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, Pennsylvania					19103
(Address of principal executive offices)					(Zip code)
Vincent T. Lowry One Commerce Square, 2005 Market Street Suite 2020 Philadelphia, Pennsylvania 19103
(Name and address of agent for service)
Registrant’s telephone number, including area code:				1-877-738-8870
Date of fiscal year end:	June 30
Date of reporting period:		July 1, 2010 - December 31, 2010

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, 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.

RevenueShares™ ETF Trust
Semi-Annual Report to Shareholders

December 31, 2010

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TABLE OF CONTENTS

Shareholder Expense Examples	2
Frequency Distribution of Premium and Discount	3
Schedule of Investments Summary Tables	4
Schedules of Investments
RevenueShares Large Cap Fund	5
RevenueShares Mid Cap Fund	10
RevenueShares Small Cap Fund	15
RevenueShares Financials Sector Fund	21
RevenueShares ADR Fund	22
RevenueShares Navellier Overall A-100 Fund	25
Statements of Assets and Liabilities	27
Statements of Operations	28
Statements of Changes in Net Assets	29
Financial Highlights	31
Notes to Financial Statements	34
Supplemental Information	41

1

SHAREHOLDER EXPENSE EXAMPLES

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

The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from July 1, 2010 – December 31, 2010.

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 7/1/2010	Ending Account Value 12/31/2010	Annualized Expense Ratios for the Six Month Period	Expenses Paid During the Six Month Period†
RevenueShares Large Cap Fund
Actual	$1,000.00	$1,231.20	0.49%	$2.76
Hypothetical (5% return before expenses)	$1,000.00	$1,022.74	0.49%	$2.50
RevenueShares Mid Cap Fund
Actual	$1,000.00	$1,285.90	0.54%	$3.11
Hypothetical (5% return before expenses)	$1,000.00	$1,022.48	0.54%	$2.75
RevenueShares Small Cap Fund
Actual	$1,000.00	$1,281.80	0.54%	$3.11
Hypothetical (5% return before expenses)	$1,000.00	$1,022.48	0.54%	$2.75
RevenueShares Financials Sector Fund
Actual	$1,000.00	$1,180.30	0.49%	$2.72
Hypothetical (5% return before expenses)	$1,000.00	$1,022.71	0.49%	$2.52
RevenueShares ADR Fund
Actual	$1,000.00	$1,267.10	0.49%	$2.80
Hypothetical (5% return before expenses)	$1,000.00	$1,022.74	0.49%	$2.50
RevenueShares Navellier Overall A-100 Fund
Actual	$1,000.00	$1,308.50	0.60%	$3.49
Hypothetical (5% return before expenses)	$1,000.00	$1,022.18	0.60%	$3.06

† Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).

2

FREQUENCY DISTRIBUTION OF PREMIUM AND DISCOUNT

(UNAUDITED)

The tables that follow present information about the differences between the daily market price on secondary markets for shares of each Fund and the Fund’s net asset value. Net asset value, or “NAV”, is the price per share at which the Funds issue and redeem shares in large blocks typically consisting of 50,000 shares or more. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of each Fund generally is determined using the midpoint of the bid/ask at closing on the stock exchange which the shares of the Fund are listed for trading, as of the time the Fund’s NAV is calculated. Each Fund’s Market Price may be at, above or below its NAV. The NAV of each Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of each Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage of the NAV) between the NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV. A discount is the amount that a Fund is trading below the reported NAV.

The following information shows the frequency distributions of premiums and discounts for the Funds. The information shown for each Fund is for each full calendar quarter completed after the inception date of such Fund through the date of the most recent calendar quarter-end.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

RevenueShares Large Cap Fund							RevenueShares Mid Cap Fund
	Closing Bid/Ask Midpoint Above NAV			Closing Bid/Ask Midpoint Below NAV				Closing Bid/Ask Midpoint Above NAV			Closing Bid/Ask Midpoint Below NAV
Premium/ Discount Range	Number of Days	% of Total Days		Number of Days	% of Total Days		Premium/ Discount Range	Number of Days	% of Total Days		Number of Days	% of Total Days
0.00% - 0.249%	247	35.4	%	329	47.1	%	0.00% - 0.249%	296	42.2	%	285	40.6	%
0.25% - 0.499%	18	2.6	%	29	4.1	%	0.25% - 0.499%	12	1.7	%	12	1.7	%
0.50% - 0.749%	10	1.4	%	8	1.2	%	0.50% - 0.749%	14	2.0	%	12	1.7	%
0.75% - 0.999%	8	1.2	%	10	1.4	%	0.75% - 0.999%	7	1.0	%	10	1.4	%
1.00% or more	19	2.7	%	20	2.9	%	1.00% or more	26	3.7	%	28	4.0	%
Total	302	43.3	%	396	56.7	%	Total	355	50.6	%	347	49.4	%
RevenueShares Small Cap Fund							RevenueShares Financials Sector Fund
	Closing Bid/Ask Midpoint Above NAV			Closing Bid/Ask Midpoint Below NAV				Closing Bid/Ask Midpoint Above NAV			Closing Bid/Ask Midpoint Below NAV
Premium/ Discount Range	Number of Days	% of Total Days		Number of Days	% of Total Days		Premium/ Discount Range	Number of Days	% of Total Days		Number of Days	% of Total Days
0.00% - 0.249%	208	29.6	%	360	51.3	%	0.00% - 0.249%	210	40.5	%	268	51.7	%
0.25% - 0.499%	22	3.1	%	17	2.4	%	0.25% - 0.499%	1	0.2	%	10	1.9	%
0.50% - 0.749%	11	1.6	%	17	2.4	%	0.50% - 0.749%	3	0.6	%	2	0.4	%
0.75% - 0.999%	6	0.8	%	9	1.3	%	0.75% - 0.999%	2	0.4	%	5	1.0	%
1.00% or more	25	3.6	%	27	3.9	%	1.00% or more	10	1.9	%	7	1.4	%
Total	272	38.7	%	430	61.3	%	Total	226	43.6	%	292	56.4	%
RevenueShares ADR Fund							RevenueShares Navellier Overall A-100 Fund
	Closing Bid/Ask Midpoint Above NAV			Closing Bid/Ask Midpoint Below NAV				Closing Bid/Ask Midpoint Above NAV			Closing Bid/Ask Midpoint Below NAV
Premium/ Discount Range	Number of Days	% of Total Days		Number of Days	% of Total Days		Premium/ Discount Range	Number of Days	% of Total Days		Number of Days	% of Total Days
0.00% - 0.249%	206	40.2	%	283	55.2	%	0.00% - 0.249%	248	52.7	%	180	38.3	%
0.25% - 0.499%	1	0.2	%	7	1.4	%	0.25% - 0.499%	4	0.9	%	13	2.7	%
0.50% - 0.749%	3	0.6	%	1	0.2	%	0.50% - 0.749%	4	0.9	%	16	3.4	%
0.75% - 0.999%	1	0.2	%	2	0.4	%	0.75% - 0.999%	0	0.0	%	4	0.9	%
1.00% or more	5	1.0	%	3	0.6	%	1.00% or more	0	0.0	%	1	0.2	%
Total	216	42.2	%	296	57.8	%	Total	256	54.5	%	214	45.5	%

3

SCHEDULE OF INVESTMENTS SUMMARY TABLES
(UNAUDITED)

RevenueShares Large Cap Fund			RevenueShares Mid Cap Fund			RevenueShares Small Cap Fund
Industry	% of Net Assets		Industry	% of Net Assets		Industry	% of Net Assets
Automobiles & Components	2.1	%	Automobiles & Components	0.9	%	Automobiles & Components	0.6	%
Banks	2.2		Banks	2.4		Banks	3.1
Capital Goods	8.8		Capital Goods	13.3		Capital Goods	11.2
Commercial & Professional Services	0.6		Commercial & Professional Services	4.0		Commercial & Professional Services	6.1
Consumer Durables & Apparel	1.1		Consumer Durables & Apparel	3.7		Consumer Durables & Apparel	5.7
Consumer Services	1.1		Consumer Services	3.0		Consumer Services	4.4
Diversified Financials	6.4		Diversified Financials	1.2		Diversified Financials	1.4
Energy	13.0		Energy	3.6		Energy	7.6
Food & Staples Retailing	9.5		Food & Staples Retailing	1.5		Food & Staples Retailing	3.7
Food, Beverage & Tobacco	4.5		Food, Beverage & Tobacco	3.0		Food, Beverage & Tobacco	2.4
Health Care Equipment & Services	8.4		Health Care Equipment & Services	10.2		Health Care Equipment & Services	10.3
Household & Personal Products	1.6		Household & Personal Products	0.9		Household & Personal Products	0.4
Insurance	6.1		Insurance	6.1		Insurance	2.5
Materials	3.5		Materials	8.8		Materials	5.0
Media	2.8		Media	0.7		Media	1.1
Pharmaceuticals, Biotechnology &			Pharmaceuticals, Biotechnology &			Pharmaceuticals, Biotechnology &
Life Sciences	3.6		Life Sciences	1.4		Life Sciences	1.3
Real Estate	0.3		Real Estate	1.9		Real Estate	1.5
Retailing	6.1		Retailing	7.1		Retailing	11.1
Semiconductors & Semiconductor			Semiconductors & Semiconductor			Semiconductors & Semiconductor
Equipment	1.2		Equipment	1.0		Equipment	2.2
Software & Services	3.7		Software & Services	4.0		Software & Services	3.8
Technology Hardware & Equipment	4.6		Technology Hardware & Equipment	11.7		Technology Hardware & Equipment	9.0
Telecommunication Services	3.3		Telecommunication Services	0.9		Telecommunication Services	0.5
Transportation	1.6		Transportation	2.8		Transportation	1.8
Utilities	3.8		Utilities	5.9		Utilities	3.3
Total Investments	99.9		Total Investments	100.0		Total Investments	100.0
Other Assets in Excess of Liabilities	0.1		Liabilities in Excess of Other Assets	—	‡	Liabilities in Excess of Other Assets	—	‡
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
Industry	% of Net Assets		Industry	% of Net Assets		Industry	% of Net Assets
Capital Markets	10.6	%	Automobiles & Components	5.5	%	Automobiles & Components	15.8	%
Commercial Banks	14.4		Banks	12.7		Banks	4.9
Consumer Finance	4.4		Capital Goods	4.1		Capital Goods	17.3
Diversified Financial Services	27.6		Consumer Durables & Apparel	2.8		Commercial & Professional Services	0.7
Insurance	40.1		Consumer Services	0.3		Consumer Durables & Apparel	3.7
Paper & Forest Products	0.5		Diversified Financials	5.9		Consumer Services	6.0
Real Estate Investment Trusts	1.8		Energy	29.8		Energy	1.0
Real Estate Management &			Food & Staples Retailing	0.5		Food, Beverage & Tobacco	1.8
Development	0.4		Food, Beverage & Tobacco	2.9		Health Care Equipment & Services	0.6
Thrifts & Mortgage Finance	0.3		Health Care Equipment & Services	0.3		Household & Personal Products	1.9
Total Investments	100.1		Insurance	5.6		Materials	5.3
Liabilities in Excess of Other			Materials	6.3		Media	0.6
Assets	(0.1)		Media	0.8		Pharmaceuticals, Biotechnology &
			Pharmaceuticals, Biotechnology &			Life Sciences	3.6
Net Assets	100.0	%	Life Sciences	3.1		Real Estate	0.3
			Real Estate	0.2		Retailing	15.0
			Semiconductors & Semiconductor			Semiconductors & Semiconductor
			Equipment	0.5		Equipment	5.0
			Software & Services	0.3		Software & Services	7.2
			Technology Hardware & Equipment 4.9			Technology Hardware & Equipment 5.0
			Telecommunication Services	10.6		Telecommunication Services	0.5
			Transportation	0.3		Transportation	3.6
			Utilities	2.5		Utilities	0.4
			Total Investments	99.9		Total Investments	100.2
			Other Assets in Excess of Liabilities	0.1		Liabilities in Excess of Other Assets	(0.2)
			Net Assets	100.0	%	Net Assets	100.0	%

‡ More than (0.05)%

4

SCHEDULE OF INVESTMENTS
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
COMMON STOCKS—99.9%
Automobiles & Components—2.1%
Ford Motor Co.*	166,498	$	2,795,502
Goodyear Tire & Rubber Co.*	33,004		391,097
Harley-Davidson, Inc.	2,900		100,543
Johnson Controls, Inc.	18,212		695,698
Total Automobiles & Components			3,982,840
Banks—2.2%
BB&T Corp.	8,611		226,383
Comerica, Inc.	1,377		58,164
Fifth Third Bancorp	10,398		152,643
First Horizon National Corp.*	3,668		43,209
Hudson City Bancorp, Inc.	4,972		63,343
Huntington Bancshares, Inc.	10,006		68,741
KeyCorp	13,570		120,095
M&T Bank Corp.	946		82,349
Marshall & Ilsley Corp.	11,135		77,054
People’s United Financial, Inc.	1,679		23,523
PNC Financial Services Group, Inc.	6,146		373,185
Regions Financial Corp.	25,948		181,636
SunTrust Banks, Inc.	7,485		220,882
U.S. Bancorp	16,232		437,777
Wells Fargo & Co.	65,252		2,022,160
Zions Bancorporation	2,647		64,137
Total Banks			4,215,281
Capital Goods—8.8%
3M Co.	6,375		550,163
Boeing Co.	21,396		1,396,303
Caterpillar, Inc.	8,575		803,134
Cummins, Inc.	2,441		268,534
Danaher Corp.	5,792		273,209
Deere & Co.	6,036		501,290
Dover Corp.	2,440		142,618
Eaton Corp.	2,793		283,517
Emerson Electric Co.	7,495		428,489
Fastenal Co.	770		46,131
Flowserve Corp.	733		87,388
Fluor Corp.	7,065		468,127
General Dynamics Corp.	9,494		673,694
General Electric Co.	177,422		3,245,048
Goodrich Corp.	1,648		145,139
Honeywell International, Inc.	12,951		688,475
Illinois Tool Works, Inc.	6,290		335,886
Ingersoll-Rand PLC	6,356		299,304
ITT Corp.	4,510		235,016
Jacobs Engineering Group, Inc.*	4,896		224,482
L-3 Communications Holdings, Inc.	4,582		322,985
Lockheed Martin Corp.	13,923		973,357
Masco Corp.	12,159		153,933
Northrop Grumman Corp.	11,379		737,132
PACCAR, Inc.	3,507		201,372
Pall Corp.	993		49,233
Parker Hannifin Corp.	2,286		197,282
Precision Castparts Corp.	846		117,772
Quanta Services, Inc.*	3,994		79,560
Raytheon Co.	11,406		528,554
Rockwell Automation, Inc.	1,339		96,020
Rockwell Collins, Inc.	1,646		95,896
Roper Industries, Inc.	612		46,775

Snap-On, Inc.	955	54,034
Textron, Inc.	8,961	211,838
Tyco International Ltd.	8,576	355,389
United Technologies Corp.	14,255	1,122,154
W.W. Grainger, Inc.	1,090	150,540
Total Capital Goods		16,589,773
Commercial & Professional Services—0.6%
Avery Dennison Corp.	3,225	136,547
Cintas Corp.	2,616	73,144
Dun & Bradstreet Corp.	435	35,709
Equifax, Inc.	1,102	39,231
Iron Mountain, Inc.	2,628	65,726
Monster Worldwide, Inc.*	695	16,423
Pitney Bowes, Inc.	4,751	114,879
R.R. Donnelley & Sons Co.	11,872	207,404
Republic Services, Inc.	5,515	164,678
Robert Half International, Inc.	2,092	64,015
Stericycle, Inc.*	359	29,050
Waste Management, Inc.	7,063	260,413
Total Commercial & Professional Services		1,207,219
Consumer Durables & Apparel—1.1%
Coach, Inc.	1,250	69,138
D.R. Horton, Inc.	8,192	97,731
Fortune Brands, Inc.	2,150	129,537
Harman International Industries, Inc.*	1,375	63,663
Hasbro, Inc.	1,746	82,376
Leggett & Platt, Inc.	3,070	69,873
Lennar Corp., Class A	3,664	68,700
Mattel, Inc.	4,609	117,207
Newell Rubbermaid, Inc.	6,766	123,006
Nike, Inc., Class B	4,361	372,517
Polo Ralph Lauren Corp.	909	100,826
Pulte Group, Inc.*	15,114	113,657
Stanley Black & Decker, Inc.	2,284	152,731
VF Corp.	1,787	154,004
Whirlpool Corp.	4,433	393,783
Total Consumer Durables & Apparel		2,108,749
Consumer Services—1.1%
Apollo Group, Inc., Class A*	2,543	100,423
Carnival Corp.	6,670	307,554
Darden Restaurants, Inc.	3,104	144,150
DeVry, Inc.	845	40,543
H&R Block, Inc.	5,949	70,853
International Game Technology	2,532	44,791
Marriott International, Inc., Class A	5,686	236,196
McDonald’s Corp.	6,446	494,795
Starbucks Corp.	6,638	213,279
Starwood Hotels & Resorts
Worldwide, Inc.	1,713	104,116
Wyndham Worldwide Corp.	2,623	78,585
Wynn Resorts Ltd.	782	81,203
Yum! Brands, Inc.	4,679	229,505
Total Consumer Services		2,145,993
Diversified Financials—6.4%
American Express Co.	13,138	563,883
Ameriprise Financial, Inc.	3,578	205,914
Bank of America Corp.	229,670	3,063,798

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

5

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Diversified Financials (continued)
Bank of New York Mellon Corp.	9,911	$	299,312
Capital One Financial Corp.	9,089		386,828
Charles Schwab Corp.	5,349		91,521
Citigroup, Inc.*	454,298		2,148,830
CME Group, Inc., Class A	192		61,776
Discover Financial Services	8,325		154,262
E*Trade Financial Corp.*	3,169		50,704
Federated Investors, Inc., Class B	765		20,020
Franklin Resources, Inc.	1,019		113,323
Goldman Sachs Group, Inc.	5,702		958,848
IntercontinentalExchange, Inc.*	202		24,068
Invesco Ltd.	3,206		77,136
Janus Capital Group, Inc.	1,676		21,738
JPMorgan Chase & Co.	56,200		2,384,004
Legg Mason, Inc.	1,501		54,441
Leucadia National Corp.	893		26,058
Moody’s Corp.	1,451		38,510
Morgan Stanley	28,200		767,322
NASDAQ OMX Group, Inc.*	2,896		68,664
Northern Trust Corp.	1,554		86,107
NYSE Euronext	3,163		94,827
SLM Corp.*	11,110		139,875
State Street Corp.	4,943		229,059
T. Rowe Price Group, Inc.	758		48,921
Total Diversified Financials			12,179,749
Energy—13.0%
Anadarko Petroleum Corp.	3,181		242,265
Apache Corp.	2,019		240,725
Baker Hughes, Inc.	4,704		268,928
Cabot Oil & Gas Corp.	443		16,768
Cameron International Corp.*	2,386		121,042
Chesapeake Energy Corp.	8,909		230,832
Chevron Corp.	43,598		3,978,318
ConocoPhillips	53,034		3,611,615
Consol Energy, Inc.	2,384		116,196
Denbury Resources, Inc.*	1,585		30,258
Devon Energy Corp.	2,804		220,142
Diamond Offshore Drilling, Inc.	1,052		70,347
El Paso Corp.	7,401		101,838
EOG Resources, Inc.	1,298		118,650
EQT Corp.	620		27,801
Exxon Mobil Corp.	94,266		6,892,730
FMC Technologies, Inc.*	1,012		89,977
Halliburton Co.	8,327		339,991
Helmerich & Payne, Inc.	727		35,245
Hess Corp.	9,397		719,246
Marathon Oil Corp.	37,740		1,397,512
Massey Energy Co.	1,194		64,058
Murphy Oil Corp.	6,657		496,279
Nabors Industries Ltd.*	3,364		78,919
National Oilwell Varco, Inc.	3,934		264,562
Newfield Exploration Co.*	2,518		181,573
Noble Energy, Inc.	774		66,626
Occidental Petroleum Corp.	4,213		413,295
Peabody Energy Corp.	2,208		141,268
Pioneer Natural Resources Co.	478		41,500
QEP Resources, Inc.	1,295		47,021
Range Resources Corp.	479		21,545
Rowan Cos., Inc.*	1,088		37,982

Schlumberger Ltd.	6,080	507,680
Southwestern Energy Co.*	1,462	54,723
Spectra Energy Corp.	4,041	100,985
Sunoco, Inc.	17,702	713,568
Tesoro Corp.*	23,666	438,768
Valero Energy Corp.	77,686	1,796,100
Williams Cos., Inc.	8,187	202,383
Total Energy		24,539,261
Food & Staples Retailing—9.5%
Costco Wholesale Corp.	22,383	1,616,276
CVS Caremark Corp.	59,997	2,086,096
Kroger Co.	74,305	1,661,460
Safeway, Inc.	40,119	902,276
SUPERVALU, Inc.	102,946	991,370
Sysco Corp.	25,411	747,083
Walgreen Co.	37,773	1,471,636
Wal-Mart Stores, Inc.	154,558	8,335,313
Whole Foods Market, Inc.*	3,706	187,487
Total Food & Staples Retailing		17,998,997
Food, Beverage & Tobacco—4.5%
Altria Group, Inc.	14,154	348,471
Archer-Daniels-Midland Co.	42,281	1,271,812
Brown-Forman Corp., Class B	743	51,728
Campbell Soup Co.	4,627	160,788
Coca-Cola Co.	10,283	676,313
Coca-Cola Enterprises, Inc.	14,156	354,325
ConAgra Foods, Inc.	11,579	261,454
Constellation Brands, Inc., Class A*	3,292	72,918
Dean Foods Co.*	30,140	266,438
Dr Pepper Snapple Group, Inc.	3,103	109,101
General Mills, Inc.	8,567	304,899
H.J. Heinz Co.	4,293	212,332
Hershey Co.	2,480	116,932
Hormel Foods Corp.	2,792	143,118
J.M. Smucker Co.	1,465	96,177
Kellogg Co.	5,146	262,858
Kraft Foods, Inc., Class A	31,252	984,750
Lorillard, Inc.	1,009	82,799
McCormick & Co., Inc.	1,452	67,562
Molson Coors Brewing Co., Class B	1,385	69,513
PepsiCo, Inc.	16,800	1,097,544
Philip Morris International, Inc.	9,503	556,211
Reynolds American, Inc.	5,543	180,813
Sara Lee Corp.	13,959	244,422
Tyson Foods, Inc., Class A	34,242	589,647
Total Food, Beverage & Tobacco		8,582,925
Health Care Equipment & Services—8.4%
Aetna, Inc.	23,154	706,429
AmerisourceBergen Corp., Class A	50,883	1,736,128
Baxter International, Inc.	5,285	267,527
Becton Dickinson & Co.	1,897	160,334
Boston Scientific Corp.*	23,093	174,814
C.R. Bard, Inc.	650	59,651
Cardinal Health, Inc.	55,253	2,116,742
CareFusion Corp.*	3,381	86,892
Cerner Corp.*	412	39,033
CIGNA Corp.	11,335	415,541
Coventry Health Care, Inc.*	9,286	245,150

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

6

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Health Care Equipment & Services (continued)
DaVita, Inc.*	1,878	$	130,502
DENTSPLY International, Inc.	1,365		46,642
Express Scripts, Inc.*	16,021		865,935
Hospira, Inc.*	1,482		82,533
Humana, Inc.*	12,178		666,624
Intuitive Surgical, Inc.*	115		29,641
Laboratory Corp. of America
Holdings*	1,212		106,559
McKesson Corp.	33,407		2,351,185
Medco Health Solutions, Inc.*	21,166		1,296,841
Medtronic, Inc.	8,892		329,804
Patterson Cos., Inc.	2,242		68,672
Quest Diagnostics, Inc.	3,008		162,342
St. Jude Medical, Inc.*	2,552		109,098
Stryker Corp.	2,813		151,058
Tenet Healthcare Corp.*	29,333		196,238
UnitedHealth Group, Inc.	51,749		1,868,656
Varian Medical Systems, Inc.*	725		50,228
WellPoint, Inc.*	21,471		1,220,841
Zimmer Holdings, Inc.*	1,670		89,646
Total Health Care Equipment & Services			15,831,286
Household & Personal Products—1.6%
Avon Products, Inc.	7,774		225,912
Clorox Co.	1,820		115,170
Colgate-Palmolive Co.	4,118		330,964
Estee Lauder Cos., Inc., Class A	2,077		167,614
Kimberly-Clark Corp.	6,649		419,153
Mead Johnson Nutrition Co., Class A	1,031		64,180
Procter & Gamble Co.	25,683		1,652,187
Total Household & Personal Products			2,975,180
Insurance—6.1%
ACE Ltd.	5,431		338,080
Aflac, Inc.	7,452		420,516
Allstate Corp.	20,993		669,257
American International Group, Inc.*	31,948		1,840,844
AON Corp.	3,587		165,038
Assurant, Inc.	4,632		178,425
Berkshire Hathaway, Inc., Class B*	33,684		2,698,425
Chubb Corp.	4,662		278,042
Cincinnati Financial Corp.	2,571		81,475
Genworth Financial, Inc., Class A*	15,781		207,362
Hartford Financial Services Group, Inc.	18,487		489,721
Lincoln National Corp.	7,603		211,439
Loews Corp.	7,886		306,844
Marsh & McLennan Cos., Inc.	8,279		226,348
MetLife, Inc.	24,706		1,097,935
Principal Financial Group, Inc.	5,885		191,615
Progressive Corp.	14,926		296,580
Prudential Financial, Inc.	14,270		837,792
Torchmark Corp.	1,110		66,311
Travelers Cos., Inc.	9,468		527,462
Unum Group	8,755		212,046
XL Group PLC, Class A	6,094		132,971
Total Insurance			11,474,528
Materials—3.5%
Air Products & Chemicals, Inc.	2,072		188,448
Airgas, Inc.	1,275		79,637

AK Steel Holding Corp.	8,185	133,988
Alcoa, Inc.	30,087		463,039
Allegheny Technologies, Inc.	1,468		81,004
Ball Corp.	2,326		158,284
Bemis Co., Inc.	2,823		92,199
CF Industries Holdings, Inc.	566		76,495
Cliffs Natural Resources, Inc.	1,133		88,385
Dow Chemical Co.	31,894		1,088,861
E.I. Du Pont de Nemours & Co.	13,060		651,433
Eastman Chemical Co.	1,637		137,639
Ecolab, Inc.	2,567		129,428
FMC Corp.	791		63,193
Freeport-McMoRan Copper
& Gold, Inc.	3,235		388,491
International Flavors &
Fragrances, Inc.	972		54,034
International Paper Co.	19,163		522,000
MeadWestvaco Corp.	4,934		129,073
Monsanto Co.	3,569		248,545
Newmont Mining Corp.	3,192		196,085
Nucor Corp.	7,262		318,221
Owens-Illinois, Inc.*	4,742		145,579
PPG Industries, Inc.	3,411		286,763
Praxair, Inc.	2,212		211,180
Sealed Air Corp.	3,772		95,997
Sigma-Aldrich Corp.	710		47,258
Titanium Metals Corp.*	999		17,163
United States Steel Corp.	6,323		369,390
Vulcan Materials Co.	1,194		52,966
Weyerhaeuser Co. (a)	7,339		138,927
Total Materials			6,653,705
Media—2.8%
Cablevision Systems Corp., Class A	928		31,403
CBS Corp., Class B	15,902		302,933
Comcast Corp., Class A	36,368		799,005
DIRECTV, Class A*	12,135		484,551
Discovery Communications, Inc.,
Class A*	1,849		77,103
Gannett Co., Inc.	7,324		110,519
Interpublic Group of Cos., Inc.*	11,820		125,528
McGraw-Hill Cos., Inc.	3,475		126,525
Meredith Corp.	801		27,755
News Corp., Class A	46,848		682,107
Omnicom Group, Inc.	5,446		249,427
Scripps Networks Interactive, Inc.,
Class A	776		40,158
Time Warner Cable, Inc.	6,001		396,246
Time Warner, Inc.	17,338		557,763
Viacom, Inc., Class B	7,147		283,093
Walt Disney Co.	21,357		801,101
Washington Post Co., Class B	242		106,359
Total Media			5,201,576
Pharmaceuticals, Biotechnology & Life Sciences—3.6%
Abbott Laboratories	14,872		712,517
Allergan, Inc.	1,455		99,915
Amgen, Inc.*	5,797		318,255
Biogen IDEC, Inc.*	1,464		98,161
Bristol-Myers Squibb Co.	15,354		406,574
Celgene Corp.*	1,219		72,092

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

7

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Cephalon, Inc.*	867	$	53,511
Eli Lilly & Co.	13,557		475,037
Forest Laboratories, Inc.*	2,562		81,933
Genzyme Corp.*	1,258		89,570
Gilead Sciences, Inc.*	4,502		163,152
Johnson & Johnson	20,987		1,298,046
Life Technologies Corp.*	1,374		76,257
Merck & Co., Inc.	25,315		912,353
Mylan, Inc.*	5,614		118,624
PerkinElmer, Inc.	1,517		39,169
Pfizer, Inc.	80,727		1,413,530
Thermo Fisher Scientific, Inc.*	4,071		225,370
Waters Corp.*	415		32,250
Watson Pharmaceuticals, Inc.*	1,448		74,789
Total Pharmaceuticals, Biotechnology
& Life Sciences			6,761,105
Real Estate—0.3%
Apartment Investment &
Management Co., Class A (a)	954		24,651
AvalonBay Communities, Inc. (a)	167		18,796
Boston Properties, Inc. (a)	389		33,493
CB Richard Ellis Group, Inc., Class A*	4,872		99,779
Equity Residential (a)	833		43,274
HCP, Inc. (a)	738		27,151
Health Care REIT, Inc. (a)	299		14,244
Host Hotels & Resorts, Inc. (a)	5,150		92,031
Kimco Realty Corp. (a)	1,149		20,728
Plum Creek Timber Co., Inc. (a)	578		21,646
ProLogis (a)	1,567		22,627
Public Storage (a)	344		34,888
Simon Property Group, Inc. (a)	840		83,572
Ventas, Inc. (a)	420		22,042
Vornado Realty Trust (a)	724		60,331
Total Real Estate			619,253
Retailing—6.1%
Abercrombie & Fitch Co., Class A	1,134		65,352
Amazon.com, Inc.*	3,684		663,120
Autonation, Inc.*	9,338		263,332
AutoZone, Inc.*	565		154,013
Bed Bath & Beyond, Inc.*	3,274		160,917
Best Buy Co., Inc.	23,846		817,679
Big Lots, Inc.*	3,387		103,168
Carmax, Inc.*	4,238		135,108
Expedia, Inc.	2,559		64,205
Family Dollar Stores, Inc.	3,250		161,558
Gamestop Corp., Class A*	8,570		196,082
Gap, Inc.	13,769		304,846
Genuine Parts Co.	4,433		227,590
Home Depot, Inc.	39,804		1,395,528
JC Penney Co., Inc.	11,239		363,132
Kohl’s Corp.*	6,514		353,971
Lowe’s Cos., Inc.	39,092		980,427
Ltd. Brands, Inc.	5,755		176,851
Macy’s, Inc.	19,624		496,487
NetFlix, Inc.*	1,392		244,574
Nordstrom, Inc.	4,165		176,513
O’Reilly Automotive, Inc.*	1,791		108,212
priceline.com, Inc.*	151		60,332

RadioShack Corp.	4,780	88,382
Ross Stores, Inc.	2,255		142,629
Sears Holdings Corp.*	13,482		994,298
Sherwin-Williams Co.	1,995		167,081
Staples, Inc.	22,475		511,756
Target Corp.	22,882		1,375,895
Tiffany & Co.	844		52,556
TJX Cos., Inc.	9,265		411,273
Urban Outfitters, Inc.*	1,051		37,636
Total Retailing			11,454,503
Semiconductors & Semiconductor Equipment—1.2%
Advanced Micro Devices, Inc.*	16,381		133,997
Altera Corp.	951		33,836
Analog Devices, Inc.	1,379		51,947
Applied Materials, Inc.	12,849		180,528
Broadcom Corp., Class A	2,826		123,072
First Solar, Inc.*	398		51,796
Intel Corp.	41,293		868,392
KLA-Tencor Corp.	814		31,453
Linear Technology Corp.	608		21,031
LSI Corp.*	8,928		53,479
MEMC Electronic Materials, Inc.*	3,063		34,489
Microchip Technology, Inc.	508		17,379
Micron Technology, Inc.*	18,604		149,204
National Semiconductor Corp.	1,986		27,327
Novellus Systems, Inc.*	722		23,335
NVIDIA Corp.*	4,019		61,893
Teradyne, Inc.*	2,317		32,531
Texas Instruments, Inc.	8,532		277,290
Xilinx, Inc.	1,197		34,689
Total Semiconductors &
Semiconductor Equipment			2,207,668
Software & Services—3.7%
Adobe Systems, Inc.*	2,652		81,629
Akamai Technologies, Inc.*	412		19,385
Autodesk, Inc.*	945		36,099
Automatic Data Processing, Inc.	3,932		181,973
BMC Software, Inc.*	822		38,749
CA, Inc.	3,626		88,619
Citrix Systems, Inc.*	549		37,557
Cognizant Technology
Solutions Corp., Class A*	1,252		91,759
Computer Sciences Corp.	7,085		351,416
Compuware Corp.*	1,638		19,115
eBay, Inc.*	6,196		172,435
Electronic Arts, Inc.*	4,660		76,331
Fidelity National Information
Services, Inc.	3,870		105,999
Fiserv, Inc.*	1,452		85,029
Google, Inc., Class A*	967		574,369
International Business Machines Corp.	14,126		2,073,132
Intuit, Inc.*	1,459		71,929
Mastercard, Inc., Class A	449		100,625
McAfee, Inc.*	904		41,864
Microsoft Corp.	45,431		1,268,434
Novell, Inc.*	2,839		16,807
Oracle Corp.	16,524		517,201
Paychex, Inc.	1,319		40,770
Red Hat, Inc.*	315		14,380

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

8

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Software & Services (continued)
SAIC, Inc.*	14,419	$	228,685
Salesforce.com, Inc.*	190		25,080
Symantec Corp.*	7,152		119,724
Total System Services, Inc.	2,281		35,082
VeriSign, Inc.	486		15,878
Visa, Inc., Class A	2,007		141,253
Western Union Co.	5,700		105,849
Yahoo!, Inc.*	8,123		135,085
Total Software & Services			6,912,242
Technology Hardware & Equipment—4.6%
Agilent Technologies, Inc.*	2,710		112,275
Amphenol Corp., Class A	1,320		69,670
Apple, Inc.*	3,701		1,193,795
Cisco Systems, Inc.*	40,067		810,555
Corning, Inc.	6,889		133,095
Dell, Inc.*	79,983		1,083,770
EMC Corp.*	14,991		343,294
F5 Networks, Inc.*	389		50,632
FLIR Systems, Inc.*	910		27,073
Harris Corp.	2,280		103,284
Hewlett-Packard Co.	61,626		2,594,455
Jabil Circuit, Inc.	15,347		308,321
JDS Uniphase Corp.*	1,861		26,947
Juniper Networks, Inc.*	2,216		81,815
Lexmark International, Inc., Class A*	2,341		81,514
Molex, Inc.	2,427		55,141
Motorola, Inc.*	51,749		469,363
NetApp, Inc.*	1,361		74,801
QLogic Corp.*	580		9,872
QUALCOMM, Inc.	4,527		224,041
SanDisk Corp.*	1,977		98,573
Tellabs, Inc.	4,993		33,853
Teradata Corp.*	911		37,497
Western Digital Corp.*	5,497		186,348
Xerox Corp.	34,645		399,110
Total Technology Hardware & Equipment			8,609,094
Telecommunication Services—3.3%
American Tower Corp., Class A*	779		40,227
AT&T, Inc.	89,443		2,627,835
CenturyLink, Inc.	3,289		151,853
Frontier Communications Corp.	6,571		63,936
MetroPCS Communications, Inc.*	6,516		82,297
Qwest Communications
International, Inc.	33,019		251,275
Sprint Nextel Corp.*	152,417		644,724
Verizon Communications, Inc.	65,332		2,337,579
Windstream Corp.	5,087		70,913
Total Telecommunication Services			6,270,639
Transportation—1.6%
CH Robinson Worldwide, Inc.	2,393		191,895
CSX Corp.	3,330		215,151

Expeditors International of
Washington, Inc.	2,096		114,441
FedEx Corp.	7,303		679,252
Norfolk Southern Corp.	3,118		195,873
Ryder System, Inc.	2,262		119,072
Southwest Airlines Co.	18,934		245,763
Union Pacific Corp.	3,694		342,286
United Parcel Service, Inc., Class B	13,855		1,005,596
Total Transportation			3,109,329
Utilities—3.8%
AES Corp.*	29,376		357,800
Allegheny Energy, Inc.	3,480		84,355
Ameren Corp.	5,461		153,946
American Electric Power Co., Inc.	8,228		296,044
CenterPoint Energy, Inc.	11,685		183,688
CMS Energy Corp.	6,999		130,181
Consolidated Edison, Inc.	5,688		281,954
Constellation Energy Group, Inc.	10,546		323,024
Dominion Resources, Inc.	7,250		309,720
DTE Energy Co.	3,819		173,077
Duke Energy Corp.	16,508		294,008
Edison International	6,707		258,890
Entergy Corp.	3,380		239,406
Exelon Corp.	9,316		387,918
FirstEnergy Corp.	7,606		281,574
Integrys Energy Group, Inc.	2,320		112,543
Nextera Energy, Inc.	6,209		322,806
Nicor, Inc.	1,145		57,158
NiSource, Inc.	7,618		134,229
Northeast Utilities	3,259		103,897
NRG Energy, Inc.*	10,165		198,624
Oneok, Inc.	5,109		283,396
Pepco Holdings, Inc.	9,288		169,506
PG&E Corp.	6,041		289,002
Pinnacle West Capital Corp.	1,664		68,973
PPL Corp.	6,859		180,529
Progress Energy, Inc.	4,839		210,400
Public Service Enterprise
Group, Inc.	8,151		259,283
SCANA Corp.	2,335		94,801
Sempra Energy	3,661		192,129
Southern Co.	9,397		359,247
TECO Energy, Inc.	4,196		74,689
Wisconsin Energy Corp.	1,485		87,407
Xcel Energy, Inc.	9,131		215,035
Total Utilities			7,169,239
Total Investments—99.9%
(Cost $166,142,775)			188,800,134
Other Assets in Excess of
Liabilities—0.1%			142,827
Net Assets—100.0%		$	188,942,961

*	Non-income producing security
(a)	Real Estate Investment Trust

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

9

SCHEDULE OF INVESTMENTS
REVENUESHARES MID CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
COMMON STOCKS—100.0%
Automobiles & Components—0.9%
BorgWarner, Inc.*	11,407	$	825,411
Gentex Corp.	3,782		111,796
Thor Industries, Inc.	9,512		323,027
Total Automobiles & Components			1,260,234
Banks—2.4%
Associated Banc-Corp.	11,376		172,346
Astoria Financial Corp.	10,358		144,080
Bancorpsouth, Inc.	8,165		130,232
Bank of Hawaii Corp.	2,332		110,094
Cathay General Bancorp	4,597		76,770
City National Corp.	2,653		162,788
Commerce Bancshares, Inc.	4,161		165,317
Cullen/Frost Bankers, Inc.	2,219		135,625
East West Bancorp, Inc.	7,540		147,407
First Niagara Financial Group, Inc.	9,085		127,008
FirstMerit Corp.	5,358		106,035
Fulton Financial Corp.	14,239		147,231
International Bancshares Corp.	4,968		99,509
New York Community Bancorp, Inc.	18,178		342,655
NewAlliance Bancshares, Inc.	4,141		62,032
PacWest Bancorp	2,457		52,531
Prosperity Bancshares, Inc.	1,715		67,365
SVB Financial Group*	1,893		100,424
Synovus Financial Corp.	99,780		263,419
TCF Financial Corp.	14,160		209,710
Trustmark Corp.	3,427		85,127
Valley National Bancorp	7,920		113,256
Washington Federal, Inc.	6,938		117,391
Webster Financial Corp.	7,355		144,893
Westamerica Bancorporation	753		41,769
Total Banks			3,325,014
Capital Goods—13.3%
Acuity Brands, Inc.	3,869		223,125
Aecom Technology Corp.*	32,134		898,788
AGCO Corp.*	19,640		994,962
Alliant Techsystems, Inc.*	8,914		663,469
AMETEK, Inc.	8,260		324,205
Baldor Electric Co.	3,721		234,572
BE Aerospace, Inc.*	7,343		271,911
Bucyrus International, Inc., Class A	4,886		436,808
Carlisle Cos., Inc.	8,987		357,143
Crane Co.	7,888		323,960
Donaldson Co., Inc.	4,385		255,558
Gardner Denver, Inc.	3,720		256,010
GATX Corp.	4,623		163,100
Graco, Inc.	2,511		99,059
Granite Construction, Inc.	8,836		242,372
Harsco Corp.	15,897		450,203
Hubbell, Inc., Class B	5,871		353,023
IDEX Corp.	5,244		205,145
Joy Global, Inc.	6,119		530,823
KBR, Inc.	51,746		1,576,701
Kennametal, Inc.	6,440		254,122
Lennox International, Inc.	9,378		443,486
Lincoln Electric Holdings, Inc.	4,326		282,358
MSC Industrial Direct Co., Class A	3,527		228,162
Nordson Corp.	1,620		148,846

Oshkosh Corp.*	37,098	1,307,334
Pentair, Inc.	11,864	433,155
Regal-Beloit Corp.	4,657	310,901
Shaw Group, Inc.*	29,327	1,003,863
SPX Corp.	9,810	701,317
Terex Corp.*	21,843	678,007
Thomas & Betts Corp.*	5,910	285,453
Timken Co.	11,265	537,679
Trinity Industries, Inc.	11,602	308,729
United Rentals, Inc.*	13,853	315,156
URS Corp.*	29,394	1,223,084
Valmont Industries, Inc.	3,010	267,077
Wabtec Corp.	4,019	212,565
Watsco, Inc.	6,167	389,014
Woodward Governor Co.	5,328	200,120
Total Capital Goods		18,391,365
Commercial & Professional Services—4.0%
Brink’s Co.	16,893	454,084
Clean Harbors, Inc.*	3,010	253,081
Copart, Inc.*	3,159	117,989
Corporate Executive Board Co.	1,641	61,619
Corrections Corp. of America*	9,773	244,911
Deluxe Corp.	9,163	210,932
FTI Consulting, Inc.*	5,549	206,867
Herman Miller, Inc.	8,115	205,309
HNI Corp.	7,698	240,178
Korn/Ferry International*	3,416	78,944
Manpower, Inc.	41,230	2,587,595
Mine Safety Appliances Co.	4,305	134,015
Navigant Consulting, Inc.*	10,480	96,416
Rollins, Inc.	8,215	162,246
Towers Watson & Co., Class A	5,512	286,955
Waste Connections, Inc.	6,795	187,066
Total Commercial & Professional Services		5,528,207
Consumer Durables & Apparel—3.7%
American Greetings Corp., Class A	10,486	232,370
Deckers Outdoor Corp.*	1,644	131,092
Eastman Kodak Co.*	58,310	312,542
Fossil, Inc.*	3,639	256,477
Hanesbrands, Inc.*	22,926	582,320
KB Home	20,557	277,314
MDC Holdings, Inc.	5,427	156,135
Mohawk Industries, Inc.*	13,345	757,462
NVR, Inc.*	679	469,203
Phillips-Van Heusen Corp.	4,971	313,223
Polaris Industries, Inc.	3,444	268,701
Ryland Group, Inc.	11,019	187,653
Timberland Co., Class A*	7,564	185,999
Toll Brothers, Inc.*	12,050	228,950
Tupperware Brands Corp.	6,848	326,444
Under Armour, Inc., Class A*	2,365	129,697
Warnaco Group, Inc.*	5,633	310,209
Total Consumer Durables & Apparel		5,125,791
Consumer Services—3.0%
Bally Technologies, Inc.*	2,636	111,213
Bob Evans Farms, Inc.	7,278	239,883
Boyd Gaming Corp.*	29,131	308,789
Brinker International, Inc.	20,235	422,507

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

10

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Consumer Services (continued)
Career Education Corp.*	14,828	$	307,384
Cheesecake Factory, Inc.*	7,239		221,948
Chipotle Mexican Grill, Inc., Class A*	1,104		234,777
International Speedway Corp.,
Class A	3,701		96,855
ITT Educational Services, Inc.*	3,583		228,201
Life Time Fitness, Inc.*	3,113		127,602
Matthews International Corp., Class A	3,320		116,133
Panera Bread Co., Class A*	2,078		210,314
Regis Corp.	18,282		303,481
Scientific Games Corp., Class A*	14,169		141,123
Service Corp. International	36,628		302,181
Sotheby’s	2,157		97,065
Strayer Education, Inc.	558		84,939
Wendy’s/Arby’s Group, Inc., Class A	104,377		482,222
WMS Industries, Inc.*	2,345		106,088
Total Consumer Services			4,142,705
Diversified Financials—1.2%
Affiliated Managers Group, Inc.*	1,788		177,405
Apollo Investment Corp.	5,397		59,745
Eaton Vance Corp.	4,931		149,064
Greenhill & Co., Inc.	503		41,085
Jefferies Group, Inc.	14,441		384,564
MSCI, Inc., Class A*	2,194		85,478
Raymond James Financial, Inc.	13,042		426,474
SEI Investments Co.	5,704		135,698
Waddell & Reed Financial, Inc., Class A	4,218		148,853
Total Diversified Financials			1,608,366
Energy—3.6%
Arch Coal, Inc.	13,620		477,517
Atwood Oceanics, Inc.*	2,358		88,118
Bill Barrett Corp.*	2,447		100,645
Cimarex Energy Co.	2,559		226,548
Comstock Resources, Inc.*	2,084		51,183
Dril-Quip, Inc.*	987		76,710
Exterran Holdings, Inc.*	15,060		360,687
Forest Oil Corp.*	3,651		138,628
Frontier Oil Corp.*	45,293		815,727
Helix Energy Solutions Group, Inc.*	11,498		139,586
Oceaneering International, Inc.*	3,700		272,431
Overseas Shipholding Group, Inc.	4,220		149,472
Patriot Coal Corp.*	16,856		326,501
Patterson-UTI Energy, Inc.	7,553		162,767
Plains Exploration & Production Co.*	7,232		232,437
Pride International, Inc.*	6,063		200,079
Quicksilver Resources, Inc.*	9,015		132,881
SM Energy Co.	4,233		249,451
Southern Union Co.	13,962		336,065
Superior Energy Services, Inc.*	6,221		217,673
Tidewater, Inc.	3,464		186,502
Unit Corp.*	2,558		118,896
Total Energy			5,060,504
Food & Staples Retailing—1.5%
BJ’s Wholesale Club, Inc.*	31,307		1,499,605
Ruddick Corp.	16,148		594,893
Total Food & Staples Retailing			2,094,498

Food, Beverage & Tobacco—3.0%
Corn Products International, Inc.	11,914	548,044
Flowers Foods, Inc.	14,535	391,137
Green Mountain Coffee
Roasters, Inc.*	5,344	175,604
Hansen Natural Corp.*	3,727	194,847
Lancaster Colony Corp.	2,733	156,328
Ralcorp Holdings, Inc.*	8,917	579,694
Smithfield Foods, Inc.*	79,587	1,641,880
Tootsie Roll Industries, Inc.	2,632	76,249
Universal Corp.	8,836	359,625
Total Food, Beverage & Tobacco		4,123,408
Health Care Equipment & Services—10.2%
Allscripts Healthcare Solutions, Inc.*	7,687	148,128
Beckman Coulter, Inc.	7,508	564,827
Community Health Systems, Inc.*	52,446	1,959,907
Edwards Lifesciences Corp.*	2,642	213,579
Gen-Probe, Inc.*	1,422	82,974
Health Management Associates, Inc.,
Class A*	78,543	749,300
Health Net, Inc.*	75,254	2,053,682
Henry Schein, Inc.*	17,720	1,087,831
Hill-Rom Holdings, Inc.	4,969	195,630
Hologic, Inc.*	13,565	255,293
IDEXX Laboratories, Inc.*	2,230	154,361
Immucor, Inc.*	2,353	46,660
Kindred Healthcare, Inc.*	36,604	672,415
Kinetic Concepts, Inc.*	6,950	291,066
LifePoint Hospitals, Inc.*	12,440	457,170
Lincare Holdings, Inc.	9,045	242,677
Masimo Corp.	1,797	52,239
Mednax, Inc.*	3,004	202,139
Omnicare, Inc.	36,409	924,424
Owens & Minor, Inc.	41,347	1,216,842
ResMed, Inc.*	4,522	156,642
STERIS Corp.	4,954	180,623
Teleflex, Inc.	4,981	268,028
Thoratec Corp.*	2,116	59,925
Universal Health Services, Inc.,
Class B	18,799	816,253
VCA Antech, Inc.*	8,405	195,752
WellCare Health Plans, Inc.*	28,890	873,056
Total Health Care Equipment & Services		14,121,423
Household & Personal Products—0.9%
Alberto-Culver Co., Class B	5,941	220,055
Church & Dwight Co., Inc.	5,572	384,579
Energizer Holdings, Inc.*	8,646	630,293
Total Household & Personal Products		1,234,927
Insurance—6.1%
American Financial Group, Inc.	19,633	633,950
Arthur J. Gallagher & Co.	8,921	259,423
Brown & Brown, Inc.	5,728	137,128
Everest Re Group Ltd.	7,701	653,199
Fidelity National Financial, Inc.,
Class A	57,246	783,125
First American Financial Corp.	36,282	542,053
Hanover Insurance Group, Inc.	9,199	429,777

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

11

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Insurance (continued)
HCC Insurance Holdings, Inc.	11,560	$	334,546
Mercury General Corp.	9,070		390,101
Old Republic International Corp.	42,049		573,128
Protective Life Corp.	17,068		454,692
Reinsurance Group of America, Inc.,
Class A	21,227		1,140,102
StanCorp Financial Group, Inc.	8,620		389,107
Transatlantic Holdings, Inc.	12,183		628,886
Unitrin, Inc.	15,136		371,437
W.R. Berkley Corp.	24,610		673,822
Total Insurance			8,394,476
Materials—8.8%
Albemarle Corp.	6,026		336,130
Aptargroup, Inc.	6,231		296,409
Ashland, Inc.	24,205		1,231,066
Cabot Corp.	10,602		399,165
Carpenter Technology Corp.	4,011		161,403
Commercial Metals Co.	49,821		826,530
Compass Minerals International, Inc.	1,697		151,491
Cytec Industries, Inc.	9,166		486,348
Greif, Inc., Class A	7,573		468,769
Intrepid Potash, Inc.*	1,493		55,674
Louisiana-Pacific Corp.*	20,282		191,868
Lubrizol Corp.	7,247		774,559
Martin Marietta Materials, Inc.	2,703		249,325
Minerals Technologies, Inc.	2,287		149,593
NewMarket Corp.	2,010		247,974
Olin Corp.	10,941		224,509
Packaging Corp. of America	12,571		324,835
Reliance Steel & Aluminum Co.	17,317		884,899
Rock-Tenn Co., Class A	7,631		411,692
RPM International, Inc.	22,528		497,869
Scotts Miracle-Gro Co., Class A	9,022		458,047
Sensient Technologies Corp.	5,157		189,416
Silgan Holdings, Inc.	12,595		451,027
Sonoco Products Co.	16,930		570,033
Steel Dynamics, Inc.	50,408		922,466
Temple-Inland, Inc.	23,501		499,161
Valspar Corp.	13,066		450,516
Worthington Industries, Inc.	14,655		269,652
Total Materials			12,180,426
Media—0.7%
DreamWorks Animation SKG, Inc.,
Class A*	3,336		98,312
Harte-Hanks, Inc.	9,097		116,169
John Wiley & Sons, Inc., Class A	5,179		234,298
Lamar Advertising Co., Class A*	4,093		163,065
New York Times Co., Class A*	11,446		112,171
Scholastic Corp.	8,893		262,699
Total Media			986,714
Pharmaceuticals, Biotechnology & Life Sciences—1.4%
Bio-Rad Laboratories, Inc., Class A*	2,653		275,514
Charles River Laboratories
International, Inc.*	4,793		170,343
Covance, Inc.*	5,942		305,478
Endo Pharmaceuticals Holdings, Inc.*	6,329		226,009

Medicis Pharmaceutical Corp., Class A	3,652	97,837
Mettler-Toledo International, Inc.*	1,757		265,676
Perrigo Co.	4,650		294,485
Pharmaceutical Product
Development, Inc.	7,877		213,782
Techne Corp.	632		41,503
United Therapeutics Corp.*	1,264		79,910
Vertex Pharmaceuticals, Inc.*	462		16,184
Total Pharmaceuticals, Biotechnology
& Life Sciences			1,986,721
Real Estate—1.9%
Alexandria Real Estate Equities, Inc. (a)	967		70,842
AMB Property Corp. (a)	2,878		91,261
BRE Properties, Inc. (a)	1,125		48,938
Camden Property Trust (a)	1,686		91,010
Corporate Office Properties Trust
SBI Md (a)	2,473		86,431
Cousins Properties, Inc. (a)	4,361		36,371
Duke Realty Corp. (a)	18,354		228,691
Equity One, Inc. (a)	2,328		42,323
Essex Property Trust, Inc. (a)	526		60,080
Federal Realty Investment Trust (a)	1,037		80,813
Highwoods Properties, Inc. (a)	2,190		69,752
Hospitality Properties Trust (a)	6,847		157,755
Jones Lang LaSalle, Inc.	4,925		413,306
Liberty Property Trust (a)	3,486		111,273
Macerich Co. (a)	2,405		113,925
Mack-Cali Realty Corp. (a)	3,698		122,256
Nationwide Health Properties, Inc. (a)	1,735		63,119
Omega Healthcare Investors, Inc. (a)	1,595		35,792
Potlatch Corp. (a)	2,210		71,936
Rayonier, Inc. (a)	3,585		188,284
Realty Income Corp. (a)	1,394		47,675
Regency Centers Corp. (a)	1,685		71,174
Senior Housing Properties Trust (a)	2,172		47,654
SL Green Realty Corp. (a)	2,406		162,429
UDR, Inc. (a)	3,849		90,529
Weingarten Realty Investors (a)	3,390		80,546
Total Real Estate			2,684,165
Retailing—7.1%
99 Cents Only Stores*	12,073		192,444
Aaron’s, Inc.	12,780		260,584
Advance Auto Parts, Inc.	12,233		809,213
Aeropostale, Inc.*	12,731		313,692
American Eagle Outfitters, Inc.	27,011		395,171
AnnTaylor Stores Corp.*	10,009		274,147
Ascena Retail Group, Inc.*	11,522		304,411
Barnes & Noble, Inc.	59,084		836,039
Chico’s FAS, Inc.	19,838		238,651
Collective Brands, Inc.*	22,965		484,561
Dick’s Sporting Goods, Inc.*	16,961		636,037
Dollar Tree, Inc.*	12,990		728,479
Foot Locker, Inc.	36,659		719,250
Guess?, Inc.	6,220		294,330
J. Crew Group, Inc.*	4,893		211,084
LKQ Corp.*	14,741		334,916
Office Depot, Inc.*	57,569		310,873
PetSmart, Inc.	19,237		766,017

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

12

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Retailing (continued)
Rent-A-Center, Inc., Class A	13,004	$	419,769
Saks, Inc.*	33,087		354,031
Tractor Supply Co.	10,453		506,866
Williams-Sonoma, Inc.	12,236		436,703
Total Retailing			9,827,268
Semiconductors & Semiconductor Equipment—1.0%
Atmel Corp.*	17,800		219,296
Cree, Inc.*	1,527		100,614
Fairchild Semiconductor International,
Inc., Class A*	14,378		224,440
Integrated Device Technology, Inc.*	10,200		67,932
International Rectifier Corp.*	3,768		111,872
Intersil Corp., Class A	7,638		116,632
Lam Research Corp.*	4,556		235,910
RF Micro Devices, Inc.*	16,185		118,960
Semtech Corp.*	1,548		35,047
Silicon Laboratories, Inc.*	1,567		72,113
Skyworks Solutions, Inc.*	5,216		149,334
Total Semiconductors
& Semiconductor Equipment			1,452,150
Software & Services—4.0%
ACI Worldwide, Inc.*	2,092		56,212
Acxiom Corp.*	8,863		152,000
Advent Software, Inc.*	729		42,224
Alliance Data Systems Corp.*	5,372		381,573
ANSYS, Inc.*	1,552		80,813
AOL, Inc.*	14,744		349,580
Broadridge Financial Solutions, Inc.	13,732		301,143
Cadence Design Systems, Inc.*	15,611		128,947
Concur Technologies, Inc.*	2,064		107,183
Convergys Corp.*	24,812		326,774
CoreLogic, Inc.	7,447		137,918
Digital River, Inc.*	1,386		47,706
DST Systems, Inc.	7,318		324,553
Equinix, Inc.*	1,904		154,719
Factset Research Systems, Inc.	931		87,291
Fair Isaac Corp.	3,585		83,781
Gartner, Inc.*	5,423		180,044
Global Payments, Inc.	5,170		238,906
Informatica Corp.*	1,967		86,607
Jack Henry & Associates, Inc.	3,873		112,898
Lender Processing Services, Inc.	11,464		338,417
Mantech International Corp.,
Class A*	8,894		367,589
Mentor Graphics Corp.*	9,661		115,932
MICROS Systems, Inc.*	2,730		119,738
NeuStar, Inc., Class A*	2,832		73,774
Parametric Technology Corp.*	6,184		139,325
Quest Software, Inc.*	3,884		107,742
Rackspace Hosting, Inc.*	3,344		105,035
Rovi Corp.*	1,359		84,272
Solera Holdings, Inc.	1,730		88,784
SRA International, Inc., Class A*	11,366		232,435
Synopsys, Inc.*	7,165		192,810
TIBCO Software, Inc.*	4,885		96,283
ValueClick, Inc.*	3,493		55,993
Total Software & Services			5,499,001

Technology Hardware & Equipment—11.7%
ADTRAN, Inc.	2,318	83,935
Arrow Electronics, Inc.*	74,923		2,566,113
Avnet, Inc.*	77,193		2,549,685
Ciena Corp.*	7,430		156,401
CommScope, Inc.*	14,290		446,134
Diebold, Inc.	12,713		407,452
Ingram Micro, Inc., Class A*	258,037		4,925,926
Itron, Inc.*	5,430		301,093
National Instruments Corp.	3,265		122,895
NCR Corp.*	45,275		695,877
Plantronics, Inc.	2,229		82,963
Polycom, Inc.*	4,200		163,716
Riverbed Technology, Inc.*	1,993		70,094
Tech Data Corp.*	68,349		3,008,723
Trimble Navigation Ltd.*	4,296		171,539
Vishay Intertechnology, Inc.*	25,339		371,976
Zebra Technologies Corp., Class A*	3,437		130,572
Total Technology Hardware & Equipment			16,255,094
Telecommunication Services—0.9%
Cincinnati Bell, Inc.*	75,457		211,280
Syniverse Holdings, Inc.*	2,866		88,416
Telephone & Data Systems, Inc.	19,819		724,384
tw Telecom, Inc., Class A*	10,879		185,487
Total Telecommunication Services			1,209,567
Transportation—2.8%
AirTran Holdings, Inc.*	49,675		367,098
Alaska Air Group, Inc.*	9,448		535,607
Alexander & Baldwin, Inc.	5,849		234,135
Con-Way, Inc.	19,622		717,577
JB Hunt Transport Services, Inc.	13,100		534,611
JetBlue Airways Corp.*	77,600		512,936
Kansas City Southern*	5,195		248,633
Kirby Corp.*	3,472		152,942
Landstar System, Inc.	8,491		347,621
Werner Enterprises, Inc.	11,227		253,730
Total Transportation			3,904,890
Utilities—5.9%
AGL Resources, Inc.	9,373		336,022
Alliant Energy Corp.	13,381		492,019
Aqua America, Inc.	4,646		104,442
Atmos Energy Corp.	21,334		665,621
Black Hills Corp.	6,177		185,310
Cleco Corp.	5,026		154,600
DPL, Inc.	10,094		259,517
Dynegy, Inc., Class A*	58,315		327,730
Energen Corp.	4,824		232,806
Great Plains Energy, Inc.	16,767		325,112
Hawaiian Electric Industries, Inc.	16,612		378,588
IDACORP, Inc.	4,007		148,179
MDU Resources Group, Inc.	27,452		556,452
National Fuel Gas Co.	3,850		252,637
NSTAR	9,955		420,001
NV Energy, Inc.	35,045		492,382
OGE Energy Corp.	11,642		530,177
PNM Resources, Inc.	19,014		247,562
Questar Corp.	18,212		317,071
UGI Corp.	25,087		792,247

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

13

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Utilities (continued)
Vectren Corp.	11,993	$	304,382
Westar Energy, Inc.	11,623		292,435
WGL Holdings, Inc.	10,550		377,374
Total Utilities			8,192,666
Total Investments—100.0%
(Cost $115,591,038)			138,589,580
Liabilities in Excess of
Other Assets—(0.0)%		$	(8,465	)
Net Assets—100.0%		$	138,581,115

*	Non-income producing security
(a)	Real Estate Investment Trust

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

14

SCHEDULE OF INVESTMENTS
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
COMMON STOCKS—100.0%
Automobiles & Components—0.6%
Drew Industries, Inc.	6,028	$	136,956
Spartan Motors, Inc.	18,548		112,957
Standard Motor Products, Inc.	13,959		191,238
Superior Industries International, Inc.	7,892		167,468
Winnebago Industries, Inc.*	7,448		113,210
Total Automobiles & Components			721,829
Banks—3.1%
Bank Mutual Corp.	7,646		36,548
Bank of The Ozarks, Inc.	1,141		49,462
Boston Private Financial Holdings, Inc.	15,508		101,577
Brookline Bancorp, Inc.	3,050		33,093
City Holding Co.	1,191		43,150
Columbia Banking System, Inc.	2,652		55,851
Community Bank System, Inc.	3,069		85,226
Dime Community Bancshares	3,601		52,539
First BanCorp.*	758,962		349,123
First Commonwealth Financial Corp.	11,653		82,503
First Financial Bancorp	5,864		108,367
First Financial Bankshares, Inc.	934		47,802
First Midwest Bancorp, Inc.	9,729		112,078
Glacier Bancorp, Inc.	6,472		97,792
Hancock Holding Co.	3,489		121,627
Hanmi Financial Corp.*	43,248		49,735
Home Bancshares, Inc.	1,979		43,597
Independent Bank Corp.	2,187		59,158
Nara Bancorp, Inc.*	4,526		44,445
National Penn Bancshares, Inc.	15,570		125,027
NBT Bancorp, Inc.	3,483		84,114
Old National Bancorp	10,353		123,097
Pinnacle Financial Partners, Inc.*	5,308		72,083
PrivateBancorp, Inc., Class A	9,982		143,541
Provident Financial Services, Inc.	5,275		79,811
S&T Bancorp, Inc.	2,452		55,391
Signature Bank*	2,574		128,700
Simmons First National Corp., Class A	1,533		43,690
Sterling Bancorp, Class N	3,653		38,247
Sterling Bancshares, Inc.	9,092		63,826
Susquehanna Bancshares, Inc.	21,948		212,457
Texas Capital Bancshares, Inc.*	3,434		73,041
Tompkins Financial Corp.	1,180		46,209
Trustco Bank Corp.	7,315		46,377
UMB Financial Corp.	4,069		168,538
Umpqua Holdings Corp.	11,164		135,978
United Bankshares, Inc.	3,613		105,500
United Community Banks, Inc.*	50,350		98,182
Whitney Holding Corp.	13,455		190,388
Wilmington Trust Corp.	16,494		71,584
Wilshire Bancorp, Inc.	5,913		45,057
Wintrust Financial Corp.	5,525		182,491
Total Banks			3,907,002
Capital Goods—11.2%
A.O. Smith Corp.	12,228		465,642
AAON, Inc.	1,947		54,925
AAR Corp.*	12,053		331,096
Actuant Corp., Class A	10,673		284,115
Aerovironment, Inc.*	2,054		55,109
Albany International Corp., Class A	8,901		210,865

American Science & Engineering, Inc.	678	57,786
Apogee Enterprises, Inc.	14,245		191,880
Applied Industrial Technologies, Inc.	13,694		444,781
Applied Signal Technology, Inc.	1,505		57,024
Astec Industries, Inc.*	5,607		181,723
AZZ, Inc.	2,349		93,984
Badger Meter, Inc.	1,459		64,517
Barnes Group, Inc.	13,060		269,950
Belden, Inc.	10,618		390,955
Brady Corp., Class A	8,929		291,175
Briggs & Stratton Corp.	23,201		456,828
Cascade Corp.	1,708		80,754
Ceradyne, Inc.*	3,103		97,838
CIRCOR International, Inc.	3,655		154,533
CLARCOR, Inc.	5,432		232,978
Comfort Systems USA, Inc.	20,642		271,855
Cubic Corp.	5,588		263,474
Curtiss-Wright Corp.	13,771		457,197
Dycom Industries, Inc.*	16,314		240,632
EMCOR Group, Inc.*	42,058		1,218,841
Encore Wire Corp.	7,914		198,483
EnPro Industries, Inc.*	5,416		225,089
ESCO Technologies, Inc.	3,672		138,948
Esterline Technologies Corp.*	5,418		371,621
Federal Signal Corp.	28,212		193,534
GenCorp, Inc.*	39,307		203,217
Gibraltar Industries, Inc.*	14,722		199,778
Griffon Corp.*	24,922		317,506
II-VI, Inc.*	1,596		73,991
Insituform Technologies, Inc.,
Class A*	8,018		212,557
John Bean Technologies Corp.	10,173		204,782
Kaman Corp.	10,053		292,241
Kaydon Corp.	2,883		117,396
Lawson Products, Inc.	3,669		91,321
Lindsay Corp.	1,175		69,830
Lydall, Inc.*	9,350		75,268
Moog, Inc., Class A*	12,559		499,848
Mueller Industries, Inc.	14,601		477,453
NCI Building Systems, Inc.*	18,978		265,502
Orbital Sciences Corp.*	16,869		288,966
Orion Marine Group, Inc.*	5,181		60,100
Powell Industries, Inc.*	4,398		144,606
Quanex Building Products Corp.	10,108		191,749
Robbins & Myers, Inc.	3,840		137,395
Simpson Manufacturing Co., Inc.	4,830		149,295
Standex International Corp.	4,500		134,595
Teledyne Technologies, Inc.*	9,835		432,445
Toro Co.	6,325		389,873
Tredegar Corp.	8,966		173,761
Triumph Group, Inc.	3,347		299,255
Universal Forest Products, Inc.	12,064		469,290
Vicor Corp.	3,204		52,546
Watts Water Technologies, Inc.,
Class A	8,822		322,797
Total Capital Goods			14,395,495
Commercial & Professional Services—6.1%
ABM Industries, Inc.	32,455		853,566
Administaff, Inc.	13,959		408,999
CDI Corp.	11,227		208,710

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

15

SCHEDULE OFINVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Commercial & Professional Services (continued)
Consolidated Graphics, Inc.*	4,737	$	229,413
Dolan Co.*	4,987		69,419
Exponent, Inc.*	1,445		54,231
G&K Services, Inc., Class A	6,699		207,066
Geo Group, Inc.*	11,781		290,519
Healthcare Services Group, Inc.	11,165		181,655
Heidrick & Struggles International,
Inc.	4,292		122,966
Interface, Inc., Class A	13,905		217,613
Kelly Services, Inc., Class A*	60,161		1,131,027
Mobile Mini, Inc.*	4,117		81,064
On Assignment, Inc.*	11,912		97,083
School Specialty, Inc.*	17,907		249,444
SFN Group, Inc.*	49,426		482,398
Standard Register Co.	50,954		173,753
SYKES Enterprises, Inc.*	12,467		252,581
Tetra Tech, Inc.*	13,335		334,175
TrueBlue, Inc.*	14,117		253,965
United Stationers, Inc.*	17,988		1,147,814
Viad Corp.	7,472		190,312
Volt Information Sciences, Inc.*	72,035		623,103
Total Commercial & Professional
Services			7,860,876
Consumer Durables & Apparel—5.7%
Arctic Cat, Inc.*	7,256		106,228
Blyth, Inc.	6,210		214,121
Brunswick Corp.	44,886		841,164
Callaway Golf Co.	29,117		234,974
Carter’s, Inc.*	12,855		379,351
CROCS, Inc.*	10,108		173,049
Ethan Allen Interiors, Inc.	6,919		138,449
Helen of Troy Ltd.*	5,291		157,354
Iconix Brand Group, Inc.*	3,761		72,625
Jakks Pacific, Inc.*	9,226		168,098
Kid Brands, Inc.*	6,855		58,610
K-Swiss, Inc., Class A*	4,286		53,446
La-Z-Boy, Inc., Class Z*	32,109		289,623
Liz Claiborne, Inc.*	85,060		609,030
M/I Homes, Inc.*	11,896		182,961
Maidenform Brands, Inc.*	5,045		119,920
Meritage Homes Corp.*	11,223		249,151
Movado Group, Inc.*	5,393		87,043
National Presto Industries, Inc.	939		122,079
Oxford Industries, Inc.	8,176		209,387
Perry Ellis International, Inc.*	6,883		189,076
Pool Corp.	17,015		383,518
Quiksilver, Inc.*	85,792		434,965
RC2 Corp.*	4,485		97,639
Skechers U.S.A., Inc., Class A*	21,059		421,180
Skyline Corp.	1,242		32,391
Standard Pacific Corp.*	65,055		299,253
Steven Madden Ltd.*	3,229		134,714
Sturm Ruger & Co., Inc.	3,865		59,096
True Religion Apparel, Inc.*	3,800		84,588
Unifirst Corp.	4,527		249,211
Universal Electronics, Inc.*	2,572		72,968
Volcom, Inc.	3,885		73,310
Wolverine World Wide, Inc.	8,990		286,601
Total Consumer Durables & Apparel			7,285,173

Consumer Services—4.4%
American Public Education, Inc.*	1,317	49,045
Biglari Holdings, Inc.*	398		163,264
BJ’s Restaurants, Inc.*	3,111		110,223
Buffalo Wild Wings, Inc.*	3,128		137,163
California Pizza Kitchen, Inc.*	8,982		155,209
Capella Education Co.*	1,568		104,397
CEC Entertainment, Inc.*	5,049		196,053
Coinstar, Inc.*	5,254		296,536
Corinthian Colleges, Inc.*	48,202		251,132
Cracker Barrel Old Country Store, Inc.	10,666		584,177
DineEquity, Inc.*	6,280		310,106
Hillenbrand, Inc.	8,499		176,864
Interval Leisure Group, Inc.*	5,817		93,886
Jack in the Box, Inc.*	26,435		558,572
Marcus Corp.	6,279		83,322
Monarch Casino & Resort, Inc.*	2,675		33,438
Multimedia Games, Inc.*	5,732		31,985
O’Charleys, Inc.*	28,725		206,820
Papa John’s International, Inc.*	10,385		287,665
Peet’s Coffee & Tea, Inc.*	2,011		83,939
PF Chang’s China Bistro, Inc.	5,954		288,531
Pinnacle Entertainment, Inc.*	18,620		261,052
Pre-Paid Legal Services, Inc.*	1,777		107,064
Red Robin Gourmet Burgers, Inc.*	10,184		218,650
Ruby Tuesday, Inc.*	21,562		281,600
Ruth’s Hospitality Group, Inc.*	16,832		77,932
Shuffle Master, Inc.*	4,225		48,376
Sonic Corp.*	14,078		142,469
Texas Roadhouse, Inc., Class A*	13,465		231,194
Universal Technical Institute, Inc.	4,891		107,700
Total Consumer Services			5,678,364
Diversified Financials—1.4%
Cash America International, Inc.	7,968		294,258
Ezcorp, Inc., Class A*	6,057		164,326
First Cash Financial Services, Inc.*	3,247		100,625
Interactive Brokers Group, Inc.,
Class A	13,851		246,825
Investment Technology Group, Inc.*	8,919		146,004
LaBranche & Co., Inc.*	4,801		17,284
OptionsXpress Holdings, Inc.	2,810		44,033
Piper Jaffray Cos.*	3,758		131,568
Portfolio Recovery Associates, Inc.*	1,155		86,856
Stifel Financial Corp.*	5,337		331,107
SWS Group, Inc.	24,863		125,558
TradeStation Group, Inc.*	4,912		33,156
World Acceptance Corp.*	2,004		105,811
Total Diversified Financials			1,827,411
Energy—7.6%
Basic Energy Services, Inc.*	10,068		165,921
Bristow Group, Inc.*	5,973		282,822
CARBO Ceramics, Inc.	1,033		106,957
Contango Oil & Gas Co.*	642		37,191
Gulf Island Fabrication, Inc.	2,269		63,940
Gulfport Energy Corp.*	1,238		26,803
Holly Corp.	49,202		2,005,965
Hornbeck Offshore Services, Inc.*	4,726		98,679
ION Geophysical Corp.*	11,827		100,293
Lufkin Industries, Inc.	2,394		149,362

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

16

SCHEDULE OFINVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Energy (continued)
Matrix Service Co.*	12,416	$	151,227
Oil States International, Inc.*	8,491		544,188
Penn Virginia Corp.	8,177		137,537
Petroleum Development Corp.*	2,074		87,543
Petroquest Energy, Inc.*	5,992		45,120
Pioneer Drilling Co.*	13,338		117,508
SEACOR Holdings, Inc.	6,071		613,717
Seahawk Drilling, Inc.*	2,806		25,114
Stone Energy Corp.*	7,293		162,561
Swift Energy Co.*	2,622		102,651
Tetra Technologies, Inc.*	18,158		215,535
World Fuel Services Corp.	124,975		4,519,096
Total Energy			9,759,730
Food & Staples Retailing—3.7%
Andersons, Inc.	21,347		775,964
Casey’s General Stores, Inc.	25,187		1,070,699
Nash Finch Co.	32,523		1,382,553
Spartan Stores, Inc.	36,099		611,878
United Natural Foods, Inc.*	23,812		873,424
Total Food & Staples Retailing			4,714,518
Food, Beverage & Tobacco—2.4%
Alliance One International, Inc.*	131,603		557,997
Boston Beer Co., Inc., Class A*	1,295		123,142
Calavo Growers, Inc.	3,831		88,304
Cal-Maine Foods, Inc.	6,569		207,449
Darling International, Inc.*	11,820		156,970
Diamond Foods, Inc.	2,822		150,074
Hain Celestial Group, Inc.*	8,177		221,270
J&J Snack Foods Corp.	3,406		164,305
Sanderson Farms, Inc.	10,554		413,189
Seneca Foods Corp., Class A*	12,589		339,651
Snyders-Lance, Inc.	9,484		222,305
TreeHouse Foods, Inc.*	7,878		402,487
Total Food, Beverage & Tobacco			3,047,143
Health Care Equipment & Services—10.3%
Abaxis, Inc.*	1,009		27,092
Air Methods Corp.*	2,530		142,363
Align Technology, Inc.*	4,942		96,567
Almost Family, Inc.*	2,293		88,097
Amedisys, Inc.*	14,329		480,021
American Medical Systems
Holdings, Inc.*	6,924		130,587
AMERIGROUP Corp.*	30,259		1,328,975
AMN Healthcare Services, Inc.*	24,868		152,690
Amsurg Corp., Class A*	8,266		173,173
Analogic Corp.	2,047		101,347
Bio-Reference Labs, Inc.*	4,997		110,833
Cantel Medical Corp.	2,854		66,784
Catalyst Health Solutions, Inc.*	17,814		828,173
Centene Corp.*	43,882		1,111,970
Chemed Corp.	4,787		304,022
Computer Programs & Systems, Inc.	716		33,537
Conmed Corp.*	6,955		183,821
Cooper Cos., Inc.	4,677		263,502
Corvel Corp.*	1,660		80,261
Cross Country Healthcare, Inc.*	14,518		122,967
Cryolife, Inc.*	5,110		27,696

Cyberonics, Inc.*	1,300	40,326
Ensign Group, Inc.	6,770		168,370
Genoptix, Inc.*	2,632		50,061
Gentiva Health Services, Inc.*	13,950		371,070
Greatbatch, Inc.*	5,344		129,058
Haemonetics Corp.*	2,428		153,401
Hanger Orthopedic Group, Inc.*	9,053		191,833
Healthspring, Inc.*	25,865		686,198
Healthways, Inc.*	16,073		179,375
HMS Holdings Corp.*	1,039		67,296
ICU Medical, Inc.*	1,844		67,306
Integra Lifesciences Holdings Corp.*	3,627		171,557
Invacare Corp.	14,257		429,991
IPC The Hospitalist Co., Inc.*	2,361		92,103
Kensey Nash Corp.*	677		18,841
Landauer, Inc.	423		25,367
LCA-Vision, Inc.*	4,448		25,576
LHC Group, Inc.*	5,829		174,870
Magellan Health Services, Inc.*	15,504		733,029
Medcath Corp.*	9,953		138,844
Meridian Bioscience, Inc.	1,537		35,597
Merit Medical Systems, Inc.*	4,496		71,172
Molina Healthcare, Inc.*	38,176		1,063,202
MWI Veterinary Supply, Inc.*	4,454		281,270
Natus Medical, Inc.*	3,408		48,325
Neogen Corp.*	803		32,947
Omnicell, Inc.*	3,792		54,794
Palomar Medical Technologies, Inc.*	1,199		17,038
PharMerica Corp.*	38,746		443,642
PSS World Medical, Inc.*	22,441		507,167
Quality Systems, Inc.	997		69,611
RehabCare Group, Inc.*	14,434		342,086
Surmodics, Inc.*	1,713		20,333
Symmetry Medical, Inc.*	8,866		82,010
West Pharmaceutical Services, Inc.	6,704		276,205
Zoll Medical Corp.*	2,797		104,132
Total Health Care Equipment
& Services			13,218,481
Household & Personal Products—0.4%
Central Garden and Pet Co.,
Class A*	37,534		370,836
Medifast, Inc.*	2,010		58,049
WD-40 Co.	1,883		75,847
Total Household & Personal Products			504,732
Insurance—2.5%
AMERISAFE, Inc.*	3,241		56,717
Delphi Financial Group, Inc., Class A	13,833		398,944
eHealth, Inc.*	2,223		31,544
Employers Holdings, Inc.	5,866		102,538
Horace Mann Educators Corp.	13,199		238,110
Infinity Property & Casualty Corp.	3,622		223,840
National Financial Partners Corp.*	18,404		246,613
Navigators Group, Inc.*	3,569		179,699
Presidential Life Corp.	7,024		69,748
ProAssurance Corp.*	2,695		163,317
RLI Corp.	2,273		119,492
Safety Insurance Group, Inc.	3,097		147,324
Selective Insurance Group, Inc.	20,593		373,763
Stewart Information Services Corp.	37,204		428,962

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

17

SCHEDULE OFINVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Insurance (continued)
Tower Group, Inc.	12,053	$	308,316
United Fire & Casualty Co.	6,352		141,777
Total Insurance			3,230,704
Materials—5.0%
A. Schulman, Inc.	14,832		339,504
A.M. Castle & Co.*	12,559		231,211
AMCOL International Corp.	6,456		200,136
American Vanguard Corp.	7,286		62,222
Arch Chemicals, Inc.	9,502		360,411
Balchem Corp.	1,748		59,100
Brush Engineered Materials, Inc.*	7,098		274,267
Buckeye Technologies, Inc.	8,366		175,770
Calgon Carbon Corp.*	7,157		108,214
Century Aluminum Co.*	16,746		260,065
Clearwater Paper Corp.*	4,116		322,283
Deltic Timber Corp.	598		33,691
Eagle Materials, Inc.	4,270		120,628
H.B. Fuller Co.	15,063		309,093
Headwaters, Inc.*	34,587		158,408
Kaiser Aluminum Corp.	4,952		248,046
KapStone Paper And Packaging
Corp.*	12,052		184,396
LSB Industries, Inc.*	5,601		135,880
Myers Industries, Inc.	16,569		161,382
Neenah Paper, Inc.	8,026		157,952
Olympic Steel, Inc.	6,689		191,841
OM Group, Inc.*	7,071		272,304
Penford Corp.*	9,329		57,000
PolyOne Corp.*	47,522		593,550
Quaker Chemical Corp.	3,149		131,219
RTI International Metals, Inc.*	3,628		97,883
Schweitzer-Mauduit International, Inc.	3,026		190,396
Stepan Co.	4,559		347,715
STR Holdings, Inc.*	4,158		83,160
Texas Industries, Inc.	3,590		164,350
Wausau Paper Corp.	30,870		265,791
Zep, Inc.	6,813		135,442
Total Materials			6,433,310
Media—1.1%
Arbitron, Inc.	2,426		100,727
E.W. Scripps Co., Class A*	19,054		193,398
Live Nation Entertainment, Inc.*	95,240		1,087,641
Total Media			1,381,766
Pharmaceuticals, Biotechnology & Life Sciences—1.3%
Affymetrix, Inc.*	16,954		85,279
Arqule, Inc.*	1,220		7,161
Cambrex Corp.*	10,031		51,860
Cubist Pharmaceuticals, Inc.*	7,123		152,432
Dionex Corp.*	832		98,184
Emergent Biosolutions, Inc.*	2,834		66,486
Enzo Biochem, Inc.*	4,810		25,397
eResearchTechnology, Inc.*	4,322		31,767
Hi-Tech Pharmacal Co., Inc.*	1,556		38,822
Kendle International, Inc.*	12,502		136,147
Martek Biosciences Corp.*	4,520		141,476
Par Pharmaceutical Cos., Inc.*	6,855		263,986
Parexel International Corp.*	15,804		335,519

Regeneron Pharmaceuticals, Inc.*	3,309	108,634
Salix Pharmaceuticals Ltd.*	1,601		75,183
Savient Pharmaceuticals, Inc.*	61		680
Viropharma, Inc.*	5,842		101,183
Total Pharmaceuticals, Biotechnology
& Life Sciences			1,720,196
Real Estate—1.5%
Acadia Realty Trust (a)	2,027		36,972
BioMed Realty Trust, Inc. (a)	5,029		93,791
Cedar Shopping Centers, Inc. (a)	6,602		41,527
Colonial Properties Trust (a)	4,906		88,553
DiamondRock Hospitality Co.* (a)	12,712		152,544
EastGroup Properties, Inc. (a)	984		41,643
Entertainment Properties Trust (a)	1,539		71,179
Extra Space Storage, Inc. (a)	3,834		66,712
Forestar Group, Inc.*	1,453		28,043
Franklin Street Properties Corp. (a)	2,390		34,057
Healthcare Realty Trust, Inc. (a)	3,011		63,743
Home Properties, Inc. (a)	2,232		123,854
Inland Real Estate Corp. (a)	4,589		40,383
Kilroy Realty Corp. (a)	2,023		73,779
Kite Realty Group Trust (a)	4,690		25,373
LaSalle Hotel Properties (a)	5,702		150,533
Lexington Realty Trust (a)	10,293		81,829
LTC Properties, Inc. (a)	648		18,196
Medical Properties Trust, Inc. (a)	3,001		32,501
Mid-America Apartment
Communities, Inc. (a)	1,507		95,679
National Retail Properties, Inc. (a)	2,096		55,544
Parkway Properties, Inc. (a)	3,556		62,301
Pennsylvania Real Estate Investment
Trust (a)	7,821		113,639
Post Properties, Inc. (a)	1,959		71,112
PS Business Parks, Inc. (a)	1,216		67,755
Saul Centers, Inc. (a)	895		42,378
Sovran Self Storage, Inc. (a)	1,262		46,454
Tanger Factory Outlet Centers (a)	1,320		67,571
Universal Health Realty Income
Trust (a)	201		7,343
Urstadt Biddle Properties, Inc.,
Class A (a)	1,040		20,228
Total Real Estate			1,915,216
Retailing—11.1%
Audiovox Corp., Class A*	16,106		138,995
Big 5 Sporting Goods Corp.	14,942		228,164
Blue Nile, Inc.*	1,369		78,115
Brown Shoe Co., Inc.	37,211		518,349
Buckle, Inc.	5,361		202,485
Cabela’s, Inc.*	28,526		620,441
Cato Corp., Class A	7,384		202,395
Childrens Place Retail Stores, Inc.*	7,550		374,782
Christopher & Banks Corp.	20,588		126,616
Coldwater Creek, Inc.*	97,295		308,425
Finish Line, Inc., Class A	14,859		255,426
Fred’s, Inc., Class A	31,488		433,275
Genesco, Inc.*	10,190		382,023
Group 1 Automotive, Inc.*	30,610		1,278,274
Haverty Furniture Cos., Inc.	11,635		151,022
Hibbett Sports, Inc.*	3,790		139,851

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

18

SCHEDULE OFINVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Retailing (continued)
HOT Topic, Inc.	29,622	$	185,730
HSN, Inc.*	23,687		725,770
Jo-Ann Stores, Inc.*	10,416		627,252
JOS A. Bank Clothiers, Inc.*	4,463		179,948
Kirkland’s, Inc.*	7,174		100,651
Lithia Motors, Inc., Class A	36,616		523,243
Lumber Liquidators Holdings, Inc.*	6,304		157,033
MarineMax, Inc.*	15,237		142,466
Men’s Wearhouse, Inc.	19,131		477,892
Midas, Inc.*	4,965		40,266
Monro Muffler Brake, Inc.	3,713		128,433
Nutrisystem, Inc.	6,243		131,290
OfficeMax, Inc.*	97,689		1,729,095
PEP Boys-Manny Moe & Jack	33,919		455,532
PetMed Express, Inc.	3,139		55,906
Sonic Automotive, Inc., Class A*	124,586		1,649,519
Stage Stores, Inc.	21,655		375,498
Stamps.com, Inc.*	1,486		19,690
Stein Mart, Inc.*	32,745		302,891
Tuesday Morning Corp.*	35,794		188,992
Zale Corp.*	114,104		486,083
Zumiez, Inc.*	3,236		86,951
Total Retailing			14,208,769
Semiconductors & Semiconductor Equipment—2.2%
Advanced Energy Industries, Inc.*	7,311		99,722
ATMI, Inc.*	4,180		83,349
Brooks Automation, Inc.*	12,838		116,441
Cabot Microelectronics Corp.*	2,284		94,672
Ceva, Inc.*	450		9,225
Cohu, Inc.	4,225		70,050
Cymer, Inc.*	2,573		115,965
Cypress Semiconductor Corp.*	11,610		215,714
Diodes, Inc.*	5,116		138,081
DSP Group, Inc.*	6,871		55,930
Exar Corp.*	4,145		28,932
FEI Co.*	5,745		151,725
Hittite Microwave Corp.*	857		52,311
Kopin Corp.*	6,688		27,822
Kulicke & Soffa Industries, Inc.*	19,650		141,480
Micrel, Inc.	5,007		65,041
Microsemi Corp.*	4,715		107,973
MKS Instruments, Inc.*	8,580		210,124
Monolithic Power Systems, Inc.*	3,084		50,948
Pericom Semiconductor Corp.*	2,952		32,413
Power Integrations, Inc.	1,732		69,522
Rudolph Technologies, Inc.*	4,964		40,854
Sigma Designs, Inc.*	3,358		47,583
Standard Microsystems Corp.*	2,273		65,531
Supertex, Inc.*	622		15,040
Tessera Technologies, Inc.*	3,238		71,722
TriQuint Semiconductor, Inc.*	16,234		189,775
Ultratech, Inc.*	1,462		29,065
Varian Semiconductor Equipment
Associates, Inc.*	4,681		173,057
Veeco Instruments, Inc.*	4,039		173,515
Volterra Semiconductor Corp.*	1,572		36,408
Total Semiconductors &
Semiconductor Equipment			2,779,990

Software & Services—3.8%
Blackbaud, Inc.	2,739	70,940
Bottomline Technologies, Inc.*	1,783		38,709
CACI International, Inc., Class A*	13,717		732,488
Ciber, Inc.*	67,514		315,965
CommVault Systems, Inc.*	1,971		56,410
ComScore, Inc.*	1,653		36,878
CSG Systems International, Inc.*	6,541		123,887
DealerTrack Holdings, Inc.*	2,783		55,855
Ebix, Inc.*	1,319		31,221
Epicor Software Corp.*	10,042		101,424
EPIQ Systems, Inc.	4,153		57,021
Forrester Research, Inc.*	1,835		64,757
Heartland Payment Systems, Inc.	27,029		416,787
iGate Corp.	2,870		56,568
Infospace, Inc.*	7,766		64,458
Integral Systems, Inc.*	4,177		41,394
Interactive Intelligence, Inc.*	1,303		34,086
j2 Global Communications, Inc.*	1,974		57,147
JDA Software Group, Inc.*	4,815		134,820
Knot, Inc.*	2,578		25,471
Liquidity Services, Inc.*	4,316		60,640
LogMeln, Inc.*	467		20,707
Manhattan Associates, Inc.*	2,185		66,730
MAXIMUS, Inc.	2,981		195,494
MicroStrategy, Inc., Class A*	1,152		98,461
NCI, Inc., Class A*	5,764		132,514
Netscout Systems, Inc.*	2,619		60,263
Perficient, Inc.*	4,176		52,200
Progress Software Corp.*	3,040		128,653
Radiant Systems, Inc.*	3,997		78,221
RightNow Technologies, Inc.*	1,731		40,973
Smith Micro Software, Inc.*	1,909		30,048
Sonic Solutions, Inc.*	2,414		36,210
Sourcefire, Inc.*	1,196		31,012
StarTek, Inc.*	13,823		70,083
Synchronoss Technologies, Inc.*	1,238		33,067
Take-Two Interactive Software, Inc.*	22,796		279,023
Taleo Corp., Class A*	1,711		47,309
TeleTech Holdings, Inc.*	12,488		257,128
THQ, Inc.*	37,279		225,911
Tyler Technologies, Inc.*	3,275		67,989
United Online, Inc.	33,527		221,278
Websense, Inc.*	3,660		74,115
Wright Express Corp.*	1,925		88,550
Total Software & Services			4,912,865
Technology Hardware & Equipment—9.0%
Agilysys, Inc.*	28,102		158,214
Anixter International, Inc.	21,841		1,304,563
Arris Group, Inc.*	25,046		281,016
Avid Technology, Inc.*	8,978		156,756
Bel Fuse, Inc., Class B	2,839		67,852
Benchmark Electronics, Inc.*	33,096		601,023
Black Box Corp.	5,875		224,954
Blue Coat Systems, Inc.*	3,952		118,046
Brightpoint, Inc.*	91,032		794,709
Checkpoint Systems, Inc.*	9,729		199,931
Cognex Corp.	2,029		59,693
Compellent Technologies, Inc.*	1,248		34,432

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

19

SCHEDULE OFINVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Technology Hardware & Equipment (continued)
Comtech Telecommunications Corp.	5,543	$	153,707
CTS Corp.	11,896		131,570
Daktronics, Inc.*	6,451		102,700
DG FastChannel, Inc.*	1,956		56,489
Digi International, Inc.*	4,011		44,522
DTS, Inc.*	403		19,767
Electro Scientific Industries, Inc.*	1,694		27,155
EMS Technologies, Inc.*	4,459		88,199
FARO Technologies, Inc.*	1,395		45,812
Gerber Scientific, Inc.*	13,913		109,495
Harmonic, Inc.*	11,820		101,297
Hutchinson Technology, Inc.*	27,497		102,014
Insight Enterprises, Inc.*	83,034		1,092,728
Intermec, Inc.*	12,924		163,618
Intevac, Inc.*	3,359		47,060
Littelfuse, Inc.*	2,925		137,651
LoJack Corp.*	5,324		34,393
Mercury Computer Systems, Inc.*	2,246		41,282
Methode Electronics, Inc.	6,781		87,950
MTS Systems Corp.	2,308		86,458
Netgear, Inc.*	6,094		205,246
Network Equipment Technologies, Inc.*	3,956		18,316
Newport Corp.*	6,352		110,334
Novatel Wireless, Inc.*	7,976		76,171
Oplink Communications, Inc.*	1,628		30,069
OSI Systems, Inc.*	3,895		141,622
Park Electrochemical Corp.	1,266		37,980
PC-Tel, Inc.*	2,561		15,366
Plexus Corp.*	15,943		493,277
Pulse Electronics Corp.	25,108		133,575
Radisys Corp.*	7,790		69,331
Rofin-Sinar Technologies, Inc.*	2,855		101,181
Rogers Corp.*	2,467		94,363
Scansource, Inc.*	14,756		470,716
Stratasys, Inc.*	837		27,320
Super Micro Computer, Inc.*	12,958		149,535
Symmetricom, Inc.*	7,807		55,352
Synaptics, Inc.*	3,898		114,523
SYNNEX Corp.*	65,217		2,034,770
Tekelec*	9,607		114,419
Tollgrade Communications, Inc.*	1,293		11,999
TTM Technologies, Inc.*	15,676		233,729
Viasat, Inc.*	3,544		157,389
Total Technology Hardware & Equipment			11,571,639
Telecommunication Services—0.5%
Atlantic Tele-Network, Inc.	3,533		135,455
Cbeyond, Inc.*	7,526		114,997
General Communication, Inc.,
Class A*	12,303		155,756
Neutral Tandem, Inc.*	2,804		40,490
NTELOS Holdings Corp.	6,835		130,207
USA Mobility, Inc.	3,135		55,709
Total Telecommunication Services			632,614
Transportation—1.8%
Allegiant Travel Co., Class A	3,018		148,606
Arkansas Best Corp.	13,649		374,256
Forward Air Corp.	3,837		108,894
Heartland Express, Inc.	7,134		114,287
HUB Group, Inc., Class A*	11,961		420,310
Knight Transportation, Inc.	8,598		163,362
Old Dominion Freight Line, Inc.*	11,056		353,681
Skywest, Inc.	38,012		593,747
Total Transportation			2,277,143
Utilities—3.3%
Allete, Inc.	5,871		218,753
American States Water Co.	2,624		90,449
Avista Corp.	17,187		387,051
Central Vermont Public Service Corp.	3,818		83,461
CH Energy Group, Inc.	4,265		208,516
El Paso Electric Co.*	7,727		212,724
Laclede Group, Inc.	11,222		410,052
New Jersey Resources Corp.	13,514		582,589
Northwest Natural Gas Co.	4,400		204,468
NorthWestern Corp.	9,441		272,184
Piedmont Natural Gas Co., Inc.	13,009		363,732
South Jersey Industries, Inc.	3,944		208,322
Southwest Gas Corp.	12,522		459,182
UIL Holdings Corp.	6,786		203,309
Unisource Energy Corp.	9,314		333,814
Total Utilities			4,238,606
Total Investments—100.0%
(Cost $106,224,911)			128,223,572
Liabilities in Excess of
Other Assets—(0.0)%			(57,914	)
Net Assets—100.0%		$	128,165,658

*	Non-income producing security
(a)	Real Estate Investment Trust

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

20

SCHEDULE OFINVESTMENTS— continued
REVENUESHARES FINANCIALS SECTOR FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
COMMON STOCKS—100.1%
Capital Markets—10.6%
Ameriprise Financial, Inc.	2,620	$	150,781
Bank of New York Mellon Corp.	7,174		216,655
Charles Schwab Corp.	3,873		66,267
E*Trade Financial Corp.*	2,267		36,272
Federated Investors, Inc., Class B	552		14,446
Franklin Resources, Inc.	758		84,297
Goldman Sachs Group, Inc.	4,115		691,978
Invesco Ltd.	2,276		54,761
Janus Capital Group, Inc.	1,209		15,681
Legg Mason, Inc.	1,084		39,317
Morgan Stanley	20,362		554,050
Northern Trust Corp.	1,122		62,170
State Street Corp.	3,571		165,480
T. Rowe Price Group, Inc.	547		35,303
Total Capital Markets			2,187,458
Commercial Banks—14.4%
BB&T Corp.	6,219		163,497
Comerica, Inc.	994		41,987
Fifth Third Bancorp	7,504		110,159
First Horizon National Corp.*	2,633		31,017
Huntington Bancshares, Inc.	7,217		49,581
KeyCorp	9,793		86,668
M&T Bank Corp.	694		60,413
Marshall & Ilsley Corp.	8,037		55,616
PNC Financial Services Group, Inc.	4,438		269,475
Regions Financial Corp.	18,731		131,117
SunTrust Banks, Inc.	5,405		159,501
U.S. Bancorp	11,716		315,980
Wells Fargo & Co.	47,118		1,460,187
Zions Bancorporation	1,888		45,746
Total Commercial Banks			2,980,944
Consumer Finance—4.4%
American Express Co.	9,499		407,697
Capital One Financial Corp.	6,564		279,364
Discover Financial Services	6,038		111,884
SLM Corp.*	8,023		101,010
Total Consumer Finance			899,955
Diversified Financial Services—27.6%
Bank of America Corp.	165,833		2,212,212
Citigroup, Inc.*	328,027		1,551,568
CME Group, Inc., Class A	139		44,723
IntercontinentalExchange, Inc.*	143		17,038
JPMorgan Chase & Co.	40,576		1,721,234
Leucadia National Corp.*	681		19,871
Moody’s Corp.	1,081		28,690
NASDAQ OMX Group, Inc.*	2,077		49,246
NYSE Euronext	2,265		67,905
Total Diversified Financial Services			5,712,487
Insurance—40.1%
ACE Ltd.	3,901		242,837
Aflac, Inc.	5,377		303,424
Allstate Corp.	15,164		483,428
American International Group, Inc.*	23,070		1,329,293
AON Corp.	2,589	119,120
Assurant, Inc.	3,337		128,541
Berkshire Hathaway, Inc., Class B*	24,323		1,948,516
Chubb Corp.	3,342		199,317
Cincinnati Financial Corp.	1,831		58,024
Genworth Financial, Inc., Class A*	11,396		149,743
Hartford Financial Services
Group, Inc.	13,354		353,748
Lincoln National Corp.	5,484		152,510
Loews Corp.	5,700		221,787
Marsh & McLennan Cos., Inc.	5,977		163,411
MetLife, Inc.	17,840		792,810
Principal Financial Group, Inc.	4,250		138,380
Progressive Corp.	10,778		214,159
Prudential Financial, Inc.	10,299		604,654
Torchmark Corp.	838		50,062
Travelers Cos., Inc.	6,845		381,335
Unum Group	6,316		152,974
XL Group PLC, Class A	4,413		96,292
Total Insurance			8,284,365
Paper & Forest Products—0.5%
Weyerhaeuser Co.(a)	5,316		100,632
Real Estate Investment Trusts—1.8%
Apartment Investment &
Management Co., Class A(a)	700		18,088
AvalonBay Communities, Inc.(a)	121		13,619
Boston Properties, Inc.(a)	281		24,194
Equity Residential(a)	601		31,222
HCP, Inc.(a)	565		20,786
Health Care REIT, Inc.(a)	216		10,290
Host Hotels & Resorts, Inc.(a)	3,711		66,316
Kimco Realty Corp.(a)	791		14,270
Plum Creek Timber Co., Inc.(a)	453		16,965
ProLogis(a)	1,092		15,768
Public Storage(a)	249		25,254
Simon Property Group, Inc.(a)	607		60,390
Ventas, Inc.(a)	303		15,901
Vornado Realty Trust(a)	523		43,582
Total Real Estate Investment Trusts			376,645
Real Estate Management & Development—0.4%
CB Richard Ellis Group, Inc., Class A*	3,531		72,315
Thrifts & Mortgage Finance—0.3%
Hudson City Bancorp, Inc.	3,614		46,042
People’s United Financial, Inc.	1,212		16,980
Total Thrifts & Mortgage Finance			63,022
Total Investments—100.1%
(Cost $20,288,736)			20,677,823
Liabilities in Excess of
Other Assets—(0.1)%			(11,719	)
Net Assets—100.0%		$	20,666,104

*	Non-income producing security
(a)	Real Estate Investment Trust

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

21

SCHEDULE OF INVESTMENTS
REVENUESHARES ADR FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
COMMON STOCKS—98.8%
Automobiles & Components—5.5%
Honda Motor Co. Ltd. (a)	23,846	$	941,917
Magna International, Inc., Class A	4,085		212,420
Toyota Motor Corp. (a)	26,405		2,076,225
Total Automobiles & Components			3,230,562
Banks—12.7%
Banco Bilbao Vizcaya Argentaria
SA (a)	27,801		282,736
Banco Bradesco SA (a)	30,975		628,483
Banco de Chile (a)	302		26,691
Banco Santander Chile (a)	383		35,799
Banco Santander SA (a)	52,229		556,239
Bank of Montreal	2,527		145,479
Bank of Nova Scotia	3,985		227,942
Barclays PLC (a)	36,333		600,221
Canadian Imperial Bank of Commerce	1,691		132,574
Credicorp Ltd.	197		23,425
HSBC Holdings PLC (a)	16,887		861,913
Itau Unibanco Holding SA (a)	23,052		553,479
KB Financial Group, Inc. (a)	10		529
Lloyds Banking Group PLC (a)	162,638		668,442
Mitsubishi UFJ Financial
Group, Inc. (a)	93,166		504,028
Mizuho Financial Group, Inc. (a)	73,591		275,966
National Bank of Greece SA (a)	58,836		98,845
Royal Bank of Canada	5,725		299,761
Royal Bank of Scotland
Group PLC* (a)	58,032		714,954
Shinhan Financial Group Co., Ltd. (a)	190		17,826
Sumitomo Mitsui Financial
Group, Inc. (a)	40,674		289,192
Toronto-Dominion Bank	3,174		235,860
Westpac Banking Corp. (a)	3,094		354,139
Total Banks			7,534,523
Capital Goods—4.1%
ABB Ltd.* (a)	14,464		324,717
Embraer SA (a)	1,815		53,361
Koninklijke Philips Electronics NV	11,132		341,752
Kubota Corp. (a)	2,264		107,540
Mitsui & Co. Ltd. (a)	1,494		490,256
Nidec Corp. (a)	2,423		61,035
Siemens AG (a)	8,442		1,048,919
Total Capital Goods			2,427,580
Consumer Durables & Apparel—2.8%
Gildan Activewear, Inc.*	436		12,422
Luxottica Group SpA (a)	2,433		74,498
Panasonic Corp. (a)	55,175		777,967
Sony Corp. (a)	21,935		783,299
Total Consumer Durables & Apparel			1,648,186
Consumer Services—0.3%
Carnival PLC (a)	2,982		138,275
Intercontinental Hotels Group PLC (a)	832		16,416
Tim Hortons, Inc.	570		23,501
Total Consumer Services			178,192
Diversified Financials—5.9%
Credit Suisse Group AG (a)	11,431		461,927
Deutsche Bank AG	10,916		568,178
ING Groep NV* (a)	189,555		1,855,744
Nomura Holdings, Inc. (a)	17,993		114,795
ORIX Corp. (a)	1,008		49,120
UBS AG*	25,297		416,642
Total Diversified Financials			3,466,406
Energy—29.8%
BP PLC (a)	60,082		2,653,822
Cameco Corp.	399		16,112
Canadian Natural Resources Ltd.	2,609		115,892
Cenovus Energy, Inc.	3,758		124,916
China Petroleum & Chemical
Corp. (a)	27,373		2,619,322
CNOOC Ltd. (a)	937		223,353
Enbridge, Inc.	2,325		131,130
Encana Corp.	3,422		99,649
Enerplus Resources Fund	316		9,745
ENI SpA (a)	28,388		1,241,691
Imperial Oil Ltd.	4,868		197,251
Nexen, Inc.	2,596		59,448
Penn West Energy Trust (b)	912		21,815
PetroChina Co. Ltd. (a)	14,655		1,926,986
Petroleo Brasileiro SA, Class A (a)	33,631		1,149,171
Repsol YPF SA (a)	23,826		665,698
Royal Dutch Shell PLC, Class A (a)	24,402		1,629,566
Royal Dutch Shell PLC, Class B (a)	24,406		1,627,148
Statoil ASA (a)	34,111		810,819
Suncor Energy, Inc.	7,586		290,468
Talisman Energy, Inc.	2,819		62,554
Tenaris SA (a)	1,730		84,735
Total SA (a)	32,721		1,749,919
TransCanada Corp.	2,040		77,602
Total Energy			17,588,812
Food & Staples Retailing—0.5%
Delhaize Group SA (a)	3,791		279,435
Food, Beverage & Tobacco—2.5%
Anheuser-Busch InBev NV (a)	6,372		363,778
British American Tobacco PLC (a)	3,053		237,218
Diageo PLC (a)	2,105		156,465
Fomento Economico Mexicano
SAB de CV (a)	2,522		141,030
Unilever NV	9,108		285,991
Unilever PLC (a)	9,265		286,103
Total Food, Beverage & Tobacco			1,470,585
Health Care Equipment & Services—0.3%
Fresenius Medical Care AG & Co.
KGaA (a)	2,047		118,091
Smith & Nephew PLC (a)	745		39,150
Total Health Care Equipment & Services			157,241
Insurance—5.6%
Aegon NV, Class G*	69,314		424,895
Aviva PLC (a)	66,456		824,719
China Life Insurance Co. Ltd. (a)	10,567		646,383

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

22

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES ADR FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Insurance (continued)
Manulife Financial Corp.	21,502	$	369,404
Prudential PLC* (a)	39,954		833,441
Sun Life Financial, Inc.	7,574		227,977
Total Insurance			3,326,819
Materials—5.7%
Agnico-Eagle Mines Ltd.	142		10,891
Agrium, Inc.	1,120		102,760
ArcelorMittal	20,707		789,558
Barrick Gold Corp.	1,787		95,033
BHP Billiton Ltd. (a)	2,900		269,468
BHP Billiton PLC (a)	3,342		269,031
Cemex SAB de CV* (a)	12,886		138,009
Cia de Minas Buenaventura SA (a)	223		10,918
Cia Siderurgica Nacional SA (a)	4,570		76,182
CRH PLC (a)	11,605		241,384
Eldorado Gold Corp.	331		6,147
Fibria Celulose SA* (a)	2,281		36,496
Gerdau SA (a)	11,983		167,642
Goldcorp, Inc.	699		32,140
IAMGOLD Corp.	523		9,309
Kinross Gold Corp.	1,420		26,923
POSCO (a)	2,359		254,041
Potash Corp. of Saskatchewan, Inc.	352		54,500
Rio Tinto PLC (a)	6,944		497,607
Sociedad Quimica y Minera
de Chile SA (a)	305		17,818
Southern Copper Corp.	878		42,794
Syngenta AG (a)	1,925		113,152
Teck Resources Ltd., Class B	1,334		82,481
Yamana Gold, Inc.	1,122		14,362
Total Materials			3,358,646
Media—0.8%
Grupo Televisa SA* (a)	1,660		43,044
Pearson PLC (a)	5,608		89,111
Reed Elsevier NV (a)	1,886		46,735
Shaw Communications, Inc., Class B	1,572		33,610
Thomson Reuters Corp.	3,496		130,296
WPP PLC (a)	2,321		144,157
Total Media			486,953
Pharmaceuticals, Biotechnology & Life Sciences—3.1%
AstraZeneca PLC (a)	7,188		332,014
Elan Corp. PLC* (a)	3,651		20,920
GlaxoSmithKline PLC (a)	11,339		444,716
Novartis AG (a)	8,011		472,248
Novo Nordisk A/S (a)	911		102,551
QIAGEN NV*	542		10,596
Sanofi-Aventis SA (a)	12,665		408,193
Shire PLC (a)	491		35,538
Valeant Pharmaceuticals
International, Inc.	302		8,544
Total Pharmaceuticals, Biotechnology
& Life Sciences			1,835,320
Real Estate—0.2%
Brookfield Asset Management, Inc.,
Class A	4,041		134,525
Semiconductors & Semiconductor Equipment—0.5%
Advantest Corp. (a)	279		6,303
ARM Holdings PLC (a)	278		5,768
ASML Holding NV, Class G	1,046		40,104
STMicroelectronics NV, Class Y	9,258		96,653
Taiwan Semiconductor Manufacturing
Co. Ltd. (a)	8,642		108,371
United Microelectronics Corp. (a)	10,446		33,009
Total Semiconductors &
Semiconductor Equipment			290,208
Software & Services—0.3%
SAP AG (a)	3,080		155,879
Technology Hardware & Equipment—4.9%
Alcatel-Lucent* (a)	71,949		212,969
AU Optronics Corp.* (a)	12,201		127,134
Canon, Inc. (a)	7,674		393,983
Hitachi Ltd. (a)	19,537		1,042,299
Kyocera Corp. (a)	1,151		117,759
Nokia OYJ (a)	55,327		570,975
Research In Motion Ltd.*	2,288		133,001
Telefonaktiebolaget LM Ericsson (a)	24,177		278,761
Total Technology Hardware &
Equipment			2,876,881
Telecommunication Services—10.6%
America Movil SAB de CV, Series R (a)	7,470		428,330
BCE, Inc.	4,708		166,946
BT Group PLC (a)	12,276		350,357
China Mobile Ltd. (a)	13,891		689,271
Chunghwa Telecom Co. Ltd. (a)	2,297		58,045
France Telecom SA (a)	28,756		606,176
Nippon Telegraph & Telephone
Corp. (a)	48,467		1,111,833
NTT DoCoMo, Inc. (a)	26,875		468,163
Portugal Telecom SGPS SA (a)	7,104		81,412
Rogers Communications, Inc.,
Class B	3,257		112,790
Tele Norte Leste Participacoes SA (a)	11,345		166,771
Telecom Italia SpA (a)	27,594		357,066
Telefonica SA (a)	11,810		808,040
Telefonos de Mexico SAB de CV (a)	5,576		89,997
TELUS Corp., Class A	2,053		89,429
Vodafone Group PLC (a)	26,818		708,800
Total Telecommunication Services			6,293,426
Transportation—0.3%
Canadian National Railway Co.	1,108		73,649
Canadian Pacific Railway Ltd.	680		44,071
Lan Airlines SA (a)	1,330		40,937
Ryanair Holdings PLC (a)	1,398		43,002
Total Transportation			201,659
Utilities—2.4%
Centrais Eletricas Brasileiras SA,
Class C (a)	11,144		153,230
Cia Energetica de Minas Gerais (a)	3,769		62,528
Empresa Nacional de Electricidad SA (a)	844		47,441
Enersis SA (a)	5,143		119,420

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

23

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES ADR FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Utilities (continued)
Korea Electric Power Corp.* (a)	22,583	$	305,096
National Grid PLC (a)	5,118		227,137
TransAlta Corp.	1,224		25,961
Veolia Environnement SA (a)	16,599		487,347
Total Utilities			1,428,160
Total Common Stocks
(Cost $52,634,376)			58,369,998
PREFERRED STOCKS—1.1%
Food, Beverage & Tobacco—0.4%
Cia de Bebidas das Americas (a)	8,620		267,479
Materials—0.6%
Vale SA, Class B (a)	12,678		383,129
Utilities—0.1%
Cia Paranaense de Energia-Copel
Preference B (a)	1,337		33,652
Total Preferred Stocks
(Cost $531,700)			684,260
Total Investments—99.9%
(Cost $53,166,076)			59,054,258
Other Assets in Excess
of Liabilities—0.1%			41,687
Net Assets—100.0%		$	59,095,945

			% of
Country	Value		Net Assets
Australia	$	623,607		1.1	%
Belgium		643,213		1.1
Brazil		3,731,603		6.3
Canada		4,350,994		7.4
Chile		288,106		0.5
China		2,573,369		4.3
Denmark		102,551		0.2
Finland		570,975		1.0
France		3,464,604		5.9
Germany		1,891,067		3.2
Greece		98,845		0.2
Hong Kong		3,531,946		6.0
Ireland		340,844		0.6
Italy		1,673,255		2.8
Japan		9,611,680		16.2
Jersey Islands		144,157		0.2
Luxembourg		874,293		1.5
Mexico		840,410		1.4
Netherlands		6,262,531		10.6
Norway		810,819		1.4
Peru		34,343		—	†
Portugal		81,412		0.1
South Korea		577,492		1.0
Spain		2,312,713		3.9
Sweden		278,761		0.5
Switzerland		1,885,339		3.2
Taiwan		326,559		0.5
United Kingdom		10,955,680		18.5
United States		173,090		0.3
Total Investments		59,054,258		99.9
Other Assets in Excess of
Liabilities		41,687		0.1
Net Assets		59,095,945		100.0	%

(a)	American Depositary Receipt
*	Non-income producing security
(b)	Units
†	Less than 0.05%

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

24

SCHEDULE OF INVESTMENTS
REVENUESHARES NAVELLIER OVERALL A-100 FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
COMMON STOCKS—100.2%
Automobiles & Components—15.8%
Autoliv, Inc.	5,737	$	452,879
BorgWarner, Inc.*	4,845		350,584
Dorman Products, Inc.*	1,200		43,488
Magna International, Inc., Class A	12,981		675,012
Total Automobiles & Components			1,521,963
Banks—4.9%
Abington Bancorp, Inc.	1,573		18,766
Banco de Chile (a)	2,387		210,963
Corpbanca SA (a)	777		71,888
Grupo Financiero Galicia SA* (a)	6,507		99,622
Indiana Community Bancorp	1,174		19,888
Pacific Premier Bancorp, Inc.*	2,892		18,191
WSFS Financial Corp.	608		28,843
Total Banks			468,161
Capital Goods—17.3%
3D Systems Corp.*	786		24,751
Astronics Corp.*	1,272		26,712
Cummins, Inc.	6,153		676,892
Global Power Equipment Group, Inc.*	2,229		51,713
Middleby Corp.*	667		56,308
Sauer-Danfoss, Inc.*	3,834		108,310
Tata Motors Ltd. (a)	23,385		686,116
Twin Disc, Inc.	1,069		31,920
Total Capital Goods			1,662,722
Commercial & Professional Services—0.7%
Acacia Research — Acacia
Technologies*	948		24,591
AT Cross Co., Class A*	2,566		24,762
Food Technology Service, Inc.*	4,023		14,885
Total Commercial & Professional
Services			64,238
Consumer Durables & Apparel—3.7%
Fossil, Inc.*	1,885		132,855
Kingold Jewelry, Inc.*	8,626		35,194
Lululemon Athletica, Inc.*	799		54,668
Polaris Industries, Inc.	1,661		129,591
Total Consumer Durables & Apparel			352,308
Consumer Services—6.0%
Coinstar, Inc.*	1,813		102,326
Krispy Kreme Doughnuts, Inc.*	5,283		36,875
Las Vegas Sands Corp.*	8,968		412,080
Stonemor Partners LP	905		27,159
Total Consumer Services			578,440
Energy—1.0%
OYO Geospace Corp.*	250		24,778
RPC, Inc.	4,060		73,567
Total Energy			98,345
Food, Beverage & Tobacco—1.8%
Boston Beer Co., Inc., Class A*	455		43,266
Embotelladora Andina SA, Class B (a)	4,245		128,496
Total Food, Beverage & Tobacco			171,762
Health Care Equipment & Services—0.6%
Cardica, Inc.*	3,463		15,099
Medidata Solutions, Inc.*	1,048		25,026
Mediware Information Systems*	1,732		18,619
Total Health Care Equipment
& Services			58,744
Household & Personal Products—1.9%
Herbalife Ltd.	2,641		180,565
Materials—5.3%
Fuwei Films Holdings Co. Ltd.*	5,503		17,665
Great Northern Iron Ore Properties	119		16,718
Handy & Harman Ltd.*	4,257		55,256
Innospec, Inc.*	2,747		56,039
Kronos Worldwide, Inc.	2,450		104,100
Material Sciences Corp.*	3,892		24,870
Mercer International, Inc.*	10,789		83,615
Mesabi Trust	438		16,859
TPC Group, Inc.*	4,335		131,437
Total Materials			506,559
Media—0.6%
Global Traffic Network, Inc.*	2,336		21,608
Imax Corp.*	1,184		33,211
Total Media			54,819
Pharmaceuticals, Biotechnology & Life Sciences—3.6%
Ariad Pharmaceuticals, Inc.*	5,132		26,173
Columbia Laboratories, Inc.*	8,037		18,244
Illumina, Inc.*	1,059		67,077
Perrigo Co.	2,555		161,808
Questcor Pharmaceuticals, Inc.*	1,497		22,051
Viropharma, Inc.*	2,351		40,719
VirtualScopics, Inc.*	7,005		14,991
Total Pharmaceuticals, Biotechnology
& Life Sciences			351,063
Real Estate—0.3%
Newcastle Investment Corp.* (b)	5,055		33,869
Retailing—15.0%
Advance Auto Parts, Inc.	5,744		379,965
Destination Maternity Corp.*	1,276		48,399
Dollar Tree, Inc.*	6,648		372,820
Ltd. Brands, Inc.	19,477		598,528
Zumiez, Inc.*	1,563		41,998
Total Retailing			1,441,710
Semiconductors & Semiconductor Equipment—5.0%
Amtech Systems, Inc.*	882		22,182
Atmel Corp.*	9,199		113,332
Avago Technologies Ltd.*	5,152		146,677
AXT, Inc.*	2,029		21,183
Micrel, Inc.	2,497		32,436
MIPS Technologies, Inc., Class A*	1,393		21,118
Omnivision Technologies, Inc.*	2,135		63,217
Silicon Image, Inc.*	3,680		27,048
Spreadtrum Communications, Inc.* (a)	1,712		31,450
Total Semiconductors &
Semiconductor Equipment			478,643

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

25

SCHEDULE OF INVESTMENTS — continued
REVENUE SHARES NAVELLIER OVERALL A-100 FUND
DECEMBER 31, 2010 (UNAUDITED)

Investments	Shares	Value
Software & Services—7.2%
Baidu, Inc.* (a)	797	$	76,934
Cimatron Ltd.*	6,491		18,564
Cognizant Technology Solutions
Corp., Class A*	3,770		276,303
Constant Contact, Inc.*	830		25,722
Dice Holdings, Inc.*	1,627		23,347
iGate Corp.	1,519		29,939
LogMeIn, Inc.*	458		20,308
OpenTable, Inc.*	291		20,510
Opnet Technologies, Inc.	896		23,986
Quest Software, Inc.*	2,247		62,332
Travelzoo, Inc.*	542		22,341
VeriFone Systems, Inc.*	2,010		77,506
Zix Corp.*	4,132		17,644
Total Software & Services			695,436
Technology Hardware & Equipment—5.0%
ADTRAN, Inc.	1,413		51,165
Alliance Fiber Optic Products, Inc.*	1,296		20,321
DDI Corp.	2,623		30,846
F5 Networks, Inc.*	534		69,505
Finisar Corp.*	2,317		68,792
Hypercom Corp.*	5,115		42,813
Kemet Corp.*	5,253		76,589
Measurement Specialties, Inc.*	1,059		31,082
Silicom Ltd.*	915		17,037
SMTC Corp.*	9,406		30,099
Technical Communications Corp.	1,201		16,490
Westell Technologies, Inc., Class A*	8,258		27,004
Total Technology Hardware
& Equipment			481,743
Telecommunication Services—0.5%
General Communication, Inc., Class A*	4,179		52,906
Transportation—3.6%
Lan Airlines SA (a)	9,287		285,854
Park-Ohio Holdings Corp.*	3,049		63,754
Total Transportation			349,608
Utilities—0.4%
Transportadora de Gas del Sur SA (a)	7,638		42,849
Total Investments—100.2%
(Cost $9,185,236)			9,646,453
Liabilities in Excess of
Other Assets—(0.2)%			(21,784	)
Net Assets—100.0%		$	9,624,669

*	Non-income producing security
(a)	American Depositary Receipt
(b)	Real Estate Investment Trust

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

26

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2010 (UNAUDITED)

	RevenueShares Large Cap Fund			RevenueShares Mid Cap Fund			RevenueShares Small Cap Fund			RevenueShares Financials Sector Fund			RevenueShares ADR Fund			RevenueShares Navellier Overall A-100 Fund
ASSETS:
Investments at value
(Note 2)	$	188,800,134		$	138,589,580		$	128,223,572		$	20,677,823		$	59,054,258		$	9,646,453
Cash		142,148			107,833			69,257			26,049			131,880			4,938
Receivables:
Expense            reimbursement
due from Advisor		—			—			—			2,084			—			2,907
Dividends		224,321			80,042			67,485			9,375			81,950			316
Securities sold		1,399,174			199,046			1,278,943			232,279			3,228,510			7,078,448
Prepaid Expenses		921			1,841			2,157			304			866			233
Total Assets		190,566,698			138,978,342			129,641,414			20,947,914			62,497,464			16,733,295
LIABILITIES:
Payables:
Investment securities
purchased		720,544			13,549			1,028,150			—			3,073,104			7,028,920
Income Distributions
Payable		716,845			248,892			315,638			56,999			266,197			49,570
Capital Gains         Distributions
Payable		—			—			—			193,752			—			—
Advisory fees          (Note 3)		33,802			27,709			24,894			—			4,450			—
Principal Financial
& Compliance
Officer fees		7,320			7,346			7,738			2,041			3,797			3,530
Trustee fees		4,745			3,837			3,636			416			1,488			607
Other accrued expenses		140,481			95,894			95,700			28,602			52,483			25,999
Total Liabilities		1,623,737			397,227			1,475,756			281,810			3,401,519			7,108,626
NET ASSETS	$	188,942,961		$	138,581,115		$	128,165,658		$	20,666,104		$	59,095,945		$	9,624,669
NET ASSETS CONSIST OF:
Paid-in capital	$	168,205,240		$	112,578,580		$	102,936,153		$	19,432,202		$	54,454,331		$	7,665,436
Distributions in          excess of
net investment          income		(1,529	)		(1,054	)		(449	)		(1,105	)		(22,937	)		(496	)
Accumulated net          realized gain
(loss) on         investments		(1,918,109	)		3,005,047			3,231,293			845,920			(1,223,631	)		1,498,512
Net unrealized
appreciation
(depreciation) on
investments		22,657,359			22,998,542			21,998,661			389,087			5,888,182			461,217
NET ASSETS	$	188,942,961		$	138,581,115		$	128,165,658		$	20,666,104		$	59,095,945		$	9,624,669
Shares outstanding
(unlimited number of
shares of beneficial
interest authorized,
without par value)		8,001,400			4,701,400			3,951,400			650,000			1,550,000			250,000
Net asset value,       per share	$	23.61		$	29.48		$	32.44		$	31.79		$	38.13		$	38.50
Investments at cost	$	166,142,775		$	115,591,038		$	106,224,911		$	20,288,736		$	53,166,076		$	9,185,236

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

27

STATEMENTS OF OPERATIONS

SIX MONTHS ENDED DECEMBER 31, 2010(UNAUDITED )

	RevenueShares Large Cap Fund			RevenueShares Mid Cap Fund			RevenueShares Small Cap Fund			RevenueShares Financials Sector Fund			RevenueShares ADR Fund			RevenueShares Navellier Overall A-100 Fund
INVESTMENT INCOME:
Dividend income	$	1,759,810		$	727,833		$	702,318		$	129,510		$	739,270		$	114,126
Foreign withholding tax		(122	)		—			—			(121	)		(83,732	)		(1,420	)
Total Income		1,759,688			727,833			702,318			129,389			655,538			112,706
EXPENSES:
Advisory fees (Note 3)		372,277			285,237			283,482			50,418			166,891			28,924
BNY Fund Services fees		150,324			117,580			119,387			23,920			64,179			12,666
Professional fees		37,111			24,566			24,227			14,200			16,427			13,273
Compliance fees		12,536			10,745			11,342			4,725			6,567			4,478
Principal Financial       Officer fees		12,871			11,033			11,645			4,852			6,742			4,597
Printing and Postage		15,123			9,075			8,183			2,028			3,025			1,562
Trustees fees		4,413			3,305			3,206			526			1,190			504
Registration fees		2,521			2,318			2,521			504			1,562			151
Other expense		12,716			11,496			11,342			11,254			11,634			8,580
Total Expenses		619,892			475,355			475,335			112,427			278,217			74,735
Less expense waivers
and reimbursements       (Note 3)		(214,579	)		(167,299	)		(168,774	)		(56,528	)		(141,923	)		(45,811	)
Net Expenses		405,313			308,056			306,561			55,899			136,294			28,924
Net Investment Income		1,354,375			419,777			395,757			73,490			519,244			83,782
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss)
on investments		(153,261	)		3,034,829			1,054,346			(247,383	)		(803,557	)		1,277,896
Net realized gain (loss)
on in-kind redemptions		2,268,702			1,396,363			4,288,365			1,430,602			651,002			1,272,005
Total net realized gain        (loss)		2,115,441			4,431,192			5,342,711			1,183,219			(152,555	)		2,549,901
Net change in unrealized
appreciation       (depreciation)
on investments		30,257,822			23,933,328			21,945,235			1,815,939			12,108,565			38,488
Net realized and        unrealized
gain (loss) on       investments		32,373,263			28,364,520			27,287,946			2,999,158			11,956,010			2,588,389
Net Increase in Net
Assets Resulting
From Operations	$	33,727,638		$	28,784,297		$	27,683,703		$	3,072,648		$	12,475,254		$	2,672,171

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

28

STATEMENTS OF CHANGES IN NET ASSETS

	RevenueShares Large Cap Fund							RevenueShares Mid Cap Fund						RevenueShares Small Cap Fund
	Six-Months Ended December 31, 2010 (Unaudited)			Year Ended June 30, 2010				Six-Months Ended December 31, 2010 (Unaudited)			Year Ended June 30, 2010			Six-Months Ended December 31, 2010 (Unaudited)				Year Ended June 30, 2010
OPERATIONS:
Net investment income	$	1,354,375		$	1,485,899		$	419,777		$	556,812		$	395,757			$	199,497
Net realized gain (loss) on
investments		2,115,441			6,492,330			4,431,192			6,947,066			5,342,711				6,908,858
Net change in unrealized
appreciation       (depreciation)
on investments		30,257,822			(2,698,739	)		23,933,328			(2,022,385	)		21,945,235				(2,202,031	)
Net increase (decrease) in
net assets resulting from
operations		33,727,638			5,279,490			28,784,297			5,481,493			27,683,703				4,906,324
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income		(1,855,487	)		(1,170,367	)		(571,134	)		(447,496	)		(482,779	)			(135,857	)
Realized gains		—			—			—			—			—				—
Total distributions to
shareholders		(1,855,487	)		(1,170,367	)		(571,134	)		(447,496	)		(482,779	)			(135,857	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		28,777,719			105,841,236			16,036,524			84,452,205			8,795,186				93,864,879
Cost of shares redeemed		(10,427,595	)		(24,462,877	)		(5,938,498	)		(19,382,638	)		(17,149,422	)			(21,415,558	)
Net increase (decrease) in
net assets resulting from
shareholder transactions		18,350,124			81,378,359			10,098,026			65,069,567			(8,354,236	)			72,449,321
Increase in net assets		50,222,275			85,487,482			38,311,189			70,103,564			18,846,688				77,219,788
NET ASSETS:
Beginning of period		138,720,686			53,233,204			100,269,926			30,166,362			109,318,970				32,099,182
End of period	$	188,942,961		$	138,720,686		$	138,581,115		$	100,269,926		$	128,165,658		$	109,318,970
Undistributed net       investment
income (loss)       included in
net assets at end       of period	$	(1,529	)	$	499,583		$	(1,054	)	$	150,303		$	(449	)		$	86,573
CHANGES IN SHARES
OUTSTANDING:
Shares outstanding,
beginning of period		7,151,400			3,201,400	1		4,351,400			1,601,400	1		4,301,400				1,601,400	1
Shares sold		1,350,000			5,150,000	1		600,000			3,550,000	1		300,000				3,550,000	1
Shares redeemed		(500,000	)		(1,200,000	)1		(250,000	)		(800,000	)1		(650,000	)			(850,000	)1
Shares outstanding, end
of period		8,001,400			7,151,400			4,701,400			4,351,400			3,951,400				4,301,400

*	Commencement of operations .
1	On November 6, 2008, there was a 2 for 1 stock split. Historical share amounts have been adjusted to reflect the 2 for 1 split on a retroactive basis.

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

29

STATEMENTS OF CHANGES IN NET ASSETS — concluded

			RevenueShares Financials Sector Fund						RevenueShares ADR Fund							RevenueShares Navellier Overall A-100 Fund
			Six-Months EndedDecember 31,2010 (Unaudited)				Year Ended June 30, 2010		Six-Months Ended December 31, 2010 (Unaudited)				Year Ended June 30, 2010			Six-Months Ended December 31, 2010 (Unaudited)			Year Ended June 30, 2010
OPERATIONS:
Net investment income		$	73,490			$	71,095		$	519,244		$	1,007,996		$	83,782		$	35,103
Net realized gain (loss) on
investments			1,183,219				1,142,697			(152,555	)		618,236			2,549,901			873,823
Net change in unrealized
appreciation       (depreciation)
on investments			1,815,939				(1,905,053	)		12,108,565			(6,725,823	)		38,488			56,346
Net increase (decrease) in
net assets resulting from
operations			3,072,648				(691,261	)		12,475,254			(5,099,591	)		2,672,171			965,272
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income			(90,186	)			(63,988	)		(1,106,731	)		(507,284	)		(95,317	)		(25,431	)
Realized gains			(193,752	)			—			—			(150,700	)		—			(192,120	)
Total distributions to
shareholders			(283,938	)			(63,988	)		(1,106,731	)		(657,984	)		(95,317	)		(217,551	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold			1,480,702				22,490,648			3,656,796			54,509,225			5,091,821			17,164,040
Cost of shares redeemed			(8,174,835	)			(2,754,245	)		(3,570,308	)		(8,632,651	)		(8,432,113	)		(13,027,298	)
Net increase (decrease) in
net assets resulting from
shareholder transactions			(6,694,133	)			19,736,403			86,488			45,876,574			(3,340,292	)		4,136,742
Increase (Decrease) in
net assets			(3,905,423	)			18,981,154			11,455,011			40,118,999			(763,438	)		4,884,463
NET ASSETS:
Beginning of period			24,571,527				5,590,373			47,640,934			7,521,935			10,388,107			5,503,644
End of period	$	20,666,104			$	24,571,527			$	59,095,945		$	47,640,934		$	9,624,669		$	10,388,107
Undistributed net
investment income       (loss) included in
net assets at end       of period		$	(1,105	)		$	15,591		$	(22,937	)	$	564,550		$	(496	)	$	11,039
CHANGES IN SHARES
OUTSTANDING:
Shares outstanding,
beginning of period			900,000				250,000			1,550,000			250,000			350,000			200,000
Shares sold			50,000				750,000			100,000			1,550,000			150,000			550,000
Shares redeemed			(300,000	)			(100,000	)		(100,000	)		(250,000	)		(250,000	)		(400,000	)
Shares outstanding, end
of period			650,000				900,000			1,550,000			1,550,000			250,000			350,000

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

30

FINANCIAL HIGHLIGHTS

	RevenueShares Large Cap Fund														RevenueShares Mid Cap Fund
	Six Months Ended December 31, 2010 (Unaudited)			Year Ended June 30, 2010				Year Ended June 30, 20092				For the Period February 22, 20081 Through June 30, 20082			Six Months Ended December 31, 2010 (Unaudited)			Year Ended June 30, 2010				Year Ended June 30, 20092			For the Period February 22, 20081 Through June 30, 20082
Per Share Operating
Performance:
Net asset value,       beginning
of period	$	19.40		$	16.63		$	22.87			$	25.00			$	23.04		$	18.84		$	24.17			$	25.00
Net investment       income3		0.18			0.29				0.33				0.15			0.10			0.17				0.18			0.08
Net realized and       unrealized
gain (loss) on       investments		4.28			2.74				(6.34	)			(2.23	)		6.47			4.18				(5.36	)		(0.84	)
Total gain (loss)
from investment        operations		4.46			3.03				(6.01	)			(2.08	)		6.57			4.35				(5.18	)		(0.76	)
Less Distributions
from:
Net investment
income		(0.25	)		(0.26	)			(0.23	)			(0.05	)		(0.13	)		(0.15	)			(0.15	)		(0.07	)
Realized gains		—			—				—				—			—			—				—			—
Total distributions		(0.25	)		(0.26	)			(0.23	)			(0.05	)		(0.13	)		(0.15	)			(0.15	)		(0.07	)
Net asset value,
end of period	$	23.61		$	19.40		$	16.63			$	22.87			$	29.48		$	23.04		$	18.84			$	24.17
Total Return at Net
Asset Value4		23.12	%		18.21	%			(26.27	)%			(8.31	)%		28.59	%		23.07	%			(21.39	)%		(3.02	)%
Total Return at      Market Value4		22.84	%		17.99	%			(26.52	)%			(8.19	)%		28.34	%		22.86	%			(21.71	)%		(2.44	)%
Ratios/Supplemental
Data:
Net assets, end of
period (000’s
omitted)	$	188,943		$	138,721		$	53,233			$	32,048			$	138,581		$	100,270		$	30,166			$	4,869
Ratio to average net
assets of:
Expenses, net of
expense
waivers and
reimbursements		0.49	%5		0.49	%			0.49	%			0.49	%5		0.54	%5		0.54	%			0.54	%		0.54	%5
Expenses, prior to         expense
waivers and
reimbursements		0.75	%5		0.85	%			1.89	%			2.32	%5		0.83	%5		0.89	%			2.02	%		4.93	%5
Net investment
income,  net of
waivers and
reimbursements		1.64	%5		1.44	%			2.05	%			1.87	%5		0.74	%5		0.71	%			1.12	%		0.89	%5
Portfolio turnover        rate6		13.02	%		6.72	%			23.67	%			0.88	%		26.39	%		14.51	%			35.25	%		1.07	%

1	Commencement of operations.
2	On November 6, 2008, there was a 2 for 1 stock split. Historical per share amounts have been adjusted to reflect the 2 for 1 split on a retroactive basis.
3	Based on average daily shares outstanding.
4	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the investment advisor.
5	Annualized for periods less than one year.
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.

31

FINANCIAL HIGHLIGHTS — continued

	RevenueShares Small Cap Fund											RevenueShares Financials Sector Fund
	Six Months Ended December 31, 2010 (Unaudited)				Year Ended June 30, 2010		Year Ended June 30, 20092			For the Period February 22, 20081 Through June 30,20082			Six Months Ended December 31, 2010 (Unaudited)			Year Ended June 30, 2010			For the Period November 10, 20081 Through June 30, 2009
Per Share Operating
Performance:
Net asset value, beginning
of period	$	25.41		$	20.04		$	23.35		$	25.00		$	27.30		$	22.36		$	25.00
Net investment income3		0.10			0.07			0.11			0.08			0.10			0.15			0.19
Net realized and        unrealized
gain (loss) on        investments		7.05			5.35			(3.32	)		(1.67	)		4.82			4.96			(2.69	)
Total gain (loss) from
investment operations		7.15			5.42			(3.21	)		(1.59	)		4.92			5.11			(2.50	)
Less Distributions from:
Net investment income		(0.12	)		(0.05	)		(0.10	)		(0.06	)		(0.13	)		(0.17	)		(0.14	)
Realized gains		—			—			—			—			(0.30	)		—			—
Total distributions		(0.12	)		(0.05	)		(0.10	)		(0.06	)		(0.43	)		(0.17	)		(0.14	)
Net asset value, end
of period	$	32.44		$	25.41		$	20.04		$	23.35		$	31.79		$	27.30		$	22.36
Total Return at Net
Asset Value4		28.18	%		27.07	%		(13.67	)%		(6.36	)%		18.03	%		22.87	%		(9.87	)%
Total Return at Market Value4		27.90	%		26.88	%		(13.67	)%		(6.10	)%		16.76	%		23.00	%		(10.03	)%
Ratios/Supplemental Data:
Net assets, end of period
(000’s omitted)	$	128,166		$	109,319		$	32,099		$	4,702		$	20,666		$	24,572		$	5,590
Ratio to average net
assets of:
Expenses, net of
expense waivers		0.54	%5		0.54	%		0.54	%		0.54	%5		0.49	%5		0.49	%		0.49	%5
Expenses, prior to
expense waivers		0.84	%5		0.89	%		2.20	%		5.03	%5		1.00	%5		1.11	%		3.14	%5
Net investment income,
net of waivers		0.70	%5		0.25	%		0.62	%		0.85	%5		0.66	%5		0.51	%		1.60	%5
Portfolio turnover rate6		28.94	%		16.33	%		32.38	%		6.44	%		12.74	%		1.76	%		19.26	%

1	Commencement of operations.
2	On November 6, 2008, there was a 2 for 1 stock split. Historical per share amounts have been adjusted to reflect the 2 for 1 split on a retroactive basis.
3	Based on average daily shares outstanding.
4	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the investment advisor.
5	Annualized for periods less than one year.
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 Funds’ capital shares.

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

32

FINANCIALHIGHLIGHTS — concluded

	RevenueShares ADR Fund									RevenueShares Navellier Overall A-100 Fund
	Six Months Ended December 31, 2010 (Unaudited)			Year Ended June 30, 2010			For the Period November 18, 20081 Through June 30, 2009			Six Months Ended December 31, 2010 (Unaudited)			Year Ended June 30, 2010			For the Period January 21, 20091 Through June 30, 2009
Per Share Operating Performance:
Net asset value, beginning of       period	$	30.74		$	30.09		$	25.00		$	29.68		$	27.52		$	25.00
Net investment income3		0.34			1.07			0.58			0.30			0.10			0.09
Net realized and unrealized
gain (loss) on investments		7.76			0.40			4.68			8.87			2.61			2.52
Total gain (loss) from
investment operations		8.10			1.47			5.26			9.17			2.71			2.61
Less Distributions from:
Net investment income		(0.71	)		(0.68	)		(0.17	)		(0.35	)		(0.07	)		(0.09	)
Realized gains		—			(0.14	)		—			—			(0.48	)		—
Total distributions		(0.71	)		(0.82	)		(0.17	)		(0.35	)		(0.55	)		(0.09	)
Net asset value, end of period	$	38.13		$	30.74		$	30.09		$	38.50		$	29.68		$	27.52
Total Return at Net Asset Value4		26.71	%		4.64	%		21.15	%		30.85	%		9.70	%		10.48	%
Total Return at Market Value4		26.06	%		4.55	%		21.18	%		30.26	%		9.81	%		10.69	%
Ratios/Supplemental Data:
Net assets, end of period
(000’s omitted)	$	59,096		$	47,641		$	7,522		$	9,625		$	10,388		$	5,504
Ratio to average net assets of:
Expenses, net of expense
waivers		0.49	%5		0.49	%		0.49	%5		0.60	%5		0.60	%		0.60	%5
Expenses, prior to expense
waivers		1.00	%5		1.08	%		3.52	%5		1.55	%5		1.40	%		3.72	%5
Net investment income,
net of waivers		1.87	%5		3.06	%		3.79	%5		1.74	%5		0.32	%		0.81	%5
Portfolio turnover rate6		19.17	%		45.80	%		82.02	%		120.78	%		182.12	%		32.48	%

1	Commencement of operations.
2	On November 6, 2008, there was a 2 for 1 stock split. Historical per share amounts have been adjusted to reflect the 2 for 1 split on a retroactive basis.
3	Based on average daily shares outstanding.
4	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the investment advisor.
5	Annualized for periods less than one year.
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 Funds’ capital shares.

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

33

NOTES TO FINANCIALSTATEMENTS

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. Realized gains and losses on sales of investment securities are calculated using the identified cost method.

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

Investment Income — Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities.

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.

34

NOTES TO FINANCIALSTATEMENTS — continued

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

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

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

The Trust and the Adviser have entered into a written fee waiver and expense reimbursement agreement pursuant to which the Adviser has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the net annual fund operating expenses for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund from exceeding 0.49%, 0.54%, 0.54%, 0.49%, 0.49% and 0.60%, respectively, based upon each Fund’s daily net assets. Amounts waived and/or reimbursed pursuant to this agreement are not subject to subsequent recapture by the Adviser. This agreement will remain in effect and will be contractually binding until October 31, 2011, after which it may be terminated or revised.

For the period ended December 31, 2010, the Adviser waived and reimbursed the following fees:

Fund	Fees Waived and Reimbursed
RevenueShares Large Cap Fund	$	214,579
RevenueShares Mid Cap Fund		167,299
RevenueShares Small Cap Fund		168,774
RevenueShares Financials Sector Fund		56,528
RevenueShares ADR Fund		141,923
RevenueShares Navellier Overall A-100 Fund		45,811

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

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

Distribution — Foreside Fund Services, LLC serves as the Funds’ distributor (the “Distributor”). The Trust has adopted a distribution and services plan (“12b-1”) pursuant to rule 12b-1 under the 1940 Act. Each Fund is authorized to pay an amount up to a maximum annual rate of 0.25% of it’s 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. Foreside Management Services, LLC (“FMS”), an affiliate of the Distributor, provides a Principal Financial Officer to the Funds.

Neither the Distributor, FCS, FMS 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 and FMS are also officers of the Trust. FCS and FMS have agreed to waive 10% of their fees when aggregate net assets of the Trust are under $300,000,000 or until December 31, 2010. For the period ended December 31, 2010, FCS and FMS were not required to waive fees pursuant to this agreement.

35

NOTES TO FINANCIALSTATEMENTS — continued

Licensing Fee Agreements — The Adviser has entered into a licensing agreement for each Fund with RevenueShares Investor Services. The trademarks are owned by the Licensor. These trademarks have been licensed to the Adviser for use with the Funds. The Funds are not sponsored, endorsed, sold or promoted by the Licensor and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

4. CREATION AND REDEMPTION TRANSACTIONS

As of December 31, 2010, 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 portfolio of equity securities constituting a portfolio sampling representation of the securities included in the relevant Fund’s underlying index and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

5. FAIR VALUE MEASUREMENT

The authoritative guidance for fair value measurements and disclosures, Accounting Standards Codification^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 each Fund’s own assumptions in determining the fair value of investments)

36

NOTES TO FINANCIAL STATEMENTS — continued

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of December 31, 2010 in valuing the Funds’ assets carried at fair value:

Fund	Quoted Prices in Active Markets (Level 1)					Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
	Common Stocks		Preferred Stocks
RevenueShares Large Cap Fund	$	188,800,134			—	—	—	$	188,800,134
RevenueShares Mid Cap Fund		138,589,580			—	—	—		138,589,580
RevenueShares Small Cap Fund		128,223,572			—	—	—		128,223,572
RevenueShares Financials
Sector Fund		20,677,823			—	—	—		20,677,823
RevenueShares ADR Fund		58,369,998		$	684,260	—	—		59,054,258
RevenueShares Navellier
Overall A-100 Fund		9,646,453			—	—	—		9,646,453

At December 31, 2010, the Funds did not hold any Level 2 or Level 3 securities. Please refer to the Schedule of Investments to view equity securities segregated by industry type.

In January, 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”). ASU 2010-06 requires new disclosure regarding transfers into and out of Levels 1 and 2 effective for interim and annual periods beginning after December 15, 2009. The Funds disclose significant transfers between levels based on valuations at the end of the reporting period. At December 31, 2010, there were no material transfers between Levels 1 and 2 based on levels assigned to securities on June 30, 2010. ASU 2010-06 will also require additional details regarding Level 3 transaction activity effective for interim and annual periods beginning after December 15, 2010. Management is currently evaluating the effect that this additional requirement will have on the Funds’ financial statements.

6. INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the six months ended December 31, 2010 were as follows:

Fund	Purchases		Sales
RevenueShares Large Cap Fund	$	22,686,628	$	21,010,671
RevenueShares Mid Cap Fund		29,967,289		29,847,198
RevenueShares Small Cap Fund		32,544,949		35,840,415
RevenueShares Financials Sector Fund		2,773,185		2,987,501
RevenueShares ADR Fund		10,283,546		10,925,858
RevenueShares Navellier Overall A-100 Fund		11,565,016		11,525,185

For the six months ended December 31, 2010, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:

Fund	Purchases		Sales
RevenueShares Large Cap Fund	$	26,464,321	$	10,393,430
RevenueShares Mid Cap Fund		16,018,873		5,932,042
RevenueShares Small Cap Fund		8,788,317		13,862,325
RevenueShares Financials Sector Fund		1,480,243		8,171,805
RevenueShares ADR Fund		3,638,343		3,552,720
RevenueShares Navellier Overall A-100 Fund		5,093,018		8,433,019

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

37

NOTES TOFINANCIALSTATEMENTS — continued

7. TRUSTEE’S FEES

The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. The interested Trustee does not receive any Trustees’ fees.

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 December 31, 2010, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were substantially the same for book purposes, as indicated below:

Fund	Cost		Gross Unrealized Appreciation	Gross Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
RevenueShares Large Cap Fund	$	166,142,775	24,805,658	(2,148,299	)	22,657,359
RevenueShares Mid Cap Fund		115,591,038	24,050,272	(1,051,730	)	22,998,542
RevenueShares Small Cap Fund		106,224,911	23,452,531	(1,453,870	)	21,998,661
RevenueShares Financials Sector Fund		20,288,736	1,189,281	(800,194	)	389,087
RevenueShares ADR Fund		53,166,076	6,748,616	(860,434	)	5,888,182
RevenueShares Navellier Overall A-100 Fund		9,185,236	527,388	(66,171	)	461,217

The tax character of distributions paid during the period ended June 30, 2010 were as follows:

Fund	Distributions Paid From Ordinary Income			Distributions Paid From Long Term Capital Gain
RevenueShares Large Cap Fund	$	1,170,367	$	—
RevenueShares Mid Cap Fund		447,496		—
RevenueShares Small Cap Fund		135,857		—
RevenueShares Financials Sector Fund		63,988		—
RevenueShares ADR Fund		657,984		—
RevenueShares Navellier Overall A-100 Fund		217,551		—

38

NOTES TOFINANCIALSTATEMENTS — continued

At June 30, 2010, 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. During the period ended June 30, 2010, the RevenueShares Navellier Overall A-100 Fund utilized capital loss carryforwards of $84,807.

Fund	Capital Loss Available Through 2016		Capital Loss Available Through 2017		Capital Loss Available Through 2018			Total
RevenueShares Large Cap Fund	$	26,666	$	386,347	$	1,675,893	$	2,088,906
RevenueShares Mid Cap Fund		3,042		—		812,268		815,310
RevenueShares SmallCap Fund		—		48,718		710,918		759,636
RevenueShares Financials Sector Fund		—		52,317		21,626		73,943

Post-October losses represent losses realized on investment transactions from November 1, 2009 through June 30, 2010, 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 period ended June 30, 2010, the Funds incurred and will elect to defer net capital losses as follows:

Fund	Post-October Capital Losses
RevenueShares Large Cap Fund	$	233,101
RevenueShares Mid Cap Fund		148,506
RevenueShares Small Cap Fund		1,021,322
RevenueShares Financials Sector Fund		56,504
RevenueShares ADR Fund		97,968
RevenueShares Navellier Overall A-100 Fund		1,048,642

Financial reporting rules prescribe a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation, as applicable, as the income is earned or capital gains are recorded. If applicable, the Fund will recognize expenses accrued related to unrecognized interest expense and penalties in “Other” expense on the Statement of Operations. Management has determined that there is no impact resulting from the application of this interpretation to the Funds’ financial statements.

Financial reporting rules require management of the Funds to analyze all open tax years, fiscal years 2008-2010, 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 period ended December 31, 2010, 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.

39

NOTES TO FINANCIALSTATEMENTS — concluded

9. RISKS

Concentration Risk

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

Non-Diversification Risk

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

Financial Sector Risk

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

ADR Risk

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

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

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.

40

SUPPLEMENTAL INFORMATION

(UNAUDITED)

Proxy Voting Policies, Procedures and Record

A description of the Trust’s proxy voting policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, and each Fund’s proxy voting record for the most recent twelve-month period ended June 30 is available, without charge upon request, by calling (877)738-8870. This information is also available on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The RevenueShares ETF Trust files its complete schedule of portfolio holdings with the SEC for its first and third quarters on Form N-Q. Copies of the filings are available on 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.revenuesharesetfs.com.

The Fund’s 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.

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Investment Adviser	Sub-Adviser
VTL Associates, LLC	Index Management Solutions, LLC
One Commerce Square	One Commerce Square
2005 Market Street, Suite 2020	2005 Market Street, Suite 2020
Philadelphia, Pennsylvania 19103	Philadelphia, Pennsylvania 19103
Distributor	Transfer Agent
Foreside Fund Services, LLC	The Bank of New York Mellon
Three Canal Plaza, Suite 100	101 Barclay Street
Portland, Maine 04101	New York, New York 10286
www.foreside.com
	Independent Registered Public Accounting Firm
Custodian
	Ernst & Young, LLP
The Bank of New York Mellon	Two Commerce Square
101 Barclay Street	2001 Market Street, Suite 4000
New York, New York 10286	Philadelphia, Pennsylvania 19103
Legal Counsel
Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, Pennsylvania 19103

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

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

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

Item 2. Code of Ethics.

Not Applicable for the semi-annual reporting period.

Item 3. Audit Committee Financial Expert.

Not Applicable for the semi-annual reporting period.

Item 4. Principal Accountant Fees and Services.

Not Applicable for the semi-annual reporting period.

Item 5.  Audit Committee of Listed Registrants.

Not Applicable for the semi-annual reporting period.

Item 6. Schedule of Investments.

(a)Schedule 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 & Affiliated Purchasers.

Not Applicable.

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

Not Applicable.

Item 11. Controls and Procedures.

(a) The Chief Executive Officer and Chief Financial Officer have evaluated the Registrant’s disclosure controls and procedures within 90 days of the filing date of this report and have concluded that these controls and procedures are effective.

(b) There were no significant changes in the Registrant’s internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation.

Item 12. Exhibits.

(a)  Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable at this time.

(b) Certifications for each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17CFR 270.30a-(a)).

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:	/s/ Vincent T. Lowry
Vincent T. Lowry, Chief Executive Officer
Date:	March 1, 2011

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.

Registrant: RevenueShares ETF Trust

By:	/s/ Vincent T. Lowry
Vincent T. Lowry, Chief Executive Officer
Date:	March 1, 2011
By:	/s/ Charles S. Todd
Charles S. Todd, Chief Financial Officer
Date:	March 1, 2011