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: 1-888-854-8181
Date of fiscal year end: June 30
Date of reporting period: June 30, 2014
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
RevenueShares™ ETF Trust Annual Report to Shareholders
June 30, 2014
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TABLE OF CONTENTS
1 |
August 2014
Dear Shareholder:
U.S. and global equity markets continued to climb the wall of worry. The price-to-sales ratio of 1.70% for the S&P 500 had reached its higher end by the end of the fiscal year ended June 30, 2014.
The RevenueShares Large Cap Fund outperformed the S&P 500 Index with an NAV return of 24.84% versus 24.57% for the fiscal year ended June 30, 2014. The RevenueShares Mid Cap Fund outperformed the S&P MidCap 400 Index with an NAV return of 27.28% versus 25.19%. The RevenueShares Small Cap Fund outperformed the S&P SmallCap 600 Index with an NAV return of 30.03% versus 25.51%. The RevenueShares ADR Fund outperformed the S&P ADR Index with an NAV return of 25.38% versus 23.75%. The RevenueShares Financials Sector Fund outperformed the S&P 500 Financials Index with an NAV return of 19.44% versus 19.09%. The RevenueShares Navellier Overall A-100 Fund underperformed the Navellier Overall A-100 Index with an NAV return of 26.37% versus 36.93%. Lastly, the RevenueShares Ultra Dividend Fund outperformed the S&P 900 Index with an NAV return of 17.46% versus 16.46% for the fiscal year ended June 30, 2014.
Vincent T. Lowry
C.E.O. and Chief Investment Officer
VTL Associates, LLC
An investment in the Funds is subject to investment risk, including the possible loss of principal amount invested. Fund returns may not match the return of their respective Index, known as non-correlation risk, due to operating expenses incurred by the Funds. The alternative weighting approach employed by the Funds (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. The risks associated with each specific fund are detailed in the prospectus and could include factors such as increased volatility risk, small and medium capitalization stock risk, concentration risk, non-diversification risk, financials sector risk, American Depositary Receipt risk, currency exchange risk, foreign market risk, growth style investing risk, portfolio turnover risk, and/or special risks of exchange-traded funds.
The S&P 500® Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The S&P MidCap 400™ Index consists of 400 domestic mid cap stocks selected for market size, liquidity and industry group representation. The S&P SmallCap 600™ Index consists of 600 domestic small cap stocks selected for market size, liquidity and industry group representation. The S&P 500® Financials Index is a stock market index comprised of large cap companies that Standard & Poor’s® deems to be part of the Financials sector of the U.S. economy, using Global Industry Classification Standards. S&P® ADR Index is a U.S. dollar denominated index of the non-U.S. companies contained in the S&P® Global 1200 Ex U.S. Index. The S&P® Global 1200 Ex U.S. Index is a free-float weighted global index covering 29 countries and approximately 70% of the world’s capital markets. The Navellier Overall A -100 Index is constructed from the companies that are traded on the New York Stock Exchange, Nasdaq Stock Exchange or NYSE MKT that have over 2,500 shares traded daily, a closing price over $1, and companies that have been public for at least one year. An investor cannot invest directly in an index.
The views in this letter were those of the Fund manager as of the publication of the report and may not necessarily reflect his views on the date this letter is first published or anytime thereafter. These views are intended to assist shareholders in understanding the Funds’ present investment methodology and do not constitute investment advice.
A Fund’s per share net asset value or “NAV” is the value of one share of a Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The price used to calculate market return (“Market Price”) is determined by using the mean of the bid and offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund’s NAV is calculated at market close. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
2 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
June 30, 2014
RevenueShares Large Cap Fund™ (Ticker: RWL)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500® Index (“S&P 500”) by investing in the constituent securities of the S&P 500 in the same proportions as the RevenueShares Large Cap Index™. The S&P 500 is a stock market index comprised of a representative sample of common stocks of 500 leading companies in leading industries of the United States economy selected by Standard & Poor’s®. An investor cannot invest directly in an index. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of large capitalization companies included in the S&P 500 and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines large capitalization companies as companies that are included in the S&P 500 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares Large Cap Fund had a very strong year outperforming the S&P 500 with an NAV return of 24.84% versus 24.57%. The Fund outperformed 8 of the 10 S&P 500 sectors for the fiscal year ended 6/30/2014.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2014, the top three performers were Facebook Inc. (+171.22%), Micron Technology Inc. (+130.90%), and Cimarex Energy Co. (+117.38%), while the bottom three performers in this group were Coach Inc. (–38.34%), Avon Products Inc. (–29.91%), and Staples Inc. (–29.86%).
3 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
Average Annual Total Return | |||
Fund Performance History (%) | As of June 30, 2014 | ||
1 Year | 5 Year | Since Inception (February 22, 2008) | |
Index | |||
RevenueShares Large Cap Index™ | 25.58% | 20.95% | 8.48% |
S&P 500 Index | 24.57% | 18.80% | 8.35% |
Fund | |||
NAV Return | 24.84% | 20.28% | 8.66% |
Market Price | 25.10% | 20.25% | 8.97% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Large Cap Fund’s annual operating expense ratio (gross) is 0.71% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Large Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
4 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
June 30, 2014
RevenueShares Mid Cap Fund™ (Ticker: RWK)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P MidCap 400® Index (“S&P MidCap 400”) by investing in the constituent securities of the S&P MidCap 400 in the same proportions as the RevenueShares Mid Cap Index™. The S&P MidCap 400 is a stock market index comprised of common stock of 400 mid-sized companies selected by Standard & Poor’s®. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of mid capitalization companies included in the S&P MidCap 400 Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines mid capitalization companies as companies that are included in the S&P MidCap 400 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The Fund’s fiscal year NAV return of 27.28% outperformed the S&P 400 return of 25.19%. The Fund has outperformed in 6 of 10 sectors for the fiscal year ended 6/30/2014.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2014, the top three performers were SunEdison Inc. (+165.26%), CARBO Ceramics Inc. (+137.48%), Trinity Industries Inc. (+132.79%), while the bottom three performers in this group were NeuStar Inc. (–47.89%), JC Penney Co Inc. (–45.87%), and American Eagles Outfitters Inc. (–36.64%).
5 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
Average Annual Total Return | |||
Fund Performance History (%) | As of June 30, 2014 | ||
1 Year | 5 Year | Since Inception (February 22, 2008) | |
Index | |||
RevenueShares Mid Cap Index™ | 28.15% | 23.02% | 11.99% |
S&P MidCap 400 Index | 25.19% | 21.62% | 11.25% |
Fund | |||
NAV Return | 27.28% | 22.15% | 12.03% |
Market Price | 27.14% | 22.13% | 12.27% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Mid Cap Fund’s annual operating expense ratio (gross) is 0.80% and the net expense ratio is 0.54%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Mid Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
6 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
June 30, 2014
RevenueShares Small Cap Fund™ (Ticker: RWJ)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P SmallCap 600® Index (“S&P SmallCap 600”) by investing in the constituent securities of the S&P SmallCap 600 in the same proportions as the RevenueShares Small Cap Index™. The S&P SmallCap 600 is a stock market index comprised of 600 common stocks of small-cap companies selected by Standard & Poor’s® based on inclusion criteria to ensure that they are investable and financially viable. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of small capitalization companies included in the S&P SmallCap 600 Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines small capitalization companies as companies that are included in the S&P SmallCap 600 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares Small Cap Fund had a strong fiscal year generating NAV returns of 30.03% as of 6/30/14. This Fund outperformed the S&P SmallCap 600 by 4.52% during this period.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2013, the top three performers were GT Advanced Technologies Inc. (+357.56%), Lannett Co Inc. (+304.73%), Penn Virginia Corp. (+251.66%), while the bottom three performers in this group were Aeropostale Inc. (–74.62%), Liquidity Services Inc., (–54.53%), and Francesca’s Holdings Corp. (–47.23%).
7 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
Average Annual Total Return | |||
Fund Performance History (%) | As of June 30, 2014 | ||
1 Year | 5 Year | Since Inception (February 22, 2008) | |
Index | |||
RevenueShares Small Cap Index™ | 30.73% | 24.67% | 14.92% |
S&P SmallCap 600 Index | 25.51% | 21.94% | 11.55% |
Fund | |||
NAV Return | 30.03% | 23.85% | 14.52% |
Market Price | 30.38% | 23.83% | 14.72% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Small Cap Fund’s annual operating expense ratio (gross) is 0.79% and the net expense ratio is 0.54%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.
Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Small Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.
8 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
June 30, 2014
RevenueShares Financials Sector Fund™ (Ticker: RWW)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500® Financials Index by investing in the constituent securities of the S&P 500® Financials Index in the same proportions as the RevenueShares Financials Sector Index™. The S&P 500® Financials Index is a stock market index comprised of large cap companies that Standard & Poor’s® deems to be part of the financials sector of the United States economy, using the Global Industry Classification Standard. It is a subset of the S&P 500® Index and includes companies involved in activities such as: banking; mortgage finance; consumer finance; specialized finance; investment banking and brokerage; asset management and custody; corporate lending; insurance; financial investment; and real estate, including real estate investment trusts (“REITs”). Under normal circumstances, the Fund will invest at least 80% of its net assets in financials companies included in the S&P 500® Financials Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines financials companies as companies that are included in the S&P 500® Financials Index at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares Financial Sector Fund had an NAV return of 19.44% for the fiscal year ended 6/30/2014 compared to the S&P 500® Financials Index return of 19.09%.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2014, the top three performers were Legg Mason Inc. (+66.04%), E*TRADE Financial Corp. (+65.83%), McGraw Hill Financial Inc. (+56.05%), while the bottom three performers in this group were HCP Inc. (–3.03%), Citigroup Inc. (-2.30%), and Ventas Inc. (–2.12%).
9 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
Average Annual Total Return | |||
Fund Performance History (%) | As of June 30, 2014 | ||
1 Year | 5 Year | Since Inception (November 10, 2008) | |
Index | |||
RevenueShares Financials Sector Index™ | 20.08% | 17.62% | 16.14% |
S&P 500 Financials Index | 19.09% | 15.62% | 13.38% |
Fund | |||
NAV Return | 19.44% | 17.03% | 12.87% |
Market Price | 19.32% | 17.04% | 12.85% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Financials Sector Fund’s annual operating expense ratio (gross) is 1.03% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Financials Sector Index™ returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
10 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
June 30, 2014
RevenueShares ADR Fund™ (Ticker: RTR)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P ADR Index by investing in the constituent securities of the S&P ADR Index in the same proportions as the RevenueShares ADR Index™. The S&P ADR Index is a U.S. dollar denominated version of the S&P Global 1200 Ex U.S. Index and is based on the non-U.S. stocks of the S&P Global 1200. American Depositary Receipts (“ADRs”) are certificates that represent a U.S. dollar denominated equity ownership in a foreign company and offer U.S. investors the same economic benefits enjoyed by the shareholders of that company. Typically, ADRs are listed and traded on U.S. exchanges and trade in U.S. dollars just like any other U.S.-domiciled security. Since not all foreign companies offer ADR programs, the S&P ADR Index is made up of those companies from the S&P Global 1200 who make available ADRs that are offered or listed on a U.S. exchange, global shares or, in the case of Canadian equities, ordinary shares, all of which are traded on a U.S. exchange. Under normal circumstances, the Fund will invest at least 80% of its net assets in ADRs included in the S&P ADR Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares ADR Fund had an NAV return of 25.38% versus 23.75% for the S&P ADR Index for the fiscal year ended 6/30/2014.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2014, the top three performers were Shire PLC.(+148.91%), Nokia OYJ.(+108.52%), Alcatel-Lucent (+106.77%), while the bottom three performers in this group were Cencosud SA (–30.23%), Sociedad Quimica y Minera de Chile SA. (–24.71%), and Cia de Minas Buenaventura SA. (–21.14%).
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
Average Annual Total Return | |||
Fund Performance History (%) | As of June 30, 2014 | ||
1 Year | 5 Year | Since Inception (November 18, 2008) | |
Index | |||
RevenueShares ADR Index™ | 26.37% | 10.92% | 15.76% |
S&P ADR Index | 23.75% | 11.44% | 16.99% |
Fund | |||
NAV Return | 25.38% | 10.10% | 12.74% |
Market Price | 25.39% | 10.06% | 12.70% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the ADR Fund’s annual operating expense ratio (gross) is 1.06% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares ADR Index™ returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
12 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
June 30, 2014
RevenueShares Navellier Overall A-100 Fund™ (Ticker: RWV)
The Fund seeks to achieve its investment objective of outperforming the total return performance of the Navellier Overall A-100 Index by investing in the constituent securities of the Navellier Overall A-100 Index in the same proportions as the RevenueShares Navellier Overall A-100 Index™. The Navellier Overall A-100 Index is constructed from companies that are traded on the New York Stock Exchange, Nasdaq Stock Exchange or NYSE MKT that have over 2,500 shares traded daily, a closing price over $1, and companies that have been public for at least one year. This universe of companies is narrowed through a combination of quantitative and fundamental screens to select the top 100 of the total universe. This is accomplished by implementing a multi-factor model that encompasses nine factors, one of which is quantitative based and eight that are fundamental. The quantitative factor begins with a computer-driven analysis based on Modern Portfolio Theory. The Index calculates reward (alpha) and risk (standard deviation) characteristics for the universe of approximately 4,800 stocks. Trailing 52-week “alphas” (measure of return independent of the market) are divided by trailing 52-week “standard deviations” (measure of volatility or risk) to create a “reward/risk” ratio. This factor has the highest weight in the Navellier Overall A-100 Index.
The RevenueShares Navellier Overall A-100 Fund’s bias towards momentum and growth stocks resulted in an NAV return of 26.37% for the fiscal year ended 6/30/14.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2014, the top three performers were Bitauto Holdings Ltd.(+332.12%), Lannet Co Inc.(+304.73%), Methode Electronic Inc. (+123.88%), while the bottom three performers in this group were PowerSecure International Inc. (–59.44%), Overstock.Com Inc. (–46.86%), and NuSkin Enterprises Inc. (–44.03%).
13 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
Fund Performance History (%) | Average Annual Total Return As of June 30, 2014 | ||
1 Year | 5 Year | Since Inception (January 21, 2009) | |
Index | |||
RevenueShares Navellier Overall A-100 Index™ | 27.06% | 17.65% | 16.78% |
Navellier Overall A-100 Index | 36.93% | 13.57% | 15.05% |
Fund | |||
NAV Return | 26.37% | 16.44% | 17.15% |
Market Price | 26.61% | 16.44% | 17.15% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Navellier Overall A-100 Fund’s annual operating expense ratio (gross) is 1.43% and the net expense ratio is 0.60%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Navellier Overall A-100 Index™ returns became publicly available on December 31, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
June 30, 2014
RevenueShares Ultra Dividend Fund™ (Ticker: RDIV)
The Fund seeks to achieve its investment objective by attempting to replicate the portfolio of the RevenueShares Ultra Dividend Index™ (the “Underlying Index”). The Underlying Index is constructed by identifying the top 60 securities from the S&P 900® Index (the “Benchmark Index”) with the highest average of the 1-year trailing dividend yields for the current quarter and each of the past three quarters (excluding securities that have issued a special dividend over that time period), which are then re-weighted according to the revenue earned by the companies, subject to certain asset diversification requirements and a maximum 5% per company weighting. The Underlying Index is rebalanced and reconstituted quarterly according to revenue weightings as of the previous quarter. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of companies included in the Benchmark Index, and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities.
The RevenueShares Ultra Dividend Fund had an NAV return of 17.46% for the fiscal year ended 6/30/2014 compared to the S&P 900® Index return of 16.46%.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2014, the top three performers were Pepco Holdings Inc. (+54.69%), Frontier Communications Corp. (+44.58%), Lorillard Inc. (+39.68%), while the bottom three performers in this group were Diamond Offshore Drilling. (–16.83%), Compuware Corp. (–6.56%), and Newmont Mining Corp. (–6.12%).
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE — concluded
Fund Performance History (%) | Total
Return As of June 30, 2014* |
Since Inception (October 1, 2013) | |
Index | |
RevenueShares Ultra Dividend Index™ | 17.56% |
S&P 900 Index | 16.46% |
Fund | |
NAV Return | 17.46% |
Market Price | 17.58% |
Each of the time periods referenced in above charts represents all available data for the respective index.
* Not annualized.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Ultra Dividend Fund’s annual operating expense ratio (gross) is 0.76% and net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. For the Fund’s most recent month-end performance, please visit www.revenueshares.com.
Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Ultra Dividend Index™ returns became publicly available on October 1, 2013. Index returns do not represent Fund returns. One cannot invest directly in an index.
16 |
SHAREHOLDER EXPENSE EXAMPLES (Unaudited)
As a shareholder of a RevenueShares ETF, you incur two types of costs: (1) transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory fees and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from January 1, 2014 to June 30, 2014.
Actual expenses
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Six Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 01/01/2014 |
Ending Account Value 06/30/2014 |
Annualized Expense Ratios for the Six Month Period |
Expenses
Paid During the Six Month Period† | |
RevenueShares Large Cap Fund | ||||
Actual | $1,000.00 | $1,060.10 | 0.49% | $2.50 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.36 | 0.49% | $2.46 |
RevenueShares Mid Cap Fund | ||||
Actual | $1,000.00 | $1,071.70 | 0.54% | $2.77 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.12 | 0.54% | $2.71 |
RevenueShares Small Cap Fund | ||||
Actual | $1,000.00 | $1,044.60 | 0.54% | $2.74 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.12 | 0.54% | $2.71 |
RevenueShares Financials Sector Fund | ||||
Actual | $1,000.00 | $1,033.50 | 0.49% | $2.47 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.36 | 0.49% | $2.46 |
RevenueShares ADR Fund | ||||
Actual | $1,000.00 | $1,073.60 | 0.49% | $2.52 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.36 | 0.49% | $2.46 |
RevenueShares Navellier Overall A-100 Fund | ||||
Actual | $1,000.00 | $1,058.20 | 0.60% | $3.06 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | 0.60% | $3.01 |
RevenueShares Ultra Dividend Fund | ||||
Actual | $1,000.00 | $1,118.90 | 0.49% | $2.57 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.36 | 0.49% | $2.46 |
† | 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 181/365 (to reflect the six-month period). |
17 |
SCHEDULE OF INVESTMENTS SUMMARY TABLES
(UNAUDITED )
RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | |||||||||||
% of | % of | % of | |||||||||||
Industry | Net Assets | Industry | Net Assets | Industry | Net Assets | ||||||||
Automobile & Components | 3.7 | % | Automobiles & Components | 0.3 | % | Automobiles & Components | 0.8 | % | |||||
Banks | 4.3 | Banks | 2.0 | Banks | 2.5 | ||||||||
Capital Goods | 8.4 | Capital Goods | 12.6 | Capital Goods | 12.3 | ||||||||
Commercial & Professional Services | 0.6 | Commercial & Professional Services | 4.1 | Commercial & Professional Services | 6.2 | ||||||||
Consumer Durables & Apparel | 1.3 | Consumer Durables & Apparel | 3.3 | Consumer Durables & Apparel | 4.4 | ||||||||
Consumer Services | 1.2 | Consumer Services | 2.0 | Consumer Services | 5.0 | ||||||||
Diversified Financials | 4.3 | Diversified Financials | 1.6 | Diversified Financials | 2.2 | ||||||||
Energy | 13.7 | Energy | 7.1 | Energy | 4.3 | ||||||||
Food & Staples Retailing | 8.7 | Food & Staples Retailing | 1.9 | Food & Staples Retailing | 2.4 | ||||||||
Food, Beverage & Tobacco | 4.4 | Food, Beverage & Tobacco | 2.6 | Food, Beverage & Tobacco | 2.8 | ||||||||
Health Care Equipment & Services | 8.7 | Health Care Equipment & Services | 7.3 | Health Care Equipment & Services | 9.3 | ||||||||
Household & Personal Products | 1.4 | Household & Personal Products | 0.6 | Household & Personal Products | 0.4 | ||||||||
Insurance | 4.2 | Insurance | 6.4 | Insurance | 2.1 | ||||||||
Materials | 4.0 | Materials | 8.7 | Materials | 7.6 | ||||||||
Media | 3.0 | Media | 1.7 | Media | 0.6 | ||||||||
Money Market Fund | 0.3 | Money Market Fund | 5.2 | Money Market Fund | 5.5 | ||||||||
Pharmaceuticals, Biotechnology | Pharmaceuticals, Biotechnology & | Pharmaceuticals, Biotechnology & | |||||||||||
Life Sciences | 3.3 | Life Sciences | 1.4 | Life Sciences | 1.2 | ||||||||
Real Estate Investment Trusts | 0.5 | Real Estate | — | † | Real Estate Investment Trusts | 1.7 | |||||||
Real Estate Management & | Real Estate Investment Trusts | 1.6 | Real Estate Management & | ||||||||||
Development | 0.1 | Real Estate Management & | Development | 0.1 | |||||||||
Retailing | 5.5 | Development | 0.4 | Retailing | 10.9 | ||||||||
Semiconductors & Semiconductor | Retailing | 9.8 | Semiconductors & Semiconductor | ||||||||||
Equipment | 1.2 | Semiconductors & Semiconductor | Equipment | 1.7 | |||||||||
Software & Services | 4.4 | Equipment | 1.6 | Software & Services | 4.6 | ||||||||
Technology Hardware & | Software & Services | 3.8 | Technology Hardware & | ||||||||||
Equipment | 4.6 | Technology Hardware & | Equipment | 9.5 | |||||||||
Telecommunication Services | 2.6 | Equipment | 12.3 | Telecommunication Services | 0.7 | ||||||||
Transportation | 2.2 | Telecommunication Services | 0.5 | Transportation | 3.7 | ||||||||
Utilities | 3.2 | Transportation | 2.6 | Utilities | 2.9 | ||||||||
Total Investments | 99.8 | Utilities | 3.6 | Total Investments | 105.4 | ||||||||
Other Assets in Excess of | Total Investments | 105.0 | Liabilities in Excess of | ||||||||||
Liabilities | 0.2 | Liabilities in Excess of | Other Assets | (5.4 | ) | ||||||||
Net Assets | 100.0 | % | Other Assets | (5.0 | ) | Net Assets | 100.0 | % | |||||
Net Assets | 100.0 | % |
RevenueShares Financials Sector Fund
%
of Net Assets | ||
Industry | ||
Capital Markets | 11.1 | % |
Commercial Banks | 33.1 | |
Consumer Finance | 5.3 | |
Diversified Financial Services | 14.6 | |
Insurance | 30.8 | |
Media | 0.3 | |
Money Market Fund | — | † |
Paper & Forest Products | 0.6 | |
Real Estate Investment Trusts | 3.2 | |
Real Estate Management & | ||
Development | 0.5 | |
Thrifts & Mortgage Finance | 0.2 | |
Total Investments | 99.7 | |
Other Assets in Excess of | ||
Liabilities | 0.3 | |
Net Assets | 100.0 | % |
18 |
SCHEDULE OF INVESTMENTS SUMMARY TABLES
(UNAUDITED ) — concluded
RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund |
RevenueShares Ultra Dividend Fund | ||||||||||
% of | % of | %
of Net Assets | ||||||||||
Industry | Net Assets | Industry | Net Assets | Industry | ||||||||
Automobiles & Components | 6.8 | % | Automobiles & Components | 1.8 | % | Banks | 0.9 | % | ||||
Banks | 11.8 | Banks | 2.4 | Commercial & Professional Services | 3.9 | |||||||
Capital Goods | 1.4 | Capital Goods | 12.7 | Consumer Durables & Apparel | 2.7 | |||||||
Consumer Durables & Apparel | 1.5 | Commercial & Professional Services | 0.5 | Consumer Services | 1.8 | |||||||
Consumer Services | 0.3 | Consumer Durables & Apparel | 5.3 | Diversified Financials | 0.6 | |||||||
Diversified Financials | 3.2 | Consumer Services | 0.2 | Energy | 11.5 | |||||||
Energy | 36.8 | Diversified Financials | —† | Food, Beverage & Tobacco | 11.4 | |||||||
Food & Staples Retailing | 0.8 | Energy | 10.2 | Insurance | 1.9 | |||||||
Food, Beverage & Tobacco | 3.3 | Food & Staples Retailing | 0.1 | Materials | 1.9 | |||||||
Health Care Equipment & Services | 0.6 | Food, Beverage & Tobacco | 7.7 | Money Market Fund | 1.4 | |||||||
Insurance | 4.7 | Health Care Equipment & Services | 7.4 | Real Estate Investment Trusts | 4.2 | |||||||
Materials | 6.8 | Insurance | 0.5 | Software & Services | —† | |||||||
Media | 1.0 | Materials | 4.0 | Technology Hardware & | ||||||||
Money Market Fund | 15.2 | Media | 3.4 | Equipment | 0.3 | |||||||
Pharmaceuticals, Biotechnology & | Money Market Fund | 4.5 | Telecommunication Services | 16.2 | ||||||||
Life Sciences | 3.2 | Pharmaceuticals, Biotechnology & | Utilities | 42.4 | ||||||||
Real Estate | 0.3 | Life Sciences | 10.2 | Total Investments | 101.1 | |||||||
Semiconductors & Semiconductor | Retailing | 3.7 | Liabilities in Excess of | |||||||||
Equipment | 0.6 | Semiconductors & Semiconductor | Other Assets | (1.1 | ) | |||||||
Software & Services | 0.5 | Equipment | 3.6 | Net Assets | 100.0 | % | ||||||
Technology Hardware & | Software & Services | 5.1 | ||||||||||
Equipment | 2.3 | Technology Hardware & | ||||||||||
Telecommunication Services | 10.4 | Equipment | 8.6 | |||||||||
Transportation | 0.6 | Transportation | 12.4 | |||||||||
Utilities | 1.4 | Total Investments | 104.3 | |||||||||
Total Investments | 113.5 | Liabilities in Excess of | ||||||||||
Liabilities in Excess of | Other Assets | (4.3 | ) | |||||||||
Other Assets | (13.5 | ) | Net Assets | 100.0 | % | |||||||
Net Assets | 100.0 | % |
† Less than 0.05%
19 |
SCHEDULE OF INVESTMENTS
JUNE 30, 2014
Investments | Shares | Value | ||
COMMON STOCKS—99.5% | ||||
Automobiles & Components—3.7% | ||||
BorgWarner, Inc. | 2,759 | $ | 179,859 | |
Delphi Automotive PLC | 5,791 | 398,073 | ||
Ford Motor Co. | 205,238 | 3,538,303 | ||
General Motors Co. | 90,337 | 3,279,233 | ||
Goodyear Tire & Rubber Co. | 16,360 | 454,481 | ||
Harley-Davidson, Inc. | 2,015 | 140,748 | ||
Johnson Controls, Inc. | 20,203 | 1,008,736 | ||
Total Automobiles & Components | 8,999,433 | |||
Banks—4.3% | ||||
Bank of America Corp. | 139,524 | 2,144,484 | ||
BB&T Corp. | 6,156 | 242,731 | ||
Citigroup, Inc. | 36,914 | 1,738,649 | ||
Comerica, Inc. | 1,202 | 60,292 | ||
Fifth Third Bancorp | 7,617 | 162,623 | ||
Hudson City Bancorp, Inc. | 3,202 | 31,476 | ||
Huntington Bancshares, Inc. | 6,996 | 66,742 | ||
JPMorgan Chase & Co. | 42,277 | 2,436,001 | ||
KeyCorp | 7,150 | 102,460 | ||
M&T Bank Corp. | 921 | 114,250 | ||
People’s United Financial, Inc. | 2,103 | 31,903 | ||
PNC Financial Services Group, Inc. | 4,399 | 391,731 | ||
Regions Financial Corp. | 12,204 | 129,606 | ||
SunTrust Banks, Inc. | 4,943 | 198,017 | ||
U.S. Bancorp | 11,279 | 488,606 | ||
Wells Fargo & Co. | 39,163 | 2,058,407 | ||
Zions Bancorporation | 1,788 | 52,692 | ||
Total Banks | 10,450,670 | |||
Capital Goods—8.4% | ||||
3M Co. | 5,019 | 718,922 | ||
Allegion PLC | 863 | 48,915 | ||
AMETEK, Inc. | 1,608 | 84,066 | ||
Boeing Co. | 14,611 | 1,858,958 | ||
Caterpillar, Inc. | 12,120 | 1,317,080 | ||
Cummins, Inc. | 2,645 | 408,097 | ||
Danaher Corp. | 5,635 | 443,644 | ||
Deere & Co. | 9,550 | 864,752 | ||
Dover Corp. | 2,213 | 201,272 | ||
Eaton Corp. PLC | 6,753 | 521,197 | ||
Emerson Electric Co. | 8,535 | 566,383 | ||
Fastenal Co. | 1,599 | 79,134 | ||
Flowserve Corp. | 1,481 | 110,112 | ||
Fluor Corp. | 7,711 | 592,976 | ||
General Dynamics Corp. | 6,055 | 705,710 | ||
General Electric Co. | 124,647 | 3,275,723 | ||
Honeywell International, Inc. | 9,740 | 905,333 | ||
Illinois Tool Works, Inc. | 3,916 | 342,885 | ||
Ingersoll-Rand PLC | 4,954 | 309,675 | ||
Jacobs Engineering Group, Inc.* | 5,158 | 274,818 | ||
Joy Global, Inc.(a) | 1,768 | 108,873 | ||
L-3 Communications Holdings, Inc. | 2,333 | 281,710 | ||
Lockheed Martin Corp. | 6,388 | 1,026,743 | ||
Masco Corp. | 8,773 | 194,761 | ||
Northrop Grumman Corp. | 4,657 | 557,117 | ||
PACCAR, Inc. | 6,389 | 401,421 | ||
Pall Corp. | 739 | 63,103 | ||
Parker Hannifin Corp. | 2,386 | 299,992 | ||
Pentair PLC | 2,323 | 167,535 |
Investments | Shares | Value | ||
Precision Castparts Corp. | 788 | $ | 198,891 | |
Quanta Services, Inc.* | 4,528 | 156,578 | ||
Raytheon Co. | 5,683 | 524,257 | ||
Rockwell Automation, Inc. | 1,209 | 151,318 | ||
Rockwell Collins, Inc. | 1,354 | 105,802 | ||
Roper Industries, Inc. | 551 | 80,452 | ||
Snap-on, Inc. | 667 | 79,053 | ||
Stanley Black & Decker, Inc. | 2,952 | 259,245 | ||
Textron, Inc. | 7,150 | 273,773 | ||
United Technologies Corp. | 12,501 | 1,443,240 | ||
W.W. Grainger, Inc. | 874 | 222,232 | ||
Xylem, Inc./NY | 2,93 | 89,610 | ||
Total Capital Goods | 20,315,358 | |||
Commercial & Professional Services—0.6% | ||||
ADT Corp. (The) | 2,274 | 79,453 | ||
Cintas Corp. | 1,603 | 101,855 | ||
Dun & Bradstreet Corp. | 390 | 42,978 | ||
Equifax, Inc. | 763 | 55,348 | ||
Iron Mountain, Inc. | 2,334 | 82,740 | ||
Nielsen NV | 2,885 | 139,663 | ||
Pitney Bowes, Inc. | 3,420 | 94,460 | ||
Republic Services, Inc. | 5,306 | 201,469 | ||
Robert Half International, Inc. | 2,118 | 101,113 | ||
Stericycle, Inc.* | 461 | 54,592 | ||
Tyco International Ltd. | 5,306 | 241,954 | ||
Waste Management, Inc. | 7,388 | 330,465 | ||
Total Commercial & Professional Services | 1,526,090 | |||
Consumer Durables & Apparel—1.3% | ||||
Coach, Inc. | 2,342 | 80,073 | ||
D.R. Horton, Inc. | 6,633 | 163,039 | ||
Fossil Group, Inc.* | 582 | 60,831 | ||
Garmin Ltd.(a) | 1,036 | 63,092 | ||
Harman International Industries, Inc. | 1,021 | 109,686 | ||
Hasbro, Inc. | 1,824 | 96,763 | ||
Leggett & Platt, Inc. | 2,560 | 87,757 | ||
Lennar Corp., Class A | 3,595 | 150,918 | ||
Mattel, Inc. | 3,858 | 150,346 | ||
Michael Kors Holdings Ltd.* | 659 | 58,420 | ||
Mohawk Industries, Inc.* | 1,355 | 187,451 | ||
Newell Rubbermaid, Inc. | 4,223 | 130,871 | ||
NIKE, Inc., Class B | 7,965 | 617,686 | ||
PulteGroup, Inc. | 6,688 | 134,830 | ||
PVH Corp. | 1,336 | 155,778 | ||
Ralph Lauren Corp. | 1,069 | 171,778 | ||
Under Armour, Inc., Class A* | 1,006 | 59,847 | ||
VF Corp. | 4,356 | 274,428 | ||
Whirlpool Corp. | 3,165 | 440,631 | ||
Total Consumer Durables & Apparel | 3,194,225 | |||
Consumer Services—1.2% | ||||
Carnival Corp. | 9,292 | 349,844 | ||
Chipotle Mexican Grill, Inc.* | 167 | 98,949 | ||
Darden Restaurants, Inc. | 4,188 | 193,779 | ||
Graham Holdings Co., Class B | 154 | 110,589 | ||
H&R Block, Inc. | 2,060 | 69,051 | ||
Marriott International, Inc., Class A | 4,765 | 305,436 | ||
McDonald’s Corp. | 6,459 | 650,680 | ||
Starbucks Corp. | 4,634 | 358,579 |
The accompanying notes are an integral part of these financial statements.
20 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES LARGE CAP FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Consumer Services (continued) | ||||
Starwood Hotels & Resorts | ||||
Worldwide, Inc. | 1,735 | $ | 140,223 | |
Wyndham Worldwide Corp. | 1,597 | 120,925 | ||
Wynn Resorts Ltd. | 694 | 144,046 | ||
Yum! Brands, Inc. | 3,855 | 313,026 | ||
Total Consumer Services | 2,855,127 | |||
Diversified Financials—4.3% | ||||
American Express Co. | 8,635 | 819,203 | ||
Ameriprise Financial, Inc. | 2,286 | 274,320 | ||
Bank of New York Mellon Corp. | 10,046 | 376,524 | ||
Berkshire Hathaway, Inc., Class B* | 33,702 | 4,265,325 | ||
BlackRock, Inc. | 779 | 248,968 | ||
Capital One Financial Corp. | 6,808 | 562,341 | ||
Charles Schwab Corp. | 4,918 | 132,442 | ||
CME Group, Inc. | 994 | 70,524 | ||
Discover Financial Services | 3,533 | 218,975 | ||
E*TRADE Financial Corp.* | 2,213 | 47,048 | ||
Franklin Resources, Inc. | 3,305 | 191,161 | ||
Goldman Sachs Group, Inc. | 5,499 | 920,753 | ||
Intercontinental Exchange, Inc. | 301 | 56,859 | ||
Invesco Ltd. | 3,013 | 113,741 | ||
Legg Mason, Inc. | 1,223 | 62,752 | ||
Leucadia National Corp. | 10,497 | 275,231 | ||
McGraw Hill Financial, Inc. | 1,404 | 116,574 | ||
Moody’s Corp. | 834 | 73,109 | ||
Morgan Stanley | 26,873 | 868,804 | ||
NASDAQ OMX Group, Inc. | 2,094 | 80,870 | ||
Navient Corp. | 7,963 | 141,025 | ||
Northern Trust Corp. | 1,594 | 102,351 | ||
State Street Corp. | 3,589 | 241,396 | ||
T. Rowe Price Group, Inc. | 1,035 | 87,364 | ||
Total Diversified Financials | 10,347,660 | |||
Energy—13.7% | ||||
Anadarko Petroleum Corp. | 3,273 | 358,295 | ||
Apache Corp. | 3,660 | 368,269 | ||
Baker Hughes, Inc. | 7,311 | 544,304 | ||
Cabot Oil & Gas Corp. | 1,279 | 43,665 | ||
Cameron International Corp.* | 3,590 | 243,079 | ||
Chesapeake Energy Corp. | 14,360 | 446,309 | ||
Chevron Corp. | 36,859 | 4,811,942 | ||
Cimarex Energy Co. | 387 | 55,519 | ||
ConocoPhillips | 15,327 | 1,313,984 | ||
CONSOL Energy, Inc. | 2,037 | 93,845 | ||
Denbury Resources, Inc. | 3,259 | 60,161 | ||
Devon Energy Corp. | 3,617 | 287,190 | ||
Diamond Offshore Drilling, Inc. | 1,372 | 68,092 | ||
Ensco PLC, Class A | 2,134 | 118,586 | ||
EOG Resources, Inc. | 3,102 | 362,500 | ||
EQT Corp. | 493 | 52,702 | ||
Exxon Mobil Corp. | 88,358 | 8,895,883 | ||
FMC Technologies, Inc.* | 2,844 | 173,683 | ||
Halliburton Co. | 10,076 | 715,497 | ||
Helmerich & Payne, Inc. | 709 | 82,322 | ||
Hess Corp. | 3,946 | 390,220 | ||
Kinder Morgan, Inc./Delaware | 9,928 | 359,989 | ||
Marathon Oil Corp. | 8,466 | 337,963 | ||
Marathon Petroleum Corp. | 23,338 | 1,821,998 | ||
Murphy Oil Corp. | 4,535 | 301,487 | ||
Nabors Industries Ltd. | 5,229 | 153,576 |
Investments | Shares | Value | ||
National Oilwell Varco, Inc. | 6,960 | $ | 573,156 | |
Newfield Exploration Co.* | 712 | 31,470 | ||
Noble Corp. PLC | 3,093 | 103,801 | ||
Noble Energy, Inc. | 1,514 | 117,274 | ||
Occidental Petroleum Corp. | 5,572 | 571,854 | ||
ONEOK, Inc. | 5,151 | 350,680 | ||
Peabody Energy Corp. | 5,401 | 88,306 | ||
Phillips 66 | 42,883 | 3,449,080 | ||
Pioneer Natural Resources Co. | 408 | 93,763 | ||
QEP Resources, Inc. | 2,233 | 77,039 | ||
Range Resources Corp. | 539 | 46,866 | ||
Rowan Cos. PLC, Class A | 1,134 | 36,209 | ||
Schlumberger Ltd. | 9,965 | 1,175,372 | ||
Southwestern Energy Co.* | 1,846 | 83,975 | ||
Spectra Energy Corp. | 3,207 | 136,233 | ||
Tesoro Corp. | 15,511 | 910,030 | ||
Transocean Ltd.(a) | 2,006 | 90,330 | ||
Valero Energy Corp. | 56,529 | 2,832,103 | ||
Williams Cos., Inc. | 2,740 | 159,495 | ||
Total Energy | 33,388,096 | |||
Food & Staples Retailing—8.7% | ||||
Costco Wholesale Corp. | 21,374 | 2,461,430 | ||
CVS Caremark Corp. | 39,253 | 2,958,499 | ||
Kroger Co. | 45,919 | 2,269,776 | ||
Safeway, Inc. | 25,255 | 867,257 | ||
Sysco Corp. | 28,229 | 1,057,176 | ||
Walgreen Co. | 22,673 | 1,680,749 | ||
Wal-Mart Stores, Inc. | 126,189 | 9,473,008 | ||
Whole Foods Market, Inc. | 7,022 | 271,260 | ||
Total Food & Staples Retailing | 21,039,155 | |||
Food, Beverage & Tobacco—4.4% | ||||
Altria Group, Inc. | 9,592 | 402,288 | ||
Archer-Daniels-Midland Co. | 45,923 | 2,025,663 | ||
Brown-Forman Corp., Class B | 712 | 67,049 | ||
Campbell Soup Co. | 4,013 | 183,835 | ||
Coca-Cola Co. | 25,913 | 1,097,675 | ||
Coca-Cola Enterprises, Inc. | 4,043 | 193,175 | ||
ConAgra Foods, Inc. | 13,040 | 387,027 | ||
Constellation Brands, Inc., Class A* | 782 | 68,918 | ||
Dr Pepper Snapple Group, Inc. | 2,334 | 136,726 | ||
General Mills, Inc. | 7,702 | 404,663 | ||
Hershey Co. | 1,684 | 163,971 | ||
Hormel Foods Corp. | 4,185 | 206,530 | ||
J.M. Smucker Co. | 1,293 | 137,795 | ||
Kellogg Co. | 5,118 | 336,253 | ||
Keurig Green Mountain, Inc. | 862 | 107,414 | ||
Kraft Foods Group, Inc. | 7,030 | 421,448 | ||
Lorillard, Inc. | 1,817 | 110,782 | ||
McCormick & Co., Inc. | 1,351 | 96,718 | ||
Mead Johnson Nutrition Co. | 1,088 | 101,369 | ||
Molson Coors Brewing Co., Class B | 1,342 | 99,523 | ||
Mondelez International, Inc., Class A | 21,907 | 823,922 | ||
Monster Beverage Corp.* | 761 | 54,054 | ||
PepsiCo, Inc. | 17,217 | 1,538,167 | ||
Philip Morris International, Inc. | 7,807 | 658,208 | ||
Reynolds American, Inc. | 3,113 | 187,870 | ||
Tyson Foods, Inc., Class A | 21,232 | 797,049 | ||
Total Food, Beverage & Tobacco | 10,808,092 |
The accompanying notes are an integral part of these financial statements.
21 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES LARGE CAP FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Health Care Equipment & Services—8.7% | ||||
Abbott Laboratories | 12,362 | $ | 505,606 | |
Aetna, Inc. | 14,838 | 1,203,065 | ||
AmerisourceBergen Corp. | 31,177 | 2,265,321 | ||
Baxter International, Inc. | 4,980 | 360,054 | ||
Becton Dickinson & Co. | 1,612 | 190,700 | ||
Boston Scientific Corp.* | 13,194 | 168,487 | ||
C.R. Bard, Inc. | 544 | 77,797 | ||
Cardinal Health, Inc. | 32,092 | 2,200,228 | ||
CareFusion Corp.* | 1,882 | 83,467 | ||
Cerner Corp.* | 1,363 | 70,304 | ||
Cigna Corp. | 8,352 | 768,133 | ||
Covidien PLC | 3,304 | 297,955 | ||
DaVita HealthCare Partners, Inc.* | 3,906 | 282,482 | ||
DENTSPLY International, Inc. | 1,441 | 68,231 | ||
Edwards Lifesciences Corp.* | 597 | 51,246 | ||
Express Scripts Holding Co.* | 32,955 | 2,284,770 | ||
Humana, Inc. | 7,845 | 1,001,963 | ||
Intuitive Surgical, Inc.* | 123 | 50,651 | ||
Laboratory Corp. of America Holdings* | 1,342 | 137,421 | ||
McKesson Corp. | 15,568 | 2,898,917 | ||
Medtronic, Inc. | 6,059 | 386,322 | ||
Patterson Cos., Inc. | 2,149 | 84,907 | ||
Quest Diagnostics, Inc. | 2,829 | 166,034 | ||
St. Jude Medical, Inc. | 1,904 | 131,852 | ||
Stryker Corp. | 2,490 | 209,957 | ||
Tenet Healthcare Corp.* | 6,147 | 288,540 | ||
UnitedHealth Group, Inc. | 35,908 | 2,935,479 | ||
Varian Medical Systems, Inc.* | 845 | 70,253 | ||
WellPoint, Inc. | 15,503 | 1,668,278 | ||
Zimmer Holdings, Inc. | 1,038 | 107,807 | ||
Total Health Care Equipment & Services | 21,016,227 | |||
Household & Personal Products—1.4% | ||||
Avon Products, Inc. | 6,707 | 97,989 | ||
Clorox Co. | 1,450 | 132,530 | ||
Colgate-Palmolive Co. | 5,860 | 399,535 | ||
Estee Lauder Cos., Inc., Class A | 3,145 | 233,548 | ||
Kimberly-Clark Corp. | 4,357 | 484,586 | ||
Procter & Gamble Co. | 24,619 | 1,934,807 | ||
Total Household & Personal Products | 3,282,995 | |||
Insurance—4.2% | ||||
ACE Ltd. | 4,297 | 445,599 | ||
Aflac, Inc. | 8,684 | 540,579 | ||
Allstate Corp. | 13,781 | 809,220 | ||
American International Group, Inc. | 27,490 | 1,500,404 | ||
AON PLC | 3,051 | 274,865 | ||
Assurant, Inc. | 3,209 | 210,350 | ||
Chubb Corp. | 3,445 | 317,526 | ||
Cincinnati Financial Corp. | 2,212 | 106,265 | ||
Genworth Financial, Inc., Class A* | 12,496 | 217,430 | ||
Hartford Financial Services Group, Inc. | 14,032 | 502,486 | ||
Lincoln National Corp. | 5,527 | 284,309 | ||
Loews Corp. | 8,031 | 353,444 | ||
Marsh & McLennan Cos., Inc. | 5,583 | 289,311 | ||
MetLife, Inc. | 28,037 | 1,557,736 | ||
Principal Financial Group, Inc. | 4,494 | 226,857 | ||
Progressive Corp. | 16,607 | 421,154 | ||
Prudential Financial, Inc. | 11,457 | 1,017,038 |
Investments | Shares | Value | ||
Torchmark Corp. | 1,104 | $ | 90,440 | |
Travelers Cos., Inc. | 6,488 | 610,326 | ||
Unum Group | 6,849 | 238,071 | ||
XL Group PLC | 5,202 | 170,261 | ||
Total Insurance | 10,183,671 | |||
Materials—4.0% | ||||
Air Products & Chemicals, Inc. | 1,830 | 235,375 | ||
Airgas, Inc. | 1,086 | 118,276 | ||
Alcoa, Inc. | 36,566 | 544,468 | ||
Allegheny Technologies, Inc. | 2,206 | 99,491 | ||
Avery Dennison Corp. | 2,835 | 145,294 | ||
Ball Corp. | 3,235 | 202,770 | ||
Bemis Co., Inc. | 2,846 | 115,718 | ||
CF Industries Holdings, Inc. | 527 | 126,759 | ||
Dow Chemical Co. | 25,622 | 1,318,508 | ||
E.I. du Pont de Nemours & Co. | 12,278 | 803,472 | ||
Eastman Chemical Co. | 2,493 | 217,764 | ||
Ecolab, Inc. | 2,955 | 329,010 | ||
FMC Corp. | 1,261 | 89,771 | ||
Freeport-McMoRan Copper & | ||||
Gold, Inc. | 14,381 | 524,906 | ||
International Flavors & Fragrances, Inc. | 700 | 72,996 | ||
International Paper Co. | 13,867 | 699,867 | ||
LyondellBasell Industries NV, Class A | 10,520 | 1,027,278 | ||
MeadWestvaco Corp. | 2,960 | 131,010 | ||
Monsanto Co. | 2,888 | 360,249 | ||
Mosaic Co. (The) | 3,156 | 156,064 | ||
Newmont Mining Corp. | 5,164 | 131,372 | ||
Nucor Corp. | 8,915 | 439,064 | ||
Owens-Illinois, Inc.* | 4,789 | 165,891 | ||
PPG Industries, Inc. | 1,771 | 372,176 | ||
Praxair, Inc. | 2,142 | 284,543 | ||
Sealed Air Corp. | 5,231 | 178,743 | ||
Sherwin-Williams Co. (The) | 1,205 | 249,327 | ||
Sigma-Aldrich Corp. | 653 | 66,266 | ||
United States Steel Corp.(a) | 15,871 | 413,281 | ||
Vulcan Materials Co. | 1,023 | 65,216 | ||
Total Materials | 9,684,925 | |||
Media—3.0% | ||||
Cablevision Systems Corp., Class A(a) | 8,427 | 148,737 | ||
CBS Corp., Class B | 5,874 | 365,010 | ||
Comcast Corp., Class A | 29,432 | 1,579,910 | ||
DIRECTV* | 8,793 | 747,493 | ||
Discovery Communications, Inc., | ||||
Class A* | 1,802 | 133,853 | ||
Gannett Co., Inc. | 4,217 | 132,034 | ||
Interpublic Group of Cos., Inc. | 8,639 | 168,547 | ||
News Corp., Class A* | 11,263 | 202,058 | ||
Omnicom Group, Inc. | 4,825 | 343,636 | ||
Scripps Networks Interactive, Inc., | ||||
Class A | 757 | 61,423 | ||
Time Warner Cable, Inc. | 3,610 | 531,753 | ||
Time Warner, Inc. | 10,259 | 720,695 | ||
Twenty-First Century Fox, Inc., | ||||
Class A | 20,491 | 720,259 | ||
Viacom, Inc., Class B | 3,698 | 320,727 | ||
Walt Disney Co. | 12,820 | 1,099,187 | ||
Total Media | 7,275,322 |
The accompanying notes are an integral part of these financial statements.
22 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES LARGE CAP FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Pharmaceuticals, Biotechnology & Life Sciences—3.3% | ||||
AbbVie, Inc. | 8,198 | $ | 462,695 | |
Actavis PLC* | 1,035 | 230,857 | ||
Agilent Technologies, Inc. | 2,701 | 155,145 | ||
Alexion Pharmaceuticals, Inc.* | 282 | 44,062 | ||
Allergan, Inc. | 1,059 | 179,204 | ||
Amgen, Inc. | 3,755 | 444,479 | ||
Biogen Idec, Inc.* | 585 | 184,456 | ||
Bristol-Myers Squibb Co. | 7,985 | 387,352 | ||
Celgene Corp.* | 1,904 | 163,515 | ||
Eli Lilly & Co. | 8,656 | 538,144 | ||
Forest Laboratories, Inc.* | 771 | 76,329 | ||
Gilead Sciences, Inc.* | 4,000 | 331,640 | ||
Hospira, Inc.* | 1,872 | 96,165 | ||
Johnson & Johnson | 16,172 | 1,691,915 | ||
Merck & Co., Inc. | 17,466 | 1,010,408 | ||
Mylan, Inc.* | 3,239 | 167,003 | ||
PerkinElmer, Inc. | 1,104 | 51,711 | ||
Perrigo Co. PLC | 626 | 91,246 | ||
Pfizer, Inc. | 39,857 | 1,182,956 | ||
Regeneron Pharmaceuticals, Inc.* | 185 | 52,257 | ||
Thermo Fisher Scientific, Inc. | 2,701 | 318,718 | ||
Vertex Pharmaceuticals, Inc.* | 389 | 36,831 | ||
Waters Corp.* | 447 | 46,685 | ||
Zoetis, Inc. | 3,276 | 105,717 | ||
Total Pharmaceuticals, Biotechnology & | ||||
Life Sciences | 8,049,490 | |||
Real Estate Investment Trusts—0.5% | ||||
American Tower Corp. | 948 | 85,301 | ||
Apartment Investment & | ||||
Management Co., Class A | 757 | 24,428 | ||
AvalonBay Communities, Inc. | 289 | 41,093 | ||
Boston Properties, Inc. | 468 | 55,308 | ||
Crown Castle International Corp. | 1,015 | 75,374 | ||
Equity Residential | 973 | 61,299 | ||
Essex Property Trust, Inc. | 114 | 21,080 | ||
General Growth Properties, Inc. | 2,498 | 58,853 | ||
HCP, Inc. | 1,224 | 50,649 | ||
Health Care REIT, Inc. | 1,143 | 71,632 | ||
Host Hotels & Resorts, Inc. | 5,513 | 121,341 | ||
Kimco Realty Corp. | 1,001 | 23,003 | ||
Macerich Co. (The) | 400 | 26,700 | ||
Plum Creek Timber Co., Inc. | 712 | 32,111 | ||
Prologis, Inc. | 976 | 40,104 | ||
Public Storage | 308 | 52,776 | ||
Simon Property Group, Inc. | 754 | 125,375 | ||
Ventas, Inc. | 1,056 | 67,689 | ||
Vornado Realty Trust | 615 | 65,639 | ||
Weyerhaeuser Co.(a) | 6,474 | 214,225 | ||
Total Real Estate Investment Trusts | 1,313,980 | |||
Real Estate Management & Development—0.1% | ||||
CBRE Group, Inc., Class A* | 5,773 | 184,967 | ||
Retailing—5.5% | ||||
Amazon.com, Inc.* | 4,763 | 1,546,927 | ||
AutoNation, Inc.* | 7,346 | 438,409 | ||
AutoZone, Inc.*(a) | 436 | 233,801 | ||
Bed Bath & Beyond, Inc.* | 3,690 | 211,732 | ||
Best Buy Co., Inc. | 31,780 | 985,498 | ||
CarMax, Inc.* | 5,928 | 308,315 |
Investments | Shares | Value | ||
Dollar General Corp.* | 6,206 | $ | 355,976 | |
Dollar Tree, Inc.* | 3,275 | 178,357 | ||
Expedia, Inc. | 1,489 | 117,274 | ||
Family Dollar Stores, Inc. | 3,587 | 237,244 | ||
GameStop Corp., Class A(a) | 5,111 | 206,842 | ||
Gap, Inc. | 8,920 | 370,804 | ||
Genuine Parts Co. | 3,907 | 343,035 | ||
Home Depot, Inc. | 22,073 | 1,787,030 | ||
Kohl’s Corp. | 8,467 | 446,042 | ||
L Brands, Inc. | 4,280 | 251,065 | ||
Lowe’s Cos., Inc. | 25,658 | 1,231,327 | ||
Macy’s, Inc. | 11,223 | 651,158 | ||
Netflix, Inc.* | 274 | 120,724 | ||
Nordstrom, Inc. | 4,187 | 284,423 | ||
O’Reilly Automotive, Inc.* | 1,064 | 160,238 | ||
PetSmart, Inc. | 1,582 | 94,604 | ||
Priceline Group, Inc. (The)* | 172 | 206,916 | ||
Ross Stores, Inc. | 3,409 | 225,437 | ||
Staples, Inc. | 13,694 | 148,443 | ||
Target Corp. | 23,685 | 1,372,546 | ||
Tiffany & Co. | 924 | 92,631 | ||
TJX Cos., Inc. | 10,282 | 546,488 | ||
Tractor Supply Co. | 869 | 52,488 | ||
TripAdvisor, Inc.* | 256 | 27,817 | ||
Urban Outfitters, Inc.* | 1,981 | 67,077 | ||
Total Retailing | 13,300,668 | |||
Semiconductors & Semiconductor Equipment—1.2% | ||||
Altera Corp. | 1,203 | 41,816 | ||
Analog Devices, Inc. | 1,130 | 61,099 | ||
Applied Materials, Inc. | 8,445 | 190,435 | ||
Avago Technologies Ltd. | 886 | 63,854 | ||
Broadcom Corp., Class A | 5,041 | 187,122 | ||
First Solar, Inc.* | 1,410 | 100,195 | ||
Intel Corp. | 41,029 | 1,267,796 | ||
KLA-Tencor Corp. | 947 | 68,790 | ||
Lam Research Corp. | 1,314 | 88,800 | ||
Linear Technology Corp. | 654 | 30,784 | ||
Microchip Technology, Inc.(a) | 822 | 40,122 | ||
Micron Technology, Inc.* | 8,278 | 272,760 | ||
NVIDIA Corp. | 5,257 | 97,465 | ||
Texas Instruments, Inc. | 5,994 | 286,453 | ||
Xilinx, Inc. | 1,082 | 51,189 | ||
Total Semiconductors & Semiconductor | ||||
Equipment | 2,848,680 | |||
Software & Services—4.4% | ||||
Accenture PLC, Class A | 8,579 | 693,526 | ||
Adobe Systems, Inc.* | 1,300 | 94,068 | ||
Akamai Technologies, Inc.* | 659 | 40,239 | ||
Alliance Data Systems Corp.* | 411 | 115,594 | ||
Autodesk, Inc.* | 964 | 54,350 | ||
Automatic Data Processing, Inc. | 3,424 | 271,455 | ||
CA, Inc. | 3,730 | 107,200 | ||
Citrix Systems, Inc.* | 1,088 | 68,054 | ||
Cognizant Technology Solutions | ||||
Corp., Class A* | 4,409 | 215,644 | ||
Computer Sciences Corp. | 5,062 | 319,918 | ||
eBay, Inc.* | 7,794 | 390,168 | ||
Electronic Arts, Inc.* | 2,387 | 85,622 | ||
Facebook, Inc., Class A* | 3,234 | 217,616 |
The accompanying notes are an integral part of these financial statements.
23 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES LARGE CAP FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Software & Services (continued) | ||||
Fidelity National Information Services, Inc. | 2,633 | $ | 144,130 | |
Fiserv, Inc.* | 1,899 | 114,548 | ||
Google, Inc., Class A* | 1,278 | 747,208 | ||
Google, Inc., Class C* | 1,298 | 746,713 | ||
International Business Machines Corp. | 10,211 | 1,850,948 | ||
Intuit, Inc. | 1,257 | 101,226 | ||
MasterCard, Inc., Class A | 2,716 | 199,545 | ||
Microsoft Corp. | 45,192 | 1,884,506 | ||
Oracle Corp. | 20,520 | 831,676 | ||
Paychex, Inc. | 1,335 | 55,483 | ||
Red Hat, Inc.* | 609 | 33,659 | ||
Salesforce.com, Inc.* | 1,332 | 77,363 | ||
Symantec Corp. | 7,324 | 167,720 | ||
Teradata Corp.* | 1,475 | 59,295 | ||
Total System Services, Inc. | 1,730 | 54,339 | ||
VeriSign, Inc.* | 477 | 23,282 | ||
Visa, Inc., Class A | 1,361 | 286,776 | ||
Western Union Co. | 7,939 | 137,662 | ||
Xerox Corp. | 40,067 | 498,434 | ||
Yahoo!, Inc.* | 3,152 | 110,730 | ||
Total Software & Services | 10,798,697 | |||
Technology Hardware & Equipment—4.6% | ||||
Amphenol Corp., Class A | 1,162 | 111,947 | ||
Apple, Inc. | 42,014 | 3,904,361 | ||
Cisco Systems, Inc. | 46,112 | 1,145,883 | ||
Corning, Inc. | 8,934 | 196,101 | ||
EMC Corp. | 20,330 | 535,492 | ||
F5 Networks, Inc.* | 356 | 39,673 | ||
FLIR Systems, Inc. | 1,007 | 34,973 | ||
Harris Corp. | 1,563 | 118,397 | ||
Hewlett-Packard Co. | 75,881 | 2,555,672 | ||
Jabil Circuit, Inc. | 20,434 | 427,071 | ||
Juniper Networks, Inc.* | 4,609 | 113,105 | ||
Motorola Solutions, Inc. | 2,967 | 197,513 | ||
NetApp, Inc. | 4,144 | 151,339 | ||
QUALCOMM, Inc. | 7,455 | 590,436 | ||
SanDisk Corp. | 1,450 | 151,424 | ||
Seagate Technology PLC | 5,820 | 330,693 | ||
TE Connectivity Ltd. | 5,054 | 312,539 | ||
Western Digital Corp. | 3,867 | 356,924 | ||
Total Technology Hardware & Equipment | 11,273,543 | |||
Telecommunication Services—2.6% | ||||
AT&T, Inc. | 85,728 | 3,031,342 | ||
CenturyLink, Inc. | 9,233 | 334,235 | ||
Frontier Communications Corp.(a) | 19,087 | 111,468 | ||
Verizon Communications, Inc. | 57,538 | 2,815,334 | ||
Windstream Holdings, Inc. | 13,801 | 137,458 | ||
Total Telecommunication Services | 6,429,837 | |||
Transportation—2.2% | ||||
C.H. Robinson Worldwide, Inc. | 4,728 | 301,599 | ||
CSX Corp. | 9,170 | 282,528 | ||
Delta Air Lines, Inc. | 22,498 | 871,123 | ||
Expeditors International of | ||||
Washington, Inc. | 3,218 | 142,107 | ||
FedEx Corp. | 7,041 | 1,065,867 | ||
Kansas City Southern | 551 | 59,238 | ||
Norfolk Southern Corp. | 2,534 | 261,078 |
Investments | Shares | Value | ||
Ryder System, Inc. | 1,720 | $ | 151,515 | |
Southwest Airlines Co. | 15,327 | 411,683 | ||
Union Pacific Corp. | 5,155 | 514,211 | ||
United Parcel Service, Inc., Class B | 12,719 | 1,305,732 | ||
Total Transportation | 5,366,681 | |||
Utilities—3.2% | ||||
AES Corp. | 24,758 | 384,987 | ||
AGL Resources, Inc. | 2,343 | 128,935 | ||
Ameren Corp. | 3,476 | 142,099 | ||
American Electric Power Co., Inc. | 6,879 | 383,642 | ||
CenterPoint Energy, Inc. | 8,334 | 212,850 | ||
CMS Energy Corp. | 5,403 | 168,303 | ||
Consolidated Edison, Inc. | 5,310 | 306,599 | ||
Dominion Resources, Inc. | 4,352 | 311,255 | ||
DTE Energy Co. | 3,329 | 259,229 | ||
Duke Energy Corp. | 8,078 | 599,307 | ||
Edison International | 5,196 | 301,940 | ||
Entergy Corp. | 3,465 | 284,442 | ||
Exelon Corp. | 16,354 | 596,594 | ||
FirstEnergy Corp. | 8,703 | 302,168 | ||
Integrys Energy Group, Inc. | 2,642 | 187,926 | ||
NextEra Energy, Inc. | 3,620 | 370,978 | ||
NiSource, Inc. | 3,735 | 146,935 | ||
Northeast Utilities | 3,791 | 179,201 | ||
NRG Energy, Inc. | 7,872 | 292,838 | ||
Pepco Holdings, Inc. | 4,079 | 112,091 | ||
PG&E Corp. | 7,655 | 367,593 | ||
Pinnacle West Capital Corp. | 1,448 | 83,752 | ||
PPL Corp. | 7,132 | 253,400 | ||
Public Service Enterprise Group, Inc. | 6,095 | 248,615 | ||
SCANA Corp. | 2,116 | 113,862 | ||
Sempra Energy | 2,387 | 249,943 | ||
Southern Co. | 9,309 | 422,442 | ||
TECO Energy, Inc. | 3,699 | 68,358 | ||
Wisconsin Energy Corp. | 2,459 | 115,376 | ||
Xcel Energy, Inc. | 8,357 | 269,346 | ||
Total Utilities | 7,865,006 | |||
Total Common Stocks | ||||
(Cost $176,144,892) | 241,798,595 | |||
INVESTMENT OF CASH COLLATERAL | ||||
FOR SECURITIES LOANED—0.3% | ||||
Dreyfus Institutional Preferred | ||||
Money Market Fund— | ||||
Prime Shares, 0.06% (b) | ||||
(Cost $787,229) | 787,229 | 787,229 | ||
Total Investments—99.8% | ||||
(Cost $176,932,121) | 242,585,824 | |||
Other Assets in Excess of Liabilities—0.2% | 383,709 | |||
Net Assets—100.0% | $ | 242,969,533 |
PLC – Public Limited Company
REIT – Real Estate Investment Trusts
* | Non-income producing security |
(a) | All or a portion of security was on loan. The aggregate market value of the securities on loan was $769,974; total market value of the collateral held by the fund was $787,229. |
(b) | Rate shown represents annualized 7-day yield as of June 30, 2014. |
The accompanying notes are an integral part of these financial statements.
24 |
SCHEDULE OF INVESTMENTS
JUNE 30, 2014
Investments | Shares | Value | ||
COMMON STOCKS—99.8% | ||||
Automobiles & Components—0.3% | ||||
Gentex Corp. | 6,952 | $ | 202,234 | |
Thor Industries, Inc. | 9,100 | 517,517 | ||
Total Automobiles & Components | 719,751 | |||
Banks—2.0% | ||||
Associated Banc-Corp. | 9,159 | 165,595 | ||
Astoria Financial Corp. | 6,928 | 93,182 | ||
BancorpSouth, Inc. | 4,755 | 116,830 | ||
Bank of Hawaii Corp. | 1,624 | 95,312 | ||
Cathay General Bancorp | 2,928 | 74,840 | ||
City National Corp. | 2,627 | 199,021 | ||
Commerce Bancshares, Inc. | 3,814 | 177,351 | ||
Cullen/Frost Bankers, Inc. | 2,055 | 163,208 | ||
East West Bancorp, Inc. | 4,651 | 162,738 | ||
First Horizon National Corp. | 17,530 | 207,906 | ||
First Niagara Financial Group, Inc. | 29,169 | 254,937 | ||
FirstMerit Corp. | 9,280 | 183,280 | ||
Fulton Financial Corp. | 10,220 | 126,626 | ||
Hancock Holding Co. | 4,431 | 156,503 | ||
International Bancshares Corp. | 3,388 | 91,476 | ||
New York Community Bancorp, Inc.(a) | 19,313 | 308,622 | ||
PacWest Bancorp | 1,239 | 53,488 | ||
Prosperity Bancshares, Inc. | 1,773 | 110,990 | ||
Signature Bank*(a) | 1,104 | 139,303 | ||
SVB Financial Group* | 2,279 | 265,777 | ||
Synovus Financial Corp. | 7,820 | 190,652 | ||
TCF Financial Corp. | 12,565 | 205,689 | ||
Trustmark Corp. | 3,938 | 97,229 | ||
Umpqua Holdings Corp. | 5,139 | 92,091 | ||
Valley National Bancorp(a) | 11,631 | 115,263 | ||
Washington Federal, Inc. | 3,892 | 87,298 | ||
Webster Financial Corp. | 4,623 | 145,809 | ||
Westamerica Bancorporation(a) | 654 | 34,191 | ||
Total Banks | 4,115,207 | |||
Capital Goods—12.6% | ||||
A.O. Smith Corp. | 7,129 | 353,456 | ||
Acuity Brands, Inc. | 2,621 | 362,353 | ||
Aecom Technology Corp.* | 40,014 | 1,288,451 | ||
AGCO Corp. | 31,192 | 1,753,614 | ||
Alliant Techsystems, Inc. | 5,178 | 693,438 | ||
BE Aerospace, Inc.* | 6,215 | 574,825 | ||
Carlisle Cos., Inc. | 6,263 | 542,501 | ||
CLARCOR, Inc. | 3,067 | 189,694 | ||
Crane Co. | 5,911 | 439,542 | ||
Donaldson Co., Inc. | 9,452 | 400,009 | ||
Esterline Technologies Corp.* | 2,781 | 320,149 | ||
Exelis, Inc. | 44,472 | 755,135 | ||
Fortune Brands Home & Security, Inc. | 16,879 | 673,978 | ||
GATX Corp. | 3,309 | 221,504 | ||
Graco, Inc. | 2,383 | 186,065 | ||
Granite Construction, Inc. | 10,015 | 360,340 | ||
Harsco Corp. | 16,027 | 426,799 | ||
Hubbell, Inc., Class B | 4,227 | 520,555 | ||
Huntington Ingalls Industries, Inc. | 11,375 | 1,075,961 | ||
IDEX Corp. | 4,190 | 338,301 | ||
ITT Corp. | 8,824 | 424,434 | ||
KBR, Inc. | 42,288 | 1,008,569 |
Investments | Shares | Value | ||
Kennametal, Inc. | 8,776 | $ | 406,153 | |
Lennox International, Inc. | 5,817 | 521,029 | ||
Lincoln Electric Holdings, Inc. | 6,493 | 453,731 | ||
MSC Industrial Direct Co., Inc., | ||||
Class A | 4,371 | 418,042 | ||
Nordson Corp. | 3,069 | 246,103 | ||
NOW, Inc.* | 20,468 | 741,146 | ||
Oshkosh Corp. | 22,059 | 1,224,936 | ||
Regal-Beloit Corp. | 6,362 | 499,799 | ||
SPX Corp. | 7,048 | 762,664 | ||
Terex Corp.(a) | 29,793 | 1,224,492 | ||
Timken Co. | 10,250 | 695,360 | ||
Trinity Industries, Inc. | 18,568 | 811,793 | ||
Triumph Group, Inc. | 8,552 | 597,101 | ||
United Rentals, Inc.* | 7,803 | 817,208 | ||
URS Corp. | 38,282 | 1,755,230 | ||
Valmont Industries, Inc. | 3,272 | 497,180 | ||
Wabtec Corp. | 5,171 | 427,073 | ||
Watsco, Inc. | 6,019 | 618,512 | ||
Woodward, Inc. | 6,415 | 321,905 | ||
Total Capital Goods | 25,949,130 | |||
Commercial & Professional Services—4.1% | ||||
Clean Harbors, Inc.* | 8,001 | 514,064 | ||
Copart, Inc.* | 4,907 | 176,456 | ||
Corporate Executive Board Co. | 2,025 | 138,145 | ||
Corrections Corp. of America | 8,262 | 271,407 | ||
Deluxe Corp. | 4,540 | 265,953 | ||
FTI Consulting, Inc.* | 7,274 | 275,103 | ||
Herman Miller, Inc. | 9,165 | 277,150 | ||
HNI Corp. | 8,616 | 336,972 | ||
Manpower, Inc. | 39,365 | 3,340,120 | ||
MSA Safety, Inc. | 3,252 | 186,925 | ||
R.R. Donnelley & Sons Co. | 95,883 | 1,626,176 | ||
Rollins, Inc. | 7,156 | 214,680 | ||
Towers Watson & Co., Class A | 5,264 | 548,667 | ||
Waste Connections, Inc. | 6,701 | 325,333 | ||
Total Commercial & Professional Services | 8,497,151 | |||
Consumer Durables & Apparel—3.3% | ||||
Brunswick Corp. | 8,318 | 350,437 | ||
Carter’s, Inc. | 6,278 | 432,743 | ||
Deckers Outdoor Corp.*(a) | 3,173 | 273,925 | ||
Hanesbrands, Inc. | 8,782 | 864,500 | ||
Jarden Corp.* | 20,387 | 1,209,968 | ||
Kate Spade & Co.* | 6,630 | 252,868 | ||
KB Home(a) | 19,898 | 371,695 | ||
MDC Holdings, Inc. | 9,310 | 282,000 | ||
NVR, Inc.* | 623 | 716,824 | ||
Polaris Industries, Inc. | 4,871 | 634,399 | ||
Tempur Sealy International, Inc.* | 7,650 | 456,705 | ||
Toll Brothers, Inc.* | 12,855 | 474,350 | ||
Tupperware Brands Corp. | 5,176 | 433,231 | ||
Total Consumer Durables & Apparel | 6,753,645 | |||
Consumer Services—2.0% | ||||
Apollo Education Group, Inc.* | 19,358 | 604,937 | ||
Bally Technologies, Inc.* | 2,520 | 165,614 | ||
Brinker International, Inc. | 9,024 | 439,018 | ||
Cheesecake Factory, Inc. | 6,626 | 307,579 |
The accompanying notes are an integral part of these financial statements.
25 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES MID CAP FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Consumer Services (continued) | ||||
DeVry Education Group, Inc. | 7,246 | $ | 306,796 | |
Domino’s Pizza, Inc. | 4,136 | 302,300 | ||
International Game Technology | 23,684 | 376,812 | ||
International Speedway Corp., Class A 3,076 | 102,369 | |||
Life Time Fitness, Inc.*(a) | 4,124 | 201,004 | ||
Panera Bread Co., Class A* | 2,635 | 394,802 | ||
Service Corp. International | 21,082 | 436,819 | ||
Sotheby’s | 3,627 | 152,298 | ||
Wendy’s Co. (The) | 45,067 | 384,422 | ||
Total Consumer Services | 4,174,770 | |||
Diversified Financials—1.6% | ||||
Affiliated Managers Group, Inc.* | 1,827 | 375,266 | ||
CBOE Holdings, Inc. | 1,919 | 94,434 | ||
Eaton Vance Corp. | 6,046 | 228,478 | ||
Federated Investors, Inc., Class B(a) | 4,691 | 145,046 | ||
Greenhill & Co., Inc.(a) | 894 | 44,029 | ||
Janus Capital Group, Inc.(a) | 11,808 | 147,364 | ||
MSCI, Inc., Class A* | 3,682 | 168,820 | ||
Raymond James Financial, Inc. | 15,080 | 765,008 | ||
SEI Investments Co. | 5,767 | 188,985 | ||
SLM Corp. | 105,473 | 876,481 | ||
Waddell & Reed Financial, Inc., | ||||
Class A | 3,756 | 235,088 | ||
Total Diversified Financials | 3,268,999 | |||
Energy—7.1% | ||||
Atwood Oceanics, Inc.* | 3,397 | 178,275 | ||
Bill Barrett Corp.* | 3,300 | 88,374 | ||
CARBO Ceramics, Inc.(a) | 787 | 121,292 | ||
Dresser-Rand Group, Inc.* | 7,628 | 486,132 | ||
Dril-Quip, Inc.* | 1,349 | 147,365 | ||
Energen Corp. | 3,308 | 294,015 | ||
Gulfport Energy Corp.* | 819 | 51,433 | ||
Helix Energy Solutions Group, Inc.* | 5,842 | 153,703 | ||
HollyFrontier Corp. | 57,587 | 2,515,976 | ||
Oceaneering International, Inc. | 7,279 | 568,708 | ||
Oil States International, Inc.* | 7,574 | 485,418 | ||
Patterson-UTI Energy, Inc. | 12,645 | 441,816 | ||
Rosetta Resources, Inc.* | 2,562 | 140,526 | ||
SM Energy Co. | 4,770 | 401,157 | ||
Superior Energy Services, Inc. | 20,211 | 730,426 | ||
Tidewater, Inc. | 3,733 | 209,608 | ||
Unit Corp.* | 3,408 | 234,573 | ||
World Fuel Services Corp. | 139,318 | 6,858,625 | ||
WPX Energy, Inc.* | 21,278 | 508,757 | ||
Total Energy | 14,616,179 | |||
Food & Staples Retailing—1.9% | ||||
SUPERVALU, Inc.* | 346,481 | 2,848,074 | ||
United Natural Foods, Inc.* | 15,628 | 1,017,383 | ||
Total Food & Staples Retailing | 3,865,457 | |||
Food, Beverage & Tobacco—2.6% | ||||
Dean Foods Co. | 83,510 | 1,468,941 | ||
Flowers Foods, Inc. | 29,141 | 614,292 | ||
Hain Celestial Group, Inc.* | 3,349 | 297,190 | ||
Hillshire Brands Co. | 10,244 | 638,201 | ||
Ingredion, Inc. | 12,715 | 954,134 |
Investments | Shares | Value | ||
Lancaster Colony Corp. | 1,930 | $ | 183,659 | |
Post Holdings, Inc.*(a) | 3,475 | 176,912 | ||
Tootsie Roll Industries, Inc.(a) | 3,019 | 88,879 | ||
Universal Corp. | 6,945 | 384,406 | ||
WhiteWave Foods Co., Class A* | 13,777 | 445,962 | ||
Total Food, Beverage & Tobacco | 5,252,576 | |||
Health Care Equipment & Services—7.3% | ||||
Align Technology, Inc.* | 559 | 31,326 | ||
Allscripts Healthcare Solutions, Inc.* | 14,535 | 233,287 | ||
Community Health Systems, Inc.*(a) | 51,291 | 2,327,073 | ||
Cooper Cos., Inc. | 1,916 | 259,675 | ||
Health Net, Inc.* | 44,802 | 1,861,075 | ||
Henry Schein, Inc.* | 13,159 | 1,561,579 | ||
Hill-Rom Holdings, Inc. | 6,751 | 280,234 | ||
HMS Holdings Corp.* | 4,028 | 82,211 | ||
Hologic, Inc.* | 15,810 | 400,783 | ||
IDEXX Laboratories, Inc.*(a) | 1,738 | 232,145 | ||
LifePoint Hospitals, Inc.* | 11,334 | 703,841 | ||
Mednax, Inc.* | 5,711 | 332,095 | ||
Omnicare, Inc. | 15,299 | 1,018,454 | ||
Owens & Minor, Inc. | 42,347 | 1,438,951 | ||
ResMed, Inc.(a) | 4,656 | 235,733 | ||
Sirona Dental Systems, Inc.* | 2,304 | 189,988 | ||
STERIS Corp. | 4,708 | 251,784 | ||
Teleflex, Inc. | 2,645 | 279,312 | ||
Thoratec Corp.* | 2,394 | 83,455 | ||
Universal Health Services, Inc., Class B | 12,364 | 1,183,977 | ||
VCA Antech, Inc.* | 8,279 | 290,510 | ||
WellCare Health Plans, Inc.* | 21,880 | 1,633,561 | ||
Total Health Care Equipment & Services | 14,911,049 | |||
Household & Personal Products—0.6% | ||||
Church & Dwight Co., Inc. | 7,339 | 513,363 | ||
Energizer Holdings, Inc. | 5,828 | 711,191 | ||
Total Household & Personal Products | 1,224,554 | |||
Insurance—6.4% | ||||
Alleghany Corp.* | 1,886 | 826,294 | ||
American Financial Group, Inc. | 13,937 | 830,088 | ||
Arthur J. Gallagher & Co. | 11,948 | 556,777 | ||
Aspen Insurance Holdings Ltd. | 8,550 | 388,341 | ||
Brown & Brown, Inc. | 7,326 | 224,982 | ||
Everest Re Group Ltd. | 5,622 | 902,275 | ||
Fidelity National Financial, Inc., | ||||
Class A | 42,928 | 1,406,321 | ||
First American Financial Corp. | 27,553 | 765,698 | ||
Hanover Insurance Group, Inc. | 12,295 | 776,429 | ||
HCC Insurance Holdings, Inc. | 8,550 | 418,437 | ||
Kemper Corp. | 10,391 | 383,012 | ||
Mercury General Corp. | 9,780 | 460,051 | ||
Old Republic International Corp. | 52,967 | 876,074 | ||
Primerica, Inc. | 4,341 | 207,717 | ||
Protective Life Corp. | 9,580 | 664,181 | ||
Reinsurance Group of America, Inc. | 21,233 | 1,675,284 | ||
RenaissanceRe Holdings Ltd. | 2,075 | 222,025 | ||
StanCorp Financial Group, Inc. | 7,026 | 449,664 | ||
W.R. Berkley Corp. | 23,149 | 1,072,030 | ||
Total Insurance | 13,105,680 |
The accompanying notes are an integral part of these financial statements.
26 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES MID CAP FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Materials—8.7% | ||||
Albemarle Corp. | 5,962 | $ | 426,283 | |
Aptargroup, Inc. | 6,249 | 418,746 | ||
Ashland, Inc. | 11,174 | 1,215,061 | ||
Cabot Corp. | 9,582 | 555,660 | ||
Carpenter Technology Corp. | 5,661 | 358,058 | ||
Cliffs Natural Resources, Inc.(a) | 54,450 | 819,473 | ||
Commercial Metals Co. | 61,182 | 1,059,060 | ||
Compass Minerals International, Inc. | 2,029 | 194,256 | ||
Cytec Industries, Inc. | 3,082 | 324,904 | ||
Domtar Corp. | 6,412 | 274,754 | ||
Eagle Materials, Inc. | 1,226 | 115,587 | ||
Greif, Inc., Class A | 13,010 | 709,826 | ||
Louisiana-Pacific Corp.* | 22,570 | 339,001 | ||
Martin Marietta Materials, Inc.(a) | 2,654 | 350,461 | ||
Minerals Technologies, Inc. | 2,518 | 165,130 | ||
NewMarket Corp. | 977 | 383,092 | ||
Olin Corp. | 14,236 | 383,233 | ||
Packaging Corp. of America | 9,888 | 706,893 | ||
PolyOne Corp. | 15,834 | 667,245 | ||
Rayonier Advanced Materials, Inc.* | 3,328 | 128,960 | ||
Reliance Steel & Aluminum Co. | 21,363 | 1,574,667 | ||
Rock-Tenn Co., Class A | 15,069 | 1,591,136 | ||
Royal Gold, Inc. | 605 | 46,053 | ||
RPM International, Inc. | 14,920 | 689,006 | ||
Scotts Miracle-Gro Co., Class A | 7,864 | 447,147 | ||
Sensient Technologies Corp. | 4,388 | 244,499 | ||
Silgan Holdings, Inc. | 12,246 | 622,342 | ||
Sonoco Products Co. | 17,922 | 787,313 | ||
Steel Dynamics, Inc. | 66,201 | 1,188,308 | ||
Valspar Corp. | 8,839 | 673,443 | ||
Worthington Industries, Inc. | 10,046 | 432,380 | ||
Total Materials | 17,891,977 | |||
Media—1.7% | ||||
AMC Networks, Inc., Class A* | 4,517 | 277,750 | ||
Cinemark Holdings, Inc. | 13,196 | 466,611 | ||
DreamWorks Animation SKG, Inc., | ||||
Class A*(a) | 4,662 | 108,438 | ||
John Wiley & Sons, Inc., Class A | 4,724 | 286,227 | ||
Lamar Advertising Co., Class A | 3,955 | 209,615 | ||
Live Nation Entertainment, Inc.* | 45,102 | 1,113,568 | ||
Meredith Corp. | 5,415 | 261,870 | ||
New York Times Co., Class A | 17,562 | 267,118 | ||
Time, Inc.* | 24,255 | 587,456 | ||
Total Media | 3,578,653 | |||
Pharmaceuticals, Biotechnology & Life Sciences—1.4% | ||||
Bio-Rad Laboratories, Inc., Class A* | 2,865 | 342,969 | ||
Charles River Laboratories | ||||
International, Inc.* | 3,521 | 188,444 | ||
Covance, Inc.* | 4,872 | 416,946 | ||
Cubist Pharmaceuticals, Inc.* | 2,560 | 178,739 | ||
Endo International PLC* | 6,325 | 442,877 | ||
Mallinckrodt PLC*(a) | 5,731 | 458,595 | ||
Mettler-Toledo International, Inc.* | 1,575 | 398,758 | ||
Salix Pharmaceuticals Ltd.* | 1,524 | 187,985 | ||
Techne Corp. | 592 | 54,801 | ||
United Therapeutics Corp.* | 2,157 | 190,873 | ||
Total Pharmaceuticals, Biotechnology & | ||||
Life Sciences | 2,860,987 |
Investments | Shares | Value | ||
Real Estate—0.0%† | ||||
Alexander & Baldwin, Inc. | 1,747 | $ | 72,413 | |
Real Estate Investment Trusts—1.6% | ||||
Alexandria Real Estate Equities, Inc. | 1,376 | 106,833 | ||
American Campus Communities, Inc. | 2,895 | 110,705 | ||
BioMed Realty Trust, Inc. | 4,715 | 102,929 | ||
Camden Property Trust | 1,895 | 134,829 | ||
Corporate Office Properties Trust | 3,073 | 85,460 | ||
Duke Realty Corp. | 10,165 | 184,596 | ||
Equity One, Inc. | 2,359 | 55,649 | ||
Extra Space Storage, Inc. | 1,648 | 87,756 | ||
Federal Realty Investment Trust | 887 | 107,256 | ||
Highwoods Properties, Inc. | 2,239 | 93,926 | ||
Home Properties, Inc. | 1,717 | 109,819 | ||
Hospitality Properties Trust | 8,711 | 264,814 | ||
Kilroy Realty Corp. | 1,270 | 79,096 | ||
Liberty Property Trust | 3,214 | 121,907 | ||
Mack-Cali Realty Corp. | 4,976 | 106,885 | ||
Mid-America Apartment | ||||
Communities, Inc. | 1,697 | 123,966 | ||
National Retail Properties, Inc.(a) | 1,755 | 65,268 | ||
Omega Healthcare Investors, Inc. | 1,960 | 72,246 | ||
Potlatch Corp. | 2,278 | 94,309 | ||
Rayonier, Inc. | 5,780 | 205,479 | ||
Realty Income Corp. | 2,982 | 132,460 | ||
Regency Centers Corp. | 1,481 | 82,462 | ||
Senior Housing Properties Trust | 5,167 | 125,506 | ||
SL Green Realty Corp. | 2,151 | 235,341 | ||
Taubman Centers, Inc. | 1,621 | 122,888 | ||
UDR, Inc. | 4,473 | 128,062 | ||
Weingarten Realty Investors | 2,566 | 84,267 | ||
Total Real Estate Investment Trusts | 3,224,714 | |||
Real Estate Management & Development—0.4% | ||||
Jones Lang LaSalle, Inc. | 6,033 | 762,511 | ||
Retailing—9.8% | ||||
Aaron’s, Inc. | 10,215 | 364,063 | ||
Abercrombie & Fitch Co., Class A(a) | 16,797 | 726,470 | ||
Advance Auto Parts, Inc. | 9,341 | 1,260,288 | ||
American Eagle Outfitters, Inc. | 23,993 | 269,201 | ||
ANN, Inc.* | 9,341 | 384,289 | ||
Ascena Retail Group, Inc.* | 30,378 | 519,464 | ||
Big Lots, Inc.* | 19,398 | 886,489 | ||
Cabela’s, Inc.*(a) | 9,414 | 587,434 | ||
Chico’s FAS, Inc. | 25,425 | 431,208 | ||
CST Brands, Inc. | 58,933 | 2,033,188 | ||
Dick’s Sporting Goods, Inc. | 21,410 | 996,850 | ||
Foot Locker, Inc. | 20,241 | 1,026,623 | ||
Guess?, Inc. | 10,984 | 296,568 | ||
HSN, Inc. | 9,670 | 572,851 | ||
JC Penney Co., Inc.*(a) | 223,105 | 2,019,100 | ||
LKQ Corp.* | 33,515 | 894,515 | ||
Murphy USA, Inc.* | 60,540 | 2,959,801 | ||
Office Depot, Inc.* | 367,001 | 2,088,236 | ||
Rent-A-Center, Inc. | 13,421 | 384,914 | ||
Signet Jewelers Ltd. | 6,022 | 665,973 | ||
Williams-Sonoma, Inc. | 9,552 | 685,642 | ||
Total Retailing | 20,053,167 |
The accompanying notes are an integral part of these financial statements.
27 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES MID CAP FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Semiconductors & Semiconductor Equipment—1.6% | ||||
Advanced Micro Devices, Inc.*(a) | 207,836 | $ | 870,833 | |
Atmel Corp.* | 23,772 | 222,744 | ||
Cree, Inc.*(a) | 4,773 | 238,411 | ||
Cypress Semiconductor Corp.* | 10,561 | 115,220 | ||
Fairchild Semiconductor | ||||
International, Inc.* | 14,265 | 222,534 | ||
Integrated Device Technology, Inc.* | 5,215 | 80,624 | ||
International Rectifier Corp.* | 5,664 | 158,026 | ||
Intersil Corp., Class A | 6,119 | 91,479 | ||
RF Micro Devices, Inc.* | 17,548 | 168,285 | ||
Semtech Corp.* | 3,745 | 97,932 | ||
Silicon Laboratories, Inc.* | 1,919 | 94,511 | ||
Skyworks Solutions, Inc. | 6,276 | 294,721 | ||
SunEdison, Inc.* | 15,466 | 349,532 | ||
Teradyne, Inc. | 12,379 | 242,628 | ||
Total Semiconductors & | ||||
Semiconductor Equipment | 3,247,480 | |||
Software & Services—3.8% | ||||
ACI Worldwide, Inc.* | 2,704 | 150,964 | ||
Acxiom Corp.* | 8,184 | 177,511 | ||
Advent Software, Inc. | 1,932 | 62,925 | ||
ANSYS, Inc.* | 1,891 | 143,376 | ||
AOL, Inc.* | 10,062 | 400,367 | ||
Broadridge Financial Solutions, Inc. | 9,806 | 408,322 | ||
Cadence Design Systems, Inc.*(a) | 14,202 | 248,393 | ||
CommVault Systems, Inc.* | 1,168 | 57,430 | ||
Compuware Corp. | 14,403 | 143,886 | ||
Concur Technologies, Inc.*(a) | 1,027 | 95,860 | ||
Convergys Corp. | 16,404 | 351,702 | ||
Conversant, Inc.*(a) | 4,015 | 101,981 | ||
CoreLogic, Inc.* | 7,769 | 235,867 | ||
DST Systems, Inc. | 4,681 | 431,448 | ||
Equinix, Inc.* | 1,726 | 362,615 | ||
Factset Research Systems, Inc.(a) | 1,227 | 147,584 | ||
Fair Isaac Corp. | 1,970 | 125,607 | ||
Fortinet, Inc.* | 4,253 | 106,878 | ||
Gartner, Inc.* | 4,251 | 299,780 | ||
Global Payments, Inc. | 5,506 | 401,112 | ||
Informatica Corp.* | 4,250 | 151,512 | ||
Jack Henry & Associates, Inc. | 3,148 | 187,086 | ||
Leidos Holdings, Inc. | 5,059 | 193,962 | ||
Mentor Graphics Corp. | 8,059 | 173,833 | ||
MICROS Systems, Inc.* | 3,178 | 215,786 | ||
NeuStar, Inc., Class A*(a) | 5,932 | 154,351 | ||
PTC, Inc.* | 5,565 | 215,922 | ||
Rackspace Hosting, Inc.* | 7,017 | 236,192 | ||
Rovi Corp.* | 3,948 | 94,594 | ||
Science Applications International Corp. | 16,061 | 709,254 | ||
Solarwinds, Inc.* | 1,458 | 56,366 | ||
Solera Holdings, Inc. | 2,124 | 142,627 | ||
Synopsys, Inc.* | 8,211 | 318,751 | ||
TIBCO Software, Inc.* | 8,421 | 169,852 | ||
VeriFone Systems, Inc.* | 7,507 | 275,882 | ||
Wex, Inc.* | 1,152 | 120,925 | ||
Total Software & Services | 7,870,503 | |||
Technology Hardware & Equipment—12.3% | ||||
3D Systems Corp.*(a) | 1,698 | 101,540 | ||
ADTRAN, Inc. | 4,780 | 107,837 |
Investments | Shares | Value | ||
ARRIS Group, Inc.* | 21,720 | $ | 706,552 | |
Arrow Electronics, Inc.* | 57,558 | 3,477,079 | ||
Avnet, Inc. | 95,393 | 4,226,864 | ||
Ciena Corp.*(a) | 15,717 | 340,430 | ||
Diebold, Inc. | 12,048 | 483,968 | ||
FEI Co. | 1,699 | 154,150 | ||
Ingram Micro, Inc., Class A* | 244,441 | 7,140,122 | ||
InterDigital, Inc./PA | 1,169 | 55,878 | ||
Itron, Inc.* | 8,005 | 324,603 | ||
JDS Uniphase Corp.* | 22,957 | 286,274 | ||
Knowles Corp.* | 6,657 | 204,636 | ||
Lexmark International, Inc., Class A | 13,033 | 627,669 | ||
National Instruments Corp. | 5,934 | 192,202 | ||
NCR Corp.* | 30,336 | 1,064,490 | ||
Plantronics, Inc. | 2,759 | 132,570 | ||
Polycom, Inc.* | 18,108 | 226,893 | ||
Riverbed Technology, Inc.* | 8,407 | 173,436 | ||
Tech Data Corp.* | 67,459 | 4,217,537 | ||
Trimble Navigation Ltd.* | 9,885 | 365,251 | ||
Vishay Intertechnology, Inc. | 25,549 | 395,754 | ||
Zebra Technologies Corp., Class A* | 2,234 | 183,903 | ||
Total Technology Hardware & Equipment | 25,189,638 | |||
Telecommunication Services—0.5% | ||||
Telephone & Data Systems, Inc. | 29,772 | 777,347 | ||
tw telecom, Inc.* | 6,283 | 253,268 | ||
Total Telecommunication Services | 1,030,615 | |||
Transportation—2.6% | ||||
Alaska Air Group, Inc. | 8,933 | 849,082 | ||
Con-Way, Inc. | 18,095 | 912,169 | ||
Genesee & Wyoming, Inc., Class A* | 2,418 | 253,890 | ||
JB Hunt Transport Services, Inc. | 12,046 | 888,754 | ||
JetBlue Airways Corp.*(a) | 84,341 | 915,100 | ||
Kirby Corp.* | 3,156 | 369,694 | ||
Landstar System, Inc. | 6,879 | 440,256 | ||
Old Dominion Freight Line, Inc.* | 6,177 | 393,351 | ||
Werner Enterprises, Inc. | 12,350 | 327,398 | ||
Total Transportation | 5,349,694 | |||
Utilities—3.6% | ||||
Alliant Energy Corp. | 9,137 | 556,078 | ||
Aqua America, Inc. | 4,840 | 126,905 | ||
Atmos Energy Corp. | 12,575 | 671,505 | ||
Black Hills Corp. | 3,618 | 222,109 | ||
Cleco Corp. | 3,292 | 194,063 | ||
Great Plains Energy, Inc. | 15,393 | 413,610 | ||
Hawaiian Electric Industries, Inc.(a) | 20,797 | 526,580 | ||
IDACORP, Inc. | 3,617 | 209,171 | ||
MDU Resources Group, Inc. | 21,609 | 758,476 | ||
National Fuel Gas Co. | 4,024 | 315,079 | ||
OGE Energy Corp. | 6,094 | 238,154 | ||
ONE Gas, Inc. | 7,422 | 280,180 | ||
PNM Resources, Inc. | 7,807 | 228,979 | ||
Questar Corp. | 8,063 | 199,962 | ||
UGI Corp. | 24,426 | 1,233,513 | ||
Vectren Corp. | 10,106 | 429,505 | ||
Westar Energy, Inc. | 10,650 | 406,724 | ||
WGL Holdings, Inc. | 9,337 | 402,425 | ||
Total Utilities | 7,413,018 |
The accompanying notes are an integral part of these financial statements.
28 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES MID CAP FUND
JUNE 30, 2014
Investments | Shares | Value | |||
Total Common Stocks | |||||
(Cost $158,616,719) | $ | 204,999,518 | |||
INVESTMENT OF CASH COLLATERAL | |||||
FOR SECURITIES LOANED—5.2% | |||||
Dreyfus Institutional Preferred | |||||
Money Market Fund— | |||||
Prime Shares, 0.06% (b) | |||||
(Cost $10,660,514) | 10,660,514 | 10,660,514 | |||
Total Investments—105.0% | |||||
(Cost $169,277,233) | 215,660,032 | ||||
Liabilities in Excess of Other Assets—(5.0)% | (10,256,474 | ) | |||
Net Assets—100.0% | $ | 205,403,558 |
PLC – Public Limited Company
* | 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 $10,423,372; total market value of the collateral held by the fund was $10,660,514. |
(b) | Rate shown represents annualized 7-day yield as of June 30, 2014. |
The accompanying notes are an integral part of these financial statements.
29 |
SCHEDULE OF INVESTMENTS
JUNE 30, 2014
Investments | Shares | Value | ||
COMMON STOCKS—99.9% | ||||
Automobiles & Components—0.8% | ||||
Dorman Products, Inc.* | 6,297 | $ | 310,568 | |
Drew Industries, Inc. | 9,896 | 494,899 | ||
Spartan Motors, Inc. | 45,376 | 206,007 | ||
Standard Motor Products, Inc. | 10,631 | 474,887 | ||
Superior Industries International, Inc. | 17,703 | 365,036 | ||
Winnebago Industries, Inc.* | 16,193 | 407,739 | ||
Total Automobiles & Components | 2,259,136 | |||
Banks—2.5% | ||||
Bank Mutual Corp. | 8,091 | 46,928 | ||
Bank of the Ozarks, Inc. | 4,141 | 138,516 | ||
Banner Corp. | 2,538 | 100,581 | ||
BBCN Bancorp, Inc. | 9,661 | 154,093 | ||
BofI Holding, Inc.* | 1,092 | 80,229 | ||
Boston Private Financial Holdings, Inc. | 11,995 | 161,213 | ||
Brookline Bancorp, Inc. | 11,384 | 106,668 | ||
Cardinal Financial Corp. | 3,738 | 69,003 | ||
City Holding Co. | 2,017 | 91,007 | ||
Columbia Banking System, Inc. | 6,356 | 167,226 | ||
Community Bank System, Inc. | 5,195 | 188,059 | ||
CVB Financial Corp. | 7,663 | 122,838 | ||
Dime Community Bancshares | 5,524 | 87,224 | ||
F.N.B. Corp. | 21,996 | 281,989 | ||
First BanCorp* | 60,232 | 327,662 | ||
First Commonwealth Financial Corp. | 13,303 | 122,654 | ||
First Financial Bancorp | 8,131 | 139,935 | ||
First Financial Bankshares, Inc. | 3,685 | 115,598 | ||
First Midwest Bancorp, Inc. | 11,346 | 193,222 | ||
Glacier Bancorp, Inc. | 6,184 | 175,502 | ||
Hanmi Financial Corp. | 3,299 | 69,543 | ||
Home BancShares, Inc. | 4,110 | 134,890 | ||
Independent Bank Corp. | 3,403 | 130,607 | ||
MB Financial, Inc. | 7,631 | 206,419 | ||
National Penn Bancshares, Inc. | 16,796 | 177,702 | ||
NBT Bancorp, Inc. | 7,447 | 178,877 | ||
Northwest Bancshares, Inc. | 13,276 | 180,155 | ||
Old National Bancorp | 17,245 | 246,259 | ||
Oritani Financial Corp. | 4,059 | 62,468 | ||
Pinnacle Financial Partners, Inc. | 2,925 | 115,479 | ||
PrivateBancorp, Inc. | 9,739 | 283,015 | ||
Provident Financial Services, Inc. | 7,996 | 138,491 | ||
S&T Bancorp, Inc. | 3,853 | 95,747 | ||
Simmons First National Corp., Class A | 2,237 | 88,115 | ||
Sterling Bancorp | 7,082 | 84,984 | ||
Susquehanna Bancshares, Inc. | 38,602 | 407,637 | ||
Taylor Capital Group, Inc.* | 7,454 | 159,367 | ||
Texas Capital Bancshares, Inc.* | 4,278 | 230,798 | ||
Tompkins Financial Corp. | 2,493 | 120,113 | ||
TrustCo Bank Corp. | 12,451 | 83,173 | ||
UMB Financial Corp. | 6,367 | 403,604 | ||
United Bankshares, Inc. | 5,763 | 186,318 | ||
United Community Banks, Inc. | 8,465 | 138,572 | ||
ViewPoint Financial Group, Inc. | 2,722 | 73,249 | ||
Wilshire Bancorp, Inc. | 7,874 | 80,866 | ||
Wintrust Financial Corp. | 8,685 | 399,510 | ||
Total Banks | 7,346,105 |
Investments | Shares | Value | ||
Capital Goods—12.3% | ||||
AAON, Inc. | 4,671 | $ | 156,572 | |
AAR Corp. | 36,068 | 994,034 | ||
Aceto Corp. | 14,038 | 254,649 | ||
Actuant Corp., Class A | 17,944 | 620,324 | ||
Aegion Corp., Class A* | 23,682 | 551,080 | ||
Aerovironment, Inc.* | 3,351 | 106,562 | ||
Albany International Corp., Class A | 9,405 | 357,014 | ||
American Science & Engineering, Inc. | 1,271 | 88,449 | ||
American Woodmark Corp.* | 9,737 | 310,318 | ||
Apogee Enterprises, Inc. | 10,817 | 377,081 | ||
Applied Industrial Technologies, Inc. | 23,221 | 1,178,001 | ||
Astec Industries, Inc. | 10,001 | 438,844 | ||
AZZ, Inc. | 6,512 | 300,073 | ||
Barnes Group, Inc. | 13,714 | 528,538 | ||
Briggs & Stratton Corp. | 43,121 | 882,256 | ||
CIRCOR International, Inc. | 5,246 | 404,624 | ||
Comfort Systems USA, Inc. | 39,660 | 626,628 | ||
Cubic Corp. | 13,885 | 618,021 | ||
Curtiss-Wright Corp. | 17,636 | 1,156,216 | ||
DXP Enterprises, Inc.* | 8,421 | 636,122 | ||
Dycom Industries, Inc.* | 27,387 | 857,487 | ||
EMCOR Group, Inc. | 66,486 | 2,960,622 | ||
Encore Wire Corp. | 10,933 | 536,154 | ||
EnerSys | 15,256 | 1,049,460 | ||
Engility Holdings, Inc.* | 16,586 | 634,580 | ||
EnPro Industries, Inc.* | 7,247 | 530,191 | ||
ESCO Technologies, Inc. | 6,868 | 237,908 | ||
Federal Signal Corp. | 26,782 | 392,356 | ||
Franklin Electric Co., Inc. | 11,313 | 456,253 | ||
GenCorp, Inc.*(a) | 35,562 | 679,234 | ||
General Cable Corp. | 115,108 | 2,953,671 | ||
Gibraltar Industries, Inc.* | 23,781 | 368,843 | ||
Griffon Corp. | 72,025 | 893,110 | ||
Hillenbrand, Inc. | 24,113 | 786,566 | ||
John Bean Technologies Corp. | 14,927 | 462,588 | ||
Kaman Corp. | 18,674 | 797,940 | ||
Lindsay Corp.(a) | 3,696 | 312,201 | ||
Lydall, Inc.* | 7,006 | 191,754 | ||
Moog, Inc., Class A* | 17,111 | 1,247,221 | ||
Mueller Industries, Inc. | 34,366 | 1,010,704 | ||
National Presto Industries, Inc.(a) | 2,760 | 201,039 | ||
Orbital Sciences Corp.* | 21,306 | 629,592 | ||
Orion Marine Group, Inc.* | 15,166 | 164,248 | ||
PGT, Inc.* | 13,486 | 114,227 | ||
Powell Industries, Inc. | 4,993 | 326,442 | ||
Quanex Building Products Corp. | 25,044 | 447,536 | ||
Simpson Manufacturing Co., Inc. | 9,122 | 331,676 | ||
Standex International Corp. | 4,392 | 327,116 | ||
TASER International, Inc.* | 4,906 | 65,250 | ||
Teledyne Technologies, Inc.* | 11,229 | 1,091,122 | ||
Tennant Co. | 5,500 | 419,760 | ||
Titan International, Inc.(a) | 60,641 | 1,019,982 | ||
Toro Co. | 14,900 | 947,640 | ||
Universal Forest Products, Inc. | 24,055 | 1,161,135 | ||
Vicor Corp.* | 11,951 | 100,149 | ||
Watts Water Technologies, Inc., | ||||
Class A | 11,210 | 691,993 | ||
Total Capital Goods | 35,983,156 |
The accompanying notes are an integral part of these financial statements.
30 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Commercial & Professional Services—6.2% | ||||
ABM Industries, Inc. | 85,314 | $ | 2,301,772 | |
Brady Corp., Class A | 19,582 | 584,914 | ||
Brink’s Co. (The) | 68,852 | 1,943,003 | ||
CDI Corp. | 35,644 | 513,630 | ||
Exponent, Inc. | 1,917 | 142,069 | ||
G&K Services, Inc., Class A | 8,015 | 417,341 | ||
Healthcare Services Group, Inc. | 18,786 | 553,060 | ||
Heidrick & Struggles International, Inc. | 12,882 | 238,317 | ||
Insperity, Inc. | 32,623 | 1,076,559 | ||
Interface, Inc. | 24,446 | 460,563 | ||
Kelly Services, Inc., Class A | 135,579 | 2,327,891 | ||
Korn/Ferry International* | 14,674 | 430,975 | ||
Mobile Mini, Inc. | 4,045 | 193,715 | ||
Navigant Consulting, Inc.* | 22,624 | 394,789 | ||
On Assignment, Inc.* | 22,496 | 800,183 | ||
Resources Connection, Inc. | 20,613 | 270,236 | ||
Tetra Tech, Inc. | 34,703 | 954,333 | ||
TrueBlue, Inc.* | 29,326 | 808,518 | ||
UniFirst Corp. | 6,274 | 665,044 | ||
United Stationers, Inc. | 58,693 | 2,433,999 | ||
Viad Corp. | 19,630 | 467,979 | ||
WageWorks, Inc.* | 2,113 | 101,868 | ||
Total Commercial & Professional Services | 18,080,758 | |||
Consumer Durables & Apparel—4.4% | ||||
Arctic Cat, Inc. | 8,308 | 327,501 | ||
Callaway Golf Co. | 51,688 | 430,044 | ||
Crocs, Inc.* | 37,229 | 559,552 | ||
Ethan Allen Interiors, Inc. | 13,775 | 340,793 | ||
G-III Apparel Group Ltd.* | 8,322 | 679,575 | ||
Helen of Troy Ltd.* | 10,116 | 613,333 | ||
Iconix Brand Group, Inc.*(a) | 4,796 | 205,940 | ||
iRobot Corp.*(a) | 6,066 | 248,403 | ||
La-Z-Boy, Inc., Class Z | 26,690 | 618,407 | ||
M/I Homes, Inc.* | 22,163 | 537,896 | ||
Meritage Homes Corp.* | 21,772 | 918,996 | ||
Movado Group, Inc. | 6,056 | 252,354 | ||
Oxford Industries, Inc. | 5,880 | 392,020 | ||
Perry Ellis International, Inc.* | 25,883 | 451,399 | ||
Quiksilver, Inc.*(a) | 227,073 | 812,921 | ||
Ryland Group, Inc. | 27,820 | 1,097,221 | ||
Skechers U.S.A., Inc., Class A* | 20,127 | 919,804 | ||
Standard Pacific Corp.* | 113,708 | 977,889 | ||
Steven Madden Ltd.* | 19,321 | 662,710 | ||
Sturm Ruger & Co., Inc.(a) | 5,362 | 316,412 | ||
Universal Electronics, Inc.* | 5,443 | 266,054 | ||
Wolverine World Wide, Inc. | 47,034 | 1,225,706 | ||
Total Consumer Durables & Apparel | 12,854,930 | |||
Consumer Services—5.0% | ||||
American Public Education, Inc.* | 4,594 | 157,942 | ||
Biglari Holdings, Inc.* | 840 | 355,295 | ||
BJ’s Restaurants, Inc.*(a) | 10,429 | 364,076 | ||
Bob Evans Farms, Inc.(a) | 12,667 | 633,983 | ||
Boyd Gaming Corp.* | 112,079 | 1,359,518 | ||
Buffalo Wild Wings, Inc.* | 3,962 | 656,543 | ||
Capella Education Co. | 3,539 | 192,486 | ||
Career Education Corp.* | 99,984 | 467,925 | ||
Cracker Barrel Old Country Store, Inc. | 12,517 | 1,246,318 | ||
DineEquity, Inc. | 3,770 | 299,677 |
Investments | Shares | Value | ||
Interval Leisure Group, Inc. | 11,193 | $ | 245,574 | |
ITT Educational Services, Inc.*(a) | 28,375 | 473,579 | ||
Jack in the Box, Inc. | 11,660 | 697,734 | ||
Marcus Corp. | 11,297 | 206,170 | ||
Marriott Vacations Worldwide Corp.* | 14,582 | 854,943 | ||
Matthews International Corp., Class A | 11,466 | 476,642 | ||
Monarch Casino & Resort, Inc.* | 5,659 | 85,677 | ||
Multimedia Games Holding Co., Inc.* | 3,253 | 96,419 | ||
Papa John’s International, Inc. | 16,499 | 699,393 | ||
Pinnacle Entertainment, Inc.* | 33,769 | 850,303 | ||
Red Robin Gourmet Burgers, Inc.* | 6,631 | 472,127 | ||
Regis Corp. | 66,669 | 938,700 | ||
Ruby Tuesday, Inc.* | 73,344 | 556,681 | ||
Ruth’s Hospitality Group, Inc. | 15,523 | 191,709 | ||
Scientific Games Corp., Class A* | 52,244 | 580,953 | ||
Sonic Corp.* | 11,343 | 250,454 | ||
Strayer Education, Inc.*(a) | 4,237 | 222,485 | ||
Texas Roadhouse, Inc. | 26,286 | 683,436 | ||
Universal Technical Institute, Inc. | 15,442 | 187,466 | ||
Total Consumer Services | 14,504,208 | |||
Diversified Financials—2.2% | ||||
Calamos Asset Management, Inc., | ||||
Class A | 9,160 | 122,652 | ||
Cash America International, Inc. | 19,737 | 876,915 | ||
Encore Capital Group, Inc.*(a) | 9,128 | 414,594 | ||
Evercore Partners, Inc., Class A | 6,506 | 375,006 | ||
Ezcorp, Inc., Class A* | 40,850 | 471,818 | ||
Financial Engines, Inc. | 2,412 | 109,215 | ||
First Cash Financial Services, Inc.* | 5,577 | 321,179 | ||
FXCM, Inc., Class A | 15,189 | 227,228 | ||
Green Dot Corp., Class A* | 9,103 | 172,775 | ||
HFF, Inc., Class A | 5,228 | 194,429 | ||
Interactive Brokers Group, Inc., | ||||
Class A | 25,564 | 595,386 | ||
Investment Technology Group, Inc.* | 14,220 | 240,034 | ||
MarketAxess Holdings, Inc. | 2,109 | 114,013 | ||
Piper Jaffray Cos.* | 5,959 | 308,497 | ||
Portfolio Recovery Associates, Inc.* | 6,014 | 358,013 | ||
Stifel Financial Corp.*(a) | 21,335 | 1,010,212 | ||
SWS Group, Inc.* | 19,819 | 144,282 | ||
Virtus Investment Partners, Inc.* | 960 | 203,280 | ||
World Acceptance Corp.*(a) | 3,494 | 265,404 | ||
Total Diversified Financials | 6,524,932 | |||
Energy—4.3% | ||||
Approach Resources, Inc.*(a) | 4,327 | 98,353 | ||
Arch Coal, Inc.(a) | 336,356 | 1,227,699 | ||
Basic Energy Services, Inc.* | 22,599 | 660,343 | ||
Bristow Group, Inc. | 9,229 | 744,042 | ||
C&J Energy Services, Inc.*(a) | 15,934 | 538,251 | ||
Carrizo Oil & Gas, Inc.* | 3,948 | 273,439 | ||
Cloud Peak Energy, Inc.* | 33,113 | 609,942 | ||
Comstock Resources, Inc. | 7,595 | 219,040 | ||
Contango Oil & Gas Co.* | 1,949 | 82,462 | ||
Era Group, Inc.* | 4,918 | 141,048 | ||
Exterran Holdings, Inc. | 31,789 | 1,430,187 | ||
Forest Oil Corp.* | 42,683 | 97,317 | ||
Geospace Technologies Corp.*(a) | 2,714 | 149,487 | ||
Green Plains, Inc. | 44,156 | 1,451,408 | ||
Gulf Island Fabrication, Inc. | 12,970 | 279,114 |
The accompanying notes are an integral part of these financial statements.
31 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Energy (continued) | ||||
Hornbeck Offshore Services, Inc.* | 5,807 | $ | 272,464 | |
ION Geophysical Corp.* | 61,529 | 259,652 | ||
Matrix Service Co.* | 12,069 | 395,743 | ||
Newpark Resources, Inc.* | 41,596 | 518,286 | ||
Northern Oil and Gas, Inc.*(a) | 9,972 | 162,444 | ||
PDC Energy, Inc.* | 3,193 | 201,638 | ||
Penn Virginia Corp.* | 14,818 | 251,165 | ||
Petroquest Energy, Inc.* | 13,689 | 102,941 | ||
Pioneer Energy Services Corp.* | 27,166 | 476,492 | ||
SEACOR Holdings, Inc.*(a) | 7,280 | 598,780 | ||
Stone Energy Corp.* | 9,676 | 452,740 | ||
Swift Energy Co.*(a) | 21,904 | 284,314 | ||
Tesco Corp. | 11,835 | 252,559 | ||
TETRA Technologies, Inc.* | 36,231 | 426,801 | ||
Total Energy | 12,658,151 | |||
Food & Staples Retailing—2.4% | ||||
Andersons, Inc. | 47,385 | 2,444,118 | ||
Casey’s General Stores, Inc. | 49,389 | 3,471,553 | ||
SpartanNash Co. | 57,293 | 1,203,726 | ||
Total Food & Staples Retailing | 7,119,397 | |||
Food, Beverage & Tobacco—2.8% | ||||
Alliance One International, Inc.* | 310,175 | 775,437 | ||
Annie’s, Inc.* | 2,486 | 84,077 | ||
B&G Foods, Inc., Class A | 10,410 | 340,303 | ||
Boston Beer Co., Inc. (The), | ||||
Class A*(a) | 1,628 | 363,891 | ||
Calavo Growers, Inc. | 9,908 | 335,188 | ||
Cal-Maine Foods, Inc. | 8,723 | 648,293 | ||
Darling Ingredients, Inc.* | 50,482 | 1,055,074 | ||
Diamond Foods, Inc.*(a) | 13,571 | 382,702 | ||
J&J Snack Foods Corp. | 4,402 | 414,316 | ||
Sanderson Farms, Inc. | 13,210 | 1,284,012 | ||
Seneca Foods Corp., Class A* | 19,244 | 588,866 | ||
Snyders-Lance, Inc. | 30,767 | 814,095 | ||
TreeHouse Foods, Inc.* | 14,424 | 1,154,930 | ||
Total Food, Beverage & Tobacco | 8,241,184 | |||
Health Care Equipment & Services—9.3% | ||||
Abaxis, Inc. | 2,018 | 89,418 | ||
Abiomed, Inc.*(a) | 3,243 | 81,529 | ||
Air Methods Corp.*(a) | 8,552 | 441,711 | ||
Almost Family, Inc.* | 8,718 | 192,493 | ||
Amedisys, Inc.* | 42,402 | 709,809 | ||
AMN Healthcare Services, Inc.* | 40,361 | 496,440 | ||
Amsurg Corp.* | 10,032 | 457,158 | ||
Analogic Corp. | 3,344 | 261,635 | ||
Anika Therapeutics, Inc.* | 962 | 44,569 | ||
Bio-Reference Labs, Inc.* | 11,668 | 352,607 | ||
Cantel Medical Corp. | 5,768 | 211,224 | ||
Centene Corp.* | 72,849 | 5,508,113 | ||
Chemed Corp.(a) | 7,200 | 674,784 | ||
Computer Programs & Systems, Inc. | 1,507 | 95,845 | ||
CONMED Corp. | 8,141 | 359,425 | ||
CorVel Corp.* | 4,798 | 216,774 | ||
Cross Country Healthcare, Inc.* | 32,112 | 209,370 | ||
CryoLife, Inc. | 7,436 | 66,552 | ||
Cyberonics, Inc.* | 2,131 | 133,102 | ||
Cynosure, Inc., Class A* | 5,646 | 119,978 |
Investments | Shares | Value | ||
Ensign Group, Inc. | 14,324 | $ | 445,190 | |
Gentiva Health Services, Inc.* | 55,221 | 831,628 | ||
Greatbatch, Inc.* | 6,542 | 320,951 | ||
Haemonetics Corp.* | 12,668 | 446,927 | ||
Hanger, Inc.* | 15,480 | 486,846 | ||
HealthStream, Inc.* | 2,601 | 63,204 | ||
Healthways, Inc.* | 19,262 | 337,855 | ||
ICU Medical, Inc.* | 2,422 | 147,282 | ||
Integra LifeSciences Holdings Corp.* | 8,379 | 394,316 | ||
Invacare Corp. | 37,261 | 684,485 | ||
IPC The Hospitalist Co., Inc.* | 7,576 | 335,011 | ||
Kindred Healthcare, Inc. | 98,550 | 2,276,505 | ||
Landauer, Inc. | 1,616 | 67,872 | ||
LHC Group, Inc.* | 15,519 | 331,641 | ||
Magellan Health, Inc.* | 27,410 | 1,705,998 | ||
Masimo Corp.* | 10,983 | 259,199 | ||
Medidata Solutions, Inc.* | 3,162 | 135,365 | ||
Meridian Bioscience, Inc. | 4,339 | 89,557 | ||
Merit Medical Systems, Inc.* | 14,846 | 224,175 | ||
Molina Healthcare, Inc.*(a) | 73,069 | 3,261,069 | ||
MWI Veterinary Supply, Inc.* | 7,919 | 1,124,419 | ||
Natus Medical, Inc.* | 6,225 | 156,497 | ||
Neogen Corp.* | 2,474 | 100,123 | ||
NuVasive, Inc.* | 9,433 | 335,532 | ||
Omnicell, Inc.* | 6,711 | 192,673 | ||
PharMerica Corp.* | 28,446 | 813,271 | ||
Quality Systems, Inc. | 12,992 | 208,522 | ||
SurModics, Inc.* | 1,253 | 26,839 | ||
Symmetry Medical, Inc.* | 21,108 | 187,017 | ||
West Pharmaceutical Services, Inc. | 15,262 | 643,751 | ||
Total Health Care Equipment & Services | 27,356,256 | |||
Household & Personal Products—0.4% | ||||
Central Garden and Pet Co., Class A* | 83,549 | 768,651 | ||
Inter Parfums, Inc. | 7,296 | 215,597 | ||
Medifast, Inc.* | 5,073 | 154,270 | ||
WD-40 Co. | 2,332 | 175,413 | ||
Total Household & Personal Products | 1,313,931 | |||
Insurance—2.1% | ||||
AMERISAFE, Inc. | 4,492 | 182,690 | ||
eHealth, Inc.* | 2,340 | 88,850 | ||
Employers Holdings, Inc. | 16,178 | 342,650 | ||
HCI Group, Inc. | 2,822 | 114,573 | ||
Horace Mann Educators Corp. | 15,511 | 485,029 | ||
Infinity Property & Casualty Corp. | 9,702 | 652,265 | ||
Meadowbrook Insurance Group, Inc. | 53,931 | 387,764 | ||
Navigators Group, Inc.* | 6,765 | 453,593 | ||
ProAssurance Corp. | 7,875 | 349,650 | ||
RLI Corp. | 7,420 | 339,688 | ||
Safety Insurance Group, Inc. | 6,814 | 350,103 | ||
Selective Insurance Group, Inc. | 36,275 | 896,718 | ||
Stewart Information Services Corp. | 27,728 | 859,845 | ||
United Fire Group, Inc. | 14,258 | 418,045 | ||
Universal Insurance Holdings, Inc. | 10,732 | 139,194 | ||
Total Insurance | 6,060,657 | |||
Materials—7.6% | ||||
A. Schulman, Inc. | 27,721 | 1,072,803 | ||
A.M. Castle & Co.* | 30,641 | 338,277 | ||
AK Steel Holding Corp.*(a) | 351,188 | 2,795,456 |
The accompanying notes are an integral part of these financial statements.
32 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Materials (continued) | ||||
American Vanguard Corp. | 11,814 | $ | 156,181 | |
Balchem Corp. | 2,980 | 159,609 | ||
Boise Cascade Co.* | 53,864 | 1,542,665 | ||
Calgon Carbon Corp.* | 11,498 | 256,750 | ||
Century Aluminum Co.* | 46,698 | 732,225 | ||
Clearwater Paper Corp.* | 14,345 | 885,373 | ||
Deltic Timber Corp. | 1,661 | 100,358 | ||
Flotek Industries, Inc.* | 5,665 | 182,186 | ||
FutureFuel Corp. | 12,231 | 202,912 | ||
Globe Specialty Metals, Inc. | 15,644 | 325,082 | ||
H.B. Fuller Co. | 18,993 | 913,563 | ||
Hawkins, Inc. | 4,511 | 167,539 | ||
Haynes International, Inc. | 3,884 | 219,796 | ||
Headwaters, Inc.* | 24,490 | 340,166 | ||
Innophos Holdings, Inc. | 7,026 | 404,487 | ||
Intrepid Potash, Inc.* | 18,349 | 307,529 | ||
Kaiser Aluminum Corp. | 8,402 | 612,254 | ||
KapStone Paper and Packaging | ||||
Corp.* | 29,874 | 989,726 | ||
Koppers Holdings, Inc. | 17,926 | 685,670 | ||
Kraton Performance Polymers, Inc.* | 23,483 | 525,784 | ||
LSB Industries, Inc.* | 7,905 | 329,401 | ||
Materion Corp. | 14,337 | 530,326 | ||
Myers Industries, Inc. | 19,019 | 382,092 | ||
Neenah Paper, Inc. | 7,676 | 407,979 | ||
Olympic Steel, Inc. | 24,721 | 611,845 | ||
OM Group, Inc. | 16,254 | 527,117 | ||
Ph Glatfelter Co. | 30,993 | 822,244 | ||
Quaker Chemical Corp. | 4,670 | 358,609 | ||
RTI International Metals, Inc.* | 13,465 | 358,034 | ||
Schweitzer-Mauduit International, Inc. | 8,507 | 371,416 | ||
Stepan Co. | 16,952 | 896,083 | ||
Stillwater Mining Co.* | 27,608 | 484,520 | ||
SunCoke Energy, Inc.* | 34,318 | 737,837 | ||
Texas Industries, Inc.* | 3,774 | 348,567 | ||
Tredegar Corp. | 19,341 | 452,773 | ||
U.S. Silica Holdings, Inc. | 5,286 | 293,056 | ||
Wausau Paper Corp. | 15,073 | 163,090 | ||
Zep, Inc. | 18,246 | 322,224 | ||
Total Materials | 22,313,604 | |||
Media—0.6% | ||||
E.W. Scripps Co., Class A* | 19,806 | 419,095 | ||
Harte-Hanks, Inc. | 41,002 | 294,804 | ||
Scholastic Corp. | 25,066 | 854,500 | ||
Sizmek, Inc.* | 8,800 | 83,864 | ||
Total Media | 1,652,263 | |||
Pharmaceuticals, Biotechnology & Life Sciences—1.2% | ||||
Acorda Therapeutics, Inc.* | 4,680 | 157,763 | ||
Affymetrix, Inc.* | 16,786 | 149,563 | ||
Akorn, Inc.*(a) | 5,566 | 185,069 | ||
Albany Molecular Research, Inc.* | 5,950 | 119,714 | ||
Cambrex Corp.* | 6,898 | 142,789 | ||
Emergent Biosolutions, Inc.* | 6,588 | 147,966 | ||
Impax Laboratories, Inc.* | 7,704 | 231,043 | ||
Lannett Co., Inc.* | 1,595 | 79,144 | ||
Ligand Pharmaceuticals, Inc., Class B* | 382 | 23,795 | ||
Luminex Corp.* | 5,787 | 99,247 | ||
Medicines Co.* | 11,842 | 344,129 |
Investments | Shares | Value | ||
Momenta Pharmaceuticals, Inc.* | 1,447 | $ | 17,480 | |
PAREXEL International Corp.* | 17,414 | 920,156 | ||
Prestige Brands Holdings, Inc.* | 8,416 | 285,218 | ||
Questcor Pharmaceuticals, Inc. | 4,508 | 416,945 | ||
Repligen Corp.* | 1,534 | 34,960 | ||
Spectrum Pharmaceuticals, Inc.*(a) | 8,880 | 72,194 | ||
Total Pharmaceuticals, Biotechnology & | ||||
Life Sciences | 3,427,175 | |||
Real Estate Investment Trusts—1.7% | ||||
Acadia Realty Trust | 2,915 | 81,882 | ||
Agree Realty Corp. | 723 | 21,856 | ||
American Assets Trust, Inc. | 3,472 | 119,957 | ||
Associated Estates Realty Corp. | 5,084 | 91,614 | ||
Capstead Mortgage Corp. | 7,619 | 100,190 | ||
Cedar Realty Trust, Inc. | 10,817 | 67,606 | ||
Chesapeake Lodging Trust | 6,718 | 203,085 | ||
CoreSite Realty Corp. | 3,425 | 113,265 | ||
Cousins Properties, Inc. | 9,756 | 121,462 | ||
DiamondRock Hospitality Co. | 30,233 | 387,587 | ||
EastGroup Properties, Inc. | 1,516 | 97,373 | ||
Epr Properties | 2,987 | 166,884 | ||
Franklin Street Properties Corp. | 8,554 | 107,609 | ||
Geo Group, Inc. (The) | 20,712 | 740,040 | ||
Getty Realty Corp. | 2,530 | 48,272 | ||
Government Properties Income Trust | 4,192 | 106,435 | ||
Healthcare Realty Trust, Inc. | 6,504 | 165,332 | ||
Inland Real Estate Corp. | 8,993 | 95,595 | ||
Kite Realty Group Trust | 10,827 | 66,478 | ||
LaSalle Hotel Properties | 13,221 | 466,569 | ||
Lexington Realty Trust | 17,190 | 189,262 | ||
LTC Properties, Inc. | 1,315 | 51,338 | ||
Medical Properties Trust, Inc. | 9,355 | 123,860 | ||
Parkway Properties, Inc. | 7,295 | 150,642 | ||
Pennsylvania Real Estate Investment | ||||
Trust | 11,657 | 219,385 | ||
Post Properties, Inc. | 3,252 | 173,852 | ||
PS Business Parks, Inc. | 2,057 | 171,739 | ||
Retail Opportunity Investments Corp. | 3,649 | 57,399 | ||
Sabra Health Care REIT, Inc. | 2,371 | 68,071 | ||
Saul Centers, Inc. | 1,920 | 93,312 | ||
Sovran Self Storage, Inc. | 1,716 | 132,561 | ||
Tanger Factory Outlet Centers | 5,262 | 184,012 | ||
Universal Health Realty Income Trust | 591 | 25,697 | ||
Urstadt Biddle Properties, Inc., Class A 2,158 | 45,059 | |||
Total Real Estate Investment Trusts | 5,055,280 | |||
Real Estate Management & Development—0.1% | ||||
Forestar Group, Inc.* | 7,746 | 147,871 | ||
Retailing—10.9% | ||||
Aeropostale, Inc.*(a) | 146,373 | 510,842 | ||
Barnes & Noble, Inc.* | 151,495 | 3,452,571 | ||
Big 5 Sporting Goods Corp. | 38,630 | 473,990 | ||
Blue Nile, Inc.* | 7,474 | 209,272 | ||
Brown Shoe Co., Inc. | 41,218 | 1,179,247 | ||
Buckle, Inc.(a) | 11,454 | 508,099 | ||
Cato Corp., Class A | 14,378 | 444,280 | ||
Children’s Place, Inc. (The) | 16,552 | 821,476 | ||
Christopher & Banks Corp.* | 23,889 | 209,268 | ||
Finish Line, Inc., Class A | 22,890 | 680,749 |
The accompanying notes are an integral part of these financial statements.
33 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Retailing (continued) | ||||
Francesca’s Holdings Corp.* | 9,952 | $ | 146,692 | |
Fred’s, Inc., Class A | 60,102 | 918,960 | ||
FTD Cos., Inc.* | 9,751 | 309,984 | ||
Genesco, Inc.* | 15,077 | 1,238,274 | ||
Group 1 Automotive, Inc. | 52,728 | 4,445,498 | ||
Haverty Furniture Cos., Inc. | 14,230 | 357,600 | ||
Hibbett Sports, Inc.*(a) | 7,133 | 386,395 | ||
Kirkland’s, Inc.* | 11,771 | 218,352 | ||
Lithia Motors, Inc., Class A | 21,264 | 2,000,304 | ||
Lumber Liquidators Holdings, Inc.*(a) | 6,280 | 476,966 | ||
MarineMax, Inc.* | 17,589 | 294,440 | ||
Men’s Wearhouse, Inc. | 21,166 | 1,181,063 | ||
Monro Muffler Brake, Inc. | 6,438 | 342,437 | ||
Nutrisystem, Inc. | 10,320 | 176,575 | ||
Outerwall, Inc.*(a) | 17,713 | 1,051,267 | ||
Pep Boys-Manny, Moe & Jack* | 89,426 | 1,024,822 | ||
PetMed Express, Inc.(a) | 8,163 | 110,037 | ||
Pool Corp. | 17,310 | 979,054 | ||
Select Comfort Corp.* | 22,924 | 473,610 | ||
Sonic Automotive, Inc., Class A | 156,199 | 4,167,389 | ||
Stage Stores, Inc. | 40,625 | 759,281 | ||
Stein Mart, Inc. | 41,877 | 581,671 | ||
Tuesday Morning Corp.* | 20,739 | 369,569 | ||
Vitamin Shoppe, Inc.* | 11,669 | 502,000 | ||
VOXX International Corp., Class A* | 44,831 | 421,860 | ||
Zumiez, Inc.* | 11,910 | 328,597 | ||
Total Retailing | 31,752,491 | |||
Semiconductors & Semiconductor Equipment—1.7% | ||||
Advanced Energy Industries, Inc.* | 14,092 | 271,271 | ||
Brooks Automation, Inc. | 22,255 | 239,686 | ||
Cabot Microelectronics Corp.* | 4,502 | 201,014 | ||
Ceva, Inc.* | 1,568 | 23,159 | ||
Cirrus Logic, Inc.*(a) | 17,205 | 391,242 | ||
Cohu, Inc. | 11,169 | 119,508 | ||
Diodes, Inc.* | 13,774 | 398,895 | ||
DSP Group, Inc.* | 7,916 | 67,207 | ||
Entropic Communications, Inc.* | 32,534 | 108,338 | ||
Exar Corp.* | 5,212 | 58,896 | ||
GT Advanced Technologies, Inc.*(a) | 6,601 | 122,779 | ||
Hittite Microwave Corp. | 1,663 | 129,631 | ||
Kopin Corp.* | 3,073 | 10,018 | ||
Kulicke & Soffa Industries, Inc.* | 16,338 | 232,980 | ||
Micrel, Inc. | 9,728 | 109,732 | ||
Microsemi Corp.* | 17,245 | 461,476 | ||
MKS Instruments, Inc. | 11,390 | 355,824 | ||
Monolithic Power Systems, Inc. | 2,744 | 116,208 | ||
Nanometrics, Inc.* | 4,527 | 82,618 | ||
Pericom Semiconductor Corp.* | 6,413 | 57,974 | ||
Power Integrations, Inc. | 2,837 | 163,241 | ||
Rubicon Technology, Inc.*(a) | 2,586 | 22,627 | ||
Rudolph Technologies, Inc.* | 8,572 | 84,691 | ||
Synaptics, Inc.*(a) | 3,977 | 360,475 | ||
Tessera Technologies, Inc. | 4,761 | 105,123 | ||
TriQuint Semiconductor, Inc.* | 25,583 | 404,467 | ||
Ultratech, Inc.* | 2,646 | 58,688 | ||
Veeco Instruments, Inc.*(a) | 4,779 | 178,066 | ||
Total Semiconductors & | ||||
Semiconductor Equipment | 4,935,834 |
Investments | Shares | Value | ||
Software & Services—4.6% | ||||
Blackbaud, Inc. | 6,805 | $ | 243,211 | |
Blucora, Inc.* | 15,510 | 292,674 | ||
Bottomline Technologies, Inc.*(a) | 4,060 | 121,475 | ||
CACI International, Inc., Class A* | 23,804 | 1,671,279 | ||
Cardtronics, Inc.* | 12,744 | 434,315 | ||
CIBER, Inc.* | 83,971 | 414,817 | ||
comScore, Inc.* | 3,917 | 138,975 | ||
CSG Systems International, Inc. | 13,912 | 363,242 | ||
Dealertrack Technologies, Inc.*(a) | 5,623 | 254,947 | ||
Dice Holdings, Inc.* | 14,642 | 111,426 | ||
Digital River, Inc.* | 11,516 | 177,692 | ||
Ebix, Inc.(a) | 6,540 | 93,587 | ||
EPIQ Systems, Inc. | 17,287 | 242,882 | ||
Exlservice Holdings, Inc.* | 7,728 | 227,590 | ||
Forrester Research, Inc. | 3,754 | 142,202 | ||
Heartland Payment Systems, Inc. | 24,076 | 992,172 | ||
Higher One Holdings, Inc.*(a) | 27,562 | 105,011 | ||
iGate Corp.* | 16,546 | 602,109 | ||
Interactive Intelligence Group, Inc.* | 2,848 | 159,858 | ||
j2 Global, Inc. | 5,054 | 257,046 | ||
Liquidity Services, Inc.*(a) | 10,416 | 164,156 | ||
LivePerson, Inc.* | 9,325 | 94,649 | ||
LogMeIn, Inc.* | 1,784 | 83,170 | ||
Manhattan Associates, Inc.* | 5,842 | 201,140 | ||
ManTech International Corp., Class A | 33,249 | 981,510 | ||
MAXIMUS, Inc. | 16,188 | 696,408 | ||
MicroStrategy, Inc., Class A* | 1,897 | 266,756 | ||
Monotype Imaging Holdings, Inc. | 2,929 | 82,510 | ||
Monster Worldwide, Inc.* | 60,000 | 392,400 | ||
Netscout Systems, Inc.* | 3,919 | 173,768 | ||
NIC, Inc. | 7,511 | 119,049 | ||
OpenTable, Inc.* | 880 | 91,168 | ||
Perficient, Inc.* | 9,747 | 189,774 | ||
Progress Software Corp.* | 6,733 | 161,861 | ||
QuinStreet, Inc.* | 24,106 | 132,824 | ||
Stamps.com, Inc.* | 1,717 | 57,846 | ||
Sykes Enterprises, Inc.* | 29,368 | 638,167 | ||
Synchronoss Technologies, Inc.* | 5,032 | 175,919 | ||
Take-Two Interactive Software, Inc.* | 24,661 | 548,461 | ||
Tangoe, Inc.*(a) | 6,070 | 91,414 | ||
TeleTech Holdings, Inc.* | 20,338 | 589,599 | ||
Tyler Technologies, Inc.* | 2,260 | 206,135 | ||
VASCO Data Security International, Inc.* | 6,259 | 72,604 | ||
Virtusa Corp.* | 4,562 | 163,320 | ||
XO Group, Inc.* | 5,320 | 65,010 | ||
Total Software & Services | 13,486,128 | |||
Technology Hardware & Equipment—9.5% | ||||
Agilysys, Inc.* | 4,695 | 66,106 | ||
Anixter International, Inc. | 29,705 | 2,972,579 | ||
Badger Meter, Inc. | 3,154 | 166,058 | ||
Bel Fuse, Inc., Class B | 6,737 | 172,939 | ||
Belden, Inc. | 12,656 | 989,193 | ||
Benchmark Electronics, Inc.* | 49,619 | 1,264,292 | ||
Black Box Corp. | 20,539 | 481,434 | ||
CalAmp Corp.* | 4,412 | 95,564 | ||
Checkpoint Systems, Inc.* | 22,569 | 315,740 | ||
Cognex Corp.* | 4,679 | 179,674 | ||
Coherent, Inc.* | 5,929 | 392,322 |
The accompanying notes are an integral part of these financial statements.
34 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES SMALL CAP FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Technology Hardware & Equipment (continued) | ||||
Comtech Telecommunications Corp. | 3,700 | $ | 138,121 | |
CTS Corp. | 13,397 | 250,524 | ||
Daktronics, Inc. | 20,679 | 246,494 | ||
Digi International, Inc.* | 9,743 | 91,779 | ||
DTS, Inc.* | 3,304 | 60,827 | ||
Electro Scientific Industries, Inc. | 13,247 | 90,212 | ||
Electronics For Imaging, Inc.* | 8,291 | 374,753 | ||
Fabrinet* | 15,251 | 314,171 | ||
FARO Technologies, Inc.* | 2,979 | 146,328 | ||
Harmonic, Inc.* | 29,611 | 220,898 | ||
II-VI, Inc.* | 18,876 | 272,947 | ||
Insight Enterprises, Inc.* | 83,823 | 2,576,719 | ||
Intevac, Inc.* | 4,420 | 35,404 | ||
Ixia* | 18,568 | 212,232 | ||
Littelfuse, Inc. | 4,084 | 379,608 | ||
Measurement Specialties, Inc.* | 1,944 | 167,320 | ||
Mercury Systems, Inc.* | 8,459 | 95,925 | ||
Methode Electronics, Inc. | 7,987 | 305,183 | ||
MTS Systems Corp. | 3,905 | 264,603 | ||
NETGEAR, Inc.* | 19,889 | 691,541 | ||
Newport Corp.* | 15,098 | 279,313 | ||
Oplink Communications, Inc.* | 5,375 | 91,214 | ||
OSI Systems, Inc.* | 6,076 | 405,573 | ||
Park Electrochemical Corp. | 3,069 | 86,576 | ||
Plexus Corp.* | 24,469 | 1,059,263 | ||
Procera Networks, Inc.*(a) | 3,622 | 36,546 | ||
QLogic Corp.* | 21,713 | 219,084 | ||
Rofin-Sinar Technologies, Inc.* | 10,633 | 255,617 | ||
Rogers Corp.* | 4,062 | 269,514 | ||
Sanmina Corp.* | 122,775 | 2,796,814 | ||
ScanSource, Inc.* | 36,050 | 1,372,784 | ||
Super Micro Computer, Inc.* | 21,695 | 548,233 | ||
SYNNEX Corp.* | 75,310 | 5,486,334 | ||
TTM Technologies, Inc.* | 52,481 | 430,344 | ||
ViaSat, Inc.* | 9,802 | 568,124 | ||
Total Technology Hardware & Equipment | 27,936,823 | |||
Telecommunication Services—0.7% | ||||
8x8, Inc.* | 6,843 | 55,292 | ||
Atlantic Tele-Network, Inc. | 3,439 | 199,462 | ||
Cbeyond, Inc.* | 21,235 | 211,288 | ||
Cincinnati Bell, Inc.* | 154,373 | 606,686 | ||
General Communication, Inc., Class A* | 36,843 | 408,220 | ||
Lumos Networks Corp. | 6,603 | 95,545 | ||
NTELOS Holdings Corp.(a) | 17,997 | 224,243 | ||
USA Mobility, Inc. | 6,599 | 101,625 | ||
Total Telecommunication Services | 1,902,361 | |||
Transportation—3.7% | ||||
Allegiant Travel Co. | 4,058 | 477,911 | ||
ArcBest Corp. | 25,887 | 1,126,343 | ||
Atlas Air Worldwide Holdings, Inc.* | 15,062 | 555,035 | ||
Forward Air Corp. | 7,027 | 336,242 | ||
Heartland Express, Inc. | 14,394 | 307,168 | ||
HUB Group, Inc., Class A* | 33,472 | 1,686,989 | ||
Knight Transportation, Inc. | 19,237 | 457,263 | ||
Matson, Inc. | 31,175 | 836,737 | ||
Roadrunner Transportation | ||||
Systems, Inc.* | 23,734 | 666,925 |
Investments | Shares | Value | |||
Saia, Inc.* | 12,638 | $ | 555,187 | ||
SkyWest, Inc. | 126,740 | 1,548,763 | |||
UTi Worldwide, Inc.* | 218,688 | 2,261,234 | |||
Total Transportation | 10,815,797 | ||||
Utilities—2.9% | |||||
ALLETE, Inc. | 9,950 | 510,932 | |||
American States Water Co. | 6,706 | 222,840 | |||
Avista Corp. | 23,447 | 785,943 | |||
El Paso Electric Co. | 10,837 | 435,756 | |||
Laclede Group, Inc. | 11,464 | 556,577 | |||
New Jersey Resources Corp. | 27,738 | 1,585,504 | |||
Northwest Natural Gas Co. | 7,855 | 370,363 | |||
NorthWestern Corp. | 11,161 | 582,493 | |||
Piedmont Natural Gas Co., Inc. | 17,858 | 668,068 | |||
South Jersey Industries, Inc. | 6,547 | 395,504 | |||
Southwest Gas Corp. | 17,511 | 924,406 | |||
UIL Holdings Corp. | 20,498 | 793,478 | |||
UNS Energy Corp. | 11,536 | 696,890 | |||
Total Utilities | 8,528,754 | ||||
Total Common Stocks | |||||
(Cost $242,909,403) | | 292,257,182 | ||||
INVESTMENT OF CASH COLLATERAL | |||||
FOR SECURITIES LOANED—5.5% | |||||
Dreyfus Institutional Preferred | |||||
Money Market Fund— | |||||
Prime Shares, 0.06% (b) | |||||
(Cost $16,000,780) | 16,000,780 | 16,000,780 | |||
Total Investments—105.4% | |||||
(Cost $258,910,183) | 308,257,962 | ||||
Liabilities in Excess of Other Assets—(5.4)% | (15,673,580 | ) | |||
Net Assets—100.0% | $ | 292,584,382 |
REIT – Real Estate Investment Trust
* | Non-income producing security |
(a) | All or a portion of security was on loan. The aggregate market value of the securities on loan was $15,283,568; total market value of the collateral held by the fund was $16,000,780. |
(b) | Rate shown represents annualized 7-day yield as of June 30, 2014. |
The accompanying notes are an integral part of these financial statements.
35 |
SCHEDULE OF INVESTMENTS
REVENUE SHARES FINANCIALS SECTOR FUND
JUNE 30, 2014
Investments | Shares | Value | ||
COMMON STOCKS—99.7% | ||||
Capital Markets—11.1% | ||||
Ameriprise Financial, Inc. | 2,251 | $ | 270,120 | |
Bank of New York Mellon Corp. | 9,896 | 370,902 | ||
BlackRock, Inc. | 750 | 239,700 | ||
Charles Schwab Corp. | 4,844 | 130,449 | ||
E*Trade Financial Corp.* | 2,176 | 46,262 | ||
Franklin Resources, Inc. | 3,255 | 188,269 | ||
Goldman Sachs Group, Inc. | 5,417 | 907,023 | ||
Invesco Ltd. | 2,968 | 112,042 | ||
Legg Mason, Inc. | 1,198 | 61,469 | ||
Morgan Stanley | 26,472 | 855,840 | ||
Northern Trust Corp. | 1,565 | 100,489 | ||
State Street Corp. | 3,535 | 237,764 | ||
T. Rowe Price Group, Inc. | 998 | 84,241 | ||
Total Capital Markets | 3,604,570 | |||
Commercial Banks—33.1% | ||||
Bank of America Corp. | 148,589 | 2,283,813 | ||
BB&T Corp. | 6,064 | 239,103 | ||
Citigroup, Inc. | 44,333 | 2,088,084 | ||
Comerica, Inc. | 1,181 | 59,239 | ||
Fifth Third Bancorp | 7,502 | 160,168 | ||
Huntington Bancshares, Inc. | 6,890 | 65,730 | ||
JPMorgan Chase & Co. | 41,647 | 2,399,700 | ||
KeyCorp | 7,043 | 100,926 | ||
M&T Bank Corp. | 894 | 110,901 | ||
PNC Financial Services Group, Inc. | 4,333 | 385,854 | ||
Regions Financial Corp. | 12,021 | 127,663 | ||
SunTrust Banks, Inc. | 4,868 | 195,012 | ||
U.S. Bancorp | 11,110 | 481,285 | ||
Wells Fargo & Co. | 38,578 | 2,027,660 | ||
Zions Bancorporation | 1,761 | 51,897 | ||
Total Commercial Banks | 10,777,035 | |||
Consumer Finance—5.3% | ||||
American Express Co. | 8,506 | 806,964 | ||
Capital One Financial Corp. | 6,706 | 553,916 | ||
Discover Financial Services | 3,480 | 215,690 | ||
Navient Corp. | 7,843 | 138,900 | ||
Total Consumer Finance | 1,715,470 | |||
Diversified Financial Services—14.6% | ||||
Berkshire Hathaway, Inc., Class B* | 33,200 | 4,201,792 | ||
CME Group, Inc., Class A | 960 | 68,112 | ||
Intercontinental Exchange, Inc. | 294 | 55,537 | ||
Leucadia National Corp. | 10,340 | 271,115 | ||
Moody’s Corp. | 805 | 70,566 | ||
NASDAQ OMX Group, Inc. | 2,062 | 79,634 | ||
Total Diversified Financial Services | 4,746,756 | |||
Insurance—30.8% | ||||
ACE Ltd. | 4,233 | 438,962 | ||
Aflac, Inc. | 8,554 | 532,487 | ||
Allstate Corp. | 13,575 | 797,124 | ||
American International Group, Inc. | 27,079 | 1,477,972 | ||
AON PLC | 3,005 | 270,721 | ||
Assurant, Inc. | 3,161 | 207,204 | ||
Chubb Corp. | 3,393 | 312,733 | ||
Cincinnati Financial Corp. | 2,178 | 104,631 | ||
Genworth Financial, Inc., Class A* | 12,309 | 214,177 | ||
Hartford Financial Services Group, Inc. | 13,822 | 494,966 | ||
Lincoln National Corp. | 5,444 | 280,039 | ||
Loews Corp. | 7,910 | 348,119 | ||
Marsh & McLennan Cos., Inc. | 5,499 | 284,958 | ||
MetLife, Inc. | 27,618 | 1,534,456 |
Investments | Shares | Value | ||
Principal Financial Group, Inc. | 4,428 | $ | 223,525 | |
Progressive Corp. | 16,359 | 414,864 | ||
Prudential Financial, Inc. | 11,286 | 1,001,858 | ||
Torchmark Corp. | 1,073 | 87,900 | ||
Travelers Cos., Inc. | 6,391 | 601,201 | ||
Unum Group | 6,746 | 234,491 | ||
XL Group PLC | 5,123 | 167,676 | ||
Total Insurance | 10,030,064 | |||
Media—0.3% | ||||
McGraw Hill Financial, Inc. | 1,367 | 113,502 | ||
Paper & Forest Products—0.6% | ||||
Weyerhaeuser Co.(a) | 6,377 | 211,015 | ||
Real Estate Investment Trusts—3.2% | ||||
American Tower Corp. | 917 | 82,512 | ||
Apartment Investment & | ||||
Management Co., Class A | 728 | 23,492 | ||
AvalonBay Communities, Inc. | 256 | 36,401 | ||
Boston Properties, Inc. | 437 | 51,645 | ||
Crown Castle International Corp. | 981 | 72,849 | ||
Equity Residential | 942 | 59,346 | ||
Essex Property Trust, Inc. | 79 | 14,608 | ||
General Growth Properties, Inc. | 2,459 | 57,934 | ||
HCP, Inc. | 1,199 | 49,615 | ||
Health Care REIT, Inc. | 1,116 | 69,940 | ||
Host Hotels & Resorts, Inc. | 5,430 | 119,514 | ||
Kimco Realty Corp. | 977 | 22,451 | ||
Macerich Co. (The) | 368 | 24,564 | ||
Plum Creek Timber Co., Inc. | 683 | 30,803 | ||
Prologis, Inc. | 949 | 38,994 | ||
Public Storage | 275 | 47,121 | ||
Simon Property Group, Inc. | 725 | 120,553 | ||
Ventas, Inc. | 1,028 | 65,895 | ||
Vornado Realty Trust | 585 | 62,437 | ||
Total Real Estate Investment Trusts | 1,050,674 | |||
Real Estate Management & Development—0.5% | ||||
CBRE Group, Inc., Class A* | 5,686 | 182,179 | ||
Thrifts & Mortgage Finance—0.2% | ||||
Hudson City Bancorp, Inc. | 3,153 | 30,994 | ||
People’s United Financial, Inc. | 2,071 | 31,417 | ||
Total Thrifts & Mortgage Finance | 62,411 | |||
Total Common Stocks | ||||
(Cost $28,468,522) | 32,493,676 | |||
INVESTMENT OF CASH COLLATERAL | ||||
FOR SECURITIES LOANED—0.0%† | ||||
Dreyfus Institutional Preferred | ||||
Money Market Fund— | ||||
Prime Shares, 0.06% (b) | ||||
(Cost $765) | 765 | 765 | ||
Total Investments—99.7% | ||||
(Cost $28,469,287) | 32,494,441 | |||
Other Assets in Excess of Liabilities—0.3% | 82,788 | |||
Net Assets—100.0% | $ | 32,577,229 |
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 $761; total market value of the collateral held by the fund was $765. |
(b) | Rate shown represents annualized 7-day yield as of June 30, 2014. |
The accompanying notes are an integral part of these financial statements.
36 |
SCHEDULE OF INVESTMENTS
JUNE 30, 2014
Investments | Shares | Value | ||
COMMON STOCKS—96.6% | ||||
Automobiles & Components—6.8% | ||||
Honda Motor Co. Ltd.(a) | 12,324 | $ | 431,217 | |
Magna International, Inc. | 1,222 | 131,670 | ||
Toyota Motor Corp.(a) | 8,304 | 993,657 | ||
Total Automobiles & Components | 1,556,544 | |||
Banks—10.9% | ||||
Banco Bilbao Vizcaya Argentaria SA(a) | 7,890 | 100,755 | ||
Banco Bradesco SA(a) | 18,421 | 267,473 | ||
Banco de Chile(a) | 223 | 17,864 | ||
Banco Santander Chile(a) | 658 | 17,404 | ||
Banco Santander SA(a)(b) | 18,755 | 195,427 | ||
Bancolombia SA(a)(b) | 372 | 21,502 | ||
Bank of Ireland*(a) | 2,203 | 30,622 | ||
Bank of Montreal | 1,053 | 77,490 | ||
Bank of Nova Scotia | 1,603 | 106,760 | ||
Barclays PLC(a) | 11,208 | 163,749 | ||
Canadian Imperial Bank of Commerce | 698 | 63,504 | ||
Credicorp Ltd. | 113 | 17,568 | ||
HSBC Holdings PLC(a) | 5,849 | 297,129 | ||
KB Financial Group, Inc.(a) | 21 | 730 | ||
Lloyds Banking Group PLC*(a)(b) | 32,857 | 168,885 | ||
Mitsubishi UFJ Financial Group, Inc.(a) | 31,146 | 191,548 | ||
Mizuho Financial Group, Inc.(a) | 28,414 | 116,781 | ||
National Bank of Greece SA*(a) | 8,101 | 29,812 | ||
Royal Bank of Canada | 1,878 | 134,146 | ||
Royal Bank of Scotland Group PLC*(a) | 13,390 | 151,173 | ||
Shinhan Financial Group Co. Ltd.(a) | 87 | 3,990 | ||
Sumitomo Mitsui Financial | ||||
Group, Inc.(a)(b) | 16,968 | 143,719 | ||
Toronto-Dominion Bank(b) | 2,246 | 115,467 | ||
Westpac Banking Corp.(a)(b) | 2,068 | 66,424 | ||
Total Banks | 2,499,922 | |||
Capital Goods—1.4% | ||||
ABB Ltd.(a) | 6,693 | 154,073 | ||
Embraer SA(a) | 655 | 23,862 | ||
Koninklijke Philips NV | 3,686 | 117,067 | ||
Nidec Corp.(a) | 2,041 | 31,411 | ||
Total Capital Goods | 326,413 | |||
Consumer Durables & Apparel—1.5% | ||||
Gildan Activewear, Inc. | 144 | 8,479 | ||
Luxottica Group S.p.A.(a) | 645 | 37,384 | ||
Sony Corp.(a) | 17,923 | 300,569 | ||
Total Consumer Durables & Apparel | 346,432 | |||
Consumer Services—0.3% | ||||
Carnival PLC(a) | 1,475 | 55,976 | ||
Intercontinental Hotels Group PLC*(a) | 181 | 7,513 | ||
Tim Hortons, Inc. | 212 | 11,603 | ||
Total Consumer Services | 75,092 | |||
Diversified Financials—3.2% | ||||
Credit Suisse Group AG(a) | 4,887 | 138,644 | ||
Deutsche Bank AG | 5,805 | 204,220 | ||
ING Groep NV*(a) | 10,327 | 144,785 | ||
Nomura Holdings, Inc.(a)(b) | 12,567 | 88,346 | ||
ORIX Corp.(a) | 271 | 22,504 |
Investments | Shares | Value | ||
UBS AG | 7,789 | $ | 142,694 | |
Total Diversified Financials | 741,193 | |||
Energy—36.8% | ||||
BP PLC(a) | 21,630 | 1,140,982 | ||
Cameco Corp.(b) | 440 | 8,628 | ||
Canadian Natural Resources Ltd. | 1,357 | 62,300 | ||
Cenovus Energy, Inc. | 2,196 | 71,084 | ||
China Petroleum & Chemical | ||||
Corp.(a)(b) | 11,801 | 1,121,449 | ||
CNOOC Ltd.(a)(b) | 957 | 171,581 | ||
Ecopetrol SA(a)(b) | 3,793 | 136,738 | ||
Enbridge, Inc. | 2,695 | 127,932 | ||
Encana Corp. | 1,018 | 24,137 | ||
Enerplus Corp.(b) | 211 | 5,313 | ||
ENI S.p.A.(a)(b) | 10,475 | 575,077 | ||
Imperial Oil Ltd.(b) | 2,312 | 121,681 | ||
Pembina Pipeline Corp. | 469 | 20,167 | ||
Penn West Petroleum Ltd.(b) | 827 | 8,072 | ||
PetroChina Co. Ltd.(a) | 9,106 | 1,143,258 | ||
Petroleo Brasileiro SA, Class A(a) | 31,331 | 490,017 | ||
Royal Dutch Shell PLC, Class A(a) | 10,236 | 843,139 | ||
Royal Dutch Shell PLC, Class B(a)(b) | 9,690 | 843,127 | ||
Statoil ASA(a)(b) | 12,409 | 382,569 | ||
Suncor Energy, Inc. | 3,392 | 144,601 | ||
Talisman Energy, Inc. | 1,738 | 18,423 | ||
Tenaris SA(a) | 839 | 39,559 | ||
Total SA(a) | 11,578 | 835,932 | ||
TransCanada Corp. | 712 | 33,977 | ||
Ultrapar Participacoes SA(a) | 4,444 | 104,878 | ||
Total Energy | 8,474,621 | |||
Food & Staples Retailing—0.8% | ||||
Cencosud SA(a) | 7,951 | 79,033 | ||
Delhaize Group SA(a) | 6,368 | 107,364 | ||
Total Food & Staples Retailing | 186,397 | |||
Food, Beverage & Tobacco—3.3% | ||||
Ambev SA(a) | 8,452 | 59,502 | ||
Anheuser-Busch InBev NV(a) | 1,457 | 167,468 | ||
BRF SA(a) | 2,176 | 52,898 | ||
British American Tobacco PLC(a) | 770 | 91,692 | ||
Diageo PLC(a) | 529 | 67,326 | ||
Fomento Economico Mexicano | ||||
SAB de CV(a) | 787 | 73,702 | ||
Unilever NV | 2,804 | 122,703 | ||
Unilever PLC(a) | 2,712 | 122,881 | ||
Total Food, Beverage & Tobacco | 758,172 | |||
Health Care Equipment & Services—0.6% | ||||
Catamaran Corp.* | 1,418 | 62,619 | ||
Fresenius Medical Care AG & | ||||
Co. KGaA(a) | 1,709 | 57,234 | ||
Smith & Nephew PLC(a) | 178 | 15,892 | ||
Total Health Care Equipment & Services | 135,745 | |||
Insurance—4.7% | ||||
Aegon NV, Class G | 19,866 | 174,225 | ||
Aviva PLC(a)(b) | 11,396 | 200,570 | ||
China Life Insurance Co. Ltd.(a) | 6,519 | 255,610 | ||
Manulife Financial Corp. | 4,650 | 92,395 |
The accompanying notes are an integral part of these financial statements.
37 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES ADR FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Insurance (continued) | ||||
Prudential PLC(a) | 6,703 | $ | 307,534 | |
Sun Life Financial, Inc. | 1,630 | 59,837 | ||
Total Insurance | 1,090,171 | |||
Materials—6.0% | ||||
Agnico-Eagle Mines Ltd. | 173 | 6,626 | ||
Agrium, Inc.(b) | 635 | 58,185 | ||
ArcelorMittal(b) | 19,570 | 292,180 | ||
Barrick Gold Corp.(b) | 2,434 | 44,542 | ||
BHP Billiton Ltd.(a) | 1,879 | 128,617 | ||
BHP Billiton PLC(a) | 1,987 | 129,612 | ||
Cemex SAB de CV*(a) | 4,356 | 57,630 | ||
Cia de Minas Buenaventura SA(a) | 418 | 4,936 | ||
Cia Siderurgica Nacional SA(a)(b) | 7,213 | 30,727 | ||
CRH PLC(a)(b) | 3,136 | 81,066 | ||
Eldorado Gold Corp. | 555 | 4,240 | ||
Gerdau SA(a) | 11,121 | 65,503 | ||
Goldcorp, Inc. | 504 | 14,067 | ||
James Hardie Industries PLC(a) | 78 | 5,099 | ||
Kinross Gold Corp.* | 2,998 | 12,412 | ||
POSCO(a) | 1,447 | 107,715 | ||
Potash Corp. of Saskatchewan, Inc. | 674 | 25,585 | ||
Randgold Resources Ltd.(a) | 52 | 4,399 | ||
Rio Tinto PLC(a)(b) | 3,628 | 196,928 | ||
Silver Wheaton Corp. | 92 | 2,417 | ||
Sociedad Quimica y Minera | ||||
de Chile SA(a) | 249 | 7,298 | ||
Southern Copper Corp. | 720 | 21,866 | ||
Syngenta AG(a) | 507 | 37,924 | ||
Teck Resources Ltd., Class B | 1,448 | 33,058 | ||
Yamana Gold, Inc. | 707 | 5,811 | ||
Total Materials | 1,378,443 | |||
Media—1.0% | ||||
Grupo Televisa SAB(a) | 613 | 21,032 | ||
Pearson PLC(a)(b) | 1,552 | 30,745 | ||
Reed Elsevier NV(a) | 384 | 17,641 | ||
Reed Elsevier PLC(a)(b) | 272 | 17,596 | ||
Shaw Communications, Inc., Class B | 757 | 19,425 | ||
Thomson Reuters Corp. | 1,329 | 48,322 | ||
WPP PLC(a) | 609 | 66,375 | ||
Total Media | 221,136 | |||
Pharmaceuticals, Biotechnology & Life Sciences—3.2% | ||||
AstraZeneca PLC(a) | 1,279 | 95,043 | ||
GlaxoSmithKline PLC(a) | 2,803 | 149,904 | ||
Novartis AG(a) | 2,388 | 216,186 | ||
Novo Nordisk A/S(a) | 1,222 | 56,444 | ||
QIAGEN NV* | 199 | 4,866 | ||
Sanofi(a) | 3,021 | 160,627 | ||
Shire PLC(a) | 101 | 23,784 | ||
Valeant Pharmaceuticals | ||||
International, Inc.* | 210 | 26,485 | ||
Total Pharmaceuticals, Biotechnology & | ||||
Life Sciences | 733,339 | |||
Real Estate—0.3% | ||||
Brookfield Asset Management, Inc., | ||||
Class A | 1,768 | 77,827 |
Investments | Shares | Value | ||
Semiconductors & Semiconductor Equipment—0.6% | ||||
ARM Holdings PLC(a) | 95 | $ | 4,298 | |
ASML Holding NV, Class G | 310 | 28,913 | ||
STMicroelectronics NV, Class Y(b) | 3,084 | 27,417 | ||
Taiwan Semiconductor | ||||
Manufacturing Co. Ltd.(a) | 3,472 | 74,266 | ||
Total Semiconductors & | ||||
Semiconductor Equipment | 134,894 | |||
Software & Services—0.5% | ||||
CGI Group, Inc., Class A*(b) | 1,094 | 38,815 | ||
SAP AG(a) | 1,085 | 83,545 | ||
Total Software & Services | 122,360 | |||
Technology Hardware & Equipment—2.3% | ||||
Alcatel-Lucent(a) | 19,920 | 70,915 | ||
BlackBerry Ltd.*(b) | 4,671 | 47,831 | ||
Canon, Inc.(a) | 4,199 | 137,517 | ||
Kyocera Corp.(a) | 1,150 | 54,717 | ||
Nokia OYJ(a) | 11,184 | 84,551 | ||
Telefonaktiebolaget LM Ericsson(a) | 10,356 | 125,101 | ||
Total Technology Hardware & Equipment | 520,632 | |||
Telecommunication Services—10.4% | ||||
America Movil SAB de CV, Series L(a) | 11,703 | 242,837 | ||
BCE, Inc. | 1,600 | 72,576 | ||
BT Group PLC(a) | 1,600 | 105,008 | ||
China Mobile Ltd.(a) | 7,667 | 372,693 | ||
Chunghwa Telecom Co. Ltd.(a)(b) | 893 | 28,630 | ||
Nippon Telegraph & Telephone Corp.(a) | 14,689 | 458,444 | ||
NTT DoCoMo, Inc.(a) | 11,256 | 192,365 | ||
Orange(a) | 12,241 | 193,408 | ||
Portugal Telecom SGPS SA(a)(b) | 4,878 | 17,853 | ||
Rogers Communications, Inc., Class B | 1,136 | 45,724 | ||
Telecom Italia S.p.A.*(a) | 8,434 | 106,437 | ||
Telefonica SA(a) | 15,921 | 273,204 | ||
TELUS Corp. | 1,082 | 40,294 | ||
Vodafone Group PLC(a) | 7,159 | 239,039 | ||
Total Telecommunication Services | 2,388,512 | |||
Transportation—0.6% | ||||
Canadian National Railway Co. | 609 | 39,597 | ||
Canadian Pacific Railway Ltd.(b) | 120 | 21,737 | ||
Latam Airlines Group SA*(a)(b) | 3,415 | 45,829 | ||
Ryanair Holdings PLC*(a) | 438 | 24,441 | ||
Total Transportation | 131,604 | |||
Utilities—1.4% | ||||
Cia Energetica de Minas Gerais(a)(b) | 3,170 | 25,328 | ||
CPFL Energia SA(a) | 1,352 | 24,606 | ||
Empresa Nacional de Electricidad SA(a) | 334 | 15,097 | ||
Enersis SA(a) | 2,807 | 47,298 | ||
National Grid PLC(a) | 1,181 | 87,843 | ||
TransAlta Corp. | 749 | 9,190 | ||
Veolia Environnement SA(a) | 5,668 | 107,692 | ||
Total Utilities | 317,054 | |||
Total Common Stocks | ||||
(Cost $20,168,965) | 22,216,503 |
The accompanying notes are an integral part of these financial statements.
38 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES ADR FUND
JUNE 30, 2014
Investments | Shares | Value | |||
PREFERRED STOCKS—1.7% | |||||
Banks—0.9% | |||||
Itau Unibanco Holding SA (a) | 15,044 | $ | 216,333 | ||
Materials—0.8% | |||||
Vale SA, Class B (a) | 15,016 | 178,690 | |||
Total Preferred Stocks | |||||
(Cost $598,506) | 395,023 | ||||
INVESTMENT OF CASH COLLATERAL | |||||
FOR SECURITIES LOANED—15.2% | |||||
Dreyfus Institutional Preferred | |||||
Money Market Fund— | |||||
Prime Shares, 0.06%(c) | |||||
(Cost $3,502,086) | 3,502,086 | 3,502,086 | |||
Total Investments—113.5% | |||||
(Cost $24,269,557) | 26,113,612 | ||||
Liabilities in Excess of Other Assets—(13.5)% | (3,113,438 | ) | |||
Net Assets—100.0% | $ | 23,000,174 |
Country | Value | % of Net Assets | ||||
Australia | $ | 195,042 | 0.9 | % | ||
Belgium | 274,832 | 1.2 | ||||
Brazil | 1,539,818 | 6.7 | ||||
Canada | 2,156,728 | 9.4 | ||||
Chile | 229,824 | 1.0 | ||||
China | 1,398,868 | 6.1 | ||||
Colombia | 158,239 | 0.7 | ||||
Denmark | 56,444 | 0.2 | ||||
Finland | 84,551 | 0.4 | ||||
France | 1,368,573 | 6.0 | ||||
Germany | 344,999 | 1.5 | ||||
Greece | 29,812 | 0.1 | ||||
Hong Kong | 1,665,722 | 7.2 | ||||
Ireland | 165,011 | 0.7 | ||||
Italy | 718,899 | 3.1 | ||||
Japan | 3,162,794 | 13.8 | ||||
Jersey Islands | 4,399 | 0.0 | † | |||
Luxembourg | 331,739 | 1.4 | ||||
Mexico | 395,202 | 1.7 | ||||
Netherlands | 2,296,466 | 10.0 | ||||
Norway | 382,569 | 1.7 | ||||
Peru | 22,505 | 0.1 | ||||
Portugal | 17,854 | 0.1 | ||||
South Korea | 112,434 | 0.5 | ||||
Spain | 569,387 | 2.5 | ||||
Sweden | 125,100 | 0.5 | ||||
Switzerland | 716,938 | 3.1 | ||||
Taiwan | 102,896 | 0.4 | ||||
United Kingdom | 3,913,692 | 17.0 | ||||
United States | 3,572,275 | 15.5 | ||||
Total Investments | 26,113,612 | 113.5 | ||||
Liabilities in Excess of | ||||||
Other Assets | (3,113,438 | ) | (13.5 | ) | ||
Net Assets | $ | 23,000,174 | 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 $3,435,861; total market value of the collateral held by the fund was $3,528,443. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $26,357. |
(c) | Rate shown represents annualized 7-day yield as of June 30, 2014. |
The accompanying notes are an integral part of these financial statements.
39 |
SCHEDULE OF INVESTMENTS
REVENUE SHARES NAVELLIER OVERALL A-100 FUND
JUNE 30, 2014
Investments | Shares | Value | ||
COMMON STOCKS—99.8% | ||||
Automobiles & Components—1.8% | ||||
Gentherm, Inc.* | 65 | $ | 2,889 | |
Magna International, Inc. | 1,319 | 142,122 | ||
Total Automobiles & Components | 145,011 | |||
Banks—2.4% | ||||
Banco Macro SA(a) | 257 | 9,260 | ||
BofI Holding, Inc.* | 750 | 55,103 | ||
SVB Financial Group* | 76 | 8,863 | ||
Toronto-Dominion Bank | 2,398 | 123,281 | ||
Total Banks | 196,507 | |||
Capital Goods—12.7% | ||||
Alliant Techsystems, Inc. | 498 | 66,692 | ||
Argan, Inc. | 100 | 3,729 | ||
Federal Signal Corp. | 3,331 | 48,799 | ||
Gencor Industries, Inc.* | 71 | 782 | ||
General Dynamics Corp. | 1,049 | 122,261 | ||
Huntington Ingalls Industries, Inc. | 5,782 | 546,919 | ||
Lockheed Martin Corp. | 1,107 | 177,928 | ||
Patrick Industries, Inc.* | 189 | 8,806 | ||
Sparton Corp.* | 874 | 24,245 | ||
Trinity Industries, Inc. | 464 | 20,286 | ||
United Rentals, Inc.* | 195 | 20,422 | ||
Total Capital Goods | 1,040,869 | |||
Commercial & Professional Services—0.5% | ||||
Huron Consulting Group, Inc.* | 555 | 39,305 | ||
US Ecology, Inc. | 18 | 881 | ||
Total Commercial & Professional Services | 40,186 | |||
Consumer Durables & Apparel—5.3% | ||||
Garmin Ltd. | 177 | 10,779 | ||
Hanesbrands, Inc. | 3,703 | 364,523 | ||
Harman International Industries, Inc. | 199 | 21,379 | ||
Michael Kors Holdings Ltd.* | 286 | 25,354 | ||
Under Armour, Inc., Class A* | 172 | 10,232 | ||
Total Consumer Durables & Apparel | 432,267 | |||
Consumer Services—0.2% | ||||
China Distance Education Holdings Ltd.(a) | 136 | 2,279 | ||
Collectors Universe, Inc. | 41 | 803 | ||
Jack in the Box, Inc. | 100 | 5,984 | ||
TAL Education Group*(a) | 165 | 4,538 | ||
Total Consumer Services | 13,604 | |||
Diversified Financials—0.0%† | ||||
HFF, Inc., Class A | 45 | 1,674 | ||
Energy—10.2% | ||||
Canadian Natural Resources Ltd. | 1,448 | 66,478 | ||
Cimarex Energy Co. | 64 | 9,181 | ||
Continental Resources, Inc.* | 98 | 15,488 | ||
EOG Resources, Inc. | 528 | 61,702 | ||
Green Plains, Inc. | 381 | 12,524 | ||
Matrix Service Co.* | 132 | 4,328 | ||
Statoil ASA(a) | 13,153 | 405,507 | ||
Suncor Energy, Inc. | 3,599 | 153,425 | ||
Targa Resources Corp. | 772 | 107,748 | ||
Total Energy | 836,381 |
Investments | Shares | Value | ||
Food & Staples Retailing—0.1% | ||||
Liberator Medical Holdings, Inc. | 1,593 | $ | 5,974 | |
Food, Beverage & Tobacco—7.7% | ||||
Constellation Brands, Inc., Class A* | 720 | 63,453 | ||
Gruma S.A.B. de CV*(a)(b) | 11,376 | 544,342 | ||
Pinnacle Foods, Inc. | 303 | 9,969 | ||
WhiteWave Foods Co.* | 344 | 11,135 | ||
Total Food, Beverage & Tobacco | 628,899 | |||
Health Care Equipment & Services—7.4% | ||||
Anika Therapeutics, Inc.* | 162 | 7,506 | ||
CorVel Corp.* | 673 | 30,406 | ||
IDEXX Laboratories, Inc.* | 44 | 5,877 | ||
McKesson Corp. | 3,004 | 559,375 | ||
Total Health Care Equipment & Services | 603,164 | |||
Insurance—0.5% | ||||
Federated National Holding Co. | 509 | 12,979 | ||
RenaissanceRe Holdings Ltd. | 52 | 5,564 | ||
United Insurance Holdings Corp. | 1,275 | 22,007 | ||
Total Insurance | 40,550 | |||
Materials—4.0% | ||||
CaesarStone Sdot-Yam Ltd. | 545 | 26,749 | ||
Dow Chemical Co. | 1,755 | 90,312 | ||
Neenah Paper, Inc. | 232 | 12,331 | ||
Packaging Corp. of America | 1,927 | 137,761 | ||
PolyOne Corp. | 1,481 | 62,409 | ||
Total Materials | 329,562 | |||
Media—3.4% | ||||
Crown Media Holdings, Inc., Class A* | 6,218 | 22,571 | ||
DISH Network Corp., Class A* | 3,217 | 209,363 | ||
Reed Elsevier PLC(a)(b) | 684 | 44,248 | ||
Total Media | 276,182 | |||
Pharmaceuticals, Biotechnology & Life Sciences—10.2% | ||||
BioSpecifics Technologies Corp.* | 46 | 1,240 | ||
China Biologic Products, Inc.*(b) | 257 | 11,429 | ||
Forest Laboratories, Inc.* | 503 | 49,797 | ||
Gilead Sciences, Inc.* | 5,335 | 442,325 | ||
Illumina, Inc.* | 36 | 6,427 | ||
Insys Therapeutics, Inc.* | 18 | 562 | ||
Jazz Pharmaceuticals PLC* | 384 | 56,452 | ||
Lannett Co., Inc.* | 946 | 46,940 | ||
Questcor Pharmaceuticals, Inc. | 980 | 90,640 | ||
Repligen Corp.* | 52 | 1,185 | ||
Salix Pharmaceuticals Ltd.* | 116 | 14,309 | ||
Shire PLC(a) | 441 | 103,851 | ||
Taro Pharmaceutical Industries Ltd.* | 28 | 3,927 | ||
Total Pharmaceuticals, Biotechnology & | ||||
Life Sciences | 829,084 | |||
Retailing—3.7% | ||||
Netflix, Inc.* | 668 | 294,321 | ||
Vipshop Holdings Ltd.*(a) | 46 | 8,636 | ||
Total Retailing | 302,957 |
The accompanying notes are an integral part of these financial statements.
40 |
SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES NAVELLIER OVERALL A-100 FUND
JUNE 30, 2014
Investments | Shares | Value | ||
Semiconductors & Semiconductor Equipment—3.6% | ||||
Advanced Semiconductor | ||||
Engineering, Inc.(a) | 4,627 | $ | 30,075 | |
Amkor Technology, Inc.* | 1,028 | 11,493 | ||
Avago Technologies Ltd. | 159 | 11,459 | ||
Micron Technology, Inc.* | 6,745 | 222,248 | ||
Monolithic Power Systems, Inc. | 23 | 974 | ||
Siliconware Precision Industries Co.(a) | 1,212 | 9,951 | ||
Skyworks Solutions, Inc. | 162 | 7,608 | ||
Total Semiconductors & | ||||
Semiconductor Equipment | 293,808 | |||
Software & Services—5.1% | ||||
Amdocs Ltd. | 292 | 13,528 | ||
Autobytel, Inc.* | 446 | 5,847 | ||
Bitauto Holdings Ltd.*(a) | 1,111 | 54,106 | ||
Broadridge Financial Solutions, Inc. | 4,957 | 206,409 | ||
Facebook, Inc., Class A* | 560 | 37,682 | ||
Manhattan Associates, Inc.* | 158 | 5,440 | ||
Phoenix New Media Ltd.*(a)(b) | 846 | 9,061 | ||
Qihoo 360 Technology Co. Ltd.*(a) | 290 | 26,692 | ||
SouFun Holdings Ltd.(a) | 2,623 | 25,679 | ||
YY, Inc.*(a) | 397 | 29,974 | ||
Total Software & Services | 414,418 | |||
Technology Hardware & Equipment—8.6% | ||||
Apple, Inc. | 6,152 | 571,705 | ||
Harris Corp. | 270 | 20,453 | ||
Methode Electronics, Inc. | 1,269 | 48,488 | ||
SMART Technologies, Inc., Class A* | 1,600 | 4,560 | ||
Super Micro Computer, Inc.* | 901 | 22,768 | ||
Ubiquiti Networks, Inc.*(b) | 668 | 30,187 | ||
Zebra Technologies Corp., Class A* | 56 | 4,610 | ||
Total Technology Hardware & Equipment | 702,771 |
Investments | Shares | Value | |||
Transportation—12.4% | |||||
Delta Air Lines, Inc. | 14,263 | $ | 552,263 | ||
Hawaiian Holdings, Inc.* | 629 | 8,624 | |||
Southwest Airlines Co. | 10,546 | 283,265 | |||
Spirit Airlines, Inc.* | 2,628 | 166,195 | |||
Total Transportation | 1,010,347 | ||||
Total Common Stocks | |||||
(Cost $6,853,852) | 8,144,215 | ||||
INVESTMENT OF CASH COLLATERAL | |||||
FOR SECURITIES LOANED—4.5% | |||||
Dreyfus Institutional Preferred | |||||
Money Market Fund— | |||||
Prime Shares, 0.06% (c) | |||||
(Cost $363,140) | 363,140 | 363,140 | |||
Total Investments—104.3% | |||||
(Cost $7,216,992) | 8,507,355 | ||||
Liabilities in Excess of Other Assets—(4.3)% | (348,155 | ) | |||
Net Assets—100.0% | $ | 8,159,200 |
PLC – Public Limited Company
* | Non-income producing security |
† | Less than 0.05% |
(a) | American Depositary Receipt |
(b) | All or a portion of security was on loan. The aggregate market value of the securities on loan was $362,545; total market value of the collateral held by the fund was $363,140. |
(c) | Rate shown represents annualized 7-day yield as of June 30, 2014. |
The accompanying notes are an integral part of these financial statements.
41 |
SCHEDULE OF INVESTMENTS
REVENUE SHARES ULTRA DIVIDEND FUND
JUNE 30, 2014
Investments | Shares | Value | ||
COMMON STOCKS—99.7% | ||||
Banks—0.9% | ||||
New York Community Bancorp, Inc.(a) | 6,110 | $ | 97,638 | |
People’s United Financial, Inc. | 4,721 | 71,618 | ||
Valley National Bancorp | 3,772 | 37,380 | ||
Total Banks | 206,636 | |||
Commercial & Professional Services—3.9% | ||||
Corrections Corp. of America | 2,682 | 88,104 | ||
Pitney Bowes, Inc. | 8,062 | 222,673 | ||
R.R. Donnelley & Sons Co. | 34,095 | 578,251 | ||
Total Commercial & Professional Services | 889,028 | |||
Consumer Durables & Apparel—2.7% | ||||
VF Corp. | 9,782 | 616,266 | ||
Consumer Services—1.8% | ||||
Darden Restaurants, Inc. | 8,976 | 415,319 | ||
Diversified Financials—0.6% | ||||
CME Group, Inc. | 2,019 | 143,248 | ||
Energy—11.5% | ||||
Diamond Offshore Drilling, Inc.(a) | 3,074 | 152,563 | ||
Ensco PLC, Class A | 4,791 | 266,236 | ||
HollyFrontier Corp. | 20,999 | 917,446 | ||
Kinder Morgan, Inc. | 22,296 | 808,453 | ||
Transocean Ltd. | 11,280 | 507,938 | ||
Total Energy | 2,652,636 | |||
Food, Beverage & Tobacco—11.4% | ||||
Altria Group, Inc. | 21,539 | 903,346 | ||
Lorillard, Inc. | 4,079 | 248,696 | ||
Philip Morris International, Inc. | 12,386 | 1,044,264 | ||
Reynolds American, Inc. | 6,989 | 421,786 | ||
Total Food, Beverage & Tobacco | 2,618,092 | |||
Insurance—1.9% | ||||
Mercury General Corp. | 3,173 | 149,258 | ||
Old Republic International Corp. | 17,181 | 284,174 | ||
Total Insurance | 433,432 | |||
Materials—1.9% | ||||
Newmont Mining Corp. | 16,894 | 429,783 | ||
Real Estate Investment Trusts—4.2% | ||||
BioMed Realty Trust, Inc. | 1,529 | 33,378 | ||
Corporate Office Properties Trust | 997 | 27,726 | ||
Duke Realty Corp. | 3,297 | 59,873 | ||
HCP, Inc. | 2,734 | 113,133 | ||
Health Care REIT, Inc. | 2,545 | 159,495 | ||
Highwoods Properties, Inc. | 726 | 30,456 | ||
Home Properties, Inc. | 557 | 35,626 | ||
Hospitality Properties Trust | 2,820 | 85,728 | ||
Liberty Property Trust | 1,043 | 39,561 | ||
Mack-Cali Realty Corp. | 1,614 | 34,669 | ||
Mid-America Apartment | ||||
Communities, Inc. | 497 | 36,306 | ||
National Retail Properties, Inc.(a) | 569 | 21,161 | ||
Omega Healthcare Investors, Inc.(a) | 635 | 23,406 | ||
Realty Income Corp. | 967 | 42,954 |
Investments | Shares | Value | |||
Senior Housing Properties Trust | 1,675 | $ | 40,686 | ||
Ventas, Inc. | 2,348 | 150,507 | |||
Weingarten Realty Investors | 832 | 27,323 | |||
Total Real Estate Investment Trusts | 961,988 | ||||
Software & Services—0.0%† | |||||
Compuware Corp. | 290 | 2,897 | |||
Technology Hardware & Equipment—0.3% | |||||
Apple, Inc. | 779 | 72,392 | |||
Telecommunication Services—16.2% | |||||
AT&T, Inc. | 32,215 | 1,139,123 | |||
CenturyLink, Inc. | 25,471 | 922,050 | |||
Frontier Communications Corp. | 42,864 | 250,326 | |||
Verizon Communications, Inc. | 22,768 | 1,114,038 | |||
Windstream Holdings, Inc. | 30,993 | 308,690 | |||
Total Telecommunication Services | 3,734,227 | ||||
Utilities—42.4% | |||||
Ameren Corp. | 7,381 | 301,735 | |||
American Electric Power Co., Inc. | 15,448 | 861,535 | |||
Consolidated Edison, Inc. | 11,765 | 679,311 | |||
Duke Energy Corp. | 15,160 | 1,124,721 | |||
Entergy Corp. | 7,780 | 638,660 | |||
Exelon Corp. | 31,015 | 1,131,427 | |||
FirstEnergy Corp. | 23,236 | 806,754 | |||
Hawaiian Electric Industries, Inc.(a) | 6,597 | 167,036 | |||
Integrys Energy Group, Inc. | 5,055 | 359,562 | |||
Pepco Holdings, Inc. | 9,161 | 251,744 | |||
PG&E Corp. | 17,191 | 825,512 | |||
PPL Corp. | 16,015 | 569,013 | |||
Public Service Enterprise Group, Inc. | 13,686 | 558,252 | |||
SCANA Corp. | 4,602 | 247,634 | |||
Southern Co. | 20,363 | 924,073 | |||
TECO Energy, Inc. | 8,306 | 153,495 | |||
Westar Energy, Inc. | 3,454 | 131,908 | |||
Total Utilities | 9,732,372 | ||||
Total Common Stocks | |||||
(Cost $21,546,587) | 22,908,316 | ||||
INVESTMENT OF CASH COLLATERAL | |||||
FOR SECURITIES LOANED—1.4% | |||||
Dreyfus Institutional Preferred | |||||
Money Market Fund— | |||||
Prime Shares, 0.06% (b) | |||||
(Cost $331,037) | 331,037 | 331,037 | |||
Total Investments—101.1% | |||||
(Cost $21,877,624) | 23,239,353 | ||||
Liabilities in Excess of Other Assets—(1.1)% | (263,359 | ) | |||
Net Assets—100.0% | $ | 22,975,994 |
REIT – Real Estate Investment Trusts
† | Less than 0.05% |
(a) | All or a portion of security was on loan. The aggregate market value the securities on loan was $322,102; total market value of the collateral held by the fund was $331,037. |
(b) | Rate shown represents annualized 7-day yield as of June 30, 2014. |
The accompanying notes are an integral part of these financial statements.
42 |
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2014
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 | $ | 242,585,824 | $ | 215,660,032 | $ | 308,257,962 | $ | 32,494,441 | $ | 26,113,612 | $ | 8,507,355 | $ | 23,239,353 | ||||||||
Cash | 8,855,673 | 346,944 | 46,572 | 369,775 | 303,837 | 22,150 | 8,126 | |||||||||||||||
Receivables: | ||||||||||||||||||||||
Expense | ||||||||||||||||||||||
reimbursement | ||||||||||||||||||||||
due from Adviser | — | — | — | — | — | 2,868 | 12,584 | |||||||||||||||
Investment securities | ||||||||||||||||||||||
sold | 4,678,121 | 3,812,643 | 2,544,661 | — | — | — | — | |||||||||||||||
Dividends | 233,778 | 125,225 | 160,002 | 18,424 | 80,849 | 10,729 | 53,665 | |||||||||||||||
Capital shares sold | — | — | — | — | — | — | 1,427,021 | |||||||||||||||
Securities lending | ||||||||||||||||||||||
income, net | ||||||||||||||||||||||
(Note 2) | 200 | 4,453 | 8,654 | — | 1,839 | 452 | 964 | |||||||||||||||
Reclaims | — | — | — | — | 49,917 | 715 | — | |||||||||||||||
Prepaid expenses | 3,023 | 2,955 | 7,650 | 2,768 | 2,725 | 2,753 | 7,909 | |||||||||||||||
Total Assets | 256,356,619 | 219,952,252 | 311,025,501 | 32,885,408 | 26,552,779 | 8,547,022 | 24,749,622 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||||
Payables: | ||||||||||||||||||||||
Investment of cash | ||||||||||||||||||||||
collateral for | ||||||||||||||||||||||
securities on loan | ||||||||||||||||||||||
(Note 2) | 787,229 | 10,660,514 | 16,000,780 | 765 | 3,502,086 | 363,140 | 331,037 | |||||||||||||||
Cash collateral for | ||||||||||||||||||||||
capital transactions | 7,941,220 | — | — | — | — | — | — | |||||||||||||||
Investment securities | ||||||||||||||||||||||
purchased | 4,493,349 | 3,736,551 | 2,269,052 | 271,890 | 13,236 | — | 1,417,299 | |||||||||||||||
Advisory fees (Note 3) | 48,920 | 46,276 | 46,009 | 2,579 | 2,862 | — | — | |||||||||||||||
Compliance Officer | ||||||||||||||||||||||
fees | 729 | 2,944 | 3,322 | 129 | 81 | 81 | 84 | |||||||||||||||
Trustees fees | 114 | — | 3,443 | 635 | — | 993 | — | |||||||||||||||
Other accrued expenses | 115,525 | 102,409 | 118,513 | 32,181 | 34,340 | 23,608 | 25,208 | |||||||||||||||
Total Liabilities | 13,387,086 | 14,548,694 | 18,441,119 | 308,179 | 3,552,605 | 387,822 | 1,773,628 | |||||||||||||||
NET ASSETS | $ | 242,969,533 | $ | 205,403,558 | $ | 292,584,382 | $ | 32,577,229 | $ | 23,000,174 | $ | 8,159,200 | $ | 22,975,994 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||
Paid-in capital | $ | 178,281,051 | $ | 159,217,991 | $ | 244,834,170 | $ | 29,466,536 | $ | 25,108,210 | $ | 6,507,265 | $ | 21,457,458 | ||||||||
Undistributed net | ||||||||||||||||||||||
investment | ||||||||||||||||||||||
income | 1,018,315 | 355,572 | 221,473 | 63,155 | 302,726 | 17,647 | 180,708 | |||||||||||||||
Accumulated net | ||||||||||||||||||||||
realized gain | ||||||||||||||||||||||
on investments | (1,983,536 | ) | (552,804 | ) | (1,819,040 | ) | (977,616 | ) | (4,254,817 | ) | 343,925 | (23,901 | ) | |||||||||
Net unrealized | ||||||||||||||||||||||
appreciation on | ||||||||||||||||||||||
investments | 65,653,703 | 46,382,799 | 49,347,779 | 4,025,154 | 1,844,055 | 1,290,363 | 1,361,729 | |||||||||||||||
NET ASSETS | $ | 242,969,533 | $ | 205,403,558 | $ | 292,584,382 | $ | 32,577,229 | $ | 23,000,174 | $ | 8,159,200 | $ | 22,975,994 | ||||||||
Shares outstanding | ||||||||||||||||||||||
(unlimited number | ||||||||||||||||||||||
of shares of | ||||||||||||||||||||||
beneficial interest | ||||||||||||||||||||||
authorized, without | ||||||||||||||||||||||
par value) | 6,301,400 | 4,301,400 | 5,201,400 | 700,000 | 550,000 | 150,000 | 800,000 | |||||||||||||||
Net asset value, | ||||||||||||||||||||||
per share | $ | 38.56 | $ | 47.75 | $ | 56.25 | $ | 46.54 | $ | 41.82 | $ | 54.39 | $ | 28.72 | ||||||||
Investment at cost | $ | 176,932,121 | $ | 169,277,233 | $ | 258,910,183 | $ | 28,469,287 | $ | 24,269,557 | $ | 7,216,992 | $ | 21,877,624 | ||||||||
1 Market value of | ||||||||||||||||||||||
securities on loan: | $ | 769,974 | $ | 10,423,372 | $ | 15,283,568 | $ | 761 | $ | 3,435,861 | $ | 362,545 | $ | 322,102 |
The accompanying notes are an integral part of these financial statements.
43 |
YEAR OR PERIOD ENDED JUNE 30, 2014
Large
Cap Fund RevenueShares |
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 | $ | 4,332,494 | $ | 2,163,603 | $ | 2,314,974 | $ | 476,308 | $ | 973,105 | $ | 103,194 | $ | 393,177 | |||||||
Foreign withholding tax | (732 | ) | — | (171 | ) | — | (90,632 | ) | (4,437 | ) | — | ||||||||||
Securities lending | |||||||||||||||||||||
income, net (Note 2) | 6,034 | 48,651 | 128,065 | 54 | 24,464 | 3,984 | 4,341 | ||||||||||||||
Total Income | 4,337,796 | 2,212,254 | 2,442,868 | 476,362 | 906,937 | 102,741 | 397,518 | ||||||||||||||
EXPENSES: | |||||||||||||||||||||
Advisory fees (Note 3) | 908,641 | 837,119 | 1,160,439 | 141,254 | 137,308 | 44,467 | 35,354 | ||||||||||||||
BNY Fund Services fees | 300,278 | 250,643 | 337,038 | 57,016 | 51,293 | 20,041 | 15,144 | ||||||||||||||
Professional fees | 81,691 | 67,221 | 84,734 | 23,904 | 22,934 | 17,113 | 15,777 | ||||||||||||||
Printing and Postage | 27,772 | 21,590 | 28,045 | 5,467 | 3,625 | 1,166 | 10,217 | ||||||||||||||
Compliance Officer fees | 24,946 | 24,091 | 30,201 | 10,000 | 8,805 | 7,568 | 5,412 | ||||||||||||||
Trustees fees | 13,387 | 10,080 | 18,985 | 1,601 | 1,544 | 173 | 281 | ||||||||||||||
NYSE Calculation Fees | 5,696 | 5,698 | 5,696 | 5,637 | 5,698 | 5,657 | 3,404 | ||||||||||||||
NYSE Listing fees | 4,928 | 4,928 | 4,927 | 4,930 | 4,930 | 5,117 | 5,852 | ||||||||||||||
Other Expenses | 11,573 | 10,336 | 9,317 | 1,556 | 1,011 | 320 | 929 | ||||||||||||||
Total Expenses | 1,378,912 | 1,231,706 | 1,679,382 | 251,365 | 237,148 | 101,622 | 92,370 | ||||||||||||||
Less expense waivers | |||||||||||||||||||||
and reimbursements | |||||||||||||||||||||
(Note 3) | (389,503 | ) | (327,617 | ) | (426,108 | ) | (97,552 | ) | (125,013 | ) | (57,154 | ) | (53,874 | ) | |||||||
Net Expenses | 989,409 | 904,089 | 1,253,274 | 153,813 | 112,135 | 44,468 | 38,496 | ||||||||||||||
Net Investment | |||||||||||||||||||||
Income | 3,348,387 | 1,308,165 | 1,189,594 | 322,549 | 794,802 | 58,273 | 359,022 | ||||||||||||||
NET REALIZED AND | |||||||||||||||||||||
UNREALIZED GAIN | |||||||||||||||||||||
(LOSS) ON INVESTMENTS: | |||||||||||||||||||||
Net realized gain (loss) | |||||||||||||||||||||
on investments | 801,424 | 522,577 | (470,072 | ) | 200,955 | (448,911 | ) | 701,355 | (23,901 | ) | |||||||||||
Net realized gain on | |||||||||||||||||||||
in-kind redemptions | 20,990,761 | 19,053,061 | 45,036,577 | 3,168,051 | 956,889 | — | — | ||||||||||||||
Total net realized | |||||||||||||||||||||
gain (loss) | 21,792,185 | 19,575,638 | 44,566,505 | 3,369,006 | 507,978 | 701,355 | (23,901 | ) | |||||||||||||
Net change in unrealized | |||||||||||||||||||||
appreciation on | |||||||||||||||||||||
investments | 18,478,534 | 17,801,315 | 9,172,255 | 1,401,893 | 3,966,961 | 948,999 | 1,361,729 | ||||||||||||||
Net realized and | |||||||||||||||||||||
unrealized gain on | |||||||||||||||||||||
investments | 40,270,719 | 37,376,953 | 53,738,760 | 4,770,899 | 4,474,939 | 1,650,354 | 1,337,828 | ||||||||||||||
Net Increase in Net Assets | |||||||||||||||||||||
Resulting From | |||||||||||||||||||||
Operations | $ | 43,619,106 | $ | 38,685,118 | $ | 54,928,354 | $ | 5,093,448 | $ | 5,269,741 | $ | 1,708,627 | $ | 1,696,850 | |||||||
1 Commencement of Operations was September 30, 2013. |
The accompanying notes are an integral part of these financial statements.
44 |
STATEMENTS OF CHANGES IN NET ASSETS
RevenueShares Large Cap Fund |
RevenueShares Mid Cap Fund |
RevenueShares Small Cap Fund | ||||||||||||||||
Year
Ended June 30, 2014 |
Year
Ended June 30, 2013 |
Year
Ended June 30, 2014 |
Year
Ended June 30, 2013 |
Year
Ended June 30, 2014 |
Year
Ended June 30, 2013 | |||||||||||||
OPERATIONS: | ||||||||||||||||||
Net investment income | $ | 3,348,387 | $ | 3,145,355 | $ | 1,308,165 | $ | 1,352,194 | $ | 1,189,594 | $ | 1,283,240 | ||||||
Net realized gain on investments | ||||||||||||||||||
and in-kind redemptions | 21,792,185 | 6,061,501 | 19,575,638 | 12,622,390 | 44,566,505 | 1,711,974 | ||||||||||||
Net change in unrealized | ||||||||||||||||||
appreciation on investments | 18,478,534 | 28,706,563 | 17,801,315 | 14,220,744 | 9,172,255 | 32,237,520 | ||||||||||||
Net increase in net assets | ||||||||||||||||||
resulting from operations | 43,619,106 | 37,913,419 | 38,685,118 | 28,195,328 | 54,928,354 | 35,232,734 | ||||||||||||
DISTRIBUTIONS TO | ||||||||||||||||||
SHAREHOLDERS FROM: | ||||||||||||||||||
Net investment income | (3,077,924 | ) | (3,079,803 | ) | (1,218,541 | ) | (1,079,903 | ) | (2,135,006 | ) | (1,172,877 | ) | ||||||
Realized gains | — | — | (807,714 | ) | (460,717 | ) | (552,449 | ) | (474,726 | ) | ||||||||
Total distributions to | ||||||||||||||||||
shareholders | (3,077,924 | ) | (3,079,803 | ) | (2,026,255 | ) | (1,540,620 | ) | (2,687,455 | ) | (1,647,603 | ) | ||||||
SHAREHOLDER TRANSACTIONS: | ||||||||||||||||||
Proceeds from shares sold | 74,120,953 | 10,107,207 | 105,992,709 | 21,289,708 | 219,926,798 | 15,785,481 | ||||||||||||
Cost of shares redeemed | (53,717,762 | ) | (19,199,413 | ) | (60,813,115 | ) | (46,936,774 | ) | (133,024,559 | ) | (5,530,374 | ) | ||||||
Net increase (decrease) in net | ||||||||||||||||||
assets resulting from | ||||||||||||||||||
shareholder transactions | 20,403,191 | (9,092,206 | ) | 45,179,594 | (25,647,066 | ) | 86,902,239 | 10,255,107 | ||||||||||
Increase in net assets | 60,944,373 | 25,741,410 | 81,838,457 | 1,007,642 | 139,143,138 | 43,840,238 | ||||||||||||
NET ASSETS: | ||||||||||||||||||
Beginning of year | 182,025,160 | 156,283,750 | 123,565,101 | 122,557,459 | 153,441,244 | 109,601,006 | ||||||||||||
End of year | $ | 242,969,533 | $ | 182,025,160 | $ | 205,403,558 | $ | 123,565,101 | $ | 292,584,382 | $ | 153,441,244 | ||||||
Undistributed net investment | ||||||||||||||||||
income included in net assets | ||||||||||||||||||
at end of year | $ | 1,018,315 | $ | 754,270 | $ | 355,572 | $ | 272,297 | $ | 221,473 | $ | 360,340 | ||||||
CHANGES IN SHARES | ||||||||||||||||||
OUTSTANDING: | ||||||||||||||||||
Shares outstanding, | ||||||||||||||||||
beginning of year | 5,801,400 | 6,201,400 | 3,251,400 | 4,101,400 | 3,501,400 | 3,251,400 | ||||||||||||
Shares sold | 2,050,000 | 350,000 | 2,450,000 | 600,000 | 4,250,000 | 400,000 | ||||||||||||
Shares redeemed | (1,550,000 | ) | (750,000 | ) | (1,400,000 | ) | (1,450,000 | ) | (2,550,000 | ) | (150,000 | ) | ||||||
Shares outstanding, | ||||||||||||||||||
end of year | 6,301,400 | 5,801,400 | 4,301,400 | 3,251,400 | 5,201,400 | 3,501,400 |
The accompanying notes are an integral part of these financial statements.
45 |
STATEMENTS OF CHANGES IN NET ASSETS — concluded
RevenueShares Financials Sector Fund |
RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund |
RevenueShares Ultra Dividend Fund | ||||||||||||||||||
Year
Ended June 30, 2014 |
Year
Ended June 30, 2013 |
Year
Ended June 30, 2014 |
Year
Ended June 30, 2013 |
Year
Ended June 30, 2014 |
Year
Ended June 30, 2013 |
For
the Period September 30, 20131 to June 30, 2014 | |||||||||||||||
OPERATIONS: | |||||||||||||||||||||
Net investment income | $ | 322,549 | $ | 139,771 | $ | 794,802 | $ | 811,517 | $ | 58,273 | $ | 150,851 | $ | 359,022 | |||||||
Net realized gain (loss) | |||||||||||||||||||||
on investments and | |||||||||||||||||||||
in-kind redemptions | 3,369,006 | (217,509 | ) | 507,978 | (1,009,137 | ) | 701,355 | 1,214,309 | (23,901 | ) | |||||||||||
Net change in unrealized | |||||||||||||||||||||
appreciation | |||||||||||||||||||||
(depreciation) on | |||||||||||||||||||||
investments | 1,401,893 | 4,301,291 | 3,966,961 | 2,860,112 | 948,999 | (288,549 | ) | 1,361,729 | |||||||||||||
Net increase in net assets | |||||||||||||||||||||
resulting from | |||||||||||||||||||||
operations | 5,093,448 | 4,223,553 | 5,269,741 | 2,662,492 | 1,708,627 | 1,076,611 | 1,696,850 | ||||||||||||||
DISTRIBUTIONS TO | |||||||||||||||||||||
SHAREHOLDERS FROM: | |||||||||||||||||||||
Net investment income | (296,193 | ) | (116,947 | ) | (758,211 | ) | (695,468 | ) | (119,412 | ) | (84,688 | ) | (178,314 | ) | |||||||
Total distributions to | |||||||||||||||||||||
shareholders | (296,193 | ) | (116,947 | ) | (758,211 | ) | (695,468 | ) | (119,412 | ) | (84,688 | ) | (178,314 | ) | |||||||
SHAREHOLDER | |||||||||||||||||||||
TRANSACTIONS: | |||||||||||||||||||||
Proceeds from | |||||||||||||||||||||
shares sold | 10,649,165 | 17,282,827 | — | — | — | — | 21,457,458 | ||||||||||||||
Cost of shares | |||||||||||||||||||||
redeemed | (12,378,478 | ) | (1,547,478 | ) | (5,628,988 | ) | (14,436,425 | ) | — | (2,007,397 | ) | — | |||||||||
Net increase (decrease) in | |||||||||||||||||||||
net assets resulting | |||||||||||||||||||||
from shareholder | |||||||||||||||||||||
transactions | (1,729,313 | ) | 15,735,349 | (5,628,988 | ) | (14,436,425 | ) | — | (2,007,397 | ) | 21,457,458 | ||||||||||
Increase (Decrease) in | |||||||||||||||||||||
net assets | 3,067,942 | 19,841,955 | (1,117,458 | ) | (12,469,401 | ) | 1,589,215 | (1,015,474 | ) | 22,975,994 | |||||||||||
NET ASSETS: | |||||||||||||||||||||
Beginning of period | 29,509,287 | 9,667,332 | 24,117,632 | 36,587,033 | 6,569,985 | 7,585,459 | — | ||||||||||||||
End of period | $ | 32,577,229 | $ | 29,509,287 | $ | 23,000,174 | $ | 24,117,632 | $ | 8,159,200 | $ | 6,569,985 | $ | 22,975,994 | |||||||
Undistributed net | |||||||||||||||||||||
investment income | |||||||||||||||||||||
included in net assets | |||||||||||||||||||||
at end of period | $ | 63,155 | $ | 36,799 | $ | 302,726 | $ | 262,179 | $ | 17,647 | $ | 78,900 | $ | 180,708 | |||||||
CHANGES IN SHARES | |||||||||||||||||||||
OUTSTANDING: | |||||||||||||||||||||
Shares outstanding, | |||||||||||||||||||||
beginning of period | 750,000 | 350,000 | 700,000 | 1,150,000 | 150,000 | 200,000 | — | ||||||||||||||
Shares sold | 250,000 | 450,000 | — | — | — | — | 800,000 | ||||||||||||||
Shares redeemed | (300,000 | ) | (50,000 | ) | (150,000 | ) | (450,000 | ) | — | (50,000 | ) | — | |||||||||
Shares outstanding, | |||||||||||||||||||||
end of period | 700,000 | 750,000 | 550,000 | 700,000 | 150,000 | 150,000 | 800,000 |
1 Commencement of operations.
The accompanying notes are an integral part of these financial statements.
46 |
REVENUE SHARES LARGE CAP FUND
For a share outstanding throughout each year presented.
Year Ended June 30, | |||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value, beginning of year | $ | 31.38 | $ | 25.20 | $ | 25.00 | $ | 19.40 | $ | 16.63 | |||||
Net investment income1 | 0.59 | 0.54 | 4 | 0.41 | 0.39 | 0.29 | |||||||||
Net realized and unrealized gain | |||||||||||||||
on investments | 7.13 | 6.17 | 0.21 | 5 | 5.57 | 2.74 | |||||||||
Total gain from investment operations | 7.72 | 6.71 | 0.62 | 5.96 | 3.03 | ||||||||||
Less Distributions from: | |||||||||||||||
Net investment income | (0.54 | ) | (0.53 | ) | (0.42 | ) | (0.36 | ) | (0.26 | ) | |||||
Net asset value, end of year | $ | 38.56 | $ | 31.38 | $ | 25.20 | $ | 25.00 | $ | 19.40 | |||||
Total Return at Net Asset Value2 | 24.84 | % | 26.98 | % | 2.59 | % | 30.97 | % | 18.21 | % | |||||
Total Return at Market Value2 | 25.10 | % | 26.86 | % | 2.57 | % | 30.94 | % | 17.99 | % | |||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets, end of year (000’s) omitted | $ | 242,970 | $ | 182,025 | $ | 156,284 | $ | 201,301 | $ | 138,721 | |||||
Ratio to average net assets of: | |||||||||||||||
Expenses, net of expense waivers | |||||||||||||||
and reimbursements | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | |||||
Expenses, prior to expense waivers | |||||||||||||||
and reimbursements | 0.68 | % | 0.71 | % | 0.75 | % | 0.73 | % | 0.85 | % | |||||
Net investment income, net of waivers | |||||||||||||||
and reimbursements | 1.66 | % | 1.93 | %4 | 1.72 | % | 1.68 | % | 1.44 | % | |||||
Portfolio turnover rate3 | 11.98 | % | 23.47 | % | 29.05 | % | 12.73 | % | 6.72 | % |
1 | Based on average daily shares outstanding. |
2 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
3 | Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
4 | For 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%. |
5 | The 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. |
The accompanying notes are an integral part of these financial statements.
47 |
FINANCIAL HIGHLIGHTS — continued
REVENUE SHARES MID CAP FUND
For a share outstanding throughout each year presented.
Year Ended June 30, | |||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value, beginning of year | $ | 38.00 | $ | 29.88 | $ | 31.69 | $ | 23.04 | $ | 18.84 | |||||
Net investment income1 | 0.34 | 0.39 | 4 | 0.23 | 0.18 | 0.17 | |||||||||
Net realized and unrealized gain (loss) | |||||||||||||||
on investments | 9.97 | 8.18 | (1.15 | ) | 8.64 | 4.18 | |||||||||
Total gain (loss) from investment operations | 10.31 | 8.57 | (0.92 | ) | 8.82 | 4.35 | |||||||||
Less Distributions from: | |||||||||||||||
Net investment income | (0.34 | ) | (0.31 | ) | (0.22 | ) | (0.17 | ) | (0.15 | ) | |||||
Realized gains | (0.22 | ) | (0.14 | ) | (0.67 | ) | — | — | |||||||
Total distributions | (0.56 | ) | (0.45 | ) | (0.89 | ) | (0.17 | ) | (0.15 | ) | |||||
Net asset value, end of year | $ | 47.75 | $ | 38.00 | $ | 29.88 | $ | 31.69 | $ | 23.04 | |||||
Total Return at Net Asset Value2 | 27.28 | % | 28.95 | % | (2.72 | )% | 38.40 | % | 23.07 | % | |||||
Total Return at Market Value2 | 27.14 | % | 29.25 | % | (2.80 | )% | 38.42 | % | 22.86 | % | |||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets, end of year (000’s) omitted | $ | 205,404 | $ | 123,565 | $ | 122,557 | $ | 144,235 | $ | 100,270 | |||||
Ratio to average net assets of: | |||||||||||||||
Expenses, net of expense waivers | |||||||||||||||
and reimbursements | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | |||||
Expenses, prior to expense waivers | |||||||||||||||
and reimbursements | 0.73 | % | 0.80 | % | 0.82 | % | 0.81 | % | 0.89 | % | |||||
Net investment income, net of waivers | |||||||||||||||
and reimbursements | 0.78 | % | 1.17 | %4 | 0.77 | % | 0.61 | % | 0.71 | % | |||||
Portfolio turnover rate3 | 24.19 | % | 44.42 | % | 55.02 | % | 38.03 | % | 14.51 | % |
1 | Based on average daily shares outstanding. |
2 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
3 | Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
4 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.05 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.03%. |
The accompanying notes are an integral part of these financial statements.
48 |
FINANCIAL HIGHLIGHTS — continued
REVENUE SHARES SMALL CAP FUND
For a share outstanding throughout each year presented.
Year Ended June 30, | |||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value, beginning of year | $ | 43.82 | $ | 33.71 | $ | 34.47 | $ | 25.41 | $ | 20.04 | |||||
Net investment income1 | 0.26 | 0.38 | 4 | 0.20 | 0.14 | 0.07 | |||||||||
Net realized and unrealized gain (loss) | |||||||||||||||
on investments | 12.81 | 10.22 | (0.81 | ) | 9.06 | 5.35 | |||||||||
Total gain (loss) from investment operations | 13.07 | 10.60 | (0.61 | ) | 9.20 | 5.42 | |||||||||
Less Distributions from: | |||||||||||||||
Net investment income | (0.52 | ) | (0.35 | ) | (0.15 | ) | (0.14 | ) | (0.05 | ) | |||||
Realized gains | (0.12 | ) | (0.14 | ) | — | — | — | ||||||||
Total distributions | (0.64 | ) | (0.49 | ) | (0.15 | ) | (0.14 | ) | (0.05 | ) | |||||
Net asset value, end of year | $ | 56.25 | $ | 43.82 | $ | 33.71 | $ | 34.47 | $ | 25.41 | |||||
Total Return at Net Asset Value2 | 30.03 | % | 31.74 | % | (1.75 | )% | 36.26 | % | 27.07 | % | |||||
Total Return at Market Value2 | 30.38 | % | 31.53 | % | (1.67 | )% | 36.10 | % | 26.88 | % | |||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets, end of year (000’s) omitted | $ | 292,584 | $ | 153,441 | $ | 109,601 | $ | 131,017 | $ | 109,319 | |||||
Ratio to average net assets of: | |||||||||||||||
Expenses, net of expense waivers | |||||||||||||||
and reimbursements | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | |||||
Expenses, prior to expense waivers | |||||||||||||||
and reimbursements | 0.72 | % | 0.79 | % | 0.84 | % | 0.83 | % | 0.89 | % | |||||
Net investment income, net of waivers | |||||||||||||||
and reimbursements | 0.51 | % | 0.99 | %4 | 0.61 | % | 0.44 | % | 0.25 | % | |||||
Portfolio turnover rate3 | 10.69 | % | 39.39 | % | 47.80 | % | 33.72 | % | 16.33 | % |
1 | Based on average daily shares outstanding. |
2 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
3 | Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
4 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.12 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.69%. |
The accompanying notes are an integral part of these financial statements.
49 |
FINANCIAL HIGHLIGHTS — continued
REVENUE SHARES FINANCIALS SECTOR FUND
For a share outstanding throughout each year presented.
Year Ended June 30, | |||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value, beginning of year | $ | 39.35 | $ | 27.62 | $ | 29.70 | $ | 27.30 | $ | 22.36 | |||||
Net investment income1 | 0.45 | 0.38 | 4 | 0.26 | 0.46 | 0.15 | |||||||||
Net realized and unrealized gain (loss) | |||||||||||||||
on investments | 7.17 | 11.71 | (2.05 | ) | 2.41 | 4.96 | |||||||||
Total gain (loss) from investment operations | 7.62 | 12.09 | (1.79 | ) | 2.87 | 5.11 | |||||||||
Less Distributions from: | |||||||||||||||
Net investment income | (0.43 | ) | (0.36 | ) | (0.29 | ) | (0.47 | ) | (0.17 | ) | |||||
Net asset value, end of year | $ | 46.54 | $ | 39.35 | $ | 27.62 | $ | 29.70 | $ | 27.30 | |||||
Total Return at Net Asset Value2 | 19.44 | % | 44.09 | % | (5.95 | )% | 10.40 | % | 22.87 | % | |||||
Total Return at Market Value2 | 19.32 | % | 44.24 | % | (5.93 | )% | 10.29 | % | 23.00 | % | |||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets, end of year (000’s) omitted | $ | 32,577 | $ | 29,509 | $ | 9,667 | $ | 11,880 | $ | 24,572 | |||||
Ratio to average net assets of: | |||||||||||||||
Expenses, net of expense waivers | |||||||||||||||
and reimbursements | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | |||||
Expenses, prior to expense waivers | |||||||||||||||
and reimbursements | 0.80 | % | 1.03 | % | 1.29 | % | 1.03 | % | 1.11 | % | |||||
Net investment income, net of waivers | |||||||||||||||
and reimbursements | 1.03 | % | 1.12 | %4 | 0.98 | % | 1.52 | % | 0.51 | % | |||||
Portfolio turnover rate3 | 13.27 | % | 20.20 | % | 26.17 | % | 15.99 | % | 1.76 | % |
1 | Based on average daily shares outstanding. |
2 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
3 | Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
4 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.004 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.11%. |
The accompanying notes are an integral part of these financial statements.
50 |
FINANCIAL HIGHLIGHTS — continued
REVENUE SHARES ADR FUND
For a share outstanding throughout each year presented.
Year Ended June 30, | |||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value, beginning of year | $ | 34.45 | $ | 31.81 | $ | 39.84 | $ | 30.74 | $ | 30.09 | |||||
Net investment income1 | 1.33 | 0.97 | 4 | 1.00 | 0.96 | 1.07 | |||||||||
Net realized and unrealized gain (loss) | |||||||||||||||
on investments | 7.24 | 2.47 | (7.47 | ) | 9.01 | 0.40 | |||||||||
Total gain (loss) from investment operations | 8.57 | 3.44 | (6.47 | ) | 9.97 | 1.47 | |||||||||
Less Distributions from: | |||||||||||||||
Net investment income | (1.20 | ) | (0.80 | ) | (1.33 | ) | (0.87 | ) | (0.68 | ) | |||||
Realized gains | — | — | (0.23 | ) | — | (0.14 | ) | ||||||||
Total distributions | (1.20 | ) | (0.80 | ) | (1.56 | ) | (0.87 | ) | (0.82 | ) | |||||
Net asset value, end of year | $ | 41.82 | $ | 34.45 | $ | 31.81 | $ | 39.84 | $ | 30.74 | |||||
Total Return at Net Asset Value2 | 25.38 | % | 10.87 | % | (16.30 | )% | 32.89 | % | 4.64 | % | |||||
Total Return at Market Value2 | 25.39 | % | 10.76 | % | (16.32 | )% | 32.90 | % | 4.55 | % | |||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets, end of year (000’s) omitted | $ | 23,000 | $ | 24,118 | $ | 36,587 | $ | 71,716 | $ | 47,641 | |||||
Ratio to average net assets of: | |||||||||||||||
Expenses, net of expense waivers | |||||||||||||||
and reimbursements | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | |||||
Expenses, prior to expense waivers | |||||||||||||||
and reimbursements | 1.04 | % | 1.06 | % | 1.05 | % | 0.99 | % | 1.08 | % | |||||
Net investment income, net of waivers | |||||||||||||||
and reimbursements | 3.47 | % | 2.83 | %4 | 2.97 | % | 2.55 | % | 3.06 | % | |||||
Portfolio turnover rate3 | 21.31 | % | 21.02 | % | 35.04 | % | 37.11 | % | 45.80 | % |
1 | Based on average daily shares outstanding. |
2 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
3 | Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
4 | For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.003 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 2.82%. |
The accompanying notes are an integral part of these financial statements.
51 |
FINANCIAL HIGHLIGHTS — continued
REVENUE SHARES NAVELLIER OVERALL A-100 FUND
For a share outstanding throughout each year presented.
Year Ended June 30, | |||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value, beginning of year | $ | 43.80 | $ | 37.93 | $ | 41.98 | $ | 29.68 | $ | 27.52 | |||||
Net investment income1 | 0.39 | 0.86 | 4 | 0.44 | 0.39 | 0.10 | |||||||||
Net realized and unrealized gain (loss) | |||||||||||||||
on investments | 11.00 | 5.49 | (3.67 | ) | 12.32 | 2.61 | |||||||||
Total gain (loss) from investment operations | 11.39 | 6.35 | (3.23 | ) | 12.71 | 2.71 | |||||||||
Less Distributions from: | |||||||||||||||
Net investment income | (0.80 | ) | (0.48 | ) | (0.38 | ) | (0.41 | ) | (0.07 | ) | |||||
Realized gains | — | — | (0.44 | ) | — | (0.48 | ) | ||||||||
Total distributions | (0.80 | ) | (0.48 | ) | (0.82 | ) | (0.41 | ) | (0.55 | ) | |||||
Net asset value, end of year | $ | 54.39 | $ | 43.80 | $ | 37.93 | $ | 41.98 | $ | 29.68 | |||||
Total Return at Net Asset Value2 | 26.37 | % | 16.79 | % | (7.61 | )% | 43.05 | % | 9.70 | % | |||||
Total Return at Market Value2 | 26.61 | % | 16.77 | % | (7.93 | )% | 43.22 | % | 9.81 | % | |||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets, end of year (000’s) omitted | $ | 8,159 | $ | 6,570 | $ | 7,585 | $ | 10,496 | $ | 10,388 | |||||
Ratio to average net assets of: | |||||||||||||||
Expenses, net of expense waivers | |||||||||||||||
and reimbursements | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | |||||
Expenses, prior to expense waivers | |||||||||||||||
and reimbursements | 1.37 | % | 1.43 | % | 1.42 | % | 1.60 | % | 1.40 | % | |||||
Net investment income, net of waivers | |||||||||||||||
and reimbursements | 0.79 | % | 2.05 | %4 | 1.18 | % | 1.06 | % | 0.32 | % | |||||
Portfolio turnover rate3 | 142.40 | % | 224.74 | % | 154.06 | % | 190.44 | % | 182.12 | % |
1 | Based on average daily shares outstanding. |
2 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
3 | Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
4 | For 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%. |
The accompanying notes are an integral part of these financial statements.
52 |
FINANCIAL HIGHLIGHTS — concluded
REVENUE SHARES ULTRA DIVIDEND FUND
For a share outstanding throughout the period presented.
For
the Period September 30, 20131 Through June 30, 2014 | |||
Per Share Operating Performance: | |||
Net asset value, beginning of period | $ | 24.87 | |
Net investment income2 | 0.91 | ||
Net realized and unrealized gain on investments | 3.39 | ||
Total gain from investment operations | 4.30 | ||
Less Distributions from: | |||
Net investment income | (0.45 | ) | |
Net asset value, end of period | $ | 28.72 | |
Total Return at Net Asset Value3 | 17.46 | %6 | |
Total Return at Market Value3 | 17.58 | %6 | |
Ratios/Supplemental Data: | |||
Net assets, end of period (000’s) omitted | $ | 22,976 | |
Ratio to average net assets of: | |||
Expenses, net of expense waivers and reimbursements | 0.49 | %4 | |
Expenses, prior to expense waivers and reimbursements | 1.18 | %4 | |
Net investment income, net of waivers and reimbursements | 4.57 | %4 | |
Portfolio turnover rate5 | 37.43 | %6 |
1 | Commencement of operations. |
2 | Based on average daily shares outstanding. |
3 | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at September 30, 2013, reinvestment of all dividends and distributions at market value during the year, 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. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. |
4 | Annualized. |
5 | Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
6 | Not annualized. |
The accompanying notes are an integral part of these financial statements.
53 |
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, as of the date of this report, is 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 non-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 September 30, 2013 for RevenueShares Ultra Dividend Fund.
The objective of the RevenueShares Large Cap Fund is to outperform the total return performance of the S&P 500® Index. The objective of the RevenueShares Mid Cap Fund is to outperform the total return performance of the S&P MidCap 400® Index. The objective of the RevenueShares Small Cap Fund is to outperform the total return performance of the S&P SmallCap 600® Index. The objective of the RevenueShares Financials Sector Fund is to outperform the total return performance of the S&P 500® Financials Index. The objective of the RevenueShares ADR Fund is to outperform the total return performance of the S&P ADR Index. The objective of the RevenueShares Navellier Overall A-100 Fund is to outperform the total return performance of the Navellier Overall A-100 Index. The objective of the RevenueShares Ultra Dividend Fund is to outperform the total return performance of the S&P 900® Index.
Under the Funds’ organizational documents, its officers and trustees are indemnified by the Funds against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. Currently, the Funds expect the risk of loss to be remote.
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 — Securities 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 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, if any, 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 if 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.
54 |
NOTES TO FINANCIAL STATEMENTS — continued
Securities Lending — Each Fund may lend 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 U.S. dollar cash and/or U.S. government securities, is maintained at all times. The cash collateral can be invested in a certain money market mutual fund, which may 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 invested in the money market mutual fund 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 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 securities could result in a loss or delay in recovering the Fund’s securities if the borrower defaults.
The securities lending income earned by the Funds is disclosed on the Statements of Operations. The value of loaned securities and related collateral outstanding at June 30, 2014 are shown in the Schedules of Investments and Statements of Assets and Liabilities. The value of the collateral held may be temporarily less than that required under the lending contract. RevenueShares Navellier Overall A-100 Fund obtained additional collateral on the following day after the period end to ensure the securities on loan were adequately collateralized. As of June 30, 2014 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 Bank of New York Mellon. 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 U.S. government securities 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 lending agent fails to fulfill its guarantee to the Fund against that risk, 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 may be 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 June 30, 2014, 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 Received1 |
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 | $ | 769,974 | $ | (769,974 | ) | $ | — | $ | — | $ | — | $ | — | |
RevenueShares Mid Cap Fund | 10,423,372 | (10,423,372 | ) | — | — | — | — | |||||||
RevenueShares Small Cap Fund | 15,283,568 | (15,283,568 | ) | — | — | — | — | |||||||
RevenueShares Financials | ||||||||||||||
Sector Fund | 761 | (761 | ) | — | — | — | — | |||||||
RevenueShares ADR Fund | 3,435,861 | (3,435,861 | ) | — | — | — | — | |||||||
RevenueShares Navellier | ||||||||||||||
Overall A-100 Fund | 362,545 | (362,545 | ) | — | — | — | — | |||||||
RevenueShares Ultra | ||||||||||||||
Dividend Fund | 322,102 | (322,102 | ) | — | — | — | — |
1 The amount of collateral presented is limited such that the net amount cannot be less than zero.
55 |
NOTES TO FINANCIAL STATEMENTS — continued
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.
The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financial Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund pay the Adviser the following annualized fees:
Fund | Management Fees | Total
Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement |
RevenueShares Large Cap Fund | 0.45% | 0.49% |
RevenueShares Mid Cap Fund | 0.50% | 0.54% |
RevenueShares Small Cap Fund | 0.50% | 0.54% |
RevenueShares Financials Sector Fund | 0.45% | 0.49% |
RevenueShares ADR Fund | 0.60% | 0.49% |
RevenueShares Navellier Overall A-100 Fund | 0.60% | 0.60% |
RevenueShares Ultra Dividend Fund | 0.45% | 0.49% |
The Trust and the Adviser have entered into a written fee waiver and expense reimbursement agreements pursuant to which the Adviser has agreed to waive all or 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 Financial Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend from exceeding the percentage of each Fund's daily net assets in the above table. Amounts waived and/or reimbursed pursuant to these agreements are not subject to subsequent recapture by the Adviser. These agreements will remain in effect and will be contractually binding until October 28, 2014, after which they may be terminated or revised.
For the year ended June 30, 2014, the Adviser waived and reimbursed the following fees:
Fund | Fees
Waived and Reimbursed | |
RevenueShares Large Cap Fund | $389,503 | |
RevenueShares Mid Cap Fund | 327,617 | |
RevenueShares Small Cap Fund | 426,108 | |
RevenueShares Financials Sector Fund | 97,552 | |
RevenueShares ADR Fund | 125,013 | |
RevenueShares Navellier Overall A-100 Fund | 57,154 | |
RevenueShares Ultra Dividend Fund | 53,874 |
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 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.
56 |
NOTES TO FINANCIAL STATEMENTS — continued
Other Service Providers — Foreside Compliance Services, LLC (“FCS”), an affiliate of the Distributor, provides an Anti-Money Laundering Officer and Chief Compliance Officer as well as certain additional compliance support functions to the Funds.
Neither the Distributor, FCS nor any of their officers or employees who serve as an officer of the Funds, has any role in determining the investment policies of, or which securities are to be purchased or sold by, the Trust or its Funds. Certain officers or employees of FCS are also officers of the Trust.
Licensing Fee Agreements — The Adviser has licensed each Fund to use certain trademarks that are owned by the Adviser. No fees were charged to the Funds for this license.
4. CREATION AND REDEMPTION TRANSACTIONS
As of June 30, 2014, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Retail investors may only purchase and sell Fund shares at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund’s shares may be at, above or below its NAV depending on the premium or discount at which the Fund’s shares trade.
Each Fund issues and redeems shares at NAV, only in large blocks typically consisting of 50,000 shares or more (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated basket of equity securities constituting a portfolio sampling representation of the securities included in the relevant Fund’s underlying index and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
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 in an active market 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 June 30, 2014 in valuing the Funds’ assets carried at fair value:
Quoted Prices in Active Markets (Level 1) | Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||
Fund | Common Stock | Preferred Stock | Money Market Funds |
Total | |||||||||
RevenueShares Large Cap Fund | $ | 241,798,595 | $ | — | $ | 787,229 | $ | — | $ | — | $ | 242,585,824 | |
RevenueShares Mid Cap Fund | 204,999,518 | — | 10,660,514 | — | — | 215,660,032 | |||||||
RevenueShares Small Cap Fund | 292,257,182 | — | 16,000,780 | — | — | 308,257,962 | |||||||
RevenueShares Financials | |||||||||||||
Sector Fund | 32,493,676 | — | 765 | — | — | 32,494,441 | |||||||
RevenueShares ADR Fund | 22,216,503 | 395,023 | 3,502,086 | — | — | 26,113,612 | |||||||
RevenueShares Navellier | |||||||||||||
Overall A-100 Fund | 8,144,215 | — | 363,140 | — | — | 8,507,355 | |||||||
RevenueShares Ultra | |||||||||||||
Dividend Fund | 22,908,316 | — | 331,037 | — | — | 23,239,353 |
57 |
NOTES TO FINANCIAL STATEMENTS — continued
At June 30, 2014, the Funds did not hold any Level 2 or Level 3 securities during the year. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.
The Funds’ policy is to disclose transfers between Levels based on valuations at the beginning of the reporting period. At June 30, 2014, there were no transfers between Levels 1, 2, or 3, based on the valuation input Levels assigned to securities on June 30, 2013.
6. INVESTMENT TRANSACTIONS
The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the year ended June 30, 2014 were as follows:
Fund | Purchases | Sales | |||
RevenueShares Large Cap Fund | $ | 41,507,476 | $ | 24,228,651 | |
RevenueShares Mid Cap Fund | 78,041,491 | 40,400,632 | |||
RevenueShares Small Cap Fund | 102,730,408 | 24,844,765 | |||
RevenueShares Financials Sector Fund | 4,120,242 | 4,153,990 | |||
RevenueShares ADR Fund | 4,821,715 | 4,906,985 | |||
RevenueShares Navellier Overall A-100 Fund | 10,578,228 | 10,639,209 | |||
RevenueShares Ultra Dividend Fund | 4,367,552 | 4,158,906 |
For the year ended June 30, 2014, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:
Fund | Purchases | Sales | |||
RevenueShares Large Cap Fund | $ | 55,382,483 | $ | 52,063,388 | |
RevenueShares Mid Cap Fund | 55,275,312 | 48,842,526 | |||
RevenueShares Small Cap Fund | 114,377,791 | 107,080,653 | |||
RevenueShares Financials Sector Fund | 10,634,796 | 12,352,932 | |||
RevenueShares ADR Fund | — | 5,623,062 | |||
RevenueShares Navellier Overall A-100 Fund | — | — | |||
RevenueShares Ultra Dividend Fund | 21,367,152 | — |
Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.
7. TRUSTEE ’S FEES
The Trust compensates each Trustee who is not an officer or employee of the Adviser. No Trustee of the Trust who is also an officer or employee of the Adviser receives any compensation from the Trust for services to the Trust.
8. FEDERAL INCOME TAX
The Funds intend to continue to qualify as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986 as amended (the “Internal Revenue Code”). If so qualified, the Funds will not be subject to Federal income tax to the extent they distribute substantially all of their net investment income and capital gains to shareholders.
58 |
NOTES TO FINANCIAL STATEMENTS — continued
At June 30, 2014, 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 | $ | 179,024,683 | $ | 65,781,941 | $ | (2,220,800 | ) | $ | 63,561,141 |
RevenueShares Mid Cap Fund | 170,573,371 | 46,838,935 | (1,752,274 | ) | 45,086,661 | ||||
RevenueShares Small Cap Fund | 261,158,751 | 52,048,667 | (4,949,456 | ) | 47,099,211 | ||||
RevenueShares Financials Sector Fund | 28,575,174 | 4,201,579 | (282,312 | ) | 3,919,267 | ||||
RevenueShares ADR Fund | 24,652,416 | 3,414,382 | (1,953,186 | ) | 1,461,196 | ||||
RevenueShares Navellier Overall A-100 Fund | 7,220,650 | 1,328,633 | (41,928 | ) | 1,286,705 | ||||
RevenueShares Ultra Dividend Fund | 21,897,817 | 1,522,514 | (180,978 | ) | 1,341,536 |
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, 2014, the components of accumulated earnings/loss on a tax-basis were as follows:
Fund | Undistributed Ordinary Income |
Accumulated Undistributed Capital and Other Gain (Loss) |
Net
Unrealized Appreciation (Depreciation) |
Total Accumulated Earnings/ (Loss) | ||||||
RevenueShares Large Cap Fund | $ | 1,000,489 | $ | 126,852 | $ | 63,561,141 | $ | 64,688,482 | ||
RevenueShares Mid Cap Fund | 353,659 | 745,247 | 45,086,661 | 46,185,567 | ||||||
RevenueShares Small Cap Fund | 342,291 | 308,710 | 47,099,211 | 47,750,212 | ||||||
RevenueShares Financial Sector Fund | 63,155 | (871,729 | ) | 3,919,267 | 3,110,693 | |||||
Revenueshares ADR Fund | 313,202 | (3,882,434 | ) | 1,461,196 | (2,108,036 | ) | ||||
RevenueShares Navellier Overall A-100 Fund | 17,647 | 347,583 | 1,286,705 | 1,651,935 | ||||||
RevenueShares Ultra Dividend Fund | 179,227 | (2,227 | ) | 1,341,536 | 1,518,536 |
The tax character of distributions paid during the years ended June 30, 2014 and 2013 were as follows:
2014 | 2013 | ||||||||
Fund | Distributions Paid From Ordinary Income |
Distributions Paid From Long-Term Capital Gains |
Distributions Paid From Ordinary Income |
Distributions Paid From Long-Term Capital Gains | |||||
RevenueShares Large Cap Fund | $ | 3,077,924 | $ | — | $ | 3,079,803 | $ | — | |
RevenueShares Mid Cap Fund | 1,218,541 | 807,714 | 1,079,897 | 460,723 | |||||
RevenueShares Small Cap Fund | 2,135,006 | 552,449 | 1,209,977 | 437,626 | |||||
RevenueShares Financial Sector Fund | 296,193 | — | 116,947 | — | |||||
Revenueshares ADR Fund | 758,211 | — | 695,468 | — | |||||
RevenueShares Navellier Overall A-100 Fund | 119,412 | — | 84,688 | — | |||||
RevenueShares Ultra Dividend Fund | 178,314 | — |
At June 30, 2014, 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 Financial Sector Fund | $ | 52,317 | $ | 21,626 | $ | 78,535 | $ | — | $ | 719,251 | $ | 871,729 |
Revenueshares ADR Fund | — | — | — | 787,855 | 2,801,490 | 3,589,345 |
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
59 |
NOTES TO FINANCIAL STATEMENTS — continued
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, 2013 through June 30, 2014, 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, 2014, the Funds incurred and will elect to defer net capital losses as follows:
Fund | Post-October Capital Losses | ||
RevenueShares Large Cap Fund | $ | 147,970 | |
RevenueShares Small Cap Fund | 238,769 | ||
Revenueshares ADR Fund | 293,089 | ||
RevenueShares Ultra Dividend Fund | 2,227 |
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, 2014, 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 | $ | (6,418 | ) | $ | (20,376,726 | ) | $ | 20,383,144 |
RevenueShares Mid Cap Fund | (6,349 | ) | (18,570,242 | ) | 18,576,591 | |||
RevenueShares Small Cap Fund | 806,545 | (44,840,727 | ) | 44,034,182 | ||||
RevenueShares Financial Sector Fund | — | (2,907,874 | ) | 2,907,874 | ||||
Revenueshares ADR Fund | 3,956 | (770,865 | ) | 766,909 | ||||
RevenueShares Navellier Overall A-100 Fund | (114 | ) | 114 | — | ||||
RevenueShares Ultra Dividend Fund | — | — | — |
Accounting principles generally accepted in the United States (“GAAP”) 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.
GAAP requires management of the Funds to analyze all open tax years, fiscal years 2010-2014, 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, 2014, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
9. RISKS
Concentration Risk
The RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares 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.
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
60 |
NOTES TO FINANCIAL STATEMENTS — continued
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 adversely may be 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 American depositary receipts (“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.
61 |
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.
10. SUBSEQUENT EVENTS
On July 2, 2014, the Funds declared quarterly income dividends with an ex-date of July 3, 2014 and payable date of July 10, 2014. The income dividend per share for each Fund was as follows:
Fund | Income Dividend Per Share | ||
RevenueShares Large Cap Fund | $ | 0.16262 | |
RevenueShares Mid Cap Fund | 0.08317 | ||
RevenueShares Small Cap Fund | 0.04259 | ||
RevenueShares Financials Sector Fund | 0.09022 | ||
RevenueShares ADR Fund | 0.56082 | ||
RevenueShares Navellier Overall A-100 Fund | 0.11841 | ||
RevenueShares Ultra Dividend Fund | 0.22589 |
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.
62 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of 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 and the Board of Trustees of RevenueShares ETF Trust
We have audited the accompanying statements of assets and liabilities of the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund (the “Funds”), each a series of shares of beneficial interest in the RevenueShares ETF Trust, including the schedules of investments, as of June 30, 2014, and the related statements of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three year period then ended. We have also audited the accompanying statement of assets and liabilities of the RevenueShares Ultra Dividend Fund, a series of shares of beneficial interest in the RevenueShares ETF Trust, including the schedule of investments, as of June 30, 2014, and the related statement of operations, statement of changes in net assets, and financial highlights for the period September 30, 2013 (commencement of operations) through June 30, 2014. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each year presented through the year ended June 30, 2011 have been audited by other auditors, whose report dated August 29, 2011, expressed an unqualified opinion on such financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2014 by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund, and the RevenueShares Ultra Dividend Fund as of June 30, 2014, and the results of their operations for the year or period then ended, and the changes in their net assets and their financial highlights for each of the years or periods presented, in conformity with accounting principles generally accepted in the United States of America.
BBD, LLP
Philadelphia,Pennsylvania
August 22, 2014
63 |
TRUSTEES AND OFFICERS OF THE REVENUESHARES ETF TRUST
(UNAUDITED )
Independent Trustees
Name
and Year of Birth |
Position(s) Held with Trust |
Term
of Office1 and Length of Time Served |
Principal
Occupation(s) During Past 5 Years |
Number
of Portfolios in Fund Complex2 Overseen by Trustee |
Other
Directorships Held by Trustee During Past 5 Years | |||||
James C. McAuliffe | Trustee | Since 2006 | Retired. Police Officer from | 16 | Director, Officer | |||||
Year of Birth: 1951 | 1971 to 2004. | Daniel Boyle | ||||||||
Scholarship Fund, | ||||||||||
from 1992 to | ||||||||||
present. | ||||||||||
Christian W. Myers, III | Trustee | Since 2006 | Firefighter from 1976 to | 16 | None | |||||
Year of Birth: 1952 | present. | |||||||||
John J. Kolodziej | Trustee | Since 2007 | Controller, Diagnostic | 16 | None | |||||
Year of Birth: 1956 | Imaging Inc., from August | |||||||||
2010 to 2012; Director of | ||||||||||
Finance, St. Francis Medical | ||||||||||
Center, from 2002 to 2009. | ||||||||||
John A. Reilly | Trustee | Since 2010 | Retired. Firefighter from | 16 | Trustee, Philadelphia | |||||
Year of Birth: 1931 | 1956 to 1988. | Board of Pensions, | ||||||||
from 1976 to | ||||||||||
present; Member of | ||||||||||
the Executive Board | ||||||||||
of National | ||||||||||
Conference on | ||||||||||
Public Employee | ||||||||||
Retirement Systems | ||||||||||
(NCPERS), from | ||||||||||
1990 to present. | ||||||||||
Interested Trustees | ||||||||||
Vincent T. Lowry3 | Chairman | Since 2006 | Chief Executive Officer and | 16 | None | |||||
Year of Birth: 1951 | and Trustee; | Chief Investment Officer, | ||||||||
President | VTL, from 2004 to present; | |||||||||
Managing Director, Smith | ||||||||||
Barney, Inc., from 1984 to | ||||||||||
2004 | ||||||||||
Daniel J. Ledva4 | Trustee | Since | Senior Managing Director, | 16 | Trustee, Dr. Gene A. | |||||
Year of Birth: 1972 | September | Co-Founder and Principal, | Carpenter | |||||||
2011 | Kelson Group, from 2010 | Foundation, from | ||||||||
to present; Director, | 2008 to present. | |||||||||
Marwood Group, from | ||||||||||
2002 to 2010. |
1 | Each Trustee holds office for an indefinite term. |
2 | The “Fund Complex” consists of the Trust, which consists of 16 Funds, only seven of which are operating. |
3 | Mr. Lowry is considered to be an “interested person” of the Trust as defined in the 1940 Act due to his relationship with VTL, the Funds’ investment adviser. |
4 | Mr. Ledva is deemed to be an “interested person” of the Trust as defined in the 1940 Act because the Kelson Group and its affiliated broker-dealer, Kelson Capital LLC, are currently negotiating certain arrangements, including acting as a private placement agent, with VTL and/or the Trust. |
64 |
TRUSTEES AND OFFICERS OF THE REVENUESHARES ETF TRUST
(UNAUDITED ) — concluded
Officers
Name,
Address and Year of Birth |
Position(s) Held with the Trust |
Term
of Office1 and Length of Time Served |
Principal Occupation(s) During Past 5 Years | |||
Michael Gompers | Treasurer | Since March | Chief Operating Officer, VTL, from March 2007 to present; | |||
One Commerce | 2012 | Chief Executive Officer and Chief Compliance Officer, IMS, | ||||
2005 Market Street | from December 2009 to present; Analyst, VTL, from July | |||||
Suite 2020 | 2005 – March 2007; Accountant, Gompers & Associates, | |||||
Philadelphia, PA 19103 | PLLC from January 2005 – July 2005. | |||||
Year of Birth: 1981 | ||||||
Patrick J. Keniston2 | Chief | 2009 to 2012; | Director, Foreside Compliance Services, LLC, from October | |||
Three Canal Plaza, | Compliance | from June | 2008 to present. | |||
Suite 100 | Officer | 2014 to | ||||
Portland, Maine 04101 | (“CCO”) and | present | ||||
Year of Birth: 1964 | Anti-Money | |||||
Laundering | ||||||
Officer | ||||||
Jennifer L. Fox | Secretary | Since February, | Technical Analyst, VTL, from 2004 to present. | |||
One Commerce Square | 2014 | |||||
2005 Market Street | ||||||
Suite 2020 | ||||||
Philadelphia, PA 19103 | ||||||
Year of Birth: 1972 |
1 | Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board. |
2 | The Funds’ Chief Compliance Officer may also serve as an officer of other unaffiliated mutual funds, closed-end funds and ETFs for which Foreside Fund Services, LLC, the Funds’ distributor (“Foreside” or the “Distributor”), or its affiliates act as distributor or service provider. |
The Funds’ Statement of Additional Information (“SAI”) has additional information about the Funds’ Trustees and Officers and is available without charge upon request. Contact your financial representative for a free prospectus or SAI.
65 |
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 1 (888) 854-8181. This information is also available on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The RevenueShares ETF Trust files its complete schedule of portfolio holdings with the SEC for its first and third quarters on Form N-Q. Copies of the filings are available on the SEC’s website at http://www.sec.gov. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to the following email box address: <publicinfo@sec.gov>.
Premium/Discount Information
Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund’s net asset value may be found on the Funds’ website at http://www.revenueshares.com.
Federal Tax Status of Dividends Declared during the Tax Year
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
For Federal income tax purposes, dividends and short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), and the individual qualified dividend rate (“QDI”) is presented below:
QDI | DRD | |
RevenueShares Large Cap Fund | 100% | 100% |
RevenueShares Mid Cap Fund | 100% | 100% |
RevenueShares Small Cap Fund | 94% | 100% |
RevenueShares Financials Sector Fund | 100% | 100% |
RevenueShares ADR Fund | 89% | 4% |
RevenueShares Navellier Overall A-100 Fund | 100% | 77% |
RevenueShares Ultra Dividend Fund | 100% | 100% |
With respect to the taxable year ended June 30, 2014, the Funds hereby designate as capital gain dividends the amounts listed below, or, if subsequently determined to be different, the net capital gain of such year:
RevenueShares Mid Cap Fund |
RevenueShares Small Cap Fund | |
From long-term capital gains, subject to the 15% rate gains category | $807,714 | $552,449 |
RevenueShares ADR Fund in accordance with Section 853 of the Internal Revenue Code intends to elect to pass through to its shareholders the credit for taxes paid in foreign countries during its fiscal year ended June 30, 2014. In accordance with the current tax laws, the foreign income and foreign tax as of June 30, 2014 is as follows:
Foreign Dividend |
Foreign Taxes | |
Dollar Amount | $204,232 | $36,801 |
66 |
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.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has one audit committee financial expert serving on its audit committee, an “independent” Trustee, John J. Kolodziej. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $88,400 for 2014 and $78,000 for 2013. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2014 and $0 for 2013. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $14,000 for 2014 and $12,000 for 2013. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2014 and $0 for 2013. |
(e)(1) | Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant.
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) N/A |
(c) 100% |
(d) N/A |
(f) | No response required. |
(g) | The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2014 and $0 for 2013. |
(h) | Not applicable. |
Item 5. Audit Committee of Listed registrants.
(a) | The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and all independent Trustees are members of such committee. |
(b) | Not applicable. |
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) |
and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a)(1) | Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(12.other) | Not applicable. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | RevenueShares ETF Trust |
By (Signature and Title)* | /s/ Vincent T. Lowry | |
Vincent T. Lowry Principal Executive Officer |
Date | September 8, 2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Vincent T. Lowry | |
Vincent T. Lowry Principal Executive Officer |
Date | September 8, 2014 |
By (Signature and Title)* | /s/ Michael Gompers | |
Michael Gompers Chief Financial Officer |
Date | September 8, 2014 |
* Print the name and title of each signing officer under his or her signature.
EX-99.CODE ETH
REVENUESHARES ETF TRUST
(the “Trust”)
Financial Code of Ethics for Principal Officers
1. | HONEST AND ETHICAL CONDUCT |
The Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the “Principal Officers”) of the Trust shall act with honesty and integrity, ethically handle actual or apparent conflicts of interest between personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest between their interests and those of the Trust to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.
The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting acts or allowing their independent judgment to be subordinated or compromised.
2. | FINANCIAL RECORDS AND REPORTING |
The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.
The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.
The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust’s needs; shall proactively promote ethical behavior of the Trust’s employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.
3. | COMPLIANCE WITH LAWS, RULES AND REGULATIONS |
The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Trust with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.
1 |
4. | COMPLIANCE WITH THIS CODE OF ETHICS |
The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.
5. | AMENDMENT AND WAIVER |
This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.
Adopted: October 12, 2007
2 |
Exhibit-99.CERT
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I, Vincent T. Lowry, certify that:
1. | I have reviewed this report on Form N-CSR of the RevenueShares ETF Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the 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; and
5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | September 8, 2014 | /s/ Vincent T. Lowry | ||
Vincent T. Lowry | ||||
Principal Executive Officer |
Exhibit-99.CERT
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I, Michael Gompers, certify that:
1. | I have reviewed this report on Form N-CSR of the RevenueShares ETF Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the 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; and |
5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | September 8, 2014 | /s/ Michael Gompers | ||
Michael Gompers | ||||
Chief Financial Officer |
Exhibit-99.906CERT
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act
I, Vincent T. Lowry, Principal Executive Officer of RevenueShares ETF Trust (the “Registrant”), certify that:
1. | The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: | September 8, 2014 | /s/ Vincent T. Lowry | ||
Vincent T. Lowry | ||||
Principal Executive Officer |
I, Michael Gompers, Chief Financial Officer of RevenueShares ETF Trust (the “Registrant”), certify that:
1. | The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: | September 8, 2014 | /s/ Michael Gompers | ||
Michael Gompers | ||||
Chief Financial Officer |
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