Vincent T. Lowry
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, PA 19103
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Schedule of Investments
-
continued
RevenueShares Mid Cap Fund
March 31, 2013 (Unaudited)
|
Investments
|
|
Shares
|
|
Value
|
|
Mantech International Corp., Class A(a)
|
|
9,956
|
|
$
|
267,518
|
|
Mentor Graphics Corp.
|
|
6,017
|
|
108,607
|
|
MICROS Systems, Inc.*(a)
|
|
2,489
|
|
113,274
|
|
NeuStar, Inc., Class A*(a)
|
|
1,900
|
|
88,407
|
|
PTC, Inc.*
|
|
5,078
|
|
129,438
|
|
Rackspace Hosting, Inc.*(a)
|
|
2,575
|
|
129,986
|
|
Rovi Corp.*
|
|
3,178
|
|
68,041
|
|
Solarwinds, Inc.*
|
|
470
|
|
27,777
|
|
Solera Holdings, Inc.
|
|
1,407
|
|
82,070
|
|
Synopsys, Inc.*
|
|
5,176
|
|
185,715
|
|
TIBCO Software, Inc.*
|
|
4,454
|
|
90,060
|
|
ValueClick, Inc.*(a)
|
|
2,302
|
|
68,024
|
|
VeriFone Systems, Inc.*
|
|
2,983
|
|
61,688
|
|
Wex, Inc.*
|
|
835
|
|
65,548
|
|
Total Software & Services
|
|
5,030,917
|
|
Technology Hardware & Equipment - 10.9%
|
|
ADTRAN, Inc.(a)
|
|
3,219
|
|
63,253
|
|
Arrow Electronics, Inc.*
|
|
51,315
|
|
2,084,415
|
|
Avnet, Inc.*(a)
|
|
73,121
|
|
2,646,980
|
|
Ciena Corp.*
|
|
11,106
|
|
177,807
|
|
Diebold, Inc.(a)
|
|
10,668
|
|
323,454
|
|
Ingram Micro, Inc., Class A*(a)
|
|
194,293
|
|
3,823,686
|
|
InterDigital, Inc./Pa
|
|
1,474
|
|
70,501
|
|
Itron, Inc.*
|
|
4,854
|
|
225,226
|
|
Lexmark International, Inc., Class A(a)
|
|
15,480
|
|
408,672
|
|
National Instruments Corp.(a)
|
|
3,717
|
|
121,732
|
|
NCR Corp.*
|
|
21,601
|
|
595,323
|
|
Plantronics, Inc.(a)
|
|
1,803
|
|
79,675
|
|
Polycom, Inc.*
|
|
13,700
|
|
151,796
|
|
QLogic Corp.*(a)
|
|
4,753
|
|
55,135
|
|
Riverbed Technology, Inc.*
|
|
5,770
|
|
86,031
|
|
Tech Data Corp.*(a)
|
|
47,926
|
|
2,185,905
|
|
Tellabs, Inc.
|
|
20,337
|
|
42,504
|
|
Trimble Navigation Ltd.*
|
|
6,982
|
|
209,181
|
|
Vishay Intertechnology, Inc.*(a)
|
|
16,870
|
|
229,601
|
|
Zebra Technologies Corp., Class A*(a)
|
|
2,333
|
|
109,954
|
|
Total Technology Hardware & Equipment
|
|
13,690,831
|
|
Telecommunication Services - 0.5%
|
|
Telephone & Data Systems, Inc.(a)
|
|
25,272
|
|
532,481
|
|
tw Telecom, Inc., Class A*
|
|
6,152
|
|
154,969
|
|
Total Telecommunication Services
|
|
687,450
|
|
Transportation - 3.2%
|
|
Alaska Air Group, Inc.*(a)
|
|
9,451
|
|
604,486
|
|
Con-Way, Inc.
|
|
15,285
|
|
538,185
|
|
Genesee & Wyoming, Inc., Class A*(a)
|
|
1,073
|
|
99,907
|
|
JB Hunt Transport Services, Inc.(a)
|
|
7,842
|
|
584,072
|
|
JetBlue Airways Corp.*(a)
|
|
74,281
|
|
512,539
|
|
Kansas City Southern
|
|
2,495
|
|
276,695
|
|
Kirby Corp.*(a)
|
|
3,264
|
|
250,675
|
|
Landstar System, Inc.(a)
|
|
5,228
|
|
298,467
|
|
Matson, Inc.(a)
|
|
6,414
|
|
157,784
|
|
UTi Worldwide, Inc.
|
|
32,040
|
|
463,939
|
|
Werner Enterprises, Inc.
|
|
8,526
|
|
205,818
|
|
Total Transportation
|
|
3,992,567
|
|
Utilities - 3.9%
|
|
Alliant Energy Corp.
|
|
6,722
|
|
337,310
|
|
Aqua America, Inc.
|
|
2,638
|
|
82,939
|
|
Atmos Energy Corp.
|
|
8,601
|
|
367,177
|
|
Black Hills Corp.
|
|
2,813
|
|
123,884
|
|
Cleco Corp.
|
|
2,285
|
|
107,463
|
|
Energen Corp.
|
|
3,325
|
|
172,933
|
|
Great Plains Energy, Inc.
|
|
10,404
|
|
241,269
|
|
Hawaiian Electric Industries, Inc.(a)
|
|
12,733
|
|
352,831
|
|
IDACORP, Inc.
|
|
2,343
|
|
113,097
|
|
Investments
|
|
Shares
|
|
Value
|
|
MDU Resources Group, Inc.
|
|
17,099
|
|
$
|
427,304
|
|
National Fuel Gas Co.
|
|
2,841
|
|
174,295
|
|
NV Energy, Inc.
|
|
15,308
|
|
306,619
|
|
OGE Energy Corp.
|
|
6,058
|
|
423,939
|
|
PNM Resources, Inc.
|
|
6,016
|
|
140,113
|
|
Questar Corp.
|
|
4,817
|
|
117,198
|
|
UGI Corp.(a)
|
|
18,147
|
|
696,663
|
|
Vectren Corp.
|
|
6,661
|
|
235,933
|
|
Westar Energy, Inc.
|
|
7,241
|
|
240,256
|
|
WGL Holdings, Inc.
|
|
5,716
|
|
252,076
|
|
Total Utilities
|
|
4,913,299
|
|
Total Common Stocks
|
|
|
|
(Cost $95,217,079)
|
|
125,497,656
|
|
|
|
|
|
|
|
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–24.0%
|
|
|
|
|
|
Dreyfus Institutional Preferred
Money Market Fund - Prime Shares,
0.09% (b)
(Cost $30,211,478)
|
|
30,211,478
|
|
30,211,478
|
Total Investments–123.8%
(Cost $125,428,557)
|
|
|
|
155,709,134
|
|
Liabilities in Excess of Other Assets–(23.8)%
|
|
|
|
( 29,966,324)
|
|
Net Assets–100.0%
|
|
|
|
$
|
125,742,810
|
|
|
|
*
|
Non-income producing security
|
|
(a)
|
All or a portion of security is on loan. The aggregate market value of the securities on loan is $29,519,076; cash collateral of $30,211,478 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.
|
|
(b)
|
Rate shown represents annualized 7-day yield as of March 31, 2013.
|
The accompanying notes are an integral part of these financial documents
9
|
Schedule of Investments
RevenueShares Small Cap Fund
March 31, 2013 (Unaudited)
|
Investments
|
|
Shares
|
|
Value
|
|
|
|
|
|
|
|
COMMON STOCKS–99.9%
|
|
|
|
|
|
Automobiles & Components - 0.7%
|
|
Dorman Products, Inc.(a)
|
|
3,801
|
|
$
|
141,435
|
|
Drew Industries, Inc.
|
|
6,178
|
|
224,323
|
|
Spartan Motors, Inc.
|
|
21,695
|
|
115,201
|
|
Standard Motor Products, Inc.
|
|
8,474
|
|
234,899
|
|
Superior Industries International, Inc.
|
|
10,711
|
|
200,082
|
|
Winnebago Industries, Inc.*
|
|
6,789
|
|
140,125
|
|
Total Automobiles & Components
|
|
1,056,065
|
|
Banks - 2.7%
|
|
Bank Mutual Corp.
|
|
4,891
|
|
27,047
|
|
Bank of the Ozarks, Inc.(a)
|
|
1,509
|
|
66,924
|
|
Banner Corp.
|
|
1,853
|
|
58,981
|
|
BBCN Bancorp, Inc.
|
|
5,805
|
|
75,813
|
|
Boston Private Financial Holdings, Inc.
|
|
8,612
|
|
85,087
|
|
Brookline Bancorp, Inc.
|
|
6,340
|
|
57,948
|
|
City Holding Co.(a)
|
|
1,074
|
|
42,734
|
|
Columbia Banking System, Inc.
|
|
3,226
|
|
70,908
|
|
Community Bank System, Inc.(a)
|
|
3,180
|
|
94,223
|
|
CVB Financial Corp.
|
|
6,420
|
|
72,353
|
|
Dime Community Bancshares
|
|
3,787
|
|
54,381
|
|
First BanCorp*(a)
|
|
28,629
|
|
178,359
|
|
First Commonwealth Financial Corp.
|
|
9,369
|
|
69,893
|
|
First Financial Bancorp
|
|
6,174
|
|
99,093
|
|
First Financial Bankshares, Inc.(a)
|
|
1,379
|
|
67,019
|
|
First Midwest Bancorp, Inc.(a)
|
|
7,749
|
|
102,907
|
|
FNB Corp.(a)
|
|
12,039
|
|
145,672
|
|
Glacier Bancorp, Inc.(a)
|
|
4,654
|
|
88,333
|
|
Hanmi Financial Corp.*
|
|
2,268
|
|
36,288
|
|
Home BancShares, Inc.(a)
|
|
1,550
|
|
58,389
|
|
Independent Bank Corp.
|
|
1,989
|
|
64,822
|
|
MB Financial, Inc.
|
|
4,642
|
|
112,197
|
|
National Penn Bancshares, Inc.(a)
|
|
9,580
|
|
102,410
|
|
NBT Bancorp, Inc.
|
|
3,681
|
|
81,534
|
|
Northwest Bancshares, Inc.
|
|
7,863
|
|
99,781
|
|
Old National Bancorp
|
|
9,649
|
|
132,674
|
|
Oritani Financial Corp.
|
|
2,118
|
|
32,808
|
|
PacWest Bancorp(a)
|
|
2,725
|
|
79,325
|
|
Pinnacle Financial Partners, Inc.*
|
|
2,410
|
|
56,298
|
|
PrivateBancorp, Inc.
|
|
7,958
|
|
150,486
|
|
Provident Financial Services, Inc.
|
|
5,053
|
|
77,159
|
|
S&T Bancorp, Inc.
|
|
2,886
|
|
53,506
|
|
Simmons First National Corp., Class A
|
|
1,697
|
|
42,968
|
|
Sterling Bancorp, Class N
|
|
3,540
|
|
35,966
|
|
Susquehanna Bancshares, Inc.(a)
|
|
17,219
|
|
214,032
|
|
Texas Capital Bancshares, Inc.*(a)
|
|
2,702
|
|
109,296
|
|
Tompkins Financial Corp.
|
|
1,295
|
|
54,753
|
|
TrustCo Bank Corp.
|
|
7,963
|
|
44,434
|
|
UMB Financial Corp.(a)
|
|
4,151
|
|
203,690
|
|
Umpqua Holdings Corp.
|
|
11,167
|
|
148,074
|
|
United Bankshares, Inc.(a)
|
|
3,702
|
|
98,510
|
|
United Community Banks, Inc.*
|
|
7,330
|
|
83,122
|
|
ViewPoint Financial Group, Inc.
|
|
2,085
|
|
41,929
|
|
Wilshire Bancorp, Inc.*
|
|
5,579
|
|
37,826
|
|
Wintrust Financial Corp.(a)
|
|
5,627
|
|
208,424
|
|
Total Banks
|
|
3,918,376
|
|
Capital Goods - 12.4%
|
|
A.O. Smith Corp.(a)
|
|
6,858
|
|
504,543
|
|
AAON, Inc.
|
|
2,886
|
|
79,625
|
|
AAR Corp.
|
|
28,766
|
|
529,007
|
|
Actuant Corp., Class A(a)
|
|
12,753
|
|
390,497
|
|
Aegion Corp., Class A*
|
|
10,269
|
|
237,727
|
|
Aerovironment, Inc.*(a)
|
|
4,265
|
|
77,324
|
|
Albany International Corp., Class A
|
|
6,587
|
|
190,364
|
|
American Science & Engineering, Inc.
|
|
837
|
|
51,049
|
|
Investments
|
|
Shares
|
|
Value
|
|
Apogee Enterprises, Inc.
|
|
5,803
|
|
$
|
167,997
|
|
Applied Industrial Technologies, Inc.(a)
|
|
13,191
|
|
593,595
|
|
Astec Industries, Inc.
|
|
6,680
|
|
233,332
|
|
AZZ, Inc.
|
|
2,858
|
|
137,756
|
|
Barnes Group, Inc.(a)
|
|
10,661
|
|
308,423
|
|
Belden, Inc.(a)
|
|
9,921
|
|
512,420
|
|
Brady Corp., Class A
|
|
9,646
|
|
323,430
|
|
Briggs & Stratton Corp.(a)
|
|
20,866
|
|
517,477
|
|
CIRCOR International, Inc.
|
|
4,944
|
|
210,120
|
|
Comfort Systems USA, Inc.
|
|
24,429
|
|
344,205
|
|
Cubic Corp.(a)
|
|
7,772
|
|
332,020
|
|
Curtiss-Wright Corp.
|
|
14,893
|
|
516,787
|
|
Dycom Industries, Inc.*
|
|
14,766
|
|
290,743
|
|
EMCOR Group, Inc.(a)
|
|
38,797
|
|
1,644,605
|
|
Encore Wire Corp.
|
|
7,777
|
|
272,351
|
|
EnerSys*(a)
|
|
13,507
|
|
615,649
|
|
Engility Holdings, Inc.*
|
|
17,109
|
|
410,274
|
|
EnPro Industries, Inc.*(a)
|
|
6,679
|
|
341,764
|
|
ESCO Technologies, Inc.
|
|
4,081
|
|
166,750
|
|
Federal Signal Corp.*
|
|
25,350
|
|
206,349
|
|
Franklin Electric Co., Inc.(a)
|
|
9,958
|
|
334,290
|
|
GenCorp, Inc.*(a)
|
|
19,694
|
|
261,930
|
|
Gibraltar Industries, Inc.*
|
|
10,916
|
|
199,217
|
|
Griffon Corp.
|
|
39,587
|
|
471,877
|
|
II-VI, Inc.*(a)
|
|
7,721
|
|
131,566
|
|
John Bean Technologies Corp.
|
|
11,173
|
|
231,840
|
|
Kaman Corp.
|
|
11,556
|
|
409,891
|
|
Kaydon Corp.
|
|
4,645
|
|
118,819
|
|
Lindsay Corp.(a)
|
|
1,766
|
|
155,726
|
|
Lydall, Inc.*
|
|
6,075
|
|
93,251
|
|
Moog, Inc., Class A*(a)
|
|
14,464
|
|
662,885
|
|
Mueller Industries, Inc.(a)
|
|
10,293
|
|
548,514
|
|
National Presto Industries, Inc.(a)
|
|
1,679
|
|
135,159
|
|
NCI Building Systems, Inc.*
|
|
16,526
|
|
287,057
|
|
Orbital Sciences Corp.*
|
|
22,136
|
|
369,450
|
|
Orion Marine Group, Inc.*
|
|
7,222
|
|
71,787
|
|
Powell Industries, Inc.*
|
|
3,982
|
|
209,334
|
|
Quanex Building Products Corp.
|
|
12,393
|
|
199,527
|
|
Simpson Manufacturing Co., Inc.(a)
|
|
5,345
|
|
163,610
|
|
Standex International Corp.
|
|
2,882
|
|
159,144
|
|
Teledyne Technologies, Inc.*(a)
|
|
7,194
|
|
564,297
|
|
Tennant Co.
|
|
4,074
|
|
197,833
|
|
Titan International, Inc.
|
|
20,614
|
|
434,543
|
|
Toro Co.
|
|
10,538
|
|
485,169
|
|
Universal Forest Products, Inc.
|
|
12,622
|
|
502,482
|
|
Vicor Corp.*(a)
|
|
11,438
|
|
56,847
|
|
Watts Water Technologies, Inc., Class A
|
|
7,892
|
|
378,737
|
|
Total Capital Goods
|
|
18,040,965
|
|
Commercial & Professional Services - 6.2%
|
|
ABM Industries, Inc.
|
|
48,924
|
|
1,088,070
|
|
CDI Corp.
|
|
15,965
|
|
274,598
|
|
Consolidated Graphics, Inc.*
|
|
6,569
|
|
256,848
|
|
Dolan Co.*
|
|
26,350
|
|
62,976
|
|
Encore Capital Group, Inc.*(a)
|
|
4,585
|
|
138,008
|
|
Exponent, Inc.
|
|
1,385
|
|
74,707
|
|
G&K Services, Inc., Class A
|
|
4,827
|
|
219,677
|
|
Geo Group, Inc.(a)
|
|
11,187
|
|
420,855
|
|
Healthcare Services Group, Inc.(a)
|
|
10,959
|
|
280,879
|
|
Heidrick & Struggles International, Inc.
|
|
7,844
|
|
117,268
|
|
Insperity, Inc.
|
|
19,047
|
|
540,363
|
|
Interface, Inc.
|
|
12,623
|
|
242,614
|
|
Kelly Services, Inc., Class A
|
|
73,176
|
|
1,366,928
|
|
Korn/Ferry International*
|
|
11,525
|
|
205,836
|
|
Mobile Mini, Inc.*(a)
|
|
3,305
|
|
97,266
|
|
Navigant Consulting, Inc.*
|
|
16,128
|
|
211,922
|
The accompanying notes are an integral part of these financial documents.
10
|
Schedule of Investments
-
continued
RevenueShares Small Cap Fund
March 31, 2013 (Unaudited)
|
Investments
|
|
Shares
|
|
Value
|
|
On Assignment, Inc.*(a)
|
|
12,935
|
|
$
|
327,385
|
|
Portfolio Recovery Associates, Inc.*(a)
|
|
1,440
|
|
182,765
|
|
Resources Connection, Inc.
|
|
11,070
|
|
140,589
|
|
Sykes Enterprises, Inc.*
|
|
18,535
|
|
295,819
|
|
Tetra Tech, Inc.*
|
|
16,507
|
|
503,298
|
|
TrueBlue, Inc.*
|
|
16,451
|
|
347,774
|
|
UniFirst Corp.
|
|
3,839
|
|
347,430
|
|
United Stationers, Inc.(a)
|
|
26,176
|
|
1,011,702
|
|
Viad Corp.
|
|
9,686
|
|
267,915
|
|
Total Commercial & Professional Services
|
|
9,023,492
|
|
Consumer Durables & Apparel - 5.2%
|
|
American Greetings Corp., Class A
|
|
25,842
|
|
416,056
|
|
Arctic Cat, Inc.*
|
|
3,421
|
|
149,498
|
|
Blyth, Inc.(a)
|
|
9,148
|
|
158,809
|
|
Brunswick Corp.(a)
|
|
27,683
|
|
947,312
|
|
Callaway Golf Co.
|
|
31,283
|
|
207,094
|
|
Crocs, Inc.*
|
|
18,301
|
|
271,221
|
|
Ethan Allen Interiors, Inc.(a)
|
|
5,886
|
|
193,767
|
|
Fifth & Pacific Cos., Inc.*(a)
|
|
20,060
|
|
378,733
|
|
Helen of Troy Ltd.*
|
|
7,988
|
|
306,420
|
|
Iconix Brand Group, Inc.*(a)
|
|
3,634
|
|
94,012
|
|
iRobot Corp.*(a)
|
|
4,456
|
|
114,341
|
|
Jakks Pacific, Inc.(a)
|
|
14,937
|
|
156,689
|
|
K-Swiss, Inc., Class A*
|
|
11,732
|
|
55,610
|
|
La-Z-Boy, Inc., Class Z
|
|
16,147
|
|
304,694
|
|
M/I Homes, Inc.*
|
|
7,321
|
|
178,998
|
|
Maidenform Brands, Inc.*
|
|
8,614
|
|
151,003
|
|
Meritage Homes Corp.*(a)
|
|
6,651
|
|
311,666
|
|
Movado Group, Inc.
|
|
3,172
|
|
106,325
|
|
Oxford Industries, Inc.
|
|
3,674
|
|
195,089
|
|
Perry Ellis International, Inc.
|
|
14,119
|
|
256,825
|
|
Quiksilver, Inc.*(a)
|
|
78,156
|
|
474,407
|
|
Ryland Group, Inc.(a)
|
|
8,084
|
|
336,456
|
|
Skechers U.S.A., Inc., Class A*(a)
|
|
18,502
|
|
391,317
|
|
Standard Pacific Corp.*(a)
|
|
36,098
|
|
311,887
|
|
Steven Madden Ltd.*
|
|
7,157
|
|
308,753
|
|
Sturm Ruger & Co., Inc.(a)
|
|
2,557
|
|
129,717
|
|
True Religion Apparel, Inc.
|
|
4,291
|
|
112,038
|
|
Universal Electronics, Inc.*(a)
|
|
5,052
|
|
117,459
|
|
Wolverine World Wide, Inc.
|
|
9,317
|
|
413,395
|
|
Total Consumer Durables & Apparel
|
|
7,549,591
|
|
Consumer Services - 5.3%
|
|
American Public Education, Inc.*(a)
|
|
2,488
|
|
86,806
|
|
Biglari Holdings, Inc.*
|
|
478
|
|
178,385
|
|
BJ's Restaurants, Inc.*
|
|
5,659
|
|
188,331
|
|
Boyd Gaming Corp.*(a)
|
|
86,883
|
|
718,522
|
|
Buffalo Wild Wings, Inc.*(a)
|
|
3,086
|
|
270,118
|
|
Capella Education Co.*
|
|
3,244
|
|
101,018
|
|
Career Education Corp.*
|
|
46,695
|
|
110,667
|
|
CEC Entertainment, Inc.
|
|
6,258
|
|
204,949
|
|
Coinstar, Inc.*(a)
|
|
9,920
|
|
579,526
|
|
Corinthian Colleges, Inc.*(a)
|
|
191,473
|
|
402,093
|
|
Cracker Barrel Old Country Store, Inc.
|
|
8,866
|
|
716,816
|
|
DineEquity, Inc.
|
|
3,400
|
|
233,886
|
|
Hillenbrand, Inc.(a)
|
|
9,865
|
|
249,387
|
|
Interval Leisure Group, Inc.
|
|
5,485
|
|
119,244
|
|
ITT Educational Services, Inc.*(a)
|
|
24,962
|
|
343,976
|
|
Jack in the Box, Inc.*(a)
|
|
13,420
|
|
464,198
|
|
Lincoln Educational Services Corp.
|
|
17,236
|
|
101,003
|
|
Marcus Corp.
|
|
8,453
|
|
105,578
|
|
Marriott Vacations Worldwide Corp.*
|
|
9,578
|
|
410,992
|
|
Monarch Casino & Resort, Inc.*
|
|
4,542
|
|
44,194
|
|
Multimedia Games Holding Co., Inc.*
|
|
1,996
|
|
41,657
|
|
Papa John's International, Inc.*(a)
|
|
5,517
|
|
341,061
|
|
Pinnacle Entertainment, Inc.*
|
|
20,417
|
|
298,497
|
|
Red Robin Gourmet Burgers, Inc.*
|
|
6,202
|
|
282,811
|
|
Investments
|
|
Shares
|
|
Value
|
|
Ruby Tuesday, Inc.*
|
|
44,889
|
|
$
|
330,832
|
|
Ruth's Hospitality Group, Inc.*
|
|
10,574
|
|
100,876
|
|
Shfl Entertainment, Inc.*
|
|
3,787
|
|
62,751
|
|
Sonic Corp.*
|
|
11,341
|
|
146,072
|
|
Texas Roadhouse, Inc.(a)
|
|
16,340
|
|
329,905
|
|
Universal Technical Institute, Inc.
|
|
8,585
|
|
108,429
|
|
Total Consumer Services
|
|
7,672,580
|
|
Diversified Financials - 1.8%
|
|
Calamos Asset Management, Inc., Class A
|
|
7,572
|
|
89,122
|
|
Cash America International, Inc.(a)
|
|
10,436
|
|
547,577
|
|
Ezcorp, Inc., Class A*(a)
|
|
11,856
|
|
252,533
|
|
Financial Engines, Inc.(a)
|
|
1,365
|
|
49,440
|
|
First Cash Financial Services, Inc.*(a)
|
|
2,796
|
|
163,119
|
|
HFF, Inc., Class A
|
|
3,679
|
|
73,323
|
|
Interactive Brokers Group, Inc., Class A
|
|
20,292
|
|
302,554
|
|
Investment Technology Group, Inc.*
|
|
10,511
|
|
116,041
|
|
Marketaxess Holdings, Inc.
|
|
1,332
|
|
49,684
|
|
Piper Jaffray Cos.*
|
|
3,582
|
|
122,863
|
|
Prospect Capital Corp.
|
|
7,363
|
|
80,330
|
|
Stifel Financial Corp.*(a)
|
|
11,405
|
|
395,411
|
|
SWS Group, Inc.*
|
|
14,264
|
|
86,297
|
|
Virtus Investment Partners, Inc.*
|
|
645
|
|
120,151
|
|
World Acceptance Corp.*(a)
|
|
1,713
|
|
147,095
|
|
Total Diversified Financials
|
|
2,595,540
|
|
Energy - 3.5%
|
|
Approach Resources, Inc.*(a)
|
|
1,256
|
|
30,910
|
|
Basic Energy Services, Inc.*(a)
|
|
24,138
|
|
329,966
|
|
Bristow Group, Inc.(a)
|
|
5,575
|
|
367,616
|
|
C&J Energy Services, Inc.*(a)
|
|
11,583
|
|
265,251
|
|
Carrizo Oil & Gas, Inc.*
|
|
3,901
|
|
100,529
|
|
Cloud Peak Energy, Inc.*(a)
|
|
20,558
|
|
386,079
|
|
Comstock Resources, Inc.*
|
|
6,326
|
|
102,798
|
|
Contango Oil & Gas Co.
|
|
1,045
|
|
41,894
|
|
Era Group, Inc.*
|
|
3,344
|
|
70,224
|
|
Exterran Holdings, Inc.*(a)
|
|
26,264
|
|
709,128
|
|
Geospace Technologies Corp.*
|
|
701
|
|
75,652
|
|
Gulf Island Fabrication, Inc.
|
|
5,965
|
|
125,623
|
|
Gulfport Energy Corp.*
|
|
1,475
|
|
67,599
|
|
Hornbeck Offshore Services, Inc.*(a)
|
|
2,960
|
|
137,522
|
|
ION Geophysical Corp.*(a)
|
|
18,732
|
|
127,565
|
|
Lufkin Industries, Inc.(a)
|
|
5,073
|
|
336,796
|
|
Matrix Service Co.*
|
|
12,033
|
|
179,292
|
|
PDC Energy, Inc.*(a)
|
|
2,520
|
|
124,916
|
|
Penn Virginia Corp.(a)
|
|
17,397
|
|
70,284
|
|
Petroquest Energy, Inc.*
|
|
7,769
|
|
34,494
|
|
Pioneer Energy Services Corp.*
|
|
28,028
|
|
231,231
|
|
SEACOR Holdings, Inc.(a)
|
|
7,195
|
|
530,128
|
|
Stone Energy Corp.*
|
|
10,619
|
|
230,963
|
|
Swift Energy Co.*(a)
|
|
8,916
|
|
132,046
|
|
TETRA Technologies, Inc.*
|
|
23,171
|
|
237,734
|
|
Total Energy
|
|
5,046,240
|
|
Food & Staples Retailing - 3.1%
|
|
Andersons, Inc.
|
|
25,343
|
|
1,356,358
|
|
Casey's General Stores, Inc.(a)
|
|
30,397
|
|
1,772,145
|
|
Nash Finch Co.
|
|
34,652
|
|
678,486
|
|
Spartan Stores, Inc.
|
|
36,551
|
|
641,470
|
|
Total Food & Staples Retailing
|
|
4,448,459
|
|
Food, Beverage & Tobacco - 3.1%
|
|
Alliance One International, Inc.*
|
|
136,118
|
|
529,499
|
|
B&G Foods, Inc., Class A
|
|
5,271
|
|
160,713
|
|
Boston Beer Co., Inc., Class A*(a)
|
|
1,142
|
|
182,309
|
|
Calavo Growers, Inc.
|
|
4,848
|
|
139,525
|
|
Cal-Maine Foods, Inc.(a)
|
|
6,407
|
|
272,682
|
The accompanying notes are an integral part of these financial documents.
11
|
Schedule of Investments
-
continued
RevenueShares Small Cap Fund
March 31, 2013 (Unaudited)
|
Investments
|
|
Shares
|
|
Value
|
|
Darling International, Inc.*
|
|
23,452
|
|
$
|
421,198
|
|
Diamond Foods, Inc.*(a)
|
|
14,962
|
|
252,259
|
|
Hain Celestial Group, Inc.*(a)
|
|
5,673
|
|
346,507
|
|
J&J Snack Foods Corp.
|
|
3,113
|
|
239,359
|
|
Sanderson Farms, Inc.(a)
|
|
10,938
|
|
597,433
|
|
Seneca Foods Corp., Class A*
|
|
9,894
|
|
326,700
|
|
Snyders-Lance, Inc.(a)
|
|
16,070
|
|
405,928
|
|
TreeHouse Foods, Inc.*
|
|
9,344
|
|
608,762
|
|
Total Food, Beverage & Tobacco
|
|
4,482,874
|
|
Health Care Equipment & Services - 8.9%
|
|
Abaxis, Inc.(a)
|
|
1,094
|
|
51,768
|
|
Abiomed, Inc.*(a)
|
|
1,823
|
|
34,035
|
|
Air Methods Corp.(a)
|
|
5,190
|
|
250,366
|
|
Align Technology, Inc.*(a)
|
|
4,332
|
|
145,165
|
|
Almost Family, Inc.
|
|
4,233
|
|
86,480
|
|
Amedisys, Inc.*(a)
|
|
31,722
|
|
352,749
|
|
AMN Healthcare Services, Inc.*
|
|
15,763
|
|
249,528
|
|
Amsurg Corp.*(a)
|
|
6,999
|
|
235,446
|
|
Analogic Corp.
|
|
1,670
|
|
131,963
|
|
Bio-Reference Labs, Inc.*(a)
|
|
6,311
|
|
163,960
|
|
Cantel Medical Corp.
|
|
3,293
|
|
98,988
|
|
Centene Corp.*(a)
|
|
48,103
|
|
2,118,456
|
|
Chemed Corp.(a)
|
|
4,829
|
|
386,223
|
|
Computer Programs & Systems, Inc.
|
|
857
|
|
46,372
|
|
CONMED Corp.
|
|
5,824
|
|
198,366
|
|
Corvel Corp.*
|
|
2,392
|
|
118,380
|
|
Cross Country Healthcare, Inc.*
|
|
21,906
|
|
116,321
|
|
CryoLife, Inc.
|
|
5,621
|
|
33,782
|
|
Cyberonics, Inc.*(a)
|
|
1,202
|
|
56,266
|
|
Ensign Group, Inc.
|
|
6,312
|
|
210,821
|
|
Gentiva Health Services, Inc.*
|
|
33,948
|
|
367,317
|
|
Greatbatch, Inc.*
|
|
5,662
|
|
169,124
|
|
Haemonetics Corp.*(a)
|
|
4,405
|
|
183,512
|
|
Hanger, Inc.*
|
|
7,972
|
|
251,357
|
|
HealthStream, Inc.*
|
|
1,202
|
|
27,574
|
|
Healthways, Inc.*
|
|
13,478
|
|
165,106
|
|
ICU Medical, Inc.*
|
|
1,336
|
|
78,757
|
|
Integra LifeSciences Holdings Corp.*(a)
|
|
5,178
|
|
201,994
|
|
Invacare Corp.
|
|
29,284
|
|
382,156
|
|
IPC The Hospitalist Co., Inc.*
|
|
3,014
|
|
134,063
|
|
Kindred Healthcare, Inc.*
|
|
140,665
|
|
1,481,203
|
|
Landauer, Inc.
|
|
663
|
|
37,380
|
|
LHC Group, Inc.*
|
|
7,412
|
|
159,284
|
|
Magellan Health Services, Inc.*(a)
|
|
14,807
|
|
704,369
|
|
Medidata Solutions, Inc.*(a)
|
|
1,266
|
|
73,403
|
|
Meridian Bioscience, Inc.(a)
|
|
1,925
|
|
43,929
|
|
Merit Medical Systems, Inc.*
|
|
8,043
|
|
98,607
|
|
Molina Healthcare, Inc.*(a)
|
|
46,444
|
|
1,433,726
|
|
MWI Veterinary Supply, Inc.*
|
|
4,172
|
|
551,789
|
|
Natus Medical, Inc.*
|
|
5,523
|
|
74,229
|
|
Neogen Corp.*(a)
|
|
963
|
|
47,736
|
|
NuVasive, Inc.*(a)
|
|
7,665
|
|
163,341
|
|
Omnicell, Inc.*
|
|
4,256
|
|
80,353
|
|
Palomar Medical Technologies, Inc.*
|
|
1,515
|
|
20,437
|
|
PharMerica Corp.*
|
|
32,002
|
|
448,028
|
|
Quality Systems, Inc.
|
|
6,217
|
|
113,647
|
|
SurModics, Inc.*
|
|
493
|
|
13,434
|
|
Symmetry Medical, Inc.*
|
|
9,320
|
|
106,714
|
|
West Pharmaceutical Services, Inc.
|
|
5,281
|
|
342,948
|
|
Total Health Care Equipment & Services
|
|
13,040,952
|
|
Household & Personal Products - 0.6%
|
|
Central Garden and Pet Co., Class A*
|
|
47,385
|
|
389,505
|
|
Inter Parfums, Inc.
|
|
6,899
|
|
168,542
|
|
Medifast, Inc.*
|
|
3,777
|
|
86,569
|
|
Prestige Brands Holdings, Inc.*(a)
|
|
4,500
|
|
115,605
|
|
Investments
|
|
Shares
|
|
Value
|
|
WD-40 Co.
|
|
1,860
|
|
$
|
101,872
|
|
Total Household & Personal Products
|
|
862,093
|
|
Insurance - 2.6%
|
|
AMERISAFE, Inc.
|
|
2,315
|
|
82,275
|
|
eHealth, Inc.*
|
|
2,075
|
|
37,101
|
|
Employers Holdings, Inc.
|
|
6,489
|
|
152,167
|
|
Horace Mann Educators Corp.
|
|
12,284
|
|
256,121
|
|
Infinity Property & Casualty Corp.
|
|
5,479
|
|
307,920
|
|
Meadowbrook Insurance Group, Inc.
|
|
35,445
|
|
249,887
|
|
National Financial Partners Corp.*
|
|
11,865
|
|
266,132
|
|
Navigators Group, Inc.*
|
|
3,840
|
|
225,600
|
|
ProAssurance Corp.
|
|
3,814
|
|
180,517
|
|
RLI Corp.(a)
|
|
2,554
|
|
183,505
|
|
Safety Insurance Group, Inc.
|
|
3,638
|
|
178,808
|
|
Selective Insurance Group, Inc.(a)
|
|
18,701
|
|
449,011
|
|
Stewart Information Services Corp.(a)
|
|
20,280
|
|
516,531
|
|
Tower Group International, Ltd.
|
|
25,752
|
|
475,124
|
|
United Fire Group, Inc.
|
|
8,163
|
|
207,912
|
|
Total Insurance
|
|
3,768,611
|
|
Materials - 7.8%
|
|
A. Schulman, Inc.
|
|
16,479
|
|
520,077
|
|
A.M. Castle & Co.*(a)
|
|
18,254
|
|
319,445
|
|
AK Steel Holding Corp.(a)
|
|
260,673
|
|
862,828
|
|
AMCOL International Corp.
|
|
8,165
|
|
246,501
|
|
American Vanguard Corp.
|
|
2,919
|
|
89,146
|
|
Balchem Corp.
|
|
1,809
|
|
79,487
|
|
Buckeye Technologies, Inc.(a)
|
|
7,682
|
|
230,076
|
|
Calgon Carbon Corp.*
|
|
7,647
|
|
138,411
|
|
Century Aluminum Co.*
|
|
39,049
|
|
302,239
|
|
Clearwater Paper Corp.*(a)
|
|
10,926
|
|
575,691
|
|
Deltic Timber Corp.
|
|
493
|
|
33,879
|
|
Eagle Materials, Inc.
|
|
2,008
|
|
133,793
|
|
Globe Specialty Metals, Inc.(a)
|
|
12,372
|
|
172,218
|
|
H.B. Fuller Co.(a)
|
|
11,508
|
|
449,733
|
|
Hawkins, Inc.
|
|
2,182
|
|
87,171
|
|
Haynes International, Inc.
|
|
2,653
|
|
146,711
|
|
Headwaters, Inc.*
|
|
14,531
|
|
158,388
|
|
Innophos Holdings, Inc.(a)
|
|
4,299
|
|
234,553
|
|
Kaiser Aluminum Corp.
|
|
5,369
|
|
347,106
|
|
KapStone Paper and Packaging Corp.(a)
|
|
11,039
|
|
306,884
|
|
Koppers Holdings, Inc.
|
|
8,902
|
|
391,510
|
|
Kraton Performance Polymers, Inc.*
|
|
13,716
|
|
320,954
|
|
LSB Industries, Inc.*
|
|
5,106
|
|
177,587
|
|
Materion Corp.
|
|
11,166
|
|
318,231
|
|
Myers Industries, Inc.
|
|
13,535
|
|
188,949
|
|
Neenah Paper, Inc.
|
|
6,583
|
|
202,493
|
|
Olympic Steel, Inc.(a)
|
|
13,925
|
|
332,808
|
|
OM Group, Inc.*
|
|
16,537
|
|
388,289
|
|
Ph Glatfelter Co.
|
|
17,830
|
|
416,865
|
|
PolyOne Corp.(a)
|
|
29,667
|
|
724,172
|
|
Quaker Chemical Corp.
|
|
3,105
|
|
183,257
|
|
RTI International Metals, Inc.*
|
|
5,946
|
|
188,429
|
|
Schweitzer-Mauduit International, Inc.
|
|
5,173
|
|
200,350
|
|
Stepan Co.(a)
|
|
7,733
|
|
487,952
|
|
Stillwater Mining Co.*(a)
|
|
16,385
|
|
211,858
|
|
SunCoke Energy, Inc.*(a)
|
|
29,483
|
|
481,457
|
|
Texas Industries, Inc.*(a)
|
|
2,916
|
|
184,029
|
|
Tredegar Corp.
|
|
7,932
|
|
233,518
|
|
Wausau Paper Corp.
|
|
19,417
|
|
209,315
|
|
Zep, Inc.
|
|
10,552
|
|
158,386
|
|
Total Materials
|
|
11,434,746
|
|
Media - 1.5%
|
|
Arbitron, Inc.
|
|
2,394
|
|
112,207
|
|
Digital Generation, Inc.*(a)
|
|
13,354
|
|
85,866
|
The accompanying notes are an integral part of these financial documents.
12
|
Schedule of Investments
-
continued
RevenueShares Small Cap Fund
March 31, 2013 (Unaudited)
|
Investments
|
|
Shares
|
|
Value
|
|
E.W. Scripps Co., Class A*
|
|
19,572
|
|
$
|
235,451
|
|
Harte-Hanks, Inc.
|
|
25,366
|
|
197,601
|
|
Live Nation Entertainment, Inc.*(a)
|
|
122,234
|
|
1,512,035
|
|
Total Media
|
|
2,143,160
|
|
Pharmaceuticals, Biotechnology & Life Sciences - 1.2%
|
|
Acorda Therapeutics, Inc.*
|
|
2,558
|
|
81,933
|
|
Affymetrix, Inc.*(a)
|
|
15,944
|
|
75,256
|
|
Akorn, Inc.*(a)
|
|
4,773
|
|
66,011
|
|
Arqule, Inc.*
|
|
3,378
|
|
8,749
|
|
Cambrex Corp.*
|
|
5,468
|
|
69,936
|
|
Cubist Pharmaceuticals, Inc.*(a)
|
|
5,017
|
|
234,896
|
|
Emergent Biosolutions, Inc.*
|
|
4,867
|
|
68,041
|
|
Enzo Biochem, Inc.*
|
|
9,818
|
|
24,741
|
|
Hi-Tech Pharmacal Co., Inc.
|
|
1,670
|
|
55,294
|
|
Luminex Corp.*
|
|
3,047
|
|
50,336
|
|
Medicines Co.*
|
|
4,393
|
|
146,814
|
|
Momenta Pharmaceuticals, Inc.*
|
|
1,158
|
|
15,448
|
|
PAREXEL International Corp.*(a)
|
|
10,578
|
|
417,937
|
|
Questcor Pharmaceuticals, Inc.(a)
|
|
3,814
|
|
124,107
|
|
Salix Pharmaceuticals Ltd.*(a)
|
|
3,968
|
|
203,082
|
|
Spectrum Pharmaceuticals, Inc.(a)
|
|
9,238
|
|
68,915
|
|
ViroPharma, Inc.*(a)
|
|
4,366
|
|
109,848
|
|
Total Pharmaceuticals, Biotechnology & Life Sciences
|
|
1,821,344
|
|
Real Estate Investment Trusts - 1.3%
|
|
Acadia Realty Trust
|
|
1,477
|
|
41,016
|
|
Cedar Realty Trust, Inc.
|
|
6,200
|
|
37,882
|
|
Colonial Properties Trust
|
|
4,433
|
|
100,230
|
|
Cousins Properties, Inc.(a)
|
|
4,240
|
|
45,326
|
|
DiamondRock Hospitality Co.
|
|
20,431
|
|
190,213
|
|
EastGroup Properties, Inc.(a)
|
|
811
|
|
47,200
|
|
Epr Properties
|
|
1,815
|
|
94,471
|
|
Franklin Street Properties Corp.(a)
|
|
2,873
|
|
42,003
|
|
Getty Realty Corp.
|
|
1,262
|
|
25,505
|
|
Government Properties Income Trust(a)
|
|
2,082
|
|
53,570
|
|
Healthcare Realty Trust, Inc.
|
|
2,869
|
|
81,451
|
|
Inland Real Estate Corp.
|
|
4,108
|
|
41,450
|
|
Kite Realty Group Trust
|
|
3,949
|
|
26,616
|
|
LaSalle Hotel Properties
|
|
8,482
|
|
215,273
|
|
Lexington Realty Trust
|
|
7,523
|
|
88,771
|
|
LTC Properties, Inc.
|
|
597
|
|
24,316
|
|
Medical Properties Trust, Inc.(a)
|
|
3,346
|
|
53,670
|
|
Mid-America Apartment Communities, Inc.
|
|
1,784
|
|
123,203
|
|
Parkway Properties, Inc.
|
|
3,261
|
|
60,491
|
|
Pennsylvania Real Estate Investment Trust
|
|
5,985
|
|
116,049
|
|
Post Properties, Inc.
|
|
1,779
|
|
83,791
|
|
PS Business Parks, Inc.
|
|
1,404
|
|
110,804
|
|
Sabra Health Care REIT, Inc.(a)
|
|
958
|
|
27,792
|
|
Saul Centers, Inc.
|
|
1,127
|
|
49,295
|
|
Sovran Self Storage, Inc.
|
|
956
|
|
61,652
|
|
Tanger Factory Outlet Centers(a)
|
|
2,529
|
|
91,499
|
|
Universal Health Realty Income Trust
|
|
233
|
|
13,446
|
|
Urstadt Biddle Properties, Inc., Class A
|
|
1,085
|
|
23,610
|
|
Total Real Estate Investment Trusts
|
|
1,970,595
|
|
Real Estate Management & Development - 0.0%
|
|
Forestar Group, Inc.*
|
|
1,984
|
|
43,370
|
|
|
|
|
|
Retailing - 10.7%
|
|
Big 5 Sporting Goods Corp.
|
|
15,535
|
|
242,501
|
|
Blue Nile, Inc.*(a)
|
|
2,974
|
|
102,454
|
|
Brown Shoe Co., Inc.
|
|
37,766
|
|
604,256
|
|
Buckle, Inc.
|
|
5,626
|
|
262,453
|
|
Cato Corp., Class A
|
|
9,163
|
|
221,195
|
|
Children's Place Retail Stores, Inc.*
|
|
9,264
|
|
415,212
|
|
Investments
|
|
Shares
|
|
Value
|
|
Christopher & Banks Corp.*
|
|
16,967
|
|
$
|
109,098
|
|
Coldwater Creek, Inc.*(a)
|
|
60,136
|
|
190,030
|
|
Finish Line, Inc., Class A
|
|
18,769
|
|
367,685
|
|
Fred's, Inc., Class A
|
|
33,473
|
|
457,911
|
|
Genesco, Inc.*(a)
|
|
9,542
|
|
573,379
|
|
Group 1 Automotive, Inc.(a)
|
|
30,916
|
|
1,857,124
|
|
Haverty Furniture Cos., Inc.
|
|
8,713
|
|
179,139
|
|
Hibbett Sports, Inc.*(a)
|
|
3,396
|
|
191,093
|
|
Hot Topic, Inc.
|
|
12,652
|
|
175,610
|
|
Jos. A. Bank Clothiers, Inc.*(a)
|
|
5,923
|
|
236,328
|
|
Kirkland's, Inc.*
|
|
9,636
|
|
110,429
|
|
Lithia Motors, Inc., Class A(a)
|
|
20,145
|
|
956,485
|
|
Lumber Liquidators Holdings, Inc.*(a)
|
|
3,494
|
|
245,349
|
|
MarineMax, Inc.*
|
|
9,785
|
|
132,978
|
|
Men's Wearhouse, Inc.
|
|
17,802
|
|
594,943
|
|
Monro Muffler Brake, Inc.(a)
|
|
4,274
|
|
169,720
|
|
Nutrisystem, Inc.
|
|
11,494
|
|
97,469
|
|
OfficeMax, Inc.
|
|
144,266
|
|
1,674,928
|
|
Pep Boys-Manny, Moe & Jack*(a)
|
|
43,271
|
|
510,165
|
|
PetMed Express, Inc.(a)
|
|
4,248
|
|
56,987
|
|
Pool Corp.(a)
|
|
10,691
|
|
513,168
|
|
rue21, Inc.*
|
|
6,810
|
|
200,146
|
|
Select Comfort Corp.*(a)
|
|
11,853
|
|
234,334
|
|
Sonic Automotive, Inc., Class A(a)
|
|
91,802
|
|
2,034,332
|
|
Stage Stores, Inc.
|
|
15,190
|
|
393,117
|
|
Stein Mart, Inc.
|
|
33,401
|
|
279,900
|
|
Tuesday Morning Corp.*
|
|
25,059
|
|
194,458
|
|
Vitamin Shoppe, Inc.*(a)
|
|
4,696
|
|
229,400
|
|
VOXX International Corp., Class A*
|
|
17,171
|
|
183,901
|
|
Zale Corp.*(a)
|
|
110,000
|
|
432,300
|
|
Zumiez, Inc.*(a)
|
|
5,748
|
|
131,629
|
|
Total Retailing
|
|
15,561,606
|
|
Semiconductors & Semiconductor Equipment - 2.0%
|
|
Advanced Energy Industries, Inc.*
|
|
5,995
|
|
109,709
|
|
ATMI, Inc.*
|
|
4,490
|
|
100,711
|
|
Brooks Automation, Inc.
|
|
13,049
|
|
132,839
|
|
Cabot Microelectronics Corp.*
|
|
3,140
|
|
109,115
|
|
Ceva, Inc.*
|
|
832
|
|
12,979
|
|
Cirrus Logic, Inc.*(a)
|
|
4,570
|
|
103,968
|
|
Cohu, Inc.
|
|
5,952
|
|
55,711
|
|
Cymer, Inc.*(a)
|
|
1,637
|
|
157,316
|
|
Diodes, Inc.*
|
|
7,478
|
|
156,888
|
|
DSP Group, Inc.*
|
|
5,233
|
|
42,230
|
|
Entropic Communications, Inc.*
|
|
19,033
|
|
77,464
|
|
Exar Corp.*
|
|
2,937
|
|
30,839
|
|
GT Advanced Technologies, Inc.*(a)
|
|
45,730
|
|
150,452
|
|
Hittite Microwave Corp.*(a)
|
|
1,092
|
|
66,132
|
|
Kopin Corp.*
|
|
5,727
|
|
21,190
|
|
Kulicke & Soffa Industries, Inc.*
|
|
18,095
|
|
209,178
|
|
Micrel, Inc.(a)
|
|
6,083
|
|
63,932
|
|
Microsemi Corp.*
|
|
11,431
|
|
264,856
|
|
MKS Instruments, Inc.
|
|
6,195
|
|
168,504
|
|
Monolithic Power Systems, Inc.
|
|
2,281
|
|
55,588
|
|
Nanometrics, Inc.*
|
|
3,009
|
|
43,420
|
|
Pericom Semiconductor Corp.*
|
|
4,829
|
|
32,885
|
|
Power Integrations, Inc.(a)
|
|
1,767
|
|
76,705
|
|
Rubicon Technology, Inc.*(a)
|
|
3,065
|
|
20,229
|
|
Rudolph Technologies, Inc.*
|
|
5,019
|
|
59,124
|
|
Sigma Designs, Inc.*
|
|
8,863
|
|
43,163
|
|
STR Holdings, Inc.*
|
|
11,367
|
|
24,666
|
|
Supertex, Inc.
|
|
710
|
|
15,769
|
|
Tessera Technologies, Inc.
|
|
3,229
|
|
60,544
|
|
TriQuint Semiconductor, Inc.*
|
|
44,407
|
|
224,255
|
|
Ultratech, Inc.*
|
|
1,474
|
|
58,267
|
|
Veeco Instruments, Inc.*(a)
|
|
3,712
|
|
142,281
|
|
Volterra Semiconductor Corp.*
|
|
2,930
|
|
41,606
|
The accompanying notes are an integral part of these financial documents.
13
|
Schedule of Investments
-
continued
RevenueShares Small Cap Fund
March 31, 2013 (Unaudited)
|
Investments
|
|
Shares
|
|
Value
|
|
Total Semiconductors & Semiconductor Equipment
|
|
$
|
2,932,515
|
|
Software & Services - 4.2%
|
|
Blackbaud, Inc.(a)
|
|
3,797
|
|
112,505
|
|
Blucora, Inc.*
|
|
6,567
|
|
101,657
|
|
Bottomline Technologies, Inc.*
|
|
2,103
|
|
59,957
|
|
CACI International, Inc., Class A*(a)
|
|
16,856
|
|
975,457
|
|
Cardtronics, Inc.*
|
|
7,393
|
|
203,012
|
|
CIBER, Inc.*
|
|
48,158
|
|
226,343
|
|
comScore, Inc.*
|
|
3,776
|
|
63,361
|
|
CSG Systems International, Inc.*
|
|
9,619
|
|
203,827
|
|
Dealertrack Technologies, Inc.*(a)
|
|
3,294
|
|
96,778
|
|
Dice Holdings, Inc.*
|
|
4,933
|
|
49,971
|
|
Digital River, Inc.*
|
|
6,691
|
|
94,611
|
|
Ebix, Inc.(a)
|
|
3,266
|
|
52,975
|
|
EPIQ Systems, Inc.
|
|
7,055
|
|
98,982
|
|
Exlservice Holdings, Inc.*
|
|
3,444
|
|
113,239
|
|
Forrester Research, Inc.
|
|
2,410
|
|
76,276
|
|
Heartland Payment Systems, Inc.(a)
|
|
16,526
|
|
544,862
|
|
Higher One Holdings, Inc.*(a)
|
|
5,400
|
|
48,006
|
|
iGate Corp.*(a)
|
|
14,057
|
|
264,412
|
|
Interactive Intelligence Group, Inc.*
|
|
1,378
|
|
61,114
|
|
j2 Global, Inc.(a)
|
|
2,550
|
|
99,985
|
|
Liquidity Services, Inc.*(a)
|
|
4,076
|
|
121,506
|
|
LivePerson, Inc.*
|
|
2,826
|
|
38,377
|
|
LogMeIn, Inc.*(a)
|
|
1,961
|
|
37,690
|
|
Manhattan Associates, Inc.*
|
|
1,527
|
|
113,441
|
|
MAXIMUS, Inc.(a)
|
|
3,669
|
|
293,410
|
|
MicroStrategy, Inc., Class A*
|
|
1,634
|
|
165,165
|
|
Monotype Imaging Holdings, Inc.
|
|
1,723
|
|
40,921
|
|
Netscout Systems, Inc.*
|
|
3,156
|
|
77,543
|
|
NIC, Inc.(a)
|
|
2,925
|
|
56,043
|
|
OpenTable, Inc.*(a)
|
|
923
|
|
58,131
|
|
Perficient, Inc.*
|
|
6,823
|
|
79,556
|
|
Progress Software Corp.*(a)
|
|
4,619
|
|
105,221
|
|
QuinStreet, Inc.*(a)
|
|
13,654
|
|
81,514
|
|
Sourcefire, Inc.*(a)
|
|
1,217
|
|
72,083
|
|
Stamps.com, Inc.*
|
|
1,171
|
|
29,240
|
|
Synchronoss Technologies, Inc.*
|
|
2,183
|
|
67,738
|
|
Take-Two Interactive Software, Inc.*(a)
|
|
13,582
|
|
219,349
|
|
TeleTech Holdings, Inc.*(a)
|
|
14,147
|
|
300,058
|
|
Tyler Technologies, Inc.*(a)
|
|
1,797
|
|
110,084
|
|
United Online, Inc.
|
|
37,163
|
|
224,093
|
|
VASCO Data Security International, Inc.*
|
|
4,570
|
|
38,571
|
|
Virtusa Corp.*
|
|
2,919
|
|
69,355
|
|
Websense, Inc.*
|
|
5,839
|
|
87,585
|
|
XO Group, Inc.*
|
|
3,436
|
|
34,360
|
|
Total Software & Services
|
|
6,068,364
|
|
Technology Hardware & Equipment - 8.8%
|
|
3D Systems Corp.*(a)
|
|
3,047
|
|
98,235
|
|
Agilysys, Inc.*
|
|
5,513
|
|
54,799
|
|
Anixter International, Inc.(a)
|
|
22,675
|
|
1,585,436
|
|
Arris Group, Inc.*(a)
|
|
19,677
|
|
337,854
|
|
Avid Technology, Inc.*
|
|
21,267
|
|
133,344
|
|
Badger Meter, Inc.
|
|
1,515
|
|
81,083
|
|
Bel Fuse, Inc., Class B
|
|
4,188
|
|
65,375
|
|
Benchmark Electronics, Inc.*
|
|
34,228
|
|
616,789
|
|
Black Box Corp.
|
|
11,189
|
|
244,032
|
|
Checkpoint Systems, Inc.*
|
|
13,809
|
|
180,346
|
|
Cognex Corp.
|
|
1,990
|
|
83,878
|
|
Coherent, Inc.(a)
|
|
3,676
|
|
208,576
|
|
Comtech Telecommunications Corp.
|
|
4,298
|
|
104,355
|
|
CTS Corp.
|
|
13,736
|
|
143,404
|
|
Daktronics, Inc.
|
|
11,405
|
|
119,752
|
|
Digi International, Inc.*
|
|
4,871
|
|
43,498
|
|
Investments
|
|
Shares
|
|
Value
|
|
DTS, Inc.*
|
|
1,363
|
|
$
|
22,667
|
|
Electro Scientific Industries, Inc.
|
|
5,854
|
|
64,687
|
|
Electronics For Imaging, Inc.*(a)
|
|
6,549
|
|
166,083
|
|
FARO Technologies, Inc.*
|
|
1,593
|
|
69,120
|
|
FEI Co.
|
|
3,832
|
|
247,356
|
|
Harmonic, Inc.*
|
|
23,057
|
|
133,500
|
|
Insight Enterprises, Inc.*
|
|
62,636
|
|
1,291,554
|
|
Intermec, Inc.*
|
|
20,179
|
|
198,360
|
|
Intevac, Inc.*
|
|
4,131
|
|
19,498
|
|
Ixia*(a)
|
|
4,913
|
|
106,317
|
|
Littelfuse, Inc.
|
|
2,466
|
|
167,318
|
|
Measurement Specialties, Inc.*
|
|
2,017
|
|
80,216
|
|
Mercury Systems, Inc.*
|
|
8,248
|
|
60,788
|
|
Methode Electronics, Inc.
|
|
8,807
|
|
113,434
|
|
MTS Systems Corp.
|
|
2,669
|
|
155,202
|
|
NETGEAR, Inc.*(a)
|
|
9,357
|
|
313,553
|
|
Newport Corp.*
|
|
9,002
|
|
152,314
|
|
Oplink Communications, Inc.*
|
|
2,725
|
|
44,690
|
|
OSI Systems, Inc.*(a)
|
|
3,075
|
|
191,542
|
|
Park Electrochemical Corp.
|
|
1,878
|
|
47,588
|
|
PC-Tel, Inc.
|
|
3,244
|
|
23,032
|
|
Plexus Corp.*
|
|
23,963
|
|
582,541
|
|
Procera Networks, Inc.*
|
|
1,140
|
|
13,555
|
|
Radisys Corp.*
|
|
16,086
|
|
79,143
|
|
Rofin-Sinar Technologies, Inc.*
|
|
4,956
|
|
134,258
|
|
Rogers Corp.*
|
|
2,610
|
|
124,288
|
|
ScanSource, Inc.*
|
|
25,463
|
|
718,566
|
|
Super Micro Computer, Inc.*
|
|
21,257
|
|
239,992
|
|
Symmetricom, Inc.*
|
|
12,604
|
|
57,222
|
|
Synaptics, Inc.*(a)
|
|
3,475
|
|
141,398
|
|
SYNNEX Corp.*(a)
|
|
64,537
|
|
2,387,869
|
|
TTM Technologies, Inc.*
|
|
43,500
|
|
330,600
|
|
ViaSat, Inc.*(a)
|
|
4,873
|
|
236,048
|
|
Total Technology Hardware & Equipment
|
|
12,815,055
|
|
Telecommunication Services - 0.8%
|
|
Atlantic Tele-Network, Inc.
|
|
4,707
|
|
228,336
|
|
Cbeyond, Inc.*
|
|
16,476
|
|
122,417
|
|
Cincinnati Bell, Inc.*
|
|
110,061
|
|
358,799
|
|
General Communication, Inc., Class A*
|
|
20,292
|
|
186,078
|
|
Lumos Networks Corp.
|
|
4,069
|
|
54,850
|
|
NTELOS Holdings Corp.
|
|
8,823
|
|
113,022
|
|
USA Mobility, Inc.
|
|
4,595
|
|
60,976
|
|
Total Telecommunication Services
|
|
1,124,478
|
|
Transportation - 2.6%
|
|
Allegiant Travel Co.
|
|
2,837
|
|
251,869
|
|
Arkansas Best Corp.
|
|
41,672
|
|
486,729
|
|
Atlas Air Worldwide Holdings, Inc.*
|
|
9,441
|
|
384,815
|
|
Forward Air Corp.
|
|
3,865
|
|
144,126
|
|
Heartland Express, Inc.
|
|
9,761
|
|
130,212
|
|
HUB Group, Inc., Class A*(a)
|
|
20,035
|
|
770,546
|
|
Knight Transportation, Inc.
|
|
14,354
|
|
231,099
|
|
Old Dominion Freight Line, Inc.*(a)
|
|
14,266
|
|
544,961
|
|
SkyWest, Inc.
|
|
55,038
|
|
883,360
|
|
Total Transportation
|
|
3,827,717
|
|
Utilities - 2.9%
|
|
ALLETE, Inc.(a)
|
|
5,284
|
|
259,022
|
|
American States Water Co.(a)
|
|
2,331
|
|
134,196
|
|
Avista Corp.(a)
|
|
14,647
|
|
401,328
|
|
CH Energy Group, Inc.
|
|
3,523
|
|
230,369
|
|
El Paso Electric Co.
|
|
6,304
|
|
212,130
|
|
Laclede Group, Inc.
|
|
6,832
|
|
291,726
|
|
New Jersey Resources Corp.
|
|
12,679
|
|
568,653
|
|
Northwest Natural Gas Co.(a)
|
|
4,257
|
|
186,542
|
|
NorthWestern Corp.
|
|
6,884
|
|
274,396
|
|
Piedmont Natural Gas Co., Inc.
|
|
8,450
|
|
277,836
|
The accompanying notes are an integral part of these financial documents.
14
|
Schedule of Investments
-
continued
RevenueShares Small Cap Fund
March 31, 2013 (Unaudited)
|
Investments
|
|
Shares
|
|
Value
|
|
South Jersey Industries, Inc.
|
|
3,371
|
|
$
|
187,394
|
|
Southwest Gas Corp.
|
|
10,536
|
|
500,038
|
|
UIL Holdings Corp.(a)
|
|
9,607
|
|
380,341
|
|
UNS Energy Corp.
|
|
7,878
|
|
385,549
|
|
Total Utilities
|
|
4,289,520
|
|
Total Common Stocks
|
|
|
|
(Cost $112,980,982)
|
|
145,538,308
|
|
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–29.2%
|
|
|
|
|
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.09% (b)
(Cost $42,551,827)
|
|
42,551,827
|
|
42,551,827
|
Total Investments–129.1%
(Cost $155,532,809)
|
|
|
|
188,090,135
|
|
Liabilities in Excess of Other Assets–(29.1)%
|
|
|
|
(42,382,185)
|
|
Net Assets–100.0%
|
|
|
|
$
|
145,707,950
|
|
|
|
*
|
Non-income producing security
|
|
(a)
|
All or a portion of security is on loan. The aggregate market value of the securities on loan is $41,089,987; cash collateral of $42,551,827 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.
|
|
(b)
|
Rate shown represents annualized 7-day yield as of March 31, 2013.
|
The accompanying notes are an integral part of these financial documents
15
|
Schedule of Investments
RevenueShares Financials Sector Fund
March 31, 2013 (Unaudited)
|
Investments
|
|
Shares
|
|
Value
|
|
|
|
|
|
|
|
COMMON STOCKS–99.8%
|
|
|
|
|
|
Capital Markets - 10.3%
|
|
Ameriprise Financial, Inc.
|
|
1,399
|
|
$
|
103,036
|
|
Bank of New York Mellon Corp.
|
|
5,581
|
|
156,212
|
|
BlackRock, Inc.
|
|
374
|
|
96,073
|
|
Charles Schwab Corp.
|
|
2,702
|
|
47,798
|
|
E*Trade Financial Corp.*
|
|
1,914
|
|
20,499
|
|
Franklin Resources, Inc.
|
|
509
|
|
76,762
|
|
Goldman Sachs Group, Inc.
|
|
2,825
|
|
415,699
|
|
Invesco Ltd.
|
|
1,543
|
|
44,685
|
|
Legg Mason, Inc.(a)
|
|
857
|
|
27,553
|
|
Morgan Stanley
|
|
14,573
|
|
320,315
|
|
Northern Trust Corp.(a)
|
|
771
|
|
42,066
|
|
State Street Corp.
|
|
1,729
|
|
102,167
|
|
T. Rowe Price Group, Inc.
|
|
414
|
|
30,996
|
|
Total Capital Markets
|
|
1,483,861
|
|
Commercial Banks - 12.8%
|
|
BB&T Corp.
|
|
3,520
|
|
110,493
|
|
Comerica, Inc.
|
|
755
|
|
27,142
|
|
Fifth Third Bancorp
|
|
4,344
|
|
70,851
|
|
First Horizon National Corp.(a)
|
|
1,341
|
|
14,322
|
|
Huntington Bancshares, Inc.
|
|
4,090
|
|
30,225
|
|
KeyCorp
|
|
4,686
|
|
46,673
|
|
M&T Bank Corp.
|
|
465
|
|
47,969
|
|
PNC Financial Services Group, Inc.
|
|
2,529
|
|
168,178
|
|
Regions Financial Corp.
|
|
7,311
|
|
59,877
|
|
SunTrust Banks, Inc.
|
|
3,971
|
|
114,405
|
|
U.S. Bancorp
|
|
6,601
|
|
223,972
|
|
Wells Fargo & Co.
|
|
24,563
|
|
908,585
|
|
Zions Bancorporation(a)
|
|
981
|
|
24,515
|
|
Total Commercial Banks
|
|
1,847,207
|
|
Consumer Finance - 5.1%
|
|
American Express Co.
|
|
5,238
|
|
353,356
|
|
Capital One Financial Corp.
|
|
4,361
|
|
239,637
|
|
Discover Financial Services
|
|
2,048
|
|
91,832
|
|
SLM Corp.
|
|
2,830
|
|
57,958
|
|
Total Consumer Finance
|
|
742,783
|
|
Diversified Financial Services - 21.8%
|
|
Bank of America Corp.
|
|
79,504
|
|
968,359
|
|
Citigroup, Inc.
|
|
20,023
|
|
885,817
|
|
CME Group, Inc., Class A
|
|
481
|
|
29,529
|
|
IntercontinentalExchange, Inc.*
|
|
96
|
|
15,655
|
|
JPMorgan Chase & Co.
|
|
22,190
|
|
1,053,137
|
|
Leucadia National Corp.
|
|
3,528
|
|
96,773
|
|
Moody's Corp.(a)
|
|
544
|
|
29,006
|
|
NASDAQ OMX Group, Inc.
|
|
990
|
|
31,977
|
|
NYSE Euronext
|
|
997
|
|
38,524
|
|
Total Diversified Financial Services
|
|
3,148,777
|
|
Insurance - 45.7%
|
|
ACE Ltd.
|
|
2,077
|
|
184,791
|
|
Aflac, Inc.
|
|
5,140
|
|
267,383
|
|
Allstate Corp.
|
|
7,058
|
|
346,336
|
|
American International Group, Inc.*
|
|
18,161
|
|
705,010
|
|
AON PLC
|
|
1,969
|
|
121,094
|
|
Assurant, Inc.
|
|
1,934
|
|
87,049
|
|
Berkshire Hathaway, Inc., Class B*
|
|
16,157
|
|
1,683,559
|
|
Chubb Corp.
|
|
1,616
|
|
141,448
|
|
Cincinnati Financial Corp.
|
|
897
|
|
42,329
|
|
Genworth Financial, Inc., Class A*
|
|
9,739
|
|
97,390
|
|
Hartford Financial Services Group, Inc.
|
|
10,444
|
|
269,455
|
|
Lincoln National Corp.
|
|
3,595
|
|
117,233
|
|
Investments
|
|
Shares
|
|
Value
|
|
Loews Corp.
|
|
3,354
|
|
$
|
147,811
|
|
Marsh & McLennan Cos., Inc.
|
|
3,237
|
|
122,909
|
|
MetLife, Inc.
|
|
17,782
|
|
676,072
|
|
Principal Financial Group, Inc.
|
|
2,775
|
|
94,433
|
|
Progressive Corp.
|
|
6,822
|
|
172,392
|
|
Prudential Financial, Inc.
|
|
14,405
|
|
849,751
|
|
Torchmark Corp.
|
|
617
|
|
36,897
|
|
Travelers Cos., Inc.
|
|
3,142
|
|
264,525
|
|
Unum Group(a)
|
|
3,865
|
|
109,186
|
|
XL Group PLC.
|
|
2,405
|
|
72,872
|
|
Total Insurance
|
|
6,609,925
|
|
Media - 0.5%
|
|
McGraw-Hill Cos., Inc.(a)
|
|
1,280
|
|
66,662
|
|
|
|
Paper & Forest Products - 0.5%
|
|
Weyerhaeuser Co.
|
|
2,320
|
|
72,802
|
|
|
|
Real Estate Investment Trusts - 2.4%
|
|
American Tower Corp.
|
|
389
|
|
29,922
|
|
Apartment Investment & Management Co., Class A
|
|
357
|
|
10,946
|
|
AvalonBay Communities, Inc.
|
|
87
|
|
11,020
|
|
Boston Properties, Inc.
|
|
184
|
|
18,595
|
|
Equity Residential
|
|
398
|
|
21,914
|
|
HCP, Inc.
|
|
398
|
|
19,844
|
|
Health Care REIT, Inc.
|
|
287
|
|
19,490
|
|
Host Hotels & Resorts, Inc.
|
|
2,947
|
|
51,543
|
|
Kimco Realty Corp.
|
|
433
|
|
9,699
|
|
Plum Creek Timber Co., Inc.(a)
|
|
273
|
|
14,251
|
|
Prologis, Inc.
|
|
538
|
|
21,509
|
|
Public Storage
|
|
135
|
|
20,563
|
|
Simon Property Group, Inc.
|
|
314
|
|
49,788
|
|
Ventas, Inc.(a)
|
|
359
|
|
26,279
|
|
Vornado Realty Trust
|
|
350
|
|
29,274
|
|
Total Real Estate Investment Trusts
|
|
354,637
|
|
Real Estate Management & Development - 0.5%
|
|
CBRE Group, Inc., Class A*
|
|
2,690
|
|
67,922
|
|
|
|
Thrifts & Mortgage Finance - 0.2%
|
|
Hudson City Bancorp, Inc.
|
|
1,982
|
|
17,125
|
|
People's United Financial, Inc.
|
|
1,007
|
|
13,534
|
|
Total Thrifts & Mortgage Finance
|
|
30,659
|
|
Total Common Stocks
|
|
|
|
(Cost $12,979,275)
|
|
14,425,235
|
|
|
|
|
|
|
|
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–1.9%
|
|
|
|
|
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.09% (b)
(Cost $271,315)
|
|
271,315
|
|
271,315
|
Total Investments–101.7%
(Cost $13,250,590)
|
|
|
|
14,696,550
|
|
Liabilities in Excess of Other Assets–(1.7)%
|
|
|
|
(240,651)
|
|
Net Assets–100.0%
|
|
|
|
$
|
14,455,899
|
|
|
PLC
-
Public
Limited Company
REIT
-
Real
Estate Investment Trust
The accompanying notes are an integral part of these financial documents.
16
|
Schedule of Investments
- continued
RevenueShares Financials Sector Fund
March 31, 2013 (
Unaudited
)
|
*
|
Non-income producing security
|
|
(a)
|
All or a portion of security is on loan. The aggregate market value of the securities on loan is $268,243; cash collateral of $271,315 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.
|
|
(b)
|
Rate shown represents annualized 7-day yield as of March 31, 2013.
|
The accompanying notes are an integral part of these financial documents.
17
|
Schedule of Investments
RevenueShares ADR Fund
March 31, 2013 (Unaudited)
|
Investments
|
|
Shares
|
|
Value
|
|
COMMON STOCKS–98.7%
|
|
|
|
|
|
Automobiles & Components - 5.6%
|
|
Honda Motor Co. Ltd.(a)
|
|
10,439
|
|
$
|
399,396
|
|
Magna International, Inc.
|
|
2,222
|
|
130,432
|
|
Toyota Motor Corp.(a)
|
|
9,419
|
|
966,766
|
|
Total Automobiles & Components
|
|
1,496,594
|
|
Banks - 12.2%
|
|
Banco Bilbao Vizcaya Argentaria SA(a)
|
|
12,898
|
|
113,116
|
|
Banco Bradesco SA(a)
|
|
20,473
|
|
348,454
|
|
Banco de Chile(a)
|
|
183
|
|
17,352
|
|
Banco Santander Chile(a)
|
|
674
|
|
19,189
|
|
Banco Santander SA(a)(b)
|
|
31,485
|
|
214,413
|
|
Bancolombia SA(a)
|
|
376
|
|
23,782
|
|
Bank of Montreal
|
|
1,378
|
|
86,745
|
|
Bank of Nova Scotia
|
|
1,926
|
|
112,228
|
|
Barclays PLC(a)
|
|
11,187
|
|
198,681
|
|
Canadian Imperial Bank of Commerce
|
|
873
|
|
68,469
|
|
Credicorp Ltd.
|
|
109
|
|
18,099
|
|
HSBC Holdings PLC(a)
|
|
6,069
|
|
323,721
|
|
Itau Unibanco Holding SA(a)
|
|
15,267
|
|
271,753
|
|
KB Financial Group, Inc.(a)
|
|
72
|
|
2,379
|
|
Lloyds Banking Group PLC*(a)
|
|
79,608
|
|
238,824
|
|
Mitsubishi UFJ Financial Group, Inc.(a)
|
|
39,539
|
|
237,234
|
|
Mizuho Financial Group, Inc.(a)
|
|
28,646
|
|
122,318
|
|
National Bank of Greece SA*(a)
|
|
34,288
|
|
30,640
|
|
Royal Bank of Canada
|
|
2,364
|
|
142,549
|
|
Royal Bank of Scotland Group PLC*(a)
|
|
19,685
|
|
165,945
|
|
Shinhan Financial Group Co., Ltd.(a)
|
|
99
|
|
3,554
|
|
Sumitomo Mitsui Financial Group, Inc.(a)
|
|
18,615
|
|
151,898
|
|
Toronto-Dominion Bank
|
|
1,505
|
|
125,321
|
|
Westpac Banking Corp.(a)(b)
|
|
1,155
|
|
186,024
|
|
Total Banks
|
|
3,222,688
|
|
Capital Goods - 3.1%
|
|
ABB Ltd.*(a)
|
|
7,114
|
|
161,915
|
|
Embraer SA(a)
|
|
740
|
|
26,396
|
|
Koninklijke Philips Electronics NV
|
|
4,314
|
|
127,479
|
|
Kubota Corp.(a)
|
|
768
|
|
55,426
|
|
Nidec Corp.(a)
|
|
2,418
|
|
36,270
|
|
Siemens AG(a)
|
|
3,848
|
|
414,814
|
|
Total Capital Goods
|
|
822,300
|
|
Consumer Durables & Apparel - 3.0%
|
|
Gildan Activewear, Inc.(b)
|
|
206
|
|
8,222
|
|
Luxottica Group SpA(a)
|
|
736
|
|
37,013
|
|
Panasonic Corp.(a)
|
|
56,328
|
|
412,884
|
|
Sony Corp.(a)
|
|
19,649
|
|
341,893
|
|
Total Consumer Durables & Apparel
|
|
800,012
|
|
Consumer Services - 0.3%
|
|
Carnival PLC(a)
|
|
1,832
|
|
64,175
|
|
Intercontinental Hotels Group PLC(a)
|
|
246
|
|
7,483
|
|
Tim Hortons, Inc.
|
|
247
|
|
13,417
|
|
Total Consumer Services
|
|
85,075
|
|
Diversified Financials - 3.3%
|
|
Credit Suisse Group AG(a)
|
|
6,178
|
|
161,864
|
|
Deutsche Bank AG
|
|
5,953
|
|
232,881
|
|
ING Groep NV*(a)
|
|
28,432
|
|
204,995
|
|
Nomura Holdings, Inc.(a)
|
|
15,974
|
|
98,559
|
|
ORIX Corp.(a)
|
|
365
|
|
23,207
|
|
UBS AG*
|
|
10,575
|
|
162,749
|
|
Total Diversified Financials
|
|
884,255
|
|
Investments
|
|
Shares
|
|
Value
|
|
Energy - 36.2%
|
|
|
|
|
|
|
BP PLC(a)
|
|
32,397
|
|
$
|
1,372,013
|
|
Cameco Corp.
|
|
454
|
|
9,434
|
|
Canadian Natural Resources Ltd.(b)
|
|
1,819
|
|
58,444
|
|
Cenovus Energy, Inc.
|
|
2,195
|
|
68,023
|
|
China Petroleum & Chemical Corp.(a)
|
|
11,949
|
|
1,397,077
|
|
CNOOC Ltd.(a)
|
|
873
|
|
167,180
|
|
Ecopetrol SA(a)
|
|
2,900
|
|
158,108
|
|
Enbridge, Inc.
|
|
2,272
|
|
105,739
|
|
Encana Corp.
|
|
1,080
|
|
21,017
|
|
Enerplus Corp.
|
|
305
|
|
4,456
|
|
ENI SpA(a)
|
|
14,448
|
|
648,571
|
|
Imperial Oil Ltd.
|
|
2,888
|
|
118,004
|
|
Penn West Petroleum Ltd.
|
|
945
|
|
10,168
|
|
PetroChina Co. Ltd.(a)
|
|
9,887
|
|
1,303,304
|
|
Petroleo Brasileiro SA, Class A(a)
|
|
30,804
|
|
559,093
|
|
Royal Dutch Shell PLC, Class A(a)
|
|
14,926
|
|
972,578
|
|
Royal Dutch Shell PLC, Class B(a)
|
|
14,215
|
|
949,846
|
|
Statoil ASA(a)
|
|
20,469
|
|
503,947
|
|
Suncor Energy, Inc.
|
|
5,181
|
|
155,482
|
|
Talisman Energy, Inc.
|
|
2,497
|
|
30,588
|
|
Tenaris SA(a)
|
|
1,104
|
|
45,021
|
|
Total SA(a)
|
|
19,260
|
|
924,095
|
|
TransCanada Corp.
|
|
672
|
|
32,182
|
|
Total Energy
|
|
9,614,370
|
|
Food & Staples Retailing - 0.8%
|
|
Cencosud SA(a)
|
|
4,139
|
|
77,358
|
|
Delhaize Group SA(a)
|
|
2,226
|
|
121,517
|
|
Total Food & Staples Retailing
|
|
198,875
|
|
Food, Beverage & Tobacco - 2.9%
|
|
Anheuser-Busch InBev NV(a)
|
|
1,709
|
|
170,131
|
|
BRF - Brasil Foods SA(a)
|
|
2,778
|
|
61,422
|
|
British American Tobacco PLC(a)
|
|
942
|
|
100,841
|
|
Diageo PLC(a)
|
|
579
|
|
72,861
|
|
Fomento Economico Mexicano SAB de CV(a)
|
|
673
|
|
76,385
|
|
Unilever NV
|
|
3,344
|
|
137,104
|
|
Unilever PLC(a)
|
|
3,249
|
|
137,238
|
|
Total Food, Beverage & Tobacco
|
|
755,982
|
|
Health Care Equipment & Services - 0.4%
|
|
Catamaran Corp.*
|
|
801
|
|
42,477
|
|
Fresenius Medical Care AG & Co. KGaA(a)
|
|
1,692
|
|
57,291
|
|
Smith & Nephew PLC(a)
|
|
305
|
|
17,608
|
|
Total Health Care Equipment & Services
|
|
117,376
|
|
Insurance - 4.7%
|
|
Aegon NV, Class G
|
|
34,372
|
|
206,576
|
|
Aviva PLC(a)(b)
|
|
28,784
|
|
262,510
|
|
China Life Insurance Co. Ltd.(a)
|
|
5,776
|
|
227,690
|
|
Manulife Financial Corp.
|
|
7,969
|
|
117,303
|
|
Prudential PLC(a)
|
|
10,689
|
|
345,896
|
|
Sun Life Financial, Inc.
|
|
2,775
|
|
75,730
|
|
Total Insurance
|
|
1,235,705
|
|
Materials - 6.1%
|
|
Agnico-Eagle Mines Ltd.
|
|
197
|
|
8,085
|
|
Agrium, Inc.
|
|
682
|
|
66,495
|
|
ArcelorMittal(b)
|
|
24,915
|
|
324,642
|
|
Barrick Gold Corp.
|
|
2,063
|
|
60,652
|
|
BHP Billiton Ltd.(a)(b)
|
|
2,112
|
|
144,524
|
|
BHP Billiton PLC(a)
|
|
2,473
|
|
143,582
|
|
Cemex SAB de CV*(a)
|
|
5,088
|
|
62,125
|
|
Cia de Minas Buenaventura SA(a)
|
|
241
|
|
6,256
|
|
Cia Siderurgica Nacional SA(a)
|
|
7,533
|
|
33,748
|
|
CRH PLC(a)
|
|
4,326
|
|
95,561
|
|
Eldorado Gold Corp.
|
|
505
|
|
4,813
|
The accompanying notes are an integral part of these financial documents.
18
|
Schedule of Investments
-
continued
RevenueShares ADR Fund
March 31, 2013 (Unaudited)
|
Investments
|
|
Shares
|
|
Value
|
|
Gerdau SA(a)
|
|
10,733
|
|
$
|
82,751
|
|
Goldcorp, Inc.
|
|
685
|
|
23,037
|
|
IAMGOLD Corp.
|
|
993
|
|
7,150
|
|
Kinross Gold Corp.(b)
|
|
2,197
|
|
17,422
|
|
POSCO(a)
|
|
1,779
|
|
131,130
|
|
Potash Corp. of Saskatchewan, Inc.
|
|
813
|
|
31,910
|
|
Randgold Resources Ltd.(a)
|
|
69
|
|
5,933
|
|
Rio Tinto PLC(a)
|
|
4,454
|
|
209,694
|
|
Silver Wheaton Corp.
|
|
113
|
|
3,543
|
|
Sociedad Quimica y Minera de Chile SA(a)
|
|
179
|
|
9,926
|
|
Southern Copper Corp.
|
|
765
|
|
28,741
|
|
Syngenta AG(a)
|
|
683
|
|
57,201
|
|
Teck Resources Ltd., Class B(b)
|
|
1,535
|
|
43,226
|
|
Yamana Gold, Inc.
|
|
632
|
|
9,701
|
|
Total Materials
|
|
1,611,848
|
|
Media - 0.9%
|
|
Grupo Televisa SAB(a)
|
|
834
|
|
22,193
|
|
Pearson PLC(a)
|
|
1,831
|
|
32,940
|
|
Reed Elsevier NV(a)
|
|
604
|
|
20,530
|
|
Reed Elsevier PLC(a)
|
|
435
|
|
20,676
|
|
Shaw Communications, Inc., Class B(b)
|
|
832
|
|
20,567
|
|
Thomson Reuters Corp.
|
|
1,705
|
|
55,378
|
|
WPP PLC(a)
|
|
835
|
|
66,900
|
|
Total Media
|
|
239,184
|
|
Pharmaceuticals, Biotechnology & Life Sciences - 3.1%
|
|
AstraZeneca PLC(a)
|
|
2,470
|
|
123,451
|
|
Elan Corp. PLC*(a)
|
|
310
|
|
3,658
|
|
GlaxoSmithKline PLC(a)
|
|
3,750
|
|
175,912
|
|
Novartis AG(a)
|
|
3,358
|
|
239,224
|
|
Novo Nordisk A/S(a)
|
|
336
|
|
54,264
|
|
QIAGEN NV*(b)
|
|
245
|
|
5,165
|
|
Sanofi(a)
|
|
3,734
|
|
190,733
|
|
Shire PLC(a)
|
|
211
|
|
19,277
|
|
Valeant Pharmaceuticals International, Inc.*
|
|
210
|
|
15,754
|
|
Total Pharmaceuticals, Biotechnology & Life Sciences
|
|
827,438
|
|
Real Estate - 0.3%
|
|
Brookfield Asset Management, Inc., Class A
|
|
2,236
|
|
81,592
|
|
Semiconductors & Semiconductor Equipment - 0.5%
|
|
Advantest Corp.(a)
|
|
488
|
|
6,861
|
|
ARM Holdings PLC(a)
|
|
91
|
|
3,856
|
|
ASML Holding NV, Class G
|
|
359
|
|
24,416
|
|
STMicroelectronics NV, Class Y
|
|
4,246
|
|
32,737
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.(a)
|
|
4,059
|
|
69,774
|
|
Total Semiconductors & Semiconductor Equipment
|
|
137,644
|
|
Software & Services - 0.3%
|
|
SAP AG(a)
|
|
1,033
|
|
83,198
|
|
Technology Hardware & Equipment - 2.5%
|
|
Alcatel-Lucent*(a)
|
|
51,686
|
|
68,742
|
|
Canon, Inc.(a)
|
|
4,892
|
|
179,487
|
|
Kyocera Corp.(a)
|
|
680
|
|
62,186
|
|
Nokia OYJ(a)(b)
|
|
46,725
|
|
153,258
|
|
Research In Motion Ltd.*(b)
|
|
5,019
|
|
72,525
|
|
Telefonaktiebolaget LM Ericsson(a)
|
|
10,813
|
|
136,244
|
|
Total Technology Hardware & Equipment
|
|
672,442
|
|
Telecommunication Services - 10.5%
|
|
America Movil SAB de CV, Series R(a)
|
|
12,783
|
|
267,932
|
|
BCE, Inc.
|
|
1,798
|
|
83,949
|
|
BT Group PLC(a)
|
|
3,092
|
|
129,957
|
|
Investments
|
|
Shares
|
|
Value
|
|
China Mobile Ltd.(a)
|
|
6,967
|
|
$
|
370,157
|
|
Chunghwa Telecom Co. Ltd.(a)
|
|
846
|
|
26,310
|
|
France Telecom SA(a)
|
|
21,426
|
|
217,688
|
|
Nippon Telegraph & Telephone Corp.(a)
|
|
24,813
|
|
539,435
|
|
NTT DoCoMo, Inc.(a)
|
|
14,283
|
|
212,388
|
|
Oi SA(a)
|
|
14,700
|
|
44,688
|
|
Portugal Telecom SGPS SA(a)
|
|
6,679
|
|
33,128
|
|
Rogers Communications, Inc., Class B
|
|
1,052
|
|
53,715
|
|
Telecom Italia SpA(a)
|
|
19,873
|
|
141,694
|
|
Telefonica SA(a)
|
|
22,582
|
|
305,083
|
|
TELUS Corp.
|
|
685
|
|
47,340
|
|
Vodafone Group PLC(a)
|
|
10,708
|
|
304,214
|
|
Total Telecommunication Services
|
|
2,777,678
|
|
Transportation - 0.5%
|
|
Canadian National Railway Co.
|
|
416
|
|
41,725
|
|
Canadian Pacific Railway Ltd.
|
|
186
|
|
24,267
|
|
Latam Airlines Group SA(a)
|
|
1,760
|
|
38,262
|
|
Ryanair Holdings PLC(a)
|
|
601
|
|
25,110
|
|
Total Transportation
|
|
129,364
|
|
Utilities - 1.5%
|
|
Cia Energetica de Minas Gerais(a)(b)
|
|
2,913
|
|
34,519
|
|
CPFL Energia SA(a)
|
|
1,498
|
|
31,368
|
|
Empresa Nacional de Electricidad SA(a)
|
|
395
|
|
20,967
|
|
Enersis SA(a)
|
|
2,937
|
|
56,508
|
|
National Grid PLC(a)
|
|
1,608
|
|
93,280
|
|
TransAlta Corp.
|
|
645
|
|
9,404
|
|
Veolia Environnement SA(a)
|
|
12,092
|
|
153,568
|
|
Total Utilities
|
|
399,614
|
|
Total Common Stocks
|
|
|
|
(Cost $27,348,160)
|
|
26,193,234
|
|
PREFERRED STOCKS–1.1%
|
|
|
|
|
|
Food, Beverage & Tobacco - 0.3%
|
|
Cia de Bebidas das Americas (a)
|
|
1,564
|
|
66,204
|
|
|
|
|
|
Materials - 0.7%
|
|
Vale SA, Class B (a)
|
|
12,010
|
|
198,525
|
|
|
|
|
|
Utilities - 0.1%
|
|
Cia Paranaense de Energia-Copel Preference B (a)
|
|
1,170
|
|
18,100
|
|
|
|
|
|
Total Preferred Stocks
|
|
|
|
(Cost $380,527)
|
|
282,829
|
|
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–3.8%
|
|
|
|
|
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.09% (c)
(Cost $1,020,104)
|
|
1,020,104
|
|
1,020,104
|
Total Investments–103.6%
(Cost $28,748,791)
|
|
|
|
27,496,167
|
|
Liabilities in Excess of
Other Assets–(3.6)%
|
|
|
|
(957,372)
|
|
Net Assets–100.0%
|
|
|
|
$
|
26,538,795
|
|
|
|
PLC-
|
Public Limited Company
|
|
*
|
Non-income producing security
|
|
(a)
|
American Depositary Receipt
|
|
(b)
|
All or a portion of security is on loan. The aggregate market value of the securities on loan is $989,190; cash collateral of $1,020,104 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.
|
|
|
|
The accompanying notes are an integral part of these financial documents.
19
|
Schedule of Investments
-
continued
RevenueShares ADR Fund
March 31, 2013 (Unaudited)
|
(c)
|
Rate shown represents annualized 7-day yield as of March 31, 2013.
|
|
Country
|
|
Value
|
|
% of Net Assets
|
|
|
Australia
|
|
$ 330,549
|
|
1.2
|
%
|
|
Belgium
|
|
291,648
|
|
1.1
|
|
|
Brazil
|
|
1,777,020
|
|
6.7
|
|
|
Canada
|
|
2,263,301
|
|
8.5
|
|
|
Chile
|
|
239,561
|
|
0.9
|
|
|
China
|
|
1,530,994
|
|
5.8
|
|
|
Colombia
|
|
181,890
|
|
0.7
|
|
|
Denmark
|
|
54,264
|
|
0.2
|
|
|
Finland
|
|
153,258
|
|
0.6
|
|
|
France
|
|
1,554,827
|
|
5.8
|
|
|
Germany
|
|
788,185
|
|
3.0
|
|
|
Greece
|
|
30,640
|
|
0.1
|
|
|
Hong Kong
|
|
1,934,413
|
|
7.3
|
|
|
Ireland
|
|
143,606
|
|
0.5
|
|
|
Italy
|
|
827,279
|
|
3.1
|
|
|
Japan
|
|
3,846,210
|
|
14.5
|
|
|
Jersey Islands
|
|
5,933
|
|
0.0
*
|
|
|
Luxembourg
|
|
369,664
|
|
1.4
|
|
|
Mexico
|
|
428,634
|
|
1.6
|
|
|
Netherlands
|
|
2,648,688
|
|
10.0
|
|
|
Norway
|
|
503,947
|
|
1.9
|
|
|
Peru
|
|
24,356
|
|
0.1
|
|
|
Portugal
|
|
33,128
|
|
0.1
|
|
|
South Korea
|
|
137,063
|
|
0.5
|
|
|
Spain
|
|
632,610
|
|
2.4
|
|
|
Sweden
|
|
136,244
|
|
0.5
|
|
|
Switzerland
|
|
815,689
|
|
3.1
|
|
|
Taiwan
|
|
96,085
|
|
0.4
|
|
|
United Kingdom
|
|
4,612,258
|
|
17.4
|
|
|
United States
|
|
1,104,223
|
|
4.2
|
|
|
Total Investments
|
|
27,496,167
|
|
103.6
|
|
|
Liabilities in Excess of Other Assets
|
|
(957,372)
|
|
(3.6
|
)
|
|
Net Assets
|
|
$ 26,538,795
|
|
100.0
|
%
|
|
|
*
Less than 0.05%
The accompanying notes are an integral part of these financial documents
20
|
Schedule of Investments
RevenueShares Navellier Overall A-100 Fund
March 31, 2013 (Unaudited)
|
Investments
|
|
Shares
|
|
Value
|
|
COMMON STOCKS–99.5%
|
|
|
|
|
|
Automobiles & Components - 0.6%
|
|
Dorman Products, Inc.(a)
|
|
663
|
|
$
|
24,670
|
|
Winnebago Industries, Inc.*
|
|
838
|
|
17,297
|
|
Total Automobiles & Components
|
|
41,967
|
|
Banks - 2.8%
|
|
Access National Corp.
|
|
1,280
|
|
20,992
|
|
BofI Holding, Inc.*
|
|
652
|
|
23,394
|
|
C&f Financial Corp.
|
|
456
|
|
18,673
|
|
Cardinal Financial Corp.
|
|
1,131
|
|
20,562
|
|
Federal Agricultural Mortgage Corp., Class C
|
|
623
|
|
19,182
|
|
Fidelity Southern Corp.*
|
|
1,967
|
|
22,621
|
|
Horizon Bancorp
|
|
806
|
|
16,289
|
|
OmniAmerican Bancorp, Inc.*
|
|
760
|
|
19,213
|
|
Pacific Premier Bancorp, Inc.*
|
|
1,635
|
|
21,500
|
|
Provident Financial Holdings, Inc.
|
|
932
|
|
15,853
|
|
Total Banks
|
|
198,279
|
|
Capital Goods - 1.0%
|
|
AZZ, Inc.
|
|
623
|
|
30,029
|
|
Middleby Corp.*
|
|
219
|
|
33,321
|
|
Sparton Corp.*
|
|
510
|
|
6,834
|
|
Total Capital Goods
|
|
70,184
|
|
Commercial & Professional Services - 1.1%
|
|
Barrett Business Services, Inc.
|
|
514
|
|
27,067
|
|
Ceco Environmental Corp.
|
|
1,743
|
|
22,537
|
|
Portfolio Recovery Associates, Inc.*
|
|
212
|
|
26,907
|
|
Total Commercial & Professional Services
|
|
76,511
|
|
Consumer Durables & Apparel - 2.7%
|
|
Culp, Inc.
|
|
1,365
|
|
21,717
|
|
Luxottica Group S.p.A.(b)
|
|
2,635
|
|
132,514
|
|
Nautilus, Inc.*
|
|
4,625
|
|
33,763
|
|
Total Consumer Durables & Apparel
|
|
187,994
|
|
Consumer Services - 0.1%
|
|
Multimedia Games Holding Co., Inc.*
|
|
261
|
|
5,447
|
|
Diversified Financials - 1.1%
|
|
Administradora de Fondos de Pensiones Provida S.A.(b)
|
|
205
|
|
21,832
|
|
Consumer Portfolio Services, Inc.*
|
|
485
|
|
5,679
|
|
Ellington Financial LLC
|
|
777
|
|
19,231
|
|
Ocwen Financial Corp., Class A*
|
|
806
|
|
30,564
|
|
Total Diversified Financials
|
|
77,306
|
|
Energy - 18.2%
|
|
Alon USA Energy, Inc.
|
|
12,978
|
|
247,231
|
|
CVR Energy, Inc.
|
|
2,133
|
|
110,105
|
|
Delek US Holdings, Inc.
|
|
4,204
|
|
165,890
|
|
HollyFrontier Corp.
|
|
5,029
|
|
258,742
|
|
Marathon Petroleum Corp.
|
|
5,373
|
|
481,421
|
|
Total Energy
|
|
1,263,389
|
|
Food, Beverage & Tobacco - 7.4%
|
|
Coca-Cola Femsa S.A.B. de CV(b)
|
|
945
|
|
154,762
|
|
Diageo PLC(b)
|
|
1,655
|
|
208,265
|
|
Flowers Foods, Inc.
|
|
3,219
|
|
106,034
|
|
Inventure Foods, Inc.*
|
|
2,697
|
|
20,983
|
|
John B. Sanfilippo & Son, Inc.
|
|
1,309
|
|
26,154
|
|
Total Food, Beverage & Tobacco
|
|
516,198
|
|
Health Care Equipment & Services - 8.8%
|
|
Air Methods Corp.
|
|
539
|
|
26,001
|
|
AMN Healthcare Services, Inc.*
|
|
1,867
|
|
29,555
|
|
McKesson Corp.
|
|
4,440
|
|
479,342
|
|
Investments
|
|
Shares
|
|
Value
|
|
National Research Corp.
|
|
318
|
|
$
|
18,457
|
|
ResMed, Inc.(a)
|
|
754
|
|
34,955
|
|
SurModics, Inc.*
|
|
63
|
|
1,717
|
|
Utah Medical Products, Inc.
|
|
484
|
|
23,605
|
|
Total Health Care Equipment & Services
|
|
613,632
|
|
Insurance - 9.2%
|
|
Allied World Assurance Co. Holdings AG
|
|
506
|
|
46,916
|
|
AmTrust Financial Services, Inc.
|
|
1,664
|
|
57,657
|
|
Arch Capital Group Ltd.*
|
|
2,043
|
|
107,400
|
|
Cincinnati Financial Corp.
|
|
1,541
|
|
72,720
|
|
Fidelity National Financial, Inc., Class A
|
|
3,538
|
|
89,264
|
|
First American Financial Corp.
|
|
2,580
|
|
65,971
|
|
HCC Insurance Holdings, Inc.
|
|
1,163
|
|
48,881
|
|
Homeowners Choice, Inc.(a)
|
|
913
|
|
24,879
|
|
PartnerRe Ltd.
|
|
945
|
|
87,989
|
|
Stewart Information Services Corp.(a)
|
|
1,495
|
|
38,078
|
|
Total Insurance
|
|
639,755
|
|
Materials - 9.3%
|
|
AEP Industries, Inc.*
|
|
526
|
|
37,772
|
|
American Vanguard Corp.
|
|
713
|
|
21,775
|
|
Eagle Materials, Inc.
|
|
389
|
|
25,919
|
|
Landec Corp.*
|
|
2,079
|
|
30,083
|
|
Packaging Corp. of America
|
|
2,068
|
|
92,791
|
|
Syngenta AG(b)
|
|
5,212
|
|
436,505
|
|
Total Materials
|
|
644,845
|
|
Media - 9.7%
|
|
Comcast Corp., Class A
|
|
11,642
|
|
489,080
|
|
Fisher Communications, Inc.
|
|
137
|
|
5,376
|
|
Lions Gate Entertainment Corp.*
|
|
2,637
|
|
62,682
|
|
Virgin Media, Inc.
|
|
2,441
|
|
119,536
|
|
Total Media
|
|
676,674
|
|
Pharmaceuticals, Biotechnology & Life Sciences - 4.2%
|
|
Amgen, Inc.
|
|
2,264
|
|
232,083
|
|
China Biologic Products, Inc.*
|
|
198
|
|
5,490
|
|
Pharmacyclics, Inc.*
|
|
326
|
|
26,214
|
|
Santarus, Inc.*
|
|
1,563
|
|
27,087
|
|
Total Pharmaceuticals, Biotechnology & Life Sciences
|
|
290,874
|
|
Real Estate - 1.1%
|
|
AG Mortgage Investment Trust, Inc.
|
|
797
|
|
20,300
|
|
National Health Investors, Inc.
|
|
46
|
|
3,011
|
|
Newcastle Investment Corp.
|
|
2,683
|
|
29,969
|
|
Redwood Trust, Inc.
|
|
1,136
|
|
26,332
|
|
Total Real Estate
|
|
79,612
|
|
Real Estate Investment Trusts - 0.4%
|
|
Extra Space Storage, Inc.
|
|
587
|
|
23,051
|
|
Medical Properties Trust, Inc.
|
|
418
|
|
6,705
|
|
Total Real Estate Investment Trusts
|
|
29,756
|
|
Retailing - 6.0%
|
|
Brown Shoe Co., Inc.
|
|
2,412
|
|
38,592
|
|
Gap, Inc.
|
|
5,923
|
|
209,674
|
|
Lumber Liquidators Holdings, Inc.*(a)
|
|
492
|
|
34,548
|
|
Sherwin-Williams Co.
|
|
782
|
|
132,072
|
|
Total Retailing
|
|
414,886
|
|
Semiconductors & Semiconductor Equipment - 1.0%
|
|
Himax Technologies, Inc.(b)
|
|
9,491
|
|
51,726
|
|
PDF Solutions, Inc.*
|
|
1,177
|
|
18,856
|
|
Total Semiconductors & Semiconductor Equipment
|
|
70,582
|
|
Software & Services - 3.1%
|
|
AOL, Inc.*
|
|
1,417
|
|
54,540
|
|
CoreLogic, Inc.*
|
|
1,299
|
|
33,592
|
|
Ellie Mae, Inc.*
|
|
526
|
|
12,650
|
The accompanying notes are an integral part of these financial documents
21
|
Schedule of Investments
-
continued
RevenueShares Navellier Overall A-100 Fund
March 31, 2013 (Unaudited)
|
Investments
|
|
Shares
|
|
Value
|
|
Fleetcor Technologies, Inc.*
|
|
456
|
|
$
|
34,962
|
|
Linkedin Corp., Class A*
|
|
176
|
|
30,987
|
|
Netsol Technologies, Inc.*
|
|
27
|
|
356
|
|
Reis, Inc.*
|
|
1,352
|
|
21,010
|
|
Tyler Technologies, Inc.*(a)
|
|
424
|
|
25,974
|
|
Total Software & Services
|
|
214,071
|
|
Technology Hardware & Equipment - 0.9%
|
|
3D Systems Corp.*(a)
|
|
636
|
|
20,504
|
|
Aware, Inc.(a)
|
|
3,152
|
|
14,594
|
|
CalAmp Corp.*
|
|
2,269
|
|
24,891
|
|
Silicom Ltd.*
|
|
53
|
|
1,500
|
|
Total Technology Hardware & Equipment
|
|
61,489
|
|
Telecommunication Services - 3.7%
|
|
Telekomunikasi Indonesia Persero Tbk PT(b)
|
|
5,788
|
|
260,923
|
|
Transportation - 2.2%
|
|
Allegiant Travel Co.
|
|
335
|
|
29,741
|
|
Copa Holdings SA, Class A
|
|
389
|
|
46,528
|
|
Grupo Aeroportuario del Centro Norte S.A.B. de CV(b)
|
|
801
|
|
26,754
|
|
Grupo Aeroportuario del Pacifico S.A.B. de CV(b)
|
|
399
|
|
23,385
|
|
Grupo Aeroportuario del Sureste S.A.B. de CV(b)
|
|
191
|
|
26,104
|
|
Total Transportation
|
|
152,512
|
|
Utilities - 4.9%
|
|
American States Water Co.(a)
|
|
440
|
|
25,331
|
|
Aqua America, Inc.
|
|
785
|
|
24,680
|
|
Huaneng Power International, Inc.(b)
|
|
6,859
|
|
289,724
|
|
Total Utilities
|
|
339,735
|
|
Total Common Stocks
|
|
|
|
(Cost $6,006,618)
|
|
6,926,621
|
|
|
|
|
|
|
|
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–3.1%
|
|
|
|
|
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.09% (c)
(Cost $214,327)
|
|
214,327
|
|
214,327
|
Total Investments–102.6%
(Cost $6,220,945)
|
|
|
|
7,140,948
|
|
Liabilities in Excess of Other Assets–(2.6)%
|
|
|
|
(184,042)
|
|
Net Assets–100.0%
|
|
|
|
$
|
6,956,906
|
|
|
PLC
-
Public
Limited Company
|
*
|
Non-income producing security
|
|
(a)
|
All or a portion of security is on loan. The aggregate market value of the securities on loan is $212,760; cash collateral of $214,327 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.
|
|
(b)
|
American Depositary Receipt
|
|
(c)
|
Rate shown represents annualized 7-day yield as of March 31, 2013.
|
The accompanying notes are an integral part of these financial documents
22
|
NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)
1. ORGANIZATION
The RevenueShares ETF Trust (the “Trust”)
was organized as a Delaware statutory trust on December 15, 2006 and has authorized capital of unlimited shares. The Trust is an
open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”),
which is currently comprised of six active funds (collectively, the “Funds” and each individually a “Fund”).
The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund are diversified funds under the Act,
the RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund are not diversified.
Operations commenced on February 22, 2008 for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small
Cap Fund, November 10, 2008 for the RevenueShares Financials Sector Fund, November 18, 2008 for the RevenueShares ADR Fund and
January 21, 2009 for the RevenueShares Navellier Overall A-100 Fund.
The objective of the Funds, (RevenueShares
Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR
Fund, and RevenueShares Navellier Overall A-100 Fund) is to outperform the total return performance of the Fund’s corresponding
benchmark (Standard & Poor’s (“S&P”) 500 Index, S&P MidCap 400 Index, S&P SmallCap 600 Index,
S&P 500 Financials Index, S&P ADR Index, and the Navellier Overall A-100 Index, respectively).
2. SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with
accounting principles generally accepted in the United States, which require management to make estimates and assumptions that
affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements,
and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ
from these estimates. The following summarizes the significant accounting policies of the Funds:
Investment Valuation
— Security
holdings traded on a national securities exchange are valued based on their last sale price. Price information on listed securities
is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are
valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ Official Closing Price. Other
portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined
in good faith and in accordance with procedures adopted by the Trust’s Board of Trustees (the “Board”).
The Net Asset Value (“NAV”) per
share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of
that Fund, rounded to the nearest cent. The Bank of New York Mellon Corp. calculates each Fund’s NAV at the close of the
regular trading session on the NYSE, ordinarily 4:00 p.m., Eastern Time on each day that such exchange is open.
Investment Transactions
— Investment
transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses on sales of investment
securities are calculated using the identified cost method.
Securities Lending
— Each Fund may lend portfolio
securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy
that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the
value of foreign securities loaned. Collateral in the form of cash and /or high grade debt obligations, equivalent to at least
100% of the market value of securities loaned, is maintained at all times. The collateral can be invested in certain money market
mutual funds which also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities
from interest or dividends earned on the cash or U.S. government securities held as collateral, net of fee rebates paid to the
borrower plus reasonable administrative and custody fees. The dividend and interest income earned on the securities loaned is accounted
for in the same manner as other dividend and interest income. The borrower pays to
the Funds an amount equal to any dividends or interest received
on loaned securities. Lending portfolio securities could result in a loss or delay in recovering the Fund’s securities if
the borrower defaults.
The value of loaned securities and related collateral outstanding
at March 31, 2013 are shown in the Schedules of Investments. Therefore the value of the collateral held may be temporarily less
than that required under the lending contract. As of March 31, 2013, the collateral consisted of an institutional money market
fund.
3. FAIR VALUE MEASUREMENT
The authoritative guidance
for fair value measurements and disclosures, Accounting Standards Codification
TM
Topic
820, establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements.
Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs
and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized
various inputs in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels
as follows:
Level 1 — quoted prices in active markets
for identical securities
Level 2 — other significant observable inputs (including quoted prices for similar securities, the intrinsic value of securities
such as rights, warrants or options, etc.)
Level 3 — significant unobservable
inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing
securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes
inputs used as of March 31, 2013 in valuing the Funds’ assets carried at fair value:
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
Significant
|
Significant
|
|
|
|
Quoted
Prices in Active Markets (Level 1)
|
Observable
|
Observable
|
|
|
Fund
|
Common
Stock
|
Preferred
Stock
|
Money
Market Funds
|
Inputs
(Level 2)
|
Inputs
(Level 3)
|
Total
|
|
RevenueShares Large Cap Fund
|
$ 173,209,676
|
$ -
|
$ 16,147,983
|
$ -
|
$ -
|
$ 189,357,659
|
|
RevenueShares Mid Cap Fund
|
125,497,656
|
-
|
30,211,478
|
-
|
-
|
155,709,134
|
|
RevenueShares Small Cap Fund
|
145,538,308
|
-
|
42,551,827
|
-
|
-
|
188,090,135
|
|
RevenueShares Financials Sector Fund
|
14,425,235
|
-
|
271,315
|
-
|
-
|
14,696,550
|
|
RevenueShares ADR Fund
|
26,193,234
|
282,829
|
1,020,104
|
-
|
-
|
27,496,167
|
|
RevenueShares Navellier Overall A-100 Fund
|
6,926,621
|
-
|
214,327
|
-
|
-
|
7,140,948
|
At March 31, 2013, the Funds did not hold any Level 3 securities.
Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.
The Funds’ policy is to disclose significant transfers
between Levels based on valuations at the beginning of the reporting period. There were no significant transfers between Level
1, 2, or 3 as of March 31, 2013, based on the valuation input Levels assigned to securities on June 30, 2012.
4. FEDERAL INCOME TAX
At March 31, 2013, the aggregate gross unrealized
appreciation and depreciation of investments for Federal income tax purposes were substantially the same for book purposes, as
indicated below:
|
|
|
|
|
Net
|
|
|
|
Gross
|
Gross
|
Unrealized
|
|
|
|
Unrealized
|
Unrealized
|
Appreciation
|
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Fund
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Cost
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Appreciation
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(Depreciation)
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(Depreciation)
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RevenueShares Large Cap Fund
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$ 145,954,855
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44,714,238
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(1,311,434)
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$ 43,402,804
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RevenueShares Mid Cap Fund
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125,428,557
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31,059,233
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(778,656)
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30,280,577
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RevenueShares Small Cap Fund
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155,532,809
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35,215,075
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(2,657,749)
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32,557,326
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RevenueShares Financials Sector Fund
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13,250,590
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1,557,653
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(111,693)
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1,445,960
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RevenueShares ADR Fund
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28,748,791
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2,228,265
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(3,480,889)
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(1,252,624)
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RevenueShares Navellier Overall A-100 Fund
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6,220,945
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949,469
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(29,466)
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920,003
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5. RISKS
Concentration Risk
The RevenueShares Financials
Sector Fund and the RevenueShares ADR Fund may be adversely affected by the performance of the securities in a particular industry
and may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory
occurrences affecting that market, industry, group of industries, sector or asset class than may be the case for a fund that was
not concentrated in a particular industry.
Non-Diversification
Risk
Each of the RevenueShares
Financials Sector, RevenueShares ADR and RevenueShares Navellier Overall A-100 Funds are non-diversified and, as a result, may
have greater volatility than other diversified funds. Because a non-diversified fund may invest a larger percentage of its assets
in securities of a single company than diversified funds, the performance of that company can have a substantial impact on a Fund’s
Share price. Each Fund intends to maintain the required level of diversification so as to qualify as a “regulated investment
company” for purposes of the Internal Revenue Code in order to avoid liability for Federal income tax to the extent that
its earnings are distributed to shareholders. Compliance with diversification requirements of the Internal Revenue Code could limit
the investment flexibility of a Fund.
Financial Sector Risk
Financial services companies
are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments
they can make, and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost
of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Credit losses resulting
from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector.
Insurance companies may be subject to severe price competition and adversely affected by natural disasters. Adverse economic, business
or political developments affecting real estate could have a major effect on the value of real estate securities (which include
REITs).
ADR Risk
The RevenueShares ADR
Fund holds the securities of foreign companies in the form of ADRs, global shares or, in the case of Canadian equities, ordinary
shares. Global shares are the actual (ordinary) shares of a non-U.S. company, which trade both in the home market and the U.S and
are represented by the same share certificate in both the U.S. and the home market. Global shares may also be eligible to list
on exchanges in addition to the United States and home country. ADRs are receipts typically issued by an American bank or trust
company that evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs are designed for use
in the U.S. securities markets. Separate registrars in the United States and home country are maintained. In most cases, purchases
occurring on a U.S. exchange would be reflected on the U.S. Registrar.
The underlying securities
of the ADRs in the Fund’s portfolio are usually denominated or quoted in currencies other than the U.S. dollar. Global shares
may trade in their home market in currencies other than the U.S. dollar. Changes in foreign currency exchange rates affect the
value of the ADR or global shares and, therefore, the value of the Fund’s portfolio. Generally, when the U.S. dollar rises
in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S.
dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency
gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency risk,” means that
a strong U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase those returns.
In addition, although
the ADRs, global shares and ordinary shares in which the Fund invests are listed on major U.S. exchanges, there can be no assurance
that a market for these securities will be made or maintained or that any such market will be or remain liquid. The price at which
the Fund’s securities may be sold and the value of the Fund’s Shares will be adversely affected if trading markets
for the securities are limited or absent or if bid/ask spreads are wide.
Foreign Market Risk
Since global shares and
the underlying securities of ADRs in the RevenueShares ADR Fund’s portfolio trade on foreign exchanges at times when the
U.S. markets are not open for trading, the value of the ADRs representing those underlying securities may change materially at
times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for Shares of the Fund.
6. ADDITIONAL INFORMATION
The Schedules of Investments should be read in conjunction
with the financial statements and notes to financial statements which are included in the Funds’ audited annual report. This
report includes additional information about the Funds.
7. SUBSEQUENT EVENTS
Management has evaluated events and transactions for potential
recognition or disclosure in this report through the date the report was issued. Management has determined that there were no material
events that would require disclosure in this report through this date.
Item 2. Controls and Procedures.
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(a)
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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 Rule 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)).
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|
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(b)
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There were no changes in the Registrant’s internal controls 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 last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
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Item 3. Exhibits.
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A separate certification for each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)) is attached hereto.
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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.
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(Registrant) RevenueShares ETF Trust
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By:
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/s/ Vincent T. Lowry
Vincent T. Lowry
Principal Executive Officer
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Date:
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May 29, 2013
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
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By:
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/s/ Vincent T. Lowry
Vincent T. Lowry
Principal Executive Officer
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Date:
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May 29, 2013
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By:
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/s/ Michael Gompers
Michael Gompers
Chief Financial Officer
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Date:
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May 29, 2013
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