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, Pennsylvania					19103
(Address of principal executive offices)					(Zip code)
Vincent T. Lowry One Commerce Square, 2005 Market Street Suite 2020 Philadelphia, Pennsylvania 19103
(Name and address of agent for service)
Registrant’s telephone number, including area code:				1-877-738-8870
Date of fiscal year end:	June 30
Date of reporting period:		July 1, 2008 - December 31, 2008

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

RevenueSharesTM ETF Trust
Semi-Annual Report to Shareholders

December 31, 2008

www.RevenueSharesETFs.com | 877.738.8870

Table of Contents

Letter to Shareholders	2
Shareholder Expense Examples	3
Premium/Discount Summary Table	4
Schedule of Investments Summary Table	5
Schedules of Investments
RevenueShares Large Cap Fund	6
RevenueShares Mid Cap Fund	11
RevenueShares Small Cap Fund	16
RevenueShares Financials Sector Fund	22
RevenueShares ADR Fund	23
Statements of Assets and Liabilities	26
Statements of Operations	27
Statements of Changes in Net Assets	28
Financial Highlights	30
Notes to Financial Statements	32
Supplemental Information	37

1

Letter To Shareholders
(UNAUDITED)

January 30, 2009

Dear Shareholders,

Since RevenueShares ETFs first launched on February 22, 2008, the world wide equity markets have struggled the most since the early 1980s and 1990s. Both of these recessions and equity bear markets were preceded by rising oil and commodity prices and severe financial sector stresses. The recession we have experienced in 2008 is similar to these two previous periods, with the exception of the financial sector which seems more severe and may take longer to recover. Despite the recession and equity bear market, RevenueShares is determined to push ahead and make our Revenue Weighted products available to investors. As evidence, the RevenueShares Financials Sector Fund and RevenueShares ADR Fund began trading on November 13 and November 20, 2008, respectively. We are also very excited about the recent launch of the Navellier Overall A-100 Fund, which began trading on January 23, 2009.

We remain committed to our concept of improving known index returns by revenue weighting rather than capitalization weighting. And we understand the challenges present in the current markets, but believe that our strategies are well positioned to benefit as the economy begins to recover.

Sincerely,

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

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

RevenueShares Funds are not sponsored, endorsed, sold or promoted by Standard & Poor's. Standard & Poor's makes no representation regarding the advisability of investing in RevenueShares Funds.

The views in this letter were those of the Fund manager as of January 30, 2009 and may not necessarily reflect his views on the date this letter is first published or anytime thereafter. These views are intended to assist shareholders in understanding the Funds' present investment methodology and do not constitute investment advice.

2

Shareholder Expense Examples
(UNAUDITED)

As a shareholder of a RevenueShares ETF, you incur advisory fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2008 to December 31, 2008.

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 Period July 1, 2008 to December 31, 2008" 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 July 1, 2008		Ending Account Value December 31, 2008		Annualized Expense Ratio Based on the Period July 1, 2008 to December 31, 2008			Expenses Paid During the Period July 1, 2008 to December 31, 2008
RevenueShares Large Cap Fund
Actual	$	1,000.00	$	705.00		0.49	%	$	2.11	†
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.74		0.49	%	$	2.50	†
RevenueShares Mid Cap Fund
Actual	$	1,000.00	$	664.50		0.54	%	$	2.27	†
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.48		0.54	%	$	2.75	†
RevenueShares Small Cap Fund
Actual	$	1,000.00	$	754.90		0.54	%	$	2.39	†
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.48		0.54	%	$	2.75	†
RevenueShares Financials Sector Fund
Actual	$	1,000.00	$	879.60		0.49	%	$	0.63	††
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.74		0.49	%	$	2.50	†
RevenueShares ADR Fund
Actual	$	1,000.00	$	1,080.20		0.49	%	$	0.59	†††
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 ending account value for the period, multiplied by 184/365 (to reflect the six-month period).

††  Expenses are calculated using each Fund's annualized expense ratio, multiplied by the ending account value for the period, multiplied by 50/365 (to reflect the period since commencement of investment operations).

†††  Expenses are calculated using each Fund's annualized expense ratio, multiplied by the ending account value for the period, multiplied by 42/365 (to reflect the period since commencement of investment operations).

3

Premium/Discount Summary Table
(UNAUDITED)

RevenueShares Large Cap Fund

Premium/Discount Range	Number of Days		% of Total Days
Less than -5.0%		1		0.54	%
Greater than -5.0% and less than -4.0%		0		0.00
Greater than -4.0% and less than -3.5%		3		1.63
Greater than -3.5% and less than -3.0%		1		0.54
Greater than -3.0% and less than -2.5%		3		1.63
Greater than -2.5% and less than -2.0%		1		0.54
Greater than -2.0% and less than -1.5%		9		4.89
Greater than -1.5% and less than -1.0%		3		1.63
Greater than -1.0% and less than -0.5%		20		10.87
Greater than -.05% and less than 0.0%		65		35.34
Greater than 0.0% and less than 0.5%		36		19.57
Greater than 0.5% and less than 1.0%		16		8.70
Greater than 1.0% and less than 1.5%		9		4.89
Greater than 1.5% and less than 2.0%		3		1.63
Greater than 2.0% and less than 2.5%		6		3.26
Greater than 2.5% and less than 3.0%		3		1.63
Greater than 3.0% and less than 3.5%		1		0.54
Greater than 3.5% and less than 4.0%		1		0.54
Greater than 4.0% and less than 5.0%		0		0.00
Greater than 5.0%		3		1.63
		184		100.00	%

RevenueShares Financials Sector Fund

Premium/Discount Range	Number of Days		% of Total Days
Less than -5.0%		6		11.53	%
Greater than -5.0% and less than -4.0%		1		1.92
Greater than -4.0% and less than -3.5%		3		5.77
Greater than -3.5% and less than -3.0%		0		0.00
Greater than -3.0% and less than -2.5%		5		9.62
Greater than -2.5% and less than -2.0%		1		1.92
Greater than -2.0% and less than -1.5%		2		3.85
Greater than -1.5% and less than -1.0%		5		9.62
Greater than -1.0% and less than -0.5%		0		0.00
Greater than -.05% and less than 0.0%		5		9.62
Greater than 0.0% and less than 0.5%		8		15.38
Greater than 0.5% and less than 1.0%		0		0.00
Greater than 1.0% and less than 1.5%		1		1.92
Greater than 1.5% and less than 2.0%		2		3.85
Greater than 2.0% and less than 2.5%		0		0.00
Greater than 2.5% and less than 3.0%		0		0.00
Greater than 3.0% and less than 3.5%		0		0.00
Greater than 3.5% and less than 4.0%		5		9.62
Greater than 4.0% and less than 5.0%		2		3.85
Greater than 5.0%		6		11.53
		52		100.00	%

RevenueShares Mid Cap Fund

Premium/Discount Range	Number of Days		% of Total Days
Less than -5.0%		4		2.17	%
Greater than -5.0% and less than -4.0%		1		0.54
Greater than -4.0% and less than -3.5%		0		0.00
Greater than -3.5% and less than -3.0%		2		1.09
Greater than -3.0% and less than -2.5%		1		0.54
Greater than -2.5% and less than -2.0%		2		1.09
Greater than -2.0% and less than -1.5%		6		3.26
Greater than -1.5% and less than -1.0%		24		13.04
Greater than -1.0% and less than -0.5%		21		11.41
Greater than -.05% and less than 0.0%		37		20.12
Greater than 0.0% and less than 0.5%		41		22.29
Greater than 0.5% and less than 1.0%		20		10.87
Greater than 1.0% and less than 1.5%		6		3.26
Greater than 1.5% and less than 2.0%		7		3.80
Greater than 2.0% and less than 2.5%		3		1.63
Greater than 2.5% and less than 3.0%		6		3.26
Greater than 3.0% and less than 3.5%		0		0.00
Greater than 3.5% and less than 4.0%		0		0.00
Greater than 4.0% and less than 5.0%		2		1.09
Greater than 5.0%		1		0.54
		184		100.00	%

RevenueShares ADR Fund

Premium/Discount Range	Number of Days		% of Total Days
Less than -5.0%		1		2.27	%
Greater than -5.0% and less than -4.0%		3		6.82
Greater than -4.0% and less than -3.5%		4		9.09
Greater than -3.5% and less than -3.0%		2		4.55
Greater than -3.0% and less than -2.5%		3		6.82
Greater than -2.5% and less than -2.0%		0		0.00
Greater than -2.0% and less than -1.5%		1		2.27
Greater than -1.5% and less than -1.0%		0		0.00
Greater than -1.0% and less than -0.5%		6		13.64
Greater than -.05% and less than 0.0%		12		27.27
Greater than 0.0% and less than 0.5%		8		18.18
Greater than 0.5% and less than 1.0%		0		0.00
Greater than 1.0% and less than 1.5%		0		0.00
Greater than 1.5% and less than 2.0%		0		0.00
Greater than 2.0% and less than 2.5%		0		0.00
Greater than 2.5% and less than 3.0%		0		0.00
Greater than 3.0% and less than 3.5%		1		2.27
Greater than 3.5% and less than 4.0%		1		2.27
Greater than 4.0% and less than 5.0%		0		0.00
Greater than 5.0%		2		4.55
		44		100.00	%

RevenueShares Small Cap Fund

Premium/Discount Range	Number of Days		% of Total Days
Less than -5.0%		4		2.17	%
Greater than -5.0% and less than -4.0%		0		0.00
Greater than -4.0% and less than -3.5%		1		0.54
Greater than -3.5% and less than -3.0%		3		1.63
Greater than -3.0% and less than -2.5%		2		1.09
Greater than -2.5% and less than -2.0%		9		4.89
Greater than -2.0% and less than -1.5%		13		7.07
Greater than -1.5% and less than -1.0%		9		4.89
Greater than -1.0% and less than -0.5%		27		14.67
Greater than -.05% and less than 0.0%		26		14.13
Greater than 0.0% and less than 0.5%		39		21.21
Greater than 0.5% and less than 1.0%		11		5.98
Greater than 1.0% and less than 1.5%		12		6.52
Greater than 1.5% and less than 2.0%		6		3.26
Greater than 2.0% and less than 2.5%		8		4.35
Greater than 2.5% and less than 3.0%		4		2.17
Greater than 3.0% and less than 3.5%		5		2.72
Greater than 3.5% and less than 4.0%		3		1.63
Greater than 4.0% and less than 5.0%		1		0.54
Greater than 5.0%		1		0.54
		184		100.00	%

4

Schedule of Investments Summary Table
(UNAUDITED)

RevenueShares Large Cap Fund

Industry	% of Net Assets
Automobiles & Components		3.2	%
Banks		1.8
Capital Goods		9.2
Commercial & Professional Services		0.6
Consumer Durables & Apparel		1.6
Consumer Services		1.2
Diversified Financials		6.9
Energy		16.4
Food & Staples Retailing		8.2
Food Beverage & Tobacco		4.5
Health Care Equipment & Services		7.4
Household & Personal Products		1.5
Insurance		4.0
Materials		4.1
Media		2.6
Pharmaceuticals, Biotechnology		3.4
Real Estate		0.4
Retailing		5.6
Semiconductors & Semiconductor Equipment		1.1
Software & Services		2.2
Technology Hardware & Equipment		5.3
Telecommunication Services		3.1
Transportation		2.0
Utilities		4.0
Total Investments		100.3
Liabilities in Excess of Other Assets		(0.3	)
Net Assets		100.0	%

RevenueShares Financials Sector Fund

Industry	% of Net Assets
Banks		12.7	%
Diversified Financials		48.9
Insurance		28.5
Real Estate		3.1
Total Investments		93.2
Other Assets in Excess of Liabilities		6.8
Net Assets		100.0	%

RevenueShares Mid Cap Fund

Industry	% of Net Assets
Automobiles & Components		1.5	%
Banks		2.3
Capital Goods		12.3
Commercial & Professional Services		4.7
Consumer Durables & Apparel		3.9
Consumer Services		2.7
Diversified Financials		1.3
Energy		4.7
Food & Staples Retailing		1.1
Food Beverage & Tobacco		3.8
Health Care Equipment & Services		7.8
Household & Personal Products		1.0
Insurance		5.2
Materials		9.4
Media		0.7
Pharmaceuticals, Biotechnology		1.3
Real Estate		2.3
Retailing		7.3
Semiconductors & Semiconductor Equipment		0.9
Software & Services		3.5
Technology Hardware & Equipment		12.2
Telecommunication Services		0.6
Transportation		3.0
Utilities		6.8
Total Investments		100.3
Liabilities in Excess of Other Assets		(0.3	)
Net Assets		100.0	%

RevenueShares ADR Fund

Industry	% of Net Assets
Automobiles & Components		9.0	%
Banks		10.6
Capital Goods		4.5
Consumer Durables & Apparel		2.0
Consumer Services		0.2
Diversified Financials		5.9
Energy		28.6
Food & Staples Retailing		0.1
Food Beverage & Tobacco		3.0
Health Care Equipment & Services		0.2
Insurance		7.7
Materials		6.4
Media		1.0
Pharmaceuticals, Biotechnology		2.5
Real Estate		0.2
Semiconductors & Semiconductor Equipment		0.6
Software & Services		0.2
Technology Hardware & Equipment		4.8
Telecommunication Services		10.4
Transportation		0.3
Utilities		1.5
Total Investments		99.7
Other Assets in Excess of Liabilities		0.3
Net Assets		100.0	%

RevenueShares Small Cap Fund

Industry	% of Net Assets
Automobiles & Components		0.7	%
Banks		4.1
Capital Goods		12.4
Commercial & Professional Services		5.5
Consumer Durables & Apparel		6.5
Consumer Services		4.1
Diversified Financials		0.9
Energy		6.8
Food & Staples Retailing		3.7
Food Beverage & Tobacco		1.8
Health Care Equipment & Services		8.6
Household & Personal Products		0.5
Insurance		2.2
Materials		5.3
Media		1.6
Pharmaceuticals, Biotechnology		0.8
Real Estate		1.4
Retailing		12.8
Semiconductors & Semiconductor Equipment		1.9
Software & Services		3.0
Technology Hardware & Equipment		8.7
Telecommunication Services		0.3
Transportation		2.6
Utilities		4.2
Total Investments		100.4
Liabilities in Excess of Other Assets		(0.4	)
Net Assets		100.0	%

5

Schedule of Investments

REVENUESHARES LARGE CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—100.3%
Automobiles & Components—3.2%
Ford Motor Co.*		217,976	$	499,165
General Motors Corp.		174,805		559,376
Goodyear Tire & Rubber Co.*		14,951		89,257
Harley-Davidson, Inc.		1,616		27,424
Johnson Controls, Inc.		8,865		160,988
Total Automobiles & Components				1,336,210
Banks—1.8%
BB&T Corp.		1,719		47,204
Comerica, Inc.		991		19,671
Fifth Third Bancorp		5,076		41,928
First Horizon National Corp.		1,388		14,671
Hudson City Bancorp, Inc.		729		11,635
Huntington Bancshares, Inc.		2,321		17,779
KeyCorp.		3,935		33,526
M&T Bank Corp.		333		19,118
Marshall & Ilsley Corp.		1,162		15,850
People's United Financial, Inc.		287		5,117
PNC Financial Services Group, Inc.		951		46,599
Regions Financial Corp.		5,216		41,519
Sovereign Bancorp, Inc.*		7,600		22,648
SunTrust Banks, Inc.		2,031		59,996
U.S. Bancorp		3,610		90,286
Wells Fargo & Co.		8,925		263,109
Zions Bancorporation		636		15,588
Total Banks				766,244
Capital Goods—9.2%
3M Co.		2,008		115,540
Boeing Co.		7,295		311,277
Caterpillar, Inc.		5,150		230,051
Cooper Industries Ltd., Class A		1,030		30,107
Cummins, Inc.		2,607		69,685
Danaher Corp.		1,077		60,969
Deere & Co.		3,168		121,398
Dover Corp.		1,131		37,233
Eaton Corp.		1,494		74,267
Emerson Electric Co.		3,304		120,959
Fastenal Co.		310		10,804
Flowserve Corp.		370		19,055
Fluor Corp.		1,875		84,131
General Dynamics Corp.		2,345		135,049
General Electric Co.		46,324		750,448
Goodrich Corp.		897		33,207
Honeywell International, Inc.		5,187		170,289
Illinois Tool Works, Inc.		2,353		82,473
Ingersoll-Rand Co. Ltd., Class A		3,372		58,504
ITT Corp.		1,148		52,797
Jacobs Engineering Group, Inc.*		980		47,138
L-3 Communications Holdings, Inc.		937		69,132
Lockheed Martin Corp.		2,405		202,212
Manitowoc Co., Inc.		2,292		19,849
Masco Corp.		4,525		50,363
Northrop Grumman Corp.		3,577		161,108
PACCAR, Inc.		2,534		72,472
Pall Corp.		411		11,685
Parker Hannifin Corp.		1,370		58,280

Investments	Shares		Value
Precision Castparts Corp.		519	$	30,870
Raytheon Co.		1,955		99,783
Rockwell Automation, Inc.		846		27,275
Rockwell Collins, Inc.		580		22,672
Textron, Inc.		4,348		60,307
Tyco International Ltd.		4,215		91,044
United Technologies Corp.		5,103		273,521
W.W. Grainger, Inc.		410		32,324
Total Capital Goods				3,898,278
Commercial & Professional Services—0.6%
Avery Dennison Corp.		960		31,421
Cintas Corp.		696		16,168
Dun & Bradstreet Corp.		105		8,106
Equifax, Inc.		366		9,706
Monster Worldwide, Inc.*		572		6,915
Pitney Bowes, Inc.		1,172		29,863
R.R. Donnelley & Sons Co.		4,328		58,774
Republic Services, Inc.		595		14,750
Robert Half International, Inc.		1,157		24,089
Stericycle, Inc.*		89		4,635
Waste Management, Inc.		1,946		64,491
Total Commercial & Professional Services				268,918
Consumer Durables & Apparel—1.6%
Black & Decker Corp.		661		27,636
Centex Corp.		3,929		41,805
Coach, Inc.*		658		13,667
D.R. Horton, Inc.		4,923		34,806
Eastman Kodak Co.		7,226		47,547
Fortune Brands, Inc.		840		34,675
Harman International Industries, Inc.		1,160		19,407
Hasbro, Inc.		643		18,756
Jones Apparel Group, Inc.		3,074		18,014
KB Home		1,345		18,319
Leggett & Platt, Inc.		1,260		19,139
Lennar Corp. Class A		2,672		23,166
Mattel, Inc.		1,823		29,168
Newell Rubbermaid, Inc.		2,333		22,817
Nike, Inc. Class B		1,599		81,549
Polo Ralph Lauren Corp.		471		21,388
Pulte Homes, Inc.		3,176		34,714
Snap-On, Inc.		361		14,216
Stanley Works		656		22,370
VF Corp.		647		35,436
Whirlpool Corp.		2,268		93,781
Total Consumer Durables & Apparel				672,376
Consumer Services—1.2%
Apollo Group, Inc. Class A*		179		13,715
Carnival Corp.		2,988		72,668
Darden Restaurants, Inc.		1,255		35,366
H&R Block, Inc.		818		18,585
International Game Technology		1,070		12,722
Marriott International, Inc. Class A		3,512		68,308
McDonald's Corp.		1,682		104,603
Starbucks Corp.*		4,925		46,591
Starwood Hotels & Resorts Worldwide, Inc.		1,813		32,453

The accompanying notes are an integral part of these financial statements.
6

Schedule of Investments — continued

REVENUESHARES LARGE CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Consumer Services—1.2% (continued)
Wyndham Worldwide Corp.		3,514	$	23,017
Wynn Resorts Ltd.*		325		13,735
Yum! Brands, Inc.		1,706		53,739
Total Consumer Services				495,502
Diversified Financials—6.9%
American Express Co.		7,303		135,471
Ameriprise Financial, Inc.		1,871		43,707
Bank of America Corp.		35,276		496,685
Bank of New York Mellon Corp.		2,913		82,525
Capital One Financial Corp.		3,100		98,859
Charles Schwab Corp.		1,478		23,899
CIT Group, Inc.		7,372		33,469
Citigroup, Inc.		68,927		462,500
CME Group, Inc.		53		11,030
Discover Financial Services		3,151		30,029
E*Trade Financial Corp.*		4,951		5,694
Federated Investors, Inc. Class B		277		4,698
Franklin Resources, Inc.		482		30,742
Goldman Sachs Group, Inc.		4,622		390,051
IntercontinentalExchange, Inc.*		47		3,875
Invesco Ltd.		1,435		20,721
Janus Capital Group, Inc.		685		5,501
JPMorgan Chase & Co.		15,807		498,394
Legg Mason, Inc.		1,071		23,466
Leucadia National Corp.*		270		5,346
Moody's Corp.		393		7,895
Morgan Stanley		21,789		349,496
Nasdaq OMX Group, Inc.*		605		14,950
Northern Trust Corp.		530		27,634
NYSE Euronext		784		21,466
SLM Corp.*		3,948		35,137
State Street Corp.		1,592		62,613
T. Rowe Price Group, Inc.		326		11,553
Total Diversified Financials				2,937,406
Energy—16.4%
Anadarko Petroleum Corp.		1,664		64,147
Apache Corp.		805		59,997
Baker Hughes, Inc.		1,581		50,703
BJ Services Co.		1,976		23,060
Cabot Oil & Gas Corp.		149		3,874
Cameron International Corp.*		1,173		24,047
Chesapeake Energy Corp.		3,388		54,784
Chevron Corp.		14,924		1,103,927
ConocoPhillips		18,607		963,842
Consol Energy, Inc.		609		17,405
Devon Energy Corp.		1,028		67,550
El Paso Corp.		3,239		25,361
ENSCO International, Inc.		321		9,113
EOG Resources, Inc.		391		26,033
Exxon Mobil Corp.		24,477		1,953,998
Halliburton Co.		4,371		79,465
Hess Corp.		3,935		211,073
Marathon Oil Corp.		13,218		361,644
Massey Energy Co.		866		11,942
Murphy Oil Corp.		2,872		127,373
Nabors Industries Ltd.*		1,837		21,989
National Oilwell Varco, Inc.*		2,145		52,424

Investments	Shares		Value
Noble Corp.		577	$	12,746
Noble Energy, Inc.		351		17,276
Occidental Petroleum Corp.		2,019		121,120
Peabody Energy Corp.		1,060		24,115
Pioneer Natural Resources Co.		587		9,498
Range Resources Corp.		159		5,468
Rowan Cos., Inc.		579		9,206
Schlumberger Ltd.		2,666		112,852
Smith International, Inc.		1,768		40,470
Southwestern Energy Co.*		341		9,879
Spectra Energy Corp.		1,470		23,138
Sunoco, Inc.		6,875		298,788
Tesoro Corp.		14,200		187,014
Valero Energy Corp.		28,657		620,137
Weatherford International Ltd.*		3,819		41,322
Williams Cos., Inc.		3,559		51,534
XTO Energy, Inc.		882		31,108
Total Energy				6,929,422
Food & Staples Retailing—8.2%
Costco Wholesale Corp.		5,696		299,040
CVS Caremark Corp.		13,104		376,609
Kroger Co.		11,703		309,076
Safeway, Inc.		8,115		192,894
SUPERVALU, Inc.		15,320		223,672
SYSCO Corp.		7,150		164,021
Walgreen Co.		9,649		238,041
Wal-Mart Stores, Inc.		29,119		1,632,411
Whole Foods Market, Inc.		3,266		30,831
Total Food & Staples Retailing				3,466,595
Food Beverage & Tobacco—4.5%
Altria Group, Inc.		6,045		91,038
Archer-Daniels-Midland Co.		9,846		283,860
Brown-Forman Corp. Class B		226		11,637
Campbell Soup Co.		1,201		36,042
Coca-Cola Co.		3,075		139,205
Coca-Cola Enterprises, Inc.		9,219		110,905
ConAgra Foods, Inc.		3,673		60,605
Constellation Brands, Inc. Class A*		1,188		18,735
Dean Foods Co.*		3,653		65,644
Dr Pepper Snapple Group, Inc.*		1,547		25,139
General Mills, Inc.		948		57,591
H.J. Heinz Co.		1,154		43,390
Hershey Co.		621		21,574
J.M. Smucker Co.		261		11,317
Kellogg Co.		1,292		56,654
Kraft Foods, Inc. Class A		6,818		183,063
Lorillard Inc.		284		16,003
McCormick & Co., Inc.†		464		14,783
Molson Coors Brewing Co. Class B		536		26,221
Pepsi Bottling Group, Inc.		3,261		73,405
PepsiCo, Inc.		3,517		192,626
Philip Morris International, Inc.		2,724		118,521
Reynolds American, Inc.		957		38,577
Sara Lee Corp.		5,947		58,221
Tyson Foods, Inc. Class A		16,680		146,117
UST, Inc.		121		8,395
Total Food Beverage & Tobacco				1,909,268

The accompanying notes are an integral part of these financial statements.
7

Schedule of Investments — continued

REVENUESHARES LARGE CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Health Care Equipment & Services—7.4%
Aetna, Inc.		5,591	$	159,344
AmerisourceBergen Corp.		9,035		322,188
Baxter International, Inc.		1,041		55,787
Becton Dickinson & Co.		458		31,323
Boston Scientific Corp.*		4,876		37,740
C.R. Bard, Inc.		127		10,701
Cardinal Health, Inc.		12,377		426,634
Cigna Corp.		5,509		92,827
Coventry Health Care, Inc.*		3,951		58,791
Covidien Ltd.		1,199		43,452
DaVita, Inc.*		494		24,488
DENTSPLY International, Inc.		372		10,505
Express Scripts, Inc.*		1,424		78,292
Hospira, Inc.*		593		15,904
Humana, Inc.*		3,686		137,414
IMS Health, Inc.		693		10,506
Intuitive Surgical, Inc.*		30		3,810
Laboratory Corp. of America Holdings*		309		19,903
McKesson Corp.		11,816		457,633
Medco Health Solutions, Inc.*		5,472		229,332
Medtronic, Inc.		1,844		57,938
Patterson Cos., Inc.*		721		13,519
Quest Diagnostics, Inc.		655		34,001
St. Jude Medical, Inc.*		596		19,644
Stryker Corp.		729		29,124
Tenet Healthcare Corp.*		31,343		36,044
UnitedHealth Group, Inc.		14,364		382,082
Varian Medical Systems, Inc.*		243		8,515
WellPoint, Inc.*		7,158		301,567
Zimmer Holdings, Inc.*		463		18,714
Total Health Care Equipment & Services				3,127,722
Household & Personal Products—1.5%
Avon Products, Inc.		2,081		50,006
Clorox Co.		419		23,280
Colgate-Palmolive Co.		1,109		76,011
Estee Lauder Cos., Inc. Class A		1,128		34,923
Kimberly-Clark Corp.		1,627		85,808
Procter & Gamble Co.		5,905		365,047
Total Household & Personal Products				635,075
Insurance—4.0%
Aflac, Inc.		1,708		78,295
Allstate Corp.		5,319		174,250
American International Group, Inc.		131,724		206,807
AON Corp.		819		37,412
Assurant, Inc.		1,690		50,700
Chubb Corp.		1,183		60,333
Cincinnati Financial Corp.		552		16,047
Genworth Financial, Inc. Class A		15,506		43,882
Hartford Financial Services Group, Inc.		4,411		72,429
Lincoln National Corp.		2,801		52,771
Loews Corp.		2,568		72,546
Marsh & McLennan Cos., Inc.		2,288		55,530
MetLife, Inc.		7,893		275,149
Principal Financial Group, Inc.		2,541		57,350
Progressive Corp.		3,773		55,878

Investments	Shares		Value
Prudential Financial, Inc.		5,429	$	164,282
Torchmark Corp.		371		16,584
Travelers Cos., Inc.		2,702		122,130
Unum Group		2,972		55,279
XL Capital Ltd. Class A		11,771		43,553
Total Insurance				1,711,207
Materials—4.1%
Air Products & Chemicals, Inc.		923		46,399
AK Steel Holding Corp.		3,627		33,804
Alcoa, Inc.		12,851		144,702
Allegheny Technologies, Inc.		1,024		26,143
Ball Corp.		832		34,603
Bemis Co. Inc.		656		15,534
CF Industries Holdings, Inc.		334		16,419
Dow Chemical Co.		13,228		199,611
E.I. Du Pont de Nemours & Co.		5,301		134,115
Eastman Chemical Co.		1,042		33,042
Ecolab, Inc.		748		26,292
Freeport-McMoRan Copper & Gold, Inc.		3,806		93,019
International Flavors & Fragrances, Inc.		352		10,461
International Paper Co.		8,467		99,911
MeadWestvaco Corp.		2,706		30,280
Monsanto Co.		673		47,346
Newmont Mining Corp.		713		29,019
Nucor Corp.		2,388		110,326
Owens-Illinois, Inc.*		8,375		228,889
Pactiv Corp.*		684		17,018
PPG Industries, Inc.		1,508		63,984
Praxair, Inc.		847		50,278
Rohm & Haas Co.		632		39,051
Sealed Air Corp.		1,432		21,394
Sigma-Aldrich Corp.		244		10,307
Titanium Metals Corp.		608		5,356
United States Steel Corp.		2,753		102,412
Vulcan Materials Co.		245		17,047
Weyerhaeuser Co.		1,204		36,854
Total Materials				1,723,616
Media—2.6%
CBS Corp. Class B†		7,961		65,201
Comcast Corp. Class A		9,237		155,921
DIRECTV Group, Inc.*		3,603		82,545
Gannett Co., Inc.		4,100		32,800
Interpublic Group of Cos., Inc.*		7,913		31,335
McGraw-Hill Cos., Inc.		1,214		28,153
Meredith Corp.		459		7,858
New York Times Co. Class A		1,839		13,480
News Corp. Class A		17,563		159,648
Omnicom Group, Inc.		2,159		58,120
Scripps Networks Interactive, Inc., Class A		324		7,128
Time Warner, Inc.		20,741		208,654
Viacom, Inc., Class B*		3,836		73,114
Walt Disney Co.		7,051		159,987
Washington Post Co. Class B		52		20,293
Total Media				1,104,237

The accompanying notes are an integral part of these financial statements.
8

Schedule of Investments — continued

REVENUESHARES LARGE CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Pharmaceuticals, Biotechnology—3.4%
Abbott Laboratories		2,398	$	127,981
Allergan, Inc.		562		22,660
Amgen, Inc.*		1,118		64,565
Biogen Idec, Inc.*		366		17,433
Bristol-Myers Squibb Co.		4,019		93,442
Celgene Corp.*		182		10,061
Cephalon, Inc.*		108		8,320
Eli Lilly & Co.		2,480		99,870
Forest Laboratories, Inc.*		644		16,403
Genzyme Corp.*		303		20,110
Gilead Sciences, Inc.*		485		24,803
Johnson & Johnson		4,799		287,123
King Pharmaceuticals, Inc.*		789		8,379
Life Technologies Corp.*		280		6,527
Merck & Co., Inc.		3,888		118,195
Millipore Corp.*		143		7,367
Mylan, Inc.*		2,222		21,976
PerkinElmer, Inc.		660		9,181
Pfizer, Inc.		12,673		224,439
Schering-Plough Corp.		4,530		77,146
Thermo Fisher Scientific, Inc.*		1,509		51,412
Waters Corp.*		193		7,073
Watson Pharmaceuticals, Inc.*		460		12,222
Wyeth		2,834		106,303
Total Pharmaceuticals, Biotechnology				1,442,991
Real Estate—0.4%
Apartment Investment & Management Co. Class A (a)		670		7,739
AvalonBay Communities, Inc. (a)		59		3,574
Boston Properties, Inc. (a)		120		6,600
CB Richard Ellis Group, Inc. Class A*		6,785		29,311
Developers Diversified Realty Corp. (a)		867		4,231
Equity Residential (a)		310		9,244
HCP, Inc. (a)		216		5,998
Host Hotels & Resorts, Inc. (a)		3,368		25,496
Kimco Realty Corp. (a)		274		5,009
Plum Creek Timber Co., Inc. (a)		217		7,539
Prologis (a)		3,042		42,252
Public Storage (a)		114		9,063
Simon Property Group, Inc. (a)		328		17,427
Vornado Realty Trust (a)		222		13,398
Total Real Estate				186,881
Retailing—5.6%
Abercrombie & Fitch Co. Class A		769		17,741
Amazon.com, Inc.*		1,596		81,843
AutoNation, Inc.*		7,681		75,888
Autozone, Inc.*		211		29,428
Bed Bath & Beyond, Inc.*		1,298		32,995
Best Buy Co., Inc.		7,237		203,432
Big Lots, Inc.*		1,383		20,040
Expedia, Inc.*		1,705		14,049
Family Dollar Stores, Inc.		1,193		31,102
GameStop Corp. Class A*		1,216		26,339
Gap, Inc.		5,356		71,717
Genuine Parts Co.		1,316		49,824
Home Depot, Inc.		14,160		325,962

Investments	Shares		Value
JC Penney Co., Inc.		4,421	$	87,094
Kohl's Corp.*		2,027		73,377
Limited Brands, Inc.		5,544		55,662
Lowe's Cos., Inc.		9,469		203,773
Macy's, Inc.		14,182		146,784
Nordstrom, Inc.		3,173		42,233
Office Depot, Inc.*		26,487		78,931
RadioShack Corp.		1,705		20,358
Sears Holdings Corp.*		5,566		216,350
Sherwin-Williams Co.		621		37,105
Staples, Inc.		4,907		87,933
Target Corp.		7,834		270,508
Tiffany & Co.		541		12,784
TJX Cos., Inc.		3,965		81,560
Total Retailing				2,394,812
Semiconductors & Semiconductor Equipment—1.1%
Advanced Micro Devices, Inc.*		12,454		26,901
Altera Corp.		380		6,350
Analog Devices, Inc.		586		11,146
Applied Materials, Inc.		3,566		36,123
Broadcom Corp. Class A*		1,111		18,854
Intel Corp.		11,809		173,119
KLA-Tencor Corp.		562		12,246
Linear Technology Corp.		214		4,734
LSI Corp.*		3,629		11,939
MEMC Electronic Materials, Inc.*		619		8,839
Microchip Technology, Inc.		220		4,297
Micron Technology, Inc.*		13,197		34,840
National Semiconductor Corp.		733		7,381
Novellus Systems Inc.*		408		5,035
NVIDIA Corp.*		1,950		15,737
Teradyne, Inc.*		1,275		5,381
Texas Instruments, Inc.		3,770		58,509
Xilinx, Inc.		447		7,966
Total Semiconductors & Semiconductor Equipment				449,397
Software & Services—2.2%
Adobe Systems, Inc.*		722		15,371
Affiliated Computer Services, Inc. Class A*		674		30,970
Akamai Technologies, Inc.*		234		3,531
Autodesk, Inc.*		503		9,884
Automatic Data Processing, Inc.		964		37,924
BMC Software, Inc.*		302		8,127
CA, Inc.		1,048		19,419
Citrix Systems, Inc.*		295		6,953
Cognizant Technology Solutions Corp. Class A*		656		11,847
Computer Sciences Corp.*		2,221		78,046
Compuware Corp.*		871		5,879
Convergys Corp.*		1,986		12,730
eBay, Inc.*		2,688		37,524
Electronic Arts, Inc.*		833		13,361
Fidelity National Information Services, Inc.		1,335		21,720
Fiserv, Inc.*		634		23,059
Google, Inc. Class A*		288		88,604

The accompanying notes are an integral part of these financial statements.
9

Schedule of Investments — continued

REVENUESHARES LARGE CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Software & Services—2.2% (continued)
Intuit, Inc.*		571	$	13,584
Mastercard, Inc. Class A		151		21,582
McAfee, Inc.*		361		12,480
Microsoft Corp.		13,088		254,432
Novell, Inc.*		1,131		4,400
Oracle Corp.*		5,510		97,693
Paychex, Inc.		348		9,145
Salesforce.com, Inc.*		96		3,073
Symantec Corp.*		1,985		26,837
Total System Services, Inc.		603		8,442
VeriSign, Inc.*		270		5,152
Western Union Co.		1,662		23,833
Yahoo! Inc.*		2,444		29,817
Total Software & Services				935,419
Technology Hardware & Equipment—5.3%
Agilent Technologies, Inc.*		1,496		23,382
Amphenol Corp. Class A		649		15,563
Apple, Inc.*		1,397		119,234
Ciena Corp*		608		4,074
Cisco Systems, Inc.*		9,857		160,669
Corning, Inc.		3,268		31,144
Dell, Inc.*		23,032		235,848
EMC Corp.*		5,855		61,302
Flir Systems, Inc.*		1,650		50,622
Harris Corp.		615		23,401
Hewlett-Packard Co.		13,964		506,754
International Business Machines Corp.		5,481		461,281
Jabil Circuit, Inc.		8,602		58,064
JDS Uniphase Corp.*		1,734		6,329
Juniper Networks, Inc.*		874		15,304
Lexmark International, Inc. Class A*		776		20,874
Molex, Inc.		1,058		15,330
Motorola, Inc.		33,671		149,163
NetApp Inc.*		1,003		14,012
QLogic Corp.*		212		2,849
QUALCOMM, Inc.		1,286		46,077
SanDisk Corp.*		1,777		17,059
Sun Microsystems Inc.*		14,941		57,075
Tellabs, Inc.*		1,892		7,795
Teradata Corporation*		527		7,815
Tyco Electronics Ltd.		4,082		66,169
Xerox Corp.		10,838		86,379
Total Technology Hardware & Equipment				2,263,568
Telecommunication Services—3.1%
American Tower Corp., Class A*		257		7,535
AT&T, Inc.		19,546		557,061
CenturyTel, Inc.		471		12,872
Embarq Corp.		939		33,766
Frontier Communications Corp.		1,203		10,514
Qwest Communications International, Inc.		21,099		76,800
Sprint Nextel Corp.*		87,538		160,195
Verizon Communications, Inc.		12,855		435,785
Windstream Corp.		1,618		14,886
Total Telecommunication Services				1,309,414

Investments	Shares		Value
Transportation—2.0%
Burlington Northern Santa Fe Corp.		1,075	$	81,388
C.H. Robinson Worldwide, Inc.		757		41,658
CSX Corp.		1,530		49,679
Expeditors International of Washington, Inc.		804		26,749
FedEx Corp.		2,660		170,639
Norfolk Southern Corp.		1,034		48,650
Ryder System, Inc.		854		33,118
Southwest Airlines Co.		6,100		52,582
Union Pacific Corp.		1,768		84,510
United Parcel Service, Inc. Class B		4,326		238,623
Total Transportation				827,596
Utilities—4.0%
AES Corp.*		9,994		82,350
Allegheny Energy, Inc.		474		16,050
Ameren Corp.		1,050		34,923
American Electric Power Co., Inc.		2,131		70,920
Centerpoint Energy, Inc.		3,888		49,067
CMS Energy Corp.		3,008		30,411
Consolidated Edison, Inc.		1,513		58,901
Constellation Energy Group, Inc.		3,242		81,341
Dominion Resources, Inc.		1,972		70,676
DTE Energy Co.		1,183		42,198
Duke Energy Corp.		3,884		58,299
Dynegy Inc. Class A*		8,610		17,220
Edison International		1,896		60,900
Entergy Corp.		685		56,944
Equitable Resources, Inc.		1,458		48,916
Exelon Corp.		1,521		84,582
FirstEnergy Corp.		1,096		53,244
FPL Group, Inc.		1,526		76,804
Integrys Energy Group, Inc.		1,405		60,387
Nicor, Inc.		455		15,807
NiSource, Inc.		3,294		36,135
Pepco Holdings, Inc.		2,728		48,449
PG&E Corp.		1,689		65,381
Pinnacle West Capital Corp.		512		16,451
PPL Corp.		1,056		32,409
Progress Energy, Inc.		1,018		40,567
Public Service Enterprise Group, Inc.		1,966		57,348
Questar Corp.		463		15,135
SCANA Corp.		3,385		120,505
Sempra Energy		1,214		51,753
Southern Co.		2,001		74,037
TECO Energy, Inc.		1,228		15,166
Wisconsin Energy Corp.		445		18,681
Xcel Energy, Inc.		2,670		49,529
Total Utilities				1, 711,486
Total Investments—100.3% (Cost $49,345,814)				42,503,640
Liabilities in Excess of Other Assets—(0.3%)				(106,246	)
Net Assets—100.0%			$	42,397,394

*  Non-income producing security.

†  Non-voting shares

(a)  Real Estate Investment Trust (REIT)

The accompanying notes are an integral part of these financial statements.
10

Schedule of Investments

REVENUESHARES MID CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—100.3%
Automobiles & Components—1.5%
ArvinMeritor, Inc.		19,747	$	56,279
BorgWarner, Inc.		2,437		53,053
Gentex Corp.		670		5,916
Modine Manufacturing Co.		3,801		18,511
Thor Industries, Inc.		1,876		24,726
Total Automobiles & Components				158,485
Banks—2.3%
Associated Banc-Corp.		717		15,007
Astoria Financial Corp.		666		10,976
BancorpSouth, Inc.		453		10,582
Bank of Hawaii Corp.		182		8,221
Cathay General Bancorp		299		7,101
City National Corp.		243		11,834
Colonial BancGroup, Inc.		7,480		15,484
Commerce Bancshares, Inc.		283		12,438
Cullen/Frost Bankers, Inc.		184		9,325
First Niagara Financial Group, Inc.		338		5,465
FirstMerit Corp.		337		6,939
Fulton Financial Corp.		902		8,677
New York Community Bancorp, Inc.		1,271		15,201
PacWest Bancorp		120		3,228
PMI Group, Inc.		5,956		11,614
SVB Financial Group*		171		4,485
Synovus Financial Corp.		2,855		23,696
TCF Financial Corp.		1,068		14,589
Valley National Bancorp		550		11,138
Washington Federal, Inc.		407		6,089
Webster Financial Corp.		750		10,335
Westamerica Bancorporation		51		2,609
Wilmington Trust Corp.		442		9,830
Total Banks				234,863
Capital Goods—12.3%
AGCO Corp.*		3,451		81,409
Alliant Techsystems, Inc.*		435		37,306
Ametek, Inc.		778		23,503
BE Aerospace, Inc.*		2,509		19,294
Bucyrus International, Inc.		1,078		19,965
Carlisle Cos., Inc.		1,302		26,951
Crane Co.		1,574		27,136
Donaldson Co., Inc.		592		19,921
Dycom Industries, Inc.*		1,574		12,938
Federal Signal Corp.		1,295		10,632
GATX Corp.		398		12,326
Graco, Inc.		346		8,211
Granite Construction, Inc.		528		23,195
Harsco Corp.		1,497		41,437
Hubbell, Inc. Class B		785		25,654
IDEX Corp.		595		14,369
Joy Global, Inc.		1,243		28,452
KBR, Inc.		6,251		95,015
Kennametal, Inc.		1,214		26,939
Lincoln Electric Holdings, Inc.		501		25,516
MSC Industrial Direct Co. Class A		485		17,863
Nordson Corp.		336		10,849
Oshkosh Corp.		7,889		70,133

Investments	Shares		Value
Pentair, Inc.		1,282	$	30,345
Quanta Services, Inc.*		1,827		36,175
Roper Industries, Inc.		522		22,660
Shaw Group, Inc.*		3,259		66,712
SPX Corp.		1,490		60,420
Terex Corp.*		5,754		99,658
Thomas & Betts Corp.*		1,016		24,404
Timken Co.		3,295		64,681
Trinity Industries, Inc.		2,606		41,071
United Rentals, Inc.*		4,717		43,019
URS Corp.*		2,125		86,636
Wabtec Corp.		330		13,118
Woodward Governor Co.		600		13,812
Total Capital Goods				1,281,725
Commercial & Professional Services—4.7%
Brink's Co.		1,445		38,842
Clean Harbors, Inc.*		158		10,024
Copart, Inc.*		251		6,825
Corporate Executive Board Co.		242		5,339
Corrections Corp. of America*		919		15,035
Deluxe Corp.		1,214		18,161
FTI Consulting, Inc.*		261		11,661
Herman Miller, Inc.		1,308		17,043
HNI Corp.		1,595		25,265
Kelly Services, Inc. Class A		4,468		58,129
Korn/Ferry International*		673		7,686
Manpower, Inc.		6,295		213,966
Mine Safety Appliances Co.		436		10,425
MPS Group, Inc.*		3,254		24,503
Navigant Consulting, Inc.*		404		6,411
Rollins, Inc.		542		9,799
Waste Connections, Inc.*		320		10,102
Total Commercial & Professional Services				489,216
Consumer Durables & Apparel—3.9%
American Greetings Corp. Class A		1,827		13,830
Blyth, Inc.		1,622		12,716
Callaway Golf Co.		1,070		9,940
Furniture Brands International, Inc.		6,920		15,293
Hanesbrands, Inc.*		3,428		43,707
Hovnanian Enterprises, Inc. Class A*		17,042		29,312
MDC Holdings, Inc.		575		17,423
Mohawk Industries, Inc.*		1,801		77,390
NVR, Inc.*		86		39,238
Phillips-Van Heusen Corp.		1,175		23,653
Ryland Group, Inc.		1,159		20,480
Timberland Co. Class A*		1,217		14,056
Toll Brothers, Inc.*		1,567		33,581
Tupperware Brands Corp.		1,069		24,266
Under Armour, Inc. Class A*		260		6,198
Warnaco Group, Inc.*		1,172		23,006
Total Consumer Durables & Apparel				404,089
Consumer Services—2.7%
Bob Evans Farms, Inc.		856		17,488
Boyd Gaming Corp.		3,972		18,788
Brinker International, Inc.		4,507		47,503
Brinks Home Security Holdings, Inc.*		284		6,225

The accompanying notes are an integral part of these financial statements.
11

Schedule of Investments — continued

REVENUESHARES MID CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Consumer Services—2.7% (continued)
Career Education Corp.*		886	$	15,895
Cheesecake Factory*		2,037		20,574
Chipotle Mexican Grill, Inc. Class A*		198		12,272
Corinthian Colleges, Inc.*		607		9,937
DeVry, Inc.		174		9,989
International Speedway Corp. Class A		276		7,929
ITT Educational Services, Inc.*		105		9,973
Life Time Fitness, Inc.*		602		7,796
Matthews International Corp. Class A		188		6,896
Regis Corp.		2,232		32,431
Scientific Games Corp. Class A*		651		11,419
Service Corp. International		3,815		18,961
Sotheby's		796		7,076
Strayer Education, Inc.		17		3,645
Wendy's/Arby's Group, Inc. Class A		2,650		13,091
Total Consumer Services				277,888
Diversified Financials—1.3%
Affiliated Managers Group, Inc.*		359		15,049
AmeriCredit Corp.*		3,456		26,404
Apollo Investment Corp.		393		3,659
Eaton Vance Corp.		527		11,072
Jefferies Group, Inc.		1,597		22,454
Raymond James Financial, Inc.		1,641		28,111
SEI Investments Co.		879		13,809
Waddell & Reed Financial, Inc. Class A		735		11,363
Total Diversified Financials				131,921
Energy—4.7%
Arch Coal, Inc.		1,635		26,634
Bill Barrett Corp.*		248		5,240
Cimarex Energy Co.		683		18,291
Comstock Resources, Inc.*		150		7,088
Denbury Resources, Inc.*		1,399		15,277
Encore Acquisition Co.*		486		12,403
Exterran Holdings, Inc.*		1,417		30,182
FMC Technologies, Inc.*		1,957		46,635
Forest Oil Corp.*		847		13,967
Frontier Oil Corp.		4,838		61,103
Helix Energy Solutions Group, Inc.*		2,738		19,823
Helmerich & Payne, Inc.		745		16,949
Mariner Energy Inc.*		1,264		12,893
Newfield Exploration Co.*		997		19,691
Oceaneering International, Inc.*		666		19,407
Overseas Shipholding Group, Inc.		359		15,117
Patriot Coal Corp.*		1,823		11,394
Patterson-UTI Energy, Inc.		1,692		19,475
Plains Exploration & Production Co.*		1,054		24,495
Pride International, Inc.*		1,207		19,288
Quicksilver Resources, Inc.*		1,278		7,118
Southern Union Co.		2,145		27,971
Superior Energy Services, Inc.*		1,030		16,408
Tidewater, Inc.		284		11,437
Unit Corp.*		469		12,532
Total Energy				490,818

Investments	Shares		Value
Food & Staples Retailing—1.1%
BJ's Wholesale Club, Inc.*		2,293	$	78,558
Ruddick Corp.		1,357		37,521
Total Food & Staples Retailing				116,079
Food Beverage & Tobacco—3.8%
Corn Products International, Inc.		1,207		34,822
Flowers Foods, Inc.		879		21,412
Hansen Natural Corp.*		313		10,495
Hormel Foods Corp.		1,922		59,736
Lancaster Colony Corp.		259		8,884
PepsiAmericas, Inc.		2,402		48,905
Ralcorp Holdings, Inc.*		406		23,710
Smithfield Foods, Inc.*		11,453		161,144
Tootsie Roll Industries, Inc.		183		4,687
Universal Corp.		581		17,354
Total Food Beverage & Tobacco				391,149
Health Care Equipment & Services—7.8%
Advanced Medical Optics, Inc.*		1,929		12,751
Beckman Coulter, Inc.		726		31,900
Cerner Corp.*		367		14,111
Community Health Systems, Inc.*		7,056		102,876
Edwards Lifesciences Corp.*		213		11,704
Gen-Probe, Inc.*		106		4,541
Health Management Associates, Inc. Class A*		26,041		46,613
Health Net, Inc.*		12,692		138,215
Henry Schein, Inc.*		1,684		61,786
Hill-Rom Holdings, Inc.		811		13,349
Hologic, Inc.*		982		12,835
IDEXX Laboratories, Inc.*		291		10,499
Kindred Healthcare, Inc.*		3,411		44,411
Kinetic Concepts, Inc.*		853		16,361
LifePoint Hospitals, Inc.*		1,181		26,974
Lincare Holdings, Inc.*		614		16,535
Masimo Corp.*		90		2,685
Omnicare, Inc.		2,483		68,928
Psychiatric Solutions, Inc.*		573		15,958
Resmed, Inc.*		195		7,309
STERIS Corp.		431		10,297
Teleflex, Inc.		465		23,297
Thoratec Corp.*		91		2,957
Universal Health Services, Inc. Class B		1,338		50,269
VCA Antech, Inc.*		674		13,399
WellCare Health Plans, Inc.*		4,109		52,842
Total Health Care Equipment & Services				813,402
Household & Personal Products—1.0%
Alberto-Culver Co.		628		15,392
Church & Dwight Co., Inc.		406		22,785
Energizer Holdings, Inc.*		854		46,236
NBTY, Inc.*		1,294		20,251
Total Household & Personal Products				104,664
Insurance—5.2%
American Financial Group, Inc.		1,804		41,276
Arthur J. Gallagher & Co.		614		15,909
Brown & Brown, Inc.		445		9,301
Everest Re Group Ltd.		458		34,872

The accompanying notes are an integral part of these financial statements.
12

Schedule of Investments — continued

REVENUESHARES MID CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Insurance—5.2% (continued)
Fidelity National Financial, Inc. Class A		3,116	$	55,309
First American Corp.		2,244		64,828
Hanover Insurance Group, Inc.		618		26,555
HCC Insurance Holdings, Inc.		837		22,390
Horace Mann Educators Corp.		893		8,207
Mercury General Corp.		563		25,892
Old Republic International Corp.		3,218		38,359
Protective Life Corp.		2,458		35,272
Reinsurance Group of America, Inc.		1,431		61,275
StanCorp Financial Group, Inc.		705		29,448
Unitrin, Inc.		1,516		24,165
W.R. Berkley Corp.		1,494		46,314
Total Insurance				539,372
Materials—9.4%
Airgas, Inc.		961		37,469
Albemarle Corp.		1,181		26,336
AptarGroup, Inc.		576		20,298
Ashland, Inc.		7,125		74,884
Cabot Corp.		1,692		25,888
Carpenter Technology Corp.		958		19,677
Chemtura Corp.		30,187		42,262
Cliffs Natural Resources, Inc.		1,222		31,295
Commercial Metals Co.		6,930		82,258
Cytec Industries, Inc.		1,640		34,801
Ferro Corp.		3,463		24,414
FMC Corp.		627		28,046
Greif, Inc. Class A		1,016		33,965
Louisiana-Pacific Corp.		8,132		12,686
Lubrizol Corp.		1,309		47,635
Martin Marietta Materials, Inc.		205		19,901
Minerals Technologies, Inc.		218		8,916
Olin Corp.		856		15,476
Packaging Corp of America		1,681		22,626
Reliance Steel & Aluminum Co.		3,313		66,061
RPM International, Inc.		2,440		32,428
Scotts Miracle-Gro Co. Class A		917		27,253
Sensient Technologies Corp.		482		11,510
Sonoco Products Co.		1,561		36,153
Steel Dynamics, Inc.		6,759		75,566
Temple-Inland, Inc.		8,282		39,754
Terra Industries, Inc.		1,656		27,606
Valspar Corp.		1,753		31,712
Worthington Industries, Inc.		2,030		22,371
Total Materials				979,247
Media—0.7%
Belo Corp. Class A		5,165		8,057
DreamWorks Animation SKG, Inc. Class A*		274		6,921
Harte-Hanks, Inc.		1,675		10,452
John Wiley & Sons, Inc. Class A		484		17,221
Lamar Advertising Co. Class A*		855		10,739
Marvel Entertainment, Inc.*		172		5,289
Scholastic Corp.		1,154		15,671
Total Media				74,350

Investments	Shares		Value
Pharmaceuticals, Biotechnology—1.3%
Affymetrix, Inc.*		1,573	$	4,703
Bio-Rad Laboratories, Inc. Class A*		241		18,150
Charles River Laboratories International, Inc.*		514		13,467
Covance, Inc.*		400		18,412
Endo Pharmaceuticals Holdings, Inc.*		465		12,034
Medicis Pharmaceutical Corp. Class A		338		4,698
Perrigo Co.		487		15,735
Pharmaceutical Product Development, Inc.		531		15,404
Sepracor, Inc.*		999		10,969
Techne Corp.		35		2,258
United Therapeutics Corp.*		41		2,565
Valeant Pharmaceuticals International*		343		7,855
Varian, Inc.*		302		10,120
Vertex Pharmaceuticals, Inc.*		68		2,066
Total Pharmaceuticals, Biotechnology				138,436
Real Estate—2.3%
Alexandria Real Estate Equities, Inc. (a)		87		5,250
AMB Property Corp. (a)		351		8,220
BRE Properties, Inc. (a)		105		2,938
Camden Property Trust (a)		211		6,613
Cousins Properties, Inc. (a)		153		2,119
Duke Realty Corp. (a)		1,249		13,689
Equity One, Inc. (a)		125		2,213
Essex Property Trust, Inc. (a)		50		3,838
Federal Realty Investment Trust (a)		79		4,904
Health Care REIT, Inc. (a)		133		5,613
Highwoods Properties, Inc. (a)		178		4,870
Hospitality Properties Trust (a)		929		13,814
Jones Lang LaSalle, Inc.		957		26,509
Liberty Property Trust (a)		339		7,739
Macerich Co. (a)		545		9,897
Mack-Cali Realty Corp. (a)		351		8,600
Nationwide Health Properties, Inc. (a)		136		3,906
Omega Healthcare Investors, Inc. (a)		3,275		52,302
Potlatch Corp. (a)		720		18,727
Rayonier, Inc. (a)		361		11,317
Realty Income Corp. (a)		141		3,264
Regency Centers Corp. (a)		116		5,417
SL Green Realty Corp. (a)		220		5,698
UDR Inc (a)		342		4,716
Weingarten Realty Investors (a)		305		6,310
Total Real Estate				238,483
Retailing—7.3%
99 Cents Only Stores*		990		10,821
Advance Auto Parts, Inc.		1,406		47,312
Aeropostale, Inc.*		863		13,894
American Eagle Outfitters, Inc.		2,786		26,077
AnnTaylor Stores Corp.*		4,024		23,218
Barnes & Noble, Inc.		3,184		47,760
Carmax, Inc.*		9,300		73,283
Chico's FAS, Inc.*		4,516		18,877
Coldwater Creek, Inc.*		3,871		11,032
Collective Brands, Inc.*		2,691		31,539
Dick's Sporting Goods, Inc.*		2,578		36,376

The accompanying notes are an integral part of these financial statements.
13

Schedule of Investments — continued

REVENUESHARES MID CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Retailing—7.3% (continued)
Dollar Tree, Inc.*		915	$	38,247
Foot Locker, Inc.		7,014		51,483
Guess?, Inc.		1,271		19,510
J. Crew Group, Inc.*		980		11,956
LKQ Corp.*		1,280		14,925
NetFlix, Inc.*		403		12,046
O'Reilly Automotive, Inc.*		945		29,049
Pacific Sunwear of California, Inc.*		7,729		12,289
PetSmart, Inc.		2,435		44,926
Priceline.com, Inc.*		253		18,633
Rent-A-Center, Inc.*		1,784		31,488
Ross Stores, Inc.		1,890		56,189
Saks, Inc.*		7,181		31,453
Urban Outfitters, Inc.*		831		12,448
Williams-Sonoma, Inc.		4,496		35,339
Total Retailing				760,170
Semiconductors & Semiconductor Equipment—0.9%
Atmel Corp.*		4,605		14,414
Cree, Inc.*		272		4,317
Fairchild Semiconductor International, Inc.*		3,217		15,731
Integrated Device Technology, Inc.*		1,251		7,018
International Rectifier Corp.*		758		10,233
Intersil Corp. Class A		782		7,187
Lam Research Corp.*		1,060		22,556
RF Micro Devices, Inc.*		11,327		8,835
Semtech Corp.*		201		2,265
Silicon Laboratories, Inc.*		173		4,287
Total Semiconductors & Semiconductor Equipment				96,843
Software & Services—3.5%
ACI Worldwide, Inc.*		247		3,927
Acxiom Corp.		1,652		13,398
Advent Software, Inc.*		98		1,957
Alliance Data Systems Corp.*		463		21,543
ANSYS, Inc.*		143		3,988
Broadridge Financial Solutions, Inc.		1,636		20,515
Cadence Design Systems, Inc.*		4,965		18,172
Digital River, Inc.*		152		3,770
DST Systems, Inc.*		552		20,965
FactSet Research Systems, Inc.		136		6,017
Fair Isaac Corp.		520		8,767
Gartner, Inc.*		708		12,624
Global Payments, Inc.		337		11,050
Jack Henry & Associates, Inc.		362		7,026
Lender Processing Services, Inc.		670		19,732
Macrovision Solutions Corp.*		264		3,340
Mantech International Corp. Class A*		320		17,341
Mentor Graphics Corp.*		1,410		7,290
Metavante Technologies, Inc.*		945		15,224
NeuStar, Inc. Class A*		229		4,381
Parametric Technology Corp.*		837		10,588
SAIC Inc.*		4,095		79,771
SRA International, Inc. Class A*		840		14,490
Sybase, Inc.*		433		10,725
Synopsys, Inc.*		662		12,260

Investments	Shares		Value
ValueClick, Inc.*		911	$	6,231
Wind River Systems, Inc.*		330		2,980
Total Software & Services				358,072
Technology Hardware & Equipment—12.2%
3Com Corp.*		5,295		12,073
ADC Telecommunications, Inc.*		2,646		14,474
Adtran, Inc.		320		4,762
Arrow Electronics, Inc.*		9,511		179,187
Avnet, Inc.*		9,545		173,814
Avocent Corp.*		359		6,430
CommScope, Inc.*		2,319		36,037
Diebold, Inc.		1,077		30,253
F5 Networks, Inc.*		252		5,761
Imation Corp.		1,616		21,929
Ingram Micro, Inc. Class A*		25,877		346,494
Mettler-Toledo International, Inc.*		252		16,985
National Instruments Corp.		318		7,746
NCR Corp.*		3,572		50,508
Palm, Inc. *		6,282		19,286
Plantronics, Inc.		616		8,131
Polycom, Inc.*		679		9,173
Tech Data Corp.*		12,266		218,825
Trimble Navigation Ltd.*		605		13,074
Vishay Intertechnology, Inc.*		6,584		22,517
Western Digital Corp.*		5,533		63,353
Zebra Technologies Corp. Class A*		441		8,935
Total Technology Hardware & Equipment				1,269,747
Telecommunication Services—0.6%
Cincinnati Bell, Inc.*		6,937		13,388
Telephone & Data Systems, Inc.		1,476		46,863
Total Telecommunication Services				60,251
Transportation—3.0%
Airtran Holdings, Inc.*		6,145		27,284
Alaska Air Group, Inc.*		1,271		37,177
Alexander & Baldwin, Inc.		683		17,116
Con-way, Inc.		2,178		57,935
JB Hunt Transport Services, Inc.		1,417		37,225
JetBlue Airways Corp.*		5,432		38,567
Kansas City Southern*		1,000		19,050
Werner Enterprises, Inc.		1,235		21,415
YRC Worldwide, Inc.*		21,132		60,648
Total Transportation				316,417
Utilities—6.8%
AGL Resources, Inc.		800		25,080
Alliant Energy Corp.		1,085		31,660
Aqua America, Inc.		280		5,765
Black Hills Corp.		285		7,684
DPL, Inc.		665		15,189
Energen Corp.		453		13,286
Great Plains Energy, Inc.		1,216		23,505
Hawaiian Electric Industries, Inc.		1,220		27,011
IDACORP, Inc.		291		8,570
MDU Resources Group, Inc.		1,986		42,858
National Fuel Gas Co.		674		21,116
Northeast Utilities		2,197		52,860

The accompanying notes are an integral part of these financial statements.
14

Schedule of Investments — continued

REVENUESHARES MID CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Utilities—6.8% (continued)
NSTAR		832	$	30,360
NV Energy, Inc.		3,465		34,269
OGE Energy Corp.		1,544		39,804
ONEOK, Inc.		5,583		162,576
PNM Resources, Inc.		1,649		16,622
Puget Energy, Inc.		1,211		33,024
UGI Corp.		2,392		58,413
Vectren Corp.		839		20,983
Westar Energy, Inc.		860		17,639
WGL Holdings, Inc.		717		23,439
Total Utilities				711,713
Total Investments—100.3% (Cost $12,510,962)				10,437,400
Liabilities in Excess of Other Assets—(0.3%)				(34,776	)
Net Assets—100.0%			$	10,402,624

*  Non-income producing security.

(a)  Real Estate Investment Trust (REIT)

The accompanying notes are an integral part of these financial statements.
15

Schedule of Investments

REVENUESHARES SMALL CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—100.4%
Automobiles & Components—0.7%
Drew Industries, Inc.*		551	$	6,612
Spartan Motors, Inc.		3,940		18,636
Standard Motor Products, Inc.		3,151		10,902
Superior Industries International, Inc.		867		9,121
Winnebago Industries, Inc.		2,164		13,049
Total Automobiles & Components				58,320
Banks—4.1%
Anchor Bancorp Wisconsin, Inc.		2,289		6,318
Bank Mutual Corp.		251		2,897
BankAtlantic Bancorp, Inc. Class A		1,290		7,482
Boston Private Financial Holdings, Inc.		1,496		10,233
Brookline Bancorp, Inc.		191		2,034
Cascade Bancorp		286		1,931
Central Pacific Financial Corp.		463		4,649
Columbia Banking System, Inc.		324		3,865
Community Bank System, Inc.		184		4,488
Corus Bankshares, Inc.		7,057		7,833
Dime Community Bancshares, Inc.		198		2,633
East West Bancorp, Inc.		666		10,636
First Bancorp		1,530		17,044
First Commonwealth Financial Corp.		462		5,720
First Financial Bancorp		259		3,209
First Financial Bankshares, Inc.		52		2,871
First Midwest Bancorp, Inc.		360		7,189
Flagstar Bancorp, Inc.*		25,343		17,994
Frontier Financial Corp.		1,503		6,553
Glacier Bancorp, Inc.		295		5,611
Guaranty Financial Group, Inc.*		11,308		29,514
Hancock Holding Co.		152		6,910
Hanmi Financial Corp.		2,118		4,363
Home Bancshares, Inc.		91		2,452
Independent Bank Corp. MI		1,719		3,713
Independent Bank Corp. MA		425		11,118
Irwin Financial Corp.*		5,211		6,722
Nara Bancorp, Inc.		283		2,782
National Penn Bancshares, Inc.		489		7,095
Old National Bancorp.		484		8,789
PrivateBancorp, Inc.		190		6,167
Prosperity Bancshares, Inc.		187		5,533
Provident Bankshares Corp.		799		7,718
S&T Bancorp, Inc.		97		3,444
Signature Bank*		175		5,021
South Financial Group, Inc.		3,109		13,431
Sterling Bancorp		173		2,427
Sterling Bancshares, Inc.		728		4,426
Sterling Financial Corp.		1,828		16,086
Susquehanna Bancshares, Inc.		747		11,885
Tompkins Financial Corp.		46		2,666
TrustCo Bank Corp.		251		2,387
UCBH Holdings, Inc.		2,000		13,760
UMB Financial Corp.		191		9,386
Umpqua Holdings Corp.		535		7,741
United Bankshares, Inc.		206		6,843
United Community Banks, Inc.		591		8,026
Whitney Holding Corp.		598		9,562

Investments	Shares		Value
Wilshire Bancorp, Inc.		283	$	2,570
Wintrust Financial Corp.		475		9,771
Total Banks				363,498
Capital Goods—12.4%
A.O. Smith Corp.		1,061		31,321
AAR Corp.*		1,062		19,551
Actuant Corp. Class A		40		761
Acuity Brands, Inc.		804		28,068
Albany International Corp. Class A		1,087		13,957
Apogee Enterprises, Inc.		1,216		12,598
Applied Industrial Technologies, Inc.		1,479		27,983
Applied Signal Technology, Inc.		138		2,476
Astec Industries, Inc.*		408		12,783
Axsys Technologies, Inc.*		56		3,072
Baldor Electric Co.		1,629		29,078
Barnes Group, Inc.		1,350		19,575
Belden, Inc.		1,564		32,655
Brady Corp. Class A		842		20,166
Briggs & Stratton Corp.		1,989		34,986
C&D Technologies, Inc.*		1,450		4,539
Cascade Corp.		239		7,137
Ceradyne, Inc.*		380		7,718
CIRCOR International, Inc.		1,100		30,250
CLARCOR, Inc.		404		13,405
Cubic Corp.		394		10,717
Curtiss-Wright Corp.		784		26,178
EMCOR Group, Inc.*		4,185		93,869
EnPro Industries, Inc.*		740		15,940
Esterline Technologies Corp.*		540		20,461
Gardner Denver, Inc.*		1,035		24,157
GenCorp, Inc.*		3,115		11,463
Gibraltar Industries, Inc.		1,174		14,018
Griffon Corp.*		2,029		18,931
II-VI, Inc.*		211		4,028
Insituform Technologies, Inc. Class A*		363		7,147
John Bean Technologies Corp.		1,521		12,427
Kaman Corp.		790		14,323
Kaydon Corp.		200		6,870
Lawson Products, Inc.		346		7,906
Lennox International, Inc.		1,602		51,728
Lindsay Corp.		114		3,624
Lydall, Inc.*		962		5,532
Magnetek, Inc.*		620		1,488
Moog, Inc. Class A*		780		28,525
Mueller Industries, Inc.		1,663		41,707
NCI Buildings Systems, Inc.*		1,350		22,005
Orbital Sciences Corp.*		955		18,651
Quanex Building Products Corp.		1,252		11,731
Regal-Beloit Corp.		896		34,038
Robbins & Myers, Inc.		523		8,457
Simpson Manufacturing Co., Inc.		369		10,243
Standex International Corp.		452		8,968
Teledyne Technologies, Inc.*		611		27,220
Toro Co.		784		25,872
Tredegar Corp.		658		11,962
Triumph Group, Inc.		374		15,880
Universal Forest Products, Inc.		1,334		35,897

The accompanying notes are an integral part of these financial statements.
16

Schedule of Investments — continued

REVENUESHARES SMALL CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Capital Goods—12.4% (continued)
Valmont Industries, Inc.		407	$	24,974
Vicor Corp.		571		3,774
Wabash National Corp.		2,682		12,069
Watsco, Inc.		627		24,077
Watts Water Technologies, Inc. Class A		798		19,926
Total Capital Goods				1,088,862
Commercial & Professional Services—5.5%
ABM Industries, Inc.		2,558		48,730
ATC Technology Corp.*		452		6,613
Administaff, Inc.		1,233		26,731
Bowne & Co., Inc.		3,088		18,157
CDI Corp.		1,604		20,756
Consolidated Graphics, Inc.*		786		17,795
G&K Services, Inc. Class A		588		11,889
Geo Group, Inc.*		757		13,649
Healthcare Services Group, Inc.		512		8,156
Heidrick & Struggles International, Inc.		412		8,874
Interface, Inc. Class A		2,859		13,266
Mobile Mini, Inc.*		372		5,364
On Assignment, Inc.*		1,906		10,807
School Specialty, Inc.*		786		15,028
Spherion Corp.*		25,444		56,232
Standard Register Co.		1,343		11,993
SYKES Enterprises, Inc.*		599		11,453
Tetra Tech, Inc.*		1,150		27,773
TrueBlue, Inc.*		2,257		21,599
United Stationers, Inc.*		1,914		64,101
Viad Corp.		592		14,646
Volt Information Sciences, Inc.*		4,906		35,470
Watson Wyatt Worldwide, Inc. Class A		483		23,097
Total Commercial & Professional Services				492,179
Consumer Durables & Apparel—6.5%
Arctic Cat, Inc.		1,643		7,870
Bassett Furniture Industries, Inc.		1,224		4,100
Brunswick Corp.		20,673		87,033
Carter's, Inc.*		1,029		19,819
Champion Enterprises, Inc.*		16,567		9,278
CROCS, Inc.*		7,087		8,788
Deckers Outdoor Corp.*		118		9,425
Ethan Allen Interiors, Inc.		900		12,933
Fossil, Inc.*		1,461		24,399
Iconix Brand Group, Inc.*		320		3,130
JAKKS Pacific, Inc.*		638		13,162
K-Swiss, Inc. Class A		404		4,606
La-Z-Boy, Inc.		7,821		16,972
Liz Claiborne, Inc.		18,648		48,485
M/I Homes, Inc.		952		10,034
Maidenform Brands, Inc.*		588		5,968
Meritage Homes Corp.*		1,994		24,267
Movado Group, Inc.		1,067		10,019
National Presto Industries, Inc.		88		6,776
Nautilus, Inc.*		3,186		7,041
Oxford Industries, Inc.		2,455		21,530
Perry Ellis International, Inc.*		1,542		9,776
Polaris Industries, Inc.		986		28,249
Pool Corp.		1,484		26,667

Investments	Shares		Value
Quiksilver, Inc.*		21,366	$	39,313
RC2 Corp.*		886		9,454
Russ Berrie & Co., Inc.*		4,039		11,996
Skechers U.S.A., Inc. Class A*		1,676		21,486
Skyline Corp.		170		3,398
Standard-Pacific Corp.*		12,947		23,046
Sturm Ruger & Co., Inc.*		287		1,713
True Religion Apparel, Inc.*		296		3,682
UniFirst Corp.		486		14,429
Universal Electronics, Inc.*		240		3,893
Volcom, Inc.*		443		4,829
Wolverine World Wide, Inc.		804		16,916
Total Consumer Durables & Apparel				574,482
Consumer Services—4.1%
Buffalo Wild Wings, Inc.*		221		5,669
California Pizza Kitchen, Inc.*		971		10,409
Capella Education Co.*		53		3,114
CEC Entertainment, Inc.*		463		11,228
CKE Restaurants, Inc.		2,344		20,346
Coinstar, Inc.*		547		10,672
Cracker Barrel Old Country Store, Inc.		1,679		34,571
DineEquity, Inc.		1,594		18,427
Hillenbrand, Inc.		576		9,608
Interval Leisure Group, Inc.*		1,013		5,460
Jack in the Box, Inc.*		1,848		40,821
Landry's Restaurants, Inc.		1,322		15,335
Marcus Corp.		393		6,378
Monarch Casino & Resort, Inc.*		194		2,260
Multimedia Games, Inc.*		623		1,483
O'Charleys, Inc.		5,941		11,882
Panera Bread Co. Class A*		305		15,933
Papa John's International, Inc.*		880		16,218
Peet's Coffee & Tea, Inc.*		161		3,743
P.F. Chang's China Bistro, Inc.*		724		15,161
Pinnacle Entertainment, Inc.*		1,960		15,053
Pre-Paid Legal Services, Inc.*		152		5,668
Red Robin Gourmet Burgers, Inc.*		695		11,697
Ruby Tuesday, Inc.*		12,284		19,163
Ruth's Hospitality Group, Inc.*		3,629		5,008
Shuffle Master, Inc.*		550		2,728
Sonic Corp.*		921		11,209
Steak N Shake Co.*		1,521		9,050
Texas Roadhouse, Inc. Class A*		1,496		11,594
Universal Technical Institute, Inc.*		268		4,602
WMS Industries, Inc.*		329		8,850
Total Consumer Services				363,340
Diversified Financials—0.9%
Cash America International, Inc.		496		13,565
Financial Federal Corp.		113		2,630
First Cash Financial Services, Inc.*		288		5,489
Greenhill & Co., Inc.		46		3,209
Investment Technology Group, Inc.*		516		11,724
LaBranche & Co., Inc.*		739		3,540
optionsXpress Holdings, Inc.		282		3,768
Piper Jaffray Cos.*		178		7,077
Portfolio Recovery Associates, Inc.*		104		3,519
Rewards Network, Inc.*		1,029		2,665

The accompanying notes are an integral part of these financial statements.
17

Schedule of Investments — continued

REVENUESHARES SMALL CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Diversified Financials—0.9% (continued)
Stifel Financial Corp.*		252	$	11,554
SWS Group, Inc.		383		7,258
TradeStation Group, Inc.*		359		2,316
World Acceptance Corp.*		232		4,584
Total Diversified Financials				82,898
Energy—6.8%
Atwood Oceanics, Inc.*		387		5,913
Basic Energy Services, Inc.*		1,094		14,266
Bristow Group, Inc.*		618		16,556
CARBO Ceramics, Inc.		148		5,258
Dril-Quip, Inc.*		340		6,973
Gulf Island Fabrication, Inc.		437		6,297
Holly Corp.		4,416		80,504
Hornbeck Offshore Services, Inc.*		347		5,670
ION Geophysical Corp.*		3,477		11,926
Lufkin Industries, Inc.		235		8,108
Matrix Service Co.*		1,145		8,782
NATCO Group, Inc. Class A*		547		8,303
Oil States International, Inc.*		1,792		33,492
Penn Virginia Corp.		570		14,809
Petroleum Development Corp.*		375		9,026
Petroquest Energy, Inc.*		731		4,942
Pioneer Drilling Co.*		1,308		7,286
SEACOR Holdings, Inc.*		312		20,795
St. Mary Land & Exploration Co.		892		18,117
Stone Energy Corp.*		808		8,904
Superior Well Services, Inc.*		602		6,020
Swift Energy Co.*		555		9,330
Tetra Technologies, Inc.*		2,585		12,563
World Fuel Services Corp.		7,521		278,277
Total Energy				602,117
Food & Staples Retailing—3.7%
Andersons, Inc.		2,727		44,941
Casey's General Stores, Inc.		2,526		57,517
Great Atlantic & Pacific Tea Co., Inc.*		13,414		84,105
Nash Finch Co.		1,461		65,584
Spartan Stores, Inc.		1,367		31,783
United Natural Foods, Inc.*		2,408		42,911
Total Food & Staples Retailing				326,841
Food Beverage & Tobacco—1.8%
Alliance One International, Inc.*		12,182		35,815
Boston Beer Co., Inc. Class A*		174		4,942
Cal-Maine Foods, Inc.		426		12,226
Darling International, Inc.*		2,356		12,934
Diamond Foods, Inc.		277		5,582
Green Mountain Coffee Roasters, Inc.*		178		6,889
Hain Celestial Group, Inc.*		722		13,783
J&J Snack Foods Corp.		258		9,257
Lance, Inc.		497		11,401
Sanderson Farms, Inc.		668		23,086
TreeHouse Foods, Inc.*		785		21,383
Total Food Beverage & Tobacco				157,298

Investments	Shares		Value
Health Care Equipment & Services—8.6%
Abaxis, Inc.*		82	$	1,314
Air Methods Corp.*		422		6,748
Amedisys, Inc.*		335		13,849
American Medical Systems Holdings, Inc.*		740		6,653
AMERIGROUP Corp.*		2,097		61,903
AMN Healthcare Services, Inc.*		1,949		16,489
AmSurg Corp.*		363		8,472
Analogic Corp.		179		4,883
ArthroCare Corp.*		296		1,412
Catalyst Health Solutions, Inc.*		1,391		33,871
Centene Corp.*		2,644		52,113
Chemed Corp.		366		14,556
CONMED Corp.*		409		9,791
Cooper Cos., Inc.		1,069		17,532
Corvel Corp.*		219		4,814
Cross Country Healthcare, Inc.*		1,110		9,757
CryoLife Inc.*		153		1,486
Cyberonics*		100		1,657
Datascope Corp.		66		3,448
Eclipsys Corp.*		479		6,797
Gentiva Health Services, Inc.*		658		19,253
Greatbatch, Inc.*		261		6,906
Haemonetics Corp.*		106		5,989
Healthspring, Inc.*		1,645		32,851
Healthways, Inc.*		1,038		11,916
HMS Holdings Corp.*		80		2,522
ICU Medical, Inc.*		79		2,618
Immucor, Inc.*		143		3,801
Integra LifeSciences Holdings Corp.*		245		8,715
Invacare Corp.		1,539		23,885
inVentiv Health, Inc.*		1,246		14,379
Kensey Nash Corp.*		55		1,068
Landauer, Inc.		19		1,393
LCA-Vision, Inc.		975		4,007
LHC Group, Inc.*		133		4,788
Magellan Health Services, Inc.*		1,006		39,395
Medcath Corp.*		864		9,020
Mentor Corp.		145		4,485
Meridian Bioscience, Inc.		71		1,808
Merit Medical Systems, Inc.*		166		2,976
Molina Healthcare, Inc.*		2,156		37,967
MWI Veterinary Supply, Inc.*		347		9,355
Natus Medical, Inc.*		149		1,930
Odyssey HealthCare, Inc.*		821		7,594
Omnicell, Inc.*		272		3,321
Osteotech, Inc.*		603		1,019
Owens & Minor, Inc.		2,407		90,623
Palomar Medical Technologies, Inc.*		128		1,476
Pediatrix Medical Group, Inc.*		409		12,965
PharMerica Corp.*		1,801		28,222
Phase Forward, Inc.*		159		1,991
PSS World Medical, Inc.*		1,271		23,920
RehabCare Group, Inc.*		609		9,232
Res-Care, Inc.*		1,517		22,785
SurModics, Inc.*		52		1,314
Symmetry Medical, Inc.*		640		5,101
Theragenics Corp.*		720		842

The accompanying notes are an integral part of these financial statements.
18

Schedule of Investments — continued

REVENUESHARES SMALL CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Health Care Equipment & Services—8.6% (continued)
West Pharmaceutical Services, Inc.		379	$	14,315
Zoll Medical Corp.*		266		5,025
Total Health Care Equipment & Services				758,317
Household & Personal Products—0.5%
Central Garden & Pet Co., Class A*		4,643		27,394
Chattem, Inc.*		82		5,865
Mannatech, Inc.		2,037		4,991
WD-40 Co.		153		4,328
Total Household & Personal Products				42,578
Insurance—2.2%
American Physicians Capital, Inc.		250		12,025
Amerisafe, Inc.*		175		3,593
Delphi Financial Group, Inc. Class A		1,367		25,207
Infinity Property & Casualty Corp.		277		12,944
National Financial Partners Corp.		4,704		14,300
Navigators Group, Inc.*		161		8,841
Presidential Life Corp.		411		4,065
ProAssurance Corp.*		160		8,445
RLI Corp.		133		8,134
Safety Insurance Group, Inc.		231		8,792
Selective Insurance Group, Inc.		1,103		25,292
Stewart Information Services Corp.		1,467		34,460
Tower Group, Inc.		265		7,476
United Fire & Casualty Co.		347		10,781
Zenith National Insurance Corp.		288		9,092
Total Insurance				193,447
Materials—5.3%
A.M. Castle & Co.		1,803		19,526
AMCOL International Corp.		505		10,580
Arch Chemicals, Inc.		805		20,986
Balchem Corp.		117		2,914
Brush Engineered Materials, Inc.*		961		12,224
Buckeye Technologies, Inc.*		3,248		11,823
Calgon Carbon Corp.*		382		5,868
Century Aluminum Co.*		2,714		27,140
Clearwater Paper Corp.*		354		2,970
Deltic Timber Corp.		36		1,647
Eagle Materials, Inc.		494		9,095
Georgia Gulf Corp.		28,432		30,422
H.B. Fuller Co.		1,253		20,186
Headwaters, Inc.*		1,689		11,401
Myers Industries, Inc.		1,587		12,696
Neenah Paper, Inc.		1,188		10,502
NewMarket Corp.		565		19,724
Olympic Steel, Inc.		766		15,603
OM Group, Inc.*		1,087		22,947
Penford Corp.		476		4,817
PolyOne Corp.*		12,687		39,963
Quaker Chemical Corp.		623		10,248
Rock-Tenn Co. Class A		1,020		34,864
RTI International Metals, Inc.*		560		8,014
Schulman A., Inc.		1,572		26,724
Schweitzer-Mauduit International, Inc.		607		12,152
Stepan Co.		471		22,132
Texas Industries, Inc.		391		13,490

Investments	Shares		Value
Wausau Paper Corp.		1,524	$	17,435
Zep, Inc.		459		8,863
Total Materials				466,956
Media—1.6%
4Kids Entertainment, Inc.*		370		725
AH Belo Corp. Class A		4,532		9,880
Arbitron, Inc.		441		5,856
E.W. Scripps Co. Class A		16,607		36,701
Live Nation, Inc.*		15,041		86,336
Total Media				139,498
Pharmaceuticals, Biotechnology—0.8%
ArQule, Inc.*		38		160
Cambrex Corp.*		882		4,075
Cubist Pharmaceuticals, Inc.*		208		5,025
Dionex Corp.*		99		4,440
Enzo Biochem Inc.*		209		1,022
Kendle International, Inc.*		396		10,185
Martek Biosciences Corp.*		160		4,850
Noven Pharmaceuticals, Inc.*		107		1,177
Par Pharmaceutical Cos., Inc.*		583		7,818
Parexel International Corp.*		1,965		19,080
Regeneron Pharmaceuticals, Inc.*		196		3,599
Salix Pharmaceuticals Ltd.*		266		2,349
Viropharma, Inc.*		255		3,320
Total Pharmaceuticals, Biotechnology				67,100
Real Estate—1.4%
Acadia Realty Trust (a)		120		1,712
BioMed Realty Trust, Inc. (a)		427		5,004
Cedar Shopping Centers, Inc. (a)		412		2,917
Colonial Properties Trust (a)		665		5,539
DiamondRock Hospitality Co. (a)		1,823		9,243
EastGroup Properties, Inc. (a)		67		2,384
Entertainment Properties Trust (a)		130		3,874
Extra Space Storage, Inc. (a)		402		4,149
Forestar Group, Inc.*		430		4,094
Franklin Street Properties Corp. (a)		685		10,104
Home Properties, Inc. (a)		178		7,227
Inland Real Estate Corp. (a)		213		2,765
Kilroy Realty Corp. (a)		119		3,982
Kite Realty Group Trust (a)		387		2,152
LaSalle Hotel Properties (a)		862		9,525
Lexington Realty Trust (a)		1,384		6,920
LTC Properties, Inc. (a)		51		1,034
Medical Properties Trust, Inc. (a)		223		1,407
Mid-America Apartment Communities, Inc. (a)		146		5,425
National Retail Properties, Inc. (a)		211		3,627
Parkway Properties, Inc. (a)		222		3,996
Pennsylvania Real Estate Investment Trust (a)		1,246		9,283
Post Properties, Inc. (a)		196		3,234
PS Business Parks, Inc. (a)		83		3,707
Senior Housing Properties Trust (a)		217		3,889
Sovran Self Storage, Inc. (a)		80		2,880
Tanger Factory Outlet Centers, Inc. (a)		85		3,198
Urstadt Biddle Properties, Inc. Class A (a)		67		1,067
Total Real Estate				124,338

The accompanying notes are an integral part of these financial statements.
19

Schedule of Investments — continued

REVENUESHARES SMALL CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Retailing—12.8%
Aaron Rents, Inc.		864	$	23,000
Audiovox Corp. Class A*		1,240		6,212
Big 5 Sporting Goods Corp.		2,327		12,124
Blue Nile, Inc.*		167		4,090
Brown Shoe Co, Inc.		5,448		46,145
Buckle, Inc.		363		7,921
Cabela's, Inc.*		4,987		29,074
Cato Corp. Class A		783		11,823
Charlotte Russe Holding, Inc.*		1,808		11,734
Childrens Place Retail Stores, Inc.*		1,160		25,149
Christopher & Banks Corp.		1,962		10,987
Dress Barn, Inc.*		2,095		22,500
Finish Line Class A		3,000		16,800
Fred's, Inc. Class A		2,264		24,361
Genesco, Inc.*		1,470		24,872
Group 1 Automotive, Inc.		9,058		97,555
Gymboree Corp.*		513		13,384
Haverty Furniture Cos., Inc.		1,159		10,813
Hibbett Sports, Inc.*		442		6,944
Hot Topic, Inc.*		1,230		11,402
HSN, Inc.*		14,242		103,539
Jo-Ann Stores, Inc.*		1,975		30,593
Jos. A. Bank Clothiers, Inc.*		285		7,453
Lithia Motors, Inc. Class A		11,527		37,578
MarineMax, Inc.*		4,430		15,018
Men's Wearhouse, Inc.		2,113		28,610
Midas Inc.*		337		3,535
NutriSystem, Inc.		687		10,023
OfficeMax, Inc.		18,931		144,632
PEP Boys-Manny, Moe & Jack		8,707		35,960
PetMed Express, Inc.*		151		2,662
Sonic Automotive, Inc. Class A		29,485		117,349
Stage Stores, Inc.		3,248		26,796
Stamps.com, Inc.*		120		1,180
Stein Mart, Inc.*		17,666		19,963
Ticketmaster Entertainment Inc.*		3,196		20,518
Tractor Supply Co.*		942		34,044
Tuesday Morning Corp.*		9,950		16,219
Tween Brands, Inc.*		2,915		12,593
Zale Corp.*		8,775		29,221
Zumiez, Inc.*		578		4,306
Total Retailing				1,118,682
Semiconductors & Semiconductor Equipment—1.9%
Actel Corp.*		253		2,965
Advanced Energy Industries, Inc.*		459		4,567
ATMI, Inc.*		349		5,385
Axcelis Technologies, Inc.*		7,821		3,989
Brooks Automation, Inc. *		1,389		8,070
Cabot Microelectronics Corp.*		195		5,084
Cohu, Inc.		236		2,867
Cymer, Inc.*		285		6,244
Cypress Semiconductor Corp.*		5,605		25,053
Diodes, Inc.*		1,001		6,066
DSP Group, Inc.*		632		5,069
Exar Corp.*		146		974
FEI Co.*		428		8,072
Hittite Microwave Corp.*		77		2,268
Kopin Corp.*		690		1,408

Investments	Shares		Value
Kulicke & Soffa Industries, Inc.*		6,357	$	10,807
Micrel, Inc.		464		3,392
Microsemi Corp.*		454		5,739
MKS Instruments, Inc.*		576		8,519
Pericom Semiconductor Corp.*		350		1,918
Rudolph Technologies, Inc.*		634		2,238
Skyworks Solutions, Inc.*		2,077		11,507
Standard Microsystems Corp.*		288		4,706
Supertex, Inc.*		50		1,201
TriQuint Semiconductor, Inc.*		3,301		11,355
Ultratech, Inc.*		135		1,615
Varian Semiconductor Equipment Associates, Inc.*		661		11,977
Veeco Instruments, Inc.*		879		5,573
Total Semiconductors & Semiconductor Equipment				168,628
Software & Services—3.0%
Bankrate, Inc.*		58		2,204
Blackbaud, Inc.		299		4,037
CACI International, Inc., Class A*		699		31,517
Catapult Communications Corp.*		76		499
CIBER, Inc.*		3,942		18,961
Concur Technologies, Inc.*		86		2,823
CSG Systems International, Inc.*		367		6,411
CyberSource Corp.*		256		3,069
Dealertrack Holdings, Inc.*		287		3,412
Epicor Software Corp.*		1,583		7,598
EPIQ Systems, Inc.*		166		2,774
Forrester Research, Inc.*		675		19,042
Gevity HR, Inc.		5,797		8,753
Heartland Payment Systems, Inc.		1,216		21,280
Informatica Corp.*		440		6,041
InfoSpace, Inc.*		265		2,001
Integral Systems, Inc.*		152		1,832
Interwoven, Inc.*		286		3,604
j2 Global Communications, Inc.*		170		3,407
JDA Software Group, Inc.*		398		5,226
Knot, Inc.*		168		1,398
Manhattan Associates, Inc.*		308		4,869
MAXIMUS, Inc.		290		10,182
MICROS Systems, Inc.*		726		11,848
Perficient, Inc.*		681		3,255
Phoenix Technologies Ltd.*		234		819
Progress Software Corp.*		346		6,664
Quality Systems, Inc.		63		2,748
Radiant Systems, Inc.*		1,045		3,522
Smith Micro Software, Inc.*		226		1,257
Sonic Solutions*		1,387		2,441
SPSS, Inc.*		165		4,448
Startek, Inc.*		1,048		4,664
Take-Two Interactive Software, Inc.*		1,641		12,406
Taleo Corp. Class A*		326		2,553
THQ, Inc.*		3,000		12,570
Tyler Technologies, Inc.*		265		3,175
United Online, Inc.		1,187		7,205
Websense, Inc.*		236		3,533
Wright Express Corp.*		449		5,657
Total Software & Services				259,705

The accompanying notes are an integral part of these financial statements.
20

Schedule of Investments — continued

REVENUESHARES SMALL CAP FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Technology Hardware & Equipment—8.7%
Adaptec, Inc.*		611	$	2,016
Agilysys, Inc.		2,090		8,966
Anixter International, Inc.*		3,042		91,625
Arris Group, Inc.*		2,069		16,449
Avid Technology, Inc.*		1,018		11,106
Bel Fuse, Inc. Class B		193		4,092
Benchmark Electronics, Inc.*		2,715		34,671
Black Box Corp.		512		13,373
Blue Coat Systems Inc.*		462		3,881
Brightpoint, Inc.*		15,932		69,304
Checkpoint Systems, Inc.*		1,153		11,346
Cognex Corp.		250		3,700
Comtech Telecommunications Corp.*		139		6,369
CTS Corp.		1,491		8,215
Daktronics, Inc.		736		6,889
Digi International, Inc.*		310		2,514
EMS Technologies, Inc.*		167		4,320
Electro Scientific Industries, Inc.*		476		3,232
FARO Technologies, Inc.*		177		2,984
Gerber Scientific, Inc.*		2,574		13,153
Harmonic Inc.*		831		4,662
Hutchinson Technology, Inc.*		2,849		9,915
Insight Enterprises, Inc.*		14,578		100,588
Intermec, Inc.*		550		7,304
Intevac, Inc.*		280		1,420
Itron, Inc.*		451		28,747
Keithley Instruments, Inc.		585		2,135
Littelfuse, Inc.*		438		7,271
LoJack Corp.*		528		2,175
Mercury Computer Systems, Inc.*		649		4,095
Methode Electronics, Inc.		875		5,898
MTS Systems Corp.		240		6,394
Netgear, Inc.*		896		10,223
Network Equipment Technologies, Inc.*		446		1,284
Newport Corp.*		915		6,204
Novatel Wireless, Inc.*		1,646		7,637
Park Electrochemical Corp.		170		3,223
PC-Tel, Inc.		180		1,183
Plexus Corp.*		1,407		23,849
RadiSys Corp.*		798		4,413
Rogers Corp. *		186		5,165
Scansource, Inc.*		1,587		30,581
Stratasys, Inc.*		151		1,623
Symmetricom, Inc.*		712		2,812
Synaptics, Inc.*		253		4,190
SYNNEX Corp.*		10,790		122,252
Technitrol, Inc.		4,949		17,223
Tekelec*		489		6,523
Tollgrade Communications, Inc.*		172		822
TTM Technologies, Inc.*		1,794		9,347
Viasat, Inc.*		343		8,259
Total Technology Hardware & Equipment				765,622
Telecommunication Services—0.3%
Fairpoint Communications, Inc.		4,634		15,200
General Communication, Inc. Class A*		915		7,402
Total Telecommunication Services				22,602

Investments	Shares		Value
Transportation—2.6%
Arkansas Best Corp.		1,053	$	31,706
Forward Air Corp.		292		7,087
Heartland Express, Inc.		554		8,731
HUB Group, Inc., Class A*		1,062		28,175
Kirby Corp.*		655		17,921
Knight Transportation, Inc.		675		10,881
Landstar System, Inc.		1,056		40,582
Old Dominion Freight Line, Inc.*		940		26,752
Skywest, Inc.		2,920		54,312
Total Transportation				226,147
Utilities—4.2%
ALLETE, Inc.		348		11,230
American States Water Co.		114		3,760
Atmos Energy Corp.		3,681		87,239
Avista Corp.		1,131		21,919
Central Vermont Public Service Corp.		195		4,653
CH Energy Group, Inc.		400		20,556
Cleco Corp.		648		14,794
El Paso Electric Co.*		761		13,766
Laclede Group, Inc.		577		27,027
New Jersey Resources Corp.		1,218		47,927
Northwest Natural Gas Co.		294		13,004
Piedmont Natural Gas Co., Inc.		846		26,793
South Jersey Industries, Inc.		341		13,589
Southwest Gas Corp.		1,171		29,533
UIL Holdings Corp.		423		12,703
UniSource Energy Corp.		670		19,671
Total Utilities				368,164
Total Investments—100.4% (Cost $9,760,227)				8,831,619
Liabilities in Excess of Other Assets—(0.4%)				(37,765	)
Net Assets—100.0%			$	8,793,854

*  Non-income producing security.

(a)  Real Estate Investment Trust (REIT)

The accompanying notes are an integral part of these financial statements.
21

Schedule of Investments

REVENUESHARES FINANCIALS SECTOR FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—93.2%
Banks—12.7%
BB&T Corp.		627	$	17,217
Comerica, Inc.		360		7,146
Fifth Third Bancorp		1,849		15,273
First Horizon National Corp.		504		5,327
Hudson City Bancorp, Inc.		265		4,229
Huntington Bancshares, Inc.		846		6,480
KeyCorp		1,434		12,218
M&T Bank Corp.		122		7,004
Marshall & Ilsley Corp.		423		5,770
People's United Financial, Inc.		106		1,890
PNC Financial Services Group, Inc.		346		16,954
Regions Financial Corp.		1,899		15,116
Sovereign Bancorp, Inc.*		2,768		8,249
SunTrust Banks, Inc.		740		21,860
U.S. Bancorp		1,315		32,888
Wells Fargo & Co.		3,251		95,840
Zions Bancorporation		231		5,661
Total Banks				279,122
Diversified Financials—48.9%
American Express Co.*		2,661		49,362
Ameriprise Financial, Inc.		682		15,932
Bank of America Corp.		12,853		180,970
Bank of New York Mellon Corp.		1,061		30,058
Capital One Financial Corp.		1,130		36,036
Charles Schwab Corp.		538		8,699
CIT Group, Inc.		2,686		12,194
Citigroup, Inc.		25,112		168,502
CME Group, Inc.		20		4,162
Discover Financial Services		1,149		10,950
E*Trade Financial Corp.*		1,793		2,062
Federated Investors, Inc. Class B		102		1,730
Franklin Resources, Inc.		176		11,225
Goldman Sachs Group, Inc.		1,684		142,113
IntercontinentalExchange, Inc.*		17		1,401
Invesco Ltd.		523		7,552
Janus Capital Group, Inc.		250		2,008
JPMorgan Chase & Co.		5,760		181,613
Legg Mason, Inc.		390		8,545
Leucadia National Corp.*		98		1,940
Moody's Corp.		144		2,893
Morgan Stanley		7,938		127,326
Nasdaq OMX Group, Inc.*		221		5,461
Northern Trust Corp.		194		10,115
NYSE Euronext		285		7,803
SLM Corp.*		1,438		12,798
State Street Corp.		580		22,811
T. Rowe Price Group, Inc.		119		4,217
Total Diversified Financials				1,070,478
Insurance—28.5%
Aflac, Inc.		623		28,558
Allstate Corp.		1,938		63,489
American International Group, Inc.		47,991		75,346
AON Corp.		299		13,658
Assurant, Inc.		615		18,450
Chubb Corp.		431		21,981

Investments	Shares		Value
Cincinnati Financial Corp.		202	$	5,872
Genworth Financial, Inc. Class A		5,646		15,978
Hartford Financial Services Group, Inc.		1,607		26,387
Lincoln National Corp.		1,019		19,198
Loews Corp.		936		26,442
Marsh & McLennan Cos., Inc.		833		20,217
MetLife, Inc.		2,876		100,258
Principal Financial Group, Inc.		925		20,877
Progressive Corp.		1,374		20,349
Prudential Financial, Inc.		1,978		59,854
Torchmark Corp.		135		6,035
Travelers Cos., Inc.		984		44,477
Unum Group		1,081		20,107
XL Capital Ltd., Class A		4,289		15,869
Total Insurance				623,402
Real Estate—3.1%
Apartment Investment & Management Co., Class A (a)		243		2,807
AvalonBay Communities, Inc. (a)		22		1,333
Boston Properties, Inc. (a)		44		2,420
CB Richard Ellis Group, Inc., Class A*		2,474		10,688
Developers Diversified Realty Corp. (a)		315		1,537
Equity Residential (a)		113		3,370
HCP, Inc. (a)		78		2,166
Host Hotels & Resorts, Inc. (a)		1,227		9,288
Kimco Realty Corp. (a)		100		1,828
Plum Creek Timber Co., Inc. (a)		79		2,744
Prologis (a)		1,109		15,404
Public Storage (a)		42		3,339
Simon Property Group, Inc. (a)		120		6,376
Vornado Realty Trust (a)		81		4,888
Total Real Estate				68,188
Total Investments—93.2% (Cost $2,178,236)				2,041,190
Other Assets in Excess of Liabilities—6.8%				148,562
Net Assets—100.0%			$	2,189,752

*  Non-income producing security.

(a)  Real Estate Investment Trust (REIT)

The accompanying notes are an integral part of these financial statements.
22

Schedule of Investments

REVENUESHARES ADR FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—99.7%
Automobiles & Components—9.0%
Daimler AG		1,524	$	58,339
Honda Motor Co. Ltd. (a)		2,082		44,430
Magna International, Inc. Class A		323		9,667
Nissan Motor Co. Ltd. (a)		5,478		39,880
Toyota Motor Corp. (a)		1,401		91,681
Total Automobiles & Components				243,997
Banks—10.6%
Allied Irish Banks PLC (a)		1,016		4,765
Banco Bilbao Vizcaya Argentaria SA (a)		982		12,265
Banco Bradesco SA (a)		1,820		17,963
Banco de Chile (a)		47		1,538
Banco Itau Holding Financeira SA (a)		1,067		12,377
Banco Santander Chile (a)		55		1,927
Banco Santander SA (a)		1,935		18,363
Bank of Montreal		261		6,705
Bank of Nova Scotia		369		10,037
Barclays PLC (a)		3,247		31,821
Canadian Imperial Bank of Commerce		142		5,929
Governor & Co. of the Bank of Ireland (a)		1,226		5,848
HSBC Holdings PLC (a)		939		45,701
Lloyds TSB Group PLC (a)		1,604		12,351
Mitsubishi UFJ Financial Group, Inc. (a)		2,466		15,314
Mizuho Financial Group, Inc. (a)		1,724		9,947
National Bank of Greece SA (a)		1,135		4,324
Royal Bank of Canada		436		12,932
Royal Bank of Scotland Group PLC (a)		1,801		27,537
Shinhan Financial Group Co., Ltd.* (a)		7		330
Toronto-Dominion Bank		271		9,721
Unibanco-Uniao de Bancos Brasileiros SA (a)		111		7,173
Westpac Banking Corp. (a)		191		11,508
Total Banks				286,376
Capital Goods—4.5%
ABB Ltd. (a)		1,015		15,235
Empresa Brasileira de Aeronautica SA (a)		150		2,432
Koninklijke Philips Electronics NV (b)		856		17,009
Kubota Corp. (a)		140		5,050
Mitsui & Co. Ltd. (a)		138		28,291
Siemens AG (a)		678		51,358
Tomkins PLC (a)		333		2,434
Total Capital Goods				121,809
Consumer Durables & Apparel—2.0%
Gildan Activewear, Inc.*		28		329
Luxottica Group SpA (a)		144		2,609
Panasonic Corp. (a)		2,579		32,083
Sony Corp. (a)		740		16,184
Thomson* (a)		2,705		3,652
Total Consumer Durables & Apparel				54,857
Consumer Services—0.2%
Carnival PLC (a)		255		5,776
Intercontinental Hotels Group PLC (a)		89		745
Total Consumer Services				6,521

Investments	Shares		Value
Diversified Financials—5.9%
Credit Suisse Group AG (a)		864	$	24,417
Deutsche Bank AG		1,138		46,305
ING Groep NV (a)		4,699		52,159
Nomura Holdings, Inc. (a)		461		3,849
ORIX Corp. (a)		77		2,188
UBS AG*		2,189		31,303
Total Diversified Financials				160,221
Energy—28.6%
BP PLC (a)		2,996		140,032
Cameco Corp.		56		966
Canadian Natural Resources Ltd.		157		6,277
CNOOC Ltd. (a)		57		5,429
Enbridge, Inc.		174		5,650
EnCana Corp.		250		11,620
Enerplus Resources Fund (c)		31		607
ENI SpA (a)		1,364		65,226
Imperial Oil Ltd.		379		12,780
Nexen, Inc.		190		3,340
Penn West Energy Trust (c)		109		1,212
Petrobras Energia Participaciones SA (a)		308		1,876
Petro-Canada		484		10,595
PetroChina Co. Ltd. (a)		482		42,888
Petroleo Brasilerio SA (a)		2,975		60,720
Repsol YPF SA (a)		1,710		36,782
Royal Dutch Shell PLC Class A (a)		1,777		94,074
Royal Dutch Shell PLC Class B (a)		1,821		93,654
Santos Ltd. (a)		20		885
StatoilHydro ASA (a)		3,153		52,529
Suncor Energy, Inc.		559		10,901
Talisman Energy, Inc.		424		4,236
Tenaris SA (a)		201		4,217
Total SA (a)		1,780		98,434
TransCanada Corp.		114		3,094
Total Energy				768,024
Food & Staples Retailing—0.1%
Distribucion y Servicio D&S SA (a)		96		2,322
Total Food & Staples Retailing				2,322
Food Beverage & Tobacco—3.0%
British American Tobacco PLC (a)		160		8,470
Cadbury PLC (a)		306		10,915
Companhia de Bebidas das Americas (a)		108		4,785
Diageo PLC (a)		108		6,128
Fomento Economico Mexicano SAB de CV (a)		200		6,026
Unilever NV (b)		955		23,446
Unilever PLC (a)		971		22,352
Total Food Beverage & Tobacco				82,122
Health Care Equipment & Services—0.2%
Fresenius Medical Care AG & Co. KGaA (a)		84		3,963
Smith & Nephew PLC (a)		39		1,260
Total Health Care Equipment & Services				5,223

The accompanying notes are an integral part of these financial statements.
23

Schedule of Investments — continued

REVENUESHARES ADR FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Insurance—7.7%
Aegon NV (b)		2,569	$	15,542
Allianz SE (a)		6,045		65,467
AXA SA (a)		2,931		65,860
China Life Insurance Co. Ltd. (a)		224		10,394
Manulife Financial Corp.		690		11,751
Prudential PLC (a)		2,535		32,068
Sun Life Financial, Inc.		294		6,803
Total Insurance				207,885
Materials—6.4%
Agnico-Eagle Mines Ltd.		5		257
Agrium, Inc.		132		4,505
Anglo American PLC (a)		963		11,190
Aracruz Celulose SA (a)		106		1,196
Barrick Gold Corp.		105		3,861
BHP Billiton Ltd. (a)		591		25,354
BHP Billiton PLC (a)		692		26,696
Cemex SAB de CV* (a)		1,185		10,831
Cia Siderurgica Nacional SA (a)		293		3,753
Cia Vale do Rio Doce (a)		1,482		16,816
CRH PLC (a)		448		11,661
Gerdau SA (a)		1,480		9,768
Goldcorp, Inc.		38		1,198
Kinross Gold Corp.		35		645
Lundin Mining Corp.*		407		391
Nova Chemicals Corp.		453		2,161
POSCO (a)		173		13,018
Potash Corp. of Saskatchewan		66		4,833
Rio Tinto PLC (a)		169		15,026
Sociedad Quimica y Minera de Chile SA (a)		29		707
Syngenta AG (a)		99		3,875
Teck Cominco Ltd. Class B		699		3,439
Yamana Gold, Inc.		76		587
Total Materials				171,768
Media—1.0%
British Sky Broadcasting Group PLC (a)		134		3,806
Grupo Televisa SA (a)		101		1,509
Pearson PLC (a)		318		3,034
Reed Elsevier NV (a)		49		1,181
Reed Elsevier PLC (a)		32		955
Shaw Communications, Inc. Class B		65		1,149
Thomson Reuters Corp.		139		4,052
Thomson Reuters PLC (a)		38		5,161
WPP PLC (a)		184		5,444
Total Media				26,291
Pharmaceuticals, Biotechnology—2.5%
AstraZeneca PLC (a)		294		12,063
Biovail Corp.		32		302
Elan Corp. PLC* (a)		28		168
GlaxoSmithKline PLC (a)		468		17,442
MDS, Inc.*		67		411
Novartis AG (a)		302		15,028
Novo Nordisk A/S (a)		61		3,135
Sanofi-Aventis SA (a)		514		16,530

Investments	Shares		Value
Shire PLC (a)		26	$	1,164
Total Pharmaceuticals, Biotechnology				66,243
Real Estate—0.2%
Brookfield Asset Management, Inc. Class A		337		5,146
Total Real Estate				5,146
Semiconductors & Semiconductor Equipment—0.6%
Advantest Corp. (a)		33		537
ARM Holdings PLC (a)		49		189
ASML Holding NV (b)		128		2,313
Infineon Technologies AG* (a)		2,157		3,020
STMicroelectronics NV (b)		561		3,731
Taiwan Semiconductor Manufacturing Co., Ltd. (a)		614		4,850
United Microelectronics Corp. (a)		647		1,268
Total Semiconductors & Semiconductor Equipment				15,908
Software & Services—0.2%
SAP AG (a)		178		6,447
Total Software & Services				6,447
Technology Hardware & Equipment—4.8%
Alcatel-Lucent (a)		3,002		6,454
AU Optronics Corp. (a)		985		7,565
Canon, Inc. (a)		511		16,045
FUJIFILM Holdings Corp. (a)		415		9,221
Hitachi Ltd. (a)		822		32,174
Kyocera Corp. (a)		71		5,138
Nokia OYJ (a)		2,015		31,434
Nortel Networks Corp.*		7,386		1,920
Research In Motion Ltd.*		77		3,125
TDK Corp. (a)		99		3,687
Telefonaktiebolaget LM Ericsson (a)		1,552		12,121
Total Technology Hardware & Equipment				128,884
Telecommunication Services—10.4%
America Movil SAB de CV Class L (a)		395		12,241
BCE, Inc.		340		6,967
Brasil Telecom Participacoes SA (a)		63		2,434
BT Group PLC (a)		747		14,925
China Mobile Ltd. (a)		346		17,594
Chunghwa Telecom Co. Ltd. (a)		137		2,137
Deutsche Telekom AG (a)		2,279		34,869
France Telecom SA (a)		831		23,326
Hellenic Telecommunications Organization SA (a)		421		3,499
Nippon Telegraph & Telephone Corp. (a)		1,417		38,527
NTT DoCoMo, Inc. (a)		833		16,343
Portugal Telecom SGPS SA (a)		457		3,921
Rogers Communications, Inc. Class B		144		4,332
SK Telecom Co., Ltd. (a)		257		4,672
Tele Norte Leste Participacoes SA (a)		274		3,814
Telecom Corp. of New Zealand, Ltd. (a)		234		1,568
Telecom Italia SpA (a)		1,208		19,630

The accompanying notes are an integral part of these financial statements.
24

Schedule of Investments — concluded

REVENUESHARES ADR FUND

DECEMBER 31, 2008 (UNAUDITED)

Investments	Shares		Value
Telecommunication Services—10.4% (continued)
Telefonica SA (a)		498	$	33,560
Telefonos de Mexico SAB de CV Class L (a)		237		4,963
TELUS Corp.†		125		3,553
Vodafone Group PLC (a)		1,358		27,758
Total Telecommunication Services				280,633
Transportation—0.3%
Canadian National Railway Co.		85		3,124
Canadian Pacific Railway Ltd.		56		1,883
Lan Airlines SA (a)		195		1,570
Ryanair Holdings PLC* (a)		63		1,832
Total Transportation				8,409
Utilities—1.5%
Cia Energetica de Minas Gerais (a)		149		2,047
Cia Paranaense de Energia (a)		105		1,107
Empresa Nacional de Electricidad SA/Chile (a)		49		1,641
Enersis SA (a)		331		4,217
National Grid PLC (a)		180		9,083
TransAlta Corp.		64		1,281
Veolia Environnement (a)		680		21,562
Total Utilities				40,938
Total Investments—99.7% (Cost $2,440,531)				2,690,024
Other Assets in Excess of Liabilities—0.3%				8,968
Net Assets—100.0%			$	2,698,992

*  Non-income producing security.

†  Non-voting

(a)  American Depositary Receipt (ADR)

(b)  Registered Shares

(c)  Unit

The accompanying notes are an integral part of these financial statements.
25

Statements of Assets and Liabilities

DECEMBER 31, 2008 (UNAUDITED)

	RevenueShares Large Cap Fund			RevenueShares Mid Cap Fund			RevenueShares Small Cap Fund			RevenueShares Financials Sector Fund			RevenueShares ADR Fund
ASSETS:
Investments at value	$	42,503,640		$	10,437,400		$	8,831,619		$	2,041,190		$	2,690,024
Cash		1,326			27,042			17,232			7,464			8,186
Receivables:
Expense reimbursement due from Adviser		124,306			87,200			87,365			26,760			23,018
Dividends receivables		86,068			11,182			10,862			3,673			3,718
Receivable for capital shares sold		1,534,200			—			—			—			—
Receivable for securities sold		415,607			58,111			38,247			147,257			—
Total Assets		44,665,147			10,620,935			8,985,325			2,226,344			2,724,946
LIABILITIES:
Payables:
Investment securities purchased		1,934,353			63,401			44,922			—			—
Dividends payable		192,784			35,397			27,737			8,442			1,519
Advisory fees (Note 3)		50,830			14,544			12,875			1,284			1,735
Principal Financial Officer fees		4,094			4,911			5,128			3,635			3,053
Trustee fees		101			2,172			2,304			233			190
Other accrued expenses		85,591			97,886			98,505			22,998			19,457
Total Liabilities		2,267,753			218,311			191,471			36,592			25,954
NET ASSETS	$	42,397,394		$	10,402,624		$	8,793,854		$	2,189,752		$	2,698,992
NET ASSETS CONSIST OF:
Paid-in capital	$	53,828,838		$	13,258,764		$	10,634,806		$	2,385,440		$	2,501,889
Undistributed net investment income (loss)		2,610			277			(5,719	)		527			1,400
Accumulated net realized loss on investments		(4,591,880	)		(782,855	)		(906,625	)		(59,169	)		(53,790	)
Net unrealized appreciation (depreciation) on investments		(6,842,174	)		(2,073,562	)		(928,608	)		(137,046	)		249,493
NET ASSETS	$	42,397,394		$	10,402,624		$	8,793,854		$	2,189,752		$	2,698,992
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		2,651,400			651,400			501,400			100,000			100,000
Net asset value, per share	$	15.99		$	15.97		$	17.54		$	21.90		$	26.99
Investments at cost	$	49,345,814		$	12,510,962		$	9,760,227		$	2,178,236		$	2,440,531

The accompanying notes are an integral part of these financial statements.
26

Statements of Operations

SIX MONTHS ENDED DECEMBER 31, 2008 (UNAUDITED)

	RevenueShares Large Cap Fund			RevenueShares Mid Cap Fund			RevenueShares Small Cap Fund			RevenueShares Financials Sector Fund*			RevenueShares ADR Fund**
INVESTMENT INCOME:
Dividend income	$	351,465		$	66,734		$	46,433		$	10,359		$	4,342
Foreign withholding tax		—			—			(25	)		—			(6	)
Total Income		351,465			66,734			46,408			10,359			4,336
EXPENSES:
Advisory fees (Note 3)		58,709			16,650			15,015			1,284			1,735
BNY Fund Services fees		39,688			39,688			39,688			6,936			5,826
Professional fees		34,900			34,900			34,900			9,131			7,851
Compliance fees		23,430			9,413			9,346			4,268			3,585
Principal Financial Officer fees		19,956			8,018			7,960			3,635			3,053
Trustees fees		7,699			1,764			1,743			233			190
Other expense		9,648			806			786			1,548			1,291
Total Expenses		194,030			111,239			109,438			27,035			23,531
Less expenses waived and reimbursed by Adviser (Note 3)		(130,103	)		(93,256	)		(93,222	)		(25,645	)		(22,114	)
Net Expenses		63,927			17,983			16,216			1,390			1,417
Net Investment Income		287,538			48,751			30,192			8,969			2,919
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments		(4,565,241	)		(778,802	)		(912,721	)		(59,169	)		(53,790	)
Net change in unrealized appreciation (depreciation) on investments		(4,085,381	)		(1,840,472	)		(579,374	)		(137,046	)		249,493
Net realized and unrealized gain (loss) on investments		(8,650,622	)		(2,619,274	)		(1,492,095	)		(196,215	)		195,703
Net increase (decrease) in net assets resulting from operations	$	(8,363,084	)	$	(2,570,523	)	$	(1,461,903	)	$	(187,246	)	$	198,622

*  Commencement of operations was November 10, 2008.

**  Commencement of operations was November 18, 2008.

The accompanying notes are an integral part of these financial statements.
27

Statements of Changes in Net Assets

	RevenueShares Large Cap Fund						RevenueShares Mid Cap Fund						RevenueShares Small Cap Fund						RevenueShares Financials Sector Fund			RevenueShares ADR Fund
	Six Months Ended December 31, 2008 (Unaudited)			For the Period February 22, 2008* Through June 30, 2008			Six Months Ended December 31, 2008 (Unaudited)			For the Period February 22, 2008* Through June 30, 2008			Six Months Ended December 31, 2008 (Unaudited)			For the Period February 22, 2008* Through June 30, 2008			For the Period November 10, 2008* Through December 31, 2008 (Unaudited)			For the Period November 18, 2008* Through December 31, 2008 (Unaudited)
OPERATIONS:
Net investment income	$	287,538		$	80,630		$	48,751		$	16,245		$	30,192		$	15,074		$	8,969		$	2,919
Net realized loss on investments		(4,565,241	)		(27,016	)		(778,802	)		(5,054	)		(912,721	)		5,187			(59,169	)		(53,790	)
Net change in unrealized appreciation (depreciation) on investments		(4,085,381	)		(2,756,793	)		(1,840,472	)		(233,090	)		(579,374	)		(349,234	)		(137,046	)		249,493
Net increase (decrease) in net assets resulting from operations		(8,363,084	)		(2,703,179	)		(2,570,523	)		(221,899	)		(1,461,903	)		(328,973	)		(187,246	)		198,622
DISTRIBUTION TO SHAREHOLDERS FROM:
Net investment income		(292,574	)		(72,607	)		(49,663	)		(14,055	)		(36,892	)		(13,184	)		(8,442	)		(1,519	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		37,273,311			34,789,142			10,173,553			5,069,798			5,590,528			5,009,278			2,385,440			2,501,889
Cost of shares redeemed		(18,268,615	)		—			(2,019,587	)		—			—			—			—			—
Net increase in net assets resulting from shareholder transactions		19,004,696			34,789,142			8,153,966			5,069,798			5,590,528			5,009,278			2,385,440			2,501,889
Increase in net assets		10,349,038			32,013,356			5,533,780			4,833,844			4,091,733			4,667,121			2,189,752			2,698,992
NET ASSETS:
Beginning of period		32,048,356			35,000			4,868,844			35,000			4,702,121			35,000			—			—
End of period	$	42,397,394		$	32,048,356		$	10,402,624		$	4,868,844		$	8,793,854		$	4,702,121		$	2,189,752		$	2,698,992
Undistributed net investment income included in net assets at end of period	$	2,610		$	7,646		$	277		$	1,189		$	(5,719	)	$	981		$	527		$	1,400
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period1		1,401,400			1,400			201,400			1,400			201,400			1,400			—			—
Shares sold1		2,150,000			1,400,000			550,000			200,000			300,000			200,000			100,000			100,000
Shares redeemed1		(900,000	)		—			(100,000	)		—			—			—			—			—
Shares outstanding, end of period		2,651,400			1,401,400			651,400			201,400			501,400			201,400			100,000			100,000

*  Commencement of operations.

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

The accompanying notes are an integral part of these financial statements.
28

Statements of Changes in Net Assets — concluded

The accompanying notes are an integral part of these financial statements.
29

Financial Highlights

	RevenueShares Large Cap Fund						RevenueShares Mid Cap Fund						RevenueShares Small Cap Fund						RevenueShares Financials Sector Fund			RevenueShares ADR Fund
	Six Months Ended December 31, 2008 (Unaudited)			For the Period February 22, 20081 Through June 30, 2008			Six Months Ended December 31, 2008 (Unaudited)			For the Period February 22, 20081 Through June 30, 2008			Six Months Ended December 31, 2008 (Unaudited)			For the Period February 22, 20081 Through June 30, 2008			For the Period November 10, 20081 Through December 31, 2008 (Unaudited)			For the Period November 18, 20081 Through December 31, 2008 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period2	$	22.87		$	25.00		$	24.17		$	25.00		$	23.35		$	25.00		$	25.00		$	25.00
Net investment income2, 3		0.19			0.15			0.13			0.08			0.09			0.08			0.09			0.03
Net realized and unrealized gain (loss) on investments2		(6.93	)		(2.23	)		(8.23	)		(0.84	)		(5.81	)		(1.67	)		(3.11	)		1.98
Total gain (loss) from investment operations		(6.74	)		(2.08	)		(8.10	)		(0.76	)		(5.72	)		(1.59	)		(3.02	)		2.01
Less: Dividends from net investment income2		(0.14	)		(0.05	)		(0.10	)		(0.07	)		(0.09	)		(0.06	)		(0.08	)		(0.02	)
Net asset value, end of period	$	15.99		$	22.87		$	15.97		$	24.17		$	17.54		$	23.35		$	21.90		$	26.99
Total Return4		(29.50	)%		(8.31	)%		(33.55	)%		(3.02	)%		(24.51	)%		(6.36	)%		(12.04	)%		8.02	%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$	42,397		$	32,048		$	10,403		$	4,869		$	8,794		$	4,702		$	2,190		$	2,699
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursement5		0.49	%		0.49	%		0.54	%		0.54	%		0.54	%		0.54	%		0.49	%		0.49	%
Expenses, prior to expense waivers and reimbursement5		1.49	%		2.32	%		3.36	%		4.93	%		3.64	%		5.03	%		9.53	%		8.14	%
Net investment income, net of waivers and reimbursement5		2.20	%		1.87	%		1.47	%		0.89	%		1.01	%		0.85	%		3.16	%		1.01	%
Portfolio turnover rate6		25.88	%		0.88	%		41.66	%		1.07	%		41.70	%		6.44	%		19.89	%		94.45	%

¹  Commencement of operations.

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

³  Based on average shares outstanding.

⁴  Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived and reimbursed by the Adviser.

⁵  Annualized.

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

The accompanying notes are an integral part of these financial statements.
30

Financial Highlights — concluded

The accompanying notes are an integral part of these financial statements.
31

Notes to Financial Statements
(UNAUDITED)

1. ORGANIZATION

The RevenueShares ETF Trust, (the "Trust") was organized as a Delaware statutory trust on December 15, 2006 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"), which is currently comprised of five 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 and RevenueShares ADR Fund are not. The Funds commenced operations on February 22, 2008 for RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, November 10, 2008 for RevenueShares Financials Sector Fund and November 18, 2008 for RevenueShares ADR Fund.

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

2. SIGNIFICANT ACCOUNTING POLICIES

These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, 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 — The Net Asset Value ("NAV") per share of each Fund is computed by dividing the value of the net assets of each Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent. The Bank of New York Mellon Corp. calculates each Fund's NAV at the close of regular trading (ordinarily 4:00 p.m. New York City Time) every day the New York Stock Exchange is open. Security holdings traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over the counter market are valued at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ official closing price. Other portfolio securities and assets for which market quotations are not readil y 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").

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

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

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

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

Other Risks — The RevenueShares Financials Sector Fund and RevenueShares ADR Fund 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.

3. ADVISORY FEES, SERVICING FEES AND OTHER TRANSACTIONS

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

32

Notes to Financial Statements — continued(UNAUDITED)

fee based on a percentage of daily net assets of each Fund. Out of the advisory fee, the Adviser pays all fees and expenses of the Sub-Adviser. Each Fund is responsible for the payment of all other expenses associated with the operations, including but not limited to brokerage expenses, taxes, interest, fees and expenses of counsel to the Funds, fees and expenses of the Trustees, fees and expenses associated with the Funds' compliance program, litigation expenses, fees and expenses of the Funds' independent auditors, registration fees, expenses associated with compliance by the Funds with regulatory requirements, including those relating to the development and distribution of their prospectus and shareholder reports, and extraordinary expenses.

For services provided, the RevenueShares Large Cap, Mid Cap, Small Cap, Financials Sector and ADR Funds pay the Adviser an annualized fee of 0.45%, 0.50%, 0.50%, 0.45% and 0.60% respectively, based upon each Fund's daily net assets.

The Trust and the Adviser have entered into a written fee waiver and expense reimbursement agreement pursuant to which the Adviser has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to limit each Fund's net annual fund operating expenses before taxes, interest, brokerage fees, certain insurance costs and extraordinary expenses for the RevenueShares Large Cap, Mid Cap, Small Cap, Financials Sector and ADR Funds to 0.49%, 0.54%, 0.54%, 0.49% and 0.49% respectively. This agreement will remain in effect and will be contractually binding until September 30, 2009, after which it may be terminated or revised.

For the period ended December 31, 2008, the Adviser waived and reimbursed the following fees:

Fund	Fees Waived and Reimbursed
RevenueShares Large Cap Fund	$	130,103
RevenueShares Mid Cap Fund		93,256
RevenueShares Small Cap Fund		93,222
RevenueShares Financials Sector Fund		25,645
RevenueShares ADR Fund		22,114

Mellon Capital Management Corp. (the "Sub-Adviser"), a separate identifiable division of The Bank of New York Mellon Corporation, acts as investment sub-adviser to the Funds. Pursuant to a Sub-Advisory Agreement between the Adviser and the Sub-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.

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

Distribution Agreement — 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 of up to a maximum annual rate 0.25% of the 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 Agreements — Foreside Compliance Services, LLC ("FCS"), an affiliate of the Distributor, provides an Anti-Money Laundering Officer and Chief Compliance Officer as well as certain additional compliance support functions to the Funds. Foreside Management Services, LLC ("FMS"), an affiliate of the Distributor, provides a Principal Financial Officer to the Funds. Certain officers or employees of FCS and FMS are also officers of the Trust. Neither the Distributor, FCS, FMS or their employees that serve as officers of the Trust has any role in determining the investment policies or which securities are to be purchased or sold by the Trust or its Funds.

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

4. CREATION AND REDEMPTION TRANSACTIONS

As of December 31, 2008, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. 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.

33

Notes to Financial Statements — continued(UNAUDITED)

Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of equity securities constituting a portfolio sampling representation of the securities included in the relevant Fund's underlying index and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

The Board authorized a two-for-one stock split for the RevenueShares Large Cap Fund, Mid Cap Fund and Small Cap Fund, effective November 6, 2008, for the shareholders of record on November 3, 2008. The impact of the stock split was to increase the number of shares outstanding by a factor of two, while decreasing the net asset value per share by a factor of two, resulting in no effect to total net assets of the Funds. The financial statements for the Funds have been adjusted to reflect the stock split.

5. FAIR VALUE MEASUREMENT

The Financial Accounting Standard Board's ("FASB") Statement of Financial Accounting Standards No. 157, "Fair Value Measurement" establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. The Funds utilized various inputs in determining the value of each Fund's investments. These inputs are summarized in the three broad levels as follows:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used as of December 31, 2008 in valuing the Funds' assets carried at fair value:

Valuation inputs	RevenueShares Large Cap Fund				RevenueShares Mid Cap Fund				RevenueShares Small Cap Fund
	Investments in Securities		Other Financial Investments*		Investments in Securities		Other Financial Investments*		Investments in Securities		Other Financial Investments*
Level 1 — Quoted Prices	$	42,503,640		—	$	10,437,400		—	$	8,831,619		—
Level 2 — Other Significant Observable Inputs		—		—		—		—		—		—
Level 3 — Significant Unobservable Inputs		—		—		—		—		—		—
Total	$	42,503,640		—	$	10,437,400		—	$	8,831,619		—
Valuation inputs	RevenueShares Financials Sector Fund				RevenueShares ADR Fund
	Investments in Securities		Other Financial Investments*		Investments in Securities		Other Financial Investments*
Level 1 — Quoted Prices	$	2,041,190		—	$	2,690,024		—
Level 2 — Other Significant Observable Inputs		—		—		—		—
Level 3 — Significant Unobservable Inputs		—		—		—		—
Total	$	2,041,190		—	$	2,690,024		—

*  Other financial investments include futures, forwards and swap contracts.

34

Notes to Financial Statements — continued(UNAUDITED)

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 period ended December 31, 2008 were as follows:

Fund	Purchases		Sales
RevenueShares Large Cap Fund	$	7,505,248	$	7,173,646
RevenueShares Mid Cap Fund		3,011,857		2,935,007
RevenueShares Small Cap Fund		2,834,114		2,756,398
RevenueShares Financials Sector Fund		421,110		569,145
RevenueShares ADR Fund		2,482,926		2,490,494

For the period ended December 31, 2008, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:

Fund	Purchases		Sales
RevenueShares Large Cap Fund	$	37,160,850	$	18,247,737
RevenueShares Mid Cap Fund		10,164,435		2,020,339
RevenueShares Small Cap Fund		5,582,009		—
RevenueShares Financials Sector Fund		2,385,440		—
RevenueShares ADR Fund		2,501,889		—

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

7. FEDERAL INCOME TAX

The Funds intend to qualify as a "regulated investment company" under Subchapter M of the Code. If so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders.

At December 31, 2008, 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	$	49,345,814	$	510,666	$	(7,352,840	)	$	(6,842,174	)
RevenueShares Mid Cap Fund		12,510,962		236,328		(2,309,890	)		(2,073,562	)
RevenueShares Small Cap Fund		9,760,227		507,812		(1,436,420	)		(928,608	)
RevenueShares Financials Sector Fund		2,178,236		100,997		(238,043	)		(137,046	)
RevenueShares ADR Fund		2,440,531		280,000		(30,507	)		249,493

FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN 48") provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The adoption of FIN 48 did not result in the recording of any tax benefit or expense in the current period. Management's determination regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof.

35

Notes to Financial Statements — concluded(UNAUDITED)

8. NEW ACCOUNTING PRONOUNCEMENTS

In March 2008, FASB released Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities" ("FAS 161"). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements has not yet been determined.

In May 2008, the FASB issued SFAS No. 162. The Hierarchy of Generally Accepted Accounting Principles ("SFAS 162"). SFAS 162 identifies the sources of accounting principles and the framework for selecting the principles to be used in the preparation of financial statements of nongovernmental entities that are presented in conformity with GAAP in the United States (the GAAP hierarchy). SFAS 162 is effective 60 days following the Securities and Exchange Commission's approval of the Public Company Accounting Oversight Board amendments to AU Section 411, the Meaning of Present Fairly in Conformity with General Accepted Accounting Principles. SFAS 162 became effective on November 15, 2008. Management has evaluated SFAS162 and does not expect it to materially impact the Trust's financial statements.

In September 2008, FASB issued FASB Staff Position ("FSP") No. FAS 133-1 and FIN 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FAS No. 161 ("FSP 133-1"). FSP 133-1 requires more detailed disclosures about the Fund's use of credit derivatives when the Fund is a protection seller. The enhanced disclosures include for each credit derivative, its nature (including its terms and its current status with respect to payment/performance risk), the maximum potential amount of undiscounted future payments the Fund could be required to make, its fair value and any associated collateral held by the Fund, or by third parties, FSP 133-1 is effective for fiscal periods and interim periods ending after November 15, 2008. Management is currently evaluating the impact the adoption of FSP 133-1 will have on its financial stateme nts and disclosure.

36

Supplemental Information
(UNAUDITED)

Proxy Voting Policies, Procedures and Record

A description of the Funds' proxy voting policies and procedures that the Funds use 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, 2008 is available, without charge upon request, through the Funds' website at www.revenuesharesetfs.com. This information is also available on the Securities and Exchange Commission's website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's website at 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 publicinfosec.gov.

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

37

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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

Mellon Capital Management Corp.
1633 Broadway
13th Floor
New York, New York 10019

Transfer Agent

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

Independent Registered Public Accounting Firm

Ernst & Young, LLP
Two Commerce Square
2001 Market Street, Suite 4000
Philadelphia, Pennsylvania 19103

This report is submitted for the general information of the Funds' shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds' objectives and policies, experience of their management, marketability of shares, and other information.

RevenueShares^TM 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

www.RevenueSharesETFs.com | 877.738.8870

Item 2. Code of Ethics.

Not Applicable for the semi-annual reporting period.

Item 3. Audit Committee Financial Expert.

Not Applicable for the semi-annual reporting period.

Item 4. Principal Accountant Fees and Services.

Not Applicable for the semi-annual reporting period.

Item 5.  Audit Committee of Listed Registrants.

Not Applicable for the semi-annual reporting period.

Item 6. Schedule of Investments.

(a)Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

(b)Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

SIGNATURES

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

Registrant:			RevenueShares ETF Trust
By:	/s/ Vincent T. Lowry
Vincent T. Lowry, Chief Executive Officer
Date:		February 26, 2009

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

Registrant:					RevenueShares ETF Trust
By:		/s/ Vincent T. Lowry
Vincent T. Lowry, Chief Executive Officer
Date:			February 26, 2009
By:	/s/ Christopher Lanza
Christopher Lanza, Chief Financial Officer
Date:				February 26, 2009

EX-99.CERT

Exhibit 99.CERT

EX.-12(b)(i)

CERTIFICATIONS

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 Registrant’s most recent fiscal half-year (the Registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

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 trustees:

(a)   All significant deficiencies and material weaknesses in the design or operation of internal controls control over financial reporting which could are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial data and have identified for the Registrant’s auditors any material weaknesses in internal controls 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 controls; and control over financial reporting.

Date: February 26, 2009	/s/ Vincent T. Lowry
	Vincent T. Lowry, Chief Executive Officer

EX. -12(b)(ii)

CERTIFICATIONS

I, Christopher Lanza, 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 Registrant’s most recent fiscal half-year (the Registrant’s second fiscal half-year in the case of an annual report) that has materially

affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

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 trustees:

(a)   All significant deficiencies and material weaknesses in the design or operation of internal controls control over financial reporting which could are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial data and have identified for the Registrant’s auditors any material weaknesses in internal controls 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 controls; and control over financial reporting.

Date: February 26, 2009	/s/ Christopher Lanza
	Christopher Lanza, Chief Financial Officer

EX-99.906CERT

Exhibit 99.906CERT

EX. -99.906_CERT(i)

CERTIFICATIONS

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the RevenueShares ETF Trust (the Registrant), do hereby certify, to such officer’s knowledge, that:

(1)the Form N-CSR of the Registrant for the period ended June 30, 2008 (the “Form N-CSR”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of the 1934; and

(2)the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated:	February 26, 2009
/s/ Vincent T. Lowry
Name:	Vincent T. Lowry
Title:	Chief Executive Officer
Dated:	February 26, 2009
/s/ Christopher Lanza
Name:	Christopher Lanza
Title:	Chief Financial Officer

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.