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, 2009 - December 31, 2009

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, 2009

www.RevenueSharesETFs.com | 877.738.8870

Table of Contents

Letter to Shareholders	2
Shareholder Expense Examples	4
Frequency Distribution of Premium and Discount	5
Schedule of Investments Summary Tables	6
Schedules of Investments
RevenueShares Large Cap Fund	7
RevenueShares Mid Cap Fund	12
RevenueShares Small Cap Fund	17
RevenueShares Financials Sector Fund	23
RevenueShares ADR Fund	24
RevenueShares Navellier Overall A-100 Fund	27
Statements of Assets and Liabilities	30
Statements of Operations	31
Statements of Changes in Net Assets	32
Financial Highlights	34
Notes to Financial Statements	37
Supplemental Information	44

1

Letter To Shareholders

February 2010

Dear Shareholder:

In February 2008, RevenueShares launched its first three funds. Despite the worst bear market since the 1930s, RWL (RevenueShares Large Cap Fund), RWK (RevenueShares Mid Cap Fund) and RWJ (RevenueShares Small Cap Fund) have been met with enthusiasm by investors and have gained market share. The three Funds all exceed $80 million in assets with RWL exceeding $100 million in assets.

In the fall of 2008, RevenueShares followed RWL, RWK and RWJ with two additional funds: RWW (RevenueShares Financials Sector Fund), RTR (RevenueShares ADR Fund), and in January 2009, RevenueShares added RWV (RevenueShares Navellier Overall A-100 Fund). Since our last letter to shareholders these Funds have all experienced excellent returns.

Fund returns at NAV — Six Months Ended December 31, 2009 vs. Benchmark:

°  RWL, 24.46% vs. S&P 500 Index, 22.59%

°  RWK, 28.39% vs. S&P MidCap 400 Index, 26.65%

°  RWJ, 29.60% vs. S&P SmallCap 600 Index, 24.73%

°  RWW, 23.82% vs. S&P 500 Financials Index, 21.36%

°  RTR, 23.00% vs. S&P ADR Index, 24.10%

°  RWV, 17.80% vs. Russell 3000 Index, 23.17%

We believe the equity markets will continue in an upward trend as the market continues to climb a "wall of worry" to new highs over the next 18 months. Despite record budget deficits, high unemployment and dysfunctional behavior in Washington, the U.S. and world economies are grudgingly expanding. We believe the U.S. gross domestic product (GDP) may exceed 3% during 2010 and looking back over similar periods, the U.S. equity markets have performed exceedingly well during the first two years of economic recoveries. For example, during the period of 1937-1947 the U.S. economy absorbed huge budget deficits and endured a world war, yet the U.S. equity markets experienced double-digit returns. In the period between 1974-1984, there was a mixture of high budget deficits, inflation and stubbornly high unemployment. Still, the equity markets annualized double-digit returns during this period as well. We believe the U.S. stock market and indeed the global equity markets will exceed most analyst predictions over the next two to five years. The economic global expansion is intact and will be the driving force behind the rising equity market both domestically and internationally. We believe RevenueShares ETFs are well positioned to participate in the forthcoming global expansion.

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

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

The S&P 500^® Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The S&P MidCap 400^TM Index consists of 400 domestic mid cap stocks

2

Letter To Shareholders — concluded

selected for market size, liquidity and industry group representation. The S&P SmallCap 600^TM Index consists of 600 domestic small cap stocks selected for market size, liquidity and industry group representation. The S&P 500^® Financials Index is a stock market index comprised of large cap companies that Standard & Poor's^® deems to be part of the Financials sector of the U.S. economy, using Global Industry Classification Standards. S&P^® ADR Index is a U.S. dollar denominated index of the non-U.S. companies contained in the S&P^® Global 1200 Ex U.S. Index. The S&P^® Global 1200 Ex U.S. Index is a free-float weighted global index covering 29 countries and approximately 70% of the world's capital markets. The Russell 3000 Index measures the performance of the 3000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. One cannot invest directly in an index.

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

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

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

3

Shareholder Expense Examples
(UNAUDITED)

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

The actual and hypothetical expense examples below are based on an investment of $1,000 held for the entire six-month period from July 1, 2009 to December 31, 2009.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value 07/01/09		Ending Account Value 12/31/09		Annualized Expense Ratios for the Six Month Period			Expenses Paid During the Six Month Period†
RevenueShares Large Cap Fund
Actual	$	1,000.00	$	1,244.60		0.49	%	$	2.77
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.74		0.49	%	$	2.50
RevenueShares Mid Cap Fund
Actual	$	1,000.00	$	1,283.90		0.54	%	$	3.11
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.48		0.54	%	$	2.75
RevenueShares Small Cap Fund
Actual	$	1,000.00	$	1,296.00		0.54	%	$	3.13
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.48		0.54	%	$	2.75
RevenueShares Financials Sector Fund
Actual	$	1,000.00	$	1,238.20		0.49	%	$	2.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.74		0.49	%	$	2.50
RevenueShares ADR Fund
Actual	$	1,000.00	$	1,230.00		0.49	%	$	2.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.74		0.49	%	$	2.50
RevenueShares Navellier Overall A-100 Fund
Actual	$	1,000.00	$	1,178.00		0.60	%	$	3.29
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18		0.60	%	$	3.06

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

4

Frequency Distribution of Premium and Discount
(UNAUDITED)

The table that follows presents information about the differences between the daily market price on secondary markets for shares of the Fund and the Fund's net asset value. Net asset value, or "NAV", is the price per share at which the Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The "Market Price" of the Fund generally is determined using the midpoint of the bid/ask at closing on the stock exchange which the shares of the Fund are listed for trading, as of the time the Fund's NAV is calculated. The Fund's Market Price may be at, above or below its NAV. The NAV of the Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of the Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Fund on a given day, generally at the time NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency distributions of premiums and discounts for the Funds. The information shown for each Fund is for the period from July 1, 2009 to December 31, 2009.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

RevenueShares Large Cap Fund

			Closing Bid/Ask Midpoint Above NAV					Closing Bid/Ask Midpoint Below NAV
Premium/ Discount Range			Number of Days		% of Total Days			Number of Days		% of Total Days
	0.00	% - 0.249%		46		36.5	%		79		62.7	%
	0.25	% - 0.499%		0		0.0			0		0.0
	0.50	% - 0.749%		0		0.0			0		0.0
	0.75	% - 0.999%		0		0.0			0		0.0
	1.00	% or more		0		0.0			1		0.8
	Total			46		36.5	%		80		63.5	%

RevenueShares Small Cap Fund

			Closing Bid/Ask Midpoint Above NAV					Closing Bid/Ask Midpoint Below NAV
Premium/ Discount Range			Number of Days		% of Total Days			Number of Days		% of Total Days
	0.00	% - 0.249%		68		54.0	%		58		46.0	%
	0.25	% - 0.499%		0		0.0			0		0.0
	0.50	% - 0.749%		0		0.0			0		0.0
	0.75	% - 0.999%		0		0.0			0		0.0
	1.00	% or more		0		0.0			0		0.0
	Total			68		54.0	%		58		46.0	%

RevenueShares ADR Fund

			Closing Bid/Ask Midpoint Above NAV					Closing Bid/Ask Midpoint Below NAV
Premium/ Discount Range			Number of Days		% of Total Days			Number of Days		% of Total Days
	0.00	% - 0.249%		49		38.9	%		76		60.3	%
	0.25	% - 0.499%		0		0.0			0		0.0
	0.50	% - 0.749%		0		0.0			0		0.0
	0.75	% - 0.999%		0		0.0			0		0.0
	1.00	% or more		0		0.0			1		0.8
	Total			49		38.9	%		77		61.1	%

RevenueShares Mid Cap Fund

			Closing Bid/Ask Midpoint Above NAV					Closing Bid/Ask Midpoint Below NAV
Premium/ Discount Range			Number of Days		% of Total Days			Number of Days		% of Total Days
	0.00	% - 0.249%		45		35.7	%		81		64.3	%
	0.25	% - 0.499%		0		0.0			0		0.0
	0.50	% - 0.749%		0		0.0			0		0.0
	0.75	% - 0.999%		0		0.0			0		0.0
	1.00	% or more		0		0.0			0		0.0
	Total			45		35.7	%		81		64.3	%

RevenueShares Financials Sector Fund

			Closing Bid/Ask Midpoint Above NAV					Closing Bid/Ask Midpoint Below NAV
Premium/ Discount Range			Number of Days		% of Total Days			Number of Days		% of Total Days
	0.00	% - 0.249%		55		43.7	%		70		55.5	%
	0.25	% - 0.499%		0		0.0			1		0.8
	0.50	% - 0.749%		0		0.0			0		0.0
	0.75	% - 0.999%		0		0.0			0		0.0
	1.00	% or more		0		0.0			0		0.0
	Total			55		43.7	%		71		56.3	%

RevenueShares Navellier Overall A-100 Fund

			Closing Bid/Ask Midpoint Above NAV					Closing Bid/Ask Midpoint Below NAV
Premium/ Discount Range			Number of Days		% of Total Days			Number of Days		% of Total Days
	0.00	% - 0.249%		68		54.0	%		54		42.8	%
	0.25	% - 0.499%		0		0.0			3		2.4
	0.50	% - 0.749%		1		0.8			0		0.0
	0.75	% - 0.999%		0		0.0			0		0.0
	1.00	% or more		0		0.0			0		0.0
	Total			69		54.8	%		57		45.2	%

5

Schedule of Investments Summary Tables
(UNAUDITED)

RevenueShares Large Cap Fund

Industry	% of Net Assets
Automobiles & Components		2.1	%
Banks		2.3
Capital Goods		9.1
Commercial & Professional Services		0.7
Consumer Durables & Apparel		1.3
Consumer Services		1.2
Diversified Financials		6.6
Energy		11.6
Food & Staples Retailing		10.0
Food, Beverage & Tobacco		5.1
Health Care Equipment & Services		8.5
Household & Personal Products		1.6
Insurance		4.1
Materials		3.5
Media		3.0
Pharmaceuticals, Biotechnology & Life Sciences		3.3
Real Estate		0.4
Retailing		6.6
Semiconductors & Semiconductor Equipment		1.0
Software & Services		2.7
Technology Hardware & Equipment		6.1
Telecommunication Services		3.4
Transportation		1.9
Utilities		3.9
Total Investments		100.0
Liabilities in Excess of Other Assets		—	*
Net Assets		100.0	%

RevenueShares Financials Sector Fund

Industry	% of Net Assets
Capital Markets		11.7	%
Commercial Banks		16.9
Consumer Finance		5.0
Diversified Financial Services		32.6
Insurance		30.6
Real Estate Investment Trusts		2.5
Real Estate Management & Development		0.5
Thrifts & Mortgage Finance		0.4
Total Investments		100.2
Liabilities in Excess of Other Assets		(0.2	)
Net Assets		100.0	%

RevenueShares Mid Cap Fund

Industry	% of Net Assets
Automobiles & Components		0.7	%
Banks		2.2
Capital Goods		12.8
Commercial & Professional Services		3.8
Consumer Durables & Apparel		3.3
Consumer Services		3.1
Diversified Financials		1.1
Energy		4.0
Food & Staples Retailing		1.4
Food, Beverage & Tobacco		3.7
Health Care Equipment & Services		9.8
Household & Personal Products		1.1
Insurance		5.5
Materials		7.8
Media		0.7
Pharmaceuticals, Biotechnology & Life Sciences		1.6
Real Estate		2.0
Retailing		7.6
Semiconductors & Semiconductor Equipment		0.9
Software & Services		4.5
Technology Hardware & Equipment		11.7
Telecommunication Services		0.9
Transportation		2.5
Utilities		7.3
Total Investments		100.0
Other Assets in Excess of Liabilities		—	**
Net Assets		100.0	%

RevenueShares ADR Fund

Industry	% of Net Assets
Automobiles & Components		7.9	%
Banks		12.3
Capital Goods		4.3
Consumer Durables & Apparel		2.9
Consumer Services		0.3
Diversified Financials		5.5
Energy		26.4
Food & Staples Retailing		0.5
Food, Beverage & Tobacco		3.7
Health Care Equipment & Services		0.2
Insurance		5.8
Materials		5.8
Media		0.9
Pharmaceuticals, Biotechnology & Life Sciences		2.9
Real Estate		0.2
Semiconductors & Semiconductor Equipment		0.4
Software & Services		0.3
Technology Hardware & Equipment		4.8
Telecommunication Services		12.1
Transportation		0.3
Utilities		2.4
Total Investments		99.9
Other Assets in Excess of Liabilities		0.1
Net Assets		100.0	%

RevenueShares Small Cap Fund

Industry	% of Net Assets
Automobiles & Components		0.4	%
Banks		3.1
Capital Goods		12.4
Commercial & Professional Services		5.5
Consumer Durables & Apparel		6.3
Consumer Services		4.8
Diversified Financials		1.3
Energy		5.7
Food & Staples Retailing		5.4
Food, Beverage & Tobacco		2.2
Health Care Equipment & Services		10.3
Household & Personal Products		0.6
Insurance		2.3
Materials		5.3
Media		1.2
Pharmaceuticals, Biotechnology & Life Sciences		1.1
Real Estate		1.5
Retailing		12.0
Semiconductors & Semiconductor Equipment		1.6
Software & Services		3.4
Technology Hardware & Equipment		8.4
Telecommunication Services		0.3
Transportation		1.7
Utilities		3.3
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

RevenueShares Navellier Overall A-100 Fund

Industry	% of Net Assets
Automobiles & Components		0.6	%
Banks		0.3
Capital Goods		0.8
Commercial & Professional Services		0.9
Consumer Durables & Apparel		0.3
Consumer Services		1.4
Diversified Financials		0.6
Energy		6.3
Food & Staples Retailing		2.3
Food, Beverage & Tobacco		5.9
Health Care Equipment & Services		13.1
Household & Personal Products		2.0
Insurance		0.3
Materials		8.6
Media		0.8
Pharmaceuticals, Biotechnology & Life Sciences		1.9
Retailing		11.0
Semiconductors & Semiconductor Equipment		2.5
Software & Services		17.4
Technology Hardware & Equipment		19.3
Telecommunication Services		2.7
Transportation		1.0
Total Investments		100.0
Liabilities in Excess of Other Assets		—	*
Net Assets		100.0	%

*  More than (0.05)%

**  Less than 0.05%.

6

Schedule of Investments

REVENUESHARES LARGE CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—100.0%
Automobiles & Components—2.1%
Ford Motor Co.*		153,275	$	1,532,751
Goodyear Tire & Rubber Co.*		13,563		191,238
Harley-Davidson, Inc.		2,396		60,379
Johnson Controls, Inc.		13,685		372,779
Total Automobiles & Components				2,157,147
Banks—2.3%
BB&T Corp.		4,931		125,099
Comerica, Inc.		1,463		43,261
Fifth Third Bancorp		9,417		91,816
First Horizon National Corp.*		2,163		28,984
Hudson City Bancorp, Inc.		2,697		37,030
Huntington Bancshares, Inc.		10,401		37,964
KeyCorp		12,348		68,531
M&T Bank Corp.		760		50,836
Marshall & Ilsley Corp.		7,237		39,442
People's United Financial, Inc.		883		14,746
PNC Financial Services Group, Inc.		3,854		203,453
Regions Financial Corp.		19,705		104,239
SunTrust Banks, Inc.		5,930		120,320
U.S. Bancorp		10,080		226,901
Wells Fargo & Co.		41,588		1,122,460
Zions Bancorporation		3,094		39,696
Total Banks				2,354,778
Capital Goods—9.1%
3M Co.		3,406		281,574
Boeing Co.		13,941		754,626
Caterpillar, Inc.		8,037		458,029
Cummins, Inc.		2,853		130,839
Danaher Corp.		1,897		142,654
Deere & Co.		5,800		313,722
Dover Corp.		1,788		74,399
Eaton Corp.		2,322		147,726
Emerson Electric Co.		6,502		276,985
Fastenal Co.		586		24,401
First Solar, Inc.*		204		27,622
Flowserve Corp.		562		53,126
Fluor Corp.		6,775		305,146
General Dynamics Corp.		5,690		387,887
General Electric Co.		125,801		1,903,369
Goodrich Corp.		1,365		87,701
Honeywell International, Inc.		9,633		377,614
Illinois Tool Works, Inc.		3,484		167,197
ITT Corp.		2,614		130,020
Jacobs Engineering Group, Inc.*		4,207		158,225
L-3 Communications Holdings, Inc.		2,279		198,159
Lockheed Martin Corp.		7,057		531,745
Masco Corp.		7,158		98,852
Northrop Grumman Corp.		7,791		435,127
PACCAR, Inc.		2,967		107,613
Pall Corp.		769		27,838
Parker Hannifin Corp.		2,554		137,610
Precision Castparts Corp.		780		86,073
Quanta Services, Inc.*		2,200		45,848
Raytheon Co.		5,625		289,800
Rockwell Automation, Inc.		1,234		57,973
Rockwell Collins, Inc.		1,074		59,457

Investments	Shares		Value
Roper Industries, Inc.		409	$	21,419
Snap-On, Inc.		683		28,864
Stanley Works		962		49,553
Textron, Inc.		6,892		129,639
United Technologies Corp.		9,606		666,752
W.W. Grainger, Inc.		772		74,753
Total Capital Goods				9,249,937
Commercial & Professional Services—0.7%
Avery Dennison Corp.		1,951		71,192
Cintas Corp.		1,634		42,566
Dun & Bradstreet Corp.		265		22,358
Equifax, Inc.		678		20,943
Iron Mountain, Inc.*		1,521		34,618
Monster Worldwide, Inc.*		1,013		17,626
Pitney Bowes, Inc.		3,019		68,712
R.R. Donnelley & Sons Co.		5,649		125,803
Republic Services, Inc.		3,056		86,515
Robert Half International, Inc.		1,575		42,100
Stericycle, Inc.*		181		9,986
Waste Management, Inc.		4,328		146,331
Total Commercial & Professional Services				688,750
Consumer Durables & Apparel—1.3%
Black & Decker Corp.		961		62,302
Coach, Inc.		1,210		44,201
D.R. Horton, Inc.		5,514		59,937
Eastman Kodak Co.		20,632		87,067
Fortune Brands, Inc.		1,899		82,037
Harman International Industries, Inc.		1,140		40,219
Hasbro, Inc.		1,560		50,014
Leggett & Platt, Inc.		1,963		40,045
Lennar Corp. Class A		3,676		46,943
Mattel, Inc.		3,377		67,472
Newell Rubbermaid, Inc.		4,339		65,128
Nike, Inc. Class B		3,780		249,744
Polo Ralph Lauren Corp.		775		62,760
Pulte Homes, Inc.		5,919		59,190
VF Corp.		1,199		87,815
Whirlpool Corp.		2,706		218,265
Total Consumer Durables & Apparel				1,323,139
Consumer Services—1.2%
Apollo Group, Inc. Class A*,**		802		48,585
Carnival Corp.*		5,025		159,242
Darden Restaurants, Inc.		2,672		93,707
DeVry, Inc.		401		22,749
H&R Block, Inc.		2,397		54,220
International Game Technology		1,502		28,193
Marriott International, Inc. Class A		5,131		139,820
McDonald's Corp.		4,428		276,484
Starbucks Corp.*		5,480		126,369
Starwood Hotels & Resorts Worldwide, Inc.		1,795		65,643
Wyndham Worldwide Corp.		2,376		47,924
Wynn Resorts Ltd.*		601		34,996
Yum! Brands, Inc.		3,840		134,285
Total Consumer Services				1,232,217

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

Schedule of Investments — continued

REVENUESHARES LARGE CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Diversified Financials—6.6%
American Express Co.		8,291	$	335,951
Ameriprise Financial, Inc.		2,314		89,829
Bank of America Corp.		115,970		1,746,508
Bank of New York Mellon Corp.		3,720		104,048
Capital One Financial Corp.		5,085		194,959
Charles Schwab Corp.		3,108		58,493
Citigroup, Inc.		334,728		1,107,950
CME Group, Inc.		99		33,259
Discover Financial Services		4,801		70,623
E*Trade Financial Corp.*		21,784		38,122
Federated Investors, Inc. Class B**		507		13,943
Franklin Resources, Inc.		503		52,991
Goldman Sachs Group, Inc.		3,371		569,160
IntercontinentalExchange, Inc.*		88		9,882
Invesco Ltd.		1,354		31,805
Janus Capital Group, Inc.		723		9,724
JPMorgan Chase & Co.		33,856		1,410,780
Legg Mason, Inc.		1,751		52,810
Leucadia National Corp.*		490		11,657
Moody's Corp.		715		19,162
Morgan Stanley		12,816		379,354
Nasdaq OMX Group, Inc.*		2,226		44,119
Northern Trust Corp.		1,156		60,574
NYSE Euronext		2,269		57,406
SLM Corp.*		6,514		73,413
State Street Corp.		2,992		130,272
T. Rowe Price Group, Inc.		404		21,513
Total Diversified Financials				6,728,307
Energy—11.6%
Anadarko Petroleum Corp.		1,767		110,296
Apache Corp.		1,020		105,233
Baker Hughes, Inc.		3,251		131,600
BJ Services Co.		3,222		59,929
Cabot Oil & Gas Corp.		277		12,074
Cameron International Corp.*		1,725		72,105
Chesapeake Energy Corp.		4,485		116,072
Chevron Corp.		24,434		1,881,174
ConocoPhillips		32,943		1,682,399
Consol Energy, Inc.		1,165		58,017
Denbury Resources, Inc.*		872		12,906
Devon Energy Corp.		1,618		118,923
Diamond Offshore Drilling, Inc.		480		47,242
El Paso Corp.		6,025		59,226
EOG Resources, Inc.		526		51,180
Exxon Mobil Corp.		45,209		3,082,802
FMC Technologies, Inc.*		1,026		59,344
Halliburton Co.		6,901		207,651
Hess Corp.		6,194		374,737
Marathon Oil Corp.		18,428		575,322
Massey Energy Co.		948		39,825
Murphy Oil Corp.		4,040		218,968
Nabors Industries Ltd.*		2,611		57,155
National Oilwell Varco, Inc.		3,726		164,279
Noble Energy, Inc.		389		27,705
Occidental Petroleum Corp.		2,408		195,891
Peabody Energy Corp.		1,801		81,423
Pioneer Natural Resources Co.		499		24,037
Range Resources Corp.		297		14,805

Investments	Shares		Value
Rowan Cos., Inc.		1,075	$	24,338
Schlumberger Ltd.		4,725		307,550
Smith International, Inc.		4,279		116,260
Southwestern Energy Co.*		617		29,739
Spectra Energy Corp.		2,751		56,423
Sunoco, Inc.		13,578		354,386
Tesoro Corp.		15,739		213,263
Valero Energy Corp.		50,194		840,750
Williams Cos., Inc.		5,209		109,806
XTO Energy, Inc.		2,520		117,256
Total Energy				11,812,091
Food & Staples Retailing—10.0%
Costco Wholesale Corp.		15,036		889,680
CVS Caremark Corp.		37,681		1,213,705
Kroger Co.		46,379		952,161
Safeway, Inc.		24,016		511,301
SUPERVALU, Inc.		40,346		512,798
SYSCO Corp.		15,733		439,580
Walgreen Co.		19,728		724,412
Wal-Mart Stores, Inc.		90,029		4,812,050
Whole Foods Market, Inc.*		3,756		103,102
Total Food & Staples Retailing				10,158,789
Food, Beverage & Tobacco—5.1%
Altria Group, Inc.		10,385		203,858
Archer-Daniels-Midland Co.		29,856		934,792
Brown-Forman Corp. Class B**		590		31,606
Campbell Soup Co.		2,706		91,463
Coca-Cola Co.		6,350		361,951
Coca-Cola Enterprises, Inc.		13,457		285,288
ConAgra Foods, Inc.		6,819		157,178
Constellation Brands, Inc. Class A*		2,915		46,436
Dean Foods Co.*		8,034		144,933
Dr Pepper Snapple Group, Inc.*		2,445		69,194
General Mills, Inc.		2,556		180,990
H.J. Heinz Co.		2,919		124,816
Hershey Co.		1,789		64,028
Hormel Foods Corporation		2,082		80,053
J.M. Smucker Co.		664		41,002
Kellogg Co.		2,887		153,588
Kraft Foods, Inc. Class A		18,202		494,731
Lorillard Inc.		514		41,238
McCormick & Co., Inc.**		1,064		38,442
Molson Coors Brewing Co. Class B		796		35,947
Pepsi Bottling Group, Inc.		4,287		160,763
PepsiCo, Inc.		8,363		508,471
Philip Morris International, Inc.		6,069		292,465
Reynolds American, Inc.		1,952		103,397
Sara Lee Corp.		12,624		153,760
Tyson Foods, Inc. Class A		25,890		317,670
Total Food, Beverage & Tobacco				5,118,060
Health Care Equipment & Services—8.5%
Aetna, Inc.		12,799		405,728
AmerisourceBergen Corp.		34,121		889,534
Baxter International, Inc.		2,550		149,634
Becton Dickinson & Co.		1,113		87,771
Boston Scientific Corp.*		11,282		101,538
C.R. Bard, Inc.		363		28,278

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

Schedule of Investments — continued

REVENUESHARES LARGE CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Health Care Equipment & Services—8.5% (continued)
Cardinal Health, Inc.		36,490	$	1,176,438
CareFusion Corp.*		1,916		47,919
Cigna Corp.		6,453		227,597
Coventry Health Care, Inc.*		7,091		172,240
DaVita, Inc.*		1,225		71,957
DENTSPLY International, Inc.		682		23,986
Express Scripts, Inc.*		3,053		263,932
Hospira, Inc.*		955		48,705
Humana, Inc.*		8,887		390,050
IMS Health, Inc.		1,281		26,978
Intuitive Surgical, Inc.*		51		15,469
Laboratory Corp. of America Holdings*		767		57,402
McKesson Corp.		20,847		1,302,939
Medco Health Solutions, Inc.*		10,768		688,183
Medtronic, Inc.		4,097		180,186
Patterson Cos., Inc.*		1,310		36,654
Quest Diagnostics, Inc.		1,515		91,476
St. Jude Medical, Inc.*		1,474		54,214
Stryker Corp.		1,561		78,628
Tenet Healthcare Corp.*		23,257		125,355
UnitedHealth Group, Inc.		34,628		1,055,461
Varian Medical Systems, Inc.*		564		26,423
WellPoint, Inc.*		12,966		755,788
Zimmer Holdings, Inc.*		877		51,839
Total Health Care Equipment & Services				8,632,302
Household & Personal Products—1.6%
Avon Products, Inc.		3,671		115,637
Clorox Co.		1,064		64,904
Colgate-Palmolive Co.		2,190		179,909
Estee Lauder Cos., Inc. Class A		1,939		93,770
Kimberly-Clark Corp.		3,522		224,387
Mead Johnson Nutrition Co.		86		3,758
Procter & Gamble Co.		15,851		961,045
Total Household & Personal Products				1,643,410
Insurance—4.1%
Aflac, Inc.		4,668		215,895
Allstate Corp.		13,254		398,150
American International Group, Inc.*		22,116		663,039
AON Corp.		2,384		91,403
Assurant, Inc.		3,614		106,541
Chubb Corp.		3,152		155,015
Cincinnati Financial Corp.		1,777		46,628
Genworth Financial, Inc. Class A*		10,910		123,829
Hartford Financial Services Group, Inc.		9,513		221,272
Lincoln National Corp.		4,589		114,174
Loews Corp.		4,487		163,102
Marsh & McLennan Cos., Inc.		5,846		129,080
MetLife, Inc.		14,466		511,373
Principal Financial Group, Inc.		4,732		113,757
Progressive Corp.*		9,983		179,594
Prudential Financial, Inc.		7,828		389,521
Torchmark Corp.		905		39,775
Travelers Cos., Inc.		5,750		286,695
Unum Group		6,365		124,245
XL Capital Ltd. Class A		4,434		81,275
Total Insurance				4,154,363

Investments	Shares		Value
Materials—3.5%
Air Products & Chemicals, Inc.		1,319	$	106,918
Airgas, Inc.		1,157		55,073
AK Steel Holding Corp.		2,626		56,065
Alcoa, Inc.		16,121		259,871
Allegheny Technologies, Inc.		1,162		52,023
Ball Corp.		1,703		88,045
Bemis Co., Inc.		1,393		41,302
CF Industries Holdings, Inc.		441		40,034
Cliffs Natural Resources, Inc.		549		25,303
Dow Chemical Co.		19,900		549,837
E.I. Du Pont de Nemours & Co.		9,838		331,245
Eastman Chemical Co.		1,070		64,457
Ecolab, Inc.		1,553		69,233
FMC Corp.		653		36,411
Freeport-McMoRan Copper & Gold, Inc.*		2,079		166,923
International Flavors & Fragrances, Inc.		670		27,564
International Paper Co.		11,411		305,587
MeadWestvaco Corp.		2,662		76,213
Monsanto Co.		1,727		141,182
Newmont Mining Corp.		1,538		72,763
Nucor Corp.		3,611		168,453
Owens-Illinois, Inc.*		2,850		93,680
Pactiv Corp.*		1,731		41,786
PPG Industries, Inc.		2,551		149,336
Praxair, Inc.		1,332		106,973
Sealed Air Corp.		2,335		51,043
Sigma-Aldrich Corp.		415		20,970
Titanium Metals Corp.		1,094		13,697
United States Steel Corp.		3,266		180,022
Vulcan Materials Co.		735		38,712
Weyerhaeuser Co.		1,738		74,977
Total Materials				3,505,698
Media—3.0%
CBS Corp. Class B**		11,574		162,615
Comcast Corp. Class A		24,333		410,254
DIRECTV Class A*		7,718		257,395
Gannett Co., Inc.		5,606		83,249
Interpublic Group of Cos., Inc.*		10,497		77,468
McGraw-Hill Cos., Inc.		2,262		75,800
Meredith Corp.		609		18,788
New York Times Co. Class A		3,384		41,826
News Corp. Class A**		30,532		417,983
Omnicom Group, Inc.		3,976		155,660
Scripps Networks Interactive, Inc. Class A**		466		19,339
Time Warner Cable, Inc.		5,078		210,178
Time Warner, Inc.		13,369		389,573
Viacom, Inc., Class B*,**		5,471		162,653
Walt Disney Co.		13,883		447,727
Washington Post Co. Class B		130		57,148
Total Media				2,987,656
Pharmaceuticals, Biotechnology & Life Sciences—3.3%
Abbott Laboratories		6,694		361,409
Allergan, Inc.		878		55,323
Amgen, Inc.*		3,139		177,573
Biogen Idec, Inc.*		1,081		57,834

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

Schedule of Investments — continued

REVENUESHARES LARGE CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—3.3% (continued)
Bristol-Myers Squibb Co.		10,023	$	253,081
Celgene Corp.*		578		32,183
Cephalon, Inc.*		449		28,022
Eli Lilly & Co.		7,289		260,290
Forest Laboratories, Inc.*		1,498		48,101
Genzyme Corp.*		1,120		54,891
Gilead Sciences, Inc.*		1,670		72,278
Johnson & Johnson		11,434		736,464
King Pharmaceuticals, Inc.*		1,462		17,939
Life Technologies Corp.*		709		37,031
Merck & Co., Inc.		7,575		276,791
Millipore Corp.*		281		20,330
Mylan, Inc.*		3,336		61,482
PerkinElmer, Inc.		1,212		24,955
Pfizer, Inc.		30,328		551,666
Thermo Fisher Scientific, Inc.*		2,497		119,082
Waters Corp.*		305		18,898
Watson Pharmaceuticals, Inc.*		868		34,381
Total Pharmaceuticals, Biotechnology & Life Sciences				3,300,004
Real Estate—0.4%
Apartment Investment & Management Co. Class A (a)		1,168		18,595
AvalonBay Communities, Inc. (a)		106		8,704
Boston Properties, Inc. (a)		212		14,219
CB Richard Ellis Group, Inc. Class A*		4,381		59,449
Equity Residential (a)		787		26,585
HCP, Inc. (a)		390		11,911
Health Care REIT, Inc. (a)		179		7,933
Host Hotels & Resorts, Inc. (a)		5,464		63,764
Kimco Realty Corp. (a)		504		6,819
Plum Creek Timber Co., Inc. (a)		401		15,142
ProLogis (a)		2,298		31,460
Public Storage, Inc. (a)		206		16,779
Simon Property Group, Inc. (a)		604		48,199
Ventas, Inc. (a)		275		12,029
Vornado Realty Trust (a)		481		33,641
Total Real Estate				375,229
Retailing—6.6%
Abercrombie & Fitch Co. Class A		1,307		45,549
Amazon.com, Inc.*		1,980		266,350
AutoNation, Inc.*		7,357		140,887
AutoZone, Inc.*		529		83,619
Bed Bath & Beyond, Inc.*		2,392		92,403
Best Buy Co., Inc.		12,354		487,489
Big Lots, Inc.*		2,030		58,829
Expedia, Inc.*		1,405		36,123
Family Dollar Stores, Inc.		3,189		88,750
GameStop Corp. Class A*		4,654		102,109
Gap, Inc.		8,740		183,103
Genuine Parts Co.		3,238		122,914
Home Depot, Inc.		32,491		939,964
JC Penney Co., Inc.		8,214		218,575
Kohl's Corp.*		3,764		202,993
Limited Brands, Inc.		6,278		120,789
Lowe's Cos., Inc.		25,776		602,901
Macy's, Inc.		19,516		327,088

Investments	Shares		Value
Nordstrom, Inc.		2,987	$	112,251
Office Depot, Inc.*		23,145		149,285
O'Reilly Automotive, Inc.*		1,534		58,476
priceline.com, Inc.*		155		33,868
RadioShack Corp.		2,706		52,767
Ross Stores, Inc.		710		30,324
Sears Holdings Corp.*		8,134		678,782
Sherwin-Williams Co.		1,411		86,988
Staples, Inc.		11,156		274,326
Target Corp.		17,361		839,751
Tiffany & Co.		991		42,613
TJX Cos., Inc.		6,142		224,490
Total Retailing				6,704,356
Semiconductors & Semiconductor Equipment—1.0%
Advanced Micro Devices, Inc.*		7,344		71,090
Altera Corp.		692		15,660
Analog Devices, Inc.		847		26,748
Applied Materials, Inc.		5,095		71,024
Broadcom Corp. Class A*		1,674		52,647
Intel Corp.		19,860		405,144
KLA-Tencor Corp.		631		22,817
Linear Technology Corp.		388		11,850
LSI Corp.*		4,834		29,052
MEMC Electronic Materials, Inc.*		1,165		15,867
Microchip Technology, Inc.		394		11,450
Micron Technology, Inc.*		7,306		77,151
National Semiconductor Corp.		1,363		20,936
Novellus Systems Inc.*		308		7,189
NVIDIA Corp.*		3,588		67,024
Teradyne, Inc.*		977		10,483
Texas Instruments, Inc.		4,717		122,925
Xilinx, Inc.		815		20,424
Total Semiconductors & Semiconductor Equipment				1,059,481
Software & Services—2.7%
Adobe Systems, Inc.*		1,062		39,060
Affiliated Computer Services, Inc. Class A*		1,385		82,671
Akamai Technologies, Inc.*		418		10,588
Autodesk, Inc.*		1,254		31,864
Automatic Data Processing, Inc.		2,512		107,564
BMC Software, Inc.*		518		20,772
CA, Inc.		2,308		51,838
Citrix Systems, Inc.*		516		21,471
Cognizant Technology Solutions Corp. Class A*		872		39,502
Computer Sciences Corp.*		3,756		216,083
Compuware Corp.*		1,587		11,474
eBay, Inc.*		4,545		106,989
Electronic Arts, Inc.*		3,283		58,273
Fidelity National Information Services, Inc.		1,746		40,926
Fiserv, Inc.*		1,175		56,964
Google, Inc. Class A*		479		296,970
Intuit, Inc.*		1,287		39,524
Mastercard, Inc. Class A		253		64,763
McAfee, Inc.*		683		27,709
Microsoft Corp.		24,929		760,084

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

Schedule of Investments — continued

REVENUESHARES LARGE CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Software & Services—2.7% (continued)
Novell, Inc.*		2,067	$	8,578
Oracle Corp.		12,688		311,363
Paychex, Inc.		801		24,543
Red Hat, Inc.*		285		8,807
SAIC, Inc.*		1,584		30,001
Salesforce.com, Inc.*		178		13,131
Symantec Corp.*		4,273		76,444
Total System Services, Inc.		1,109		19,152
VeriSign, Inc.*		490		11,878
Visa Inc. Class A		79		6,909
Western Union Co.		3,078		58,020
Yahoo! Inc.*		5,125		85,998
Total Software & Services				2,739,913
Technology Hardware & Equipment—6.1%
Agilent Technologies, Inc.*		1,988		61,767
Amphenol Corp. Class A		796		36,759
Apple, Inc.*		2,153		453,982
Cisco Systems, Inc.*		19,283		461,635
Corning, Inc.		3,371		65,094
Dell, Inc.*		58,875		845,445
EMC Corp.*		10,257		179,190
Flir Systems, Inc.*		512		16,753
Harris Corp.		1,457		69,280
Hewlett-Packard Co.		28,585		1,472,412
International Business Machines Corp.		9,025		1,181,373
Jabil Circuit, Inc.		10,673		185,390
JDS Uniphase Corp.*		2,133		17,597
Juniper Networks, Inc.*		1,600		42,672
Lexmark International, Inc. Class A*		1,888		49,050
Molex, Inc.		1,968		42,410
Motorola, Inc.		34,406		266,991
NetApp, Inc.*		1,294		44,501
QLogic Corp.*		386		7,284
QUALCOMM, Inc.		2,945		136,236
SanDisk Corp.*		1,748		50,675
Sun Microsystems, Inc.*		19,978		187,194
Tellabs, Inc.*		3,473		19,727
Teradata Corp*		674		21,184
Western Digital Corp.*		2,340		103,311
Xerox Corp.		23,618		199,808
Total Technology Hardware & Equipment				6,217,720
Telecommunication Services—3.4%
American Tower Corp., Class A*		487		21,043
AT&T, Inc.		54,285		1,521,608
CenturyTel, Inc.		1,265		45,806
Frontier Communications Corp.		3,282		25,632
MetroPCS Communications, Inc.*		5,871		44,796
Qwest Communications International, Inc.		37,302		157,041
Sprint Nextel Corp.*		100,604		368,211
Verizon Communications, Inc.		38,281		1,268,250
Windstream Corp.		2,978		32,728
Total Telecommunication Services				3,485,115
Transportation—1.9%
Burlington Northern Santa Fe Corp.		1,818		179,291
C.H. Robinson Worldwide, Inc.		1,584		93,028

Investments	Shares		Value
CSX Corp.		2,357	$	114,291
Expeditors International Washington, Inc.		1,482		51,470
FedEx Corp.		5,183		432,521
Norfolk Southern Corp.		1,957		102,586
Ryder System, Inc.		1,590		65,460
Southwest Airlines Co.		12,340		141,046
Union Pacific Corp.		2,778		177,514
United Parcel Service, Inc. Class B		9,607		551,155
Total Transportation				1,908,362
Utilities—3.9%
AES Corp.*		13,676		182,028
Allegheny Energy, Inc.		1,746		40,996
Ameren Corp.		3,278		91,620
American Electric Power Co., Inc.		4,673		162,574
Centerpoint Energy, Inc.		7,608		110,392
CMS Energy Corp.		5,208		81,557
Consolidated Edison, Inc.		3,466		157,460
Constellation Energy Group, Inc.		6,265		220,339
Dominion Resources, Inc.		5,035		195,962
DTE Energy Co.		2,181		95,070
Duke Energy Corp.		8,758		150,725
Edison International		4,284		148,998
Entergy Corp.		1,668		136,509
EQT Corp.		441		19,369
Exelon Corp.		4,192		204,862
FirstEnergy Corp.		3,481		161,692
FPL Group, Inc.		3,525		186,191
Integrys Energy Group, Inc.		2,727		114,507
Nicor, Inc.		807		33,975
NiSource, Inc.		5,616		86,374
Northeast Utilities		2,847		73,424
Pepco Holdings, Inc.		6,816		114,850
PG&E Corp.		3,700		165,205
Pinnacle West Capital Corp.		972		35,556
PPL Corp.		3,166		102,293
Progress Energy, Inc.		2,851		116,920
Public Service Enterprise Group, Inc.		4,719		156,907
Questar Corp.		877		36,457
SCANA Corp.		1,595		60,100
Sempra Energy		1,789		100,148
Southern Co.		5,740		191,257
TECO Energy, Inc.		2,644		42,886
Wisconsin Energy Corp.		1,098		54,713
Xcel Energy, Inc.		5,626		119,384
Total Utilities				3,951,300
Total Investments—100.0% (Cost $95,977,708)				101,488,124
Liabilities in Excess of Other Assets—(0.0)%†				(33,929	)
Net Assets—100.0%			$	101,454,195

*  Non-income producing security

**  Non-voting Shares

(a)  Real Estate Investment Trust

†  More than (0.05)%

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

Schedule of Investments

REVENUESHARES MID CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—100.0%
Automobiles & Components—0.7%
BorgWarner, Inc.		9,335	$	310,108
Gentex Corp.		2,150		38,378
Thor Industries, Inc.		4,649		145,979
Total Automobiles & Components				494,465
Banks—2.2%
Associated Banc-Corp.		9,783		107,711
Astoria Financial Corp.		7,501		93,237
BancorpSouth, Inc.		2,956		69,348
Bank of Hawaii Corp.		1,266		59,578
Cathay General Bancorp		6,350		47,943
City National Corp.		1,869		85,226
Commerce Bancshares, Inc.		2,369		91,728
Cullen/Frost Bankers, Inc.		1,448		72,400
First Niagara Financial Group, Inc.		3,309		46,028
FirstMerit Corp.		2,656		53,492
Fulton Financial Corp.		8,548		74,539
International Bancshares Corp.		3,312		62,696
New Alliance Bancshares, Inc.		2,830		33,988
New York Community Bancorp, Inc.		10,008		145,216
PacWest Bancorp		1,192		24,019
SVB Financial Group*		1,069		44,567
Synovus Financial Corp.		69,493		142,461
TCF Financial Corp.		8,603		117,173
Trustmark Corp.		2,769		62,413
Valley National Bancorp		4,549		64,277
Washington Federal, Inc.		2,874		55,583
Webster Financial Corp.		5,721		67,908
Westamerica Bancorporation		420		23,255
Wilmington Trust Corp.		4,790		59,109
Total Banks				1,703,895
Capital Goods—12.8%
Aecom Technology Corp.*		18,535		509,713
AGCO Corp.*		17,578		568,473
Alliant Techsystems, Inc.*		3,827		337,809
AMETEK, Inc.		4,461		170,589
BE Aerospace, Inc.*		7,085		166,498
Bucyrus International, Inc.		4,184		235,852
Carlisle Cos., Inc.		5,520		189,115
Crane Co.		5,923		181,362
Donaldson Co., Inc.		3,729		158,632
Federal Signal Corp.		11,014		66,304
GATX Corp.		2,882		82,858
Graco, Inc.		1,699		48,540
Granite Construction, Inc.		5,258		176,984
Harsco Corp.		7,724		248,945
Hubbell, Inc. Class B		4,008		189,578
IDEX Corp.		3,313		103,200
Joy Global, Inc.		5,401		278,638
KBR, Inc.		53,566		1,017,753
Kennametal, Inc.		7,478		193,830
Lennox International, Inc.		5,893		230,063
Lincoln Electric Holdings, Inc.		2,646		141,455
MSC Industrial Direct Co. Class A		2,608		122,576
Nordson Corp.		1,244		76,108
Oshkosh Corp.		11,549		427,659
Pentair, Inc.		6,777		218,897

Investments	Shares		Value
Regal-Beloit Corp.		2,805	$	145,692
Shaw Group, Inc.*		19,418		558,268
SPX Corp.		7,131		390,066
Terex Corp.*		24,714		489,584
Thomas & Betts Corp.*		4,218		150,962
Timken Co.		11,736		278,261
Trinity Industries, Inc.		12,337		215,157
United Rentals, Inc.*		20,442		200,536
URS Corp.*		17,418		775,448
Valmont Industries, Inc.		1,831		143,642
Wabtec Corp.		2,817		115,046
Woodward Governor Co.		4,505		116,094
Total Capital Goods				9,720,187
Commercial & Professional Services—3.8%
Brink's Co.		9,361		227,847
Clean Harbors, Inc.*		1,334		79,520
Copart, Inc.*		1,675		61,355
Corporate Executive Board Co.		1,692		38,611
Corrections Corp. of America*		5,107		125,377
Deluxe Corp.		7,697		113,839
FTI Consulting, Inc.*		2,289		107,949
Herman Miller, Inc.		8,587		137,220
HNI Corp.		5,453		150,666
Korn/Ferry International*		3,528		58,212
Manpower, Inc.		22,311		1,217,735
Mine Safety Appliances Co.		2,780		73,753
MPS Group, Inc.*		9,911		136,177
Navigant Consulting, Inc.*		3,739		55,562
Rollins, Inc.		4,255		82,036
Waste Connections, Inc.*		2,602		86,751
Watson Wyatt Worldwide, Inc. Class A		2,895		137,570
Total Commercial & Professional Services				2,890,180
Consumer Durables & Apparel—3.3%
American Greetings Corp. Class A		6,331		137,952
Fossil, Inc.*		3,631		121,856
Hanesbrands, Inc.*		12,149		292,912
KB Home		14,402		197,019
MDC Holdings, Inc.		2,349		72,913
Mohawk Industries, Inc.*		9,264		440,967
NVR, Inc.*		352		250,170
Phillips-Van Heusen Corp.		4,862		197,786
Ryland Group, Inc.		5,719		112,664
Timberland Co. Class A*		5,877		105,375
Toll Brothers, Inc.*		8,586		161,503
Tupperware Brands Corp.		3,256		151,632
Under Armour, Inc. Class A*		2,380		64,903
Warnaco Group Inc.*		3,585		151,251
Total Consumer Durables & Apparel				2,458,903
Consumer Services—3.1%
Bob Evans Farms, Inc.		5,058		146,429
Boyd Gaming Corp.*		15,880		132,916
Brinker International, Inc.		21,335		318,317
Brinks Home Security Holding, Inc.*		1,387		45,272
Career Education Corp.*		5,015		116,900
Cheesecake Factory*		6,289		135,780
Chipotle Mexican Grill, Inc. Class A*		1,306		115,137

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

Schedule of Investments — continued

REVENUESHARES MID CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Consumer Services—3.1% (continued)
Corinthian Colleges, Inc.*		6,817	$	93,870
International Speedway Corp. Class A		1,914		54,453
ITT Educational Services, Inc.*		1,051		100,854
Life Time Fitness, Inc.*		2,905		72,422
Matthews International Corp. Class A		1,782		63,136
Panera Bread Co. Class A*		1,604		107,420
Regis Corp.		12,354		192,352
Scientific Games Corp. Class A*		5,270		76,679
Service Corp. International		20,459		167,559
Sotheby's		1,712		38,486
Strayer Education, Inc.		179		38,036
Wendy's/Arby's Group, Inc. Class A		66,700		312,822
WMS Industries, Inc.*		1,370		54,800
Total Consumer Services				2,383,640
Diversified Financials—1.1%
Affiliated Managers Group, Inc.*		986		66,407
AmeriCredit Corp.*		9,077		172,826
Eaton Vance Corp.**		2,330		70,855
Jefferies Group, Inc.*		6,967		165,327
MSCI, Inc. Class A*		1,163		36,983
Raymond James Financial, Inc.		8,928		212,219
SEI Investments Co.		4,560		79,891
Waddell & Reed Financial, Inc. Class A		2,117		64,653
Total Diversified Financials				869,161
Energy—4.0%
Arch Coal, Inc.		9,633		214,334
Atwood Oceanics, Inc.*		1,918		68,760
Bill Barrett Corp.*		1,678		52,203
Cimarex Energy Co.		1,622		85,917
Comstock Resources, Inc.*		700		28,399
Encore Acquisition Co.*		1,091		52,390
Exterran Holdings, Inc.*		10,717		229,880
Forest Oil Corp.*		3,243		72,157
Frontier Oil Corp.		29,661		357,119
Helix Energy Solutions Group, Inc.*		12,397		145,665
Helmerich & Payne, Inc.		4,244		169,251
Mariner Energy, Inc.*		5,388		62,555
Newfield Exploration Co.*		2,388		115,173
Oceaneering International, Inc.*		2,711		158,648
Overseas Shipholding Group, Inc.		2,393		105,172
Patriot Coal Corp*		12,653		195,615
Patterson-UTI Energy, Inc.		6,125		94,019
Plains Exploration & Production Co.*		3,328		92,052
Pride International, Inc.*		4,940		157,635
Quicksilver Resources, Inc.*		4,803		72,093
Southern Union Co.		8,546		193,994
Superior Energy Services, Inc.*		6,306		153,173
Tidewater, Inc.		2,378		114,025
Unit Corp.*		1,612		68,510
Total Energy				3,058,739
Food & Staples Retailing—1.4%
BJ's Wholesale Club, Inc.*		23,445		766,886
Ruddick Corp.		11,608		298,674
Total Food & Staples Retailing				1,065,560

Investments	Shares		Value
Food, Beverage & Tobacco—3.7%
Corn Products International, Inc.		9,754	$	285,109
Flowers Foods, Inc.		8,751		207,924
Green Mountain Coffee Roasters, Inc.*		4,643		378,266
Hansen Natural Corp.*		2,369		90,970
Lancaster Colony Corp.		1,622		80,613
PepsiAmericas, Inc.		11,921		348,808
Ralcorp Holdings, Inc.*		4,952		295,684
Smithfield Foods, Inc.*		58,612		890,317
Tootsie Roll Industries, Inc.		1,482		40,577
Universal Corp.		4,089		186,499
Total Food, Beverage & Tobacco				2,804,767
Health Care Equipment & Services—9.8%
Beckman Coulter, Inc.		3,529		230,938
Cerner Corp.*		1,687		139,076
Community Health Systems, Inc.*		29,545		1,051,802
Edwards Lifesciences Corp.*		1,145		99,443
Gen-Probe, Inc.*		838		35,950
Health Management Associates, Inc. Class A*		54,937		399,392
Health Net, Inc.*		51,151		1,191,308
Henry Schein, Inc.*		9,536		501,594
Hill-Rom Holdings, Inc.		4,853		116,423
Hologic, Inc.*		8,922		129,369
IDEXX Laboratories, Inc.*		1,478		78,984
Immucor, Inc.*		1,175		23,782
Kindred Healthcare, Inc.*		20,540		379,168
Kinetic Concepts, Inc.*		4,262		160,464
LifePoint Hospitals, Inc.*		7,531		244,833
Lincare Holdings, Inc.*		3,331		123,647
Masimo Corp.*		945		28,747
Omnicare, Inc.		20,631		498,858
Owens & Minor, Inc.		14,557		624,932
Psychiatric Solutions, Inc.*		6,736		142,399
ResMed, Inc.*		1,304		68,160
STERIS Corp.		3,491		97,643
Teleflex, Inc.		2,915		157,089
Thoratec Corp.*		919		24,739
Universal Health Services, Inc. Class B		7,490		228,445
VCA Antech, Inc.*		4,122		102,720
WellCare Health Plans, Inc.*		14,305		525,852
Total Health Care Equipment & Services				7,405,757
Household & Personal Products—1.1%
Alberto-Culver Co.		3,877		113,557
Church & Dwight Co., Inc.		3,145		190,115
Energizer Holdings, Inc.*		5,117		313,571
NBTY, Inc.*		4,473		194,754
Total Household & Personal Products				811,997
Insurance—5.5%
American Financial Group, Inc.		13,893		346,630
Arthur J. Gallagher & Co.		5,830		131,233
Brown & Brown, Inc.		4,167		74,881
Everest Re Group Ltd.		3,670		314,446
Fidelity National Financial, Inc. Class A		30,196		406,438
First American Corp.		13,927		461,123
Hanover Insurance Group, Inc.		4,861		215,974
HCC Insurance Holdings, Inc.		6,703		187,483

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

Schedule of Investments — continued

REVENUESHARES MID CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Insurance—5.5% (continued)
Horace Mann Educators Corp.		5,801	$	72,513
Mercury General Corp.		5,948		233,518
Old Republic International Corp.		26,131		262,355
Protective Life Corp.		12,435		205,799
Reinsurance Group of America, Inc.		10,669		508,379
StanCorp Financial Group, Inc.		5,265		210,705
Unitrin, Inc.		9,699		213,863
W.R. Berkley Corp.		13,247		326,406
Total Insurance				4,171,746
Materials—7.8%
Albemarle Corp.		4,226		153,700
AptarGroup, Inc.		3,786		135,312
Ashland, Inc.		16,853		667,715
Cabot Corp.		7,651		200,686
Carpenter Technology Corp.		4,999		134,723
Commercial Metals Co.		38,513		602,728
Cytec Industries, Inc.		5,800		211,236
Greif, Inc. Class A**		4,220		227,796
Louisiana-Pacific Corp.*		13,721		95,773
Lubrizol Corp.		4,898		357,309
Martin Marietta Materials, Inc.		1,590		142,162
Minerals Technologies, Inc.		1,278		69,613
Olin Corp.		7,087		124,164
Packaging Corporation of America		7,620		175,336
Reliance Steel & Aluminum Co.		11,504		497,203
RPM International, Inc.		13,747		279,477
Scotts Miracle-Gro Co. Class A		6,090		239,398
Sensient Technologies Corp.		3,546		93,260
Silgan Holdings, Inc.		800		46,304
Sonoco Products Co.		9,135		267,199
Steel Dynamics, Inc.		17,467		309,515
Temple-Inland, Inc.		14,566		307,488
Terra Industries, Inc.		3,507		112,890
Valspar Corp.		8,473		229,957
Worthington Industries, Inc.		19,346		252,852
Total Materials				5,933,796
Media—0.7%
DreamWorks Animation SKG, Inc. Class A*		1,465		58,527
Harte-Hanks, Inc.		6,728		72,528
John Wiley & Sons, Inc. Class A		3,060		128,153
Lamar Advertising Co. Class A*		3,005		93,425
Scholastic Corp.		5,179		154,489
Total Media				507,122
Pharmaceuticals, Biotechnology & Life Sciences—1.6%
Affymetrix, Inc.*		4,756		27,775
Bio-Rad Laboratories, Inc. Class A*		1,368		131,957
Charles River Laboratories International, Inc.*		2,926		98,577
Covance, Inc.*		2,844		155,197
Endo Pharmaceuticals Holdings, Inc.*		5,452		111,821
Medicis Pharmaceutical Corp. Class A		1,641		44,389
Mettler-Toledo International, Inc.*		1,342		140,897
OSI Pharmaceuticals, Inc.*		882		27,368
Perrigo Co.		3,695		147,209

Investments	Shares		Value
Pharmaceutical Product Development, Inc.		5,088	$	119,263
Techne Corp.		299		20,499
United Therapeutics Corp.*		554		29,168
Valeant Pharmaceuticals International*		1,838		58,430
Varian, Inc.*		1,339		69,012
Vertex Pharmaceuticals, Inc*		202		8,656
Total Pharmaceuticals, Biotechnology & Life Sciences				1,190,218
Real Estate—2.0%
Alexandria Real Estate Equities, Inc. (a)		651		41,853
AMB Property Corp. (a)		2,018		51,560
BRE Properties, Inc. (a)		855		28,283
Camden Property Trust (a)		1,301		55,123
Corporate Office Properties Trust (a)		1,732		63,443
Cousins Properties, Inc. (a)		2,178		16,618
Duke Realty Corp. (a)		9,606		116,905
Equity One, Inc. (a)		1,222		19,760
Essex Property Trust, Inc. (a)		390		32,624
Federal Realty Investment Trust (a)		617		41,783
Highwoods Properties, Inc. (a)		1,085		36,185
Hospitality Properties Trust (a)		3,927		93,109
Jones Lang LaSalle, Inc.		3,551		214,481
Liberty Property Trust (a)		1,851		59,251
Macerich Co. (a)		2,237		80,420
Mack-Cali Realty Corp. (a)		1,704		58,907
Nationwide Health Properties, Inc. (a)		860		30,255
Omega Healthcare Investors, Inc. (a)		1,174		22,834
Potlatch Corp. (a)		1,195		38,097
Rayonier, Inc. (a)		2,197		92,626
Realty Income Corp. (a)		940		24,355
Regency Centers Corp. (a)		1,154		40,459
Senior Housing Properties Trust (a)		3,902		85,337
SL Green Realty Corp. (a)		1,712		86,011
UDR, Inc. (a)		3,159		51,934
Weingarten Realty Investors (a)		2,417		47,832
Total Real Estate				1,530,045
Retailing—7.6%
99 Cents Only Stores*		7,980		104,299
Aaron's, Inc.**		4,749		131,690
Advance Auto Parts, Inc.		10,454		423,177
Aeropostale, Inc.*		4,295		146,245
American Eagle Outfitters, Inc.		14,910		253,172
AnnTaylor Stores Corp.*		11,740		160,134
Barnes & Noble, Inc.		20,438		389,752
Carmax, Inc.*		28,490		690,882
Chico's FAS, Inc.*		9,215		129,471
Coldwater Creek, Inc.*		18,775		83,737
Collective Brands, Inc.*		12,076		274,971
Dick's Sporting Goods, Inc.*		14,070		349,921
Dollar Tree, Inc.*		7,215		348,485
Foot Locker, Inc.		42,520		473,672
Guess?, Inc.		3,622		153,211
J. Crew Group, Inc.*		2,564		114,713
LKQ Corp.*		8,119		159,051
NetFlix, Inc.*		2,137		117,834
PetSmart, Inc.		14,596		389,567
Rent-A-Center, Inc.*		11,834		209,698

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

Schedule of Investments — continued

REVENUESHARES MID CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Retailing—7.6% (continued)
Saks, Inc.*		40,292	$	264,316
Urban Outfitters, Inc.*		4,167		145,803
Williams-Sonoma, Inc.		13,175		273,777
Total Retailing				5,787,578
Semiconductors & Semiconductor Equipment—0.9%
Atmel Corp.*		22,280		102,711
Cree, Inc.*		839		47,294
Fairchild Semiconductor International, Inc.*		9,784		97,742
Integrated Device Technology, Inc.*		9,322		60,313
International Rectifier Corp.*		2,968		65,652
Intersil Corp. Class A		3,123		47,907
Lam Research Corp.*		2,966		116,298
RF Micro Devices, Inc.*		15,582		74,326
Semtech Corp.*		1,405		23,899
Silicon Laboratories, Inc.*		710		34,321
Total Semiconductors & Semiconductor Equipment				670,463
Software & Services—4.5%
ACI Worldwide, Inc.*		1,794		30,767
Acxiom Corp.		8,643		115,989
Advent Software, Inc.*		498		20,284
Alliance Data Systems Corp.*		2,336		150,882
ANSYS, Inc.*		942		40,939
Broadridge Financial Solutions, Inc.		7,403		167,012
Cadence Design Systems, Inc.*		11,141		66,735
Convergys Corporation*		70,625		759,220
Digital River, Inc.*		1,152		31,092
DST Systems, Inc.*		3,884		169,148
Equinix, Inc.*		773		82,054
FactSet Research Systems, Inc.		636		41,893
Fair Isaac Corp.		2,710		57,750
Gartner, Inc.*		4,998		90,164
Global Payments, Inc.		2,309		124,363
Hewitt Associates, Inc., Class A*		5,452		230,402
Informatica Corp.*		1,711		44,246
Jack Henry & Associates, Inc.		2,484		57,430
Lender Processing Services, Inc.		4,190		170,365
Mantech International Corp. Class A*		3,376		162,993
Mentor Graphics Corp.*		7,750		68,433
MICROS Systems, Inc.*		2,729		84,681
NeuStar, Inc. Class A*		1,604		36,956
Parametric Technology Corp.*		4,953		80,932
Quest Software, Inc.*		3,093		56,911
Rovi Corp.*		1,267		40,379
Solera Holdings, Inc.		1,296		46,669
SRA International, Inc. Class A*		6,462		123,424
Sybase, Inc.*		2,086		90,532
Synopsys, Inc.*		5,049		112,492
ValueClick, Inc.*		4,417		44,700
Total Software & Services				3,399,837
Technology Hardware & Equipment—11.7%
3Com Corp.*		14,092		105,690
ADC Telecommunications, Inc.*		13,799		85,692
Adtran, Inc.		1,573		35,471
Arrow Electronics, Inc.*		40,685		1,204,683

Investments	Shares		Value
Avnet, Inc.*		46,201	$	1,393,422
Ciena Corp.*		7,385		80,053
CommScope, Inc.*		9,332		247,578
Diebold, Inc.		8,336		237,159
F5 Networks, Inc.*		962		50,967
Ingram Micro, Inc. Class A*		131,644		2,297,188
Itron, Inc.		2,014		136,086
National Instruments Corp.		1,786		52,598
NCR Corp.*		36,405		405,188
Palm, Inc.*		6,561		65,872
Plantronics, Inc.		2,530		65,729
Polycom, Inc.*		3,282		81,952
Tech Data Corp.*		42,823		1,998,121
Trimble Navigation Ltd.*		3,647		91,904
Vishay Intertechnology, Inc.*		20,629		172,252
Zebra Technologies Corp. Class A*		2,298		65,171
Total Technology Hardware & Equipment				8,872,776
Telecommunication Services—0.9%
Cincinnati Bell, Inc.*		33,576		115,837
Syniverse Holdings, Inc.*		2,462		43,036
Telephone & Data Systems, Inc.**		11,912		404,055
tw telecom, Inc.*		8,775		150,404
Total Telecommunication Services				713,332
Transportation—2.5%
Airtran Holdings, Inc.*		35,991		187,873
Alaska Air Group, Inc.*		7,956		274,959
Alexander & Baldwin, Inc.		3,296		112,822
Con-way, Inc.		9,399		328,120
JB Hunt Transport Services, Inc.		7,334		236,668
JetBlue Airways Corp.*		43,530		237,239
Kansas City Southern*		3,931		130,863
Kirby Corp.*		2,715		94,563
Landstar System, Inc.		4,083		158,298
Werner Enterprises, Inc.		6,586		130,337
Total Transportation				1,891,742
Utilities—7.3%
AGL Resources, Inc.		5,239		191,066
Alliant Energy Corp.		8,832		267,256
Aqua America, Inc.		2,994		52,425
Atmos Energy Corp.		15,239		448,027
Black Hills Corp.		3,953		105,268
Cleco Corp.		2,572		70,293
DPL, Inc.		4,238		116,969
Dynegy, Inc. Class A*		245,404		444,181
Energen Corp.		2,508		117,374
Great Plains Energy, Inc.		7,945		154,054
Hawaiian Electric Industries, Inc.		9,088		189,939
IDACORP, Inc.		2,519		80,482
MDU Resources Group, Inc.		14,941		352,608
National Fuel Gas Co.		3,571		178,550
NSTAR		7,141		262,789
NV Energy, Inc.		22,902		283,527
OGE Energy Corp.		5,895		217,467
ONEOK, Inc.		19,045		848,835
PNM Resources, Inc.		10,764		136,165
UGI Corp.		19,231		465,198

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

Schedule of Investments — continued

REVENUESHARES MID CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Utilities—7.3% (continued)
Vectren Corp.		6,956	$	171,674
Westar Energy, Inc.		6,474		140,615
WGL Holdings, Inc.		6,215		208,451
Total Utilities				5,503,213
Total Investments—100.0% (Cost $67,812,968)				75,839,119
Other Assets in Excess of Liabilities—0.0%†				22,641
Net Assets—100.0%			$	75,861,760

*  Non-income producing security

(a)  Real Estate Investment Trust

†  Less than 0.05%

**  Non-voting Shares

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

Schedule of Investments

REVENUESHARES SMALL CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—100.1%
Automobiles & Components—0.4%
Drew Industries, Inc.*		2,505	$	51,728
Spartan Motors, Inc.		13,170		74,147
Standard Motor Products, Inc.		10,774		91,794
Superior Industries International, Inc.		3,732		57,100
Winnebago Industries, Inc.*		3,365		41,053
Total Automobiles & Components				315,822
Banks—3.1%
Bank Mutual Corp.		3,680		25,466
Bank of the Ozarks, Inc.		1,243		36,383
Boston Private Financial Holdings, Inc.		12,775		73,712
Brookline Bancorp, Inc.		2,007		19,889
City Holding Company		961		31,069
Columbia Banking System, Inc.		1,828		29,577
Community Bank System, Inc.		2,375		45,861
Dime Community Bancshares, Inc.		2,559		29,991
East West Bancorp, Inc.		5,906		93,315
First BanCorp.		76,009		174,821
First Commonwealth Financial Corp.		10,406		48,388
First Financial Bancorp		2,360		34,362
First Financial Bankshares, Inc.		495		26,844
First Midwest Bancorp, Inc.		4,872		53,056
Glacier Bancorp, Inc.		3,923		53,824
Hancock Holding Co.		1,459		63,890
Hanmi Financial Corp.*		25,380		30,456
Home Bancshares, Inc.		921		22,168
Independent Bank Corp.		1,598		33,382
Nara Bancorp, Inc.		2,405		27,273
National Penn Bancshares, Inc.		13,261		76,781
NBT Bancorp, Inc.		2,531		51,556
Old National Bancorp.		6,073		75,487
Pinnacle Financial Partners, Inc.*		2,742		38,991
PrivateBancorp, Inc.		7,740		69,428
Prosperity Bancshares, Inc.		1,600		64,752
S&T Bancorp, Inc.		1,943		33,050
Signature Bank*		1,763		56,240
Simmons First National Corp. Class A		996		27,689
South Financial Group, Inc.		168,923		108,905
Sterling Bancorp		3,070		21,920
Sterling Bancshares, Inc.		8,533		43,774
Susquehanna Bancshares, Inc.		19,432		114,454
Tompkins Financial Corp.		643		26,042
TrustCo Bank Corp.		3,898		24,557
UMB Financial Corp.		2,292		90,190
Umpqua Holdings Corp.		5,509		73,876
United Bankshares, Inc.		3,189		63,684
United Community Banks, Inc.*		16,510		55,969
Whitney Holding Corp.		10,333		94,134
Wilshire Bancorp, Inc.		3,572		29,255
Wintrust Financial Corp.		3,894		119,896
Total Banks				2,314,357
Capital Goods—12.4%
A.O. Smith Corp.		6,199		268,975
AAON, Inc.		1,924		37,499
AAR Corp.*		9,788		224,928
Actuant Corp. Class A		10,621		196,807
Acuity Brands, Inc.		6,986		248,981

Investments	Shares		Value
Aerovironment, Inc.*		1,062	$	30,883
Albany International Corp. Class A		5,916		132,873
American Science & Engineering, Inc.		471		35,721
Apogee Enterprises, Inc.		9,344		130,816
Applied Industrial Technologies, Inc.		13,040		287,793
Applied Signal Technology, Inc.		1,286		24,807
Astec Industries, Inc.*		4,157		111,990
AZZ, Inc.*		1,480		48,396
Badger Meter, Inc.		946		37,670
Baldor Electric Co.		8,341		234,299
Barnes Group, Inc.		8,860		149,734
Belden, Inc.		8,540		187,197
Brady Corp. Class A**		5,926		177,839
Briggs & Stratton Corp.		15,457		289,200
Cascade Corp.		2,961		81,398
Ceradyne, Inc.*		3,373		64,795
CIRCOR International, Inc.		3,895		98,076
CLARCOR, Inc.		3,904		126,646
Comfort Systems USA, Inc.		13,599		167,812
Cubic Corp.		3,540		132,042
Curtiss-Wright Corp.		8,190		256,511
Dycom Industries, Inc.*		3,280		26,338
EMCOR Group, Inc.*		31,722		853,322
Encore Wire Corp.		4,195		88,389
EnPro Industries, Inc.*		5,525		145,915
ESCO Technologies, Inc.		2,565		91,955
Esterline Technologies Corp.*		4,687		191,089
Gardner Denver, Inc.*		6,252		266,023
GenCorp, Inc.*		12,216		85,512
Gibraltar Industries, Inc.		7,732		121,624
Griffon Corp.*		13,753		168,062
II-VI, Inc.*		1,461		46,460
Insituform Technologies, Inc. Class A*		3,821		86,813
John Bean Technologies Corp.		6,607		112,385
Kaman Corp.		6,884		158,952
Kaydon Corp.		1,746		62,437
Lawson Products, Inc.		3,254		57,433
Lindsay Corp.		1,540		61,369
Lydall, Inc.*		5,476		28,530
Magnetek, Inc.*		7,763		11,955
Moog, Inc. Class A*		9,010		263,362
Mueller Industries, Inc.		8,714		216,456
NCI Buildings Systems, Inc.*		94,581		171,192
Orbital Sciences Corp.*		11,436		174,513
Quanex Building Products Corp.		5,425		92,062
Robbins & Myers, Inc.		4,145		97,490
Simpson Manufacturing Co., Inc.		3,400		91,426
Standex International Corp.		4,304		86,467
Stanley, Inc.*		3,970		108,818
Teledyne Technologies, Inc.*		6,501		249,378
Toro Co.		5,196		217,245
Tredegar Corp.		6,144		97,198
Triumph Group, Inc.		3,484		168,103
Universal Forest Products, Inc.		6,477		238,418
Vicor Corp.*		3,252		30,244
Watsco, Inc.**		4,768		233,537
Watts Water Technologies, Inc. Class A		5,384		166,473
Total Capital Goods				9,150,633

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

Schedule of Investments — continued

REVENUESHARES SMALL CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Commercial & Professional Services—5.5%
ABM Industries, Inc.		23,754	$	490,758
Administaff, Inc.		9,555		225,402
ATC Technology Corp.*		2,787		66,470
Bowne & Co., Inc.		14,066		93,961
CDI Corp.		9,664		125,149
Consolidated Graphics, Inc.*		5,051		176,886
Exponent, Inc.*		1,263		35,162
G&K Services, Inc. Class A		5,259		132,159
Geo Group, Inc.*		6,856		150,009
Healthcare Services Group, Inc.		4,429		95,046
Heidrick & Struggles International, Inc.		2,014		62,917
Interface, Inc. Class A		14,826		123,204
Kelly Services, Inc. Class A*,**		7,914		94,414
Mobile Mini, Inc.*		3,640		51,288
On Assignment, Inc.*		8,662		61,933
School Specialty, Inc.*		6,086		142,352
Spherion Corp.*		43,241		243,014
Standard Register Co.		18,623		94,977
SYKES Enterprises, Inc.*		4,300		109,521
Tetra Tech, Inc.*		7,091		192,662
TrueBlue, Inc.*		10,347		153,239
United Stationers, Inc.*		11,553		656,789
Viad Corp.		5,887		121,449
Volt Information Sciences, Inc.*		32,711		327,110
Total Commercial & Professional Services				4,025,871
Consumer Durables & Apparel—6.3%
Arctic Cat, Inc.		11,991		109,838
Blyth, Inc.		1,043		35,170
Brunswick Corp.		36,771		467,358
Callaway Golf Co.		7,588		57,214
Carter's, Inc.*		8,802		231,053
CROCS, Inc.*		16,742		96,267
Deckers Outdoor Corp.*		1,044		106,196
Ethan Allen Interiors, Inc.		8,493		113,976
Helen of Troy Ltd.*		4,100		100,286
Iconix Brand Group, Inc.*		2,548		32,232
JAKKS Pacific, Inc.*		10,391		125,939
K-Swiss, Inc. Class A		3,776		37,533
Kid Brands Inc*		7,013		30,717
La-Z-Boy, Inc.		18,752		178,707
Liz Claiborne, Inc.		91,268		513,838
M/I Homes, Inc.*		7,287		75,712
Maidenform Brands, Inc.*		3,886		64,857
Meritage Homes Corp.*		8,632		166,857
Movado Group, Inc.		7,273		70,694
National Presto Industries, Inc.		667		72,856
Nautilus, Inc.*		18,065		36,672
Oxford Industries, Inc.		4,840		100,091
Perry Ellis International, Inc.*		8,744		131,685
Polaris Industries, Inc.		5,079		221,597
Pool Corp.		11,585		221,042
Quiksilver, Inc.*		166,319		335,964
RC2 Corp.*		4,093		60,372
Skechers U.S.A., Inc. Class A*		7,110		209,105
Skyline Corp.		1,534		28,226
Standard-Pacific Corp.*		52,422		196,058
Sturm Ruger & Co., Inc.		3,543		34,367
True Religion Apparel, Inc.*		2,213		40,918

Investments	Shares		Value
UniFirst Corp.		3,024	$	145,485
Universal Electronics, Inc.*		1,814		42,121
Volcom, Inc.*		2,511		42,034
Wolverine World Wide, Inc.		5,727		155,889
Total Consumer Durables & Apparel				4,688,926
Consumer Services—4.8%
American Public Education, Inc*		578		19,860
BJ's Restaurants, Inc.*		3,126		58,831
Buffalo Wild Wings, Inc.*		1,749		70,432
California Pizza Kitchen, Inc.*		6,991		94,029
Capella Education Co.*		587		44,201
CEC Entertainment, Inc.*		3,595		114,752
CKE Restaurants, Inc.		24,831		210,071
Coinstar, Inc.*		6,273		174,264
Cracker Barrel Old Country Store, Inc.		8,674		329,526
DineEquity, Inc.		8,610		209,137
Hillenbrand, Inc.		4,485		84,497
Interval Leisure Group, Inc.*		4,474		55,791
Jack in the Box, Inc.*		18,034		354,730
Landry's Restaurants, Inc.*		6,941		147,774
Marcus Corp.		4,060		52,049
Monarch Casino & Resort, Inc.*		2,441		19,772
Multimedia Games, Inc.*		3,539		21,269
O'Charleys, Inc.*		20,405		133,653
Papa John's International, Inc.*		6,906		161,324
Peet's Coffee & Tea, Inc.*		1,292		43,062
P.F. Chang's China Bistro, Inc.*		4,458		169,003
Pinnacle Entertainment, Inc.*		14,194		127,462
Pre-Paid Legal Services, Inc.*		1,553		63,797
Red Robin Gourmet Burgers, Inc.*		7,501		134,268
Ruby Tuesday, Inc.*		27,307		196,610
Ruth's Hospitality Group, Inc.*		20,582		43,016
Shuffle Master, Inc.*		3,137		25,849
Sonic Corp.*		10,349		104,214
Steak N Shake Co.*		359		116,359
Texas Roadhouse, Inc. Class A*		11,852		133,098
Universal Technical Institute, Inc.*		2,540		51,308
Total Consumer Services				3,564,008
Diversified Financials—1.3%
Cash America International, Inc.		4,543		158,823
Ezcorp, Inc. Class A*		4,757		81,868
Financial Federal Corp.		810		22,275
First Cash Financial Services, Inc.*		2,283		50,660
Greenhill & Co., Inc.		473		37,954
Investment Technology Group, Inc.*		4,693		92,452
LaBranche & Co., Inc.*		9,012		25,594
optionsXpress Holdings, Inc.		2,174		33,588
Piper Jaffray Cos.*		1,174		59,416
Portfolio Recovery Associates, Inc.*		829		37,206
Rewards Network, Inc.*		2,496		31,549
Stifel Financial Corp.*		2,530		149,877
SWS Group, Inc.		5,771		69,829
TradeStation Group, Inc.*		2,740		21,619
World Acceptance Corp.*		1,645		58,940
Total Diversified Financials				931,650
Energy—5.7%
Basic Energy Services, Inc.*		11,801		105,029
Bristow Group, Inc.*		4,237		162,913

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

Schedule of Investments — continued

REVENUESHARES SMALL CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Energy—5.7% (continued)
CARBO Ceramics, Inc.		853	$	58,149
Dril-Quip, Inc.*		1,389		78,451
Gulf Island Fabrication, Inc.		2,084		43,827
Holly Corp.		22,180		568,472
Hornbeck Offshore Services, Inc.*		2,528		58,852
ION Geophysical Corp.*		10,710		63,403
Lufkin Industries, Inc.		1,355		99,186
Matrix Service Co.*		10,689		113,838
Oil States International, Inc.*		9,444		371,055
Penn Virginia Corp.		5,700		121,353
Petroleum Development Corp.*		2,114		38,496
Petroquest Energy, Inc.*		5,786		35,468
Pioneer Drilling Co.*		8,456		66,802
SEACOR Holdings, Inc.*		3,050		232,563
St. Mary Land & Exploration Co.		2,871		98,303
Stone Energy Corp.*		5,217		94,167
Superior Well Services, Inc.*		4,575		65,240
Swift Energy Co.*		2,325		55,707
Tetra Technologies, Inc.*		13,202		146,278
World Fuel Services Corp.		56,282		1,507,794
Total Energy				4,185,346
Food & Staples Retailing—5.4%
Andersons, Inc.		14,925		385,364
Casey's General Stores, Inc.		22,128		706,326
Great Atlantic & Pacific Tea Co., Inc.*		113,427		1,337,304
Nash Finch Co.		20,164		747,883
Spartan Stores, Inc.		24,794		354,306
United Natural Foods, Inc.*		18,053		482,737
Total Food & Staples Retailing				4,013,920
Food, Beverage & Tobacco—2.2%
Alliance One International, Inc.*		65,355		318,933
Boston Beer Co., Inc. Class A*,**		1,318		61,419
Cal-Maine Foods, Inc.		4,443		151,417
Calavo Growers, Inc.		2,793		47,481
Darling International, Inc.*		13,367		112,015
Diamond Foods, Inc.		2,446		86,931
Hain Celestial Group, Inc.*		9,830		167,208
J&J Snack Foods Corp.		2,341		93,546
Lance, Inc.		4,853		127,634
Sanderson Farms, Inc.		5,577		235,127
TreeHouse Foods, Inc.*		5,950		231,217
Total Food, Beverage & Tobacco				1,632,928
Health Care Equipment & Services—10.3%
Abaxis, Inc.*		613		15,662
Air Methods Corp.*		2,049		68,887
Align Technology, Inc.*		2,811		50,092
Almost Family, Inc.*		1,004		39,688
Amedisys, Inc.*		4,761		231,194
American Medical Systems Holdings, Inc.*		3,795		73,206
AMERIGROUP Corp.*		26,714		720,208
AMN Healthcare Services, Inc.*		14,911		135,094
Amsurg Corp.*		4,085		89,952
Analogic Corp.		1,559		60,037
Bio-Reference Labs, Inc.*		1,376		53,925
Cantel Medical Corp.*		2,003		40,421

Investments	Shares		Value
Catalyst Health Solutions, Inc.*		10,756	$	392,271
Centene Corp.*		27,236		576,586
Chemed Corp.		3,428		164,441
Computer Programs & Systems, Inc.		353		16,256
CONMED Corp.*		4,355		99,294
Cooper Cos., Inc.		4,028		153,547
Corvel Corp.*		1,253		42,026
Cross Country Healthcare, Inc.*		9,659		95,721
CryoLife Inc.*		2,314		14,856
Cyberonics*		962		19,663
Eclipsys Corp.*		3,625		67,135
Genoptix, Inc.*		662		23,521
Gentiva Health Services, Inc.*		6,257		169,002
Greatbatch, Inc.*		3,843		73,901
Haemonetics Corp.*		1,424		78,534
Hanger Orthopedic Group, Inc.*		7,483		103,490
Healthspring, Inc.*		19,176		337,689
Healthways, Inc.*		5,882		107,876
HMS Holdings Corp.*		627		30,529
ICU Medical, Inc.*		844		30,755
Integra Lifesciences Holdings. Corp.*		2,638		97,026
Invacare Corp.		8,915		222,340
inVentiv Health, Inc.*		9,122		147,503
IPC The Hospitalist Co., Inc.*		1,398		46,484
Kensy Nash Corp.*		488		12,444
Landauer, Inc.		207		12,710
LCA-Vision, Inc.*		3,404		17,428
LHC Group, Inc.*		2,057		69,136
Magellan Health Services, Inc.*		9,604		391,171
Medcath Corp.*		11,756		92,990
Mednax, Inc.*		2,973		178,707
Meridian Bioscience, Inc.		882		19,007
Merit Medical Systems, Inc.*		1,856		35,802
Molina Healthcare, Inc.*		22,678		518,646
MWI Veterinary Supply, Inc.*		3,535		133,270
Natus Medical, Inc.*		1,548		22,895
Neogen Corp.*		889		20,989
Odyssey HealthCare, Inc.*		6,243		97,266
Omnicell, Inc.*		2,541		29,704
Osteotech, Inc.*		3,425		10,960
Palomar Medical Technologies, Inc.*		739		7,449
PharMerica Corp.*		16,983		269,690
Phase Forward, Inc.*		1,830		28,091
PSS World Medical, Inc.*		12,920		291,604
Quality Systems, Inc.		522		32,776
RehabCare Group, Inc.*		3,769		114,691
Res-Care, Inc.*		19,322		216,406
SurModics, Inc.*		704		15,953
Symmetry Medical, Inc.*		6,631		53,446
Theragenics Corp.*		7,633		10,228
West Pharmaceutical Services, Inc.		3,456		135,475
Zoll Medical Corp.*		1,912		51,089
Total Health Care Equipment & Services				7,578,835
Household & Personal Products—0.6%
Central Garden & Pet Co., Class A*,**		23,033		228,947
Chattem, Inc.*		895		83,504
Mannatech, Inc.		16,275		50,778
WD-40 Co.		1,208		39,091
Total Household & Personal Products				402,320

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

Schedule of Investments — continued

REVENUESHARES SMALL CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Insurance—2.3%
American Physicians Capital, Inc.		768	$	23,286
Amerisafe, Inc.*		2,179		39,157
Delphi Financial Group, Inc. Class A		9,529		213,164
eHealth, Inc.*		1,191		19,568
Employers Holdings, Inc.		4,690		71,945
Infinity Property & Casualty Corp.		2,926		118,913
National Financial Partners Corp.*		16,380		132,514
Navigators Group, Inc.*		2,024		95,351
Presidential Life Corp.		2,751		25,172
ProAssurance Corp.*		1,560		83,788
RLI Corp.		1,308		69,651
Safety Insurance Group, Inc.		2,227		80,684
Selective Insurance Group, Inc.		12,986		213,619
Stewart Information Services Corp.		18,958		213,845
Tower Group, Inc.		4,667		109,254
United Fire & Casualty Co.		4,303		78,444
Zenith National Insurance Corp.		2,668		79,400
Total Insurance				1,667,755
Materials—5.3%
A.M. Castle & Co.		9,477		129,740
AMCOL International Corp.		3,701		105,182
American Vanguard Corp.		4,199		34,852
Arch Chemicals, Inc.		6,764		208,872
Balchem Corp.		904		30,293
Brush Engineered Materials, Inc.*		5,099		94,535
Buckeye Technologies, Inc.*		12,170		118,779
Calgon Carbon Corp.*		3,770		52,403
Century Aluminum Co*		12,397		200,707
Clearwater Paper Corp.*		3,113		171,122
Deltic Timber Corp.		349		16,117
Eagle Materials, Inc.		3,210		83,621
H.B. Fuller Co.		7,817		177,837
Headwaters, Inc.*		19,676		128,288
Myers Industries, Inc.		10,720		97,552
Neenah Paper, Inc.		5,394		75,246
NewMarket Corp.		1,889		216,801
Olympic Steel, Inc.		2,817		91,778
OM Group, Inc.*		4,128		129,578
Penford Corp.		4,294		37,315
PolyOne Corp.*		39,791		297,239
Quaker Chemical Corp.		2,990		61,714
Rock-Tenn Co. Class A		7,812		393,802
RTI International Metals, Inc.*		3,194		80,393
Schulman A., Inc.		10,520		212,294
Schweitzer-Mauduit International, Inc.		1,571		110,520
Stepan Co.		2,877		186,458
Texas Industries, Inc.		3,658		127,993
Wausau Paper Corp.		13,037		151,229
Zep, Inc.		4,238		73,402
Total Materials				3,895,662
Media—1.2%
Arbitron, Inc.		2,509		58,761
E.W. Scripps Co. Class A*,**		20,807		144,817
Live Nation, Inc.*		76,311		649,406
Total Media				852,984

Investments	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences—1.1%
Cambrex Corp.*		6,262	$	34,942
Cubist Pharmaceuticals, Inc.*		3,892		73,831
Dionex Corp.*		728		53,777
Emergent Biosolutions, Inc.*		2,190		29,762
Enzo Biochem, Inc.*		2,141		11,519
eResearch Technology, Inc.*		2,239		13,456
Kendle International, Inc.*		5,066		92,758
Martek Biosciences Corp.*		2,705		51,233
Par Pharmaceutical Cos., Inc.*		5,758		155,812
Parexel International Corp.*		13,653		192,508
Regeneron Pharmaceuticals, Inc.*		2,405		58,153
Salix Pharmaceuticals Ltd.*		1,331		33,807
Viropharma, Inc.*		4,706		39,483
Total Pharmaceuticals, Biotechnology & Life Sciences				841,041
Real Estate—1.5%
Acadia Realty Trust (a)		1,164		19,637
BioMed Realty Trust, Inc. (a)		3,301		52,090
Cedar Shopping Centers, Inc. (a)		4,224		28,723
Colonial Properties Trust (a)		4,111		48,222
DiamondRock Hospitality Co.* (a)		10,340		87,579
EastGroup Properties, Inc. (a)		593		22,700
Entertainment Properties Trust (a)		1,135		40,031
Extra Space Storage, Inc. (a)		3,349		38,681
Forestar Group, Inc.*		1,074		23,607
Franklin Street Properties Corp. (a)		1,389		20,293
Healthcare Realty Trust, Inc. (a)		1,530		32,834
Home Properties, Inc. (a)		1,526		72,804
Inland Real Estate Corp. (a)		3,018		24,597
Kilroy Realty Corp. (a)		1,253		38,430
Kite Realty Group Trust (a)		5,014		20,407
LaSalle Hotel Properties (a)		4,268		90,609
Lexington Realty Trust (a)		10,721		65,184
LTC Properties, Inc. (a)		286		7,651
Medical Properties Trust, Inc. (a)		1,716		17,160
Mid-America Apartment Communities, Inc. (a)		1,109		53,543
National Retail Properties, Inc. (a)		1,560		33,103
Parkway Properties, Inc. (a)		1,792		37,309
Pennsylvania Real Estate Investment Trust (a)		8,234		69,659
Post Properties, Inc. (a)		2,093		41,023
PS Business Parks, Inc. (a)		790		39,540
Sovran Self Storage, Inc. (a)		811		28,977
Tanger Factory Outlet Centers, Inc. (a)		931		36,300
Urstadt Biddle Properties, Inc. Class A (a)		765		11,682
Total Real Estate				1,102,375
Retailing—12.0%
Audiovox Corp. Class A*		12,053		85,456
Big 5 Sporting Goods Corp.		7,142		122,700
Blue Nile, Inc.*		675		42,748
Brown Shoe Co., Inc.		30,170		297,778
Buckle, Inc.		3,538		103,593
Cabela's, Inc.*		28,150		401,419
Cato Corp. Class A		6,056		121,483
Childrens Place Retail Stores, Inc.*		7,523		248,334

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

Schedule of Investments — continued

REVENUESHARES SMALL CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Retailing—12.0% (continued)
Christopher & Banks Corp.		12,160	$	92,659
Dress Barn, Inc.*		9,565		220,952
Finish Line Class A		19,178		240,684
Fred's, Inc. Class A		26,402		269,300
Genesco, Inc.*		8,905		244,531
Group 1 Automotive, Inc.		23,333		661,491
Gymboree Corp.*		3,226		140,299
Haverty Furniture Cos., Inc.*		6,567		90,165
Hibbett Sports, Inc.*		3,795		83,452
Hot Topic, Inc.*		17,304		110,053
HSN, Inc.		21,433		432,732
Jo-Ann Stores, Inc.*		8,050		291,732
Jos A. Bank Clothiers, Inc.*		2,219		93,620
Lithia Motors, Inc. Class A		31,645		260,122
Lumber Liquidators Holdings Inc.*		2,627		70,404
MarineMax, Inc.*		10,486		96,366
Men's Wearhouse, Inc.		13,107		276,033
Midas Inc.*		3,141		26,542
Monro Muffler Brake, Inc.		2,694		90,087
NutriSystem, Inc.		2,519		78,517
OfficeMax, Inc.*		77,820		987,536
PEP Boys-Manny, Moe & Jack		32,098		271,549
PetMed Express, Inc.		1,535		27,062
Sonic Automotive, Inc. Class A		78,068		811,127
Stage Stores, Inc.		17,890		221,120
Stamps.com, Inc.*		1,152		10,368
Stein Mart, Inc.		19,626		209,213
Ticketmaster Entertainment Inc.*		17,730		216,661
Tractor Supply Co.*		8,518		451,113
Tuesday Morning Corp.*		44,018		113,566
Zale Corp.*		78,956		214,760
Zumiez, Inc.*		4,614		58,690
Total Retailing				8,886,017
Semiconductors & Semiconductor Equipment—1.6%
Actel Corp.*		2,339		27,787
Advanced Energy Industries, Inc.*		2,072		31,246
ATMI, Inc.*		1,994		37,128
Brooks Automation, Inc.*		4,575		39,254
Cabot Microelectronics Corp.*		1,209		39,849
Cohu, Inc.		1,648		22,990
Cymer, Inc.*		1,164		44,674
Cypress Semiconductor Corp.*		8,963		94,648
Diodes, Inc.*		2,835		57,976
DSP Group, Inc.*		5,355		30,149
Exar Corp.*		2,320		16,495
FEI Co.*		3,174		74,145
Hittite Microwave Corp.*		566		23,065
Kopin Corp.*		3,935		16,448
Kulicke & Soffa Industries, Inc.*		5,735		30,912
Micrel, Inc.		3,779		30,988
Microsemi Corp.*		3,866		68,622
MKS Instruments, Inc.*		3,431		59,734
Pericom Semiconductor Corp.*		1,995		23,002
Rudolph Technologies, Inc.*		1,425		9,576
Sigma Designs, Inc.*		2,860		30,602
Skyworks Solutions, Inc.*		8,099		114,924
Standard Microsystems Corp.*		2,549		52,968
Supertex, Inc.*		417		12,427

Investments	Shares		Value
TriQuint Semiconductor, Inc.*		14,823	$	88,937
Ultratech, Inc.*		746		11,086
Varian Semiconductor Equipment Associates, Inc.*		1,638		58,771
Veeco Instruments, Inc.*		1,595		52,699
Total Semiconductors & Semiconductor Equipment				1,201,102
Software & Services—3.4%
Blackbaud, Inc.		1,905		45,015
CACI International, Inc., Class A*		7,596		371,066
CIBER, Inc.*		46,125		159,131
CommVault Systems, Inc.*		1,626		38,520
comScore, Inc.*		1,038		18,217
Concur Technologies, Inc.*		824		35,226
CSG Systems International, Inc.*		3,670		70,060
CyberSource Corp.*		1,882		37,847
DealerTrack Holdings Inc.*		1,650		31,004
Ebix, Inc.*		235		11,475
Epicor Software Corp.*		7,706		58,720
EPIQ Systems, Inc.*		2,586		36,178
Forrester Research, Inc.*		1,322		34,306
Heartland Payment Systems, Inc.		18,985		249,274
Infospace, Inc.*		2,820		24,167
Integral Systems, Inc.*		2,447		21,191
j2 Global Communications, Inc.*		1,701		34,615
JDA Software Group, Inc.*		2,278		58,021
Knot, Inc.*		1,464		14,742
Manhattan Associates, Inc.*		1,474		35,420
MAXIMUS, Inc.		2,071		103,550
Netscout Systems, Inc.*		2,746		40,201
Perficient, Inc.*		3,330		28,072
Phoenix Technologies Ltd.*		3,096		8,514
Progress Software Corp.*		2,743		80,123
Radiant Systems, Inc.*		3,912		40,685
Smith Micro Software, Inc.*		1,928		17,622
Sonic Solutions*		1,886		22,311
StarTek, Inc.*		5,939		44,424
Take-Two Interactive Software, Inc.*		16,293		163,745
Taleo Corp. Class A*		1,326		31,188
TeleTech Holdings, Inc.*		8,702		174,301
THQ, Inc.*		26,486		133,489
Tyler Technologies, Inc.*		2,028		40,377
United Online, Inc.		19,255		138,443
Websense, Inc.*		2,511		43,842
Wright Express Corp.*		1,456		46,388
Total Software & Services				2,541,470
Technology Hardware & Equipment—8.4%
Adaptec, Inc.*		5,473		18,335
Agilysys, Inc.		11,120		101,192
Anixter International, Inc.*		15,205		716,156
Arris Group, Inc.*		13,541		154,774
Avid Technology, Inc.*		7,511		95,840
Bel Fuse, Inc. Class B**		1,369		29,420
Benchmark Electronics, Inc.*		14,915		282,043
Black Box Corp.		4,806		136,202
Blue Coat Systems Inc*		2,165		61,789
Brightpoint, Inc.*		64,806		476,324
Checkpoint Systems, Inc.*		7,238		110,380

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

Schedule of Investments — continued

REVENUESHARES SMALL CAP FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Technology Hardware & Equipment—8.4% (continued)
Cognex Corp.		1,425	$	25,251
Compellent Technologies, Inc.*		731		16,579
Comtech Telecommunications Corp.*		2,299		80,580
CTS Corp.		7,986		76,825
Daktronics, Inc.		8,816		81,195
Digi International, Inc.*		2,980		27,178
DTS, Inc.*		339		11,597
Electro Scientific Industries, Inc.*		2,687		29,073
EMS Technologies, Inc.*		4,011		58,160
FARO Technologies, Inc.*		1,023		21,933
Gerber Scientific, Inc.*		16,300		82,315
Harmonic Inc.*		7,904		50,032
Hutchinson Technology, Inc.*		8,282		84,973
Insight Enterprises, Inc.*		55,676		635,820
Intermec, Inc.*		7,490		96,321
Intevac, Inc.*		723		8,293
Keithley Instruments, Inc.		3,313		15,405
Littelfuse, Inc.*		1,969		63,303
LoJack Corp.*		4,759		19,226
Mercury Computer Systems, Inc.*		2,486		27,371
Methode Electronics, Inc.		8,210		71,263
MTS Systems Corp.		2,161		62,107
Netgear, Inc.*		3,995		86,652
Network Equipment Technologies Inc.*		2,516		10,190
Newport Corp.*		6,148		56,500
Novatel Wireless, Inc.*		5,429		43,269
Park Electrochemical Corp.		1,194		33,002
PC-Tel, Inc.*		1,026		6,074
Plexus Corp.*		7,822		222,927
RadiSys Corp.*		4,513		43,099
Rogers Corp.*		1,356		41,100
Scansource, Inc.*		11,033		294,581
Stratasys, Inc.*		856		14,792
Symmetricom, Inc.*		5,785		30,082
Synaptics, Inc.*		2,332		71,476
SYNNEX Corp.*		36,327		1,113,786
Technitrol, Inc.		16,061		70,347
Tekelec*		4,131		63,122
Tollgrade Communications, Inc.*		971		5,933
TTM Technologies, Inc.*		7,749		89,346
Viasat, Inc.*		2,671		84,884
Total Technology Hardware & Equipment				6,208,417
Telecommunication Services—0.3%
Cbeyond Communications, Inc.*		3,951		62,228
General Communication, Inc. Class A*		12,770		81,473
Iowa Telecommunications Services, Inc.		2,001		33,537
Neutral Tandem, Inc.*		1,195		27,186
USA Mobility, Inc.*		3,985		43,875
Total Telecommunication Services				248,299
Transportation—1.7%
Allegiant Travel Company*		1,713		80,802
Arkansas Best Corp.		7,171		211,043
Forward Air Corp.		2,391		59,895
Heartland Express, Inc.		4,334		66,180
HUB Group, Inc., Class A*		7,431		199,374

Investments	Shares		Value
Knight Transportation, Inc.		4,935	$	95,196
Old Dominion Freight Line, Inc.*		5,597		171,828
Skywest, Inc.		22,590		382,222
Total Transportation				1,266,540
Utilities—3.3%
ALLETE, Inc.		2,897		94,674
American States Water Co.		1,377		48,760
Avista Corp.		9,856		212,791
Central Vermont Public Service Corp.		2,228		46,342
CH Energy Group, Inc.		3,547		150,818
El Paso Electric Co.*		5,605		113,669
Laclede Group, Inc.		8,372		282,722
New Jersey Resources Corp.		10,857		406,053
Northwest Natural Gas Co.		3,190		143,678
Piedmont Natural Gas Co., Inc.		9,227		246,822
South Jersey Industries, Inc.		3,219		122,901
Southwest Gas Corp.		8,972		255,971
UIL Holdings Corp.		4,385		123,131
UniSource Energy Corp.		5,979		192,464
Total Utilities				2,440,796
Total Investments—100.1% (Cost $65,576,800)				73,957,074
Liabilities in Excess of Other Assets—(0.1)%				(44,480	)
Net Assets—100.0%			$	73,912,594

*  Non-income producing security

(a)  Real Estate Investment Trust

**  Non-voting Shares

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

Schedule of Investments

REVENUESHARES FINANCIALS SECTOR FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—100.2%
Capital Markets—11.7%
Ameriprise Financial, Inc.		1,894	$	73,525
Bank of New York Mellon Corp.		3,050		85,309
Charles Schwab Corp.		2,505		47,144
E*Trade Financial Corp.*		17,410		30,467
Federated Investors, Inc. Class B**		432		11,880
Franklin Resources, Inc.		410		43,194
Goldman Sachs Group, Inc.		2,651		447,595
Invesco Ltd.		1,121		26,332
Janus Capital Group, Inc.		601		8,083
Legg Mason, Inc.		1,424		42,948
Morgan Stanley		10,011		296,326
Northern Trust Corp.		931		48,784
State Street Corp.		2,461		107,152
T. Rowe Price Group, Inc.		333		17,732
Total Capital Markets				1,286,471
Commercial Banks—16.9%
BB&T Corp.		3,957		100,389
Comerica, Inc.		1,192		35,247
Fifth Third Bancorp		7,755		75,611
First Horizon National Corp.*		1,757		23,544
Huntington Bancshares, Inc.		8,311		30,335
KeyCorp		9,895		54,917
M&T Bank Corp.		611		40,870
Marshall & Ilsley Corp.		5,765		31,419
PNC Financial Services Group, Inc.		3,166		167,133
Regions Financial Corp.		15,760		83,370
SunTrust Banks, Inc.		4,758		96,540
U.S. Bancorp		8,247		185,640
Wells Fargo & Co.		33,666		908,646
Zions Bancorporation		2,469		31,677
Total Commercial Banks				1,865,338
Consumer Finance—5.0%
American Express Co.		6,722		272,375
Capital One Financial Corp.		4,131		158,383
Discover Financial Services		3,905		57,443
SLM Corp.*		5,291		59,630
Total Consumer Finance				547,831
Diversified Financial Services—32.6%
Bank of America Corp.		93,913		1,414,330
Citigroup, Inc.		270,968		896,904
CME Group, Inc.		82		27,548
IntercontinentalExchange, Inc.*		78		8,759
JPMorgan Chase & Co.		27,412		1,142,258
Leucadia National Corp.*		417		9,920
Moody's Corp.		635		17,018
Nasdaq OMX Group, Inc.*		1,782		35,319
NYSE Euronext		1,820		46,046
Total Diversified Financial Services				3,598,102
Insurance—30.6%
Aflac, Inc.		3,819		176,629
Allstate Corp.		10,830		325,333
American International Group, Inc.*		17,889		536,311
AON Corp.		1,914		73,383
Assurant, Inc.		2,913		85,875

Investments	Shares		Value
Chubb Corp.		2,532	$	124,524
Cincinnati Financial Corp.		1,424		37,366
Genworth Financial, Inc. Class A*		8,953		101,617
Hartford Financial Services Group, Inc.		7,666		178,311
Lincoln National Corp.		3,727		92,728
Loews Corp.		3,635		132,132
MBIA, Inc.*		1,015		4,040
Marsh & McLennan Cos., Inc.		4,699		103,754
MetLife, Inc.		11,702		413,665
Principal Financial Group, Inc.		3,799		91,328
Progressive Corp.*		8,160		146,798
Prudential Financial, Inc.		6,385		317,718
Torchmark Corp.		727		31,952
Travelers Cos., Inc.		4,666		232,647
Unum Group		5,130		100,138
XL Capital Ltd. Class A		3,555		65,163
Total Insurance				3,371,412
Real Estate Investment Trusts—2.5%
Apartment Investment & Management Co. Class A		926		14,742
AvalonBay Communities, Inc.		113		9,278
Boston Properties, Inc.		223		14,957
Equity Residential		632		21,349
HCP, Inc.		327		9,987
Health Care REIT, Inc.		160		7,091
Host Hotels & Resorts, Inc.		4,457		52,012
Kimco Realty Corp.		690		9,336
Plum Creek Timber Co., Inc.		410		15,482
ProLogis		1,935		26,490
Public Storage, Inc.		210		17,105
Simon Property Group, Inc.		496		39,581
Ventas, Inc.		230		10,060
Vornado Realty Trust		387		27,067
Total Real Estate Investment Trusts				274,537
Real Estate Management & Development—0.5%
CB Richard Ellis Group, Inc. Class A*		3,748		50,860
Thrifts & Mortgage Finance—0.4%
Hudson City Bancorp, Inc.		2,157		29,616
People's United Financial, Inc.		654		10,922
Total Thrifts & Mortgage Finance				40,538
Total Investments—100.2% (Cost $9,912,917)				11,035,089
Liabilities in Excess of Other Assets—(0.2)%				(19,147	)
Net Assets—100.0%			$	11,015,942

*  Non-income producing security

**  Non-voting Shares

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

Schedule of Investments

REVENUESHARES ADR FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—99.2%
Automobiles & Components—7.9%
Daimler AG (a)		14,082	$	750,571
Honda Motor Co. Ltd.** (b)		22,152		750,953
Magna International, Inc. Class A		2,267		114,665
Toyota Motor Corp.** (b)		18,456		1,553,256
Total Automobiles & Components				3,169,445
Banks—12.3%
Banco Bilbao Vizcaya Argentaria SA (b)		11,739		211,772
Banco Bradesco SA** (b)		15,887		347,449
Banco de Chile** (b)		338		18,218
Banco Santander Chile** (b)		358		23,191
Banco Santander SA (b)		22,197		364,919
Bank of Montreal		1,902		100,958
Bank of Nova Scotia		3,253		152,045
Barclays PLC** (b)		25,646		451,370
Canadian Imperial Bank of Commerce		1,290		83,360
Credicorp Ltd.		193		14,865
HSBC Holdings PLC** (b)		13,532		772,541
Itau Unibanco Banco Multiplo SA** (b)		15,735		359,388
KB Financial Group, Inc.* (b)		79		4,017
Lloyds Banking Group PLC* (b)		105,744		345,783
Mitsubishi UFJ Financial Group, Inc.*,** (b)		62,903		309,483
Mizuho Financial Group, Inc.** (b)		50,512		179,823
National Bank of Greece SA** (b)		14,193		73,946
Royal Bank of Canada		3,683		197,225
Royal Bank of Scotland Group PLC*,** (b)		61,148		574,179
Shinhan Financial Group Co., Ltd.** (b)		133		9,879
Toronto-Dominion Bank		2,385		149,587
Westpac Banking Corp.** (b)		1,641		185,466
Total Banks				4,929,464
Capital Goods—4.3%
ABB Ltd.*,** (b)		11,630		222,133
Empresa Brasileira de Aeronaut SA** (b)		1,853		40,970
Koninklijke Philips Electronics NV** (a)		7,505		220,947
Kubota Corp.** (b)		1,655		76,329
Mitsui & Co. Ltd.** (b)		1,426		407,350
Siemens AG (b)		8,008		734,334
Tomkins PLC** (b)		2,626		32,825
Total Capital Goods				1,734,888
Consumer Durables & Apparel—2.9%
Gildan Activewear, Inc.*		306		7,460
Luxottica Group SpA** (b)		1,918		49,254
Panasonic Corp.** (b)		38,234		548,658
Sony Corp.** (b)		18,493		536,297
Total Consumer Durables & Apparel				1,141,669
Consumer Services—0.3%
Carnival PLC* (b)		2,624		88,323
Intercontinental Hotels Group PLC** (b)		734		10,548
Tim Hortons, Inc.		406		12,387
Total Consumer Services				111,258

Investments	Shares		Value
Diversified Financials—5.5%
Credit Suisse Group AG** (b)		5,975	$	293,731
Deutsche Bank AG (a)		5,137		364,265
ING Groep NV*,** (b)		123,091		1,207,522
Nomura Holdings, Inc.** (b)		4,528		33,507
ORIX Corp.** (b)		1,012		34,570
UBS AG* (a)		17,513		271,627
Total Diversified Financials				2,205,222
Energy—26.4%
BP PLC** (b)		26,396		1,530,176
Cameco Corp.		554		17,822
Canadian Natural Resources Ltd.		799		57,488
CNOOC Ltd.** (b)		640		99,488
Enbridge, Inc.		1,729		79,914
EnCana Corp.		4,260		137,981
Enerplus Resources Fund (c)		294		6,750
ENI SpA (b)		15,659		792,502
Imperial Oil Ltd.		3,045		117,720
Nexen, Inc.		1,350		32,306
Penn West Energy Trust (c)		800		14,080
PetroChina Co. Ltd. (b)		7,669		912,304
Petroleo Brasilerio SA** (b)		15,386		652,213
Repsol YPF SA** (b)		14,978		399,313
Royal Dutch Shell PLC Class B (b)		32,617		1,896,027
Royal Dutch Shell PLC Class A (b)		31,521		1,894,726
StatoilHydro ASA** (b)		20,494		510,506
Suncor Energy, Inc.		4,247		149,962
Talisman Energy, Inc.		2,093		39,014
Tenaris SA** (b)		1,595		68,027
Total SA** (b)		16,774		1,074,207
TransCanada Corp.		1,518		52,174
Total Energy				10,534,700
Food & Staples Retailing—0.5%
Delhaize Group SA** (b)		2,434		186,737
Food, Beverage & Tobacco—3.5%
Anheuser-Busch InBev NV*,** (b)		4,419		229,921
British American Tobacco PLC** (b)		2,326		150,399
Cadbury PLC** (b)		1,175		60,383
Diageo PLC** (b)		1,508		104,670
Fomento Economico Mexicano SAB De CV (b)		2,068		99,016
Unilever NV (a)		11,518		372,377
Unilever PLC (b)		11,762		375,208
Total Food, Beverage & Tobacco				1,391,974
Health Care Equipment & Services—0.2%
Fresenius Medical Care AG & Co. KGaA (b)		1,379		73,100
Smith & Nephew PLC** (b)		498		25,523
Total Health Care Equipment & Services				98,623
Insurance—5.8%
Aegon NV*,** (a)		64,045		410,528
Aviva PLC*,** (b)		27,655		361,451
AXA SA** (b)		39,381		932,543
China Life Insurance Co. Ltd. (b)		2,604		191,003
Manulife Financial Corp.		13,857		254,137

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

Schedule of Investments — continued

REVENUESHARES ADR FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Insurance—5.8% (continued)
Prudential PLC** (b)		1,139	$	23,224
Sun Life Financial, Inc.		5,218		149,861
Total Insurance				2,322,747
Materials—5.3%
Agnico-Eagle Mines Ltd.		65		3,510
Agrium, Inc.		1,109		68,204
Arcelormittal** (a)		10,689		489,022
Barrick Gold Corp.		1,405		55,329
BHP Billiton Ltd. (b)		2,313		177,129
BHP Billiton PLC (b)		2,742		175,077
Cemex SAB de CV*,** (b)		9,538		112,739
Cia de Minas Buenaventura SA (b)		198		6,627
Cia Siderurgica Nacional SA** (b)		1,181		37,709
CRH PLC** (b)		6,483		177,179
Eldorado Gold Corp.*		129		1,828
Fibria Celulose S.A.*,** (b)		690		15,760
Gerdau SA** (b)		5,935		101,073
Goldcorp, Inc.		447		17,585
Iamgold Corp.		347		5,427
Kinross Gold Corp.		807		14,849
Lihir Gold Ltd.** (b)		247		7,210
POSCO** (b)		1,166		152,863
Potash Corp. of Saskatchewan		304		32,984
Rio Tinto PLC (b)		1,450		312,315
Sociedad Quimica y Mera de Chile SA** (b)		263		9,881
Southern Copper Corp.		682		22,445
Syngenta AG** (b)		1,356		76,302
Teck Cominco Ltd. Class B*		1,142		39,936
Yamana Gold, Inc.		708		8,057
Total Materials				2,121,040
Media—0.9%
British Sky Broadcasting Group PLC** (b)		1,693		61,320
Grupo Televisa SA** (b)		1,320		27,403
Pearson PLC** (b)		4,128		59,278
Shaw Communications, Inc. Class B**		970		19,953
Thomson Reuters Corp.		2,784		89,784
WPP PLC** (b)		1,927		93,749
Total Media				351,487
Pharmaceuticals, Biotechnology & Life Sciences—2.9%
AstraZeneca PLC** (b)		4,722		221,651
Biovail Corp.		465		6,491
Elan Corp. PLC* (b)		661		4,310
GlaxoSmithKline PLC** (b)		6,785		286,666
Novartis AG (b)		5,154		280,532
Novo Nordisk A/S (b)		959		61,232
QIAGEN NV*		273		6,093
Sanofi-Aventis SA** (b)		6,809		267,390
Shire PLC** (b)		343		20,134
Total Pharmaceuticals, Biotechnology & Life Sciences				1,154,499
Real Estate—0.2%
Brookfield Asset Management, Inc. Class A		3,652		81,001

Investments	Shares		Value
Semiconductors & Semiconductor Equipment—0.4%
Advantest Corp.** (b)		264	$	6,882
ARM Holdings PLC** (b)		418		3,578
ASML Holding NV** (a)		419		14,284
STMicroelectronics NV** (a)		6,220		57,660
Taiwan Semiconductor Manufacturing Co., Ltd.** (b)		4,730		54,111
United Microelectronics Corp.*,** (b)		4,617		17,914
Total Semiconductors & Semiconductor Equipment				154,429
Software & Services—0.3%
SAP AG** (b)		2,133		99,846
Technology Hardware & Equipment—4.8%
Alcatel-Lucent*,** (b)		44,621		148,142
AU Optronics Corp.** (b)		5,246		62,900
Canon, Inc.** (b)		5,595		236,780
Hitachi Ltd.*,** (b)		23,910		733,558
Kyocera Corp.** (b)		896		79,341
Nokia OYJ (b)		30,136		387,247
Research in Motion Ltd.*		948		64,028
Telefonaktiebolaget LM Ericsson (b)		20,250		186,098
Total Technology Hardware & Equipment				1,898,094
Telecommunication Services—12.1%
America Movil SAB de CV Series L** (b)		4,043		189,940
BCE, Inc.		3,850		106,299
BT Group PLC** (b)		11,760		255,662
China Mobile Ltd.** (b)		9,336		433,470
Chungwa Telecom Ltd.** (b)		2,083		38,681
Deutsche Telekom AG** (b)		39,778		584,737
France Telecom SA** (b)		19,348		488,344
Hellenic Telecommunications Organization SA** (b)		6,993		52,587
Nippon Telegraph & Telephone Corp.** (b)		34,450		680,043
NTT DoCoMo, Inc.** (b)		21,071		294,573
Portugal Telecom SGPS SA** (b)		5,033		61,101
Rogers Communications, Inc. Class B**		2,262		70,122
SK Telecom Co., Ltd.** (b)		3,758		61,105
Tele Norte Leste Participacoes SA** (b)		4,179		89,514
Telecom Corp. of New Zealand, Ltd.** (b)		2,511		22,574
Telecom Italia SpA (b)		16,907		260,875
Telefonica SA** (b)		6,147		513,398
Telefonos de Mexico SAB de CV Class L** (b)		3,554		58,925
TELUS Corp.**		1,836		57,191
Vodafone Group PLC (b)		21,643		499,738
Total Telecommunication Services				4,818,879
Transportation—0.3%
Canadian National Railway Co.		830		45,119
Canadian Pacific Railway Ltd.		490		26,460
Lan Airlines SA** (b)		1,566		26,105
Ryanair Holdings PLC*,** (b)		1,057		28,349
Total Transportation				126,033

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

Schedule of Investments — continued

REVENUESHARES ADR FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Utilities—2.4%
Centrais Eletricas Brasileiras SA Class C (b)		4,787	$	100,958
CIA Energetica de Minas Gerais** (b)		2,087		37,691
Empresa Nacional de Electricidad SA**		595		29,911
Enersis SA** (b)		3,682		84,171
Korea Electric Power Corp.* (b)		12,504		181,808
National Grid PLC** (b)		3,079		167,435
TransAlta Corp.		760		16,925
Veolia Environnement** (b)		10,135		333,239
Total Utilities				952,138
Total Common Stocks (Cost $37,721,879)				39,584,173
PREFERRED STOCKS—0.7%
Food, Beverage & Tobacco—0.2%
Cia de Bebidas das Americas** (b)		670		67,730
Materials—0.5%
Vale SA** (b)		7,167		177,885
Utilities—0.0%†
Cia Paranaense de Energia-Copel Preference B** (b)		851		18,254
Total Preferred Stocks (Cost $226,003)				263,869
Total Investments—99.9% (Cost $37,947,882)				39,848,042
Other Assets in Excess of Liabilities—0.1%				35,709
Net Assets—100.0%			$	39,883,751

Country	Value		% of Net Assets
Australia	$	362,595		0.9	%
Belgium		416,657		1.0
Brazil		2,046,593		5.1
Britain		7,043,074		17.6
Canada		2,668,193		6.7
Chile		191,477		0.5
China		1,103,308		2.8
Denmark		61,232		0.2
Finland		387,248		1.0
France		3,243,863		8.1
Germany		2,606,852		6.5
Greece		126,533		0.3
Hong Kong		532,958		1.3
Ireland		229,973		0.6
Italy		1,102,631		2.8
Japan		6,461,405		16.2
Luxembourg		557,048		1.4
Mexico		488,024		1.2
Netherlands		6,022,506		15.1
New Zealand		22,574		0.1
Norway		510,505		1.3
Papua N.Guinea		7,210		—	†
Peru		21,492		0.1
Portugal		61,101		0.2
South Korea		409,672		1.0
Spain		1,489,401		3.7
Sweden		186,098		0.5
Switzerland		1,201,984		3.0
Taiwan		173,606		0.4
United States		112,229		0.3
Total Investments		39,848,042		99.9
Other Assets in Excess of Liabilities		35,709		0.1
Net Assets	$	39,883,751		100.0	%

*  Non-income producing security.

**  Non-voting Shares

(a)  Registered Shares

(b)  American Depositary Receipt

(c)  Units

†  Less than 0.05%

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

Schedule of Investments

REVENUESHARES NAVELLIER OVERALL A-100 FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS—88.5%
Automobiles & Components—0.6%
China Automotive Systems, Inc.*		2,472	$	46,251
SORL Auto Parts, Inc.*		4,149		35,391
Total Automobiles & Components				81,642
Banks—0.3%
National Bankshares, Inc.		1,270		35,928
Capital Goods—0.8%
Miller Industries, Inc.*		3,550		40,293
Trina Solar Ltd.* (a)		1,044		56,344
Total Capital Goods				96,637
Commercial & Professional Services—0.9%
51job, Inc.* (a)		2,060		36,503
APAC Customer Services, Inc.*		6,833		40,725
RINO International Corp.*		1,416		39,152
Total Commercial & Professional Services				116,380
Consumer Durables & Apparel—0.3%
Deer Consumer Products Inc.*		2,882		32,624
Consumer Services—1.4%
Caribou Coffee Co., Inc.*		5,110		39,449
Carrols Restaurant Group, Inc.*		8,908		62,980
ChinaCast Education Corp.*		4,780		36,137
Ctrip.com International Ltd.* (a)		548		39,379
Total Consumer Services				177,945
Diversified Financials—0.6%
Credit Acceptance Corp.*		1,056		44,458
Main Street Capital Corp.		2,035		32,804
Total Diversified Financials				77,262
Energy—1.8%
Dril-Quip, Inc.*		855		48,290
FMC Technologies, Inc.*		3,077		177,974
Total Energy				226,264
Food & Staples Retailing—2.3%
Whole Foods Market, Inc.*		10,544		289,433
Food, Beverage & Tobacco—2.7%
Del Monte Foods Co.		14,196		160,983
Green Mountain Coffee Roasters, Inc.*		866		70,553
Wimm-Bill-Dann Foods*,** (a)		5,000		119,150
Total Food, Beverage & Tobacco				350,686
Health Care Equipment & Services—13.1%
Alcon, Inc.		1,518		249,483
Edwards Lifesciences Corp.*		930		80,771
Health Management Associates, Inc. Class A*		25,122		182,637
McKesson Corp.		14,018		876,125
Providence Service Corp.*		3,479		54,968
Shamir Optical Industry Ltd.		4,089		32,712
Sharps Compliance Corp.*		3,105		29,808
Sirona Dental Systems, Inc.*		1,709		54,244
SXC Health Solutions Corp.*		1,460		78,767
Transcend Services, Inc.*		1,717		36,675
Total Health Care Equipment & Services				1,676,190

Investments	Shares		Value
Household & Personal Products—2.0%
Medifast, Inc.*		1,166	$	35,656
NBTY, Inc.*		2,697		117,428
Nu Skin Enterprises, Inc. Class A		2,722		73,140
Orchids Paper Products Co.*		1,664		33,313
Total Household & Personal Products				259,537
Insurance—0.3%
Universal Insurance Holdings, Inc.		6,364		37,357
Materials—6.6%
Boise, Inc.*		19,329		102,637
China Agritech, Inc.*		1,473		41,170
China Green Agriculture, Inc.*		2,234		32,840
Clearwater Paper Corp.*		1,257		69,097
Eldorado Gold Corp.*		3,053		43,261
IAMGOLD Corp.		3,958		61,903
KMG Chemicals, Inc.		2,724		40,724
NewMarket Corp.		735		84,356
Omnova Solutions, Inc.*		8,679		53,202
Schweitzer-Mauduit International, Inc.		856		60,220
Silver Wheaton Corp.*		2,421		36,363
Teck Resources Ltd. Class B*		6,312		220,731
Total Materials				846,504
Pharmaceuticals, Biotechnology & Life Sciences—1.9%
Dr. Reddy's Laboratories Ltd.** (a)		3,034		73,453
Hi-Tech Pharmacal Co., Inc.*		1,306		36,633
Life Technologies Corp.*		2,520		131,620
Total Pharmaceuticals, Biotechnology & Life Sciences				241,706
Retailing—11.0%
Amazon.com, Inc.*		5,735		771,471
CarMax, Inc.*		11,091		268,956
hhgregg, Inc.*		3,694		81,379
Kirkland's Inc.*		2,486		43,182
NetFlix, Inc.*		1,640		90,430
priceline.com, Inc.*		507		110,780
Winmark Corp.*		1,550		34,178
Total Retailing				1,400,376
Semiconductors & Semiconductor Equipment—2.5%
Advanced Semiconductor Engineering Inc.** (a)		25,665		113,696
Cree, Inc.*		940		52,988
Marvell Technology Group Ltd.*		5,699		118,254
Mellanox Technologies Ltd.*		1,835		34,608
Total Semiconductors & Semiconductor Equipment				319,546
Software & Services—17.4%
ArcSight, Inc.*		1,388		35,505
Baidu, Inc.* (a)		132		54,282
Check Point Software Technologies*		1,822		61,729
Cognizant Technology Solutions Corp. Class A*		3,155		142,922
Global Cash Access Holdings, Inc.*		6,947		52,033
Google Inc. Class A*		1,333		826,433
i2 Technologies, Inc.*		2,081		39,789
Infosys Technologies Ltd. (a)		3,572		197,424

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

Schedule of Investments — concluded

REVENUESHARES NAVELLIER OVERALL A-100 FUND

DECEMBER 31, 2009 (UNAUDITED)

Investments	Shares		Value
Software & Services—17.4% (continued)
Longtop Financial Technologies Ltd.* (a)		934	$	34,577
MicroStrategy Inc. Class A*		487		45,788
NIC Inc.		3,715		33,955
Patni Computer Systems Ltd.** (a)		2,700		55,215
PLATO Learning, Inc.*		8,369		36,489
Rackspace Hosting, Inc.*		2,290		47,747
Radiant Systems, Inc.*		4,157		43,233
SRS Labs, Inc.*		4,279		31,365
Sybase, Inc.*		1,615		70,091
Telvent GIT SA		1,879		73,243
TNS, Inc.*		1,814		46,602
VanceInfo Technologies, Inc.*,** (a)		1,892		36,345
VistaPrint NV*		865		49,011
Wipro Ltd.** (a)		9,703		216,086
Total Software & Services				2,229,864
Technology Hardware & Equipment—19.3%
Apple, Inc.*		4,433		934,743
F5 Networks, Inc.*		1,071		56,742
Multi-Fineline Electronix, Inc.*		1,966		55,775
Netapp, Inc.*		4,718		162,252
STEC, Inc.*		2,689		43,938
Tech Data Corp.*		16,789		783,375
Telestone Technologies Corp.*		1,868		37,061
Teradata Corp.*		2,880		90,518
Western Digital Corp.*		6,802		300,308
Total Technology Hardware & Equipment				2,464,712
Telecommunication Services—2.7%
AboveNet, Inc.*		695		45,203
Vivo Participacoes SA** (a)		9,554		296,174
Total Telecommunication Services				341,377
Total Common Stocks (Cost $10,878,735)				11,301,970
PREFERRED STOCK—11.5%
Energy—4.5%
Ultrapar Particpacoes SA** (a)		12,198		572,086
Food, Beverage & Tobacco—3.2%
Cia de Bebidas das Americas** (a)		4,079		412,346
Materials—2.0%
Braskem SA*,** (a)		15,383		252,435
Media—0.8%
Net Servicos de Comunicacao SA*,** (a)		7,532		101,908
Transportation—1.0%
Gol-Linhas Aereas Inteligentes SA*,** (a)		8,320		127,712
Total Preferred Stocks (Cost $1,472,023)				1,466,487
Total Investments—100.0% (Cost $12,350,758)				12,768,457
Liabilities in Excess of Other Assets—(0.0)%†				(2,619	)
Net Assets—100.0%			$	12,765,838

*  Non-income producing security

**  Non-voting Shares

(a)  American Depositary Receipt

†  More than (0.05)%

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

This page is intentionally left blank.

Statements of Assets and Liabilities

DECEMBER 31, 2009 (UNAUDITED)

	RevenueShares Large Cap Fund		RevenueShares Mid Cap Fund		RevenueShares Small Cap Fund			RevenueShares Financials Sector Fund		RevenueShares ADR Fund			RevenueShares Navellier Overall A-100 Fund
ASSETS:
Investments at value (Note 2)	$	101,488,124	$	75,839,119	$	73,957,074		$	11,035,089	$	39,848,042		$	12,768,457
Cash		341,179		246,833		25,051			33,250		562,822			70,766
Receivables:
Expense reimbursement due from Adviser		—		—		—			2,782		—			1,231
Dividends		131,067		49,306		43,630			5,028		44,066			11,889
Capital shares sold		—		—		1,296,076			—		—			—
Securities sold		—		49,914		77,362			—		200,091			195,645
Prepaid expenses and other assets		20,961		6,904		5,848			712		868			269
Total Assets		101,981,331		76,192,076		75,405,041			11,076,861		40,655,889			13,048,257
LIABILITIES:
Payables:
Investment securities purchased		—		46,283		1,296,654			—		370,648			51,506
Dividends		345,509		175,186		75,274			29,352		352,682			198,028
Advisory fees (Note 3)		10,198		8,379		7,302			—		1,270			—
Principal Financial Officer fees		1,833		—		—			654		538			297
Trustee fees		3,400		871		637			202		226			154
Other accrued expenses		166,196		99,597		112,580			30,711		46,774			32,434
Total Liabilities		527,136		330,316		1,492,447			60,919		772,138			282,419
NET ASSETS	$	101,454,195	$	75,861,760	$	73,912,594		$	11,015,942	$	39,883,751		$	12,765,838
NET ASSETS CONSIST OF:
Paid-in capital	$	94,921,909	$	63,874,400	$	60,722,609		$	8,762,462	$	37,226,982		$	10,988,028
Undistributed accumulated net investment income (loss)		1,266		4,191		(35,979	)		514		(12,120	)		(1,400	)
Undistributed accumulated net realized gain on investments		1,020,604		3,957,018		4,845,690			1,130,794		768,729			1,361,511
Net unrealized appreciation on investments		5,510,416		8,026,151		8,380,274			1,122,172		1,900,160			417,699
NET ASSETS	$	101,454,195	$	75,861,760	$	73,912,594		$	11,015,942	$	39,883,751		$	12,765,838
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		4,951,400		3,151,400		2,851,400			400,000		1,100,000			400,000
Net asset value, per share	$	20.49	$	24.07	$	25.92		$	27.54	$	36.26		$	31.91
Investments at cost	$	95,977,708	$	67,812,968	$	65,576,800		$	9,912,917	$	37,947,882		$	12,350,758

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

Statements of Operations

SIX MONTHS ENDED DECEMBER 31, 2009 (UNAUDITED)

	RevenueShares Large Cap Fund			RevenueShares Mid Cap Fund			RevenueShares Small Cap Fund			RevenueShares Financials Sector Fund			RevenueShares ADR Fund			RevenueShares Navellier Overall A-100 Fund
INVESTMENT INCOME:
Dividend income	$	774,039		$	406,529		$	218,249		$	65,662		$	322,182		$	38,589
Foreign withholding tax		—			—			—			—			(21,984	)		(135	)
Total Income		774,039			406,529			218,249			65,662			300,198			38,454
EXPENSES:
Advisory fees (Note 3)		178,354			143,090			150,041			22,673			58,529			30,343
BNY Fund Services fees		105,876			67,125			76,677			11,317			26,253			11,245
Professional fees		30,321			20,577			20,993			13,304			13,401			12,722
Compliance fees		15,987			11,694			12,034			5,262			5,634			4,492
Principal Financial Officer fees		14,201			10,387			10,690			4,670			5,001			3,987
Trustees fees		4,719			2,743			2,604			645			772			504
Other expense		22,456			14,739			14,212			6,135			6,745			6,265
Total Expenses		371,914			270,355			287,251			64,006			116,335			69,558
Less expense waivers and reimbursements (Note 3)		(177,706	)		(115,818	)		(125,207	)		(39,319	)		(68,537	)		(39,215	)
Net Expenses		194,208			154,537			162,044			24,687			47,798			30,343
Net Investment Income		579,831			251,992			56,205			40,975			252,400			8,111
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		(1,376,726	)		(86,670	)		(799,425	)		(27,376	)		32,723			159,435
Net realized gain on In-kind redemptions		5,451,078			5,267,945			6,748,111			1,223,120			921,168			1,479,506
Total realized gain		4,074,352			5,181,275			5,948,686			1,195,744			953,891			1,638,941
Net change in unrealized appreciation on investments		10,412,140			6,938,552			6,124,817			643,971			1,394,720			51,316
Net realized and unrealized gain on investments		14,486,492			12,119,827			12,073,503			1,839,715			2,348,611			1,690,257
Net increase in net assets resulting from operations	$	15,066,323		$	12,371,819		$	12,129,708		$	1,880,690		$	2,601,011		$	1,698,368

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

Statements of Changes in Net Assets

	RevenueShares Large Cap Fund						RevenueShares Mid Cap Fund						RevenueShares Small Cap Fund
	Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009
OPERATIONS:
Net investment income	$	579,831		$	687,977		$	251,992		$	123,809		$	56,205		$	62,755
Net realized gain (loss) on investments		4,074,352			(5,274,869	)		5,181,275			(1,203,160	)		5,948,686			(1,102,600	)
Net change in unrealized appreciation (depreciation) on investments		10,412,140			(2,144,931	)		6,938,552			1,320,689			6,124,817			2,604,691
Net increase (decrease) in net assets resulting from operations		15,066,323			(6,731,823	)		12,371,819			241,338			12,129,708			1,564,846
DISTRIBUTION TO SHAREHOLDERS FROM:
Net investment income		(763,811	)		(510,754	)		(288,788	)		(85,012	)		(115,118	)		(47,294	)
Realized gains		—			—			—			—			—			—
Total distributions to shareholders		(763,811	)		(510,754	)		(288,788	)		(85,012	)		(115,118	)		(47,294	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		47,232,378			52,727,371			46,799,599			27,160,779			47,240,133			25,879,509
Cost of shares redeemed		(13,313,899	)		(24,299,946	)		(13,187,232	)		(2,019,587	)		(17,441,311	)		—
Net increase in net assets resulting from shareholder transactions		33,918,479			28,427,425			33,612,367			25,141,192			29,798,822			25,879,509
Increase in net assets		48,220,991			21,184,848			45,695,398			25,297,518			41,813,412			27,397,061
NET ASSETS:
Beginning of period		53,233,204			32,048,356			30,166,362			4,868,844			32,099,182			4,702,121
End of period	$	101,454,195		$	53,233,204		$	75,861,760		$	30,166,362		$	73,912,594		$	32,099,182
Undistributed net investment income (loss) included in net assets at end of period	$	1,266		$	185,246		$	4,191		$	40,987		$	(35,979	)	$	22,934
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period		3,201,400			1,401,4001			1,601,400			201,4001			1,601,400			201,4001
Shares sold		2,400,000			3,100,0001			2,100,000			1,500,0001			1,950,000			1,400,0001
Shares redeemed		(650,000	)		(1,300,000	)1		(550,000	)		(100,000	)1		(700,000	)		—1
Shares outstanding, end of period		4,951,400			3,201,4001			3,151,400			1,601,4001			2,851,400			1,601,4001

*  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 split on a retroactive basis.

The accompanying notes are an integral part of these financial statements.
32

Statements of Changes in Net Assets — concluded

	RevenueShares Financials Sector Fund						RevenueShares ADR Fund						RevenueShares Navellier Overall A-100 Fund
	Six Months Ended December 31, 2009 (Unaudited)			For the Period November 10, 2008* Through June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			For the Period November 18, 2008* Through June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			For the Period January 21, 2009* Through June 30, 2009
OPERATIONS:
Net investment income	$	40,975		$	28,942		$	252,400		$	75,491		$	8,111		$	10,646
Net realized gain (loss) on investments		1,195,744			(64,950	)		953,891			(32,367	)		1,638,941			(85,310	)
Net change in unrealized appreciation (depreciation) on investments		643,971			478,201			1,394,720			505,440			51,316			366,383
Net increase (decrease) in net assets resulting from operations		1,880,690			442,193			2,601,011			548,564			1,698,368			291,719
DISTRIBUTION TO SHAREHOLDERS FROM:
Net investment income		(48,945	)		(20,458	)		(325,635	)		(16,525	)		(10,832	)		(9,325	)
Realized gains		—			—			(150,700	)		—			(192,120	)		—
Total distributions to shareholders		(48,945	)		(20,458	)		(476,335	)		(16,525	)		(202,952	)		(9,325	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		6,348,069			5,168,638			33,925,699			6,989,896			15,607,598			5,221,250
Cost of shares redeemed		(2,754,245	)		—			(3,688,559	)		—			(9,840,820	)		—
Net increase in net assets resulting from shareholder transactions		3,593,824			5,168,638			30,237,140			6,989,896			5,766,778			5,221,250
Increase in net assets		5,425,569			5,590,373			32,361,816			7,521,935			7,262,194			5,503,644
NET ASSETS:
Beginning of period		5,590,373			—			7,521,935			—			5,503,644			—
End of period	$	11,015,942		$	5,590,373		$	39,883,751		$	7,521,935		$	12,765,838		$	5,503,644
Undistributed net investment income (loss) included in net assets at end of period	$	514		$	8,484		$	(12,120	)	$	61,115		$	(1,400	)	$	1,321
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period		250,000			—			250,000			—			200,000			—
Shares sold		250,000			250,000			950,000			250,000			500,000			200,000
Shares redeemed		(100,000	)		—			(100,000	)		—			(300,000	)		—
Shares outstanding, end of period		400,000			250,000			1,100,000			250,000			400,000			200,000

The accompanying notes are an integral part of these financial statements.
33

Financial Highlights

	RevenueShares Large Cap Fund									RevenueShares Mid Cap Fund
	Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 20092			For the Period February 22, 20081 Through June 30, 20082			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 20092			For the Period February 22, 20081 Through June 30, 20082
Per Share Operating Performance:
Net asset value, beginning of period	$	16.63		$	22.87		$	25.00		$	18.84		$	24.17		$	25.00
Net investment income3		0.14			0.33			0.15			0.10			0.18			0.08
Net realized and unrealized gain (loss) on investments		3.91			(6.34	)		(2.23	)		5.24			(5.36	)		(0.84	)
Total gain (loss) from investment operations		4.05			(6.01	)		(2.08	)		5.34			(5.18	)		(0.76	)
Less Distributions from:
Net investment income		(0.19	)		(0.23	)		(0.05	)		(0.11	)		(0.15	)		(0.07	)
Realized gains		—			—			—			—			—			—
Total distributions		(0.19	)		(0.23	)		(0.05	)		(0.11	)		(0.15	)		(0.07	)
Net asset value, end of period	$	20.49		$	16.63		$	22.87		$	24.07		$	18.84		$	24.17
Total Return at Net Asset Value4		24.46	%		(26.27	)%		(8.31	)%		28.39	%		(21.39	)%		(3.02	)%
Total Return at Market Value4		24.01	%		(26.52	)%		(8.19	)%		27.88	%		(21.71	)%		(2.44	)%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$	101,454		$	53,233		$	32,048		$	75,862		$	30,166		$	4,869
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.49	%5		0.49	%		0.49	%5		0.54	%5		0.54	%		0.54	%5
Expenses, prior to expense waivers and reimbursements		0.94	%5		1.89	%		2.32	%5		0.94	%5		2.02	%		4.93	%5
Net investment income, net of waivers and reimbursements		1.46	%5		2.05	%		1.87	%5		0.88	%5		1.12	%		0.89	%5
Portfolio turnover rate6		6.81	%		23.67	%		0.88	%		7.57	%		35.25	%		1.07	%

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 split on a retroactive basis.

³  Based on average daily shares outstanding.

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

⁵  Annualized for periods less than one year.

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

The accompanying notes are an integral part of these financial statements.
34

Financial Highlights — continued

	RevenueShares Small Cap Fund									RevenueShares Financials Sector Fund
	Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 20092			For the Period February 22, 20081 Through June 30, 20082			Six Months Ended December 31, 2009 (Unaudited)			For the Period November 10, 20081 Through June 30, 2009
Per Share Operating Performance:
Net asset value, beginning of period	$	20.04		$	23.35		$	25.00		$	22.36		$	25.00
Net investment income3		0.02			0.11			0.08			0.11			0.19
Net realized and unrealized gain (loss) on investments		5.91			(3.32	)		(1.67	)		5.21			(2.69	)
Total gain (loss) from investment operations		5.93			(3.21	)		(1.59	)		5.32			(2.50	)
Less Distributions from:
Net investment income		(0.05	)		(0.10	)		(0.06	)		(0.14	)		(0.14	)
Realized gains		—			—			—			—			—
Total distributions		(0.05	)		(0.10	)		(0.06	)		(0.14	)		(0.14	)
Net asset value, end of period	$	25.92		$	20.04		$	23.35		$	27.54		$	22.36
Total Return at Net Asset Value4		29.60	%		(13.67	)%		(6.36	)%		23.82	%		(9.87	)%
Total Return at Market Value4		29.14	%		(13.67	)%		(6.10	)%		23.63	%		(10.03	)%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$	73,913		$	32,099		$	4,702		$	11,016		$	5,590
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.54	%5		0.54	%		0.54	%5		0.49	%5		0.49	%5
Expenses, prior to expense waivers and reimbursements		0.96	%5		2.20	%		5.03	%5		1.27	%5		3.14	%5
Net investment income, net of waivers and reimbursements		0.19	%5		0.62	%		0.85	%5		0.81	%5		1.60	%5
Portfolio turnover rate6		9.66	%		32.38	%		6.44	%		0.61	%		19.26	%

The accompanying notes are an integral part of these financial statements.
35

Financial Highlights — concluded

	RevenueShares ADR Fund						RevenueShares Navellier Overall A-100 Fund
	Six Months Ended December 31, 2009 (Unaudited)			For the Period November 18, 20081 Through June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			For the Period January 21, 20091 Through June 30, 2009
Per Share Operating Performance:
Net asset value, beginning of period	$	30.09		$	25.00		$	27.52		$	25.00
Net investment income3		0.46			0.58			0.02			0.09
Net realized and unrealized gain (loss) on investments		6.40			4.68			4.88			2.52
Total gain (loss) from investment operations		6.86			5.26			4.90			2.61
Less Distributions from:
Net investment income		(0.55	)		(0.17	)		(0.03	)		(0.09	)
Realized gains		(0.14	)		—			(0.48	)		—
Total distributions		(0.69	)		(0.17	)		(0.51	)		(0.09	)
Net asset value, end of period	$	36.26		$	30.09		$	31.91		$	27.52
Total Return at Net Asset Value4		23.00	%		21.15	%		17.80	%		10.48	%
Total Return at Market Value4		21.94	%		21.18	%		15.81	%		10.69	%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$	39,884		$	7,522		$	12,766		$	5,504
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.49	%5		0.49	%5		0.60	%5		0.60	%5
Expenses, prior to expense waivers and reimbursements		1.19	%5		3.52	%5		1.38	%5		3.72	%5
Net investment income, net of waivers and reimbursements		2.59	%5		3.79	%5		0.16	%5		0.81	%5
Portfolio turnover rate6		19.21	%		82.02	%		89.71	%		32.48	%

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 split on a retroactive basis.

³  Based on average daily shares outstanding.

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

⁵  Annualized for periods less than one year.

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

The accompanying notes are an integral part of these financial statements.
36

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 six active funds (collectively, the "Funds" and each individually a "Fund"). The RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund are diversified funds under the Act, the RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Fund are not. 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, November 18, 2008 for RevenueShares ADR Fund and January 21, 2009 for RevenueShares Navellier Overall A-100 Fund.

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

2. SIGNIFICANT ACCOUNTING POLICIES

These financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. In June 2009, the Financial Accounting Standards Board ("FASB") announced that effective for financial statements issued for interim and annual periods ending after September 15, 2009, FASB Accounting Standards Codification^TM ("Codification") will become the source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the Securities and Exchange Commission. All guidance contained in the Codification carries an equal level of authority. The Codification supersedes all previous non-SEC accounting and reporting standards. All other non-grandfathered non-SEC accounting literature not included in the Codification are now non-authoritative. The following summarizes the significant accounting policies of the Funds:

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

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

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

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

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

37

Notes to Financial Statements — continued(UNAUDITED)

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

3. ADVISORY FEES, SERVICING FEES AND OTHER 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 fee based on a percentage of daily net assets of each Fund. 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, ADR and Navellier Overall A-100 Funds pay the Adviser an annualized fee of 0.45%, 0.50%, 0.50%, 0.45%, 0.60% and 0.60% respectively, based upon each Fund's daily net assets.

The Trust and the Adviser have entered into a written fee waiver and expense reimbursement agreement pursuant to which the Adviser has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the net annual fund operating expenses for the RevenueShares Large Cap, Mid Cap, Small Cap, Financials Sector, ADR, and Navellier Overall A-100 Funds from exceeding 0.49%, 0.54%, 0.54%, 0.49%, 0.49%, 0.60% respectively, based upon each Fund's daily net assets. Amounts waived and/or reimbursed pursuant to this agreement are not subject to subsequent recapture by the Adviser. This agreement will remain in effect and will be contractually binding until October 31, 2011, after which it may be terminated or revised.

For the period ended December 31, 2009, the Adviser waived and reimbursed the following fees:

Fund	Fees Waived and Reimbursed
RevenueShares Large Cap Fund	$	174,874
RevenueShares Mid Cap Fund		113,799
RevenueShares Small Cap Fund		123,051
RevenueShares Financials Sector Fund		38,946
RevenueShares ADR Fund		67,929
RevenueShares Navellier Overall A-100 Fund		38,861

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. Out of the advisory fee, the Adviser pays all fees and expenses of the Sub-Adviser.

The Bank of New York Mellon Corp. serves as the administrator, custodian and fund accountant 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.

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.

38

Notes to Financial Statements — continued(UNAUDITED)

Neither the Distributor, FCS, nor FMS nor any of their officers or employees who serve as an officer of the Funds, has any role in determining the investment policies or which securities are to be purchased or sold by the Trust or its Funds. Certain officers or employees of FCS and FMS are also officers of the Trust. FCS and FMS have agreed to waive 10% of their fees when aggregate net assets of the Trust are under $300,000,000.

For the period ended December 31, 2009, FCS and FMS waived the following fees:

Fund	Fees Waived by FCS		Fees Waived by FMS
RevenueShares Large Cap Fund	$	1,488	$	1,344
RevenueShares Mid Cap Fund		1,061		958
RevenueShares Small Cap Fund		1,133		1,023
RevenueShares Financials Sector Fund		196		177
RevenueShares ADR Fund		320		288
RevenueShares Navellier Overall A-100 Fund		186		168

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, 2009, 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. 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 transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

Retail investors may only purchase and sell Fund shares at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund's shares may be at, above or below its NAV depending on the premium or discount at which the Fund's shares trade.

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 authoritative guidance for fair value measurements and disclosures, Accounting Standards Codification^TM ("ASC") Topic 820 (formerly FAS 157) establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized various inputs in determining the value of each Fund's investments. These inputs are summarized in the three broad levels as follows:

Level 1 — quoted prices in active markets for identical securities

39

Notes to Financial Statements — continued(UNAUDITED)

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. The following summarizes inputs used as of December 31, 2009 in valuing the Funds' assets carried at fair value:

	Quoted Prices in Active Markets (Level 1)				Other Significant Observable		Significant Unobservable
Fund	Common Stock		Preferred Stock		Inputs (Level 2)		Inputs (Level 3)		Total
RevenueShares Large Cap Fund	$	101,488,124	$	—		—		—	$	101,488,124
RevenueShares Mid Cap Fund		75,839,119		—		—		—		75,839,119
RevenueShares Small Cap Fund		73,957,074		—		—		—		73,957,074
RevenueShares Financials Sector Fund		11,035,089		—		—		—		11,035,089
RevenueShares ADR Fund		39,584,173		263,869		—		—		39,848,042
RevenueShares Navellier Overall A-100 Fund		11,301,970		1,466,487		—		—		12,768,457

At December 31, 2009 the Funds did not hold any Level 2 or Level 3 securities. Please refer to the Schedule of Investments to view equity securities segregated by industry type.

In January, 2010, FASB issued Accounting Standards Update No. 2010-06, "Improving Disclosures about Fair Value Measurements" ("ASU 2010-06"). ASU 2010-06 will require new disclosures regarding transfers into and out of Levels 1 and 2 (effective for interim and annual periods beginning after December 15, 2009) as well as additional details regarding Level 3 transaction activity (effective for interim and annual periods beginning after December 15, 2010). Management is currently evaluating the effect that the adoption of ASU 2010-06 will have on the Funds' financial statements.

6. INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the period ended December 31, 2009 were as follows:

Fund	Purchases		Sales
RevenueShares Large Cap Fund	$	16,559,141	$	5,342,054
RevenueShares Mid Cap Fund		16,666,807		4,233,272
RevenueShares Small Cap Fund		18,297,798		5,592,106
RevenueShares Financials Sector Fund		2,751,764		59,473
RevenueShares ADR Fund		6,891,624		3,848,876
RevenueShares Navellier Overall A-100 Fund		17,406,434		8,846,390

For the period ended December 31, 2009, the cost of in-kind purchases and the proceeds from in-kind redemptions were as follows:

Fund	Purchases		Sales
RevenueShares Large Cap Fund	$	35,870,559	$	13,108,412
RevenueShares Mid Cap Fund		33,458,100		12,255,094
RevenueShares Small Cap Fund		33,344,974		16,293,093
RevenueShares Financials Sector Fund		3,593,052		2,690,714
RevenueShares ADR Fund		30,133,496		3,178,123
RevenueShares Navellier Overall A-100 Fund		5,764,482		8,736,566

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

40

Notes to Financial Statements — continued(UNAUDITED)

7. TRUSTEE'S FEES

The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. The interested Trustee does not receive any Trustees' fees.

8. FEDERAL INCOME TAX

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

At December 31, 2009, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were as follows:

Fund	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
RevenueShares Large Cap Fund	$	95,977,708	$	8,645,318	$	(3,134,902	)	$	5,510,416
RevenueShares Mid Cap Fund		67,812,968		8,533,458		(507,307	)		8,026,151
RevenueShares Small Cap Fund		65,576,800		9,375,600		(995,326	)		8,380,274
RevenueShares Financials Sector Fund		9,912,917		1,359,000		(236,828	)		1,122,172
RevenueShares ADR Fund		37,947,882		2,222,373		(322,213	)		1,900,160
RevenueShares Navellier Overall A-100 Fund		12,350,758		592,400		(174,701	)		417,699

The tax character of distributions paid during the period ended June 30, 2009 were as follows:

Fund	Distributions Paid From Ordinary Income		Distributions Paid From Long Term Capital Gain
RevenueShares Large Cap Fund	$	510,754	$	—
RevenueShares Mid Cap Fund		85,012		—
RevenueShares Small Cap Fund		46,898		396
RevenueShares Financials Sector Fund		20,458		—
RevenueShares ADR Fund		16,525		—
RevenueShares Navellier Overall A-100 Fund		9,325		—

At June 30, 2009, for Federal income tax purposes, the Funds have capital loss carryforwards available to offset future capital gains through the years indicated. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders. During the fiscal year end June 30, 2009, the RevenueShares Mid Cap Fund had carryforward adjustments of $201 and in addition utilized capital loss carryforwards of $1,324.

Fund	Capital Loss Available Through 2016		Capital Loss Available Through 2017		Total
RevenueShares Large Cap Fund	$	26,666	$	386,347	$	413,013
RevenueShares Mid Cap Fund		3,042		—		3,042
RevenueShares Small Cap Fund		—		48,718		48,718
RevenueShares Financials Sector Fund		—		51,723		51,723
RevenueShares ADR Fund		—		—		—
RevenueShares Navellier Overall A-100 Fund		—		84,856		84,856

Post-October losses represent losses realized on investment transactions from November 1, 2008 through June 30, 2009, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen

41

Notes to Financial Statements — continued(UNAUDITED)

in the following fiscal year. During the period ended June 30, 2009, the Funds incurred and will elect to defer net capital losses as follows:

Fund	Post-October Capital Losses
RevenueShares Large Cap Fund	$	1,631,709
RevenueShares Mid Cap Fund		893,258
RevenueShares Small Cap Fund		799,126
RevenueShares Financials Sector Fund		—
RevenueShares ADR Fund		—
RevenueShares Navellier Overall A-100 Fund		—

Financial reporting rules prescribe a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Foreign taxes are provided for based on the Funds' understanding of the tax rules and rates that exist in the foreign markets in which they invest. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation, as applicable, as the income is earned or capital gains are recorded. If applicable, the Fund will recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in "Other" expense on the Statement of Operations. Management has determined that there is no impact resulting from the application of this interpretation to the Funds' financial statements.

Financial reporting rules require management of the Funds to analyze all open tax years, fiscal years 2008-2010, as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the period ended December 31, 2009, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

9. RISKS

Concentration Risk

The RevenueShares Financials Sector Fund, RevenueShares ADR Fund and RevenueShares Navellier Overall A-100 Funds may be adversely affected by the performance of the securities in a particular industry and may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class than may be the case for a fund that was not concentrated in a particular industry.

Non-Diversification Risk

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

Financial Sector Risk

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

42

Notes to Financial Statements — concluded(UNAUDITED)

ADR Risk

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

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

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

Foreign Market Risk

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

10. SUBSEQUENT EVENTS

Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the financial statements were issued.

On January 13, 2010 the Board approved the termination of the sub-advisory agreement with Mellon Capital Management Corp. ("Mellon Capital Management") Further, the Board approved a sub-advisory agreement with Index Management Solutions, LLC ("Index Management Solutions") to serve as the Funds' sub-adviser. Index Management Solutions is an affiliate of the Adviser. The effective date of the conversion of sub-advisers from Mellon Capital Management to Index Management Solutions was February 12, 2010.

43

Supplemental Information
(UNAUDITED)

Proxy Voting Policies, Procedures and Record

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

Shareholder Reports and Quarterly Portfolio Disclosure

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

Premium/Discount Information

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

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.

44

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.
50 Fremont Street, Suite 3900
San Francisco, California 94105

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

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 25, 2010

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 25, 2010
By:	/s/ Christopher Lanza
Christopher Lanza, Chief Financial Officer
Date:	February 25, 2010