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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number      811-21993          

          RevenueShares ETF Trust          
(Exact name of registrant as specified in charter)

One Commerce Square

2005 Market Street, Suite 2020
                    Philadelphia, PA 19103                    
(Address of principal executive offices) (Zip code)

Vincent T. Lowry
One Commerce Square

2005 Market Street, Suite 2020
                    Philadelphia, PA 19103                    
(Name and address of agent for service)

Registrant's telephone number, including area code: 1-888-854-8181

Date of fiscal year end: June 30

Date of reporting period: June 30, 2014

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 Annual Report to Shareholders

June 30, 2014

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TABLE OF CONTENTS

Letter to Shareholders	2
Management Discussion of Fund Performance	3
Shareholder Expense Examples	17
Schedule of Investments Summary Tables	18
Schedules of Investments
RevenueShares Large Cap Fund	20
RevenueShares Mid Cap Fund	25
RevenueShares Small Cap Fund	30
RevenueShares Financials Sector Fund	36
RevenueShares ADR Fund	37
RevenueShares Navellier Overall A-100 Fund	40
RevenueShares Ultra Dividend Fund	42
Statements of Assets and Liabilities	43
Statements of Operations	44
Statements of Changes in Net Assets	45
Financial Highlights	47
Notes to Financial Statements	54
Report of Independent Registered Public Accounting Firm	63
Trustees and Officers of the RevenueShares ETF Trust	64
Supplemental Information	66

1

LETTER TO SHAREHOLDERS

August 2014

Dear Shareholder:

U.S. and global equity markets continued to climb the wall of worry. The price-to-sales ratio of 1.70% for the S&P 500 had reached its higher end by the end of the fiscal year ended June 30, 2014.

The RevenueShares Large Cap Fund outperformed the S&P 500 Index with an NAV return of 24.84% versus 24.57% for the fiscal year ended June 30, 2014. The RevenueShares Mid Cap Fund outperformed the S&P MidCap 400 Index with an NAV return of 27.28% versus 25.19%. The RevenueShares Small Cap Fund outperformed the S&P SmallCap 600 Index with an NAV return of 30.03% versus 25.51%. The RevenueShares ADR Fund outperformed the S&P ADR Index with an NAV return of 25.38% versus 23.75%. The RevenueShares Financials Sector Fund outperformed the S&P 500 Financials Index with an NAV return of 19.44% versus 19.09%. The RevenueShares Navellier Overall A-100 Fund underperformed the Navellier Overall A-100 Index with an NAV return of 26.37% versus 36.93%. Lastly, the RevenueShares Ultra Dividend Fund outperformed the S&P 900 Index with an NAV return of 17.46% versus 16.46% for the fiscal year ended June 30, 2014.

Vincent T. Lowry
C.E.O. and Chief Investment Officer
VTL Associates, LLC

An investment in the Funds is subject to investment risk, including the possible loss of principal amount invested. Fund returns may not match the return of their respective Index, known as non-correlation risk, due to operating expenses incurred by the Funds. The alternative weighting approach employed by the Funds (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. The risks associated with each specific fund are detailed in the prospectus and could include factors such as increased volatility risk, small and medium capitalization stock risk, concentration risk, non-diversification risk, financials sector risk, American Depositary Receipt risk, currency exchange risk, foreign market risk, growth style investing risk, portfolio turnover risk, and/or special risks of exchange-traded funds.

The S&P 500® Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The S&P MidCap 400™ Index consists of 400 domestic mid cap stocks selected for market size, liquidity and industry group representation. The S&P SmallCap 600™ Index consists of 600 domestic small cap stocks selected for market size, liquidity and industry group representation. The S&P 500® Financials Index is a stock market index comprised of large cap companies that Standard & Poor’s® deems to be part of the Financials sector of the U.S. economy, using Global Industry Classification Standards. S&P® ADR Index is a U.S. dollar denominated index of the non-U.S. companies contained in the S&P® Global 1200 Ex U.S. Index. The S&P® Global 1200 Ex U.S. Index is a free-float weighted global index covering 29 countries and approximately 70% of the world’s capital markets. The Navellier Overall A -100 Index is constructed from the companies that are traded on the New York Stock Exchange, Nasdaq Stock Exchange or NYSE MKT that have over 2,500 shares traded daily, a closing price over $1, and companies that have been public for at least one year. An investor cannot invest directly in an index.

The views in this letter were those of the Fund manager as of the publication of the report and may not necessarily reflect his views on the date this letter is first published or anytime thereafter. These views are intended to assist shareholders in understanding the Funds’ present investment methodology and do not constitute investment advice.

A Fund’s per share net asset value or “NAV” is the value of one share of a Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The price used to calculate market return (“Market Price”) is determined by using the mean of the bid and offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund’s NAV is calculated at market close. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.

2

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

June 30, 2014

RevenueShares Large Cap Fund™ (Ticker: RWL)

The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500® Index (“S&P 500”) by investing in the constituent securities of the S&P 500 in the same proportions as the RevenueShares Large Cap Index™. The S&P 500 is a stock market index comprised of a representative sample of common stocks of 500 leading companies in leading industries of the United States economy selected by Standard & Poor’s®. An investor cannot invest directly in an index. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of large capitalization companies included in the S&P 500 and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines large capitalization companies as companies that are included in the S&P 500 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.

The RevenueShares Large Cap Fund had a very strong year outperforming the S&P 500 with an NAV return of 24.84% versus 24.57%. The Fund outperformed 8 of the 10 S&P 500 sectors for the fiscal year ended 6/30/2014.

Among the top and bottom performing Fund holdings for the fiscal year 6/30/2014, the top three performers were Facebook Inc. (+171.22%), Micron Technology Inc. (+130.90%), and Cimarex Energy Co. (+117.38%), while the bottom three performers in this group were Coach Inc. (–38.34%), Avon Products Inc. (–29.91%), and Staples Inc. (–29.86%).

3

MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued

	Average Annual Total Return
Fund Performance History (%)	As of June 30, 2014
	1 Year	5 Year	Since Inception (February 22, 2008)
Index
RevenueShares Large Cap Index™	25.58%	20.95%	8.48%
S&P 500 Index	24.57%	18.80%	8.35%
Fund
NAV Return	24.84%	20.28%	8.66%
Market Price	25.10%	20.25%	8.97%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Large Cap Fund’s annual operating expense ratio (gross) is 0.71% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.

Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.

Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Large Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.

4

MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued

June 30, 2014

RevenueShares Mid Cap Fund™ (Ticker: RWK)

The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P MidCap 400® Index (“S&P MidCap 400”) by investing in the constituent securities of the S&P MidCap 400 in the same proportions as the RevenueShares Mid Cap Index™. The S&P MidCap 400 is a stock market index comprised of common stock of 400 mid-sized companies selected by Standard & Poor’s®. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of mid capitalization companies included in the S&P MidCap 400 Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines mid capitalization companies as companies that are included in the S&P MidCap 400 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.

The Fund’s fiscal year NAV return of 27.28% outperformed the S&P 400 return of 25.19%. The Fund has outperformed in 6 of 10 sectors for the fiscal year ended 6/30/2014.

Among the top and bottom performing Fund holdings for the fiscal year 6/30/2014, the top three performers were SunEdison Inc. (+165.26%), CARBO Ceramics Inc. (+137.48%), Trinity Industries Inc. (+132.79%), while the bottom three performers in this group were NeuStar Inc. (–47.89%), JC Penney Co Inc. (–45.87%), and American Eagles Outfitters Inc. (–36.64%).

5

MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued

	Average Annual Total Return
Fund Performance History (%)	As of June 30, 2014
	1 Year	5 Year	Since Inception (February 22, 2008)
Index
RevenueShares Mid Cap Index™	28.15%	23.02%	11.99%
S&P MidCap 400 Index	25.19%	21.62%	11.25%
Fund
NAV Return	27.28%	22.15%	12.03%
Market Price	27.14%	22.13%	12.27%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Mid Cap Fund’s annual operating expense ratio (gross) is 0.80% and the net expense ratio is 0.54%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.

Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.

Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Mid Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.

6

MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued

June 30, 2014

RevenueShares Small Cap Fund™ (Ticker: RWJ)

The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P SmallCap 600® Index (“S&P SmallCap 600”) by investing in the constituent securities of the S&P SmallCap 600 in the same proportions as the RevenueShares Small Cap Index™. The S&P SmallCap 600 is a stock market index comprised of 600 common stocks of small-cap companies selected by Standard & Poor’s® based on inclusion criteria to ensure that they are investable and financially viable. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of small capitalization companies included in the S&P SmallCap 600 Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines small capitalization companies as companies that are included in the S&P SmallCap 600 at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.

The RevenueShares Small Cap Fund had a strong fiscal year generating NAV returns of 30.03% as of 6/30/14. This Fund outperformed the S&P SmallCap 600 by 4.52% during this period.

Among the top and bottom performing Fund holdings for the fiscal year 6/30/2013, the top three performers were GT Advanced Technologies Inc. (+357.56%), Lannett Co Inc. (+304.73%), Penn Virginia Corp. (+251.66%), while the bottom three performers in this group were Aeropostale Inc. (–74.62%), Liquidity Services Inc., (–54.53%), and Francesca’s Holdings Corp. (–47.23%).

7

MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued

	Average Annual Total Return
Fund Performance History (%)	As of June 30, 2014
	1 Year	5 Year	Since Inception (February 22, 2008)
Index
RevenueShares Small Cap Index™	30.73%	24.67%	14.92%
S&P SmallCap 600 Index	25.51%	21.94%	11.55%
Fund
NAV Return	30.03%	23.85%	14.52%
Market Price	30.38%	23.83%	14.72%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Small Cap Fund’s annual operating expense ratio (gross) is 0.79% and the net expense ratio is 0.54%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.

Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower.

Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Small Cap Index™ returns became publicly available on January 3, 2006. Index returns do not represent Fund returns. One cannot invest directly in an index.

8

MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued

June 30, 2014

RevenueShares Financials Sector Fund™ (Ticker: RWW)

The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P 500® Financials Index by investing in the constituent securities of the S&P 500® Financials Index in the same proportions as the RevenueShares Financials Sector Index™. The S&P 500® Financials Index is a stock market index comprised of large cap companies that Standard & Poor’s® deems to be part of the financials sector of the United States economy, using the Global Industry Classification Standard. It is a subset of the S&P 500® Index and includes companies involved in activities such as: banking; mortgage finance; consumer finance; specialized finance; investment banking and brokerage; asset management and custody; corporate lending; insurance; financial investment; and real estate, including real estate investment trusts (“REITs”). Under normal circumstances, the Fund will invest at least 80% of its net assets in financials companies included in the S&P 500® Financials Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines financials companies as companies that are included in the S&P 500® Financials Index at the time of purchase. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.

The RevenueShares Financial Sector Fund had an NAV return of 19.44% for the fiscal year ended 6/30/2014 compared to the S&P 500® Financials Index return of 19.09%.

Among the top and bottom performing Fund holdings for the fiscal year 6/30/2014, the top three performers were Legg Mason Inc. (+66.04%), E*TRADE Financial Corp. (+65.83%), McGraw Hill Financial Inc. (+56.05%), while the bottom three performers in this group were HCP Inc. (–3.03%), Citigroup Inc. (-2.30%), and Ventas Inc. (–2.12%).

9

MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued

	Average Annual Total Return
Fund Performance History (%)	As of June 30, 2014
	1 Year	5 Year	Since Inception (November 10, 2008)
Index
RevenueShares Financials Sector Index™	20.08%	17.62%	16.14%
S&P 500 Financials Index	19.09%	15.62%	13.38%
Fund
NAV Return	19.44%	17.03%	12.87%
Market Price	19.32%	17.04%	12.85%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Financials Sector Fund’s annual operating expense ratio (gross) is 1.03% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.

Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Financials Sector Index™ returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.

10

MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued

June 30, 2014

RevenueShares ADR Fund™ (Ticker: RTR)

The Fund seeks to achieve its investment objective of outperforming the total return performance of the S&P ADR Index by investing in the constituent securities of the S&P ADR Index in the same proportions as the RevenueShares ADR Index™. The S&P ADR Index is a U.S. dollar denominated version of the S&P Global 1200 Ex U.S. Index and is based on the non-U.S. stocks of the S&P Global 1200. American Depositary Receipts (“ADRs”) are certificates that represent a U.S. dollar denominated equity ownership in a foreign company and offer U.S. investors the same economic benefits enjoyed by the shareholders of that company. Typically, ADRs are listed and traded on U.S. exchanges and trade in U.S. dollars just like any other U.S.-domiciled security. Since not all foreign companies offer ADR programs, the S&P ADR Index is made up of those companies from the S&P Global 1200 who make available ADRs that are offered or listed on a U.S. exchange, global shares or, in the case of Canadian equities, ordinary shares, all of which are traded on a U.S. exchange. Under normal circumstances, the Fund will invest at least 80% of its net assets in ADRs included in the S&P ADR Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund will provide shareholders with at least 60 days’ notice prior to any change in this policy.

The RevenueShares ADR Fund had an NAV return of 25.38% versus 23.75% for the S&P ADR Index for the fiscal year ended 6/30/2014.

Among the top and bottom performing Fund holdings for the fiscal year 6/30/2014, the top three performers were Shire PLC.(+148.91%), Nokia OYJ.(+108.52%), Alcatel-Lucent (+106.77%), while the bottom three performers in this group were Cencosud SA (–30.23%), Sociedad Quimica y Minera de Chile SA. (–24.71%), and Cia de Minas Buenaventura SA. (–21.14%).

11

MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued

	Average Annual Total Return
Fund Performance History (%)	As of June 30, 2014
	1 Year	5 Year	Since Inception (November 18, 2008)
Index
RevenueShares ADR Index™	26.37%	10.92%	15.76%
S&P ADR Index	23.75%	11.44%	16.99%
Fund
NAV Return	25.38%	10.10%	12.74%
Market Price	25.39%	10.06%	12.70%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the ADR Fund’s annual operating expense ratio (gross) is 1.06% and the net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.

Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares ADR Index™ returns became publicly available on October 1, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.

12

MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued

June 30, 2014

RevenueShares Navellier Overall A-100 Fund™ (Ticker: RWV)

The Fund seeks to achieve its investment objective of outperforming the total return performance of the Navellier Overall A-100 Index by investing in the constituent securities of the Navellier Overall A-100 Index in the same proportions as the RevenueShares Navellier Overall A-100 Index™. The Navellier Overall A-100 Index is constructed from companies that are traded on the New York Stock Exchange, Nasdaq Stock Exchange or NYSE MKT that have over 2,500 shares traded daily, a closing price over $1, and companies that have been public for at least one year. This universe of companies is narrowed through a combination of quantitative and fundamental screens to select the top 100 of the total universe. This is accomplished by implementing a multi-factor model that encompasses nine factors, one of which is quantitative based and eight that are fundamental. The quantitative factor begins with a computer-driven analysis based on Modern Portfolio Theory. The Index calculates reward (alpha) and risk (standard deviation) characteristics for the universe of approximately 4,800 stocks. Trailing 52-week “alphas” (measure of return independent of the market) are divided by trailing 52-week “standard deviations” (measure of volatility or risk) to create a “reward/risk” ratio. This factor has the highest weight in the Navellier Overall A-100 Index.

The RevenueShares Navellier Overall A-100 Fund’s bias towards momentum and growth stocks resulted in an NAV return of 26.37% for the fiscal year ended 6/30/14.

Among the top and bottom performing Fund holdings for the fiscal year 6/30/2014, the top three performers were Bitauto Holdings Ltd.(+332.12%), Lannet Co Inc.(+304.73%), Methode Electronic Inc. (+123.88%), while the bottom three performers in this group were PowerSecure International Inc. (–59.44%), Overstock.Com Inc. (–46.86%), and NuSkin Enterprises Inc. (–44.03%).

13

MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued

 

Fund Performance History (%)	Average Annual Total Return As of June 30, 2014
	1 Year	5 Year	Since Inception (January 21, 2009)
Index
RevenueShares Navellier Overall A-100 Index™	27.06%	17.65%	16.78%
Navellier Overall A-100 Index	36.93%	13.57%	15.05%
Fund
NAV Return	26.37%	16.44%	17.15%
Market Price	26.61%	16.44%	17.15%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Navellier Overall A-100 Fund’s annual operating expense ratio (gross) is 1.43% and the net expense ratio is 0.60%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance please visit www.revenueshares.com.

Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce returns. RevenueShares Navellier Overall A-100 Index™ returns became publicly available on December 31, 2008. Index returns do not represent Fund returns. One cannot invest directly in an index.

14

MANAGEMENT DISCUSSION OF FUND PERFORMANCE — continued

June 30, 2014

RevenueShares Ultra Dividend Fund™ (Ticker: RDIV)

The Fund seeks to achieve its investment objective by attempting to replicate the portfolio of the RevenueShares Ultra Dividend Index™ (the “Underlying Index”). The Underlying Index is constructed by identifying the top 60 securities from the S&P 900® Index (the “Benchmark Index”) with the highest average of the 1-year trailing dividend yields for the current quarter and each of the past three quarters (excluding securities that have issued a special dividend over that time period), which are then re-weighted according to the revenue earned by the companies, subject to certain asset diversification requirements and a maximum 5% per company weighting. The Underlying Index is rebalanced and reconstituted quarterly according to revenue weightings as of the previous quarter. Under normal circumstances, the Fund will invest at least 80% of its net assets in the securities of companies included in the Benchmark Index, and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities.

The RevenueShares Ultra Dividend Fund had an NAV return of 17.46% for the fiscal year ended 6/30/2014 compared to the S&P 900® Index return of 16.46%.

Among the top and bottom performing Fund holdings for the fiscal year 6/30/2014, the top three performers were Pepco Holdings Inc. (+54.69%), Frontier Communications Corp. (+44.58%), Lorillard Inc. (+39.68%), while the bottom three performers in this group were Diamond Offshore Drilling. (–16.83%), Compuware Corp. (–6.56%), and Newmont Mining Corp. (–6.12%).

15

MANAGEMENT DISCUSSION OF FUND PERFORMANCE — concluded

 
 

Fund Performance History (%)	Total Return As of June 30, 2014*
	Since Inception (October 1, 2013)
Index
RevenueShares Ultra Dividend Index™	17.56%
S&P 900 Index	16.46%
Fund
NAV Return	17.46%
Market Price	17.58%

Each of the time periods referenced in above charts represents all available data for the respective index.

* Not annualized.

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Ultra Dividend Fund’s annual operating expense ratio (gross) is 0.76% and net expense ratio is 0.49%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. This agreement is in effect until October 28, 2014. For the Fund’s most recent month-end performance, please visit www.revenueshares.com.

Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund’s fees were waived and/or expenses reimbursed; otherwise, the Fund’s performance would have been lower. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in Fund shares. Such fees, expenses and commissions reduce Fund returns. RevenueShares Ultra Dividend Index™ returns became publicly available on October 1, 2013. Index returns do not represent Fund returns. One cannot invest directly in an index.

16

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from January 1, 2014 to June 30, 2014.

Actual expenses

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Six Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 01/01/2014	Ending Account Value 06/30/2014	Annualized Expense Ratios for the Six Month Period	Expenses Paid During the Six Month Period†
RevenueShares Large Cap Fund
Actual	$1,000.00	$1,060.10	0.49%	$2.50
Hypothetical (5% return before expenses)	$1,000.00	$1,022.36	0.49%	$2.46
RevenueShares Mid Cap Fund
Actual	$1,000.00	$1,071.70	0.54%	$2.77
Hypothetical (5% return before expenses)	$1,000.00	$1,022.12	0.54%	$2.71
RevenueShares Small Cap Fund
Actual	$1,000.00	$1,044.60	0.54%	$2.74
Hypothetical (5% return before expenses)	$1,000.00	$1,022.12	0.54%	$2.71
RevenueShares Financials Sector Fund
Actual	$1,000.00	$1,033.50	0.49%	$2.47
Hypothetical (5% return before expenses)	$1,000.00	$1,022.36	0.49%	$2.46
RevenueShares ADR Fund
Actual	$1,000.00	$1,073.60	0.49%	$2.52
Hypothetical (5% return before expenses)	$1,000.00	$1,022.36	0.49%	$2.46
RevenueShares Navellier Overall A-100 Fund
Actual	$1,000.00	$1,058.20	0.60%	$3.06
Hypothetical (5% return before expenses)	$1,000.00	$1,021.82	0.60%	$3.01
RevenueShares Ultra Dividend Fund
Actual	$1,000.00	$1,118.90	0.49%	$2.57
Hypothetical (5% return before expenses)	$1,000.00	$1,022.36	0.49%	$2.46

† 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 181/365 (to reflect the six-month period).

17

SCHEDULE OF INVESTMENTS SUMMARY TABLES

(UNAUDITED )

RevenueShares Large Cap Fund				RevenueShares Mid Cap Fund				RevenueShares Small Cap Fund
	% of				% of				% of
Industry	Net Assets			Industry	Net Assets			Industry	Net Assets
Automobile & Components		3.7	%	Automobiles & Components		0.3	%	Automobiles & Components		0.8	%
Banks		4.3		Banks		2.0		Banks		2.5
Capital Goods		8.4		Capital Goods		12.6		Capital Goods		12.3
Commercial & Professional Services		0.6		Commercial & Professional Services		4.1		Commercial & Professional Services		6.2
Consumer Durables & Apparel		1.3		Consumer Durables & Apparel		3.3		Consumer Durables & Apparel		4.4
Consumer Services		1.2		Consumer Services		2.0		Consumer Services		5.0
Diversified Financials		4.3		Diversified Financials		1.6		Diversified Financials		2.2
Energy		13.7		Energy		7.1		Energy		4.3
Food & Staples Retailing		8.7		Food & Staples Retailing		1.9		Food & Staples Retailing		2.4
Food, Beverage & Tobacco		4.4		Food, Beverage & Tobacco		2.6		Food, Beverage & Tobacco		2.8
Health Care Equipment & Services		8.7		Health Care Equipment & Services		7.3		Health Care Equipment & Services		9.3
Household & Personal Products		1.4		Household & Personal Products		0.6		Household & Personal Products		0.4
Insurance		4.2		Insurance		6.4		Insurance		2.1
Materials		4.0		Materials		8.7		Materials		7.6
Media		3.0		Media		1.7		Media		0.6
Money Market Fund		0.3		Money Market Fund		5.2		Money Market Fund		5.5
Pharmaceuticals, Biotechnology				Pharmaceuticals, Biotechnology &				Pharmaceuticals, Biotechnology &
Life Sciences		3.3		Life Sciences		1.4		Life Sciences		1.2
Real Estate Investment Trusts		0.5		Real Estate		—	†	Real Estate Investment Trusts		1.7
Real Estate Management &				Real Estate Investment Trusts		1.6		Real Estate Management &
Development		0.1		Real Estate Management &				Development		0.1
Retailing		5.5		Development		0.4		Retailing		10.9
Semiconductors & Semiconductor				Retailing		9.8		Semiconductors & Semiconductor
Equipment		1.2		Semiconductors & Semiconductor				Equipment		1.7
Software & Services		4.4		Equipment		1.6		Software & Services		4.6
Technology Hardware &				Software & Services		3.8		Technology Hardware &
Equipment		4.6		Technology Hardware &				Equipment		9.5
Telecommunication Services		2.6		Equipment		12.3		Telecommunication Services		0.7
Transportation		2.2		Telecommunication Services		0.5		Transportation		3.7
Utilities		3.2		Transportation		2.6		Utilities		2.9
Total Investments		99.8		Utilities		3.6		Total Investments		105.4
Other Assets in Excess of				Total Investments		105.0		Liabilities in Excess of
Liabilities		0.2		Liabilities in Excess of				Other Assets		(5.4	)
Net Assets		100.0	%	Other Assets		(5.0	)	Net Assets		100.0	%
				Net Assets		100.0	%

RevenueShares Financials Sector Fund

	% of Net Assets
Industry
Capital Markets	11.1	%
Commercial Banks	33.1
Consumer Finance	5.3
Diversified Financial Services	14.6
Insurance	30.8
Media	0.3
Money Market Fund	—	†
Paper & Forest Products	0.6
Real Estate Investment Trusts	3.2
Real Estate Management &
Development	0.5
Thrifts & Mortgage Finance	0.2
Total Investments	99.7
Other Assets in Excess of
Liabilities	0.3
Net Assets	100.0	%

18

SCHEDULE OF INVESTMENTS SUMMARY TABLES

(UNAUDITED ) — concluded

RevenueShares ADR Fund				RevenueShares Navellier Overall A-100 Fund				RevenueShares Ultra Dividend Fund
	% of				% of				% of Net Assets
Industry	Net Assets			Industry	Net Assets			Industry
Automobiles & Components		6.8	%	Automobiles & Components		1.8	%	Banks	0.9	%
Banks		11.8		Banks		2.4		Commercial & Professional Services	3.9
Capital Goods		1.4		Capital Goods		12.7		Consumer Durables & Apparel	2.7
Consumer Durables & Apparel		1.5		Commercial & Professional Services		0.5		Consumer Services	1.8
Consumer Services		0.3		Consumer Durables & Apparel		5.3		Diversified Financials	0.6
Diversified Financials		3.2		Consumer Services		0.2		Energy	11.5
Energy		36.8		Diversified Financials		—†		Food, Beverage & Tobacco	11.4
Food & Staples Retailing		0.8		Energy		10.2		Insurance	1.9
Food, Beverage & Tobacco		3.3		Food & Staples Retailing		0.1		Materials	1.9
Health Care Equipment & Services		0.6		Food, Beverage & Tobacco		7.7		Money Market Fund	1.4
Insurance		4.7		Health Care Equipment & Services		7.4		Real Estate Investment Trusts	4.2
Materials		6.8		Insurance		0.5		Software & Services	—†
Media		1.0		Materials		4.0		Technology Hardware &
Money Market Fund		15.2		Media		3.4		Equipment	0.3
Pharmaceuticals, Biotechnology &				Money Market Fund		4.5		Telecommunication Services	16.2
Life Sciences		3.2		Pharmaceuticals, Biotechnology &				Utilities	42.4
Real Estate		0.3		Life Sciences		10.2		Total Investments	101.1
Semiconductors & Semiconductor				Retailing		3.7		Liabilities in Excess of
Equipment		0.6		Semiconductors & Semiconductor				Other Assets	(1.1	)
Software & Services		0.5		Equipment		3.6		Net Assets	100.0	%
Technology Hardware &				Software & Services		5.1
Equipment		2.3		Technology Hardware &
Telecommunication Services		10.4		Equipment		8.6
Transportation		0.6		Transportation		12.4
Utilities		1.4		Total Investments		104.3
Total Investments		113.5		Liabilities in Excess of
Liabilities in Excess of				Other Assets		(4.3	)
Other Assets		(13.5	)	Net Assets		100.0	%
Net Assets		100.0	%

† Less than 0.05%

19

SCHEDULE OF INVESTMENTS

REVENUE SHARES LARGE CAP FUND

JUNE 30, 2014

Investments	Shares		Value
COMMON STOCKS—99.5%
Automobiles & Components—3.7%
BorgWarner, Inc.	2,759	$	179,859
Delphi Automotive PLC	5,791		398,073
Ford Motor Co.	205,238		3,538,303
General Motors Co.	90,337		3,279,233
Goodyear Tire & Rubber Co.	16,360		454,481
Harley-Davidson, Inc.	2,015		140,748
Johnson Controls, Inc.	20,203		1,008,736
Total Automobiles & Components			8,999,433
Banks—4.3%
Bank of America Corp.	139,524		2,144,484
BB&T Corp.	6,156		242,731
Citigroup, Inc.	36,914		1,738,649
Comerica, Inc.	1,202		60,292
Fifth Third Bancorp	7,617		162,623
Hudson City Bancorp, Inc.	3,202		31,476
Huntington Bancshares, Inc.	6,996		66,742
JPMorgan Chase & Co.	42,277		2,436,001
KeyCorp	7,150		102,460
M&T Bank Corp.	921		114,250
People’s United Financial, Inc.	2,103		31,903
PNC Financial Services Group, Inc.	4,399		391,731
Regions Financial Corp.	12,204		129,606
SunTrust Banks, Inc.	4,943		198,017
U.S. Bancorp	11,279		488,606
Wells Fargo & Co.	39,163		2,058,407
Zions Bancorporation	1,788		52,692
Total Banks			10,450,670
Capital Goods—8.4%
3M Co.	5,019		718,922
Allegion PLC	863		48,915
AMETEK, Inc.	1,608		84,066
Boeing Co.	14,611		1,858,958
Caterpillar, Inc.	12,120		1,317,080
Cummins, Inc.	2,645		408,097
Danaher Corp.	5,635		443,644
Deere & Co.	9,550		864,752
Dover Corp.	2,213		201,272
Eaton Corp. PLC	6,753		521,197
Emerson Electric Co.	8,535		566,383
Fastenal Co.	1,599		79,134
Flowserve Corp.	1,481		110,112
Fluor Corp.	7,711		592,976
General Dynamics Corp.	6,055		705,710
General Electric Co.	124,647		3,275,723
Honeywell International, Inc.	9,740		905,333
Illinois Tool Works, Inc.	3,916		342,885
Ingersoll-Rand PLC	4,954		309,675
Jacobs Engineering Group, Inc.*	5,158		274,818
Joy Global, Inc.(a)	1,768		108,873
L-3 Communications Holdings, Inc.	2,333		281,710
Lockheed Martin Corp.	6,388		1,026,743
Masco Corp.	8,773		194,761
Northrop Grumman Corp.	4,657		557,117
PACCAR, Inc.	6,389		401,421
Pall Corp.	739		63,103
Parker Hannifin Corp.	2,386		299,992
Pentair PLC	2,323		167,535

Investments	Shares		Value
Precision Castparts Corp.	788	$	198,891
Quanta Services, Inc.*	4,528		156,578
Raytheon Co.	5,683		524,257
Rockwell Automation, Inc.	1,209		151,318
Rockwell Collins, Inc.	1,354		105,802
Roper Industries, Inc.	551		80,452
Snap-on, Inc.	667		79,053
Stanley Black & Decker, Inc.	2,952		259,245
Textron, Inc.	7,150		273,773
United Technologies Corp.	12,501		1,443,240
W.W. Grainger, Inc.	874		222,232
Xylem, Inc./NY	2,93		89,610
Total Capital Goods			20,315,358
Commercial & Professional Services—0.6%
ADT Corp. (The)	2,274		79,453
Cintas Corp.	1,603		101,855
Dun & Bradstreet Corp.	390		42,978
Equifax, Inc.	763		55,348
Iron Mountain, Inc.	2,334		82,740
Nielsen NV	2,885		139,663
Pitney Bowes, Inc.	3,420		94,460
Republic Services, Inc.	5,306		201,469
Robert Half International, Inc.	2,118		101,113
Stericycle, Inc.*	461		54,592
Tyco International Ltd.	5,306		241,954
Waste Management, Inc.	7,388		330,465
Total Commercial & Professional Services			1,526,090
Consumer Durables & Apparel—1.3%
Coach, Inc.	2,342		80,073
D.R. Horton, Inc.	6,633		163,039
Fossil Group, Inc.*	582		60,831
Garmin Ltd.(a)	1,036		63,092
Harman International Industries, Inc.	1,021		109,686
Hasbro, Inc.	1,824		96,763
Leggett & Platt, Inc.	2,560		87,757
Lennar Corp., Class A	3,595		150,918
Mattel, Inc.	3,858		150,346
Michael Kors Holdings Ltd.*	659		58,420
Mohawk Industries, Inc.*	1,355		187,451
Newell Rubbermaid, Inc.	4,223		130,871
NIKE, Inc., Class B	7,965		617,686
PulteGroup, Inc.	6,688		134,830
PVH Corp.	1,336		155,778
Ralph Lauren Corp.	1,069		171,778
Under Armour, Inc., Class A*	1,006		59,847
VF Corp.	4,356		274,428
Whirlpool Corp.	3,165		440,631
Total Consumer Durables & Apparel			3,194,225
Consumer Services—1.2%
Carnival Corp.	9,292		349,844
Chipotle Mexican Grill, Inc.*	167		98,949
Darden Restaurants, Inc.	4,188		193,779
Graham Holdings Co., Class B	154		110,589
H&R Block, Inc.	2,060		69,051
Marriott International, Inc., Class A	4,765		305,436
McDonald’s Corp.	6,459		650,680
Starbucks Corp.	4,634		358,579

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

20

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES LARGE CAP FUND

JUNE 30, 2014

Investments	Shares		Value
Consumer Services (continued)
Starwood Hotels & Resorts
Worldwide, Inc.	1,735	$	140,223
Wyndham Worldwide Corp.	1,597		120,925
Wynn Resorts Ltd.	694		144,046
Yum! Brands, Inc.	3,855		313,026
Total Consumer Services			2,855,127
Diversified Financials—4.3%
American Express Co.	8,635		819,203
Ameriprise Financial, Inc.	2,286		274,320
Bank of New York Mellon Corp.	10,046		376,524
Berkshire Hathaway, Inc., Class B*	33,702		4,265,325
BlackRock, Inc.	779		248,968
Capital One Financial Corp.	6,808		562,341
Charles Schwab Corp.	4,918		132,442
CME Group, Inc.	994		70,524
Discover Financial Services	3,533		218,975
E*TRADE Financial Corp.*	2,213		47,048
Franklin Resources, Inc.	3,305		191,161
Goldman Sachs Group, Inc.	5,499		920,753
Intercontinental Exchange, Inc.	301		56,859
Invesco Ltd.	3,013		113,741
Legg Mason, Inc.	1,223		62,752
Leucadia National Corp.	10,497		275,231
McGraw Hill Financial, Inc.	1,404		116,574
Moody’s Corp.	834		73,109
Morgan Stanley	26,873		868,804
NASDAQ OMX Group, Inc.	2,094		80,870
Navient Corp.	7,963		141,025
Northern Trust Corp.	1,594		102,351
State Street Corp.	3,589		241,396
T. Rowe Price Group, Inc.	1,035		87,364
Total Diversified Financials			10,347,660
Energy—13.7%
Anadarko Petroleum Corp.	3,273		358,295
Apache Corp.	3,660		368,269
Baker Hughes, Inc.	7,311		544,304
Cabot Oil & Gas Corp.	1,279		43,665
Cameron International Corp.*	3,590		243,079
Chesapeake Energy Corp.	14,360		446,309
Chevron Corp.	36,859		4,811,942
Cimarex Energy Co.	387		55,519
ConocoPhillips	15,327		1,313,984
CONSOL Energy, Inc.	2,037		93,845
Denbury Resources, Inc.	3,259		60,161
Devon Energy Corp.	3,617		287,190
Diamond Offshore Drilling, Inc.	1,372		68,092
Ensco PLC, Class A	2,134		118,586
EOG Resources, Inc.	3,102		362,500
EQT Corp.	493		52,702
Exxon Mobil Corp.	88,358		8,895,883
FMC Technologies, Inc.*	2,844		173,683
Halliburton Co.	10,076		715,497
Helmerich & Payne, Inc.	709		82,322
Hess Corp.	3,946		390,220
Kinder Morgan, Inc./Delaware	9,928		359,989
Marathon Oil Corp.	8,466		337,963
Marathon Petroleum Corp.	23,338		1,821,998
Murphy Oil Corp.	4,535		301,487
Nabors Industries Ltd.	5,229		153,576

Investments	Shares		Value
National Oilwell Varco, Inc.	6,960	$	573,156
Newfield Exploration Co.*	712		31,470
Noble Corp. PLC	3,093		103,801
Noble Energy, Inc.	1,514		117,274
Occidental Petroleum Corp.	5,572		571,854
ONEOK, Inc.	5,151		350,680
Peabody Energy Corp.	5,401		88,306
Phillips 66	42,883		3,449,080
Pioneer Natural Resources Co.	408		93,763
QEP Resources, Inc.	2,233		77,039
Range Resources Corp.	539		46,866
Rowan Cos. PLC, Class A	1,134		36,209
Schlumberger Ltd.	9,965		1,175,372
Southwestern Energy Co.*	1,846		83,975
Spectra Energy Corp.	3,207		136,233
Tesoro Corp.	15,511		910,030
Transocean Ltd.(a)	2,006		90,330
Valero Energy Corp.	56,529		2,832,103
Williams Cos., Inc.	2,740		159,495
Total Energy			33,388,096
Food & Staples Retailing—8.7%
Costco Wholesale Corp.	21,374		2,461,430
CVS Caremark Corp.	39,253		2,958,499
Kroger Co.	45,919		2,269,776
Safeway, Inc.	25,255		867,257
Sysco Corp.	28,229		1,057,176
Walgreen Co.	22,673		1,680,749
Wal-Mart Stores, Inc.	126,189		9,473,008
Whole Foods Market, Inc.	7,022		271,260
Total Food & Staples Retailing			21,039,155
Food, Beverage & Tobacco—4.4%
Altria Group, Inc.	9,592		402,288
Archer-Daniels-Midland Co.	45,923		2,025,663
Brown-Forman Corp., Class B	712		67,049
Campbell Soup Co.	4,013		183,835
Coca-Cola Co.	25,913		1,097,675
Coca-Cola Enterprises, Inc.	4,043		193,175
ConAgra Foods, Inc.	13,040		387,027
Constellation Brands, Inc., Class A*	782		68,918
Dr Pepper Snapple Group, Inc.	2,334		136,726
General Mills, Inc.	7,702		404,663
Hershey Co.	1,684		163,971
Hormel Foods Corp.	4,185		206,530
J.M. Smucker Co.	1,293		137,795
Kellogg Co.	5,118		336,253
Keurig Green Mountain, Inc.	862		107,414
Kraft Foods Group, Inc.	7,030		421,448
Lorillard, Inc.	1,817		110,782
McCormick & Co., Inc.	1,351		96,718
Mead Johnson Nutrition Co.	1,088		101,369
Molson Coors Brewing Co., Class B	1,342		99,523
Mondelez International, Inc., Class A	21,907		823,922
Monster Beverage Corp.*	761		54,054
PepsiCo, Inc.	17,217		1,538,167
Philip Morris International, Inc.	7,807		658,208
Reynolds American, Inc.	3,113		187,870
Tyson Foods, Inc., Class A	21,232		797,049
Total Food, Beverage & Tobacco			10,808,092

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

21

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES LARGE CAP FUND

JUNE 30, 2014

Investments	Shares		Value
Health Care Equipment & Services—8.7%
Abbott Laboratories	12,362	$	505,606
Aetna, Inc.	14,838		1,203,065
AmerisourceBergen Corp.	31,177		2,265,321
Baxter International, Inc.	4,980		360,054
Becton Dickinson & Co.	1,612		190,700
Boston Scientific Corp.*	13,194		168,487
C.R. Bard, Inc.	544		77,797
Cardinal Health, Inc.	32,092		2,200,228
CareFusion Corp.*	1,882		83,467
Cerner Corp.*	1,363		70,304
Cigna Corp.	8,352		768,133
Covidien PLC	3,304		297,955
DaVita HealthCare Partners, Inc.*	3,906		282,482
DENTSPLY International, Inc.	1,441		68,231
Edwards Lifesciences Corp.*	597		51,246
Express Scripts Holding Co.*	32,955		2,284,770
Humana, Inc.	7,845		1,001,963
Intuitive Surgical, Inc.*	123		50,651
Laboratory Corp. of America Holdings*	1,342		137,421
McKesson Corp.	15,568		2,898,917
Medtronic, Inc.	6,059		386,322
Patterson Cos., Inc.	2,149		84,907
Quest Diagnostics, Inc.	2,829		166,034
St. Jude Medical, Inc.	1,904		131,852
Stryker Corp.	2,490		209,957
Tenet Healthcare Corp.*	6,147		288,540
UnitedHealth Group, Inc.	35,908		2,935,479
Varian Medical Systems, Inc.*	845		70,253
WellPoint, Inc.	15,503		1,668,278
Zimmer Holdings, Inc.	1,038		107,807
Total Health Care Equipment & Services			21,016,227
Household & Personal Products—1.4%
Avon Products, Inc.	6,707		97,989
Clorox Co.	1,450		132,530
Colgate-Palmolive Co.	5,860		399,535
Estee Lauder Cos., Inc., Class A	3,145		233,548
Kimberly-Clark Corp.	4,357		484,586
Procter & Gamble Co.	24,619		1,934,807
Total Household & Personal Products			3,282,995
Insurance—4.2%
ACE Ltd.	4,297		445,599
Aflac, Inc.	8,684		540,579
Allstate Corp.	13,781		809,220
American International Group, Inc.	27,490		1,500,404
AON PLC	3,051		274,865
Assurant, Inc.	3,209		210,350
Chubb Corp.	3,445		317,526
Cincinnati Financial Corp.	2,212		106,265
Genworth Financial, Inc., Class A*	12,496		217,430
Hartford Financial Services Group, Inc.	14,032		502,486
Lincoln National Corp.	5,527		284,309
Loews Corp.	8,031		353,444
Marsh & McLennan Cos., Inc.	5,583		289,311
MetLife, Inc.	28,037		1,557,736
Principal Financial Group, Inc.	4,494		226,857
Progressive Corp.	16,607		421,154
Prudential Financial, Inc.	11,457		1,017,038

Investments	Shares		Value
Torchmark Corp.	1,104	$	90,440
Travelers Cos., Inc.	6,488		610,326
Unum Group	6,849		238,071
XL Group PLC	5,202		170,261
Total Insurance			10,183,671
Materials—4.0%
Air Products & Chemicals, Inc.	1,830		235,375
Airgas, Inc.	1,086		118,276
Alcoa, Inc.	36,566		544,468
Allegheny Technologies, Inc.	2,206		99,491
Avery Dennison Corp.	2,835		145,294
Ball Corp.	3,235		202,770
Bemis Co., Inc.	2,846		115,718
CF Industries Holdings, Inc.	527		126,759
Dow Chemical Co.	25,622		1,318,508
E.I. du Pont de Nemours & Co.	12,278		803,472
Eastman Chemical Co.	2,493		217,764
Ecolab, Inc.	2,955		329,010
FMC Corp.	1,261		89,771
Freeport-McMoRan Copper &
Gold, Inc.	14,381		524,906
International Flavors & Fragrances, Inc.	700		72,996
International Paper Co.	13,867		699,867
LyondellBasell Industries NV, Class A	10,520		1,027,278
MeadWestvaco Corp.	2,960		131,010
Monsanto Co.	2,888		360,249
Mosaic Co. (The)	3,156		156,064
Newmont Mining Corp.	5,164		131,372
Nucor Corp.	8,915		439,064
Owens-Illinois, Inc.*	4,789		165,891
PPG Industries, Inc.	1,771		372,176
Praxair, Inc.	2,142		284,543
Sealed Air Corp.	5,231		178,743
Sherwin-Williams Co. (The)	1,205		249,327
Sigma-Aldrich Corp.	653		66,266
United States Steel Corp.(a)	15,871		413,281
Vulcan Materials Co.	1,023		65,216
Total Materials			9,684,925
Media—3.0%
Cablevision Systems Corp., Class A(a)	8,427		148,737
CBS Corp., Class B	5,874		365,010
Comcast Corp., Class A	29,432		1,579,910
DIRECTV*	8,793		747,493
Discovery Communications, Inc.,
Class A*	1,802		133,853
Gannett Co., Inc.	4,217		132,034
Interpublic Group of Cos., Inc.	8,639		168,547
News Corp., Class A*	11,263		202,058
Omnicom Group, Inc.	4,825		343,636
Scripps Networks Interactive, Inc.,
Class A	757		61,423
Time Warner Cable, Inc.	3,610		531,753
Time Warner, Inc.	10,259		720,695
Twenty-First Century Fox, Inc.,
Class A	20,491		720,259
Viacom, Inc., Class B	3,698		320,727
Walt Disney Co.	12,820		1,099,187
Total Media			7,275,322

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

22

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES LARGE CAP FUND

JUNE 30, 2014

Investments	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—3.3%
AbbVie, Inc.	8,198	$	462,695
Actavis PLC*	1,035		230,857
Agilent Technologies, Inc.	2,701		155,145
Alexion Pharmaceuticals, Inc.*	282		44,062
Allergan, Inc.	1,059		179,204
Amgen, Inc.	3,755		444,479
Biogen Idec, Inc.*	585		184,456
Bristol-Myers Squibb Co.	7,985		387,352
Celgene Corp.*	1,904		163,515
Eli Lilly & Co.	8,656		538,144
Forest Laboratories, Inc.*	771		76,329
Gilead Sciences, Inc.*	4,000		331,640
Hospira, Inc.*	1,872		96,165
Johnson & Johnson	16,172		1,691,915
Merck & Co., Inc.	17,466		1,010,408
Mylan, Inc.*	3,239		167,003
PerkinElmer, Inc.	1,104		51,711
Perrigo Co. PLC	626		91,246
Pfizer, Inc.	39,857		1,182,956
Regeneron Pharmaceuticals, Inc.*	185		52,257
Thermo Fisher Scientific, Inc.	2,701		318,718
Vertex Pharmaceuticals, Inc.*	389		36,831
Waters Corp.*	447		46,685
Zoetis, Inc.	3,276		105,717
Total Pharmaceuticals, Biotechnology &
Life Sciences			8,049,490
Real Estate Investment Trusts—0.5%
American Tower Corp.	948		85,301
Apartment Investment &
Management Co., Class A	757		24,428
AvalonBay Communities, Inc.	289		41,093
Boston Properties, Inc.	468		55,308
Crown Castle International Corp.	1,015		75,374
Equity Residential	973		61,299
Essex Property Trust, Inc.	114		21,080
General Growth Properties, Inc.	2,498		58,853
HCP, Inc.	1,224		50,649
Health Care REIT, Inc.	1,143		71,632
Host Hotels & Resorts, Inc.	5,513		121,341
Kimco Realty Corp.	1,001		23,003
Macerich Co. (The)	400		26,700
Plum Creek Timber Co., Inc.	712		32,111
Prologis, Inc.	976		40,104
Public Storage	308		52,776
Simon Property Group, Inc.	754		125,375
Ventas, Inc.	1,056		67,689
Vornado Realty Trust	615		65,639
Weyerhaeuser Co.(a)	6,474		214,225
Total Real Estate Investment Trusts			1,313,980
Real Estate Management & Development—0.1%
CBRE Group, Inc., Class A*	5,773		184,967
Retailing—5.5%
Amazon.com, Inc.*	4,763		1,546,927
AutoNation, Inc.*	7,346		438,409
AutoZone, Inc.*(a)	436		233,801
Bed Bath & Beyond, Inc.*	3,690		211,732
Best Buy Co., Inc.	31,780		985,498
CarMax, Inc.*	5,928		308,315

Investments	Shares		Value
Dollar General Corp.*	6,206	$	355,976
Dollar Tree, Inc.*	3,275		178,357
Expedia, Inc.	1,489		117,274
Family Dollar Stores, Inc.	3,587		237,244
GameStop Corp., Class A(a)	5,111		206,842
Gap, Inc.	8,920		370,804
Genuine Parts Co.	3,907		343,035
Home Depot, Inc.	22,073		1,787,030
Kohl’s Corp.	8,467		446,042
L Brands, Inc.	4,280		251,065
Lowe’s Cos., Inc.	25,658		1,231,327
Macy’s, Inc.	11,223		651,158
Netflix, Inc.*	274		120,724
Nordstrom, Inc.	4,187		284,423
O’Reilly Automotive, Inc.*	1,064		160,238
PetSmart, Inc.	1,582		94,604
Priceline Group, Inc. (The)*	172		206,916
Ross Stores, Inc.	3,409		225,437
Staples, Inc.	13,694		148,443
Target Corp.	23,685		1,372,546
Tiffany & Co.	924		92,631
TJX Cos., Inc.	10,282		546,488
Tractor Supply Co.	869		52,488
TripAdvisor, Inc.*	256		27,817
Urban Outfitters, Inc.*	1,981		67,077
Total Retailing			13,300,668
Semiconductors & Semiconductor Equipment—1.2%
Altera Corp.	1,203		41,816
Analog Devices, Inc.	1,130		61,099
Applied Materials, Inc.	8,445		190,435
Avago Technologies Ltd.	886		63,854
Broadcom Corp., Class A	5,041		187,122
First Solar, Inc.*	1,410		100,195
Intel Corp.	41,029		1,267,796
KLA-Tencor Corp.	947		68,790
Lam Research Corp.	1,314		88,800
Linear Technology Corp.	654		30,784
Microchip Technology, Inc.(a)	822		40,122
Micron Technology, Inc.*	8,278		272,760
NVIDIA Corp.	5,257		97,465
Texas Instruments, Inc.	5,994		286,453
Xilinx, Inc.	1,082		51,189
Total Semiconductors & Semiconductor
Equipment			2,848,680
Software & Services—4.4%
Accenture PLC, Class A	8,579		693,526
Adobe Systems, Inc.*	1,300		94,068
Akamai Technologies, Inc.*	659		40,239
Alliance Data Systems Corp.*	411		115,594
Autodesk, Inc.*	964		54,350
Automatic Data Processing, Inc.	3,424		271,455
CA, Inc.	3,730		107,200
Citrix Systems, Inc.*	1,088		68,054
Cognizant Technology Solutions
Corp., Class A*	4,409		215,644
Computer Sciences Corp.	5,062		319,918
eBay, Inc.*	7,794		390,168
Electronic Arts, Inc.*	2,387		85,622
Facebook, Inc., Class A*	3,234		217,616

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

23

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES LARGE CAP FUND

JUNE 30, 2014

Investments	Shares		Value
Software & Services (continued)
Fidelity National Information Services, Inc.	2,633	$	144,130
Fiserv, Inc.*	1,899		114,548
Google, Inc., Class A*	1,278		747,208
Google, Inc., Class C*	1,298		746,713
International Business Machines Corp.	10,211		1,850,948
Intuit, Inc.	1,257		101,226
MasterCard, Inc., Class A	2,716		199,545
Microsoft Corp.	45,192		1,884,506
Oracle Corp.	20,520		831,676
Paychex, Inc.	1,335		55,483
Red Hat, Inc.*	609		33,659
Salesforce.com, Inc.*	1,332		77,363
Symantec Corp.	7,324		167,720
Teradata Corp.*	1,475		59,295
Total System Services, Inc.	1,730		54,339
VeriSign, Inc.*	477		23,282
Visa, Inc., Class A	1,361		286,776
Western Union Co.	7,939		137,662
Xerox Corp.	40,067		498,434
Yahoo!, Inc.*	3,152		110,730
Total Software & Services			10,798,697
Technology Hardware & Equipment—4.6%
Amphenol Corp., Class A	1,162		111,947
Apple, Inc.	42,014		3,904,361
Cisco Systems, Inc.	46,112		1,145,883
Corning, Inc.	8,934		196,101
EMC Corp.	20,330		535,492
F5 Networks, Inc.*	356		39,673
FLIR Systems, Inc.	1,007		34,973
Harris Corp.	1,563		118,397
Hewlett-Packard Co.	75,881		2,555,672
Jabil Circuit, Inc.	20,434		427,071
Juniper Networks, Inc.*	4,609		113,105
Motorola Solutions, Inc.	2,967		197,513
NetApp, Inc.	4,144		151,339
QUALCOMM, Inc.	7,455		590,436
SanDisk Corp.	1,450		151,424
Seagate Technology PLC	5,820		330,693
TE Connectivity Ltd.	5,054		312,539
Western Digital Corp.	3,867		356,924
Total Technology Hardware & Equipment			11,273,543
Telecommunication Services—2.6%
AT&T, Inc.	85,728		3,031,342
CenturyLink, Inc.	9,233		334,235
Frontier Communications Corp.(a)	19,087		111,468
Verizon Communications, Inc.	57,538		2,815,334
Windstream Holdings, Inc.	13,801		137,458
Total Telecommunication Services			6,429,837
Transportation—2.2%
C.H. Robinson Worldwide, Inc.	4,728		301,599
CSX Corp.	9,170		282,528
Delta Air Lines, Inc.	22,498		871,123
Expeditors International of
Washington, Inc.	3,218		142,107
FedEx Corp.	7,041		1,065,867
Kansas City Southern	551		59,238
Norfolk Southern Corp.	2,534		261,078

Investments	Shares		Value
Ryder System, Inc.	1,720	$	151,515
Southwest Airlines Co.	15,327		411,683
Union Pacific Corp.	5,155		514,211
United Parcel Service, Inc., Class B	12,719		1,305,732
Total Transportation			5,366,681
Utilities—3.2%
AES Corp.	24,758		384,987
AGL Resources, Inc.	2,343		128,935
Ameren Corp.	3,476		142,099
American Electric Power Co., Inc.	6,879		383,642
CenterPoint Energy, Inc.	8,334		212,850
CMS Energy Corp.	5,403		168,303
Consolidated Edison, Inc.	5,310		306,599
Dominion Resources, Inc.	4,352		311,255
DTE Energy Co.	3,329		259,229
Duke Energy Corp.	8,078		599,307
Edison International	5,196		301,940
Entergy Corp.	3,465		284,442
Exelon Corp.	16,354		596,594
FirstEnergy Corp.	8,703		302,168
Integrys Energy Group, Inc.	2,642		187,926
NextEra Energy, Inc.	3,620		370,978
NiSource, Inc.	3,735		146,935
Northeast Utilities	3,791		179,201
NRG Energy, Inc.	7,872		292,838
Pepco Holdings, Inc.	4,079		112,091
PG&E Corp.	7,655		367,593
Pinnacle West Capital Corp.	1,448		83,752
PPL Corp.	7,132		253,400
Public Service Enterprise Group, Inc.	6,095		248,615
SCANA Corp.	2,116		113,862
Sempra Energy	2,387		249,943
Southern Co.	9,309		422,442
TECO Energy, Inc.	3,699		68,358
Wisconsin Energy Corp.	2,459		115,376
Xcel Energy, Inc.	8,357		269,346
Total Utilities			7,865,006
Total Common Stocks
(Cost $176,144,892)			241,798,595
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—0.3%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.06% (b)
(Cost $787,229)	787,229		787,229
Total Investments—99.8%
(Cost $176,932,121)			242,585,824
Other Assets in Excess of Liabilities—0.2%			383,709
Net Assets—100.0%		$	242,969,533

PLC – Public Limited Company

REIT – Real Estate Investment Trusts

* Non-income producing security

(a) All or a portion of security was on loan. The aggregate market value of the securities on loan was $769,974; total market value of the collateral held by the fund was $787,229.

(b) Rate shown represents annualized 7-day yield as of June 30, 2014.

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

24

SCHEDULE OF INVESTMENTS

REVENUE SHARES MID CAP FUND

JUNE 30, 2014

Investments	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—0.3%
Gentex Corp.	6,952	$	202,234
Thor Industries, Inc.	9,100		517,517
Total Automobiles & Components			719,751
Banks—2.0%
Associated Banc-Corp.	9,159		165,595
Astoria Financial Corp.	6,928		93,182
BancorpSouth, Inc.	4,755		116,830
Bank of Hawaii Corp.	1,624		95,312
Cathay General Bancorp	2,928		74,840
City National Corp.	2,627		199,021
Commerce Bancshares, Inc.	3,814		177,351
Cullen/Frost Bankers, Inc.	2,055		163,208
East West Bancorp, Inc.	4,651		162,738
First Horizon National Corp.	17,530		207,906
First Niagara Financial Group, Inc.	29,169		254,937
FirstMerit Corp.	9,280		183,280
Fulton Financial Corp.	10,220		126,626
Hancock Holding Co.	4,431		156,503
International Bancshares Corp.	3,388		91,476
New York Community Bancorp, Inc.(a)	19,313		308,622
PacWest Bancorp	1,239		53,488
Prosperity Bancshares, Inc.	1,773		110,990
Signature Bank*(a)	1,104		139,303
SVB Financial Group*	2,279		265,777
Synovus Financial Corp.	7,820		190,652
TCF Financial Corp.	12,565		205,689
Trustmark Corp.	3,938		97,229
Umpqua Holdings Corp.	5,139		92,091
Valley National Bancorp(a)	11,631		115,263
Washington Federal, Inc.	3,892		87,298
Webster Financial Corp.	4,623		145,809
Westamerica Bancorporation(a)	654		34,191
Total Banks			4,115,207
Capital Goods—12.6%
A.O. Smith Corp.	7,129		353,456
Acuity Brands, Inc.	2,621		362,353
Aecom Technology Corp.*	40,014		1,288,451
AGCO Corp.	31,192		1,753,614
Alliant Techsystems, Inc.	5,178		693,438
BE Aerospace, Inc.*	6,215		574,825
Carlisle Cos., Inc.	6,263		542,501
CLARCOR, Inc.	3,067		189,694
Crane Co.	5,911		439,542
Donaldson Co., Inc.	9,452		400,009
Esterline Technologies Corp.*	2,781		320,149
Exelis, Inc.	44,472		755,135
Fortune Brands Home & Security, Inc.	16,879		673,978
GATX Corp.	3,309		221,504
Graco, Inc.	2,383		186,065
Granite Construction, Inc.	10,015		360,340
Harsco Corp.	16,027		426,799
Hubbell, Inc., Class B	4,227		520,555
Huntington Ingalls Industries, Inc.	11,375		1,075,961
IDEX Corp.	4,190		338,301
ITT Corp.	8,824		424,434
KBR, Inc.	42,288		1,008,569

Investments	Shares		Value
Kennametal, Inc.	8,776	$	406,153
Lennox International, Inc.	5,817		521,029
Lincoln Electric Holdings, Inc.	6,493		453,731
MSC Industrial Direct Co., Inc.,
Class A	4,371		418,042
Nordson Corp.	3,069		246,103
NOW, Inc.*	20,468		741,146
Oshkosh Corp.	22,059		1,224,936
Regal-Beloit Corp.	6,362		499,799
SPX Corp.	7,048		762,664
Terex Corp.(a)	29,793		1,224,492
Timken Co.	10,250		695,360
Trinity Industries, Inc.	18,568		811,793
Triumph Group, Inc.	8,552		597,101
United Rentals, Inc.*	7,803		817,208
URS Corp.	38,282		1,755,230
Valmont Industries, Inc.	3,272		497,180
Wabtec Corp.	5,171		427,073
Watsco, Inc.	6,019		618,512
Woodward, Inc.	6,415		321,905
Total Capital Goods			25,949,130
Commercial & Professional Services—4.1%
Clean Harbors, Inc.*	8,001		514,064
Copart, Inc.*	4,907		176,456
Corporate Executive Board Co.	2,025		138,145
Corrections Corp. of America	8,262		271,407
Deluxe Corp.	4,540		265,953
FTI Consulting, Inc.*	7,274		275,103
Herman Miller, Inc.	9,165		277,150
HNI Corp.	8,616		336,972
Manpower, Inc.	39,365		3,340,120
MSA Safety, Inc.	3,252		186,925
R.R. Donnelley & Sons Co.	95,883		1,626,176
Rollins, Inc.	7,156		214,680
Towers Watson & Co., Class A	5,264		548,667
Waste Connections, Inc.	6,701		325,333
Total Commercial & Professional Services			8,497,151
Consumer Durables & Apparel—3.3%
Brunswick Corp.	8,318		350,437
Carter’s, Inc.	6,278		432,743
Deckers Outdoor Corp.*(a)	3,173		273,925
Hanesbrands, Inc.	8,782		864,500
Jarden Corp.*	20,387		1,209,968
Kate Spade & Co.*	6,630		252,868
KB Home(a)	19,898		371,695
MDC Holdings, Inc.	9,310		282,000
NVR, Inc.*	623		716,824
Polaris Industries, Inc.	4,871		634,399
Tempur Sealy International, Inc.*	7,650		456,705
Toll Brothers, Inc.*	12,855		474,350
Tupperware Brands Corp.	5,176		433,231
Total Consumer Durables & Apparel			6,753,645
Consumer Services—2.0%
Apollo Education Group, Inc.*	19,358		604,937
Bally Technologies, Inc.*	2,520		165,614
Brinker International, Inc.	9,024		439,018
Cheesecake Factory, Inc.	6,626		307,579

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

25

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES MID CAP FUND

JUNE 30, 2014

Investments	Shares		Value
Consumer Services (continued)
DeVry Education Group, Inc.	7,246	$	306,796
Domino’s Pizza, Inc.	4,136		302,300
International Game Technology	23,684		376,812
International Speedway Corp., Class A 3,076			102,369
Life Time Fitness, Inc.*(a)	4,124		201,004
Panera Bread Co., Class A*	2,635		394,802
Service Corp. International	21,082		436,819
Sotheby’s	3,627		152,298
Wendy’s Co. (The)	45,067		384,422
Total Consumer Services			4,174,770
Diversified Financials—1.6%
Affiliated Managers Group, Inc.*	1,827		375,266
CBOE Holdings, Inc.	1,919		94,434
Eaton Vance Corp.	6,046		228,478
Federated Investors, Inc., Class B(a)	4,691		145,046
Greenhill & Co., Inc.(a)	894		44,029
Janus Capital Group, Inc.(a)	11,808		147,364
MSCI, Inc., Class A*	3,682		168,820
Raymond James Financial, Inc.	15,080		765,008
SEI Investments Co.	5,767		188,985
SLM Corp.	105,473		876,481
Waddell & Reed Financial, Inc.,
Class A	3,756		235,088
Total Diversified Financials			3,268,999
Energy—7.1%
Atwood Oceanics, Inc.*	3,397		178,275
Bill Barrett Corp.*	3,300		88,374
CARBO Ceramics, Inc.(a)	787		121,292
Dresser-Rand Group, Inc.*	7,628		486,132
Dril-Quip, Inc.*	1,349		147,365
Energen Corp.	3,308		294,015
Gulfport Energy Corp.*	819		51,433
Helix Energy Solutions Group, Inc.*	5,842		153,703
HollyFrontier Corp.	57,587		2,515,976
Oceaneering International, Inc.	7,279		568,708
Oil States International, Inc.*	7,574		485,418
Patterson-UTI Energy, Inc.	12,645		441,816
Rosetta Resources, Inc.*	2,562		140,526
SM Energy Co.	4,770		401,157
Superior Energy Services, Inc.	20,211		730,426
Tidewater, Inc.	3,733		209,608
Unit Corp.*	3,408		234,573
World Fuel Services Corp.	139,318		6,858,625
WPX Energy, Inc.*	21,278		508,757
Total Energy			14,616,179
Food & Staples Retailing—1.9%
SUPERVALU, Inc.*	346,481		2,848,074
United Natural Foods, Inc.*	15,628		1,017,383
Total Food & Staples Retailing			3,865,457
Food, Beverage & Tobacco—2.6%
Dean Foods Co.	83,510		1,468,941
Flowers Foods, Inc.	29,141		614,292
Hain Celestial Group, Inc.*	3,349		297,190
Hillshire Brands Co.	10,244		638,201
Ingredion, Inc.	12,715		954,134

Investments	Shares		Value
Lancaster Colony Corp.	1,930	$	183,659
Post Holdings, Inc.*(a)	3,475		176,912
Tootsie Roll Industries, Inc.(a)	3,019		88,879
Universal Corp.	6,945		384,406
WhiteWave Foods Co., Class A*	13,777		445,962
Total Food, Beverage & Tobacco			5,252,576
Health Care Equipment & Services—7.3%
Align Technology, Inc.*	559		31,326
Allscripts Healthcare Solutions, Inc.*	14,535		233,287
Community Health Systems, Inc.*(a)	51,291		2,327,073
Cooper Cos., Inc.	1,916		259,675
Health Net, Inc.*	44,802		1,861,075
Henry Schein, Inc.*	13,159		1,561,579
Hill-Rom Holdings, Inc.	6,751		280,234
HMS Holdings Corp.*	4,028		82,211
Hologic, Inc.*	15,810		400,783
IDEXX Laboratories, Inc.*(a)	1,738		232,145
LifePoint Hospitals, Inc.*	11,334		703,841
Mednax, Inc.*	5,711		332,095
Omnicare, Inc.	15,299		1,018,454
Owens & Minor, Inc.	42,347		1,438,951
ResMed, Inc.(a)	4,656		235,733
Sirona Dental Systems, Inc.*	2,304		189,988
STERIS Corp.	4,708		251,784
Teleflex, Inc.	2,645		279,312
Thoratec Corp.*	2,394		83,455
Universal Health Services, Inc., Class B	12,364		1,183,977
VCA Antech, Inc.*	8,279		290,510
WellCare Health Plans, Inc.*	21,880		1,633,561
Total Health Care Equipment & Services			14,911,049
Household & Personal Products—0.6%
Church & Dwight Co., Inc.	7,339		513,363
Energizer Holdings, Inc.	5,828		711,191
Total Household & Personal Products			1,224,554
Insurance—6.4%
Alleghany Corp.*	1,886		826,294
American Financial Group, Inc.	13,937		830,088
Arthur J. Gallagher & Co.	11,948		556,777
Aspen Insurance Holdings Ltd.	8,550		388,341
Brown & Brown, Inc.	7,326		224,982
Everest Re Group Ltd.	5,622		902,275
Fidelity National Financial, Inc.,
Class A	42,928		1,406,321
First American Financial Corp.	27,553		765,698
Hanover Insurance Group, Inc.	12,295		776,429
HCC Insurance Holdings, Inc.	8,550		418,437
Kemper Corp.	10,391		383,012
Mercury General Corp.	9,780		460,051
Old Republic International Corp.	52,967		876,074
Primerica, Inc.	4,341		207,717
Protective Life Corp.	9,580		664,181
Reinsurance Group of America, Inc.	21,233		1,675,284
RenaissanceRe Holdings Ltd.	2,075		222,025
StanCorp Financial Group, Inc.	7,026		449,664
W.R. Berkley Corp.	23,149		1,072,030
Total Insurance			13,105,680

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

26

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES MID CAP FUND

JUNE 30, 2014

Investments	Shares		Value
Materials—8.7%
Albemarle Corp.	5,962	$	426,283
Aptargroup, Inc.	6,249		418,746
Ashland, Inc.	11,174		1,215,061
Cabot Corp.	9,582		555,660
Carpenter Technology Corp.	5,661		358,058
Cliffs Natural Resources, Inc.(a)	54,450		819,473
Commercial Metals Co.	61,182		1,059,060
Compass Minerals International, Inc.	2,029		194,256
Cytec Industries, Inc.	3,082		324,904
Domtar Corp.	6,412		274,754
Eagle Materials, Inc.	1,226		115,587
Greif, Inc., Class A	13,010		709,826
Louisiana-Pacific Corp.*	22,570		339,001
Martin Marietta Materials, Inc.(a)	2,654		350,461
Minerals Technologies, Inc.	2,518		165,130
NewMarket Corp.	977		383,092
Olin Corp.	14,236		383,233
Packaging Corp. of America	9,888		706,893
PolyOne Corp.	15,834		667,245
Rayonier Advanced Materials, Inc.*	3,328		128,960
Reliance Steel & Aluminum Co.	21,363		1,574,667
Rock-Tenn Co., Class A	15,069		1,591,136
Royal Gold, Inc.	605		46,053
RPM International, Inc.	14,920		689,006
Scotts Miracle-Gro Co., Class A	7,864		447,147
Sensient Technologies Corp.	4,388		244,499
Silgan Holdings, Inc.	12,246		622,342
Sonoco Products Co.	17,922		787,313
Steel Dynamics, Inc.	66,201		1,188,308
Valspar Corp.	8,839		673,443
Worthington Industries, Inc.	10,046		432,380
Total Materials			17,891,977
Media—1.7%
AMC Networks, Inc., Class A*	4,517		277,750
Cinemark Holdings, Inc.	13,196		466,611
DreamWorks Animation SKG, Inc.,
Class A*(a)	4,662		108,438
John Wiley & Sons, Inc., Class A	4,724		286,227
Lamar Advertising Co., Class A	3,955		209,615
Live Nation Entertainment, Inc.*	45,102		1,113,568
Meredith Corp.	5,415		261,870
New York Times Co., Class A	17,562		267,118
Time, Inc.*	24,255		587,456
Total Media			3,578,653
Pharmaceuticals, Biotechnology & Life Sciences—1.4%
Bio-Rad Laboratories, Inc., Class A*	2,865		342,969
Charles River Laboratories
International, Inc.*	3,521		188,444
Covance, Inc.*	4,872		416,946
Cubist Pharmaceuticals, Inc.*	2,560		178,739
Endo International PLC*	6,325		442,877
Mallinckrodt PLC*(a)	5,731		458,595
Mettler-Toledo International, Inc.*	1,575		398,758
Salix Pharmaceuticals Ltd.*	1,524		187,985
Techne Corp.	592		54,801
United Therapeutics Corp.*	2,157		190,873
Total Pharmaceuticals, Biotechnology &
Life Sciences			2,860,987

Investments	Shares		Value
Real Estate—0.0%†
Alexander & Baldwin, Inc.	1,747	$	72,413
Real Estate Investment Trusts—1.6%
Alexandria Real Estate Equities, Inc.	1,376		106,833
American Campus Communities, Inc.	2,895		110,705
BioMed Realty Trust, Inc.	4,715		102,929
Camden Property Trust	1,895		134,829
Corporate Office Properties Trust	3,073		85,460
Duke Realty Corp.	10,165		184,596
Equity One, Inc.	2,359		55,649
Extra Space Storage, Inc.	1,648		87,756
Federal Realty Investment Trust	887		107,256
Highwoods Properties, Inc.	2,239		93,926
Home Properties, Inc.	1,717		109,819
Hospitality Properties Trust	8,711		264,814
Kilroy Realty Corp.	1,270		79,096
Liberty Property Trust	3,214		121,907
Mack-Cali Realty Corp.	4,976		106,885
Mid-America Apartment
Communities, Inc.	1,697		123,966
National Retail Properties, Inc.(a)	1,755		65,268
Omega Healthcare Investors, Inc.	1,960		72,246
Potlatch Corp.	2,278		94,309
Rayonier, Inc.	5,780		205,479
Realty Income Corp.	2,982		132,460
Regency Centers Corp.	1,481		82,462
Senior Housing Properties Trust	5,167		125,506
SL Green Realty Corp.	2,151		235,341
Taubman Centers, Inc.	1,621		122,888
UDR, Inc.	4,473		128,062
Weingarten Realty Investors	2,566		84,267
Total Real Estate Investment Trusts			3,224,714
Real Estate Management & Development—0.4%
Jones Lang LaSalle, Inc.	6,033		762,511
Retailing—9.8%
Aaron’s, Inc.	10,215		364,063
Abercrombie & Fitch Co., Class A(a)	16,797		726,470
Advance Auto Parts, Inc.	9,341		1,260,288
American Eagle Outfitters, Inc.	23,993		269,201
ANN, Inc.*	9,341		384,289
Ascena Retail Group, Inc.*	30,378		519,464
Big Lots, Inc.*	19,398		886,489
Cabela’s, Inc.*(a)	9,414		587,434
Chico’s FAS, Inc.	25,425		431,208
CST Brands, Inc.	58,933		2,033,188
Dick’s Sporting Goods, Inc.	21,410		996,850
Foot Locker, Inc.	20,241		1,026,623
Guess?, Inc.	10,984		296,568
HSN, Inc.	9,670		572,851
JC Penney Co., Inc.*(a)	223,105		2,019,100
LKQ Corp.*	33,515		894,515
Murphy USA, Inc.*	60,540		2,959,801
Office Depot, Inc.*	367,001		2,088,236
Rent-A-Center, Inc.	13,421		384,914
Signet Jewelers Ltd.	6,022		665,973
Williams-Sonoma, Inc.	9,552		685,642
Total Retailing			20,053,167

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

27

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES MID CAP FUND

JUNE 30, 2014

Investments	Shares		Value
Semiconductors & Semiconductor Equipment—1.6%
Advanced Micro Devices, Inc.*(a)	207,836	$	870,833
Atmel Corp.*	23,772		222,744
Cree, Inc.*(a)	4,773		238,411
Cypress Semiconductor Corp.*	10,561		115,220
Fairchild Semiconductor
International, Inc.*	14,265		222,534
Integrated Device Technology, Inc.*	5,215		80,624
International Rectifier Corp.*	5,664		158,026
Intersil Corp., Class A	6,119		91,479
RF Micro Devices, Inc.*	17,548		168,285
Semtech Corp.*	3,745		97,932
Silicon Laboratories, Inc.*	1,919		94,511
Skyworks Solutions, Inc.	6,276		294,721
SunEdison, Inc.*	15,466		349,532
Teradyne, Inc.	12,379		242,628
Total Semiconductors &
Semiconductor Equipment			3,247,480
Software & Services—3.8%
ACI Worldwide, Inc.*	2,704		150,964
Acxiom Corp.*	8,184		177,511
Advent Software, Inc.	1,932		62,925
ANSYS, Inc.*	1,891		143,376
AOL, Inc.*	10,062		400,367
Broadridge Financial Solutions, Inc.	9,806		408,322
Cadence Design Systems, Inc.*(a)	14,202		248,393
CommVault Systems, Inc.*	1,168		57,430
Compuware Corp.	14,403		143,886
Concur Technologies, Inc.*(a)	1,027		95,860
Convergys Corp.	16,404		351,702
Conversant, Inc.*(a)	4,015		101,981
CoreLogic, Inc.*	7,769		235,867
DST Systems, Inc.	4,681		431,448
Equinix, Inc.*	1,726		362,615
Factset Research Systems, Inc.(a)	1,227		147,584
Fair Isaac Corp.	1,970		125,607
Fortinet, Inc.*	4,253		106,878
Gartner, Inc.*	4,251		299,780
Global Payments, Inc.	5,506		401,112
Informatica Corp.*	4,250		151,512
Jack Henry & Associates, Inc.	3,148		187,086
Leidos Holdings, Inc.	5,059		193,962
Mentor Graphics Corp.	8,059		173,833
MICROS Systems, Inc.*	3,178		215,786
NeuStar, Inc., Class A*(a)	5,932		154,351
PTC, Inc.*	5,565		215,922
Rackspace Hosting, Inc.*	7,017		236,192
Rovi Corp.*	3,948		94,594
Science Applications International Corp.	16,061		709,254
Solarwinds, Inc.*	1,458		56,366
Solera Holdings, Inc.	2,124		142,627
Synopsys, Inc.*	8,211		318,751
TIBCO Software, Inc.*	8,421		169,852
VeriFone Systems, Inc.*	7,507		275,882
Wex, Inc.*	1,152		120,925
Total Software & Services			7,870,503
Technology Hardware & Equipment—12.3%
3D Systems Corp.*(a)	1,698		101,540
ADTRAN, Inc.	4,780		107,837

Investments	Shares		Value
ARRIS Group, Inc.*	21,720	$	706,552
Arrow Electronics, Inc.*	57,558		3,477,079
Avnet, Inc.	95,393		4,226,864
Ciena Corp.*(a)	15,717		340,430
Diebold, Inc.	12,048		483,968
FEI Co.	1,699		154,150
Ingram Micro, Inc., Class A*	244,441		7,140,122
InterDigital, Inc./PA	1,169		55,878
Itron, Inc.*	8,005		324,603
JDS Uniphase Corp.*	22,957		286,274
Knowles Corp.*	6,657		204,636
Lexmark International, Inc., Class A	13,033		627,669
National Instruments Corp.	5,934		192,202
NCR Corp.*	30,336		1,064,490
Plantronics, Inc.	2,759		132,570
Polycom, Inc.*	18,108		226,893
Riverbed Technology, Inc.*	8,407		173,436
Tech Data Corp.*	67,459		4,217,537
Trimble Navigation Ltd.*	9,885		365,251
Vishay Intertechnology, Inc.	25,549		395,754
Zebra Technologies Corp., Class A*	2,234		183,903
Total Technology Hardware & Equipment			25,189,638
Telecommunication Services—0.5%
Telephone & Data Systems, Inc.	29,772		777,347
tw telecom, Inc.*	6,283		253,268
Total Telecommunication Services			1,030,615
Transportation—2.6%
Alaska Air Group, Inc.	8,933		849,082
Con-Way, Inc.	18,095		912,169
Genesee & Wyoming, Inc., Class A*	2,418		253,890
JB Hunt Transport Services, Inc.	12,046		888,754
JetBlue Airways Corp.*(a)	84,341		915,100
Kirby Corp.*	3,156		369,694
Landstar System, Inc.	6,879		440,256
Old Dominion Freight Line, Inc.*	6,177		393,351
Werner Enterprises, Inc.	12,350		327,398
Total Transportation			5,349,694
Utilities—3.6%
Alliant Energy Corp.	9,137		556,078
Aqua America, Inc.	4,840		126,905
Atmos Energy Corp.	12,575		671,505
Black Hills Corp.	3,618		222,109
Cleco Corp.	3,292		194,063
Great Plains Energy, Inc.	15,393		413,610
Hawaiian Electric Industries, Inc.(a)	20,797		526,580
IDACORP, Inc.	3,617		209,171
MDU Resources Group, Inc.	21,609		758,476
National Fuel Gas Co.	4,024		315,079
OGE Energy Corp.	6,094		238,154
ONE Gas, Inc.	7,422		280,180
PNM Resources, Inc.	7,807		228,979
Questar Corp.	8,063		199,962
UGI Corp.	24,426		1,233,513
Vectren Corp.	10,106		429,505
Westar Energy, Inc.	10,650		406,724
WGL Holdings, Inc.	9,337		402,425
Total Utilities			7,413,018

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

28

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES MID CAP FUND

JUNE 30, 2014

Investments	Shares	Value
Total Common Stocks
(Cost $158,616,719)		$	204,999,518
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—5.2%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.06% (b)
(Cost $10,660,514)	10,660,514		10,660,514
Total Investments—105.0%
(Cost $169,277,233)			215,660,032
Liabilities in Excess of Other Assets—(5.0)%			(10,256,474	)
Net Assets—100.0%		$	205,403,558

PLC – Public Limited Company

* 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 $10,423,372; total market value of the collateral held by the fund was $10,660,514.

(b) Rate shown represents annualized 7-day yield as of June 30, 2014.

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

29

SCHEDULE OF INVESTMENTS

REVENUE SHARES SMALL CAP FUND

JUNE 30, 2014

Investments	Shares		Value
COMMON STOCKS—99.9%
Automobiles & Components—0.8%
Dorman Products, Inc.*	6,297	$	310,568
Drew Industries, Inc.	9,896		494,899
Spartan Motors, Inc.	45,376		206,007
Standard Motor Products, Inc.	10,631		474,887
Superior Industries International, Inc.	17,703		365,036
Winnebago Industries, Inc.*	16,193		407,739
Total Automobiles & Components			2,259,136
Banks—2.5%
Bank Mutual Corp.	8,091		46,928
Bank of the Ozarks, Inc.	4,141		138,516
Banner Corp.	2,538		100,581
BBCN Bancorp, Inc.	9,661		154,093
BofI Holding, Inc.*	1,092		80,229
Boston Private Financial Holdings, Inc.	11,995		161,213
Brookline Bancorp, Inc.	11,384		106,668
Cardinal Financial Corp.	3,738		69,003
City Holding Co.	2,017		91,007
Columbia Banking System, Inc.	6,356		167,226
Community Bank System, Inc.	5,195		188,059
CVB Financial Corp.	7,663		122,838
Dime Community Bancshares	5,524		87,224
F.N.B. Corp.	21,996		281,989
First BanCorp*	60,232		327,662
First Commonwealth Financial Corp.	13,303		122,654
First Financial Bancorp	8,131		139,935
First Financial Bankshares, Inc.	3,685		115,598
First Midwest Bancorp, Inc.	11,346		193,222
Glacier Bancorp, Inc.	6,184		175,502
Hanmi Financial Corp.	3,299		69,543
Home BancShares, Inc.	4,110		134,890
Independent Bank Corp.	3,403		130,607
MB Financial, Inc.	7,631		206,419
National Penn Bancshares, Inc.	16,796		177,702
NBT Bancorp, Inc.	7,447		178,877
Northwest Bancshares, Inc.	13,276		180,155
Old National Bancorp	17,245		246,259
Oritani Financial Corp.	4,059		62,468
Pinnacle Financial Partners, Inc.	2,925		115,479
PrivateBancorp, Inc.	9,739		283,015
Provident Financial Services, Inc.	7,996		138,491
S&T Bancorp, Inc.	3,853		95,747
Simmons First National Corp., Class A	2,237		88,115
Sterling Bancorp	7,082		84,984
Susquehanna Bancshares, Inc.	38,602		407,637
Taylor Capital Group, Inc.*	7,454		159,367
Texas Capital Bancshares, Inc.*	4,278		230,798
Tompkins Financial Corp.	2,493		120,113
TrustCo Bank Corp.	12,451		83,173
UMB Financial Corp.	6,367		403,604
United Bankshares, Inc.	5,763		186,318
United Community Banks, Inc.	8,465		138,572
ViewPoint Financial Group, Inc.	2,722		73,249
Wilshire Bancorp, Inc.	7,874		80,866
Wintrust Financial Corp.	8,685		399,510
Total Banks			7,346,105

Investments	Shares		Value
Capital Goods—12.3%
AAON, Inc.	4,671	$	156,572
AAR Corp.	36,068		994,034
Aceto Corp.	14,038		254,649
Actuant Corp., Class A	17,944		620,324
Aegion Corp., Class A*	23,682		551,080
Aerovironment, Inc.*	3,351		106,562
Albany International Corp., Class A	9,405		357,014
American Science & Engineering, Inc.	1,271		88,449
American Woodmark Corp.*	9,737		310,318
Apogee Enterprises, Inc.	10,817		377,081
Applied Industrial Technologies, Inc.	23,221		1,178,001
Astec Industries, Inc.	10,001		438,844
AZZ, Inc.	6,512		300,073
Barnes Group, Inc.	13,714		528,538
Briggs & Stratton Corp.	43,121		882,256
CIRCOR International, Inc.	5,246		404,624
Comfort Systems USA, Inc.	39,660		626,628
Cubic Corp.	13,885		618,021
Curtiss-Wright Corp.	17,636		1,156,216
DXP Enterprises, Inc.*	8,421		636,122
Dycom Industries, Inc.*	27,387		857,487
EMCOR Group, Inc.	66,486		2,960,622
Encore Wire Corp.	10,933		536,154
EnerSys	15,256		1,049,460
Engility Holdings, Inc.*	16,586		634,580
EnPro Industries, Inc.*	7,247		530,191
ESCO Technologies, Inc.	6,868		237,908
Federal Signal Corp.	26,782		392,356
Franklin Electric Co., Inc.	11,313		456,253
GenCorp, Inc.*(a)	35,562		679,234
General Cable Corp.	115,108		2,953,671
Gibraltar Industries, Inc.*	23,781		368,843
Griffon Corp.	72,025		893,110
Hillenbrand, Inc.	24,113		786,566
John Bean Technologies Corp.	14,927		462,588
Kaman Corp.	18,674		797,940
Lindsay Corp.(a)	3,696		312,201
Lydall, Inc.*	7,006		191,754
Moog, Inc., Class A*	17,111		1,247,221
Mueller Industries, Inc.	34,366		1,010,704
National Presto Industries, Inc.(a)	2,760		201,039
Orbital Sciences Corp.*	21,306		629,592
Orion Marine Group, Inc.*	15,166		164,248
PGT, Inc.*	13,486		114,227
Powell Industries, Inc.	4,993		326,442
Quanex Building Products Corp.	25,044		447,536
Simpson Manufacturing Co., Inc.	9,122		331,676
Standex International Corp.	4,392		327,116
TASER International, Inc.*	4,906		65,250
Teledyne Technologies, Inc.*	11,229		1,091,122
Tennant Co.	5,500		419,760
Titan International, Inc.(a)	60,641		1,019,982
Toro Co.	14,900		947,640
Universal Forest Products, Inc.	24,055		1,161,135
Vicor Corp.*	11,951		100,149
Watts Water Technologies, Inc.,
Class A	11,210		691,993
Total Capital Goods			35,983,156

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

30

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES SMALL CAP FUND

JUNE 30, 2014

Investments	Shares		Value
Commercial & Professional Services—6.2%
ABM Industries, Inc.	85,314	$	2,301,772
Brady Corp., Class A	19,582		584,914
Brink’s Co. (The)	68,852		1,943,003
CDI Corp.	35,644		513,630
Exponent, Inc.	1,917		142,069
G&K Services, Inc., Class A	8,015		417,341
Healthcare Services Group, Inc.	18,786		553,060
Heidrick & Struggles International, Inc.	12,882		238,317
Insperity, Inc.	32,623		1,076,559
Interface, Inc.	24,446		460,563
Kelly Services, Inc., Class A	135,579		2,327,891
Korn/Ferry International*	14,674		430,975
Mobile Mini, Inc.	4,045		193,715
Navigant Consulting, Inc.*	22,624		394,789
On Assignment, Inc.*	22,496		800,183
Resources Connection, Inc.	20,613		270,236
Tetra Tech, Inc.	34,703		954,333
TrueBlue, Inc.*	29,326		808,518
UniFirst Corp.	6,274		665,044
United Stationers, Inc.	58,693		2,433,999
Viad Corp.	19,630		467,979
WageWorks, Inc.*	2,113		101,868
Total Commercial & Professional Services			18,080,758
Consumer Durables & Apparel—4.4%
Arctic Cat, Inc.	8,308		327,501
Callaway Golf Co.	51,688		430,044
Crocs, Inc.*	37,229		559,552
Ethan Allen Interiors, Inc.	13,775		340,793
G-III Apparel Group Ltd.*	8,322		679,575
Helen of Troy Ltd.*	10,116		613,333
Iconix Brand Group, Inc.*(a)	4,796		205,940
iRobot Corp.*(a)	6,066		248,403
La-Z-Boy, Inc., Class Z	26,690		618,407
M/I Homes, Inc.*	22,163		537,896
Meritage Homes Corp.*	21,772		918,996
Movado Group, Inc.	6,056		252,354
Oxford Industries, Inc.	5,880		392,020
Perry Ellis International, Inc.*	25,883		451,399
Quiksilver, Inc.*(a)	227,073		812,921
Ryland Group, Inc.	27,820		1,097,221
Skechers U.S.A., Inc., Class A*	20,127		919,804
Standard Pacific Corp.*	113,708		977,889
Steven Madden Ltd.*	19,321		662,710
Sturm Ruger & Co., Inc.(a)	5,362		316,412
Universal Electronics, Inc.*	5,443		266,054
Wolverine World Wide, Inc.	47,034		1,225,706
Total Consumer Durables & Apparel			12,854,930
Consumer Services—5.0%
American Public Education, Inc.*	4,594		157,942
Biglari Holdings, Inc.*	840		355,295
BJ’s Restaurants, Inc.*(a)	10,429		364,076
Bob Evans Farms, Inc.(a)	12,667		633,983
Boyd Gaming Corp.*	112,079		1,359,518
Buffalo Wild Wings, Inc.*	3,962		656,543
Capella Education Co.	3,539		192,486
Career Education Corp.*	99,984		467,925
Cracker Barrel Old Country Store, Inc.	12,517		1,246,318
DineEquity, Inc.	3,770		299,677

Investments	Shares		Value
Interval Leisure Group, Inc.	11,193	$	245,574
ITT Educational Services, Inc.*(a)	28,375		473,579
Jack in the Box, Inc.	11,660		697,734
Marcus Corp.	11,297		206,170
Marriott Vacations Worldwide Corp.*	14,582		854,943
Matthews International Corp., Class A	11,466		476,642
Monarch Casino & Resort, Inc.*	5,659		85,677
Multimedia Games Holding Co., Inc.*	3,253		96,419
Papa John’s International, Inc.	16,499		699,393
Pinnacle Entertainment, Inc.*	33,769		850,303
Red Robin Gourmet Burgers, Inc.*	6,631		472,127
Regis Corp.	66,669		938,700
Ruby Tuesday, Inc.*	73,344		556,681
Ruth’s Hospitality Group, Inc.	15,523		191,709
Scientific Games Corp., Class A*	52,244		580,953
Sonic Corp.*	11,343		250,454
Strayer Education, Inc.*(a)	4,237		222,485
Texas Roadhouse, Inc.	26,286		683,436
Universal Technical Institute, Inc.	15,442		187,466
Total Consumer Services			14,504,208
Diversified Financials—2.2%
Calamos Asset Management, Inc.,
Class A	9,160		122,652
Cash America International, Inc.	19,737		876,915
Encore Capital Group, Inc.*(a)	9,128		414,594
Evercore Partners, Inc., Class A	6,506		375,006
Ezcorp, Inc., Class A*	40,850		471,818
Financial Engines, Inc.	2,412		109,215
First Cash Financial Services, Inc.*	5,577		321,179
FXCM, Inc., Class A	15,189		227,228
Green Dot Corp., Class A*	9,103		172,775
HFF, Inc., Class A	5,228		194,429
Interactive Brokers Group, Inc.,
Class A	25,564		595,386
Investment Technology Group, Inc.*	14,220		240,034
MarketAxess Holdings, Inc.	2,109		114,013
Piper Jaffray Cos.*	5,959		308,497
Portfolio Recovery Associates, Inc.*	6,014		358,013
Stifel Financial Corp.*(a)	21,335		1,010,212
SWS Group, Inc.*	19,819		144,282
Virtus Investment Partners, Inc.*	960		203,280
World Acceptance Corp.*(a)	3,494		265,404
Total Diversified Financials			6,524,932
Energy—4.3%
Approach Resources, Inc.*(a)	4,327		98,353
Arch Coal, Inc.(a)	336,356		1,227,699
Basic Energy Services, Inc.*	22,599		660,343
Bristow Group, Inc.	9,229		744,042
C&J Energy Services, Inc.*(a)	15,934		538,251
Carrizo Oil & Gas, Inc.*	3,948		273,439
Cloud Peak Energy, Inc.*	33,113		609,942
Comstock Resources, Inc.	7,595		219,040
Contango Oil & Gas Co.*	1,949		82,462
Era Group, Inc.*	4,918		141,048
Exterran Holdings, Inc.	31,789		1,430,187
Forest Oil Corp.*	42,683		97,317
Geospace Technologies Corp.*(a)	2,714		149,487
Green Plains, Inc.	44,156		1,451,408
Gulf Island Fabrication, Inc.	12,970		279,114

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

31

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES SMALL CAP FUND

JUNE 30, 2014

Investments	Shares		Value
Energy (continued)
Hornbeck Offshore Services, Inc.*	5,807	$	272,464
ION Geophysical Corp.*	61,529		259,652
Matrix Service Co.*	12,069		395,743
Newpark Resources, Inc.*	41,596		518,286
Northern Oil and Gas, Inc.*(a)	9,972		162,444
PDC Energy, Inc.*	3,193		201,638
Penn Virginia Corp.*	14,818		251,165
Petroquest Energy, Inc.*	13,689		102,941
Pioneer Energy Services Corp.*	27,166		476,492
SEACOR Holdings, Inc.*(a)	7,280		598,780
Stone Energy Corp.*	9,676		452,740
Swift Energy Co.*(a)	21,904		284,314
Tesco Corp.	11,835		252,559
TETRA Technologies, Inc.*	36,231		426,801
Total Energy			12,658,151
Food & Staples Retailing—2.4%
Andersons, Inc.	47,385		2,444,118
Casey’s General Stores, Inc.	49,389		3,471,553
SpartanNash Co.	57,293		1,203,726
Total Food & Staples Retailing			7,119,397
Food, Beverage & Tobacco—2.8%
Alliance One International, Inc.*	310,175		775,437
Annie’s, Inc.*	2,486		84,077
B&G Foods, Inc., Class A	10,410		340,303
Boston Beer Co., Inc. (The),
Class A*(a)	1,628		363,891
Calavo Growers, Inc.	9,908		335,188
Cal-Maine Foods, Inc.	8,723		648,293
Darling Ingredients, Inc.*	50,482		1,055,074
Diamond Foods, Inc.*(a)	13,571		382,702
J&J Snack Foods Corp.	4,402		414,316
Sanderson Farms, Inc.	13,210		1,284,012
Seneca Foods Corp., Class A*	19,244		588,866
Snyders-Lance, Inc.	30,767		814,095
TreeHouse Foods, Inc.*	14,424		1,154,930
Total Food, Beverage & Tobacco			8,241,184
Health Care Equipment & Services—9.3%
Abaxis, Inc.	2,018		89,418
Abiomed, Inc.*(a)	3,243		81,529
Air Methods Corp.*(a)	8,552		441,711
Almost Family, Inc.*	8,718		192,493
Amedisys, Inc.*	42,402		709,809
AMN Healthcare Services, Inc.*	40,361		496,440
Amsurg Corp.*	10,032		457,158
Analogic Corp.	3,344		261,635
Anika Therapeutics, Inc.*	962		44,569
Bio-Reference Labs, Inc.*	11,668		352,607
Cantel Medical Corp.	5,768		211,224
Centene Corp.*	72,849		5,508,113
Chemed Corp.(a)	7,200		674,784
Computer Programs & Systems, Inc.	1,507		95,845
CONMED Corp.	8,141		359,425
CorVel Corp.*	4,798		216,774
Cross Country Healthcare, Inc.*	32,112		209,370
CryoLife, Inc.	7,436		66,552
Cyberonics, Inc.*	2,131		133,102
Cynosure, Inc., Class A*	5,646		119,978

Investments	Shares		Value
Ensign Group, Inc.	14,324	$	445,190
Gentiva Health Services, Inc.*	55,221		831,628
Greatbatch, Inc.*	6,542		320,951
Haemonetics Corp.*	12,668		446,927
Hanger, Inc.*	15,480		486,846
HealthStream, Inc.*	2,601		63,204
Healthways, Inc.*	19,262		337,855
ICU Medical, Inc.*	2,422		147,282
Integra LifeSciences Holdings Corp.*	8,379		394,316
Invacare Corp.	37,261		684,485
IPC The Hospitalist Co., Inc.*	7,576		335,011
Kindred Healthcare, Inc.	98,550		2,276,505
Landauer, Inc.	1,616		67,872
LHC Group, Inc.*	15,519		331,641
Magellan Health, Inc.*	27,410		1,705,998
Masimo Corp.*	10,983		259,199
Medidata Solutions, Inc.*	3,162		135,365
Meridian Bioscience, Inc.	4,339		89,557
Merit Medical Systems, Inc.*	14,846		224,175
Molina Healthcare, Inc.*(a)	73,069		3,261,069
MWI Veterinary Supply, Inc.*	7,919		1,124,419
Natus Medical, Inc.*	6,225		156,497
Neogen Corp.*	2,474		100,123
NuVasive, Inc.*	9,433		335,532
Omnicell, Inc.*	6,711		192,673
PharMerica Corp.*	28,446		813,271
Quality Systems, Inc.	12,992		208,522
SurModics, Inc.*	1,253		26,839
Symmetry Medical, Inc.*	21,108		187,017
West Pharmaceutical Services, Inc.	15,262		643,751
Total Health Care Equipment & Services			27,356,256
Household & Personal Products—0.4%
Central Garden and Pet Co., Class A*	83,549		768,651
Inter Parfums, Inc.	7,296		215,597
Medifast, Inc.*	5,073		154,270
WD-40 Co.	2,332		175,413
Total Household & Personal Products			1,313,931
Insurance—2.1%
AMERISAFE, Inc.	4,492		182,690
eHealth, Inc.*	2,340		88,850
Employers Holdings, Inc.	16,178		342,650
HCI Group, Inc.	2,822		114,573
Horace Mann Educators Corp.	15,511		485,029
Infinity Property & Casualty Corp.	9,702		652,265
Meadowbrook Insurance Group, Inc.	53,931		387,764
Navigators Group, Inc.*	6,765		453,593
ProAssurance Corp.	7,875		349,650
RLI Corp.	7,420		339,688
Safety Insurance Group, Inc.	6,814		350,103
Selective Insurance Group, Inc.	36,275		896,718
Stewart Information Services Corp.	27,728		859,845
United Fire Group, Inc.	14,258		418,045
Universal Insurance Holdings, Inc.	10,732		139,194
Total Insurance			6,060,657
Materials—7.6%
A. Schulman, Inc.	27,721		1,072,803
A.M. Castle & Co.*	30,641		338,277
AK Steel Holding Corp.*(a)	351,188		2,795,456

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

32

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES SMALL CAP FUND

JUNE 30, 2014

Investments	Shares		Value
Materials (continued)
American Vanguard Corp.	11,814	$	156,181
Balchem Corp.	2,980		159,609
Boise Cascade Co.*	53,864		1,542,665
Calgon Carbon Corp.*	11,498		256,750
Century Aluminum Co.*	46,698		732,225
Clearwater Paper Corp.*	14,345		885,373
Deltic Timber Corp.	1,661		100,358
Flotek Industries, Inc.*	5,665		182,186
FutureFuel Corp.	12,231		202,912
Globe Specialty Metals, Inc.	15,644		325,082
H.B. Fuller Co.	18,993		913,563
Hawkins, Inc.	4,511		167,539
Haynes International, Inc.	3,884		219,796
Headwaters, Inc.*	24,490		340,166
Innophos Holdings, Inc.	7,026		404,487
Intrepid Potash, Inc.*	18,349		307,529
Kaiser Aluminum Corp.	8,402		612,254
KapStone Paper and Packaging
Corp.*	29,874		989,726
Koppers Holdings, Inc.	17,926		685,670
Kraton Performance Polymers, Inc.*	23,483		525,784
LSB Industries, Inc.*	7,905		329,401
Materion Corp.	14,337		530,326
Myers Industries, Inc.	19,019		382,092
Neenah Paper, Inc.	7,676		407,979
Olympic Steel, Inc.	24,721		611,845
OM Group, Inc.	16,254		527,117
Ph Glatfelter Co.	30,993		822,244
Quaker Chemical Corp.	4,670		358,609
RTI International Metals, Inc.*	13,465		358,034
Schweitzer-Mauduit International, Inc.	8,507		371,416
Stepan Co.	16,952		896,083
Stillwater Mining Co.*	27,608		484,520
SunCoke Energy, Inc.*	34,318		737,837
Texas Industries, Inc.*	3,774		348,567
Tredegar Corp.	19,341		452,773
U.S. Silica Holdings, Inc.	5,286		293,056
Wausau Paper Corp.	15,073		163,090
Zep, Inc.	18,246		322,224
Total Materials			22,313,604
Media—0.6%
E.W. Scripps Co., Class A*	19,806		419,095
Harte-Hanks, Inc.	41,002		294,804
Scholastic Corp.	25,066		854,500
Sizmek, Inc.*	8,800		83,864
Total Media			1,652,263
Pharmaceuticals, Biotechnology & Life Sciences—1.2%
Acorda Therapeutics, Inc.*	4,680		157,763
Affymetrix, Inc.*	16,786		149,563
Akorn, Inc.*(a)	5,566		185,069
Albany Molecular Research, Inc.*	5,950		119,714
Cambrex Corp.*	6,898		142,789
Emergent Biosolutions, Inc.*	6,588		147,966
Impax Laboratories, Inc.*	7,704		231,043
Lannett Co., Inc.*	1,595		79,144
Ligand Pharmaceuticals, Inc., Class B*	382		23,795
Luminex Corp.*	5,787		99,247
Medicines Co.*	11,842		344,129

Investments	Shares		Value
Momenta Pharmaceuticals, Inc.*	1,447	$	17,480
PAREXEL International Corp.*	17,414		920,156
Prestige Brands Holdings, Inc.*	8,416		285,218
Questcor Pharmaceuticals, Inc.	4,508		416,945
Repligen Corp.*	1,534		34,960
Spectrum Pharmaceuticals, Inc.*(a)	8,880		72,194
Total Pharmaceuticals, Biotechnology &
Life Sciences			3,427,175
Real Estate Investment Trusts—1.7%
Acadia Realty Trust	2,915		81,882
Agree Realty Corp.	723		21,856
American Assets Trust, Inc.	3,472		119,957
Associated Estates Realty Corp.	5,084		91,614
Capstead Mortgage Corp.	7,619		100,190
Cedar Realty Trust, Inc.	10,817		67,606
Chesapeake Lodging Trust	6,718		203,085
CoreSite Realty Corp.	3,425		113,265
Cousins Properties, Inc.	9,756		121,462
DiamondRock Hospitality Co.	30,233		387,587
EastGroup Properties, Inc.	1,516		97,373
Epr Properties	2,987		166,884
Franklin Street Properties Corp.	8,554		107,609
Geo Group, Inc. (The)	20,712		740,040
Getty Realty Corp.	2,530		48,272
Government Properties Income Trust	4,192		106,435
Healthcare Realty Trust, Inc.	6,504		165,332
Inland Real Estate Corp.	8,993		95,595
Kite Realty Group Trust	10,827		66,478
LaSalle Hotel Properties	13,221		466,569
Lexington Realty Trust	17,190		189,262
LTC Properties, Inc.	1,315		51,338
Medical Properties Trust, Inc.	9,355		123,860
Parkway Properties, Inc.	7,295		150,642
Pennsylvania Real Estate Investment
Trust	11,657		219,385
Post Properties, Inc.	3,252		173,852
PS Business Parks, Inc.	2,057		171,739
Retail Opportunity Investments Corp.	3,649		57,399
Sabra Health Care REIT, Inc.	2,371		68,071
Saul Centers, Inc.	1,920		93,312
Sovran Self Storage, Inc.	1,716		132,561
Tanger Factory Outlet Centers	5,262		184,012
Universal Health Realty Income Trust	591		25,697
Urstadt Biddle Properties, Inc., Class A 2,158			45,059
Total Real Estate Investment Trusts			5,055,280
Real Estate Management & Development—0.1%
Forestar Group, Inc.*	7,746		147,871
Retailing—10.9%
Aeropostale, Inc.*(a)	146,373		510,842
Barnes & Noble, Inc.*	151,495		3,452,571
Big 5 Sporting Goods Corp.	38,630		473,990
Blue Nile, Inc.*	7,474		209,272
Brown Shoe Co., Inc.	41,218		1,179,247
Buckle, Inc.(a)	11,454		508,099
Cato Corp., Class A	14,378		444,280
Children’s Place, Inc. (The)	16,552		821,476
Christopher & Banks Corp.*	23,889		209,268
Finish Line, Inc., Class A	22,890		680,749

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

33

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES SMALL CAP FUND

JUNE 30, 2014

Investments	Shares		Value
Retailing (continued)
Francesca’s Holdings Corp.*	9,952	$	146,692
Fred’s, Inc., Class A	60,102		918,960
FTD Cos., Inc.*	9,751		309,984
Genesco, Inc.*	15,077		1,238,274
Group 1 Automotive, Inc.	52,728		4,445,498
Haverty Furniture Cos., Inc.	14,230		357,600
Hibbett Sports, Inc.*(a)	7,133		386,395
Kirkland’s, Inc.*	11,771		218,352
Lithia Motors, Inc., Class A	21,264		2,000,304
Lumber Liquidators Holdings, Inc.*(a)	6,280		476,966
MarineMax, Inc.*	17,589		294,440
Men’s Wearhouse, Inc.	21,166		1,181,063
Monro Muffler Brake, Inc.	6,438		342,437
Nutrisystem, Inc.	10,320		176,575
Outerwall, Inc.*(a)	17,713		1,051,267
Pep Boys-Manny, Moe & Jack*	89,426		1,024,822
PetMed Express, Inc.(a)	8,163		110,037
Pool Corp.	17,310		979,054
Select Comfort Corp.*	22,924		473,610
Sonic Automotive, Inc., Class A	156,199		4,167,389
Stage Stores, Inc.	40,625		759,281
Stein Mart, Inc.	41,877		581,671
Tuesday Morning Corp.*	20,739		369,569
Vitamin Shoppe, Inc.*	11,669		502,000
VOXX International Corp., Class A*	44,831		421,860
Zumiez, Inc.*	11,910		328,597
Total Retailing			31,752,491
Semiconductors & Semiconductor Equipment—1.7%
Advanced Energy Industries, Inc.*	14,092		271,271
Brooks Automation, Inc.	22,255		239,686
Cabot Microelectronics Corp.*	4,502		201,014
Ceva, Inc.*	1,568		23,159
Cirrus Logic, Inc.*(a)	17,205		391,242
Cohu, Inc.	11,169		119,508
Diodes, Inc.*	13,774		398,895
DSP Group, Inc.*	7,916		67,207
Entropic Communications, Inc.*	32,534		108,338
Exar Corp.*	5,212		58,896
GT Advanced Technologies, Inc.*(a)	6,601		122,779
Hittite Microwave Corp.	1,663		129,631
Kopin Corp.*	3,073		10,018
Kulicke & Soffa Industries, Inc.*	16,338		232,980
Micrel, Inc.	9,728		109,732
Microsemi Corp.*	17,245		461,476
MKS Instruments, Inc.	11,390		355,824
Monolithic Power Systems, Inc.	2,744		116,208
Nanometrics, Inc.*	4,527		82,618
Pericom Semiconductor Corp.*	6,413		57,974
Power Integrations, Inc.	2,837		163,241
Rubicon Technology, Inc.*(a)	2,586		22,627
Rudolph Technologies, Inc.*	8,572		84,691
Synaptics, Inc.*(a)	3,977		360,475
Tessera Technologies, Inc.	4,761		105,123
TriQuint Semiconductor, Inc.*	25,583		404,467
Ultratech, Inc.*	2,646		58,688
Veeco Instruments, Inc.*(a)	4,779		178,066
Total Semiconductors &
Semiconductor Equipment			4,935,834

Investments	Shares		Value
Software & Services—4.6%
Blackbaud, Inc.	6,805	$	243,211
Blucora, Inc.*	15,510		292,674
Bottomline Technologies, Inc.*(a)	4,060		121,475
CACI International, Inc., Class A*	23,804		1,671,279
Cardtronics, Inc.*	12,744		434,315
CIBER, Inc.*	83,971		414,817
comScore, Inc.*	3,917		138,975
CSG Systems International, Inc.	13,912		363,242
Dealertrack Technologies, Inc.*(a)	5,623		254,947
Dice Holdings, Inc.*	14,642		111,426
Digital River, Inc.*	11,516		177,692
Ebix, Inc.(a)	6,540		93,587
EPIQ Systems, Inc.	17,287		242,882
Exlservice Holdings, Inc.*	7,728		227,590
Forrester Research, Inc.	3,754		142,202
Heartland Payment Systems, Inc.	24,076		992,172
Higher One Holdings, Inc.*(a)	27,562		105,011
iGate Corp.*	16,546		602,109
Interactive Intelligence Group, Inc.*	2,848		159,858
j2 Global, Inc.	5,054		257,046
Liquidity Services, Inc.*(a)	10,416		164,156
LivePerson, Inc.*	9,325		94,649
LogMeIn, Inc.*	1,784		83,170
Manhattan Associates, Inc.*	5,842		201,140
ManTech International Corp., Class A	33,249		981,510
MAXIMUS, Inc.	16,188		696,408
MicroStrategy, Inc., Class A*	1,897		266,756
Monotype Imaging Holdings, Inc.	2,929		82,510
Monster Worldwide, Inc.*	60,000		392,400
Netscout Systems, Inc.*	3,919		173,768
NIC, Inc.	7,511		119,049
OpenTable, Inc.*	880		91,168
Perficient, Inc.*	9,747		189,774
Progress Software Corp.*	6,733		161,861
QuinStreet, Inc.*	24,106		132,824
Stamps.com, Inc.*	1,717		57,846
Sykes Enterprises, Inc.*	29,368		638,167
Synchronoss Technologies, Inc.*	5,032		175,919
Take-Two Interactive Software, Inc.*	24,661		548,461
Tangoe, Inc.*(a)	6,070		91,414
TeleTech Holdings, Inc.*	20,338		589,599
Tyler Technologies, Inc.*	2,260		206,135
VASCO Data Security International, Inc.*	6,259		72,604
Virtusa Corp.*	4,562		163,320
XO Group, Inc.*	5,320		65,010
Total Software & Services			13,486,128
Technology Hardware & Equipment—9.5%
Agilysys, Inc.*	4,695		66,106
Anixter International, Inc.	29,705		2,972,579
Badger Meter, Inc.	3,154		166,058
Bel Fuse, Inc., Class B	6,737		172,939
Belden, Inc.	12,656		989,193
Benchmark Electronics, Inc.*	49,619		1,264,292
Black Box Corp.	20,539		481,434
CalAmp Corp.*	4,412		95,564
Checkpoint Systems, Inc.*	22,569		315,740
Cognex Corp.*	4,679		179,674
Coherent, Inc.*	5,929		392,322

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

34

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES SMALL CAP FUND

JUNE 30, 2014

Investments	Shares		Value
Technology Hardware & Equipment (continued)
Comtech Telecommunications Corp.	3,700	$	138,121
CTS Corp.	13,397		250,524
Daktronics, Inc.	20,679		246,494
Digi International, Inc.*	9,743		91,779
DTS, Inc.*	3,304		60,827
Electro Scientific Industries, Inc.	13,247		90,212
Electronics For Imaging, Inc.*	8,291		374,753
Fabrinet*	15,251		314,171
FARO Technologies, Inc.*	2,979		146,328
Harmonic, Inc.*	29,611		220,898
II-VI, Inc.*	18,876		272,947
Insight Enterprises, Inc.*	83,823		2,576,719
Intevac, Inc.*	4,420		35,404
Ixia*	18,568		212,232
Littelfuse, Inc.	4,084		379,608
Measurement Specialties, Inc.*	1,944		167,320
Mercury Systems, Inc.*	8,459		95,925
Methode Electronics, Inc.	7,987		305,183
MTS Systems Corp.	3,905		264,603
NETGEAR, Inc.*	19,889		691,541
Newport Corp.*	15,098		279,313
Oplink Communications, Inc.*	5,375		91,214
OSI Systems, Inc.*	6,076		405,573
Park Electrochemical Corp.	3,069		86,576
Plexus Corp.*	24,469		1,059,263
Procera Networks, Inc.*(a)	3,622		36,546
QLogic Corp.*	21,713		219,084
Rofin-Sinar Technologies, Inc.*	10,633		255,617
Rogers Corp.*	4,062		269,514
Sanmina Corp.*	122,775		2,796,814
ScanSource, Inc.*	36,050		1,372,784
Super Micro Computer, Inc.*	21,695		548,233
SYNNEX Corp.*	75,310		5,486,334
TTM Technologies, Inc.*	52,481		430,344
ViaSat, Inc.*	9,802		568,124
Total Technology Hardware & Equipment			27,936,823
Telecommunication Services—0.7%
8x8, Inc.*	6,843		55,292
Atlantic Tele-Network, Inc.	3,439		199,462
Cbeyond, Inc.*	21,235		211,288
Cincinnati Bell, Inc.*	154,373		606,686
General Communication, Inc., Class A*	36,843		408,220
Lumos Networks Corp.	6,603		95,545
NTELOS Holdings Corp.(a)	17,997		224,243
USA Mobility, Inc.	6,599		101,625
Total Telecommunication Services			1,902,361
Transportation—3.7%
Allegiant Travel Co.	4,058		477,911
ArcBest Corp.	25,887		1,126,343
Atlas Air Worldwide Holdings, Inc.*	15,062		555,035
Forward Air Corp.	7,027		336,242
Heartland Express, Inc.	14,394		307,168
HUB Group, Inc., Class A*	33,472		1,686,989
Knight Transportation, Inc.	19,237		457,263
Matson, Inc.	31,175		836,737
Roadrunner Transportation
Systems, Inc.*	23,734		666,925

Investments	Shares		Value
Saia, Inc.*	12,638	$	555,187
SkyWest, Inc.	126,740		1,548,763
UTi Worldwide, Inc.*	218,688		2,261,234
Total Transportation			10,815,797
Utilities—2.9%
ALLETE, Inc.	9,950		510,932
American States Water Co.	6,706		222,840
Avista Corp.	23,447		785,943
El Paso Electric Co.	10,837		435,756
Laclede Group, Inc.	11,464		556,577
New Jersey Resources Corp.	27,738		1,585,504
Northwest Natural Gas Co.	7,855		370,363
NorthWestern Corp.	11,161		582,493
Piedmont Natural Gas Co., Inc.	17,858		668,068
South Jersey Industries, Inc.	6,547		395,504
Southwest Gas Corp.	17,511		924,406
UIL Holdings Corp.	20,498		793,478
UNS Energy Corp.	11,536		696,890
Total Utilities			8,528,754
Total Common Stocks
(Cost $242,909,403) |			292,257,182
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—5.5%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.06% (b)
(Cost $16,000,780)	16,000,780		16,000,780
Total Investments—105.4%
(Cost $258,910,183)			308,257,962
Liabilities in Excess of Other Assets—(5.4)%			(15,673,580	)
Net Assets—100.0%		$	292,584,382

REIT – Real Estate Investment Trust

* Non-income producing security

(a) All or a portion of security was on loan. The aggregate market value of the securities on loan was $15,283,568; total market value of the collateral held by the fund was $16,000,780.

(b) Rate shown represents annualized 7-day yield as of June 30, 2014.

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

35

SCHEDULE OF INVESTMENTS

REVENUE SHARES FINANCIALS SECTOR FUND

JUNE 30, 2014

Investments	Shares		Value
COMMON STOCKS—99.7%
Capital Markets—11.1%
Ameriprise Financial, Inc.	2,251	$	270,120
Bank of New York Mellon Corp.	9,896		370,902
BlackRock, Inc.	750		239,700
Charles Schwab Corp.	4,844		130,449
E*Trade Financial Corp.*	2,176		46,262
Franklin Resources, Inc.	3,255		188,269
Goldman Sachs Group, Inc.	5,417		907,023
Invesco Ltd.	2,968		112,042
Legg Mason, Inc.	1,198		61,469
Morgan Stanley	26,472		855,840
Northern Trust Corp.	1,565		100,489
State Street Corp.	3,535		237,764
T. Rowe Price Group, Inc.	998		84,241
Total Capital Markets			3,604,570
Commercial Banks—33.1%
Bank of America Corp.	148,589		2,283,813
BB&T Corp.	6,064		239,103
Citigroup, Inc.	44,333		2,088,084
Comerica, Inc.	1,181		59,239
Fifth Third Bancorp	7,502		160,168
Huntington Bancshares, Inc.	6,890		65,730
JPMorgan Chase & Co.	41,647		2,399,700
KeyCorp	7,043		100,926
M&T Bank Corp.	894		110,901
PNC Financial Services Group, Inc.	4,333		385,854
Regions Financial Corp.	12,021		127,663
SunTrust Banks, Inc.	4,868		195,012
U.S. Bancorp	11,110		481,285
Wells Fargo & Co.	38,578		2,027,660
Zions Bancorporation	1,761		51,897
Total Commercial Banks			10,777,035
Consumer Finance—5.3%
American Express Co.	8,506		806,964
Capital One Financial Corp.	6,706		553,916
Discover Financial Services	3,480		215,690
Navient Corp.	7,843		138,900
Total Consumer Finance			1,715,470
Diversified Financial Services—14.6%
Berkshire Hathaway, Inc., Class B*	33,200		4,201,792
CME Group, Inc., Class A	960		68,112
Intercontinental Exchange, Inc.	294		55,537
Leucadia National Corp.	10,340		271,115
Moody’s Corp.	805		70,566
NASDAQ OMX Group, Inc.	2,062		79,634
Total Diversified Financial Services			4,746,756
Insurance—30.8%
ACE Ltd.	4,233		438,962
Aflac, Inc.	8,554		532,487
Allstate Corp.	13,575		797,124
American International Group, Inc.	27,079		1,477,972
AON PLC	3,005		270,721
Assurant, Inc.	3,161		207,204
Chubb Corp.	3,393		312,733
Cincinnati Financial Corp.	2,178		104,631
Genworth Financial, Inc., Class A*	12,309		214,177
Hartford Financial Services Group, Inc.	13,822		494,966
Lincoln National Corp.	5,444		280,039
Loews Corp.	7,910		348,119
Marsh & McLennan Cos., Inc.	5,499		284,958
MetLife, Inc.	27,618		1,534,456

Investments	Shares		Value
Principal Financial Group, Inc.	4,428	$	223,525
Progressive Corp.	16,359		414,864
Prudential Financial, Inc.	11,286		1,001,858
Torchmark Corp.	1,073		87,900
Travelers Cos., Inc.	6,391		601,201
Unum Group	6,746		234,491
XL Group PLC	5,123		167,676
Total Insurance			10,030,064
Media—0.3%
McGraw Hill Financial, Inc.	1,367		113,502
Paper & Forest Products—0.6%
Weyerhaeuser Co.(a)	6,377		211,015
Real Estate Investment Trusts—3.2%
American Tower Corp.	917		82,512
Apartment Investment &
Management Co., Class A	728		23,492
AvalonBay Communities, Inc.	256		36,401
Boston Properties, Inc.	437		51,645
Crown Castle International Corp.	981		72,849
Equity Residential	942		59,346
Essex Property Trust, Inc.	79		14,608
General Growth Properties, Inc.	2,459		57,934
HCP, Inc.	1,199		49,615
Health Care REIT, Inc.	1,116		69,940
Host Hotels & Resorts, Inc.	5,430		119,514
Kimco Realty Corp.	977		22,451
Macerich Co. (The)	368		24,564
Plum Creek Timber Co., Inc.	683		30,803
Prologis, Inc.	949		38,994
Public Storage	275		47,121
Simon Property Group, Inc.	725		120,553
Ventas, Inc.	1,028		65,895
Vornado Realty Trust	585		62,437
Total Real Estate Investment Trusts			1,050,674
Real Estate Management & Development—0.5%
CBRE Group, Inc., Class A*	5,686		182,179
Thrifts & Mortgage Finance—0.2%
Hudson City Bancorp, Inc.	3,153		30,994
People’s United Financial, Inc.	2,071		31,417
Total Thrifts & Mortgage Finance			62,411
Total Common Stocks
(Cost $28,468,522)			32,493,676
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—0.0%†
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.06% (b)
(Cost $765)	765		765
Total Investments—99.7%
(Cost $28,469,287)			32,494,441
Other Assets in Excess of Liabilities—0.3%			82,788
Net Assets—100.0%		$	32,577,229

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 $761; total market value of the collateral held by the fund was $765.

(b) Rate shown represents annualized 7-day yield as of June 30, 2014.

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

36

SCHEDULE OF INVESTMENTS

REVENUE SHARES ADR FUND

JUNE 30, 2014

Investments	Shares		Value
COMMON STOCKS—96.6%
Automobiles & Components—6.8%
Honda Motor Co. Ltd.(a)	12,324	$	431,217
Magna International, Inc.	1,222		131,670
Toyota Motor Corp.(a)	8,304		993,657
Total Automobiles & Components			1,556,544
Banks—10.9%
Banco Bilbao Vizcaya Argentaria SA(a)	7,890		100,755
Banco Bradesco SA(a)	18,421		267,473
Banco de Chile(a)	223		17,864
Banco Santander Chile(a)	658		17,404
Banco Santander SA(a)(b)	18,755		195,427
Bancolombia SA(a)(b)	372		21,502
Bank of Ireland*(a)	2,203		30,622
Bank of Montreal	1,053		77,490
Bank of Nova Scotia	1,603		106,760
Barclays PLC(a)	11,208		163,749
Canadian Imperial Bank of Commerce	698		63,504
Credicorp Ltd.	113		17,568
HSBC Holdings PLC(a)	5,849		297,129
KB Financial Group, Inc.(a)	21		730
Lloyds Banking Group PLC*(a)(b)	32,857		168,885
Mitsubishi UFJ Financial Group, Inc.(a)	31,146		191,548
Mizuho Financial Group, Inc.(a)	28,414		116,781
National Bank of Greece SA*(a)	8,101		29,812
Royal Bank of Canada	1,878		134,146
Royal Bank of Scotland Group PLC*(a)	13,390		151,173
Shinhan Financial Group Co. Ltd.(a)	87		3,990
Sumitomo Mitsui Financial
Group, Inc.(a)(b)	16,968		143,719
Toronto-Dominion Bank(b)	2,246		115,467
Westpac Banking Corp.(a)(b)	2,068		66,424
Total Banks			2,499,922
Capital Goods—1.4%
ABB Ltd.(a)	6,693		154,073
Embraer SA(a)	655		23,862
Koninklijke Philips NV	3,686		117,067
Nidec Corp.(a)	2,041		31,411
Total Capital Goods			326,413
Consumer Durables & Apparel—1.5%
Gildan Activewear, Inc.	144		8,479
Luxottica Group S.p.A.(a)	645		37,384
Sony Corp.(a)	17,923		300,569
Total Consumer Durables & Apparel			346,432
Consumer Services—0.3%
Carnival PLC(a)	1,475		55,976
Intercontinental Hotels Group PLC*(a)	181		7,513
Tim Hortons, Inc.	212		11,603
Total Consumer Services			75,092
Diversified Financials—3.2%
Credit Suisse Group AG(a)	4,887		138,644
Deutsche Bank AG	5,805		204,220
ING Groep NV*(a)	10,327		144,785
Nomura Holdings, Inc.(a)(b)	12,567		88,346
ORIX Corp.(a)	271		22,504

Investments	Shares		Value
UBS AG	7,789	$	142,694
Total Diversified Financials			741,193
Energy—36.8%
BP PLC(a)	21,630		1,140,982
Cameco Corp.(b)	440		8,628
Canadian Natural Resources Ltd.	1,357		62,300
Cenovus Energy, Inc.	2,196		71,084
China Petroleum & Chemical
Corp.(a)(b)	11,801		1,121,449
CNOOC Ltd.(a)(b)	957		171,581
Ecopetrol SA(a)(b)	3,793		136,738
Enbridge, Inc.	2,695		127,932
Encana Corp.	1,018		24,137
Enerplus Corp.(b)	211		5,313
ENI S.p.A.(a)(b)	10,475		575,077
Imperial Oil Ltd.(b)	2,312		121,681
Pembina Pipeline Corp.	469		20,167
Penn West Petroleum Ltd.(b)	827		8,072
PetroChina Co. Ltd.(a)	9,106		1,143,258
Petroleo Brasileiro SA, Class A(a)	31,331		490,017
Royal Dutch Shell PLC, Class A(a)	10,236		843,139
Royal Dutch Shell PLC, Class B(a)(b)	9,690		843,127
Statoil ASA(a)(b)	12,409		382,569
Suncor Energy, Inc.	3,392		144,601
Talisman Energy, Inc.	1,738		18,423
Tenaris SA(a)	839		39,559
Total SA(a)	11,578		835,932
TransCanada Corp.	712		33,977
Ultrapar Participacoes SA(a)	4,444		104,878
Total Energy			8,474,621
Food & Staples Retailing—0.8%
Cencosud SA(a)	7,951		79,033
Delhaize Group SA(a)	6,368		107,364
Total Food & Staples Retailing			186,397
Food, Beverage & Tobacco—3.3%
Ambev SA(a)	8,452		59,502
Anheuser-Busch InBev NV(a)	1,457		167,468
BRF SA(a)	2,176		52,898
British American Tobacco PLC(a)	770		91,692
Diageo PLC(a)	529		67,326
Fomento Economico Mexicano
SAB de CV(a)	787		73,702
Unilever NV	2,804		122,703
Unilever PLC(a)	2,712		122,881
Total Food, Beverage & Tobacco			758,172
Health Care Equipment & Services—0.6%
Catamaran Corp.*	1,418		62,619
Fresenius Medical Care AG &
Co. KGaA(a)	1,709		57,234
Smith & Nephew PLC(a)	178		15,892
Total Health Care Equipment & Services			135,745
Insurance—4.7%
Aegon NV, Class G	19,866		174,225
Aviva PLC(a)(b)	11,396		200,570
China Life Insurance Co. Ltd.(a)	6,519		255,610
Manulife Financial Corp.	4,650		92,395

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

37

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES ADR FUND

JUNE 30, 2014

Investments	Shares		Value
Insurance (continued)
Prudential PLC(a)	6,703	$	307,534
Sun Life Financial, Inc.	1,630		59,837
Total Insurance			1,090,171
Materials—6.0%
Agnico-Eagle Mines Ltd.	173		6,626
Agrium, Inc.(b)	635		58,185
ArcelorMittal(b)	19,570		292,180
Barrick Gold Corp.(b)	2,434		44,542
BHP Billiton Ltd.(a)	1,879		128,617
BHP Billiton PLC(a)	1,987		129,612
Cemex SAB de CV*(a)	4,356		57,630
Cia de Minas Buenaventura SA(a)	418		4,936
Cia Siderurgica Nacional SA(a)(b)	7,213		30,727
CRH PLC(a)(b)	3,136		81,066
Eldorado Gold Corp.	555		4,240
Gerdau SA(a)	11,121		65,503
Goldcorp, Inc.	504		14,067
James Hardie Industries PLC(a)	78		5,099
Kinross Gold Corp.*	2,998		12,412
POSCO(a)	1,447		107,715
Potash Corp. of Saskatchewan, Inc.	674		25,585
Randgold Resources Ltd.(a)	52		4,399
Rio Tinto PLC(a)(b)	3,628		196,928
Silver Wheaton Corp.	92		2,417
Sociedad Quimica y Minera
de Chile SA(a)	249		7,298
Southern Copper Corp.	720		21,866
Syngenta AG(a)	507		37,924
Teck Resources Ltd., Class B	1,448		33,058
Yamana Gold, Inc.	707		5,811
Total Materials			1,378,443
Media—1.0%
Grupo Televisa SAB(a)	613		21,032
Pearson PLC(a)(b)	1,552		30,745
Reed Elsevier NV(a)	384		17,641
Reed Elsevier PLC(a)(b)	272		17,596
Shaw Communications, Inc., Class B	757		19,425
Thomson Reuters Corp.	1,329		48,322
WPP PLC(a)	609		66,375
Total Media			221,136
Pharmaceuticals, Biotechnology & Life Sciences—3.2%
AstraZeneca PLC(a)	1,279		95,043
GlaxoSmithKline PLC(a)	2,803		149,904
Novartis AG(a)	2,388		216,186
Novo Nordisk A/S(a)	1,222		56,444
QIAGEN NV*	199		4,866
Sanofi(a)	3,021		160,627
Shire PLC(a)	101		23,784
Valeant Pharmaceuticals
International, Inc.*	210		26,485
Total Pharmaceuticals, Biotechnology &
Life Sciences			733,339
Real Estate—0.3%
Brookfield Asset Management, Inc.,
Class A	1,768		77,827

Investments	Shares		Value
Semiconductors & Semiconductor Equipment—0.6%
ARM Holdings PLC(a)	95	$	4,298
ASML Holding NV, Class G	310		28,913
STMicroelectronics NV, Class Y(b)	3,084		27,417
Taiwan Semiconductor
Manufacturing Co. Ltd.(a)	3,472		74,266
Total Semiconductors &
Semiconductor Equipment			134,894
Software & Services—0.5%
CGI Group, Inc., Class A*(b)	1,094		38,815
SAP AG(a)	1,085		83,545
Total Software & Services			122,360
Technology Hardware & Equipment—2.3%
Alcatel-Lucent(a)	19,920		70,915
BlackBerry Ltd.*(b)	4,671		47,831
Canon, Inc.(a)	4,199		137,517
Kyocera Corp.(a)	1,150		54,717
Nokia OYJ(a)	11,184		84,551
Telefonaktiebolaget LM Ericsson(a)	10,356		125,101
Total Technology Hardware & Equipment			520,632
Telecommunication Services—10.4%
America Movil SAB de CV, Series L(a)	11,703		242,837
BCE, Inc.	1,600		72,576
BT Group PLC(a)	1,600		105,008
China Mobile Ltd.(a)	7,667		372,693
Chunghwa Telecom Co. Ltd.(a)(b)	893		28,630
Nippon Telegraph & Telephone Corp.(a)	14,689		458,444
NTT DoCoMo, Inc.(a)	11,256		192,365
Orange(a)	12,241		193,408
Portugal Telecom SGPS SA(a)(b)	4,878		17,853
Rogers Communications, Inc., Class B	1,136		45,724
Telecom Italia S.p.A.*(a)	8,434		106,437
Telefonica SA(a)	15,921		273,204
TELUS Corp.	1,082		40,294
Vodafone Group PLC(a)	7,159		239,039
Total Telecommunication Services			2,388,512
Transportation—0.6%
Canadian National Railway Co.	609		39,597
Canadian Pacific Railway Ltd.(b)	120		21,737
Latam Airlines Group SA*(a)(b)	3,415		45,829
Ryanair Holdings PLC*(a)	438		24,441
Total Transportation			131,604
Utilities—1.4%
Cia Energetica de Minas Gerais(a)(b)	3,170		25,328
CPFL Energia SA(a)	1,352		24,606
Empresa Nacional de Electricidad SA(a)	334		15,097
Enersis SA(a)	2,807		47,298
National Grid PLC(a)	1,181		87,843
TransAlta Corp.	749		9,190
Veolia Environnement SA(a)	5,668		107,692
Total Utilities			317,054
Total Common Stocks
(Cost $20,168,965)			22,216,503

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

38

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES ADR FUND

JUNE 30, 2014

Investments	Shares		Value
PREFERRED STOCKS—1.7%
Banks—0.9%
Itau Unibanco Holding SA (a)	15,044	$	216,333
Materials—0.8%
Vale SA, Class B (a)	15,016		178,690
Total Preferred Stocks
(Cost $598,506)			395,023
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—15.2%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.06%(c)
(Cost $3,502,086)	3,502,086		3,502,086
Total Investments—113.5%
(Cost $24,269,557)			26,113,612
Liabilities in Excess of Other Assets—(13.5)%			(3,113,438	)
Net Assets—100.0%		$	23,000,174

Country	Value			% of Net Assets
Australia	$	195,042		0.9	%
Belgium		274,832		1.2
Brazil		1,539,818		6.7
Canada		2,156,728		9.4
Chile		229,824		1.0
China		1,398,868		6.1
Colombia		158,239		0.7
Denmark		56,444		0.2
Finland		84,551		0.4
France		1,368,573		6.0
Germany		344,999		1.5
Greece		29,812		0.1
Hong Kong		1,665,722		7.2
Ireland		165,011		0.7
Italy		718,899		3.1
Japan		3,162,794		13.8
Jersey Islands		4,399		0.0	†
Luxembourg		331,739		1.4
Mexico		395,202		1.7
Netherlands		2,296,466		10.0
Norway		382,569		1.7
Peru		22,505		0.1
Portugal		17,854		0.1
South Korea		112,434		0.5
Spain		569,387		2.5
Sweden		125,100		0.5
Switzerland		716,938		3.1
Taiwan		102,896		0.4
United Kingdom		3,913,692		17.0
United States		3,572,275		15.5
Total Investments		26,113,612		113.5
Liabilities in Excess of
Other Assets		(3,113,438	)	(13.5	)
Net Assets	$	23,000,174		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 $3,435,861; total market value of the collateral held by the fund was $3,528,443. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $26,357.

(c) Rate shown represents annualized 7-day yield as of June 30, 2014.

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

39

SCHEDULE OF INVESTMENTS

REVENUE SHARES NAVELLIER OVERALL A-100 FUND

JUNE 30, 2014

Investments	Shares		Value
COMMON STOCKS—99.8%
Automobiles & Components—1.8%
Gentherm, Inc.*	65	$	2,889
Magna International, Inc.	1,319		142,122
Total Automobiles & Components			145,011
Banks—2.4%
Banco Macro SA(a)	257		9,260
BofI Holding, Inc.*	750		55,103
SVB Financial Group*	76		8,863
Toronto-Dominion Bank	2,398		123,281
Total Banks			196,507
Capital Goods—12.7%
Alliant Techsystems, Inc.	498		66,692
Argan, Inc.	100		3,729
Federal Signal Corp.	3,331		48,799
Gencor Industries, Inc.*	71		782
General Dynamics Corp.	1,049		122,261
Huntington Ingalls Industries, Inc.	5,782		546,919
Lockheed Martin Corp.	1,107		177,928
Patrick Industries, Inc.*	189		8,806
Sparton Corp.*	874		24,245
Trinity Industries, Inc.	464		20,286
United Rentals, Inc.*	195		20,422
Total Capital Goods			1,040,869
Commercial & Professional Services—0.5%
Huron Consulting Group, Inc.*	555		39,305
US Ecology, Inc.	18		881
Total Commercial & Professional Services			40,186
Consumer Durables & Apparel—5.3%
Garmin Ltd.	177		10,779
Hanesbrands, Inc.	3,703		364,523
Harman International Industries, Inc.	199		21,379
Michael Kors Holdings Ltd.*	286		25,354
Under Armour, Inc., Class A*	172		10,232
Total Consumer Durables & Apparel			432,267
Consumer Services—0.2%
China Distance Education Holdings Ltd.(a)	136		2,279
Collectors Universe, Inc.	41		803
Jack in the Box, Inc.	100		5,984
TAL Education Group*(a)	165		4,538
Total Consumer Services			13,604
Diversified Financials—0.0%†
HFF, Inc., Class A	45		1,674
Energy—10.2%
Canadian Natural Resources Ltd.	1,448		66,478
Cimarex Energy Co.	64		9,181
Continental Resources, Inc.*	98		15,488
EOG Resources, Inc.	528		61,702
Green Plains, Inc.	381		12,524
Matrix Service Co.*	132		4,328
Statoil ASA(a)	13,153		405,507
Suncor Energy, Inc.	3,599		153,425
Targa Resources Corp.	772		107,748
Total Energy			836,381

Investments	Shares		Value
Food & Staples Retailing—0.1%
Liberator Medical Holdings, Inc.	1,593	$	5,974
Food, Beverage & Tobacco—7.7%
Constellation Brands, Inc., Class A*	720		63,453
Gruma S.A.B. de CV*(a)(b)	11,376		544,342
Pinnacle Foods, Inc.	303		9,969
WhiteWave Foods Co.*	344		11,135
Total Food, Beverage & Tobacco			628,899
Health Care Equipment & Services—7.4%
Anika Therapeutics, Inc.*	162		7,506
CorVel Corp.*	673		30,406
IDEXX Laboratories, Inc.*	44		5,877
McKesson Corp.	3,004		559,375
Total Health Care Equipment & Services			603,164
Insurance—0.5%
Federated National Holding Co.	509		12,979
RenaissanceRe Holdings Ltd.	52		5,564
United Insurance Holdings Corp.	1,275		22,007
Total Insurance			40,550
Materials—4.0%
CaesarStone Sdot-Yam Ltd.	545		26,749
Dow Chemical Co.	1,755		90,312
Neenah Paper, Inc.	232		12,331
Packaging Corp. of America	1,927		137,761
PolyOne Corp.	1,481		62,409
Total Materials			329,562
Media—3.4%
Crown Media Holdings, Inc., Class A*	6,218		22,571
DISH Network Corp., Class A*	3,217		209,363
Reed Elsevier PLC(a)(b)	684		44,248
Total Media			276,182
Pharmaceuticals, Biotechnology & Life Sciences—10.2%
BioSpecifics Technologies Corp.*	46		1,240
China Biologic Products, Inc.*(b)	257		11,429
Forest Laboratories, Inc.*	503		49,797
Gilead Sciences, Inc.*	5,335		442,325
Illumina, Inc.*	36		6,427
Insys Therapeutics, Inc.*	18		562
Jazz Pharmaceuticals PLC*	384		56,452
Lannett Co., Inc.*	946		46,940
Questcor Pharmaceuticals, Inc.	980		90,640
Repligen Corp.*	52		1,185
Salix Pharmaceuticals Ltd.*	116		14,309
Shire PLC(a)	441		103,851
Taro Pharmaceutical Industries Ltd.*	28		3,927
Total Pharmaceuticals, Biotechnology &
Life Sciences			829,084
Retailing—3.7%
Netflix, Inc.*	668		294,321
Vipshop Holdings Ltd.*(a)	46		8,636
Total Retailing			302,957

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

40

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES NAVELLIER OVERALL A-100 FUND

JUNE 30, 2014

Investments	Shares		Value
Semiconductors & Semiconductor Equipment—3.6%
Advanced Semiconductor
Engineering, Inc.(a)	4,627	$	30,075
Amkor Technology, Inc.*	1,028		11,493
Avago Technologies Ltd.	159		11,459
Micron Technology, Inc.*	6,745		222,248
Monolithic Power Systems, Inc.	23		974
Siliconware Precision Industries Co.(a)	1,212		9,951
Skyworks Solutions, Inc.	162		7,608
Total Semiconductors &
Semiconductor Equipment			293,808
Software & Services—5.1%
Amdocs Ltd.	292		13,528
Autobytel, Inc.*	446		5,847
Bitauto Holdings Ltd.*(a)	1,111		54,106
Broadridge Financial Solutions, Inc.	4,957		206,409
Facebook, Inc., Class A*	560		37,682
Manhattan Associates, Inc.*	158		5,440
Phoenix New Media Ltd.*(a)(b)	846		9,061
Qihoo 360 Technology Co. Ltd.*(a)	290		26,692
SouFun Holdings Ltd.(a)	2,623		25,679
YY, Inc.*(a)	397		29,974
Total Software & Services			414,418
Technology Hardware & Equipment—8.6%
Apple, Inc.	6,152		571,705
Harris Corp.	270		20,453
Methode Electronics, Inc.	1,269		48,488
SMART Technologies, Inc., Class A*	1,600		4,560
Super Micro Computer, Inc.*	901		22,768
Ubiquiti Networks, Inc.*(b)	668		30,187
Zebra Technologies Corp., Class A*	56		4,610
Total Technology Hardware & Equipment			702,771

Investments	Shares		Value
Transportation—12.4%
Delta Air Lines, Inc.	14,263	$	552,263
Hawaiian Holdings, Inc.*	629		8,624
Southwest Airlines Co.	10,546		283,265
Spirit Airlines, Inc.*	2,628		166,195
Total Transportation			1,010,347
Total Common Stocks
(Cost $6,853,852)			8,144,215
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—4.5%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.06% (c)
(Cost $363,140)	363,140		363,140
Total Investments—104.3%
(Cost $7,216,992)			8,507,355
Liabilities in Excess of Other Assets—(4.3)%			(348,155	)
Net Assets—100.0%		$	8,159,200

PLC – Public Limited Company

* Non-income producing security

† Less than 0.05%

(a) American Depositary Receipt

(b) All or a portion of security was on loan. The aggregate market value of the securities on loan was $362,545; total market value of the collateral held by the fund was $363,140.

(c) Rate shown represents annualized 7-day yield as of June 30, 2014.

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

41

SCHEDULE OF INVESTMENTS

REVENUE SHARES ULTRA DIVIDEND FUND

JUNE 30, 2014

Investments	Shares		Value
COMMON STOCKS—99.7%
Banks—0.9%
New York Community Bancorp, Inc.(a)	6,110	$	97,638
People’s United Financial, Inc.	4,721		71,618
Valley National Bancorp	3,772		37,380
Total Banks			206,636
Commercial & Professional Services—3.9%
Corrections Corp. of America	2,682		88,104
Pitney Bowes, Inc.	8,062		222,673
R.R. Donnelley & Sons Co.	34,095		578,251
Total Commercial & Professional Services			889,028
Consumer Durables & Apparel—2.7%
VF Corp.	9,782		616,266
Consumer Services—1.8%
Darden Restaurants, Inc.	8,976		415,319
Diversified Financials—0.6%
CME Group, Inc.	2,019		143,248
Energy—11.5%
Diamond Offshore Drilling, Inc.(a)	3,074		152,563
Ensco PLC, Class A	4,791		266,236
HollyFrontier Corp.	20,999		917,446
Kinder Morgan, Inc.	22,296		808,453
Transocean Ltd.	11,280		507,938
Total Energy			2,652,636
Food, Beverage & Tobacco—11.4%
Altria Group, Inc.	21,539		903,346
Lorillard, Inc.	4,079		248,696
Philip Morris International, Inc.	12,386		1,044,264
Reynolds American, Inc.	6,989		421,786
Total Food, Beverage & Tobacco			2,618,092
Insurance—1.9%
Mercury General Corp.	3,173		149,258
Old Republic International Corp.	17,181		284,174
Total Insurance			433,432
Materials—1.9%
Newmont Mining Corp.	16,894		429,783
Real Estate Investment Trusts—4.2%
BioMed Realty Trust, Inc.	1,529		33,378
Corporate Office Properties Trust	997		27,726
Duke Realty Corp.	3,297		59,873
HCP, Inc.	2,734		113,133
Health Care REIT, Inc.	2,545		159,495
Highwoods Properties, Inc.	726		30,456
Home Properties, Inc.	557		35,626
Hospitality Properties Trust	2,820		85,728
Liberty Property Trust	1,043		39,561
Mack-Cali Realty Corp.	1,614		34,669
Mid-America Apartment
Communities, Inc.	497		36,306
National Retail Properties, Inc.(a)	569		21,161
Omega Healthcare Investors, Inc.(a)	635		23,406
Realty Income Corp.	967		42,954

Investments	Shares		Value
Senior Housing Properties Trust	1,675	$	40,686
Ventas, Inc.	2,348		150,507
Weingarten Realty Investors	832		27,323
Total Real Estate Investment Trusts			961,988
Software & Services—0.0%†
Compuware Corp.	290		2,897
Technology Hardware & Equipment—0.3%
Apple, Inc.	779		72,392
Telecommunication Services—16.2%
AT&T, Inc.	32,215		1,139,123
CenturyLink, Inc.	25,471		922,050
Frontier Communications Corp.	42,864		250,326
Verizon Communications, Inc.	22,768		1,114,038
Windstream Holdings, Inc.	30,993		308,690
Total Telecommunication Services			3,734,227
Utilities—42.4%
Ameren Corp.	7,381		301,735
American Electric Power Co., Inc.	15,448		861,535
Consolidated Edison, Inc.	11,765		679,311
Duke Energy Corp.	15,160		1,124,721
Entergy Corp.	7,780		638,660
Exelon Corp.	31,015		1,131,427
FirstEnergy Corp.	23,236		806,754
Hawaiian Electric Industries, Inc.(a)	6,597		167,036
Integrys Energy Group, Inc.	5,055		359,562
Pepco Holdings, Inc.	9,161		251,744
PG&E Corp.	17,191		825,512
PPL Corp.	16,015		569,013
Public Service Enterprise Group, Inc.	13,686		558,252
SCANA Corp.	4,602		247,634
Southern Co.	20,363		924,073
TECO Energy, Inc.	8,306		153,495
Westar Energy, Inc.	3,454		131,908
Total Utilities			9,732,372
Total Common Stocks
(Cost $21,546,587)			22,908,316
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—1.4%
Dreyfus Institutional Preferred
Money Market Fund—
Prime Shares, 0.06% (b)
(Cost $331,037)	331,037		331,037
Total Investments—101.1%
(Cost $21,877,624)			23,239,353
Liabilities in Excess of Other Assets—(1.1)%			(263,359	)
Net Assets—100.0%		$	22,975,994

REIT – Real Estate Investment Trusts

† Less than 0.05%

(a) All or a portion of security was on loan. The aggregate market value the securities on loan was $322,102; total market value of the collateral held by the fund was $331,037.

(b) Rate shown represents annualized 7-day yield as of June 30, 2014.

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

42

STATEMENTS OF ASSETS AND LIABILITIES

JUNE 30, 2014

	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	$	242,585,824		$	215,660,032		$	308,257,962		$		32,494,441		$	26,113,612		$	8,507,355	$	23,239,353
Cash		8,855,673			346,944			46,572				369,775			303,837			22,150		8,126
Receivables:
Expense
reimbursement
due from Adviser		—			—			—				—			—			2,868		12,584
Investment securities
sold		4,678,121			3,812,643			2,544,661				—			—			—		—
Dividends		233,778			125,225			160,002				18,424			80,849			10,729		53,665
Capital shares sold		—			—			—				—			—			—		1,427,021
Securities lending
income, net
(Note 2)		200			4,453			8,654				—			1,839			452		964
Reclaims		—			—			—				—			49,917			715		—
Prepaid expenses		3,023			2,955			7,650				2,768			2,725			2,753		7,909
Total Assets		256,356,619			219,952,252			311,025,501				32,885,408			26,552,779			8,547,022		24,749,622
LIABILITIES:
Payables:
Investment of cash
collateral for
securities on loan
(Note 2)		787,229			10,660,514			16,000,780				765			3,502,086			363,140		331,037
Cash collateral for
capital transactions		7,941,220			—			—				—			—			—		—
Investment securities
purchased		4,493,349			3,736,551			2,269,052				271,890			13,236			—		1,417,299
Advisory fees (Note 3)		48,920			46,276			46,009				2,579			2,862			—		—
Compliance Officer
fees		729			2,944			3,322				129			81			81		84
Trustees fees		114			—			3,443				635			—			993		—
Other accrued expenses		115,525			102,409			118,513				32,181			34,340			23,608		25,208
Total Liabilities		13,387,086			14,548,694			18,441,119				308,179			3,552,605			387,822		1,773,628
NET ASSETS	$	242,969,533		$	205,403,558		$	292,584,382		$		32,577,229		$	23,000,174		$	8,159,200	$	22,975,994
NET ASSETS CONSIST OF:
Paid-in capital	$	178,281,051		$	159,217,991		$	244,834,170		$		29,466,536		$	25,108,210		$	6,507,265	$	21,457,458
Undistributed net
investment
income		1,018,315			355,572			221,473				63,155			302,726			17,647		180,708
Accumulated net
realized gain
on investments		(1,983,536	)		(552,804	)		(1,819,040	)			(977,616	)		(4,254,817	)		343,925		(23,901	)
Net unrealized
appreciation on
investments		65,653,703			46,382,799			49,347,779				4,025,154			1,844,055			1,290,363		1,361,729
NET ASSETS	$	242,969,533		$	205,403,558		$	292,584,382		$		32,577,229		$	23,000,174		$	8,159,200	$	22,975,994
Shares outstanding
(unlimited number
of shares of
beneficial interest
authorized, without
par value)		6,301,400			4,301,400			5,201,400				700,000			550,000			150,000		800,000
Net asset value,
per share	$	38.56		$	47.75		$	56.25			$	46.54		$	41.82		$	54.39	$	28.72
Investment at cost	$	176,932,121		$	169,277,233		$	258,910,183		$		28,469,287		$	24,269,557		$	7,216,992	$	21,877,624
1 Market value of
securities on loan:	$	769,974		$	10,423,372		$	15,283,568		$		761		$	3,435,861		$	362,545	$	322,102

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

43

STATEMENTS OF OPERATIONS

YEAR OR PERIOD ENDED JUNE 30, 2014

		Large Cap Fund RevenueShares		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	$	4,332,494		$	2,163,603		$	2,314,974		$	476,308		$	973,105		$	103,194		$	393,177
Foreign withholding tax		(732	)		—			(171	)		—			(90,632	)		(4,437	)		—
Securities lending
income, net (Note 2)		6,034			48,651			128,065			54			24,464			3,984			4,341
Total Income		4,337,796			2,212,254			2,442,868			476,362			906,937			102,741			397,518
EXPENSES:
Advisory fees (Note 3)		908,641			837,119			1,160,439			141,254			137,308			44,467			35,354
BNY Fund Services fees		300,278			250,643			337,038			57,016			51,293			20,041			15,144
Professional fees		81,691			67,221			84,734			23,904			22,934			17,113			15,777
Printing and Postage		27,772			21,590			28,045			5,467			3,625			1,166			10,217
Compliance Officer fees		24,946			24,091			30,201			10,000			8,805			7,568			5,412
Trustees fees		13,387			10,080			18,985			1,601			1,544			173			281
NYSE Calculation Fees		5,696			5,698			5,696			5,637			5,698			5,657			3,404
NYSE Listing fees		4,928			4,928			4,927			4,930			4,930			5,117			5,852
Other Expenses		11,573			10,336			9,317			1,556			1,011			320			929
Total Expenses		1,378,912			1,231,706			1,679,382			251,365			237,148			101,622			92,370
Less expense waivers
and reimbursements
(Note 3)		(389,503	)		(327,617	)		(426,108	)		(97,552	)		(125,013	)		(57,154	)		(53,874	)
Net Expenses		989,409			904,089			1,253,274			153,813			112,135			44,468			38,496
Net Investment
Income		3,348,387			1,308,165			1,189,594			322,549			794,802			58,273			359,022
NET REALIZED AND
UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss)
on investments		801,424			522,577			(470,072	)		200,955			(448,911	)		701,355			(23,901	)
Net realized gain on
in-kind redemptions		20,990,761			19,053,061			45,036,577			3,168,051			956,889			—			—
Total net realized
gain (loss)		21,792,185			19,575,638			44,566,505			3,369,006			507,978			701,355			(23,901	)
Net change in unrealized
appreciation on
investments		18,478,534			17,801,315			9,172,255			1,401,893			3,966,961			948,999			1,361,729
Net realized and
unrealized gain on
investments		40,270,719			37,376,953			53,738,760			4,770,899			4,474,939			1,650,354			1,337,828
Net Increase in Net Assets
Resulting From
Operations	$	43,619,106		$	38,685,118		$	54,928,354		$	5,093,448		$	5,269,741		$	1,708,627		$	1,696,850
1    Commencement of Operations was September 30, 2013.

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

44

STATEMENTS OF CHANGES IN NET ASSETS

	RevenueShares Large Cap Fund						RevenueShares Mid Cap Fund						RevenueShares Small Cap Fund
	Year Ended June 30, 2014			Year Ended June 30, 2013			Year Ended June 30, 2014			Year Ended June 30, 2013			Year Ended June 30, 2014			Year Ended June 30, 2013
OPERATIONS:
Net investment income	$	3,348,387		$	3,145,355		$	1,308,165		$	1,352,194		$	1,189,594		$	1,283,240
Net realized gain on investments
and in-kind redemptions		21,792,185			6,061,501			19,575,638			12,622,390			44,566,505			1,711,974
Net change in unrealized
appreciation on investments		18,478,534			28,706,563			17,801,315			14,220,744			9,172,255			32,237,520
Net increase in net assets
resulting from operations		43,619,106			37,913,419			38,685,118			28,195,328			54,928,354			35,232,734
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income		(3,077,924	)		(3,079,803	)		(1,218,541	)		(1,079,903	)		(2,135,006	)		(1,172,877	)
Realized gains		—			—			(807,714	)		(460,717	)		(552,449	)		(474,726	)
Total distributions to
shareholders		(3,077,924	)		(3,079,803	)		(2,026,255	)		(1,540,620	)		(2,687,455	)		(1,647,603	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		74,120,953			10,107,207			105,992,709			21,289,708			219,926,798			15,785,481
Cost of shares redeemed		(53,717,762	)		(19,199,413	)		(60,813,115	)		(46,936,774	)		(133,024,559	)		(5,530,374	)
Net increase (decrease) in net
assets resulting from
shareholder transactions		20,403,191			(9,092,206	)		45,179,594			(25,647,066	)		86,902,239			10,255,107
Increase in net assets		60,944,373			25,741,410			81,838,457			1,007,642			139,143,138			43,840,238
NET ASSETS:
Beginning of year		182,025,160			156,283,750			123,565,101			122,557,459			153,441,244			109,601,006
End of year	$	242,969,533		$	182,025,160		$	205,403,558		$	123,565,101		$	292,584,382		$	153,441,244
Undistributed net investment
income included in net assets
at end of year	$	1,018,315		$	754,270		$	355,572		$	272,297		$	221,473		$	360,340
CHANGES IN SHARES
OUTSTANDING:
Shares outstanding,
beginning of year		5,801,400			6,201,400			3,251,400			4,101,400			3,501,400			3,251,400
Shares sold		2,050,000			350,000			2,450,000			600,000			4,250,000			400,000
Shares redeemed		(1,550,000	)		(750,000	)		(1,400,000	)		(1,450,000	)		(2,550,000	)		(150,000	)
Shares outstanding,
end of year		6,301,400			5,801,400			4,301,400			3,251,400			5,201,400			3,501,400

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

45

STATEMENTS OF CHANGES IN NET ASSETS — concluded

	RevenueShares Financials Sector Fund						RevenueShares ADR Fund						RevenueShares Navellier Overall A-100 Fund						RevenueShares Ultra Dividend Fund
	Year Ended June 30, 2014			Year Ended June 30, 2013			Year Ended June 30, 2014			Year Ended June 30, 2013			Year Ended June 30, 2014			Year Ended June 30, 2013			For the Period September 30, 20131 to June 30, 2014
OPERATIONS:
Net investment income	$	322,549		$	139,771		$	794,802		$	811,517		$	58,273		$	150,851		$	359,022
Net realized gain (loss)
on investments and
in-kind redemptions		3,369,006			(217,509	)		507,978			(1,009,137	)		701,355			1,214,309			(23,901	)
Net change in unrealized
appreciation
(depreciation) on
investments		1,401,893			4,301,291			3,966,961			2,860,112			948,999			(288,549	)		1,361,729
Net increase in net assets
resulting from
operations		5,093,448			4,223,553			5,269,741			2,662,492			1,708,627			1,076,611			1,696,850
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income		(296,193	)		(116,947	)		(758,211	)		(695,468	)		(119,412	)		(84,688	)		(178,314	)
Total distributions to
shareholders		(296,193	)		(116,947	)		(758,211	)		(695,468	)		(119,412	)		(84,688	)		(178,314	)
SHAREHOLDER
TRANSACTIONS:
Proceeds from
shares sold		10,649,165			17,282,827			—			—			—			—			21,457,458
Cost of shares
redeemed		(12,378,478	)		(1,547,478	)		(5,628,988	)		(14,436,425	)		—			(2,007,397	)		—
Net increase (decrease) in
net assets resulting
from shareholder
transactions		(1,729,313	)		15,735,349			(5,628,988	)		(14,436,425	)		—			(2,007,397	)		21,457,458
Increase (Decrease) in
net assets		3,067,942			19,841,955			(1,117,458	)		(12,469,401	)		1,589,215			(1,015,474	)		22,975,994
NET ASSETS:
Beginning of period		29,509,287			9,667,332			24,117,632			36,587,033			6,569,985			7,585,459			—
End of period	$	32,577,229		$	29,509,287		$	23,000,174		$	24,117,632		$	8,159,200		$	6,569,985		$	22,975,994
Undistributed net
investment income
included in net assets
at end of period	$	63,155		$	36,799		$	302,726		$	262,179		$	17,647		$	78,900		$	180,708
CHANGES IN SHARES
OUTSTANDING:
Shares outstanding,
beginning of period		750,000			350,000			700,000			1,150,000			150,000			200,000			—
Shares sold		250,000			450,000			—			—			—			—			800,000
Shares redeemed		(300,000	)		(50,000	)		(150,000	)		(450,000	)		—			(50,000	)		—
Shares outstanding,
end of period		700,000			750,000			550,000			700,000			150,000			150,000			800,000

¹   Commencement of operations.

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

46

FINANCIAL HIGHLIGHTS

REVENUE SHARES LARGE CAP FUND

For a share outstanding throughout each year presented.

	Year Ended June 30,
	2014			2013				2012		2011			2010
Per Share Operating Performance:
Net asset value, beginning of year	$	31.38		$	25.20		$	25.00		$	19.40		$	16.63
Net investment income1		0.59			0.54	4		0.41			0.39			0.29
Net realized and unrealized gain
on investments		7.13			6.17			0.21	5		5.57			2.74
Total gain from investment operations		7.72			6.71			0.62			5.96			3.03
Less Distributions from:
Net investment income		(0.54	)		(0.53	)		(0.42	)		(0.36	)		(0.26	)
Net asset value, end of year	$	38.56		$	31.38		$	25.20		$	25.00		$	19.40
Total Return at Net Asset Value2		24.84	%		26.98	%		2.59	%		30.97	%		18.21	%
Total Return at Market Value2		25.10	%		26.86	%		2.57	%		30.94	%		17.99	%
Ratios/Supplemental Data:
Net assets, end of year (000’s) omitted	$	242,970		$	182,025		$	156,284		$	201,301		$	138,721
Ratio to average net assets of:
Expenses, net of expense waivers
and reimbursements		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense waivers
and reimbursements		0.68	%		0.71	%		0.75	%		0.73	%		0.85	%
Net investment income, net of waivers
and reimbursements		1.66	%		1.93	%4		1.72	%		1.68	%		1.44	%
Portfolio turnover rate3		11.98	%		23.47	%		29.05	%		12.73	%		6.72	%

¹ Based on average daily shares outstanding.

² Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

³ Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

⁴ 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%.

⁵ 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.

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

47

FINANCIAL HIGHLIGHTS — continued

REVENUE SHARES MID CAP FUND

For a share outstanding throughout each year presented.

	Year Ended June 30,
	2014			2013				2012		2011			2010
Per Share Operating Performance:
Net asset value, beginning of year	$	38.00		$	29.88		$	31.69		$	23.04		$	18.84
Net investment income1		0.34			0.39	4		0.23			0.18			0.17
Net realized and unrealized gain (loss)
on investments		9.97			8.18			(1.15	)		8.64			4.18
Total gain (loss) from investment operations		10.31			8.57			(0.92	)		8.82			4.35
Less Distributions from:
Net investment income		(0.34	)		(0.31	)		(0.22	)		(0.17	)		(0.15	)
Realized gains		(0.22	)		(0.14	)		(0.67	)		—			—
Total distributions		(0.56	)		(0.45	)		(0.89	)		(0.17	)		(0.15	)
Net asset value, end of year	$	47.75		$	38.00		$	29.88		$	31.69		$	23.04
Total Return at Net Asset Value2		27.28	%		28.95	%		(2.72	)%		38.40	%		23.07	%
Total Return at Market Value2		27.14	%		29.25	%		(2.80	)%		38.42	%		22.86	%
Ratios/Supplemental Data:
Net assets, end of year (000’s) omitted	$	205,404		$	123,565		$	122,557		$	144,235		$	100,270
Ratio to average net assets of:
Expenses, net of expense waivers
and reimbursements		0.54	%		0.54	%		0.54	%		0.54	%		0.54	%
Expenses, prior to expense waivers
and reimbursements		0.73	%		0.80	%		0.82	%		0.81	%		0.89	%
Net investment income, net of waivers
and reimbursements		0.78	%		1.17	%4		0.77	%		0.61	%		0.71	%
Portfolio turnover rate3		24.19	%		44.42	%		55.02	%		38.03	%		14.51	%

¹ Based on average daily shares outstanding.

² Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

³ Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

⁴ 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%.

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

48

FINANCIAL HIGHLIGHTS — continued

REVENUE SHARES SMALL CAP FUND

For a share outstanding throughout each year presented.

	Year Ended June 30,
	2014			2013				2012		2011			2010
Per Share Operating Performance:
Net asset value, beginning of year	$	43.82		$	33.71		$	34.47		$	25.41		$	20.04
Net investment income1		0.26			0.38	4		0.20			0.14			0.07
Net realized and unrealized gain (loss)
on investments		12.81			10.22			(0.81	)		9.06			5.35
Total gain (loss) from investment operations		13.07			10.60			(0.61	)		9.20			5.42
Less Distributions from:
Net investment income		(0.52	)		(0.35	)		(0.15	)		(0.14	)		(0.05	)
Realized gains		(0.12	)		(0.14	)		—			—			—
Total distributions		(0.64	)		(0.49	)		(0.15	)		(0.14	)		(0.05	)
Net asset value, end of year	$	56.25		$	43.82		$	33.71		$	34.47		$	25.41
Total Return at Net Asset Value2		30.03	%		31.74	%		(1.75	)%		36.26	%		27.07	%
Total Return at Market Value2		30.38	%		31.53	%		(1.67	)%		36.10	%		26.88	%
Ratios/Supplemental Data:
Net assets, end of year (000’s) omitted	$	292,584		$	153,441		$	109,601		$	131,017		$	109,319
Ratio to average net assets of:
Expenses, net of expense waivers
and reimbursements		0.54	%		0.54	%		0.54	%		0.54	%		0.54	%
Expenses, prior to expense waivers
and reimbursements		0.72	%		0.79	%		0.84	%		0.83	%		0.89	%
Net investment income, net of waivers
and reimbursements		0.51	%		0.99	%4		0.61	%		0.44	%		0.25	%
Portfolio turnover rate3		10.69	%		39.39	%		47.80	%		33.72	%		16.33	%

¹ Based on average daily shares outstanding.

² Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

³ Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

⁴ 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%.

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

49

FINANCIAL HIGHLIGHTS — continued

REVENUE SHARES FINANCIALS SECTOR FUND

For a share outstanding throughout each year presented.

	Year Ended June 30,
		2014			2013			2012			2011			2010
Per Share Operating Performance:
Net asset value, beginning of year	$	39.35		$	27.62		$	29.70		$	27.30		$	22.36
Net investment income1		0.45			0.38	4		0.26			0.46			0.15
Net realized and unrealized gain (loss)
on investments		7.17			11.71			(2.05	)		2.41			4.96
Total gain (loss) from investment operations		7.62			12.09			(1.79	)		2.87			5.11
Less Distributions from:
Net investment income		(0.43	)		(0.36	)		(0.29	)		(0.47	)		(0.17	)
Net asset value, end of year	$	46.54		$	39.35		$	27.62		$	29.70		$	27.30
Total Return at Net Asset Value2		19.44	%		44.09	%		(5.95	)%		10.40	%		22.87	%
Total Return at Market Value2		19.32	%		44.24	%		(5.93	)%		10.29	%		23.00	%
Ratios/Supplemental Data:
Net assets, end of year (000’s) omitted	$	32,577		$	29,509		$	9,667		$	11,880		$	24,572
Ratio to average net assets of:
Expenses, net of expense waivers
and reimbursements		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense waivers
and reimbursements		0.80	%		1.03	%		1.29	%		1.03	%		1.11	%
Net investment income, net of waivers
and reimbursements		1.03	%		1.12	%4		0.98	%		1.52	%		0.51	%
Portfolio turnover rate3		13.27	%		20.20	%		26.17	%		15.99	%		1.76	%

¹ Based on average daily shares outstanding.

² Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

³ Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

⁴ 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%.

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

50

FINANCIAL HIGHLIGHTS — continued

REVENUE SHARES ADR FUND

For a share outstanding throughout each year presented.

	Year Ended June 30,
		2014			2013			2012			2011			2010
Per Share Operating Performance:
Net asset value, beginning of year	$	34.45		$	31.81		$	39.84		$	30.74		$	30.09
Net investment income1		1.33			0.97	4		1.00			0.96			1.07
Net realized and unrealized gain (loss)
on investments		7.24			2.47			(7.47	)		9.01			0.40
Total gain (loss) from investment operations		8.57			3.44			(6.47	)		9.97			1.47
Less Distributions from:
Net investment income		(1.20	)		(0.80	)		(1.33	)		(0.87	)		(0.68	)
Realized gains		—			—			(0.23	)		—			(0.14	)
Total distributions		(1.20	)		(0.80	)		(1.56	)		(0.87	)		(0.82	)
Net asset value, end of year	$	41.82		$	34.45		$	31.81		$	39.84		$	30.74
Total Return at Net Asset Value2		25.38	%		10.87	%		(16.30	)%		32.89	%		4.64	%
Total Return at Market Value2		25.39	%		10.76	%		(16.32	)%		32.90	%		4.55	%
Ratios/Supplemental Data:
Net assets, end of year (000’s) omitted	$	23,000		$	24,118		$	36,587		$	71,716		$	47,641
Ratio to average net assets of:
Expenses, net of expense waivers
and reimbursements		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense waivers
and reimbursements		1.04	%		1.06	%		1.05	%		0.99	%		1.08	%
Net investment income, net of waivers
and reimbursements		3.47	%		2.83	%4		2.97	%		2.55	%		3.06	%
Portfolio turnover rate3		21.31	%		21.02	%		35.04	%		37.11	%		45.80	%

¹ Based on average daily shares outstanding.

² Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

³ Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

⁴ 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%.

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

51

FINANCIAL HIGHLIGHTS — continued

REVENUE SHARES NAVELLIER OVERALL A-100 FUND

For a share outstanding throughout each year presented.

	Year Ended June 30,
		2014			2013			2012			2011		2010
Per Share Operating Performance:
Net asset value, beginning of year	$	43.80		$	37.93		$	41.98		$	29.68		$	27.52
Net investment income1		0.39			0.86	4		0.44			0.39			0.10
Net realized and unrealized gain (loss)
on investments		11.00			5.49			(3.67	)		12.32			2.61
Total gain (loss) from investment operations		11.39			6.35			(3.23	)		12.71			2.71
Less Distributions from:
Net investment income		(0.80	)		(0.48	)		(0.38	)		(0.41	)		(0.07	)
Realized gains		—			—			(0.44	)		—			(0.48	)
Total distributions		(0.80	)		(0.48	)		(0.82	)		(0.41	)		(0.55	)
Net asset value, end of year	$	54.39		$	43.80		$	37.93		$	41.98		$	29.68
Total Return at Net Asset Value2		26.37	%		16.79	%		(7.61	)%		43.05	%		9.70	%
Total Return at Market Value2		26.61	%		16.77	%		(7.93	)%		43.22	%		9.81	%
Ratios/Supplemental Data:
Net assets, end of year (000’s) omitted	$	8,159		$	6,570		$	7,585		$	10,496		$	10,388
Ratio to average net assets of:
Expenses, net of expense waivers
and reimbursements		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to expense waivers
and reimbursements		1.37	%		1.43	%		1.42	%		1.60	%		1.40	%
Net investment income, net of waivers
and reimbursements		0.79	%		2.05	%4		1.18	%		1.06	%		0.32	%
Portfolio turnover rate3		142.40	%		224.74	%		154.06	%		190.44	%		182.12	%

¹ Based on average daily shares outstanding.

² Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

³ Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

⁴ 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%.

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

52

FINANCIAL HIGHLIGHTS — concluded

REVENUE SHARES ULTRA DIVIDEND FUND

For a share outstanding throughout the period presented.

		For the Period September 30, 20131 Through June 30, 2014
Per Share Operating Performance:
Net asset value, beginning of period	$	24.87
Net investment income2		0.91
Net realized and unrealized gain on investments		3.39
Total gain from investment operations		4.30
Less Distributions from:
Net investment income		(0.45	)
Net asset value, end of period	$	28.72
Total Return at Net Asset Value3		17.46	%6
Total Return at Market Value3		17.58	%6
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted	$	22,976
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.49	%4
Expenses, prior to expense waivers and reimbursements		1.18	%4
Net investment income, net of waivers and reimbursements		4.57	%4
Portfolio turnover rate5		37.43	%6

¹ Commencement of operations.

² Based on average daily shares outstanding.

³ Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at September 30, 2013, reinvestment of all dividends and distributions at market value during the year, 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. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁴ Annualized.

⁵ Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

⁶ Not annualized.

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

53

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, as of the date of this report, is 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 non-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 September 30, 2013 for RevenueShares Ultra Dividend Fund.

The objective of the RevenueShares Large Cap Fund is to outperform the total return performance of the S&P 500® Index. The objective of the RevenueShares Mid Cap Fund is to outperform the total return performance of the S&P MidCap 400® Index. The objective of the RevenueShares Small Cap Fund is to outperform the total return performance of the S&P SmallCap 600® Index. The objective of the RevenueShares Financials Sector Fund is to outperform the total return performance of the S&P 500® Financials Index. The objective of the RevenueShares ADR Fund is to outperform the total return performance of the S&P ADR Index. The objective of the RevenueShares Navellier Overall A-100 Fund is to outperform the total return performance of the Navellier Overall A-100 Index. The objective of the RevenueShares Ultra Dividend Fund is to outperform the total return performance of the S&P 900® Index.

Under the Funds’ organizational documents, its officers and trustees are indemnified by the Funds against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. Currently, the Funds expect the risk of loss to be remote.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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, if any, 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 if 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.

54

NOTES TO FINANCIAL STATEMENTS — continued

Securities Lending — Each Fund may lend securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of U.S. dollar cash and/or U.S. government securities, is maintained at all times. The cash collateral can be invested in a certain money market mutual fund, which may also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash invested in the money market mutual fund or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. Lending securities could result in a loss or delay in recovering the Fund’s securities if the borrower defaults.

The securities lending income earned by the Funds is disclosed on the Statements of Operations. The value of loaned securities and related collateral outstanding at June 30, 2014 are shown in the Schedules of Investments and Statements of Assets and Liabilities. The value of the collateral held may be temporarily less than that required under the lending contract. RevenueShares Navellier Overall A-100 Fund obtained additional collateral on the following day after the period end to ensure the securities on loan were adequately collateralized. As of June 30, 2014 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 Bank of New York Mellon. 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 U.S. government securities 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 lending agent fails to fulfill its guarantee to the Fund against that risk, 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 may be subject to market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy the Fund’s obligation to return the full amount owed to such Borrower.

For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of June 30, 2014, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting provisions in the Lending Agreement are detailed in the following table:

	Assets							Liabilities
Fund	Gross Amounts Presented in Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities Collateral Received1			Net Amount		Gross Amounts Presented in Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities Collateral Received		Net Amount
RevenueShares Large Cap Fund	$	769,974	$	(769,974	)	$	—	$	—	$	—	$	—
RevenueShares Mid Cap Fund		10,423,372		(10,423,372	)		—		—		—		—
RevenueShares Small Cap Fund		15,283,568		(15,283,568	)		—		—		—		—
RevenueShares Financials
Sector Fund		761		(761	)		—		—		—		—
RevenueShares ADR Fund		3,435,861		(3,435,861	)		—		—		—		—
RevenueShares Navellier
Overall A-100 Fund		362,545		(362,545	)		—		—		—		—
RevenueShares Ultra
Dividend Fund		322,102		(322,102	)		—		—		—		—

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

55

NOTES TO FINANCIAL STATEMENTS — continued

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.

The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financial Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund pay the Adviser the following annualized fees:

Fund	Management Fees	Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement
RevenueShares Large Cap Fund	0.45%	0.49%
RevenueShares Mid Cap Fund	0.50%	0.54%
RevenueShares Small Cap Fund	0.50%	0.54%
RevenueShares Financials Sector Fund	0.45%	0.49%
RevenueShares ADR Fund	0.60%	0.49%
RevenueShares Navellier Overall A-100 Fund	0.60%	0.60%
RevenueShares Ultra Dividend Fund	0.45%	0.49%

The Trust and the Adviser have entered into a written fee waiver and expense reimbursement agreements pursuant to which the Adviser has agreed to waive all or a portion of its fees and/or reimburse expenses to the extent necessary to keep fund expenses (excluding any taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses) for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financial Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend from exceeding the percentage of each Fund's daily net assets in the above table. Amounts waived and/or reimbursed pursuant to these agreements are not subject to subsequent recapture by the Adviser. These agreements will remain in effect and will be contractually binding until October 28, 2014, after which they may be terminated or revised.

For the year ended June 30, 2014, the Adviser waived and reimbursed the following fees:

Fund	Fees Waived and Reimbursed
RevenueShares Large Cap Fund	$389,503
RevenueShares Mid Cap Fund	327,617
RevenueShares Small Cap Fund	426,108
RevenueShares Financials Sector Fund	97,552
RevenueShares ADR Fund	125,013
RevenueShares Navellier Overall A-100 Fund	57,154
RevenueShares Ultra Dividend Fund	53,874

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 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.

56

NOTES TO FINANCIAL STATEMENTS — continued

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

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

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

4. CREATION AND REDEMPTION TRANSACTIONS

As of June 30, 2014, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Retail investors may only purchase and sell Fund shares at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund’s shares may be at, above or below its NAV depending on the premium or discount at which the Fund’s shares trade.

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

5. FAIR VALUE MEASUREMENT

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

Level 1 — quoted prices in active markets for identical securities

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as June 30, 2014 in valuing the Funds’ assets carried at fair value:

	Quoted Prices in Active Markets (Level 1)						Other Significant Observable Inputs (Level 2)		Significant  Unobservable Inputs (Level 3)
Fund	Common Stock			Preferred Stock	Money Market Funds							Total
RevenueShares Large Cap Fund	$	241,798,595	$	—	$	787,229	$	—	$	—	$	242,585,824
RevenueShares Mid Cap Fund		204,999,518		—		10,660,514		—		—		215,660,032
RevenueShares Small Cap Fund		292,257,182		—		16,000,780		—		—		308,257,962
RevenueShares Financials
Sector Fund		32,493,676		—		765		—		—		32,494,441
RevenueShares ADR Fund		22,216,503		395,023		3,502,086		—		—		26,113,612
RevenueShares Navellier
Overall A-100 Fund		8,144,215		—		363,140		—		—		8,507,355
RevenueShares Ultra
Dividend Fund		22,908,316		—		331,037		—		—		23,239,353

57

NOTES TO FINANCIAL STATEMENTS — continued

At June 30, 2014, the Funds did not hold any Level 2 or Level 3 securities during the year. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.

The Funds’ policy is to disclose transfers between Levels based on valuations at the beginning of the reporting period. At June 30, 2014, there were no transfers between Levels 1, 2, or 3, based on the valuation input Levels assigned to securities on June 30, 2013.

6. INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the year ended June 30, 2014 were as follows:

Fund		Purchases	Sales
RevenueShares Large Cap Fund	$	41,507,476	$	24,228,651
RevenueShares Mid Cap Fund		78,041,491		40,400,632
RevenueShares Small Cap Fund		102,730,408		24,844,765
RevenueShares Financials Sector Fund		4,120,242		4,153,990
RevenueShares ADR Fund		4,821,715		4,906,985
RevenueShares Navellier Overall A-100 Fund		10,578,228		10,639,209
RevenueShares Ultra Dividend Fund		4,367,552		4,158,906

For the year ended June 30, 2014, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:

Fund		Purchases		Sales
RevenueShares Large Cap Fund	$	55,382,483	$	52,063,388
RevenueShares Mid Cap Fund		55,275,312		48,842,526
RevenueShares Small Cap Fund		114,377,791		107,080,653
RevenueShares Financials Sector Fund		10,634,796		12,352,932
RevenueShares ADR Fund		—		5,623,062
RevenueShares Navellier Overall A-100 Fund		—		—
RevenueShares Ultra Dividend Fund		21,367,152		—

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

7. TRUSTEE ’S FEES

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

8. FEDERAL INCOME TAX

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

58

NOTES TO FINANCIAL STATEMENTS — continued

At June 30, 2014, 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	$	179,024,683	$	65,781,941	$	(2,220,800	)	$	63,561,141
RevenueShares Mid Cap Fund		170,573,371		46,838,935		(1,752,274	)		45,086,661
RevenueShares Small Cap Fund		261,158,751		52,048,667		(4,949,456	)		47,099,211
RevenueShares Financials Sector Fund		28,575,174		4,201,579		(282,312	)		3,919,267
RevenueShares ADR Fund		24,652,416		3,414,382		(1,953,186	)		1,461,196
RevenueShares Navellier Overall A-100 Fund		7,220,650		1,328,633		(41,928	)		1,286,705
RevenueShares Ultra Dividend Fund		21,897,817		1,522,514		(180,978	)		1,341,536

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, 2014, the components of accumulated earnings/loss on a tax-basis were as follows:

Fund	Undistributed Ordinary Income		Accumulated Undistributed Capital and Other Gain (Loss)				Net Unrealized Appreciation (Depreciation)	Total Accumulated Earnings/ (Loss)
RevenueShares Large Cap Fund	$	1,000,489	$	126,852		$	63,561,141	$	64,688,482
RevenueShares Mid Cap Fund		353,659		745,247			45,086,661		46,185,567
RevenueShares Small Cap Fund		342,291		308,710			47,099,211		47,750,212
RevenueShares Financial Sector Fund		63,155		(871,729	)		3,919,267		3,110,693
Revenueshares ADR Fund		313,202		(3,882,434	)		1,461,196		(2,108,036	)
RevenueShares Navellier Overall A-100 Fund		17,647		347,583			1,286,705		1,651,935
RevenueShares Ultra Dividend Fund		179,227		(2,227	)		1,341,536		1,518,536

The tax character of distributions paid during the years ended June 30, 2014 and 2013 were as follows:

	2014				2013
Fund	Distributions Paid From Ordinary Income			Distributions Paid From Long-Term Capital Gains	Distributions Paid From Ordinary Income			Distributions Paid From Long-Term Capital Gains
RevenueShares Large Cap Fund	$	3,077,924	$	—	$	3,079,803	$	—
RevenueShares Mid Cap Fund		1,218,541		807,714		1,079,897		460,723
RevenueShares Small Cap Fund		2,135,006		552,449		1,209,977		437,626
RevenueShares Financial Sector Fund		296,193		—		116,947		—
Revenueshares ADR Fund		758,211		—		695,468		—
RevenueShares Navellier Overall A-100 Fund		119,412		—		84,688		—
RevenueShares Ultra Dividend Fund		178,314		—

At June 30, 2014, 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 Financial Sector Fund	$	52,317	$	21,626	$	78,535	$	—	$	719,251	$	871,729
Revenueshares ADR Fund		—		—		—		787,855		2,801,490		3,589,345

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

59

NOTES TO FINANCIAL STATEMENTS — continued

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, 2013 through June 30, 2014, 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, 2014, the Funds incurred and will elect to defer net capital losses as follows:

Fund	Post-October Capital Losses
RevenueShares Large Cap Fund	$	147,970
RevenueShares Small Cap Fund		238,769
Revenueshares ADR Fund		293,089
RevenueShares Ultra Dividend Fund		2,227

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, 2014, 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	$	(6,418	)	$	(20,376,726	)	$	20,383,144
RevenueShares Mid Cap Fund		(6,349	)		(18,570,242	)		18,576,591
RevenueShares Small Cap Fund		806,545			(44,840,727	)		44,034,182
RevenueShares Financial Sector Fund		—			(2,907,874	)		2,907,874
Revenueshares ADR Fund		3,956			(770,865	)		766,909
RevenueShares Navellier Overall A-100 Fund		(114	)		114			—
RevenueShares Ultra Dividend Fund		—			—			—

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

GAAP requires management of the Funds to analyze all open tax years, fiscal years 2010-2014, 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, 2014, 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.

9. RISKS

Concentration Risk

The RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and 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.

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

60

NOTES TO FINANCIAL STATEMENTS — continued

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 adversely may be 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 American depositary receipts (“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.

61

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.

10. SUBSEQUENT EVENTS

On July 2, 2014, the Funds declared quarterly income dividends with an ex-date of July 3, 2014 and payable date of July 10, 2014. The income dividend per share for each Fund was as follows:

Fund	Income Dividend Per Share
RevenueShares Large Cap Fund	$	0.16262
RevenueShares Mid Cap Fund		0.08317
RevenueShares Small Cap Fund		0.04259
RevenueShares Financials Sector Fund		0.09022
RevenueShares ADR Fund		0.56082
RevenueShares Navellier Overall A-100 Fund		0.11841
RevenueShares Ultra Dividend Fund		0.22589

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.

62

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund, RevenueShares Ultra Dividend Fund and the Board of Trustees of RevenueShares ETF Trust

We have audited the accompanying statements of assets and liabilities of the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, and RevenueShares Navellier Overall A-100 Fund (the “Funds”), each a series of shares of beneficial interest in the RevenueShares ETF Trust, including the schedules of investments, as of June 30, 2014, and the related statements of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three year period then ended. We have also audited the accompanying statement of assets and liabilities of the RevenueShares Ultra Dividend Fund, a series of shares of beneficial interest in the RevenueShares ETF Trust, including the schedule of investments, as of June 30, 2014, and the related statement of operations, statement of changes in net assets, and financial highlights for the period September 30, 2013 (commencement of operations) through June 30, 2014. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each year presented through the year ended June 30, 2011 have been audited by other auditors, whose report dated August 29, 2011, expressed an unqualified opinion on such financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2014 by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund, and the RevenueShares Ultra Dividend Fund as of June 30, 2014, and the results of their operations for the year or period then ended, and the changes in their net assets and their financial highlights for each of the years or periods presented, in conformity with accounting principles generally accepted in the United States of America.

BBD, LLP

Philadelphia,Pennsylvania
August 22, 2014

63

TRUSTEES AND OFFICERS OF THE REVENUESHARES ETF TRUST

(UNAUDITED )

Independent Trustees

Name and Year of Birth	Position(s) Held with Trust	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex2 Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
James C. McAuliffe	Trustee	Since 2006	Retired. Police Officer from	16	Director, Officer
Year of Birth: 1951			1971 to 2004.		Daniel Boyle
					Scholarship Fund,
					from 1992 to
					present.
Christian W. Myers, III	Trustee	Since 2006	Firefighter from 1976 to	16	None
Year of Birth: 1952			present.
John J. Kolodziej	Trustee	Since 2007	Controller, Diagnostic	16	None
Year of Birth: 1956			Imaging Inc., from August
			2010 to 2012; Director of
			Finance, St. Francis Medical
			Center, from 2002 to 2009.
John A. Reilly	Trustee	Since 2010	Retired. Firefighter from	16	Trustee, Philadelphia
Year of Birth: 1931			1956 to 1988.		Board of Pensions,
					from 1976 to
					present; Member of
					the Executive Board
					of National
					Conference on
					Public Employee
					Retirement Systems
					(NCPERS), from
					1990 to present.
Interested Trustees
Vincent T. Lowry3	Chairman	Since 2006	Chief Executive Officer and	16	None
Year of Birth: 1951	and Trustee;		Chief Investment Officer,
	President		VTL, from 2004 to present;
			Managing Director, Smith
			Barney, Inc., from 1984 to
			2004
Daniel J. Ledva4	Trustee	Since	Senior Managing Director,	16	Trustee, Dr. Gene A.
Year of Birth: 1972		September	Co-Founder and Principal,		Carpenter
		2011	Kelson Group, from 2010		Foundation, from
			to present; Director,		2008 to present.
			Marwood Group, from
			2002 to 2010.

¹ Each Trustee holds office for an indefinite term.

² The “Fund Complex” consists of the Trust, which consists of 16 Funds, only seven of which are operating.

³ Mr. Lowry is considered to be an “interested person” of the Trust as defined in the 1940 Act due to his relationship with VTL, the Funds’ investment adviser.

⁴ Mr. Ledva is deemed to be an “interested person” of the Trust as defined in the 1940 Act because the Kelson Group and its affiliated broker-dealer, Kelson Capital LLC, are currently negotiating certain arrangements, including acting as a private placement agent, with VTL and/or the Trust.

64

TRUSTEES AND OFFICERS OF THE REVENUESHARES ETF TRUST

(UNAUDITED ) — concluded

Officers

Name, Address and Year of Birth	Position(s) Held with the Trust	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years
Michael Gompers	Treasurer	Since March	Chief Operating Officer, VTL, from March 2007 to present;
One Commerce		2012	Chief Executive Officer and Chief Compliance Officer, IMS,
2005 Market Street			from December 2009 to present; Analyst, VTL, from July
Suite 2020			2005 – March 2007; Accountant, Gompers & Associates,
Philadelphia, PA 19103			PLLC from January 2005 – July 2005.
Year of Birth: 1981
Patrick J. Keniston2	Chief	2009 to 2012;	Director, Foreside Compliance Services, LLC, from October
Three Canal Plaza,	Compliance	from June	2008 to present.
Suite 100	Officer	2014 to
Portland, Maine 04101	(“CCO”) and	present
Year of Birth: 1964	Anti-Money
	Laundering
	Officer
Jennifer L. Fox	Secretary	Since February,	Technical Analyst, VTL, from 2004 to present.
One Commerce Square		2014
2005 Market Street
Suite 2020
Philadelphia, PA 19103
Year of Birth: 1972

¹ Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board.

² The Funds’ Chief Compliance Officer may also serve as an officer of other unaffiliated mutual funds, closed-end funds and ETFs for which Foreside Fund Services, LLC, the Funds’ distributor (“Foreside” or the “Distributor”), or its affiliates act as distributor or service provider.

The Funds’ Statement of Additional Information (“SAI”) has additional information about the Funds’ Trustees and Officers and is available without charge upon request. Contact your financial representative for a free prospectus or SAI.

65

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 1 (888) 854-8181. This information is also available on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

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

Premium/Discount Information

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

Federal Tax Status of Dividends Declared during the Tax Year

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

For Federal income tax purposes, dividends and short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), and the individual qualified dividend rate (“QDI”) is presented below:

	QDI	DRD
RevenueShares Large Cap Fund	100%	100%
RevenueShares Mid Cap Fund	100%	100%
RevenueShares Small Cap Fund	94%	100%
RevenueShares Financials Sector Fund	100%	100%
RevenueShares ADR Fund	89%	4%
RevenueShares Navellier Overall A-100 Fund	100%	77%
RevenueShares Ultra Dividend Fund	100%	100%

With respect to the taxable year ended June 30, 2014, the Funds hereby designate as capital gain dividends the amounts listed below, or, if subsequently determined to be different, the net capital gain of such year:

	RevenueShares Mid Cap Fund	RevenueShares Small Cap Fund
From long-term capital gains, subject to the 15% rate gains category	$807,714	$552,449

RevenueShares ADR Fund in accordance with Section 853 of the Internal Revenue Code intends to elect to pass through to its shareholders the credit for taxes paid in foreign countries during its fiscal year ended June 30, 2014. In accordance with the current tax laws, the foreign income and foreign tax as of June 30, 2014 is as follows:

	Foreign Dividend	Foreign Taxes
Dollar Amount	$204,232	$36,801

66

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.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has one audit committee financial expert serving on its audit committee, an “independent” Trustee, John J. Kolodziej. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $88,400 for 2014 and $78,000 for 2013.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2014 and $0 for 2013.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $14,000 for 2014 and $12,000 for 2013.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2014 and $0 for 2013.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(c) 100%

(d) N/A

(f) No response required.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2014 and $0 for 2013.

(h) Not applicable.

Item 5. Audit Committee of Listed registrants.

(a) The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and all independent Trustees are members of such committee.

(b) Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

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

and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

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

Item 12. Exhibits.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

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

(a)(3) Not applicable.

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

(12.other) Not applicable.

SIGNATURES

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

(Registrant) RevenueShares ETF Trust

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

Date   September 8, 2014

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

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

Date   September 8, 2014

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

Date   September 8, 2014

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