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, 2015
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.
RevenueShares™
ETF Trust
Annual Report to Shareholders
June 30, 2015
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TABLE OF CONTENTS
| 1 |
August 2015
Dear Shareholder:
After several years of outstanding performance virtually across the board, markets ran out of steam in the middle of Fiscal 2015. After many benchmarks hit all time highs in March and April, stocks retreated slightly and then were essentially flat for the remainder of the year. The net result was that most US indexes were up in the high single digit range for Fiscal 2015, such as the S&P 500 being up 7.41%. In international markets a strengthening dollar led to currency related losses for most unhedged ETFs.
The RevenueShares Large Cap Fund outperformed the S&P 500 Index with an NAV return of 7.91% versus 7.41% for the fiscal year ended June 30, 2015.
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 Market Capital Index is constructed from the companies that are traded on the New York Stock Exchange, Nasdaq Stock Exchange or American Stock Exchange that have over 2,500 shares traded daily, a closing price over $1, and companies that have been public for at least one year. An investor cannot invest directly in an index.
The views in this letter were those of the Fund manager as of the publication of the report and may not necessarily reflect his views on the date this letter is first published or anytime thereafter. These views are intended to assist shareholders in understanding the Funds’ present investment methodology and do not constitute investment advice.
A Fund’s per share net asset value or “NAV” is the value of one share of a Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The price used to calculate market return (“Market Price”) is determined by using the mean of the bid and offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund’s NAV is calculated at market close. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
| 2 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
(UNAUDITED)
| RevenueShares Large Cap Fund™ (Ticker: RWL) | June 30, 2015 |
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 expect 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.
Large cap stock growth slowed in fiscal 2015. After the S&P 500 grew 24.57% in fiscal 2014, in fiscal 2015 it only returned 7.41%. RWL continued its track record of outperforming the S&P 500 with a NAV return of 7.91%.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2015, the top three performers were Monster Beverage Corp. (+88.68%), Avago Technologies Ltd (+86.84%), and Electronic Arts Inc. (+85.39%), while the bottom three performers in this group were Chesapeake Energy Corp. (–61.29%), Transocean Ltd. (–60.61%), and Denbury Resources Inc. (–60.33%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2015 | ||
| 1 Year | 5 Year | Commencement of Operations (February 22, 2008)* | |
| Fund | |||
| NAV Return | 7.91% | 18.11% | 8.55% |
| Market Price | 7.85% | 18.11% | 8.82% |
| Index | |||
| RevenueShares Large Cap Index™ | 8.25% | 18.71% | 8.65% |
| S&P 500 Index | 7.41% | 17.31% | 8.23% |
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.
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 0.68% 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 27, 2015. 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.
| * | Returns presented above are based on commencement of investment operations which differs from inception date. |
| 3 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
(UNAUDITED)
| RevenueShares Mid Cap Fund™ (Ticker: RWK) | June 30, 2015 |
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.
It was a trying year for mid-cap value funds in fiscal 2015, with the average fund dramatically underperforming the S&P MidCap 400’s 6.38% return. Despite this, RWK managed to beat the average return by NAV of 3.25% posted by the 19 Mid Cap Value funds that Morningstar ranked for the year, returning 4.63%.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2015, the top three performers were Centene Corp. (+110.22%), Skyworks Solutions Inc. (+98.89%), and United Therapeutics Corp. (+96.58%), while the bottom three performers in this group were Peabody Energy Corp. (–82.53%), Carbo Ceramics Inc. (–74.95%), and Civeo Corp. (–68.31%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2015 | ||
| 1 Year | 5 Year | Commencement of Operations (February 22, 2008)* | |
| Fund | |||
| NAV Return | 4.63% | 18.25% | 10.99% |
| Market Price | 5.05% | 18.36% | 11.26% |
| Index | |||
| RevenueShares Mid Cap Index™ | 5.18% | 19.06% | 10.37% |
| S&P MidCap 400 Index | 6.38% | 17.77% | 10.57% |
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 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.
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 0.73% 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 27, 2015. 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.
| * | Returns presented above are based on commencement of investment operations which differs from inception date. |
| 4 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
(UNAUDITED)
| RevenueShares Small Cap Fund™ (Ticker: RWJ) | June 30, 2015 |
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P Small Cap 600® Index (“S&P Small Cap 600”) by investing in the constituent securities of the S&P Small Cap 600 in the same proportions as the RevenueShares Small Cap Index™. The S&P Small Cap 600 is a stock market index comprised of 600 common stocks of small-cap companies selected by Standard & Poor’s® based on inclusion criteria to ensure that they are investable and financially viable. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of small capitalization companies included in the S&P SmallCap 600 Index and generally expect to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines small capitalization companies as companies that are included in the S&P Small Cap 600 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.
The RevenueShares Small Cap Fund generated a NAV return of 4.06% in Fiscal 2015, underperforming the S&P SmallCap 600’s return of 6.70%
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2015, the top three performers were Abiomed Inc. (+161.46%), Vasco Data Security International Inc. (+160.26%), and AMN Healthcare Services Inc. (+156.83%), while the bottom three performers in this group were GT Advanced Technologies Inc. (–93.06%), Arch Coal Inc. (–90.68%), and FXCM Inc. (–90.23%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2015 | ||
| 1 Year | 5 Year | Commencement of Operations (February 22, 2008)* | |
| Fund | |||
| NAV Return | 4.06% | 19.00% | 13.04% |
| Market Price | 4.24% | 19.06% | 13.24% |
| Index | |||
| RevenueShares Small Cap Index™ | 4.62% | 19.78% | 11.33% |
| S&P SmallCap 600 Index | 6.70% | 18.41% | 10.88% |
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 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.
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 0.72% 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 27, 2015. 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.
| * | Returns presented above are based on commencement of investment operations which differs from inception date. |
| 5 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
(UNAUDITED)
| RevenueShares Financials Sector Fund™ (Ticker: RWW) | June 30, 2015 |
The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500® Financials Index by investing in the constituent securities of the S&P 500® Financials Index in the same proportions as the RevenueShares Financials Index™. The S&P 500® Financials Index is a stock market index comprised of large cap companies that Standard & Poor’s® deems to be part of the financials sector of the United States economy, using the Global Industry Classification Standard. It is a subset of the S&P 500® Index and includes companies involved in activities such as: banking; mortgage finance; consumer finance; specialized finance; investment banking and brokerage; asset management and custody; corporate lending; insurance; financial investment; and real estate, including real estate investment trusts (“REITs”). Under normal circumstances, the Fund will invest at least 80% of its net assets in financial 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 financial 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 8.57% for the fiscal year ended 6/30/2015, exceeding the Morningstar Financial Sector ETF category average of 8.07%.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2015, the top three performers were E*TRADE Financial Corp. (+40.87%), CME Group Inc. Class A (+37.03%), and NASDAQ OMX Group, Inc. (+28.25%), while the bottom three performers in this group were Genworth Financial Inc. (–56.49%), SL Green Realty Corp. (–16.80%), and American Express Co. (–16.78%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2015 | ||
| 1 Year | 5 Year | Commencement of Operations (November 12, 2008)* | |
| Fund | |||
| NAV Return | 8.57% | 14.17% | 14.77% |
| Market Price | 8.66% | 14.18% | 14.72% |
| Index | |||
| RevenueShares Financials Sector Index™ | 9.18% | 14.78% | 6.76% |
| S&P 500 Financials Index | 9.31% | 14.09% | 11.55% |
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 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.
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 0.80% 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 27, 2015. 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.
| * | Returns presented above are based on commencement of investment operations which differs from inception date. |
| 6 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
(UNAUDITED)
| RevenueShares ADR Fund™ (Ticker: RTR) | June 30, 2015 |
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 appreciating dollar weighed heavily on most funds in the Foreign Large Value category, with the average fund losing 9.21% by NAV in fiscal 2015. Despite this very challenging landscape, RTR performed above average, only losing 9.13% by NAV.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2015, the top three performers were Valeant Pharmaceuticals International Inc.(+75.18%), Sony Corp ADR(+69.29%), and China Life Insurance Co. Ltd. ADR repr Class H (+66.49%), while the bottom three performers in this group were Portugal Telecom SA ADR (–82.52%), Penn West Petroleum LTD (–77.23%), and Yamana Gold Inc. (–62.96%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2015 | ||
| 1 Year | 5 Year | Commencement of Operations (November 20, 2008)* | |
| Fund | |||
| NAV Return | (9.13)% | 7.04% | 10.87% |
| Market Price | (9.08)% | 7.02% | 10.84% |
| Index | |||
| RevenueShares ADR Index™ | (8.73)% | 7.71% | 4.45% |
| S&P ADR Index | (6.83)% | 8.45% | 11.79% |
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 ADR Index™ returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.
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 1.04% 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 27, 2015. 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.
| * | Returns presented above are based on commencement of investment operations which differs from inception date. |
| 7 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
(UNAUDITED)
| RevenueShares Navellier Overall A-100 Fund™ (Ticker: RWV) | June 30, 2015 |
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 13.65% for the fiscal year ended 6/30/15.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2015, the top three performers were Skyworks Solutions Inc.(+123.26%), Ambarella Inc.(+119.80%), and Sketchers USA Inc. (+85.99%), while the bottom three performers in this group were Basic Energy Services Inc. (–71.61%), US Silica Holdings Inc. (–59.35%), and CTPartners Executive Search Inc. (–57.75%).
| Fund Performance History (%) |
Average Annual Total Return As of June 30, 2015 | ||
| 1 Year | 5 Year | Commencement of Operations (January 23, 2009)* | |
| Fund | |||
| NAV Return | 13.65% | 17.24% | 16.34% |
| Market Price | 13.62% | 17.24% | 16.34% |
| Index | |||
| RevenueShares Navellier Overall A-100 Index™ | 14.71% | 18.42% | 16.79% |
| Navellier Overall A-100 Index | 19.28% | 16.98% | 15.00% |
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 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.
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 1.37% 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 27, 2015. 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.
| * | Returns presented above are based on commencement of investment operations which differs from inception date. |
| 8 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued
(UNAUDITED)
| RevenueShares Ultra Dividend Fund™ (Ticker: RDIV) | June 30, 2015 |
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 4.30% for the fiscal year ended 6/30/2015 compared to the S&P 900® Index return of 7.34%.
Among the top and bottom performing Fund holdings for the fiscal year 6/30/2015, the top three performers were Darden Restaurants Inc. (+58.26%), Cypress Semiconductor Corp. (+51.88%), and CME Group Inc. Class A (+37.03%), while the bottom three performers in this group were Ensco PLC Class A. (–57.80%), Diamond Offshore Drilling (–45.30%), and Windstream Holdings, Inc. (–43.41%).
| Fund Performance History (%) | Average Annual Total Return As of June 30, 2015 | |
| 1 Year | Commencement of Operations (October 1, 2013)* | |
| Fund | ||
| NAV Return | 4.30% | 12.34% |
| Market Price | 4.19% | 12.34% |
| Index | ||
| RevenueShares Ultra Dividend Index™ | 4.65% | 13.08% |
| S&P 900 Index | 7.34% | 14.60% |
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.
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 1.18% 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 27, 2015. 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.
| * | Returns presented above are based on commencement of investment operations which differs from inception date. |
| 9 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE — concluded
(UNAUDITED)
| RevenueShares Global Growth Fund™ (Ticker: RGRO) | June 30, 2015 |
The Fund seeks to achieve its investment objective by attempting to replicate the portfolio of the RevenueShares Global Growth Index™ (the “Underlying Index”). The Underlying Index is constructed by identifying the top five developed market (including the United States) and top five emerging market countries represented in the Benchmark Index with the highest gross domestic product (“GDP”) growth (as measured by the 1-year trailing GDP growth rates as of the most recent two quarters). Each country will represent 10% of the Underlying Index. Once those ten countries are identified, the top ten securities in the Benchmark Index from each of those countries are identified according to revenue earned by the companies. Those securities are then reweighted 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 reconstituted quarterly according to the constituent countries’ GDP growth and revenue weightings as of the previous quarter. Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities (including common shares traded on local exchanges, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), European Depositary Receipts (“EDRs”) and global shares (“Global Shares”)) 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. ADRs, GDRs and EDRs represent ownership interests in shares of foreign companies that are held in financial institution custodial accounts, and are traded on exchanges in the United States and around the world. 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. The Fund may invest in securities of companies of any market capitalization, including small and medium capitalization companies. The Fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that its Underlying Index is concentrated, meaning that it will invest more than 25% of its total assets in that industry or group of industries. The Fund’s intention is to replicate the constituent securities of the Underlying Index as closely as possible. When a replication strategy could have adverse consequences to Fund shareholders, however, the Fund may utilize a “representative sampling” strategy whereby the Fund would hold a significant number of the component securities of the Underlying Index, but may not track that index with the same degree of accuracy as would an investment vehicle replicating the entire index. The Fund does not seek temporary defensive positions when equity markets decline or appear to be overvalued.
Since its inception on 2/2/15, RGRO returned 1.83% by NAV to 6/30/15 compared to the S&P Global Broad Market Index® Index return of 5.06%.
Among the top and bottom performing Fund holdings from inception to the end of the fiscal year 6/30/2015, the top three performers were Pegatron Corp. (+47.37%), Anglogold Ashanti Ltd. ADR (+46.28%), and Alimentation Couche-Tard Inc. (+45.55%), while the bottom three performers in this group were Piraeus Bank SA (–64.45%), Raiffeisen Bank International AG (–63.19%), and Pacific Rubiales Energy Corp. (–56.52%).
| Fund Performance History (%) | Cumulative Total Return As of June 30, 2015 |
| Commencement of Operations (February 2, 2015)* | |
| Fund | |
| NAV Return | 1.83% |
| Market Price | 1.09% |
| Index | |
| RevenueShares Global Growth Index™ | 3.83% |
| S&P Global Broad Market Index | 5.06% |
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 Global Growth Index™ returns became publicly available on October 16, 2014. Index returns do not represent Fund returns. One cannot invest directly in an index.
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 Global Growth Fund’s annual operating expense ratio (gross) is 1.28% and the net expense ratio is 0.70%. (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 November 25, 2015. 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.
| * | Returns presented above are based on commencement of investment operations which differs from inception date. |
| 10 |
(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, 2015 to June 30, 2015 (except for the RevenueShares Global Growth Fund, which is for the period February 2, 2015 to June 30, 2015).
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 01/01/20151 |
Ending Account Value 06/30/2015 |
Annualized Expense Ratios for the Six Month Period |
Expenses
Paid During the Six Month Period2 | |
| RevenueShares Large Cap Fund | ||||
| Actual | $1,000.00 | $1,009.20 | 0.49% | $2.44 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.36 | 0.49% | $2.46 |
| RevenueShares Mid Cap Fund | ||||
| Actual | $1,000.00 | $1,024.20 | 0.54% | $2.71 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.12 | 0.54% | $2.71 |
| RevenueShares Small Cap Fund | ||||
| Actual | $1,000.00 | $1,020.80 | 0.54% | $2.71 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.12 | 0.54% | $2.71 |
| RevenueShares Financials Sector Fund | ||||
| Actual | $1,000.00 | $ 992.80 | 0.49% | $2.42 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.36 | 0.49% | $2.46 |
| RevenueShares ADR Fund | ||||
| Actual | $1,000.00 | $1,029.90 | 0.49% | $2.47 |
| 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 | $1,071.10 | 0.60% | $3.08 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | 0.60% | $3.01 |
| RevenueShares Ultra Dividend Fund | ||||
| Actual | $1,000.00 | $ 960.30 | 0.49% | $2.38 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,022.36 | 0.49% | $2.46 |
| RevenueShares Global Growth Fund | ||||
| Actual | $1,000.00 | $1,018.30 | 0.70% | $2.883 |
| Hypothetical (5% return before expenses) | $1,000.00 | $1,021.32 | 0.70% | $3.51 |
| 1 | Beginning account value for the RevenueShares Global Growth Fund is as of commencement of operations, February 2, 2015. |
| 2 | Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365 (to reflect the six-month period). |
| 3 | Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 149/365 (to reflect the period from February 2, 2015 to June 30, 2015). |
| 11 |
SCHEDULE OF INVESTMENTS SUMMARY TABLES
(UNAUDITED)
| RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | |||||||||||
| % of | % of | % of | |||||||||||
| Industry | Net Assets | Industry | Net Assets | Industry | Net Assets | ||||||||
| Automobiles & Components | 3.6 | % | Automobiles & Components | 0.7 | % | Automobiles & Components | 0.9 | % | |||||
| Banks | 3.8 | Banks | 1.8 | Banks | 2.6 | ||||||||
| Capital Goods | 8.4 | Capital Goods | 10.5 | Capital Goods | 14.3 | ||||||||
| Commercial & Professional Services | 0.6 | Commercial & Professional Services | 3.9 | Commercial & Professional Services | 6.4 | ||||||||
| Consumer Durables & Apparel | 1.5 | Consumer Durables & Apparel | 3.9 | Consumer Durables & Apparel | 4.3 | ||||||||
| Consumer Services | 1.1 | Consumer Services | 1.9 | Consumer Services | 4.4 | ||||||||
| Diversified Financials | 4.1 | Diversified Financials | 1.2 | Diversified Financials | 2.0 | ||||||||
| Energy | 12.0 | Energy | 8.6 | Energy | 3.9 | ||||||||
| Exchange Traded Fund | 0.0 | † | Food & Staples Retailing | 2.0 | Food & Staples Retailing | 1.9 | |||||||
| Food & Staples Retailing | 9.2 | Food, Beverage & Tobacco | 2.5 | Food, Beverage & Tobacco | 2.6 | ||||||||
| Food, Beverage & Tobacco | 4.3 | Health Care Equipment & Services | 8.8 | Health Care Equipment & Services | 6.9 | ||||||||
| Health Care Equipment & Services | 9.7 | Household & Personal Products | 1.3 | Household & Personal Products | 0.5 | ||||||||
| Household & Personal Products | 1.3 | Insurance | 5.7 | Insurance | 2.6 | ||||||||
| Insurance | 4.4 | Materials | 8.8 | Materials | 7.2 | ||||||||
| Materials | 3.7 | Media | 1.5 | Media | 0.8 | ||||||||
| Media | 3.1 | Money Market Fund | 4.2 | Money Market Fund | 5.9 | ||||||||
| Money Market Fund | 1.6 | Pharmaceuticals, Biotechnology & | Pharmaceuticals, Biotechnology & | ||||||||||
| Pharmaceuticals, Biotechnology & | Life Sciences | 0.6 | Life Sciences | 2.6 | |||||||||
| Life Sciences | 3.4 | Real Estate | 2.2 | Real Estate | 1.7 | ||||||||
| Real Estate | 0.7 | Retailing | 10.0 | Retailing | 10.8 | ||||||||
| Retailing | 6.0 | Semiconductors & Semiconductor | Semiconductors & Semiconductor | ||||||||||
| Semiconductors & Semiconductor | Equipment | 1.2 | Equipment | 1.6 | |||||||||
| Equipment | 1.2 | Software & Services | 3.8 | Software & Services | 4.2 | ||||||||
| Software & Services | 4.6 | Technology Hardware & | Technology Hardware & | ||||||||||
| Technology Hardware & | Equipment | 12.8 | Equipment | 9.3 | |||||||||
| Equipment | 4.5 | Telecommunication Services | 0.4 | Telecommunication Services | 0.6 | ||||||||
| Telecommunication Services | 2.8 | Transportation | 2.2 | Transportation | 4.7 | ||||||||
| Transportation | 2.7 | Utilities | 3.7 | Utilities | 2.7 | ||||||||
| Utilities | 3.1 | Total Investments | 104.2 | Total Investments | 105.4 | ||||||||
| Total Investments | 101.4 | Liabilities in Excess of | Liabilities in Excess of | ||||||||||
| Liabilities in Excess of | Other Assets | (4.2 | ) | Other Assets | (5.4 | ) | |||||||
| Other Assets | (1.4 | ) | Net Assets | 100.0 | % | Net Assets | 100.0 | % | |||||
| Net Assets | 100.0 | % | |||||||||||
| RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier | |||||||||||
| Overall A-100 Fund | |||||||||||||
| % of | % of | % of | |||||||||||
| Industry | Net Assets | Industry | Net Assets | Industry | Net Assets | ||||||||
| Banks | 29.4 | % | Automobiles & Components | 7.2 | % | Banks | 2.2 | % | |||||
| Capital Markets | 11.2 | Banks | 9.0 | Capital Goods | 3.2 | ||||||||
| Consumer Finance | 4.4 | Capital Goods | 1.4 | Commercial & Professional Services | 1.0 | ||||||||
| Diversified Financial Services | 16.0 | Consumer Durables & Apparel | 1.5 | Consumer Durables & Apparel | 5.9 | ||||||||
| Insurance | 33.6 | Consumer Services | 0.4 | Consumer Services | 3.4 | ||||||||
| Real Estate Investment Trusts | 4.6 | Diversified Financials | 2.3 | Diversified Financials | 0.7 | ||||||||
| Real Estate Management & | Energy | 39.5 | Food & Staples Retailing | 6.9 | |||||||||
| Development | 0.7 | Food & Staples Retailing | 0.8 | Food, Beverage & Tobacco | 0.9 | ||||||||
| Thrifts & Mortgage Finance | 0.0 | † | Food, Beverage & Tobacco | 2.3 | Health Care Equipment & Services | 34.8 | |||||||
| Total Investments | 99.9 | Health Care Equipment & Services | 0.8 | Insurance | 3.7 | ||||||||
| Other Assets in Excess of | Household & Personal Products | 1.1 | Materials | 1.0 | |||||||||
| Liabilities | 0.1 | Insurance | 6.2 | Media | 1.0 | ||||||||
| Net Assets | 100.0 | % | Materials | 7.1 | Money Market Fund | 1.8 | |||||||
| Media | 0.9 | Pharmaceuticals, Biotechnology & | |||||||||||
| Money Market Fund | 15.5 | Life Sciences | 6.6 | ||||||||||
| Pharmaceuticals, Biotechnology & | Real Estate | 0.4 | |||||||||||
| Life Sciences | 3.3 | Retailing | 11.1 | ||||||||||
| Real Estate | 0.3 | Semiconductors & Semiconductor | |||||||||||
| Semiconductors & Semiconductor | Equipment | 2.4 | |||||||||||
| Equipment | 0.7 | Software & Services | 6.8 | ||||||||||
| Software & Services | 0.5 | Technology Hardware & | |||||||||||
| Technology Hardware & | Equipment | 7.3 | |||||||||||
| Equipment | 2.0 | Transportation | 0.5 | ||||||||||
| Telecommunication Services | 10.5 | Total Investments | 101.6 | ||||||||||
| Transportation | 0.6 | Liabilities in Excess of | |||||||||||
| Utilities | 1.0 | Other Assets | (1.6 | ) | |||||||||
| Total Investments | 114.9 | Net Assets | 100.0 | % | |||||||||
| Liabilities in Excess of | |||||||||||||
| Other Assets | (14.9 | ) | |||||||||||
| Net Assets | 100.0 | % | |||||||||||
| † | Less than 0.05% |
| 12 |
SCHEDULE OF INVESTMENTS SUMMARY TABLES
(UNAUDITED) — concluded
| RevenueShares Ultra Dividend Fund | RevenueShares Global Growth Fund | |||||
| % of | % of | |||||
| Industry | Net Assets | Industry | Net Assets | |||
| Banks | 0.9 | % | Automobiles & Components | 5.6 | % | |
| Commercial & Professional Services | 3.1 | Banks | 7.0 | |||
| Consumer Durables & Apparel | 1.6 | Capital Goods | 12.4 | |||
| Consumer Services | 1.3 | Commercial & Professional Services | 0.8 | |||
| Diversified Financials | 0.8 | Consumer Durables & Apparel | 1.0 | |||
| Energy | 16.7 | Consumer Services | 0.2 | |||
| Food, Beverage & Tobacco | 12.4 | Diversified Financials | 1.3 | |||
| Insurance | 2.3 | Energy | 18.7 | |||
| Money Market Fund | 4.5 | Food & Staples Retailing | 9.1 | |||
| Real Estate | 7.6 | Food, Beverage & Tobacco | 2.4 | |||
| Telecommunication Services | 16.2 | Household & Personal Products | 2.2 | |||
| Utilities | 36.1 | Insurance | 9.3 | |||
| Total Investments | 103.5 | Materials | 7.7 | |||
| Liabilities in Excess of | Money Market Fund | 0.0 | † | |||
| Other Assets | (3.5 | ) | Retailing | 2.7 | ||
| Net Assets | 100.0 | % | Telecommunication Services | 5.4 | ||
| Transportation | 1.0 | |||||
| Utilities | 15.0 | |||||
| Total Investments | 101.8 | |||||
| Liabilities in Excess of | ||||||
| Other Assets | (1.8 | ) | ||||
| Net Assets | 100.0 | % | ||||
| † | Less than 0.05% |
| 13 |
SCHEDULE OF INVESTMENTS
June 30, 2015
| Investments | Shares | Value | ||||||
| COMMON STOCKS—99.8% | ||||||||
| Automobiles & Components—3.6% | ||||||||
| BorgWarner, Inc. | 4,451 | $ | 252,995 | |||||
| Delphi Automotive PLC | 6,128 | 521,431 | ||||||
| Ford Motor Co. | 310,947 | 4,667,314 | ||||||
| General Motors Co. | 141,557 | 4,718,095 | ||||||
| Goodyear Tire & Rubber Co. (The) | 18,733 | 564,800 | ||||||
| Harley-Davidson, Inc. | 3,582 | 201,846 | ||||||
| Johnson Controls, Inc. | 25,921 | 1,283,867 | ||||||
| Total Automobiles & Components | 12,210,348 | |||||||
| Banks—3.8% | ||||||||
| Bank of America Corp. | 152,986 | 2,603,822 | ||||||
| BB&T Corp. | 7,124 | 287,169 | ||||||
| Citigroup, Inc. | 40,522 | 2,238,435 | ||||||
| Comerica, Inc. | 1,617 | 82,985 | ||||||
| Fifth Third Bancorp | 9,073 | 188,900 | ||||||
| Hudson City Bancorp, Inc. | 1,631 | 16,114 | ||||||
| Huntington Bancshares, Inc. | 7,998 | 90,457 | ||||||
| JPMorgan Chase & Co. | 44,394 | 3,008,137 | ||||||
| KeyCorp | 8,648 | 129,893 | ||||||
| M&T Bank Corp. | 1,110 | 138,672 | ||||||
| People’s United Financial, Inc. | 2,537 | 41,125 | ||||||
| PNC Financial Services | ||||||||
| Group, Inc. (The) | 5,115 | 489,250 | ||||||
| Regions Financial Corp. | 15,770 | 163,377 | ||||||
| SunTrust Banks, Inc. | 5,790 | 249,086 | ||||||
| U.S. Bancorp | 13,513 | 586,464 | ||||||
| Wells Fargo & Co. | 47,901 | 2,693,952 | ||||||
| Zions Bancorporation | 2,343 | 74,355 | ||||||
| Total Banks | 13,082,193 | |||||||
| Capital Goods—8.4% | ||||||||
| 3M Co. | 6,612 | 1,020,232 | ||||||
| Allegion PLC | 1,054 | 63,388 | ||||||
| AMETEK, Inc. | 2,434 | 133,335 | ||||||
| Boeing Co. (The) | 21,184 | 2,938,644 | ||||||
| Caterpillar, Inc. | 20,589 | 1,746,359 | ||||||
| Cummins, Inc. | 4,729 | 620,398 | ||||||
| Danaher Corp. | 7,812 | 668,629 | ||||||
| Deere & Co. | 12,357 | 1,199,247 | ||||||
| Dover Corp. | 3,399 | 238,542 | ||||||
| Eaton Corp. PLC | 10,413 | 702,773 | ||||||
| Emerson Electric Co. | 13,813 | 765,655 | ||||||
| Fastenal Co.(a) | 2,940 | 124,009 | ||||||
| Flowserve Corp. | 2,977 | 156,769 | ||||||
| Fluor Corp. | 12,320 | 653,083 | ||||||
| General Dynamics Corp. | 7,139 | 1,011,525 | ||||||
| General Electric Co. | 173,123 | 4,599,878 | ||||||
| Honeywell International, Inc. | 12,568 | 1,281,559 | ||||||
| Illinois Tool Works, Inc. | 5,060 | 464,457 | ||||||
| Ingersoll-Rand PLC | 6,220 | 419,352 | ||||||
| Jacobs Engineering Group, Inc.* | 9,841 | 399,741 | ||||||
| Joy Global, Inc.(a) | 3,093 | 111,967 | ||||||
| L-3 Communications Holdings, Inc. | 3,355 | 380,390 | ||||||
| Lockheed Martin Corp. | 7,753 | 1,441,283 | ||||||
| Masco Corp. | 10,267 | 273,821 | ||||||
| Northrop Grumman Corp. | 4,861 | 771,100 | ||||||
| PACCAR, Inc. | 10,008 | 638,610 | ||||||
| Pall Corp. | 757 | 94,209 | ||||||
| Parker-Hannifin Corp. | 3,685 | 428,676 | ||||||
| Investments | Shares | Value | ||||||
| Pentair PLC | 3,506 | $ | 241,037 | |||||
| Precision Castparts Corp. | 1,524 | 304,602 | ||||||
| Quanta Services, Inc.* | 8,791 | 253,357 | ||||||
| Raytheon Co. | 7,381 | 706,214 | ||||||
| Rockwell Automation, Inc. | 1,748 | 217,871 | ||||||
| Rockwell Collins, Inc. | 1,785 | 164,845 | ||||||
| Roper Technologies, Inc. | 680 | 117,273 | ||||||
| Snap-on, Inc. | 727 | 115,775 | ||||||
| Stanley Black & Decker, Inc. | 3,552 | 373,812 | ||||||
| Textron, Inc. | 10,008 | 446,657 | ||||||
| United Rentals, Inc.* | 2,113 | 185,141 | ||||||
| United Technologies Corp. | 18,536 | 2,056,198 | ||||||
| W.W. Grainger, Inc. | 1,379 | 326,340 | ||||||
| Xylem, Inc. | 3,476 | 128,855 | ||||||
| Total Capital Goods | 28,985,608 | |||||||
| Commercial & Professional Services—0.6% | ||||||||
| ADT Corp. (The)(a) | 3,097 | 103,966 | ||||||
| Cintas Corp. | 1,708 | 144,480 | ||||||
| Dun & Bradstreet Corp. (The) | 419 | 51,118 | ||||||
| Equifax, Inc. | 857 | 83,206 | ||||||
| Nielsen NV | 4,567 | 204,465 | ||||||
| Pitney Bowes, Inc. | 5,718 | 118,992 | ||||||
| Republic Services, Inc. | 7,198 | 281,946 | ||||||
| Robert Half International, Inc. | 2,805 | 155,677 | ||||||
| Stericycle, Inc.* | 594 | 79,542 | ||||||
| Tyco International PLC | 8,422 | 324,079 | ||||||
| Waste Management, Inc. | 9,363 | 433,975 | ||||||
| Total Commercial & Professional Services | 1,981,446 | |||||||
| Consumer Durables & Apparel—1.5% | ||||||||
| Coach, Inc. | 4,366 | 151,107 | ||||||
| D.R. Horton, Inc. | 10,700 | 292,752 | ||||||
| Fossil Group, Inc.*(a) | 1,590 | 110,282 | ||||||
| Garmin Ltd. | 2,094 | 91,989 | ||||||
| Hanesbrands, Inc. | 5,457 | 181,827 | ||||||
| Harman International Industries, Inc. | 1,503 | 178,767 | ||||||
| Hasbro, Inc. | 1,906 | 142,550 | ||||||
| Leggett & Platt, Inc. | 2,572 | 125,205 | ||||||
| Lennar Corp., Class A | 5,586 | 285,109 | ||||||
| Mattel, Inc. | 7,309 | 187,768 | ||||||
| Michael Kors Holdings Ltd.* | 2,540 | 106,909 | ||||||
| Mohawk Industries, Inc.* | 1,353 | 258,288 | ||||||
| Newell Rubbermaid, Inc. | 4,593 | 188,818 | ||||||
| NIKE, Inc., Class B | 9,043 | 976,825 | ||||||
| PulteGroup, Inc. | 9,852 | 198,518 | ||||||
| PVH Corp. | 2,398 | 276,250 | ||||||
| Ralph Lauren Corp. | 1,871 | 247,646 | ||||||
| Under Armour, Inc., Class A*(a) | 1,255 | 104,717 | ||||||
| VF Corp. | 5,796 | 404,213 | ||||||
| Whirlpool Corp. | 3,609 | 624,538 | ||||||
| Total Consumer Durables & Apparel | 5,134,078 | |||||||
| Consumer Services—1.1% | ||||||||
| Carnival Corp. | 10,941 | 540,376 | ||||||
| Chipotle Mexican Grill, Inc.* | 310 | 187,547 | ||||||
| Darden Restaurants, Inc. | 2,190 | 155,665 | ||||||
| H&R Block, Inc. | 3,293 | 97,637 | ||||||
| Marriott International, Inc., Class A(a) | 1,209 | 89,937 | ||||||
| McDonald’s Corp. | 9,219 | 876,450 | ||||||
| Royal Caribbean Cruises Ltd. | 3,422 | 269,277 | ||||||
The accompanying notes are an integral part of these financial statements.
| 14 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Large Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Consumer Services (continued) | ||||||||
| Starbucks Corp. | 10,509 | $ | 563,440 | |||||
| Starwood Hotels & Resorts | ||||||||
| Worldwide, Inc. | 1,284 | 104,120 | ||||||
| Wyndham Worldwide Corp. | 2,092 | 171,356 | ||||||
| Wynn Resorts Ltd. | 1,580 | 155,899 | ||||||
| Yum! Brands, Inc. | 4,744 | 427,340 | ||||||
| Total Consumer Services | 3,639,044 | |||||||
| Diversified Financials—4.1% | ||||||||
| Affiliated Managers Group, Inc.* | 381 | 83,287 | ||||||
| American Express Co. | 13,120 | 1,019,686 | ||||||
| Ameriprise Financial, Inc. | 3,165 | 395,404 | ||||||
| Bank of New York Mellon | ||||||||
| Corp. (The) | 12,131 | 509,138 | ||||||
| Berkshire Hathaway, Inc., Class B* | 45,530 | 6,197,088 | ||||||
| BlackRock, Inc. | 1,063 | 367,777 | ||||||
| Capital One Financial Corp. | 7,048 | 620,013 | ||||||
| Charles Schwab Corp. (The) | 5,997 | 195,802 | ||||||
| CME Group, Inc. | 1,090 | 101,435 | ||||||
| Discover Financial Services | 3,962 | 228,290 | ||||||
| E*TRADE Financial Corp.* | 1,907 | 57,115 | ||||||
| Franklin Resources, Inc. | 5,465 | 267,949 | ||||||
| Goldman Sachs Group, Inc. (The) | 5,533 | 1,155,235 | ||||||
| Intercontinental Exchange, Inc. | 437 | 97,718 | ||||||
| Invesco Ltd. | 4,335 | 162,519 | ||||||
| Legg Mason, Inc. | 1,708 | 88,013 | ||||||
| Leucadia National Corp. | 17,426 | 423,103 | ||||||
| McGraw Hill Financial, Inc. | 1,613 | 162,026 | ||||||
| Moody’s Corp. | 1,049 | 113,250 | ||||||
| Morgan Stanley | 29,301 | 1,136,586 | ||||||
| NASDAQ OMX Group, Inc. (The) | 2,231 | 108,895 | ||||||
| Navient Corp. | 4,892 | 89,083 | ||||||
| Northern Trust Corp. | 1,896 | 144,968 | ||||||
| State Street Corp. | 4,305 | 331,485 | ||||||
| T. Rowe Price Group, Inc. | 1,699 | 132,063 | ||||||
| Total Diversified Financials | 14,187,928 | |||||||
| Energy—12.0% | ||||||||
| Anadarko Petroleum Corp. | 5,792 | 452,124 | ||||||
| Apache Corp. | 6,092 | 351,082 | ||||||
| Baker Hughes, Inc. | 12,068 | 744,596 | ||||||
| Cabot Oil & Gas Corp.(a) | 1,807 | 56,993 | ||||||
| Cameron International Corp.* | 6,198 | 324,589 | ||||||
| Chesapeake Energy Corp.(a) | 50,741 | 566,777 | ||||||
| Chevron Corp. | 57,232 | 5,521,171 | ||||||
| Cimarex Energy Co. | 602 | 66,407 | ||||||
| ConocoPhillips | 24,613 | 1,511,484 | ||||||
| CONSOL Energy, Inc.(a) | 4,449 | 96,721 | ||||||
| Devon Energy Corp. | 8,799 | 523,453 | ||||||
| Diamond Offshore Drilling, Inc.(a) | 3,101 | 80,037 | ||||||
| Ensco PLC, Class A | 6,258 | 139,366 | ||||||
| EOG Resources, Inc. | 5,429 | 475,309 | ||||||
| EQT Corp. | 964 | 78,412 | ||||||
| Exxon Mobil Corp. | 129,536 | 10,777,395 | ||||||
| FMC Technologies, Inc.* | 6,031 | 250,226 | ||||||
| Halliburton Co. | 22,869 | 984,968 | ||||||
| Helmerich & Payne, Inc.(a) | 1,734 | 122,108 | ||||||
| Hess Corp. | 4,456 | 298,017 | ||||||
| Kinder Morgan, Inc. | 13,095 | 502,717 | ||||||
| Marathon Oil Corp. | 12,025 | 319,143 | ||||||
| Investments | Shares | Value | ||||||
| Marathon Petroleum Corp. | 54,367 | $ | 2,843,938 | |||||
| Murphy Oil Corp. | 3,628 | 150,816 | ||||||
| National Oilwell Varco, Inc. | 14,366 | 693,590 | ||||||
| Newfield Exploration Co.* | 1,863 | 67,292 | ||||||
| Noble Corp. PLC(a) | 5,006 | 77,042 | ||||||
| Noble Energy, Inc. | 3,180 | 135,722 | ||||||
| Occidental Petroleum Corp. | 6,810 | 529,614 | ||||||
| ONEOK, Inc. | 8,305 | 327,881 | ||||||
| Phillips 66 | 53,903 | 4,342,426 | ||||||
| Pioneer Natural Resources Co. | 885 | 122,741 | ||||||
| Range Resources Corp. | 1,111 | 54,861 | ||||||
| Schlumberger Ltd. | 17,449 | 1,503,929 | ||||||
| Southwestern Energy Co.*(a) | 5,422 | 123,242 | ||||||
| Spectra Energy Corp. | 5,656 | 184,386 | ||||||
| Tesoro Corp. | 14,364 | 1,212,465 | ||||||
| Transocean Ltd.(a) | 16,283 | 262,482 | ||||||
| Valero Energy Corp. | 65,344 | 4,090,534 | ||||||
| Williams Cos., Inc. (The) | 5,126 | 294,181 | ||||||
| Total Energy | 41,260,237 | |||||||
| Food & Staples Retailing—9.2% | ||||||||
| Costco Wholesale Corp. | 27,096 | 3,659,586 | ||||||
| CVS Health Corp. | 45,274 | 4,748,337 | ||||||
| Kroger Co. (The) | 45,682 | 3,312,402 | ||||||
| Sysco Corp. | 41,621 | 1,502,518 | ||||||
| Walgreens Boots Alliance, Inc. | 29,795 | 2,515,890 | ||||||
| Wal-Mart Stores, Inc. | 215,641 | 15,295,416 | ||||||
| Whole Foods Market, Inc. | 11,760 | 463,814 | ||||||
| Total Food & Staples Retailing | 31,497,963 | |||||||
| Food, Beverage & Tobacco—4.3% | ||||||||
| Altria Group, Inc. | 12,324 | 602,767 | ||||||
| Archer-Daniels-Midland Co. | 50,341 | 2,427,443 | ||||||
| Brown-Forman Corp., Class B | 991 | 99,278 | ||||||
| Campbell Soup Co. | 5,753 | 274,130 | ||||||
| Coca-Cola Co. (The) | 37,652 | 1,477,088 | ||||||
| Coca-Cola Enterprises, Inc. | 5,953 | 258,598 | ||||||
| ConAgra Foods, Inc. | 13,819 | 604,167 | ||||||
| Constellation Brands, Inc., Class A | 1,579 | 183,195 | ||||||
| Dr Pepper Snapple Group, Inc. | 2,744 | 200,037 | ||||||
| General Mills, Inc. | 10,594 | 590,298 | ||||||
| Hershey Co. (The) | 2,667 | 236,910 | ||||||
| Hormel Foods Corp. | 5,402 | 304,511 | ||||||
| J.M. Smucker Co. (The) | 1,622 | 175,841 | ||||||
| Kellogg Co. | 7,538 | 472,633 | ||||||
| Keurig Green Mountain, Inc. | 1,341 | 102,761 | ||||||
| Kraft Foods Group, Inc. | 7,001 | 596,065 | ||||||
| McCormick & Co., Inc. | 1,796 | 145,386 | ||||||
| Mead Johnson Nutrition Co. | 1,577 | 142,277 | ||||||
| Molson Coors Brewing Co., Class B | 1,822 | 127,194 | ||||||
| Mondelez International, Inc., Class A | 26,890 | 1,106,255 | ||||||
| Monster Beverage Corp.* | 589 | 78,938 | ||||||
| PepsiCo, Inc. | 23,164 | 2,162,128 | ||||||
| Philip Morris International, Inc. | 11,843 | 949,453 | ||||||
| Reynolds American, Inc. | 3,779 | 282,140 | ||||||
| Tyson Foods, Inc., Class A | 30,868 | 1,315,903 | ||||||
| Total Food, Beverage & Tobacco | 14,915,396 | |||||||
The accompanying notes are an integral part of these financial statements.
| 15 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Large Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Health Care Equipment & Services—9.7% | ||||||||
| Abbott Laboratories | 13,471 | $ | 661,157 | |||||
| Aetna, Inc. | 15,683 | 1,998,955 | ||||||
| AmerisourceBergen Corp. | 36,543 | 3,885,983 | ||||||
| Anthem, Inc. | 14,938 | 2,451,923 | ||||||
| Baxter International, Inc. | 7,854 | 549,230 | ||||||
| Becton Dickinson & Co. | 2,000 | 283,300 | ||||||
| Boston Scientific Corp.* | 13,635 | 241,339 | ||||||
| C.R. Bard, Inc. | 691 | 117,954 | ||||||
| Cardinal Health, Inc. | 33,101 | 2,768,899 | ||||||
| Cerner Corp.* | 1,709 | 118,024 | ||||||
| Cigna Corp. | 7,592 | 1,229,904 | ||||||
| DaVita HealthCare Partners, Inc.* | 5,289 | 420,317 | ||||||
| DENTSPLY International, Inc. | 1,782 | 91,862 | ||||||
| Edwards Lifesciences Corp.* | 514 | 73,209 | ||||||
| Express Scripts Holding Co.*(a) | 38,102 | 3,388,792 | ||||||
| HCA Holdings, Inc.* | 14,762 | 1,339,209 | ||||||
| Henry Schein, Inc.* | 2,350 | 333,982 | ||||||
| Humana, Inc. | 8,287 | 1,585,137 | ||||||
| Intuitive Surgical, Inc.* | 141 | 68,315 | ||||||
| Laboratory Corp. of America | ||||||||
| Holdings* | 1,739 | 210,802 | ||||||
| McKesson Corp. | 20,193 | 4,539,588 | ||||||
| Medtronic PLC | 7,416 | 549,526 | ||||||
| Patterson Cos., Inc. | 2,856 | 138,944 | ||||||
| Quest Diagnostics, Inc. | 3,397 | 246,350 | ||||||
| St. Jude Medical, Inc. | 2,483 | 181,433 | ||||||
| Stryker Corp. | 3,369 | 321,975 | ||||||
| Tenet Healthcare Corp.* | 10,857 | 628,403 | ||||||
| UnitedHealth Group, Inc. | 36,924 | 4,504,728 | ||||||
| Universal Health Services, Inc., Class B | 2,103 | 298,836 | ||||||
| Varian Medical Systems, Inc.* | 1,176 | 99,172 | ||||||
| Zimmer Biomet Holdings, Inc. | 1,376 | 150,300 | ||||||
| Total Health Care Equipment & Services | 33,477,548 | |||||||
| Household & Personal Products—1.3% | ||||||||
| Clorox Co. (The) | 1,746 | 181,619 | ||||||
| Colgate-Palmolive Co. | 8,432 | 551,537 | ||||||
| Estee Lauder Cos., Inc., (The), Class A | 4,089 | 354,353 | ||||||
| Kimberly-Clark Corp. | 6,205 | 657,544 | ||||||
| Procter & Gamble Co. (The) | 33,278 | 2,603,670 | ||||||
| Total Household & Personal Products | 4,348,723 | |||||||
| Insurance—4.4% | ||||||||
| ACE Ltd. | 5,926 | 602,556 | ||||||
| Aflac, Inc. | 11,691 | 727,180 | ||||||
| Allstate Corp. (The) | 17,371 | 1,126,857 | ||||||
| American International Group, Inc. | 33,716 | 2,084,323 | ||||||
| Aon PLC | 3,783 | 377,089 | ||||||
| Assurant, Inc. | 5,128 | 343,576 | ||||||
| Chubb Corp. (The) | 4,690 | 446,207 | ||||||
| Cincinnati Financial Corp. | 3,258 | 163,487 | ||||||
| Genworth Financial, Inc., Class A* | 36,892 | 279,273 | ||||||
| Hartford Financial Services | ||||||||
| Group, Inc. (The) | 14,534 | 604,178 | ||||||
| Lincoln National Corp. | 7,458 | 441,663 | ||||||
| Loews Corp. | 11,745 | 452,300 | ||||||
| Marsh & McLennan Cos., Inc. | 7,169 | 406,482 | ||||||
| MetLife, Inc. | 43,760 | 2,450,122 | ||||||
| Investments | Shares | Value | ||||||
| Principal Financial Group, Inc. | 6,719 | $ | 344,618 | |||||
| Progressive Corp. (The) | 23,078 | 642,261 | ||||||
| Prudential Financial, Inc. | 22,312 | 1,952,746 | ||||||
| Torchmark Corp. | 2,238 | 130,296 | ||||||
| Travelers Cos., Inc. | 8,920 | 862,207 | ||||||
| Unum Group | 9,485 | 339,089 | ||||||
| XL Group PLC | 5,406 | 201,103 | ||||||
| Total Insurance | 14,977,613 | |||||||
| Materials—3.7% | ||||||||
| Air Products & Chemicals, Inc. | 2,351 | 321,687 | ||||||
| Airgas, Inc. | 1,584 | 167,555 | ||||||
| Alcoa, Inc. | 66,698 | 743,683 | ||||||
| Allegheny Technologies, Inc. | 4,429 | 133,756 | ||||||
| Avery Dennison Corp. | 3,321 | 202,382 | ||||||
| Ball Corp.(a) | 3,828 | 268,534 | ||||||
| CF Industries Holdings, Inc. | 2,620 | 168,414 | ||||||
| Dow Chemical Co. (The) | 34,547 | 1,767,770 | ||||||
| E.I. du Pont de Nemours & Co. | 16,028 | 1,024,991 | ||||||
| Eastman Chemical Co. | 4,023 | 329,162 | ||||||
| Ecolab, Inc. | 4,071 | 460,308 | ||||||
| FMC Corp. | 2,120 | 111,406 | ||||||
| Freeport-McMoRan, Inc. | 33,829 | 629,896 | ||||||
| International Flavors & Fragrances, Inc. | 950 | 103,825 | ||||||
| International Paper Co. | 14,280 | 679,585 | ||||||
| LyondellBasell Industries NV, Class A | 13,529 | 1,400,522 | ||||||
| Martin Marietta Materials, Inc. | 620 | 87,736 | ||||||
| MeadWestvaco Corp. | 3,682 | 173,754 | ||||||
| Monsanto Co. | 4,531 | 482,959 | ||||||
| Mosaic Co. (The) | 6,745 | 316,003 | ||||||
| Newmont Mining Corp. | 10,049 | 234,745 | ||||||
| Nucor Corp. | 13,936 | 614,159 | ||||||
| Owens-Illinois, Inc.* | 9,017 | 206,850 | ||||||
| PPG Industries, Inc. | 7,008 | 803,958 | ||||||
| Praxair, Inc. | 3,224 | 385,429 | ||||||
| Sealed Air Corp. | 4,952 | 254,434 | ||||||
| Sherwin-Williams Co. (The) | 1,386 | 381,178 | ||||||
| Sigma-Aldrich Corp. | 659 | 91,832 | ||||||
| Vulcan Materials Co. | 1,141 | 95,764 | ||||||
| Total Materials | 12,642,277 | |||||||
| Media—3.1% | ||||||||
| Cablevision Systems Corp., Class A | 8,795 | 210,552 | ||||||
| CBS Corp., Class B | 7,783 | 431,957 | ||||||
| Comcast Corp., Class A | 38,167 | 2,295,363 | ||||||
| DIRECTV* | 11,927 | 1,106,706 | ||||||
| Discovery Communications, Inc., | ||||||||
| Class A*(a) | 6,300 | 209,538 | ||||||
| Discovery Communications, Inc., | ||||||||
| Class C* | 6,717 | 208,764 | ||||||
| Gannett Co., Inc.* | 2,706 | 37,857 | ||||||
| Interpublic Group of Cos., Inc. (The) | 12,424 | 239,411 | ||||||
| News Corp., Class A* | 19,997 | 291,756 | ||||||
| Omnicom Group, Inc. | 6,867 | 477,188 | ||||||
| Scripps Networks Interactive, Inc., | ||||||||
| Class A | 1,306 | 85,373 | ||||||
| TEGNA, Inc. | 5,412 | 173,563 | ||||||
| Time Warner Cable, Inc. | 4,254 | 757,935 | ||||||
The accompanying notes are an integral part of these financial statements.
| 16 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Large Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Media (continued) | ||||||||
| Time Warner, Inc. | 10,440 | $ | 912,561 | |||||
| Twenty-First Century Fox, Inc., | ||||||||
| Class A | 32,870 | 1,069,754 | ||||||
| Viacom, Inc., Class B | 6,848 | 442,655 | ||||||
| Walt Disney Co. (The) | 14,714 | 1,679,456 | ||||||
| Total Media | 10,630,389 | |||||||
| Pharmaceuticals, Biotechnology & Life Sciences—3.4% | ||||||||
| AbbVie, Inc. | 9,911 | 665,920 | ||||||
| Agilent Technologies, Inc. | 4,640 | 179,011 | ||||||
| Alexion Pharmaceuticals, Inc.* | 434 | 78,454 | ||||||
| Allergan PLC* | 1,611 | 488,874 | ||||||
| Amgen, Inc. | 4,313 | 662,132 | ||||||
| Biogen, Inc.* | 852 | 344,157 | ||||||
| Bristol-Myers Squibb Co. | 7,942 | 528,461 | ||||||
| Celgene Corp.* | 2,351 | 272,093 | ||||||
| Eli Lilly & Co. | 7,708 | 643,541 | ||||||
| Endo International PLC* | 1,220 | 97,173 | ||||||
| Gilead Sciences, Inc. | 7,606 | 890,510 | ||||||
| Hospira, Inc.* | 1,704 | 151,162 | ||||||
| Johnson & Johnson | 24,498 | 2,387,575 | ||||||
| Mallinckrodt PLC* | 801 | 94,294 | ||||||
| Merck & Co., Inc. | 23,495 | 1,337,570 | ||||||
| Mylan NV* | 3,635 | 246,671 | ||||||
| PerkinElmer, Inc. | 1,391 | 73,222 | ||||||
| Perrigo Co. PLC | 720 | 133,078 | ||||||
| Pfizer, Inc. | 47,507 | 1,592,910 | ||||||
| Regeneron Pharmaceuticals, Inc.* | 204 | 104,066 | ||||||
| Thermo Fisher Scientific, Inc. | 4,325 | 561,212 | ||||||
| Vertex Pharmaceuticals, Inc.* | 152 | 18,769 | ||||||
| Waters Corp.* | 465 | 59,697 | ||||||
| Zoetis, Inc. | 3,142 | 151,507 | ||||||
| Total Pharmaceuticals, Biotechnology & | ||||||||
| Life Sciences | 11,762,059 | |||||||
| Real Estate—0.7% | ||||||||
| American Tower Corp. | 1,468 | 136,950 | ||||||
| Apartment Investment & | ||||||||
| Management Co., Class A | 778 | 28,731 | ||||||
| AvalonBay Communities, Inc. | 367 | 58,672 | ||||||
| Boston Properties, Inc. | 599 | 72,503 | ||||||
| CBRE Group, Inc., Class A* | 8,276 | 306,212 | ||||||
| Crown Castle International Corp. | 1,500 | 120,450 | ||||||
| Equinix, Inc. | 382 | 97,028 | ||||||
| Equity Residential | 1,181 | 82,871 | ||||||
| Essex Property Trust, Inc. | 184 | 39,100 | ||||||
| General Growth Properties, Inc. | 3,164 | 81,188 | ||||||
| HCP, Inc. | 2,029 | 73,998 | ||||||
| Health Care REIT, Inc. | 1,632 | 107,108 | ||||||
| Host Hotels & Resorts, Inc. | 8,814 | 174,782 | ||||||
| Iron Mountain, Inc. | 3,127 | 96,937 | ||||||
| Kimco Realty Corp. | 1,444 | 32,548 | ||||||
| Macerich Co. (The) | 481 | 35,883 | ||||||
| Plum Creek Timber Co., Inc. | 1,284 | 52,092 | ||||||
| Prologis, Inc. | 1,606 | 59,583 | ||||||
| Public Storage | 414 | 76,329 | ||||||
| Realty Income Corp. | 686 | 30,451 | ||||||
| Simon Property Group, Inc. | 929 | 160,736 | ||||||
| SL Green Realty Corp. | 442 | 48,571 | ||||||
| Investments | Shares | Value | ||||||
| Ventas, Inc. | 1,640 | $ | 101,828 | |||||
| Vornado Realty Trust | 836 | 79,361 | ||||||
| Weyerhaeuser Co. | 7,432 | 234,108 | ||||||
| Total Real Estate | 2,388,020 | |||||||
| Retailing—6.0% | ||||||||
| Amazon.com, Inc.* | 7,070 | 3,069,016 | ||||||
| AutoNation, Inc.* | 10,183 | 641,325 | ||||||
| AutoZone, Inc.* | 465 | 310,109 | ||||||
| Bed Bath & Beyond, Inc.*(a) | 5,326 | 367,387 | ||||||
| Best Buy Co., Inc. | 35,349 | 1,152,731 | ||||||
| CarMax, Inc.* | 5,917 | 391,765 | ||||||
| Dollar General Corp. | 7,523 | 584,838 | ||||||
| Dollar Tree, Inc.* | 3,288 | 259,719 | ||||||
| Expedia, Inc. | 1,816 | 198,580 | ||||||
| Family Dollar Stores, Inc. | 4,379 | 345,109 | ||||||
| GameStop Corp., Class A(a) | 7,006 | 300,978 | ||||||
| Gap, Inc. (The) | 13,816 | 527,357 | ||||||
| Genuine Parts Co. | 5,570 | 498,682 | ||||||
| Home Depot, Inc. (The) | 23,616 | 2,624,446 | ||||||
| Kohl’s Corp. | 9,898 | 619,714 | ||||||
| L Brands, Inc. | 4,224 | 362,124 | ||||||
| Lowe’s Cos., Inc. | 25,347 | 1,697,489 | ||||||
| Macy’s, Inc. | 13,054 | 880,753 | ||||||
| Netflix, Inc.* | 298 | 195,768 | ||||||
| Nordstrom, Inc. | 5,559 | 414,146 | ||||||
| O’Reilly Automotive, Inc.* | 1,098 | 248,126 | ||||||
| Priceline Group, Inc. (The)* | 241 | 277,480 | ||||||
| Ross Stores, Inc. | 6,895 | 335,166 | ||||||
| Staples, Inc. | 46,411 | 710,552 | ||||||
| Target Corp. | 27,119 | 2,213,724 | ||||||
| Tiffany & Co. | 1,478 | 135,680 | ||||||
| TJX Cos., Inc. (The) | 13,867 | 917,579 | ||||||
| Tractor Supply Co. | 2,111 | 189,863 | ||||||
| TripAdvisor, Inc.* | 500 | 43,570 | ||||||
| Urban Outfitters, Inc.* | 2,933 | 102,655 | ||||||
| Total Retailing | 20,616,431 | |||||||
| Semiconductors & Semiconductor Equipment—1.2% | ||||||||
| Altera Corp. | 1,222 | 62,566 | ||||||
| Analog Devices, Inc. | 1,473 | 94,545 | ||||||
| Applied Materials, Inc. | 15,543 | 298,736 | ||||||
| Avago Technologies Ltd. | 1,219 | 162,042 | ||||||
| Broadcom Corp., Class A | 5,201 | 267,799 | ||||||
| First Solar, Inc.* | 1,854 | 87,101 | ||||||
| Intel Corp. | 57,491 | 1,748,589 | ||||||
| KLA-Tencor Corp. | 1,677 | 94,264 | ||||||
| Lam Research Corp. | 1,896 | 154,240 | ||||||
| Linear Technology Corp. | 1,008 | 44,584 | ||||||
| Microchip Technology, Inc.(a) | 1,370 | 64,972 | ||||||
| Micron Technology, Inc.* | 19,232 | 362,331 | ||||||
| NVIDIA Corp. | 6,516 | 131,037 | ||||||
| Qorvo, Inc.* | 463 | 37,165 | ||||||
| Skyworks Solutions, Inc. | 769 | 80,053 | ||||||
| Texas Instruments, Inc. | 8,148 | 419,703 | ||||||
| Xilinx, Inc. | 1,708 | 75,425 | ||||||
| Total Semiconductors & | ||||||||
| Semiconductor Equipment | 4,185,152 | |||||||
The accompanying notes are an integral part of these financial statements.
| 17 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Large Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Software & Services—4.6% | ||||||||
| Accenture PLC, Class A | 10,362 | $ | 1,002,834 | |||||
| Adobe Systems, Inc.* | 1,800 | 145,818 | ||||||
| Akamai Technologies, Inc.* | 881 | 61,511 | ||||||
| Alliance Data Systems Corp.* | 636 | 185,674 | ||||||
| Autodesk, Inc.* | 1,408 | 70,506 | ||||||
| Automatic Data Processing, Inc. | 4,328 | 347,235 | ||||||
| CA, Inc. | 4,765 | 139,567 | ||||||
| Citrix Systems, Inc.* | 1,481 | 103,907 | ||||||
| Cognizant Technology Solutions Corp., | ||||||||
| Class A* | 5,630 | 343,937 | ||||||
| Computer Sciences Corp. | 6,301 | 413,598 | ||||||
| eBay, Inc.* | 9,821 | 591,617 | ||||||
| Electronic Arts, Inc.* | 1,965 | 130,672 | ||||||
| Facebook, Inc., Class A* | 5,400 | 463,131 | ||||||
| Fidelity National Information | ||||||||
| Services, Inc. | 3,367 | 208,081 | ||||||
| Fiserv, Inc.* | 2,075 | 171,872 | ||||||
| Google, Inc., Class A* | 2,040 | 1,101,682 | ||||||
| Google, Inc., Class C* | 2,107 | 1,096,715 | ||||||
| International Business Machines Corp. | 17,368 | 2,825,079 | ||||||
| Intuit, Inc. | 1,450 | 146,116 | ||||||
| MasterCard, Inc., Class A | 3,315 | 309,886 | ||||||
| Microsoft Corp. | 65,427 | 2,888,602 | ||||||
| Oracle Corp. | 28,176 | 1,135,493 | ||||||
| Paychex, Inc. | 1,789 | 83,868 | ||||||
| Red Hat, Inc.* | 646 | 49,051 | ||||||
| salesforce.com, Inc.* | 1,952 | 135,918 | ||||||
| Symantec Corp. | 9,148 | 212,691 | ||||||
| Teradata Corp.*(a) | 2,287 | 84,619 | ||||||
| Total System Services, Inc. | 1,943 | 81,159 | ||||||
| VeriSign, Inc.*(a) | 530 | 32,712 | ||||||
| Visa, Inc., Class A | 6,183 | 415,188 | ||||||
| Western Union Co. (The) | 8,678 | 176,424 | ||||||
| Xerox Corp. | 58,847 | 626,132 | ||||||
| Yahoo!, Inc.* | 3,753 | 147,455 | ||||||
| Total Software & Services | 15,928,750 | |||||||
| Technology Hardware & Equipment—4.5% | ||||||||
| Amphenol Corp., Class A | 3,127 | 181,272 | ||||||
| Apple, Inc. | 51,585 | 6,470,049 | ||||||
| Cisco Systems, Inc. | 53,743 | 1,475,783 | ||||||
| Corning, Inc. | 15,232 | 300,528 | ||||||
| EMC Corp. | 29,646 | 782,358 | ||||||
| F5 Networks, Inc.* | 441 | 53,074 | ||||||
| FLIR Systems, Inc. | 1,616 | 49,805 | ||||||
| Harris Corp. | 2,084 | 160,281 | ||||||
| Hewlett-Packard Co. | 112,385 | 3,372,674 | ||||||
| Juniper Networks, Inc. | 5,425 | 140,887 | ||||||
| Motorola Solutions, Inc. | 3,330 | 190,942 | ||||||
| NetApp, Inc. | 6,127 | 193,368 | ||||||
| QUALCOMM, Inc. | 13,316 | 833,981 | ||||||
| SanDisk Corp. | 3,274 | 190,612 | ||||||
| Seagate Technology PLC | 8,664 | 411,540 | ||||||
| TE Connectivity Ltd. | 6,281 | 403,868 | ||||||
| Western Digital Corp. | 5,417 | 424,801 | ||||||
| Total Technology Hardware & Equipment | 15,635,823 | |||||||
| Investments | Shares | Value | ||||||
| Telecommunication Services—2.8% | ||||||||
| AT&T, Inc. | 125,191 | $ | 4,446,784 | |||||
| CenturyLink, Inc. | 18,310 | 537,948 | ||||||
| Frontier Communications Corp. | 32,929 | 162,999 | ||||||
| Level 3 Communications, Inc.* | 4,334 | 228,272 | ||||||
| Verizon Communications, Inc. | 89,169 | 4,156,167 | ||||||
| Total Telecommunication Services | 9,532,170 | |||||||
| Transportation—2.7% | ||||||||
| American Airlines Group, Inc. | 35,010 | 1,398,124 | ||||||
| C.H. Robinson Worldwide, Inc. | 6,996 | 436,480 | ||||||
| CSX Corp. | 11,972 | 390,886 | ||||||
| Delta Air Lines, Inc. | 32,894 | 1,351,286 | ||||||
| Expeditors International of | ||||||||
| Washington, Inc. | 4,648 | 214,296 | ||||||
| FedEx Corp. | 8,604 | 1,466,122 | ||||||
| JB Hunt Transport Services, Inc. | 1,854 | 152,195 | ||||||
| Kansas City Southern | 896 | 81,715 | ||||||
| Norfolk Southern Corp. | 4,122 | 360,098 | ||||||
| Ryder System, Inc. | 2,360 | 206,193 | ||||||
| Southwest Airlines Co. | 18,310 | 605,878 | ||||||
| Union Pacific Corp. | 7,784 | 742,360 | ||||||
| United Parcel Service, Inc., Class B | 19,125 | 1,853,404 | ||||||
| Total Transportation | 9,259,037 | |||||||
| Utilities—3.1% | ||||||||
| AES Corp. | 40,561 | 537,839 | ||||||
| AGL Resources, Inc. | 3,170 | 147,595 | ||||||
| Ameren Corp. | 4,928 | 185,687 | ||||||
| American Electric Power Co., Inc. | 10,384 | 550,040 | ||||||
| CenterPoint Energy, Inc. | 14,401 | 274,051 | ||||||
| CMS Energy Corp. | 6,882 | 219,123 | ||||||
| Consolidated Edison, Inc. | 7,152 | 413,958 | ||||||
| Dominion Resources, Inc. | 5,906 | 394,934 | ||||||
| DTE Energy Co. | 4,981 | 371,782 | ||||||
| Duke Energy Corp. | 10,314 | 728,375 | ||||||
| Edison International | 7,367 | 409,458 | ||||||
| Entergy Corp. | 5,635 | 397,267 | ||||||
| Eversource Energy | 5,575 | 253,161 | ||||||
| Exelon Corp. | 27,907 | 876,838 | ||||||
| FirstEnergy Corp. | 14,104 | 459,085 | ||||||
| NextEra Energy, Inc. | 5,670 | 555,830 | ||||||
| NiSource, Inc. | 4,281 | 195,171 | ||||||
| NRG Energy, Inc. | 21,823 | 499,310 | ||||||
| Pepco Holdings, Inc. | 6,029 | 162,421 | ||||||
| PG&E Corp. | 11,062 | 543,144 | ||||||
| Pinnacle West Capital Corp. | 2,002 | 113,894 | ||||||
| PPL Corp. | 12,807 | 377,422 | ||||||
| Public Service Enterprise Group, Inc. | 8,772 | 344,564 | ||||||
| SCANA Corp. | 3,071 | 155,546 | ||||||
| Sempra Energy | 3,440 | 340,354 | ||||||
| Southern Co. (The) | 13,862 | 580,818 | ||||||
| TECO Energy, Inc. | 4,710 | 83,179 | ||||||
| WEC Energy Group, Inc. | 5,847 | 262,940 | ||||||
| Xcel Energy, Inc. | 11,550 | 371,679 | ||||||
| Total Utilities | 10,805,465 | |||||||
| Total Common Stocks | ||||||||
| (Cost $276,522,101) | 343,083,698 | |||||||
The accompanying notes are an integral part of these financial statements.
| 18 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Large Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| EXCHANGE TRADED FUND—0.0%† | ||||||||
| SPDR S&P 500 ETF Trust(a) | ||||||||
| (Cost $837) | 4 | $ | 823 | |||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—1.6% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Prime Shares, 0.08% (b) | ||||||||
| (Cost $5,455,819) | 5,455,819 | 5,455,819 | ||||||
| Total Investments—101.4% | ||||||||
| (Cost $281,978,757) | 348,540,340 | |||||||
| Liabilities in Excess of Other Assets—(1.4)% | (4,858,831 | ) | ||||||
| Net Assets—100.0% | $ | 343,681,509 | ||||||
ETF – Exchange Traded Fund
PLC – Public Limited Company
REIT – Real Estate Investment Trust
| * | Non-income producing security |
| † | Less than 0.05% |
| (a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $6,296,561; total market value of the collateral held by the fund was $6,422,300. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $966,481. |
| (b) | Rate shown represents annualized 7-day yield as of June 30, 2015. |
The accompanying notes are an integral part of these financial statements.
| 19 |
SCHEDULE OF INVESTMENTS
June 30, 2015
| Investments | Shares | Value | ||||||
| COMMON STOCKS—100.0% | ||||||||
| Automobiles & Components—0.7% | ||||||||
| Dana Holding Corp. | 54,768 | $ | 1,127,125 | |||||
| Gentex Corp. | 14,942 | 245,348 | ||||||
| Thor Industries, Inc. | 11,390 | 641,029 | ||||||
| Total Automobiles & Components | 2,013,502 | |||||||
| Banks—1.8% | ||||||||
| Associated Banc-Corp. | 8,656 | 175,457 | ||||||
| BancorpSouth, Inc. | 5,053 | 130,165 | ||||||
| Bank of Hawaii Corp. | 1,568 | 104,554 | ||||||
| Bank of the Ozarks, Inc. | 1,348 | 61,671 | ||||||
| Cathay General Bancorp | 2,219 | 72,007 | ||||||
| City National Corp. | 2,514 | 227,240 | ||||||
| Commerce Bancshares, Inc.(a) | 3,996 | 186,893 | ||||||
| Cullen/Frost Bankers, Inc. | 2,375 | 186,627 | ||||||
| East West Bancorp, Inc. | 3,825 | 171,437 | ||||||
| First Horizon National Corp. | 13,352 | 209,226 | ||||||
| First Niagara Financial Group, Inc. | 24,610 | 232,318 | ||||||
| FirstMerit Corp. | 8,710 | 181,429 | ||||||
| Fulton Financial Corp. | 9,288 | 121,301 | ||||||
| Hancock Holding Co. | 4,821 | 153,838 | ||||||
| International Bancshares Corp. | 3,307 | 88,859 | ||||||
| New York Community Bancorp, Inc.(a) | 13,474 | 247,652 | ||||||
| PacWest Bancorp | 3,097 | 144,816 | ||||||
| Prosperity Bancshares, Inc. | 2,525 | 145,794 | ||||||
| Signature Bank* | 1,047 | 153,270 | ||||||
| SVB Financial Group* | 1,608 | 231,520 | ||||||
| Synovus Financial Corp. | 6,241 | 192,348 | ||||||
| TCF Financial Corp. | 12,355 | 205,217 | ||||||
| Trustmark Corp. | 4,144 | 103,517 | ||||||
| Umpqua Holdings Corp. | 10,366 | 186,484 | ||||||
| Valley National Bancorp | 9,765 | 100,677 | ||||||
| Washington Federal, Inc. | 3,380 | 78,923 | ||||||
| Webster Financial Corp. | 3,650 | 144,358 | ||||||
| Total Banks | 4,237,598 | |||||||
| Capital Goods—10.5% | ||||||||
| A.O. Smith Corp. | 5,954 | 428,569 | ||||||
| Acuity Brands, Inc. | 2,424 | 436,272 | ||||||
| AECOM* | 57,020 | 1,886,222 | ||||||
| AGCO Corp.(a) | 31,864 | 1,809,238 | ||||||
| B/E Aerospace, Inc. | 11,235 | 616,802 | ||||||
| Carlisle Cos., Inc. | 5,863 | 587,004 | ||||||
| CLARCOR, Inc. | 4,539 | 282,507 | ||||||
| Crane Co. | 8,629 | 506,781 | ||||||
| Donaldson Co., Inc. | 12,343 | 441,879 | ||||||
| Esterline Technologies Corp.* | 3,945 | 376,116 | ||||||
| Fortune Brands Home & Security, Inc. | 15,311 | 701,550 | ||||||
| GATX Corp. | 4,725 | 251,134 | ||||||
| Graco, Inc. | 3,108 | 220,761 | ||||||
| Granite Construction, Inc. | 11,285 | 400,730 | ||||||
| Hubbell, Inc., Class B | 5,548 | 600,737 | ||||||
| Huntington Ingalls Industries, Inc. | 10,629 | 1,196,719 | ||||||
| IDEX Corp. | 4,787 | 376,163 | ||||||
| ITT Corp. | 11,054 | 462,499 | ||||||
| KBR, Inc. | 55,944 | 1,089,789 | ||||||
| Kennametal, Inc. | 14,977 | 511,015 | ||||||
| KLX, Inc.* | 7,277 | 321,134 | ||||||
| Lennox International, Inc. | 5,406 | 582,172 | ||||||
| Lincoln Electric Holdings, Inc. | 7,933 | 483,040 | ||||||
| Investments | Shares | Value | ||||||
| MSC Industrial Direct Co., Inc., | ||||||||
| Class A | 7,297 | $ | 509,112 | |||||
| Nordson Corp. | 3,866 | 301,123 | ||||||
| NOW, Inc.*(a) | 32,944 | 655,915 | ||||||
| Orbital ATK, Inc. | 11,188 | 820,752 | ||||||
| Oshkosh Corp. | 25,853 | 1,095,650 | ||||||
| Regal-Beloit Corp. | 8,049 | 584,277 | ||||||
| SPX Corp. | 11,610 | 840,448 | ||||||
| Teledyne Technologies, Inc.* | 4,050 | 427,316 | ||||||
| Terex Corp. | 54,516 | 1,267,497 | ||||||
| Timken Co. | 14,331 | 524,085 | ||||||
| Trinity Industries, Inc. | 38,903 | 1,028,206 | ||||||
| Triumph Group, Inc. | 9,869 | 651,255 | ||||||
| Valmont Industries, Inc. | 4,444 | 528,258 | ||||||
| Wabtec Corp. | 5,770 | 543,765 | ||||||
| Watsco, Inc. | 5,857 | 724,745 | ||||||
| Woodward, Inc. | 6,777 | 372,667 | ||||||
| Total Capital Goods | 25,443,904 | |||||||
| Commercial & Professional Services—3.9% | ||||||||
| CEB, Inc. | 1,923 | 167,416 | ||||||
| Clean Harbors, Inc.* | 10,871 | 584,208 | ||||||
| Copart, Inc.* | 5,934 | 210,538 | ||||||
| Deluxe Corp. | 4,787 | 296,794 | ||||||
| FTI Consulting, Inc.* | 7,696 | 317,383 | ||||||
| Herman Miller, Inc. | 12,010 | 347,449 | ||||||
| HNI Corp. | 8,063 | 412,423 | ||||||
| Manpowergroup, Inc. | 41,458 | 3,705,516 | ||||||
| MSA Safety, Inc. | 4,177 | 202,626 | ||||||
| R.R. Donnelley & Sons Co. | 116,476 | 2,030,177 | ||||||
| Rollins, Inc. | 9,527 | 271,805 | ||||||
| Towers Watson & Co., Class A | 4,695 | 590,631 | ||||||
| Waste Connections, Inc. | 7,826 | 368,761 | ||||||
| Total Commercial & Professional Services | 9,505,727 | |||||||
| Consumer Durables & Apparel—3.9% | ||||||||
| Brunswick Corp. | 12,765 | 649,228 | ||||||
| Carter’s, Inc. | 4,919 | 522,890 | ||||||
| Deckers Outdoor Corp.* | 3,946 | 283,994 | ||||||
| Jarden Corp.* | 28,206 | 1,459,661 | ||||||
| Kate Spade & Co.* | 8,402 | 180,979 | ||||||
| KB Home(a) | 30,703 | 509,670 | ||||||
| MDC Holdings, Inc.(a) | 10,754 | 322,297 | ||||||
| NVR, Inc.* | 654 | 876,360 | ||||||
| Polaris Industries, Inc. | 5,683 | 841,709 | ||||||
| Skechers U.S.A., Inc., Class A* | 15,739 | 1,727,985 | ||||||
| Tempur Sealy International, Inc.* | 8,390 | 552,901 | ||||||
| Toll Brothers, Inc.* | 20,125 | 768,574 | ||||||
| Tupperware Brands Corp. | 6,860 | 442,744 | ||||||
| Vista Outdoor, Inc.* | 7,906 | 354,979 | ||||||
| Total Consumer Durables & Apparel | 9,493,971 | |||||||
| Consumer Services—1.9% | ||||||||
| Apollo Education Group, Inc.* | 32,296 | 415,972 | ||||||
| Brinker International, Inc. | 9,159 | 528,016 | ||||||
| Buffalo Wild Wings, Inc.* | 1,798 | 281,729 | ||||||
| Cheesecake Factory, Inc. | 6,620 | 361,022 | ||||||
| DeVry Education Group, Inc. | 10,331 | 309,723 | ||||||
| Domino’s Pizza, Inc. | 3,320 | 376,488 | ||||||
| Dunkin’ Brands Group, Inc.(a) | 2,567 | 141,185 | ||||||
| Graham Holdings Co., Class B | 590 | 634,280 | ||||||
The accompanying notes are an integral part of these financial statements.
| 20 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Mid Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Consumer Services (continued) | ||||||||
| International Speedway Corp., | ||||||||
| Class A | 3,208 | $ | 117,637 | |||||
| Panera Bread Co., Class A* | 2,540 | 443,916 | ||||||
| Service Corp. International | 18,322 | 539,216 | ||||||
| Sotheby’s | 3,623 | 163,905 | ||||||
| Wendy’s Co. (The)(a) | 31,735 | 357,971 | ||||||
| Total Consumer Services | 4,671,060 | |||||||
| Diversified Financials—1.2% | ||||||||
| CBOE Holdings, Inc. | 1,832 | 104,827 | ||||||
| Eaton Vance Corp. | 6,383 | 249,767 | ||||||
| Federated Investors, Inc., Class B | 4,509 | 151,006 | ||||||
| Janus Capital Group, Inc.(a) | 10,056 | 172,159 | ||||||
| MSCI, Inc. | 2,977 | 183,234 | ||||||
| Raymond James Financial, Inc. | 14,801 | 881,844 | ||||||
| SEI Investments Co. | 4,700 | 230,441 | ||||||
| SLM Corp.* | 11,998 | 118,420 | ||||||
| Stifel Financial Corp.* | 6,843 | 395,115 | ||||||
| Waddell & Reed Financial, Inc., | ||||||||
| Class A | 5,815 | 275,108 | ||||||
| WisdomTree Investments, Inc.(a) | 1,621 | 35,605 | ||||||
| Total Diversified Financials | 2,797,526 | |||||||
| Energy—8.6% | ||||||||
| Atwood Oceanics, Inc.(a) | 7,315 | 193,408 | ||||||
| California Resources Corp. | 88,039 | 531,755 | ||||||
| Denbury Resources, Inc.(a) | 56,102 | 356,809 | ||||||
| Dresser-Rand Group, Inc.* | 5,589 | 476,071 | ||||||
| Dril-Quip, Inc.* | 2,284 | 171,871 | ||||||
| Energen Corp. | 3,109 | 212,345 | ||||||
| Gulfport Energy Corp.* | 2,991 | 120,388 | ||||||
| Helix Energy Solutions Group, Inc.* | 13,028 | 164,544 | ||||||
| HollyFrontier Corp. | 78,491 | 3,350,781 | ||||||
| Nabors Industries Ltd. | 81,805 | 1,180,446 | ||||||
| Oceaneering International, Inc. | 13,281 | 618,762 | ||||||
| Oil States International, Inc.* | 7,417 | 276,135 | ||||||
| Patterson-UTI Energy, Inc. | 27,237 | 512,464 | ||||||
| QEP Resources, Inc. | 18,478 | 342,028 | ||||||
| Rosetta Resources, Inc.* | 6,676 | 154,483 | ||||||
| Rowan Cos. PLC, Class A | 17,030 | 359,503 | ||||||
| SM Energy Co. | 8,899 | 410,422 | ||||||
| Superior Energy Services, Inc. | 35,873 | 754,768 | ||||||
| Tidewater, Inc.(a) | 11,125 | 252,871 | ||||||
| Unit Corp.* | 8,588 | 232,906 | ||||||
| Western Refining, Inc. | 57,197 | 2,494,933 | ||||||
| World Fuel Services Corp. | 149,242 | 7,156,154 | ||||||
| WPX Energy, Inc.* | 38,013 | 466,800 | ||||||
| Total Energy | 20,790,647 | |||||||
| Food & Staples Retailing—2.0% | ||||||||
| Casey’s General Stores, Inc. | 4,760 | 455,722 | ||||||
| SUPERVALU, Inc.* | 366,967 | 2,968,763 | ||||||
| United Natural Foods, Inc.* | 20,785 | 1,323,589 | ||||||
| Total Food & Staples Retailing | 4,748,074 | |||||||
| Investments | Shares | Value | ||||||
| Food, Beverage & Tobacco—2.5% | ||||||||
| Boston Beer Co., Inc. (The), | ||||||||
| Class A*(a) | 663 | $ | 153,809 | |||||
| Dean Foods Co. | 95,858 | 1,550,024 | ||||||
| Flowers Foods, Inc. | 31,238 | 660,684 | ||||||
| Hain Celestial Group, Inc. (The)* | 6,377 | 419,989 | ||||||
| Ingredion, Inc. | 12,407 | 990,203 | ||||||
| Lancaster Colony Corp. | 2,106 | 191,330 | ||||||
| Post Holdings, Inc.*(a) | 11,861 | 639,664 | ||||||
| Tootsie Roll Industries, Inc.(a) | 3,012 | 97,318 | ||||||
| TreeHouse Foods, Inc.* | 7,822 | 633,816 | ||||||
| WhiteWave Foods Co. (The)* | 12,948 | 632,898 | ||||||
| Total Food, Beverage & Tobacco | 5,969,735 | |||||||
| Health Care Equipment & Services—8.8% | ||||||||
| Align Technology, Inc.* | 2,255 | 141,411 | ||||||
| Allscripts Healthcare Solutions, Inc.* | 17,066 | 233,463 | ||||||
| Centene Corp.* | 39,303 | 3,159,961 | ||||||
| Community Health Systems, Inc.* | 62,739 | 3,950,675 | ||||||
| Cooper Cos., Inc. (The) | 1,783 | 317,321 | ||||||
| Halyard Health, Inc.* | 7,028 | 284,634 | ||||||
| Health Net, Inc.* | 42,440 | 2,721,253 | ||||||
| Hill-Rom Holdings, Inc. | 5,689 | 309,083 | ||||||
| HMS Holdings Corp.* | 4,581 | 78,656 | ||||||
| Hologic, Inc.* | 12,299 | 468,100 | ||||||
| IDEXX Laboratories, Inc.* | 5,845 | 374,898 | ||||||
| LifePoint Hospitals, Inc.* | 11,295 | 982,100 | ||||||
| MEDNAX, Inc.* | 6,286 | 465,855 | ||||||
| Molina Healthcare, Inc.* | 15,653 | 1,100,406 | ||||||
| Omnicare, Inc. | 12,445 | 1,172,941 | ||||||
| Owens & Minor, Inc. | 50,756 | 1,725,704 | ||||||
| ResMed, Inc. | 4,975 | 280,441 | ||||||
| Sirona Dental Systems, Inc.* | 2,086 | 209,476 | ||||||
| STERIS Corp.(a) | 4,684 | 301,837 | ||||||
| Teleflex, Inc. | 2,474 | 335,103 | ||||||
| Thoratec Corp.* | 1,888 | 84,148 | ||||||
| VCA, Inc.* | 6,676 | 363,208 | ||||||
| WellCare Health Plans, Inc.* | 27,290 | 2,315,011 | ||||||
| Total Health Care Equipment & Services | 21,375,685 | |||||||
| Household & Personal Products—1.3% | ||||||||
| Avon Products, Inc.(a) | 225,769 | 1,413,314 | ||||||
| Church & Dwight Co., Inc. | 7,215 | 585,353 | ||||||
| Energizer Holdings, Inc.* | 5,809 | 764,174 | ||||||
| Energizer SpinCo, Inc.* | 10,559 | 359,006 | ||||||
| Total Household & Personal Products | 3,121,847 | |||||||
| Insurance—5.7% | ||||||||
| Alleghany Corp.* | 1,905 | 892,988 | ||||||
| American Financial Group, Inc. | 16,055 | 1,044,217 | ||||||
| Arthur J. Gallagher & Co. | 17,861 | 844,825 | ||||||
| Aspen Insurance Holdings Ltd. | 10,069 | 482,305 | ||||||
| Brown & Brown, Inc. | 8,676 | 285,093 | ||||||
| CNO Financial Group, Inc. | 39,112 | 717,705 | ||||||
| Everest Re Group Ltd. | 5,849 | 1,064,577 | ||||||
| First American Financial Corp. | 24,413 | 908,408 | ||||||
| Hanover Insurance Group, Inc. (The) | 12,522 | 927,004 | ||||||
| HCC Insurance Holdings, Inc. | 6,252 | 480,404 | ||||||
| Kemper Corp. | 10,258 | 395,446 | ||||||
| Mercury General Corp. | 9,683 | 538,859 | ||||||
| Old Republic International Corp. | 61,515 | 961,479 | ||||||
The accompanying notes are an integral part of these financial statements.
| 21 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Mid Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Insurance (continued) | ||||||||
| Primerica, Inc. | 5,244 | $ | 239,598 | |||||
| Reinsurance Group of America, Inc. | 20,193 | 1,915,710 | ||||||
| RenaissanceRe Holdings Ltd. | 2,206 | 223,931 | ||||||
| StanCorp Financial Group, Inc. | 6,511 | 492,297 | ||||||
| W.R. Berkley Corp. | 25,123 | 1,304,637 | ||||||
| Total Insurance | 13,719,483 | |||||||
| Materials—8.8% | ||||||||
| Albemarle Corp. | 8,426 | 465,705 | ||||||
| AptarGroup, Inc. | 6,990 | 445,752 | ||||||
| Ashland, Inc. | 8,684 | 1,058,580 | ||||||
| Bemis Co., Inc. | 16,813 | 756,753 | ||||||
| Cabot Corp. | 15,568 | 580,531 | ||||||
| Carpenter Technology Corp. | 9,447 | 365,410 | ||||||
| Commercial Metals Co. | 76,579 | 1,231,390 | ||||||
| Compass Minerals International, Inc. | 2,676 | 219,807 | ||||||
| Cytec Industries, Inc. | 5,970 | 361,364 | ||||||
| Domtar Corp. | 22,859 | 946,363 | ||||||
| Eagle Materials, Inc. | 2,180 | 166,399 | ||||||
| Greif, Inc., Class A | 19,327 | 692,873 | ||||||
| Louisiana-Pacific Corp.* | 19,998 | 340,566 | ||||||
| Minerals Technologies, Inc. | 5,111 | 348,212 | ||||||
| NewMarket Corp. | 906 | 402,164 | ||||||
| Olin Corp. | 13,963 | 376,303 | ||||||
| Packaging Corp. of America | 15,499 | 968,533 | ||||||
| PolyOne Corp. | 17,082 | 669,102 | ||||||
| Reliance Steel & Aluminum Co. | 29,871 | 1,806,598 | ||||||
| Rock-Tenn Co., Class A | 1 | 60 | ||||||
| Royal Gold, Inc. | 701 | 43,175 | ||||||
| RPM International, Inc. | 15,975 | 782,296 | ||||||
| Scotts Miracle-Gro Co., (The), | ||||||||
| Class A | 8,664 | 512,996 | ||||||
| Sensient Technologies Corp. | 3,738 | 255,455 | ||||||
| Silgan Holdings, Inc. | 12,882 | 679,654 | ||||||
| Sonoco Products Co. | 20,334 | 871,515 | ||||||
| Steel Dynamics, Inc. | 75,887 | 1,571,999 | ||||||
| TimkenSteel Corp. | 10,275 | 277,322 | ||||||
| United States Steel Corp.(a) | 125,230 | 2,582,243 | ||||||
| Valspar Corp. (The) | 9,877 | 808,136 | ||||||
| Worthington Industries, Inc. | 21,866 | 657,292 | ||||||
| Total Materials | 21,244,548 | |||||||
| Media—1.5% | ||||||||
| AMC Networks, Inc., Class A* | 5,176 | 423,656 | ||||||
| Cinemark Holdings, Inc. | 11,747 | 471,877 | ||||||
| DreamWorks Animation SKG, Inc., | ||||||||
| Class A*(a) | 4,662 | 122,983 | ||||||
| John Wiley & Sons, Inc., Class A | 5,654 | 307,408 | ||||||
| Live Nation Entertainment, Inc.* | 43,085 | 1,184,407 | ||||||
| Meredith Corp. | 5,097 | 265,808 | ||||||
| New York Times Co., (The), Class A | 20,114 | 274,556 | ||||||
| Time, Inc. | 24,394 | 561,306 | ||||||
| Total Media | 3,612,001 | |||||||
| Pharmaceuticals, Biotechnology & Life Sciences—0.6% | ||||||||
| Akorn, Inc.*(a) | 2,393 | 104,478 | ||||||
| Bio-Rad Laboratories, Inc., Class A* | 2,593 | 390,532 | ||||||
| Bio-Techne Corp. | 653 | 64,301 | ||||||
| Charles River Laboratories | ||||||||
| International, Inc.* | 3,301 | 232,192 | ||||||
| Investments | Shares | Value | ||||||
| Mettler-Toledo International, Inc.* | 1,299 | $ | 443,557 | |||||
| United Therapeutics Corp.* | 1,284 | 223,352 | ||||||
| Total Pharmaceuticals, Biotechnology & | ||||||||
| Life Sciences | 1,458,412 | |||||||
| Real Estate—2.2% | ||||||||
| Alexander & Baldwin, Inc. | 2,784 | 109,690 | ||||||
| Alexandria Real Estate Equities, Inc. | 1,455 | 127,254 | ||||||
| American Campus Communities, Inc. | 3,425 | 129,088 | ||||||
| BioMed Realty Trust, Inc. | 5,896 | 114,029 | ||||||
| Camden Property Trust | 2,044 | 151,828 | ||||||
| Communications Sales & Leasing, Inc. | 76 | 1,879 | ||||||
| Corporate Office Properties Trust | 4,315 | 101,575 | ||||||
| Corrections Corp. of America | 8,743 | 289,218 | ||||||
| Douglas Emmett, Inc. | 3,831 | 103,207 | ||||||
| Duke Realty Corp. | 11,741 | 218,030 | ||||||
| Equity One, Inc. | 2,597 | 60,614 | ||||||
| Extra Space Storage, Inc. | 1,773 | 115,635 | ||||||
| Federal Realty Investment Trust | 943 | 120,789 | ||||||
| Highwoods Properties, Inc. | 2,686 | 107,306 | ||||||
| Home Properties, Inc. | 1,679 | 122,651 | ||||||
| Hospitality Properties Trust | 10,835 | 312,265 | ||||||
| Jones Lang LaSalle, Inc. | 5,922 | 1,012,662 | ||||||
| Kilroy Realty Corp. | 1,365 | 91,660 | ||||||
| Lamar Advertising Co., Class A | 4,001 | 229,977 | ||||||
| LaSalle Hotel Properties | 5,666 | 200,916 | ||||||
| Liberty Property Trust | 4,306 | 138,739 | ||||||
| Mack-Cali Realty Corp. | 5,916 | 109,032 | ||||||
| Mid-America Apartment | ||||||||
| Communities, Inc. | 2,446 | 178,093 | ||||||
| National Retail Properties, Inc. | 2,210 | 77,372 | ||||||
| Omega Healthcare Investors, Inc. | 2,588 | 88,846 | ||||||
| Potlatch Corp. | 3,001 | 105,995 | ||||||
| Rayonier, Inc. | 4,210 | 107,566 | ||||||
| Regency Centers Corp. | 1,675 | 98,792 | ||||||
| Senior Housing Properties Trust | 8,658 | 151,948 | ||||||
| Tanger Factory Outlet Centers, Inc. | 2,327 | 73,766 | ||||||
| Taubman Centers, Inc. | 1,514 | 105,223 | ||||||
| UDR, Inc. | 4,569 | 146,345 | ||||||
| Urban Edge Properties | 2,548 | 52,973 | ||||||
| Weingarten Realty Investors | 2,885 | 94,311 | ||||||
| WP GLIMCHER, Inc. | 9,486 | 128,346 | ||||||
| Total Real Estate | 5,377,620 | |||||||
| Retailing—10.0% | ||||||||
| Aaron’s, Inc. | 15,393 | 557,381 | ||||||
| Abercrombie & Fitch Co., Class A(a) | 33,252 | 715,250 | ||||||
| Advance Auto Parts, Inc. | 11,245 | 1,791,216 | ||||||
| American Eagle Outfitters, Inc. | 34,201 | 588,941 | ||||||
| ANN, Inc.* | 9,369 | 452,429 | ||||||
| Ascena Retail Group, Inc.* | 51,459 | 857,050 | ||||||
| Big Lots, Inc. | 19,910 | 895,751 | ||||||
| Cabela’s, Inc.*(a) | 34,492 | 1,723,910 | ||||||
| Chico’s FAS, Inc. | 27,944 | 464,709 | ||||||
| CST Brands, Inc. | 45,876 | 1,791,917 | ||||||
| Dick’s Sporting Goods, Inc. | 21,510 | 1,113,573 | ||||||
| Foot Locker, Inc. | 19,230 | 1,288,602 | ||||||
| Guess?, Inc. | 23,119 | 443,191 | ||||||
| HSN, Inc. | 9,581 | 672,490 | ||||||
| JC Penney Co., Inc.*(a) | 263,209 | 2,229,380 | ||||||
| LKQ Corp.* | 42,307 | 1,279,575 | ||||||
The accompanying notes are an integral part of these financial statements.
| 22 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Mid Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Retailing (continued) | ||||||||
| Murphy USA, Inc.* | 44,029 | $ | 2,457,699 | |||||
| Office Depot, Inc.* | 313,962 | 2,718,911 | ||||||
| Rent-A-Center, Inc. | 18,660 | 529,011 | ||||||
| Signet Jewelers Ltd. | 6,078 | 779,443 | ||||||
| Williams-Sonoma, Inc. | 9,904 | 814,802 | ||||||
| Total Retailing | 24,165,231 | |||||||
| Semiconductors & Semiconductor Equipment—1.2% | ||||||||
| Advanced Micro Devices, Inc.*(a) | 375,274 | 900,658 | ||||||
| Atmel Corp. | 24,835 | 244,749 | ||||||
| Cree, Inc.*(a) | 9,969 | 259,493 | ||||||
| Cypress Semiconductor Corp.* | 10,989 | 129,231 | ||||||
| Fairchild Semiconductor | ||||||||
| International, Inc.* | 13,843 | 240,591 | ||||||
| Integrated Device Technology, Inc.* | 3,713 | 80,572 | ||||||
| Intersil Corp., Class A | 7,508 | 93,925 | ||||||
| Semtech Corp.* | 4,832 | 95,915 | ||||||
| Silicon Laboratories, Inc.* | 2,033 | 109,802 | ||||||
| SunEdison, Inc.* | 13,152 | 393,376 | ||||||
| Teradyne, Inc. | 14,398 | 277,738 | ||||||
| Total Semiconductors & Semiconductor | ||||||||
| Equipment | 2,826,050 | |||||||
| Software & Services—3.8% | ||||||||
| ACI Worldwide, Inc.* | 7,353 | 180,663 | ||||||
| Acxiom Corp.* | 10,033 | 176,380 | ||||||
| Advent Software, Inc. | 1,670 | 73,831 | ||||||
| ANSYS, Inc.* | 1,873 | 170,892 | ||||||
| Broadridge Financial Solutions, Inc. | 8,948 | 447,489 | ||||||
| Cadence Design Systems, Inc.* | 14,538 | 285,817 | ||||||
| CDK Global, Inc. | 6,621 | 357,402 | ||||||
| CommVault Systems, Inc.* | 2,443 | 103,608 | ||||||
| Convergys Corp. | 21,385 | 545,104 | ||||||
| CoreLogic, Inc.* | 7,011 | 278,267 | ||||||
| DST Systems, Inc. | 4,042 | 509,211 | ||||||
| FactSet Research Systems, Inc. | 1,004 | 163,160 | ||||||
| Fair Isaac Corp. | 1,610 | 146,156 | ||||||
| Fortinet, Inc.* | 3,423 | 141,473 | ||||||
| Gartner, Inc.* | 4,207 | 360,876 | ||||||
| Global Payments, Inc. | 4,464 | 461,801 | ||||||
| Informatica Corp.* | 3,920 | 190,002 | ||||||
| Jack Henry & Associates, Inc. | 3,408 | 220,498 | ||||||
| Leidos Holdings, Inc. | 23,167 | 935,252 | ||||||
| Manhattan Associates, Inc.* | 1,536 | 91,622 | ||||||
| MAXIMUS, Inc. | 4,936 | 324,443 | ||||||
| Mentor Graphics Corp. | 7,947 | 210,039 | ||||||
| NeuStar, Inc., Class A*(a) | 6,116 | 178,648 | ||||||
| PTC, Inc.* | 5,891 | 241,649 | ||||||
| Rackspace Hosting, Inc.* | 8,966 | 333,446 | ||||||
| Rovi Corp.*(a) | 5,568 | 88,810 | ||||||
| Science Applications International Corp. | 13,532 | 715,166 | ||||||
| SolarWinds, Inc.* | 1,700 | 78,421 | ||||||
| Solera Holdings, Inc. | 3,972 | 176,992 | ||||||
| Synopsys, Inc.* | 7,639 | 386,915 | ||||||
| Tyler Technologies, Inc.* | 723 | 93,542 | ||||||
| Ultimate Software Group, Inc. (The)* | 586 | 96,303 | ||||||
| VeriFone Systems, Inc.* | 9,634 | 327,171 | ||||||
| WEX, Inc.* | 1,309 | 149,187 | ||||||
| Total Software & Services | 9,240,236 | |||||||
| Investments | Shares | Value | ||||||
| Technology Hardware & Equipment—12.8% | ||||||||
| 3D Systems Corp.*(a) | 5,847 | $ | 114,133 | |||||
| ARRIS Group, Inc.* | 30,129 | 921,947 | ||||||
| Arrow Electronics, Inc.* | 69,630 | 3,885,354 | ||||||
| Avnet, Inc. | 117,570 | 4,833,303 | ||||||
| Belden, Inc. | 5,004 | 406,475 | ||||||
| Ciena Corp.* | 15,812 | 374,428 | ||||||
| Cognex Corp. | 1,851 | 89,033 | ||||||
| Diebold, Inc. | 14,651 | 512,785 | ||||||
| FEI Co. | 2,024 | 167,850 | ||||||
| Ingram Micro, Inc., Class A* | 313,469 | 7,846,129 | ||||||
| InterDigital, Inc./PA | 1,385 | 78,793 | ||||||
| IPG Photonics Corp.*(a) | 1,577 | 134,321 | ||||||
| Jabil Circuit, Inc. | 118,388 | 2,520,480 | ||||||
| JDS Uniphase Corp.* | 24,993 | 289,419 | ||||||
| Keysight Technologies, Inc.* | 16,182 | 504,717 | ||||||
| Knowles Corp.*(a) | 10,314 | 186,683 | ||||||
| Lexmark International, Inc., Class A | 14,702 | 649,828 | ||||||
| National Instruments Corp. | 7,241 | 213,320 | ||||||
| NCR Corp.* | 34,987 | 1,053,109 | ||||||
| Plantronics, Inc. | 2,627 | 147,926 | ||||||
| Polycom, Inc.* | 18,749 | 214,489 | ||||||
| Tech Data Corp.* | 79,587 | 4,581,028 | ||||||
| Trimble Navigation Ltd.* | 18,673 | 438,069 | ||||||
| Vishay Intertechnology, Inc. | 36,657 | 428,154 | ||||||
| Zebra Technologies Corp., Class A* | 3,632 | 403,334 | ||||||
| Total Technology Hardware & Equipment | 30,995,107 | |||||||
| Telecommunication Services—0.4% | ||||||||
| Telephone & Data Systems, Inc. | 31,045 | 912,723 | ||||||
| Transportation—2.2% | ||||||||
| Alaska Air Group, Inc. | 15,741 | 1,014,192 | ||||||
| Con-way, Inc. | 26,169 | 1,004,104 | ||||||
| Genesee & Wyoming, Inc., Class A* | 3,743 | 285,142 | ||||||
| JetBlue Airways Corp.*(a) | 55,307 | 1,148,173 | ||||||
| Kirby Corp.* | 6,054 | 464,100 | ||||||
| Landstar System, Inc. | 8,833 | 590,663 | ||||||
| Old Dominion Freight Line, Inc.* | 7,319 | 502,120 | ||||||
| Werner Enterprises, Inc. | 14,063 | 369,154 | ||||||
| Total Transportation | 5,377,648 | |||||||
| Utilities—3.7% | ||||||||
| Alliant Energy Corp. | 10,142 | 585,396 | ||||||
| Aqua America, Inc. | 5,665 | 138,736 | ||||||
| Atmos Energy Corp. | 17,111 | 877,452 | ||||||
| Black Hills Corp. | 5,549 | 242,214 | ||||||
| Cleco Corp. | 4,253 | 229,024 | ||||||
| Great Plains Energy, Inc. | 18,406 | 444,689 | ||||||
| Hawaiian Electric Industries, Inc. | 18,252 | 542,632 | ||||||
| IDACORP, Inc. | 4,027 | 226,076 | ||||||
| MDU Resources Group, Inc. | 40,815 | 797,117 | ||||||
| National Fuel Gas Co. | 6,102 | 359,347 | ||||||
| OGE Energy Corp. | 14,605 | 417,265 | ||||||
| ONE Gas, Inc. | 7,298 | 310,603 | ||||||
| PNM Resources, Inc. | 10,301 | 253,404 | ||||||
| Questar Corp. | 9,693 | 202,680 | ||||||
| Talen Energy Corp.* | 29,374 | 504,058 | ||||||
| UGI Corp. | 40,824 | 1,406,387 | ||||||
| Vectren Corp. | 11,285 | 434,247 | ||||||
The accompanying notes are an integral part of these financial statements.
| 23 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Mid Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Utilities (continued) | ||||||||
| Westar Energy, Inc. | 13,252 | $ | 453,483 | |||||
| WGL Holdings, Inc. | 9,344 | 507,286 | ||||||
| Total Utilities | 8,932,096 | |||||||
| Total Common Stocks | ||||||||
| (Cost $209,417,861) | 242,030,431 | |||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—4.2% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Prime Shares, 0.08% (b) | ||||||||
| (Cost $10,323,391) | 10,323,391 | 10,323,391 | ||||||
| Total Investments—104.2% | ||||||||
| (Cost $219,741,252) | 252,353,822 | |||||||
| Liabilities in Excess of Other Assets—(4.2)% | (10,261,774 | ) | ||||||
| Net Assets—100.0% | $ | 242,092,048 | ||||||
PLC – Public Limited Company
| * | Non-income producing security |
| (a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $14,482,831; total market value of the collateral held by the fund was $14,976,769. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $4,653,378. |
| (b) | Rate shown represents annualized 7-day yield as of June 30, 2015. |
The accompanying notes are an integral part of these financial statements.
| 24 |
SCHEDULE OF INVESTMENTS
June 30, 2015
| Investments | Shares | Value | ||||||
| COMMON STOCKS—99.5% | ||||||||
| Automobiles & Components—0.9% | ||||||||
| Dorman Products, Inc.*(a) | 8,961 | $ | 427,081 | |||||
| Drew Industries, Inc. | 12,558 | 728,615 | ||||||
| Gentherm, Inc.* | 8,561 | 470,085 | ||||||
| Standard Motor Products, Inc. | 15,778 | 554,123 | ||||||
| Superior Industries International, Inc. | 22,041 | 403,571 | ||||||
| Winnebago Industries, Inc.(a) | 27,448 | 647,498 | ||||||
| Total Automobiles & Components | 3,230,973 | |||||||
| Banks—2.6% | ||||||||
| Astoria Financial Corp. | 17,004 | 234,485 | ||||||
| Bank Mutual Corp. | 7,206 | 55,270 | ||||||
| Banner Corp. | 2,893 | 138,661 | ||||||
| BBCN Bancorp, Inc. | 11,871 | 175,572 | ||||||
| BofI Holding, Inc.* | 989 | 104,547 | ||||||
| Boston Private Financial Holdings, Inc. | 14,771 | 198,079 | ||||||
| Brookline Bancorp, Inc. | 10,205 | 115,214 | ||||||
| Cardinal Financial Corp. | 4,192 | 91,344 | ||||||
| Central Pacific Financial Corp. | 4,861 | 115,449 | ||||||
| City Holding Co. | 2,119 | 104,361 | ||||||
| Columbia Banking System, Inc. | 6,701 | 218,050 | ||||||
| Community Bank System, Inc. | 5,621 | 212,305 | ||||||
| CVB Financial Corp. | 9,472 | 166,802 | ||||||
| Dime Community Bancshares | 4,717 | 79,906 | ||||||
| F.N.B. Corp. | 24,534 | 351,327 | ||||||
| First BanCorp* | 43,808 | 211,155 | ||||||
| First Commonwealth Financial Corp. | 14,506 | 139,112 | ||||||
| First Financial Bancorp | 9,470 | 169,892 | ||||||
| First Financial Bankshares, Inc.(a) | 4,620 | 160,037 | ||||||
| First Midwest Bancorp, Inc. | 12,359 | 234,450 | ||||||
| Glacier Bancorp, Inc. | 7,266 | 213,766 | ||||||
| Hanmi Financial Corp. | 4,104 | 101,943 | ||||||
| Home BancShares, Inc. | 5,567 | 203,529 | ||||||
| Independent Bank Corp. | 3,181 | 149,157 | ||||||
| LegacyTexas Financial Group, Inc. | 3,382 | 102,136 | ||||||
| MB Financial, Inc. | 10,933 | 376,532 | ||||||
| National Penn Bancshares, Inc. | 18,231 | 205,646 | ||||||
| NBT Bancorp, Inc. | 8,116 | 212,396 | ||||||
| Northwest Bancshares, Inc. | 14,026 | 179,813 | ||||||
| OFG Bancorp(a) | 13,310 | 142,018 | ||||||
| Old National Bancorp | 22,321 | 322,762 | ||||||
| Oritani Financial Corp. | 3,821 | 61,327 | ||||||
| Pinnacle Financial Partners, Inc. | 2,783 | 151,312 | ||||||
| PrivateBancorp, Inc. | 8,416 | 335,125 | ||||||
| Provident Financial Services, Inc. | 8,639 | 164,055 | ||||||
| S&T Bancorp, Inc. | 3,803 | 112,531 | ||||||
| Simmons First National Corp., Class A | 3,194 | 149,096 | ||||||
| Southside Bancshares, Inc.(a) | 2,483 | 72,578 | ||||||
| Sterling Bancorp | 11,104 | 163,229 | ||||||
| Susquehanna Bancshares, Inc. | 28,228 | 398,579 | ||||||
| Talmer Bancorp, Inc., Class A | 9,432 | 157,986 | ||||||
| Texas Capital Bancshares, Inc.* | 5,032 | 313,192 | ||||||
| Tompkins Financial Corp. | 2,546 | 136,771 | ||||||
| TrustCo Bank Corp. | 13,165 | 92,550 | ||||||
| UMB Financial Corp. | 8,634 | 492,311 | ||||||
| United Bankshares, Inc. | 6,512 | 261,978 | ||||||
| United Community Banks, Inc. | 8,325 | 173,743 | ||||||
| Walker & Dunlop, Inc.* | 9,217 | 246,463 | ||||||
| Westamerica Bancorporation(a) | 2,175 | 110,164 | ||||||
| Investments | Shares | Value | ||||||
| Wilshire Bancorp, Inc. | 9,254 | $ | 116,878 | |||||
| Wintrust Financial Corp. | 9,063 | 483,783 | ||||||
| Total Banks | 9,679,367 | |||||||
| Capital Goods—14.3% | ||||||||
| AAON, Inc. | 8,852 | 199,347 | ||||||
| AAR Corp. | 36,252 | 1,155,351 | ||||||
| Actuant Corp., Class A | 34,652 | 800,115 | ||||||
| Aegion Corp., Class A* | 44,194 | 837,034 | ||||||
| Aerojet Rocketdyne Holdings, Inc.* | 44,521 | 917,578 | ||||||
| Aerovironment, Inc.* | 5,523 | 144,040 | ||||||
| Albany International Corp., Class A | 10,912 | 434,298 | ||||||
| American Science & Engineering, Inc. | 2,570 | 112,592 | ||||||
| American Woodmark Corp.* | 7,851 | 430,627 | ||||||
| Apogee Enterprises, Inc. | 7,995 | 420,857 | ||||||
| Applied Industrial Technologies, Inc. | 34,534 | 1,369,273 | ||||||
| Astec Industries, Inc. | 14,165 | 592,380 | ||||||
| AZZ, Inc. | 8,790 | 455,322 | ||||||
| Barnes Group, Inc. | 18,195 | 709,423 | ||||||
| Briggs & Stratton Corp. | 55,341 | 1,065,868 | ||||||
| CIRCOR International, Inc. | 8,408 | 458,488 | ||||||
| Comfort Systems USA, Inc. | 37,050 | 850,297 | ||||||
| Cubic Corp. | 16,518 | 785,926 | ||||||
| Curtiss-Wright Corp. | 17,182 | 1,244,664 | ||||||
| DXP Enterprises, Inc.* | 19,546 | 908,889 | ||||||
| Dycom Industries, Inc.* | 17,500 | 1,029,875 | ||||||
| EMCOR Group, Inc. | 78,692 | 3,759,117 | ||||||
| Encore Wire Corp. | 14,846 | 657,529 | ||||||
| EnerSys | 20,327 | 1,428,785 | ||||||
| Engility Holdings, Inc. | 29,577 | 744,157 | ||||||
| EnPro Industries, Inc. | 11,757 | 672,736 | ||||||
| ESCO Technologies, Inc. | 8,214 | 307,286 | ||||||
| Federal Signal Corp. | 36,088 | 538,072 | ||||||
| Franklin Electric Co., Inc. | 18,139 | 586,434 | ||||||
| General Cable Corp. | 167,999 | 3,314,620 | ||||||
| Gibraltar Industries, Inc.* | 24,231 | 493,585 | ||||||
| Griffon Corp. | 74,522 | 1,186,390 | ||||||
| Harsco Corp. | 14,306 | 236,049 | ||||||
| Hillenbrand, Inc. | 30,993 | 951,485 | ||||||
| John Bean Technologies Corp. | 15,684 | 589,562 | ||||||
| Kaman Corp. | 24,790 | 1,039,693 | ||||||
| Lindsay Corp.(a) | 4,334 | 381,002 | ||||||
| Lydall, Inc.* | 10,968 | 324,214 | ||||||
| Moog, Inc., Class A* | 22,024 | 1,556,656 | ||||||
| Mueller Industries, Inc. | 38,487 | 1,336,269 | ||||||
| MYR Group, Inc.* | 204,783 | 6,340,082 | ||||||
| National Presto Industries, Inc.(a) | 3,325 | 267,064 | ||||||
| Orion Marine Group, Inc.* | 30,029 | 216,809 | ||||||
| PGT, Inc.* | 13,412 | 194,608 | ||||||
| Powell Industries, Inc. | 9,840 | 346,073 | ||||||
| Quanex Building Products Corp. | 17,437 | 373,675 | ||||||
| Simpson Manufacturing Co., Inc. | 12,901 | 438,634 | ||||||
| Standex International Corp. | 5,128 | 409,881 | ||||||
| TASER International, Inc.*(a) | 2,896 | 96,466 | ||||||
| Tennant Co. | 7,336 | 479,334 | ||||||
| Titan International, Inc. | 97,344 | 1,045,475 | ||||||
| Toro Co. (The) | 18,635 | 1,263,080 | ||||||
| Universal Forest Products, Inc. | 29,725 | 1,546,592 | ||||||
The accompanying notes are an integral part of these financial statements.
| 25 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Small Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Capital Goods (continued) | ||||||||
| Veritiv Corp.* | 121,490 | $ | 4,429,525 | |||||
| Vicor Corp.* | 9,837 | 119,913 | ||||||
| Watts Water Technologies, Inc., | ||||||||
| Class A | 16,169 | 838,363 | ||||||
| Total Capital Goods | 53,431,459 | |||||||
| Commercial & Professional Services—6.4% | ||||||||
| ABM Industries, Inc. | 89,843 | 2,953,139 | ||||||
| Brady Corp., Class A | 28,520 | 705,585 | ||||||
| Brink’s Co. (The) | 62,997 | 1,854,002 | ||||||
| CDI Corp. | 47,326 | 615,238 | ||||||
| Essendant, Inc. | 80,982 | 3,178,543 | ||||||
| Exponent, Inc. | 3,814 | 170,791 | ||||||
| G&K Services, Inc., Class A | 7,524 | 520,209 | ||||||
| Healthcare Services Group, Inc.(a) | 23,636 | 781,170 | ||||||
| Heidrick & Struggles International, Inc. | 11,386 | 296,947 | ||||||
| Insperity, Inc. | 27,469 | 1,398,172 | ||||||
| Interface, Inc. | 24,378 | 610,669 | ||||||
| Kelly Services, Inc., Class A | 213,586 | 3,278,545 | ||||||
| Korn/Ferry International | 16,390 | 569,880 | ||||||
| Matthews International Corp., Class A | 13,078 | 694,965 | ||||||
| Mobile Mini, Inc. | 6,785 | 285,241 | ||||||
| Navigant Consulting, Inc.* | 31,522 | 468,732 | ||||||
| On Assignment, Inc.* | 27,360 | 1,074,701 | ||||||
| Resources Connection, Inc. | 21,353 | 343,570 | ||||||
| Tetra Tech, Inc. | 41,881 | 1,073,829 | ||||||
| TrueBlue, Inc.* | 46,574 | 1,392,563 | ||||||
| UniFirst Corp. | 7,246 | 810,465 | ||||||
| US Ecology, Inc. | 6,311 | 307,472 | ||||||
| Viad Corp. | 22,434 | 608,186 | ||||||
| WageWorks, Inc.* | 3,977 | 160,870 | ||||||
| Total Commercial & Professional Services | 24,153,484 | |||||||
| Consumer Durables & Apparel—4.3% | ||||||||
| Arctic Cat, Inc. | 12,512 | 415,524 | ||||||
| Callaway Golf Co. | 51,727 | 462,439 | ||||||
| Crocs, Inc.* | 43,817 | 644,548 | ||||||
| Ethan Allen Interiors, Inc. | 16,307 | 429,526 | ||||||
| G-III Apparel Group Ltd.* | 15,288 | 1,075,511 | ||||||
| Helen of Troy Ltd.* | 8,214 | 800,783 | ||||||
| Iconix Brand Group, Inc.* | 8,535 | 213,119 | ||||||
| iRobot Corp.*(a) | 9,798 | 312,360 | ||||||
| La-Z-Boy, Inc., Class Z | 30,156 | 794,309 | ||||||
| M/I Homes, Inc.* | 30,204 | 745,133 | ||||||
| Meritage Homes Corp.* | 30,398 | 1,431,442 | ||||||
| Movado Group, Inc. | 12,115 | 329,043 | ||||||
| Oxford Industries, Inc. | 6,209 | 542,977 | ||||||
| Perry Ellis International, Inc.* | 21,824 | 518,757 | ||||||
| Ryland Group, Inc. (The) | 33,685 | 1,561,973 | ||||||
| Standard Pacific Corp.* | 161,993 | 1,443,358 | ||||||
| Steven Madden Ltd.* | 19,186 | 820,777 | ||||||
| Sturm Ruger & Co., Inc.(a) | 5,253 | 301,785 | ||||||
| TopBuild Corp.* | 37,613 | 1,090,777 | ||||||
| Unifi, Inc.* | 12,602 | 422,167 | ||||||
| Universal Electronics, Inc.* | 6,211 | 309,556 | ||||||
| Wolverine World Wide, Inc. | 55,221 | 1,572,694 | ||||||
| Total Consumer Durables & Apparel | 16,238,558 | |||||||
| Investments | Shares | Value | ||||||
| Consumer Services—4.4% | ||||||||
| American Public Education, Inc.* | 7,752 | $ | 199,381 | |||||
| Biglari Holdings, Inc.* | 1,285 | 531,669 | ||||||
| BJ’s Restaurants, Inc.* | 10,644 | 515,702 | ||||||
| Bob Evans Farms, Inc. | 15,878 | 810,572 | ||||||
| Boyd Gaming Corp.* | 97,334 | 1,455,143 | ||||||
| Capella Education Co. | 4,347 | 233,304 | ||||||
| Career Education Corp.* | 100,874 | 332,884 | ||||||
| Cracker Barrel Old Country | ||||||||
| Store, Inc.(a) | 10,873 | 1,621,817 | ||||||
| DineEquity, Inc. | 3,861 | 382,586 | ||||||
| Interval Leisure Group, Inc. | 15,483 | 353,787 | ||||||
| Jack in the Box, Inc. | 9,973 | 879,220 | ||||||
| Marcus Corp. (The) | 13,646 | 261,730 | ||||||
| Marriott Vacations Worldwide Corp. | 9,130 | 837,678 | ||||||
| Monarch Casino & Resort, Inc.* | 5,292 | 108,804 | ||||||
| Papa John’s International, Inc. | 13,245 | 1,001,454 | ||||||
| Pinnacle Entertainment, Inc.* | 34,456 | 1,284,520 | ||||||
| Popeyes Louisiana Kitchen, Inc.* | 2,458 | 147,455 | ||||||
| Red Robin Gourmet Burgers, Inc.* | 8,055 | 691,280 | ||||||
| Regis Corp.* | 66,513 | 1,048,245 | ||||||
| Ruby Tuesday, Inc.* | 102,876 | 645,033 | ||||||
| Ruth’s Hospitality Group, Inc. | 12,224 | 197,051 | ||||||
| Scientific Games Corp., Class A*(a) | 72,182 | 1,121,708 | ||||||
| Sonic Corp. | 10,267 | 295,690 | ||||||
| Strayer Education, Inc.* | 5,394 | 232,481 | ||||||
| Texas Roadhouse, Inc. | 25,954 | 971,458 | ||||||
| Universal Technical Institute, Inc. | 26,354 | 226,644 | ||||||
| Total Consumer Services | 16,387,296 | |||||||
| Diversified Financials—2.0% | ||||||||
| Calamos Asset Management, Inc., | ||||||||
| Class A | 11,406 | 139,724 | ||||||
| Cash America International, Inc. | 32,706 | 856,570 | ||||||
| Encore Capital Group, Inc.*(a) | 15,353 | 656,187 | ||||||
| Enova International, Inc.* | 22,250 | 415,630 | ||||||
| Evercore Partners, Inc., Class A | 10,776 | 581,473 | ||||||
| Ezcorp, Inc., Class A* | 79,829 | 593,129 | ||||||
| Financial Engines, Inc.(a) | 3,831 | 162,741 | ||||||
| First Cash Financial Services, Inc.* | 9,176 | 418,334 | ||||||
| Green Dot Corp., Class A* | 26,192 | 500,791 | ||||||
| Greenhill & Co., Inc. | 4,318 | 178,463 | ||||||
| HFF, Inc., Class A | 5,965 | 248,919 | ||||||
| Interactive Brokers Group, Inc., | ||||||||
| Class A | 17,304 | 719,154 | ||||||
| Investment Technology Group, Inc. | 13,064 | 323,987 | ||||||
| MarketAxess Holdings, Inc. | 1,813 | 168,192 | ||||||
| Piper Jaffray Cos.* | 7,820 | 341,265 | ||||||
| PRA Group, Inc.*(a) | 8,931 | 556,491 | ||||||
| Virtus Investment Partners, Inc. | 1,956 | 258,681 | ||||||
| World Acceptance Corp.*(a) | 4,458 | 274,212 | ||||||
| Total Diversified Financials | 7,393,943 | |||||||
| Energy—3.9% | ||||||||
| Approach Resources, Inc.*(a) | 19,323 | 132,363 | ||||||
| Basic Energy Services, Inc.* | 110,212 | 832,101 | ||||||
| Bill Barrett Corp.*(a) | 27,064 | 232,480 | ||||||
| Bonanza Creek Energy, Inc.* | 14,158 | 258,383 | ||||||
| Bristow Group, Inc. | 16,505 | 879,716 | ||||||
| CARBO Ceramics, Inc.(a) | 7,377 | 307,104 | ||||||
| Carrizo Oil & Gas, Inc.* | 7,265 | 357,729 | ||||||
The accompanying notes are an integral part of these financial statements.
| 26 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Small Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Energy (continued) | ||||||||
| Cloud Peak Energy, Inc.*(a) | 165,684 | $ | 772,087 | |||||
| Comstock Resources, Inc.(a) | 73,112 | 243,463 | ||||||
| Contango Oil & Gas Co.* | 10,132 | 124,320 | ||||||
| Era Group, Inc.* | 9,321 | 190,894 | ||||||
| Exterran Holdings, Inc. | 50,100 | 1,635,765 | ||||||
| Geospace Technologies Corp.* | 3,993 | 92,039 | ||||||
| Green Plains, Inc. | 59,884 | 1,649,804 | ||||||
| Gulf Island Fabrication, Inc. | 26,428 | 295,201 | ||||||
| GulfMark Offshore, Inc., Class A(a) | 21,321 | 247,324 | ||||||
| Hornbeck Offshore Services, Inc.*(a) | 17,129 | 351,658 | ||||||
| ION Geophysical Corp.* | 201,696 | 215,815 | ||||||
| Matrix Service Co.* | 41,184 | 752,843 | ||||||
| Newpark Resources, Inc.* | 77,531 | 630,327 | ||||||
| Northern Oil and Gas, Inc.*(a) | 31,871 | 215,767 | ||||||
| PDC Energy, Inc.* | 4,827 | 258,920 | ||||||
| Penn Virginia Corp.*(a) | 63,328 | 277,377 | ||||||
| PetroQuest Energy, Inc.* | 56,902 | 112,666 | ||||||
| Pioneer Energy Services Corp.* | 86,001 | 545,246 | ||||||
| Rex Energy Corp.*(a) | 34,665 | 193,777 | ||||||
| SEACOR Holdings, Inc.*(a) | 10,308 | 731,250 | ||||||
| Stone Energy Corp.* | 30,007 | 377,788 | ||||||
| Swift Energy Co.*(a) | 128,506 | 260,867 | ||||||
| Synergy Resources Corp.* | 5,993 | 68,500 | ||||||
| Tesco Corp. | 25,932 | 282,659 | ||||||
| TETRA Technologies, Inc.* | 95,714 | 610,655 | ||||||
| U.S. Silica Holdings, Inc.(a) | 17,042 | 500,353 | ||||||
| Total Energy | 14,637,241 | |||||||
| Food & Staples Retailing—1.9% | ||||||||
| Andersons, Inc. (The) | 62,095 | 2,421,705 | ||||||
| SpartanNash Co. | 144,243 | 4,693,667 | ||||||
| Total Food & Staples Retailing | 7,115,372 | |||||||
| Food, Beverage & Tobacco—2.6% | ||||||||
| B&G Foods, Inc., Class A | 16,950 | 483,584 | ||||||
| Calavo Growers, Inc. | 8,693 | 451,427 | ||||||
| Cal-Maine Foods, Inc. | 15,539 | 811,136 | ||||||
| Darling Ingredients, Inc.* | 145,954 | 2,139,686 | ||||||
| Diamond Foods, Inc.* | 15,817 | 496,337 | ||||||
| J&J Snack Foods Corp. | 4,911 | 543,500 | ||||||
| Sanderson Farms, Inc.(a) | 21,399 | 1,608,349 | ||||||
| Seneca Foods Corp., Class A* | 28,226 | 783,836 | ||||||
| Snyder’s-Lance, Inc. | 30,753 | 992,399 | ||||||
| Universal Corp.(a) | 24,793 | 1,421,135 | ||||||
| Total Food, Beverage & Tobacco | 9,731,389 | |||||||
| Health Care Equipment & Services—6.9% | ||||||||
| Abaxis, Inc. | 1,979 | 101,879 | ||||||
| ABIOMED, Inc.* | 1,741 | 114,436 | ||||||
| Aceto Corp. | 11,815 | 291,003 | ||||||
| Air Methods Corp.*(a) | 13,853 | 572,683 | ||||||
| Almost Family, Inc.* | 7,145 | 285,157 | ||||||
| Amedisys, Inc.* | 17,200 | 683,356 | ||||||
| AMN Healthcare Services, Inc.* | 21,887 | 691,410 | ||||||
| Amsurg Corp.* | 15,952 | 1,115,842 | ||||||
| Analogic Corp. | 3,818 | 301,240 | ||||||
| AngioDynamics, Inc.* | 12,431 | 203,868 | ||||||
| Anika Therapeutics, Inc.* | 1,474 | 48,686 | ||||||
| Bio-Reference Laboratories, Inc.*(a) | 12,507 | 515,914 | ||||||
| Cantel Medical Corp. | 5,611 | 301,142 | ||||||
| Investments | Shares | Value | ||||||
| Chemed Corp. | 6,619 | $ | 867,751 | |||||
| Computer Programs & Systems, Inc.(a) | 2,007 | 107,214 | ||||||
| CONMED Corp. | 7,451 | 434,170 | ||||||
| CorVel Corp.* | 8,799 | 281,744 | ||||||
| Cross Country Healthcare, Inc.* | 32,504 | 412,151 | ||||||
| CryoLife, Inc. | 7,460 | 84,149 | ||||||
| Cyberonics, Inc.* | 2,727 | 162,147 | ||||||
| Cynosure, Inc., Class A* | 4,845 | 186,920 | ||||||
| Ensign Group, Inc. (The) | 12,304 | 628,242 | ||||||
| ExamWorks Group, Inc.*(a) | 11,037 | 431,547 | ||||||
| Greatbatch, Inc.* | 7,390 | 398,469 | ||||||
| Haemonetics Corp.* | 12,862 | 531,972 | ||||||
| Hanger, Inc.* | 20,804 | 487,646 | ||||||
| HealthEquity, Inc.* | 11,852 | 379,857 | ||||||
| HealthStream, Inc.* | 3,263 | 99,260 | ||||||
| Healthways, Inc.* | 28,424 | 340,520 | ||||||
| ICU Medical, Inc.* | 2,032 | 194,381 | ||||||
| Integra LifeSciences Holdings Corp.* | 8,209 | 553,040 | ||||||
| Invacare Corp. | 31,448 | 680,220 | ||||||
| IPC Healthcare, Inc.* | 8,015 | 443,951 | ||||||
| Kindred Healthcare, Inc. | 145,320 | 2,948,543 | ||||||
| Landauer, Inc. | 2,405 | 85,714 | ||||||
| LHC Group, Inc.* | 11,365 | 434,711 | ||||||
| Magellan Health, Inc.* | 31,550 | 2,210,709 | ||||||
| Masimo Corp.* | 8,847 | 342,733 | ||||||
| MedAssets, Inc.* | 19,261 | 424,898 | ||||||
| Medidata Solutions, Inc.* | 3,575 | 194,194 | ||||||
| Meridian Bioscience, Inc. | 6,025 | 112,306 | ||||||
| Merit Medical Systems, Inc.* | 13,868 | 298,717 | ||||||
| Molina Healthcare, Inc.* | 2 | 141 | ||||||
| Natus Medical, Inc.* | 4,929 | 209,778 | ||||||
| Neogen Corp.* | 3,133 | 148,630 | ||||||
| NuVasive, Inc.* | 9,128 | 432,485 | ||||||
| Omnicell, Inc.* | 6,824 | 257,333 | ||||||
| PharMerica Corp.* | 34,638 | 1,153,445 | ||||||
| Providence Service Corp. (The)* | 19,717 | 873,069 | ||||||
| Quality Systems, Inc. | 15,427 | 255,625 | ||||||
| Select Medical Holdings Corp. | 109,200 | 1,769,040 | ||||||
| SurModics, Inc.* | 1,251 | 29,298 | ||||||
| Vascular Solutions, Inc.* | 2,184 | 75,829 | ||||||
| West Pharmaceutical Services, Inc. | 14,335 | 832,577 | ||||||
| Total Health Care Equipment & Services | 26,021,742 | |||||||
| Household & Personal Products—0.5% | ||||||||
| Central Garden & Pet Co., Class A* | 91,691 | 1,046,194 | ||||||
| Inter Parfums, Inc. | 8,172 | 277,276 | ||||||
| Medifast, Inc.* | 5,176 | 167,288 | ||||||
| WD-40 Co. | 2,504 | 218,249 | ||||||
| Total Household & Personal Products | 1,709,007 | |||||||
| Insurance—2.6% | ||||||||
| American Equity Investment Life | ||||||||
| Holding Co. | 46,414 | 1,252,250 | ||||||
| AMERISAFE, Inc. | 5,162 | 242,924 | ||||||
| eHealth, Inc.* | 8,868 | 112,535 | ||||||
| Employers Holdings, Inc. | 19,451 | 443,094 | ||||||
| HCI Group, Inc. | 3,762 | 166,318 | ||||||
| Horace Mann Educators Corp. | 17,486 | 636,141 | ||||||
| Infinity Property & Casualty Corp. | 11,355 | 861,163 | ||||||
| Meadowbrook Insurance Group, Inc. | 49,155 | 422,733 | ||||||
| Montpelier Re Holdings Ltd. | 9,695 | 382,952 | ||||||
The accompanying notes are an integral part of these financial statements.
| 27 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Small Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Insurance (continued) | ||||||||
| Navigators Group, Inc. (The)* | 7,702 | $ | 597,367 | |||||
| ProAssurance Corp. | 10,555 | 487,747 | ||||||
| RLI Corp. | 8,938 | 459,324 | ||||||
| Safety Insurance Group, Inc. | 7,638 | 440,789 | ||||||
| Selective Insurance Group, Inc. | 42,465 | 1,191,143 | ||||||
| Stewart Information Services Corp. | 29,490 | 1,173,702 | ||||||
| United Fire Group, Inc. | 17,737 | 581,064 | ||||||
| United Insurance Holdings Corp. | 11,093 | 172,385 | ||||||
| Universal Insurance Holdings, Inc. | 9,615 | 232,683 | ||||||
| Total Insurance | 9,856,314 | |||||||
| Materials—7.2% | ||||||||
| A. Schulman, Inc. | 32,577 | 1,424,266 | ||||||
| A.M. Castle & Co.*(a) | 88,449 | 545,730 | ||||||
| AK Steel Holding Corp.*(a) | 829,042 | 3,208,393 | ||||||
| American Vanguard Corp. | 12,068 | 166,538 | ||||||
| Balchem Corp. | 5,456 | 304,008 | ||||||
| Boise Cascade Co.* | 55,844 | 2,048,358 | ||||||
| Calgon Carbon Corp. | 16,007 | 310,216 | ||||||
| Century Aluminum Co.*(a) | 108,659 | 1,133,313 | ||||||
| Clearwater Paper Corp.* | 18,965 | 1,086,694 | ||||||
| Deltic Timber Corp. | 1,803 | 121,955 | ||||||
| Flotek Industries, Inc.*(a) | 20,786 | 260,449 | ||||||
| FutureFuel Corp. | 13,527 | 174,092 | ||||||
| Globe Specialty Metals, Inc. | 24,145 | 427,367 | ||||||
| H.B. Fuller Co. | 29,047 | 1,179,889 | ||||||
| Hawkins, Inc. | 4,766 | 192,499 | ||||||
| Haynes International, Inc. | 5,604 | 276,389 | ||||||
| Headwaters, Inc.* | 25,585 | 466,159 | ||||||
| Innophos Holdings, Inc. | 8,909 | 468,970 | ||||||
| Intrepid Potash, Inc.* | 19,225 | 229,547 | ||||||
| Kaiser Aluminum Corp. | 9,583 | 796,156 | ||||||
| KapStone Paper and Packaging Corp. | 50,979 | 1,178,634 | ||||||
| Koppers Holdings, Inc. | 36,446 | 900,945 | ||||||
| Kraton Performance Polymers, Inc.* | 29,114 | 695,242 | ||||||
| LSB Industries, Inc.* | 10,082 | 411,749 | ||||||
| Materion Corp. | 18,088 | 637,602 | ||||||
| Myers Industries, Inc. | 20,442 | 388,398 | ||||||
| Neenah Paper, Inc. | 8,830 | 520,617 | ||||||
| Olympic Steel, Inc. | 45,738 | 797,671 | ||||||
| OM Group, Inc. | 17,877 | 600,667 | ||||||
| PH Glatfelter Co. | 46,247 | 1,016,972 | ||||||
| Quaker Chemical Corp. | 5,183 | 460,458 | ||||||
| Rayonier Advanced Materials, Inc. | 32,556 | 529,361 | ||||||
| RTI International Metals, Inc.* | 13,999 | 441,248 | ||||||
| Schweitzer-Mauduit International, Inc. | 11,346 | 452,478 | ||||||
| Stepan Co. | 20,826 | 1,126,895 | ||||||
| Stillwater Mining Co.* | 41,280 | 478,435 | ||||||
| SunCoke Energy, Inc. | 56,334 | 732,342 | ||||||
| Tredegar Corp. | 24,384 | 539,130 | ||||||
| Wausau Paper Corp. | 22,839 | 209,662 | ||||||
| Total Materials | 26,939,494 | |||||||
| Media—0.8% | ||||||||
| E.W. Scripps Co., (The), Class A | 20,917 | 477,953 | ||||||
| Gannett Co., Inc.* | 11,921 | 166,775 | ||||||
| Harte-Hanks, Inc. | 50,372 | 300,217 | ||||||
| Scholastic Corp. | 23,503 | 1,037,187 | ||||||
| Investments | Shares | Value | ||||||
| Sizmek, Inc.* | 13,785 | $ | 97,874 | |||||
| TEGNA, Inc. | 23,843 | 764,645 | ||||||
| Total Media | 2,844,651 | |||||||
| Pharmaceuticals, Biotechnology & Life Sciences—2.6% | ||||||||
| Acorda Therapeutics, Inc.*(a) | 7,238 | 241,242 | ||||||
| Affymetrix, Inc.*(a) | 17,840 | 194,813 | ||||||
| Albany Molecular Research, Inc.*(a) | 8,786 | 177,653 | ||||||
| ANI Pharmaceuticals, Inc.*(a) | 681 | 42,256 | ||||||
| Cambrex Corp.* | 5,091 | 223,698 | ||||||
| Depomed, Inc.*(a) | 9,411 | 201,960 | ||||||
| Emergent BioSolutions, Inc.* | 8,379 | 276,088 | ||||||
| Impax Laboratories, Inc.* | 7,583 | 348,211 | ||||||
| Lannett Co., Inc.*(a) | 3,180 | 189,019 | ||||||
| Ligand Pharmaceuticals, Inc., | ||||||||
| Class B*(a) | 403 | 40,663 | ||||||
| Luminex Corp.* | 7,529 | 129,950 | ||||||
| Medicines Co. (The)* | 13,716 | 392,415 | ||||||
| MiMedx Group, Inc.* | 129,103 | 1,496,304 | ||||||
| Momenta Pharmaceuticals, Inc.* | 1,270 | 28,969 | ||||||
| Nektar Therapeutics* | 321,178 | 4,017,937 | ||||||
| PAREXEL International Corp.* | 16,639 | 1,070,054 | ||||||
| Prestige Brands Holdings, Inc.* | 7,517 | 347,586 | ||||||
| Repligen Corp.* | 900 | 37,143 | ||||||
| Sagent Pharmaceuticals, Inc.* | 7,157 | 173,987 | ||||||
| Spectrum Pharmaceuticals, Inc.*(a) | 15,996 | 109,413 | ||||||
| Supernus Pharmaceuticals, Inc.* | 5,105 | 86,683 | ||||||
| Total Pharmaceuticals, Biotechnology & | ||||||||
| Life Sciences | 9,826,044 | |||||||
| Real Estate—1.7% | ||||||||
| Acadia Realty Trust | 4,050 | 117,895 | ||||||
| Agree Realty Corp. | 923 | 26,924 | ||||||
| American Assets Trust, Inc. | 3,712 | 145,548 | ||||||
| Associated Estates Realty Corp. | 3,891 | 111,399 | ||||||
| Capstead Mortgage Corp. | 7,165 | 79,532 | ||||||
| CareTrust REIT, Inc. | 2,790 | 35,349 | ||||||
| Cedar Realty Trust, Inc. | 13,275 | 84,960 | ||||||
| Chesapeake Lodging Trust | 9,168 | 279,441 | ||||||
| CoreSite Realty Corp. | 3,503 | 159,176 | ||||||
| Cousins Properties, Inc. | 19,929 | 206,863 | ||||||
| DiamondRock Hospitality Co. | 38,949 | 498,937 | ||||||
| EastGroup Properties, Inc. | 2,342 | 131,691 | ||||||
| Education Realty Trust, Inc. | 4,215 | 132,182 | ||||||
| EPR Properties | 3,977 | 217,860 | ||||||
| Forestar Group, Inc.*(a) | 11,439 | 150,537 | ||||||
| Franklin Street Properties Corp. | 12,172 | 137,665 | ||||||
| Geo Group, Inc. (The) | 27,931 | 954,123 | ||||||
| Getty Realty Corp. | 3,412 | 55,820 | ||||||
| Government Properties Income Trust(a) | 7,690 | 142,650 | ||||||
| Healthcare Realty Trust, Inc. | 9,135 | 212,480 | ||||||
| Inland Real Estate Corp. | 12,033 | 113,351 | ||||||
| Kite Realty Group Trust | 6,620 | 161,991 | ||||||
| Lexington Realty Trust | 27,203 | 230,681 | ||||||
| LTC Properties, Inc. | 1,541 | 64,106 | ||||||
| Medical Properties Trust, Inc. | 14,469 | 189,689 | ||||||
| Parkway Properties, Inc. | 15,960 | 278,342 | ||||||
| Pennsylvania Real Estate Investment | ||||||||
| Trust | 11,147 | 237,877 | ||||||
| Post Properties, Inc. | 3,864 | 210,086 | ||||||
| PS Business Parks, Inc. | 2,925 | 211,039 | ||||||
The accompanying notes are an integral part of these financial statements.
| 28 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Small Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Real Estate (continued) | ||||||||
| Retail Opportunity Investments Corp. | 5,948 | $ | 92,908 | |||||
| Sabra Health Care REIT, Inc. | 4,336 | 111,609 | ||||||
| Saul Centers, Inc. | 2,407 | 118,400 | ||||||
| Sovran Self Storage, Inc. | 2,139 | 185,900 | ||||||
| Summit Hotel Properties, Inc. | 18,914 | 246,071 | ||||||
| Universal Health Realty Income Trust | 665 | 30,896 | ||||||
| Urstadt Biddle Properties, Inc., Class A 3,219 | 60,131 | |||||||
| Total Real Estate | 6,424,109 | |||||||
| Retailing—10.8% | ||||||||
| Barnes & Noble, Inc.* | 138,279 | 3,589,723 | ||||||
| Big 5 Sporting Goods Corp. | 39,293 | 558,354 | ||||||
| Blue Nile, Inc.* | 9,030 | 274,422 | ||||||
| Buckle, Inc. (The)(a) | 14,351 | 656,845 | ||||||
| Caleres, Inc. | 45,210 | 1,436,774 | ||||||
| Cato Corp., (The), Class A | 14,211 | 550,818 | ||||||
| Children’s Place, Inc. (The) | 15,792 | 1,032,955 | ||||||
| Christopher & Banks Corp.* | 61,421 | 246,298 | ||||||
| Finish Line, Inc., (The), Class A(a) | 37,970 | 1,056,325 | ||||||
| Francesca’s Holdings Corp.* | 14,760 | 198,817 | ||||||
| Fred’s, Inc., Class A | 57,689 | 1,112,821 | ||||||
| FTD Cos., Inc.*(a) | 16,449 | 463,697 | ||||||
| Genesco, Inc.* | 23,071 | 1,523,378 | ||||||
| Group 1 Automotive, Inc. | 64,855 | 5,890,780 | ||||||
| Haverty Furniture Cos., Inc. | 20,423 | 441,545 | ||||||
| Hibbett Sports, Inc.*(a) | 10,666 | 496,822 | ||||||
| Kirkland’s, Inc. | 10,583 | 294,948 | ||||||
| Lithia Motors, Inc., Class A | 31,560 | 3,571,330 | ||||||
| Lumber Liquidators Holdings, Inc.*(a) | 29,158 | 603,862 | ||||||
| MarineMax, Inc.* | 16,147 | 379,616 | ||||||
| Men’s Wearhouse, Inc. (The) | 22,526 | 1,443,241 | ||||||
| Monro Muffler Brake, Inc. | 7,757 | 482,175 | ||||||
| Nutrisystem, Inc. | 9,848 | 245,018 | ||||||
| Outerwall, Inc.(a) | 17,507 | 1,332,458 | ||||||
| Pep Boys-Manny, Moe & Jack (The)* | 102,754 | 1,260,792 | ||||||
| PetMed Express, Inc.(a) | 7,770 | 134,188 | ||||||
| Pool Corp. | 19,271 | 1,352,439 | ||||||
| Select Comfort Corp.* | 24,372 | 732,866 | ||||||
| Sonic Automotive, Inc., Class A | 222,503 | 5,302,246 | ||||||
| Stage Stores, Inc. | 52,982 | 928,774 | ||||||
| Stein Mart, Inc. | 68,684 | 719,121 | ||||||
| Tuesday Morning Corp.* | 37,870 | 426,606 | ||||||
| Vitamin Shoppe, Inc.* | 18,536 | 690,837 | ||||||
| VOXX International Corp., Class A* | 55,446 | 459,093 | ||||||
| Zumiez, Inc.* | 17,212 | 458,356 | ||||||
| Total Retailing | 40,348,340 | |||||||
| Semiconductors & Semiconductor Equipment—1.6% | ||||||||
| Advanced Energy Industries, Inc.* | 11,724 | 322,293 | ||||||
| Brooks Automation, Inc. | 24,147 | 276,483 | ||||||
| Cabot Microelectronics Corp.* | 5,242 | 246,951 | ||||||
| CEVA, Inc.* | 1,365 | 26,522 | ||||||
| Cirrus Logic, Inc.* | 11,396 | 387,806 | ||||||
| Cohu, Inc. | 15,382 | 203,504 | ||||||
| Diodes, Inc.* | 20,647 | 497,799 | ||||||
| DSP Group, Inc.* | 7,830 | 80,884 | ||||||
| Exar Corp.* | 6,863 | 67,120 | ||||||
| Kopin Corp.* | 5,656 | 19,513 | ||||||
| Kulicke & Soffa Industries, Inc.* | 27,600 | 323,196 | ||||||
| Investments | Shares | Value | ||||||
| Micrel, Inc. | 10,228 | $ | 142,169 | |||||
| Microsemi Corp.* | 19,226 | 671,949 | ||||||
| MKS Instruments, Inc. | 11,924 | 452,396 | ||||||
| Monolithic Power Systems, Inc. | 3,194 | 161,968 | ||||||
| Nanometrics, Inc.* | 6,219 | 100,250 | ||||||
| Pericom Semiconductor Corp. | 5,852 | 76,954 | ||||||
| Power Integrations, Inc. | 4,134 | 186,774 | ||||||
| Rudolph Technologies, Inc.* | 8,718 | 104,703 | ||||||
| Semtech Corp.* | 34,566 | 686,135 | ||||||
| Synaptics, Inc.* | 5,825 | 505,231 | ||||||
| Tessera Technologies, Inc. | 4,114 | 156,250 | ||||||
| Ultratech, Inc.* | 4,687 | 86,991 | ||||||
| Veeco Instruments, Inc.*(a) | 7,577 | 217,763 | ||||||
| Total Semiconductors & Semiconductor | ||||||||
| Equipment | 6,001,604 | |||||||
| Software & Services—4.2% | ||||||||
| Blackbaud, Inc. | 5,920 | 337,144 | ||||||
| Blucora, Inc.* | 19,139 | 309,095 | ||||||
| Bottomline Technologies (de), Inc.* | 6,367 | 177,066 | ||||||
| CACI International, Inc., Class A* | 23,928 | 1,935,536 | ||||||
| Cardtronics, Inc.* | 16,328 | 604,952 | ||||||
| Ciber, Inc.* | 140,864 | 485,981 | ||||||
| comScore, Inc.* | 3,660 | 194,932 | ||||||
| CSG Systems International, Inc. | 13,823 | 437,636 | ||||||
| Dealertrack Technologies, Inc.* | 8,717 | 547,340 | ||||||
| DHI Group, Inc.* | 17,222 | 153,104 | ||||||
| Ebix, Inc.(a) | 3,779 | 123,233 | ||||||
| EPIQ Systems, Inc. | 14,856 | 250,769 | ||||||
| Exlservice Holdings, Inc.* | 8,848 | 305,964 | ||||||
| Forrester Research, Inc. | 5,145 | 185,323 | ||||||
| Heartland Payment Systems, Inc. | 25,580 | 1,382,599 | ||||||
| IGATE Corp.* | 15,658 | 746,730 | ||||||
| Interactive Intelligence Group, Inc.* | 4,451 | 197,936 | ||||||
| j2 Global, Inc. | 5,314 | 361,033 | ||||||
| Liquidity Services, Inc.* | 28,826 | 277,594 | ||||||
| LivePerson, Inc.* | 12,231 | 119,986 | ||||||
| LogMeIn, Inc.* | 2,042 | 131,689 | ||||||
| ManTech International Corp., Class A | 33,181 | 962,249 | ||||||
| MicroStrategy, Inc., Class A* | 2,011 | 342,031 | ||||||
| Monotype Imaging Holdings, Inc. | 4,303 | 103,745 | ||||||
| Monster Worldwide, Inc.* | 70,881 | 463,562 | ||||||
| NetScout Systems, Inc.*(a) | 6,482 | 237,695 | ||||||
| NIC, Inc. | 8,795 | 160,773 | ||||||
| Perficient, Inc.* | 13,292 | 255,738 | ||||||
| Progress Software Corp.* | 6,945 | 190,987 | ||||||
| QuinStreet, Inc.* | 24,402 | 157,393 | ||||||
| Stamps.com, Inc.* | 1,251 | 92,036 | ||||||
| Sykes Enterprises, Inc.* | 31,418 | 761,887 | ||||||
| Synchronoss Technologies, Inc.* | 5,692 | 260,295 | ||||||
| Take-Two Interactive Software, Inc.* | 49,023 | 1,351,564 | ||||||
| Tangoe, Inc.* | 9,532 | 119,913 | ||||||
| TeleTech Holdings, Inc. | 27,275 | 738,607 | ||||||
| VASCO Data Security | ||||||||
| International, Inc.*(a) | 3,989 | 120,428 | ||||||
| Virtusa Corp.* | 4,983 | 256,126 | ||||||
| XO Group, Inc.* | 4,994 | 81,652 | ||||||
| Total Software & Services | 15,922,323 | |||||||
The accompanying notes are an integral part of these financial statements.
| 29 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Small Cap Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Technology Hardware & Equipment—9.3% | ||||||||
| ADTRAN, Inc. | 21,508 | $ | 349,505 | |||||
| Agilysys, Inc.* | 6,412 | 58,862 | ||||||
| Anixter International, Inc.* | 55,063 | 3,587,354 | ||||||
| Badger Meter, Inc. | 3,357 | 213,136 | ||||||
| Bel Fuse, Inc., Class B | 15,098 | 309,811 | ||||||
| Benchmark Electronics, Inc.* | 70,798 | 1,541,980 | ||||||
| Black Box Corp. | 25,991 | 519,820 | ||||||
| CalAmp Corp.*(a) | 7,180 | 131,107 | ||||||
| Checkpoint Systems, Inc. | 34,933 | 355,618 | ||||||
| Coherent, Inc.* | 7,200 | 457,056 | ||||||
| Comtech Telecommunications Corp. | 6,701 | 194,664 | ||||||
| CTS Corp. | 12,309 | 237,194 | ||||||
| Daktronics, Inc. | 29,603 | 351,092 | ||||||
| Digi International, Inc.* | 11,169 | 106,664 | ||||||
| DTS, Inc.* | 2,660 | 81,103 | ||||||
| Electro Scientific Industries, Inc. | 18,206 | 95,946 | ||||||
| Electronics For Imaging, Inc.* | 10,376 | 451,460 | ||||||
| Fabrinet* | 20,962 | 392,618 | ||||||
| FARO Technologies, Inc.* | 4,198 | 196,047 | ||||||
| Harmonic, Inc.* | 34,340 | 234,542 | ||||||
| II-VI, Inc.* | 22,174 | 420,863 | ||||||
| Insight Enterprises, Inc.* | 95,831 | 2,866,305 | ||||||
| Itron, Inc.* | 42,162 | 1,452,059 | ||||||
| Ixia* | 21,680 | 269,699 | ||||||
| Littelfuse, Inc. | 5,055 | 479,669 | ||||||
| Mercury Systems, Inc.* | 8,624 | 126,255 | ||||||
| Methode Electronics, Inc. | 10,854 | 297,942 | ||||||
| MTS Systems Corp. | 4,574 | 315,377 | ||||||
| NETGEAR, Inc.* | 25,195 | 756,354 | ||||||
| Newport Corp.* | 18,515 | 351,044 | ||||||
| OSI Systems, Inc.* | 7,331 | 518,962 | ||||||
| Park Electrochemical Corp. | 4,534 | 86,871 | ||||||
| Plexus Corp.* | 32,085 | 1,407,890 | ||||||
| QLogic Corp.* | 17,624 | 250,085 | ||||||
| Rofin-Sinar Technologies, Inc.* | 10,856 | 299,626 | ||||||
| Rogers Corp.* | 5,198 | 343,796 | ||||||
| Sanmina Corp.* | 172,905 | 3,485,765 | ||||||
| ScanSource, Inc.* | 44,103 | 1,678,560 | ||||||
| Super Micro Computer, Inc.* | 28,461 | 841,876 | ||||||
| SYNNEX Corp. | 97,429 | 7,130,829 | ||||||
| TTM Technologies, Inc.* | 75,809 | 757,332 | ||||||
| ViaSat, Inc.* | 12,556 | 756,625 | ||||||
| Total Technology Hardware & Equipment | 34,759,363 | |||||||
| Telecommunication Services—0.6% | ||||||||
| 8x8, Inc.* | 8,710 | 78,042 | ||||||
| Atlantic Tele-Network, Inc. | 3,076 | 212,490 | ||||||
| Cincinnati Bell, Inc.* | 187,773 | 717,293 | ||||||
| Consolidated Communications | ||||||||
| Holdings, Inc. | 18,556 | 389,861 | ||||||
| General Communication, Inc., | ||||||||
| Class A* | 32,403 | 551,175 | ||||||
| Iridium Communications, Inc.*(a) | 23,911 | 217,351 | ||||||
| Lumos Networks Corp. | 7,748 | 114,593 | ||||||
| Spok Holdings, Inc. | 6,770 | 114,007 | ||||||
| Total Telecommunication Services | 2,394,812 | |||||||
| Investments | Shares | Value | ||||||
| Transportation—4.7% | ||||||||
| Allegiant Travel Co. | 4,003 | $ | 712,054 | |||||
| ArcBest Corp. | 46,040 | 1,464,072 | ||||||
| Atlas Air Worldwide Holdings, Inc.* | 19,946 | 1,096,232 | ||||||
| Celadon Group, Inc. | 20,177 | 417,260 | ||||||
| Echo Global Logistics, Inc.* | 21,344 | 697,095 | ||||||
| Forward Air Corp. | 8,859 | 462,971 | ||||||
| Hawaiian Holdings, Inc.* | 56,949 | 1,352,539 | ||||||
| Heartland Express, Inc. | 23,614 | 477,711 | ||||||
| Hub Group, Inc., Class A* | 48,268 | 1,947,131 | ||||||
| Knight Transportation, Inc. | 23,858 | 637,963 | ||||||
| Matson, Inc. | 24,111 | 1,013,627 | ||||||
| Republic Airways Holdings, Inc.* | 83,318 | 764,859 | ||||||
| Roadrunner Transportation | ||||||||
| Systems, Inc.* | 43,299 | 1,117,114 | ||||||
| Saia, Inc.* | 18,364 | 721,522 | ||||||
| SkyWest, Inc. | 131,397 | 1,976,211 | ||||||
| UTi Worldwide, Inc.* | 257,374 | 2,571,166 | ||||||
| Total Transportation | 17,429,527 | |||||||
| Utilities—2.7% | ||||||||
| ALLETE, Inc. | 13,733 | 637,074 | ||||||
| American States Water Co. | 7,363 | 275,303 | ||||||
| Avista Corp. | 27,445 | 841,189 | ||||||
| El Paso Electric Co. | 14,809 | 513,280 | ||||||
| Laclede Group, Inc. (The)(a) | 19,673 | 1,024,176 | ||||||
| New Jersey Resources Corp. | 77,126 | 2,124,821 | ||||||
| Northwest Natural Gas Co. | 9,812 | 413,870 | ||||||
| NorthWestern Corp.(a) | 13,585 | 662,269 | ||||||
| Piedmont Natural Gas Co., Inc.(a) | 22,226 | 784,800 | ||||||
| South Jersey Industries, Inc. | 23,075 | 570,645 | ||||||
| Southwest Gas Corp. | 23,972 | 1,275,550 | ||||||
| UIL Holdings Corp. | 19,632 | 899,538 | ||||||
| Total Utilities | 10,022,515 | |||||||
| Total Common Stocks | ||||||||
| (Cost $328,827,370) | 372,498,927 | |||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—5.9% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Prime Shares, 0.08% (b) | ||||||||
| (Cost $22,325,222) | 22,325,222 | 22,325,222 | ||||||
| Total Investments—105.4% | ||||||||
| (Cost $351,152,592) | 394,824,149 | |||||||
| Liabilities in Excess of Other Assets—(5.4)% | (20,307,939 | ) | ||||||
| Net Assets—100.0% | $ | 374,516,210 | ||||||
REIT – Real Estate Investment Trust
| * | Non-income producing security |
| (a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $27,295,044; total market value of the collateral held by the fund was $28,670,622. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $6,345,400. |
| (b) | Rate shown represents annualized 7-day yield as of June 30, 2015. |
The accompanying notes are an integral part of these financial statements.
| 30 |
SCHEDULE OF INVESTMENTS
RevenueShares Financials Sector Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| COMMON STOCKS—99.9% | ||||||||
| Banks—29.4% | ||||||||
| Bank of America Corp. | 112,488 | $ | 1,914,546 | |||||
| BB&T Corp. | 5,224 | 210,579 | ||||||
| Citigroup, Inc. | 29,694 | 1,640,297 | ||||||
| Comerica, Inc. | 1,194 | 61,276 | ||||||
| Fifth Third Bancorp | 6,619 | 137,808 | ||||||
| Huntington Bancshares, Inc. | 5,808 | 65,688 | ||||||
| JPMorgan Chase & Co. | 32,354 | 2,192,307 | ||||||
| KeyCorp | 6,311 | 94,791 | ||||||
| M&T Bank Corp. | 830 | 103,692 | ||||||
| People’s United Financial, Inc. | 1,846 | 29,924 | ||||||
| PNC Financial Services Group, Inc. (The) | 3,732 | 356,966 | ||||||
| Regions Financial Corp. | 11,535 | 119,503 | ||||||
| SunTrust Banks, Inc. | 4,257 | 183,136 | ||||||
| U.S. Bancorp | 9,906 | 429,920 | ||||||
| Wells Fargo & Co. | 34,918 | 1,963,788 | ||||||
| Zions Bancorporation(a) | 1,715 | 54,426 | ||||||
| Total Banks | 9,558,647 | |||||||
| Capital Markets—11.2% | ||||||||
| Affiliated Managers Group, Inc.* | 275 | 60,115 | ||||||
| Ameriprise Financial, Inc. | 2,307 | 288,214 | ||||||
| Bank of New York Mellon Corp. (The) | 8,898 | 373,449 | ||||||
| BlackRock, Inc. | 746 | 258,101 | ||||||
| Charles Schwab Corp. (The) | 4,411 | 144,019 | ||||||
| E*TRADE Financial Corp.* | 1,398 | 41,870 | ||||||
| Franklin Resources, Inc. | 3,977 | 194,992 | ||||||
| Goldman Sachs Group, Inc. (The) | 4,036 | 842,677 | ||||||
| Invesco Ltd. | 3,164 | 118,618 | ||||||
| Legg Mason, Inc. | 1,238 | 63,794 | ||||||
| Morgan Stanley | 21,442 | 831,735 | ||||||
| Northern Trust Corp. | 1,377 | 105,285 | ||||||
| State Street Corp. | 3,148 | 242,396 | ||||||
| T. Rowe Price Group, Inc. | 1,231 | 95,686 | ||||||
| Total Capital Markets | 3,660,951 | |||||||
| Consumer Finance—4.4% | ||||||||
| American Express Co. | 9,599 | 746,034 | ||||||
| Capital One Financial Corp. | 5,143 | 452,430 | ||||||
| Discover Financial Services | 2,881 | 166,003 | ||||||
| Navient Corp. | 3,530 | 64,282 | ||||||
| Total Consumer Finance | 1,428,749 | |||||||
| Diversified Financial Services—16.0% | ||||||||
| Berkshire Hathaway, Inc., Class B* | 32,863 | 4,472,983 | ||||||
| CME Group, Inc. | 800 | 74,448 | ||||||
| Intercontinental Exchange, Inc. | 326 | 72,897 | ||||||
| Leucadia National Corp. | 12,592 | 305,734 | ||||||
| McGraw Hill Financial, Inc. | 1,152 | 115,718 | ||||||
| Moody’s Corp. | 750 | 80,970 | ||||||
| NASDAQ OMX Group, Inc. (The) | 1,632 | 79,658 | ||||||
| Total Diversified Financial Services | 5,202,408 | |||||||
| Investments | Shares | Value | ||||||
| Insurance—33.6% | ||||||||
| ACE Ltd. | 4,303 | $ | 437,529 | |||||
| Aflac, Inc. | 8,516 | 529,695 | ||||||
| Allstate Corp. (The) | 12,561 | 814,832 | ||||||
| American International Group, Inc. | 24,631 | 1,522,688 | ||||||
| Aon PLC | 2,758 | 274,917 | ||||||
| Assurant, Inc. | 3,712 | 248,704 | ||||||
| Chubb Corp. (The) | 3,408 | 324,237 | ||||||
| Cincinnati Financial Corp. | 2,360 | 118,425 | ||||||
| Genworth Financial, Inc., Class A* | 29,205 | 221,082 | ||||||
| Hartford Financial Services | ||||||||
| Group, Inc. (The) | 10,564 | 439,146 | ||||||
| Lincoln National Corp. | 5,458 | 323,223 | ||||||
| Loews Corp. | 8,602 | 331,263 | ||||||
| Marsh & McLennan Cos., Inc. | 5,213 | 295,577 | ||||||
| MetLife, Inc. | 31,780 | 1,779,362 | ||||||
| Principal Financial Group, Inc. | 4,872 | 249,885 | ||||||
| Progressive Corp. (The) | 16,674 | 464,037 | ||||||
| Prudential Financial, Inc. | 16,299 | 1,426,489 | ||||||
| Torchmark Corp. | 1,628 | 94,782 | ||||||
| Travelers Cos., Inc. | 6,453 | 623,747 | ||||||
| Unum Group | 6,938 | 248,034 | ||||||
| XL Group PLC | 3,909 | 145,415 | ||||||
| Total Insurance | 10,913,069 | |||||||
| Real Estate Investment Trusts—4.6% | ||||||||
| American Tower Corp. | 1,055 | 98,421 | ||||||
| Apartment Investment & | ||||||||
| Management Co., Class A | 598 | 22,084 | ||||||
| AvalonBay Communities, Inc. | 267 | 42,685 | ||||||
| Boston Properties, Inc. | 465 | 56,284 | ||||||
| Crown Castle International Corp. | 1,087 | 87,286 | ||||||
| Equinix, Inc. | 232 | 58,928 | ||||||
| Equity Residential | 856 | 60,066 | ||||||
| Essex Property Trust, Inc. | 127 | 26,987 | ||||||
| General Growth Properties, Inc. | 2,279 | 58,479 | ||||||
| HCP, Inc. | 1,476 | 53,830 | ||||||
| Health Care REIT, Inc. | 1,190 | 78,100 | ||||||
| Host Hotels & Resorts, Inc. | 6,355 | 126,020 | ||||||
| Iron Mountain, Inc. | 2,289 | 70,959 | ||||||
| Kimco Realty Corp. | 1,044 | 23,532 | ||||||
| Macerich Co. (The) | 353 | 26,334 | ||||||
| Plum Creek Timber Co., Inc. | 938 | 38,055 | ||||||
| Prologis, Inc. | 1,170 | 43,407 | ||||||
| Public Storage | 293 | 54,020 | ||||||
| Realty Income Corp. | 497 | 22,062 | ||||||
| Simon Property Group, Inc. | 655 | 113,328 | ||||||
| SL Green Realty Corp. | 323 | 35,494 | ||||||
| Ventas, Inc. | 1,193 | 74,073 | ||||||
| Vornado Realty Trust | 597 | 56,673 | ||||||
| Weyerhaeuser Co. | 5,461 | 172,021 | ||||||
| Total Real Estate Investment Trusts | 1,499,128 | |||||||
The accompanying notes are an integral part of these financial statements.
| 31 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Financials Sector Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Real Estate Management & | ||||||||
| Development—0.7% | ||||||||
| CBRE Group, Inc., Class A* | 5,915 | $ | 218,855 | |||||
| Thrifts & Mortgage Finance—0.0%† | ||||||||
| Hudson City Bancorp, Inc. | 1,182 | 11,678 | ||||||
| Total Investments—99.9% | ||||||||
| (Cost $27,079,103) | 32,493,485 | |||||||
| Other Assets in Excess of Liabilities—0.1% | 19,539 | |||||||
| Net Assets—100.0% | $ | 32,513,024 | ||||||
PLC – Public Limited Company
REIT – Real Estate Investment Trust
| * | Non-income producing security |
| † | Less than 0.05% |
| (a) | All or a portion of the security was on loan. The market value of the security on loan was $5,300; total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $5,400. |
The accompanying notes are an integral part of these financial statements.
| 32 |
SCHEDULE OF INVESTMENTS
RevenueShares ADR Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| COMMON STOCKS—96.3% | ||||||||
| Automobiles & Components—7.2% | ||||||||
| Honda Motor Co. Ltd.(a) | 16,646 | $ | 539,331 | |||||
| Magna International, Inc. | 2,871 | 161,034 | ||||||
| Toyota Motor Corp.(a) | 8,669 | 1,159,479 | ||||||
| Total Automobiles & Components | 1,859,844 | |||||||
| Banks—8.5% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA(a) | 9,435 | 93,123 | ||||||
| Banco Bradesco SA(a)(b) | 10,435 | 95,585 | ||||||
| Banco de Chile(a)(b) | 157 | 10,343 | ||||||
| Banco Santander Chile(a) | 480 | 9,720 | ||||||
| Banco Santander SA(a) | 25,938 | 181,825 | ||||||
| Bancolombia SA(a)(b) | 401 | 17,243 | ||||||
| Bank of Montreal | 1,144 | 67,816 | ||||||
| Bank of Nova Scotia (The) | 1,672 | 86,325 | ||||||
| Barclays PLC(a) | 9,882 | 162,460 | ||||||
| Canadian Imperial Bank of | ||||||||
| Commerce(b) | 644 | 47,476 | ||||||
| Credicorp Ltd. | 109 | 15,142 | ||||||
| HSBC Holdings PLC(a) | 5,663 | 253,759 | ||||||
| ING Groep NV(a) | 5,013 | 83,116 | ||||||
| KB Financial Group, Inc.(a) | 779 | 25,606 | ||||||
| Lloyds Banking Group PLC(a) | 20,852 | 113,226 | ||||||
| Mitsubishi UFJ Financial | ||||||||
| Group, Inc.(a) | 23,077 | 166,616 | ||||||
| Mizuho Financial Group, Inc.(a)(b) | 27,272 | 118,361 | ||||||
| Royal Bank of Canada | 2,157 | 131,901 | ||||||
| Royal Bank of Scotland Group PLC*(a) | 10,163 | 112,504 | ||||||
| Shinhan Financial Group Co. Ltd.(a) | 940 | 34,836 | ||||||
| Sumitomo Mitsui Financial | ||||||||
| Group, Inc.(a) | 21,359 | 189,882 | ||||||
| Toronto-Dominion Bank (The) | 2,623 | 111,504 | ||||||
| Westpac Banking Corp.(a)(b) | 3,097 | 76,620 | ||||||
| Total Banks | 2,204,989 | |||||||
| Capital Goods—1.4% | ||||||||
| ABB Ltd.*(a)(b) | 8,081 | 168,731 | ||||||
| Embraer SA(a) | 838 | 25,383 | ||||||
| Koninklijke Philips NV | 4,606 | 117,269 | ||||||
| Nidec Corp.(a)(b) | 2,212 | 41,320 | ||||||
| Total Capital Goods | 352,703 | |||||||
| Consumer Durables & Apparel—1.5% | ||||||||
| Gildan Activewear, Inc.(b) | 314 | 10,437 | ||||||
| Luxottica Group S.p.A.(a)(b) | 669 | 44,455 | ||||||
| Sony Corp.*(a) | 11,717 | 332,646 | ||||||
| Total Consumer Durables & Apparel | 387,538 | |||||||
| Consumer Services—0.4% | ||||||||
| Carnival PLC(a)(b) | 1,461 | 74,920 | ||||||
| InterContinental Hotels Group PLC(a) | 193 | 7,809 | ||||||
| Restaurant Brands International, Inc. | 227 | 8,674 | ||||||
| Total Consumer Services | 91,403 | |||||||
| Investments | Shares | Value | ||||||
| Diversified Financials—2.3% | ||||||||
| Credit Suisse Group AG*(a)(b) | 4,544 | $ | 125,415 | |||||
| Deutsche Bank AG(b) | 5,955 | 179,603 | ||||||
| Nomura Holdings, Inc.(a)(b) | 10,440 | 70,574 | ||||||
| ORIX Corp.(a)(b) | 893 | 66,546 | ||||||
| UBS Group AG* | 6,743 | 142,952 | ||||||
| Total Diversified Financials | 585,090 | |||||||
| Energy—37.4% | ||||||||
| BP PLC(a) | 35,220 | 1,407,391 | ||||||
| Cameco Corp. | 674 | 9,625 | ||||||
| Canadian Natural Resources Ltd. | 2,465 | 66,949 | ||||||
| Cenovus Energy, Inc. | 4,093 | 65,529 | ||||||
| China Petroleum & Chemical Corp.(a) | 23,396 | 2,005,271 | ||||||
| CNOOC Ltd.(a)(b) | 1,425 | 202,236 | ||||||
| Ecopetrol SA(a)(b) | 10,268 | 136,154 | ||||||
| Enbridge, Inc. | 3,103 | 145,189 | ||||||
| Encana Corp. | 2,883 | 31,771 | ||||||
| Eni S.p.A.(a)(b) | 16,446 | 585,149 | ||||||
| Imperial Oil Ltd.(b) | 3,302 | 127,523 | ||||||
| Pembina Pipeline Corp.(b) | 660 | 21,318 | ||||||
| PetroChina Co. Ltd.(a)(b) | 14,367 | 1,592,007 | ||||||
| Royal Dutch Shell PLC, Class A(a)(b) | 14,784 | 842,836 | ||||||
| Royal Dutch Shell PLC, Class B(a) | 14,570 | 835,590 | ||||||
| Statoil ASA(a)(b) | 20,320 | 363,728 | ||||||
| Suncor Energy, Inc. | 5,323 | 146,489 | ||||||
| Tenaris SA(a) | 1,618 | 43,718 | ||||||
| Total SA(a) | 17,791 | 874,783 | ||||||
| TransCanada Corp. | 954 | 38,752 | ||||||
| Ultrapar Participacoes SA(a) | 5,474 | 115,063 | ||||||
| Total Energy | 9,657,071 | |||||||
| Food & Staples Retailing—0.8% | ||||||||
| Cencosud SA(a)(b) | 11,888 | 85,713 | ||||||
| Delhaize Group(a) | 5,489 | 113,238 | ||||||
| Total Food & Staples Retailing | 198,951 | |||||||
| Food, Beverage & Tobacco—2.3% | ||||||||
| Ambev SA(a) | 11,376 | 69,394 | ||||||
| Anheuser-Busch InBev NV(a) | 1,758 | 212,138 | ||||||
| BRF SA(a) | 2,488 | 52,024 | ||||||
| British American Tobacco PLC(a) | 934 | 101,105 | ||||||
| Diageo PLC(a)(b) | 650 | 75,426 | ||||||
| Fomento Economico Mexicano | ||||||||
| SAB de CV(a) | 952 | 84,814 | ||||||
| Total Food, Beverage & Tobacco | 594,901 | |||||||
| Health Care Equipment & Services—0.8% | ||||||||
| Catamaran Corp.* | 1,703 | 104,019 | ||||||
| Fresenius Medical Care AG & | ||||||||
| Co. KGaA(a)(b) | 1,768 | 73,531 | ||||||
| Smith & Nephew PLC(a) | 621 | 21,083 | ||||||
| Total Health Care Equipment & Services | 198,633 | |||||||
| Household & Personal Products—1.1% | ||||||||
| Unilever NV | 3,416 | 142,925 | ||||||
| Unilever PLC(a) | 3,298 | 141,682 | ||||||
| Total Household & Personal Products | 284,607 | |||||||
The accompanying notes are an integral part of these financial statements.
| 33 |
SCHEDULE OF INVESTMENTS — continued
June 30, 2015
| Investments | Shares | Value | ||||||
| Insurance—6.2% | ||||||||
| Aegon NV, Class G | 39,256 | $ | 290,495 | |||||
| Aviva PLC(a)(b) | 13,897 | 216,376 | ||||||
| China Life Insurance Co. Ltd.(a) | 16,088 | 350,075 | ||||||
| Manulife Financial Corp. | 11,280 | 209,695 | ||||||
| Prudential PLC(a) | 9,005 | 437,283 | ||||||
| Sun Life Financial, Inc. | 3,076 | 102,738 | ||||||
| Total Insurance | 1,606,662 | |||||||
| Materials—6.6% | ||||||||
| Agnico Eagle Mines Ltd. | 269 | 7,631 | ||||||
| Agrium, Inc.(b) | 699 | 74,059 | ||||||
| ArcelorMittal | 33,580 | 326,398 | ||||||
| Barrick Gold Corp. | 3,868 | 41,233 | ||||||
| BHP Billiton Ltd.(a)(b) | 3,385 | 137,803 | ||||||
| BHP Billiton PLC(a)(b) | 3,529 | 139,607 | ||||||
| Cemex SAB de CV*(a) | 7,250 | 66,410 | ||||||
| Cia de Minas Buenaventura SA(a) | 492 | 5,107 | ||||||
| Cia Siderurgica Nacional SA(a)(b) | 15,106 | 24,925 | ||||||
| CRH PLC(a) | 3,853 | 108,308 | ||||||
| Eldorado Gold Corp. | 1,120 | 4,637 | ||||||
| Gerdau SA(a) | 28,639 | 69,020 | ||||||
| Goldcorp, Inc. | 963 | 15,601 | ||||||
| James Hardie Industries PLC(a) | 102 | 6,761 | ||||||
| Kinross Gold Corp.* | 6,599 | 15,310 | ||||||
| POSCO(a) | 5,653 | 277,506 | ||||||
| Potash Corp. of Saskatchewan, Inc. | 970 | 30,041 | ||||||
| Randgold Resources Ltd.(a) | 66 | 4,419 | ||||||
| Rio Tinto PLC(a)(b) | 5,017 | 206,750 | ||||||
| Silver Wheaton Corp. | 140 | 2,428 | ||||||
| Sociedad Quimica y Minera de | ||||||||
| Chile SA(a) | 523 | 8,378 | ||||||
| Southern Copper Corp.(b) | 839 | 24,675 | ||||||
| Syngenta AG(a) | 807 | 65,859 | ||||||
| Teck Resources Ltd., Class B | 3,058 | 30,305 | ||||||
| Yamana Gold, Inc. | 2,721 | 8,163 | ||||||
| Total Materials | 1,701,334 | |||||||
| Media—0.9% | ||||||||
| Grupo Televisa SAB(a) | 703 | 27,291 | ||||||
| Pearson PLC(a) | 1,843 | 34,943 | ||||||
| Shaw Communications, Inc., Class B | 989 | 21,550 | ||||||
| Thomson Reuters Corp. | 1,463 | 55,696 | ||||||
| WPP PLC(a)(b) | 744 | 83,864 | ||||||
| Total Media | 223,344 | |||||||
| Pharmaceuticals, Biotechnology & Life Sciences—3.3% | ||||||||
| AstraZeneca PLC(a)(b) | 1,770 | 112,767 | ||||||
| GlaxoSmithKline PLC(a) | 3,900 | 162,435 | ||||||
| Novartis AG(a)(b) | 2,390 | 235,032 | ||||||
| Novo Nordisk A/S(a) | 1,265 | 69,271 | ||||||
| QIAGEN NV* | 244 | 6,049 | ||||||
| Sanofi(a) | 4,024 | 199,309 | ||||||
| Shire PLC(a) | 118 | 28,496 | ||||||
| Valeant Pharmaceuticals | ||||||||
| International, Inc.* | 169 | 37,543 | ||||||
| Total Pharmaceuticals, Biotechnology & | ||||||||
| Life Sciences | 850,902 | |||||||
| Investments | Shares | Value | ||||||
| Real Estate—0.3% | ||||||||
| Brookfield Asset Management, Inc., | ||||||||
| Class A | 2,600 | $ | 90,818 | |||||
| Semiconductors & Semiconductor Equipment—0.7% | ||||||||
| ARM Holdings PLC(a) | 111 | 5,469 | ||||||
| ASML Holding NV, Class G | 320 | 33,322 | ||||||
| STMicroelectronics NV, Class Y | 4,134 | 33,568 | ||||||
| Taiwan Semiconductor Manufacturing | ||||||||
| Co. Ltd.(a) | 5,245 | 119,114 | ||||||
| Total Semiconductors & | ||||||||
| Semiconductor Equipment | 191,473 | |||||||
| Software & Services—0.5% | ||||||||
| CGI Group, Inc., Class A*(b) | 1,037 | 40,526 | ||||||
| SAP SE(a)(b) | 1,411 | 99,094 | ||||||
| Total Software & Services | 139,620 | |||||||
| Technology Hardware & Equipment—2.0% | ||||||||
| Alcatel-Lucent*(a) | 19,998 | 72,393 | ||||||
| BlackBerry Ltd.*(b) | 2,373 | 19,411 | ||||||
| Canon, Inc.(a)(b) | 4,532 | 146,882 | ||||||
| Kyocera Corp.(a) | 1,264 | 65,778 | ||||||
| Nokia OYJ(a) | 10,282 | 70,432 | ||||||
| Telefonaktiebolaget LM Ericsson(a) | 12,920 | 134,885 | ||||||
| Total Technology Hardware & Equipment | 509,781 | |||||||
| Telecommunication Services—10.5% | ||||||||
| America Movil SAB de CV, Class L(a) | 13,451 | 286,641 | ||||||
| BCE, Inc. | 1,957 | 83,172 | ||||||
| BT Group PLC(a)(b) | 1,939 | 137,456 | ||||||
| China Mobile Ltd.(a) | 7,389 | 473,561 | ||||||
| Chunghwa Telecom Co. Ltd.(a)(b) | 1,077 | 34,378 | ||||||
| Nippon Telegraph & Telephone | ||||||||
| Corp.(a) | 13,965 | 506,790 | ||||||
| NTT DOCOMO, Inc.(a) | 10,755 | 205,743 | ||||||
| Orange SA(a) | 12,714 | 195,287 | ||||||
| Rogers Communications, Inc., Class B | 1,525 | 54,183 | ||||||
| Telecom Italia S.p.A.*(a)(b) | 9,376 | 119,263 | ||||||
| Telefonica SA(a) | 19,591 | 278,192 | ||||||
| TELUS Corp. | 1,433 | 49,353 | ||||||
| Vodafone Group PLC(a) | 8,090 | 294,880 | ||||||
| Total Telecommunication Services | 2,718,899 | |||||||
| Transportation—0.6% | ||||||||
| Canadian National Railway Co. | 820 | 47,355 | ||||||
| Canadian Pacific Railway Ltd. | 162 | 25,957 | ||||||
| Latam Airlines Group SA*(a)(b) | 7,366 | 51,857 | ||||||
| Ryanair Holdings PLC(a) | 459 | 32,750 | ||||||
| Total Transportation | 157,919 | |||||||
The accompanying notes are an integral part of these financial statements.
| 34 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares ADR Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Utilities—1.0% | ||||||||
| Cia Energetica de Minas Gerais(a) | 8,099 | $ | 30,857 | |||||
| CPFL Energia SA(a)(b) | 2,598 | 31,825 | ||||||
| Empresa Nacional de Electricidad SA(a) | 452 | 18,735 | ||||||
| Enersis SA(a) | 3,573 | 56,561 | ||||||
| National Grid PLC(a) | 1,637 | 105,701 | ||||||
| TransAlta Corp. | 1,229 | 9,525 | ||||||
| Total Utilities | 253,204 | |||||||
| Total Common Stocks | ||||||||
| (Cost $24,651,006) | 24,859,686 | |||||||
| PREFERRED STOCKS—3.1% | ||||||||
| Banks—0.5% | ||||||||
| Itau Unibanco Holding SA(a) | 11,640 | 127,458 | ||||||
| Energy—2.1% | ||||||||
| Petroleo Brasileiro SA*(a) | 67,408 | 550,049 | ||||||
| Materials—0.5% | ||||||||
| Vale SA, Class A(a) | 26,432 | 133,482 | ||||||
| Total Preferred Stocks | ||||||||
| (Cost $871,443) | 810,989 | |||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—15.5% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Prime Shares, 0.08% (c) | ||||||||
| (Cost $4,014,926) | 4,014,926 | 4,014,926 | ||||||
| Total Investments—114.9% | ||||||||
| (Cost $29,537,375) | 29,685,601 | |||||||
| Liabilities in Excess of Other Assets—(14.9)% | (3,860,752 | ) | ||||||
| Net Assets—100.0% | $ | 25,824,849 | ||||||
| % of | ||||||||
| Country | Value | Net Assets | ||||||
| Australia | $ | 214,423 | 0.8 | % | ||||
| Belgium | 325,376 | 1.3 | ||||||
| Brazil | 1,325,065 | 5.1 | ||||||
| Canada | 2,403,565 | 9.3 | ||||||
| Chile | 241,307 | 0.9 | ||||||
| China | 1,942,082 | 7.5 | ||||||
| Colombia | 153,397 | 0.6 | ||||||
| Denmark | 69,271 | 0.3 | ||||||
| Finland | 70,432 | 0.3 | ||||||
| France | 1,341,772 | 5.2 | ||||||
| Germany | 352,228 | 1.4 | ||||||
| Hong Kong | 2,681,068 | 10.4 | ||||||
| Ireland | 176,315 | 0.7 | ||||||
| Italy | 748,867 | 2.9 | ||||||
| Japan | 3,609,948 | 14.0 | ||||||
| Jersey Islands | 4,419 | 0.0 | † | |||||
| Luxembourg | 370,116 | 1.4 | ||||||
| Mexico | 465,156 | 1.8 | ||||||
| Netherlands | 2,351,602 | 9.1 | ||||||
| Norway | 363,728 | 1.4 | ||||||
| Peru | 20,249 | 0.1 | ||||||
| South Korea | 337,948 | 1.3 | ||||||
| Spain | 553,140 | 2.1 | ||||||
| Sweden | 134,885 | 0.5 | ||||||
| Switzerland | 771,557 | 3.0 | ||||||
| Taiwan | 153,492 | 0.6 | ||||||
| United Kingdom | 4,408,896 | 17.1 | ||||||
| United States | 4,095,297 | 15.8 | ||||||
| Total Investments | 29,685,601 | 114.9 | ||||||
| Liabilities in Excess of | ||||||||
| Other Assets | (3,860,752 | ) | (14.9 | ) | ||||
| Net Assets | $ | 25,824,849 | 100.0 | % | ||||
PLC – Public Limited Company
| * | Non-income producing security |
| † | Less than 0.05% |
| (a) | American Depositary Receipt |
| (b) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $3,929,214; total market value of the collateral held by the fund was $4,040,455. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $25,529. |
| (c) | Rate shown represents annualized 7-day yield as of June 30, 2015. |
The accompanying notes are an integral part of these financial statements.
| 35 |
SCHEDULE OF INVESTMENTS
RevenueShares Navellier Overall A-100 Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| COMMON STOCKS—99.8% | ||||||||
| Banks—2.2% | ||||||||
| Bank of the Ozarks, Inc. | 611 | $ | 27,953 | |||||
| Heartland Financial USA, Inc. | 765 | 28,473 | ||||||
| Seacoast Banking Corp. of Florida* | 1,766 | 27,903 | ||||||
| ServisFirst Bancshares, Inc. | 718 | 26,975 | ||||||
| United Community Financial Corp. | 4,889 | 26,156 | ||||||
| Walker & Dunlop, Inc.* | 1,176 | 31,446 | ||||||
| Total Banks | 168,906 | |||||||
| Capital Goods—3.2% | ||||||||
| A.O. Smith Corp. | 589 | 42,396 | ||||||
| American Woodmark Corp.* | 566 | 31,045 | ||||||
| Apogee Enterprises, Inc. | 535 | 28,162 | ||||||
| Dycom Industries, Inc.* | 662 | 38,959 | ||||||
| PGT, Inc.* | 1,906 | 27,656 | ||||||
| Snap-on, Inc. | 322 | 51,279 | ||||||
| TASER International, Inc.*(a) | 784 | 26,115 | ||||||
| Total Capital Goods | 245,612 | |||||||
| Commercial & Professional Services—1.0% | ||||||||
| Equifax, Inc. | 443 | 43,011 | ||||||
| Rollins, Inc. | 1,322 | 37,717 | ||||||
| Total Commercial & Professional Services | 80,728 | |||||||
| Consumer Durables & Apparel—5.9% | ||||||||
| Carter’s, Inc. | 442 | 46,985 | ||||||
| G-III Apparel Group Ltd.* | 599 | 42,140 | ||||||
| Hanesbrands, Inc. | 1,962 | 65,374 | ||||||
| Hasbro, Inc. | 756 | 56,541 | ||||||
| Helen of Troy Ltd.* | 379 | 36,949 | ||||||
| Hooker Furniture Corp. | 1,061 | 26,642 | ||||||
| Installed Building Products, Inc.* | 1,218 | 29,817 | ||||||
| Leggett & Platt, Inc. | 1,099 | 53,499 | ||||||
| Nautilus, Inc.* | 1,269 | 27,296 | ||||||
| Skechers U.S.A., Inc., Class A* | 403 | 44,245 | ||||||
| ZAGG, Inc.* | 3,058 | 24,219 | ||||||
| Total Consumer Durables & Apparel | 453,707 | |||||||
| Consumer Services—3.4% | ||||||||
| Carriage Services, Inc. | 1,124 | 26,841 | ||||||
| Cracker Barrel Old Country Store, Inc.(a) | 317 | 47,284 | ||||||
| Denny’s Corp.* | 2,510 | 29,141 | ||||||
| Diamond Resorts International, Inc.* | 939 | 29,625 | ||||||
| Jack in the Box, Inc. | 424 | 37,380 | ||||||
| Marriott Vacations Worldwide Corp. | 439 | 40,278 | ||||||
| Service Corp. International | 1,613 | 47,471 | ||||||
| Total Consumer Services | 258,020 | |||||||
| Diversified Financials—0.7% | ||||||||
| INTL. FCStone, Inc.* | 811 | 26,958 | ||||||
| MarketAxess Holdings, Inc. | 308 | 28,573 | ||||||
| Total Diversified Financials | 55,531 | |||||||
| Food & Staples Retailing—6.9% | ||||||||
| Kroger Co. (The) | 7,316 | 530,483 | ||||||
| Food, Beverage & Tobacco—0.9% | ||||||||
| Constellation Brands, Inc., Class A | 580 | 67,292 | ||||||
| Investments | Shares | Value | ||||||
| Health Care Equipment & Services—34.8% | ||||||||
| ABIOMED, Inc.* | 418 | $ | 27,475 | |||||
| Aetna, Inc. | 3,656 | 465,994 | ||||||
| Almost Family, Inc.* | 721 | 28,775 | ||||||
| AMN Healthcare Services, Inc.* | 1,151 | 36,360 | ||||||
| Anthem, Inc. | 3,282 | 538,708 | ||||||
| Cantel Medical Corp. | 560 | 30,055 | ||||||
| Centene Corp.* | 2,013 | 161,845 | ||||||
| Chemed Corp. | 284 | 37,233 | ||||||
| Edwards Lifesciences Corp.* | 305 | 43,441 | ||||||
| Ensign Group, Inc. (The) | 632 | 32,270 | ||||||
| Hill-Rom Holdings, Inc. | 691 | 37,542 | ||||||
| ICU Medical, Inc.* | 293 | 28,028 | ||||||
| LHC Group, Inc.* | 799 | 30,562 | ||||||
| Masimo Corp.* | 774 | 29,985 | ||||||
| McKesson Corp. | 2,291 | 515,040 | ||||||
| UnitedHealth Group, Inc. | 4,485 | 547,170 | ||||||
| Universal Health Services, Inc., Class B | 653 | 92,791 | ||||||
| Total Health Care Equipment & Services | 2,683,274 | |||||||
| Insurance—3.7% | ||||||||
| AmTrust Financial Services, Inc. | 919 | 60,204 | ||||||
| Endurance Specialty Holdings Ltd. | 625 | 41,062 | ||||||
| FNF Group | 2,286 | 84,559 | ||||||
| Heritage Insurance Holdings, Inc.* | 1,243 | 28,576 | ||||||
| Universal Insurance Holdings, Inc. | 1,198 | 28,992 | ||||||
| Validus Holdings Ltd. | 924 | 40,647 | ||||||
| Total Insurance | 284,040 | |||||||
| Materials—1.0% | ||||||||
| Sealed Air Corp. | 1,556 | 79,947 | ||||||
| Media—1.0% | ||||||||
| Madison Square Garden Co. (The), | ||||||||
| Class A* | 439 | 36,652 | ||||||
| Starz, Class A* | 883 | 39,488 | ||||||
| Total Media | 76,140 | |||||||
| Pharmaceuticals, Biotechnology & Life Sciences—6.6% | ||||||||
| Bristol-Myers Squibb Co. | 2,133 | 141,930 | ||||||
| Cambrex Corp.* | 651 | 28,605 | ||||||
| China Biologic Products, Inc.* | 237 | 27,293 | ||||||
| Gilead Sciences, Inc. | 1,879 | 219,993 | ||||||
| ICON PLC* | 542 | 36,477 | ||||||
| SciClone Pharmaceuticals, Inc.* | 2,843 | 27,918 | ||||||
| Sucampo Pharmaceuticals, Inc., | ||||||||
| Class A* | 1,577 | 25,910 | ||||||
| Total Pharmaceuticals, Biotechnology | ||||||||
| & Life Sciences | 508,126 | |||||||
| Real Estate—0.4% | ||||||||
| Marcus & Millichap, Inc.* | 628 | 28,976 | ||||||
| Retailing—11.1% | ||||||||
| Kirkland’s, Inc. | 1,114 | 31,047 | ||||||
| Nutrisystem, Inc. | 1,170 | 29,110 | ||||||
| O’Reilly Automotive, Inc.* | 345 | 77,963 | ||||||
| Ross Stores, Inc. | 2,156 | 104,803 | ||||||
The accompanying notes are an integral part of these financial statements.
| 36 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Navellier Overall A-100 Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Retailing (continued) | ||||||||
| Select Comfort Corp.* | 1,187 | $ | 35,693 | |||||
| Target Corp. | 6,485 | 529,370 | ||||||
| Ulta Salon Cosmetics & Fragrance, Inc.* | 326 | 50,351 | ||||||
| Total Retailing | 858,337 | |||||||
| Semiconductors & Semiconductor Equipment—2.4% | ||||||||
| Ambarella, Inc.*(a) | 228 | 23,413 | ||||||
| Avago Technologies Ltd. | 678 | 90,127 | ||||||
| Silicon Motion Technology Corp.(b) | 773 | 26,753 | ||||||
| Skyworks Solutions, Inc. | 439 | 45,700 | ||||||
| Total Semiconductors & | ||||||||
| Semiconductor Equipment | 185,993 | |||||||
| Software & Services—6.8% | ||||||||
| Cimpress NV* | 430 | 36,189 | ||||||
| DST Systems, Inc. | 368 | 46,361 | ||||||
| Ebix, Inc.(a) | 812 | 26,479 | ||||||
| Electronic Arts, Inc.* | 909 | 60,448 | ||||||
| Ellie Mae, Inc.*(a) | 409 | 28,544 | ||||||
| FactSet Research Systems, Inc. | 200 | 32,502 | ||||||
| Hackett Group, Inc. (The) | 2,302 | 30,916 | ||||||
| Manhattan Associates, Inc.* | 489 | 29,169 | ||||||
| MAXIMUS, Inc. | 595 | 39,109 | ||||||
| NetEase, Inc.(c) | 276 | 39,983 | ||||||
| NICE-Systems Ltd.(b) | 501 | 31,859 | ||||||
| Paycom Software, Inc.* | 706 | 24,110 | ||||||
| Total System Services, Inc. | 1,040 | 43,441 | ||||||
| Tucows, Inc., Class A*(a) | 933 | 25,984 | ||||||
| VASCO Data Security | ||||||||
| International, Inc.*(a) | 829 | 25,027 | ||||||
| Total Software & Services | 520,121 | |||||||
| Technology Hardware & Equipment—7.3% | ||||||||
| Apple, Inc. | 4,251 | 533,182 | ||||||
| Orbotech Ltd.* | 1,412 | 29,369 | ||||||
| Total Technology Hardware & Equipment | 562,551 | |||||||
| Transportation—0.5% | ||||||||
| Matson, Inc. | 928 | 39,013 | ||||||
| Total Common Stocks | ||||||||
| (Cost $7,548,800) | 7,686,797 | |||||||
| Investments | Shares | Value | ||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—1.8% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Prime Shares, 0.08% (c) | ||||||||
| (Cost $140,964) | 140,964 | $ | 140,964 | |||||
| Total Investments—101.6% | ||||||||
| (Cost $7,689,764) | 7,827,761 | |||||||
| Liabilities in Excess of Other Assets—(1.6)% | (125,742 | ) | ||||||
| Net Assets—100.0% | $ | 7,702,019 | ||||||
PLC – Public Limited Company
| * | Non-income producing security |
| (a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $195,357; total market value of the collateral held by the fund was $195,389. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $54,425. |
| (b) | American Depositary Receipt |
| (c) | Rate shown represents annualized 7-day yield as of June 30, 2015. |
The accompanying notes are an integral part of these financial statements.
| 37 |
SCHEDULE OF INVESTMENTS
RevenueShares Ultra Dividend Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| COMMON STOCKS—99.0% | ||||||||
| Banks—0.9% | ||||||||
| New York Community Bancorp, Inc.(a) | 13,708 | $ | 251,953 | |||||
| People’s United Financial, Inc. | 13,980 | 226,616 | ||||||
| Valley National Bancorp | 9,931 | 102,388 | ||||||
| Total Banks | 580,957 | |||||||
| Commercial & Professional Services—3.1% | ||||||||
| R.R. Donnelley & Sons Co. | 117,826 | 2,053,707 | ||||||
| Consumer Durables & Apparel—1.6% | ||||||||
| Mattel, Inc. | 40,939 | 1,051,723 | ||||||
| Consumer Services—1.3% | ||||||||
| Darden Restaurants, Inc. | 12,013 | 853,884 | ||||||
| Diversified Financials—0.8% | ||||||||
| CME Group, Inc. | 6,081 | 565,898 | ||||||
| Energy—16.7% | ||||||||
| Diamond Offshore Drilling, Inc.(a) | 17,414 | 449,455 | ||||||
| Ensco PLC, Class A | 35,625 | 793,369 | ||||||
| HollyFrontier Corp. | 78,063 | 3,332,509 | ||||||
| Kinder Morgan, Inc. | 73,232 | 2,811,377 | ||||||
| Noble Corp. PLC(a) | 35,632 | 548,377 | ||||||
| Transocean Ltd.(a) | 91,358 | 1,472,691 | ||||||
| Williams Cos., Inc. (The) | 28,772 | 1,651,225 | ||||||
| Total Energy | 11,059,003 | |||||||
| Food, Beverage & Tobacco—12.4% | ||||||||
| Altria Group, Inc. | 68,544 | 3,352,487 | ||||||
| Philip Morris International, Inc. | 41,063 | 3,292,021 | ||||||
| Reynolds American, Inc. | 20,975 | 1,565,993 | ||||||
| Total Food, Beverage & Tobacco | 8,210,501 | |||||||
| Insurance—2.3% | ||||||||
| Mercury General Corp. | 9,824 | 546,706 | ||||||
| Old Republic International Corp. | 62,602 | 978,469 | ||||||
| Total Insurance | 1,525,175 | |||||||
| Real Estate—7.6% | ||||||||
| BioMed Realty Trust, Inc. | 5,969 | 115,440 | ||||||
| Corporate Office Properties Trust | 4,381 | 103,129 | ||||||
| Corrections Corp. of America | 8,905 | 294,577 | ||||||
| HCP, Inc. | 11,314 | 412,622 | ||||||
| Health Care REIT, Inc. | 9,091 | 596,642 | ||||||
| Highwoods Properties, Inc. | 2,730 | 109,064 | ||||||
| Home Properties, Inc. | 1,723 | 125,865 | ||||||
| Hospitality Properties Trust | 10,981 | 316,472 | ||||||
| Iron Mountain, Inc. | 17,653 | 547,243 | ||||||
| Kimco Realty Corp. | 8,042 | 181,267 | ||||||
| Lamar Advertising Co., Class A | 4,068 | 233,829 | ||||||
| Liberty Property Trust | 4,355 | 140,318 | ||||||
| Mack-Cali Realty Corp. | 5,975 | 110,119 | ||||||
| Mid-America Apartment | ||||||||
| Communities, Inc. | 2,437 | 177,438 | ||||||
| National Retail Properties, Inc. | 2,245 | 78,597 | ||||||
| Omega Healthcare Investors, Inc. | 2,626 | 90,151 | ||||||
| Plum Creek Timber Co., Inc. | 7,158 | 290,400 | ||||||
| Realty Income Corp. | 3,791 | 168,283 | ||||||
| Investments | Shares | Value | ||||||
| Senior Housing Properties Trust | 8,780 | $ | 154,089 | |||||
| Ventas, Inc. | 9,016 | 559,803 | ||||||
| Weingarten Realty Investors | 2,930 | 95,782 | ||||||
| WP GLIMCHER, Inc. | 9,478 | 128,237 | ||||||
| Total Real Estate | 5,029,367 | |||||||
| Telecommunication Services—16.2% | ||||||||
| AT&T, Inc. | 96,547 | 3,429,349 | ||||||
| CenturyLink, Inc. | 102,021 | 2,997,377 | ||||||
| Frontier Communications Corp.(a) | 183,573 | 908,686 | ||||||
| Verizon Communications, Inc. | 71,050 | 3,311,641 | ||||||
| Windstream Holdings, Inc. | 13,683 | 87,298 | ||||||
| Total Telecommunication Services | 10,734,351 | |||||||
| Utilities—36.1% | ||||||||
| Ameren Corp. | 27,898 | 1,051,197 | ||||||
| CenterPoint Energy, Inc. | 79,480 | 1,512,504 | ||||||
| Consolidated Edison, Inc. | 40,038 | 2,317,399 | ||||||
| Duke Energy Corp. | 45,959 | 3,245,625 | ||||||
| Entergy Corp. | 31,425 | 2,215,463 | ||||||
| FirstEnergy Corp. | 77,255 | 2,514,650 | ||||||
| Hawaiian Electric Industries, Inc. | 18,306 | 544,237 | ||||||
| Pepco Holdings, Inc. | 33,633 | 906,073 | ||||||
| PPL Corp. | 70,534 | 2,078,637 | ||||||
| Public Service Enterprise Group, Inc. | 48,783 | 1,916,196 | ||||||
| SCANA Corp. | 16,898 | 855,884 | ||||||
| Southern Co. (The) | 77,349 | 3,240,923 | ||||||
| TECO Energy, Inc. | 26,181 | 462,357 | ||||||
| WEC Energy Group, Inc. | 14,070 | 632,728 | ||||||
| Westar Energy, Inc. | 13,419 | 459,198 | ||||||
| Total Utilities | 23,953,071 | |||||||
| Total Common Stocks | ||||||||
| (Cost $68,213,514) | 65,617,637 | |||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—4.5% | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Prime Shares, 0.08% (b) | ||||||||
| (Cost $2,971,719) | 2,971,719 | 2,971,719 | ||||||
| Total Investments—103.5% | ||||||||
| (Cost $71,185,233) | 68,589,356 | |||||||
| Liabilities in Excess of Other Assets—(3.5)% | (2,335,326 | ) | ||||||
| Net Assets—100.0% | $ | 66,254,030 | ||||||
PLC
– Public Limited Company
REIT – Real Estate Investment Trust
| (a) | All or a portion of the security was on loan. The aggregate market value of the securities on loan was $2,742,893; total market value of the collateral held by the fund was $2,971,719. |
| (b) | Rate shown represents annualized 7-day yield as of June 30, 2015. |
The accompanying notes are an integral part of these financial statements.
| 38 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Global Growth Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| COMMON STOCKS—101.8% | ||||||||
| Automobiles & Components—5.6% | ||||||||
| Fiat Chrysler Automobiles NV* | 6,894 | $ | 100,933 | |||||
| Peugeot SA* | 2,028 | 41,678 | ||||||
| Renault SA | 296 | 30,810 | ||||||
| Toyota Motor Corp. | 1,630 | 109,271 | ||||||
| Total Automobiles & Components | 282,692 | |||||||
| Banks—7.0% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 3,037 | 29,751 | ||||||
| Banco Comercial Portugues SA, | ||||||||
| Class R* | 112,436 | 9,771 | ||||||
| Banco Santander SA | 8,341 | 58,215 | ||||||
| BBVA Banco Continental SA | 20,070 | 26,275 | ||||||
| Credicorp Ltd. | 562 | 78,073 | ||||||
| ING Groep NV | 1,964 | 32,409 | ||||||
| Komercni banka AS | 357 | 79,132 | ||||||
| Standard Bank Group Ltd. | 3,393 | 44,774 | ||||||
| Total Banks | 358,400 | |||||||
| Capital Goods—12.4% | ||||||||
| ACS Actividades de Construccion y | ||||||||
| Servicios SA | 2,125 | 68,319 | ||||||
| Airbus Group SE | 649 | 42,085 | ||||||
| AntarChile SA | 8,591 | 95,444 | ||||||
| Bidvest Group Ltd.(The) | 2,894 | 73,472 | ||||||
| CNH Industrial NV | 3,099 | 28,759 | ||||||
| Compagnie de Saint-Gobain | 675 | 30,286 | ||||||
| Ferreycorp SAA | 88,747 | 39,659 | ||||||
| Grana y Montero SAA | 39,175 | 56,095 | ||||||
| IDB Development Corp. Ltd.* | 102,719 | 53,287 | ||||||
| Koninklijke Philips NV | 1,788 | 45,462 | ||||||
| Quinenco SA | 16,886 | 35,249 | ||||||
| Top Frontier Investment Holdings, Inc.* | 35,990 | 65,012 | ||||||
| Total Capital Goods | 633,129 | |||||||
| Commercial & Professional Services—0.8% | ||||||||
| Randstad Holding NV | 634 | 41,261 | ||||||
| Consumer Durables & Apparel—1.0% | ||||||||
| Steinhoff International Holdings Ltd. | 8,292 | 52,596 | ||||||
| Consumer Services—0.2% | ||||||||
| Fortuna Entertainment Group NV* | 2,405 | 7,776 | ||||||
| Diversified Financials—1.3% | ||||||||
| EXOR S.p.A. | 1,412 | 67,367 | ||||||
| Energy—18.7% | ||||||||
| Empresas Copec SA | 8,991 | 95,449 | ||||||
| Eni S.p.A. | 6,097 | 108,149 | ||||||
| Esso Thailand PCL* | 96,059 | 18,060 | ||||||
| Galp Energia SGPS SA | 12,244 | 143,517 | ||||||
| IRPC PCL | 187,332 | 24,848 | ||||||
| PTT Exploration & Production PCL | 6,598 | 21,293 | ||||||
| PTT PCL | 22,716 | 241,449 | ||||||
| Repsol SA | 3,584 | 62,894 | ||||||
| Sasol Ltd. | 2,600 | 96,393 | ||||||
| Thai Oil PCL | 19,360 | 31,526 | ||||||
| Total SA | 2,218 | 107,674 | ||||||
| Total Energy | 951,252 | |||||||
| Investments | Shares | Value | ||||||
| Food & Staples Retailing—9.1% | ||||||||
| Carrefour SA | 1,080 | $ | 34,560 | |||||
| Cencosud SA | 31,816 | 76,524 | ||||||
| CP ALL PCL | 25,037 | 34,284 | ||||||
| InRetail Peru Corp.* | 3,412 | 49,474 | ||||||
| Jeronimo Martins SGPS SA | 8,015 | 102,699 | ||||||
| Koninklijke Ahold NV | 3,651 | 68,341 | ||||||
| Shoprite Holdings Ltd. | 3,572 | 51,059 | ||||||
| Sonae SGPS SA | 35,461 | 46,504 | ||||||
| Total Food & Staples Retailing | 463,445 | |||||||
| Food, Beverage & Tobacco—2.4% | ||||||||
| Alicorp SAA* | 27,960 | 52,795 | ||||||
| Charoen Pokphand Foods PCL | 55,332 | 39,317 | ||||||
| Heineken NV | 290 | 21,995 | ||||||
| Philip Morris CR AS | 12 | 5,160 | ||||||
| Total Food, Beverage & Tobacco | 119,267 | |||||||
| Household & Personal Products—2.2% | ||||||||
| Unilever NV | 2,673 | 111,253 | ||||||
| Insurance—9.3% | ||||||||
| Aegon NV | 15,361 | 112,823 | ||||||
| Assicurazioni Generali S.p.A. | 5,189 | 93,430 | ||||||
| AXA SA | 3,595 | 90,646 | ||||||
| CNP Assurances | 1,892 | 31,579 | ||||||
| Mapfre SA | 10,893 | 37,467 | ||||||
| MMI Holdings Ltd. | 14,791 | 36,741 | ||||||
| NN Group NV | 1,105 | 31,044 | ||||||
| Sanlam Ltd. | 7,590 | 41,484 | ||||||
| Total Insurance | 475,214 | |||||||
| Materials—7.7% | ||||||||
| Akzo Nobel NV | 416 | 30,253 | ||||||
| Cia de Minas Buenaventura SAA(a) | 2,379 | 24,694 | ||||||
| Indorama Ventures PCL | 27,005 | 22,187 | ||||||
| Mondi Ltd. | 1,815 | 39,918 | ||||||
| PTT Global Chemical PCL | 23,461 | 48,102 | ||||||
| Siam Cement PCL (The) | 2,758 | 42,462 | ||||||
| Sociedad Minera Cerro Verde SAA* | 1,321 | 31,308 | ||||||
| Southern Copper Corp. | 4,366 | 128,404 | ||||||
| Union Andina de Cementos SAA | 34,144 | 26,433 | ||||||
| Total Materials | 393,761 | |||||||
| Retailing—2.7% | ||||||||
| Imperial Holdings Ltd. | 3,181 | 48,615 | ||||||
| Inditex SA | 1,014 | 32,939 | ||||||
| S.A.C.I. Falabella | 7,774 | 54,295 | ||||||
| Total Retailing | 135,849 | |||||||
| Telecommunication Services—5.4% | ||||||||
| MTN Group Ltd. | 3,526 | 66,451 | ||||||
| O2 Czech Republic AS | 29,752 | 118,568 | ||||||
| Telefonica SA | 6,299 | 89,484 | ||||||
| Total Telecommunication Services | 274,503 | |||||||
| Transportation—1.0% | ||||||||
| LATAM Airlines Group SA* | 6,881 | 49,030 | ||||||
The accompanying notes are an integral part of these financial statements.
| 39 |
SCHEDULE OF INVESTMENTS — continued
RevenueShares Global Growth Fund
June 30, 2015
| Investments | Shares | Value | ||||||
| Utilities—15.0% | ||||||||
| CEZ AS | 11,090 | $ | 257,469 | |||||
| EDP – Energias de Portugal SA | 34,872 | 132,299 | ||||||
| Electricite de France SA | 2,354 | 52,457 | ||||||
| Endesa SA | 2,030 | 38,824 | ||||||
| Enel S.p.A. | 16,802 | 76,081 | ||||||
| Enersis SA | 169,288 | 53,794 | ||||||
| Gas Natural SDG SA | 1,909 | 43,263 | ||||||
| GDF Suez | 2,930 | 54,323 | ||||||
| Iberdrola SA | 7,923 | 53,338 | ||||||
| Total Utilities | 761,848 | |||||||
| Total Common Stocks | ||||||||
| (Cost $5,305,451) | 5,178,643 | |||||||
| RIGHT—0.0%† | ||||||||
| Energy—0.0%† | ||||||||
| Repsol SA, expiring 7/31/15*(b) | ||||||||
| (Cost $2,137) | 3,872 | 2,006 | ||||||
| INVESTMENT OF CASH COLLATERAL | ||||||||
| FOR SECURITIES LOANED—0.0%† | ||||||||
| Dreyfus Institutional Preferred | ||||||||
| Money Market Fund— | ||||||||
| Prime Shares, 0.08% (c) | ||||||||
| (Cost $128) | 128 | 128 | ||||||
| Total Investments—101.8% | ||||||||
| (Cost $5,307,716) | 5,180,777 | |||||||
| Liabilities in Excess of Other Assets—(1.8)% | (91,646 | ) | ||||||
| Net Assets—100.0% | $ | 5,089,131 | ||||||
PCL – Public Company Limited
| * | Non-income producing security |
| † | Less than 0.05% |
| (a) | American Depositary Receipt |
| (b) | All or a portion of the security was on loan. The market value of the security on loan was $110; total market value of the collateral held by the fund was $128. |
| (c) | Rate shown represents annualized 7-day yield as of June 30, 2015. |
| % of | ||||||||
| Country | Value | Net Assets | ||||||
| Chile | $ | 459,784 | 9.0 | % | ||||
| Czech Republic | 460,329 | 9.0 | ||||||
| France | 516,098 | 10.1 | ||||||
| Israel | 53,287 | 1.1 | ||||||
| Italy | 345,027 | 6.8 | ||||||
| Japan | 109,271 | 2.2 | ||||||
| Netherlands | 391,364 | 7.7 | ||||||
| Peru | 384,805 | 7.6 | ||||||
| Philippines | 65,012 | 1.3 | ||||||
| Portugal | 434,790 | 8.5 | ||||||
| South Africa | 551,504 | 10.8 | ||||||
| Spain | 516,500 | 10.2 | ||||||
| Thailand | 523,527 | 10.3 | ||||||
| United Kingdom | 240,946 | 4.7 | ||||||
| United States | 128,533 | 2.5 | ||||||
| Total Investments | 5,180,777 | 101.8 | ||||||
| Liabilities in Excess of | ||||||||
| Other Assets | (91,646 | ) | (1.8 | ) | ||||
| Net Assets | $ | 5,089,131 | 100.0 | % | ||||
The accompanying notes are an integral part of these financial statements.
| 40 |
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2015
| RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | |||||||||||||
| ASSETS: | ||||||||||||||||
| Investments at value (including securities on loan) | ||||||||||||||||
| (Note 5)1 | $ | 348,540,340 | $ | 252,353,822 | $ | 394,824,149 | $ | 32,493,485 | ||||||||
| Cash | 304,634 | 157,651 | 112,069 | 36,143 | ||||||||||||
| Receivables: | ||||||||||||||||
| Dividends | 374,827 | 169,444 | 222,694 | 25,101 | ||||||||||||
| Capital shares sold | — | 4,948,300 | 11,604,522 | — | ||||||||||||
| Investment securities sold | 329,410 | 4,524,640 | 11,806,345 | — | ||||||||||||
| Securities lending income, net (Note 2) | 1,952 | 7,383 | 19,759 | — | ||||||||||||
| Prepaid expenses | 12,630 | 12,202 | 12,764 | 10,900 | ||||||||||||
| Total Assets | 349,563,793 | 262,173,442 | 418,602,302 | 32,565,629 | ||||||||||||
| LIABILITIES: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment of cash collateral for securities on loan (Note 2) | 5,455,819 | 10,323,391 | 22,325,222 | — | ||||||||||||
| Investment securities purchased | 152,260 | 4,606,262 | 12,204,435 | — | ||||||||||||
| Capital shares redeemed | — | 4,939,243 | 9,248,473 | — | ||||||||||||
| Advisory fees (Note 3) | 91,211 | 79,923 | 105,017 | 6,102 | ||||||||||||
| BNY Fund Services fees | 161,373 | 114,375 | 183,237 | 27,546 | ||||||||||||
| Professional fees | 16,018 | 18,200 | 19,588 | 15,810 | ||||||||||||
| Compliance Officer fees | 31 | — | 3 | 27 | ||||||||||||
| Other accrued expenses | 5,572 | — | 117 | 3,120 | ||||||||||||
| Total Liabilities | 5,882,284 | 20,081,394 | 44,086,092 | 52,605 | ||||||||||||
| NET ASSETS | $ | 343,681,509 | $ | 242,092,048 | $ | 374,516,210 | $ | 32,513,024 | ||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||
| Paid-in capital | $ | 278,496,903 | $ | 212,673,815 | $ | 339,850,702 | $ | 27,663,541 | ||||||||
| Undistributed net investment income | 1,438,000 | 471,279 | 423,489 | 90,350 | ||||||||||||
| Accumulated net realized loss on investments | ||||||||||||||||
| and foreign currency translations | (2,814,977 | ) | (3,665,616 | ) | (9,429,538 | ) | (655,249 | ) | ||||||||
| Net unrealized appreciation on investments | ||||||||||||||||
| and foreign currency translations | 66,561,583 | 32,612,570 | 43,671,557 | 5,414,382 | ||||||||||||
| NET ASSETS | $ | 343,681,509 | $ | 242,092,048 | $ | 374,516,210 | $ | 32,513,024 | ||||||||
| Shares outstanding (unlimited number of shares of | ||||||||||||||||
| beneficial interest authorized, without par value) | 8,401,400 | 4,901,400 | 6,451,400 | 650,000 | ||||||||||||
| Net asset value, per share | $ | 40.91 | $ | 49.39 | $ | 58.05 | $ | 50.02 | ||||||||
| Investments at cost | $ | 281,978,757 | $ | 219,741,252 | $ | 351,152,592 | $ | 27,079,103 | ||||||||
| 1 Includes market value of securities on loan: | $ | 6,296,561 | $ | 14,482,831 | $ | 27,295,044 | $ | 5,300 | ||||||||
The accompanying notes are an integral part of these financial statements.
| 41 |
STATEMENTS OF ASSETS AND LIABILITIES — concluded
June 30, 2015
| RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | RevenueShares Ultra Dividend Fund | RevenueShares Global Growth Fund | |||||||||||||
| ASSETS: | ||||||||||||||||
| Investments at value (including securities on loan) | ||||||||||||||||
| (Note 5)1 | $ | 29,685,601 | $ | 7,827,761 | $ | 68,589,356 | $ | 5,180,777 | ||||||||
| Cash | 106,239 | 22,953 | 589,945 | — | ||||||||||||
| Foreign currency | — | — | — | 450,423 | ||||||||||||
| Receivables: | ||||||||||||||||
| Expense reimbursement due from Adviser | — | 798 | — | 2,223 | ||||||||||||
| Dividends | 117,330 | 9,060 | 98,993 | 741 | ||||||||||||
| Investment securities sold | — | — | — | 124,186 | ||||||||||||
| Securities lending income, net (Note 2) | 2,663 | 457 | 3,090 | 44 | ||||||||||||
| Reclaims | 35,235 | 715 | — | 3,624 | ||||||||||||
| Prepaid expenses | 10,818 | 10,704 | 10,931 | 8,937 | ||||||||||||
| Total Assets | 29,957,886 | 7,872,448 | 69,292,315 | 5,770,955 | ||||||||||||
| LIABILITIES: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Due to custodian | — | — | — | 84,073 | ||||||||||||
| Investment of cash collateral for securities on loan | ||||||||||||||||
| (Note 2) | 4,014,926 | 140,964 | 2,971,719 | 128 | ||||||||||||
| Investment securities purchased | 63,630 | — | — | 576,362 | ||||||||||||
| Advisory fees (Note 3) | 4,351 | — | 1,260 | — | ||||||||||||
| BNY Fund Services fees | 20,727 | 7,817 | 40,636 | 4,224 | ||||||||||||
| Professional fees | 23,623 | 15,460 | 21,235 | 12,849 | ||||||||||||
| Compliance Officer fees | 12 | — | — | 45 | ||||||||||||
| Trustee fees | — | 636 | — | 9 | ||||||||||||
| Other accrued expenses | 5,768 | 5,552 | 3,435 | 4,134 | ||||||||||||
| Total Liabilities | 4,133,037 | 170,429 | 3,038,285 | 681,824 | ||||||||||||
| NET ASSETS | $ | 25,824,849 | $ | 7,702,019 | $ | 66,254,030 | $ | 5,089,131 | ||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||
| Paid-in capital | $ | 30,731,006 | $ | 7,370,250 | $ | 68,674,887 | $ | 5,000,000 | ||||||||
| Undistributed net investment income | 298,698 | 8,958 | 531,324 | 62,498 | ||||||||||||
| Accumulated net realized gain (loss) on investments | ||||||||||||||||
| and foreign currency translations | (5,353,081 | ) | 184,814 | (356,304 | ) | 153,632 | ||||||||||
| Net unrealized appreciation (depreciation) on investments | ||||||||||||||||
| and foreign currency translations | 148,226 | 137,997 | (2,595,877 | ) | (126,999 | ) | ||||||||||
| NET ASSETS | $ | 25,824,849 | $ | 7,702,019 | $ | 66,254,030 | $ | 5,089,131 | ||||||||
| Shares outstanding (unlimited number of shares of | ||||||||||||||||
| beneficial interest authorized, without par value) | 700,000 | 150,000 | 2,300,000 | 100,000 | ||||||||||||
| Net asset value, per share | $ | 36.89 | $ | 51.35 | $ | 28.81 | $ | 50.89 | ||||||||
| Investments at cost | $ | 29,537,375 | $ | 7,689,764 | $ | 71,185,233 | $ | 5,307,716 | ||||||||
| Foreign currency at cost | — | — | — | 450,500 | ||||||||||||
| 1 Includes market value of securities on loan: | $ | 3,929,214 | $ | 195,357 | $ | 2,742,893 | $ | 110 | ||||||||
The accompanying notes are an integral part of these financial statements.
| 42 |
Year Ended June 30, 2015
| RevenueShares Large Cap Fund | RevenueShares Mid Cap Fund | RevenueShares Small Cap Fund | RevenueShares Financials Sector Fund | |||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||
| Dividend income | $ | 6,473,416 | $ | 2,987,792 | $ | 3,814,855 | $ | 540,981 | ||||||||
| Foreign withholding tax | (619 | ) | — | (1,183 | ) | — | ||||||||||
| Securities lending income, net (Note 2) | 18,228 | 110,556 | 168,943 | 198 | ||||||||||||
| Total Income | 6,491,025 | 3,098,348 | 3,982,615 | 541,179 | ||||||||||||
| EXPENSES: | ||||||||||||||||
| Advisory fees (Note 3) | 1,334,741 | 1,118,767 | 1,613,569 | 152,661 | ||||||||||||
| BNY Fund Services fees | 339,342 | 274,476 | 368,861 | 60,727 | ||||||||||||
| Professional fees | 67,505 | 58,778 | 76,040 | 22,929 | ||||||||||||
| Compliance Officer fees | 28,266 | 21,492 | 27,908 | 10,736 | ||||||||||||
| Printing and Postage | 15,413 | 15,900 | 34,903 | 11,332 | ||||||||||||
| Trustees fees | 14,416 | 12,793 | 13,068 | 1,214 | ||||||||||||
| NYSE Listing fees | 153 | 146 | 162 | 109 | ||||||||||||
| NYSE Calculation fees | 455 | 453 | 455 | 397 | ||||||||||||
| Other Expenses | 17,926 | 8,586 | 19,817 | 850 | ||||||||||||
| Total Expenses | 1,818,217 | 1,511,391 | 2,154,783 | 260,955 | ||||||||||||
| Less expense waivers and reimbursements (Note 3) | (365,375 | ) | (303,123 | ) | (412,757 | ) | (94,724 | ) | ||||||||
| Net Expenses | 1,452,842 | 1,208,268 | 1,742,026 | 166,231 | ||||||||||||
| Net Investment Income | 5,038,183 | 1,890,080 | 2,240,589 | 374,948 | ||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
| ON INVESTMENTS: | ||||||||||||||||
| Net realized gain (loss) on investments | (890,595 | ) | (2,908,955 | ) | (7,291,556 | ) | 316,605 | |||||||||
| Net realized gain on in-kind redemptions | 16,077,704 | 25,455,666 | 25,034,426 | 767,195 | ||||||||||||
| Total net realized gain | 15,187,109 | 22,546,711 | 17,742,870 | 1,083,800 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | ||||||||||||||||
| on investments | 907,880 | (13,770,229 | ) | (5,676,222 | ) | 1,389,228 | ||||||||||
| Net change in unrealized appreciation (depreciation) | 907,880 | (13,770,229 | ) | (5,676,222 | ) | 1,389,228 | ||||||||||
| Net realized and unrealized gain on investments | 16,094,989 | 8,776,482 | 12,066,648 | 2,473,028 | ||||||||||||
| Net Increase in Net Assets Resulting | ||||||||||||||||
| From Operations | $ | 21,133,172 | $ | 10,666,562 | $ | 14,307,237 | $ | 2,847,976 | ||||||||
The accompanying notes are an integral part of these financial statements.
| 43 |
STATEMENTS OF OPERATIONS — concluded
Year or Period Ended June 30, 2015
| RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | RevenueShares Ultra Dividend Fund | RevenueShares Global Growth Fund1 | |||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||
| Dividend income | $ | 863,231 | $ | 97,609 | $ | 2,128,687 | $ | 90,771 | ||||||||
| Foreign withholding tax | (97,663 | ) | (3,202 | ) | (6,993 | ) | (8,861 | ) | ||||||||
| Securities lending income, net (Note 2) | 27,439 | 4,269 | 54,524 | 179 | ||||||||||||
| Total Income | 793,007 | 98,676 | 2,176,218 | 82,089 | ||||||||||||
| EXPENSES: | ||||||||||||||||
| Advisory fees (Note 3) | 144,441 | 47,944 | 215,096 | 14,985 | ||||||||||||
| BNY Fund Services fees | 51,896 | 20,406 | 74,074 | 4,225 | ||||||||||||
| Professional fees | 28,721 | 17,494 | 25,490 | 12,883 | ||||||||||||
| Compliance Officer fees | 10,002 | 8,818 | 11,001 | 2,182 | ||||||||||||
| Printing and Postage | 6,051 | 8,655 | 6,304 | 2,522 | ||||||||||||
| Trustees fees | 1,323 | 125 | 1,498 | 76 | ||||||||||||
| NYSE Listing fees | 107 | 123 | 5,199 | 3,125 | ||||||||||||
| NYSE Calculation fees | 453 | 416 | 1,120 | 921 | ||||||||||||
| Other Expenses | 1,105 | 172 | 6,388 | 690 | ||||||||||||
| Total Expenses | 244,099 | 104,153 | 346,170 | 41,609 | ||||||||||||
| Less expense waivers and reimbursements (Note 3) | (126,139 | ) | (56,209 | ) | (111,955 | ) | (26,624 | ) | ||||||||
| Net Expenses | 117,960 | 47,944 | 234,215 | 14,985 | ||||||||||||
| Net Investment Income | 675,047 | 50,732 | 1,942,003 | 67,104 | ||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
| ON INVESTMENTS: | ||||||||||||||||
| Net realized gain (loss) on investments | (1,098,264 | ) | 1,260,091 | (355,788 | ) | 153,632 | ||||||||||
| Net realized gain on in-kind redemptions | — | 900,812 | 2,403,532 | — | ||||||||||||
| Net realized loss on foreign currency transactions | (20 | ) | — | — | (2,043 | ) | ||||||||||
| Total net realized gain (loss) | (1,098,284 | ) | 2,160,903 | 2,047,744 | 151,589 | |||||||||||
| Net change in unrealized appreciation (depreciation) | ||||||||||||||||
| on investments | (1,695,829 | ) | (1,152,366 | ) | (3,957,606 | ) | (126,922 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | ||||||||||||||||
| on foreign currency translations | — | — | — | (77 | ) | |||||||||||
| Net change in unrealized depreciation | (1,695,829 | ) | (1,152,366 | ) | (3,957,606 | ) | (126,999 | ) | ||||||||
| Net realized and unrealized gain (loss) on investments | (2,794,113 | ) | 1,008,537 | (1,909,862 | ) | 24,590 | ||||||||||
| Net Increase (Decrease) in Net Assets Resulting | ||||||||||||||||
| From Operations | $ | (2,119,066 | ) | $ | 1,059,269 | $ | 32,141 | $ | 91,694 | |||||||
| 1 Commencement of Operations was February 2, 2015. | ||||||||||||||||
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, 2015 | Year
Ended June 30, 2014 | Year
Ended June 30, 2015 | Year
Ended June 30, 2014 | Year
Ended June 30, 2015 | Year
Ended June 30, 2014 | |||||||||||||||||||
| OPERATIONS: | ||||||||||||||||||||||||
| Net investment income | $ | 5,038,183 | $ | 3,348,387 | $ | 1,890,080 | $ | 1,308,165 | $ | 2,240,589 | $ | 1,189,594 | ||||||||||||
| Net realized gain on investments | ||||||||||||||||||||||||
| and in-kind redemptions | 15,187,109 | 21,792,185 | 22,546,711 | 19,575,638 | 17,742,870 | 44,566,505 | ||||||||||||||||||
| Net change in unrealized | ||||||||||||||||||||||||
| appreciation (depreciation) | ||||||||||||||||||||||||
| on investments | 907,880 | 18,478,534 | (13,770,229 | ) | 17,801,315 | (5,676,222 | ) | 9,172,255 | ||||||||||||||||
| Net increase in net assets | ||||||||||||||||||||||||
| resulting from operations | 21,133,172 | 43,619,106 | 10,666,562 | 38,685,118 | 14,307,237 | 54,928,354 | ||||||||||||||||||
| DISTRIBUTIONS TO | ||||||||||||||||||||||||
| SHAREHOLDERS FROM: | ||||||||||||||||||||||||
| Net investment income | (4,589,738 | ) | (3,077,924 | ) | (1,772,418 | ) | (1,218,541 | ) | (2,154,534 | ) | (2,135,006 | ) | ||||||||||||
| Realized gains | (274,828 | ) | — | (745,289 | ) | (807,714 | ) | (547,508 | ) | (552,449 | ) | |||||||||||||
| Total distributions to shareholders | (4,864,566 | ) | (3,077,924 | ) | (2,517,707 | ) | (2,026,255 | ) | (2,702,042 | ) | (2,687,455 | ) | ||||||||||||
| SHAREHOLDER TRANSACTIONS: | ||||||||||||||||||||||||
| Proceeds from shares sold | 122,153,198 | 74,120,953 | 124,590,554 | 105,992,709 | 172,760,560 | 219,926,798 | ||||||||||||||||||
| Cost of shares redeemed | (37,709,828 | ) | (53,717,762 | ) | (96,050,919 | ) | (60,813,115 | ) | (102,433,927 | ) | (133,024,559 | ) | ||||||||||||
| Net increase in net assets resulting | ||||||||||||||||||||||||
| from shareholder transactions | 84,443,370 | 20,403,191 | 28,539,635 | 45,179,594 | 70,326,633 | 86,902,239 | ||||||||||||||||||
| Increase in net assets | 100,711,976 | 60,944,373 | 36,688,490 | 81,838,457 | 81,931,828 | 139,143,138 | ||||||||||||||||||
| NET ASSETS: | ||||||||||||||||||||||||
| Beginning of year | 242,969,533 | 182,025,160 | 205,403,558 | 123,565,101 | 292,584,382 | 153,441,244 | ||||||||||||||||||
| End of year | $ | 343,681,509 | $ | 242,969,533 | $ | 242,092,048 | $ | 205,403,558 | $ | 374,516,210 | $ | 292,584,382 | ||||||||||||
| Undistributed net investment | ||||||||||||||||||||||||
| income included in net assets | ||||||||||||||||||||||||
| at end of year | $ | 1,438,000 | $ | 1,018,315 | $ | 471,279 | $ | 355,572 | $ | 423,489 | $ | 221,473 | ||||||||||||
| CHANGES IN SHARES | ||||||||||||||||||||||||
| OUTSTANDING: | ||||||||||||||||||||||||
| Shares outstanding, | ||||||||||||||||||||||||
| beginning of year | 6,301,400 | 5,801,400 | 4,301,400 | 3,251,400 | 5,201,400 | 3,501,400 | ||||||||||||||||||
| Shares sold | 3,000,000 | 2,050,000 | 2,600,000 | 2,450,000 | 3,050,000 | 4,250,000 | ||||||||||||||||||
| Shares redeemed | (900,000 | ) | (1,550,000 | ) | (2,000,000 | ) | (1,400,000 | ) | (1,800,000 | ) | (2,550,000 | ) | ||||||||||||
| Shares outstanding, end of year | 8,401,400 | 6,301,400 | 4,901,400 | 4,301,400 | 6,451,400 | 5,201,400 | ||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
| 45 |
STATEMENTS OF CHANGES IN NET ASSETS — continued
| RevenueShares Financials Sector Fund | RevenueShares ADR Fund | RevenueShares Navellier Overall A-100 Fund | ||||||||||||||||||||||
| Year
Ended June 30, 2015 | Year
Ended June 30, 2014 | Year
Ended June 30, 2015 | Year
Ended June 30, 2014 | Year
Ended June 30, 2015 | Year
Ended June 30, 2014 | |||||||||||||||||||
| OPERATIONS: | ||||||||||||||||||||||||
| Net investment income | $ | 374,948 | $ | 322,549 | $ | 675,047 | $ | 794,802 | $ | 50,732 | $ | 58,273 | ||||||||||||
| Net realized gain (loss) on investments, | ||||||||||||||||||||||||
| in-kind redemptions and | ||||||||||||||||||||||||
| foreign currency translations | 1,083,800 | 3,369,006 | (1,098,284 | ) | 507,978 | 2,160,903 | 701,355 | |||||||||||||||||
| Net change in unrealized | ||||||||||||||||||||||||
| appreciation (depreciation) | ||||||||||||||||||||||||
| on investments and foreign | ||||||||||||||||||||||||
| currency translations | 1,389,228 | 1,401,893 | (1,695,829 | ) | 3,966,961 | (1,152,366 | ) | 948,999 | ||||||||||||||||
| Net increase (decrease) in net assets | ||||||||||||||||||||||||
| resulting from operations | 2,847,976 | 5,093,448 | (2,119,066 | ) | 5,269,741 | 1,059,269 | 1,708,627 | |||||||||||||||||
| DISTRIBUTIONS TO | ||||||||||||||||||||||||
| SHAREHOLDERS FROM: | ||||||||||||||||||||||||
| Net investment income | (347,753 | ) | (296,193 | ) | (679,055 | ) | (758,211 | ) | (59,319 | ) | (119,412 | ) | ||||||||||||
| Realized gains | — | — | — | — | (1,431,498 | ) | — | |||||||||||||||||
| Total distributions to shareholders | (347,753 | ) | (296,193 | ) | (679,055 | ) | (758,211 | ) | (1,490,817 | ) | (119,412 | ) | ||||||||||||
| SHAREHOLDER TRANSACTIONS: | ||||||||||||||||||||||||
| Proceeds from shares sold | — | 10,649,165 | 5,622,796 | — | 15,422,239 | — | ||||||||||||||||||
| Cost of shares redeemed | (2,564,428 | ) | (12,378,478 | ) | — | (5,628,988 | ) | (15,447,872 | ) | — | ||||||||||||||
| Net increase (decrease) in | ||||||||||||||||||||||||
| net assets resulting from | ||||||||||||||||||||||||
| shareholder transactions | (2,564,428 | ) | (1,729,313 | ) | 5,622,796 | (5,628,988 | ) | (25,633 | ) | — | ||||||||||||||
| Increase (Decrease) in net assets | (64,205 | ) | 3,067,942 | 2,824,675 | (1,117,458 | ) | (457,181 | ) | 1,589,215 | |||||||||||||||
| NET ASSETS: | ||||||||||||||||||||||||
| Beginning of year | 32,577,229 | 29,509,287 | 23,000,174 | 24,117,632 | 8,159,200 | 6,569,985 | ||||||||||||||||||
| End of year | $ | 32,513,024 | $ | 32,577,229 | $ | 25,824,849 | $ | 23,000,174 | $ | 7,702,019 | $ | 8,159,200 | ||||||||||||
| Undistributed net investment | ||||||||||||||||||||||||
| income included in net assets | ||||||||||||||||||||||||
| at end of year | $ | 90,350 | $ | 63,155 | $ | 298,698 | $ | 302,726 | $ | 8,958 | $ | 17,647 | ||||||||||||
| CHANGES IN SHARES | ||||||||||||||||||||||||
| OUTSTANDING: | ||||||||||||||||||||||||
| Shares outstanding, | ||||||||||||||||||||||||
| beginning of year | 700,000 | 750,000 | 550,000 | 700,000 | 150,000 | 150,000 | ||||||||||||||||||
| Shares sold | — | 250,000 | 150,000 | — | 300,000 | — | ||||||||||||||||||
| Shares redeemed | (50,000 | ) | (300,000 | ) | — | (150,000 | ) | (300,000 | ) | — | ||||||||||||||
| Shares outstanding, end of year | 650,000 | 700,000 | 700,000 | 550,000 | 150,000 | 150,000 | ||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
| 46 |
STATEMENTS OF CHANGES IN NET ASSETS — concluded
| RevenueShares Ultra Dividend Fund | RevenueShares Global Growth Fund | ||||||||||
| Year
Ended June 30, 2015 | For
the Period September 30, 20131 to June 30, 2014 | For
the Period February 2, 20151 to June 30, 2014 | |||||||||
| OPERATIONS: | |||||||||||
| Net investment income | $ | 1,942,003 | $ | 359,022 | $ | 67,104 | |||||
| Net realized gain (loss) on investments, in-kind redemptions and | |||||||||||
| foreign currency translations | 2,047,744 | (23,901 | ) | 151,589 | |||||||
| Net change in unrealized appreciation (depreciation) on | |||||||||||
| investments and foreign currency translations | (3,957,606 | ) | 1,361,729 | (126,999 | ) | ||||||
| Net increase in net assets resulting from operations | 32,141 | 1,696,850 | 91,694 | ||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||
| Net investment income | (1,572,990 | ) | (178,314 | ) | (2,563 | ) | |||||
| Realized gains | (51,249 | ) | — | — | |||||||
| Total distributions to shareholders | (1,624,239 | ) | (178,314 | ) | (2,563 | ) | |||||
| SHAREHOLDER TRANSACTIONS: | |||||||||||
| Proceeds from shares sold | 90,292,154 | 21,457,458 | 5,000,000 | ||||||||
| Cost of shares redeemed | (45,422,020 | ) | — | — | |||||||
| Net increase in net assets resulting from | |||||||||||
| shareholder transactions | 44,870,134 | 21,457,458 | 5,000,000 | ||||||||
| Increase in net assets | 43,278,036 | 22,975,994 | 5,089,131 | ||||||||
| NET ASSETS: | |||||||||||
| Beginning of period | 22,975,994 | — | — | ||||||||
| End of period | $ | 66,254,030 | $ | 22,975,994 | $ | 5,089,131 | |||||
| Undistributed net investment income included in net assets | |||||||||||
| at end of period | $ | 531,324 | $ | 180,708 | $ | 62,498 | |||||
| CHANGES IN SHARES OUTSTANDING: | |||||||||||
| Shares outstanding, beginning of period | 800,000 | — | — | ||||||||
| Shares sold | 3,050,000 | 800,000 | 100,000 | ||||||||
| Shares redeemed | (1,550,000 | ) | — | — | |||||||
| Shares outstanding, end of period | 2,300,000 | 800,000 | 100,000 | ||||||||
| 1 Commencement of operations. | |||||||||||
The accompanying notes are an integral part of these financial statements.
| 47 |
RevenueShares Large Cap Fund
For a share outstanding throughout each year presented.
| Year Ended June 30, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| Per Share Operating Performance: | ||||||||||||||||||||
| Net asset value, beginning of year | $ | 38.56 | $ | 31.38 | $ | 25.20 | $ | 25.00 | $ | 19.40 | ||||||||||
| Net investment income1 | 0.68 | 0.59 | 0.54 | 2 | 0.41 | 0.39 | ||||||||||||||
| Net realized and unrealized gain on investments | 2.35 | 7.13 | 6.17 | 0.21 | 3 | 5.57 | ||||||||||||||
| Total gain from investment operations | 3.03 | 7.72 | 6.71 | 0.62 | 5.96 | |||||||||||||||
| Less Distributions from: | ||||||||||||||||||||
| Net investment income | (0.64 | ) | (0.54 | ) | (0.53 | ) | (0.42 | ) | (0.36 | ) | ||||||||||
| Realized gains | (0.04 | ) | — | — | — | — | ||||||||||||||
| Total distributions | (0.68 | ) | (0.54 | ) | (0.53 | ) | (0.42 | ) | (0.36 | ) | ||||||||||
| Net asset value, end of year | $ | 40.91 | $ | 38.56 | $ | 31.38 | $ | 25.20 | $ | 25.00 | ||||||||||
| Total Return at Net Asset Value4 | 7.91 | % | 24.84 | % | 26.98 | % | 2.59 | % | 30.97 | % | ||||||||||
| Total Return at Market Value4 | 7.85 | % | 25.10 | % | 28.86 | % | 2.57 | % | 30.94 | % | ||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||
| Net assets, end of year (000’s) omitted | $ | 343,682 | $ | 242,970 | $ | 182,025 | $ | 156,284 | $ | 201,301 | ||||||||||
| 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 | 0.61 | % | 0.68 | % | 0.71 | % | 0.75 | % | 0.73 | % | ||||||||||
| Net investment income, net of waivers | ||||||||||||||||||||
| and reimbursements | 1.70 | % | 1.66 | % | 1.93 | %2 | 1.72 | % | 1.68 | % | ||||||||||
| Portfolio turnover rate5 | 18.79 | % | 11.98 | % | 23.47 | % | 29.05 | % | 12.73 | % | ||||||||||
| 1 | Based on average daily shares outstanding. |
| 2 | 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%. |
| 3 | 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. |
| 4 | 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. |
| 5 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
| 48 |
FINANCIAL HIGHLIGHTS — continued
RevenueShares Mid Cap Fund
For a share outstanding throughout each year presented.
| Year Ended June 30, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| Per Share Operating Performance: | ||||||||||||||||||||
| Net asset value, beginning of year | $ | 47.75 | $ | 38.00 | $ | 29.88 | $ | 31.69 | $ | 23.04 | ||||||||||
| Net investment income1 | 0.41 | 0.34 | 0.39 | 2 | 0.23 | 0.18 | ||||||||||||||
| Net realized and unrealized gain (loss) | ||||||||||||||||||||
| on investments | 1.79 | 9.97 | 8.18 | (1.15 | ) | 8.64 | ||||||||||||||
| Total gain (loss) from investment operations | 2.20 | 10.31 | 8.57 | (0.92 | ) | 8.82 | ||||||||||||||
| Less Distributions from: | ||||||||||||||||||||
| Net investment income | (0.39 | ) | (0.34 | ) | (0.31 | ) | (0.22 | ) | (0.17 | ) | ||||||||||
| Realized gains | (0.17 | ) | (0.22 | ) | (0.14 | ) | (0.67 | ) | — | |||||||||||
| Total distributions | (0.56 | ) | (0.56 | ) | (0.45 | ) | (0.89 | ) | (0.17 | ) | ||||||||||
| Net asset value, end of year | $ | 49.39 | $ | 47.75 | $ | 38.00 | $ | 29.88 | $ | 31.69 | ||||||||||
| Total Return at Net Asset Value3 | 4.63 | % | 27.28 | % | 28.95 | % | (2.72 | )% | 38.40 | % | ||||||||||
| Total Return at Market Value3 | 5.05 | % | 27.14 | % | 29.25 | % | (2.80 | )% | 38.42 | % | ||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||
| Net assets, end of year (000’s) omitted | $ | 242,092 | $ | 205,404 | $ | 123,565 | $ | 122,557 | $ | 144,235 | ||||||||||
| 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 | 0.68 | % | 0.73 | % | 0.80 | % | 0.82 | % | 0.81 | % | ||||||||||
| Net investment income, net of waivers | ||||||||||||||||||||
| and reimbursements | 0.84 | % | 0.78 | % | 1.17 | %2 | 0.77 | % | 0.61 | % | ||||||||||
| Portfolio turnover rate4 | 13.93 | % | 24.19 | % | 44.42 | % | 55.02 | % | 38.03 | % | ||||||||||
| 1 | Based on average daily shares outstanding. |
| 2 | 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%. |
| 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 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. |
| 4 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
| 49 |
FINANCIAL HIGHLIGHTS — continued
RevenueShares Small Cap Fund
For a share outstanding throughout each year presented.
| Year Ended June 30, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| Per Share Operating Performance: | ||||||||||||||||||||
| Net asset value, beginning of year | $ | 56.25 | $ | 43.82 | $ | 33.71 | $ | 34.47 | $ | 25.41 | ||||||||||
| Net investment income1 | 0.39 | 0.26 | 0.382 | 0.20 | 0.14 | |||||||||||||||
| Net realized and unrealized gain (loss) | ||||||||||||||||||||
| on investments | 1.89 | 12.81 | 10.22 | (0.81 | ) | 9.06 | ||||||||||||||
| Total gain (loss) from investment operations | 2.28 | 13.07 | 10.60 | (0.61 | ) | 9.20 | ||||||||||||||
| Less Distributions from: | ||||||||||||||||||||
| Net investment income | (0.38 | ) | (0.52 | ) | (0.35 | ) | (0.15 | ) | (0.14 | ) | ||||||||||
| Realized gains | (0.10 | ) | (0.12 | ) | (0.14 | ) | — | — | ||||||||||||
| Total distributions | (0.48 | ) | (0.64 | ) | (0.49 | ) | (0.15 | ) | (0.14 | ) | ||||||||||
| Net asset value, end of year | $ | 58.05 | $ | 56.25 | $ | 43.82 | $ | 33.71 | $ | 34.47 | ||||||||||
| Total Return at Net Asset Value3 | 4.06 | % | 30.03 | % | 31.74 | % | (1.75 | )% | 36.26 | % | ||||||||||
| Total Return at Market Value3 | 4.24 | % | 30.38 | % | 31.53 | % | (1.67 | )% | 36.10 | % | ||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||
| Net assets, end of year (000’s) omitted | $ | 374,516 | $ | 292,584 | $ | 153,441 | $ | 109,601 | $ | 131,017 | ||||||||||
| 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 | 0.67 | % | 0.72 | % | 0.79 | % | 0.84 | % | 0.83 | % | ||||||||||
| Net investment income, net of waivers | ||||||||||||||||||||
| and reimbursements | 0.69 | % | 0.51 | % | 0.99 | %2 | 0.61 | % | 0.44 | % | ||||||||||
| Portfolio turnover rate4 | 21.21 | % | 10.69 | % | 39.39 | % | 47.80 | % | 33.72 | % | ||||||||||
| 1 | Based on average daily shares outstanding. |
| 2 | 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%. |
| 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 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. |
| 4 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
| 50 |
FINANCIAL HIGHLIGHTS — continued
RevenueShares Financials Sector Fund
For a share outstanding throughout each year presented.
| Year Ended June 30, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| Per Share Operating Performance: | ||||||||||||||||||||
| Net asset value, beginning of year | $ | 46.54 | $ | 39.35 | $ | 27.62 | $ | 29.70 | $ | 27.30 | ||||||||||
| Net investment income1 | 0.54 | 0.45 | 0.382 | 0.26 | 0.46 | |||||||||||||||
| Net realized and unrealized gain (loss) | ||||||||||||||||||||
| on investments | 3.44 | 7.17 | 11.71 | (2.05 | ) | 2.41 | ||||||||||||||
| Total gain (loss) from investment operations | 3.98 | 7.62 | 12.09 | (1.79 | ) | 2.87 | ||||||||||||||
| Less Distributions from: | ||||||||||||||||||||
| Net investment income | (0.50 | ) | (0.43 | ) | (0.36 | ) | (0.29 | ) | (0.47 | ) | ||||||||||
| Net asset value, end of year | $ | 50.02 | $ | 46.54 | $ | 39.35 | $ | 27.62 | $ | 29.70 | ||||||||||
| Total Return at Net Asset Value3 | 8.57 | % | 19.44 | % | 44.09 | % | (5.95 | )% | 10.40 | % | ||||||||||
| Total Return at Market Value3 | 8.66 | % | 19.32 | % | 44.24 | % | (5.93 | )% | 10.29 | % | ||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||
| Net assets, end of year (000’s) omitted | $ | 32,513 | $ | 32,577 | $ | 29,509 | $ | 9,667 | $ | 11,880 | ||||||||||
| 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 | 0.77 | % | 0.80 | % | 1.03 | % | 1.29 | % | 1.03 | % | ||||||||||
| Net investment income, net of waivers | ||||||||||||||||||||
| and reimbursements | 1.11 | % | 1.03 | % | 1.12 | %2 | 0.98 | % | 1.52 | % | ||||||||||
| Portfolio turnover rate4 | 12.79 | % | 13.27 | % | 20.20 | % | 26.17 | % | 15.99 | % | ||||||||||
| 1 | Based on average daily shares outstanding. |
| 2 | 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%. |
| 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 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. |
| 4 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
| 51 |
FINANCIAL HIGHLIGHTS — continued
RevenueShares Adr Fund
For a share outstanding throughout each year presented.
| Year Ended June 30, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| Per Share Operating Performance: | ||||||||||||||||||||
| Net asset value, beginning of year | $ | 41.82 | $ | 34.45 | $ | 31.81 | $ | 39.84 | $ | 30.74 | ||||||||||
| Net investment income1 | 1.07 | 1.33 | 0.97 | 2 | 1.00 | 0.96 | ||||||||||||||
| Net realized and unrealized gain (loss) | ||||||||||||||||||||
| on investments | (4.83 | ) | 7.24 | 2.47 | (7.47 | ) | 9.01 | |||||||||||||
| Total gain (loss) from investment operations | (3.76 | ) | 8.57 | 3.44 | (6.47 | ) | 9.97 | |||||||||||||
| Less Distributions from: | ||||||||||||||||||||
| Net investment income | (1.17 | ) | (1.20 | ) | (0.80 | ) | (1.33 | ) | (0.87 | ) | ||||||||||
| Realized gains | — | — | — | (0.23 | ) | — | ||||||||||||||
| Total distributions | (1.17 | ) | (1.20 | ) | (0.80 | ) | (1.56 | ) | (0.87 | ) | ||||||||||
| Net asset value, end of year | $ | 36.89 | $ | 41.82 | $ | 34.45 | $ | 31.81 | $ | 39.84 | ||||||||||
| Total Return at Net Asset Value3 | (9.13 | )% | 25.38 | % | 10.87 | % | (16.30 | )% | 32.89 | % | ||||||||||
| Total Return at Market Value3 | (9.08 | )% | 25.39 | % | 10.76 | % | (16.32 | )% | 32.90 | % | ||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||
| Net assets, end of year (000’s) omitted | $ | 25,825 | $ | 23,000 | $ | 24,118 | $ | 36,587 | $ | 71,716 | ||||||||||
| 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 | 1.01 | % | 1.04 | % | 1.06 | % | 1.05 | % | 0.99 | % | ||||||||||
| Net investment income, net of waivers | ||||||||||||||||||||
| and reimbursements | 2.80 | % | 3.47 | % | 2.83 | %2 | 2.97 | % | 2.55 | % | ||||||||||
| Portfolio turnover rate4 | 25.62 | % | 21.31 | % | 21.02 | % | 35.04 | % | 37.11 | % | ||||||||||
| 1 | Based on average daily shares outstanding. |
| 2 | 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%. |
| 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 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. |
| 4 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
| 52 |
FINANCIAL HIGHLIGHTS — continued
RevenueShares Navellier Overall A-100 Fund
For a share outstanding throughout each year presented.
| Year Ended June 30, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| Per Share Operating Performance: | ||||||||||||||||||||
| Net asset value, beginning of year | $ | 54.39 | $ | 43.80 | $ | 37.93 | $ | 41.98 | $ | 29.68 | ||||||||||
| Net investment income1 | 0.33 | 0.39 | 0.86 | 2 | 0.44 | 0.39 | ||||||||||||||
| Net realized and unrealized gain (loss) | ||||||||||||||||||||
| on investments | 6.57 | 11.00 | 5.49 | (3.67 | ) | 12.32 | ||||||||||||||
| Total gain (loss) from investment operations | 6.90 | 11.39 | 6.35 | (3.23 | ) | 12.71 | ||||||||||||||
| Less Distributions from: | ||||||||||||||||||||
| Net investment income | (0.40 | ) | (0.80 | ) | (0.48 | ) | (0.38 | ) | (0.41 | ) | ||||||||||
| Realized gains | (9.54 | ) | — | — | (0.44 | ) | — | |||||||||||||
| Total distributions | (9.94 | ) | (0.80 | ) | (0.48 | ) | (0.82 | ) | (0.41 | ) | ||||||||||
| Net asset value, end of year | $ | 51.35 | $ | 54.39 | $ | 43.80 | $ | 37.93 | $ | 41.98 | ||||||||||
| Total Return at Net Asset Value3 | 13.65 | % | 26.37 | % | 16.79 | % | (7.61 | )% | 43.05 | % | ||||||||||
| Total Return at Market Value3 | 13.62 | % | 26.61 | % | 16.77 | % | (7.93 | )% | 43.22 | % | ||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||
| Net assets, end of year (000’s) omitted | $ | 7,702 | $ | 8,159 | $ | 6,570 | $ | 7,585 | $ | 10,496 | ||||||||||
| 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 | 1.30 | % | 1.37 | % | 1.43 | % | 1.42 | % | 1.60 | % | ||||||||||
| Net investment income, net of waivers | ||||||||||||||||||||
| and reimbursements | 0.63 | % | 0.79 | % | 2.05 | %2 | 1.18 | % | 1.06 | % | ||||||||||
| Portfolio turnover rate4 | 200.05 | % | 142.40 | % | 224.74 | % | 154.06 | % | 190.44 | % | ||||||||||
| 1 | Based on average daily shares outstanding. |
| 2 | 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%. |
| 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 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. |
| 4 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
| 53 |
FINANCIAL HIGHLIGHTS — continued
RevenueShares Ultra Dividend Fund
For a share outstanding throughout each period presented.
| Year
Ended June 30, 2015 | For
the Period September 30, 20131 Through June 30, 2014 | |||||||
| Per Share Operating Performance: | ||||||||
| Net asset value, beginning of period | $ | 28.72 | $ | 24.87 | ||||
| Net investment income2 | 1.20 | 0.91 | ||||||
| Net realized and unrealized gain on investments | 0.03 | 3 | 3.39 | |||||
| Total gain from investment operations | 1.23 | 4.30 | ||||||
| Less Distributions from: | ||||||||
| Net investment income | (1.11 | ) | (0.45 | ) | ||||
| Realized gains | (0.03 | ) | — | |||||
| Total distributions | (1.14 | ) | (0.45 | ) | ||||
| Net asset value, end of period | $ | 28.81 | $ | 28.72 | ||||
| Total Return at Net Asset Value4 | 4.30 | % | 17.46 | %7 | ||||
| Total Return at Market Value4 | 4.19 | % | 17.58 | %7 | ||||
| Ratios/Supplemental Data: | ||||||||
| Net assets, end of period (000’s) omitted | $ | 66,254 | $ | 22,976 | ||||
| Ratio to average net assets of: | ||||||||
| Expenses, net of expense waivers and reimbursements | 0.49 | % | 0.49 | %5 | ||||
| Expenses, prior to expense waivers and reimbursements | 0.72 | % | 1.18 | %5 | ||||
| Net investment income, net of waivers and reimbursements | 4.06 | % | 4.57 | %5 | ||||
| Portfolio turnover rate6 | 51.83 | % | 37.43 | % | ||||
| 1 | Commencement of operations. |
| 2 | Based on average daily shares outstanding. |
| 3 | The amount shown for a share outstanding throughout the period may not correlate with the Statements of Operations for the period due to timing of sales and repurchase of creation unit Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund. |
| 4 | 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. |
| 5 | Annualized. |
| 6 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
| 7 | Not Annualized. |
The accompanying notes are an integral part of these financial statements.
| 54 |
FINANCIAL HIGHLIGHTS — concluded
Revenueshares global growth fund
For a share outstanding throughout the period presented.
| For
the Period February 02, 20151 Through June 30, 2015 | ||||
| Per Share Operating Performance: | ||||
| Net asset value, beginning of period | $ | 50.00 | ||
| Net investment income2 | 0.67 | |||
| Net realized and unrealized gain on investments | 0.25 | |||
| Total gain from investment operations | 0.92 | |||
| Less Distributions from: | ||||
| Net investment income | (0.03 | ) | ||
| Net asset value, end of period | $ | 50.89 | ||
| Total Return at Net Asset Value3 | 1.83 | %4 | ||
| Total Return at Market Value3 | 1.09 | %4 | ||
| Ratios/Supplemental Data: | ||||
| Net assets, end of period (000’s) omitted | $ | 5,089 | ||
| Ratio to average net assets of: | ||||
| Expenses, net of expense waivers and reimbursements | 0.70 | %5 | ||
| Expenses, prior to expense waivers and reimbursements | 1.94 | %5 | ||
| Net investment income, net of waivers and reimbursements | 3.13 | %5 | ||
| Portfolio turnover rate6 | 137.64 | % | ||
| 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 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. |
| 4 | Not Annualized. |
| 5 | Annualized. |
| 6 | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
The accompanying notes are an integral part of these financial statements.
| 55 |
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 eight 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, RevenueShares Ultra Dividend Fund and RevenueShares Global Growth Fund are not diversified. Operations commenced on September 30, 2013 for the RevenueShares Ultra Dividend Fund and February 2, 2015 for the RevenueShares Global Growth Fund.
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.
Securities Lending — Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of 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 value of loaned securities and related collateral outstanding at June 30, 2015 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of June 30, 2015, the collateral consisted of an institutional money market fund, U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Inflation Indexed Bonds.
| 56 |
NOTES TO FINANCIAL STATEMENTS — continued
Master Netting Arrangements — A Fund’s security lending activities are governed by a Securities Lending Authorization Agreement (“Lending Agreement”) between the Fund and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each a “Borrower”). To mitigate borrower risk, a Fund typically receives from a Borrower, collateral in the form of U.S. dollar cash and/or securities issued or guaranteed by the U.S. Government or its agencies in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, a Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. A Fund is exposed to risk of loss if a Borrower defaults on its obligation to return borrowed securities and the value of the collateral a Fund received is insufficient to cover the market value of the securities loaned. Also, the lending agent is permitted to invest the cash collateral it receives from a Borrower into a money market fund which is subject to market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy the Fund’s obligation to return the full amount owed to such Borrower.
For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of June 30, 2015, 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 | $ 6,296,561 | $ (6,296,561) | $ — | $ — | $ — | $ — | |
| RevenueShares Mid Cap Fund | 14,482,831 | (14,482,831) | — | — | — | — | |
| RevenueShares Small Cap Fund | 27,382,269 | (27,382,269) | — | — | — | — | |
| RevenueShares Financials | |||||||
| Sector Fund | 5,300 | (5,300) | — | — | — | — | |
| RevenueShares ADR Fund | 3,929,214 | (3,929,214) | — | — | — | — | |
| RevenueShares Navellier | |||||||
| Overall A-100 Fund | 195,357 | (195,357) | — | — | — | — | |
| RevenueShares Ultra | |||||||
| Dividend Fund | 2,742,893 | (2,742,893) | — | — | — | — | |
| RevenueShares Global | |||||||
| Growth Fund | 110 | (110) | — | — | — | — | |
1 The amount of collateral presented is limited such that the net amount cannot be less than zero.
Expenses — Expenses of the Trust which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
3. ADVISORY FEES, SERVICING FEES AND OTHER FEES AND EXPENSES
VTL Associates, LLC (the “Adviser”) has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Board. For the services it provides to the Funds, the Adviser receives an advisory fee.
| 57 |
NOTES TO FINANCIAL STATEMENTS — continued
The Funds pay the Adviser the following annualized fees:
| Fund | Management Fees | |
| RevenueShares Large Cap Fund | 0.45% | |
| RevenueShares Mid Cap Fund | 0.50% | |
| RevenueShares Small Cap Fund | 0.50% | |
| RevenueShares Financials Sector Fund | 0.45% | |
| RevenueShares ADR Fund | 0.60% | |
| RevenueShares Navellier Overall A-100 Fund | 0.60% | |
| RevenueShares Ultra Dividend Fund | 0.45% | |
| RevenueShares Global Growth Fund | 0.70% |
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 Funds 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 27, 2015, (except for Global Growth, which is November 25, 2015), after which they may be terminated or revised.
Pursuant to a Sub-Advisory Agreement between the Adviser and Index Management Solutions, LLC (the “Sub-Adviser”), an affiliate of the Adviser, the Sub-Adviser will be responsible for the day-to-day management of the Funds, subject to the supervision of the Adviser and the Board. In this regard, the Sub-Adviser will be responsible for implementing the investment strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Adviser and Sub-Adviser from time to time. Out of the advisory fee, the Adviser pays all fees and expenses of the Sub-Adviser.
The Bank of New York Mellon serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Distribution — Foreside Fund Services, LLC serves as the Funds’ distributor (the “Distributor”). The Trust has adopted a distribution and services plan (“12b-1”) pursuant to rule 12b-1 under the 1940 Act. Each Fund is authorized to pay an amount up to a maximum annual rate of 0.25% of its average daily net assets for distribution related activities. No 12b-1 fees are currently paid by the Funds, and there are currently no plans to impose these fees.
Other Service Providers — Foreside Compliance Services, LLC (“FCS”), an affiliate of the Distributor, provides an Anti-Money Laundering Officer and Chief Compliance Officer as well as certain additional compliance support functions to the Funds.
Neither the Distributor, FCS nor any of their officers or employees who serve as an officer of the Funds, has any role in determining the investment policies of, or which securities are to be purchased or sold by, the Trust or its Funds. Certain officers or employees of FCS are also officers of the Trust.
Licensing Fee Agreements — The Adviser has licensed each Fund to use certain trademarks that are owned by the Adviser. No fees were charged to the Funds for this license.
4. CREATION AND REDEMPTION TRANSACTIONS
As of June 30, 2015, 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.
| 58 |
NOTES TO FINANCIAL STATEMENTS — continued
5. FAIR VALUE MEASUREMENT
The authoritative guidance for fair value measurements and disclosures, Accounting Standards Codification™ Topic 820, establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized various inputs in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels as follows:
Level 1 — quoted prices in active markets for identical securities
Level 2 — other significant observable inputs (including quoted prices 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, 2015 in valuing the Funds’ assets carried at fair value:
| (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||
| Fund | Common Stock | Exchange Traded Fund | Preferred Stock | Rights | Money Market Funds | Common Stock | Common Stock | Total | ||||||||||||||||||||||||
| RevenueShares Large | ||||||||||||||||||||||||||||||||
| Cap Fund | $ | 343,083,698 | $ | 823 | $ | — | $ | — | $ | 5,455,819 | $ | — | $ | — | $ | 348,540,340 | ||||||||||||||||
| RevenueShares Mid | ||||||||||||||||||||||||||||||||
| Cap Fund | 242,030,431 | — | — | — | 10,323,391 | — | — | 252,353,822 | ||||||||||||||||||||||||
| RevenueShares Small | ||||||||||||||||||||||||||||||||
| Cap Fund | 372,498,927 | — | — | — | 22,325,222 | — | — | 394,824,149 | ||||||||||||||||||||||||
| RevenueShares Financials | ||||||||||||||||||||||||||||||||
| Sector Fund | 32,493,485 | — | — | — | — | — | — | 32,493,485 | ||||||||||||||||||||||||
| RevenueShares ADR Fund | 24,859,686 | — | 810,989 | — | 4,014,926 | — | — | 29,685,601 | ||||||||||||||||||||||||
| RevenueShares Navellier | ||||||||||||||||||||||||||||||||
| Overall A-100 Fund | 7,686,797 | — | — | — | 140,964 | — | — | 7,827,761 | ||||||||||||||||||||||||
| RevenueShares Ultra | ||||||||||||||||||||||||||||||||
| Dividend Fund | 65,617,637 | — | — | — | 2,971,719 | — | — | 68,589,356 | ||||||||||||||||||||||||
| RevenueShares Global | ||||||||||||||||||||||||||||||||
| Growth Fund | 5,178,643 | — | — | 2,006 | 128 | — | — | 5,180,777 | ||||||||||||||||||||||||
At June 30, 2015, the Funds did not hold any 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. For the year ended June 30, 2015, there were no transfers out of Level 2 into Level 1. The following amounts were transferred out of Level 1 into Level 2:
| Fund | ||||
| RevenueShares Large Cap Fund | $ | 787,229 | ||
| RevenueShares Mid Cap Fund | 10,660,514 | |||
| RevenueShares Small Cap Fund | 16,000,780 | |||
| RevenueShares Financials Sector Fund | 765 | |||
| RevenueShares ADR Fund | 3,502,086 | |||
| RevenueShares Navellier Overall A-100 Fund | 363,140 | |||
| RevenueShares Ultra Dividend Fund | 331,037 | |||
| 59 |
NOTES TO FINANCIAL STATEMENTS — continued
6. INVESTMENT TRANSACTIONS
The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the year ended June 30, 2015 were as follows:
| Fund | Purchases | Sales | ||||||
| RevenueShares Large Cap Fund | $ | 89,474,424 | $ | 55,623,441 | ||||
| RevenueShares Mid Cap Fund | 94,362,786 | 31,145,110 | ||||||
| RevenueShares Small Cap Fund | 144,770,835 | 68,360,540 | ||||||
| RevenueShares Financials Sector Fund | 4,413,932 | 4,309,533 | ||||||
| RevenueShares ADR Fund | 6,371,963 | 6,140,720 | ||||||
| RevenueShares Navellier Overall A-100 Fund | 25,502,858 | 16,002,174 | ||||||
| RevenueShares Ultra Dividend Fund | 60,918,001 | 24,592,327 | ||||||
| RevenueShares Global Growth Fund | 12,361,915 | 7,209,154 | ||||||
For the year ended June 30, 2015, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:
| Fund | Purchases | Sales | ||||||
| RevenueShares Large Cap Fund | $ | 84,347,503 | $ | 32,981,006 | ||||
| RevenueShares Mid Cap Fund | 40,740,399 | 75,580,360 | ||||||
| RevenueShares Small Cap Fund | 61,598,430 | 69,726,506 | ||||||
| RevenueShares Financials Sector Fund | — | 2,558,164 | ||||||
| RevenueShares ADR Fund | 5,622,034 | — | ||||||
| RevenueShares Navellier Overall A-100 Fund | — | 10,962,025 | ||||||
| RevenueShares Ultra Dividend Fund | 51,952,916 | 43,625,571 | ||||||
| RevenueShares Global Growth Fund | — | — | ||||||
Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.
7. TRUSTEE’S FEES
The Trust compensates each Trustee who is not an officer or employee of the Adviser. No Trustee of the Trust who is also an officer or employee of the Adviser receives any compensation from the Trust for services to the Trust.
8. FEDERAL INCOME TAX
The Funds intend to continue to qualify as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986 as amended (the “Internal Revenue Code”). If so qualified, the Funds will not be subject to Federal income tax to the extent they distribute substantially all of their net investment income and capital gains to shareholders.
At June 30, 2015, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were as follows:
| Fund | Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||||||||||
| RevenueShares Large Cap Fund | $ | 284,816,663 | $ | 68,983,651 | $ | (5,259,974 | ) | $ | 63,723,677 | |||||||
| RevenueShares Mid Cap Fund | 221,792,997 | 38,989,215 | (8,428,390 | ) | 30,560,825 | |||||||||||
| RevenueShares Small Cap Fund | 354,738,879 | 58,609,287 | (18,524,017 | ) | 40,085,270 | |||||||||||
| RevenueShares Financials Sector Fund | 27,186,369 | 5,589,349 | (282,233 | ) | 5,307,116 | |||||||||||
| RevenueShares ADR Fund | 30,373,482 | 1,439,574 | (2,127,455 | ) | (687,881 | ) | ||||||||||
| RevenueShares Navellier Overall A-100 Fund | 7,689,764 | 256,032 | (118,035 | ) | 137,997 | |||||||||||
| RevenueShares Ultra Dividend Fund | 71,528,945 | 1,140,804 | (4,080,393 | ) | (2,939,589 | ) | ||||||||||
| RevenueShares Global Growth Fund | 5,307,943 | 67,274 | (194,440 | ) | (127,166 | ) | ||||||||||
| 60 |
NOTES TO FINANCIAL STATEMENTS — continued
The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark to market of unrealized gains on passive foreign investment companies. At June 30, 2015, 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 | $ | 1,395,988 | $ | 64,941 | $ | 63,723,677 | $ | 65,184,606 | ||||||||
| RevenueShares Mid Cap Fund | 471,279 | (1,613,871 | ) | 30,560,825 | 29,418,233 | |||||||||||
| RevenueShares Small Cap Fund | 405,589 | (5,825,351 | ) | 40,085,270 | 34,665,508 | |||||||||||
| RevenueShares Financials Sector Fund | 90,350 | (547,983 | ) | 5,307,116 | 4,849,483 | |||||||||||
| RevenueShares ADR Fund | 308,037 | (4,526,313 | ) | (687,881 | ) | (4,906,157 | ) | |||||||||
| RevenueShares Navellier Overall A-100 Fund | 140,819 | 52,953 | 137,997 | 331,769 | ||||||||||||
| RevenueShares Ultra Dividend Fund | 518,732 | — | (2,939,589 | ) | (2,420,857 | ) | ||||||||||
| RevenueShares Global Growth Fund | 216,357 | — | (127,226 | ) | 89,131 | |||||||||||
The tax character of distributions paid during the years ended June 30, 2015 and 2014 were as follows:
| 2015 | 2014 | |||||||||||||||
| 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 | $ | 4,589,744 | $ | 274,822 | $ | 3,077,924 | $ | — | ||||||||
| RevenueShares Mid Cap Fund | 1,772,461 | 745,246 | 1,218,541 | 807,714 | ||||||||||||
| RevenueShares Small Cap Fund | 2,154,563 | 547,479 | 2,135,006 | 552,449 | ||||||||||||
| RevenueShares Financials Sector Fund | 347,753 | — | 296,193 | — | ||||||||||||
| RevenueShares ADR Fund | 679,055 | — | 758,211 | — | ||||||||||||
| RevenueShares Navellier Overall A-100 Fund | 730,710 | 760,107 | 119,412 | — | ||||||||||||
| RevenueShares Ultra Dividend Fund | 1,624,239 | — | 178,314 | — | ||||||||||||
| RevenueShares Global Growth Fund | 2,563 | — | NA | NA | ||||||||||||
At June 30, 2015, 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 Mid Cap Fund | $ | — | $ | — | $ | — | $ | 4,293 | $ | — | $ | 4,293 | ||||||||||||
| RevenueShares Small Cap Fund | — | — | — | 710,173 | — | 710,173 | ||||||||||||||||||
| RevenueShares Financials Sector Fund | 52,317 | 21,626 | 78,535 | — | 395,505 | 547,983 | ||||||||||||||||||
| RevenueShares ADR Fund | — | — | — | 775,986 | 3,105,678 | 3,881,664 | ||||||||||||||||||
On December 22, 2010, the Regulated Investment Company (“RIC”) Modernization Act of 2010 (the “Act”), The Act permits the Funds to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
| 61 |
NOTES TO FINANCIAL STATEMENTS — continued
Post-October losses represent losses realized on investment transactions from November 1, 2014 through June 30, 2015, 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, 2015, the Funds incurred and will elect to defer net capital losses as follows:
| Fund | Post-October Capital Losses | |||
| RevenueShares Mid Cap Fund | $ | 1,609,578 | ||
| RevenueShares Small Cap Fund | 5,115,178 | |||
| RevenueShares ADR Fund | 644,649 | |||
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, 2015, 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 | $ | (28,760 | ) | $ | (15,743,722 | ) | $ | 15,772,482 | ||||
| RevenueShares Mid Cap Fund | (1,955 | ) | (24,914,234 | ) | 24,916,189 | |||||||
| RevenueShares Small Cap Fund | 115,961 | (24,805,860 | ) | 24,689,899 | ||||||||
| RevenueShares Financials Sector Fund | — | (761,433 | ) | 761,433 | ||||||||
| RevenueShares ADR Fund | (20 | ) | 20 | — | ||||||||
| RevenueShares Navellier Overall A-100 Fund | (102 | ) | (888,516 | ) | 888,618 | |||||||
| RevenueShares Ultra Dividend Fund | (18,397 | ) | (2,328,898 | ) | 2,347,295 | |||||||
| RevenueShares Global Growth Fund | (2,043 | ) | 2,043 | — | ||||||||
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 2012-2015, 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, 2015, 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.
| 62 |
NOTES TO FINANCIAL STATEMENTS — continued
9. SUBSEQUENT EVENTS
On July 2, 2015, the Funds declared quarterly income dividends with an ex-date of July 6, 2015 and payable date of July 10, 2015. The income dividend per share for each Fund was as follows:
| Fund | Income Dividend Per Share | |||
| RevenueShares Large Cap Fund | $ | 0.17246 | ||
| RevenueShares Mid Cap Fund | 0.09616 | |||
| RevenueShares Small Cap Fund | 0.04799 | |||
| RevenueShares Financials Sector Fund | 0.15058 | |||
| RevenueShares ADR Fund | 0.44170 | |||
| RevenueShares Navellier Overall A-100 Fund | 0.06040 | |||
| RevenueShares Ultra Dividend Fund | 0.24366 | |||
| RevenueShares Global Growth Fund | 0.64541 | |||
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.
| 63 |
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,
RevenueShares Global Growth 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, RevenueShares UltraDividend Fund, and RevenueShares Global Growth 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, 2015, and the related statements of operations for the year or period then ended, and the statements of changes in net assets and the financial highlights for each of the years and periods presented. 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 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, 2015 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, RevenueShares Ultra Dividend Fund and the RevenueShares Global Growth Fund as of June 30, 2015, and the results of their operations for the year or period then ended, 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
25, 2015
| 64 |
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 Year of Birth: 1951 |
Trustee | Since 2006 | Retired.
Police Officer from 1971 to 2004. |
15 | Director,
Officer Daniel Boyle Scholarship Fund, from 1992 to present. |
| Christian
W. Myers, III Year of Birth: 1952 |
Trustee | Since 2006 | Firefighter from 1976 to present. |
15 | None |
| John J.
Kolodziej Year of Birth: 1956 |
Trustee | Since 2007 | Controller,
Diagnostic Imaging Inc., from August 2010 to 2012; Director of Finance, St. Francis Medical Center, from 2002 to 2009. |
15 | None |
| John A.
Reilly Year of Birth: 1931 |
Trustee | Since 2010 | Retired.
Firefighter from 1956 to 1988. |
15 | Trustee,
Philadelphia 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 Year of Birth: 1951 |
Chairman and Trustee; President |
Since 2006 | Chief
Executive Officer and Chief Investment Officer, VTL, from 2004 to present; Managing Director, Smith Barney, Inc., from 1984 to 2004. |
15 | None |
| Daniel J. Ledva4 Year of Birth: 1972 |
Trustee | Since September 2011 |
Senior
Managing Director, Co-Founder and Principal, Kelson Group, from 2010 to present; Director, Marwood Group, from 2002 to 2010. |
15 | Trustee,
Dr. Gene A. Carpenter Foundation, from 2008 to present. |
| 1 | Each Trustee holds office for an indefinite term. |
| 2 | The “Fund Complex” consists of the Trust, which consists of 14 Funds, only eight 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. |
| 65 |
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 One Commerce 2005 Market Street Suite 2020 Philadelphia, PA 19103 Year of Birth: 1981 |
Treasurer | Since
March 2012 |
Chief Operating Officer,
VTL, from March 2007 to present; Chief Executive Officer and Chief Compliance Officer, IMS, from December 2009 to present; Analyst, VTL, from July 2005 – March 2007; Accountant, Gompers & Associates, PLLC from January 2005 – July 2005. |
| Jennifer J. Mortimer(2) 10 High Street Suite 302 Boston, MA 02110 Year of Birth: 1971 |
Chief Compliance Officer |
Since November 2012 |
Fund Chief Compliance
Officer (2012 to present) and Compliance Manager (2011 to 2012), Foreside Compliance Services, LLC; Vice President (2010 to 2011) and Assistant Vice President (2005 to 2010), Wellington Management Company, LLP. |
| Jennifer Folgia One Commerce Square 2005 Market Street Suite 2020 Philadelphia, PA 19103 Year of Birth: 1973 |
Secretary | Since 2006 | Operations Manager,
VTL, from 2004 to present; Sales Assistant, Smith Barney, Inc., from 1994 to 2004. |
| 1 | Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board. |
| 2 | 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.
| 66 |
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 (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 | 100 | % | 100 | % | ||||
| RevenueShares Financials Sector Fund | 100 | % | 100 | % | ||||
| RevenueShares ADR Fund | 80 | % | 3 | % | ||||
| RevenueShares Navellier Overall A-100 Fund | 22 | % | 16 | % | ||||
| RevenueShares Ultra Dividend Fund | 100 | % | 96 | % | ||||
| RevenueShares Global Growth Fund | 0 | % | 0 | % | ||||
With respect to the taxable year ended June 30, 2015, the Funds hereby designate as capital gain dividends (from long-term capital gains, subject to the 15% rate gains category) the amounts listed below, or, if subsequently determined to be different, the net capital gain of such year:
| RevenueShares Large Cap Fund | $ | 274,822 | ||
| RevenueShares Mid Cap Fund | $ | 745,246 | ||
| RevenueShares Small Cap Fund | $ | 547,479 | ||
| RevenueShares Navellier Overall A-100 Fund | $ | 760,107 |
In accordance with Section 853 of the Internal Revenue Code the Funds intend to elect to pass through to its shareholders the credit for taxes paid in foreign countries during its fiscal year ended June 30, 2015. In accordance with the current tax laws, the foreign income and foreign tax as of June 30, 2015 is as follows:
| Foreign Dividend | Foreign Taxes | |||||||
| RevenueShares ADR Fund | $ | 860,056 | $ | 85,237 | ||||
| RevenueShares Global Growth Fund | $ | 90,796 | $ | 4,254 | ||||
| 67 |
Investment Adviser
VTL Associates, LLC
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, Pennsylvania
19103
Distributor
Foreside Fund Services, LLC
Three Canal Plaza,
Suite 100
Portland, Maine 04101
www.foreside.com
Custodian
The Bank of New York Mellon
101 Barclay Street
New York, New York 10286
Legal Counsel
Stradley Ronon Stevens & Young, LLP
2600
One Commerce Square
Philadelphia, Pennsylvania 19103
Sub-Adviser
Index Management Solutions, LLC
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, Pennsylvania
19103
Transfer Agent
The Bank of New York Mellon
101 Barclay Street
New York, New York 10286
Independent Registered Public Accounting Firm
BBD, LLP
1835 Market Street, 26th Floor
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 $104,900 for 2015 and $88,400 for 2014. |
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 2015 and $0 for 2014. |
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 $16,000 for 2015 and $14,000 for 2014. |
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 2015 and $0 for 2014. |
| (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 2015 and $0 for 2014.
| (h) | Not applicable. |
| Item 5. | Audit Committee of Listed registrants. |
| (a) | The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and all independent Trustees are members of such committee. |
| (b) | Not applicable. |
| Item 6. | Investments. |
| (a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
| (b) | Not applicable. |
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
Not applicable.
| Item 11. | Controls and Procedures. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 12. | Exhibits. |
| (a)(1) | Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. |
| (a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
| (a)(3) | Not applicable. |
| (b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
| (12.other) | Not applicable. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | RevenueShares ETF Trust | |
| By (Signature and Title)* | /s/ Vincent T. Lowry | |
| Vincent T. Lowry | ||
| Principal Executive Officer | ||
| Date | September 4, 2015 |
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 4, 2015 | |
| By (Signature and Title)* | /s/ Michael Gompers | |
| Michael Gompers | ||
| Chief Financial Officer | ||
| Date | September 4, 2015 | |
* Print the name and title of each signing officer under his or her signature.