N-CSRS

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21993

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

One Commerce Square

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

Vincent T. Lowry
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, PA 19103
(Name and address of agent for service)

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

Date of fiscal year end: June 30

Date of reporting period: December 31, 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^sm ETF Trust

Semi-Annual Report to Shareholders

December 31, 2014

Would you prefer to receive materials like this electronically?
See inside front cover for details.

Receive investor materials electronically:

Shareholders may sign up for electronic delivery of investor materials. By doing so, you will receive the information faster and help us reduce the impact on the environment of providing these materials. To enroll in electronic delivery,

1.	Go to www.icsdelivery.com
2.	Select the first letter of your brokerage firm’s name.
3.	From the list that follows, select your brokerage firm. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm.
4.	Complete the information requested, including the e-mail address where you would like to receive notifications for electronic documents.

Your information will be kept confidential and will not be used for any purpose other than electronic delivery. If you change your mind, you can cancel electronic delivery at any time and revert to physical delivery of your materials, Just go to www.icsdelivery.com, perform the first three steps above and follow the instructions for cancelling electronic delivery. If you have any questions, please contact your brokerage firm.

TABLE OF CONTENTS

Shareholder Expense Examples	2
Schedule of Investments Summary Tables	3
Schedules of Investments
RevenueShares Large Cap Fund	5
RevenueShares Mid Cap Fund	10
RevenueShares Small Cap Fund	15
RevenueShares Financials Sector Fund	21
RevenueShares ADR Fund	22
RevenueShares Navellier Overall A-100 Fund	25
RevenueShares Ultra Dividend Fund	27
Statements of Assets and Liabilities	28
Statements of Operations	29
Statements of Changes in Net Assets	30
Financial Highlights	32
Notes to Financial Statements	39
Board Approval of Investment Advisory and Sub-Advisory Agreements	48
Supplemental Information	51

1

SHAREHOLDER EXPENSE EXAMPLES

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

The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from July 1, 2014 to December 31, 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 07/01/2014	Ending Account Value 12/31/2014	Annualized Expense Ratios for the Six Month Period	Expenses Paid During the Six Month Period†
RevenueShares Large Cap Fund
Actual	$1,000.00	$1,069.30	0.49%	$2.56
Hypothetical (5% return before expenses)	$1,000.00	$1,022.74	0.49%	$2.50
RevenueShares Mid Cap Fund
Actual	$1,000.00	$1,021.50	0.54%	$2.75
Hypothetical (5% return before expenses)	$1,000.00	$1,022.48	0.54%	$2.75
RevenueShares Small Cap Fund
Actual	$1,000.00	$1,019.50	0.54%	$2.75
Hypothetical (5% return before expenses)	$1,000.00	$1,022.48	0.54%	$2.75
RevenueShares Financials Sector Fund
Actual	$1,000.00	$1,093.50	0.49%	$2.59
Hypothetical (5% return before expenses)	$1,000.00	$1,022.74	0.49%	$2.50
RevenueShares ADR Fund
Actual	$1,000.00	$ 882.40	0.49%	$2.32
Hypothetical (5% return before expenses)	$1,000.00	$1,022.74	0.49%	$2.50
RevenueShares Navellier Overall A-100 Fund
Actual	$1,000.00	$1,061.10	0.60%	$3.12
Hypothetical (5% return before expenses)	$1,000.00	$1,022.18	0.60%	$3.06
RevenueShares Ultra Dividend Fund
Actual	$1,000.00	$1,086.20	0.49%	$2.58
Hypothetical (5% return before expenses)	$1,000.00	$1,022.74	0.49%	$2.50

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

2

SCHEDULE OF INVESTMENTS SUMMARY TABLES

(UNAUDITED)

RevenueShares Large Cap Fund			RevenueShares Mid Cap Fund			RevenueShares Small Cap Fund
Industry	% of Net Assets		Industry	% of Net Assets		Industry	% of Net Assets
Automobiles & Components	3.8	%	Automobiles & Components	0.3	%	Automobiles & Components	0.7	%
Banks	4.3		Banks	1.9		Banks	2.6
Capital Goods	8.4		Capital Goods	10.8		Capital Goods	13.5
Commercial & Professional Services	0.6		Commercial & Professional Services	3.9		Commercial & Professional Services	6.3
Consumer Durables & Apparel	1.3		Consumer Durables & Apparel	3.3		Consumer Durables & Apparel	4.3
Consumer Services	1.2		Consumer Services	2.0		Consumer Services	4.5
Diversified Financials	4.3		Diversified Financials	1.2		Diversified Financials	2.4
Energy	14.2		Energy	9.0		Energy	5.4
Food & Staples Retailing	9.1		Food & Staples Retailing	1.8		Food & Staples Retailing	2.9
Food, Beverage & Tobacco	4.3		Food, Beverage & Tobacco	2.2		Food, Beverage & Tobacco	2.9
Health Care Equipment & Services	8.6		Health Care Equipment & Services	8.0		Health Care Equipment & Services	7.8
Household & Personal Products	1.3		Household & Personal Products	0.5		Household & Personal Products	0.4
Insurance	4.2		Insurance	5.5		Insurance	2.5
Materials	3.8		Materials	9.9		Materials	7.7
Media	3.0		Media	1.5		Media	0.5
Money Market Fund	0.2		Money Market Fund	6.1		Money Market Fund	5.9
Pharmaceuticals, Biotechnology &			Pharmaceuticals, Biotechnology &			Pharmaceuticals, Biotechnology &
Life Sciences	3.2		Life Sciences	1.1		Life Sciences	1.1
Real Estate	0.6		Real Estate	2.3		Real Estate	1.7
Retailing	5.9		Retailing	9.7		Retailing	10.5
Semiconductors & Semiconductor			Semiconductors & Semiconductor			Semiconductors & Semiconductor
Equipment	1.2		Equipment	1.6		Equipment	1.6
Software & Services	4.5		Software & Services	3.9		Software & Services	4.6
Technology Hardware &			Technology Hardware &			Technology Hardware &
Equipment	4.4		Equipment	13.3		Equipment	9.2
Telecommunication Services	2.7		Telecommunication Services	0.4		Telecommunication Services	0.6
Transportation	2.2		Transportation	2.5		Transportation	3.9
Utilities	3.2		Utilities	3.6		Utilities	2.7
Total Investments	100.5		Total Investments	106.3		Total Investments	106.2
Liabilities in Excess of Other Assets	(0.5	)	Liabilities in Excess of Other Assets	(6.3	)	Liabilities in Excess of Other Assets	(6.2	)
Net Assets	100.0	%	Net Assets	100.0	%	Net Assets	100.0	%

3

SCHEDULE OF INVESTMENTS SUMMARY TABLES — concluded

(UNAUDITED )

RevenueShares Financials Sector Fund			RevenueShares ADR Fund			RevenueShares Navellier Overall A-100 Fund
Industry	% of Net Assets		Industry	% of Net Assets		Industry	% of Net Assets
Banks	32.3	%	Automobiles & Components	6.5	%	Automobiles & Components	0.5	%
Capital Markets	11.5		Banks	13.1		Banks	1.5
Consumer Finance	5.1		Capital Goods	1.4		Capital Goods	1.1
Diversified Financial Services	15.2		Consumer Durables & Apparel	1.4		Commercial & Professional Services	1.5
Insurance	31.2		Consumer Services	0.3		Consumer Durables & Apparel	6.0
Real Estate Investment Trusts	4.0		Diversified Financials	2.6		Consumer Services	3.5
Real Estate Management			Energy	37.7		Food & Staples Retailing	10.5
& Development	0.6		Food & Staples Retailing	0.8		Food, Beverage & Tobacco	2.9
Thrifts & Mortgage Finance	0.2		Food, Beverage & Tobacco	3.3		Health Care Equipment & Services	10.5
Total Investments	100.1		Health Care Equipment & Services	0.7		Insurance	3.1
Liabilities in Excess of Other Assets	(0.1	)	Insurance	5.7		Materials	5.4
Net Assets	100.0	%	Materials	7.5		Money Market Fund	2.5
			Media	1.1		Pharmaceuticals, Biotechnology &
			Money Market Fund	21.1		Life Sciences	10.3
			Pharmaceuticals, Biotechnology &			Real Estate	9.9
			Life Sciences	3.1		Retailing	6.0
			Real Estate	0.3		Semiconductors & Semiconductor
			Semiconductors & Semiconductor			Equipment	16.4
			Equipment	0.6		Software & Services	5.5
			Software & Services	0.5		Technology Hardware &
			Technology Hardware &			Equipment	9.9
			Equipment	2.0		Telecommunication Services	2.5
			Telecommunication Services	9.7		Transportation	6.5
			Transportation	0.6		Utilities	6.3
			Utilities	0.7		Total Investments	122.3
			Total Investments	120.7		Liabilities in Excess of Other Assets	(22.3	)
			Liabilities in Excess of Other Assets	(20.7	)	Net Assets	100.0	%
			Net Assets	100.0	%
RevenueShares Ultra Dividend Fund
Industry	% of Net Assets
Banks	1.0	%
Commercial & Professional Services	3.0
Consumer Durables & Apparel	1.5
Consumer Services	1.9
Diversified Financials	0.7
Energy	15.1
Food, Beverage & Tobacco	12.4
Insurance	2.2
Money Market Fund	4.2
Real Estate	6.4
Semiconductors & Semiconductor
Equipment	0.2
Telecommunication Services	17.4
Utilities	38.3
Total Investments	104.3
Liabilities in Excess of Other Assets	(4.3	)
Net Assets	100.0	%

4

SCHEDULE OF INVESTMENTS

REVENUE SHARES LARGE CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
COMMON STOCKS—100.3%
Automobiles & Components—3.8%
BorgWarner, Inc.	4,113	$	226,009
Delphi Automotive PLC	6,439		468,244
Ford Motor Co.	269,007		4,169,608
General Motors Co.	133,856		4,672,913
Goodyear Tire & Rubber Co.	18,487		528,174
Harley-Davidson, Inc.	2,481		163,523
Johnson Controls, Inc.	25,071		1,211,932
Total Automobiles & Components			11,440,403
Banks—4.3%
Bank of America Corp.	154,477		2,763,594
BB&T Corp.	7,105		276,313
Citigroup, Inc.	45,683		2,471,907
Comerica, Inc.	1,559		73,024
Fifth Third Bancorp	8,903		181,399
Hudson City Bancorp, Inc.	3,589		36,321
Huntington Bancshares, Inc.	7,751		81,540
JPMorgan Chase & Co.	46,174		2,889,569
KeyCorp	8,715		121,138
M&T Bank Corp.	1,028		129,137
People’s United Financial, Inc.	2,499		37,935
PNC Financial Services Group, Inc.	4,959		452,410
Regions Financial Corp.	14,789		156,172
SunTrust Banks, Inc.	5,767		241,637
U.S. Bancorp	12,881		579,001
Wells Fargo & Co.	43,604		2,390,371
Zions Bancorporation	2,200		62,722
Total Banks			12,944,190
Capital Goods—8.4%
3M Co.	5,346		878,455
Allegion PLC	1,035		57,401
AMETEK, Inc.	2,144		112,839
Boeing Co.	19,540		2,539,809
Caterpillar, Inc.	16,321		1,493,861
Cummins, Inc.	3,534		509,497
Danaher Corp.	6,274		537,745
Deere & Co.	11,066		979,009
Dover Corp.	3,216		230,652
Eaton Corp. PLC	9,253		628,834
Emerson Electric Co.	11,171		689,586
Fastenal Co.	2,116		100,637
Flowserve Corp.	2,359		141,139
Fluor Corp.	10,449		633,523
General Dynamics Corp.	5,984		823,518
General Electric Co.	156,333		3,950,535
Honeywell International, Inc.	11,174		1,116,506
Illinois Tool Works, Inc.	4,159		393,857
Ingersoll-Rand PLC	5,479		347,314
Jacobs Engineering Group, Inc.*	8,269		369,542
Joy Global, Inc.	2,206		102,623
L-3 Communications Holdings, Inc.	2,671		337,107
Lockheed Martin Corp.	6,410		1,234,374
Masco Corp.	9,326		235,015
Northrop Grumman Corp.	4,483		660,749
PACCAR, Inc.	7,246		492,800
Pall Corp.	759		76,818
Parker Hannifin Corp.	2,847		367,121
Pentair PLC	3,233		214,736

Investments	Shares		Value
Precision Castparts Corp.	1,092	$	263,041
Quanta Services, Inc.*	7,795		221,300
Raytheon Co.	5,777		624,898
Rockwell Automation, Inc.	1,677		186,482
Rockwell Collins, Inc.	1,580		133,478
Roper Industries, Inc.	610		95,373
Snap-on, Inc.	684		93,530
Stanley Black & Decker, Inc.	3,213		308,705
Textron, Inc.	8,868		373,431
United Rentals, Inc.*	1,453		148,221
United Technologies Corp.	15,343		1,764,445
W.W. Grainger, Inc.	1,065		271,458
Xylem, Inc./NY	2,855		108,690
Total Capital Goods			24,848,654
Commercial & Professional Services—0.6%
ADT Corp. (The)(a)	2,906		105,284
Cintas Corp.	1,668		130,838
Dun & Bradstreet Corp.	384		46,449
Equifax, Inc.	783		63,321
Nielsen NV	3,820		170,869
Pitney Bowes, Inc.	4,342		105,814
Republic Services, Inc.	5,917		238,159
Robert Half International, Inc.	2,110		123,182
Stericycle, Inc.*	504		66,064
Tyco International PLC	6,623		290,485
Waste Management, Inc.	7,583		389,160
Total Commercial & Professional Services			1,729,625
Consumer Durables & Apparel—1.3%
Coach, Inc.	3,692		138,672
D.R. Horton, Inc.	8,250		208,642
Fossil Group, Inc.*	872		96,565
Garmin Ltd.	1,432		75,653
Harman International Industries, Inc.	1,292		137,869
Hasbro, Inc.	2,007		110,365
Leggett & Platt, Inc.	2,440		103,968
Lennar Corp., Class A	4,516		202,362
Mattel, Inc.	5,316		164,504
Michael Kors Holdings Ltd.*	1,019		76,527
Mohawk Industries, Inc.*	1,343		208,648
Newell Rubbermaid, Inc.	4,359		166,034
NIKE, Inc., Class B	7,508		721,894
PulteGroup, Inc.	7,502		160,993
PVH Corp.	1,627		208,533
Ralph Lauren Corp.	1,062		196,640
Under Armour, Inc., Class A*	1,110		75,369
VF Corp.	4,375		327,688
Whirlpool Corp.	2,738		530,460
Total Consumer Durables & Apparel			3,911,386
Consumer Services—1.2%
Carnival Corp.	9,700		439,701
Chipotle Mexican Grill, Inc.*	168		114,998
Darden Restaurants, Inc.	3,426		200,866
H&R Block, Inc.	2,192		73,826
Marriott International, Inc., Class A	4,593		358,392
McDonald’s Corp.	8,364		783,707
Royal Caribbean Cruises Ltd.	2,726		224,704
Starbucks Corp.	5,253		431,009

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

5

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES LARGE CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
Consumer Services (continued)
Starwood Hotels & Resorts
Worldwide, Inc.	2,026	$	164,248
Wyndham Worldwide Corp.	1,683		144,334
Wynn Resorts Ltd.	1,060		157,686
Yum! Brands, Inc.	5,043		367,382
Total Consumer Services			3,460,853
Diversified Financials—4.3%
Affiliated Managers Group, Inc.*	337		71,525
American Express Co.	10,435		970,872
Ameriprise Financial, Inc.	2,543		336,312
Bank of New York Mellon Corp.	10,628		431,178
Berkshire Hathaway, Inc., Class B*	35,049		5,262,607
BlackRock, Inc.	867		310,004
Capital One Financial Corp.	7,857		648,595
Charles Schwab Corp.	5,561		167,887
CME Group, Inc.	890		78,898
Discover Financial Services	4,180		273,748
E*TRADE Financial Corp.*	2,367		57,412
Franklin Resources, Inc.	4,118		228,014
Goldman Sachs Group, Inc.	5,933		1,149,993
Intercontinental Exchange, Inc.	461		101,093
Invesco Ltd.	3,496		138,162
Legg Mason, Inc.	1,442		76,960
Leucadia National Corp.	14,254		319,575
McGraw Hill Financial, Inc.	1,531		136,228
Moody’s Corp.	912		87,379
Morgan Stanley	27,946		1,084,305
NASDAQ OMX Group, Inc.	1,956		93,810
Navient Corp.	7,264		156,975
Northern Trust Corp.	1,789		120,579
State Street Corp.	3,688		289,508
T. Rowe Price Group, Inc.	1,248		107,153
Total Diversified Financials			12,698,772
Energy—14.2%
Anadarko Petroleum Corp.	6,846		564,795
Apache Corp.	6,835		428,349
Baker Hughes, Inc.	11,459		642,506
Cabot Oil & Gas Corp.	1,774		52,528
Cameron International Corp.*	6,242		311,788
Chesapeake Energy Corp.	31,427		615,026
Chevron Corp.	53,537		6,005,781
Cimarex Energy Co.	649		68,794
ConocoPhillips	23,412		1,616,833
CONSOL Energy, Inc.	2,699		91,253
Denbury Resources, Inc.	10,145		82,479
Devon Energy Corp.	8,121		497,086
Diamond Offshore Drilling, Inc.(a)	2,154		79,073
Ensco PLC, Class A	4,916		147,234
EOG Resources, Inc.	5,217		480,329
EQT Corp.	766		57,986
Exxon Mobil Corp.	117,917		10,901,427
FMC Technologies, Inc.*	4,850		227,174
Halliburton Co.	22,215		873,716
Helmerich & Payne, Inc.	1,577		106,321
Hess Corp.	6,603		487,434
Kinder Morgan, Inc./DE	11,161		472,222
Marathon Oil Corp.	13,131		371,476
Marathon Petroleum Corp.	30,618		2,763,581

Investments	Shares		Value
Murphy Oil Corp.	3,230	$	163,180
Nabors Industries Ltd.	17,077		221,659
National Oilwell Varco, Inc.	9,742		638,393
Newfield Exploration Co.*	2,472		67,041
Noble Corp. PLC	8,099		134,200
Noble Energy, Inc.	3,127		148,314
Occidental Petroleum Corp.	8,873		715,253
ONEOK, Inc.	8,057		401,158
Phillips 66	62,884		4,508,783
Pioneer Natural Resources Co.	874		130,095
QEP Resources, Inc.	4,889		98,856
Range Resources Corp.	939		50,190
Schlumberger Ltd.	15,853		1,354,005
Southwestern Energy Co.*	3,730		101,792
Spectra Energy Corp.	4,694		170,392
Tesoro Corp.	14,846		1,103,800
Transocean Ltd.(a)	15,095		276,691
Valero Energy Corp.	78,890		3,905,055
Williams Cos., Inc.	4,493		201,915
Total Energy			42,335,963
Food & Staples Retailing—9.1%
Costco Wholesale Corp.	21,000		2,976,750
CVS Health Corp.	39,809		3,834,005
Kroger Co.	42,728		2,743,565
Safeway, Inc.	27,644		970,857
Sysco Corp.	30,644		1,216,260
Walgreens Boots Alliance, Inc.	27,128		2,067,154
Wal-Mart Stores, Inc.	149,660		12,852,801
Whole Foods Market, Inc.	7,588		382,587
Total Food & Staples Retailing			27,043,979
Food, Beverage & Tobacco—4.3%
Altria Group, Inc.	9,483		467,227
Archer-Daniels-Midland Co.	44,866		2,333,032
Brown-Forman Corp., Class B	904		79,407
Campbell Soup Co.	5,000		220,000
Coca-Cola Co.	30,119		1,271,624
Coca-Cola Enterprises, Inc.	5,228		231,182
ConAgra Foods, Inc.	12,552		455,387
Constellation Brands, Inc., Class A*	1,252		122,909
Dr Pepper Snapple Group, Inc.	2,301		164,936
General Mills, Inc.	9,275		494,636
Hershey Co.	1,981		205,885
Hormel Foods Corp.	4,725		246,172
J.M. Smucker Co.	1,537		155,206
Kellogg Co.	6,013		393,491
Keurig Green Mountain, Inc.	906		119,950
Kraft Foods Group, Inc.	8,164		511,556
Lorillard, Inc.	2,141		134,755
McCormick & Co., Inc.	1,562		116,057
Mead Johnson Nutrition Co.	1,203		120,950
Molson Coors Brewing Co., Class B	1,544		115,059
Mondelez International, Inc., Class A	25,190		915,027
Monster Beverage Corp.*	604		65,443
PepsiCo, Inc.	18,797		1,777,444
Philip Morris International, Inc.	9,742		793,486
Reynolds American, Inc.	3,498		224,816
Tyson Foods, Inc., Class A	23,363		936,623
Total Food, Beverage & Tobacco			12,672,260

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

6

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES LARGE CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
Health Care Equipment & Services—8.6%
Abbott Laboratories	13,129	$	591,068
Aetna, Inc.	17,230		1,530,541
AmerisourceBergen Corp.	32,824		2,959,412
Anthem, Inc.	15,766		1,981,313
Baxter International, Inc.	6,248		457,916
Becton Dickinson & Co.	1,627		226,413
Boston Scientific Corp.*	15,159		200,857
C.R. Bard, Inc.	519		86,476
Cardinal Health, Inc.	31,148		2,514,578
CareFusion Corp.*	1,632		96,843
Cerner Corp.*	1,407		90,977
Cigna Corp.	8,883		914,149
Covidien PLC	2,774		283,725
DaVita HealthCare Partners, Inc.*	4,552		344,768
DENTSPLY International, Inc.	1,465		78,041
Edwards Lifesciences Corp.*	466		59,359
Express Scripts Holding Co.*	32,097		2,717,653
Humana, Inc.	8,578		1,232,058
Intuitive Surgical, Inc.*	119		62,944
Laboratory Corp. of America Holdings* 1,551	167,353
McKesson Corp.	16,682		3,462,850
Medtronic, Inc.	6,212		448,506
Patterson Cos., Inc.	2,204		106,012
Quest Diagnostics, Inc.	3,050		204,533
St. Jude Medical, Inc.	2,272		147,748
Stryker Corp.	2,759		260,256
Tenet Healthcare Corp.*	8,612		436,370
UnitedHealth Group, Inc.	34,522		3,489,829
Universal Health Services, Inc., Class B	1,929		214,621
Varian Medical Systems, Inc.*	935		80,887
Zimmer Holdings, Inc.	1,127		127,824
Total Health Care Equipment & Services			25,575,880
Household & Personal Products—1.3%
Avon Products, Inc.	26,528		249,098
Clorox Co.	1,489		155,168
Colgate-Palmolive Co.	6,784		469,385
Estee Lauder Cos., Inc., Class A	3,904		297,485
Kimberly-Clark Corp.	5,035		581,744
Procter & Gamble Co.	24,919		2,269,872
Total Household & Personal Products			4,022,752
Insurance—4.2%
ACE Ltd.	4,635		532,469
Aflac, Inc.	10,588		646,821
Allstate Corp.	13,860		973,665
American International Group, Inc.	32,772		1,835,560
Aon PLC	3,336		316,353
Assurant, Inc.	4,111		281,316
Chubb Corp.	3,655		378,183
Cincinnati Financial Corp.	2,567		133,048
Genworth Financial, Inc., Class A*	32,412		275,502
Hartford Financial Services Group, Inc.	13,085		545,514
Lincoln National Corp.	6,274		361,821
Loews Corp.	9,897		415,872
Marsh & McLennan Cos., Inc.	6,019		344,527
MetLife, Inc.	37,201		2,012,202
Principal Financial Group, Inc.	5,452		283,177
Progressive Corp.	18,982		512,324
Prudential Financial, Inc.	14,269		1,290,774

Investments	Shares		Value
Torchmark Corp.	1,996	$	108,123
Travelers Cos., Inc.	6,964		737,139
Unum Group	8,579		299,235
XL Group PLC	5,391		185,289
Total Insurance			12,468,914
Materials—3.8%
Air Products & Chemicals, Inc.	1,996		287,883
Airgas, Inc.	1,205		138,792
Alcoa, Inc.	40,990		647,232
Allegheny Technologies, Inc.	3,603		125,276
Avery Dennison Corp.	3,307		171,567
Ball Corp.	3,448		235,050
CF Industries Holdings, Inc.	530		144,446
Dow Chemical Co.	35,443		1,616,555
E.I. du Pont de Nemours & Co.	13,411		991,609
Eastman Chemical Co.	3,470		263,234
Ecolab, Inc.	3,673		383,902
FMC Corp.	1,960		111,779
Freeport-McMoRan, Inc.	27,786		649,081
International Flavors & Fragrances, Inc.	821		83,217
International Paper Co.	13,835		741,279
LyondellBasell Industries NV, Class A	17,404		1,381,704
Martin Marietta Materials, Inc.	667		73,583
MeadWestvaco Corp.	3,397		150,793
Monsanto Co.	3,468		414,322
Mosaic Co. (The)	5,308		242,310
Newmont Mining Corp.	10,983		207,579
Nucor Corp.	10,865		532,928
Owens-Illinois, Inc.*	7,627		205,853
PPG Industries, Inc.	1,865		431,095
Praxair, Inc.	2,626		340,225
Sealed Air Corp.	5,062		214,781
Sherwin-Williams Co. (The)	1,182		310,913
Sigma-Aldrich Corp.	539		73,988
Vulcan Materials Co.	1,257		82,623
Total Materials			11,253,599
Media—3.0%
Cablevision Systems Corp., Class A(a)	8,670		178,949
CBS Corp., Class B	7,166		396,566
Comcast Corp., Class A	32,746		1,899,595
DIRECTV*	10,448		905,842
Discovery Communications, Inc.,
Class C*	5,073		171,062
Discovery Communications, Inc.,
Class A*	4,931		169,873
Gannett Co., Inc.	5,036		160,800
Interpublic Group of Cos., Inc.	10,183		211,501
News Corp., Class A*	15,373		241,202
Omnicom Group, Inc.	5,322		412,295
Scripps Networks Interactive, Inc.,
Class A	923		69,474
Time Warner Cable, Inc.	4,151		631,201
Time Warner, Inc.	9,458		807,902
Twenty-First Century Fox, Inc., Class A	22,229		853,705
Viacom, Inc., Class B	4,870		366,468
Walt Disney Co.	13,974		1,316,211
Total Media			8,792,646

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

7

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES LARGE CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—3.2%
AbbVie, Inc.	7,917	$	518,088
Actavis PLC*	1,186		305,288
Agilent Technologies, Inc.	4,717		193,114
Alexion Pharmaceuticals, Inc.*	295		54,584
Allergan, Inc.	888		188,780
Amgen, Inc.	3,273		521,356
Biogen Idec, Inc.*	712		241,688
Bristol-Myers Squibb Co.	7,262		428,676
Celgene Corp.*	1,737		194,301
Eli Lilly & Co.	7,715		532,258
Gilead Sciences, Inc.*	5,309		500,426
Hospira, Inc.*	1,938		118,702
Johnson & Johnson	18,954		1,982,020
Mallinckrodt PLC*	660		65,360
Merck & Co., Inc.	20,018		1,136,822
Mylan, Inc.*	3,615		203,778
PerkinElmer, Inc.	1,422		62,184
Perrigo Co. PLC	668		111,663
Pfizer, Inc.	42,929		1,337,238
Regeneron Pharmaceuticals, Inc.*	182		74,666
Thermo Fisher Scientific, Inc.	3,393		425,109
Vertex Pharmaceuticals, Inc.*	184		21,859
Waters Corp.*	466		52,528
Zoetis, Inc.	2,994		128,832
Total Pharmaceuticals, Biotechnology & Life Sciences			9,399,320
Real Estate—0.6%
American Tower Corp.	1,084		107,153
Apartment Investment &
Management Co., Class A	731		27,157
AvalonBay Communities, Inc.	268		43,789
Boston Properties, Inc.	483		62,157
CBRE Group, Inc., Class A*	6,804		233,037
Crown Castle International Corp.	1,283		100,972
Equity Residential	975		70,044
Essex Property Trust, Inc.	112		23,139
General Growth Properties, Inc.	2,501		70,353
HCP, Inc.	1,299		57,195
Health Care REIT, Inc.	1,150		87,020
Host Hotels & Resorts, Inc.	6,109		145,211
Iron Mountain, Inc.	2,229		86,173
Kimco Realty Corp.	1,073		26,975
Macerich Co. (The)	351		29,277
Plum Creek Timber Co., Inc.	887		37,955
Prologis, Inc.	1,120		48,194
Public Storage	310		57,304
Simon Property Group, Inc.	755		137,493
Ventas, Inc.	1,092		78,296
Vornado Realty Trust	629		74,040
Weyerhaeuser Co.	6,037		216,668
Total Real Estate			1,819,602
Retailing—5.9%
Amazon.com, Inc.*	7,372		2,287,900
AutoNation, Inc.*	8,613		520,311
AutoZone, Inc.*	417		258,169
Bed Bath & Beyond, Inc.*(a)	4,235		322,580
Best Buy Co., Inc.	30,768		1,199,337
CarMax, Inc.*	5,545		369,186

Investments	Shares		Value
Dollar General Corp.*	6,489	$	458,772
Dollar Tree, Inc.*	3,030		213,251
Expedia, Inc.	1,686		143,917
Family Dollar Stores, Inc.	3,466		274,542
GameStop Corp., Class A(a)	7,171		242,380
Gap, Inc.	10,661		448,935
Genuine Parts Co.	3,916		417,328
Home Depot, Inc.	21,002		2,204,580
Kohl’s Corp.	8,796		536,908
L Brands, Inc.	3,442		297,905
Lowe’s Cos., Inc.	21,403		1,472,526
Macy’s, Inc.	11,778		774,403
Netflix, Inc.*	421		143,818
Nordstrom, Inc.	4,399		349,237
O’Reilly Automotive, Inc.*	975		187,804
PetSmart, Inc.	2,286		185,840
Priceline Group, Inc. (The)*	199		226,902
Ross Stores, Inc.	2,950		278,067
Staples, Inc.	37,414		677,942
Target Corp.	26,698		2,026,645
Tiffany & Co.	1,009		107,822
TJX Cos., Inc.	10,917		748,688
Tractor Supply Co.	1,890		148,970
TripAdvisor, Inc.*	429		32,029
Urban Outfitters, Inc.*	2,476		86,982
Total Retailing			17,643,676
Semiconductors & Semiconductor Equipment—1.2%
Altera Corp.	1,344		49,647
Analog Devices, Inc.	1,303		72,342
Applied Materials, Inc.	9,954		248,054
Avago Technologies Ltd.	920		92,543
Broadcom Corp., Class A	5,226		226,442
First Solar, Inc.*	2,003		89,324
Intel Corp.	40,516		1,470,326
KLA-Tencor Corp.	1,146		80,587
Lam Research Corp.	1,468		116,471
Linear Technology Corp.	772		35,203
Microchip Technology, Inc.(a)	1,146		51,696
Micron Technology, Inc.*(a)	11,880		415,919
NVIDIA Corp.	5,536		110,997
Texas Instruments, Inc.	6,388		341,534
Xilinx, Inc.	1,375		59,524
Total Semiconductors & Semiconductor Equipment			3,460,609
Software & Services—4.5%
Accenture PLC, Class A	10,065		898,905
Adobe Systems, Inc.*	1,490		108,323
Akamai Technologies, Inc.*	816		51,375
Alliance Data Systems Corp.*	464		132,727
Autodesk, Inc.*	1,042		62,583
Automatic Data Processing, Inc.	3,666		305,634
CA, Inc.	4,017		122,318
Citrix Systems, Inc.*	1,357		86,577
Cognizant Technology Solutions Corp., Class A*	5,177		272,621
Computer Sciences Corp.	5,631		355,035
eBay, Inc.*	8,360		469,163
Electronic Arts, Inc.*	2,133		100,283

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

8

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES LARGE CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
Software & Services (continued)
Facebook, Inc., Class A*	3,849	$	300,299
Fidelity National Information
Services, Inc.	2,760		171,672
Fiserv, Inc.*	1,923		136,475
Google, Inc., Class A*	1,661		881,426
Google, Inc., Class C*	1,667		877,509
International Business Machines Corp.	16,763		2,689,456
Intuit, Inc.	1,265		116,620
MasterCard, Inc., Class A	2,874		247,624
Microsoft Corp.	47,274		2,195,877
Oracle Corp.	24,422		1,098,257
Paychex, Inc.	1,393		64,315
Red Hat, Inc.*	666		46,047
salesforce.com, Inc.*	1,795		106,461
Symantec Corp.	7,076		181,535
Teradata Corp.*	1,742		76,091
Total System Services, Inc.	1,976		67,105
VeriSign, Inc.*(a)	450		25,650
Visa, Inc., Class A	1,284		336,665
Western Union Co.	8,710		155,996
Xerox Corp.	41,873		580,360
Yahoo!, Inc.*	2,461		124,305
Total Software & Services			13,445,289
Technology Hardware & Equipment—4.4%
Amphenol Corp., Class A	2,634		141,736
Apple, Inc.	43,564		4,808,594
Cisco Systems, Inc.	46,832		1,302,632
Corning, Inc.	11,904		272,959
EMC Corp.	22,566		671,113
F5 Networks, Inc.*	334		43,575
FLIR Systems, Inc.	1,249		40,355
Harris Corp.	1,940		139,331
Hewlett-Packard Co.	78,947		3,168,143
Juniper Networks, Inc.	5,975		133,362
Motorola Solutions, Inc.	3,050		204,594
NetApp, Inc.	4,159		172,391
QUALCOMM, Inc.	9,885		734,752
SanDisk Corp.	1,795		175,874
Seagate Technology PLC	5,752		382,508
TE Connectivity Ltd.	5,948		376,211
Western Digital Corp.	3,819		422,763
Total Technology Hardware & Equipment			13,190,893
Telecommunication Services—2.7%
AT&T, Inc.	107,684		3,617,106
CenturyLink, Inc.	12,710		503,062
Frontier Communications Corp.	19,426		129,571
Level 3 Communications, Inc.*	3,611		178,311
Verizon Communications, Inc.	72,826		3,406,800
Windstream Holdings, Inc.	18,307		150,850
Total Telecommunication Services			7,985,700
Transportation—2.2%
C.H. Robinson Worldwide, Inc.	4,864		364,265
CSX Corp.	9,587		347,337
Delta Air Lines, Inc.	22,040		1,084,148
Expeditors International of Washington, Inc.	3,739		166,797
FedEx Corp.	6,784		1,178,109
Kansas City Southern	608		74,194
Norfolk Southern Corp.	3,030		332,118
Investments	Shares		Value
Ryder System, Inc.	1,997	$	185,421
Southwest Airlines Co.	11,719		495,948
Union Pacific Corp.	5,530		658,789
United Parcel Service, Inc., Class B	13,703		1,523,363
Total Transportation			6,410,489
Utilities—3.2%
AES Corp.	34,199		470,920
AGL Resources, Inc.	2,812		153,282
Ameren Corp.	3,741		172,572
American Electric Power Co., Inc.	7,641		463,961
CenterPoint Energy, Inc.	11,104		260,167
CMS Energy Corp.	5,687		197,623
Consolidated Edison, Inc.	5,356		353,550
Dominion Resources, Inc.	4,662		358,508
DTE Energy Co.	3,816		329,588
Duke Energy Corp.	8,179		683,274
Edison International	5,545		363,087
Entergy Corp.	3,787		331,287
Exelon Corp.	19,637		728,140
FirstEnergy Corp.	10,776		420,156
Integrys Energy Group, Inc.	2,584		201,164
NextEra Energy, Inc.	4,205		446,949
NiSource, Inc.	4,282		181,642
Northeast Utilities	3,985		213,277
NRG Energy, Inc.	14,661		395,114
Pepco Holdings, Inc.	4,818		129,749
PG&E Corp.	8,478		451,369
Pinnacle West Capital Corp.	1,422		97,137
PPL Corp.	7,990		290,277
Public Service Enterprise Group, Inc.	6,810		282,002
SCANA Corp.	2,276		137,470
Sempra Energy	2,742		305,349
Southern Co.	10,167		499,301
TECO Energy, Inc.	3,867		79,235
Wisconsin Energy Corp.	2,613		137,810
Xcel Energy, Inc.	8,877		318,862
Total Utilities			9,452,822
Total Common Stocks
(Cost $216,256,356)			298,008,276

INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—0.2%
Dreyfus Institutional Preferred
	Money Market Fund—
	Prime Shares, 0.06% (b)
	(Cost $697,582)	697,582		697,582
Total Investments—100.5%
	(Cost $216,953,938)			298,705,858
Liabilities in Excess of Other Assets—(0.5)%				(1,441,745	)
Net Assets—100.0%			$	297,264,113

PLC – Public Limited Company

REIT – Real Estate Investment Trust

* Non-income producing security

(a) All or a portion of the security was on loan. The aggregate market value of the securities on loan was $1,598,188; total market value of the collateral held by the fund was $1,649,691. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $952,109.

(b) Rate shown represents annualized 7-day yield as of December 31, 2014.

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

9

SCHEDULE OF INVESTMENTS

REVENUE SHARES MID CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
COMMON STOCKS—100.2%
Automobiles & Components—0.3%
Gentex Corp.	5,664	$	204,640
Thor Industries, Inc.	9,463		528,698
Total Automobiles & Components			733,338
Banks—1.9%
Associated Banc-Corp.	8,485		158,075
Astoria Financial Corp.	6,535		87,308
BancorpSouth, Inc.	5,025		113,113
Bank of Hawaii Corp.	1,560		92,524
Cathay General Bancorp	2,776		71,038
City National Corp.	2,488		201,055
Commerce Bancshares, Inc.	4,044		175,874
Cullen/Frost Bankers, Inc.	2,127		150,251
East West Bancorp, Inc.	4,409		170,672
First Horizon National Corp.	14,830		201,391
First Niagara Financial Group, Inc.	28,561		240,769
FirstMerit Corp.	9,280		175,299
Fulton Financial Corp.	9,651		119,286
Hancock Holding Co.	4,727		145,119
International Bancshares Corp.	3,616		95,969
New York Community Bancorp, Inc.(a)	17,892		286,272
PacWest Bancorp	1,997		90,784
Prosperity Bancshares, Inc.	2,226		123,231
Signature Bank*	1,151		144,980
SVB Financial Group*	2,054		238,408
Synovus Financial Corp.	6,879		186,352
TCF Financial Corp.	12,932		205,489
Trustmark Corp.	3,842		94,283
Umpqua Holdings Corp.	7,618		129,582
Valley National Bancorp(a)	11,332		110,034
Washington Federal, Inc.	3,791		83,971
Webster Financial Corp.	4,341		141,213
Total Banks			4,032,342
Capital Goods—10.8%
A.O. Smith Corp.	6,405		361,306
Acuity Brands, Inc.	2,653		371,606
AECOM Technology Corp.*	39,383		1,196,062
AGCO Corp.(a)	34,021		1,537,749
Alliant Techsystems, Inc.	6,629		770,621
B/E Aerospace, Inc.*	8,078		468,686
Carlisle Cos., Inc.	5,459		492,620
CLARCOR, Inc.	3,264		217,513
Crane Co.	7,910		464,317
Donaldson Co., Inc.	9,916		383,055
Esterline Technologies Corp.*	3,057		335,292
Exelis, Inc.	40,174		704,250
Fortune Brands Home & Security, Inc.	14,652		663,296
GATX Corp.	3,882		223,370
Graco, Inc.	2,300		184,414
Granite Construction, Inc.	9,561		363,509
Harsco Corp.	19,429		367,014
Hubbell, Inc., Class B	4,829		515,882
Huntington Ingalls Industries, Inc.	10,060		1,131,348
IDEX Corp.	4,304		335,023
ITT Corp.	10,262		415,200
KBR, Inc.	65,138		1,104,089
Kennametal, Inc.	11,992		429,194
KLX, Inc.*	4,243		175,024

Investments	Shares		Value
Lennox International, Inc.	5,351	$	508,720
Lincoln Electric Holdings, Inc.	6,371		440,172
MSC Industrial Direct Co., Inc., Class A	5,192		421,850
Nordson Corp.	3,256		253,838
NOW, Inc.*(a)	25,798		663,783
Oshkosh Corp.	22,703		1,104,501
Regal-Beloit Corp.	7,027		528,430
SPX Corp.	8,884		763,313
Terex Corp.	41,362		1,153,173
Timken Co.	13,800		588,984
Trinity Industries, Inc.	31,620		885,676
Triumph Group, Inc.	8,855		595,233
Valmont Industries, Inc.	3,756		477,012
Wabtec Corp.	5,124		445,224
Watsco, Inc.	5,652		604,764
Woodward, Inc.	6,301		310,198
Total Capital Goods			22,955,311
Commercial & Professional Services—3.9%
Clean Harbors, Inc.*(a)	10,468		502,987
Copart, Inc.*	4,676		170,627
Corporate Executive Board Co.	1,917		139,040
Deluxe Corp.	4,134		257,342
FTI Consulting, Inc.*	7,233		279,411
Herman Miller, Inc.	9,273		272,904
HNI Corp.	6,551		334,494
Manpowergroup, Inc.	47,788		3,257,708
MSA Safety, Inc.	3,272		173,711
R.R. Donnelley & Sons Co.	109,334		1,837,358
Rollins, Inc.	6,357		210,417
Towers Watson & Co., Class A	4,618		522,619
Waste Connections, Inc.	6,957		306,038
Total Commercial & Professional Services			8,264,656
Consumer Durables & Apparel—3.3%
Brunswick Corp.	12,083		619,375
Carter’s, Inc.	5,209		454,798
Deckers Outdoor Corp.*(a)	2,659		242,075
Hanesbrands, Inc.	6,888		768,839
Jarden Corp.*	26,383		1,263,218
Kate Spade & Co.*	6,576		210,498
KB Home(a)	21,210		351,025
MDC Holdings, Inc.(a)	9,855		260,862
NVR, Inc.*	536		683,577
Polaris Industries, Inc.	4,456		673,925
Tempur Sealy International, Inc.*	8,116		445,650
Toll Brothers, Inc.*	17,102		586,085
Tupperware Brands Corp.	6,260		394,380
Total Consumer Durables & Apparel			6,954,307
Consumer Services—2.0%
Apollo Education Group, Inc.*	14,749		503,088
Brinker International, Inc.	7,699		451,854
Cheesecake Factory, Inc.	6,021		302,916
DeVry Education Group, Inc.	6,225		295,501
Domino’s Pizza, Inc.	3,016		284,017
Graham Holdings Co., Class B	580		500,952
International Game Technology	19,107		329,596
International Speedway Corp., Class A	3,123		98,843
Life Time Fitness, Inc.*(a)	3,543		200,605

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

10

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES MID CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
Consumer Services (continued)
Panera Bread Co., Class A*	2,287	$	399,768
Service Corp. International	19,644		445,919
Sotheby’s	3,568		154,066
Wendy’s Co. (The)	36,977		333,902
Total Consumer Services			4,301,027
Diversified Financials—1.2%
CBOE Holdings, Inc.	1,419		89,993
Eaton Vance Corp.	5,548		227,080
Federated Investors, Inc., Class B	4,043		133,136
Janus Capital Group, Inc.(a)	9,064		146,202
MSCI, Inc.	3,286		155,888
Raymond James Financial, Inc.	13,122		751,759
SEI Investments Co.	4,698		188,108
SLM Corp.	50,592		515,532
Waddell & Reed Financial, Inc., Class A 5,280			263,050
Total Diversified Financials			2,470,748
Energy—9.0%
Atwood Oceanics, Inc.*	6,256		177,483
California Resources Corp.*	118,104		650,753
CARBO Ceramics, Inc.(a)	2,668		106,853
Dresser-Rand Group, Inc.*	5,254		429,777
Dril-Quip, Inc.*	1,913		146,785
Energen Corp.	4,548		289,981
Gulfport Energy Corp.*	1,832		76,468
Helix Energy Solutions Group, Inc.*	8,213		178,222
HollyFrontier Corp.	82,267		3,083,367
Oceaneering International, Inc.	9,358		550,344
Oil States International, Inc.*	7,730		377,997
Patterson-UTI Energy, Inc.	29,774		493,951
Peabody Energy Corp.(a)	137,233		1,062,183
Rosetta Resources, Inc.*	8,434		188,163
Rowan Cos. PLC, Class A	12,153		283,408
SM Energy Co.	12,145		468,554
Superior Energy Services, Inc.	38,207		769,871
Tidewater, Inc.(a)	7,112		230,500
Unit Corp.*	7,532		256,841
Western Refining, Inc.	58,353		2,204,576
World Fuel Services Corp.	141,086		6,621,166
WPX Energy, Inc.*	47,813		556,065
Total Energy			19,203,308
Food & Staples Retailing—1.8%
SUPERVALU, Inc.*	285,565		2,769,980
United Natural Foods, Inc.*	13,257		1,025,098
Total Food & Staples Retailing			3,795,078
Food, Beverage & Tobacco—2.2%
Dean Foods Co.(a)	78,202		1,515,555
Flowers Foods, Inc.	30,087		577,370
Hain Celestial Group, Inc.*(a)	5,518		321,644
Ingredion, Inc.	10,592		898,625
Lancaster Colony Corp.	1,744		163,308
Post Holdings, Inc.*(a)	6,117		256,241
Tootsie Roll Industries, Inc.(a)	2,800		85,820
TreeHouse Foods, Inc.*	4,740		405,412
WhiteWave Foods Co.*	14,040		491,260
Total Food, Beverage & Tobacco			4,715,235

Investments	Shares		Value
Health Care Equipment & Services—8.0%
Align Technology, Inc.*	1,995	$	111,540
Allscripts Healthcare Solutions, Inc.*	17,594		224,675
Centene Corp.*	21,421		2,224,571
Community Health Systems, Inc.*	49,569		2,672,761
Cooper Cos., Inc.	1,568		254,157
Halyard Health, Inc.*(a)	6,148		279,550
Health Net, Inc.*	37,764		2,021,507
Henry Schein, Inc.*	11,411		1,553,608
Hill-Rom Holdings, Inc.	5,423		247,397
HMS Holdings Corp.*	3,321		70,206
Hologic, Inc.*	14,427		385,778
IDEXX Laboratories, Inc.*	1,494		221,515
LifePoint Hospitals, Inc.*	8,838		635,541
MEDNAX, Inc.*	5,457		360,762
Omnicare, Inc.	13,418		978,575
Owens & Minor, Inc.	41,392		1,453,273
ResMed, Inc.(a)	4,349		243,805
Sirona Dental Systems, Inc.*	2,005		175,177
STERIS Corp.(a)	3,621		234,822
Teleflex, Inc.	2,365		271,549
Thoratec Corp.*	2,264		73,489
VCA, Inc.*	5,878		286,670
WellCare Health Plans, Inc.*	23,696		1,944,494
Total Health Care Equipment & Services			16,925,422
Household & Personal Products—0.5%
Church & Dwight Co., Inc.	6,408		505,014
Energizer Holdings, Inc.	5,219		670,955
Total Household & Personal Products			1,175,969
Insurance—5.5%
Alleghany Corp.*	1,772		821,322
American Financial Group, Inc.	14,084		855,180
Arthur J. Gallagher & Co.	13,628		641,606
Aspen Insurance Holdings Ltd.	9,063		396,688
Brown & Brown, Inc.	7,157		235,537
Everest Re Group Ltd.	5,128		873,298
First American Financial Corp.	21,381		724,816
Hanover Insurance Group, Inc.	10,868		775,106
HCC Insurance Holdings, Inc.	7,459		399,206
Kemper Corp.	9,729		351,314
Mercury General Corp.	8,253		467,698
Old Republic International Corp.	57,756		844,970
Primerica, Inc.	3,829		207,762
Protective Life Corp.	9,699		675,535
Reinsurance Group of America, Inc.	19,542		1,712,270
RenaissanceRe Holdings Ltd.	2,086		202,801
StanCorp Financial Group, Inc.	6,390		446,405
W.R. Berkley Corp.	20,378		1,044,576
Total Insurance			11,676,090
Materials—9.9%
Albemarle Corp.(a)	7,022		422,233
AptarGroup, Inc.	6,109		408,325
Ashland, Inc.	8,404		1,006,463
Bemis Co., Inc.	15,839		716,081
Cabot Corp.	13,378		586,759
Carpenter Technology Corp.	6,868		338,249
Cliffs Natural Resources, Inc.(a)	105,505		753,306
Commercial Metals Co.	63,727		1,038,113

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

11

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES MID CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
Materials (continued)
Compass Minerals International, Inc.	2,210	$	191,894
Cytec Industries, Inc.	6,734		310,909
Domtar Corp.	21,458		863,041
Eagle Materials, Inc.	1,798		136,702
Greif, Inc., Class A	14,517		685,638
Louisiana-Pacific Corp.*(a)	18,390		304,538
Minerals Technologies, Inc.	3,332		231,407
NewMarket Corp.	929		374,879
Olin Corp.	15,510		353,163
Packaging Corp. of America	11,193		873,614
PolyOne Corp.	16,609		629,647
Reliance Steel & Aluminum Co.	26,230		1,607,112
Rock-Tenn Co., Class A	25,574		1,559,502
Royal Gold, Inc.	498		31,225
RPM International, Inc.	13,206		669,676
Scotts Miracle-Gro Co., Class A	6,929		431,815
Sensient Technologies Corp.	3,830		231,102
Silgan Holdings, Inc.	11,273		604,233
Sonoco Products Co.	17,131		748,625
Steel Dynamics, Inc.	60,513		1,194,527
TimkenSteel Corp.	7,694		284,909
United States Steel Corp.	93,477		2,499,575
Valspar Corp.	7,945		687,084
Worthington Industries, Inc.	12,626		379,916
Total Materials			21,154,262
Media—1.5%
AMC Networks, Inc., Class A*	5,036		321,146
Cinemark Holdings, Inc.	10,890		387,466
DreamWorks Animation SKG, Inc., Class A*(a)	4,664		104,147
John Wiley & Sons, Inc., Class A	4,612		273,215
Live Nation Entertainment, Inc.*	41,163		1,074,766
Meredith Corp.	4,100		222,712
New York Times Co., Class A	18,323		242,230
Time, Inc.(a)	21,083		518,853
Total Media			3,144,535
Pharmaceuticals, Biotechnology & Life Sciences—1.1%
Bio-Rad Laboratories, Inc., Class A*	2,777		334,795
Bio-Techne Corp.	561		51,836
Charles River Laboratories International, Inc.*	3,007		191,365
Covance, Inc.*	3,953		410,480
Cubist Pharmaceuticals, Inc.*	1,813		182,478
Endo International PLC*	5,797		418,080
Mettler-Toledo International, Inc.*	1,284		388,359
Salix Pharmaceuticals Ltd.*	1,957		224,938
United Therapeutics Corp.*	1,420		183,876
Total Pharmaceuticals, Biotechnology & Life Sciences			2,386,207
Real Estate—2.3%
Alexander & Baldwin, Inc.	2,446		96,030
Alexandria Real Estate Equities, Inc.	1,205		106,932
American Campus Communities, Inc.	2,683		110,969
BioMed Realty Trust, Inc.	4,685		100,915
Camden Property Trust	1,727		127,522
Corporate Office Properties Trust	3,015		85,535
Corrections Corp. of America	6,747		245,186

Investments	Shares		Value
Duke Realty Corp.	8,991	$	181,618
Equity One, Inc.	2,125		53,890
Extra Space Storage, Inc.	1,593		93,413
Federal Realty Investment Trust	765		102,097
Highwoods Properties, Inc.	2,072		91,748
Home Properties, Inc.	1,563		102,533
Hospitality Properties Trust	8,184		253,704
Jones Lang LaSalle, Inc.	5,464		819,218
Kilroy Realty Corp.	1,102		76,115
Lamar Advertising Co., Class A	3,588		192,460
LaSalle Hotel Properties	4,084		165,279
Liberty Property Trust	3,262		122,749
Mack-Cali Realty Corp.	5,266		100,370
Mid-America Apartment Communities, Inc.	1,989		148,538
National Retail Properties, Inc.	1,656		65,197
Omega Healthcare Investors, Inc.	1,863		72,787
Potlatch Corp.	2,179		91,235
Rayonier, Inc.	6,938		193,848
Realty Income Corp.	2,894		138,073
Regency Centers Corp.	1,269		80,937
Senior Housing Properties Trust(a)	5,399		119,372
SL Green Realty Corp.	1,907		226,971
Tanger Factory Outlet Centers, Inc.	1,699		62,795
Taubman Centers, Inc.	1,471		112,414
UDR, Inc.	3,868		119,212
Washington Prime Group, Inc.(a)	5,780		99,532
Weingarten Realty Investors	2,260		78,919
Total Real Estate			4,838,113
Retailing—9.7%
Aaron’s, Inc.	13,724		419,543
Abercrombie & Fitch Co., Class A(a)	23,097		661,498
Advance Auto Parts, Inc.	8,424		1,341,775
American Eagle Outfitters, Inc.(a)	38,320		531,881
ANN, Inc.*	9,851		359,364
Ascena Retail Group, Inc.*(a)	58,557		735,476
Big Lots, Inc.	20,393		816,128
Cabela’s, Inc.*(a)	10,516		554,298
Chico’s FAS, Inc.	24,713		400,598
CST Brands, Inc.	43,922		1,915,438
Dick’s Sporting Goods, Inc.	17,982		892,806
Foot Locker, Inc.	17,139		962,869
Guess?, Inc.	19,196		404,652
HSN, Inc.	6,996		531,696
JC Penney Co., Inc.*(a)	272,916		1,768,496
LKQ Corp.*	34,382		966,822
Murphy USA, Inc.*	42,272		2,910,850
Office Depot, Inc.*	302,666		2,595,361
Rent-A-Center, Inc.	15,050		546,616
Signet Jewelers Ltd.	4,903		645,088
Williams-Sonoma, Inc.	8,980		679,606
Total Retailing			20,640,861
Semiconductors & Semiconductor Equipment—1.6%
Advanced Micro Devices, Inc.*(a)	348,030		929,240
Atmel Corp.*	26,438		221,947
Cree, Inc.*(a)	7,690		247,772
Cypress Semiconductor Corp.*(a)	7,794		111,298

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

12

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES MID CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Fairchild Semiconductor International, Inc.*	12,829	$	216,554
Integrated Device Technology, Inc.*	3,628		71,109
International Rectifier Corp.*	4,086		163,031
Intersil Corp., Class A	6,448		93,303
RF Micro Devices, Inc.*	11,333		188,014
Semtech Corp.*	3,421		94,317
Silicon Laboratories, Inc.*	2,010		95,716
Skyworks Solutions, Inc.	4,445		323,196
SunEdison, Inc.*	19,965		389,517
Teradyne, Inc.	12,525		247,870
Total Semiconductors & Semiconductor Equipment			3,392,884
Software & Services—3.9%
ACI Worldwide, Inc.*	7,986		161,078
Acxiom Corp.*	8,269		167,613
Advent Software, Inc.	1,991		61,004
ANSYS, Inc.*	1,711		140,302
AOL, Inc.*	8,643		399,047
Broadridge Financial Solutions, Inc.	8,622		398,164
Cadence Design Systems, Inc.*(a)	12,840		243,575
CDK Global, Inc.	7,231		294,736
CommVault Systems, Inc.*	1,753		90,613
Convergys Corp.	19,540		398,030
CoreLogic, Inc.*	6,551		206,946
DST Systems, Inc.	4,295		404,374
Equinix, Inc.	1,565		354,832
FactSet Research Systems, Inc.(a)	999		140,609
Fair Isaac Corp.	1,589		114,885
Fortinet, Inc.*	3,850		118,041
Gartner, Inc.*	3,545		298,524
Global Payments, Inc.	4,721		381,126
Informatica Corp.*	4,080		155,591
Jack Henry & Associates, Inc.	2,915		181,138
Leidos Holdings, Inc.	21,243		924,495
Mentor Graphics Corp.	7,641		167,491
NeuStar, Inc., Class A*(a)	5,494		152,733
PTC, Inc.*	5,542		203,114
Rackspace Hosting, Inc.*	5,708		267,192
Rovi Corp.*	3,993		90,202
Science Applications International Corp.	12,601		624,128
SolarWinds, Inc.*	1,217		60,643
Solera Holdings, Inc.	2,937		150,316
Synopsys, Inc.*	7,139		310,332
Tyler Technologies, Inc.*	633		69,276
Ultimate Software Group, Inc.*	508		74,582
VeriFone Systems, Inc.*	8,107		301,580
WEX, Inc.*	1,233		121,968
Total Software & Services			8,228,280
Technology Hardware & Equipment—13.3%
3D Systems Corp.*(a)	3,197		105,085
ARRIS Group, Inc.*	28,470		859,509
Arrow Electronics, Inc.*	60,529		3,504,024
Avnet, Inc.	94,472		4,064,185
Belden, Inc.	4,111		323,988
Ciena Corp.*	18,658		362,152
Cognex Corp.*	1,709		70,633

Investments	Shares		Value
Diebold, Inc.(a)	13,262	$	459,396
FEI Co.	1,620		146,367
Ingram Micro, Inc., Class A*	252,501		6,979,128
InterDigital, Inc./PA	1,245		65,861
IPG Photonics Corp.*(a)	1,457		109,158
Itron, Inc.*	7,453		315,187
Jabil Circuit, Inc.	119,619		2,611,283
JDS Uniphase Corp.*	18,595		255,123
Keysight Technologies, Inc.*	13,206		445,967
Knowles Corp.*(a)	9,458		222,736
Lexmark International, Inc., Class A	13,993		577,491
National Instruments Corp.	5,869		182,467
NCR Corp.*	35,142		1,024,038
Plantronics, Inc.	2,350		124,597
Polycom, Inc.*	15,565		210,128
Riverbed Technology, Inc.*	8,700		177,567
Tech Data Corp.*	66,661		4,214,975
Trimble Navigation Ltd.*	13,543		359,431
Vishay Intertechnology, Inc.	28,075		397,261
Zebra Technologies Corp., Class A*	2,347		181,681
Total Technology Hardware & Equipment			28,349,418
Telecommunication Services—0.4%
Telephone & Data Systems, Inc.	31,059		784,240
Transportation—2.5%
Alaska Air Group, Inc.	14,146		845,365
Con-Way, Inc.	18,234		896,748
Genesee & Wyoming, Inc., Class A*	2,840		255,373
JB Hunt Transport Services, Inc.	10,982		925,233
JetBlue Airways Corp.*(a)	57,985		919,642
Kirby Corp.*	4,220		340,723
Landstar System, Inc.	6,141		445,407
Old Dominion Freight Line, Inc.*	5,119		397,439
Werner Enterprises, Inc.	10,370		323,026
Total Transportation			5,348,956
Utilities—3.6%
Alliant Energy Corp.	7,977		529,832
Aqua America, Inc.	4,490		119,883
Atmos Energy Corp.	13,652		760,962
Black Hills Corp.	3,967		210,410
Cleco Corp.	3,396		185,218
Great Plains Energy, Inc.	14,401		409,132
Hawaiian Electric Industries, Inc.(a)	14,871		497,881
IDACORP, Inc.	3,094		204,792
MDU Resources Group, Inc.	32,225		757,288
National Fuel Gas Co.	4,670		324,705
OGE Energy Corp.	10,899		386,697
ONE Gas, Inc.	6,576		271,063
PNM Resources, Inc.	7,392		219,025
Questar Corp.	7,473		188,917
UGI Corp.	33,391		1,268,190
Vectren Corp.	8,901		411,493
Westar Energy, Inc.	9,775		403,121
WGL Holdings, Inc.	7,771		424,452
Total Utilities			7,573,061
Total Common Stocks
(Cost $178,799,989)			213,043,648

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

13

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES MID CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares	Value
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—6.1%
Dreyfus Institutional Preferred
Money Market Fund—Prime
Shares, 0.06% (b)
(Cost $12,963,425)	12,963,425	$	12,963,425
Total Investments—106.3%
(Cost $191,763,414)			226,007,073
Liabilities in Excess of Other Assets—(6.3)%			(13,342,880	)
Net Assets—100.0%		$	212,664,193

PLC – Public Limited Company

*	Non-income producing security
(a)	All or a portion of the security was on loan. The aggregate market value of the securities on loan was $12,829,909; total market value of the collateral held by the fund was $13,253,192. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $289,767.
(b)	Rate shown represents annualized 7-day yield as of December 31, 2014.

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

14

SCHEDULE OF INVESTMENTS

REVENUE SHARES SMALL CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
COMMON STOCKS—100.3%
Automobiles & Components—0.7%
Dorman Products, Inc.*(a)	7,069	$	341,221
Drew Industries, Inc.*	11,027		563,149
Standard Motor Products, Inc.	12,807		488,203
Superior Industries International, Inc.	18,486		365,838
Winnebago Industries, Inc.	17,690		384,934
Total Automobiles & Components			2,143,345
Banks—2.6%
Bank Mutual Corp.	7,685		52,719
Bank of the Ozarks, Inc.	4,551		172,574
Banner Corp.	2,728		117,359
BBCN Bancorp, Inc.	12,136		174,516
BofI Holding, Inc.*	1,092		84,968
Boston Private Financial Holdings, Inc.	12,635		170,193
Brookline Bancorp, Inc.	11,419		114,533
Cardinal Financial Corp.	4,017		79,657
City Holding Co.	2,026		94,270
Columbia Banking System, Inc.	6,295		173,805
Community Bank System, Inc.	5,006		190,879
CVB Financial Corp.	8,634		138,317
Dime Community Bancshares	5,423		88,286
F.N.B. Corp.	24,424		325,328
First BanCorp*	59,652		350,157
First Commonwealth Financial Corp.	14,488		133,579
First Financial Bancorp	8,152		151,546
First Financial Bankshares, Inc.(a)	4,248		126,930
First Midwest Bancorp, Inc.	11,713		200,409
Glacier Bancorp, Inc.	7,032		195,279
Hanmi Financial Corp.	3,628		79,127
Home BancShares, Inc.	5,650		181,704
Independent Bank Corp.	3,308		141,615
MB Financial, Inc.	7,540		247,764
National Penn Bancshares, Inc.	17,710		186,398
NBT Bancorp, Inc.	7,628		200,388
Northwest Bancshares, Inc.	14,419		180,670
OFG Bancorp	15,115		251,665
Old National Bancorp	18,033		268,331
Oritani Financial Corp.	4,353		67,036
Pinnacle Financial Partners, Inc.	3,162		125,025
PrivateBancorp, Inc.	9,494		317,100
Provident Financial Services, Inc.	8,321		150,277
S&T Bancorp, Inc.	3,384		100,877
Simmons First National Corp., Class A	2,691		109,389
Sterling Bancorp	8,889		127,824
Susquehanna Bancshares, Inc.	30,271		406,539
Texas Capital Bancshares, Inc.*	4,790		260,241
Tompkins Financial Corp.	2,435		134,655
TrustCo Bank Corp.	12,354		89,690
UMB Financial Corp.	7,691		437,541
United Bankshares, Inc.	6,166		230,917
United Community Banks, Inc.	8,023		151,956
ViewPoint Financial Group, Inc.	3,587		85,550
Westamerica Bancorporation(a)	1,999		97,991
Wilshire Bancorp, Inc.	9,699		98,251
Wintrust Financial Corp.	9,227		431,454
Total Banks			8,295,279

Investments	Shares		Value
Capital Goods—13.5%
AAON, Inc.	7,732	$	173,119
AAR Corp.	35,919		997,830
Aceto Corp.	10,988		238,440
Actuant Corp., Class A	22,351		608,841
Aegion Corp., Class A*	36,006		670,072
Aerovironment, Inc.*	4,079		111,153
Albany International Corp., Class A	9,888		375,645
American Science & Engineering, Inc.	1,661		86,206
American Woodmark Corp.*	8,845		357,692
Apogee Enterprises, Inc.	8,027		340,104
Applied Industrial Technologies, Inc.	26,321		1,199,974
Astec Industries, Inc.	12,349		485,439
AZZ, Inc.	7,549		354,199
Barnes Group, Inc.	17,103		632,982
Briggs & Stratton Corp.	44,908		917,021
CIRCOR International, Inc.	6,851		412,978
Comfort Systems USA, Inc.	41,669		713,373
Cubic Corp.	12,159		640,050
Curtiss-Wright Corp.	18,305		1,292,150
DXP Enterprises, Inc.*	14,940		754,918
Dycom Industries, Inc.*	27,348		959,641
EMCOR Group, Inc.	71,946		3,200,878
Encore Wire Corp.	15,941		595,078
EnerSys	19,688		1,215,143
Engility Holdings, Inc.*	16,508		706,542
EnPro Industries, Inc.*	9,146		574,003
ESCO Technologies, Inc.	7,147		263,724
Federal Signal Corp.	27,964		431,764
Franklin Electric Co., Inc.	13,574		509,432
GenCorp, Inc.*(a)	47,247		864,620
General Cable Corp.	206,214		3,072,589
Gibraltar Industries, Inc.*	27,320		444,223
Griffon Corp.	74,733		993,949
Hillenbrand, Inc.	24,542		846,699
John Bean Technologies Corp.	14,175		465,791
Kaman Corp.	22,013		882,501
Lindsay Corp.(a)	3,247		278,398
Lydall, Inc.*	8,208		269,387
Moog, Inc., Class A*	18,119		1,341,350
Mueller Industries, Inc.	32,933		1,124,333
National Presto Industries, Inc.(a)	3,399		197,278
Orbital Sciences Corp.*	28,440		764,752
Orion Marine Group, Inc.*	17,987		198,756
PGT, Inc.*	15,234		146,703
Powell Industries, Inc.	6,900		338,583
Quanex Building Products Corp.	20,286		380,971
Simpson Manufacturing Co., Inc.	10,570		365,722
Standex International Corp.	4,509		348,365
TASER International, Inc.*(a)	3,229		85,504
Teledyne Technologies, Inc.*	11,286		1,159,524
Tennant Co.	5,446		393,038
Titan International, Inc.	96,077		1,021,299
Toro Co.	16,464		1,050,568
Universal Forest Products, Inc.	24,471		1,301,857
Veritiv Corp.*	83,835		4,348,521
Vicor Corp.*	8,211		99,353
Watts Water Technologies, Inc., Class A	11,869		752,969
Total Capital Goods			43,355,994

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

15

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES SMALL CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
Commercial & Professional Services—6.3%
ABM Industries, Inc.	84,057	$	2,408,233
Brady Corp., Class A	22,304		609,791
Brink’s Co. (The)	79,537		1,941,498
CDI Corp.	32,048		567,570
Exponent, Inc.	1,832		151,140
G&K Services, Inc., Class A	6,565		465,130
Healthcare Services Group, Inc.	19,880		614,888
Heidrick & Struggles International, Inc. 11,304			260,557
Insperity, Inc.	34,794		1,179,169
Interface, Inc.	29,827		491,251
Kelly Services, Inc., Class A	161,248		2,744,441
Korn/Ferry International*	16,775		482,449
Matthews International Corp.,
Class A	10,400		506,168
Mobile Mini, Inc.	5,427		219,848
Navigant Consulting, Inc.*	27,134		417,050
On Assignment, Inc.*	27,445		910,899
Resources Connection, Inc.	16,928		278,466
Tetra Tech, Inc.	35,821		956,421
TrueBlue, Inc.*	44,272		985,052
UniFirst Corp.	5,910		717,769
United Stationers, Inc.	61,980		2,613,077
US Ecology, Inc.(a)	4,167		167,180
Viad Corp.	19,324		515,178
WageWorks, Inc.*	2,017		130,238
Total Commercial & Professional Services			20,333,463
Consumer Durables & Apparel—4.3%
Arctic Cat, Inc.	10,283		365,046
Callaway Golf Co.	56,805		437,398
Crocs, Inc.*	46,996		586,980
Ethan Allen Interiors, Inc.	11,676		361,606
G-III Apparel Group Ltd.*	7,996		807,676
Helen of Troy Ltd.*	10,052		653,983
Iconix Brand Group, Inc.*	5,769		194,935
iRobot Corp.*(a)	7,373		255,991
La-Z-Boy, Inc., Class Z	24,699		662,921
M/I Homes, Inc.*	26,043		597,947
Meritage Homes Corp.*	28,842		1,038,024
Movado Group, Inc.	9,524		270,196
Oxford Industries, Inc.	7,839		432,791
Perry Ellis International, Inc.*	17,878		463,577
Quiksilver, Inc.*(a)	387,679		856,771
Ryland Group, Inc.	31,622		1,219,344
Skechers U.S.A., Inc., Class A*	18,403		1,016,766
Standard Pacific Corp.*	154,771		1,128,281
Steven Madden Ltd.*	19,786		629,788
Sturm Ruger & Co., Inc.	8,288		287,013
Universal Electronics, Inc.*	4,297		279,434
Wolverine World Wide, Inc.	43,215		1,273,546
Total Consumer Durables & Apparel			13,820,014
Consumer Services—4.5%
American Public Education, Inc.*	4,677		172,441
Biglari Holdings, Inc.*	1,017		406,302
BJ’s Restaurants, Inc.*	8,271		415,287
Bob Evans Farms, Inc.	12,347		631,919
Boyd Gaming Corp.*	118,995		1,520,756
Buffalo Wild Wings, Inc.*(a)	4,015		724,226
Capella Education Co.	2,816		216,719

Investments	Shares		Value
Career Education Corp.*	75,410	$	524,854
Cracker Barrel Old Country Store, Inc.	9,489		1,335,672
DineEquity, Inc.	3,045		315,584
Interval Leisure Group, Inc.	13,220		276,166
Jack in the Box, Inc.	8,925		713,643
Marcus Corp.	12,743		235,873
Marriott Vacations Worldwide Corp.	11,458		854,079
Monarch Casino & Resort, Inc.*	5,570		92,406
Papa John’s International, Inc.	13,044		727,855
Pinnacle Entertainment, Inc.*	50,571		1,125,205
Red Robin Gourmet Burgers, Inc.*	7,234		556,837
Regis Corp.*	54,556		914,359
Ruby Tuesday, Inc.*	67,161		459,381
Ruth’s Hospitality Group, Inc.	14,765		221,475
Scientific Games Corp., Class A*(a)	62,685		797,980
Sonic Corp.	9,430		256,779
Strayer Education, Inc.*	3,050		226,554
Texas Roadhouse, Inc.	22,148		747,716
Universal Technical Institute, Inc.	19,096		187,905
Total Consumer Services			14,657,973
Diversified Financials—2.4%
Calamos Asset Management, Inc., Class A	9,799		130,523
Cash America International, Inc.	42,996		972,569
Encore Capital Group, Inc.*(a)	11,956		530,846
Enova International, Inc.*	16,938		377,040
Evercore Partners, Inc., Class A	8,028		420,426
Ezcorp, Inc., Class A*(a)	43,009		505,356
Financial Engines, Inc.(a)	3,776		138,013
First Cash Financial Services, Inc.*	6,049		336,748
FXCM, Inc., Class A	12,324		204,209
Green Dot Corp., Class A*	12,772		261,698
Greenhill & Co., Inc.	3,226		140,654
HFF, Inc., Class A	5,770		207,258
Interactive Brokers Group, Inc., Class A	19,484		568,153
Investment Technology Group, Inc.*	13,113		273,013
MarketAxess Holdings, Inc.	1,726		123,771
Piper Jaffray Cos.*	6,007		348,947
PRA Group, Inc.*	6,582		381,295
Stifel Financial Corp.*	21,096		1,076,318
SWS Group, Inc.*	21,199		146,485
Virtus Investment Partners, Inc.	1,340		228,457
World Acceptance Corp.*(a)	3,838		304,929
Total Diversified Financials			7,676,708
Energy—5.4%
Approach Resources, Inc.*(a)	26,312		168,134
Arch Coal, Inc.(a)	841,509		1,497,886
Basic Energy Services, Inc.*	122,166		856,384
Bill Barrett Corp.*	31,678		360,812
Bonanza Creek Energy, Inc.*	4,549		109,176
Bristow Group, Inc.	12,952		852,112
C&J Energy Services, Inc.*	55,339		731,028
Carrizo Oil & Gas, Inc.*	9,419		391,830
Cloud Peak Energy, Inc.*	68,269		626,709
Comstock Resources, Inc.(a)	48,870		332,805
Contango Oil & Gas Co.*	4,766		139,358
Era Group, Inc.*	7,573		160,169
Exterran Holdings, Inc.	42,442		1,382,760
Geospace Technologies Corp.*	5,381		142,597

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

16

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES SMALL CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
Energy (continued)
Green Plains, Inc.	68,269	$	1,691,706
Gulf Island Fabrication, Inc.	12,905		250,228
GulfMark Offshore, Inc., Class A(a)	11,734		286,544
Hornbeck Offshore Services, Inc.*	14,852		370,855
ION Geophysical Corp.*	117,341		322,688
Matrix Service Co.*	27,367		610,832
Newpark Resources, Inc.*	59,841		570,883
Northern Oil and Gas, Inc.*(a)	35,912		202,903
Paragon Offshore PLC(a)	321,367		890,187
PDC Energy, Inc.*	8,463		349,268
Penn Virginia Corp.*(a)	53,015		354,140
PetroQuest Energy, Inc.*	33,066		123,667
Pioneer Energy Services Corp.*	110,532		612,347
Rex Energy Corp.*(a)	34,643		176,679
SEACOR Holdings, Inc.*(a)	8,822		651,152
Stone Energy Corp.*	29,975		505,978
Swift Energy Co.*(a)	104,014		421,257
Synergy Resources Corp.*	3,700		46,398
Tesco Corp.	21,298		273,040
TETRA Technologies, Inc.*	92,080		615,094
U.S. Silica Holdings, Inc.(a)	15,351		394,367
Total Energy			17,471,973
Food & Staples Retailing—2.9%
Andersons, Inc.	45,309		2,407,720
Casey’s General Stores, Inc.	42,090		3,801,569
SpartanNash Co.	122,174		3,193,628
Total Food & Staples Retailing			9,402,917
Food, Beverage & Tobacco—2.9%
Alliance One International, Inc.*	639,218		1,009,964
B&G Foods, Inc., Class A	13,247		396,085
Boston Beer Co., Inc. (The), Class A*(a)	1,505		435,758
Calavo Growers, Inc.	7,937		375,420
Cal-Maine Foods, Inc.(a)	16,992		663,198
Darling Ingredients, Inc.*(a)	88,459		1,606,415
Diamond Foods, Inc.*	14,819		418,340
J&J Snack Foods Corp.	4,011		436,277
Sanderson Farms, Inc.	14,825		1,245,671
Seneca Foods Corp., Class A*	24,341		657,937
Snyder’s-Lance, Inc.	27,349		835,512
Universal Corp.	28,668		1,260,819
Total Food, Beverage & Tobacco			9,341,396
Health Care Equipment & Services—7.8%
Abaxis, Inc.	1,498		85,131
Abiomed, Inc.*	2,285		86,967
Air Methods Corp.*(a)	11,137		490,362
Almost Family, Inc.*	7,630		220,888
Amedisys, Inc.*	21,289		624,832
AMN Healthcare Services, Inc.*	26,528		519,949
Amsurg Corp.*	12,680		693,976
Analogic Corp.	3,068		259,583
AngioDynamics, Inc.*	8,833		167,915
Anika Therapeutics, Inc.*	1,336		54,429
Bio-Reference Laboratories, Inc.*(a)	13,408		430,799
Cantel Medical Corp.	5,199		224,909
Chemed Corp.(a)	6,171		652,090
Computer Programs & Systems, Inc.	1,654		100,481

Investments	Shares		Value
CONMED Corp.	8,229	$	369,976
CorVel Corp.*	6,379		237,426
Cross Country Healthcare, Inc.*	23,604		294,578
CryoLife, Inc.	6,594		74,710
Cyberonics, Inc.*	2,394		133,298
Cynosure, Inc., Class A*	4,576		125,474
Ensign Group, Inc.	11,005		488,512
ExamWorks Group, Inc.*	2,383		99,109
Gentiva Health Services, Inc.*	48,365		921,353
Greatbatch, Inc.*	6,920		341,156
Haemonetics Corp.*	12,154		454,803
Hanger, Inc.*	23,380		512,022
HealthStream, Inc.*	2,744		80,893
Healthways, Inc.*(a)	17,951		356,866
ICU Medical, Inc.*	1,792		146,765
Integra LifeSciences Holdings Corp.*	8,323		451,356
Invacare Corp.	37,136		622,399
IPC The Hospitalist Co., Inc.*	7,201		330,454
Kindred Healthcare, Inc.	129,540		2,355,037
Landauer, Inc.	2,076		70,875
LHC Group, Inc.*	11,564		360,566
Magellan Health, Inc.*	30,283		1,817,888
Masimo Corp.*	10,999		289,714
MedAssets, Inc.*	17,622		348,211
Medidata Solutions, Inc.*	3,433		163,926
Meridian Bioscience, Inc.	5,620		92,505
Merit Medical Systems, Inc.*	14,372		249,067
Molina Healthcare, Inc.*	79,163		4,237,595
MWI Veterinary Supply, Inc.*	7,948		1,350,445
Natus Medical, Inc.*	4,730		170,469
Neogen Corp.*	2,398		118,917
NuVasive, Inc.*	7,726		364,358
Omnicell, Inc.*	6,050		200,376
PharMerica Corp.*	42,882		888,086
Providence Service Corp.*	16,841		613,686
Quality Systems, Inc.	13,907		216,810
SurModics, Inc.*	1,220		26,962
West Pharmaceutical Services, Inc.	12,665		674,285
Total Health Care Equipment & Services			25,263,239
Household & Personal Products—0.4%
Central Garden and Pet Co., Class A*	88,397		844,191
Inter Parfums, Inc.	8,870		243,482
Medifast, Inc.*	4,831		162,080
WD-40 Co.	2,325		197,811
Total Household & Personal Products			1,447,564
Insurance—2.5%
American Equity Investment Life Holding Co.	39,267		1,146,204
AMERISAFE, Inc.	4,465		189,137
eHealth, Inc.*	3,397		84,653
Employers Holdings, Inc.	17,273		406,088
HCI Group, Inc.	3,024		130,758
Horace Mann Educators Corp.	15,578		516,878
Infinity Property & Casualty Corp.	9,185		709,633
Meadowbrook Insurance Group, Inc.	56,579		478,658
Montpelier Re Holdings Ltd.	9,198		329,472
Navigators Group, Inc.*	6,692		490,791
ProAssurance Corp.	8,247		372,352
RLI Corp.	7,955		392,977

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

17

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES SMALL CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
Insurance (continued)
Safety Insurance Group, Inc.	6,023	$	385,532
Selective Insurance Group, Inc.	36,228		984,315
Stewart Information Services Corp.	23,995		888,775
United Fire Group, Inc.	15,365		456,802
Universal Insurance Holdings, Inc.	8,337		170,492
Total Insurance			8,133,517
Materials—7.7%
A. Schulman, Inc.	30,379		1,231,261
A.M. Castle & Co.*(a)	67,693		540,190
AK Steel Holding Corp.*(a)	535,796		3,182,628
American Vanguard Corp.	12,798		148,713
Balchem Corp.	3,403		226,776
Boise Cascade Co.*	47,779		1,774,990
Calgon Carbon Corp.*	13,264		275,626
Century Aluminum Co.*	37,701		919,904
Clearwater Paper Corp.*	13,650		935,707
Deltic Timber Corp.	1,637		111,971
Flotek Industries, Inc.*	12,367		231,634
FutureFuel Corp.	15,270		198,815
Globe Specialty Metals, Inc.	21,980		378,715
H.B. Fuller Co.	23,804		1,059,992
Hawkins, Inc.	4,121		178,563
Haynes International, Inc.	4,555		220,918
Headwaters, Inc.*	26,917		403,486
Innophos Holdings, Inc.	7,456		435,803
Intrepid Potash, Inc.*(a)	14,217		197,332
Kaiser Aluminum Corp.	8,829		630,655
KapStone Paper and Packaging Corp.	37,924		1,111,552
Koppers Holdings, Inc.	30,432		790,623
Kraton Performance Polymers, Inc.*	31,169		648,004
LSB Industries, Inc.*	11,195		351,971
Materion Corp.	16,324		575,095
Myers Industries, Inc.	21,713		382,149
Neenah Paper, Inc.	7,407		446,420
Olympic Steel, Inc.	41,257		733,549
OM Group, Inc.	19,263		574,037
PH Glatfelter Co.	35,062		896,535
Quaker Chemical Corp.	4,188		385,464
Rayonier Advanced Materials, Inc.	20,139		449,100
RTI International Metals, Inc.*	16,431		415,047
Schweitzer-Mauduit International, Inc. 9,252			391,360
Stepan Co.	24,538		983,483
Stillwater Mining Co.*	32,703		482,042
SunCoke Energy, Inc.	39,147		757,103
Tredegar Corp.	22,216		499,638
Wausau Paper Corp.	16,121		183,296
Zep, Inc.	23,306		353,086
Total Materials			24,693,233
Media—0.5%
E.W. Scripps Co., Class A*(a)	19,559		437,144
Harte-Hanks, Inc.	37,577		290,846
Scholastic Corp.	24,564		894,621
Sizmek, Inc.*	13,051		81,699
Total Media			1,704,310

Investments	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—1.1%
Acorda Therapeutics, Inc.*	4,588	$	187,512
Affymetrix, Inc.*	18,534		182,931
Akorn, Inc.*(a)	5,412		195,914
Albany Molecular Research, Inc.*(a)	8,057		131,168
Cambrex Corp.*	6,988		151,081
Depomed, Inc.*	7,519		121,131
Emergent Biosolutions, Inc.*	7,452		202,918
Impax Laboratories, Inc.*	8,643		273,810
Lannett Co., Inc.*	2,480		106,342
Ligand Pharmaceuticals, Inc., Class B*(a) 516			27,456
Luminex Corp.*	6,063		113,742
Medicines Co.*	13,381		370,252
Momenta Pharmaceuticals, Inc.*	1,794		21,600
PAREXEL International Corp.*	19,472		1,081,864
Prestige Brands Holdings, Inc.*	8,608		298,870
Repligen Corp.*	1,469		29,086
Sagent Pharmaceuticals, Inc.*	4,609		115,732
Spectrum Pharmaceuticals, Inc.*(a)	11,822		81,927
Total Pharmaceuticals, Biotechnology & Life Sciences			3,693,336
Real Estate—1.7%
Acadia Realty Trust	2,830		90,645
Agree Realty Corp.	788		24,499
American Assets Trust, Inc.	3,147		125,282
Associated Estates Realty Corp.	4,040		93,768
Aviv REIT, Inc.	2,379		82,028
Capstead Mortgage Corp.	8,548		104,969
CareTrust REIT, Inc.	2,245		27,681
Cedar Realty Trust, Inc.	10,192		74,809
Chesapeake Lodging Trust	6,210		231,074
CoreSite Realty Corp.	3,241		126,561
Cousins Properties, Inc.	14,558		166,252
DiamondRock Hospitality Co.	26,627		395,944
EastGroup Properties, Inc.	1,672		105,871
Education Realty Trust, Inc.	2,872		105,086
EPR Properties	3,153		181,707
Forestar Group, Inc.*	10,534		162,224
Franklin Street Properties Corp.	9,862		121,007
Geo Group, Inc. (The)	20,173		814,182
Getty Realty Corp.	2,680		48,803
Government Properties Income Trust	5,085		117,006
Healthcare Realty Trust, Inc.	6,470		176,760
Inland Real Estate Corp.	9,080		99,426
Kite Realty Group Trust	3,549		101,998
Lexington Realty Trust	19,302		211,936
LTC Properties, Inc.	1,327		57,287
Medical Properties Trust, Inc.	10,543		145,283
Parkway Properties, Inc.	10,916		200,745
Pennsylvania Real Estate Investment Trust	9,100		213,486
Post Properties, Inc.	3,076		180,777
PS Business Parks, Inc.	2,338		185,965
Retail Opportunity Investments Corp.	4,332		72,734
Sabra Health Care REIT, Inc.	2,777		84,338
Saul Centers, Inc.	1,784		102,027
Sovran Self Storage, Inc.	1,747		152,373
Universal Health Realty Income Trust	573		27,573
Urstadt Biddle Properties, Inc., Class A	2,135		46,714
Total Real Estate			5,258,820

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

18

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES SMALL CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares	Value
Retailing—10.5%
Aeropostale, Inc.*(a)	449,731	$	1,043,376
Barnes & Noble, Inc.*	129,229		3,000,697
Big 5 Sporting Goods Corp.	33,888		495,781
Blue Nile, Inc.*	6,113		220,129
Brown Shoe Co., Inc.	38,480		1,237,132
Buckle, Inc.(a)	10,690		561,439
Cato Corp., Class A	10,760		453,857
Children’s Place, Inc. (The)	15,082		859,674
Christopher & Banks Corp.*	45,286		258,583
Finish Line, Inc., Class A	26,258		638,332
Francesca’s Holdings Corp.*	9,837		164,278
Fred’s, Inc., Class A	58,057		1,010,772
FTD Cos., Inc.*	8,558		297,990
Genesco, Inc.*	17,054		1,306,678
Group 1 Automotive, Inc.	52,796		4,731,578
Haverty Furniture Cos., Inc.	16,774		369,196
Hibbett Sports, Inc.*	8,120		393,252
Kirkland’s, Inc.*	9,582		226,519
Lithia Motors, Inc., Class A	25,913		2,246,398
Lumber Liquidators Holdings, Inc.*(a)	8,100		537,111
MarineMax, Inc.*	15,397		308,710
Men’s Wearhouse, Inc.	28,956		1,278,407
Monro Muffler Brake, Inc.(a)	6,871		397,144
Nutrisystem, Inc.	9,635		188,364
Outerwall, Inc.*(a)	14,547		1,094,225
Pep Boys-Manny, Moe & Jack*	113,509		1,114,658
PetMed Express, Inc.(a)	8,189		117,676
Pool Corp.	16,944		1,074,927
Select Comfort Corp.*	18,636		503,731
Sonic Automotive, Inc., Class A	163,162		4,411,900
Stage Stores, Inc.	40,224		832,637
Stein Mart, Inc.	41,169		601,891
Tuesday Morning Corp.*	18,703		405,855
Vitamin Shoppe, Inc.*	11,887		577,470
VOXX International Corp., Class A*	48,006		420,533
Zumiez, Inc.*	9,221		356,207
Total Retailing			33,737,107
Semiconductors & Semiconductor Equipment—1.6%
Advanced Energy Industries, Inc.*	12,290		291,273
Brooks Automation, Inc.	18,610		237,278
Cabot Microelectronics Corp.*	4,393		207,877
CEVA, Inc.*	1,349		24,471
Cirrus Logic, Inc.*(a)	15,735		370,874
Cohu, Inc.	13,023		154,974
Diodes, Inc.*	15,590		429,816
DSP Group, Inc.*	6,066		65,937
Entropic Communications, Inc.*	40,046		101,316
Exar Corp.*	6,247		63,719
Kopin Corp.*	3,859		13,970
Kulicke & Soffa Industries, Inc.*	18,988		274,567
Micrel, Inc.	8,584		124,554
Microsemi Corp.*	18,334		520,319
MKS Instruments, Inc.	10,289		376,577
Monolithic Power Systems, Inc.	2,636		131,115
Nanometrics, Inc.*	5,400		90,828
Pericom Semiconductor Corp.*	4,393		59,481
Power Integrations, Inc.	3,282		169,811
Rudolph Technologies, Inc.*	8,754		89,553
Synaptics, Inc.*	6,194		426,395

Investments	Shares		Value
Tessera Technologies, Inc.	3,715	$	132,848
TriQuint Semiconductor, Inc.*	17,782		489,894
Ultratech, Inc.*	3,389		62,900
Veeco Instruments, Inc.*(a)	4,633		161,599
Total Semiconductors & Semiconductor Equipment			5,071,946
Software & Services—4.6%
Blackbaud, Inc.	5,978		258,608
Blucora, Inc.*	22,839		316,320
Bottomline Technologies (de), Inc.*	5,904		149,253
CACI International, Inc., Class A*	19,956		1,719,808
Cardtronics, Inc.*	12,897		497,566
Ciber, Inc.*	131,699		467,531
comScore, Inc.*	3,345		155,308
CSG Systems International, Inc.	14,346		359,654
Dealertrack Technologies, Inc.*	8,077		357,892
Dice Holdings, Inc.*	11,707		117,187
Digital River, Inc.*	10,490		259,418
Ebix, Inc.(a)	5,978		101,566
EPIQ Systems, Inc.	14,385		245,696
Exlservice Holdings, Inc.*	8,573		246,131
Forrester Research, Inc.	3,645		143,467
Heartland Payment Systems, Inc.	20,149		1,087,039
iGATE Corp.*	16,757		661,566
Interactive Intelligence Group, Inc.*	3,627		173,733
j2 Global, Inc.	4,419		273,978
Liquidity Services, Inc.*(a)	29,129		237,984
LivePerson, Inc.*	6,797		95,838
LogMeIn, Inc.*	1,958		96,608
Manhattan Associates, Inc.*	5,397		219,766
ManTech International Corp., Class A	30,336		917,057
MAXIMUS, Inc.	15,350		841,794
MicroStrategy, Inc., Class A*	1,779		288,910
Monotype Imaging Holdings, Inc.	3,151		90,843
Monster Worldwide, Inc.*	86,830		401,155
NetScout Systems, Inc.*	5,090		185,989
NIC, Inc.	7,144		128,521
Perficient, Inc.*	11,916		221,995
Progress Software Corp.*	5,817		157,175
QuinStreet, Inc.*	30,384		184,431
Stamps.com, Inc.*	1,335		64,067
Sykes Enterprises, Inc.*	26,882		630,921
Synchronoss Technologies, Inc.*	4,965		207,835
Take-Two Interactive Software, Inc.*(a)	40,878		1,145,810
Tangoe, Inc.*	7,726		100,670
TeleTech Holdings, Inc.*	24,711		585,156
VASCO Data Security International, Inc.*(a)	3,267		92,162
Virtusa Corp.*	4,334		180,598
XO Group, Inc.*	3,893		70,891
Total Software & Services			14,737,897
Technology Hardware & Equipment—9.2%
ADTRAN, Inc.	14,628		318,890
Agilysys, Inc.*	3,876		48,799
Anixter International, Inc.*	36,043		3,188,364
Badger Meter, Inc.	3,053		181,196
Bel Fuse, Inc., Class B	8,008		218,939
Benchmark Electronics, Inc.*	55,634		1,415,329

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

19

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES SMALL CAP FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
Technology Hardware & Equipment (continued)
Black Box Corp.	19,935	$	476,446
CalAmp Corp.*	5,508		100,796
Checkpoint Systems, Inc.*	23,976		329,190
Coherent, Inc.*	6,407		389,033
Comtech Telecommunications Corp.	5,182		163,337
CTS Corp.	11,344		202,263
Daktronics, Inc.	21,150		264,586
Digi International, Inc.*	11,364		105,572
DTS, Inc.*	2,242		68,941
Electro Scientific Industries, Inc.	11,621		90,179
Electronics For Imaging, Inc.*	8,310		355,917
Fabrinet*	20,135		357,195
FARO Technologies, Inc.*	2,716		170,239
Harmonic, Inc.*	31,877		223,458
II-VI, Inc.*	22,914		312,776
Insight Enterprises, Inc.*	104,470		2,704,728
Ixia*	22,450		252,562
Littelfuse, Inc.	4,207		406,691
Mercury Systems, Inc.*	7,570		105,374
Methode Electronics, Inc.	9,788		357,360
MTS Systems Corp.	3,961		297,194
NETGEAR, Inc.*	19,296		686,552
Newport Corp.*	15,702		300,065
OSI Systems, Inc.*	6,049		428,088
Park Electrochemical Corp.	3,359		83,740
Plexus Corp.*	28,505		1,174,691
QLogic Corp.*	18,214		242,610
Rofin-Sinar Technologies, Inc.*	8,702		250,357
Rogers Corp.*	4,113		334,963
Sanmina Corp.*	119,526		2,812,447
ScanSource, Inc.*	34,948		1,403,512
Super Micro Computer, Inc.*	20,277		707,262
SYNNEX Corp.	88,499		6,917,082
TTM Technologies, Inc.*	86,652		652,490
ViaSat, Inc.*	9,934		626,140
Total Technology Hardware & Equipment			29,725,353
Telecommunication Services—0.6%
8x8, Inc.*	7,096		64,999
Atlantic Tele-Network, Inc.	2,250		152,077
Cincinnati Bell, Inc.*	201,540		642,913
Consolidated Communications Holdings, Inc.(a)	10,885		302,930
General Communication, Inc., Class A*	33,619		462,261
Lumos Networks Corp.	5,825		97,976
NTELOS Holdings Corp.(a)	55,508		232,579
Spok Holdings, Inc.	5,770		100,167
Total Telecommunication Services			2,055,902

Investments		Shares		Value
Transportation—3.9%
Allegiant Travel Co.		3,753	$	564,188
ArcBest Corp.		26,813		1,243,319
Atlas Air Worldwide Holdings, Inc.*		18,165		895,534
Celadon Group, Inc.		15,898		360,726
Forward Air Corp.		7,135		359,390
Heartland Express, Inc.		15,269		412,416
Hub Group, Inc., Class A*		47,079		1,792,768
Knight Transportation, Inc.		15,008		505,169
Matson, Inc.		22,738		784,916
Roadrunner Transportation Systems, Inc.*		36,190		845,037
Saia, Inc.*		10,735		594,290
SkyWest, Inc.		131,837		1,750,795
UTi Worldwide, Inc.*		193,535		2,335,967
Total Transportation				12,444,515
Utilities—2.7%
ALLETE, Inc.		10,040		553,605
American States Water Co.		6,380		240,271
Avista Corp.		21,717		767,696
El Paso Electric Co.		11,480		459,889
Laclede Group, Inc.		14,414		766,825
New Jersey Resources Corp.		31,142		1,905,890
Northwest Natural Gas Co.(a)		7,830		390,717
NorthWestern Corp.		10,702		605,519
Piedmont Natural Gas Co., Inc.		18,474		728,060
South Jersey Industries, Inc.		6,776		399,310
Southwest Gas Corp.		16,832		1,040,386
UIL Holdings Corp.		18,240		794,170
Total Utilities				8,652,338
Total Common Stocks
(Cost $274,427,641)				323,118,139
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—5.9%
Dreyfus Institutional Preferred
Money Market Fund—Prime
Shares, 0.06% (b)
(Cost $18,983,098)	18,983,098			18,983,098
Total Investments—106.2%
(Cost $293,410,739)				342,101,237
Liabilities in Excess of Other Assets—(6.2)%				(19,891,769	)
Net Assets—100.0%			$	322,209,468

PLC – Public Limited Company

REIT – Real Estate Investment Trust

* Non-income producing security

(a)	All or a portion of the security was on loan. The aggregate market value of the securities on loan was $17,616,330; total market value of the collateral held by the fund was $18,983,098.
(b)	Rate shown represents annualized 7-day yield as of December 31, 2014.

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

20

SCHEDULE OF INVESTMENTS

REVENUE SHARES FINANCIALS SECTOR FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
COMMON STOCKS—100.1%
Banks—32.3%
Bank of America Corp.	136,948	$	2,450,000
BB&T Corp.	6,298		244,929
Citigroup, Inc.	40,496		2,191,239
Comerica, Inc.	1,381		64,686
Fifth Third Bancorp	7,893		160,820
Huntington Bancshares, Inc.	6,870		72,272
JPMorgan Chase & Co.	40,932		2,561,525
KeyCorp	7,725		107,377
M&T Bank Corp.	912		114,565
PNC Financial Services Group, Inc.	4,395		400,956
Regions Financial Corp.	13,111		138,452
SunTrust Banks, Inc.	5,113		214,235
U.S. Bancorp	11,417		513,194
Wells Fargo & Co.	38,651		2,118,848
Zions Bancorporation	1,950		55,595
Total Banks			11,408,693
Capital Markets—11.5%
Affiliated Managers Group, Inc.*	299		63,460
Ameriprise Financial, Inc.	2,255		298,224
Bank of New York Mellon Corp.	9,419		382,129
BlackRock, Inc.	767		274,248
Charles Schwab Corp.	4,929		148,806
E*TRADE Financial Corp.*	2,098		50,887
Franklin Resources, Inc.	3,651		202,156
Goldman Sachs Group, Inc.	5,260		1,019,546
Invesco Ltd.	3,098		122,433
Legg Mason, Inc.	1,278		68,207
Morgan Stanley	24,772		961,154
Northern Trust Corp.	1,586		106,896
State Street Corp.	3,274		257,009
T. Rowe Price Group, Inc.	1,107		95,047
Total Capital Markets			4,050,202
Consumer Finance—5.1%
American Express Co.	9,250		860,620
Capital One Financial Corp.	6,963		574,796
Discover Financial Services	3,706		242,706
Navient Corp.	6,437		139,103
Total Consumer Finance			1,817,225
Diversified Financial Services—15.2%
Berkshire Hathaway, Inc., Class B*	31,064		4,664,259
CME Group, Inc.	789		69,945
Intercontinental Exchange, Inc.	409		89,690
Leucadia National Corp.	12,635		283,277
McGraw Hill Financial, Inc.	1,358		120,835
Moody’s Corp.	809		77,510
NASDAQ OMX Group, Inc.	1,732		83,067
Total Diversified Financial Services			5,388,583
Insurance—31.2%
ACE Ltd.	4,110		472,157
Aflac, Inc.	9,381		573,085
Allstate Corp.	12,283		862,881
American International Group, Inc.	29,050		1,627,090
AON PLC	2,957		280,412
Assurant, Inc.	3,644		249,359
Chubb Corp.	3,239		335,139

Investments	Shares		Value
Cincinnati Financial Corp.	2,276	$	117,965
Genworth Financial, Inc., Class A*	28,735		244,248
Hartford Financial Services Group, Inc.	11,596		483,437
Lincoln National Corp.	5,560		320,645
Loews Corp.	8,771		368,557
Marsh & McLennan Cos., Inc.	5,335		305,375
MetLife, Inc.	32,984		1,784,105
Principal Financial Group, Inc.	4,833		251,026
Progressive Corp.	16,823		454,053
Prudential Financial, Inc.	12,649		1,144,229
Torchmark Corp.	1,768		95,773
Travelers Cos., Inc.	6,171		653,200
Unum Group	7,602		265,158
XL Group PLC	4,778		164,220
Total Insurance			11,052,114
Real Estate Investment Trusts—4.0%
American Tower Corp.	962		95,094
Apartment Investment & Management Co., Class A	648		24,073
AvalonBay Communities, Inc.	237		38,723
Boston Properties, Inc.	429		55,208
Crown Castle International Corp.	1,122		88,301
Equity Residential	863		61,998
Essex Property Trust, Inc.	105		21,693
General Growth Properties, Inc.	2,217		62,364
HCP, Inc.	1,151		50,679
Health Care REIT, Inc.	1,019		77,108
Host Hotels & Resorts, Inc.	5,413		128,667
Iron Mountain, Inc.	1,973		76,276
Kimco Realty Corp.	944		23,732
Macerich Co. (The)	312		26,024
Plum Creek Timber Co., Inc.	787		33,676
Prologis, Inc.	992		42,686
Public Storage	279		51,573
Simon Property Group, Inc.	670		122,014
Ventas, Inc.	969		69,477
Vornado Realty Trust	559		65,800
Weyerhaeuser Co.	5,352		192,083
Total Real Estate Investment Trusts			1,407,249
Real Estate Management & Development—0.6%
CBRE Group, Inc., Class A*	6,029		206,493
Thrifts & Mortgage Finance—0.2%
Hudson City Bancorp, Inc.	3,179		32,171
People’s United Financial, Inc.	2,216		33,639
Total Thrifts & Mortgage Finance			65,810
Total Investments—100.1%
(Cost $28,647,476)			35,396,369
Liabilities in Excess of Other Assets—(0.1)%			(18,057	)
Net Assets—100.0%		$	35,378,312

PLC – Public Limited Company

REIT – Real Estate Investment Trust

* Non-income producing security

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

21

SCHEDULE OF INVESTMENTS

REVENUE SHARES ADR FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
COMMON STOCKS—95.8%
Automobiles & Components—6.5%
Honda Motor Co. Ltd.(a)(b)	14,652	$	432,527
Magna International, Inc.	1,266		137,602
Toyota Motor Corp.(b)	7,573		950,260
Total Automobiles & Components			1,520,389
Banks—12.0%
Banco Bilbao Vizcaya Argentaria SA(b) 10,614			99,666
Banco Bradesco SA(b)	23,277		311,214
Banco de Chile(b)	249		17,166
Banco Santander Chile(b)	864		17,038
Banco Santander SA(b)	24,980		208,083
Bancolombia SA(b)	535		25,616
Bank of Ireland*(a)(b)	1,132		17,229
Bank of Montreal	1,041		73,630
Bank of Nova Scotia	1,880		107,310
Barclays PLC(b)	11,095		166,536
Canadian Imperial Bank of Commerce	698		59,993
Credicorp Ltd.	114		18,261
HSBC Holdings PLC(b)	5,695		268,975
ING Groep NV*(b)	12,853		166,703
KB Financial Group, Inc.(b)	1,691		55,160
Lloyds Banking Group PLC*(b)	34,740		161,194
Mitsubishi UFJ Financial Group, Inc.(b)	31,962		176,750
Mizuho Financial Group, Inc.(a)(b)	30,903		105,070
Royal Bank of Canada	1,907		131,717
Royal Bank of Scotland Group PLC*(b) 12,702			153,821
Shinhan Financial Group Co. Ltd.(b)	1,714		69,229
Sumitomo Mitsui Financial Group, Inc.(b)	18,664		135,874
Toronto-Dominion Bank	2,480		118,494
Westpac Banking Corp.(a)(b)	4,936		132,778
Total Banks			2,797,507
Capital Goods—1.4%
ABB Ltd.*(a)(b)	7,169		151,624
Embraer SA(a)(b)	689		25,397
Koninklijke Philips NV	3,934		114,086
Nidec Corp.(a)(b)	1,864		30,215
Total Capital Goods			321,322
Consumer Durables & Apparel—1.4%
Gildan Activewear, Inc.	150		8,482
Luxottica Group S.p.A.(b)	683		37,203
Sony Corp.(b)	14,257		291,841
Total Consumer Durables & Apparel			337,526
Consumer Services—0.3%
Carnival PLC(b)	1,332		59,927
Intercontinental Hotels Group PLC(a)(b)	179		7,169
Restaurant Brands International, Inc.*(a) 135			5,270
Total Consumer Services			72,366
Diversified Financials—2.6%
Credit Suisse Group AG*(a)(b)	5,733		143,784
Deutsche Bank AG	6,921		207,768
Nomura Holdings, Inc.(a)(b)	13,687		77,605
ORIX Corp.(a)(b)	361		22,573
UBS AG*(a)	8,522		140,869
Total Diversified Financials			592,599

Investments	Shares		Value
Energy—35.8%
BP PLC(b)	31,682	$	1,207,718
Cameco Corp.(a)	551		9,042
Canadian Natural Resources Ltd.(a)	2,241		69,202
Cenovus Energy, Inc.	4,047		83,449
China Petroleum & Chemical Corp.(a)(b)	14,504		1,174,969
CNOOC Ltd.(a)(b)	1,322		179,052
Ecopetrol SA(a)(b)	9,072		155,313
Enbridge, Inc.	2,640		135,722
Encana Corp.	2,225		30,861
ENI S.p.A.(b)	16,295		568,858
Imperial Oil Ltd.	2,926		125,906
Pembina Pipeline Corp.	641		23,339
PetroChina Co. Ltd.(a)(b)	10,867		1,205,802
Royal Dutch Shell PLC, Class A(b)	12,929		865,597
Royal Dutch Shell PLC, Class B(b)	12,602		876,595
Statoil ASA(a)(b)	22,673		399,271
Suncor Energy, Inc.	5,084		161,569
Talisman Energy, Inc.	3,535		27,679
Tenaris SA(b)	1,319		39,847
Total SA(a)(b)	16,539		846,797
TransCanada Corp.	728		35,745
Ultrapar Participacoes SA(b)	5,715		108,985
Total Energy			8,331,318
Food & Staples Retailing—0.8%
Cencosud SA(a)(b)	9,973		76,692
Delhaize Group SA(b)	6,006		108,829
Total Food & Staples Retailing			185,521
Food, Beverage & Tobacco—3.3%
Ambev SA(b)	10,101		62,828
Anheuser-Busch InBev NV(b)	1,540		172,973
BRF SA(b)	2,317		54,102
British American Tobacco PLC(b)	806		86,903
Diageo PLC(b)	529		60,354
Fomento Economico Mexicano SAB de CV*(b)	930		81,868
Unilever NV	3,054		119,228
Unilever PLC(b)	2,965		120,023
Total Food, Beverage & Tobacco			758,279
Health Care Equipment & Services—0.7%
Catamaran Corp.*	1,501		77,677
Fresenius Medical Care AG & Co. KGaA(b)	1,520		56,453
Smith & Nephew PLC(a)(b)	510		18,737
Total Health Care Equipment & Services			152,867
Insurance—5.7%
Aegon NV, Class G	26,613		199,598
Aviva PLC(a)(b)	16,217		241,633
China Life Insurance Co. Ltd.(a)(b)	4,778		280,516
Manulife Financial Corp.	8,108		154,782
Prudential PLC(b)	7,928		366,036
Sun Life Financial, Inc.	2,183		78,719
Total Insurance			1,321,284

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

22

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES ADR FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
Materials—6.7%
Agnico-Eagle Mines Ltd.	296	$	7,367
Agrium, Inc.	639		60,526
ArcelorMittal(a)	27,364		301,825
Barrick Gold Corp.	3,631		39,033
BHP Billiton Ltd.(a)(b)	2,677		126,676
BHP Billiton PLC(b)	3,031		130,333
Cemex SAB de CV*(b)	5,691		57,991
Cia de Minas Buenaventura SA(b)	464		4,436
Cia Siderurgica Nacional SA(a)(b)	16,362		34,033
CRH PLC(b)	4,036		96,904
Eldorado Gold Corp.	648		3,940
Gerdau SA(b)	22,131		78,565
Goldcorp, Inc.	750		13,890
James Hardie Industries PLC(b)	101		5,494
Kinross Gold Corp.*	4,732		13,344
POSCO(b)	3,500		223,335
Potash Corp. of Saskatchewan, Inc.	705		24,901
Randgold Resources Ltd.(b)	70		4,719
Rio Tinto PLC(a)(b)	4,507		207,592
Silver Wheaton Corp.	115		2,338
Sociedad Quimica y Minera de Chile SA(b)	321		7,666
Southern Copper Corp.	774		21,827
Syngenta AG(b)	867		55,696
Teck Resources Ltd., Class B(a)	2,608		35,573
Yamana Gold, Inc.	1,697		6,822
Total Materials			1,564,826
Media—1.1%
Grupo Televisa SAB*(b)	602		20,504
Pearson PLC(b)	1,622		29,926
Reed Elsevier NV(b)	735		35,016
Reed Elsevier PLC(a)(b)	525		35,726
Shaw Communications, Inc., Class B	671		18,110
Thomson Reuters Corp.	1,179		47,561
WPP PLC(a)(b)	669		69,643
Total Media			256,486
Pharmaceuticals, Biotechnology & Life Sciences—3.1%
AstraZeneca PLC(b)	1,354		95,295
GlaxoSmithKline PLC(b)	3,419		146,128
Novartis AG(b)	2,179		201,906
Novo Nordisk A/S(b)	1,288		54,508
QIAGEN NV*	215		5,044
Sanofi(b)	3,644		166,203
Shire PLC(b)	100		21,254
Valeant Pharmaceuticals International, Inc.*	210		30,053
Total Pharmaceuticals, Biotechnology & Life Sciences			720,391
Real Estate—0.3%
Brookfield Asset Management, Inc.,
Class A	1,462		73,290

Investments	Shares		Value
Semiconductors & Semiconductor Equipment—0.6%
ARM Holdings PLC(b)	103	$	4,769
ASML Holding NV, Class G	294		31,702
STMicroelectronics NV, Class Y(a)	3,829		28,603
Taiwan Semiconductor Manufacturing Co. Ltd.(b)	3,749		83,902
Total Semiconductors & Semiconductor Equipment			148,976
Software & Services—0.5%
CGI Group, Inc., Class A*	1,010		38,542
SAP SE(b)	1,250		87,062
Total Software & Services			125,604
Technology Hardware & Equipment—2.0%
Alcatel-Lucent*(b)	19,983		70,940
BlackBerry Ltd.*	3,248		35,663
Canon, Inc.(b)	4,046		128,096
Kyocera Corp.(b)	1,163		53,289
Nokia OYJ(b)	7,818		61,449
Telefonaktiebolaget LM Ericsson(b)	10,452		126,469
Total Technology Hardware & Equipment			475,906
Telecommunication Services—9.7%
America Movil SAB de CV, Class L(b)	11,022		244,468
BCE, Inc.	1,565		71,771
BT Group PLC(b)	1,652		102,407
China Mobile Ltd.(b)	6,244		367,272
Chunghwa Telecom Co. Ltd.(a)(b)	934		27,488
Nippon Telegraph & Telephone Corp.(b)	15,270		391,065
NTT DoCoMo, Inc.(b)	10,895		159,067
Orange SA(a)(b)	12,125		205,155
Portugal Telecom SGPS SA(a)(b)	4,960		5,258
Rogers Communications, Inc., Class B	1,116		43,368
Telecom Italia S.p.A.*(b)	8,332		87,819
Telefonica SA(b)	17,113		243,176
TELUS Corp.	1,102		39,716
Vodafone Group PLC(b)	8,115		277,289
Total Telecommunication Services			2,265,319
Transportation—0.6%
Canadian National Railway Co.	607		41,829
Canadian Pacific Railway Ltd.	122		23,508
Latam Airlines Group SA*(a)(b)	4,142		49,621
Ryanair Holdings PLC*(b)	356		25,372
Total Transportation			140,330
Utilities—0.7%
Cia Energetica de Minas Gerais(b)	5,804		28,846
CPFL Energia SA(b)	1,895		25,715
Empresa Nacional de Electricidad SA(b)	368		16,464
Enersis SA(b)	2,884		46,231
National Grid PLC(b)	470		33,210
TransAlta Corp.(a)	984		8,915
Total Utilities			159,381
Total Common Stocks
(Cost $22,626,806)			22,321,487

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

23

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES ADR FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
PREFERRED STOCKS—3.8%
Banks—1.1%
Itau Unibanco Holding SA(b)	19,905	$	258,964
Energy—1.9%
Petroleo Brasileiro SA(b)	58,770		445,476
Materials—0.8%
Vale SA, Class A(a)(b)	25,426		184,593
Total Preferred Stocks
(Cost $1,306,276)			889,033
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—21.1%
Dreyfus Institutional Preferred
Money Market Fund—Prime
Shares, 0.06%(c)
(Cost $4,905,552)	4,905,552		4,905,552
Total Investments—120.7%
(Cost $28,838,634)			28,116,072
Liabilities in Excess of Other Assets—(20.7)%			(4,829,859	)
Net Assets—100.0%		$	23,286,213

				% of
Country	Value			Net Assets
Australia	$	259,454		1.1	%
Belgium		281,802		1.2
Brazil		1,618,718		6.9
Canada		2,288,689		9.8
Chile		230,878		1.0
China		1,486,319		6.4
Colombia		180,928		0.8
Denmark		54,508		0.2
Finland		61,449		0.3
France		1,289,094		5.5
Germany		351,284		1.5
Hong Kong		1,721,293		7.4
Ireland		166,254		0.7
Italy		693,881		3.0
Japan		2,954,233		12.7
Jersey Islands		4,719		0.0	†
Luxembourg		341,672		1.5
Mexico		404,831		1.7
Netherlands		2,413,568		10.4
Norway		399,272		1.7
Peru		22,696		0.1
Portugal		5,258		0.0	†
South Korea		347,724		1.5
Spain		550,925		2.4
Sweden		126,469		0.5
Switzerland		722,481		3.1
Taiwan		111,390		0.5
United Kingdom		4,051,344		17.4
United States		4,974,939		21.4
Total Investments		28,116,072		120.7
Liabilities in Excess of
Other Assets		(4,829,859	)	(20.7	)
Net Assets	$	23,286,213		100.0	%

PLC – Public Limited Company

*	Non-income producing security
†	Less than 0.05%
(a)	All or a portion of the security was on loan. The aggregate market value of the securities on loan was $4,808,318; total market value of the collateral held by the fund was $4,915,423. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $9,871.
(b)	American Depositary Receipt
(c)	Rate shown represents annualized 7-day yield as of December 31, 2014.

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

24

SCHEDULE OF INVESTMENTS

REVENUE SHARES NAVELLIER OVERALL A-100 FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
COMMON STOCKS—119.8%
Automobiles & Components—0.5%
Gentherm, Inc.*	943	$	34,533
Banks—1.5%
Bear State Financial, Inc.*(a)	2,136		23,496
Credicorp Ltd.	542		86,818
Total Banks			110,314
Capital Goods—1.1%
AerCap Holdings NV*	1,403		54,465
Douglas Dynamics, Inc.	1,224		26,230
Total Capital Goods			80,695
Commercial & Professional Services—1.5%
CTPartners Executive Search, Inc.*	1,645		24,987
KAR Auction Services, Inc.	1,446		50,104
Multi-Color Corp.	614		34,028
Total Commercial & Professional Services			109,119
Consumer Durables & Apparel—6.0%
NIKE, Inc., Class B	3,767		362,197
Sequential Brands Group, Inc.*	1,925		25,160
Skechers U.S.A., Inc., Class A*	865		47,791
Total Consumer Durables & Apparel			435,148
Consumer Services—3.5%
Domino’s Pizza, Inc.	487		45,861
Marriott International, Inc., Class A	2,337		182,356
TAL Education Group*(b)	906		25,449
Total Consumer Services			253,666
Food & Staples Retailing—10.5%
Kroger Co. (The)	9,599		616,352
Pantry, Inc. (The)*	3,712		137,566
Total Food & Staples Retailing			753,918
Food, Beverage & Tobacco—2.9%
Calavo Growers, Inc.	708		33,488
Cal-Maine Foods, Inc.(a)	1,055		41,176
Keurig Green Mountain, Inc.	584		77,319
Pinnacle Foods, Inc.	1,539		54,327
Total Food, Beverage & Tobacco			206,310
Health Care Equipment & Services—10.5%
Abaxis, Inc.	451		25,630
Centene Corp.*	1,911		198,457
Edwards Lifesciences Corp.*	390		49,678
HCA Holdings, Inc.*	6,060		444,744
IDEXX Laboratories, Inc.*	278		41,219
Total Health Care Equipment & Services			759,728
Insurance—3.1%
AmTrust Financial Services, Inc.	1,211		68,119
Federated National Holding Co.	1,015		24,522
United Insurance Holdings Corp.	1,290		28,316
W.R. Berkley Corp.	2,071		106,159
Total Insurance			227,116

Investments	Shares		Value
Materials—5.4%
Alcoa, Inc.	19,660	$	310,431
Handy & Harman Ltd.*	851		39,172
Headwaters, Inc.*	2,432		36,456
Total Materials			386,059
Pharmaceuticals, Biotechnology & Life Sciences—10.3%
Alexion Pharmaceuticals, Inc.*	259		47,923
ANI Pharmaceuticals, Inc.*	442		24,924
BioSpecifics Technologies Corp.*	631		24,369
Depomed, Inc.*	1,740		28,032
Gilead Sciences, Inc.*	2,589		244,039
Hospira, Inc.*	1,245		76,256
ICON PLC*	800		40,792
Illumina, Inc.*	244		45,038
Shire PLC(b)	448		95,218
Taro Pharmaceutical Industries Ltd.*	238		35,269
Zoetis, Inc.	1,859		79,993
Total Pharmaceuticals, Biotechnology & Life Sciences			741,853
Real Estate—9.9%
Acadia Realty Trust	793		25,400
Chatham Lodging Trust	880		25,494
Chimera Investment Corp.	9,013		28,661
Corporate Office Properties Trust	1,044		29,618
DiamondRock Hospitality Co.	2,213		32,907
Extra Space Storage, Inc.	529		31,021
Geo Group, Inc. (The)	1,113		44,921
Health Care REIT, Inc.	817		61,822
Healthcare Trust of America, Inc., Class A	1,055		28,422
Highwoods Properties, Inc.	706		31,262
Jones Lang LaSalle, Inc.	594		89,058
LaSalle Hotel Properties	901		36,463
Marcus & Millichap, Inc.*	921		30,623
Mid-America Apartment Communities, Inc.	477		35,622
New York Mortgage Trust, Inc.(a)	3,528		27,201
Omega Healthcare Investors, Inc.	756		29,537
SL Green Realty Corp.	346		41,181
Sun Communities, Inc.	486		29,384
UDR, Inc.	1,042		32,114
Western Asset Mortgage Capital Corp.	1,631		23,976
Total Real Estate			714,687
Retailing—6.0%
Advance Auto Parts, Inc.	802		127,742
Expedia, Inc.	1,014		86,555
O’Reilly Automotive, Inc.*	553		106,519
Ulta Salon Cosmetics & Fragrance, Inc.* 461			58,934
Vipshop Holdings Ltd.*(b)	2,857		55,826
Total Retailing			435,576
Semiconductors & Semiconductor Equipment—16.4%
Ambarella, Inc.*(a)	552		27,998
Cascade Microtech, Inc.*	1,737		25,378
Intel Corp.	16,442		596,680
Lam Research Corp.	1,007		79,895
RF Micro Devices, Inc.*(a)	2,492		41,342
Silicon Motion Technology Corp.(b)	1,050		24,833

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

25

SCHEDULE OF INVESTMENTS — continued

REVENUE SHARES NAVELLIER OVERALL A-100 FUND

DECEMBER 31, 2014 (UNAUDITED )

Investments	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions, Inc.	730	$	53,078
Taiwan Semiconductor Manufacturing Co. Ltd.(b)	13,230		296,087
TriQuint Semiconductor, Inc.*	1,350		37,193
Total Semiconductors & Semiconductor Equipment			1,182,484
Software & Services—5.5%
Bitauto Holdings Ltd.*(b)	384		27,037
Dice Holdings, Inc.*	2,559		25,616
Facebook, Inc., Class A*	2,010		156,820
Net 1 UEPS Technologies, Inc.*	2,761		31,475
Open Text Corp.	774		45,093
Qualys, Inc.*	690		26,048
Reis, Inc.	1,068		27,950
TechTarget, Inc.*	2,477		28,164
VASCO Data Security International, Inc.*(a)	944		26,630
Total Software & Services			394,833
Technology Hardware & Equipment—9.9%
Apple, Inc.	5,457		602,344
F5 Networks, Inc.*	335		43,706
Super Micro Computer, Inc.*	1,311		45,728
SuperCom Ltd.*	2,036		20,787
Total Technology Hardware & Equipment			712,565
Telecommunication Services—2.5%
General Communication, Inc., Class A* 2,676			36,795
Inteliquent, Inc.	1,428		28,032
PT Telekomunikasi Indonesia Persero Tbk(b)	2,541		114,929
Total Telecommunication Services			179,756

Investments	Shares		Value
Transportation—6.5%
Knight Transportation, Inc.	1,070	$	36,016
Landstar System, Inc.	795		57,661
Old Dominion Freight Line, Inc.*	704		54,659
Union Pacific Corp.	2,660		316,886
Total Transportation			465,222
Utilities—6.3%
Edison International	2,803		183,540
PG&E Corp.	4,179		222,490
Portland General Electric Co.	1,219		46,115
Total Utilities			452,145
Total Common Stocks
(Cost $8,112,367)			8,635,727
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—2.5%
Dreyfus Institutional Preferred
Money Market Fund—Prime
Shares, 0.06% (c)
(Cost $181,231)	181,231		181,231
Total Investments—122.3%
(Cost $8,293,598)			8,816,958
Liabilities in Excess of Other Assets—(22.3)%			(1,609,454	)
Net Assets—100.0%		$	7,207,504

PLC – Public Limited Company

REIT – Real Estate Investment Trust

*	Non-income producing security
(a)	All or a portion of the security was on loan. The aggregate market value of the securities on loan was $173,769; total market value of the collateral held by the fund was $181,231.
(b)	American Depositary Receipt
(c)	Rate shown represents annualized 7-day yield as of December 31, 2014.

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

26

SCHEDULE OF INVESTMENTS

REVENUESHARES ULTRA DIVIDEND FUND

DECEMBER 31, 2014 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—100.1%
Banks—1.0%
New York Community Bancorp, Inc.	14,783	$	236,528
People’s United Financial, Inc.	11,616		176,331
Valley National Bancorp	9,419		91,458
Total Banks			504,317
Commercial & Professional Services—3.0%
R.R. Donnelley & Sons Co.	90,542		1,521,558
Consumer Durables & Apparel—1.5%
Mattel, Inc.	24,710		764,651
Consumer Services—1.9%
Darden Restaurants, Inc.	15,963		935,911
Diversified Financials—0.7%
CME Group, Inc.	4,201		372,419
Energy—15.1%
Diamond Offshore Drilling, Inc.(a)	10,611		389,530
Ensco PLC, Class A	22,442		672,138
HollyFrontier Corp.	65,085		2,439,386
Kinder Morgan, Inc.	50,980		2,156,964
Noble Corp. PLC	38,220		633,305
Transocean Ltd.(a)	69,599		1,275,749
Total Energy			7,567,072
Food, Beverage & Tobacco—12.4%
Altria Group, Inc.	44,175		2,176,502
Lorillard, Inc.	9,928		624,868
Philip Morris International, Inc.	28,781		2,344,213
Reynolds American, Inc.	16,117		1,035,840
Total Food, Beverage & Tobacco			6,181,423
Insurance—2.2%
Mercury General Corp.	6,817		386,320
Old Republic International Corp.	47,713		698,041
Total Insurance			1,084,361
Real Estate—6.4%
BioMed Realty Trust, Inc.	3,866		83,274
Corporate Office Properties Trust	2,493		70,726
Corrections Corp. of America	5,577		202,668
HCP, Inc.	5,980		263,299
Health Care REIT, Inc.	5,296		400,748
Highwoods Properties, Inc.	1,717		76,029
Home Properties, Inc.	1,291		84,690
Hospitality Properties Trust	6,764		209,684
Iron Mountain, Inc.	10,549		407,824
Kimco Realty Corp.	4,970		124,946
Mack-Cali Realty Corp.	4,291		81,787
Mid-America Apartment Communities, Inc.	1,646		122,923
National Retail Properties, Inc.	1,371		53,976
Omega Healthcare Investors, Inc.	1,539		60,129
Plum Creek Timber Co., Inc.	4,134		176,894
Rayonier, Inc.	5,622		157,079
Realty Income Corp.	2,395		114,265

Investments	Shares		Value
Senior Housing Properties Trust(a)	4,461	$	98,633
Ventas, Inc.	4,995		358,142
Weingarten Realty Investors	1,873		65,405
Total Real Estate			3,213,121
Semiconductors & Semiconductor Equipment—0.2%
Cypress Semiconductor Corp.*(a)	6,433		91,863
Telecommunication Services—17.4%
AT&T, Inc.	75,548		2,537,657
CenturyLink, Inc.	59,680		2,362,134
Frontier Communications Corp.	91,322		609,118
Verizon Communications, Inc.	53,305		2,493,608
Windstream Holdings, Inc.	85,820		707,157
Total Telecommunication Services			8,709,674
Utilities—38.3%
Ameren Corp.	17,303		798,187
Consolidated Edison, Inc.	24,999		1,650,184
Dominion Resources, Inc.	21,561		1,658,041
Duke Energy Corp.	29,384		2,454,739
Entergy Corp.	17,686		1,547,171
FirstEnergy Corp.	50,261		1,959,676
Hawaiian Electric Industries, Inc.(a)	12,284		411,268
Integrys Energy Group, Inc.	12,084		940,740
Pepco Holdings, Inc.	22,503		606,006
PG&E Corp.	39,800		2,118,952
PPL Corp.	36,706		1,333,529
SCANA Corp.	10,580		639,032
Southern Co. (The)	47,427		2,329,140
TECO Energy, Inc.	17,908		366,935
WGL Holdings, Inc.	6,417		350,497
Total Utilities			19,164,097
Total Common Stocks
(Cost $47,564,305)			50,110,467
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED—4.2%
Dreyfus Institutional Preferred
Money Market Fund—Prime
Shares, 0.06% (b)
(Cost $2,092,755)	2,092,755		2,092,755
Total Investments—104.3%
(Cost $49,657,060)			52,203,222
Liabilities in Excess of Other Assets—(4.3)%			(2,143,734	)
Net Assets—100.0%		$	50,059,488

PLC – Public Limited Company

REIT – Real Estate Investment Trust

*	Non-income producing security
(a)	All or a portion of the security was on loan. The aggregate market value of the securities on loan was $2,084,334; total market value of the collateral held by the fund was $2,185,589.The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $92,834.
(b)	Rate shown represents annualized 7-day yield as of December 31, 2014.

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

27

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2014 (UNAUDITED )

	RevenueShares Large Cap Fund			RevenueShares Mid Cap Fund			RevenueShares Small Cap Fund			RevenueShares Financials Sector Fund			RevenueShares ADR Fund			RevenueShares Navellier Overall A-100 Fund		RevenueShares Ultra Dividend Fund
ASSETS:
Investments at value
(including securities
on loan) (Note 5)1	$	298,705,858		$	226,007,073		$	342,101,237		$	35,396,369		$	28,116,072		$	8,816,958	$	52,203,222
Cash		534,780			935,745			176,822			76,598			246,897			10,820		266,371
Receivables:
Expense
reimbursement
due from
Adviser		—			—			—			—			449			2,478		—
Capital shares sold		2,042,023			—			—			—			—			—		—
Dividends		388,013			133,209			264,272			27,974			31,069			17,028		139,541
Investment securities
sold		—			887			—			—			—			—		708
Securities lending
income, net
(Note 2)		707			8,391			13,733			—			1,747			174		2,641
Reclaims		—			—			—			—			48,887			715		—
Prepaid expenses		4,238			3,336			8,017			594			94			167		491
Total Assets		301,675,619			227,088,641			342,564,081			35,501,535			28,445,215			8,848,340		52,612,974
LIABILITIES:
Payables:
Investment of cash
collateral for
securities on
loan (Note 2)		697,582			12,963,425			18,983,098			—			4,905,552			181,231		2,092,755
Investment securities
purchased		2,041,730			—			—			—			—			—		—
Income Distributions
(Note 7)		1,144,489			511,003			589,271			86,877			219,778			14,540		397,271
Capital Gains
Distributions
(Note 7)		274,828			745,289			547,508			—			—			1,431,498		51,249
Advisory fees (Note 3)		85,313			67,397			96,536			3,929			—			—		6,845
Compliance Officer
fees		297			4,606			5,978			—			—			—		—
Trustee fees		1,439			1,111			563			552			16			932		—
Other accrued expenses		165,828			131,617			131,659			31,865			33,656			12,635		5,366
Total Liabilities		4,411,506			14,424,448			20,354,613			123,223			5,159,002			1,640,836		2,553,486
NET ASSETS	$	297,264,113		$	212,664,193		$	322,209,468		$	35,378,312		$	23,286,213		$	7,207,504	$	50,059,488
NET ASSETS CONSIST OF:
Paid-in capital	$	217,562,499		$	163,813,323		$	269,961,630		$	29,466,536		$	28,850,227		$	6,507,265	$	46,138,236
Undistributed net
investment income
(loss)		(19,705	)		(4,527	)		(127,859	)		3,034			(116,506	)		115		2,512
Accumulated net realized
gain (loss) on
investments		(2,030,601	)		14,611,738			3,685,199			(840,151	)		(4,724,946	)		176,764		1,372,578
Net unrealized
appreciation
(depreciation) on
investments		81,751,920			34,243,659			48,690,498			6,748,893			(722,562	)		523,360		2,546,162
NET ASSETS	$	297,264,113		$	212,664,193		$	322,209,468		$	35,378,312		$	23,286,213		$	7,207,504	$	50,059,488
Shares outstanding
(unlimited number of
shares of beneficial
interest authorized,
without par value)		7,301,400			4,401,400			5,651,400			700,000			650,000			150,000		1,650,000
Net asset value,
per share	$	40.71		$	48.32		$	57.01		$	50.54		$	35.82		$	48.05	$	30.34
Investment at cost	$	216,953,938		$	191,763,414		$	293,410,739		$	28,647,476		$	28,838,634		$	8,293,598	$	49,657,060
1 Market value of
securities on loan:	$	1,598,188		$	12,829,909		$	17,616,330		$	—		$	4,808,318		$	173,769	$	2,084,334

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

28

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2014 (UNAUDITED )

	RevenueShares Large Cap Fund			RevenueShares Mid Cap Fund			RevenueShares Small Cap Fund			RevenueShares Financials Sector Fund			RevenueShares ADR Fund			RevenueShares Navellier Overall A-100 Fund			RevenueShares Ultra Dividend Fund
INVESTMENT INCOME:
Dividend income	$	2,760,154		$	1,433,603		$	1,641,740		$	261,824		$	339,409		$	49,886		$	766,789
Foreign withholding tax		(241	)		—			(395	)		—			(33,048	)		(2,092	)		—
Securities lending
income, net (Note 2)		3,663			46,732			59,361			181			9,537			2,151			8,747
Total Income		2,763,576			1,480,335			1,700,706			262,005			315,898			49,945			775,536
EXPENSES:
Advisory fees (Note 3)		595,604			532,048			736,824			76,057			68,663			25,265			74,433
BNY Fund Services fees		161,603			134,085			144,098			26,895			28,802			8,207			26,787
Professional fees		26,949			23,492			23,520			11,189			10,374			7,536			5,995
Compliance Officer fees		16,100			16,139			20,834			2,353			4,657			(1,495	)		(8,253	)
Printing and Postage		15,761			13,719			22,704			2,070			(4,068	)		496			(13,921	)
Trustees fees		9,109			6,397			6,262			967			821			199			437
NYSE Listing fees		7,735			7,750			7,720			7,816			7,820			7,840			13,122
NYSE Calculation fees		(2,521	)		(2,523	)		(2,521	)		(2,579	)		(2,523	)		(2,561	)		(1,892	)
Other Expenses		2,549			1,037			1,868			374			492			67			(84	)
Total Expenses		832,889			732,144			961,309			125,142			115,038			45,554			96,624
Less expense waivers
and reimbursements
(Note 3)		(184,884	)		(157,532	)		(166,168	)		(42,325	)		(58,963	)		(20,289	)		(15,574	)
Net Expenses		648,005			574,612			795,141			82,817			56,075			25,265			81,050
Net Investment Income		2,115,571			905,723			905,565			179,188			259,823			24,680			694,486
NET REALIZED AND
UNREALIZED GAIN
(LOSS) ON
INVESTMENTS:
Net realized gain
(loss) on
investments		227,763			(848,315	)		(1,817,483	)		137,465			(470,129	)		1,264,337			(10,675	)
Net realized gain on
in-kind redemptions		—			16,758,146			7,869,230			—			—			—			1,458,403
Total net realized gain (loss)		227,763			15,909,831			6,051,747			137,465			(470,129	)		1,264,337			1,447,728
Net change in unrealized
appreciation
(depreciation) on
investments		16,098,217			(12,139,140	)		(657,281	)		2,723,739			(2,566,617	)		(767,003	)		1,184,433
Net realized and
unrealized gain
(loss) on
investments		16,325,980			3,770,691			5,394,466			2,861,204			(3,036,746	)		497,334			2,632,161
Net Increase (Decrease)
in Net Assets
Resulting From
Operations	$	18,441,551		$	4,676,414		$	6,300,031		$	3,040,392		$	(2,776,923	)	$	522,014		$	3,326,647

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

29

STATEMENTS OF CHANGES IN NET ASSETS

	RevenueShares Large Cap Fund						RevenueShares Mid Cap Fund						RevenueShares Small Cap Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
OPERATIONS:
Net investment income	$	2,115,571		$	3,348,387		$	905,723		$	1,308,165		$	905,565		$	1,189,594
Net realized gain on
investments and in-kind
redemptions		227,763			21,792,185			15,909,831			19,575,638		$	6,051,747			44,566,505
Net change in unrealized
appreciation (depreciation)
on investments		16,098,217			18,478,534			(12,139,140	)		17,801,315			(657,281	)		9,172,255
Net increase in net assets
resulting from operations		18,441,551			43,619,106			4,676,414			38,685,118			6,300,031			54,928,354
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,153,591	)		(3,077,924	)		(1,265,822	)		(1,218,541	)		(1,254,897	)		(2,135,006	)
Realized gains		(274,828	)		—			(745,289	)		(807,714	)		(547,508	)		(552,449	)
Total distributions to
shareholders		(3,428,419	)		(3,077,924	)		(2,011,111	)		(2,026,255	)		(1,802,405	)		(2,687,455	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		39,281,448			74,120,953			65,553,898			105,992,709			63,361,547			219,926,798
Cost of shares redeemed		—			(53,717,762	)		(60,958,566	)		(60,813,115	)		(38,234,087	)		(133,024,559	)
Net increase in net assets
resulting from shareholder
transactions		39,281,448			20,403,191			4,595,332			45,179,594			25,127,460			86,902,239
Increase in net assets		54,294,580			60,944,373			7,260,635			81,838,457			29,625,086			139,143,138
NET ASSETS:
Beginning of period		242,969,533			182,025,160			205,403,558			123,565,101			292,584,382			153,441,244
End of period	$	297,264,113		$	242,969,533		$	212,664,193		$	205,403,558		$	322,209,468		$	292,584,382
Undistributed net investment
income (loss) included in
net assets at end of period	$	(19,705	)	$	1,018,315		$	(4,527)			$ 355,572		$	(127,859	)	$	221,473
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning
of period		6,301,400			5,801,400			4,301,400			3,251,400			5,201,400			3,501,400
Shares sold		1,000,000			2,050,000			1,400,000			2,450,000			1,150,000			4,250,000
Shares redeemed		—			(1,550,000	)		(1,300,000	)		(1,400,000	)		(700,000	)		(2,550,000	)
Shares outstanding,
end of period		7,301,400			6,301,400			4,401,400			4,301,400			5,651,400			5,201,400

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

30

STATEMENTS OF CHANGES IN NET ASSETS — concluded

	RevenueShares Financials Sector Fund						RevenueShares ADR Fund						RevenueShares Navellier Overall A-100 Fund						RevenueShares Ultra Dividend Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			For the Period September 30, 20131 to June 30, 2014
OPERATIONS:
Net investment
income	$	179,188		$	322,549		$	259,823		$	794,802		$	24,680		$	58,273		$	694,486		$	359,022
Net realized gain
(loss) on investments
and in-kind
redemptions		137,465			3,369,006			(470,129	)		507,978			1,264,337			701,355			1,447,728			(23,901	)
Net change in
unrealized
appreciation
(depreciation) on
investments		2,723,739			1,401,893			(2,566,617	)		3,966,961			(767,003	)		948,999			1,184,433			1,361,729
Net increase (decrease)
in net assets
resulting from
operations		3,040,392			5,093,448			(2,776,923	)		5,269,741			522,014			1,708,627			3,326,647			1,696,850
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income		(239,309	)		(296,193	)		(679,055	)		(758,211	)		(42,212	)		(119,412	)		(872,682	)		(178,314	)
Realized gains		—			—			—			—			(1,431,498	)		—			(51,249	)		—
Total distributions to
shareholders		(239,309	)		(296,193	)		(679,055	)		(758,211	)		(1,473,710	)		(119,412	)		(923,931	)		(178,314	)
SHAREHOLDER
TRANSACTIONS:
Proceeds from shares sold		—			10,649,165			3,742,017			—			—			—			42,122,981			21,457,458
Cost of shares redeemed		—			(12,378,478	)		—			(5,628,988	)		—			—			(17,442,203	)		—
Net increase (decrease)
in net assets resulting
from shareholder
transactions		—			(1,729,313	)		3,742,017			(5,628,988	)		—			—			24,680,778			21,457,458
Increase (Decrease) in
net assets		2,801,083			3,067,942			286,039			(1,117,458	)		(951,696	)		1,589,215			27,083,494			22,975,994
NET ASSETS:
Beginning of period		32,577,229			29,509,287			23,000,174			24,117,632			8,159,200			6,569,985			22,975,994			—
End of period	$	35,378,312		$	32,577,229		$	23,286,213		$	23,000,174		$	7,207,504		$	8,159,200		$	50,059,488		$	22,975,994
Undistributed net
investment income
(loss) included in
net assets at end
of period	$	3,034		$	63,155		$	(116,506	)	$	302,726		$	115		$	17,647		$	2,512		$	180,708
CHANGES IN SHARES
OUTSTANDING:
Shares outstanding,
beginning of period		700,000			750,000			550,000			700,000			150,000			150,000			800,000			—
Shares sold		—			250,000			100,000			—			—			—			1,450,000			800,000
Shares redeemed		—			(300,000	)		—			(150,000	)		—			—			(600,000	)		—
Shares outstanding,
end of period		700,000			700,000			650,000			550,000			150,000			150,000			1,650,000			800,000

¹ Commencement of operations

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

31

FINANCIAL HIGHLIGHTS

REVENUE SHARES LARGE CAP FUND

For a share outstanding throughout each period presented.

	Six-Months Ended
	December 31, 2014			Year Ended June 30,
	(Unaudited)			2014			2013			2012			2011			2010
Per Share Operating
Performance:
Net asset value, beginning
of period	$	38.56		$	31.38		$	25.20		$	25.00		$	19.40		$	16.63
Net investment income1		0.32			0.59			0.54	2		0.41			0.39			0.29
Net realized and unrealized
gain on investments		2.34			7.13			6.17			0.213			5.57			2.74
Total gain from investment
operations		2.66			7.72			6.71			0.62			5.96			3.03
Less Distributions from:
Net investment income		(0.47	)		(0.54	)		(0.53	)		(0.42	)		(0.36	)		(0.26	)
Realized gains		(0.04	)		—			—			—			—			—
Total distributions		(0.51	)		(0.54	)		(0.53	)		(0.42	)		(0.36	)		(0.26	)
Net asset value, end of period	$	40.71		$	38.56		$	31.38		$	25.20		$	25.00		$	19.40
Total Return at Net Asset Value4		6.93	%		24.84	%		26.98	%		2.59	%		30.97	%		18.21	%
Total Return at Market Value4		6.95	%		25.10	%		28.86	%		2.57	%		30.94	%		17.99	%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted	$	297,264		$	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	%5		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense
waivers and reimbursements		0.63	%5		0.68	%		0.71	%		0.75	%		0.73	%		0.85	%
Net investment income, net of
waivers and reimbursements		1.60	%5		1.66	%		1.93	%2		1.72	%		1.68	%		1.44	%
Portfolio turnover rate6		13.87	%		11.98	%		23.47	%		29.05	%		12.73	%		6.72	%

1	Based on average daily shares outstanding.
2	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%.
3	The amount of net gain from securities (both realized and unrealized) per share does not accord with the amounts reported in the Statement of Operations due to the timing of purchases and redemptions of Fund shares during the year.
4	Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE
	Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.
5	Annualized for periods less than one year.
6	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

32

FINANCIAL HIGHLIGHTS — continued

REVENUE SHARES MID CAP FUND

For a share outstanding throughout each period presented.

	Six-Months Ended
	December 31, 2014			Year Ended June 30,
	(Unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance:
Net asset value, beginning
of period	$	47.75		$	38.00		$	29.88		$	31.69		$	23.04		$	18.84
Net investment income1		0.20			0.34			0.39	2		0.23			0.18			0.17
Net realized and unrealized gain
(loss) on investments		0.82			9.97			8.18			(1.15	)		8.64			4.18
Total gain (loss) from investment
operations		1.02			10.31			8.57			(0.92	)		8.82			4.35
Less Distributions from:
Net investment income		(0.28	)		(0.34	)		(0.31	)		(0.22	)		(0.17	)		(0.15	)
Realized gains		(0.17	)		(0.22	)		(0.14	)		(0.67	)		—			—
Total distributions		(0.45	)		(0.56	)		(0.45	)		(0.89	)		(0.17	)		(0.15	)
Net asset value, end of period	$	48.32		$	47.75		$	38.00		$	29.88		$	31.69		$	23.04
Total Return at Net Asset Value3		2.15	%		27.28	%		28.95	%		(2.72	)%		38.40	%		23.07	%
Total Return at Market Value3		2.59	%		27.14	%		29.25	%		(2.80	)%		38.42	%		22.86	%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted	$	212,664		$	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	%4		0.54	%		0.54	%		0.54	%		0.54	%		0.54	%
Expenses, prior to expense
waivers and reimbursements		0.69	%4		0.73	%		0.80	%		0.82	%		0.81	%		0.89	%
Net investment income, net of
waivers and reimbursements		0.85	%4		0.78	%		1.17	%2		0.77	%		0.61	%		0.71	%
Portfolio turnover rate5		5.45	%		24.19	%		44.42	%		55.02	%		38.03	%		14.51	%

1	Based on average daily shares outstanding.
2	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%.
3	Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE
	Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.
4	Annualized for periods less than one year.
5	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

33

FINANCIAL HIGHLIGHTS — continued

REVENUE SHARES SMALL CAP FUND

For a share outstanding throughout each period presented.

	Six-Months Ended
	December 31, 2014			Year Ended June 30,
	(Unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance:
Net asset value, beginning
of period		$56.25			$43.82			$33.71			$34.47			$25.41			$20.04
Net investment income1		0.17			0.26			0.38	2		0.20			0.14			0.07
Net realized and unrealized gain
(loss) on investments		0.92			12.81			10.22			(0.81	)		9.06			5.35
Total gain (loss) from investment
operations		1.09			13.07			10.60			(0.61	)		9.20			5.42
Less Distributions from:
Net investment income		(0.23	)		(0.52	)		(0.35	)		(0.15	)		(0.14	)		(0.05	)
Realized gains		(0.10	)		(0.12	)		(0.14	)		—			—			—
Total distributions		(0.33	)		(0.64	)		(0.49	)		(0.15	)		(0.14	)		(0.05	)
Net asset value, end of period		$57.01			$56.25			$43.82			$33.71			$34.47			$25.41
Total Return at Net Asset Value3		1.95	%		30.03	%		31.74	%		(1.75	)%		36.26	%		27.07	%
Total Return at Market Value3		2.12	%		30.38	%		31.53	%		(1.67	)%		36.10	%		26.88	%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted		$322,209			$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	%4		0.54	%		0.54	%		0.54	%		0.54	%		0.54	%
Expenses, prior to expense
waivers and reimbursements		0.65	%4		0.72	%		0.79	%		0.84	%		0.83	%		0.89	%
Net investment income, net of
waivers and reimbursements		0.61	%4		0.51	%		0.99	%2		0.61	%		0.44	%		0.25	%
Portfolio turnover rate5		10.82	%		10.69	%		39.39	%		47.80	%		33.72	%		16.33	%

1	Based on average daily shares outstanding.
2	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%
3	Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE
	Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.
4	Annualized for periods less than one year.
5	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

34

FINANCIAL HIGHLIGHTS — continued

REVENUE SHARES FINANCIALS SECTOR FUND

For a share outstanding throughout each period presented.

	Six-Months Ended
	December 31, 2014			Year Ended June 30,
	(Unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance:
Net asset value, beginning
of period		$46.54			$39.35			$27.62			$29.70			$27.30			$22.36
Net investment income1		0.26			0.45			0.38	2		0.26			0.46			0.15
Net realized and unrealized gain
(loss) on investments		4.08			7.17			11.71			(2.05	)		2.41			4.96
Total gain (loss) from investment
operations		4.34			7.62			12.09			(1.79	)		2.87			5.11
Less Distributions from:
Net investment income		(0.34	)		(0.43	)		(0.36	)		(0.29	)		(0.47	)		(0.17	)
Net asset value, end of period		$50.54			$46.54			$39.35			$27.62			$29.70			$27.30
Total Return at Net Asset Value3		9.35	%		19.44	%		44.09	%		(5.95	)%		10.40	%		22.87	%
Total Return at Market Value3		9.40	%		19.32	%		44.24	%		(5.93	)%		10.29	%		23.00	%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted		$35,378			$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	%4		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense
waivers and reimbursements		0.74	%4		0.80	%		1.03	%		1.29	%		1.03	%		1.11	%
Net investment income, net of
waivers and reimbursements		1.06	%4		1.03	%		1.12	%2		0.98	%		1.52	%		0.51	%
Portfolio turnover rate5		5.14	%		13.27	%		20.20	%		26.17	%		15.99	%		1.76	%

1	Based on average daily shares outstanding.
2	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%.
3	Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE
	Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.
4	Annualized for periods less than one year.
5	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

35

FINANCIAL HIGHLIGHTS — continued

REVENUE SHARES ADR FUND

For a share outstanding throughout each period presented.

	Six-Months Ended
	December 31, 2014			Year Ended June 30,
	(Unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance:
Net asset value, beginning
of period		$41.82			$34.45			$31.81			$39.84			$30.74			$30.09
Net investment income1		0.45			1.33			0.97	2		1.00			0.96			1.07
Net realized and unrealized gain
(loss) on investments		(5.28	)		7.24			2.47			(7.47	)		9.01			0.40
Total gain (loss) from investment
operations		(4.83	)		8.57			3.44			(6.47	)		9.97			1.47
Less Distributions from:
Net investment income		(1.17	)		(1.20	)		(0.80	)		(1.33	)		(0.87	)		(0.68	)
Realized gains		—			—			—			(0.23	)		—			(0.14	)
Total distributions		(1.17	)		(1.20	)		(0.80	)		(1.56	)		(0.87	)		(0.82	)
Net asset value, end of period		$35.82			$41.82			$34.45			$31.81			$39.84			$30.74
Total Return at Net Asset Value3		(11.76	)%		25.38	%		10.87	%		(16.30	)%		32.89	%		4.64	%
Total Return at Market Value3		(11.72	)%		25.39	%		10.76	%		(16.32	)%		32.90	%		4.55	%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted		$23,286			$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	%4		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense
waivers and reimbursements		1.01	%4		1.04	%		1.06	%		1.05	%		0.99	%		1.08	%
Net investment income, net of
waivers and reimbursements		2.27	%4		3.47	%		2.83	%2		2.97	%		2.55	%		3.06	%
Portfolio turnover rate5		12.10	%		21.31	%		21.02	%		35.04	%		37.11	%		45.80	%

1	Based on average daily shares outstanding.
2	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%.
3	Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE
	Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.
4	Annualized for periods less than one year.
5	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

36

FINANCIAL HIGHLIGHTS — continued

REVENUE SHARES NAVELLIER OVERALL A-100 FUND

For a share outstanding throughout each period presented.

	Six-Months Ended
	December 31, 2014			Year Ended June 30,
	(Unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance:
Net asset value, beginning
of period		$54.39			$43.80			$37.93			$41.98			$29.68			$27.52
Net investment income1		0.16			0.39			0.86	2		0.44			0.39			0.10
Net realized and unrealized gain
(loss) on investments		3.32			11.00			5.49			(3.67	)		12.32			2.61
Total gain (loss) from investment
operations		3.48			11.39			6.35			(3.23	)		12.71			2.71
Less Distributions from:
Net investment income		(0.28	)		(0.80	)		(0.48	)		(0.38	)		(0.41	)		(0.07	)
Realized gains		(9.54	)		—			—			(0.44	)		—			(0.48	)
Total distributions		(9.82	)		(0.80	)		(0.48	)		(0.82	)		(0.41	)		(0.55	)
Net asset value, end of period		$48.05			$54.39			$43.80			$37.93			$41.98			$29.68
Total Return at Net Asset Value3		6.11	%		26.37	%		16.79	%		(7.61	)%		43.05	%		9.70	%
Total Return at Market Value3		6.34	%		26.61	%		16.77	%		(7.93	)%		43.22	%		9.81	%
Ratios/Supplemental Data:
Net assets, end of period
(000’s) omitted		$7,208			$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	%4		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to expense
waivers and reimbursements		1.08	%4		1.37	%		1.43	%		1.42	%		1.60	%		1.40	%
Net investment income, net of
waivers and reimbursements		0.59	%4		0.79	%		2.05	%2		1.18	%		1.06	%		0.32	%
Portfolio turnover rate5		152.39	%		142.40	%		224.74	%		154.06	%		190.44	%		182.12	%

1	Based on average daily shares outstanding.
2	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%.
3	Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE
	Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.
4	Annualized for periods less than one year.
5	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

37

FINANCIAL HIGHLIGHTS — concluded

REVENUE SHARES ULTRA DIVIDEND FUND

For a share outstanding throughout each period presented.

	Six-Months Ended December 31, 2014 (Unaudited)				For the Period September 30, 20131 Through June 30, 2014
Per Share Operating Performance:
Net asset value, beginning of period		$	28.72			$	24.87
Net investment income2			0.61				0.91
Net realized and unrealized gain on investments			1.82				3.39
Total gain from investment operations			2.43				4.30
Less Distributions from:
Net investment income			(0.78	)			(0.45	)
Realized gains			(0.03	)			—
Total distributions			(0.81	)			(0.45	)
Net asset value, end of period		$	30.34			$	28.72
Total Return at Net Asset Value3			8.62	%			17.46	%
Total Return at Market Value3			8.50	%			17.58	%
Ratios/Supplemental Data:
Net assets, end of period (000’s) omitted		$	50,059			$	22,976
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements			0.49	%4			0.49	%4
Expenses, prior to expense waivers and reimbursements			0.58	%4			1.18	%4
Net investment income, net of waivers and reimbursements			4.20	%4			4.57	%4
Portfolio turnover rate5			5.37	%			37.43	%

1	Commencement of operations.
2	Based on average daily shares outstanding.
3	Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE
	Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.
4	Annualized for periods less than one year.
5	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

38

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2014 (UNAUDITED )

1. ORGANIZ ATION

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.

39

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 December 31, 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. As of December 31, 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 December 31, 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 Statement of Assets and Liabilities Collateral Received1			Net Amount		Gross Amounts Presented in Statement of Assets and Liabilities		Gross Amounts Not Offset in Statement of Assets and Liabilities Collateral Received		Net Amount
RevenueShares Large Cap Fund	$	1,598,188	$	(697,582	)	$	900,606	$	—	$	—	$	—
RevenueShares Mid Cap Fund		12,829,909		(12,829,909	)		—		—		—		—
RevenueShares Small Cap Fund		17,616,330		(17,616,330	)		—		—		—		—
RevenueShares Financials
Sector Fund		—		—			—		—		—		—
RevenueShares ADR Fund		4,808,318		(4,808,318	)		—		—		—		—
RevenueShares Navellier
Overall A-100 Fund		173,769		(173,769	)		—		—		—		—
RevenueShares Ultra Dividend Fund		2,084,334		(2,084,334	)		—		—		—		—

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

40

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 Financials 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 Financials 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, 2015, after which they may be terminated or revised.

For the six months ended December 31, 2014, the Adviser waived and reimbursed the following fees: 

Fund	Fees Waived and Reimbursed
RevenueShares Large Cap Fund		$184,884
RevenueShares Mid Cap Fund		157,532
RevenueShares Small Cap Fund		166,168
RevenueShares Financials Sector Fund		42,325
RevenueShares ADR Fund		58,963
RevenueShares Navellier Overall A-100 Fund		20,289
RevenueShares Ultra Dividend Fund		15,574

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.

41

NOTES TO FINANCIAL STATEMENTS — continued

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

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

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

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

4. CREATION AND REDEMPTION TRANSACTIONS

As of December 31, 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)

42

NOTES TO FINANCIAL STATEMENTS — continued

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of December 31, 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)		Total
Fund	Common Stock		Preferred Stock		Money Market Funds
RevenueShares Large Cap Fund	$	298,008,276	$	—	$	697,582	$	—	$	—	$	298,705,858
RevenueShares Mid Cap Fund		213,043,648		—		12,963,425		—		—		226,007,073
RevenueShares Small Cap Fund		323,118,139		—		18,983,098		—		—		342,101,237
RevenueShares Financials
Sector Fund		35,396,369		—		—		—		—		35,396,369
RevenueShares ADR Fund		22,321,487		889,033		4,905,552		—		—		28,116,072
RevenueShares Navellier
Overall A-100 Fund		8,635,727		—		181,231		—		—		8,816,958
RevenueShares Ultra
Dividend Fund		50,110,467		—		2,092,755		—		—		52,203,222

At December 31, 2014, the Funds did not hold any Level 2 or Level 3 securities during the period. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.

The Funds’ policy is to disclose transfers between Levels based on valuations at the beginning of the reporting period. At December 31, 2014, there were no transfers between Levels 1, 2, or 3, based on the valuation input Levels assigned to securities on June 30, 2014.

6. INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the six months ended December 31, 2014 were as follows:

Fund	Purchases		Sales
RevenueShares Large Cap Fund	$	37,478,183	$	36,784,618
RevenueShares Mid Cap Fund		53,205,856		11,517,039
RevenueShares Small Cap Fund		61,108,647		31,851,484
RevenueShares Financials Sector Fund		1,777,062		1,729,167
RevenueShares ADR Fund		2,734,335		2,834,536
RevenueShares Navellier Overall A-100 Fund		12,811,681		12,816,668
RevenueShares Ultra Dividend Fund		17,087,757		1,824,605

For the six months ended December 31, 2014, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:

Fund	Purchases		Sales
RevenueShares Large Cap Fund	$	39,198,219	$	—
RevenueShares Mid Cap Fund		14,082,105		51,419,213
RevenueShares Small Cap Fund		24,807,321		28,564,201
RevenueShares Financials Sector Fund				—
RevenueShares ADR Fund		3,735,931		—
RevenueShares Navellier Overall A-100 Fund		—		—
RevenueShares Ultra Dividend Fund		26,037,678		16,726,767

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

43

NOTES TO FINANCIAL STATEMENTS — continued

7. INCOME AND CAPITAL GAIN DISTRIBUTIONS

On December 26, 2014, the Funds declared quarterly income dividends with an ex-date of December 29, 2014 and payable date of January 5, 2015. The income and capital gain dividends per share for each Fund were as follows:

Fund	Income Dividend Per Share		Short-Term Capital Gain Dividend Per Share		Long-Term Capital Gain Dividend Per Share
RevenueShares Large Cap Fund	$	0.15783	$	—	$	0.03790
RevenueShares Mid Cap Fund		0.11610		—		0.16933
RevenueShares Small Cap Fund		0.10427		—		0.09688
RevenueShares Financials Sector Fund		0.12411		—		—
RevenueShares ADR Fund		0.33812		—		—
RevenueShares Navellier Overall A-100 Fund		0.09693		4.47594		5.06738
RevenueShares Ultra Dividend Fund		0.24077		0.03106		—

8. TRUSTEE ’S FEES

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

9. FEDERAL INCOME TAX

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

At December 31, 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 (Depreciation)
RevenueShares Large Cap Fund	$	216,953,938	$	82,342,606	$	(590,686	)	$	81,751,920
RevenueShares Mid Cap Fund		191,763,414		39,372,233		(5,128,574	)		34,243,659
RevenueShares Small Cap Fund		293,410,739		57,864,557		(9,174,059	)		48,690,498
RevenueShares Financials Sector Fund		28,647,476		6,858,624		(109,731	)		6,748,893
RevenueShares ADR Fund		28,838,634		2,034,786		(2,757,348	)		(722,562	)
RevenueShares Navellier Overall A-100 Fund		8,293,598		552,210		(28,850	)		523,360
RevenueShares Ultra Dividend Fund		49,657,060		3,574,782		(1,028,620	)		2,546,162

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 Financials 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

44

NOTES TO FINANCIAL STATEMENTS — continued

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 Financials 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 Financials 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 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

45

NOTES TO FINANCIAL STATEMENTS — continued

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 Financials 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.

10. 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 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

46

NOTES TO FINANCIAL STATEMENTS — concluded

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.

Utilities Industry Risk

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

11. SUBSEQUENT EVENTS

On February 2, 2015, the Trust launched RevenueShares Global Growth Fund.

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.

47

BOARD APPROVAL OF INVESTMENT ADVISORY

AGREEMENTS

At the November 18, 2014 meeting (the “Meeting”) of the Board of Trustees (the “Board” or “Trustees”) of the RevenueShares ETF Trust (the “Trust”), the Board, including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”), approved (i) VTL Associates, LLC (the “Adviser”) as the investment adviser to the RevenueShares Global Growth Fund series of the Trust (the “New Fund”); (ii) the investment advisory agreement between the Trust and the Adviser (the “Investment Advisory Agreement”), on behalf of the New Fund; (iii) the Adviser to continue to serve as investment adviser to the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund, RevenueShares Small Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund series of the Trust (each a “Renewing Fund” and, together with the New Fund, the “Funds”); and (iv) the continuation of the Investment Advisory Agreement, on behalf of each Renewing Fund. In addition, the Board, including the Independent Trustees, approved (i) Index Management Solutions, LLC (the “Sub-Adviser”) as the sub-adviser to the New Fund; (ii) the sub-advisory agreement between the Adviser and Sub-Adviser (the “Sub-Advisory Agreement” and, together with the Investment Advisory Agreement, the “Advisory Agreements”), on behalf of the New Fund; (iii) the Sub-Adviser to continue to serve as sub-adviser to each Renewing Fund; and (iv) the continuation of the Sub-Advisory Agreement, on behalf of each Renewing Fund. The New Fund commenced operations on February 2, 2015.

In connection with considering the approval of the Advisory Agreements on behalf of the New Fund and the continuation of the Advisory Agreements on behalf of the Renewing Funds, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. The Board, including the Independent Trustees, evaluated the terms of the Advisory Agreements, reviewed the information provided by the Adviser and Sub-Adviser in connection with the consideration of approving the Advisory Agreements on behalf of the New Fund and continuing the Advisory Agreements on behalf of the Renewing Funds and reviewed the duties and responsibilities of the Trustees in evaluating and approving the Advisory Agreements.

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

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

The Board, including the Independent Trustees, considered and discussed the following with respect to each Fund:

(a) The nature, extent, and quality of services provided and expected to be provided to the Funds by the Adviser and Sub-Adviser; Personnel and operations of the Adviser and Sub-Adviser. The Board reviewed the services that the Adviser and Sub-Adviser provided and expect to provide to the Funds. The Board noted the responsibilities that the Adviser has as the Funds’ investment adviser, including: overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio; ultimate responsibility, subject to oversight by the Board, for oversight of the Sub-Adviser as sub-adviser to the Funds; responsibility for daily monitoring of tracking error and quarterly reporting to the Board; monitoring the Funds’ securities lending program; and implementation of Board directives as they relate to the Funds. The Board also noted the responsibilities that the Sub-Adviser has as the Funds’ sub-adviser, including implementation of the investment management program of each Fund, management of the day-to-day investment and reinvestment of the assets of each Fund, determining

48

BOARD APPROVAL OF INVESTMENT ADVISORY

AGREEMENTS — continued

daily baskets of deposit securities and cash components, executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis, and oversight of general portfolio compliance with relevant law.

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

(b) Comparison of services provided and fees charged by the Adviser and Sub-Adviser and other investment advisers to similar clients. The Board compared both the services rendered and the fees paid pursuant to the Investment Advisory Agreement to contracts of other registered investment advisers providing services to similar ETFs. In particular, the Board compared each Fund’s advisory fee and expense ratio to other investment companies considered to be in each Fund’s peer group as chosen by Lipper. The Board also considered that the sub-advisory fees paid by the Adviser to the Sub-Adviser pursuant to the Sub-Advisory Agreement were paid entirely by the Adviser. The Board noted that the Adviser has entered into (proposed to enter into with respect to the New Fund) written Fee Waiver and Expense Reimbursement Agreements (the “Expense Limitation Agreements”) whereby the Adviser reimburses expenses and/or waives fees to keep the expenses from exceeding 0.49% of average daily net assets of each of the RevenueShares Large Cap Fund, RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Ultra Dividend Fund; from exceeding 0.54% of average daily net assets of each of the RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund; from exceeding 0.60% of average daily net assets of the RevenueShares Navellier Overall A-100 Fund; and from exceeding 0.70% of average daily net assets of the New Fund. The Board also received and considered information about the fee rates charged to other accounts and clients (including other ETFs) that are managed by the Adviser and Sub-Adviser, including information about the differences in services provided to the non-Fund clients.

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

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

(c) The cost of the services provided (or to be provided) and the profits realized (or to be realized) by the Adviser and Sub-Adviser from the relationship with the Funds, the extent to which economies of scale would be realized as the New Fund grows and were realized as the Renewing Funds grew, and whether fee levels reflect such economies of scale; “Fall-out” benefits. The Board discussed with the representatives from the Adviser and Sub-Adviser the costs and profitability (expected costs and profitability with respect to the New Fund) of the Adviser

49

BOARD APPROVAL OF INVESTMENT ADVISORY

AGREEMENTS — concluded

and Sub-Adviser in connection with their serving as investment adviser and sub-adviser to each Fund, including operational costs. The Board reviewed the profitability and viability of the Adviser, including the month-by-month profitability information, and considered the Adviser’s decision to continue operating those Renewing Funds that have not yet gained traction in the market. The Board discussed economies of scale. As the New Fund had not yet commenced operations, the Board would address economies of scale for the New Fund when assets under management reached appropriate levels. The Board considered that the Renewing Funds were still not yet of a sufficient size to be experiencing economies of scale. The Board concluded that the profitability (expected profitability with respect to the New Fund) of the Adviser and Sub-Adviser, and the extent to which economies of scale were reflected in the Funds’ advisory fees, were reasonable for the New Fund and were reasonable for the Renewing Funds in relation to the performance and asset sizes of the Renewing Funds.

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

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

With respect to the RevenueShares Large Cap Fund, Revenue Shares Mid Cap Fund, RevenueShares Small Cap Fund and RevenueShares Financials Sector Fund, the Board considered that each Fund outperformed its respective Lipper performance universe average for the one-year, three-year, five-year and since-inception periods ended September 30, 2014. With respect to the RevenueShares ADR Fund, the Board considered that the Fund outperformed its Lipper performance universe average for the one-year, three-year and since-inception periods but underperformed its Lipper performance universe average for the five-year period ended September 30, 2014. With respect to the RevenueShares Navellier Overall A-100 Fund, the Board considered that the Fund outperformed its Lipper performance universe average for the one-year period but underperformed its Lipper performance universe average for the three-year, five-year and since-inception periods ended September 30, 2014. With respect to the RevenueShares Ultra Dividend Fund, the Board considered that the Fund underperformed its Lipper performance universe average for the since-inception period ended September 30, 2014. The Board discussed with the portfolio managers the reasons for the relative underperformance of the RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund for certain periods ended September 30, 2014.

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

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

50

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.

51

Investment Adviser

VTL Associates, LLC
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, Pennsylvania 19103

Distributor

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

Custodian

The Bank of New York Mellon
101 Barclay Street
New York, New York 10286

Legal Counsel

Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, Pennsylvania 19103

Sub-Adviser

Index Management Solutions, LLC
One Commerce Square
2005 Market Street, Suite 2020
Philadelphia, Pennsylvania 19103

Transfer Agent

The Bank of New York Mellon
101 Barclay Street
New York, New York 10286

Independent Registered Public Accounting Firm

BBD, LLP
1835 Market Street, 26th Floor
Philadelphia, Pennsylvania 19103

RevenueSharessm ETF Trust

One Commerce Square, 2005 Market Street, Suite 2020

Philadelphia, PA 19103

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

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

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

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant) RevenueShares ETF Trust

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

Date February 25, 2015

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 February 25, 2015

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

Date February 25, 2015

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

EX-99.CERT

Exhibit 99.CERT

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

I, Vincent T. Lowry, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: February 25, 2015	/s/ Vincent T. Lowry
	Vincent T. Lowry
	Principal Executive Officer

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

I, Michael Gompers, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: February 25, 2015	/s/ Michael Gompers
	Michael Gompers
	Chief Financial Officer

EX-99.906 CERT

Exhibit 99.906CERT

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

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

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

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

Date:    February 25, 2015	/s/ Vincent T. Lowry
	Vincent T. Lowry
	Principal Executive Officer

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

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

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

Date:    February 25, 2015	/s/ Michael Gompers
	Michael Gompers
	Chief Financial Officer