103
New York, New York 10286  
 
 
Legal Counsel  
 
Stradley Ronon Stevens & Young, LLP  
2600 One Commerce Square  
Philadelphia, Pennsylvania 19103  

 

 
 

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.

Not applicable.

 

Item 3. Audit Committee Financial Expert.

Not applicable.

 

Item 4. Principal Accountant Fees and Services.

Not applicable.

 

Item 5. Audit Committee of Listed registrants.

Not applicable.

 

Item 6. Investments.

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

 

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

Not applicable.

 

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

Not applicable.

 
 

 

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

Not applicable.

 

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

Not applicable.

 

Item 11. Controls and Procedures.

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

 

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

 

Item 12. Exhibits.

(a)(1)Not applicable.

 

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

 

(a)(3)Not applicable.

 

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

 

 

 
 

SIGNATURES

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

 

(Registrant)   RevenueShares ETF Trust

 

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

 

Date   3/7/14

 

 

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   3/7/14

 

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

 

Date   3/7/14

 

 

 

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