N-CSRS 1 e46905ncsrs.htm SEMI-ANNUAL REPORT

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-21993

 

RevenueShares ETF Trust

(Exact name of registrant as specified in charter)

 

 

 

One Commerce Square,

 

 

2005 Market Street Suite 2020

 

 

Philadelphia, 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, 2011 - December 31, 2011

 

 

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, 2011

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Table of Contents

Shareholder Expense Examples 2
Schedule of Investments Summary Tables 3
Schedules of Investments  
RevenueShares Large Cap Fund 4
RevenueShares Mid Cap Fund 9
RevenueShares Small Cap Fund 14
RevenueShares Financials Sector Fund 20
RevenueShares ADR Fund 21
RevenueShares Navellier Overall A-100 Fund 24
Statements of Assets and Liabilities 26
Statements of Operations 27
Statements of Changes in Net Assets 28
Financial Highlights 30
Notes to Financial Statements 36
Board Approval of Investment Advisory Agreements 43
Supplemental Information 46

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, 2011 to December 31, 2011.

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
7/1/2011		 Ending
Account
Value
12/31/2011		 Annualized
Expense Ratios
for the Six Month
 Period		 Expenses Paid
 During the
Six Month
Period†
RevenueShares Large Cap Fund                
Actual $ 1,000.00 $ 943.70 0.49 % $ 2.39
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.67 0.49 % $ 2.49
RevenueShares Mid Cap Fund                
Actual $ 1,000.00 $ 914.60 0.54 % $ 2.60
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.42 0.54 % $ 2.75
RevenueShares Small Cap Fund                
Actual $ 1,000.00 $ 934.00 0.54 % $ 2.63
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.42 0.54 % $ 2.75
RevenueShares Financials Sector Fund                
Actual $ 1,000.00 $ 813.20 0.49 % $ 2.24
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.66 0.49 % $ 2.50
RevenueShares ADR Fund                
Actual $ 1,000.00 $ 834.90 0.49 % $ 2.26
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.67 0.49 % $ 2.49
RevenueShares Navellier Overall A-100 Fund                
Actual $ 1,000.00 $ 870.90 0.60 % $ 2.81
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.13 0.60 % $ 3.04
†Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/366 (to reflect the six-month period).
2
 

Schedule of Investments Summary Tables
(Unaudited)

RevenueShares Large Cap Fund RevenueShares Mid Cap Fund RevenueShares Small Cap Fund
Industry % of
Net Assets  		 Industry % of
Net Assets  		 Industry % of
Net Assets  
Automobiles & Components 2.2 % Automobiles & Components 0.4 % Automobiles & Components 0.6 %
Banks 1.9   Banks 2.1   Banks 2.5  
Capital Goods 8.6   Capital Goods 15.6   Capital Goods 11.6  
Commercial & Professional Services 0.6   Commercial & Professional Services 4.1   Commercial & Professional Services 5.9  
Consumer Durables & Apparel 1.0   Consumer Durables & Apparel 3.0   Consumer Durables & Apparel 5.7  
Consumer Services 1.2   Consumer Services 2.2   Consumer Services 5.7  
Diversified Financials 5.8   Diversified Financials 1.3   Diversified Financials 1.5  
Energy 15.5   Energy 6.9   Energy 2.4  
Food & Staples Retailing 9.0   Food & Staples Retailing 0.4   Food & Staples Retailing 3.9  
Food, Beverage & Tobacco 4.7   Food, Beverage & Tobacco 2.9   Food, Beverage & Tobacco 2.8  
Health Care Equipment & Services 8.0   Health Care Equipment & Services 9.1   Health Care Equipment & Services 9.4  
Household & Personal Products 1.5   Household & Personal Products 0.7   Household & Personal Products 0.5  
Insurance 5.7   Insurance 5.7   Insurance 2.9  
Materials 3.7   Materials 8.5   Materials 7.4  
Media 2.8   Media 1.2   Media 1.4  
Pharmaceuticals, Biotechnology &     Pharmaceuticals, Biotechnology &     Pharmaceuticals, Biotechnology &    
Life Sciences 3.5   Life Sciences 1.2   Life Sciences 1.1  
Real Estate 0.3   Real Estate 1.8   Real Estate 1.4  
Retailing 5.6   Retailing 7.7   Retailing 10.3  
Semiconductors & Semiconductor     Semiconductors & Semiconductor     Semiconductors & Semiconductor    
Equipment 1.3   Equipment 1.5   Equipment 2.5  
Software & Services 3.8   Software & Services 3.8   Software & Services 4.0  
Technology Hardware & Equipment 5.0   Technology Hardware & Equipment 11.8   Technology Hardware & Equipment 10.0  
Telecommunication Services 3.0   Telecommunication Services 0.6   Telecommunication Services 0.8  
Transportation 1.8   Transportation 2.9   Transportation 2.3  
Utilities 3.5   Utilities 4.6   Utilities 3.4  
Total Investments 100.0   Total Investments 100.0   Total Investments 100.0  
Other Assets in Excess of Liabilities — † 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 11.3 % Automobiles & Components 5.2 % Banks 0.7 %
Commercial Banks 13.7   Banks 12.5   Capital Goods 5.3  
Consumer Finance 4.5   Capital Goods 2.9   Commercial & Professional Services 1.4  
Diversified Financial Services 25.9   Consumer Durables & Apparel 2.8   Consumer Durables & Apparel 5.2  
Insurance 41.5   Consumer Services 0.3   Consumer Services 5.0  
Paper & Forest Products 0.5   Diversified Financials 4.0   Diversified Financials 1.3  
Real Estate Investment Trusts 2.1   Energy 34.1   Energy 5.2  
Real Estate Management &     Food & Staples Retailing 0.4   Food & Staples Retailing 2.0  
Development 0.4   Food, Beverage & Tobacco 3.7   Food, Beverage & Tobacco 8.6  
Thrifts & Mortgage Finance 0.3   Health Care Equipment & Services 0.3   Health Care Equipment & Services 12.9  
Total Investments 100.2   Insurance 4.8   Household & Personal Products 5.8  
Liabilities in Excess of Other Assets (0.2 ) Materials 7.1   Insurance 1.2  
Net Assets   100.0 %  Media 0.7   Materials 2.7  
Pharmaceuticals, Biotechnology &     Pharmaceuticals, Biotechnology &    
      Life Sciences 3.0   Life Sciences 7.2  
      Real Estate 0.2   Real Estate 0.3  
      Semiconductors & Semiconductor     Retailing 14.3  
      Equipment 0.6   Semiconductors & Semiconductor    
      Software & Services 0.3   Equipment 0.2  
      Technology Hardware & Equipment 4.3   Software & Services 7.3  
      Telecommunication Services 9.8   Technology Hardware & Equipment 1.2  
      Transportation 0.4   Telecommunication Services 7.1  
      Utilities 2.5   Transportation 0.8  
      Total Investments 99.9   Utilities 4.4  
      Other Assets in Excess of Liabilities 0.1   Total Investments 100.1  
      Net Assets 100.0 % Liabilities in Excess of Other Assets (0.1 )
            Net Assets 100.0 %

‡ More than (0.05)%
† Less than 0.05%

3
 

Schedule of Investments

Revenue Shares Large Cap Fund

December 31, 2011 (Unaudited)

Investments  Shares  Value
COMMON STOCKS—100.0%          
Automobiles & Components—2.2%          
BorgWarner, Inc.*   1,774   $113,075 
Ford Motor Co.*   210,285    2,262,666 
Goodyear Tire & Rubber Co.*   26,591    376,794 
Harley-Davidson, Inc.   2,279    88,585 
Johnson Controls, Inc.   21,545    673,497 
Total Automobiles & Components        3,514,617 
           
Banks—1.9%          
BB&T Corp.   6,855    172,540 
Comerica, Inc.   1,608    41,486 
Fifth Third Bancorp   9,191    116,910 
First Horizon National Corp.   3,547    28,376 
Hudson City Bancorp, Inc.   6,916    43,225 
Huntington Bancshares, Inc.   9,600    52,704 
KeyCorp   11,016    84,713 
M&T Bank Corp.   973    74,279 
People’s United Financial, Inc.   1,656    21,280 
PNC Financial Services Group, Inc.   4,819    277,912 
Regions Financial Corp.   31,868    137,032 
SunTrust Banks, Inc.   9,633    170,504 
U.S. Bancorp   13,017    352,110 
Wells Fargo & Co.   54,714    1,507,918 
Zions Bancorporation   2,924    47,603 
Total Banks        3,128,592 
           
Capital Goods—8.6%          
3M Co.   5,950    486,293 
Boeing Co.   14,957    1,097,096 
Caterpillar, Inc.   10,180    922,308 
Cooper Industries PLC, Class A   1,632    88,373 
Cummins, Inc.   3,153    277,527 
Danaher Corp.   5,277    248,230 
Deere & Co.   6,534    505,405 
Dover Corp.   2,376    137,927 
Eaton Corp.   5,937    258,438 
Emerson Electric Co.   7,625    355,249 
Fastenal Co.   1,048    45,703 
Flowserve Corp.   728    72,305 
Fluor Corp.   7,357    369,689 
General Dynamics Corp.   8,072    536,061 
General Electric Co.   139,577    2,499,824 
Goodrich Corp.   1,007    124,566 
Honeywell International, Inc.   11,212    609,372 
Illinois Tool Works, Inc.   6,190    289,135 
Ingersoll-Rand PLC   7,668    233,644 
Jacobs Engineering Group, Inc.*   4,020    163,132 
Joy Global, Inc.   872    65,374 
L-3 Communications Holdings, Inc.   3,811    254,117 
Lockheed Martin Corp.   9,814    793,953 
Masco Corp.   13,879    145,452 
Northrop Grumman Corp.   8,211    480,179 
PACCAR, Inc.   6,189    231,902 
Pall Corp.   749    42,805 
Parker Hannifin Corp.   2,468    188,185 
Precision Castparts Corp.   621    102,335 
Quanta Services, Inc.*   3,331    71,750 
Raytheon Co.   8,950    433,001 
Rockwell Automation, Inc.   1,264    92,740 
Rockwell Collins, Inc.   1,441    79,788 

Investments  Shares  Value
Roper Industries, Inc.   538   $46,736 
Snap-On, Inc.   953    48,241 
Textron, Inc.   10,427    192,795 
Tyco International Ltd.   6,104    285,118 
United Technologies Corp.   12,635    923,492 
W.W. Grainger, Inc.   703    131,594 
Xylem, Inc./NY   2,513    64,559 
Total Capital Goods        13,994,393 
           
Commercial & Professional Services—0.6%     
Avery Dennison Corp.   3,910    112,139 
Cintas Corp.   2,000    69,620 
Dun & Bradstreet Corp.   396    29,632 
Equifax, Inc.   826    31,999 
Iron Mountain, Inc.   1,706    52,545 
Pitney Bowes, Inc.   4,655    86,304 
R.R. Donnelley & Sons Co.   12,131    175,050 
Republic Services, Inc.   4,818    132,736 
Robert Half International, Inc.   2,158    61,417 
Stericycle, Inc.*   340    26,493 
Waste Management, Inc.   6,599    215,853 
Total Commercial & Professional Services           993,788 
           
Consumer Durables & Apparel—1.0%          
Coach, Inc.   1,095    66,839 
D.R. Horton, Inc.   4,715    59,456 
Harman International Industries, Inc.   1,636    62,233 
Hasbro, Inc.   1,999    63,748 
Leggett & Platt, Inc.   2,625    60,480 
Lennar Corp., Class A   2,581    50,717 
Mattel, Inc.   3,534    98,104 
Newell Rubbermaid, Inc.   6,305    101,826 
NIKE, Inc., Class B   3,415    329,104 
Pultegroup, Inc.*   11,537    72,798 
Ralph Lauren Corp., Class A   641    88,509 
Stanley Black & Decker, Inc.   2,550    172,380 
VF Corp.   1,063    134,990 
Whirlpool Corp.   6,373    302,399 
Total Consumer Durables & Apparel        1,663,583 
           
Consumer Services—1.2%          
Apollo Group, Inc., Class A*   1,574    84,791 
Carnival Corp.   7,518    245,388 
Chipotle Mexican Grill, Inc., Class A*   107    36,138 
Darden Restaurants, Inc.   2,732    124,525 
DeVry, Inc.   1,038    39,921 
H&R Block, Inc.   3,543    57,857 
International Game Technology   1,901    32,697 
Marriott International, Inc., Class A   6,878    200,631 
McDonald’s Corp.   4,321    433,526 
Starbucks Corp.   4,267    196,325 
Starwood Hotels & Resorts          
Worldwide, Inc.   1,925    92,342 
Wyndham Worldwide Corp.   1,956    73,996 
Wynn Resorts Ltd.   806    89,055 
Yum! Brands, Inc.   3,363    198,451 
Total Consumer Services        1,905,643 
           
Diversified Financials—5.8%          
American Express Co.   10,774    508,210 
Ameriprise Financial, Inc.   3,718    184,562 

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

4
 

Schedule of Investments — continued

Revenue Shares Large Cap Fund

December 31, 2011 (Unaudited)

    
Investments   Shares    Value 
Diversified Financials (continued)          
Bank of America Corp.   347,072   $1,929,720 
Bank of New York Mellon Corp.   13,405    266,894 
BlackRock, Inc., Class A   905    161,307 
Capital One Financial Corp.   6,642    280,890 
Charles Schwab Corp.   7,100    79,946 
Citigroup, Inc.   63,575    1,672,658 
CME Group, Inc., Class A   221    53,851 
Discover Financial Services   5,554    133,296 
E*Trade Financial Corp.*   4,685    37,293 
Federated Investors, Inc., Class B   956    14,483 
Franklin Resources, Inc.   1,206    115,848 
Goldman Sachs Group, Inc.   6,708    606,604 
IntercontinentalExchange, Inc.*   176    21,217 
Invesco Ltd.   3,430    68,909 
JPMorgan Chase & Co.   58,613    1,948,882 
Legg Mason, Inc.   1,801    43,314 
Leucadia National Corp.   1,125    25,583 
Moody’s Corp.   1,106    37,250 
Morgan Stanley   44,170    668,292 
NASDAQ OMX Group, Inc.*   2,197    53,848 
Northern Trust Corp.   1,685    66,827 
NYSE Euronext   2,677    69,870 
SLM Corp.   6,850    91,790 
State Street Corp.   4,112    165,755 
T. Rowe Price Group, Inc.   812    46,243 
Total Diversified Financials        9,353,342 
           
Energy—15.5%          
Alpha Natural Resources, Inc.*   4,793    97,921 
Anadarko Petroleum Corp.   2,881    219,907 
Apache Corp.   2,913    263,859 
Baker Hughes, Inc.   6,509    316,598 
Cabot Oil & Gas Corp.   203    15,408 
Cameron International Corp.*   2,312    113,727 
Chesapeake Energy Corp.   8,412    187,503 
Chevron Corp.   36,361    3,868,810 
ConocoPhillips   51,709    3,768,035 
Consol Energy, Inc.   2,527    92,741 
Denbury Resources, Inc.*   2,414    36,451 
Devon Energy Corp.   2,704    167,648 
Diamond Offshore Drilling, Inc.   980    54,155 
El Paso Corp.   2,913    77,398 
EOG Resources, Inc.   1,400    137,914 
EQT Corp.   452    24,765 
Exxon Mobil Corp.   84,047    7,123,824 
FMC Technologies, Inc.*   1,574    82,210 
Halliburton Co.   11,766    406,045 
Helmerich & Payne, Inc.   709    41,377 
Hess Corp.   11,154    633,547 
Marathon Oil Corp.   27,032    791,227 
Marathon Petroleum Corp.   34,837    1,159,724 
Murphy Oil Corp.   9,182    511,805 
Nabors Industries Ltd.*   5,476    94,954 
National Oilwell Varco, Inc.   3,287    223,483 
Newfield Exploration Co.*   1,096    41,352 
Noble Corp.   1,346    40,676 
Noble Energy, Inc.   622    58,710 
Occidental Petroleum Corp.   4,150    388,855 
Peabody Energy Corp.   3,594    118,997 
Pioneer Natural Resources Co.   443    39,640 

Investments   Shares    Value 
QEP Resources, Inc.   1,586   $46,470 
Range Resources Corp.   290    17,963 
Rowan Cos., Inc.*   677    20,533 
Schlumberger Ltd.   8,925    609,667 
Southwestern Energy Co.*   1,371    43,790 
Spectra Energy Corp.   2,925    89,944 
Sunoco, Inc.   17,832    731,469 
Tesoro Corp.*   20,283    473,811 
Valero Energy Corp.   88,521    1,863,367 
Williams Cos., Inc.   5,366    177,185 
Wpx Energy, Inc.*   838    15,226 
Total Energy        25,288,691 
           
Food & Staples Retailing—9.0%          
Costco Wholesale Corp.   16,321    1,359,866 
CVS Caremark Corp.   44,665    1,821,439 
Kroger Co.   54,569    1,321,661 
Safeway, Inc.   33,029    694,930 
SUPERVALU, Inc.   85,716    696,014 
Sysco Corp.   21,612    633,880 
Walgreen Co.   33,660    1,112,800 
Wal-Mart Stores, Inc.   115,698    6,914,112 
Whole Foods Market, Inc.   2,385    165,948 
Total Food & Staples Retailing        14,720,650 
           
Food, Beverage & Tobacco—4.7%          
Altria Group, Inc.   9,077    269,133 
Archer-Daniels-Midland Co.   42,649    1,219,761 
Beam, Inc.   2,038    104,407 
Brown-Forman Corp., Class B   523    42,107 
Campbell Soup Co.   3,726    123,852 
Coca-Cola Co.   11,042    772,609 
Coca-Cola Enterprises, Inc.   5,127    132,174 
ConAgra Foods, Inc.   7,646    201,854 
Constellation Brands, Inc., Class A*   2,694    55,685 
Dean Foods Co.*   19,759    221,301 
Dr Pepper Snapple Group, Inc.   2,475    97,713 
General Mills, Inc.   5,892    238,096 
H.J. Heinz Co.   3,203    173,090 
Hershey Co.   1,628    100,578 
Hormel Foods Corp.   4,338    127,060 
J.M. Smucker Co.   985    76,997 
Kellogg Co.   4,281    216,490 
Kraft Foods, Inc., Class A   23,524    878,857 
Lorillard, Inc.   641    73,074 
McCormick & Co., Inc.   1,167    58,840 
Molson Coors Brewing Co., Class B   1,338    58,257 
PepsiCo, Inc.   16,044    1,064,519 
Philip Morris International, Inc.   6,502    510,277 
Reynolds American, Inc.   3,381    140,041 
Sara Lee Corp.   7,280    137,738 
Tyson Foods, Inc., Class A   24,995    515,897 
Total Food, Beverage & Tobacco        7,610,407 
           
Health Care Equipment & Services—8.0%     
Aetna, Inc.   13,673    576,864 
AmerisourceBergen Corp., Class A   35,581    1,323,257 
Baxter International, Inc.   4,554    225,332 
Becton Dickinson & Co.   1,710    127,771 
Boston Scientific Corp.*   24,123    128,817 
C.R. Bard, Inc.   540    46,170 

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

5
 

Schedule of Investments — continued

Revenue Shares Large Cap Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Health Care Equipment & Services (continued)     
Cardinal Health, Inc.   39,351   $1,598,044 
CareFusion Corp.*   2,352    59,764 
Cerner Corp.*   589    36,076 
CIGNA Corp.   8,193    344,106 
Coventry Health Care, Inc.*   6,182    187,747 
Covidien PLC   4,232    190,482 
DaVita, Inc.*   1,491    113,033 
DENTSPLY International, Inc.   1,085    37,964 
Edwards Lifesciences Corp.*   398    28,139 
Express Scripts, Inc.*   16,501    737,430 
Hospira, Inc.*   2,285    69,395 
Humana, Inc.   6,828    598,201 
Intuitive Surgical, Inc.*   63    29,170 
Laboratory Corp. of America          
Holdings*   1,074    92,332 
McKesson Corp.   22,807    1,776,893 
Medco Health Solutions, Inc.*   19,739    1,103,410 
Medtronic, Inc.   7,104    271,728 
Patterson Cos., Inc.   1,876    55,380 
Quest Diagnostics, Inc.   2,140    124,248 
St. Jude Medical, Inc.   2,626    90,072 
Stryker Corp.   2,762    137,299 
Tenet Healthcare Corp.*   34,444    176,698 
UnitedHealth Group, Inc.   33,314    1,688,354 
Varian Medical Systems, Inc.*   640    42,963 
WellPoint, Inc.   15,044    996,665 
Zimmer Holdings, Inc.*   1,487    79,436 
Total Health Care Equipment & Services       13,093,240 
           
Household & Personal Products—1.5%     
Avon Products, Inc.   10,711    187,121 
Clorox Co.   1,274    84,798 
Colgate-Palmolive Co.   2,960    273,474 
Estee Lauder Cos., Inc., Class A   1,300    146,016 
Kimberly-Clark Corp.   4,721    347,277 
Mead Johnson Nutrition Co., Class A   785    53,953 
Procter & Gamble Co.   19,909    1,328,129 
Total Household & Personal Products        2,420,768 
           
Insurance—5.7%          
ACE Ltd.   3,983    279,288 
Aflac, Inc.   8,198    354,645 
Allstate Corp.   19,706    540,141 
American International Group, Inc.*   48,013    1,113,902 
AON Corp.   3,972    185,890 
Assurant, Inc.   3,381    138,824 
Berkshire Hathaway, Inc., Class B*   29,903    2,281,599 
Chubb Corp.   3,239    224,203 
Cincinnati Financial Corp.   2,043    62,230 
Genworth Financial, Inc., Class A*   26,443    173,202 
Hartford Financial          
Services Group, Inc.   21,864    355,290 
Lincoln National Corp.   9,235    179,344 
Loews Corp.   6,104    229,816 
Marsh & McLennan Cos., Inc.   5,867    185,514 
MetLife, Inc.   34,591    1,078,547 
Principal Financial Group, Inc.   6,095    149,937 
Progressive Corp.   13,202    257,571 
Prudential Financial, Inc.   15,179    760,771 
Torchmark Corp.   1,259    54,628 

Investments   Shares    Value 
Travelers Cos., Inc.   7,252   $429,101 
Unum Group   8,046    169,529 
XL Group PLC, Class A   5,280    104,386 
Total Insurance        9,308,358 
           
Materials—3.7%          
Air Products & Chemicals, Inc.   1,951    166,206 
Airgas, Inc.   880    68,710 
Alcoa, Inc.   43,816    379,008 
Allegheny Technologies, Inc.   1,816    86,805 
Ball Corp.   4,009    143,161 
Bemis Co., Inc.   2,885    86,781 
CF Industries Holdings, Inc.   691    100,181 
Cliffs Natural Resources, Inc.   1,674    104,374 
Dow Chemical Co.   37,409    1,075,883 
E.I. du Pont de Nemours & Co.   13,602    622,700 
Eastman Chemical Co.   3,057    119,406 
Ecolab, Inc.   1,929    111,516 
FMC Corp.   642    55,238 
Freeport-McMoRan Copper &          
Gold, Inc.   9,475    348,585 
International Flavors &          
Fragrances, Inc.   851    44,609 
International Paper Co.   15,283    452,377 
MeadWestvaco Corp.   3,425    102,579 
Monsanto Co.   2,701    189,259 
Mosaic Co. (The)   3,016    152,097 
Newmont Mining Corp.   2,629    157,766 
Nucor Corp.   7,810    309,042 
Owens-Illinois, Inc.*   6,331    122,695 
PPG Industries, Inc.   2,938    245,294 
Praxair, Inc.   1,741    186,113 
Sealed Air Corp.   4,445    76,498 
Sigma-Aldrich Corp.   641    40,037 
Titanium Metals Corp.   1,044    15,639 
United States Steel Corp.   12,131    320,986 
Vulcan Materials Co.   1,067    41,986 
Weyerhaeuser Co. (a)   6,198    115,717 
Total Materials        6,041,248 
           
Media—2.8%          
Cablevision Systems Corp., Class A   8,104    115,239 
CBS Corp., Class B   9,114    247,354 
Comcast Corp., Class A   34,685    822,381 
DIRECTV, Class A*   9,244    395,273 
Discovery Communications, Inc.,          
Class A*   1,641    67,232 
Gannett Co., Inc.   6,531    87,319 
Interpublic Group of Cos., Inc.   12,434    120,983 
McGraw-Hill Cos., Inc.   2,379    106,984 
News Corp., Class A   30,225    539,214 
Omnicom Group, Inc.   5,150    229,587 
Scripps Networks Interactive, Inc.,          
Class A   830    35,209 
Time Warner Cable, Inc.   5,018    318,994 
Time Warner, Inc.   13,459    486,408 
Viacom, Inc., Class B   5,350    242,944 
Walt Disney Co.   18,200    682,500 
Washington Post Co., Class B   199    74,985 
Total Media        4,572,606 

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

6
 

Schedule of Investments — continued

Revenue Shares Large Cap Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Pharmaceuticals, Biotechnology & Life Sciences—3.5%          
Abbott Laboratories   11,276   $634,049 
Allergan, Inc.   1,032    90,548 
Amgen, Inc.   4,285    275,140 
Biogen IDEC, Inc.*   720    79,236 
Bristol-Myers Squibb Co.   9,848    347,043 
Celgene Corp.*   1,173    79,295 
Eli Lilly & Co.   9,698    403,049 
Forest Laboratories, Inc.*   2,406    72,806 
Gilead Sciences, Inc.*   3,373    138,057 
Johnson & Johnson   16,227    1,064,167 
Life Technologies Corp.*   1,541    59,960 
Merck & Co., Inc.   21,413    807,270 
Mylan, Inc.*   4,782    102,622 
PerkinElmer, Inc.   1,591    31,820 
Perrigo Co.   446    43,396 
Pfizer, Inc.   52,062    1,126,622 
Thermo Fisher Scientific, Inc.*   4,153    186,760 
Waters Corp.*   403    29,842 
Watson Pharmaceuticals, Inc.*   1,063    64,141 
Total Pharmaceuticals, Biotechnology          
& Life Sciences        5,635,823 
           
Real Estate—0.3%          
Apartment Investment &          
Management Co., Class A (a)   812    18,603 
AvalonBay Communities, Inc. (a)   123    16,064 
Boston Properties, Inc. (a)   291    28,984 
CBRE Group, Inc., Class A*   6,316    96,129 
Equity Residential (a)   598    34,104 
HCP, Inc. (a)   665    27,551 
Health Care REIT, Inc. (a)   386    21,049 
Host Hotels & Resorts, Inc. (a)   5,585    82,490 
Kimco Realty Corp. (a)   910    14,778 
Plum Creek Timber Co., Inc. (a)   553    20,218 
ProLogis, Inc. (a)   791    22,615 
Public Storage (a)   217    29,178 
Simon Property Group, Inc. (a)   564    72,722 
Ventas, Inc. (a)   454    25,029 
Vornado Realty Trust (a)   641    49,267 
Total Real Estate        558,781 
           
Retailing—5.6%          
Abercrombie & Fitch Co., Class A   1,124    54,896 
Amazon.com, Inc.*   3,865    669,031 
AutoNation, Inc.*   5,940    219,008 
AutoZone, Inc.*   388    126,088 
Bed Bath & Beyond, Inc.*   2,238    129,737 
Best Buy Co., Inc.   34,466    805,470 
Big Lots, Inc.*   2,136    80,655 
CarMax, Inc.*   4,534    138,196 
Dollar Tree, Inc.*   1,126    93,582 
Expedia, Inc.   1,098    31,864 
Family Dollar Stores, Inc.   2,345    135,213 
Gamestop Corp., Class A*   6,279    151,512 
Gap, Inc.   12,634    234,361 
Genuine Parts Co.   3,424    209,549 
Home Depot, Inc.   27,421    1,152,779 
JC Penney Co., Inc.   8,640    303,696 
Kohl’s Corp.   5,840    288,204 
Lowe’s Cos., Inc.   31,533    800,308 

Investments   Shares    Value 
Ltd. Brands, Inc.   3,747   $151,191 
Macy’s, Inc.   12,693    408,461 
Netflix, Inc.*   658    45,593 
Nordstrom, Inc.   3,194    158,774 
Orchard Supply Hardware Stores          
Corp., Class A*   606    —   
O’Reilly Automotive, Inc.*   1,161    92,822 
priceline.com, Inc.*   147    68,753 
Ross Stores, Inc.   2,651    126,002 
Sears Holdings Corp.*   13,506    429,221 
Sherwin-Williams Co.   1,643    146,671 
Staples, Inc.   27,498    381,947 
Target Corp.   20,291    1,039,305 
Tiffany & Co.   745    49,364 
TJX Cos., Inc.   5,540    357,607 
Tripadvisor, Inc.*   744    18,756 
Urban Outfitters, Inc.*   1,291    35,580 
Total Retailing        9,134,196 
           
Semiconductors & Semiconductor Equipment—1.3%          
Advanced Micro Devices, Inc.*   20,485    110,619 
Altera Corp.   1,019    37,805 
Analog Devices, Inc.   1,445    51,702 
Applied Materials, Inc.   17,287    185,144 
Broadcom Corp., Class A*   4,170    122,431 
First Solar, Inc.*   1,297    43,787 
Intel Corp.   35,207    853,770 
KLA-Tencor Corp.   982    47,381 
Linear Technology Corp.   831    24,955 
LSI Corp.*   6,440    38,318 
Microchip Technology, Inc.   656    24,029 
Micron Technology, Inc.*   26,692    167,893 
Novellus Systems, Inc.*   669    27,623 
NVIDIA Corp.*   4,232    58,656 
Teradyne, Inc.*   1,753    23,893 
Texas Instruments, Inc.   7,837    228,135 
Xilinx, Inc.   1,184    37,959 
Total Semiconductors &          
Semiconductor Equipment        2,084,100 
           
Software & Services—3.8%          
Accenture PLC, Class A   7,368    392,199 
Adobe Systems, Inc.*   2,403    67,933 
Akamai Technologies, Inc.*   670    21,628 
Autodesk, Inc.*   961    29,147 
Automatic Data Processing, Inc.   2,990    161,490 
BMC Software, Inc.*   955    31,305 
CA, Inc.   3,439    69,519 
Citrix Systems, Inc.*   529    32,121 
Cognizant Technology Solutions          
Corp., Class A*   1,416    91,063 
Computer Sciences Corp.   10,239    242,664 
eBay, Inc.*   5,633    170,849 
Electronic Arts, Inc.*   2,682    55,249 
Fidelity National Information          
Services, Inc.   3,504    93,171 
Fiserv, Inc.*   1,188    69,783 
Google, Inc., Class A*   925    597,458 
International Business Machines Corp.   9,013    1,657,310 
Intuit, Inc.   1,171    61,583 
Mastercard, Inc., Class A   285    106,254 

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

7
 

Schedule of Investments — continued

Revenue Shares Large Cap Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Software & Services (continued)          
Microsoft Corp.   42,672   $1,107,765 
Oracle Corp.   18,370    471,190 
Paychex, Inc.   1,123    33,814 
Red Hat, Inc.*   299    12,346 
SAIC, Inc.*   14,239    174,997 
Salesforce.com, Inc.*   229    23,234 
Symantec Corp.*   6,228    97,468 
Total System Services, Inc.   1,422    27,814 
VeriSign, Inc.   358    12,788 
Visa, Inc., Class A   1,479    150,163 
Western Union Co.   4,933    90,077 
Yahoo!, Inc.*   5,466    88,167 
Total Software & Services        6,240,549 
           
Technology Hardware & Equipment—5.0%     
Agilent Technologies, Inc.*   3,136    109,541 
Amphenol Corp., Class A   1,506    68,357 
Apple, Inc.*   4,217    1,707,885 
Cisco Systems, Inc.   37,935    685,865 
Corning, Inc.   9,396    121,960 
Dell, Inc.*   64,188    939,070 
EMC Corp.*   13,863    298,609 
F5 Networks, Inc.*   167    17,722 
FLIR Systems, Inc.   998    25,020 
Harris Corp.   2,666    96,083 
Hewlett-Packard Co.   77,462    1,995,421 
Jabil Circuit, Inc.   13,330    262,068 
JDS Uniphase Corp.*   2,810    29,336 
Juniper Networks, Inc.*   3,773    77,007 
Lexmark International, Inc., Class A   2,078    68,719 
Molex, Inc.   2,409    57,479 
Motorola Mobility Holdings, Inc.*   5,328    206,726 
Motorola Solutions, Inc.   4,094    189,511 
NetApp, Inc.*   2,084    75,587 
QUALCOMM, Inc.   4,151    227,060 
SanDisk Corp.*   1,790    88,086 
TE Connectivity Ltd.   7,081    218,166 
Teradata Corp.*   730    35,412 
Western Digital Corp.*   4,928    152,522 
Xerox Corp.   46,248    368,134 
Total Technology Hardware & Equipment       8,121,346 
           
Telecommunication Services—3.0%          
American Tower Corp., Class A*   644    38,646 
AT&T, Inc.   69,370    2,097,749 
CenturyLink, Inc.   5,563    206,944 
Frontier Communications Corp.   17,380    89,507 
MetroPCS Communications, Inc.*   9,083    78,840 
Sprint Nextel Corp.*   233,166    545,608 
Verizon Communications, Inc.   45,271    1,816,273 
Windstream Corp.   5,687    66,765 
Total Telecommunication Services        4,940,332 
           
Transportation—1.8%          
CH Robinson Worldwide, Inc.   2,432    169,705 
CSX Corp.   9,205    193,857 

Investments  Shares    Value  
Expeditors International of           
Washington, Inc.   2,486    $ 101,827  
FedEx Corp.   7,893     659,144  
Norfolk Southern Corp.   2,458     179,090  
Ryder System, Inc.   1,859     98,787  
Southwest Airlines Co.   28,563     244,499  
Union Pacific Corp.   3,055     323,647  
United Parcel Service, Inc., Class B   11,794     863,203  
Total Transportation         2,833,759  
            
Utilities—3.5%           
AES Corp.*   24,269     287,345  
AGL Resources, Inc.   855     36,132  
Ameren Corp.   3,813     126,325  
American Electric Power Co., Inc.   6,184     255,461  
CenterPoint Energy, Inc.   7,106     142,759  
CMS Energy Corp.   5,062     111,769  
Consolidated Edison, Inc.   3,563     221,013  
Constellation Energy Group, Inc.   5,661     224,572  
Dominion Resources, Inc.   4,759     252,608  
DTE Energy Co.   2,748     149,629  
Duke Energy Corp.   11,142     245,124  
Edison International   5,275     218,385  
Entergy Corp.   2,552     186,424  
Exelon Corp.   7,180     311,397  
FirstEnergy Corp.   5,666     251,004  
Integrys Energy Group, Inc.   1,542     83,545  
NextEra Energy, Inc.   4,161     253,322  
NiSource, Inc.   4,540     108,097  
Northeast Utilities   2,144     77,334  
NRG Energy, Inc.*   7,729     140,049  
Oneok, Inc.   2,824     244,813  
Pepco Holdings, Inc.   5,084     103,205  
PG&E Corp.   6,059     249,752  
Pinnacle West Capital Corp.   1,153     55,551  
PPL Corp.   5,744     168,988  
Progress Energy, Inc.   2,786     156,072  
Public Service Enterprise Group, Inc.   5,707     188,388  
SCANA Corp.   1,702     76,692  
Sempra Energy   3,009     165,495  
Southern Co.   6,368     294,775  
TECO Energy, Inc.   2,941     56,291  
Wisconsin Energy Corp.   2,191     76,597  
Xcel Energy, Inc.   6,529     180,462  
Total Utilities         5,699,375  
Total Common Stocks           
(Cost $151,183,595)         162,858,187  
PREFERRED STOCK—0.0%           
Retailing—0.0%           
Orchard Supply Hardware Stores Corp.*   606     —  
Total Preferred Stock           
(Cost $0)         —  
Total Investments—100.0%           
(Cost $151,183,595)         162,858,187  
Other Assets in Excess of Liabilities—0.0%        55,942  
Net Assets—100.0%         $162,914,129  

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

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

8
 

Schedule of Investments

Revenue Shares Mid Cap Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
COMMON STOCKS—100.0%          
Automobiles & Components—0.4%          
Gentex Corp.   3,940   $116,585 
Thor Industries, Inc.   12,836    352,091 
Total Automobiles & Components        468,676 
           
Banks—2.1%          
Associated Banc-Corp   11,238    125,529 
Astoria Financial Corp.   10,759    91,344 
BancorpSouth, Inc.   9,066    99,907 
Bank of Hawaii Corp.   1,668    74,209 
Cathay General Bancorp   4,236    63,244 
City National Corp.   3,010    132,982 
Commerce Bancshares, Inc.   3,361    128,121 
Cullen/Frost Bankers, Inc.   1,956    103,492 
East West Bancorp, Inc.   6,587    130,093 
First Niagara Financial Group, Inc.   15,553    134,222 
FirstMerit Corp.   5,948    89,993 
Fulton Financial Corp.   10,714    105,104 
Hancock Holding Co.   2,444    78,135 
International Bancshares Corp.   4,032    73,927 
New York Community Bancorp, Inc.   19,886    245,990 
Prosperity Bancshares, Inc.   1,219    49,187 
Signature Bank*   1,125    67,489 
SVB Financial Group*   2,231    106,396 
Synovus Financial Corp.   124,224    175,156 
TCF Financial Corp.   16,303    168,247 
Trustmark Corp.   2,789    67,745 
Valley National Bancorp   7,647    94,593 
Washington Federal, Inc.   5,680    79,463 
Webster Financial Corp.   5,136    104,723 
Westamerica Bancorporation   689    30,247 
Total Banks        2,619,538 
           
Capital Goods—15.6%          
Acuity Brands, Inc.   3,916    207,548 
Aecom Technology Corp.*   43,596    896,770 
AGCO Corp.*   22,165    952,430 
Alliant Techsystems, Inc.   9,568    546,907 
AMETEK, Inc.   7,917    333,306 
BE Aerospace, Inc.*   7,141    276,428 
Carlisle Cos., Inc.   8,157    361,355 
CLARCOR, Inc.   2,469    123,425 
Crane Co.   6,060    283,063 
Donaldson Co., Inc.   3,575    243,386 
Esterline Technologies Corp.*   3,413    191,026 
Exelis, Inc.   78,421    709,710 
Fortune Brands Home &          
Security, Inc.*   23,134    393,972 
Gardner Denver, Inc.   3,265    251,601 
GATX Corp.   3,323    145,082 
General Cable Corp.*   26,425    660,889 
Graco, Inc.   2,450    100,180 
Granite Construction, Inc.   8,786    208,404 
Harsco Corp.   18,030    371,057 
Hubbell, Inc., Class B   4,892    327,079 
Huntington Ingalls Industries, Inc.*   23,149    724,101 
IDEX Corp.   5,420    201,136 
ITT Corp.   68,299    1,320,220 
KBR, Inc.   42,155    1,174,860 

Investments   Shares    Value 
Kennametal, Inc.   6,866   $250,746 
Lennox International, Inc.   11,276    380,565 
Lincoln Electric Holdings, Inc.   7,619    298,055 
MSC Industrial Direct Co., Inc.,          
Class A   3,262    233,396 
Nordson Corp.   2,918    120,163 
Oshkosh Corp.*   41,173    880,279 
Pentair, Inc.   10,747    357,768 
Regal-Beloit Corp.   5,979    304,750 
Shaw Group, Inc.*   29,794    801,459 
SPX Corp.   10,032    604,629 
Terex Corp.*   49,633    670,542 
Thomas & Betts Corp.*   4,671    255,036 
Timken Co.   14,786    572,366 
Trinity Industries, Inc.   11,254    338,295 
Triumph Group, Inc.   4,577    267,526 
United Rentals, Inc.*   10,420    307,911 
URS Corp.*   31,188    1,095,322 
Valmont Industries, Inc.   3,379    306,779 
Wabtec Corp.   3,081    215,516 
Watsco, Inc.   5,267    345,831 
Woodward, Inc.   4,662    190,816 
Total Capital Goods        19,801,685 
           
Commercial & Professional Services—4.1%     
Brink’s Co.   16,814    451,960 
Clean Harbors, Inc.*   3,474    221,398 
Copart, Inc.*   2,044    97,887 
Corporate Executive Board Co.   1,399    53,302 
Corrections Corp. of America*   8,691    177,036 
Deluxe Corp.   7,221    164,350 
FTI Consulting, Inc.*   4,032    171,037 
Herman Miller, Inc.   8,525    157,286 
HNI Corp.   8,232    214,855 
Korn/Ferry International*   5,515    94,086 
Manpower, Inc.   69,214    2,474,400 
Mine Safety Appliances Co.   3,964    131,288 
Monster Worldwide, Inc.*   14,794    117,316 
Rollins, Inc.   6,062    134,698 
Towers Watson & Co., Class A   5,861    351,250 
Waste Connections, Inc.   5,025    166,529 
Total Commercial & Professional Services       5,178,678 
           
Consumer Durables & Apparel—3.0%          
American Greetings Corp., Class A   10,695    133,794 
Deckers Outdoor Corp.*   1,372    103,682 
Fossil, Inc.*   3,259    258,634 
Hanesbrands, Inc.*   22,563    493,227 
KB Home   20,269    136,208 
MDC Holdings, Inc.   5,715    100,756 
Mohawk Industries, Inc.*   11,545    690,968 
NVR, Inc.*   485    332,710 
Polaris Industries, Inc.   4,744    265,569 
PVH Corp.   6,193    436,545 
Toll Brothers, Inc.*   8,312    169,731 
Tupperware Brands Corp.   5,166    289,141 
Under Armour, Inc., Class A*   2,019    144,944 
Warnaco Group, Inc.*   5,605    280,474 
Total Consumer Durables & Apparel        3,836,383 

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

9
 

Schedule of Investments — continued

Revenue Shares Mid Cap Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Consumer Services—2.2%          
Bally Technologies, Inc.*   2,222   $87,902 
Bob Evans Farms, Inc.   5,864    196,678 
Brinker International, Inc.   12,551    335,865 
Cheesecake Factory, Inc.*   6,783    199,081 
International Speedway Corp., Class A   2,845    72,121 
ITT Educational Services, Inc.*   3,283    186,770 
Life Time Fitness, Inc.*   2,700    126,225 
Matthews International Corp., Class A   3,171    99,664 
Panera Bread Co., Class A*   1,491    210,902 
Regis Corp.   15,643    258,892 
Scientific Games Corp., Class A*   11,184    108,485 
Service Corp. International   25,985    276,740 
Sotheby’s   3,392    96,774 
Strayer Education, Inc.   811    78,821 
Wendy’s Co. (The)   63,703    341,448 
WMS Industries, Inc.*   4,546    93,284 
Total Consumer Services        2,769,652 
           
Diversified Financials—1.3%          
Affiliated Managers Group, Inc.*   2,063    197,945 
Apollo Investment Corp.   3,821    24,607 
Eaton Vance Corp.   6,083    143,802 
Greenhill & Co., Inc.   727    26,441 
Janus Capital Group, Inc.   19,157    120,881 
Jefferies Group, Inc.   31,027    426,621 
MSCI, Inc., Class A*   3,041    100,140 
Raymond James Financial, Inc.   12,462    385,824 
SEI Investments Co.   6,444    111,803 
Waddell & Reed Financial, Inc.,          
Class A   5,391    133,535 
Total Diversified Financials        1,671,599 
           
Energy—6.9%          
Arch Coal, Inc.   29,831    432,848 
Atwood Oceanics, Inc.*   1,789    71,184 
Bill Barrett Corp.*   2,365    80,576 
CARBO Ceramics, Inc.   535    65,982 
Cimarex Energy Co.   3,150    194,985 
Comstock Resources, Inc.*   2,665    40,774 
Dresser-Rand Group, Inc.*   4,619    230,534 
Dril-Quip, Inc.*   956    62,924 
Forest Oil Corp.*   6,637    89,931 
Helix Energy Solutions Group, Inc.*   9,503    150,147 
Hollyfrontier Corp.   63,157    1,477,874 
Northern Oil and Gas, Inc.*   558    13,381 
Oceaneering International, Inc.   5,304    244,674 
Oil States International, Inc.*   4,942    377,421 
Patriot Coal Corp.*   27,898    236,296 
Patterson-UTI Energy, Inc.   14,101    281,738 
Plains Exploration & Production Co.*   6,442    236,550 
Quicksilver Resources, Inc.*   15,576    104,515 
SM Energy Co.   1,998    146,054 
Southern Union Co.   7,005    294,981 
Superior Energy Services, Inc.*   8,007    227,719 
Tidewater, Inc.   2,480    122,264 
Unit Corp.*   2,776    128,806 
World Fuel Services Corp.   82,888    3,479,638 
Total Energy        8,791,796 

Investments   Shares    Value 
Food & Staples Retailing—0.4%      
Ruddick Corp.   12,707   $541,827 
           
Food, Beverage & Tobacco—2.9%          
Corn Products International, Inc.   13,660    718,379 
Flowers Foods, Inc.   15,537    294,892 
Green Mountain Coffee          
Roasters, Inc.*   5,282    236,898 
Hansen Natural Corp.*   1,895    174,605 
Lancaster Colony Corp.   1,731    120,028 
Ralcorp Holdings, Inc.*   6,002    513,171 
Smithfield Foods, Inc.*   54,913    1,333,288 
Tootsie Roll Industries, Inc.   2,430    57,518 
Universal Corp.   6,358    292,214 
Total Food, Beverage & Tobacco        3,740,993 
           
Health Care Equipment & Services—9.1%     
Allscripts Healthcare Solutions, Inc.*   8,586    162,619 
AMERIGROUP Corp.*   12,576    742,990 
Catalyst Health Solutions, Inc.*   10,710    556,920 
Community Health Systems, Inc.*   89,481    1,561,443 
Cooper Cos., Inc.   2,120    149,502 
Gen-Probe, Inc.*   1,058    62,549 
Health Management Associates,          
Inc., Class A*   88,933    655,436 
Health Net, Inc.*   47,978    1,459,491 
Henry Schein, Inc.*   14,582    939,518 
Hill-Rom Holdings, Inc.   5,293    178,321 
HMS Holdings Corp.*   1,230    39,335 
Hologic, Inc.*   11,507    201,488 
IDEXX Laboratories, Inc.*   1,760    135,450 
LifePoint Hospitals, Inc.*   10,989    408,241 
Lincare Holdings, Inc.   8,167    209,974 
Masimo Corp.   2,467    46,096 
Mednax, Inc.*   2,626    189,098 
Omnicare, Inc.   20,929    721,004 
Owens & Minor, Inc.   33,611    934,050 
ResMed, Inc.*   5,541    140,741 
STERIS Corp.   4,479    133,564 
Teleflex, Inc.   3,062    187,670 
Thoratec Corp.*   1,501    50,374 
Universal Health Services, Inc.,          
Class B   21,316    828,340 
VCA Antech, Inc.*   8,347    164,853 
WellCare Health Plans, Inc.*   12,469    654,623 
Total Health Care Equipment & Services       11,513,690 
           
Household & Personal Products—0.7%     
Church & Dwight Co., Inc.   6,620    302,931 
Energizer Holdings, Inc.*   6,810    527,639 
Total Household & Personal Products        830,570 
           
Insurance—5.7%          
American Financial Group, Inc.   14,105    520,333 
Arthur J. Gallagher & Co.   6,769    226,355 
Aspen Insurance Holdings Ltd.   8,877    235,241 
Brown & Brown, Inc.   5,012    113,422 
Everest Re Group Ltd.   6,309    530,524 
Fidelity National Financial, Inc.,          
Class A   37,998    605,308 

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

10
 

Schedule of Investments — continued

Revenue Shares Mid Cap Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Insurance (continued)          
First American Financial Corp.   34,581   $438,141 
Hanover Insurance Group, Inc.   11,609    405,735 
HCC Insurance Holdings, Inc.   9,433    259,408 
Kemper Corp.   10,415    304,222 
Mercury General Corp.   6,465    294,933 
Old Republic International Corp.   52,895    490,337 
Protective Life Corp.   18,086    408,020 
Reinsurance Group of America, Inc.,          
Class A   19,562    1,022,114 
StanCorp Financial Group, Inc.   9,039    332,183 
Transatlantic Holdings, Inc.   8,666    474,290 
W.R. Berkley Corp.   16,582    570,255 
Total Insurance        7,230,821 
           
Materials—8.5%          
Albemarle Corp.   6,273    323,122 
Aptargroup, Inc.   5,169    269,667 
Ashland, Inc.   12,791    731,133 
Cabot Corp.   10,483    336,924 
Carpenter Technology Corp.   3,546    182,548 
Commercial Metals Co.   58,760    812,651 
Compass Minerals International, Inc.   1,815    124,963 
Cytec Industries, Inc.   7,455    332,866 
Domtar Corp.   8,213    656,711 
Greif, Inc., Class A   10,435    475,314 
Intrepid Potash, Inc.*   2,210    50,012 
Louisiana-Pacific Corp.*   20,832    168,114 
Martin Marietta Materials, Inc.   2,765    208,509 
Minerals Technologies, Inc.   2,065    116,734 
NewMarket Corp.   1,245    246,647 
Olin Corp.   10,960    215,364 
Packaging Corp. of America   11,832    298,640 
Reliance Steel & Aluminum Co.   18,332    892,585 
Rock-Tenn Co., Class A   7,458    430,327 
RPM International, Inc.   16,067    394,445 
Scotts Miracle-Gro Co., Class A   7,122    332,526 
Sensient Technologies Corp.   4,424    167,670 
Silgan Holdings, Inc.   9,936    383,927 
Sonoco Products Co.   15,338    505,540 
Steel Dynamics, Inc.   68,440    899,986 
Temple-Inland, Inc.   13,514    428,529 
Valspar Corp.   11,534    449,480 
Worthington Industries, Inc.   16,742    274,234 
Total Materials        10,709,168 
           
Media—1.2%          
AMC Networks, Inc., Class A*   3,572    134,236 
DreamWorks Animation SKG, Inc.,          
Class A*   4,791    79,507 
John Wiley & Sons, Inc., Class A   4,304    191,098 
Lamar Advertising Co., Class A*   5,247    144,292 
Meredith Corp.   5,106    166,711 
New York Times Co., Class A*   34,495    266,646 
Scholastic Corp.   8,056    241,438 
Valassis Communications, Inc.*   12,997    249,932 
Total Media        1,473,860 

Investments   Shares    Value 
Pharmaceuticals, Biotechnology & Life Sciences—1.2%          
Bio-Rad Laboratories, Inc., Class A*   2,510   $241,060 
Charles River Laboratories          
International, Inc.*   4,760    130,091 
Covance, Inc.*   5,454    249,357 
Endo Pharmaceuticals Holdings, Inc.*   7,663    264,603 
Medicis Pharmaceutical Corp., Class A   2,466    81,995 
Mettler-Toledo International, Inc.*   1,684    248,744 
Regeneron Pharmaceuticals, Inc.*   935    51,827 
Techne Corp.   483    32,970 
United Therapeutics Corp.*   1,906    90,058 
Vertex Pharmaceuticals, Inc.*   3,257    108,165 
Total Pharmaceuticals, Biotechnology          
& Life Sciences        1,498,870 
           
Real Estate—1.8%          
Alexandria Real Estate Equities, Inc. (a)   941    64,901 
American Campus          
Communities, Inc. (a)   1,051    44,100 
BRE Properties, Inc. (a)   825    41,646 
Camden Property Trust (a)   1,247    77,613 
Corporate Office Properties Trust (a)   2,993    63,631 
Duke Realty Corp. (a)   14,023    168,977 
Equity One, Inc. (a)   2,203    37,407 
Essex Property Trust, Inc. (a)   387    54,377 
Federal Realty Investment Trust (a)   658    59,714 
Highwoods Properties, Inc. (a)   1,799    53,376 
Home Properties, Inc. (a)   1,114    64,133 
Hospitality Properties Trust (a)   5,982    137,466 
Jones Lang LaSalle, Inc.   6,371    390,288 
Liberty Property Trust (a)   2,661    82,172 
Macerich Co. (a)   1,774    89,764 
Mack-Cali Realty Corp. (a)   3,196    85,301 
National Retail Properties, Inc. (a)   1,079    28,464 
Omega Healthcare Investors, Inc. (a)   1,690    32,702 
Potlatch Corp. (a)   1,947    60,571 
Rayonier, Inc. (a)   3,837    171,245 
Realty Income Corp. (a)   1,274    44,539 
Regency Centers Corp. (a)   1,536    57,784 
Senior Housing Properties Trust (a)   2,086    46,810 
SL Green Realty Corp. (a)   2,083    138,811 
Taubman Centers, Inc. (a)   1,176    73,030 
UDR, Inc. (a)   3,287    82,504 
Weingarten Realty Investors (a)   2,947    64,304 
Total Real Estate        2,315,630 
           
Retailing—7.7%          
99 Cents Only Stores*   6,900    151,455 
Aaron’s, Inc.   8,568    228,594 
Advance Auto Parts, Inc.   9,959    693,445 
Aeropostale, Inc.*   16,762    255,620 
American Eagle Outfitters, Inc.   22,372    342,068 
ANN, Inc.*   8,860    219,551 
Ascena Retail Group, Inc.*   11,498    341,721 
Barnes & Noble, Inc.   48,928    708,477 
Chico’s FAS, Inc.   19,684    219,280 
Collective Brands, Inc.*   27,256    391,669 
Dick’s Sporting Goods, Inc.   14,502    534,834 

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

11
 

Schedule of Investments — continued

Revenue Shares Mid Cap Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Retailing (continued)          
Foot Locker, Inc.   22,988   $548,034 
Guess?, Inc.   9,334    278,340 
HSN, Inc.   9,750    353,535 
LKQ Corp.*   11,615    349,379 
Office Depot, Inc.*   568,818    1,222,959 
PetSmart, Inc.   12,556    643,997 
RadioShack Corp.   47,579    461,992 
Rent-A-Center, Inc., Class A   8,835    326,895 
Saks, Inc.*   33,029    322,033 
Signet Jewelers Ltd.   8,739    384,166 
Tractor Supply Co.   6,210    435,632 
Williams-Sonoma, Inc.   9,932    382,382 
Total Retailing        9,796,058 
           
Semiconductors & Semiconductor Equipment—1.5%          
Atmel Corp.*   25,479    206,380 
Cree, Inc.*   4,990    109,980 
Cypress Semiconductor Corp.*   6,439    108,755 
Fairchild Semiconductor International,          
Inc., Class A*   15,489    186,487 
Integrated Device Technology, Inc.*   12,453    67,993 
International Rectifier Corp.*   6,405    124,385 
Intersil Corp., Class A   8,545    89,210 
Lam Research Corp.*   8,781    325,073 
MEMC Electronic Materials, Inc.*   80,202    315,996 
RF Micro Devices, Inc.*   23,128    124,891 
Semtech Corp.*   2,054    50,980 
Silicon Laboratories, Inc.*   1,262    54,796 
Skyworks Solutions, Inc.*   10,323    167,439 
Total Semiconductors &          
Semiconductor Equipment        1,932,365 
           
Software & Services—3.8%          
ACI Worldwide, Inc.*   1,809    51,810 
Acxiom Corp.*   10,431    127,363 
Advent Software, Inc.*   1,383    33,690 
Alliance Data Systems Corp.*   3,357    348,591 
ANSYS, Inc.*   1,218    69,767 
AOL, Inc.*   17,853    269,580 
Broadridge Financial Solutions, Inc.   10,560    238,128 
Cadence Design Systems, Inc.*   11,701    121,690 
Compuware Corp.*   32,065    266,781 
Concur Technologies, Inc.*   695    35,299 
Convergys Corp.*   20,283    259,014 
CoreLogic, Inc.*   12,150    157,099 
DST Systems, Inc.   5,596    254,730 
Equinix, Inc.*   1,685    170,859 
Factset Research Systems, Inc.   864    75,410 
Fair Isaac Corp.   1,870    67,021 
Gartner, Inc.*   4,383    152,397 
Global Payments, Inc.   4,377    207,382 
Informatica Corp.*   2,053    75,817 
Jack Henry & Associates, Inc.   3,160    106,208 
Lender Processing Services, Inc.   14,051    211,749 
Mantech International Corp., Class A   9,966    311,338 
Mentor Graphics Corp.*   7,489    101,551 
MICROS Systems, Inc.*   2,388    111,233 
NeuStar, Inc., Class A*   1,925    65,777 
Parametric Technology Corp.*   6,232    113,796 

Investments   Shares    Value 
Quest Software, Inc.*   4,838   $89,987 
Rackspace Hosting, Inc.*   2,419    104,041 
Rovi Corp.*   3,067    75,387 
Solera Holdings, Inc.   1,595    71,041 
Synopsys, Inc.*   6,211    168,939 
TIBCO Software, Inc.*   4,164    99,561 
ValueClick, Inc.*   3,644    59,361 
VeriFone Systems, Inc.*   3,142    111,604 
Total Software & Services        4,784,001 
           
Technology Hardware & Equipment—11.8%     
ADTRAN, Inc.   2,719    82,005 
Arrow Electronics, Inc.*   68,382    2,558,171 
Avnet, Inc.*   95,582    2,971,644 
Ciena Corp.*   17,181    207,890 
Diebold, Inc.   10,604    318,862 
Ingram Micro, Inc., Class A*   233,422    4,245,946 
Itron, Inc.*   7,529    269,312 
National Instruments Corp.   4,372    113,453 
NCR Corp.*   35,048    576,890 
Plantronics, Inc.   2,193    78,159 
Polycom, Inc.*   9,736    158,697 
QLogic Corp.*   4,479    67,185 
Riverbed Technology, Inc.*   3,147    73,955 
Tech Data Corp.*   52,257    2,582,018 
Tellabs, Inc.   10,313    41,665 
Trimble Navigation Ltd.*   3,910    169,694 
Vishay Intertechnology, Inc.*   33,522    301,363 
Zebra Technologies Corp., Class A*   2,954    105,694 
Total Technology Hardware & Equipment       14,922,603 
           
Telecommunication Services—0.6%          
Telephone & Data Systems, Inc.   22,717    588,143 
tw Telecom, Inc., Class A*   7,708    149,381 
Total Telecommunication Services        737,524 
           
Transportation—2.9%          
Alaska Air Group, Inc.*   6,405    480,951 
Alexander & Baldwin, Inc.   4,922    200,916 
Con-Way, Inc.   20,806    606,703 
JB Hunt Transport Services, Inc.   11,085    499,601 
JetBlue Airways Corp.*   91,492    475,758 
Kansas City Southern*   3,604    245,108 
Kirby Corp.*   2,796    184,089 
Landstar System, Inc.   5,976    286,370 
UTi Worldwide, Inc.   36,687    487,570 
Werner Enterprises, Inc.   9,376    225,962 
Total Transportation        3,693,028 
           
Utilities—4.6%          
Alliant Energy Corp.   9,510    419,486 
Aqua America, Inc.   3,797    83,724 
Atmos Energy Corp.   14,797    493,480 
Black Hills Corp.   4,329    145,368 
Cleco Corp.   3,475    132,398 
Energen Corp.   3,689    184,450 
Great Plains Energy, Inc.   12,089    263,298 
Hawaiian Electric Industries, Inc.   13,071    346,120 
IDACORP, Inc.   2,766    117,306 
MDU Resources Group, Inc.   21,505    461,497 
National Fuel Gas Co.   3,531    196,253 

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

12
 

Schedule of Investments — continued

Revenue Shares Mid Cap Fund

December 31, 2011 (Unaudited)

Investments  Shares  Value
Utilities (continued)          
NSTAR   7,156   $336,046 
NV Energy, Inc.   21,543    352,228 
OGE Energy Corp.   8,042    456,062 
PNM Resources, Inc.   11,811    215,315 
Questar Corp.   6,940    137,828 
UGI Corp.   23,645    695,163 
Vectren Corp.   8,708    263,243 
Westar Energy, Inc.   8,689    250,069 
WGL Holdings, Inc.   7,278    321,833 
Total Utilities        5,871,167 
           
Total Investments—100.0%          
(Cost $114,958,007)        126,730,182 
Liabilities in Excess of          
Other Assets—(0.0)%        (60,664)
Net Assets—100.0%       $126,669,518 

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

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

13
 

Schedule of Investments

Revenue Shares Small Cap Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
COMMON STOCKS—100.0%          
Automobiles & Components—0.6%          
Drew Industries, Inc.*   5,044   $123,729 
Spartan Motors, Inc.   15,056    72,419 
Standard Motor Products, Inc.   8,179    163,989 
Superior Industries International, Inc.   9,264    153,227 
Winnebago Industries, Inc.*   12,873    95,003 
Total Automobiles & Components        608,367 
           
Banks—2.5%          
Bank Mutual Corp.   4,759    15,134 
Bank of The Ozarks, Inc.   1,599    47,378 
Bbcn Bancorp, Inc.*   3,488    32,962 
Boston Private Financial Holdings, Inc.   8,549    67,879 
Brookline Bancorp, Inc.   3,207    27,067 
City Holding Co.   963    32,636 
Columbia Banking System, Inc.   2,358    45,439 
Community Bank System, Inc.   2,433    67,637 
Dime Community Bancshares   3,402    42,865 
First BanCorp*   37,309    130,208 
First Commonwealth Financial Corp.   11,219    59,012 
First Financial Bancorp   5,341    88,874 
First Financial Bankshares, Inc.   1,226    40,985 
First Midwest Bancorp, Inc.   8,398    85,072 
FNB Corp./PA   8,388    94,868 
Glacier Bancorp, Inc.   5,725    68,872 
Hanmi Financial Corp.*   4,087    30,244 
Home Bancshares, Inc.   1,557    40,342 
Independent Bank Corp.   1,743    47,566 
National Penn Bancshares, Inc.   9,975    84,189 
NBT Bancorp, Inc.   2,812    62,229 
Northwest Bancshares, Inc.   6,322    78,646 
Old National Bancorp   7,697    89,670 
Oritani Financial Corp.   1,654    21,122 
PacWest Bancorp   3,305    62,630 
Pinnacle Financial Partners, Inc.*   2,765    44,655 
PrivateBancorp, Inc., Class A   11,395    125,117 
Provident Financial Services, Inc.   4,362    58,407 
S&T Bancorp, Inc.   2,058    40,234 
Simmons First National Corp., Class A   1,259    34,232 
Sterling Bancorp, Class N   3,034    26,214 
Susquehanna Bancshares, Inc.   17,879    149,826 
Texas Capital Bancshares, Inc.*   2,200    67,342 
Tompkins Financial Corp.   850    32,733 
Trustco Bank Corp.   6,202    34,793 
UMB Financial Corp.   3,999    148,963 
Umpqua Holdings Corp.   8,779    108,772 
United Bankshares, Inc./wv   2,493    70,477 
United Community Banks, Inc./GA*   9,814    68,600 
Wilshire Bancorp, Inc.*   7,609    27,621 
Wintrust Financial Corp.   5,102    143,111 
Total Banks        2,644,623 
           
Capital Goods—11.6%          
A.O. Smith Corp.   7,672    307,801 
AAON, Inc.   2,330    47,742 
AAR Corp.   17,487    335,226 
Actuant Corp., Class A   11,757    266,766 
Aegion Corp., Class A*   11,382    174,600 
Aerovironment, Inc.*   1,678    52,807 

Investments   Shares    Value 
Albany International Corp., Class A   7,714   $178,348 
American Science & Engineering, Inc.   746    50,810 
Apogee Enterprises, Inc.   9,894    121,300 
Applied Industrial Technologies, Inc.   11,722    412,263 
Astec Industries, Inc.*   5,184    166,977 
AZZ, Inc.   1,556    70,705 
Barnes Group, Inc.   9,953    239,967 
Belden, Inc.   10,920    363,418 
Brady Corp., Class A   7,758    244,920 
Briggs & Stratton Corp.   25,527    395,413 
Cascade Corp.   1,526    71,981 
Ceradyne, Inc.*   3,720    99,622 
CIRCOR International, Inc.   4,501    158,930 
Comfort Systems USA, Inc.   21,943    235,229 
Cubic Corp.   5,560    242,360 
Curtiss-Wright Corp.   11,107    392,410 
Dycom Industries, Inc.*   9,237    193,238 
EMCOR Group, Inc.   40,992    1,098,995 
Encore Wire Corp.   8,565    221,833 
Enersys*   14,142    367,268 
EnPro Industries, Inc.*   5,635    185,842 
ESCO Technologies, Inc.   4,884    140,562 
Federal Signal Corp.   31,956    132,617 
Franklin Electric Co., Inc.   3,455    150,500 
GenCorp, Inc.*   29,554    157,227 
Gibraltar Industries, Inc.*   9,632    134,463 
Griffon Corp.   35,481    323,942 
II-VI, Inc.*   5,126    94,113 
John Bean Technologies Corp.   11,672    179,399 
Kaman Corp.   9,727    265,742 
Kaydon Corp.   2,886    88,023 
Lawson Products, Inc.   3,660    56,474 
Lindsay Corp.   1,608    88,263 
Lydall, Inc.*   7,976    75,692 
Moog, Inc., Class A*   10,051    441,540 
Mueller Industries, Inc.   12,045    462,769 
NCI Building Systems, Inc.*   16,849    183,149 
Orbital Sciences Corp.*   17,992    261,424 
Orion Marine Group, Inc.*   8,310    55,261 
Powell Industries, Inc.*   3,037    94,997 
Quanex Building Products Corp.   11,158    167,593 
Robbins & Myers, Inc.   2,896    140,601 
Simpson Manufacturing Co., Inc.   3,282    110,472 
Standex International Corp.   3,353    114,572 
Teledyne Technologies, Inc.*   6,570    360,364 
Tennant Co.   3,522    136,900 
Toro Co.   5,821    353,102 
Universal Forest Products, Inc.   11,664    360,068 
Vicor Corp.   6,366    50,673 
Watts Water Technologies, Inc.,          
Class A   7,398    253,086 
Total Capital Goods        12,130,359 
           
Commercial & Professional Services—5.9%     
ABM Industries, Inc.   35,810    738,402 
CDI Corp.   13,875    191,614 
Consolidated Graphics, Inc.*   3,834    185,105 
Dolan Co.*   5,620    47,882 
Encore Capital Group, Inc.*   4,046    86,018 
Exponent, Inc.*   1,091    50,153 

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

14
 

Schedule of Investments — continued

Revenue Shares Small Cap Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Commercial & Professional Services (continued)     
G&K Services, Inc., Class A   5,503   $160,192 
Geo Group, Inc.*   16,736    280,328 
Healthcare Services Group, Inc.   8,628    152,629 
Heidrick & Struggles International, Inc.   4,915    105,869 
Insperity, Inc.   14,337    363,443 
Interface, Inc., Class A   17,719    204,477 
Kelly Services, Inc., Class A   75,748    1,036,233 
Mobile Mini, Inc.*   4,029    70,306 
Navigant Consulting, Inc.*   13,614    155,336 
On Assignment, Inc.*   9,676    108,178 
Portfolio Recovery Associates, Inc.*   1,211    81,767 
Resources Connection, Inc.   9,732    103,062 
Standard Register Co.   47,439    110,533 
SYKES Enterprises, Inc.*   15,030    235,370 
Tetra Tech, Inc.*   14,959    322,965 
TrueBlue, Inc.*   18,511    256,933 
United Stationers, Inc.   29,920    974,195 
Viad Corp.   9,785    171,042 
Total Commercial & Professional Services        6,192,032 
           
Consumer Durables & Apparel—5.7%          
Arctic Cat, Inc.*   4,468    100,753 
Blyth, Inc.   2,758    156,654 
Brunswick Corp.   40,793    736,722 
Callaway Golf Co.   30,247    167,266 
Carter’s, Inc.*   9,270    369,039 
CROCS, Inc.*   12,211    180,356 
Ethan Allen Interiors, Inc.   5,505    130,524 
Helen of Troy Ltd.*   4,321    132,655 
Iconix Brand Group, Inc.*   3,995    65,079 
iRobot Corp.*   2,706    80,774 
Jakks Pacific, Inc.   7,732    109,098 
K-Swiss, Inc., Class A*   16,152    47,164 
La-Z-Boy, Inc., Class Z*   18,607    221,423 
Liz Claiborne, Inc.*   49,900    430,637 
M/I Homes, Inc.*   11,115    106,704 
Maidenform Brands, Inc.*   6,147    112,490 
Meritage Homes Corp.*   7,275    168,707 
Movado Group, Inc.   3,652    66,357 
National Presto Industries, Inc.   901    84,334 
Oxford Industries, Inc.   2,587    116,725 
Perry Ellis International, Inc.*   10,416    148,116 
Pool Corp.   11,193    336,909 
Quiksilver, Inc.*   114,509    413,377 
Ryland Group, Inc.   11,121    175,267 
Skechers U.S.A., Inc., Class A*   26,838    325,277 
Standard Pacific Corp.*   48,857    155,365 
Steven Madden Ltd.*   4,690    161,805 
Sturm Ruger & Co., Inc.   1,676    56,079 
True Religion Apparel, Inc.*   2,221    76,802 
Unifirst Corp.   3,567    202,392 
Universal Electronics, Inc.*   5,279    89,057 
Wolverine World Wide, Inc.   7,239    257,998 
Total Consumer Durables & Apparel        5,981,905 
           
Consumer Services—5.7%          
American Public Education, Inc.*   1,084    46,916 
Biglari Holdings, Inc.*   354    130,357 
BJ’s Restaurants, Inc.*   2,372    107,499 

Investments   Shares    Value 
Boyd Gaming Corp.*   69,663   $519,686 
Buffalo Wild Wings, Inc.*   2,223    150,075 
Capella Education Co.*   2,389    86,123 
Career Education Corp.*   53,353    425,223 
CEC Entertainment, Inc.   4,513    155,473 
Coinstar, Inc.*   7,087    323,451 
Corinthian Colleges, Inc.*   159,335    345,757 
Cracker Barrel Old Country Store, Inc.   8,886    447,943 
DineEquity, Inc.*   4,882    206,069 
Hillenbrand, Inc.   7,463    166,574 
Interval Leisure Group, Inc.*   5,843    79,523 
Jack in the Box, Inc.*   20,198    422,138 
Lincoln Educational Services Corp.   13,744    108,578 
Marcus Corp.   5,556    70,061 
Marriott Vacations Worldwide Corp.*   14,527    249,283 
Monarch Casino & Resort, Inc.*   2,495    25,424 
Multimedia Games Holding Co., Inc.*   2,868    22,772 
O’Charleys, Inc.*   27,339    150,091 
Papa John’s International, Inc.*   5,936    223,669 
Peet’s Coffee & Tea, Inc.*   1,098    68,823 
PF Chang’s China Bistro, Inc.   7,692    237,760 
Pinnacle Entertainment, Inc.*   22,721    230,845 
Red Robin Gourmet Burgers, Inc.*   5,847    161,962 
Ruby Tuesday, Inc.*   33,958    234,310 
Ruth’s Hospitality Group, Inc.*   13,036    64,789 
School Specialty, Inc.*   35,171    87,928 
Shuffle Master, Inc.*   3,436    40,270 
Sonic Corp.*   14,654    98,621 
Texas Roadhouse, Inc., Class A   13,848    206,335 
Universal Technical Institute, Inc.*   6,777    86,610 
Total Consumer Services        5,980,938 
           
Diversified Financials—1.5%          
Calamos Asset Management, Inc.,          
Class A   5,229    65,415 
Cash America International, Inc.   5,743    267,796 
Ezcorp, Inc., Class A*   5,572    146,934 
Financial Engines, Inc.*   1,166    26,037 
First Cash Financial Services, Inc.*   2,584    90,673 
Interactive Brokers Group, Inc.,          
Class A   16,276    243,163 
Investment Technology Group, Inc.*   10,073    108,889 
Piper Jaffray Cos.*   5,139    103,808 
Prospect Capital Corp.   3,430    31,865 
Stifel Financial Corp.*   9,197    294,764 
SWS Group, Inc.   10,366    71,214 
World Acceptance Corp.*   1,267    93,124 
Total Diversified Financials        1,543,682 
           
Energy—2.4%          
Approach Resources, Inc.*   633    18,617 
Basic Energy Services, Inc.*   11,699    230,470 
Bristow Group, Inc.   4,934    233,822 
Contango Oil & Gas Co.*   628    36,537 
Exterran Holdings, Inc.*   2,494    22,695 
Georesources, Inc.*   839    24,591 
Gulf Island Fabrication, Inc.   1,776    51,877 
Gulfport Energy Corp.*   1,286    37,873 
Hornbeck Offshore Services, Inc.*   2,068    64,149 
ION Geophysical Corp.*   13,686    83,895 

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

15
 

Schedule of Investments — continued

Revenue Shares Small Cap Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Energy (continued)          
Lufkin Industries, Inc.   2,270   $152,794 
Matrix Service Co.*   12,879    121,578 
Overseas Shipholding Group, Inc.   19,784    216,239 
OYO Geospace Corp.*   426    32,943 
Penn Virginia Corp.   9,536    50,445 
Petroleum Development Corp.*   1,925    67,587 
Petroquest Energy, Inc.*   4,771    31,489 
Pioneer Drilling Co.*   12,921    125,075 
SEACOR Holdings, Inc.   4,591    408,415 
Stone Energy Corp.*   6,282    165,719 
Swift Energy Co.*   3,675    109,221 
Tetra Technologies, Inc.*   19,429    181,467 
Total Energy        2,467,498 
           
Food & Staples Retailing—3.9%          
Andersons, Inc.   19,149    836,045 
Casey’s General Stores, Inc.   20,160    1,038,442 
Nash Finch Co.   30,391    889,848 
Spartan Stores, Inc.   25,556    472,786 
United Natural Foods, Inc.*   21,202    848,292 
Total Food & Staples Retailing        4,085,413 
           
Food, Beverage & Tobacco—2.8%          
Alliance One International, Inc.*   130,047    353,728 
B&G Foods, Inc., Class A   4,272    102,827 
Boston Beer Co., Inc., Class A*   859    93,253 
Calavo Growers, Inc.   3,426    87,980 
Cal-Maine Foods, Inc.   5,010    183,216 
Darling International, Inc.*   23,646    314,255 
Diamond Foods, Inc.   5,549    179,066 
Hain Celestial Group, Inc.*   5,254    192,612 
J&J Snack Foods Corp.   2,545    135,597 
Sanderson Farms, Inc.   7,020    351,912 
Seneca Foods Corp., Class A*   8,988    232,070 
Snyders-Lance, Inc.   12,894    290,115 
TreeHouse Foods, Inc.*   5,757    376,393 
Total Food, Beverage & Tobacco        2,893,024 
           
Health Care Equipment & Services—9.4%     
Abaxis, Inc.*   956    26,453 
Air Methods Corp.*   1,388    117,217 
Align Technology, Inc.*   3,445    81,733 
Almost Family, Inc.*   4,134    68,542 
Amedisys, Inc.*   26,069    284,413 
AMN Healthcare Services, Inc.*   36,700    162,581 
Amsurg Corp., Class A*   5,289    137,726 
Analogic Corp.   1,532    87,814 
Bio-Reference Labs, Inc.*   6,188    100,679 
Cantel Medical Corp.   2,115    59,072 
Centene Corp.*   25,523    1,010,456 
Chemed Corp.   4,887    250,263 
Computer Programs & Systems, Inc.   687    35,113 
CONMED Corp.*   5,326    136,718 
Corvel Corp.*   1,531    79,168 
Cross Country Healthcare, Inc.*   16,784    93,151 
CryoLife, Inc.*   3,678    17,654 
Cyberonics, Inc.*   1,065    35,677 
Ensign Group, Inc.   5,503    134,823 
Gentiva Health Services, Inc.*   55,796    376,623 
Greatbatch, Inc.*   4,964    109,704 

Investments   Shares    Value 
Haemonetics Corp.*   2,097   $128,378 
Hanger Orthopedic Group, Inc.*   9,719    181,648 
Healthspring, Inc.*   16,514    900,674 
Healthways, Inc.*   19,627    134,641 
ICU Medical, Inc.*   1,271    57,195 
Integra LifeSciences Holdings Corp.*   4,564    140,708 
Invacare Corp.   21,376    326,839 
IPC The Hospitalist Co., Inc.*   1,813    82,890 
Kensey Nash Corp.*   511    9,806 
Kindred Healthcare, Inc.*   81,725    961,903 
Landauer, Inc.   433    22,299 
LHC Group, Inc.*   9,101    116,766 
Magellan Health Services, Inc.*   10,717    530,170 
Meridian Bioscience, Inc.   1,504    28,335 
Merit Medical Systems, Inc.*   4,617    61,775 
Molina Healthcare, Inc.*   39,819    889,158 
MWI Veterinary Supply, Inc.*   3,990    265,096 
Natus Medical, Inc.*   4,532    42,737 
Neogen Corp.*   883    27,055 
NuVasive, Inc.*   7,749    97,560 
Omnicell, Inc.*   2,650    43,778 
Palomar Medical Technologies, Inc.*   2,052    19,084 
PharMerica Corp.*   24,353    369,679 
PSS World Medical, Inc.*   15,167    366,890 
Quality Systems, Inc.   1,758    65,028 
Sonosite, Inc.*   1,316    70,880 
SurModics, Inc.*   905    13,267 
Symmetry Medical, Inc.*   8,817    70,448 
West Pharmaceutical Services, Inc.   5,834    221,400 
Zoll Medical Corp.*   1,892    119,537 
Total Health Care Equipment & Services        9,771,204 
           
Household & Personal Products—0.5%     
Central Garden and Pet Co., Class A*   36,333    302,291 
Inter Parfums, Inc.   5,403    84,071 
Medifast, Inc.*   3,670    50,352 
Prestige Brands Holdings, Inc.*   5,837    65,783 
WD-40 Co.   1,494    60,372 
Total Household & Personal Products        562,869 
           
Insurance—2.9%          
AMERISAFE, Inc.*   2,103    48,895 
Delphi Financial Group, Inc., Class A   13,587    601,904 
eHealth, Inc.*   1,911    28,092 
Employers Holdings, Inc.   4,607    83,341 
Horace Mann Educators Corp.   13,534    185,551 
Infinity Property & Casualty Corp.   3,381    191,838 
Meadowbrook Insurance Group, Inc.   14,350    153,258 
National Financial Partners Corp.*   14,276    193,012 
Navigators Group, Inc.*   2,963    141,276 
Presidential Life Corp.   5,030    50,250 
ProAssurance Corp.   1,610    128,510 
RLI Corp.   1,540    112,204 
Safety Insurance Group, Inc.   2,974    120,388 
Selective Insurance Group, Inc.   16,650    295,204 
Stewart Information Services Corp.   25,931    299,503 
Tower Group, Inc.   15,643    315,519 
United Fire & Casualty Co.   6,197    125,055 
Total Insurance        3,073,800 

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

16
 

Schedule of Investments — continued

Revenue Shares Small Cap Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Materials—7.4%          
A. Schulman, Inc.   18,181   $385,074 
A.M. Castle & Co.*   24,461    231,401 
AK Steel Holding Corp.   152,606    1,260,525 
AMCOL International Corp.   6,482    174,042 
American Vanguard Corp.   3,916    52,239 
Balchem Corp.   1,364    55,296 
Buckeye Technologies, Inc.   5,096    170,410 
Calgon Carbon Corp.*   6,859    107,755 
Century Aluminum Co.*   27,900    237,429 
Clearwater Paper Corp.*   9,826    349,904 
Deltic Timber Corp.   401    24,216 
Eagle Materials, Inc.   3,736    95,866 
H.B. Fuller Co.   12,493    288,713 
Hawkins, Inc.   1,393    51,346 
Haynes International, Inc.   1,721    93,967 
Headwaters, Inc.*   44,296    98,337 
Kaiser Aluminum Corp.   5,229    239,906 
KapStone Paper and Packaging Corp.*   9,557    150,427 
Koppers Holdings, Inc.   8,372    287,662 
Kraton Performance Polymers, Inc.*   13,866    281,480 
LSB Industries, Inc.*   5,259    147,410 
Materion Corp.*   12,095    293,667 
Myers Industries, Inc.   10,719    132,272 
Neenah Paper, Inc.   6,024    134,456 
Olympic Steel, Inc.   9,252    215,757 
OM Group, Inc.*   11,863    265,613 
PolyOne Corp.   49,471    571,390 
Quaker Chemical Corp.   3,266    127,015 
RTI International Metals, Inc.*   4,161    96,577 
Schweitzer-Mauduit International, Inc.   2,166    143,952 
Stepan Co.   4,202    336,832 
Texas Industries, Inc.   3,929    120,935 
Tredegar Corp.   6,662    148,030 
Wausau Paper Corp.   22,985    189,856 
Zep, Inc.   7,694    107,562 
Total Materials        7,667,319 
           
Media—1.4%          
Arbitron, Inc.   2,140    73,637 
Digital Generation, Inc.*   4,366    52,043 
E.W. Scripps Co., Class A*   17,379    139,206 
Harte-Hanks, Inc.   16,266    147,858 
Live Nation Entertainment, Inc.*   120,494    1,001,305 
Total Media        1,414,049 
           
Pharmaceuticals, Biotechnology & Life Sciences—1.1%          
Affymetrix, Inc.*   12,478    51,035 
Arqule, Inc.*   1,215    6,853 
Cambrex Corp.*   5,973    42,886 
Cubist Pharmaceuticals, Inc.*   3,414    135,263 
Emergent Biosolutions, Inc.*   2,939    49,493 
Enzo Biochem, Inc.*   6,956    15,581 
eResearchTechnology, Inc.*   5,948    27,896 
Hi-Tech Pharmacal Co., Inc.*   827    32,162 
Medicines Co.*   4,435    82,668 
Par Pharmaceutical Cos., Inc.*   5,059    165,581 
Parexel International Corp.*   13,460    279,160 
Questcor Pharmaceuticals, Inc.*   729    30,312 
Salix Pharmaceuticals Ltd.*   2,088    99,911 

Investments   Shares    Value 
Savient Pharmaceuticals, Inc.*   539   $1,202 
Viropharma, Inc.*   3,369    92,277 
Total Pharmaceuticals, Biotechnology          
& Life Sciences        1,112,280 
           
Real Estate—1.4%          
Acadia Realty Trust (a)   1,464    29,485 
BioMed Realty Trust, Inc. (a)   4,485    81,089 
Cedar Realty Trust, Inc. (a)   5,548    23,912 
Colonial Properties Trust (a)   3,607    75,242 
Cousins Properties, Inc. (a)   5,953    38,159 
DiamondRock Hospitality Co. (a)   13,641    131,499 
EastGroup Properties, Inc. (a)   765    33,262 
Entertainment Properties Trust (a)   1,304    56,998 
Extra Space Storage, Inc. (a)   2,420    58,637 
Forestar Group, Inc.*   1,357    20,531 
Franklin Street Properties Corp. (a)   2,466    24,537 
Getty Realty Corp. (a)   1,370    19,111 
Healthcare Realty Trust, Inc. (a)   2,997    55,714 
Inland Real Estate Corp. (a)   4,299    32,715 
Kilroy Realty Corp. (a)   1,815    69,097 
Kite Realty Group Trust (a)   2,994    13,503 
LaSalle Hotel Properties (a)   5,671    137,295 
Lexington Realty Trust (a)   8,340    62,467 
LTC Properties, Inc. (a)   512    15,800 
Medical Properties Trust, Inc. (a)   2,703    26,679 
Mid-America Apartment          
Communities, Inc. (a)   1,359    85,005 
Parkway Properties, Inc. (a)   5,076    50,049 
Pennsylvania Real Estate          
Investment Trust (a)   8,491    88,646 
Post Properties, Inc. (a)   1,317    57,579 
PS Business Parks, Inc. (a)   1,016    56,317 
Saul Centers, Inc. (a)   899    31,843 
Sovran Self Storage, Inc. (a)   918    39,171 
Tanger Factory Outlet Centers (a)   1,955    57,321 
Universal Health Realty          
Income Trust (a)   134    5,226 
Urstadt Biddle Properties, Inc.,          
Class A (a)   949    17,158 
Total Real Estate        1,494,047 
           
Retailing—10.3%          
Big 5 Sporting Goods Corp.   17,278    180,382 
Blue Nile, Inc.*   1,696    69,333 
Brown Shoe Co., Inc.   52,077    463,485 
Buckle, Inc.   4,359    178,152 
Cabela’s, Inc.*   20,781    528,253 
Cato Corp., Class A   6,834    165,383 
Childrens Place Retail Stores, Inc.*   5,516    293,010 
Christopher & Banks Corp.   31,223    73,062 
Coldwater Creek, Inc.*   174,972    206,467 
Finish Line, Inc., Class A   11,046    213,022 
Fred’s, Inc., Class A   24,345    354,950 
Genesco, Inc.*   5,387    332,593 
Group 1 Automotive, Inc.   21,671    1,122,558 
Haverty Furniture Cos., Inc.   9,706    106,572 
Hibbett Sports, Inc.*   2,740    123,793 
HOT Topic, Inc.   18,472    122,100 
JOS A. Bank Clothiers, Inc.*   3,018    147,158 

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

17
 

Schedule of Investments — continued

Revenue Shares Small Cap Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Retailing (continued)          
Kirkland’s, Inc.*   6,426   $85,466 
Lithia Motors, Inc., Class A   20,933    457,595 
Lumber Liquidators Holdings, Inc.*   7,503    132,503 
MarineMax, Inc.*   14,298    93,223 
Men’s Wearhouse, Inc.   11,562    374,725 
Midas, Inc.*   3,843    33,011 
Monro Muffler Brake, Inc.   2,908    112,801 
Nutrisystem, Inc.   5,930    76,675 
OfficeMax, Inc.*   281,461    1,277,833 
PEP Boys-Manny Moe & Jack   33,553    369,083 
PetMed Express, Inc.   4,245    44,063 
Rue21, Inc.*   4,983    107,633 
Select Comfort Corp.*   6,717    145,692 
Sonic Automotive, Inc., Class A   93,990    1,391,992 
Stage Stores, Inc.   19,064    264,799 
Stamps.com, Inc.*   721    18,840 
Stein Mart, Inc.*   33,394    227,413 
Tuesday Morning Corp.*   45,178    155,864 
Vitamin Shoppe, Inc.*   4,155    165,701 
Voxx International Corp., Class A*   14,158    119,635 
Zale Corp.*   80,449    306,511 
Zumiez, Inc.*   2,921    81,087 
Total Retailing        10,722,418 
           
Semiconductors & Semiconductor Equipment—2.5%          
Advanced Energy Industries, Inc.*   9,902    106,249 
ATMI, Inc.*   3,715    74,411 
Brooks Automation, Inc.   13,449    138,121 
Cabot Microelectronics Corp.*   1,764    83,349 
Ceva, Inc.*   392    11,862 
Cirrus Logic, Inc.*   4,053    64,240 
Cohu, Inc.   5,349    60,711 
Cymer, Inc.*   2,299    114,398 
Diodes, Inc.*   6,118    130,313 
DSP Group, Inc.*   6,358    33,125 
Entropic Communications, Inc.*   8,431    43,082 
Exar Corp.*   3,993    25,955 
Gt Advanced Technologies, Inc.*   20,584    149,028 
Hittite Microwave Corp.*   993    49,034 
Kopin Corp.*   4,636    17,988 
Kulicke & Soffa Industries, Inc.*   19,068    176,379 
Micrel, Inc.   4,991    50,459 
Microsemi Corp.*   8,399    140,683 
MKS Instruments, Inc.   6,037    167,949 
Monolithic Power Systems, Inc.*   2,641    39,800 
Nanometrics, Inc.*   2,452    45,166 
Pericom Semiconductor Corp.*   3,726    28,355 
Power Integrations, Inc.   1,672    55,444 
Rubicon Technology, Inc.*   2,701    25,362 
Rudolph Technologies, Inc.*   4,234    39,207 
Sigma Designs, Inc.*   8,625    51,750 
Standard Microsystems Corp.*   2,882    74,269 
STR Holdings, Inc.*   7,845    64,564 
Supertex, Inc.*   877    16,558 
Tessera Technologies, Inc.*   3,162    52,964 
TriQuint Semiconductor, Inc.*   36,619    178,335 
Ultratech, Inc.*   1,636    40,197 

Investments   Shares    Value 
Veeco Instruments, Inc.*   8,844   $183,955 
Volterra Semiconductor Corp.*   1,170    29,964 
Total Semiconductors &          
Semiconductor Equipment        2,563,226 
           
Software & Services—4.0%          
Blackbaud, Inc.   2,333    64,624 
Bottomline Technologies, Inc.*   1,526    35,357 
CACI International, Inc., Class A*   11,299    631,840 
Cardtronics, Inc.*   4,194    113,490 
Ciber, Inc.*   52,374    202,164 
CommVault Systems, Inc.*   1,193    50,965 
comScore, Inc.*   2,088    44,266 
CSG Systems International, Inc.*   8,813    129,639 
DealerTrack Holdings, Inc.*   2,205    60,108 
Digital River, Inc.*   650    9,763 
Ebix, Inc.   1,490    32,929 
EPIQ Systems, Inc.   3,987    47,924 
Forrester Research, Inc.   1,545    52,437 
Heartland Payment Systems, Inc.   15,964    388,883 
Higher One Holdings, Inc.*   1,734    31,975 
iGate Corp.   6,823    107,326 
Infospace, Inc.*   4,170    45,828 
Interactive Intelligence Group, Inc.*   1,517    34,770 
j2 Global, Inc.   2,186    61,514 
JDA Software Group, Inc.*   3,662    118,612 
Liquidity Services, Inc.*   1,616    59,630 
LivePerson, Inc.*   1,731    21,724 
LogMeIn, Inc.*   529    20,393 
Manhattan Associates, Inc.*   1,311    53,069 
MAXIMUS, Inc.   4,016    166,062 
MicroStrategy, Inc., Class A*   915    99,113 
Monotype Imaging Holdings, Inc.*   1,374    21,421 
NCI, Inc., Class A*   8,941    104,163 
Netscout Systems, Inc.*   3,038    53,469 
Opnet Technologies, Inc.   690    25,302 
Perficient, Inc.*   5,541    55,465 
Progress Software Corp.*   4,774    92,377 
RightNow Technologies, Inc.*   912    38,970 
Sourcefire, Inc.*   806    26,098 
Synchronoss Technologies, Inc.*   1,343    40,572 
Take-Two Interactive Software, Inc.*   12,673    171,719 
Taleo Corp., Class A*   1,311    50,722 
TeleTech Holdings, Inc.*   13,349    216,254 
THQ, Inc.*   166,242    126,344 
Tyler Technologies, Inc.*   1,828    55,041 
United Online, Inc.   31,993    174,042 
Virtusa Corp.*   2,456    35,563 
Websense, Inc.*   3,630    67,990 
Wright Express Corp.*   1,775    96,347 
XO Group, Inc.*   2,655    22,143 
Total Software & Services        4,158,407 
           
Technology Hardware & Equipment—10.0%     
Agilysys, Inc.*   12,194    96,942 
Anixter International, Inc.*   19,330    1,152,841 
Arris Group, Inc.*   19,122    206,900 
Avid Technology, Inc.*   17,028    145,249 

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

18
 

Schedule of Investments — continued

Revenue Shares Small Cap Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Technology Hardware & Equipment (continued)     
Badger Meter, Inc.   1,776   $52,268 
Bel Fuse, Inc., Class B   2,858    53,587 
Benchmark Electronics, Inc.*   33,044    445,103 
Black Box Corp.   6,931    194,345 
Blue Coat Systems, Inc.*   3,570    90,856 
Brightpoint, Inc.*   93,326    1,004,188 
Checkpoint Systems, Inc.*   13,324    145,765 
Cognex Corp.   1,687    60,378 
Comtech Telecommunications Corp.   4,640    132,797 
CTS Corp.   12,230    112,516 
Daktronics, Inc.   8,063    77,163 
Digi International, Inc.*   3,351    37,397 
DTS, Inc.*   646    17,597 
Electro Scientific Industries, Inc.*   3,453    49,999 
FARO Technologies, Inc.*   960    44,160 
FEI Co.*   3,811    155,413 
Harmonic, Inc.*   18,942    95,468 
Insight Enterprises, Inc.*   64,256    982,474 
Intermec, Inc.*   21,267    145,892 
Intevac, Inc.*   2,397    17,738 
Littelfuse, Inc.   2,794    120,086 
Measurement Specialties, Inc.*   1,675    46,833 
Mercury Computer Systems, Inc.*   3,142    41,757 
Methode Electronics, Inc.   8,764    72,653 
MTS Systems Corp.   2,052    83,619 
Netgear, Inc.*   5,906    198,264 
Newport Corp.*   7,063    96,127 
Novatel Wireless, Inc.*   24,749    77,464 
Oplink Communications, Inc.*   2,207    36,349 
OSI Systems, Inc.*   2,544    124,096 
Park Electrochemical Corp.   1,485    38,046 
PC-Tel, Inc.   1,945    13,304 
Plexus Corp.*   14,962    409,660 
Pulse Electronics Corp.   22,797    63,832 
Radisys Corp.*   11,200    56,672 
Rofin-Sinar Technologies, Inc.*   4,602    105,156 
Rogers Corp.*   2,446    90,160 
Scansource, Inc.*   13,816    497,376 
Stratasys, Inc.*   913    27,764 
Super Micro Computer, Inc.*   10,926    171,320 
Symmetricom, Inc.*   6,913    37,261 
Synaptics, Inc.*   3,521    106,158 
SYNNEX Corp.*   63,385    1,930,707 
Tekelec*   6,545    71,537 
TTM Technologies, Inc.*   24,126    264,421 
Viasat, Inc.*   3,138    144,725 
Total Technology Hardware & Equipment        10,442,383 

Investments   Shares    Value 
Telecommunication Services—0.8%          
Atlantic Tele-Network, Inc.   3,623   $141,478 
Cbeyond, Inc.*   11,490    92,035 
Cincinnati Bell, Inc.*   88,476    268,082 
General Communication, Inc.,          
Class A*   12,655    123,893 
Lumos Networks Corp.   2,314    35,497 
Neutral Tandem, Inc.*   4,758    50,863 
NTELOS Holdings Corp.   5,406    110,174 
USA Mobility, Inc.   3,048    42,276 
Total Telecommunication Services        864,298 
Transportation—2.3%          
Allegiant Travel Co., Class A*   2,611    139,271 
Arkansas Best Corp.   19,938    384,205 
Forward Air Corp.   3,022    96,855 
Heartland Express, Inc.   6,935    99,101 
HUB Group, Inc., Class A*   14,734    477,824 
Knight Transportation, Inc.   10,335    161,639 
Old Dominion Freight Line, Inc.*   8,517    345,194 
Skywest, Inc.   53,045    667,837 
Total Transportation        2,371,926 
Utilities—3.4%          
Allete, Inc.   4,235    177,785 
American States Water Co.   2,237    78,071 
Avista Corp.   11,233    289,250 
Central Vermont Public Service Corp.   1,814    63,671 
CH Energy Group, Inc.   3,243    189,326 
El Paso Electric Co.   4,915    170,256 
Laclede Group, Inc.   7,402    299,559 
New Jersey Resources Corp.   11,495    565,554 
Northwest Natural Gas Co.   3,316    158,936 
NorthWestern Corp.   6,066    217,102 
Piedmont Natural Gas Co., Inc.   7,853    266,845 
South Jersey Industries, Inc.   3,074    174,634 
Southwest Gas Corp.   8,316    353,347 
UIL Holdings Corp.   8,100    286,497 
Unisource Energy Corp.   7,561    279,152 
Total Utilities        3,569,985 
Total Investments—100.0%          
(Cost $95,608,420)        104,316,052 
Liabilities in Excess of          
Other Assets—(0.0)%        (24,972)
Net Assets—100.0%       $104,291,080 

 

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

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

19
 

Schedule of Investments

Revenue SHARES FINANCIALS SECTOR FUND

December 31, 2011 (Unaudited)

Investments   Shares    Value 
COMMON STOCKS—100.2%          
Capital Markets—11.3%          
Ameriprise Financial, Inc.   1,189   $59,022 
Bank of New York Mellon Corp.   4,290    85,414 
BlackRock, Inc., Class A   289    51,511 
Charles Schwab Corp.   2,276    25,628 
E*Trade Financial Corp.*   1,494    11,892 
Federated Investors, Inc., Class B   311    4,712 
Franklin Resources, Inc.   386    37,079 
Goldman Sachs Group, Inc.   2,146    194,063 
Invesco Ltd.   1,103    22,159 
Legg Mason, Inc.   582    13,997 
Morgan Stanley   14,137    213,893 
Northern Trust Corp.   539    21,377 
State Street Corp.   1,315    53,007 
T. Rowe Price Group, Inc.   260    14,807 
Total Capital Markets        808,561 
           
Commercial Banks—13.7%          
BB&T Corp.   2,198    55,324 
Comerica, Inc.   520    13,416 
Fifth Third Bancorp   2,945    37,460 
First Horizon National Corp.   1,128    9,024 
Huntington Bancshares, Inc.   3,072    16,865 
KeyCorp   3,526    27,115 
M&T Bank Corp.   311    23,742 
PNC Financial Services Group, Inc.   1,541    88,869 
Regions Financial Corp.   10,200    43,860 
SunTrust Banks, Inc.   3,086    54,622 
U.S. Bancorp   4,166    112,690 
Wells Fargo & Co.   17,512    482,631 
Zions Bancorporation   941    15,320 
Total Commercial Banks        980,938 
           
Consumer Finance—4.5%          
American Express Co.   3,451    162,783 
Capital One Financial Corp.   2,131    90,120 
Discover Financial Services   1,782    42,768 
SLM Corp.   2,197    29,440 
Total Consumer Finance        325,111 
           
Diversified Financial Services—25.9%     
Bank of America Corp.   111,086    617,638 
Citigroup, Inc.   20,348    535,356 
CME Group, Inc., Class A   71    17,300 
IntercontinentalExchange, Inc.*   56    6,751 
JPMorgan Chase & Co.   18,760    623,770 
Leucadia National Corp.   365    8,300 
Moody’s Corp.   354    11,923 
NASDAQ OMX Group, Inc.*   708    17,353 
NYSE Euronext   861    22,472 
Total Diversified Financial Services        1,860,863 
           
Insurance—41.5%          
ACE Ltd.   1,274    89,333 
Aflac, Inc.   2,628    113,687 

Investments   Shares    Value 
Allstate Corp.   6,307   $172,875 
American International Group, Inc.*   15,367    356,514 
AON Corp.   1,271    59,483 
Assurant, Inc.   1,081    44,386 
Berkshire Hathaway, Inc., Class B*   9,571    730,267 
Chubb Corp.   1,036    71,712 
Cincinnati Financial Corp.   644    19,616 
Genworth Financial, Inc., Class A*   8,463    55,433 
Hartford Financial Services Group, Inc.   6,998    113,717 
Lincoln National Corp.   2,960    57,483 
Loews Corp.   1,958    73,719 
Marsh & McLennan Cos., Inc.   1,882    59,509 
MetLife, Inc.   11,071    345,194 
Principal Financial Group, Inc.   1,955    48,093 
Progressive Corp.   4,225    82,430 
Prudential Financial, Inc.   4,858    243,483 
Torchmark Corp.   403    17,486 
Travelers Cos., Inc.   2,310    136,683 
Unum Group   2,579    54,340 
XL Group PLC, Class A   1,695    33,510 
Total Insurance        2,978,953 
           
Paper & Forest Products—0.5%          
Weyerhaeuser Co. (a)   1,988    37,116 
           
Real Estate Investment Trusts—2.1%          
Apartment Investment &          
Management Co., Class A (a)   265    6,071 
AvalonBay Communities, Inc. (a)   42    5,485 
Boston Properties, Inc. (a)   93    9,263 
Equity Residential (a)   191    10,893 
HCP, Inc. (a)   213    8,825 
Health Care REIT, Inc., Class Warrants          
risk model (bid) (a)   124    6,762 
Host Hotels & Resorts, Inc. (a)   1,792    26,468 
Kimco Realty Corp. (a)   298    4,839 
Plum Creek Timber Co., Inc. (a)   177    6,471 
ProLogis, Inc. (a)   253    7,233 
Public Storage (a)   69    9,278 
Simon Property Group, Inc. (a)   181    23,338 
Ventas, Inc. (a)   145    7,994 
Vornado Realty Trust (a)   205    15,756 
Total Real Estate Investment Trusts        148,676 
           
Real Estate Management & Development—0.4%     
Cbre Group, Inc., Class A*   2,026    30,836 
           
Thrifts & Mortgage Finance—0.3%          
Hudson City Bancorp, Inc.   2,211    13,819 
People’s United Financial, Inc.   535    6,875 
Total Thrifts & Mortgage Finance        20,694 
           
Total Investments—100.2%          
(Cost $10,391,654)        7,191,748 
Liabilities in Excess of Other Assets—(0.2)%        (11,554)
Net Assets—100.0%       $7,180,194 

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

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

20
 

Schedule of Investments

Revenue Shares ADR Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
COMMON STOCKS—98.7%          
Automobiles & Components—5.2%          
Honda Motor Co. Ltd. (a)   19,055   $582,130 
Magna International, Inc., Class A   4,674    155,691 
Toyota Motor Corp. (a)   18,754    1,240,202 
Total Automobiles & Components        1,978,023 
           
Banks—12.5%          
Banco Bilbao Vizcaya          
Argentaria SA (a)   19,221    164,724 
Banco Bradesco SA (a)   29,084    485,121 
Banco de Chile (a)   259    21,173 
Banco Santander Chile (a)   346    26,192 
Banco Santander SA (a)   47,029    353,658 
Bancolombia SA (a)   397    23,645 
Bank of Montreal   1,745    95,644 
Bank of Nova Scotia   3,103    154,561 
Barclays PLC (a)   35,463    389,738 
Canadian Imperial Bank          
of Commerce   1,281    92,706 
Credicorp Ltd.   171    18,720 
HSBC Holdings PLC (a)   12,136    462,382 
Itau Unibanco Holding SA (a)   23,345    433,283 
Lloyds Banking Group PLC* (a)   249,583    391,845 
Mitsubishi UFJ Financial          
Group, Inc. (a)   68,452    286,814 
Mizuho Financial Group, Inc. (a)   61,007    163,499 
National Bank of Greece SA (a)   29,040    57,499 
Royal Bank of Canada   3,892    198,336 
Royal Bank of Scotland          
Group PLC* (a)   55,095    350,955 
Shinhan Financial Group Co., Ltd. (a)   144    9,822 
Sumitomo Mitsui Financial          
Group, Inc. (a)   33,015    181,913 
Toronto-Dominion Bank   2,109    157,774 
Westpac Banking Corp. (a)   2,359    241,562 
Total Banks        4,761,566 
           
Capital Goods—2.9%          
ABB Ltd.* (a)   11,361    213,928 
Embraer SA (a)   1,347    33,971 
Koninklijke Philips Electronics NV   9,222    193,201 
Kubota Corp. (a)   1,425    59,223 
Nidec Corp. (a)   1,999    43,138 
Siemens AG (a)   5,941    568,019 
Total Capital Goods        1,111,480 
           
Consumer Durables & Apparel—2.8%     
Gildan Activewear, Inc.   466    8,756 
Luxottica Group SpA (a)   1,730    48,319 
Panasonic Corp. (a)   63,021    528,746 
Sony Corp. (a)   26,811    483,671 
Total Consumer Durables & Apparel        1,069,492 
           
Consumer Services—0.3%          
Carnival PLC (a)   2,613    86,046 
Intercontinental Hotels Group PLC (a)   577    10,380 
Tim Hortons, Inc.   321    15,543 
Total Consumer Services        111,969 

Investments   Shares    Value 
Diversified Financials—4.0%          
Credit Suisse Group AG (a)   12,443   $292,162 
Deutsche Bank AG   11,326    428,802 
ING Groep NV* (a)   60,935    436,904 
Nomura Holdings, Inc. (a)   25,823    76,952 
ORIX Corp. (a)   633    25,921 
UBS AG*   22,314    263,975 
Total Diversified Financials        1,524,716 
           
Energy—34.1%          
BP PLC (a)   44,581    1,905,392 
Cameco Corp.   671    12,112 
Canadian Natural Resources Ltd.   2,108    78,776 
Cenovus Energy, Inc.   2,666    88,511 
China Petroleum &          
Chemical Corp. (a)   17,729    1,862,432 
CNOOC Ltd. (a)   1,283    224,114 
Ecopetrol SA (a)   4,114    183,155 
Enbridge, Inc.   2,888    108,040 
Encana Corp.   2,243    41,563 
Enerplus Corp.   249    6,305 
ENI SpA (a)   20,410    842,321 
Imperial Oil Ltd.   3,816    169,736 
Nexen, Inc.   2,485    39,536 
Penn West Petroleum Ltd.   888    17,582 
PetroChina Co. Ltd. (a)   13,504    1,678,682 
Petroleo Brasileiro SA, Class A (a)   33,453    785,811 
Royal Dutch Shell PLC, Class A (a)   17,875    1,306,484 
Royal Dutch Shell PLC, Class B (a)   17,293    1,314,441 
Statoil ASA (a)   24,472    626,728 
Suncor Energy, Inc.*   8,044    231,909 
Talisman Energy, Inc.   3,870    49,342 
Tenaris SA (a)   1,483    55,138 
Total SA (a)   25,203    1,288,125 
TransCanada Corp.   1,195    52,186 
Total Energy        12,968,421 
           
Food & Staples Retailing—0.4%          
Delhaize Group SA (a)   2,848    160,229 
           
Food, Beverage & Tobacco—3.5%          
Anheuser-Busch InBev NV (a)   3,679    224,383 
BRF - Brasil Foods SA (a)   4,309    84,241 
British American Tobacco PLC (a)   1,399    132,737 
Diageo PLC (a)   1,026    89,693 
Fomento Economico Mexicano          
SAB de CV (a)   1,303    90,832 
Unilever NV   10,260    352,636 
Unilever PLC (a)   10,773    361,111 
Total Food, Beverage & Tobacco        1,335,633 
           
Health Care Equipment & Services—0.3%     
Fresenius Medical Care AG &          
Co. KGaA (a)   1,053    71,583 
Smith & Nephew PLC (a)   515    24,797 
Total Health Care Equipment & Services        96,380 
           
Insurance—4.8%          
Aegon NV, Class G*   47,095    189,322 
Aviva PLC (a)   48,540    448,995 

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

21
 

Schedule of Investments — continued

Revenue Shares ADR Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Insurance (continued)          
China Life Insurance Co. Ltd. (a)   8,907   $329,291 
Manulife Financial Corp.   24,395    259,075 
Prudential PLC (a)   24,204    477,787 
Sun Life Financial, Inc.   6,292    116,528 
Total Insurance        1,820,998 
           
Materials—6.2%          
Agnico-Eagle Mines Ltd.   253    9,189 
Agrium, Inc.   1,240    83,216 
ArcelorMittal   29,033    528,110 
Barrick Gold Corp.   1,648    74,572 
BHP Billiton Ltd. (a)   2,820    199,177 
BHP Billiton PLC (a)   3,422    199,811 
Cemex SAB de CV* (a)   17,592    94,821 
Cia de Minas Buenaventura SA (a)   214    8,205 
Cia Siderurgica Nacional SA (a)   6,387    52,246 
CRH PLC (a)   7,680    152,218 
Eldorado Gold Corp.   373    5,114 
Gerdau SA (a)   15,415    120,391 
Goldcorp, Inc.   621    27,479 
IAMGOLD Corp.   539    8,543 
Kinross Gold Corp.   1,811    20,645 
POSCO (a)   2,290    188,009 
Potash Corp. of Saskatchewan, Inc.   1,219    50,320 
Randgold Resources Ltd. (a)   54    5,513 
Rio Tinto PLC (a)   6,995    342,195 
Silver Wheaton Corp.   123    3,562 
Sociedad Quimica y Minera          
de Chile SA (a)   223    12,009 
Southern Copper Corp.   1,249    37,695 
Syngenta AG (a)   1,253    73,852 
Teck Resources Ltd., Class B   1,866    65,664 
Yamana Gold, Inc.   836    12,281 
Total Materials        2,374,837 
           
Media—0.7%          
Grupo Televisa SAB (a)   1,349    28,410 
Pearson PLC (a)   2,847    53,723 
Shaw Communications, Inc., Class B   1,298    25,791 
Thomson Reuters Corp.   2,856    76,170 
WPP PLC (a)   1,697    88,634 
Total Media        272,728 
           
Pharmaceuticals, Biotechnology & Life Sciences—3.0%          
AstraZeneca PLC (a)   4,060    187,938 
Elan Corp. PLC* (a)   703    9,659 
GlaxoSmithKline PLC (a)   5,444    248,410 
Novartis AG (a)   5,870    335,588 
Novo Nordisk A/S (a)   595    68,580 
QIAGEN NV*   446    6,159 
Sanofi (a)   7,291    266,413 
Shire PLC (a)   231    24,001 
Valeant Pharmaceuticals          
International, Inc.*   286    13,353 
Total Pharmaceuticals, Biotechnology          
& Life Sciences        1,160,101 

 

Investments   Shares    Value 
Real Estate—0.2%      
Brookfield Asset Management, Inc.,      
Class A   3,394   $93,267 
           
Semiconductors & Semiconductor Equipment—0.6%          
Advantest Corp. (a)   616    5,827 
ARM Holdings PLC (a)   158    4,372 
ASML Holding NV, Class G   1,163    48,602 
STMicroelectronics NV, Class Y   10,258    60,830 
Taiwan Semiconductor Manufacturing          
Co. Ltd. (a)   6,249    80,675 
United Microelectronics Corp. (a)   10,467    22,399 
Total Semiconductors &          
Semiconductor Equipment        222,705 
           
Software & Services—0.3%          
SAP AG (a)   1,875    99,281 
           
Technology Hardware & Equipment—4.3%     
Alcatel-Lucent* (a)   81,080    126,485 
Canon, Inc. (a)   5,686    250,411 
Hitachi Ltd. (a)   11,012    574,166 
Kyocera Corp. (a)   957    76,378 
Nokia OYJ (a)   62,531    301,399 
Research In Motion Ltd.*   6,678    96,831 
Telefonaktiebolaget LM Ericsson (a)   19,998    202,580 
Total Technology Hardware & Equipment        1,628,250 
           
Telecommunication Services—9.8%          
America Movil SAB de CV, Series R (a)    13,089    295,811 
BCE, Inc.   2,710    112,926 
BT Group PLC (a)   5,944    176,180 
China Mobile Ltd. (a)   9,047    438,689 
Chunghwa Telecom Co. Ltd. (a)   1,079    35,909 
France Telecom SA (a)   22,043    345,193 
Nippon Telegraph & Telephone          
Corp. (a)   25,293    640,672 
NTT DoCoMo, Inc. (a)   15,180    278,553 
Portugal Telecom SGPS SA (a)   6,611    38,146 
Rogers Communications, Inc.,          
Class B   1,913    73,670 
Tele Norte Leste Participacoes SA (a)   10,761    102,337 
Telecom Italia SpA (a)   22,020    234,513 
Telefonica SA (a)   28,678    492,975 
TELUS Corp., Class A   1,099    58,851 
Vodafone Group PLC (a)   14,265    399,848 
Total Telecommunication Services        3,724,273 
           
Transportation—0.4%          
Canadian National Railway Co.   663    52,085 
Canadian Pacific Railway Ltd.   446    30,181 
Lan Airlines SA (a)   1,250    29,050 
Ryanair Holdings PLC* (a)   872    24,294 
Total Transportation        135,610 
           
Utilities—2.4%          
Centrais Eletricas Brasileiras          
SA, Class C (a)   10,179    98,838 
Cia Energetica de Minas Gerais (a)   2,790    49,634 

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

22
 

Schedule of Investments — continued

Revenue Shares ADR Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Utilities (continued)          
CPFL Energia SA (a)   1,661   $46,857 
Empresa Nacional de          
Electricidad SA (a)   617    27,364 
Enersis SA (a)   4,412    77,783 
Korea Electric Power Corp.* (a)   18,731    205,666 
National Grid PLC (a)   2,666    129,248 
TransAlta Corp.   777    16,022 
Veolia Environnement SA (a)   23,933    264,460 
Total Utilities        915,872 
           
Total Common Stocks          
(Cost $42,180,546)        37,565,831 
PREFERRED STOCKS—1.2%          
Food, Beverage & Tobacco—0.2%          
Cia de Bebidas das Americas (a)   2,479    89,467 
           
Materials—0.9%          
Vale SA, Class B (a)   16,682    343,649 
           
Utilities—0.1%          
Cia Paranaense de Energia-Copel          
Preference B (a)   1,212    25,428 
           
Total Preferred Stocks          
(Cost $539,516)        458,544 
Total Investments—99.9%          
(Cost $42,720,062)        38,024,375 
Other Assets in Excess of Liabilities—0.1%        49,950 
Net Assets—100.0%       $38,074,325 

      % of
Country  Value  Net Assets
Australia  $440,738    1.2%
Belgium   384,611    1.0 
Brazil   2,751,274    7.2 
Canada   3,083,775    8.1 
Chile   193,572    0.5 
China   2,007,974    5.3 
Colombia   206,801    0.5 
Denmark   68,580    0.2 
Finland   301,399    0.8 
France   2,290,676    6.0 
Germany   1,167,686    3.1 
Greece   57,499    0.1 
Hong Kong   2,525,235    6.6 
Ireland   210,172    0.6 
Italy   1,125,153    3.0 
Japan   5,498,217    14.4 
Jersey Islands   94,147    0.2 
Luxembourg   583,248    1.5 
Mexico   509,874    1.3 
Netherlands   3,847,749    10.1 
Norway   626,728    1.6 
Peru   26,924    0.1 
Portugal   38,145    0.1 
South Korea   403,497    1.1 
Spain   1,011,357    2.7 
Sweden   202,580    0.5 
Switzerland   1,240,334    3.3 
Taiwan   138,983    0.4 
United Kingdom   6,873,583    18.1 
United States   113,864    0.3 
Total Investments   38,024,375    99.9 
Other Assets in Excess          
of Liabilities   49,950    0.1 
Net Assets  $38,074,325    100.0%

(a) American Depositary Receipt
* Non-income producing security

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

23
 

Schedule of Investments

Revenue Shares Navellier Overall A-100 Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
COMMON STOCKS—100.1%          
Banks—0.7%          
Bank of The Ozarks, Inc.   708   $20,978 
Enterprise Financial Services Corp.   1,180    17,464 
Texas Capital Bancshares, Inc.*   828    25,345 
Total Banks        63,787 
           
Capital Goods—5.3%          
Chart Industries, Inc.*   648    35,037 
Edac Technologies Corp.*   1,471    16,240 
Generac Holdings, Inc.*   1,277    35,794 
Primoris Services Corp.   4,050    60,467 
Transdigm Group, Inc.*   539    51,572 
W.W. Grainger, Inc.   1,491    279,100 
Total Capital Goods        478,210 
           
Commercial & Professional Services—1.4%     
Copart, Inc.*   898    43,005 
Mistras Group, Inc.*   980    24,980 
Verisk Analytics, Inc., Class A*   1,389    55,741 
Total Commercial & Professional Services       123,726 
           
Consumer Durables & Apparel—5.2%          
iRobot Corp.*   886    26,447 
Lululemon Athletica, Inc.*   922    43,020 
Polaris Industries, Inc.   1,617    90,520 
Sturm Ruger & Co., Inc.   672    22,485 
VF Corp.   2,246    285,220 
Total Consumer Durables & Apparel        467,692 
           
Consumer Services—5.0%          
Advance America Cash Advance          
Centers, Inc.   3,626    32,453 
Carrols Restaurant Group, Inc.*   3,701    42,821 
Cedar Fair LP   2,077    44,656 
Domino’s Pizza, Inc.*   1,954    66,338 
Melco Crown Entertainment Ltd.,          
Class Participation Certificate* (a)   14,589    140,346 
Papa John’s International, Inc.*   1,396    52,601 
Weight Watchers International, Inc.   1,196    65,792 
Total Consumer Services        445,007 
           
Diversified Financials—1.3%          
Credit Acceptance Corp.*   332    27,317 
Main Street Capital Corp.   699    14,847 
Marketaxess Holdings, Inc.   652    19,632 
Ocwen Financial Corp.*   1,964    28,439 
World Acceptance Corp.*   421    30,943 
Total Diversified Financials        121,178 
           
Energy—5.2%          
Delek US Holdings, Inc.   20,353    232,228 
EQT Corp.   1,137    62,296 
Gulfport Energy Corp.*   665    19,584 
Mitcham Industries, Inc.*   749    16,358 
Provident Energy Ltd.   8,240    79,846 
SM Energy Co.   768    56,141 
Total Energy        466,453 

Investments   Shares    Value 
Food & Staples Retailing—2.0%      
Susser Holdings Corp.*   7,743    175,147 
           
Food, Beverage & Tobacco—8.6%          
British American Tobacco PLC (a)   6,512   $617,858 
Green Mountain Coffee          
Roasters, Inc.*   2,048    91,853 
Hansen Natural Corp.*   691    63,669 
Total Food, Beverage & Tobacco        773,380 
           
Health Care Equipment & Services—12.9%     
Accretive Health, Inc.*   1,686    38,744 
Healthspring, Inc.*   3,190    173,983 
Healthstream, Inc.*   885    16,328 
Humana, Inc.   7,205    631,230 
Intuitive Surgical, Inc.*   157    72,693 
Mediware Information Systems*   1,094    14,025 
WellCare Health Plans, Inc.*   3,937    206,692 
Total Health Care Equipment & Services        1,153,695 
           
Household & Personal Products—5.8%     
Estee Lauder Cos., Inc., Class A   2,935    329,659 
Herbalife Ltd.   2,341    120,959 
Nu Skin Enterprises, Inc., Class A   1,405    68,241 
Total Household & Personal Products        518,859 
           
Insurance—1.2%          
Amtrust Financial Services, Inc.   2,118    50,302 
Crawford & Co., Class B   9,119    56,173 
Total Insurance        106,475 
           
Materials—2.7%          
Arabian American Development Co.*   2,080    17,638 
NewMarket Corp.   423    83,801 
Terra Nitrogen Co. LP   231    38,718 
U.S. Lime & Minerals, Inc.*   285    17,131 
Valhi, Inc.   1,427    86,291 
Total Materials        243,579 
           
Pharmaceuticals, Biotechnology & Life Sciences—7.2%          
Akorn, Inc.*   1,579    17,558 
Alexion Pharmaceuticals, Inc.*   555    39,683 
Biogen IDEC, Inc.*   1,568    172,558 
Cambrex Corp.*   2,660    19,099 
Hi-Tech Pharmacal Co., Inc.*   508    19,756 
Jazz Pharmaceuticals, Inc.*   563    21,749 
Medicines Co.*   1,420    26,469 
Questcor Pharmaceuticals, Inc.*   411    17,089 
Shire PLC (a)   1,462    151,902 
Spectrum Pharmaceuticals, Inc.*   1,293    18,917 
Watson Pharmaceuticals, Inc.*   2,350    141,799 
Total Pharmaceuticals, Biotechnology          
& Life Sciences        646,579 

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

24
 

Schedule of Investments — continued

Revenue Shares Navellier Overall A-100 Fund

December 31, 2011 (Unaudited)

Investments   Shares    Value 
Real Estate—0.3%      
Altisource Portfolio Solutions SA*   491   $24,638 
           
Retailing—14.3%          
America’s Car-Mart, Inc.*   604    23,665 
AutoZone, Inc.*   856    278,174 
Bed Bath & Beyond, Inc.*   5,067    293,734 
Lithia Motors, Inc., Class A   4,279    93,539 
O’Reilly Automotive, Inc.*   2,504    200,195 
Sally Beauty Holdings, Inc.*   6,043    127,688 
Select Comfort Corp.*   1,841    39,931 
Stamps.com, Inc.*   622    16,253 
Tractor Supply Co.   2,014    141,282 
Ulta Salon Cosmetics & Fragrance, Inc.*     980    63,622 
Total Retailing        1,278,083 
           
Semiconductors & Semiconductor Equipment—0.2%          
Silicon Motion Technology Corp.* (a)   966    19,784 
           
Software & Services—7.3%          
Alliance Data Systems Corp.*   1,116    115,885 
Cardtronics, Inc.*   1,229    33,257 
CommVault Systems, Inc.*   525    22,428 
Fair Isaac Corp.   894    32,041 
Internet Initiative Japan, Inc. (a)   5,940    52,569 
Liquidity Services, Inc.*   613    22,620 
Majesco Entertainment Co.*   5,726    13,972 
Manhattan Associates, Inc.*   509    20,604 
Mastercard, Inc., Class A   609    227,047 

Investments   Shares    Value 
MAXIMUS, Inc.   1,051   $43,459 
NeuStar, Inc., Class A*   932    31,847 
S1 Corp.*   2,037    19,494 
Solarwinds, Inc.*   613    17,133 
Total Software & Services        652,356 
           
Technology Hardware & Equipment—1.2%     
Datalink Corp.*   3,062    25,292 
FARO Technologies, Inc.*   442    20,332 
FEI Co.*   1,001    40,821 
Globecomm Systems, Inc.*   1,750    23,940 
Total Technology Hardware & Equipment        110,385 
           
Telecommunication Services—7.1%          
China Unicom Hong Kong Ltd. (a)   30,227    638,696 
           
Transportation—0.8%          
Kirby Corp.*   1,023    67,354 
           
Utilities—4.4%          
CenterPoint Energy, Inc.   15,142    304,203 
Vectren Corp.   3,008    90,932 
Total Utilities        395,135 
           
Total Investments—100.1%          
(Cost $8,702,879)        8,970,198 
Liabilities in Excess of          
Other Assets—(0.1)%        (8,188)
Net Assets—100.0%       $8,962,010 

* Non-income producing security
(a) American Depositary Receipt

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

25
 

Statements Of Assets And Liabilities

December 31, 2011 (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 5) $ 162,858,187   $ 126,730,182   $ 104,316,052   $ 7,191,748   $ 38,024,375   $ 8,970,198  
Cash   111,857     47,293     41,549     4,524     20,857     2,408  
Receivables:                                    
Expense reimbursement                                    
due from Adviser   —     —     —     3,735     —     2,613  
Dividends   268,935     105,779     76,039     4,810     97,092     17,064  
Securities sold   639,385     3,483,836     119,322     26,049     1,033,618     139,102  
Prepaid expenses   3,758     2,738     2,473     349     1,394     262  
Total Assets   163,882,122     130,369,828     104,555,435     7,231,215     39,177,336     9,131,647  
LIABILITIES:                                    
Payables:                                    
Investment securities                                    
purchased   25,388     267,422     22,745     —     —     —  
Income Distributions                                    
(Note 7)   797,179     325,631     152,621     32,193     786,828     31,058  
Capital Gains Distributions                                    
(Note 7)   —     3,004,100     —     —     280,536     110,327  
Advisory fees (Note 3)   21,368     21,474     12,879     —     15     —  
Principal Financial &                                    
Compliance Officer fees   10,043     6,414     6,710     —     1,250     3  
Trustee fees   686     502     533     144     29     122  
Other accrued expenses   113,329     74,767     68,867     18,684     34,353     28,127  
Total Liabilities   967,993     3,700,310     264,355     51,021     1,103,011     169,637  
NET ASSETS $ 162,914,129   $ 126,669,518   $ 104,291,080   $ 7,180,194   $ 38,074,325   $ 8,962,010  
NET ASSETS CONSIST OF:                                    
Paid-in capital $ 153,649,227   $ 115,438,431   $ 95,092,584   $ 11,325,586   $ 44,564,744   $ 9,560,430  
Undistributed net                                    
investment loss   (23,233 )   (1,240 )   (2,235 )   (442 )   (569,183 )   (135 )
Accumulated net realized                                    
gain (loss) on investments   (2,386,457 )   (539,848 )   493,099     (945,044 )   (1,225,549 )   (865,604 )
Net unrealized appreciation                                    
(depreciation) on                                    
investments   11,674,592     11,772,175     8,707,632     (3,199,906 )   (4,695,687 )   267,319  
NET ASSETS $ 162,914,129   $ 126,669,518   $ 104,291,080   $ 7,180,194   $ 38,074,325   $ 8,962,010  
Shares outstanding                                    
(unlimited number of                                    
shares of beneficial                                    
interest authorized,                                    
without par value)   7,001,400     4,501,400     3,251,400     300,000     1,200,000     250,000  
Net asset value, per share $ 23.27   $ 28.14   $ 32.08   $ 23.93   $ 31.73   $ 35.85  
Investments at cost $ 151,183,595   $ 114,958,007   $ 95,608,420   $ 10,391,654   $ 42,720,062   $ 8,702,879  

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

26
 

Statements of Operations

Six Months Ended December 31, 2011 (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 $ 1,923,940   $ 875,176   $ 545,180   $ 73,634   $ 778,057   $ 110,759  
Foreign withholding tax   —     —     —     —     (98,665 )   (1,333 )
Total Income   1,923,940     875,176     545,180     73,634     679,392     109,426  
EXPENSES:                                    
Advisory fees (Note 3)   383,979     312,769     265,348     20,236     141,823     32,173  
BNY Fund Services fees   149,364     125,371     117,979     11,265     56,668     16,091  
Professional fees   43,569     34,733     31,407     14,415     22,578     14,046  
Compliance fees   19,697     14,118     12,673     3,721     6,996     4,128  
Principal Financial Officer fees   16,778     12,027     10,795     3,169     5,960     3,517  
Printing and Postage   21,949     14,094     11,579     1,446     6,789     1,349  
Trustees fees   5,166     3,387     3,135     321     2,041     369  
Other expense   5,319     7,030     8,289     6,288     5,942     3,823  
Total Expenses   645,821     523,529     461,205     60,861     248,797     75,496  
Less expense waivers and                                    
reimbursements (Note 3)   (227,704 )   (185,738 )   (174,629 )   (38,826 )   (132,975 )   (43,323 )
Net Expenses   418,117     337,791     286,576     22,035     115,822     32,173  
Net Investment Income   1,505,823     537,385     258,604     51,599     563,570     77,253  
NET REALIZED AND UNREALIZED                              
GAIN (LOSS) ON INVESTMENTS:                              
Net realized gain (loss) on                                    
investments   (2,049,180 )   (328,494 )   (537,831 )   (258,982 )   (2,021,172 )   (1,512,014 )
Net realized gain (loss) on                                    
in-kind redemptions   3,439,344     3,104,886     1,948,371     (329,147 )   2,105,057     647,346  
Total net realized gain (loss)   1,390,164     2,776,392     1,410,540     (588,129 )   83,885     (864,668 )
Net change in unrealized                                    
appreciation (depreciation)                                    
on investments   (16,018,652 )   (16,489,032 )   (12,399,346 )   (1,791,889 )   (11,303,822 )   (670,420 )
Net realized and unrealized                                    
gain (loss) on investments   (14,628,488 )   (13,712,640 )   (10,988,806 )   (2,380,018 )   (11,219,937 )   (1,535,088 )
Net Increase (Decrease) in                                    
Net Assets Resulting                                    
From Operations $ (13,122,665 ) $ (13,175,255 ) $ (10,730,202 ) $ (2,328,419 ) $ (10,656,367 ) $ (1,457,835 )

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

27
 

Statements of Changes in Net Assets


  RevenueShares
Large Cap Fund		   RevenueShares
Mid Cap Fund		   RevenueShares
Small Cap Fund
  Six-Months
Ended
December 31,
2011
(Unaudited)		   Year Ended
June 30,
2011		   Six-Months
Ended
December 31,
2011
(Unaudited)		   Year Ended
June 30,
2011		   Six-Months
Ended
December 31,
2011
(Unaudited)		 Year Ended
June 30,
2011
OPERATIONS:                                      
Net investment income $ 1,505,823     $  3,158,543   $ 537,385   $ 800,643   $ 258,604   $ 537,272  
Net realized gain (loss) on                                      
investments and in-kind                                      
redemptions   1,390,164       7,035,281     2,776,392     9,122,464     1,410,540     13,656,528  
Net change in unrealized                                      
appreciation (depreciation)                                      
on investments   (16,018,652 )     35,293,707     (16,489,032 )   29,195,993     (12,399,346 )   21,053,552  
Net increase (decrease) in net                                      
assets resulting from                                      
operations   (13,122,665 )     45,487,531     (13,175,255 )   39,119,100     (10,730,202 )   35,247,352  
DISTRIBUTION TO                                      
SHAREHOLDERS FROM:                                      
Net investment income   (2,315,573 )     (2,871,609 )   (727,340 )   (762,231 )   (341,320 )   (543,364 )
Realized gains   —       —     (3,004,099 )   —     —     —  
Total distributions to                                      
shareholders   (2,315,573 )     (2,871,609 )   (3,731,439 )   (762,231 )   (341,320 )   (543,364 )
SHAREHOLDER TRANSACTIONS:                                
Proceeds from shares sold   —       48,640,531     15,756,545     30,030,204     1,522,617     27,782,757  
Cost of shares redeemed   (22,948,209 )     (28,676,563 )   (16,414,846 )   (24,422,486 )   (17,176,883 )   (40,788,847 )
Net increase (decrease) in net                                      
assets resulting from                                      
shareholder transactions   (22,948,209 )     19,963,968     (658,301 )   5,607,718     (15,654,266 )   (13,006,090 )
Increase (Decrease) in net                                      
assets   (38,386,447 )     62,579,890     (17,564,995 )   43,964,587     (26,725,788 )   21,697,898  
NET ASSETS:                                      
Beginning of period   201,300,576       138,720,686     144,234,513     100,269,926     131,016,868     109,318,970  
End of period $ 162,914,129     $  201,300,576   $ 126,669,518   $ 144,234,513   $ 104,291,080   $ 131,016,868  
Undistributed net                                      
investment income (loss)                                      
included in net assets at                                      
end of period $ (23,233 )    $ 786,517   $ (1,240 ) $ 188,715   $ (2,235 ) $ 80,481  
CHANGES IN SHARES                                      
OUTSTANDING:                                      
Shares outstanding,                                      
beginning of period   8,051,400       7,151,400     4,551,400     4,351,400     3,801,400     4,301,400  
Shares sold   —       2,150,000     550,000     1,050,000     50,000     850,000  
Shares redeemed   (1,050,000 )     (1,250,000 )   (600,000 )   (850,000 )   (600,000 )   (1,350,000 )
Shares outstanding, end                                      
of period   7,001,400       8,051,400     4,501,400     4,551,400     3,251,400     3,801,400  

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

28
 

Statements of Changes in Net Assets — concluded


  RevenueShares
Financials Sector Fund		 RevenueShares ADR Fund RevenueShares
Navellier Overall A-100 Fund
  Six-Months
Ended
December 31,
2011
(Unaudited)		 Year Ended
June 30,
2011		 Six-Months
Ended
December 31,
2011
(Unaudited)		 Year Ended
June 30,
2011		 Six-Months
Ended
December 31,
2011
(Unaudited)		 Year Ended
June 30,
2011
OPERATIONS:                                    
Net investment income $ 51,599   $ 321,350   $ 563,570   $ 1,552,721   $ 77,253   $ 103,630  
Net realized gain (loss) on                                    
investments and in-kind                                    
redemptions   (588,129 )   1,121,942     83,885     946,612     (864,668 )   2,925,409  
Net change in unrealized                                    
appreciation (depreciation)                                    
on investments   (1,791,889 )   18,835     (11,303,822 )   12,828,518     (670,420 )   515,010  
Net increase (decrease) in net                                    
assets resulting from                                    
operations   (2,328,419 )   1,462,127     (10,656,367 )   15,327,851     (1,457,835 )   3,544,049  
DISTRIBUTION TO                                    
SHAREHOLDERS FROM:                                    
Net investment income   (79,817 )   (309,165 )   (1,906,146 )   (1,346,857 )   (80,242 )   (111,815 )
Realized gains   —     —     (280,536 )   —     (110,327 )   —  
Total distributions to                                    
shareholders   (79,817 )   (309,165 )   (2,186,682 )   (1,346,857 )   (190,569 )   (111,815 )
SHAREHOLDER TRANSACTIONS:                              
Proceeds from shares sold   —     3,124,104     —     15,646,588     5,602,571     7,050,083  
Cost of shares redeemed   (2,291,797 )   (16,968,366 )   (20,799,123 )   (5,552,019 )   (5,488,085 )   (10,374,496 )
Net increase (decrease) in                                    
net assets resulting from                                    
shareholder transactions   (2,291,797 )   (13,844,262 )   (20,799,123 )   10,094,569     114,486     (3,324,413 )
Increase (Decrease) in net                                    
assets   (4,700,033 )   (12,691,300 )   (33,642,172 )   24,075,563     (1,533,918 )   107,821  
NET ASSETS:                                    
Beginning of period   11,880,227     24,571,527     71,716,497     47,640,934     10,495,928     10,388,107  
End of period $ 7,180,194   $ 11,880,227   $ 38,074,325   $ 71,716,497   $ 8,962,010   $ 10,495,928  
Undistributed net investment                                    
income (loss) included                                    
in net assets at end of                                    
period $ (442 ) $ 27,776   $ (569,183 ) $ 773,393   $ (135 ) $ 2,854  
CHANGES IN SHARES                                    
OUTSTANDING:                                    
Shares outstanding,                                    
beginning of period   400,000     900,000     1,800,000     1,550,000     250,000     350,000  
Shares sold   —     100,000     —     400,000     150,000     200,000  
Shares redeemed   (100,000 )   (600,000 )   (600,000 )   (150,000 )   (150,000 )   (300,000 )
Shares outstanding, end                                    
of period   300,000     400,000     1,200,000     1,800,000     250,000     250,000  

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

29
 

Financial Highlights

Revenue Shares Large Cap Fund

    Six-Months Ended
December 31, 2011
(Unaudited)		 Year Ended
June 30,
2011		 Year Ended
June 30,
2010		 Year Ended
June 30,
20096		 For the Period
February 22, 20085
Through
June 30, 20086
Per Share Operating Performance:                              
Net asset value, beginning of period $ 25.00   $ 19.40   $ 16.63   $ 22.87   $ 25.00  
Net investment income1   0.20     0.39     0.29     0.33     0.15  
Net realized and unrealized gain (loss)                              
on investments   (1.61 )   5.57     2.74     (6.34 )   (2.23 )
Total gain (loss) from investment                              
operations   (1.41 )   5.96     3.03     (6.01 )   (2.08 )
Less Distributions from:                              
Net investment income   (0.32 )   (0.36 )   (0.26 )   (0.23 )   (0.05 )
Realized gains   —     —     —     —     —  
Total distributions   (0.32 )   (0.36 )   (0.26 )   (0.23 )   (0.05 )
Net asset value, end of period $ 23.27   $ 25.00   $ 19.40   $ 16.63   $ 22.87  
Total Return at Net Asset Value2   (5.63 )%   30.97 %   18.21 %   (26.27 )%   (8.31 )%
Total Return at Market Value2   (5.70 )%   30.94 %   17.99 %   (26.52 )%   (8.19 )%
Ratios/Supplemental Data:                              
Net assets, end of period                              
(000’s omitted) $ 162,914   $ 201,301   $ 138,721   $ 53,233   $ 32,048  
Ratio to average net assets of:                              
Expenses, net of expense waivers                              
and reimbursements   0.49 %4   0.49 %   0.49 %   0.49 %   0.49 %4
Expenses, prior to expense waivers                              
and reimbursements   0.76 %4   0.73 %   0.85 %   1.89 %   2.32 %4
Net investment income, net of                              
waivers and reimbursements   1.77 %4   1.68 %   1.44 %   2.05 %   1.87 %4
Portfolio turnover rate3   16.48 %   12.73 %   6.72 %   23.67 %   0.88 %

1 Based on average daily shares outstanding.
   
2 Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca.
 
3 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.
 
4 Annualized for periods less than one year.
 
5 Commencement of operations.
 
6 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.

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

30
 

Financial Highlights— continued

Revenue Shares Mid Cap Fund

    Six-Months Ended
December 31, 2011
(Unaudited)		 Year Ended
June 30,
2011		 Year Ended
June 30,
2010		 Year Ended
June 30,
20096		 For the Period
February 22, 20085
Through
June 30, 20086
Per Share Operating Performance:                              
Net asset value, beginning of period $ 31.69   $ 23.04   $ 18.84   $ 24.17   $ 25.00  
Net investment income1   0.12     0.18     0.17     0.18     0.08  
Net realized and unrealized gain (loss)                              
on investments   (2.83 )   8.64     4.18     (5.36 )   (0.84 )
Total gain (loss) from investment                              
operations   (2.71 )   8.82     4.35     (5.18 )   (0.76 )
Less Distributions from:                              
Net investment income   (0.17 )   (0.17 )   (0.15 )   (0.15 )   (0.07 )
Realized gains   (0.67 )   —     —     —     —  
Total distributions   (0.84 )   (0.17 )   (0.15 )   (0.15 )   (0.07 )
Net asset value, end of period $ 28.14   $ 31.69   $ 23.04   $ 18.84   $ 24.17  
Total Return at Net Asset Value2   (8.54 )%   38.40 %   23.07 %   (21.39 )%   (3.02 )%
Total Return at Market Value2   (8.67 )%   38.42 %   22.86 %   (21.71 )%   (2.44 )%
Ratios/Supplemental Data:                              
Net assets, end of period                              
(000’s omitted) $ 126,670   $ 144,235   $ 100,270   $ 30,166   $ 4,869  
Ratio to average net assets of:                              
Expenses, net of expense waivers                              
and reimbursements   0.54 %4   0.54 %   0.54 %   0.54 %   0.54 %4
Expenses, prior to expense waivers                              
and reimbursements   0.84 %4   0.81 %   0.89 %   2.02 %   4.93 %4
Net investment income, net of                              
waivers and reimbursements   0.86 %4   0.61 %   0.71 %   1.12 %   0.89 %4
Portfolio turnover rate3   38.99 %   38.03 %   14.51 %   35.25 %   1.07 %

1 Based on average daily shares outstanding.
 
2 Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca.
 
3 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.
 
4 Annualized for periods less than one year.
 
5 Commencement of operations.
 
6 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.

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

31
 

Financial Highlights — continued

Revenue Shares Small Cap Fund

    Six-Months Ended
December 31, 2011
(Unaudited)		 Year Ended
June 30,
2011		 Year Ended
June 30,
2010		 Year Ended
June 30,
20096		 For the Period
February 22, 20085
Through
June 30, 20086
Per Share Operating Performance:                              
Net asset value, beginning of period $ 34.47   $ 25.41   $ 20.04   $ 23.35   $ 25.00  
Net investment income1   0.08     0.14     0.07     0.11     0.08  
Net realized and unrealized gain (loss)                              
on investments   (2.37 )   9.06     5.35     (3.32 )   (1.67 )
Total gain (loss) from investment                              
operations   (2.29 )   9.20     5.42     (3.21 )   (1.59 )
Less Distributions from:                              
Net investment income   (0.10 )   (0.14 )   (0.05 )   (0.10 )   (0.06 )
Realized gains   —     —     —     —     —  
Total distributions   (0.10 )   (0.14 )   (0.05 )   (0.10 )   (0.06 )
Net asset value, end of period $ 32.08   $ 34.47   $ 25.41   $ 20.04   $ 23.35  
Total Return at Net Asset Value2   (6.60 )%   36.26 %   27.07 %   (13.67 )%   (6.36 )%
Total Return at Market Value2   (6.64 )%   36.10 %   26.88 %   (13.67 )%   (6.10 )%
Ratios/Supplemental Data:                              
Net assets, end of period                              
(000’s omitted) $ 104,291   $ 131,017   $ 109,319   $ 32,099   $ 4,702  
Ratio to average net assets of:                              
Expenses, net of expense waivers                              
and reimbursements   0.54 %4   0.54 %   0.54 %   0.54 %   0.54 %4
Expenses, prior to expense waivers                              
and reimbursements   0.87 %4   0.83 %   0.89 %   2.20 %   5.03 %4
Net investment income, net of                              
waivers and reimbursements   0.49 %4   0.44 %   0.25 %   0.62 %   0.85 %4
Portfolio turnover rate3   30.11 %   33.72 %   16.33 %   32.38 %   6.44 %

1 Based on average daily shares outstanding.
 
2 Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca.
 
3 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.
 
4 Annualized for periods less than one year.
 
5 Commencement of operations.
 
6 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.

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

32
 

Financial Highlights — continued

Revenue Shares Financials Sector Fund

  Six-Months Ended
December 31, 2011
(Unaudited)		 Year Ended
June 30,
2011		 Year Ended
June 30,
2010		 For the Period
November 10, 20085
Through
June 30, 2009
Per Share Operating Performance:                        
Net asset value, beginning of period $ 29.70   $ 27.30   $ 22.36   $ 25.00  
Net investment income1   0.14     0.46     0.15     0.19  
Net realized and unrealized gain (loss) on                        
investments   (5.68 )   2.41     4.96     (2.69 )
Total gain (loss) from investment operations   (5.54 )   2.87     5.11     (2.50 )
Less Distributions from:                        
Net investment income   (0.23 )   (0.47 )   (0.17 )   (0.14 )
Realized gains   —     —     —     —  
Total distributions   (0.23 )   (0.47 )   (0.17 )   (0.14 )
Net asset value, end of period $ 23.93   $ 29.70   $ 27.30   $ 22.36  
Total Return at Net Asset Value2   (18.68 )%   10.40 %   22.87 %   (9.87 )%
Total Return at Market Value2   (18.74 )%   10.29 %   23.00 %   (10.03 )%
Ratios/Supplemental Data:                        
Net assets, end of period (000’s omitted) $ 7,180   $ 11,880   $ 24,572   $ 5,590  
Ratio to average net assets of:                        
Expenses, net of expense waivers and                        
reimbursements   0.49 %4   0.49 %   0.49 %   0.49 %4
Expenses, prior to expense waivers and                        
reimbursements   1.36 %4   1.03 %   1.11 %   3.14 %4
Net investment income, net of waivers and                        
reimbursements   1.15 %4   1.52 %   0.51 %   1.60 %4
Portfolio turnover rate3   14.13 %   15.99 %   1.76 %   19.26 %

1 Based on average daily shares outstanding.
 
2 Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca.
 
3 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.
 
4 Annualized for periods less than one year.
 
5 Commencement of operations.

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

33
 

Financial Highlights — continued

Revenue Shares ADR Fund

  Six-Months Ended
December 31, 2011
(Unaudited)		 Year Ended
June 30,
2011		 Year Ended
June 30,
2010		 For the Period
November 18, 20085
Through
June 30, 2009
Per Share Operating Performance:                        
Net asset value, beginning of period $ 39.84   $ 30.74   $ 30.09   $ 25.00  
Net investment income1   0.41     0.96     1.07     0.58  
Net realized and unrealized gain (loss) on                        
investments   (6.96 )   9.01     0.40     4.68  
Total gain (loss) from investment operations   (6.55 )   9.97     1.47     5.26  
Less Distributions from:                        
Net investment income   (1.33 )   (0.87 )   (0.68 )   (0.17 )
Realized gains   (0.23 )   —     (0.14 )   —  
Total distributions   (1.56 )   (0.87 )   (0.82 )   (0.17 )
Net asset value, end of period $ 31.73   $ 39.84   $ 30.74   $ 30.09  
Total Return at Net Asset Value2   (16.51 )%   32.89 %   4.64 %   21.15 %
Total Return at Market Value2   (16.61 )%   32.90 %   4.55 %   21.18 %
Ratios/Supplemental Data:                        
Net assets, end of period (000’s omitted) $ 38,074   $ 71,716   $ 47,641   $ 7,522  
Ratio to average net assets of:                        
Expenses, net of expense waivers and                        
reimbursements   0.49 %4   0.49 %   0.49 %   0.49 %4
Expenses, prior to expense waivers and                        
reimbursements   1.06 %4   0.99 %   1.08 %   3.52 %4
Net investment income, net of waivers and                        
reimbursements   2.39 %4   2.55 %   3.06 %   3.79 %4
Portfolio turnover rate3   18.92 %   37.11 %   45.80 %   82.02 %

1 Based on average daily shares outstanding.
 
2 Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca.
 
3 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.
 
4 Annualized for periods less than one year.
 
5 Commencement of operations.

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

34
 

Financial Highlights — continued

Revenue Shares Navellier Overall A-100 Fund

  Six-Months Ended
December 31, 2011
(Unaudited)		 Year Ended
June 30,
2011		 Year Ended
June 30,
2010		 For the Period
January 21, 20095
Through
June 30, 2009
Per Share Operating Performance:                        
Net asset value, beginning of period $ 41.98   $ 29.68   $ 27.52   $ 25.00  
Net investment income1   0.27     0.39     0.10     0.09  
Net realized and unrealized gain (loss) on                        
investments   (5.69 )   12.32     2.61     2.52  
Total gain (loss) from investment operations   (5.42 )   12.71     2.71     2.61  
Less Distributions from:                        
Net investment income   (0.27 )   (0.41 )   (0.07 )   (0.09 )
Realized gains   (0.44 )   —     (0.48 )   —  
Total distributions   (0.71 )   (0.41 )   (0.55 )   (0.09 )
Net asset value, end of period $ 35.85   $ 41.98   $ 29.68   $ 27.52  
Total Return at Net Asset Value2   (12.91 )%   43.05 %   9.70 %   10.48 %
Total Return at Market Value2   (13.24 )%   43.22 %   9.81 %   10.69 %
Ratios/Supplemental Data:                        
Net assets, end of period (000’s omitted) $ 8,962   $ 10,496   $ 10,388   $ 5,504  
Ratio to average net assets of:                        
Expenses, net of expense waivers and                        
reimbursements   0.60 %4   0.60 %   0.60 %   0.60 %4
Expenses, prior to expense waivers and                        
reimbursements   1.41 %4   1.60 %   1.40 %   3.72 %4
Net investment income, net of waivers and                        
reimbursements   1.44 %4   1.06 %   0.32 %   0.81 %4
Portfolio turnover rate3   97.23 %   190.44 %   182.12 %   32.48 %

1 Based on average daily shares outstanding.
 
2 Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser. Prior to June 30, 2010, the total return at market value reported in these Financial Highlights was calculated based on the Fund’s closing price on the NYSE Arca.
 
3 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.
 
4 Annualized for periods less than one year.
 
5 Commencement of operations.

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

35
 

Notes to Financial Statements

1. Organization

The RevenueShares ETF Trust (the “Trust”) was organized as a Delaware statutory trust on December 15, 2006 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), which is currently comprised of six active funds (collectively, the “Funds” and each individually a “Fund”). The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund are diversified funds under the Act, the RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund are not diversified. Operations commenced on February 22, 2008 for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, November 10, 2008 for the RevenueShares Financials Sector Fund, November 18, 2008 for the RevenueShares ADR Fund and January 21, 2009 for the RevenueShares Navellier Overall A-100 Fund.

The objective of the Funds (RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund) is to outperform the total return performance of the Fund’s corresponding benchmark (Standard & Poor’s (“S&P”) 500 Index, S&P MidCap 400 Index, S&P SmallCap 600 Index, S&P 500 Financials Index, S&P ADR Index, and the Navellier Overall A-100 Index, respectively).

2. Significant Accounting Policies

These financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The following summarizes the significant accounting policies of the Funds:

Investment Valuation — Security holdings traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ Official Closing Price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith and in accordance with procedures adopted by the Trust’s Board of Trustees (the “Board”).

The Net Asset Value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon Corp. calculates each Fund’s NAV at the close of the regular trading session on the NYSE, ordinarily 4:00 p.m., Eastern Time on each day that such exchange is open.

Investment Transactions — Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses on sales of investment securities are calculated using the identified cost method.

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.

36
 

Notes to Financial Statements — 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, 2012, after which it may be terminated or revised.

For the six months ended December 31, 2011, the Adviser waived and reimbursed the following fees:

Fund Fees Waived
and
Reimbursed
RevenueShares Large Cap Fund $ 227,704
RevenueShares Mid Cap Fund   185,738
RevenueShares Small Cap Fund   174,629
RevenueShares Financials Sector Fund   38,826
RevenueShares ADR Fund   132,975
RevenueShares Navellier Overall A-100 Fund   43,323

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.

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.

37
 

Notes to Financial Statements — continued

4. Creation and Redemption Transactions

As of December 31, 2011, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Retail investors may only purchase and sell Fund shares at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund’s shares may be at, above or below its NAV depending on the premium or discount at which the Fund’s shares trade.

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

5. Fair Value Measurement

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

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, the intrinsic value of securities such as rights, warrants or options, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of December 31, 2011 in valuing the Funds’ assets carried at fair value:

  Quoted Prices in
Active Markets (Level 1)		 Other
Significant
Observable
Inputs (Level 2)		 Significant
Unobservable
Inputs (Level 3)		 Total 
Fund Common Stock Preferred Stock
RevenueShares Large Cap Fund $ 162,858,187 $ — $ — $ — $ 162,858,187
RevenueShares Mid Cap Fund   126,730,182   —   —   —   126,730,182
RevenueShares Small Cap Fund   104,316,052   —   —   —   104,316,052
RevenueShares Financials                    
Sector Fund   7,191,748   —   —   —   7,191,748
RevenueShares ADR Fund   37,565,831 458,544   —   —   38,024,375
RevenueShares Navellier                    
Overall A-100 Fund   8,970,198   —   —   —   8,970,198

At December 31, 2011, the Funds did not hold any Level 2 or Level 3 securities. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.

The Funds’ policy is to disclose significant transfers between Levels based on valuations at the beginning of the reporting period. At December 31, 2011, there were no significant transfers between Level 1, 2, or 3, based on the valuation input Levels assigned to securities on June 30, 2011.

38
 

Notes to Financial Statements — continued

In May 2011, the International Accounting Standards Board and the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”) ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. In addition, ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Management is currently evaluating the implications of ASU 2011-04 and its impact on the 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, 2011 were as follows:

Fund Purchases Sales
RevenueShares Large Cap Fund $ 28,545,309 $ 28,556,788
RevenueShares Mid Cap Fund   49,887,916   52,909,399
RevenueShares Small Cap Fund   33,673,259   32,808,695
RevenueShares Financials Sector Fund   1,294,432   1,296,003
RevenueShares ADR Fund   9,288,015   9,967,223
RevenueShares Navellier Overall A-100 Fund   10,522,822   10,655,055

For the six months ended December 31, 2011, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:

Fund Purchases Sales
RevenueShares Large Cap Fund $ — $ 22,867,133
RevenueShares Mid Cap Fund   15,756,099   16,402,412
RevenueShares Small Cap Fund   —   16,259,804
RevenueShares Financials Sector Fund   —   2,290,066
RevenueShares ADR Fund   —   20,788,059
RevenueShares Navellier Overall A-100 Fund   5,593,832   5,484,215

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

7. Income and Capital Gain Distributions

On December 27, 2011, the Funds declared quarterly income dividends with an ex-date of December 28, 2011 and payable date of January 6, 2012. The income and long-term capital gain dividend per share for each Fund was as follows:

Fund Income
Dividend Per Share		   Long-Term Capital
Gain Dividend Per Share
RevenueShares Large Cap Fund $ 0.11386     $ —
RevenueShares Mid Cap Fund   0.32438 *     0.41533
RevenueShares Small Cap Fund   0.04694       —
RevenueShares Financials Sector Fund   0.10731       —
RevenueShares ADR Fund   0.71348 *     0.17599
RevenueShares Navellier Overall A-100 Fund   0.29702 *     0.26852

* The income dividend per share listed for the RevenueShares Mid Cap Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund includes short-term capital gain distributions (which are treated as income for tax purposes) of $0.25204, $0.05779, and $0.17279, respectively.

39
 

Notes to Financial Statements — continued

8. 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.

9. Federal Income Tax

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

At December 31 2011, 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 $ 151,183,595 $ 21,035,871 $ (9,361,279 ) $ 11,674,592  
RevenueShares Mid Cap Fund   114,958,007   16,074,743   (4,302,568 )   11,772,175  
RevenueShares Small Cap Fund   95,608,420   14,916,664   (6,209,032 )   8,707,632  
RevenueShares Financials Sector Fund   10,391,654   128,638   (3,328,544 )   (3,199,906 )
RevenueShares ADR Fund   42,720,062   2,014,963   (6,710,650 )   (4,695,687 )
RevenueShares Navellier Overall A-100 Fund   8,702,879   354,770   (87,451 )   267,319  

The tax character of distributions paid during the year ended June 30, 2011 were as follows:

Fund Distributions
Paid From
Ordinary Income		 Distributions
Paid From
Long Term
Capital Gain
RevenueShares Large Cap Fund $ 2,871,609 $ —
RevenueShares Mid Cap Fund   762,231   —
RevenueShares Small Cap Fund   543,364   —
RevenueShares Financials Sector Fund   309,165   —
RevenueShares ADR Fund   1,346,857   —
RevenueShares Navellier Overall A-100 Fund   111,815   —

At June 30, 2011, for Federal income tax purposes, the following Funds have capital loss carryforwards available to offset future capital gains through the years indicated. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders.

Fund Capital Loss
Available
Through 2017		 Capital Loss
Available
Through 2018		 Capital Loss
Available
Through 2019		 Total
RevenueShares Large Cap Fund $ — $ 713,843 $ — $ 713,843
RevenueShares Financials Sector Fund   52,317   21,626   78,273   152,216

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

40
 

Notes to Financial Statements — continued

Post-October losses represent losses realized on investment transactions from November 1, 2010 through June 30, 2011, that, in accordance with Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year. During the year ended June 30, 2011, the Funds incurred and will elect to defer net capital losses as follows:

Fund Post-October
Capital Losses
RevenueShares Large Cap Fund $ 689,248
RevenueShares Financials Sector Fund   190,704

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 2008-2011, 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, 2011, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

10. Risks

Concentration Risk

The RevenueShares Financials Sector Fund 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

41
 

Notes to Financial Statements — concluded

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.

42
 

Board Approval of Investment Advisory Agreements

At the November 22, 2011 meeting (the “Meeting”) of the Board of Trustees (the “Board”) of the RevenueShares ETF Trust (the “Trust”), the Board, including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Trust (the “Independent Trustees”), approved VTL Associates, LLC (the “Adviser”) to continue to serve as investment adviser to each series of the Trust (each a “Fund” and collectively, the “Funds”) and approved the continuation of the investment advisory agreement (the “Investment Advisory Agreement”) between the Adviser and the Trust with respect to each Fund, upon the same terms and conditions set forth therein, for the period January 25, 2012 until January 24, 2013. In addition, the Board, including the Independent Trustees, approved Index Management Solutions, LLC (the “Sub-Adviser”) to continue to serve as sub-adviser to each Fund and approved the continuation of the sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Investment Advisory Agreement, the “Advisory Agreements”) between the Adviser and the Sub-Adviser with respect to each Fund, upon the same terms and conditions set forth therein, for the period January 19, 2012 until January 18, 2013.

In connection with considering the continuation of the Advisory Agreements, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. The Independent Trustees evaluated the terms of the Advisory Agreements, reviewed the information provided by the Adviser and Sub-Adviser in connection with the consideration of continuing the Advisory Agreements and reviewed the duties and responsibilities of the Independent Trustees in evaluating and approving their continuation.

In considering whether to approve the continuation of the Advisory Agreements for an additional year, the Independent Trustees reviewed the materials provided for the meeting by the Adviser and Sub-Adviser, including: (i) a copy of the Investment Advisory Agreement with the Adviser and all amendments thereto; (ii) a copy of the Sub-Advisory Agreement with the Sub-Adviser; (iii) information describing the nature, quality, and extent of the services that the Adviser and Sub-Adviser provide to the Funds; (iv) information concerning the financial condition, businesses, operations and compliance programs of the Adviser and Sub-Adviser; (v) a copy of the current Form ADV for each of the Adviser and Sub-Adviser; and (vi) a memorandum from Stradley Ronon Stevens & Young, LLP, counsel to the Trust, Adviser and Sub-Adviser, on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act. The Independent Trustees also considered the information presented at Board meetings throughout the year. In addition, the Independent Trustees received the report prepared by Lipper Inc. (“Lipper”) comparing the advisory fees, expenses and performance of the Funds that had commenced operations (the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund) (the “Operating Funds”) with the fees, expenses and performance of other exchange-traded funds (“ETFs”) with similar investment objectives and policies. The Independent Trustees noted that eight Funds of the Trust are registered with the U.S. Securities and Exchange Commission (the “SEC”) but have not yet commenced operations. It was noted that the Independent Trustees would approve the fee and expense structure of these Funds before they commence operations.

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

In considering the continuation of the Advisory Agreements, the Board, including the Independent Trustees, considered and discussed the following with respect to each Fund:

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

43
 

Board Approval of Investment Advisory Agreements — continued

The Board reviewed the Adviser’s and Sub-Adviser’s experience, resources and strengths in managing the Funds. Based on their consideration and review of the foregoing information, the Board determined that each Fund was likely to continue to benefit from the nature, quality, and extent of these services, as well as the Adviser’s and Sub-Adviser’s ability to render such services based on their experience, operations, and resources.

(b)Comparison of services provided and fees charged by the Adviser and Sub-Adviser and other investment advisers to similar clients, and the cost of the services provided and profits realized by the Adviser and Sub-Adviser from the relationship with the Funds. The Board then compared both the services rendered and the fees paid pursuant to the Investment Advisory Agreement to contracts of other registered investment advisers providing services to similar ETFs. In particular, the Board compared each Operating Fund’s advisory fee and expense ratio to other investment companies considered to be in each Operating Fund’s peer group as chosen by Lipper. The Board also considered that the sub-advisory fees paid by the Adviser to the Sub-Adviser pursuant to the Sub-Advisory Agreement were paid entirely by the Adviser. The Board noted that the Adviser has entered into an expense limitation agreement whereby the Adviser reimburses expenses and/or waives fees to keep the expenses from exceeding 0.49% of average daily net assets of each of the RevenueShares Large Cap Fund, RevenueShares Financials Sector Fund, RevenueShares Consumer Discretionary Sector Fund, RevenueShares Consumer Staples Sector Fund, RevenueShares Energy Sector Fund, RevenueShares Health Care Sector Fund, RevenueShares Industrials Sector Fund, RevenueShares Information Technology Sector Fund, RevenueShares Materials Sector Fund, RevenueShares Utilities Sector Fund and RevenueShares ADR Fund; from exceeding 0.54% of average daily net assets of each of the RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund; and from exceeding 0.60% of average daily net assets of the RevenueShares Navellier Overall A-100 Fund. The Board also received and considered information about the fee rates charged to other accounts that are managed by the Adviser and Sub-Adviser, including information about the differences in services provided to the non-Fund clients.

With respect to the RevenueShares Large Cap Fund, the Board noted that the Fund’s actual advisory fee (including the fee waiver), contractual advisory fee and total expenses (including the fee waiver) were above the median of its Lipper peer group. With respect to the RevenueShares Mid Cap Fund, the Board noted that the Fund’s actual advisory fee (including the fee waiver) and contractual advisory fee were above the median of its Lipper peer group but that the Fund’s total expenses (including the fee waiver) were equal to the median of its Lipper peer group. With respect to the RevenueShares Small Cap Fund, the Board noted that the Fund’s actual advisory fee (including the fee waiver), contractual advisory fee and total expenses (including the fee waiver) were above the median of its Lipper peer group. With respect to the RevenueShares Financials Sector Fund, the Board noted that the Fund’s actual advisory fee (including the fee waiver), contractual advisory fee and total expenses (including the fee waiver) were below the median of its Lipper peer group. With respect to the RevenueShares ADR Fund, the Board noted that the Fund’s actual advisory fee (including the fee waiver) and total expenses (including the fee waiver) were below the median of its Lipper peer group but that the Fund’s contractual advisory fee was above the median of its Lipper peer group. With respect to the RevenueShares Navellier Overall A-100 Fund, the Board noted that the Fund’s actual advisory fee (including the fee waiver) and total expenses (including the fee waiver) were equal to the median of its Lipper peer group but the Fund’s contractual advisory fee was above the above the median of its Lipper peer group. To the extent that a Fund’s actual advisory fee (including the fee waiver), contractual advisory fee or total expenses (including the fee waiver) were above the median of its Lipper peer group, the Adviser explained the reasons for the higher fees or expenses.

After comparing each Operating Fund’s fees with those of other funds in each Operating Fund’s peer group and considering the information about fee rates charged to other accounts managed by the Adviser and Sub-Adviser, and in light of the nature, quality, and extent of services provided by the Adviser and Sub-Adviser and the costs incurred by the Adviser and Sub-Adviser in rendering those services, the Board concluded that the level of fees paid to the Adviser and Sub-Adviser with respect to each Fund were fair and reasonable.

(c)The Adviser’s and Sub-Adviser’s profitability and the extent to which economies of scale were realized as the Funds grow and whether fee levels would reflect such economies of scale. The Board next discussed economies of scale. The Board discussed with the representatives from the Adviser and Sub-Adviser the costs and profitability of the Adviser and Sub-Adviser in connection with their serving as investment adviser and sub-adviser to each Fund, including operational costs. The Board considered that the Operating Funds were not yet a sufficient size to be experiencing economies of scale. The Board concluded that the profitability of the Adviser and Sub-Adviser, and the extent to which economies of scale were reflected in the Funds’ advisory fees, were reasonable in relation to the performance and asset sizes of the Funds.

44
 

Board Approval of Investment Advisory Agreements — concluded

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

With respect to the RevenueShares Large Cap Fund, the Board considered that the Fund outperformed the Fund’s Lipper performance universe average for the one-year, three-year and since inception periods ended September 30, 2011. With respect to the RevenueShares Mid Cap Fund, the Board considered that the Fund outperformed the Fund’s Lipper performance universe average for the one-year, three-year and since inception periods ended September 30, 2011. With respect to the RevenueShares Small Cap Fund, the Board considered that the Fund outperformed the Fund’s Lipper performance universe average for the one-year, three-year and since inception periods ended September 30, 2011. With respect to the RevenueShares Financials Sector Fund, the Board considered that the Fund underperformed the Fund’s Lipper performance universe average for the one and two-year periods ended September 30, 2011 but outperformed the Lipper performance universe average for the since inception period ended September 30, 2011. With respect to the RevenueShares ADR Fund, the Board considered that the Fund underperformed the Fund’s Lipper performance universe average for the one-year period ended September 30, 2011 but outperformed the Fund’s Lipper performance universe average for the two-year and since inception periods ended September 30, 2011. With respect to the RevenueShares Navellier Overall A-100 Fund, the Board considered that the Fund outperformed the Fund’s Lipper performance universe average for the one and two-year periods ended September 30, 2011 but underperformed the Fund’s Lipper performance universe average for the since inception period ended September 30, 2011.

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

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

 

45
 

Supplemental Information

(Unaudited)

Proxy Voting Policies, Procedures and Record

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

Shareholder Reports and Quarterly Portfolio Disclosure

The RevenueShares ETF Trust files its complete schedule of portfolio holdings with the SEC for its first and third quarters on Form N-Q. Copies of the filings are available on the SEC’s website at http://www.sec.gov. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to the following email box address: <publicinfo@sec.gov>.

Premium/Discount Information

Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund’s net asset value may be found on the Funds’ website at http://www.revenuesharesetfs.com.

46
 

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:

February 28, 2012

 

 

 

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:

February 28, 2012

 

 

 

 

 

 

 

By:

/s/ Charles S. Todd

 

 

 

 

Charles S. Todd, Chief Financial Officer

 

 

 

 

Date:

February 28, 2012