N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number     811-21993    

RevenueShares ETF Trust

(Exact name of registrant as specified in charter)

One Commerce Square

2005 Market Street, Suite 2020
Philadelphia, PA 19103

(Address of principal executive offices) (Zip code)

Vincent T. Lowry
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, PA 19103

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-877-738-8870

Date of fiscal year end: June 30

Date of reporting period: December 31, 2013

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

RevenueShares™ ETF Trust
Semi-Annual Report to Shareholders

December 31, 2013

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TABLE OF CONTENTS

Shareholder Expense Examples	2
Schedule of Investments Summary Tables	3
Schedules of Investments
RevenueShares Large Cap Fund	5
RevenueShares Mid Cap Fund	11
RevenueShares Small Cap Fund	16
RevenueShares Financials Sector Fund	22
RevenueShares ADR Fund	23
RevenueShares Navellier Overall A-100 Fund	26
RevenueShares Ultra Dividend Fund	28
Statements of Assets and Liabilities	29
Statements of Operations	30
Statements of Changes in Net Assets	31
Financial Highlights	33
Notes to Financial Statements	40
Board Approval of Investment Advisory and Sub-Advisory Agreements	49
Supplemental Information	54

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, 2013 to December 31, 2013.

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 07/01/2013	Ending Account Value 12/31/2013	Annualized Expense Ratios for the Six Month Period	Expenses Paid During the Six Month Period†
RevenueShares Large Cap Fund
Actual	$1,000.00	$1,177.63	0.49%	$2.69
Hypothetical (5% return before expenses)	$1,000.00	$1,022.74	0.49%	$2.50
RevenueShares Mid Cap Fund
Actual	$1,000.00	$1,187.56	0.54%	$2.98
Hypothetical (5% return before expenses)	$1,000.00	$1,022.48	0.54%	$2.75
RevenueShares Small Cap Fund
Actual	$1,000.00	$1,244.80	0.54%	$3.06
Hypothetical (5% return before expenses)	$1,000.00	$1,022.48	0.54%	$2.75
RevenueShares Financials Sector Fund
Actual	$1,000.00	$1,155.69	0.49%	$2.66
Hypothetical (5% return before expenses)	$1,000.00	$1,022.74	0.49%	$2.50
RevenueShares ADR Fund
Actual	$1,000.00	$1,167.87	0.49%	$2.68
Hypothetical (5% return before expenses)	$1,000.00	$1,022.74	0.49%	$2.50
RevenueShares Navellier Overall A-100 Fund
Actual	$1,000.00	$1,194.20	0.60%	$3.32
Hypothetical (5% return before expenses)	$1,000.00	$1,022.18	0.60%	$3.06
RevenueShares Ultra Dividend Fund††
Actual	$1,000.00	$1,049.78	0.49%	$1.27
Hypothetical (5% return before expenses)	$1,000.00	$1,022.74	0.49%	$2.50

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

†† Expenses are calculated using the Fund’s annualized expense ratio, which includes waived fees or reimbursed expenses, multiplied by the average account value for the period, multiplied by 92/365 (to reflect the six-month period), (commencement of operations was October 1, 2013).

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	3.5	%	Automobiles & Components	0.3	%	Automobiles & Components	0.7	%
Banks	1.7		Banks	1.9		Banks	2.7
Capital Goods	8.6		Capital Goods	12.9		Capital Goods	11.8
Commercial & Professional Services	0.5		Commercial & Professional Services	4.4		Commercial & Professional Services	6.5
Consumer Durables & Apparel	1.3		Consumer Durables & Apparel	3.0		Consumer Durables & Apparel	4.7
Consumer Services	1.2		Consumer Services	2.3		Consumer Services	5.4
Diversified Financials	5.2		Diversified Financials	1.1		Diversified Financials	2.1
Energy	14.3		Energy	7.6		Energy	4.2
Food & Staples Retailing	8.9		Food & Staples Retailing	2.6		Food & Staples Retailing	2.5
Food, Beverage & Tobacco	4.4		Food, Beverage & Tobacco	3.0		Food, Beverage & Tobacco	2.8
Health Care Equipment & Services	8.2		Health Care Equipment & Services	7.2		Health Care Equipment & Services	9.3
Household & Personal Products	1.4		Household & Personal Products	0.6		Household & Personal Products	0.5
Insurance	6.2		Insurance	6.1		Insurance	2.3
Materials	4.0		Materials	8.0		Materials	8.2
Media	3.0		Media	1.1		Media	1.5
Money Market Fund	0.7		Money Market Fund	5.3		Money Market Fund	6.0
Pharmaceuticals, Biotechnology &			Pharmaceuticals, Biotechnology &			Pharmaceuticals, Biotechnology &
Life Sciences	3.3		Life Sciences	1.3		Life Sciences	1.1
Real Estate	—	†	Real Estate	—	†	Real Estate Investment Trusts	1.3
Real Estate Investment Trusts	0.3		Real Estate Investment Trusts	1.6		Real Estate Management &
Real Estate Management &			Real Estate Management &			Development	0.1
Development	0.1		Development	0.3		Retailing	10.9
Retailing	5.7		Retailing	9.9		Semiconductors & Semiconductor
Semiconductors & Semiconductor			Semiconductors & Semiconductor			Equipment	1.7
Equipment	1.1		Equipment	1.6		Software & Services	3.9
Software & Services	4.3		Software & Services	4.8		Technology Hardware & Equipment	9.8
Technology Hardware & Equipment	4.9		Technology Hardware & Equipment	11.3		Telecommunication Services	0.7
Telecommunication Services	2.6		Telecommunication Services	0.5		Transportation	2.5
Transportation	2.1		Transportation	3.1		Utilities	2.8
Utilities	3.1		Utilities	3.5		Total Investments	106.0
Total Investments	100.6		Total Investments	105.3		Liabilities in Excess of Other Assets	(6.0	)
Liabilities in Excess of Other Assets	(0.6	)	Liabilities in Excess of Other Assets	(5.3	)	Net Assets	100.0	%
Net Assets	100.0	%	Net Assets	100.0	%

3

SCHEDULE OF INVESTMENTS SUMMARY TABLES — concluded
(UNAUDITED )

RevenueShares Financials Sector Fund			RevenueShares ADR Fund			RevenueShares Navellier Overall
						A-100 Fund
	% of			% of			% of
Industry	Net Assets		Industry	Net Assets		Industry	Net Assets
Capital Markets	10.8	%	Automobiles & Components	6.7	%	Automobiles & Components	1.2	%
Commercial Banks	12.3		Banks	12.3		Banks	1.6
Consumer Finance	5.3		Capital Goods	3.0		Capital Goods	10.6
Diversified Financial Services	22.0		Consumer Durables & Apparel	1.4		Commercial & Professional Services	1.4
Insurance	45.3		Consumer Services	0.3		Consumer Durables & Apparel	3.9
Media	0.3		Diversified Financials	3.6		Consumer Services	5.1
Paper & Forest Products	0.6		Energy	36.0		Diversified Financials	10.6
Real Estate Investment Trusts	2.7		Food & Staples Retailing	0.8		Energy	1.0
Real Estate Management &			Food, Beverage & Tobacco	3.2		Food & Staples Retailing	0.1
Development	0.5		Health Care Equipment & Services	0.5		Food, Beverage & Tobacco	6.3
Thrifts & Mortgage Finance	0.2		Insurance	4.8		Health Care Equipment & Services	1.4
Total Investments	100.0		Materials	6.7		Household & Personal Products	2.7
Other Assets in Excess of Liabilities	0.0	†	Media	0.9		Insurance	12.8
Net Assets	100.0	%	Money Market Fund	13.7		Materials	3.0
			Pharmaceuticals, Biotechnology &			Media	2.4
			Life Sciences	3.1		Money Market Fund	8.5
			Real Estate	0.3		Pharmaceuticals, Biotechnology &
			Semiconductors & Semiconductor			Life Sciences	12.8
			Equipment	0.5		Real Estate	0.1
			Software & Services	0.4		Retailing	4.7
			Technology Hardware & Equipment	2.4		Software & Services	7.7
			Telecommunication Services	10.8		Technology Hardware & Equipment	2.0
			Transportation	0.5		Telecommunication Services	6.3
			Utilities	1.5		Transportation	2.3
			Total Investments	113.4		Total Investments	108.5
			Liabilities in Excess of Other Assets	(13.4	)	Liabilities in Excess of Other Assets	(8.5	)
			Net Assets	100.0	%	Net Assets	100.0	%
RevenueShares Ultra Dividend Fund
	% of
Industry	Net Assets
Banks	1.0	%
Commercial & Professional Services	4.0
Consumer Durables & Apparel	0.7
Diversified Financials	0.8
Energy	10.9
Food, Beverage & Tobacco	8.0
Insurance	2.2
Materials	3.7
Money Market Funds	4.4
Real Estate Investment Trusts	4.2
Semiconductors & Semiconductor
Equipment	0.3
Telecommunication Services	17.5
Utilities	46.5
Total Investments	104.2
Liabilities in Excess of Other Assets	(4.2	)
Net Assets	100.0	%

† Less than 0.05%

4

SCHEDULE OF INVESTMENTS
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—99.9%
Automobiles & Components—3.5%
BorgWarner, Inc.	2,584	$	144,471
Delphi Automotive PLC	5,232		314,600
Ford Motor Co.	167,731		2,588,089
General Motors Co.*(a)	73,270		2,994,545
Goodyear Tire & Rubber Co.	16,565		395,075
Harley-Davidson, Inc.	1,665		115,285
Johnson Controls, Inc.	16,075		824,648
Total Automobiles & Components			7,376,713
Banks—1.7%
BB&T Corp.	5,600		208,992
Comerica, Inc.	1,107		52,627
Fifth Third Bancorp	6,878		144,644
Hudson City Bancorp, Inc.	2,888		27,234
Huntington Bancshares, Inc.	5,808		56,047
KeyCorp	6,351		85,230
M&T Bank Corp.	813		94,650
People’s United Financial, Inc.	1,608		24,313
PNC Financial Services Group, Inc.	4,282		332,198
Regions Financial Corp.	11,287		111,628
SunTrust Banks, Inc.	4,684		172,418
U.S. Bancorp	10,295		415,918
Wells Fargo & Co.	38,940		1,767,876
Zions Bancorporation	1,441		43,172
Total Banks			3,536,947
Capital Goods—8.6%
3M Co.	4,638		650,480
Allegion PLC*	781		34,512
AMETEK, Inc.	1,354		71,315
Boeing Co.	12,152		1,658,627
Caterpillar, Inc.	12,726		1,155,648
Cummins, Inc.	2,499		352,284
Danaher Corp.	4,860		375,192
Deere & Co.	8,252		753,655
Dover Corp.	1,820		175,703
Eaton Corp. PLC	5,612		427,185
Emerson Electric Co.	7,086		497,295
Fastenal Co.	1,351		64,186
Flowserve Corp.	1,291		101,770
Fluor Corp.	7,167		575,438
General Dynamics Corp.	6,601		630,726
General Electric Co.	100,821		2,826,013
Honeywell International, Inc.	8,437		770,889
Illinois Tool Works, Inc.	3,876		325,894
Ingersoll-Rand PLC	4,796		295,434
Jacobs Engineering Group, Inc.*	3,858		243,015
Joy Global, Inc.(a)	1,936		113,237
L-3 Communications Holdings, Inc.	2,416		258,174
Lockheed Martin Corp.	6,310		938,045
Masco Corp.	7,089		161,417
Northrop Grumman Corp.	4,381		502,106
PACCAR, Inc.	5,619		332,476
Pall Corp.	595		50,783
Parker Hannifin Corp.	2,087		268,472
Pentair Ltd.	1,994		154,874
Precision Castparts Corp.	602		162,119
Quanta Services, Inc.*	4,090		129,080
Raytheon Co.	5,365		486,606

Investments	Shares		Value
Rockwell Automation, Inc.	1,090	$	128,794
Rockwell Collins, Inc.	1,239		91,587
Roper Industries, Inc.	465		64,486
Snap-On, Inc.	587		64,288
Textron, Inc.	7,113		261,474
Tyco International Ltd.	5,279		216,650
United Technologies Corp.	11,088		1,261,814
W.W. Grainger, Inc.	705		180,071
Xylem, Inc./NY	1,982		68,577
Total Capital Goods			17,880,391
Commercial & Professional Services—0.5%
ADT Corp. (The)(a)	1,462		59,167
Avery Dennison Corp.	2,390		119,954
Cintas Corp.	1,462		87,121
Dun & Bradstreet Corp.	269		33,020
Equifax, Inc.	654		45,185
Iron Mountain, Inc.	1,803		54,721
Nielsen Holdings NV	2,201		101,004
Pitney Bowes, Inc.	3,758		87,561
Republic Services, Inc.	4,524		150,197
Robert Half International, Inc.	1,889		79,319
Stericycle, Inc.*	347		40,311
Waste Management, Inc.	5,944		266,707
Total Commercial & Professional Services			1,124,267
Consumer Durables & Apparel—1.3%
Coach, Inc.	1,723		96,712
D.R. Horton, Inc.(a)	5,629		125,639
Fossil Group, Inc.*	490		58,771
Garmin Ltd.(a)	932		43,077
Harman International Industries, Inc.	1,018		83,323
Hasbro, Inc.	1,506		82,845
Leggett & Platt, Inc.	2,277		70,450
Lennar Corp., Class A	2,780		109,977
Mattel, Inc.	2,639		125,564
Michael Kors Holdings Ltd.*	456		37,023
Mohawk Industries, Inc.*	231		34,396
Newell Rubbermaid, Inc.	3,403		110,291
NIKE, Inc., Class B	6,263		492,522
PulteGroup, Inc.	5,774		117,616
PVH Corp.	880		119,698
Ralph Lauren Corp.	758		133,840
Stanley Black & Decker, Inc.	2,559		206,486
VF Corp.	3,640		226,918
Whirlpool Corp.	2,371		371,915
Total Consumer Durables & Apparel			2,647,063
Consumer Services—1.2%
Carnival Corp.	8,011		321,802
Chipotle Mexican Grill, Inc.*	115		61,270
Darden Restaurants, Inc.	3,078		167,351
Graham Holdings Co., Class B	122		80,925
H&R Block, Inc.	1,627		47,248
International Game Technology	2,415		43,856
Marriott International, Inc., Class A	5,465		269,752
McDonald’s Corp.	5,658		548,996
Starbucks Corp.	3,619		283,693
Starwood Hotels & Resorts
Worldwide, Inc.	1,581		125,611
Wyndham Worldwide Corp.	1,329		97,934

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

5

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Consumer Services (continued)
Wynn Resorts Ltd.	567	$	110,117
Yum! Brands, Inc.	3,473		262,594
Total Consumer Services			2,421,149
Diversified Financials—5.2%
American Express Co.	7,900		716,767
Ameriprise Financial, Inc.	1,962		225,728
Bank of America Corp.	124,805		1,943,214
Bank of New York Mellon Corp.	8,778		306,703
BlackRock, Inc.	642		203,174
Capital One Financial Corp.	6,529		500,187
Charles Schwab Corp.	3,958		102,908
Citigroup, Inc.	35,245		1,836,617
CME Group, Inc.	682		53,510
Discover Financial Services	3,306		184,971
E*TRADE Financial Corp.*	1,894		37,198
Franklin Resources, Inc.	2,763		159,508
Goldman Sachs Group, Inc.	4,722		837,022
IntercontinentalExchange Group, Inc.	120		26,990
Invesco Ltd.	2,359		85,868
JPMorgan Chase & Co.	36,368		2,126,801
Legg Mason, Inc.(a)	1,046		45,480
Leucadia National Corp.	6,739		190,983
Moody’s Corp.	784		61,520
Morgan Stanley	22,437		703,624
NASDAQ OMX Group, Inc.	1,394		55,481
Northern Trust Corp.	1,410		87,265
SLM Corp.	4,665		122,596
State Street Corp.	2,820		206,960
T. Rowe Price Group, Inc.	814		68,189
Total Diversified Financials			10,889,264
Energy—14.3%
Anadarko Petroleum Corp.	3,504		277,937
Apache Corp.	3,784		325,197
Baker Hughes, Inc.	7,873		435,062
Cabot Oil & Gas Corp.	712		27,597
Cameron International Corp.*	3,177		189,127
Chesapeake Energy Corp.	11,255		305,461
Chevron Corp.	34,089		4,258,057
ConocoPhillips	15,609		1,102,776
CONSOL Energy, Inc.	2,353		89,508
Denbury Resources, Inc.*	2,839		46,645
Devon Energy Corp.	3,342		206,770
Diamond Offshore Drilling, Inc.	1,001		56,977
Ensco PLC, Class A	1,574		90,001
EOG Resources, Inc.	1,652		277,272
EQT Corp.	453		40,670
Exxon Mobil Corp.	78,975		7,992,270
FMC Technologies, Inc.*	2,562		133,762
Halliburton Co.	11,236		570,227
Helmerich & Payne, Inc.	805		67,684
Hess Corp.	4,524		375,492
Kinder Morgan, Inc./Delaware	7,576		272,736
Marathon Oil Corp.	8,230		290,519
Marathon Petroleum Corp.	20,137		1,847,167
Murphy Oil Corp.	7,319		474,857
Nabors Industries Ltd.	7,404		125,794
National Oilwell Varco, Inc.	5,431		431,927

Investments	Shares		Value
Newfield Exploration Co.*	1,664	$	40,984
Noble Corp. PLC	1,957		73,329
Noble Energy, Inc.	1,292		87,998
Occidental Petroleum Corp.	5,128		487,673
Peabody Energy Corp.	7,411		144,737
Phillips 66	42,444		3,273,706
Pioneer Natural Resources Co.	348		64,056
QEP Resources, Inc.	1,705		52,258
Range Resources Corp.	417		35,157
Rowan Cos. PLC, Class A*	725		25,636
Schlumberger Ltd.	9,871		889,476
Southwestern Energy Co.*(a)	1,452		57,107
Spectra Energy Corp.	2,898		103,227
Tesoro Corp.	12,363		723,235
Transocean Ltd.	3,755		185,572
Valero Energy Corp.	57,091		2,877,386
Williams Cos., Inc.	3,810		146,952
WPX Energy, Inc.*	2,807		57,207
Total Energy			29,637,188
Food & Staples Retailing—8.9%
Costco Wholesale Corp.	16,994		2,022,456
CVS Caremark Corp.	35,581		2,546,532
Kroger Co.	44,787		1,770,430
Safeway, Inc.	23,261		757,611
Sysco Corp.	22,941		828,170
Walgreen Co.	23,907		1,373,218
Wal-Mart Stores, Inc.	113,591		8,938,476
Whole Foods Market, Inc.	4,382		253,411
Total Food & Staples Retailing			18,490,304
Food, Beverage & Tobacco—4.4%
Altria Group, Inc.	8,973		344,473
Archer-Daniels-Midland Co.	42,707		1,853,484
Beam, Inc.	732		49,820
Brown-Forman Corp., Class B	726		54,864
Campbell Soup Co.	3,732		161,521
Coca-Cola Co.	22,866		944,594
Coca-Cola Enterprises, Inc.	3,653		161,207
ConAgra Foods, Inc.	8,490		286,113
Constellation Brands, Inc., Class A*	753		52,996
Dr Pepper Snapple Group, Inc.	2,415		117,659
General Mills, Inc.	6,708		334,796
Hershey Co.	1,398		135,928
Hormel Foods Corp.	3,568		161,167
J.M. Smucker Co.	1,125		116,573
Kellogg Co.	4,690		286,418
Kraft Foods Group, Inc.	6,597		355,710
Lorillard, Inc.	1,877		95,126
McCormick & Co., Inc.	1,157		79,740
Molson Coors Brewing Co., Class B	1,510		84,787
Mondelez International, Inc., Class A	19,774		698,022
Monster Beverage Corp.*	677		45,880
PepsiCo, Inc.	15,638		1,297,016
Philip Morris International, Inc.	7,018		611,478
Reynolds American, Inc.	3,228		161,368
Tyson Foods, Inc., Class A	19,389		648,756
Total Food, Beverage & Tobacco			9,139,496

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

6

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Health Care Equipment & Services—8.2%
Aetna, Inc.	12,938	$	887,417
AmerisourceBergen Corp.	23,153		1,627,887
Baxter International, Inc.	4,221		293,571
Becton Dickinson & Co.	1,436		158,664
Boston Scientific Corp.*	11,802		141,860
C.R. Bard, Inc.	433		57,996
Cardinal Health, Inc.	29,794		1,990,537
CareFusion Corp.*	1,634		65,066
Cerner Corp.*	997		55,573
Cigna Corp.	7,308		639,304
Covidien PLC	2,827		192,519
DaVita, Inc.*	3,541		224,393
DENTSPLY International, Inc.	1,173		56,867
Edwards Lifesciences Corp.*	627		41,231
Express Scripts Holding Co.*	30,343		2,131,292
Hospira, Inc.*	1,774		73,231
Humana, Inc.	7,779		802,948
Intuitive Surgical, Inc.*	121		46,474
Laboratory Corp. of America Holdings*(a)	1,238		113,116
McKesson Corp.	14,970		2,416,158
Medtronic, Inc.	5,614		322,187
Patterson Cos., Inc.	1,558		64,190
Quest Diagnostics, Inc.	2,524		135,135
St. Jude Medical, Inc.	1,796		111,262
Stryker Corp.	2,373		178,307
Tenet Healthcare Corp.*	4,372		184,149
UnitedHealth Group, Inc.	32,563		2,451,994
Varian Medical Systems, Inc.*	731		56,791
WellPoint, Inc.	15,018		1,387,513
Zimmer Holdings, Inc.	962		89,649
Total Health Care Equipment & Services			16,997,281
Household & Personal Products—1.4%
Avon Products, Inc.	11,565		199,149
Clorox Co.	1,151		106,767
Colgate-Palmolive Co.	5,178		337,657
Estee Lauder Cos., Inc., Class A	2,636		198,544
Kimberly-Clark Corp.	3,889		406,245
Mead Johnson Nutrition Co., Class A	946		79,237
Procter & Gamble Co.	19,417		1,580,738
Total Household & Personal Products			2,908,337
Insurance—6.2%
ACE Ltd.	3,633		376,124
Aflac, Inc.	7,099		474,213
Allstate Corp.	12,392		675,860
American International Group, Inc.	24,540		1,252,767
AON PLC	2,744		230,194
Assurant, Inc.	2,619		173,823
Berkshire Hathaway, Inc., Class B*	30,118		3,570,790
Chubb Corp.	2,841		274,526
Cincinnati Financial Corp.	1,650		86,410
Genworth Financial, Inc., Class A*	12,017		186,624
Hartford Financial Services Group, Inc.	15,134		548,305
Lincoln National Corp.	4,431		228,728
Loews Corp.	6,099		294,216
Marsh & McLennan Cos., Inc.	4,911		237,496
MetLife, Inc.	25,030		1,349,618

Investments	Shares		Value
Principal Financial Group, Inc.	3,539	$	174,508
Progressive Corp.	13,027		355,246
Prudential Financial, Inc.	16,784		1,547,820
Torchmark Corp.	949		74,164
Travelers Cos., Inc.	5,727		518,523
Unum Group	5,722		200,728
XL Group PLC	4,642		147,801
Total Insurance			12,978,484
Materials—4.0%
Air Products & Chemicals, Inc.	1,809		202,210
Airgas, Inc.	887		99,211
Alcoa, Inc.	46,689		496,304
Allegheny Technologies, Inc.	2,407		85,762
Ball Corp.	3,286		169,755
Bemis Co., Inc.	2,316		94,863
CF Industries Holdings, Inc.	477		111,160
Cliffs Natural Resources, Inc.(a)	4,491		117,709
Dow Chemical Co.	25,896		1,149,782
E.I. du Pont de Nemours & Co.	11,198		727,534
Eastman Chemical Co.	2,432		196,262
Ecolab, Inc.	2,373		247,433
FMC Corp.	1,018		76,818
Freeport-McMoRan Copper & Gold, Inc.	10,724		404,724
International Flavors & Fragrances, Inc.	656		56,403
International Paper Co.	11,544		566,002
LyondellBasell Industries NV, Class A	11,038		886,131
MeadWestvaco Corp.	2,859		105,583
Monsanto Co.	2,549		297,086
Mosaic Co. (The)	4,094		193,523
Newmont Mining Corp.	6,930		159,598
Nucor Corp.	6,889		367,735
Owens-Illinois, Inc.*	3,762		134,604
PPG Industries, Inc.	1,573		298,335
Praxair, Inc.	1,802		234,314
Sealed Air Corp.	4,485		152,714
Sigma-Aldrich Corp.	571		53,680
United States Steel Corp.(a)	12,190		359,605
Vulcan Materials Co.	918		54,548
Weyerhaeuser Co.	5,116		161,512
Total Materials			8,260,900
Media—3.0%
Cablevision Systems Corp., Class A	7,263		130,226
CBS Corp., Class B	4,928		314,111
Comcast Corp., Class A	24,816		1,289,563
DIRECTV*	8,948		618,217
Discovery Communications, Inc., Class A*	1,205		108,956
Gannett Co., Inc.	3,724		110,156
Interpublic Group of Cos., Inc.	8,028		142,096
McGraw Hill Financial, Inc.	1,283		100,331
News Corp., Class A*	9,467		170,595
Omnicom Group, Inc.	4,016		298,670
Scripps Networks Interactive, Inc., Class A	587		50,723
Time Warner Cable, Inc.	3,202		433,871
Time Warner, Inc.	8,566		597,221

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

7

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Media (continued)
Twenty-First Century Fox, Inc.,
Class A	17,949	$	631,446
Viacom, Inc., Class B	3,177		277,479
Walt Disney Co.	12,140		927,496
Total Media			6,201,157
Pharmaceuticals, Biotechnology & Life Sciences—3.3%
Abbott Laboratories	11,303		433,244
AbbVie, Inc.	6,652		351,292
Actavis PLC*	912		153,216
Alexion Pharmaceuticals, Inc.*	221		29,406
Allergan, Inc.	1,212		134,629
Amgen, Inc.	3,081		351,727
Biogen Idec, Inc.*	444		124,209
Bristol-Myers Squibb Co.	6,075		322,886
Celgene Corp.*	716		120,975
Eli Lilly & Co.	8,997		458,847
Forest Laboratories, Inc.*	1,144		68,674
Gilead Sciences, Inc.*	2,855		214,553
Johnson & Johnson	14,746		1,350,586
Life Technologies Corp.*	969		73,450
Merck & Co., Inc.	17,552		878,478
Mylan, Inc.*	2,969		128,855
PerkinElmer, Inc.	901		37,148
Perrigo Co. PLC	429		65,834
Pfizer, Inc.	34,066		1,043,442
Regeneron Pharmaceuticals, Inc.*	135		37,158
Thermo Fisher Scientific, Inc.	2,428		270,358
Vertex Pharmaceuticals, Inc.*	350		26,005
Waters Corp.*	370		37,000
Zoetis, Inc.	2,562		83,752
Total Pharmaceuticals, Biotechnology & Life Sciences			6,795,724
Real Estate—0.0%†
General Growth Properties, Inc.	2,235		44,856
Real Estate Investment Trusts—0.3%
American Tower Corp.	793		63,297
Apartment Investment & Management Co., Class A	621		16,090
AvalonBay Communities, Inc.	219		25,892
Boston Properties, Inc.	398		39,947
Equity Residential	861		44,660
HCP, Inc.	964		35,013
Health Care REIT, Inc.	922		49,392
Host Hotels & Resorts, Inc.	5,816		113,063
Kimco Realty Corp.	780		15,405
Macerich Co. (The)	338		19,905
Plum Creek Timber Co., Inc.	435		20,232
Prologis, Inc.	828		30,595
Public Storage	250		37,630
Simon Property Group, Inc.	643		97,839
Ventas, Inc.	936		53,614
Vornado Realty Trust	604		53,629
Total Real Estate Investment Trusts			716,203

Investments	Shares		Value
Real Estate Management & Development—0.1%
CBRE Group, Inc., Class A*	5,215	$	137,155
Retailing—5.7%
Amazon.com, Inc.*	3,488		1,390,979
AutoNation, Inc.*	6,556		325,768
AutoZone, Inc.*(a)	362		173,014
Bed Bath & Beyond, Inc.*	2,557		205,327
Best Buy Co., Inc.	22,057		879,633
CarMax, Inc.*	3,828		179,993
Dollar General Corp.*	5,053		304,797
Dollar Tree, Inc.*	2,431		137,157
Expedia, Inc.	1,398		97,385
Family Dollar Stores, Inc.	3,063		199,003
GameStop Corp., Class A	3,595		177,090
Gap, Inc.	7,398		289,114
Genuine Parts Co.	3,221		267,955
Home Depot, Inc.	17,533		1,443,667
Kohl’s Corp.	6,696		379,998
L Brands, Inc.	3,160		195,446
Lowe’s Cos., Inc.	20,721		1,026,725
Macy’s, Inc.	10,055		536,937
Netflix, Inc.*	215		79,157
Nordstrom, Inc.	3,722		230,020
O’Reilly Automotive, Inc.*	985		126,779
PetSmart, Inc.	1,720		125,130
priceline.com, Inc.*	106		123,214
Ross Stores, Inc.	2,492		186,726
Sherwin-Williams Co.	1,068		195,978
Staples, Inc.	29,794		473,427
Target Corp.	22,015		1,392,889
Tiffany & Co.	801		74,317
TJX Cos., Inc.	7,765		494,863
TripAdvisor, Inc.*	209		17,311
Urban Outfitters, Inc.*	1,273		47,228
Total Retailing			11,777,027
Semiconductors & Semiconductor Equipment—1.1%
Altera Corp.	913		29,700
Analog Devices, Inc.	1,045		53,222
Applied Materials, Inc.	8,048		142,369
Broadcom Corp., Class A	5,525		163,816
First Solar, Inc.*	1,283		70,103
Intel Corp.	40,991		1,064,126
KLA-Tencor Corp.	941		60,657
Lam Research Corp.*	1,254		68,280
Linear Technology Corp.	416		18,949
LSI Corp.	5,562		61,293
Microchip Technology, Inc.(a)	535		23,941
Micron Technology, Inc.*	6,630		144,269
NVIDIA Corp.	5,098		81,670
Texas Instruments, Inc.	5,384		236,412
Xilinx, Inc.	817		37,517
Total Semiconductors &
Semiconductor Equipment			2,256,324

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

8

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Software & Services—4.3%
Accenture PLC, Class A	7,791	$	640,576
Adobe Systems, Inc.*	1,306		78,203
Akamai Technologies, Inc.*	485		22,882
Alliance Data Systems Corp.*	329		86,504
Autodesk, Inc.*	919		46,253
Automatic Data Processing, Inc.	2,758		222,874
CA, Inc.	2,614		87,961
Citrix Systems, Inc.*	940		59,455
Cognizant Technology Solutions Corp., Class A*	1,723		173,989
Computer Sciences Corp.	5,451		304,602
eBay, Inc.*	5,746		315,398
Electronic Arts, Inc.*	3,251		74,578
Facebook, Inc., Class A*	479		26,182
Fidelity National Information Services, Inc.	2,249		120,726
Fiserv, Inc.*	1,608		94,952
Google, Inc., Class A*	1,034		1,158,814
International Business Machines Corp.	11,205		2,101,722
Intuit, Inc.	1,089		83,113
MasterCard, Inc., Class A	198		165,421
Microsoft Corp.	39,403		1,474,854
Oracle Corp.	21,206		811,342
Paychex, Inc.	877		39,930
Red Hat, Inc.*	522		29,253
Salesforce.com, Inc.*	1,063		58,667
Symantec Corp.	5,759		135,797
Total System Services, Inc.	1,078		35,876
VeriSign, Inc.(a)	316		18,891
Visa, Inc., Class A	1,062		236,486
Western Union Co.	6,321		109,037
Yahoo!, Inc.*	2,138		86,461
Total Software & Services			8,900,799
Technology Hardware & Equipment—4.9%
Agilent Technologies, Inc.	2,366		135,312
Amphenol Corp., Class A	1,013		90,339
Apple, Inc.	5,837		3,275,199
Cisco Systems, Inc.	44,993		1,010,093
Corning, Inc.	8,913		158,830
EMC Corp.	18,354		461,603
F5 Networks, Inc.*	340		30,892
FLIR Systems, Inc.	837		25,194
Harris Corp.	1,511		105,483
Hewlett-Packard Co.	80,373		2,248,837
Jabil Circuit, Inc.	17,741		309,403
Juniper Networks, Inc.*	4,043		91,250
Motorola Solutions, Inc.	2,535		171,112
NetApp, Inc.	2,885		118,689
QUALCOMM, Inc.	6,122		454,558
SanDisk Corp.	1,724		121,611
Seagate Technology PLC	5,887		330,614
TE Connectivity Ltd.	4,854		267,504
Teradata Corp.*	1,091		49,630
Western Digital Corp.	3,958		332,076
Xerox Corp.	36,835		448,282
Total Technology Hardware & Equipment			10,236,511

Investments	Shares		Value
Telecommunication Services—2.6%
AT&T, Inc.	72,014	$	2,532,012
CenturyLink, Inc.	11,124		354,299
Crown Castle International Corp.*	750		55,073
Frontier Communications Corp.(a)	20,560		95,604
Verizon Communications, Inc.	47,730		2,345,452
Windstream Holdings, Inc.(a)	14,365		114,633
Total Telecommunication Services			5,497,073
Transportation—2.1%
CH Robinson Worldwide, Inc.	4,257		248,353
CSX Corp.	8,101		233,066
Delta Air Lines, Inc.	24,965		685,788
Expeditors International of Washington, Inc.	2,504		110,802
FedEx Corp.	6,076		873,546
Kansas City Southern	379		46,932
Norfolk Southern Corp.	2,399		222,699
Ryder System, Inc.	1,802		132,952
Southwest Airlines Co.	17,738		334,184
Union Pacific Corp.	2,564		430,752
United Parcel Service, Inc., Class B	10,370		1,089,680
Total Transportation			4,408,754
Utilities—3.1%
AES Corp.	23,554		341,769
AGL Resources, Inc.	1,889		89,217
Ameren Corp.	3,137		113,434
American Electric Power Co., Inc.	6,187		289,180
CenterPoint Energy, Inc.	6,638		153,869
CMS Energy Corp.	4,586		122,767
Consolidated Edison, Inc.	4,355		240,744
Dominion Resources, Inc.	3,935		254,555
DTE Energy Co.	2,769		183,834
Duke Energy Corp.	6,773		467,405
Edison International	5,159		238,862
Entergy Corp.	3,475		219,863
Exelon Corp.	17,097		468,287
FirstEnergy Corp.	8,756		288,773
Integrys Energy Group, Inc.	1,841		100,169
NextEra Energy, Inc.	3,437		294,276
NiSource, Inc.	3,242		106,597
Northeast Utilities	3,160		133,952
NRG Energy, Inc.	7,069		203,022
ONEOK, Inc.	4,599		285,966
Pepco Holdings, Inc.	4,355		83,311
PG&E Corp.	7,153		288,123
Pinnacle West Capital Corp.	1,247		65,991
PPL Corp.	7,840		235,906
Public Service Enterprise Group, Inc.	5,879		188,363
SCANA Corp.	1,697		79,640
Sempra Energy	2,323		208,513
Southern Co.	7,878		323,865
TECO Energy, Inc.(a)	3,089		53,254
Wisconsin Energy Corp.	1,929		79,745
Xcel Energy, Inc.	7,243		202,369
Total Utilities			6,405,621
Total Common Stocks
(Cost $143,921,725)			207,664,988

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

9

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES LARGE CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares	Value
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—0.7%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.05%(b)
(Cost $1,412,973)	1,412,973	$	1,412,973
Total Investments—100.6%
(Cost $145,334,698)			209,077,961
Liabilities in Excess of Other Assets—(0.6)%			(1,289,723	)
Net Assets—100.0%		$	207,788,238

PLC – Public Limited Company

REIT – Real Estate Investment Trust

* Non-income producing security

† Less than 0.05%.

(a) All or a portion of security was on loan. The aggregate market value of the securities on loan was $1,429,336; total market value of the collateral held by the fund was $1,468,278. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $55,305.

(b) Rate shown represents annualized 7-day yield as of December 31, 2013.

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

10

SCHEDULE OF INVESTMENTS
REVENUESHARES MID CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—100.0%
Automobiles & Components—0.3%
Gentex Corp.	4,539	$	149,741
Thor Industries, Inc.	7,790		430,242
Total Automobiles & Components			579,983
Banks—1.9%
Associated Banc-Corp.	7,651		133,127
Astoria Financial Corp.	5,689		78,679
BancorpSouth, Inc.	3,917		99,570
Bank of Hawaii Corp.	1,309		77,414
Cathay General Bancorp	2,370		63,350
City National Corp.	2,035		161,213
Commerce Bancshares, Inc.	3,044		136,706
Cullen/Frost Bankers, Inc.	1,666		124,000
East West Bancorp, Inc.	3,624		126,731
First Horizon National Corp.	15,124		176,195
First Niagara Financial Group, Inc.	18,253		193,847
FirstMerit Corp.	5,398		119,998
Fulton Financial Corp.	8,044		105,216
Hancock Holding Co.	3,583		131,424
International Bancshares Corp.	2,647		69,854
New York Community Bancorp, Inc.(a)	15,237		256,744
Prosperity Bancshares, Inc.	1,218		77,209
Signature Bank*(a)	911		97,860
SVB Financial Group*	1,590		166,727
Synovus Financial Corp.	45,103		162,371
TCF Financial Corp.	10,164		165,165
Trustmark Corp.	2,679		71,904
Valley National Bancorp	9,606		97,213
Washington Federal, Inc.	2,940		68,473
Webster Financial Corp.	3,850		120,043
Westamerica Bancorporation	507		28,625
Total Banks			3,109,658
Capital Goods—12.9%
A.O. Smith Corp.	5,085		274,285
Acuity Brands, Inc.	2,520		275,486
Aecom Technology Corp.*	37,439		1,101,830
AGCO Corp.	22,736		1,345,744
Alliant Techsystems, Inc.	4,711		573,235
BE Aerospace, Inc.*	4,998		434,976
Carlisle Cos., Inc.	6,152		488,469
CLARCOR, Inc.	2,353		151,416
Crane Co.	4,936		331,946
Donaldson Co., Inc.	7,373		320,431
Esterline Technologies Corp.*	2,678		273,049
Exelis, Inc.	34,034		648,688
Fortune Brands Home & Security, Inc.	11,873		542,596
GATX Corp.	3,355		175,030
General Cable Corp.	27,764		816,539
Graco, Inc.	1,821		142,257
Granite Construction, Inc.	8,733		305,480
Harsco Corp.	14,295		400,689
Hubbell, Inc., Class B	3,718		404,890
Huntington Ingalls Industries, Inc.	10,389		935,114
IDEX Corp.	3,583		264,605
ITT Corp.	7,302		317,053
KBR, Inc.	30,563		974,654
Kennametal, Inc.	6,838		356,055
Lennox International, Inc.	4,905		417,219

Investments	Shares		Value
Lincoln Electric Holdings, Inc.	5,018	$	357,984
MSC Industrial Direct Co., Inc., Class A	3,945		319,032
Nordson Corp.	2,743		203,805
Oshkosh Corp.	20,809		1,048,357
Regal-Beloit Corp.	5,559		409,809
SPX Corp.	6,697		667,088
Terex Corp.	23,417		983,280
Timken Co.	10,636		585,725
Trinity Industries, Inc.	10,072		549,125
Triumph Group, Inc.	6,390		486,087
United Rentals, Inc.*(a)	8,518		663,978
URS Corp.	28,112		1,489,655
Valmont Industries, Inc.	2,943		438,860
Wabtec Corp.	4,526		336,146
Watsco, Inc.	4,948		475,305
Woodward, Inc.	5,663		258,289
Total Capital Goods			21,544,261
Commercial & Professional Services—4.4%
Brink’s Co.	15,578		531,833
Clean Harbors, Inc.*(a)	7,259		435,250
Copart, Inc.*	3,608		132,233
Corporate Executive Board Co.	1,420		109,951
Corrections Corp. of America	6,571		210,732
Deluxe Corp.	4,031		210,378
FTI Consulting, Inc.*(a)	4,647		191,178
Herman Miller, Inc.	7,618		224,883
HNI Corp.	7,151		277,673
Manpower, Inc.	30,969		2,658,998
Mine Safety Appliances Co.	3,081		157,778
R.R. Donnelley & Sons Co.(a)	68,903		1,397,353
Rollins, Inc.	5,714		173,077
Towers Watson & Co., Class A	3,655		466,414
Waste Connections, Inc.	5,541		241,754
Total Commercial & Professional Services			7,419,485
Consumer Durables & Apparel—3.0%
Brunswick Corp.	5,584		257,199
Carter’s, Inc.	4,628		332,244
Deckers Outdoor Corp.*(a)	2,145		181,167
Hanesbrands, Inc.	8,429		592,306
Jarden Corp.*	15,305		938,962
KB Home(a)	15,050		275,114
MDC Holdings, Inc.*	7,058		227,550
NVR, Inc.*	520		533,525
Polaris Industries, Inc.	3,381		492,409
Tempur-Pedic International, Inc.*(a)	5,383		290,467
Toll Brothers, Inc.*	8,753		323,861
Tupperware Brands Corp.	3,604		340,686
Under Armour, Inc., Class A*(a)	3,245		283,288
Total Consumer Durables & Apparel			5,068,778
Consumer Services—2.3%
Apollo Education Group, Inc.*	19,182		524,052
Bally Technologies, Inc.*(a)	1,647		129,207
Bob Evans Farms, Inc.	3,964		200,539
Brinker International, Inc.	13,721		635,831
Cheesecake Factory, Inc.	4,973		240,047
DeVry, Inc.	7,402		262,771
Domino’s Pizza, Inc.	3,235		225,318

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

11

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Consumer Services (continued)
International Speedway Corp., Class A	2,331	$	82,727
Life Time Fitness, Inc.*(a)	3,341		157,027
Matthews International Corp., Class A	2,978		126,892
Panera Bread Co., Class A*	1,707		301,610
Scientific Games Corp., Class A*	6,960		117,833
Service Corp. International	18,021		326,721
Sotheby’s	2,011		106,985
Wendy’s Co. (The)	38,031		331,630
Total Consumer Services			3,769,190
Diversified Financials—1.1%
Affiliated Managers Group, Inc.*	1,298		281,510
Apollo Investment Corp.	4,694		39,805
CBOE Holdings, Inc.	1,364		70,874
Eaton Vance Corp.	4,060		173,728
Federated Investors, Inc., Class B(a)	4,428		127,526
Greenhill & Co., Inc.	681		39,457
Janus Capital Group, Inc.	10,218		126,397
MSCI, Inc., Class A*	2,943		128,668
Raymond James Financial, Inc.	11,716		611,458
SEI Investments Co.	4,114		142,879
Waddell & Reed Financial, Inc., Class A	2,633		171,461
Total Diversified Financials			1,913,763
Energy—7.6%
Alpha Natural Resources, Inc.*	108,087		771,741
Atwood Oceanics, Inc.*	2,525		134,810
Bill Barrett Corp.*(a)	2,982		79,858
CARBO Ceramics, Inc.(a)	697		81,221
Cimarex Energy Co.	2,484		260,596
Dresser-Rand Group, Inc.*	6,691		398,984
Dril-Quip, Inc.*	971		106,742
Gulfport Energy Corp.*	564		35,617
Helix Energy Solutions Group, Inc.*	4,584		106,257
HollyFrontier Corp.	56,978		2,831,237
Oceaneering International, Inc.	5,200		410,176
Oil States International, Inc.*	4,955		504,023
Patterson-UTI Energy, Inc.	14,383		364,178
Rosetta Resources, Inc.*	2,074		99,635
SM Energy Co.	3,317		275,676
Superior Energy Services, Inc.*	23,492		625,122
Tidewater, Inc.	2,723		161,392
Unit Corp.*	3,339		172,359
World Fuel Services Corp.	124,243		5,362,328
Total Energy			12,781,952
Food & Staples Retailing—2.6%
Harris Teeter Supermarkets, Inc.	11,897		587,117
SUPERVALU, Inc.*(a)	414,405		3,021,013
United Natural Foods, Inc.*(a)	10,493		791,067
Total Food & Staples Retailing			4,399,197
Food, Beverage & Tobacco—3.0%
Dean Foods Co.*	76,748		1,319,298
Flowers Foods, Inc.	21,394		459,329
Green Mountain Coffee Roasters, Inc.*(a)	7,388		558,385
Hain Celestial Group, Inc.*	4,161		377,736
Hillshire Brands Co.	15,279		510,930
Ingredion, Inc.	12,339		844,728

Investments	Shares		Value
Lancaster Colony Corp.	1,797	$	158,405
Post Holdings, Inc.*	2,611		128,644
Tootsie Roll Industries, Inc.(a)	2,114		68,790
Universal Corp.	6,097		332,896
WhiteWave Foods Co., Class A*	13,738		315,150
Total Food, Beverage & Tobacco			5,074,291
Health Care Equipment & Services—7.2%
Allscripts Healthcare Solutions, Inc.*	11,719		181,176
Community Health Systems, Inc.*	41,833		1,642,782
Cooper Cos., Inc.	1,636		202,602
Health Management Associates, Inc., Class A	56,899		745,377
Health Net, Inc.*	49,286		1,462,316
Henry Schein, Inc.*	10,619		1,213,327
Hill-Rom Holdings, Inc.	5,355		221,376
HMS Holdings Corp.*	3,075		69,895
Hologic, Inc.	14,081		314,710
IDEXX Laboratories, Inc.*(a)	1,652		175,723
LifePoint Hospitals, Inc.*	8,999		475,507
Masimo Corp.*(a)	2,394		69,977
Mednax, Inc.*	4,798		256,117
Omnicare, Inc.	13,196		796,510
Owens & Minor, Inc.	32,528		1,189,224
ResMed, Inc.(a)	3,994		188,037
STERIS Corp.	4,056		194,891
Teleflex, Inc.	2,228		209,120
Thoratec Corp.*	1,761		64,453
Universal Health Services, Inc., Class B	11,236		913,037
VCA Antech, Inc.*	7,509		235,482
WellCare Health Plans, Inc.*	16,746		1,179,253
Total Health Care Equipment & Services			12,000,892
Household & Personal Products—0.6%
Church & Dwight Co., Inc.	6,099		404,242
Energizer Holdings, Inc.	5,267		570,100
Total Household & Personal Products			974,342
Insurance—6.1%
Alleghany Corp.*	1,614		645,535
American Financial Group, Inc.	11,229		648,138
Arthur J. Gallagher & Co.	8,150		382,479
Aspen Insurance Holdings Ltd.	7,381		304,909
Brown & Brown, Inc.	5,582		175,219
Everest Re Group Ltd.	4,561		710,923
Fidelity National Financial, Inc., Class A	36,780		1,193,511
First American Financial Corp.	23,088		651,082
Hanover Insurance Group, Inc.	10,214		609,878
HCC Insurance Holdings, Inc.	7,101		327,640
Kemper Corp.	7,626		311,751
Mercury General Corp.	7,348		365,269
Old Republic International Corp.	42,228		729,278
Primerica, Inc.	3,747		160,784
Protective Life Corp.	9,604		486,539
Reinsurance Group of America, Inc.	17,384		1,345,695
StanCorp Financial Group, Inc.	5,625		372,656
W.R. Berkley Corp.	18,710		811,827
Total Insurance			10,233,113

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

12

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Materials—8.0%
Albemarle Corp.	4,847	$	307,251
Aptargroup, Inc.	4,857		329,353
Ashland, Inc.	10,692		1,037,552
Cabot Corp.	8,841		454,427
Carpenter Technology Corp.	4,819		299,742
Commercial Metals Co.	46,304		941,360
Compass Minerals International, Inc.	1,718		137,526
Cytec Industries, Inc.	2,723		253,675
Domtar Corp.	7,590		716,041
Eagle Materials, Inc.	1,023		79,211
Greif, Inc., Class A	10,482		549,257
Intrepid Potash, Inc.*(a)	3,226		51,100
Louisiana-Pacific Corp.*	15,388		284,832
Martin Marietta Materials, Inc.	2,752		275,035
Minerals Technologies, Inc.	2,173		130,532
NewMarket Corp.(a)	862		288,037
Olin Corp.(a)	11,723		338,209
Packaging Corp. of America	6,438		407,397
Reliance Steel & Aluminum Co.	15,348		1,163,992
Rock-Tenn Co., Class A	11,775		1,236,493
Royal Gold, Inc.	812		37,409
RPM International, Inc.	12,751		529,294
Scotts Miracle-Gro Co., Class A	5,796		360,627
Sensient Technologies Corp.	3,833		185,977
Silgan Holdings, Inc.	10,027		481,496
Sonoco Products Co.	14,938		623,213
Steel Dynamics, Inc.	48,425		946,224
Valspar Corp.	7,289		519,633
Worthington Industries, Inc.	8,299		349,222
Total Materials			13,314,117
Media—1.1%
AMC Networks, Inc., Class A*	2,977		202,763
Cinemark Holdings, Inc.	10,202		340,033
DreamWorks Animation SKG, Inc., Class A*	2,912		103,376
John Wiley & Sons, Inc., Class A	4,300		237,360
Lamar Advertising Co., Class A*	3,086		161,243
Meredith Corp.	3,720		192,696
New York Times Co., Class A	17,433		276,662
Valassis Communications, Inc.	9,016		308,798
Total Media			1,822,931
Pharmaceuticals, Biotechnology & Life Sciences—1.3%
Bio-Rad Laboratories, Inc., Class A*	2,176		268,975
Charles River Laboratories International, Inc.*	2,772		147,027
Covance, Inc.*	3,709		326,615
Cubist Pharmaceuticals, Inc.*	2,004		138,015
Endo Health Solutions Inc.*(a)	5,900		398,014
Mallinckrodt PLC*	5,316		277,814
Mettler-Toledo International, Inc.*	1,228		297,901
Salix Pharmaceuticals Ltd.*	1,312		118,001
Techne Corp.	449		42,507
United Therapeutics Corp.*(a)	1,532		173,239
Total Pharmaceuticals, Biotechnology &
Life Sciences			2,188,108

Investments	Shares		Value
Real Estate—0.0%†
Alexander & Baldwin, Inc.	916	$	38,225
Real Estate Investment Trusts—1.6%
Alexandria Real Estate Equities, Inc.	1,267		80,607
American Campus Communities, Inc.	2,512		80,912
BioMed Realty Trust, Inc.	4,274		77,445
BRE Properties, Inc.	924		50,552
Camden Property Trust	1,782		101,360
Corporate Office Properties Trust	3,136		74,292
Duke Realty Corp.	9,786		147,181
Equity One, Inc.(a)	1,985		44,543
Essex Property Trust, Inc.	525		75,343
Extra Space Storage, Inc.	1,533		64,585
Federal Realty Investment Trust	790		80,114
Highwoods Properties, Inc.(a)	2,015		72,883
Home Properties, Inc.	1,587		85,095
Hospitality Properties Trust	7,244		195,805
Kilroy Realty Corp.	1,209		60,668
Liberty Property Trust	2,719		92,093
Mack-Cali Realty Corp.	4,160		89,357
Mid-America Apartment Communities, Inc.	1,116		67,786
National Retail Properties, Inc.(a)	1,564		47,436
Omega Healthcare Investors, Inc.(a)	1,675		49,915
Potlatch Corp.	1,820		75,967
Rayonier, Inc.	4,844		203,932
Realty Income Corp.	2,259		84,328
Regency Centers Corp.	1,354		62,690
Senior Housing Properties Trust	4,338		96,434
SL Green Realty Corp.	2,040		188,455
Taubman Centers, Inc.	1,484		94,857
UDR, Inc.	4,040		94,334
Weingarten Realty Investors	2,415		66,219
Total Real Estate Investment Trusts			2,605,188
Real Estate Management & Development—0.3%
Jones Lang LaSalle, Inc.	5,319		544,612
Retailing—9.9%
Aaron’s, Inc.	9,910		291,354
Abercrombie & Fitch Co., Class A	16,221		533,833
Advance Auto Parts, Inc.	7,359		814,494
American Eagle Outfitters, Inc.	30,264		435,802
ANN, Inc.*	8,284		302,863
Ascena Retail Group, Inc.*	28,220		597,135
Big Lots, Inc.*	7,774		251,022
Cabela’s, Inc.*(a)	7,315		487,618
Chico’s FAS, Inc.	16,977		319,847
CST Brands, Inc.	48,721		1,789,035
Dick’s Sporting Goods, Inc.	12,776		742,286
Foot Locker, Inc.	19,393		803,646
Guess?, Inc.	10,739		333,661
HSN, Inc.	6,999		436,038
JC Penney Co., Inc.(a)	213,699		1,955,346
LKQ Corp.*	17,920		589,568
Murphy USA, Inc.*	58,696		2,439,406
Office Depot, Inc.*	252,133		1,333,783
Rent-A-Center, Inc.	11,692		389,811

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

13

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Retailing (continued)
Signet Jewelers Ltd.	6,390	$	502,893
Tractor Supply Co.	8,810		683,480
Williams-Sonoma, Inc.	8,455		492,757
Total Retailing			16,525,678
Semiconductors & Semiconductor Equipment—1.6%
Advanced Micro Devices, Inc.*(a)	166,224		643,287
Atmel Corp.*	24,101		188,711
Cree, Inc.*(a)	2,963		185,395
Cypress Semiconductor Corp.*	9,695		101,798
Fairchild Semiconductor International, Inc.*	14,019		187,154
Integrated Device Technology, Inc.*	6,276		63,952
International Rectifier Corp.*	4,975		129,698
Intersil Corp., Class A	6,511		74,681
RF Micro Devices, Inc.*	21,800		112,488
Semtech Corp.*	2,427		61,355
Silicon Laboratories, Inc.*	1,812		78,478
Skyworks Solutions, Inc.*	8,008		228,708
SunEdison, Inc.*	22,629		295,308
Teradyne, Inc.*	15,854		279,347
Total Semiconductors &
Semiconductor Equipment			2,630,360
Software & Services—4.8%
ACI Worldwide, Inc.*	1,648		107,120
Acxiom Corp.*	3,867		143,002
Advent Software, Inc.	1,375		48,111
ANSYS, Inc.*	1,268		110,570
AOL, Inc.*	6,366		296,783
Broadridge Financial Solutions, Inc.	7,731		305,529
Cadence Design Systems, Inc.*(a)	13,296		186,410
CommVault Systems, Inc.*	885		66,269
Compuware Corp.	11,124		124,700
Concur Technologies, Inc.*(a)	685		70,678
Convergys Corp.	12,819		269,840
CoreLogic, Inc.*	6,043		214,708
DST Systems, Inc.	3,727		338,188
Equinix, Inc.*	1,565		277,709
Factset Research Systems, Inc.(a)	912		99,025
Fair Isaac Corp.	1,635		102,743
Gartner, Inc.*	3,296		234,181
Global Payments, Inc.	4,724		307,013
Informatica Corp.*	2,936		121,844
Jack Henry & Associates, Inc.	2,419		143,229
Leidos Holdings, Inc.(a)	31,946		1,485,169
Lender Processing Services, Inc.	6,567		245,474
Mantech International Corp., Class A	10,803		323,334
Mentor Graphics Corp.	6,050		145,623
MICROS Systems, Inc.*(a)	2,945		168,955
NeuStar, Inc., Class A*(a)	2,286		113,980
PTC, Inc.*	4,981		176,278
Rackspace Hosting, Inc.*(a)	5,342		209,032
Rovi Corp.*	4,377		86,183
Science Applications International Corp.	17,878		591,225
Solarwinds, Inc.*	1,105		41,802
Solera Holdings, Inc.	1,501		106,211
Synopsys, Inc.*	6,314		256,159
TIBCO Software, Inc.*	5,514		123,955

Investments	Shares		Value
ValueClick, Inc.*(a)	3,919	$	91,587
VeriFone Systems, Inc.*	9,067		243,177
Wex, Inc.*	919		91,009
Total Software & Services			8,066,805
Technology Hardware & Equipment—11.3%
3D Systems Corp.*(a)	716		66,538
ADTRAN, Inc.	3,068		82,867
Arrow Electronics, Inc.*	50,829		2,757,473
Avnet, Inc.	78,064		3,443,403
Ciena Corp.*(a)	11,430		273,520
Diebold, Inc.(a)	11,352		374,729
Ingram Micro, Inc., Class A*	229,386		5,381,396
InterDigital, Inc./Pa	1,225		36,125
Itron, Inc.*(a)	6,333		262,376
JDS Uniphase Corp.*	23,393		303,641
Lexmark International, Inc., Class A	13,574		482,148
National Instruments Corp.	4,947		158,403
NCR Corp.*	23,790		810,287
Plantronics, Inc.	2,161		100,378
Polycom, Inc.*	16,377		183,914
Riverbed Technology, Inc.	7,508		135,745
Tech Data Corp.*	63,843		3,294,299
Trimble Navigation Ltd.*	8,771		304,354
Vishay Intertechnology, Inc.*(a)	23,617		313,161
Zebra Technologies Corp., Class A*	2,520		136,282
Total Technology Hardware & Equipment			18,901,039
Telecommunication Services—0.5%
Telephone & Data Systems, Inc.	25,858		666,619
tw Telecom, Inc.*	6,663		203,022
Total Telecommunication Services			869,641
Transportation—3.1%
Alaska Air Group, Inc.	8,859		649,985
Con-Way, Inc.	17,379		690,120
Genesee & Wyoming, Inc., Class A*	1,913		183,744
JB Hunt Transport Services, Inc.	9,254		715,334
JetBlue Airways Corp.*(a)	75,933		649,227
Kirby Corp.*	3,029		300,628
Landstar System, Inc.	6,152		353,432
Matson, Inc.	8,425		219,977
Old Dominion Freight Line, Inc.*	8,461		448,602
UTi Worldwide, Inc.	35,976		631,739
Werner Enterprises, Inc.	10,652		263,424
Total Transportation			5,106,212
Utilities—3.5%
Alliant Energy Corp.	7,896		407,434
Aqua America, Inc.	4,198		99,031
Atmos Energy Corp.	10,740		487,811
Black Hills Corp.	3,110		163,306
Cleco Corp.	2,920		136,130
Energen Corp.	3,296		233,192
Great Plains Energy, Inc.	12,553		304,285
Hawaiian Electric Industries, Inc.(a)	16,232		423,006
IDACORP, Inc.	2,938		152,306
MDU Resources Group, Inc.	18,686		570,857
National Fuel Gas Co.	3,291		234,977
OGE Energy Corp.	12,117		410,766
PNM Resources, Inc.	7,483		180,490

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

14

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES MID CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Utilities (continued)
Questar Corp.	6,527	$	150,056
UGI Corp.	22,384		928,041
Vectren Corp.	9,030		320,565
Westar Energy, Inc.	9,327		300,049
WGL Holdings, Inc.	8,047		322,363
Total Utilities			5,824,665
Total Common Stocks
(Cost $128,812,181)			167,306,486
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—5.3%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.05% (b)
(Cost $8,921,783)	8,921,783		8,921,783
Total Investments—105.3%
(Cost $137,733,964)			176,228,269
Liabilities in Excess of Other Assets—(5.3)%			(8,923,760	)
Net Assets—100.0%		$	167,304,509

* Non-income producing security

† Less than 0.05%.

(a) All or a portion of security was on loan. The aggregate market value of the securities on loan was $8,644,238; total market value of the collateral held by the fund was $8,921,783.

(b) Rate shown represents annualized 7-day yield as of December 31, 2013.

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

15

SCHEDULE OF INVESTMENTS
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—100.0%
Automobiles & Components—0.7%
Dorman Products, Inc.*(a)	4,682	$	262,520
Drew Industries, Inc.	7,604		389,325
Spartan Motors, Inc.	28,771		192,766
Standard Motor Products, Inc.	10,957		403,217
Superior Industries International, Inc.	17,269		356,259
Winnebago Industries, Inc.*	9,593		263,328
Total Automobiles & Components			1,867,415
Banks—2.7%
Bank Mutual Corp.	6,460		45,285
Bank of the Ozarks, Inc.	2,015		114,029
Banner Corp.	2,106		94,391
BBCN Bancorp, Inc.	7,879		130,713
BofI Holding, Inc.*	889		69,724
Boston Private Financial Holdings, Inc.	11,801		148,929
Brookline Bancorp, Inc.	10,039		96,073
Cardinal Financial Corp.	3,927		70,686
City Holding Co.	1,695		78,529
Columbia Banking System, Inc.	4,559		125,418
Community Bank System, Inc.	4,662		184,988
CVB Financial Corp.	6,329		108,036
Dime Community Bancshares	4,989		84,414
First BanCorp*	53,125		328,844
First Commonwealth Financial Corp.	12,366		109,068
First Financial Bancorp	8,281		144,338
First Financial Bankshares, Inc.(a)	1,463		97,026
First Midwest Bancorp, Inc.	9,899		173,530
FNB Corp.	18,744		236,549
Glacier Bancorp, Inc.	4,798		142,933
Hanmi Financial Corp.	2,838		62,124
Home BancShares, Inc.	2,557		95,504
Independent Bank Corp.	2,986		117,021
MB Financial, Inc.	6,023		193,278
National Penn Bancshares, Inc.	14,561		164,976
NBT Bancorp, Inc.	5,820		150,738
Northwest Bancshares, Inc.	10,574		156,284
Old National Bancorp	14,601		224,417
Oritani Financial Corp.	3,372		54,121
PacWest Bancorp(a)	2,960		124,971
Pinnacle Financial Partners, Inc.	3,087		100,420
PrivateBancorp, Inc.	8,816		255,047
Provident Financial Services, Inc.	6,482		125,232
S&T Bancorp, Inc.	3,414		86,408
Simmons First National Corp., Class A	2,122		78,832
Sterling Bancorp	4,992		66,743
Susquehanna Bancshares, Inc.	27,836		357,414
Taylor Capital Group, Inc.*	5,811		154,456
Texas Capital Bancshares, Inc.*	3,341		207,810
Tompkins Financial Corp.	2,097		107,765
TrustCo Bank Corp.	9,883		70,960
UMB Financial Corp.	5,132		329,885
Umpqua Holdings Corp.	12,710		243,269
United Bankshares, Inc.(a)	4,940		155,363
United Community Banks, Inc.*	7,081		125,688
ViewPoint Financial Group, Inc.	2,497		68,543
Wilshire Bancorp, Inc.	5,664		61,908
Wintrust Financial Corp.	7,651		352,864
Total Banks			6,875,544

Investments	Shares		Value
Capital Goods—11.8%
AAON, Inc.	4,344	$	138,791
AAR Corp.	29,198		817,836
Actuant Corp., Class A	15,054		551,579
Aegion Corp., Class A*	19,661		430,379
Aerovironment, Inc.*	4,200		122,346
Albany International Corp., Class A	8,580		308,279
American Science & Engineering, Inc.	1,163		83,631
American Woodmark Corp.*	6,866		271,413
Apogee Enterprises, Inc.	8,100		290,871
Applied Industrial Technologies, Inc.	21,274		1,044,341
Astec Industries, Inc.	10,371		400,632
AZZ, Inc.	5,026		245,570
Barnes Group, Inc.	12,627		483,740
Belden, Inc.	12,043		848,429
Brady Corp., Class A	15,106		467,229
Briggs & Stratton Corp.	37,583		817,806
CIRCOR International, Inc.	4,479		361,814
Comfort Systems USA, Inc.	28,730		557,075
Cubic Corp.(a)	11,281		594,058
Curtiss-Wright Corp.	17,540		1,091,514
DXP Enterprises, Inc.*	4,790		551,808
Dycom Industries, Inc.*	21,739		604,127
EMCOR Group, Inc.	64,798		2,750,027
Encore Wire Corp.	9,290		503,518
EnerSys	13,571		951,191
Engility Holdings, Inc.*	18,811		628,287
EnPro Industries, Inc.*	8,547		492,735
ESCO Technologies, Inc.	5,578		191,102
Federal Signal Corp.*	24,608		360,507
Franklin Electric Co., Inc.	8,825		393,948
GenCorp, Inc.*(a)	28,052		505,497
Gibraltar Industries, Inc.*	19,292		358,638
Griffon Corp.	60,027		792,957
II-VI, Inc.*	13,273		233,605
John Bean Technologies Corp.	13,581		398,331
Kaman Corp.	17,712		703,698
Lindsay Corp.(a)	3,507		290,204
Lydall, Inc.*	9,541		168,112
Moog, Inc., Class A*	15,805		1,073,792
Mueller Industries, Inc.	14,611		920,639
National Presto Industries, Inc.*(a)	2,334		187,887
Orbital Sciences Corp.*	23,613		550,183
Orion Marine Group, Inc.*	12,282		147,753
Powell Industries, Inc.	4,174		279,616
Quanex Building Products Corp.	21,590		430,073
Simpson Manufacturing Co., Inc.	7,942		291,710
Standex International Corp.	4,624		290,757
Teledyne Technologies, Inc.*	10,498		964,346
Tennant Co.	4,604		312,197
Titan International, Inc.	52,194		938,448
Toro Co.	13,449		855,356
Universal Forest Products, Inc.	20,115		1,048,796
Vicor Corp.*(a)	6,395		85,821
Watts Water Technologies, Inc., Class A	9,994		618,329
Total Capital Goods			29,801,328
Commercial & Professional Services—6.5%
ABM Industries, Inc.	68,331		1,953,583
CDI Corp.	26,249		486,394
Consolidated Graphics, Inc.*	6,566		442,811

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

16

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Commercial & Professional Services (continued)
Encore Capital Group, Inc.*(a)	6,136	$	308,395
Exponent, Inc.	1,597		123,672
G&K Services, Inc., Class A	6,096		379,354
Geo Group, Inc. (The)	19,031		613,179
Healthcare Services Group, Inc.	16,509		468,360
Heidrick & Struggles International, Inc.	10,535		212,175
Insperity, Inc.	26,945		973,523
Interface, Inc.	19,426		426,595
Kelly Services, Inc., Class A	94,441		2,355,358
Korn/Ferry International*	13,074		341,493
Mobile Mini, Inc.*	4,245		174,809
Monster Worldwide, Inc.*	56,451		402,496
Navigant Consulting, Inc.*	19,090		366,528
On Assignment, Inc.*	20,379		711,635
Portfolio Recovery Associates, Inc.*	5,546		293,051
Resources Connection, Inc.	16,995		243,538
Sykes Enterprises, Inc.*	23,722		517,377
Tetra Tech, Inc.*	30,142		843,373
TrueBlue, Inc.*	25,964		669,352
UniFirst Corp.	5,286		565,602
United Stationers, Inc.	47,044		2,158,849
Viad Corp.	14,671		407,560
WageWorks, Inc.*	1,434		85,237
Total Commercial & Professional Services			16,524,299
Consumer Durables & Apparel—4.7%
Arctic Cat, Inc.	4,954		282,279
Blyth, Inc.(a)	34,468		375,012
Callaway Golf Co.	43,202		364,193
Crocs, Inc.*	37,502		597,032
Ethan Allen Interiors, Inc.	10,354		314,969
Fifth & Pacific Cos., Inc.*	20,586		660,193
G-III Apparel Group Ltd.*	1,859		137,176
Helen of Troy Ltd.*	10,786		534,015
Iconix Brand Group, Inc.*(a)	4,261		169,162
iRobot Corp.*	6,028		209,593
Jakks Pacific, Inc.(a)	41,466		279,066
La-Z-Boy, Inc., Class Z	17,726		549,506
M/I Homes, Inc.*	17,079		434,660
Meritage Homes Corp.*	15,982		766,976
Movado Group, Inc.	4,717		207,595
Oxford Industries, Inc.	4,348		350,753
Perry Ellis International, Inc.*	25,254		398,761
Quiksilver, Inc.*(a)	93,884		823,363
Ryland Group, Inc.	19,757		857,651
Skechers U.S.A., Inc., Class A*	21,830		723,228
Standard Pacific Corp.*(a)	88,732		803,025
Steven Madden Ltd.*	14,676		536,995
Sturm Ruger & Co., Inc.(a)	3,728		272,479
Universal Electronics, Inc.*	5,664		215,855
Wolverine World Wide, Inc.	32,890		1,116,944
Total Consumer Durables & Apparel			11,980,481
Consumer Services—5.4%
American Public Education, Inc.*(a)	3,111		135,235
Biglari Holdings, Inc.*	724		366,807
BJ’s Restaurants, Inc.*(a)	10,478		325,447
Boyd Gaming Corp.*	103,503		1,165,444
Buffalo Wild Wings, Inc.*	3,490		513,728
Capella Education Co.	2,584		171,681

Investments	Shares		Value
Career Education Corp.*	98,159	$	559,506
CEC Entertainment, Inc.	7,561		334,801
Cracker Barrel Old Country Store, Inc.	10,210		1,123,815
DineEquity, Inc.	3,240		270,702
Hillenbrand, Inc.	19,536		574,749
Interval Leisure Group, Inc.	6,775		209,347
ITT Educational Services, Inc.*(a)	13,706		460,247
Jack in the Box, Inc.*	12,983		649,410
Marcus Corp.	12,271		164,922
Marriott Vacations Worldwide Corp.*	13,645		719,910
Monarch Casino & Resort, Inc.*	4,232		84,979
Multimedia Games Holding Co., Inc.*	2,488		78,024
Outerwall, Inc.*(a)	13,605		915,208
Papa John’s International, Inc.	13,350		606,090
Pinnacle Entertainment, Inc.*	22,339		580,591
Red Robin Gourmet Burgers, Inc.*	5,719		420,575
Regis Corp.	107,767		1,563,699
Ruby Tuesday, Inc.*	76,792		532,169
Ruth’s Hospitality Group, Inc.	12,060		171,373
Sonic Corp.*	10,586		213,731
Strayer Education, Inc.*(a)	4,298		148,152
Texas Roadhouse, Inc.	19,826		551,163
Universal Technical Institute, Inc.	10,669		148,406
Total Consumer Services			13,759,911
Diversified Financials—2.1%
Calamos Asset Management, Inc., Class A	10,359		122,650
Cash America International, Inc.	20,329		778,601
Evercore Partners, Inc., Class A	5,433		324,785
Ezcorp, Inc., Class A*	39,611		463,053
Financial Engines, Inc.	1,351		93,867
First Cash Financial Services, Inc.*(a)	4,423		273,518
FXCM, Inc., Class A	12,360		220,502
Green Dot Corp., Class A*	9,920		249,488
HFF, Inc., Class A*	5,103		137,015
Interactive Brokers Group, Inc., Class A	18,954		461,340
Investment Technology Group, Inc.*	10,830		222,665
MarketAxess Holdings, Inc.	1,464		97,898
Piper Jaffray Cos.*	5,549		219,463
Prospect Capital Corp.	14,235		159,717
Stifel Financial Corp.*(a)	16,879		808,842
SWS Group, Inc.*	23,582		143,379
Virtus Investment Partners, Inc.*	818		163,641
World Acceptance Corp.*(a)	2,704		236,681
Total Diversified Financials			5,177,105
Energy—4.2%
Approach Resources, Inc.*(a)	3,356		64,737
Arch Coal, Inc.	216,745		964,515
Basic Energy Services, Inc.*	34,955		551,590
Bristow Group, Inc.	7,933		595,451
C&J Energy Services, Inc.*(a)	18,686		431,647
Carrizo Oil & Gas, Inc.*(a)	4,920		220,268
Cloud Peak Energy, Inc.*	33,064		595,152
Comstock Resources, Inc.	10,092		184,583
Contango Oil & Gas Co.*	1,241		58,650
Era Group, Inc.*	3,755		115,879
Exterran Holdings, Inc.*	41,199		1,409,006
Forest Oil Corp.*	45,154		163,006

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

17

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Energy (continued)
Geospace Technologies Corp.*(a)	1,311	$	124,322
Green Plains Renewable Energy, Inc.	36,506		707,851
Gulf Island Fabrication, Inc.	10,648		247,247
Hornbeck Offshore Services, Inc.*	4,731		232,907
ION Geophysical Corp.*	63,244		208,705
Matrix Service Co.*	15,741		385,182
Newpark Resources, Inc.*	36,617		450,023
Northern Oil and Gas, Inc.*(a)	9,349		140,889
PDC Energy, Inc.*	3,008		160,086
Penn Virginia Corp.*	16,375		154,416
Petroquest Energy, Inc.*	17,833		77,039
Pioneer Energy Services Corp.*	50,893		407,653
SEACOR Holdings, Inc.*(a)	6,145		560,424
Stone Energy Corp.*	12,878		445,450
Swift Energy Co.*(a)	19,395		261,833
Tesco Corp.*	11,414		225,769
TETRA Technologies, Inc.*	31,015		383,345
Total Energy			10,527,625
Food & Staples Retailing—2.5%
Andersons, Inc.	26,794		2,389,221
Casey’s General Stores, Inc.	41,560		2,919,590
Spartan Stores, Inc.	45,596		1,107,071
Total Food & Staples Retailing			6,415,882
Food, Beverage & Tobacco—2.8%
Alliance One International, Inc.*	268,480		818,864
Annie’s, Inc.*	1,470		63,269
B&G Foods, Inc., Class A	8,243		279,520
Boston Beer Co., Inc., Class A*(a)	1,325		320,372
Calavo Growers, Inc.	8,867		268,315
Cal-Maine Foods, Inc.	9,217		555,140
Darling International, Inc.*	36,349		758,967
Diamond Foods, Inc.*(a)	13,922		359,745
J&J Snack Foods Corp.	4,146		367,294
Sanderson Farms, Inc.	15,229		1,101,514
Seneca Foods Corp., Class A*	17,254		550,230
Snyders-Lance, Inc.	25,347		727,966
TreeHouse Foods, Inc.*	13,220		911,122
Total Food, Beverage & Tobacco			7,082,318
Health Care Equipment & Services—9.3%
Abaxis, Inc.*(a)	1,998		79,960
Abiomed, Inc.*	2,321		62,064
Air Methods Corp.*(a)	6,479		377,920
Align Technology, Inc.*	4,588		262,204
Almost Family, Inc.*	4,544		146,908
Amedisys, Inc.*	35,543		519,994
AMN Healthcare Services, Inc.*	29,549		434,370
Amsurg Corp.*(a)	9,135		419,479
Analogic Corp.	2,596		229,902
Anika Therapeutics, Inc.*	913		34,840
Bio-Reference Labs, Inc.*(a)	10,548		269,396
Cantel Medical Corp.	4,940		167,515
Centene Corp.*	75,845		4,471,063
Chemed Corp.(a)	7,810		598,402
Computer Programs & Systems, Inc.	1,288		79,611
CONMED Corp.	7,594		322,745
CorVel Corp.*	3,703		172,930
Cross Country Healthcare, Inc.*	21,702		216,586

Investments	Shares		Value
CryoLife, Inc.	5,443	$	60,363
Cyberonics, Inc.*	1,535		100,558
Cynosure, Inc., Class A*	3,265		87,110
Ensign Group, Inc.	7,951		351,991
Gentiva Health Services, Inc.*	55,219		685,268
Greatbatch, Inc.*	6,756		298,885
Haemonetics Corp.*	7,729		325,623
Hanger, Inc.*	11,432		449,735
HealthStream, Inc.*	1,616		52,956
Healthways, Inc.*	19,947		306,186
ICU Medical, Inc.*	1,998		127,293
Integra LifeSciences Holdings Corp.*(a)	7,352		350,764
Invacare Corp.	26,451		613,928
IPC The Hospitalist Co., Inc.*	4,014		238,391
Kindred Healthcare, Inc.	120,516		2,378,986
Landauer, Inc.	1,182		62,185
LHC Group, Inc.*	11,036		265,305
Magellan Health Services, Inc.*	22,977		1,376,552
Medidata Solutions, Inc.*	1,890		114,477
Meridian Bioscience, Inc.	2,970		78,794
Merit Medical Systems, Inc.*	11,425		179,830
Molina Healthcare, Inc.*(a)	80,278		2,789,661
MWI Veterinary Supply, Inc.*(a)	5,529		943,192
Natus Medical, Inc.*	6,579		148,028
Neogen Corp.*	1,679		76,730
NuVasive, Inc.*	8,369		270,570
Omnicell, Inc.*	5,966		152,312
PharMerica Corp.*	34,122		733,623
Quality Systems, Inc.	8,939		188,255
SurModics, Inc.*	996		24,292
Symmetry Medical, Inc.*	17,696		178,376
West Pharmaceutical Services, Inc.	11,247		551,778
Total Health Care Equipment & Services			23,427,886
Household & Personal Products—0.5%
Central Garden and Pet Co., Class A*	73,433		495,673
Inter Parfums, Inc.	7,448		266,713
Medifast, Inc.*	5,678		148,366
Prestige Brands Holdings, Inc.*	6,960		249,168
WD-40 Co.	1,943		145,103
Total Household & Personal Products			1,305,023
Insurance—2.3%
AMERISAFE, Inc.	3,513		148,389
eHealth, Inc.*	1,585		73,687
Employers Holdings, Inc.	9,158		289,851
HCI Group, Inc.(a)	2,012		107,642
Horace Mann Educators Corp.	13,902		438,469
Infinity Property & Casualty Corp.	8,312		596,386
Meadowbrook Insurance Group, Inc.	51,360		357,465
Navigators Group, Inc.*	6,211		392,287
ProAssurance Corp.	6,481		314,199
RLI Corp.	3,032		295,256
Safety Insurance Group, Inc.	5,564		313,253
Selective Insurance Group, Inc.	28,614		774,295
Stewart Information Services Corp.	26,984		870,774
Tower Group International Ltd.(a)	171,309		579,024
United Fire Group, Inc.	12,741		365,157
Total Insurance			5,916,134

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

18

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Materials—8.2%
A. Schulman, Inc.	25,442	$	897,085
A.M. Castle & Co.*	33,634		496,774
AK Steel Holding Corp.*(a)	373,974		3,066,587
AMCOL International Corp.	13,121		445,852
American Vanguard Corp.	6,258		152,007
Balchem Corp.	2,377		139,530
Calgon Carbon Corp.*	11,617		238,962
Century Aluminum Co.*	60,194		629,629
Clearwater Paper Corp.*	15,071		791,227
Deltic Timber Corp.	1,205		81,868
Flotek Industries, Inc.*	7,426		149,040
FutureFuel Corp.	10,513		166,105
Globe Specialty Metals, Inc.	18,018		324,504
H.B. Fuller Co.	16,488		858,036
Hawkins, Inc.	3,859		143,516
Haynes International, Inc.	4,026		222,396
Headwaters, Inc.*	28,867		282,608
Innophos Holdings, Inc.	7,445		361,827
Kaiser Aluminum Corp.	7,807		548,364
KapStone Paper and Packaging Corp.*	10,928		610,438
Koppers Holdings, Inc.	13,634		623,755
Kraton Performance Polymers, Inc.*	23,161		533,861
LSB Industries, Inc.*	8,468		347,357
Materion Corp.	18,589		573,471
Myers Industries, Inc.	16,819		355,217
Neenah Paper, Inc.	8,049		344,256
Olympic Steel, Inc.	19,425		562,937
OM Group, Inc.*	15,124		550,665
Ph Glatfelter Co.	24,916		688,678
PolyOne Corp.	41,641		1,472,009
Quaker Chemical Corp.	3,929		302,808
RTI International Metals, Inc.*	9,281		317,503
Schweitzer-Mauduit International, Inc.	6,358		327,246
Stepan Co.	11,697		767,674
Stillwater Mining Co.*(a)	35,225		434,677
SunCoke Energy, Inc.*	31,396		716,143
Texas Industries, Inc.*	4,004		275,395
Tredegar Corp.	16,094		463,668
Wausau Paper Corp.	18,285		231,854
Zep, Inc.	15,383		279,355
Total Materials			20,774,884
Media—1.5%
Digital Generation, Inc.*	13,295		169,511
E.W. Scripps Co., Class A*	17,279		375,300
Harte-Hanks, Inc.	37,772		295,377
Live Nation Entertainment, Inc.*	137,002		2,707,160
Scholastic Corp.	4,848		164,880
Total Media			3,712,228
Pharmaceuticals, Biotechnology & Life Sciences—1.1%
Acorda Therapeutics, Inc.*	4,422		129,123
Affymetrix, Inc.*	16,041		137,471
Akorn, Inc.*(a)	5,064		124,726
Arqule, Inc.*	3,729		8,017
Cambrex Corp.*	6,416		114,397
Emergent Biosolutions, Inc.*	5,497		126,376
Hi-Tech Pharmacal Co., Inc.*	2,225		96,543
Impax Laboratories, Inc.*	9,602		241,394

Investments	Shares		Value
Ligand Pharmaceuticals, Inc., Class B*	374	$	19,673
Luminex Corp.*	4,778		92,693
Medicines Co.*	7,239		279,570
Momenta Pharmaceuticals, Inc.*	812		14,356
PAREXEL International Corp.*	18,815		850,062
Questcor Pharmaceuticals, Inc.(a)	5,432		295,772
Spectrum Pharmaceuticals, Inc.*(a)	8,296		73,420
ViroPharma, Inc.*(a)	3,523		175,622
Total Pharmaceuticals, Biotechnology & Life Sciences			2,779,215
Real Estate Investment Trusts—1.3%
Acadia Realty Trust	2,749		68,258
Agree Realty Corp.	601		17,441
American Assets Trust, Inc.	3,317		104,253
Associated Estates Realty Corp.	4,721		75,772
Capstead Mortgage Corp.	7,331		88,558
Cedar Realty Trust, Inc.	9,744		60,997
CoreSite Realty Corp.	3,171		102,075
Cousins Properties, Inc.	7,130		73,439
DiamondRock Hospitality Co.	32,169		371,552
EastGroup Properties, Inc.	1,400		81,102
Epr Properties	2,798		137,550
Franklin Street Properties Corp.	6,692		79,969
Getty Realty Corp.	2,321		42,637
Government Properties Income Trust	3,819		94,902
Healthcare Realty Trust, Inc.	6,431		137,045
Inland Real Estate Corp.	6,967		73,293
Kite Realty Group Trust	8,002		52,573
LaSalle Hotel Properties(a)	12,576		388,095
Lexington Realty Trust	15,529		158,551
LTC Properties, Inc.	1,147		40,592
Medical Properties Trust, Inc.	7,811		95,450
Parkway Properties, Inc.	6,656		128,394
Pennsylvania Real Estate Investment Trust	9,636		182,891
Post Properties, Inc.	3,263		147,586
PS Business Parks, Inc.	1,954		149,325
Saul Centers, Inc.	1,679		80,139
Sovran Self Storage, Inc.	1,671		108,899
Tanger Factory Outlet Centers	4,777		152,960
Universal Health Realty Income Trust	532		21,312
Urstadt Biddle Properties, Inc., Class A	2,086		38,487
Total Real Estate Investment Trusts			3,354,097
Real Estate Management & Development—0.1%
Forestar Group, Inc.*	6,343		134,916
Retailing—10.9%
Aeropostale, Inc.*(a)	70,876		644,263
Barnes & Noble, Inc.*	188,839		2,823,143
Big 5 Sporting Goods Corp.	22,185		439,707
Blue Nile, Inc.*	3,871		182,285
Brown Shoe Co., Inc.	40,222		1,131,847
Buckle, Inc.(a)	8,883		466,890
Cato Corp., Class A	12,234		389,041
Children’s Place Retail Stores, Inc.*	13,335		759,695
Christopher & Banks Corp.*	23,335		199,281
Finish Line, Inc., Class A	23,387		658,812
Francesca’s Holdings Corp.*	6,317		116,296
Fred’s, Inc., Class A	45,505		842,753

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

19

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Retailing (continued)
FTD Cos., Inc.*	6,008	$	195,741
Genesco, Inc.*	14,685		1,072,886
Group 1 Automotive, Inc.	49,943		3,546,952
Haverty Furniture Cos., Inc.	10,015		313,469
Hibbett Sports, Inc.*(a)	4,994		335,647
Jos. A. Bank Clothiers, Inc.*	7,518		411,460
Kirkland’s, Inc.*	7,282		172,365
Lithia Motors, Inc., Class A	22,966		1,594,300
Lumber Liquidators Holdings, Inc.*	4,295		441,913
MarineMax, Inc.*	15,091		242,663
Men’s Wearhouse, Inc.	19,229		982,217
Monro Muffler Brake, Inc.(a)	5,515		310,825
Nutrisystem, Inc.	7,963		130,912
Pep Boys-Manny, Moe & Jack*	65,826		799,128
PetMed Express, Inc.(a)	6,048		100,578
Pool Corp.	14,769		858,670
Select Comfort Corp.*	18,926		399,149
Sonic Automotive, Inc., Class A	148,168		3,627,153
Stage Stores, Inc.(a)	30,778		683,887
Stein Mart, Inc.	37,293		501,591
Tuesday Morning Corp.*	22,653		361,542
Vitamin Shoppe, Inc.*	8,051		418,733
VOXX International Corp., Class A*	20,275		338,592
Zale Corp.*	52,985		835,573
Zumiez, Inc.*	10,483		272,558
Total Retailing			27,602,517
Semiconductors & Semiconductor Equipment—1.7%
Advanced Energy Industries, Inc.*	9,499		217,147
ATMI, Inc.*	5,650		170,686
Brooks Automation, Inc.	18,289		191,852
Cabot Microelectronics Corp.*	3,958		180,881
Ceva, Inc.*	1,211		18,431
Cirrus Logic, Inc.*(a)	15,112		308,738
Cohu, Inc.	9,823		103,141
Diodes, Inc.*	14,533		342,397
DSP Group, Inc.*	6,884		66,844
Entropic Communications, Inc.*	25,487		120,044
Exar Corp.*	4,007		47,243
GT Advanced Technologies, Inc.*(a)	17,965		156,655
Hittite Microwave Corp.*	1,855		114,509
Kopin Corp.*	2,973		12,546
Kulicke & Soffa Industries, Inc.*	20,695		275,244
Micrel, Inc.	10,213		100,802
Microsemi Corp.*	17,122		427,194
MKS Instruments, Inc.	8,374		250,718
Monolithic Power Systems, Inc.*(a)	2,824		97,880
Nanometrics, Inc.*	2,902		55,283
Pericom Semiconductor Corp.*	6,159		54,569
Power Integrations, Inc.	2,564		143,122
Rubicon Technology, Inc.*(a)	2,365		23,532
Rudolph Technologies, Inc.*	7,057		82,849
Sigma Designs, Inc.*	20,291		95,774
Supertex, Inc.*	1,067		26,728
Tessera Technologies, Inc.	3,540		69,773
TriQuint Semiconductor, Inc.*	42,591		355,209

Investments	Shares		Value
Ultratech, Inc.*	2,967	$	86,043
Veeco Instruments, Inc.*(a)	4,903		161,358
Total Semiconductors & Semiconductor Equipment			4,357,192
Software & Services—3.9%
Blackbaud, Inc.	5,839		219,838
Blucora, Inc.*	7,167		208,990
Bottomline Technologies, Inc.*(a)	3,056		110,505
CACI International, Inc., Class A*(a)	21,006		1,538,059
Cardtronics, Inc.*	8,001		347,643
CIBER, Inc.*	93,925		388,849
comScore, Inc.*	4,306		123,195
CSG Systems International, Inc.	10,502		308,759
Dealertrack Technologies, Inc.*(a)	4,429		212,946
Dice Holdings, Inc.*	12,154		88,116
Digital River, Inc.*	9,361		173,178
Ebix, Inc.(a)	5,962		87,761
EPIQ Systems, Inc.	11,865		192,332
Exlservice Holdings, Inc.*	7,155		197,621
Forrester Research, Inc.	3,181		121,705
Heartland Payment Systems, Inc.	18,453		919,698
Higher One Holdings, Inc.*(a)	8,264		80,657
iGate Corp.*	12,455		500,193
Interactive Intelligence Group, Inc.*	1,898		127,849
j2 Global, Inc.	4,307		215,393
Liquidity Services, Inc.*(a)	9,580		217,083
LivePerson, Inc.*	5,809		86,089
LogMeIn, Inc.*	2,017		67,670
Manhattan Associates, Inc.*	1,358		159,538
MAXIMUS, Inc.	11,662		513,011
MicroStrategy, Inc., Class A*	1,873		232,702
Monotype Imaging Holdings, Inc.	2,228		70,984
Netscout Systems, Inc.*	5,030		148,838
NIC, Inc.	4,414		109,776
OpenTable, Inc.*(a)	964		76,513
Perficient, Inc.*	6,575		153,986
Progress Software Corp.*	5,670		146,456
QuinStreet, Inc.*	15,610		135,651
Stamps.com, Inc.*	1,218		51,278
Synchronoss Technologies, Inc.*	4,453		138,355
Take-Two Interactive Software, Inc.*	24,989		434,059
Tangoe, Inc.*(a)	4,611		83,044
TeleTech Holdings, Inc.*(a)	20,025		479,399
Tyler Technologies, Inc.*	1,700		173,621
VASCO Data Security International, Inc.*	7,778		60,124
Virtusa Corp.*	3,555		135,410
XO Group, Inc.*	3,865		57,434
Total Software & Services			9,894,308
Technology Hardware & Equipment—9.8%
Agilysys, Inc.*	5,134		71,465
Anixter International, Inc.	29,507		2,650,909
ARRIS Group, Inc.*(a)	50,461		1,229,482
Avid Technology, Inc.*	27,900		227,385
Badger Meter, Inc.	2,490		135,705
Bel Fuse, Inc., Class B	6,399		136,363

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

20

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES SMALL CAP FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Technology Hardware & Equipment (continued)
Benchmark Electronics, Inc.*	44,265	$	1,021,636
Black Box Corp.	15,386		458,503
CalAmp Corp.*	2,841		79,463
Checkpoint Systems, Inc.*	19,759		311,599
Cognex Corp.*	4,054		154,782
Coherent, Inc.*	4,568		339,814
Comtech Telecommunications Corp.	4,427		139,539
CTS Corp.	14,130		281,328
Daktronics, Inc.	13,933		218,469
Digi International, Inc.*	6,594		79,919
DTS, Inc.*	2,180		52,276
Electro Scientific Industries, Inc.	9,165		95,866
Electronics For Imaging, Inc.*	7,374		285,595
FARO Technologies, Inc.*	2,055		119,806
FEI Co.	4,183		373,793
Harmonic, Inc.*	28,630		211,289
Insight Enterprises, Inc.*	87,771		1,993,279
Intevac, Inc.*	3,613		26,845
Ixia*	15,494		206,225
Littelfuse, Inc.	3,406		316,520
Measurement Specialties, Inc.*	2,566		155,731
Mercury Systems, Inc.*	8,180		89,571
Methode Electronics, Inc.	5,965		203,943
MTS Systems Corp.	3,443		245,314
NETGEAR, Inc.*(a)	17,302		569,928
Newport Corp.*	12,996		234,838
Oplink Communications, Inc.*	4,158		77,339
OSI Systems, Inc.*(a)	6,068		322,271
Park Electrochemical Corp.	2,623		75,333
PC-Tel, Inc.	4,375		41,869
Plexus Corp.*(a)	22,431		971,038
Procera Networks, Inc.*	2,079		31,227
QLogic Corp.*	17,989		212,810
Rofin-Sinar Technologies, Inc.*	9,001		243,207
Rogers Corp.*	3,531		217,156
Sanmina Corp.*	155,047		2,589,285
ScanSource, Inc.*	28,627		1,214,644
Super Micro Computer, Inc.*	27,603		473,667
Synaptics, Inc.*(a)	4,659		241,383
SYNNEX Corp.*	65,630		4,423,462
TTM Technologies, Inc.*	72,983		626,194
ViaSat, Inc.*	7,109		445,379
Total Technology Hardware & Equipment			24,923,444
Telecommunication Services—0.7%
Atlantic Tele-Network, Inc.	4,510		255,131
Cbeyond, Inc.*	28,698		198,016
Cincinnati Bell, Inc.*	157,444		560,501
General Communication, Inc., Class A*	31,814		354,726
Lumos Networks Corp.	3,929		82,509
NTELOS Holdings Corp.	10,146		205,253
USA Mobility, Inc.	5,936		84,766
Total Telecommunication Services			1,740,902
Transportation—2.5%
Allegiant Travel Co.	3,850		405,944
Arkansas Best Corp.	27,730		933,946
Atlas Air Worldwide Holdings, Inc.*	17,720		729,178
Forward Air Corp.	6,014		264,075
Investments	Shares		Value
Heartland Express, Inc.	12,035	$	236,127
HUB Group, Inc., Class A*	36,079		1,438,830
Knight Transportation, Inc.	21,811		400,014
Saia, Inc.*	14,200		455,110
SkyWest, Inc.	90,415		1,340,854
Total Transportation			6,204,078
Utilities—2.8%
ALLETE, Inc.	8,386		418,294
American States Water Co.	6,947		199,587
Avista Corp.	23,387		659,279
El Paso Electric Co.	10,379		364,407
Laclede Group, Inc.	9,395		427,848
New Jersey Resources Corp.	27,859		1,288,200
Northwest Natural Gas Co.	6,935		296,957
NorthWestern Corp.	10,587		458,629
Piedmont Natural Gas Co., Inc.	15,768		522,867
South Jersey Industries, Inc.	5,201		291,048
Southwest Gas Corp.	14,620		817,404
UIL Holdings Corp.	17,664		684,480
UNS Energy Corp.	10,245		613,163
Total Utilities			7,042,163
Total Common Stocks
(Cost $191,751,387)			253,180,895
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—6.0%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.05% (b)
(Cost $15,088,941)	15,088,941		15,088,941
Total Investments—106.0%
(Cost $206,840,328)			268,269,836
Liabilities in Excess of Other Assets—(6.0)%			(15,081,944	)
Net Assets—100.0%		$	253,187,892

* Non-income producing security

(a) All or a portion of the security was on loan. The aggregate market value of the securities on loan was $14,973,615; total market value of the collateral held by the fund was $15,298,281. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $209,340.

(b) Rate shown represents annualized 7-day yield as of December 31, 2013.

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

21

SCHEDULE OF INVESTMENTS
REVENUESHARES FINANCIALS SECTOR FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—100.0%
Capital Markets—10.8%
Ameriprise Financial, Inc.	2,010	$	231,250
Bank of New York Mellon Corp.	9,117		318,548
BlackRock, Inc.	653		206,655
Charles Schwab Corp.	4,181		108,706
E*Trade Financial Corp.*	2,067		40,596
Franklin Resources, Inc.	2,830		163,376
Goldman Sachs Group, Inc.	4,836		857,229
Invesco Ltd.	2,544		92,602
Legg Mason, Inc.	1,201		52,219
Morgan Stanley	23,099		724,385
Northern Trust Corp.	1,444		89,369
State Street Corp.	2,887		211,877
T. Rowe Price Group, Inc.	834		69,864
Total Capital Markets			3,166,676
Commercial Banks—12.3%
BB&T Corp.	5,863		218,807
Comerica, Inc.	1,108		52,674
Fifth Third Bancorp	7,171		150,806
Huntington Bancshares, Inc.	6,076		58,633
KeyCorp	6,632		89,002
M&T Bank Corp.	833		96,978
PNC Financial Services Group, Inc.	4,386		340,266
Regions Financial Corp.	11,686		115,575
SunTrust Banks, Inc.	4,926		181,326
U.S. Bancorp	10,671		431,108
Wells Fargo & Co.	40,000		1,816,000
Zions Bancorporation	1,604		48,056
Total Commercial Banks			3,599,231
Consumer Finance—5.3%
American Express Co.	8,089		733,915
Capital One Financial Corp.	6,685		512,138
Discover Financial Services	3,385		189,391
SLM Corp.	4,906		128,929
Total Consumer Finance			1,564,373
Diversified Financial Services—22.0%
Bank of America Corp.	128,200		1,996,074
Citigroup, Inc.	36,089		1,880,598
CME Group, Inc., Class A	698		54,765
IntercontinentalExchange Group, Inc.	123		27,665
JPMorgan Chase & Co.	37,239		2,177,737
Leucadia National Corp.	7,030		199,230
Moody’s Corp.	803		63,011
NASDAQ OMX Group, Inc.	1,555		61,889
Total Diversified Financial Services			6,460,969
Insurance—45.3%
ACE Ltd.	3,719		385,028
Aflac, Inc.	7,269		485,569
Allstate Corp.	12,690		692,113
American International Group, Inc.	25,097		1,281,202
AON PLC	2,809		235,647
Assurant, Inc.	2,681		177,938
Berkshire Hathaway, Inc., Class B*	30,838		3,656,153
Chubb Corp.	2,909		281,097
Cincinnati Financial Corp.	1,691		88,558
Genworth Financial, Inc., Class A*	12,434		193,100

Investments	Shares		Value
Hartford Financial Services Group, Inc.	15,624	$	566,057
Lincoln National Corp.	4,537		234,200
Loews Corp.	6,221		300,101
Marsh & McLennan Cos., Inc.	5,004		241,993
MetLife, Inc.	25,629		1,381,916
Principal Financial Group, Inc.	3,599		177,467
Progressive Corp.	13,468		367,272
Prudential Financial, Inc.	17,186		1,584,893
Torchmark Corp.	968		75,649
Travelers Cos., Inc.	5,865		531,017
Unum Group	5,988		210,059
XL Group PLC	4,882		155,443
Total Insurance			13,302,472
Media—0.3%
McGraw Hill Financial, Inc.	1,314		102,755
Paper & Forest Products—0.6%
Weyerhaeuser Co.	5,367		169,436
Real Estate Investment Trusts—2.7%
American Tower Corp.	812		64,814
Apartment Investment & Management Co., Class A	764		19,795
AvalonBay Communities, Inc.	224		26,484
Boston Properties, Inc.	409		41,051
Equity Residential	881		45,698
General Growth Properties, Inc.	2,417		48,509
HCP, Inc.	1,115		40,497
Health Care REIT, Inc.	945		50,624
Host Hotels & Resorts, Inc.	6,084		118,273
Kimco Realty Corp.	928		18,328
Macerich Co. (The)	347		20,435
Plum Creek Timber Co., Inc.	575		26,743
Prologis, Inc.	976		36,063
Public Storage	256		38,533
Simon Property Group, Inc.	658		100,121
Ventas, Inc.	959		54,932
Vornado Realty Trust	617		54,783
Total Real Estate Investment Trusts			805,683
Real Estate Management & Development—0.5%
CBRE Group, Inc., Class A*	5,468		143,809
Thrifts & Mortgage Finance—0.2%
Hudson City Bancorp, Inc.	3,084		29,082
People’s United Financial, Inc.	1,776		26,853
Total Thrifts & Mortgage Finance			55,935
Total Investments—100.0%
(Cost $26,037,356)			29,371,339
Other Assets in Excess of Liabilities—0.0%†			5,372
Net Assets—100.0%		$	29,376,711

PLC – Public Limited Company

REIT – Real Estate Investment Trust

* Non-income producing security

† Less than 0.05%.

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

22

SCHEDULE OF INVESTMENTS
REVENUESHARES ADR FUND
DECEMBER 31, 2013 (UNAUDITED )

Investments	Shares		Value
COMMON STOCKS—98.0%
Automobiles & Components—6.7%
Honda Motor Co. Ltd.(a)	10,507	$	434,464
Magna International, Inc.	1,527		125,306
Toyota Motor Corp.(a)	8,245		1,005,230
Total Automobiles & Components			1,565,000
Banks—11.4%
Banco Bilbao Vizcaya Argentaria
SA(a)(b)	8,866		109,850
Banco Bradesco SA(a)	22,414		280,847
Banco de Chile(a)(b)	199		17,472
Banco Santander Chile(a)	770		18,149
Banco Santander SA(a)(b)	22,465		203,758
Bancolombia SA(a)	406		19,902
Bank of Montreal	1,124		74,926
Bank of Nova Scotia	1,639		102,519
Barclays PLC(a)	11,025		199,883
Canadian Imperial Bank of Commerce	726		62,008
Credicorp Ltd.	123		16,326
HSBC Holdings PLC(a)	5,127		282,652
KB Financial Group, Inc.(a)	25		1,013
Lloyds Banking Group PLC*(a)(b)	40,770		216,896
Mitsubishi UFJ Financial Group, Inc.(a)	31,000		207,080
Mizuho Financial Group, Inc.(a)(b)	28,563		124,535
National Bank of Greece SA*(a)	5,417		30,335
Royal Bank of Canada	1,940		130,426
Royal Bank of Scotland Group PLC*(a)(b)	14,655		166,041
Shinhan Financial Group Co. Ltd.(a)	60		2,742
Sumitomo Mitsui Financial Group, Inc.(a)(b)	14,166		148,601
Toronto-Dominion Bank	1,213		114,313
Westpac Banking Corp.(a)	4,922		142,984
Total Banks			2,673,258
Capital Goods—3.0%
ABB Ltd.*(a)	5,977		158,749
Embraer SA(a)	637		20,499
Koninklijke Philips NV	3,247		120,042
Nidec Corp.(a)(b)	1,309		32,345
Siemens AG(a)	2,765		382,980
Total Capital Goods			714,615
Consumer Durables & Apparel—1.4%
Gildan Activewear, Inc.	123		6,557
Luxottica Group S.p.A.(a)	656		35,372
Sony Corp.(a)	16,917		292,495
Total Consumer Durables & Apparel			334,424
Consumer Services—0.3%
Carnival PLC(a)	1,515		62,797
Intercontinental Hotels Group PLC(a)	193		6,452
Tim Hortons, Inc.	171		9,983
Total Consumer Services			79,232
Diversified Financials—3.6%
Credit Suisse Group AG*(a)	4,854		150,668
Deutsche Bank AG(b)	4,855		234,205
ING Groep NV*(a)	13,372		187,342
Nomura Holdings, Inc.(a)(b)	11,341		88,120

Investments	Shares		Value
ORIX Corp.(a)(b)	251	$	22,364
UBS AG*	7,909		152,248
Total Diversified Financials			834,947
Energy—36.0%
BP PLC(a)	24,534		1,192,598
Cameco Corp.(b)	385		7,997
Canadian Natural Resources Ltd.	1,709		57,833
Cenovus Energy, Inc.	2,175		62,314
China Petroleum & Chemical Corp.(a)(b)	13,501		1,109,377
CNOOC Ltd.(a)	790		148,251
Ecopetrol SA(a)(b)	3,165		121,694
Enbridge, Inc.	2,698		117,849
Encana Corp.	1,164		21,010
Enerplus Corp.	218		3,963
ENI S.p.A.(a)	12,556		608,841
Imperial Oil Ltd.	2,518		111,371
Penn West Petroleum Ltd.(b)	987		8,251
PetroChina Co. Ltd.(a)(b)	10,088		1,107,057
Petroleo Brasileiro SA, Class A(a)	33,716		495,288
Royal Dutch Shell PLC, Class A(a)	12,253		873,271
Royal Dutch Shell PLC, Class B(a)	11,645		874,656
Statoil ASA(a)	17,210		415,277
Suncor Energy, Inc.	4,056		142,163
Talisman Energy, Inc.	1,527		17,790
Tenaris SA(a)	870		38,010
Total SA(a)	14,315		877,080
TransCanada Corp.	667		30,455
Total Energy			8,442,396
Food & Staples Retailing—0.8%
Cencosud SA(a)(b)	6,874		74,858
Delhaize Group SA(a)	1,843		109,511
Total Food & Staples Retailing			184,369
Food, Beverage & Tobacco—3.2%
Ambev SA(a)	8,267		60,763
Anheuser-Busch InBev NV(a)	1,490		158,625
BRF SA(a)(b)	2,441		50,944
British American Tobacco PLC(a)	839		90,125
Diageo PLC(a)	521		68,991
Fomento Economico Mexicano SAB de CV(a)	729		71,347
Unilever NV	3,073		123,627
Unilever PLC(a)	3,005		123,806
Total Food, Beverage & Tobacco			748,228
Health Care Equipment & Services—0.5%
Catamaran Corp.*	1,042		49,474
Fresenius Medical Care AG & Co. KGaA(a)	1,470		52,303
Smith & Nephew PLC(a)	197		14,133
Total Health Care Equipment & Services			115,910
Insurance—4.8%
Aegon NV, Class G	21,062		199,668
Aviva PLC(a)(b)	14,927		226,144
China Life Insurance Co. Ltd.(a)	5,406		255,433
Manulife Financial Corp.	3,427		67,615

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

23

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES ADR FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Insurance (continued)
Prudential PLC(a)(b)	7,238	$	325,710
Sun Life Financial, Inc.	1,374		48,543
Total Insurance			1,123,113
Materials—6.0%
Agnico-Eagle Mines Ltd.	198		5,223
Agrium, Inc.(b)	657		60,102
ArcelorMittal(b)	16,989		303,084
Barrick Gold Corp.	2,924		51,550
BHP Billiton Ltd.(a)	1,825		124,465
BHP Billiton PLC(a)	2,038		126,601
Cemex SAB de CV*(a)	4,705		55,660
Cia de Minas Buenaventura SA(a)	430		4,825
Cia Siderurgica Nacional SA(a)(b)	5,162		32,004
CRH PLC(a)	3,535		90,319
Eldorado Gold Corp.	762		4,336
Gerdau SA(a)	8,467		66,381
Goldcorp, Inc.	699		15,147
Kinross Gold Corp.	3,137		13,740
POSCO(a)	1,271		99,138
Potash Corp. of Saskatchewan, Inc.	834		27,489
Randgold Resources Ltd.(a)	44		2,764
Rio Tinto PLC(a)(b)	3,434		193,781
Silver Wheaton Corp.	120		2,423
Sociedad Quimica y Minera de Chile SA(a)	331		8,566
Southern Copper Corp.	826		23,715
Syngenta AG(a)	677		54,119
Teck Resources Ltd., Class B	1,467		38,157
Yamana Gold, Inc.(b)	818		7,051
Total Materials			1,410,640
Media—0.9%
Grupo Televisa SAB(a)	657		19,881
Pearson PLC(a)	1,236		27,686
Reed Elsevier NV(a)	413		17,623
Reed Elsevier PLC(a)	279		16,754
Shaw Communications, Inc., Class B	748		18,206
Thomson Reuters Corp.	1,221		46,178
WPP PLC(a)	575		66,045
Total Media			212,373
Pharmaceuticals, Biotechnology & Life Sciences—3.1%
AstraZeneca PLC(a)	1,606		95,348
GlaxoSmithKline PLC(a)	2,844		151,841
Novartis AG(a)	2,684		215,740
Novo Nordisk A/S(a)	296		54,689
Perrigo Co. PLC	1		153
QIAGEN NV*	180		4,286
Sanofi(a)	3,091		165,770
Shire PLC(a)	130		18,368
Valeant Pharmaceuticals International, Inc.*	157		18,432
Total Pharmaceuticals, Biotechnology & Life Sciences			724,627
Real Estate—0.3%
Brookfield Asset Management, Inc., Class A	1,983		77,000

Investments	Shares		Value
Semiconductors & Semiconductor Equipment—0.5%
ARM Holdings PLC(a)(b)	76	$	4,160
ASML Holding NV, Class G	236		22,113
STMicroelectronics NV, Class Y(b)	3,933		31,464
Taiwan Semiconductor Manufacturing Co. Ltd.(a)	3,509		61,197
Total Semiconductors & Semiconductor Equipment			118,934
Software & Services—0.4%
SAP AG(a)(b)	967		84,264
Technology Hardware & Equipment—2.4%
Alcatel-Lucent*(a)	15,025		66,110
BlackBerry Ltd.*(b)	7,336		54,653
Canon, Inc.(a)(b)	4,439		142,048
Kyocera Corp.(a)(b)	1,081		54,201
Nokia OYJ*(a)	15,567		126,249
Telefonaktiebolaget LM Ericsson(a)	10,422		127,565
Total Technology Hardware & Equipment			570,826
Telecommunication Services—10.8%
America Movil SAB de CV, Series R(a)	9,743		227,694
BCE, Inc.	1,640		70,996
BT Group PLC(a)	1,689		106,626
China Mobile Ltd.(a)	6,754		353,167
Chunghwa Telecom Co. Ltd.(a)(b)	723		22,384
Nippon Telegraph & Telephone Corp.(a)	18,148		490,722
NTT DoCoMo, Inc.(a)	12,303		203,122
Oi SA(a)(b)	31,030		49,338
Orange(a)	16,448		203,133
Portugal Telecom SGPS SA(a)(b)	6,394		27,622
Rogers Communications, Inc., Class B	985		44,571
Telecom Italia S.p.A.(a)	14,433		143,753
Telefonica SA(a)	17,602		287,617
TELUS Corp.	1,145		39,434
Vodafone Group PLC(a)	6,789		266,875
Total Telecommunication Services			2,537,054
Transportation—0.5%
Canadian National Railway Co.	642		36,607
Canadian Pacific Railway Ltd.	141		21,336
Latam Airlines Group SA(a)(b)	2,833		46,206
Ryanair Holdings PLC*(a)	460		21,588
Total Transportation			125,737
Utilities—1.4%
Cia Energetica de Minas Gerais(a)(b)	3,487		27,164
CPFL Energia SA(a)	1,576		25,232
Empresa Nacional de Electricidad SA(a)	313		13,954
Enersis SA(a)	3,001		44,985
National Grid PLC(a)	1,337		87,333
TransAlta Corp.	627		7,950
Veolia Environnement SA(a)	7,237		118,397
Total Utilities			325,015
Total Common Stocks
(Cost $21,777,304)			23,001,962

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

24

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES ADR FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
PREFERRED STOCKS—1.7%
Banks—0.9%
Itau Unibanco Holding SA(a)	15,730	$	213,456
Materials—0.7%
Vale SA, Class B(a)	12,652		177,255
Utilities—0.1%
Cia Paranaense de Energia-Copel
Preference B(a)(b)	1,167		15,334
Total Preferred Stocks
(Cost $631,783)			406,045
RIGHTS—0.0%†
Transportation—0.0%†
Latam Airlines Group SA(b)
(Cost $0)	395		430
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—13.7%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.05%(c)
(Cost $3,204,470)	3,204,470		3,204,470
Total Investments—113.4%
(Cost $25,613,557)			26,612,907
Liabilities in Excess of Other Assets—(13.4)%			(3,134,906	)
Net Assets—100.0%		$	23,478,001

Country	Value			% of Net Assets
Australia	$	267,449		1.1	%
Belgium		268,136		1.1
Brazil		1,514,504		6.5
Canada		1,987,069		8.5
Chile		224,621		1.0
China		1,362,491		5.8
Colombia		141,596		0.6
Denmark		54,689		0.2
Finland		126,248		0.5
France		1,430,491		6.1
Germany		753,752		3.2
Greece		30,335		0.1
Hong Kong		1,610,795		6.9
Ireland		130,275		0.6
Italy		787,965		3.4
Japan		3,245,329		13.8
Jersey Islands		2,764		0.0	†
Luxembourg		341,094		1.5
Mexico		374,582		1.6
Netherlands		2,422,627		10.3
Norway		415,277		1.8
Peru		21,150		0.1
Portugal		27,622		0.1
South Korea		102,893		0.4
Spain		601,224		2.6
Sweden		127,565		0.5
Switzerland		762,989		3.3
Taiwan		83,581		0.4
United Kingdom		4,119,278		17.5
United States		3,274,516		13.9
Total Investments		26,612,907		113.4
Liabilities in Excess of Other Assets		(3,134,906	)	(13.4	)
Net Assets	$	23,478,001		100.0	%

† Less than 0.05%

PLC – Public Limited Company

* Non-income producing security

(a) American Depositary Receipt

(b) All or a portion of security was on loan. The aggregate market value of the securities on loan was $3,150,686; total market value of the collateral held by the fund was $3,231,300. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $26,830.

(c) Rate shown represents annualized 7-day yield as of December 31, 2013.

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

25

SCHEDULE OF INVESTMENTS
REVENUESHARES NAVELLIER OVERALL A-100 FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—100.0%
Automobiles & Components—1.2%
Shiloh Industries, Inc.*	2,041	$	39,800
Standard Motor Products, Inc.	819		30,139
Winnebago Industries, Inc.*	880		24,156
Total Automobiles & Components			94,095
Banks—1.6%
BofI Holding, Inc.*	618		48,470
Fidelity Southern Corp.	2,059		34,200
MutualFirst Financial, Inc.	682		11,683
Pulaski Financial Corp.	1,002		11,282
Waterstone Financial, Inc.*	1,207		13,398
Total Banks			119,033
Capital Goods—10.6%
Aceto Corp.	1,703		42,592
China Yuchai International Ltd.	5,337		111,383
Federal Signal Corp.*	3,231		47,334
Graham Corp.	160		5,806
Huntington Ingalls Industries, Inc.	5,846		526,199
Middleby Corp.*	218		52,314
PGT, Inc.*	1,102		11,152
Sparton Corp.*	837		23,394
Total Capital Goods			820,174
Commercial & Professional Services—1.4%
Barrett Business Services, Inc.	456		42,289
Huron Consulting Group, Inc.*	537		33,681
Portfolio Recovery Associates, Inc.*(a)	627		33,131
Total Commercial & Professional Services			109,101
Consumer Durables & Apparel—3.9%
Dixie Group, Inc. (The)*	1,964		25,925
Hanesbrands, Inc.	3,574		251,145
Iconix Brand Group, Inc.*	575		22,827
Total Consumer Durables & Apparel			299,897
Consumer Services—5.1%
China Distance Education Holdings Ltd.*(a)(b)	265		4,953
Cracker Barrel Old Country Store, Inc.	747		82,222
Melco Crown Entertainment Ltd.*(b)	7,200		282,384
Monarch Casino & Resort, Inc.*	750		15,060
Nathan’s Famous, Inc.*	197		9,931
Total Consumer Services			394,550
Diversified Financials—10.6%
Apollo Global Management LLC, Class A	9,698		306,554
CBOE Holdings, Inc.	484		25,149
FBR & Co.*	501		13,216
Financial Engines, Inc.	268		18,621
FXCM, Inc., Class A	1,261		22,496
Gain Capital Holdings, Inc.	2,081		15,628
MarketAxess Holdings, Inc.	266		17,787
Nelnet, Inc., Class A	937		39,485
SLM Corp.	13,707		360,220
Total Diversified Financials			819,156

Investments	Shares		Value
Energy—1.0%
Cabot Oil & Gas Corp.	2,005	$	77,714
Food & Staples Retailing—0.1%
Liberator Medical Holdings, Inc.	1,245		5,192
Food, Beverage & Tobacco—6.3%
Gruma S.A.B. de CV*(a)(b)	10,774		328,392
Industrias Bachoco S.A.B. de CV(b)	3,927		158,140
Total Food, Beverage & Tobacco			486,532
Health Care Equipment & Services—1.4%
Addus HomeCare Corp.*	653		14,660
Anika Therapeutics, Inc.*	162		6,182
CorVel Corp.*	605		28,253
Fonar Corp.*	244		5,153
Medidata Solutions, Inc.*	382		23,138
Providence Service Corp. (The)*	1,315		33,822
Total Health Care Equipment & Services			111,208
Household & Personal Products—2.7%
Nu Skin Enterprises, Inc., Class A	1,512		208,989
Insurance—12.8%
American Equity Investment Life Holding Co.	4,742		125,094
American National Insurance Co.	1,576		180,515
AmTrust Financial Services, Inc.	3,322		108,596
Arch Capital Group Ltd.*	2,096		125,110
Endurance Specialty Holdings Ltd.	2,841		166,681
Federated National Holding Co.	519		7,593
HCI Group, Inc.(a)	938		50,183
StanCorp Financial Group, Inc.	2,683		177,749
United Insurance Holdings Corp.	1,131		15,925
Universal Insurance Holdings, Inc.	2,123		30,741
Total Insurance			988,187
Materials—3.0%
American Pacific Corp.*	451		16,804
CaesarStone Sdot-Yam Ltd.	510		25,332
Chase Corp.	552		19,485
Packaging Corp. of America	1,924		121,751
Yongye International, Inc.*(a)	7,192		46,029
Total Materials			229,401
Media—2.4%
Crown Media Holdings, Inc., Class A*	5,385		19,009
Lions Gate Entertainment Corp.	2,795		88,490
Reed Elsevier NV(b)	846		36,099
Reed Elsevier PLC(a)(b)	643		38,612
Total Media			182,210

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

26

SCHEDULE OF INVESTMENTS — continued
REVENUESHARES NAVELLIER OVERALL A-100 FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—12.8%
BioSpecifics Technologies Corp.*	46	$	997
China Biologic Products, Inc.*	208		6,001
Covance, Inc.*	877		77,229
Gentium S.p.A.*(b)	67		3,826
Gilead Sciences, Inc.*	4,946		371,692
Jazz Pharmaceuticals PLC*	382		48,346
Lannett Co., Inc.*	926		30,650
Questcor Pharmaceuticals, Inc.(a)	961		52,326
Thermo Fisher Scientific, Inc.	3,584		399,078
Total Pharmaceuticals, Biotechnology & Life Sciences			990,145
Real Estate—0.1%
China HGS Real Estate, Inc.*(a)	821		4,885
Retailing—4.7%
Conn’s, Inc.*	637		50,189
Ctrip.com International Ltd.*(b)	737		36,570
Netflix, Inc.*	652		240,047
Overstock.com, Inc.*(a)	1,227		37,779
Total Retailing			364,585
Software & Services—7.7%
Autobytel, Inc.*	446		6,748
Bitauto Holdings Ltd.*(b)	1,120		35,795
Broadridge Financial Solutions, Inc.	4,613		182,306
Fleetcor Technologies, Inc.*	457		53,547
Phoenix New Media Ltd.*(a)(b)	798		7,685
Qihoo 360 Technology Co. Ltd.*(b)	269		22,071
SouFun Holdings Ltd.(b)	488		40,216
Tyler Technologies, Inc.*	398		40,648
Yahoo!, Inc.*	4,603		186,145
YY, Inc.*(a)(b)	362		18,201
Total Software & Services			593,362
Technology Hardware & Equipment—2.0%
Alliance Fiber Optic Products, Inc.(a)	809		12,175
CalAmp Corp.*	2,177		60,891
Methode Electronics, Inc.	1,267		43,319
Silicom Ltd.	56		2,560
Ubiquiti Networks, Inc.*	704		32,356
Total Technology Hardware & Equipment			151,301
Telecommunication Services—6.3%
NTELOS Holdings Corp.	1,737		35,139
SK Telecom Co. Ltd.(a)(b)	18,153		446,927
Total Telecommunication Services			482,066

Investments	Shares		Value
Transportation—2.3%
Copa Holdings SA, Class A	387	$	61,963
Spirit Airlines, Inc.*	2,608		118,429
Total Transportation			180,392
Total Common Stocks
(Cost $6,415,326)			7,712,175
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—8.5%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.05% (c)
(Cost $655,244)	655,244		655,244
Total Investments—108.5%
(Cost $7,070,570)			8,367,419
Liabilities in Excess of Other Assets—(8.5)%			(657,488	)
Net Assets—100.0%		$	7,709,931

LLC – Limited Liability Corporation

PLC – Public Limited Company

* Non-income producing security

(a) All or a portion of security was on loan. The aggregate market value of the securities on loan was $643,065; total market value of the collateral held by the fund was $655,244.

(b) American Depositary Receipt

(c) Rate shown represents annualized 7-day yield as of December 31, 2013.

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

27

SCHEDULE OF INVESTMENTS
REVENUESHARES ULTRA DIVIDEND FUND
DECEMBER 31, 2013 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—99.8%
Banks—1.0%
New York Community Bancorp, Inc.	2,735	$	46,085
People’s United Financial, Inc.	2,075		31,374
Valley National Bancorp	1,708		17,285
Total Banks			94,744
Commercial & Professional Services—4.0%
Pitney Bowes, Inc.	4,635		107,996
R.R. Donnelley & Sons Co.	12,380		251,066
Total Commercial & Professional Services			359,062
Consumer Durables & Apparel—0.7%
Garmin Ltd.	1,278		59,069
Diversified Financials—0.8%
Apollo Investment Corp.	825		6,996
CME Group, Inc.	813		63,788
Total Diversified Financials			70,784
Energy—10.9%
ConocoPhillips	6,390		451,453
Diamond Offshore Drilling, Inc.	1,204		68,532
HollyFrontier Corp.	9,411		467,633
Total Energy			987,618
Food, Beverage & Tobacco—8.0%
Altria Group, Inc.	10,818		415,303
Lorillard, Inc.	2,273		115,196
Reynolds American, Inc.	3,897		194,811
Total Food, Beverage & Tobacco			725,310
Insurance—2.2%
Mercury General Corp.	1,328		66,015
Old Republic International Corp.	7,559		130,544
Total Insurance			196,559
Materials—3.7%
Cliffs Natural Resources, Inc.(a)	5,503		144,233
Newmont Mining Corp.	8,396		193,360
Total Materials			337,593
Real Estate Investment Trusts—4.2%
BioMed Realty Trust, Inc.	759		13,753
Corporate Office Properties Trust	560		13,266
Duke Realty Corp.	1,751		26,335
HCP, Inc.	1,304		47,361
Health Care REIT, Inc.	1,114		59,677
Highwoods Properties, Inc.(a)	341		12,334
Home Properties, Inc.	290		15,550
Hospitality Properties Trust	1,285		34,733
Liberty Property Trust	472		15,987
Mack-Cali Realty Corp.	736		15,809
Mid-America Apartment Communities, Inc.	205		12,452
National Retail Properties, Inc.(a)	259		7,855
Omega Healthcare Investors, Inc.	284		8,463
Realty Income Corp.	387		14,447
Senior Housing Properties Trust	760		16,895
Ventas, Inc.	1,120		64,154
Total Real Estate Investment Trusts			379,071

Investments	Shares		Value
Semiconductors & Semiconductor Equipment—0.3%
Cypress Semiconductor Corp.*	1,719	$	18,050
Intersil Corp., Class A	1,149		13,179
Total Semiconductors & Semiconductor Equipment			31,229
Telecommunication Services—17.5%
AT&T, Inc.	12,986		456,587
CenturyLink, Inc.	13,368		425,771
Frontier Communications Corp.(a)	24,559		114,199
Verizon Communications, Inc.	9,220		453,071
Windstream Holdings, Inc.(a)	17,212		137,352
Total Telecommunication Services			1,586,980
Utilities—46.5%
AGL Resources, Inc.	2,220		104,851
Ameren Corp.	3,897		140,915
American Electric Power Co., Inc.	7,516		351,298
Consolidated Edison, Inc.	5,214		288,230
Duke Energy Corp.	6,508		449,117
Entergy Corp.	4,138		261,811
Exelon Corp.	15,869		434,652
FirstEnergy Corp.	10,561		348,302
Hawaiian Electric Industries, Inc.	2,900		75,574
Integrys Energy Group, Inc.	2,189		119,103
Pepco Holdings, Inc.	5,343		102,212
PG&E Corp.	8,650		348,422
PPL Corp.	9,474		285,073
Public Service Enterprise Group, Inc.	7,149		229,054
SCANA Corp.	2,185		102,542
Southern Co.	9,521		391,408
TECO Energy, Inc.(a)	3,841		66,219
Vectren Corp.	1,603		56,906
Westar Energy, Inc.	1,675		53,885
Total Utilities			4,209,574
Total Common Stocks
(Cost $8,966,780)			9,037,593
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—4.4%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.05% (b)
(Cost $399,886)	399,886		399,886
Total Investments—104.2%
(Cost $9,366,666)			9,437,479
Liabilities in Excess of Other Assets—(4.2)%			(383,028	)
Net Assets—100.0%		$	9,054,451

* Non-income producing security

(a) All or a portion of security was on loan. The aggregate market value of the securities on loan was $382,777; total market value of the collateral held by the fund was $399,886.

(b) Rate shown represents annualized 7-day yield as of December 31, 2013.

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

28

STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2013 (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			RevenueShares Ultra Dividend Fund
ASSETS:
Investments at value
(including securities
on loan) (Note 5)1	$	209,077,961		$	176,228,269		$	268,269,836		$	29,371,339	$	26,612,907		$	8,367,419		$	9,437,479
Cash		192,876			1,055,926			606,067			27,133		42,518			749			25,799
Receivables:
Expense
reimbursement
due from
Adviser		—			—			—			—		—			1,172			523
Investment securities
sold		902,311			445,476			755,681			33,758		186,819			53,356			64,745
Dividends		269,298			118,023			287,149			18,735		33,966			6,079			21,222
Capital shares sold		—			—			8,060,986			—		—			—			—
Securities lending
income, net
(Note 2)		368			2,629			11,691			—		1,831			351			136
Reclaims		—			—			—			—		47,671			502			—
Prepaid expenses		3,676			2,784			3,486			743		351			430			97
Total Assets		210,446,490			177,853,107			277,994,896			29,451,708		26,926,063			8,430,058			9,550,001
LIABILITIES:
Payables:
Investment of cash
collateral for
securities on loan
(Note 2)		1,412,973			8,921,783			15,088,941			—		3,204,470			655,244			399,886
Investment securities
purchased		—			225,288			8,254,828			—		—			29,059			—
Income Distributions
(Note 7)		1,133,894			491,733			788,211			59,351		224,760			26,155			83,094
Capital Gains
Distributions
(Note 7)		—			807,714			552,449			—		—			—			—
Advisory fees (Note 3)		42,361			41,932			66,199			2,671		505			—			—
Compliance Officer
fees		9,367			5,276			6,942			—		—			—			—
Trustees fees		3,684			2,263			2,298			1,440		486			1,286			156
Other accrued expenses		55,973			52,609			47,136			11,535		17,841			8,383			12,414
Total Liabilities		2,658,252			10,548,598			24,807,004			74,997		3,448,062			720,127			495,550
NET ASSETS	$	207,788,238		$	167,304,509		$	253,187,892		$	29,376,711	$	23,478,001		$	7,709,931		$	9,054,451
NET ASSETS CONSIST OF:
Paid-in capital	$	135,418,924		$	116,322,173		$	173,205,223		$	24,291,831	$	26,325,243		$	6,507,265		$	8,985,790
Undistributed net
investment income
(loss)		(387,368	)		(134,331	)		(1,132,628	)		14,549		(114,005	)		(12,972	)		(15,768	)
Accumulated net realized
gain (loss) on
investments		9,013,419			12,622,362			19,685,789			1,736,348		(3,732,587	)		(81,211	)		13,616
Net unrealized
appreciation on
investments		63,743,263			38,494,305			61,429,508			3,333,983		999,350			1,296,849			70,813
NET ASSETS	$	207,788,238		$	167,304,509		$	253,187,892		$	29,376,711	$	23,478,001		$	7,709,931		$	9,054,451
Shares outstanding
(unlimited number of
shares of beneficial
interest authorized,
without par value)		5,701,400			3,751,400			4,701,400			650,000		600,000			150,000			350,000
Net asset value, per
share	$	36.45		$	44.60		$	53.85			45.19	$	39.13		$	51.40		$	25.87
Investment at cost	$	145,334,698		$	137,733,964		$	206,840,328		$	26,037,356	$	25,613,557		$	7,070,570		$	9,366,666
1  Market value of
securities on loan:	$	1,429,336		$	8,644,238		$	14,973,615			—	$	3,150,686		$	643,065		$	382,777

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

29

STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2013 (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			RevenueShares Ultra Dividend Fund1
INVESTMENT INCOME:
Dividend income	$	1,915,517		$	996,924		$	1,128,049		$	238,616		$	358,991		$	48,413		$	74,034
Foreign withholding tax		(560	)		—			—			—			(38,418	)		(1,295	)		—
Securities lending
income, net (Note 2)		4,322			15,922			57,489			54			10,544			1,924			289
Total Income		1,919,279			1,012,846			1,185,538			238,670			331,117			49,042			74,323
EXPENSES:
Advisory fees (Note 3)		414,136			370,210			503,241			71,302			69,208			21,501			6,426
BNY Fund Services fees		132,403			111,032			136,817			27,451			24,055			8,595			3,545
Professional fees		36,344			28,246			33,560			11,574			11,458			8,662			7,874
Compliance Officer fees		21,026			15,261			19,458			3,313			2,714			794			311
Printing and Postage		14,957			11,989			14,516			2,481			3,159			1,166			280
Trustees fees		9,219			6,703			8,532			1,237			1,196			173			156
NYSE Calculation fees		3,022			3,023			3,022			3,006			3,023			3,012			1,416
NYSE Listing fees		2,539			2,539			2,539			2,541			2,541			2,609			1,367
Other Expenses		4,261			3,247			3,824			1,225			1,166			885			605
Total Expenses		637,907			552,250			725,509			124,130			118,520			47,397			21,980
Less expense waivers
and reimbursements
(Note 3)		(186,959	)		(152,424	)		(182,009	)		(46,486	)		(62,000	)		(25,895	)		(14,983	)
Net Expenses		450,948			399,826			543,500			77,644			56,520			21,502			6,997
Net Investment Income		1,468,331			613,020			642,038			161,026			274,597			27,540			67,326
NET REALIZED AND
UNREALIZED GAIN
(LOSS) ON
INVESTMENTS:
Net realized gain (loss)
on investments		1,466,426			(222,393	)		(274,102	)		7,045			(307,296	)		276,333			13,616
Net realized gain on
in-kind redemptions		10,945,988			14,402,955			21,504,709			3,168,051			566,639			—			—
Total net realized gain		12,412,414			14,180,562			21,230,607			3,175,096			259,343			276,333			13,616
Net change in unrealized
appreciation
(depreciation) on
investments		16,568,094			9,912,821			21,253,984			710,722			3,122,256			955,485			70,813
Net realized and
unrealized gain on
investments		28,980,508			24,093,383			42,484,591			3,885,818			3,381,599			1,231,818			84,429
Net Increase in Net
Assets Resulting
From Operations	$	30,448,839		$	24,706,403		$	43,126,629		$	4,046,844		$	3,656,196		$	1,259,358		$	151,755

¹ Commencement of operations was October 1, 2013.

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

30

STATEMENTS OF CHANGES IN NET ASSETS

	RevenueShares Large Cap Fund							RevenueShares Mid Cap Fund					RevenueShares Small Cap Fund
	Six Months Ended December 31, 2013 (Unaudited)			Year Ended June 30, 2013				Six Months Ended December 31, 2013 (Unaudited)		Year Ended June 30, 2013			Six Months Ended December 31, 2013 (Unaudited)			Year Ended June 30, 2013
OPERATIONS:
Net investment income	$	1,468,331		$	3,145,355		$	613,020		$	1,352,194		$	642,038		$	1,283,240
Net realized gain (loss) on
investments and in-kind
redemptions		12,412,414			6,061,501			14,180,562			12,622,390			21,230,607			1,711,974
Net change in unrealized
appreciation (depreciation)
on investments		16,568,094			28,706,563			9,912,821			14,220,744			21,253,984			32,237,520
Net increase in net assets
resulting from operations		30,448,839			37,913,419			24,706,403			28,195,328			43,126,629			35,232,734
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income		(2,609,969	)		(3,079,803	)		(1,019,648	)		(1,079,903	)		(2,135,006	)		(1,172,877	)
Realized gains		—			—			(807,714	)		(460,717	)		(552,449	)		(474,726	)
Total distributions to
shareholders		(2,609,969	)		(3,079,803	)		(1,827,362	)		(1,540,620	)		(2,687,455	)		(1,647,603	)
SHAREHOLDER
TRANSACTIONS:
Proceeds from shares sold		27,820,799			10,107,207			61,061,163			21,289,708			125,010,596			15,785,481
Cost of shares redeemed		(29,896,591	)		(19,199,413	)		(40,200,796	)		(46,936,774	)		(65,703,122	)		(5,530,374	)
Net increase (decrease) in
net assets resulting from
shareholder transactions		(2,075,792	)		(9,092,206	)		20,860,367			(25,647,066	)		59,307,474			10,255,107
Increase (Decrease) in
net assets		25,763,078			25,741,410			43,739,408			1,007,642			99,746,648			43,840,238
NET ASSETS:
Beginning of the period		182,025,160			156,283,750			123,565,101			122,557,459			153,441,244			109,601,006
End of the period	$	207,788,238		$	182,025,160		$	167,304,509		$	123,565,101		$	253,187,892		$	153,441,244
Undistributed net investment
income (loss) included in
net assets at end of period	$	(387,368	)	$	754,270		$	(134,331	)		$ 272,297		$	(1,132,628	)	$	360,340
CHANGES IN SHARES
OUTSTANDING:
Shares outstanding,
beginning of period		5,801,400			6,201,400			3,251,400			4,101,400			3,501,400			3,251,400
Shares sold		800,000			350,000			1,450,000			600,000			2,500,000			400,000
Shares redeemed		(900,000	)		(750,000	)		(950,000	)		(1,450,000	)		(1,300,000	)		(150,000	)
Shares outstanding,
end of period		5,701,400			5,801,400			3,751,400			3,251,400			4,701,400			3,501,400

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

31

STATEMENTS OF CHANGES IN NET ASSETS — concluded

	RevenueShares Financials Sector Fund						RevenueShares ADR Fund						RevenueShares Navellier Overall A-100 Fund						RevenueShares Ultra Dividend Fund
	Six Months Ended December 31, 2013 (Unaudited)			Year Ended June 30, 2013			Six Months Ended December 31, 2013 (Unaudited)			Year Ended June 30, 2013			Six Months Ended December 31, 2013 (Unaudited)			Year Ended June 30, 2013			For the Period October 31, 20131 to December 31, 2013
OPERATIONS:
Net investment income	$	161,026		$	139,771		$	274,597		$	811,517		$	27,540		$	150,851		$	67,326
Net realized gain (loss)
on investments and
in-kind redemptions		3,175,096			(217,509	)		259,343			(1,009,137	)		276,333			1,214,309			13,616
Net change in unrealized
appreciation
(depreciation) on
investments		710,722			4,301,291			3,122,256			2,860,112			955,485			(288,549	)		70,813
Net increase in net assets
resulting from
operations		4,046,844			4,223,553			3,656,196			2,662,492			1,259,358			1,076,611			151,755
DISTRIBUTIONS TO
SHAREHOLDERS
FROM:
Net investment income		(183,276	)		(116,947	)		(650,781	)		(695,468	)		(119,412	)		(84,688	)		(83,094	)
Realized gains		—			—			—			—			—			—			—
Total distributions to
shareholders		(183,276	)		(116,947	)		(650,781	)		(695,468	)		(119,412	)		(84,688	)		(83,094	)
SHAREHOLDER
TRANSACTIONS:
Proceeds from
shares sold		8,382,334			17,282,827			—			—			—			—			8,985,790
Cost of shares
redeemed		(12,378,478	)		(1,547,478	)		(3,645,046	)		(14,436,425	)		—			(2,007,397	)		—
Net increase (decrease) in
net assets resulting
from shareholder
transactions		(3,996,144	)		15,735,349			(3,645,046	)		(14,436,425	)		—			(2,007,397	)		8,985,790
Increase (Decrease) in
net assets		(132,576	)		19,841,955			(639,631	)		(12,469,401	)		1,139,946			(1,015,474	)		9,054,451
NET ASSETS:
Beginning of the period		29,509,287			9,667,332			24,117,632			36,587,033			6,569,985			7,585,459			—
End of the period	$	29,376,711		$	29,509,287		$	23,478,001		$	24,117,632		$	7,709,931		$	6,569,985		$	9,054,451
Undistributed net
investment income
(loss) included in net
assets at end of
period	$	14,549		$	36,799		$	(114,005	)	$	259,276		$	(12,972	)	$	78,900		$	(15,768	)
CHANGES IN SHARES
OUTSTANDING:
Shares outstanding,
beginning of period		750,000			350,000			700,000			1,150,000			150,000			200,000			—
Shares sold		200,000			450,000			—			—			—			—			350,000
Shares redeemed		(300,000	)		(50,000	)		(100,000	)		(450,000	)		—			(50,000	)		—
Shares outstanding,
end of period		650,000			750,000			600,000			700,000			150,000			150,000			350,000

¹ Commencement of Operations.

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

32

FINANCIAL HIGHLIGHTS
REVENUESHARES LARGE CAP FUND

For a share outstanding throughout each period presented.

	Six-Months Ended December 31, 2013 (Unaudited)			Year Ended June 30,
					2013			2012			2011			2010			20091
Per Share Operating
Performance:
Net asset value, beginning
of period	$	31.38		$	25.20		$	25.00		$	19.40		$	16.63		$	22.87
Net investment income2		0.27			0.54	6		0.41			0.39			0.29			0.33
Net realized and unrealized gain
(loss) on investments		5.26			6.17			0.213			5.57			2.74			(6.34	)
Total gain (loss) from investment
operations		5.53			6.71			0.62			5.96			3.03			(6.01	)
Less Distributions from:
Net investment income		(0.46	)		(0.53	)		(0.42	)		(0.36	)		(0.26	)		(0.23	)
Net asset value, end of period	$	36.45		$	31.38		$	25.20		$	25.00		$	19.40		$	16.63
Total Return at Net Asset Value4		17.76	%		26.98	%		2.59	%		30.97	%		18.21	%		(26.27	)%
Total Return at Market Value4		17.92	%		26.86	%		2.57	%		30.94	%		17.99	%		(26.52	)%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted	$	207,788		$	182,025		$	156,284		$	201,301		$	138,721		$	53,233
Ratio to average net assets of:
Expenses, net of expense
waivers and reimbursements		0.49	%5		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense
waivers and reimbursements		0.69	%5		0.71	%		0.75	%		0.73	%		0.85	%		1.89	%
Net investment income, net of
waivers and reimbursements		1.60	%5		1.93	%6		1.72	%		1.68	%		1.44	%		2.05	%
Portfolio turnover rate7		10.14	%		23.47	%		29.05	%		12.73	%		6.72	%		23.67	%

¹ 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.

² Based on average daily shares outstanding.

³ The amount of net gain from securities (both realized and unrealized) per share does not accord with the amounts reported in the Statement of Operations due to the timing of purchases and redemptions of Fund shares during the year.

⁴ Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the 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.

⁵ Annualized for periods less than one year.

⁶ For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.02 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.85%.

⁷ Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

33

FINANCIAL HIGHLIGHTS — continued
REVENUESHARES MID CAP FUND

For a share outstanding throughout each period presented.

	Six-Months Ended December 31, 2013 (Unaudited)			Year Ended June 30,
					2013			2012			2011			2010			20091
Per Share Operating Performance:
Net asset value, beginning
of period	$	38.00		$	29.88		$	31.69		$	23.04		$	18.84		$	24.17
Net investment income2		0.17			0.39	5		0.23			0.18			0.17			0.18
Net realized and unrealized gain
(loss) on investments		6.94			8.18			(1.15	)		8.64			4.18			(5.36	)
Total gain (loss) from investment
operations		7.11			8.57			(0.92	)		8.82			4.35			(5.18	)
Less Distributions from:
Net investment income		(0.29	)		(0.31	)		(0.22	)		(0.17	)		(0.15	)		(0.15	)
Realized gains		(0.22	)		(0.14	)		(0.67	)		—			—			—
Total distributions		(0.51	)		(0.45	)		(0.89	)		(0.17	)		(0.15	)		(0.15	)
Net asset value, end of period	$	44.60		$	38.00		$	29.88		$	31.69		$	23.04		$	18.84
Total Return at Net Asset Value3		18.76	%		28.95	%		(2.72	)%		38.40	%		23.07	%		(21.39	)%
Total Return at Market Value3		18.72	%		29.25	%		(2.80	)%		38.42	%		22.86	%		(21.71	)%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted	$	167,305		$	123,565		$	122,557		$	144,235		$	100,270		$	30,166
Ratio to average net assets of:
Expenses, net of expense waivers
and reimbursements		0.54	%4		0.54	%		0.54	%		0.54	%		0.54	%		0.54	%
Expenses, prior to expense waivers
and reimbursements		0.75	%4		0.80	%		0.82	%		0.81	%		0.89	%		2.02	%
Net investment income, net of
waivers and reimbursements		0.83	%4		1.17	%5		0.77	%		0.61	%		0.71	%		1.12	%
Portfolio turnover rate6		13.41	%		44.42	%		55.02	%		38.03	%		14.51	%		35.25	%

¹ 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.

² Based on average daily shares outstanding.

³ Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the 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.

⁴ Annualized for periods less than one year.

⁵ For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.05 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.03%.

⁶ Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

34

FINANCIAL HIGHLIGHTS — continued
REVENUE SHARES SMALL CAP FUND

For a share outstanding throughout each period presented.

	Six-Months Ended December 31, 2013 (Unaudited)			Year Ended June 30,
					2013			2012			2011			2010			20091
Per Share Operating Performance:
Net asset value, beginning
of period	$	43.82		$	33.71		$	34.47		$	25.41		$	20.04		$	23.35
Net investment income2		0.16			0.38	5		0.20			0.14			0.07			0.11
Net realized and unrealized gain
(loss) on investments		10.51			10.22			(0.81	)		9.06			5.35			(3.32	)
Total gain (loss) from investment
operations		10.67			10.60			(0.61	)		9.20			5.42			(3.21	)
Less Distributions from:
Net investment income		(0.52	)		(0.35	)		(0.15	)		(0.14	)		(0.05	)		(0.10	)
Realized gains		(0.12	)		(0.14	)		—			—			—			—
Total distributions		(0.64	)		(0.49	)		(0.15	)		(0.14	)		(0.05	)		(0.10	)
Net asset value, end of period	$	53.85		$	43.82		$	33.71		$	34.47		$	25.41		$	20.04
Total Return at Net Asset Value3		24.48	%		31.74	%		(1.75	)%		36.26	%		27.07	%		(13.67	)%
Total Return at Market Value3		24.76	%		31.53	%		(1.67	)%		36.10	%		26.88	%		(13.67	)%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted	253,188			$	153,441		$	109,601		$	131,017		$	109,319		$	32,099
Ratio to average net assets of:
Expenses, net of expense
waivers and reimbursements		0.54	%4		0.54	%		0.54	%		0.54	%		0.54	%		0.54	%
Expenses, prior to expense
waivers and reimbursements		0.72	%4		0.79	%		0.84	%		0.83	%		0.89	%		2.20	%
Net investment income, net of
waivers and reimbursements		0.64	%4		0.99	%5		0.61	%		0.44	%		0.25	%		0.62	%
Portfolio turnover rate6		8.30	%		39.39	%		47.80	%		33.72	%		16.33	%		32.38	%

¹ 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.

² Based on average daily shares outstanding.

³ Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the 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.

⁴ Annualized for periods less than one year.

⁵ For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.12 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.69%.

⁶ Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

35

FINANCIAL HIGHLIGHTS — continued
REVENUESHARES FINANCIALS SECTOR FUND

For a share outstanding throughout each period presented.

	Six-Months Ended December 31, 2013 (Unaudited)			Year Ended June 30,												For the Period November 10, 20081 Through June 30, 2009
				2013			2012			2011			2010
Per Share Operating Performance:
Net asset value, beginning
of period	$	39.35		$	27.62		$	29.70		$	27.30		$	22.36		$	25.00
Net investment income2		0.22			0.38	5		0.26			0.46			0.15			0.19
Net realized and unrealized gain
(loss) on investments		5.88			11.71			(2.05	)		2.41			4.96			(2.69	)
Total gain (loss) from investment
operations		6.10			12.09			(1.79	)		2.87			5.11			(2.50	)
Less Distributions from:
Net investment income		(0.26	)		(0.36	)		(0.29	)		(0.47	)		(0.17	)		(0.14	)
Net asset value, end of period	$	45.19		$	39.35		$	27.62		$	29.70		$	27.30		$	22.36
Total Return at Net Asset Value3		15.57	%		44.09	%		(5.95	)%		10.40	%		22.87	%		(9.87	)%
Total Return at Market Value3		15.66	%		44.24	%		(5.93	)%		10.29	%		23.00	%		(10.03	)%
Ratios/Supplemental Data:
Net assets, end of period
(000’s)omitted	$	29,377		$	29,509		$	9,667		$	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	%		0.49	%		0.49	%4
Expenses, prior to expense
waivers and reimbursements		0.78	%4		1.03	%		1.29	%		1.03	%		1.11	%		3.14	%4
Net investment income, net of
waivers and reimbursements		1.02	%4		1.12	%5		0.98	%		1.52	%		0.51	%		1.60	%4
Portfolio turnover rate6		5.95	%		20.20	%		26.17	%		15.99	%		1.76	%		19.26	%

¹ Commencement of Operations.

² Based on average daily shares outstanding.

³ Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the 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.

⁴ Annualized for periods less than one year.

⁵ For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.004 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.11%.

⁶ Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

36

FINANCIAL HIGHLIGHTS — continued
REVENUESHARES ADR FUND

For a share outstanding throughout each period presented.

	Six-Months Ended December 31, 2013 (Unaudited)				Year Ended June 30,												For the Period November 18, 20081 Through June 30, 2009
					2013			2012			2011			2010
Per Share Operating Performance:
Net asset value, beginning
of period		$	34.45		$	31.81		$	39.84		$	30.74		$	30.09		$	25.00
Net investment income2			0.45			0.975			1.00			0.96			1.07			0.58
Net realized and unrealized gain
(loss) on investments			5.25			2.47			(7.47	)		9.01			0.40			4.68
Total gain (loss) from investment
operations			5.70			3.44			(6.47	)		9.97			1.47			5.26
Less Distributions from:
Net investment income			(1.02	)		(0.80	)		(1.33	)		(0.87	)		(0.68	)		(0.17	)
Realized gains			—			—			(0.23	)		—			(0.14	)		—
Total distributions			(1.02	)		(0.80	)		(1.56	)		(0.87	)		(0.82	)		(0.17	)
Net asset value, end of period		$	39.13		$	34.45		$	31.81		$	39.84		$	30.74		$	30.09
Total Return at Net Asset Value3			16.79	%		10.87	%		(16.30	)%		32.89	%		4.64	%		21.15	%
Total Return at Market Value3			16.67	%		10.76	%		(16.32	)%		32.90	%		4.55	%		21.18	%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted		$	23,478		$	24,118		$	36,587		$	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	%		0.49	%		0.49	%4
Expenses, prior to expense
waivers and reimbursements			1.03	%4		1.06	%		1.05	%		0.99	%		1.08	%		3.52	%4
Net investment income, net of
waivers and reimbursements			2.38	%4		2.83	%5		2.97	%		2.55	%		3.06	%		3.79	%4
Portfolio turnover rate6			8.08	%		21.02	%		35.04	%		37.11	%		45.80	%		82.02	%

¹ Commencement of Operations.

² Based on average daily shares outstanding.

³ Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the 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.

⁴ Annualized for periods less than one year.

⁵ For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.003 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 2.82%.

⁶ Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

37

FINANCIAL HIGHLIGHTS — continued
REVENUESHARES NAVELLIER OVERALL A-100 FUND

For a share outstanding throughout each period presented.

	Six-Months Ended December 31, 2013 (Unaudited)			Year Ended June 30,												For the Period January 21, 20091 Through June 30, 2009
				2013			2012			2011			2010
Per Share Operating Performance:
Net asset value, beginning
of period	$	43.80		$	37.93		$	41.98		$	29.68		$	27.52		$	25.00
Net investment income2		0.18			0.86	5		0.44			0.39			0.10			0.09
Net realized and unrealized gain
(loss) on investments		8.22			5.49			(3.67	)		12.32			2.61			2.52
Total gain (loss) from investment
operations		8.40			6.35			(3.23	)		12.71			2.71			2.61
Less Distributions from:
Net investment income		(0.80	)		(0.48	)		(0.38	)		(0.41	)		(0.07	)		(0.09	)
Realized gains		—			—			(0.44	)		—			(0.48	)		—
Total distributions		(0.80	)		(0.48	)		(0.82	)		(0.41	)		(0.55	)		(0.09	)
Net asset value, end of period	$	51.40		$	43.80		$	37.93		$	41.98		$	29.68		$	27.52
Total Return at Net Asset Value3		19.42	%		16.79	%		(7.61	)%		43.05	%		9.70	%		10.48	%
Total Return at Market Value3		19.74	%		16.77	%		(7.93	)%		43.22	%		9.81	%		10.69	%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted	$	7,710		$	6,570		$	7,585		$	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	%		0.60	%		0.60	%4
Expenses, prior to expense
waivers and reimbursements		1.32	%4		1.43	%		1.42	%		1.60	%		1.40	%		3.72	%4
Net investment income, net of
waivers and reimbursements		0.77	%4		2.05	%5		1.18	%		1.06	%		0.32	%		0.81	%4
Portfolio turnover rate6		64.75	%		224.74	%		154.06	%		190.44	%		182.12	%		32.48	%

¹ Commencement of Operations.

² Based on average daily shares outstanding.

³ Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the 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.

⁴ Annualized for periods less than one year.

⁵ For the year ended June 30, 2013, net investment income per share reflects a special dividend which amounted to $0.06 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.91%.

⁶ Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

38

FINANCIAL HIGHLIGHTS — concluded
REVENUESHARES ULTRA DIVIDEND FUND

For a share outstanding throughout the period presented.

	For the Period October 1, 20131 Through December 31, 2013
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.30
Net realized and unrealized gain on investments		0.81
Total gain from investment operations		1.11
Less Distributions from:
Net investment income		(0.24	)
Net asset value, end of period	$	25.87
Total Return at Net Asset Value3		4.98	%
Total Return at Market Value3		5.14	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	9,054
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.49	%4
Expenses, prior to expense waivers and reimbursements		1.54	%4
Net investment income, net of waivers and reimbursements		4.71	%4
Portfolio turnover rate5		27.59	%

¹ Commencement of Operations.

² Based on average daily shares outstanding.

³ Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the 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.

⁴ Annualized for periods less than one year.

5 Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Funds’ capital shares.

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

39

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 seven active funds (collectively, the “Funds” and each individually a “Fund”). The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund are diversified funds under the Act, the RevenueShares Financials Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund are 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, January 21, 2009 for the RevenueShares Navellier Overall A-100 Fund and October 1, 2013 for RevenueShares Ultra Dividend 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, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund) is to outperform the total return performance of the Funds’ corresponding benchmarks (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, the Navellier Overall A-100 Index and S&P 900 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 recorded on the ex-dividend date or, in the case of foreign securities, as soon as the information is available after the ex-dividend date. Interest income is accrued daily. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities.

Securities Lending — Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of cash and /or high grade debt obligations, equivalent to at least 100% of the market value of securities loaned, is maintained at all times. The collateral can be invested in certain money market mutual funds which also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The dividend and interest income earned on the securities loaned is accounted for in

40

NOTES TO FINANCIAL STATEMENTS — continued

the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. Lending portfolio securities could result in a loss or delay in recovering the Fund’s securities if the borrower defaults.

The securities lending income earned by the Funds is disclosed on the Statements of Operations. The value of loaned securities and related collateral outstanding at December 31, 2013 are shown in the Schedules of Investments and Statements of Assets and Liabilities. Therefore the value of the collateral held may be temporarily less than that required under the lending contract. As of December 31, 2013, the collateral consisted of an institutional money market fund and U.S. Treasury Notes.

Master Netting Arrangements

A Fund’s security lending activities are governed by a Securities Lending Authorization Agreement (“Lending Agreement”) between the Fund and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each a “Borrower”). To mitigate borrower risk, a Fund typically receives from a Borrower, collateral in the form of U.S. dollar cash and/or securities issued or guaranteed by the U.S. Government or its agencies in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, a Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. A Fund is exposed to risk of loss if a Borrower defaults on its obligation to return borrowed securities and the value of the collateral a Fund received is insufficient to cover the market value of the securities loaned. Also, the lending agent is permitted to invest the cash collateral it receives from a Borrower into a money market fund which is subject to market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy the Fund’s obligation to return the full amount owed to such Borrower.

For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of December 31, 2013, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting provisions in the Lending Agreement are detailed in the following table:

			Assets							Liabilities
Fund	Gross Amounts Presented in Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities Collateral Received			Net Amount		Gross Amounts Presented in Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities Collateral Received		Net Amount
RevenueShares Large Cap Fund	$	1,429,336	$	(1,412,973	)1	$	16,363	$	—	$	—	$	—
RevenueShares Mid Cap Fund		8,644,238		(8,644,238	)1		—		—		—		—
RevenueShares Small Cap Fund		14,973,615		(14,973,615	)1		—		—		—		—
RevenueShares ADR Fund		3,150,686		(3,150,686	)1		—		—		—		—
RevenueShares Navellier
Overall A-100 Fund		643,065		(643,065	)1		—		—		—		—
RevenueShares Ultra Dividend Fund		382,777		(382,777	)1		—		—		—		—

¹ The amount of collateral presented is limited such that the net amount cannot be less than zero.

Expenses — Expenses of the Trust which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

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

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

41

NOTES TO FINANCIAL STATEMENTS — continued

The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund pay the Adviser an annualized fee of 0.45%, 0.50%, 0.50%, 0.45%, 0.60% 0.60%, and 0.45% 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 fund expenses (excluding any taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses) for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund from exceeding 0.49%, 0.54%, 0.54%, 0.49%, 0.49%, 0.60% and 0.49% 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 28, 2014, after which it may be terminated or revised.

For the six months ended December 31, 2013, the Adviser waived and reimbursed the following fees:

Fund	Fees Waived and Reimbursed
RevenueShares Large Cap Fund	$	186,959
RevenueShares Mid Cap Fund		152,424
RevenueShares Small Cap Fund		182,009
RevenueShares Financials Sector Fund		46,486
RevenueShares ADR Fund		62,000
RevenueShares Navellier Overall A-100 Fund		25,895
RevenueShares Ultra Dividend Fund		14,983

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

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

Distribution — Foreside Fund Services, LLC serves as the Funds’ distributor (the “Distributor”). The Trust has adopted a distribution and services plan (“12b-1”) pursuant to rule 12b-1 under the 1940 Act. Each Fund is authorized to pay an amount up to a maximum annual rate of 0.25% of its average daily net assets for distribution related activities. No 12b-1 fees are currently paid by the Funds, and there are currently no plans to impose these fees.

Other Service Providers — Foreside Compliance Services, LLC (“FCS”), an affiliate of the Distributor, provides an Anti-Money Laundering Officer and Chief Compliance Officer as well as certain additional compliance support functions to the Funds.

Neither the Distributor, FCS nor any of their officers or employees who serve as an officer of the Funds, has any role in determining the investment policies of, or which securities are to be purchased or sold by, the Trust or its Funds. Certain officers or employees of FCS are also officers of the Trust.

Licensing Fee Agreements — The Adviser has licensed each Fund to use certain trademarks that are owned by the Adviser. No fees were charged to the Funds for this license.

4. CREATION AND REDEMPTION TRANSACTIONS

As of December 31, 2013, 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.

42

NOTES TO FINANCIAL STATEMENTS — continued

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

5. FAIR VALUE MEASUREMENT

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

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices 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, 2013 in valuing the Funds’ assets carried at fair value:

	Quoted Prices in Active Markets (Level 1)
Fund	Common Stock			Preferred Stock	Money Market Funds		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
RevenueShares Large Cap Fund	$	207,664,988	$	—	$	1,412,973	$	—	$	—	$	209,077,961
RevenueShares Mid Cap Fund		167,306,486		—		8,921,783		—		—		176,228,269
RevenueShares Small Cap Fund		253,180,895		—		15,088,941		—		—		268,269,836
RevenueShares Financials
Sector Fund		29,371,339		—		—		—		—		29,371,339
RevenueShares ADR Fund		23,001,962		406,045		3,204,470		430		—		26,612,907
RevenueShares Navellier
Overall A-100 Fund		7,712,175		—		655,244		—		—		8,367,419
RevenueShares Ultra
Dividend Fund		9,037,593		—		399,886		—		—		9,437,479

At December 31, 2013, the Funds did not hold any Level 3 securities. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.

The Funds’ policy is to disclose transfers between Levels based on valuations at the beginning of the reporting period. At December 31, 2013, there were no transfers between Levels 1, 2, or 3, based on the valuation input Levels assigned to securities on June 30, 2013.

43

NOTES TO FINANCIAL STATEMENTS — continued

6. INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the six months ended December 31, 2013 were as follows:

Fund	Purchases		Sales
RevenueShares Large Cap Fund	$	19,447,307	$	18,597,041
RevenueShares Mid Cap Fund		44,062,247		19,607,879
RevenueShares Small Cap Fund		53,510,971		16,607,758
RevenueShares Financials Sector Fund		1,825,338		1,846,645
RevenueShares ADR Fund		1,833,537		1,995,894
RevenueShares Navellier Overall A-100 Fund		4,613,323		4,695,431
RevenueShares Ultra Dividend Fund		1,689,237		1,695,780

For the six months ended December 31, 2013, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:

Fund	Purchases		Sales
RevenueShares Large Cap Fund	$	26,009,362	$	29,116,889
RevenueShares Mid Cap Fund		30,949,025		35,777,236
RevenueShares Small Cap Fund		71,579,999		51,135,218
RevenueShares Financials Sector Fund		8,370,248		12,352,932
RevenueShares ADR Fund		—		3,643,401
RevenueShares Navellier Overall A-100 Fund		—		—
RevenueShares Ultra Dividend Fund		8,959,869		—

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 26, 2013, the Funds declared quarterly income dividends with and ex-date of December 27, 2013 and payable date of January 3, 2014. 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	$	0.19888	$	—
RevenueShares Mid Cap Fund		0.13107	0.21531
RevenueShares Small Cap Fund		0.17318	0.12137
RevenueShares Financials Sector Fund		0.09130	—
RevenueShares ADR Fund		0.37460	—
RevenueShares Navellier Overall A-100 Fund		0.17437	—
RevenueShares Ultra Dividend Fund		0.23741	—

8. TRUSTEE’S FEES

The Trust compensates each Trustee who is not an officer or employee of the Adviser. No Trustee of the Trust who is also an officer or employee of the Adviser receives any compensation from the Trust for services to the Trust.

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.

44

NOTES TO FINANCIAL STATEMENTS — continued

At December 31, 2013, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were as follows:

Fund	Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation
RevenueShares Large Cap Fund	$	145,334,698	$	64,287,072	$	(543,809	)	$	63,743,263
RevenueShares Mid Cap Fund		137,733,964		38,622,280		(127,975	)		38,494,305
RevenueShares Small Cap Fund		206,840,328		62,097,555		(668,047	)		61,429,508
RevenueShares Financials Sector Fund		26,037,356		3,381,033		(47,050	)		3,333,983
RevenueShares ADR Fund		25,613,557		3,187,384		(2,188,034	)		999,350
RevenueShares Navellier Overall A-100 Fund		7,070,570		1,341,275		(44,426	)		1,296,849
RevenueShares Ultra Dividend Fund		9,366,666		167,131		(96,318	)		70,813

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark to market of unrealized gains on passive foreign investment companies. At June 30, 2013, the components of accumulated earnings/loss on a tax-basis were as follows:

Fund	Undistributed Ordinary Income		Accumulated Undistributed Capital and Other Loss			Net Unrealized Appreciation (Depreciation)			Total Accumulated Earnings/ (Loss)
RevenueShares Large Cap Fund	$	754,270	$	(1,214,786	)	$	44,990,960		$	44,530,444
RevenueShares Mid Cap Fund		272,297		528,872			27,302,126			28,103,295
RevenueShares Small Cap Fund		1,166,956		72,821			38,303,718			39,543,495
RevenueShares Financials Sector Fund		36,799		(1,134,722	)		2,319,235			1,221,312
RevenueShares ADR Fund		271,862		(3,516,228	)		(2,608,291	)		(5,852,657	)
RevenueShares Navellier Overall A-100 Fund		78,900		(357,115	)		340,935			62,720

The tax character of distributions paid during the years ended June 30, 2013 and 2012 were as follows:

	2013				2012
Fund	Distributions Paid From Ordinary Income			Distributions Paid From Long-Term Capital Gain	Distributions Paid From Ordinary Income			Distributions Paid From Long-Term Capital Gain
RevenueShares Large Cap Fund	$	3,079,803	$	—	$	2,947,099	$	—
RevenueShares Mid Cap Fund		1,079,897		460,723		1,623,906		2,335,438
RevenueShares Small Cap Fund		1,209,977		437,626		525,064		—
RevenueShares Financials Sector Fund		116,947		—		98,921		—
RevenueShares ADR Fund		695,468		—		1,975,494		211,188
RevenueShares Navellier Overall A-100 Fund		84,688		—		144,914		67,129

At June 30, 2013, for Federal income tax purposes, the following Funds have capital loss carryforwards available to offset future capital gains through the years indicated. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders.

Fund	Capital Loss Available Through 2017		Capital Loss Available Through 2018		Capital Loss Available Through 2019		Short-Term Post-Effective No Expiration		Long-Term Post-Effective No Expiration		Total
RevenueShares Large Cap Fund	$	—	$	711,581	$	—	$	—	$	503,205	$	1,214,786
RevenueShares Financials Sector Fund		52,317		21,626		78,535		148,177		727,637		1,028,292
RevenueShares ADR Fund		—		—		—		838,744		1,455,889		2,294,633
RevenueShares Navellier Overall A-100 Fund		—		—		—		357,115		—		357,115

45

NOTES TO FINANCIAL STATEMENTS — continued

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

Post-October losses represent losses realized on investment transactions from November 1, 2012 through June 30, 2013, 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, 2013, the Funds incurred and will elect to defer net capital losses as follows:

Fund	Post-October Capital Losses
RevenueShares Mid Cap Fund	$	278,827
RevenueShares Financials Sector Fund		106,430
RevenueShares ADR Fund		1,221,595

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of redemptions in kind. Results of operations and net assets were not affected by these reclassifications. At June 30, 2013, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets as follows:

Fund	Undistributed Net Investment Income		Accumulated Net Realized Gain/(Loss) on Investments			Paid-in- Capital
RevenueShares Large Cap Fund	$	—	$	(4,370,950	)	$	4,370,950
RevenueShares Mid Cap Fund		6		(11,907,209	)		11,907,203
RevenueShares Small Cap Fund		—		(1,530,944	)		1,530,944
RevenueShares Financials Sector Fund		—		(254,354	)		254,354
RevenueShares ADR Fund		4,008		(232,813	)		228,805
RevenueShares Navellier Overall A-100 Fund		—		(35,917	)		35,917

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 Funds will recognize expenses accrued related to unrecognized interest expense and penalties in “Other” expense on the Statements of Operations. Management has determined that there is no impact resulting from the application of this interpretation to the Funds’ financial statements.

Financial reporting rules require management of the Funds to analyze all open tax years, fiscal years 2010-2013, as defined by IRS statute of limitations, for all major jurisdictions, including Federal tax authorities and certain state tax authorities. As of and during the year ended June 30, 2013, 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, the RevenueShares ADR Fund and the RevenueShares Ultra Dividend Fund may be adversely affected by the performance of the securities in a particular industry and may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class than may be the case for a fund that was not concentrated in a particular industry.

46

NOTES TO FINANCIAL STATEMENTS — continued

Non-Diversification Risk

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

Financials Sector Risk

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

ADR Risk

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

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

In addition, although the ADRs, global shares and ordinary shares in which the Fund invests are listed on major U.S. exchanges, there can be no assurance that a market for these securities will be made or maintained or that any such market will be or remain liquid. The price at which the Fund’s securities may be sold and the value of the Fund’s Shares will be adversely affected if trading markets for the securities are limited or absent or if bid/ask spreads are wide.

Foreign Market Risk

Since global shares and the underlying securities of ADRs in the RevenueShares ADR Fund’s portfolio trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the ADRs representing those underlying securities may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for shares of the Fund.

Energy Industry Risk

The RevenueShares ADR Fund is subject to energy industry risk. Stock prices for energy companies are affected by supply and demand both for their specific product or service and for energy products in general. The price of oil and gas, exploration and production spending, government regulation, world events and economic conditions will likewise affect the performance of these companies. Energy companies may incur large cleanup and litigation costs relating to environmental damage such as oil spills.

47

NOTES TO FINANCIAL STATEMENTS — concluded

Utilities Industry Risk

The RevenueShares Ultra Dividend Fund is subject to utilities industry risk. The utilities industry is subject to significant government regulation and oversight. Companies in the utilities industry may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with regulations, among other factors.

11. SUBSEQUENT EVENTS

Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that, except as set forth above, there are no material events that would require disclosure in the Funds’ financial statements through this date.

48

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

A. Renewing RevenueShares Funds

At the November 22, 2013 meeting (the “November Meeting”) of the Board of Trustees (the “Board”) of the RevenueShares ETF Trust (the “Trust”), the Board, including those Trustees (the “Independent Trustees”) who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust, approved VTL Associates, LLC (the “Adviser”) to continue to serve as investment adviser to 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 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. 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.

In connection with considering the continuation of the Advisory Agreements on behalf of the Funds, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. The Board, including 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 on behalf of the Funds and reviewed the duties and responsibilities of the Trustees in evaluating and approving their continuation.

In considering whether to approve the continuation of the Advisory Agreements on behalf of the Funds for an additional year, the Board reviewed the materials provided for the November Meeting by the Adviser and Sub-Adviser, including: (i) a copy of the Investment Advisory Agreement between the Trust and the Adviser and all amendments thereto; (ii) a copy of the Sub-Advisory Agreement between the Adviser and the Sub-Adviser and all amendments thereto; (iii) information describing the nature, quality and extent of the services that the Adviser and Sub-Adviser provide and expect to provide to the Funds; (iv) information concerning the financial condition, businesses, operations and compliance programs of the Adviser and Sub-Adviser; and (v) a copy of the current Form ADV for each of the Adviser and Sub-Adviser. The Board also considered the information presented at Board meetings throughout the year. In addition, the Board received a report prepared by Lipper Inc. (“Lipper”), an independent third-party, comparing the advisory fees, expenses and performance of the Funds with the fees, expenses and performance of other exchange-traded funds (“ETFs”) with similar investment objectives and policies.

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

In considering the continuation of the Advisory Agreements on behalf of the Funds, 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 and expected to be provided to the Funds by the Adviser and Sub-Adviser; Personnel and operations of the Adviser and Sub-Adviser. The Board reviewed the services that the Adviser and Sub-Adviser provide and expect to 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 Funds; responsibility for daily monitoring of tracking error and quarterly reporting to the Board; monitoring the Funds’ securities lending program; 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.

49

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, including the Adviser’s and Sub-Adviser’s personnel. 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, personnel, operations and resources.

(b) Comparison of services provided and fees charged by the Adviser and Sub-Adviser and other investment advisers to similar clients. 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 Fund’s advisory fee and expense ratio to other investment companies considered to be in each 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 a written Fee Waiver and Expense Reimbursement Agreement (the “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 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 and clients (including other ETFs) 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, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, the Board noted that each 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) and total expenses (including the fee waiver) were below the median of its Lipper peer group but the Fund’s contractual advisory fee was above 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) was below the median of its Lipper peer group but the Fund’s contractual advisory fee and total expenses (including the fee waiver) were 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) was equal to the median of its Lipper peer group but the Fund’s contractual advisory fee and total expenses (including the fee waiver) were 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, representatives from the Adviser explained and the Board considered the reasons for the higher fees or expenses.

After comparing each Fund’s fees with those of other funds in each Fund’s peer group and considering the information about fee rates charged to other accounts and clients 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 cost of the services provided and profits realized by the Adviser and Sub-Adviser from the relationship with the Funds, the extent to which economies of scale were realized as the Funds grew, and whether fee levels reflect such economies of scale; “Fall-out” benefits. 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 reviewed the profitability and viability of the Adviser, including the month-by-month profitability information, and considered the Adviser’s decision to continue operating those Funds that have not yet gained traction in the market. The Board next discussed economies of scale. The Board considered that the Funds were still not yet of 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.

The Board also considered that the Adviser and Sub-Adviser may experience reputational “fall-out” benefits based on the success of the Funds, but that such benefits are not easily quantifiable. The Board also noted that the Trust’s service providers are not affiliated with the Adviser and Sub-Adviser, so that such services do not give rise to “fall-out” benefits for the Adviser and Sub-Adviser.

50

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS — continued

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

With respect to the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, the Board considered that each Fund outperformed its respective Lipper performance universe average for the one-year, three-year, five-year and since-inception periods ended September 30, 2013. With respect to the RevenueShares Financials Sector Fund, the Board considered that the Fund outperformed its Lipper performance universe average for the one-year, three-year and since-inception periods ended September 30, 2013. With respect to the RevenueShares ADR Fund and the RevenueShares Navellier Overall A-100 Fund, the Board considered that each Fund underperformed its respective Lipper performance universe average for the one-year, three-year and since-inception periods ended September 30, 2013. The Board discussed with the portfolio managers the reasons for the relative underperformance of the RevenueShares ADR Fund and the RevenueShares Navellier Overall A-100 Fund for each period ended September 30, 2013.

The Board received and considered information about the premium/discount history of the Funds, which illustrated the number of times that the market price of the Funds trading on the secondary market closed above or below the net asset value (“NAV”) of the Funds, and by how much, measured in basis points. The Board concluded that the performance of the Funds, including the tracking error, was reasonable in light of the respective investment objectives and policies of the 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 Expense Limitation Agreement, the Board concluded that the advisory fee rates and total expense ratios were reasonable in relation to the services provided and expected to be 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 the Sub-Adviser on behalf of the Funds was in the best interests of each Fund.

B. New RevenueShares Ultra Dividend Fund

At the May 23, 2013 meeting (the “May Meeting”) of the Board, the Board, including the Independent Trustees, approved the Adviser as the investment adviser to the RevenueShares Ultra Dividend Fund series of the Trust (the “New Fund”) and approved the Investment Advisory Agreement with respect to the New Fund. The Board, including the Independent Trustees, also approved the Sub-Adviser as the sub-adviser to the New Fund and approved the Sub-Advisory Agreement with respect to the New Fund. The New Fund commenced operations on October 1, 2013.

In connection with considering the approval of the Advisory Agreements on behalf of the New Fund, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. The Board, including 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 approving the Advisory Agreements on behalf of the New Fund and reviewed the duties and responsibilities of the Trustees in evaluating and approving the Advisory Agreements.

In considering whether to approve the Advisory Agreements on behalf of the New Fund, the Board reviewed the materials provided for the May Meeting by the Adviser and Sub-Adviser, including: (i) a copy of the Investment Advisory Agreement between the Trust and the Adviser and all amendments thereto; (ii) a copy of the Sub-Advisory Agreement between the Adviser and the Sub-Adviser and all amendments thereto; (iii) information describing the nature, quality and extent of the services that the Adviser and Sub-Adviser would provide to the New Fund; (iv) information concerning the financial condition, businesses, operations and compliance programs of the Adviser and Sub-Adviser; and (v) a copy of the current Form ADV for each of the Adviser and Sub-Adviser. The Board also considered the information presented at Board meetings throughout the year. In addition, the Board received a report prepared by Lipper, an independent third-party, comparing the proposed advisory fees and expenses of the New Fund with the fees and expenses of other ETFs with similar investment objectives and policies.

51

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS — continued

During its review of this information, the Board focused on and analyzed the factors that the Board deemed relevant, including: (i) the nature, quality and extent of the services to be provided to the New Fund by the Adviser and Sub-Adviser; (ii) the personnel and operations of the Adviser and Sub-Adviser; (iii) the expected profitability to the Adviser and Sub-Adviser under the Investment Advisory Agreement and Sub-Advisory Agreement, respectively; (iv) any “fall-out” benefits to the Adviser and Sub-Adviser (i.e., the ancillary benefits realized due to a relationship with the Trust); and (v) possible conflicts of interest.

In considering the approval of the Advisory Agreements on behalf of the New Fund, the Board, including the Independent Trustees, considered and discussed the following with respect to the New Fund:

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

The Board reviewed the Adviser’s and Sub-Adviser’s experience, resources and strengths in managing the Funds, including the Adviser’s and Sub-Adviser’s personnel. Based on their consideration and review of the foregoing information, the Board determined that the New Fund would likely 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, personnel, operations and resources.

(b) Comparison of services provided and fees charged by the Adviser and Sub-Adviser and other investment advisers to similar clients. The Board then compared both the services to be rendered and the fees to be paid pursuant to the Investment Advisory Agreement to contracts of other registered investment advisers providing services to similar ETFs. In particular, the Board compared the New Fund’s advisory fees and expense ratio to other investment companies considered to be in the New Fund’s peer group as chosen by Lipper. The Board also considered that the sub-advisory fees to be paid by the Adviser to the Sub-Adviser pursuant to the Sub-Advisory Agreement would be paid entirely by the Adviser. The Board noted that the Adviser had proposed to enter into an Expense Limitation Agreement whereby the Adviser would reimburse expenses and/or waives fees to keep the expenses from exceeding 0.49% of average daily net assets of the New Fund. The Board also received and considered information about the fee rates charged to other accounts and clients that are managed by the Adviser and Sub-Adviser, including information about the differences in services provided to the non-Fund clients.

The Board noted that the New Fund’s proposed contractual advisory fee and total expenses (including the fee waiver) were above the median of its Lipper peer group. Representatives from the Adviser explained and the Board considered the reasons for the higher fees and expenses for the New Fund as compared to its Lipper peer group.

After comparing the New Fund’s fees with those of other funds in the New Fund’s peer group and considering the information about fee rates charged to other accounts and clients 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 to be paid to the Adviser and Sub-Adviser with respect to the New Fund were fair and reasonable.

(c) The cost of the services to be provided and profits to be realized by the Adviser and Sub-Adviser from the relationship with the New Fund, the extent to which economies of scale would be realized as the New Fund grows, and whether fee levels would reflect such economies of scale; “Fall-out” benefits. The Board discussed with the representatives from the Adviser and Sub-Adviser the expected costs and profitability of the Adviser and Sub-Adviser in connection with their serving as investment adviser and sub-adviser to the New Fund, including operational costs. The Board reviewed the profitability and viability of the Adviser, including the month-by-month profitability information. The Board next discussed economies of scale. The Adviser informed the Board that, as the New Fund had not yet commenced operations, the Adviser would consider addressing economies of scale

52

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS — concluded

when assets under management reached appropriate levels. The Board concluded that the expected profitability of the Adviser and Sub-Adviser, and the extent to which economies of scale were reflected in the New Fund’s advisory fees, were reasonable.

The Board also considered that the Adviser and Sub-Adviser may experience reputational “fall-out” benefits based on the success of the New Fund, but that such benefits are not easily quantifiable. The Board also noted that the Trust’s service providers are not affiliated with the Adviser and Sub-Adviser, so that such services do not give rise to “fall-out” benefits for the Adviser and Sub-Adviser.

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 Expense Limitation Agreement, the Board concluded that the advisory fee rates and total expense ratios were reasonable in relation to the services to be provided by the Adviser and Sub-Adviser to the New Fund, as well as the expected costs incurred and benefits gained by the Adviser and Sub-Adviser in providing such services. The Board also found the investment advisory fee 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 approval of the Investment Advisory Agreement between the Trust and the Adviser and the Sub-Advisory Agreement between the Adviser and the Sub-Adviser on behalf of the New Fund was in the best interests of the New Fund.

53

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.revenueshares.com.

54

Investment Adviser	Sub-Adviser
VTL Associates, LLC	Index Management Solutions, LLC
One Commerce Square	One Commerce Square
2005 Market Street, Suite 2020	2005 Market Street, Suite 2020
Philadelphia, Pennsylvania 19103	Philadelphia, Pennsylvania 19103
Distributor	Transfer Agent
Foreside Fund Services, LLC	The Bank of New York Mellon
Three Canal Plaza, Suite 100	101 Barclay Street
Portland, Maine 04101	New York, New York 10286
www.foreside.com
	Independent Registered Public Accounting Firm
Custodian
	BBD, LLP
The Bank of New York Mellon	1835 Market Street, 26th Floor
101 Barclay Street	Philadelphia, Pennsylvania 19103
New York, New York 10286
Legal Counsel
Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, Pennsylvania 19103

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

This report is submitted for the general information of the shareholders of each Fund.

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

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

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) RevenueShares ETF Trust

By (Signature and Title)*	/s/ Vincent T. Lowry
	Vincent T. Lowry
	Principal Executive Officer

Date   3/7/14

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Vincent T. Lowry
	Vincent T. Lowry
	Principal Executive Officer

Date   3/7/14

By (Signature and Title)*	/s/ Michael Gompers
	Michael Gompers
	Chief Financial Officer

Date   3/7/14

^* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

Exhibit 99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Vincent T. Lowry, certify that:

1. I have reviewed this report on Form N-CSR of the RevenueShares ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  3/7/14	/s/ Vincent T. Lowry
	Vincent T. Lowry
	Principal Executive Officer

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Michael Gompers, certify that:

1. I have reviewed this report on Form N-CSR of the RevenueShares ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  3/7/14	/s/ Michael Gompers
	Michael Gompers
	Chief Financial Officer

EX-99.906 CERT

Exhibit 99.906 CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act

I, Vincent T. Lowry, Principal Executive Officer of RevenueShares ETF Trust (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:  3/7/14	/s/ Vincent T. Lowry
	Vincent T. Lowry
	Principal Executive Officer

I, Michael Gompers, Chief Financial Officer of RevenueShares ETF Trust (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:  3/7/14	/s/ Michael Gompers
	Michael Gompers
	Chief Financial Officer