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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number                   811-21993

RevenueShares ETF Trust

(Exact name of registrant as specified in charter)

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

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

(Name and address of agent for service)

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

Date of fiscal year end: June 30

Date of reporting period: January 1, 2010 – March 31, 2010

     Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

     A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. Schedule of Investments.

SCHEDULE OF INVESTMENTS
REVENUESHARES LARGE CAP FUND
March 31, 2010 (Unaudited)

Investments	Shares	Value
COMMON STOCKS†—99.7%
Automobiles & Components—2.4%
Ford Motor Co. *	181,007	$	2,275,258
Goodyear Tire & Rubber Co.*	16,011		202,379
Harley-Davidson, Inc.	2,828		79,382
Johnson Controls, Inc.	16,169		533,415
Total Automobiles & Components			3,090,434
Banks—2.6%
BB&T Corp.	5,831		188,866
Comerica, Inc.	1,733		65,923
Fifth Third Bancorp	11,139		151,379
First Horizon National Corp. *	2,594		36,446
Hudson City Bancorp, Inc.	3,189		45,156
Huntington Bancshares, Inc.	12,303		66,067
KeyCorp	14,604		113,181
M&T Bank Corp.	904		71,760
Marshall & Ilsley Corp.	8,557		68,884
People’s United Financial, Inc.	1,039		16,250
PNC Financial Services Group, Inc.	4,556		271,993
Regions Financial Corp.	23,305		182,944
SunTrust Banks, Inc.	7,016		187,959
U.S. Bancorp	11,922		308,541
Wells Fargo & Co.	49,143		1,529,330
Zions Bancorporation	3,658		79,818
Total Banks			3,384,497
Capital Goods—9.7%
3M Co.	4,018		335,784
Boeing Co.	16,479		1,196,540
Caterpillar, Inc.	9,495		596,761
Cummins, Inc.	3,369		208,710
Danaher Corp.	2,239		178,918
Deere & Co.	6,862		408,015
Dover Corp.	2,112		98,736
Eaton Corp.	2,736		207,307
Emerson Electric Co.	7,690		387,115
Fastenal Co.	694		33,305
First Solar, Inc.*	240		29,436
Flowserve Corp.	670		73,881
Fluor Corp.	8,005		372,313
General Dynamics Corp.	6,722		518,938
General Electric Co.	148,655		2,705,521
Goodrich Corp.	1,617		114,031
Honeywell International, Inc.	11,379		515,127
Illinois Tool Works, Inc.	4,114		194,839
ITT Corp.	3,088		165,548
Jacobs Engineering Group, Inc.*	4,969		224,549
L-3 Communications Holdings, Inc.	2,693		246,760
Lockheed Martin Corp.	8,335		693,639
Masco Corp.	8,454		131,206
Northrop Grumman Corp.	9,213		604,096
PACCAR, Inc.	3,507		151,993
Pall Corp.	919		37,210
Parker Hannifin Corp.	3,022		195,644
Precision Castparts Corp.	924		117,080
Quanta Services, Inc.*	2,596		49,739
Raytheon Co.	6,651		379,905
Rockwell Automation, Inc.	1,450		81,722
Rockwell Collins, Inc.	1,266		79,239
Roper Industries, Inc.	487		28,168
Snap-On, Inc.	815		35,322
Textron, Inc.	8,152		173,067
United Technologies Corp.	11,352		835,621
W.W. Grainger, Inc.	916		99,038
Total Capital Goods			12,504,823

See notes to schedule of investments

Investments	Shares	Value
Commercial & Professional Services—0.6%
Avery Dennison Corp.	2,305	$	83,925
Cintas Corp.	1,928		54,158
Dun & Bradstreet Corp.	319		23,740
Equifax, Inc.	804		28,783
Iron Mountain, Inc.	1,797		49,238
Monster Worldwide, Inc.*	1,175		19,517
Pitney Bowes, Inc.	3,565		87,164
R.R. Donnelley & Sons Co.	6,675		142,511
Republic Services, Inc.	3,614		104,878
Robert Half International, Inc.	1,863		56,691
Stericycle, Inc.*	217		11,827
Waste Management, Inc.	5,120		176,281
Total Commercial & Professional Services			838,713
Consumer Durables & Apparel—1.4%
Coach, Inc.	1,420		56,118
D.R. Horton, Inc.	6,516		82,102
Eastman Kodak Co.*	24,393		141,235
Fortune Brands, Inc.	2,241		108,711
Harman International Industries, Inc.*	1,350		63,153
Hasbro, Inc.	1,848		70,741
Leggett & Platt, Inc.	2,323		50,270
Lennar Corp. Class A	4,342		74,726
Mattel, Inc.	3,989		90,710
Newell Rubbermaid, Inc.	5,149		78,265
Nike, Inc. Class B	4,464		328,104
Polo Ralph Lauren Corp.	919		78,152
Pulte Homes, Inc.*	6,975		78,469
Stanley Black & Decker, Inc.	1,142		65,562
VF Corp.	1,415		113,412
Whirlpool Corp.	3,192		278,502
Total Consumer Durables & Apparel			1,758,232
Consumer Services—1.3%
Apollo Group, Inc. Class A*	946		57,980
Carnival Corp.	5,943		231,065
Darden Restaurants, Inc.	3,158		140,657
DeVry, Inc.	467		30,448
H&R Block, Inc.	2,829		50,356
International Game Technology	1,772		32,693
Marriott International, Inc. Class A	6,067		191,233
McDonald’s Corp.	5,238		349,480
Starbucks Corp. *	6,470		157,027
Starwood Hotels & Resorts Worldwide, Inc.	2,119		98,830
Wyndham Worldwide Corp.	2,802		72,095
Wynn Resorts Ltd.	709		53,763
Yum! Brands, Inc.	4,542		174,095
Total Consumer Services			1,639,722
Diversified Financials—6.8%
American Express Co.	9,797		404,224
Ameriprise Financial, Inc.	2,728		123,742
Bank of America Corp.	137,042		2,446,199
Bank of New York Mellon Corp.	4,398		135,810
Capital One Financial Corp.	6,003		248,584
Charles Schwab Corp.	3,672		68,630
Citigroup, Inc.*	395,533		1,601,909
CME Group, Inc.	117		36,985
Discover Financial Services	5,665		84,409
E*Trade Financial Corp. *	25,762		42,507
Federated Investors, Inc. Class B	603		15,907
Franklin Resources, Inc.	593		65,764
Goldman Sachs Group, Inc.	3,977		678,596
IntercontinentalExchange, Inc. *	106		11,891
Invesco Ltd.	1,600		35,056
Janus Capital Group, Inc.	849		12,132
JPMorgan Chase & Co.	40,012		1,790,537

See notes to schedule of investments

Investments	Shares	Value
Legg Mason, Inc.	2,075	$	59,490
Leucadia National Corp.*	580		14,390
Moody’s Corp.	847		25,198
Morgan Stanley	15,102		442,338
Nasdaq OMX Group, Inc. *	2,628		55,503
Northern Trust Corp.	1,372		75,817
NYSE Euronext	2,683		79,444
SLM Corp.	7,702		96,429
State Street Corp.	3,538		159,705
T.Rowe Price Group, Inc.	476		26,147
Total Diversified Financials			8,837,343
Energy—11.1%
Anadarko Petroleum Corp.	2,091		152,288
Apache Corp.	1,200		121,800
Baker Hughes, Inc.	3,845		180,100
BJ Services Co.	3,816		81,662
Cabot Oil & Gas Corp.	331		12,181
Cameron International Corp. *	2,031		87,049
Chesapeake Energy Corp.	5,295		125,174
Chevron Corp.	28,880		2,189,970
ConocoPhillips	38,937		1,992,406
Consol Energy, Inc.	1,381		58,913
Denbury Resources, Inc. *	1,028		17,342
Devon Energy Corp.	1,906		122,804
Diamond Offshore Drilling, Inc.	570		50,622
El Paso Corp.	7,135		77,343
EOG Resources, Inc.	616		57,251
Exxon Mobil Corp.	53,429		3,578,675
FMC Technologies, Inc.*	1,206		77,944
Halliburton Co.	8,161		245,891
Helmerich & Payne, Inc.	805		30,654
Hess Corp.	7,322		457,991
Marathon Oil Corp.	21,770		688,803
Massey Energy Co.	1,122		58,669
Murphy Oil Corp.	4,778		268,476
Nabors Industries Ltd. *	3,079		60,441
National Oilwell Varco, Inc.	4,410		178,958
Noble Energy, Inc.	461		33,653
Occidental Petroleum Corp.	2,840		240,094
Peabody Energy Corp.	2,125		97,113
Pioneer Natural Resources Co.	589		33,172
Range Resources Corp.	345		16,170
Rowan Cos., Inc.*	1,267		36,882
Schlumberger Ltd.	5,589		354,678
Smith International, Inc.	5,059		216,626
Southwestern Energy Co. *	725		29,522
Spectra Energy Corp.	3,255		73,335
Sunoco, Inc.	16,050		476,846
Tesoro Corp.	18,589		258,387
Valero Energy Corp.	59,326		1,168,722
Williams Cos., Inc.	6,157		142,227
XTO Energy, Inc.	2,976		140,408
Total Energy			14,291,242
Food & Staples Retailing—9.9%
Costco Wholesale Corp.	17,772		1,061,166
CVS Caremark Corp.	44,521		1,627,688
Kroger Co.	54,803		1,187,033
Safeway, Inc.	28,372		705,328
SUPERVALU, Inc.	47,696		795,569
SYSCO Corp.	18,601		548,730
Walgreen Co.	23,316		864,790
Wal-Mart Stores, Inc.	106,391		5,915,340
Whole Foods Market, Inc.*	4,435		160,325
Total Food & Staples Retailing			12,865,969

See notes to schedule of investments

Investments	Shares	Value
Food Beverage & Tobacco—4.9%
Altria Group, Inc.	12,275	$	251,883
Archer-Daniels-Midland Co.	35,274		1,019,419
Brown-Forman Corp. Class B	698		41,496
Campbell Soup Co.	3,198		113,049
Coca-Cola Co.	7,502		412,610
Coca-Cola Enterprises, Inc.	15,899		439,766
ConAgra Foods, Inc.	8,061		202,089
Constellation Brands, Inc. Class A *	3,443		56,603
Dean Foods Co.*	9,498		149,024
Dr Pepper Snapple Group, Inc.	2,895		101,817
General Mills, Inc.	3,024		214,069
H.J. Heinz Co.	3,447		157,218
Hershey Co.	2,113		90,458
Hormel Foods Corp.	2,466		103,597
J.M. Smucker Co.	790		47,605
Kellogg Co.	3,409		182,143
Kraft Foods, Inc. Class A	21,526		650,946
Lorillard Inc.	610		45,896
McCormick & Co., Inc.	1,262		48,410
Molson Coors Brewing Co. Class B	940		39,536
PepsiCo, Inc.	9,962		659,086
Philip Morris International, Inc.	7,173		374,144
Reynolds American, Inc.	2,312		124,802
Sara Lee Corp.	14,916		207,780
Tyson Foods, Inc. Class A	30,588		585,760
Total Food Beverage & Tobacco			6,319,206
Health Care Equipment & Services—8.4%
Aetna, Inc.	15,127		531,109
AmerisourceBergen Corp.	40,325		1,166,199
Baxter International, Inc.	3,018		175,648
Becton Dickinson & Co.	1,311		103,215
Boston Scientific Corp. *	13,340		96,315
C.R. Bard, Inc.	435		37,680
Cardinal Health, Inc.	43,114		1,553,396
CareFusion Corp.*	2,258		59,679
Cigna Corp.	7,617		278,630
Coventry Health Care, Inc. *	8,387		207,327
DaVita, Inc. *	1,441		91,359
DENTSPLY International, Inc.	814		28,368
Express Scripts, Inc. *	3,611		367,455
Hospira, Inc. *	1,135		64,298
Humana, Inc. *	10,507		491,412
Intuitive Surgical, Inc. *	63		21,932
Laboratory Corp. of America Holdings *	911		68,972
McKesson Corp.	24,633		1,618,880
Medco Health Solutions, Inc. *	12,730		821,849
Medtronic, Inc.	4,841		217,990
Patterson Cos., Inc.	1,550		48,128
Quest Diagnostics, Inc.	1,785		104,048
St. Jude Medical, Inc. *	1,744		71,591
Stryker Corp.	1,849		105,800
Tenet Healthcare Corp. *	27,445		156,985
UnitedHealth Group, Inc.	40,922		1,336,922
Varian Medical Systems, Inc. *	672		37,182
WellPoint, Inc. *	15,324		986,559
Zimmer Holdings, Inc. *	1,033		61,154
Total Health Care Equipment & Services			10,910,082
Household & Personal Products—1.6%
Avon Products, Inc.	4,337		146,894
Clorox Co.	1,262		80,945
Colgate-Palmolive Co.	2,586		220,482
Estee Lauder Cos., Inc. Class A	2,299		149,136
Kimberly-Clark Corp.	4,170		262,210
Mead Johnson Nutrition Co.	104		5,411
Procter & Gamble Co.	18,731		1,185,110
Total Household & Personal Products			2,050,188

See notes to schedule of investments

Investments	Shares	Value
Insurance—4.6%
Aflac, Inc.	5,520	$	299,681
Allstate Corp.	15,672		506,362
American International Group, Inc.*	26,130		892,078
AON Corp.	2,816		120,271
Assurant, Inc.	4,268		146,734
Berkshire Hathaway, Inc. Class A*	1		121,800
Berkshire Hathaway, Inc. Class B*	1,169		95,005
Chubb Corp.	3,728		193,297
Cincinnati Financial Corp.	2,101		60,719
Genworth Financial, Inc. Class A*	12,866		235,962
Hartford Financial Services Group, Inc.	11,247		319,640
Lincoln National Corp.	5,417		166,302
Loews Corp.	5,297		197,472
Marsh & McLennan Cos., Inc.	6,914		168,840
Metlife, Inc.	17,099		741,071
Principal Financial Group, Inc.	5,596		163,459
Progressive Corp.	11,807		225,396
Prudential Financial, Inc.	9,250		559,625
Torchmark Corp.	1,067		57,095
Travelers Cos., Inc.	6,794		366,468
Unum Group	7,523		186,345
XL Capital Ltd. Class A	5,220		98,658
Total Insurance			5,922,280
Materials—3.3%
Air Products & Chemicals, Inc.	1,553		114,844
Airgas, Inc.	1,373		87,350
AK Steel Holding Corp.	3,106		71,003
Alcoa, Inc.	19,049		271,259
Allegheny Technologies, Inc.	1,378		74,398
Ball Corp.	2,009		107,240
Bemis Co., Inc.	1,645		47,244
CF Industries Holdings, Inc.	513		46,775
Cliffs Natural Resources, Inc.	657		46,614
Dow Chemical Co.	23,518		695,428
E.I. Du Pont de Nemours & Co.	11,626		432,953
Eastman Chemical Co.	1,268		80,746
Ecolab, Inc.	1,841		80,912
FMC Corp.	773		46,797
Freeport-McMoRan Copper & Gold, Inc.	2,451		204,757
International Flavors & Fragrances, Inc.	796		37,945
International Paper Co.	13,481		331,768
MeadWestvaco Corp.	3,142		80,278
Monsanto Co.	2,039		145,625
Newmont Mining Corp.	1,826		92,998
Nucor Corp.	4,259		193,273
Owens-Illinois, Inc.*	3,354		119,201
Pactiv Corp.*	2,043		51,443
PPG Industries, Inc.	3,019		197,443
Praxair, Inc.	1,566		129,978
Sealed Air Corp.	2,767		58,328
Sigma-Aldrich Corp.	493		26,454
Titanium Metals Corp.*	1,286		21,335
United States Steel Corp.	3,860		245,188
Vulcan Materials Co.	867		40,957
Weyerhaeuser Co.	2,056		93,075
Total Materials			4,273,609
Media—3.1%
CBS Corp. Class B	13,680		190,699
Comcast Corp. Class A	28,773		541,508
DIRECTV Class A*	9,122		308,415
Discovery Communications Class A*	6,174		208,619
Gannett Co., Inc.	6,626		109,462
Interpublic Group of Cos., Inc.*	12,399		103,160
McGraw-Hill Cos., Inc.	2,670		95,186
Meredith Corp.	717		24,672
New York Times Co. Class A*	3,996		44,475

See notes to schedule of investments

Investments	Shares	Value
News Corp. Class A	36,082	$	519,942
Omnicom Group, Inc.	4,690		182,019
Scripps Networks Interactive, Inc. Class A	556		24,659
Time Warner Cable, Inc.	5,996		319,647
Time Warner, Inc.	15,794		493,878
Viacom, Inc. Class B *	6,461		222,129
Walt Disney Co.	16,409		572,837
Washington Post Co. Class B	148		65,739
Total Media			4,027,046
Pharmaceuticals, Biotechnology & life Sciences—3.1%
Abbott Laboratories	7,918		417,120
Allergan, Inc.	1,040		67,933
Amgen, Inc. *	3,715		222,008
Biogen Idec, Inc. *	1,279		73,363
Bristol-Myers Squibb Co.	11,847		316,315
Celgene Corp. *	686		42,505
Cephalon, Inc.*	539		36,533
Eli Lilly & Co.	8,621		312,253
Forest Laboratories, Inc. *	1,768		55,444
Genzyme Corp. *	1,318		68,312
Gilead Sciences, Inc. *	1,976		89,868
Johnson & Johnson	13,504		880,462
King Pharmaceuticals, Inc. *	1,750		20,580
Life Technologies Corp. *	835		43,645
Merck & Co., Inc.	8,949		334,245
Millipore Corp. *	335		35,376
Mylan, Inc. *	3,948		89,659
PerkinElmer, Inc.	1,422		33,986
Pfizer, Inc.	35,854		614,896
Thermo Fisher Scientific, Inc. *	2,947		151,594
Waters Corp. *	359		24,247
Watson Pharmaceuticals, Inc. *	1,030		43,023
Total Pharmaceuticals, Biotechnology & Life Science			3,973,367
Real Estate—0.4%
Apartment Investment & Management Co. Class A (a)	1,384		25,479
AvalonBay Communities, Inc. (a)	124		10,707
Boston Properties, Inc. (a)	254		19,162
CB Richard Ellis Group, Inc. Class A *	5,167		81,897
Equity Residential (a)	931		36,449
HCP, Inc. (a)	462		15,246
Health Care REIT, Inc. (a)	215		9,724
Host Hotels & Resorts, Inc. (a)	6,448		94,462
Kimco Realty Corp. (a)	618		9,666
Plum Creek Timber Co., Inc. (a)	479		18,638
ProLogis (a)	2,706		35,719
Public Storage, Inc. (a)	248		22,814
Simon Property Group, Inc. (a)	712		59,737
Ventas, Inc. (a)	329		15,621
Vornado Realty Trust (a)	571		43,225
Total Real Estate			498,546
Retailing—7.0%
Abercrombie & Fitch Co. Class A	1,541		70,331
Amazon.com, Inc. *	2,340		317,608
AutoNation, Inc. *	8,683		156,989
AutoZone, Inc. *	619		107,143
Bed Bath & Beyond, Inc. *	2,818		123,316
Best Buy Co., Inc.	14,604		621,254
Big Lots, Inc. *	2,390		87,044
Expedia, Inc.	1,657		41,359
Family Dollar Stores, Inc.	3,771		138,056
GameStop Corp. Class A *	5,506		120,636
Gap, Inc.	10,324		238,588
Genuine Parts Co.	3,832		161,864
Home Depot, Inc.	38,395		1,242,078
JC Penney Co., Inc.	9,714		312,499

See notes to schedule of investments

Investments	Shares	Value
Kohl’s Corp. *	4,442	$	243,333
Limited Brands, Inc.	7,412		182,483
Lowe’s Cos., Inc.	30,456		738,253
Macy’s, Inc.	23,056		501,929
Nordstrom, Inc.	3,521		143,833
Office Depot, Inc. *	27,321		218,022
O’Reilly Automotive, Inc.*	1,810		75,495
priceline.com, Inc.*	185		47,175
RadioShack Corp.	3,192		72,235
Ross Stores, Inc.	842		45,022
Sears Holdings Corp. *	9,610		1,042,012
Sherwin-Williams Co.	1,663		112,552
Staples, Inc.	13,190		308,514
Target Corp.	20,511		1,078,879
Tiffany & Co.	1,165		55,326
TJX Cos., Inc.	7,258		308,610
Urban Outfitters, Inc. *	3,062		116,448
Total Retailing			9,028,886
Semiconductors & Semiconductor Equipment—1.0%
Advanced Micro Devices, Inc. *	8,658		80,260
Altera Corp.	812		19,740
Analog Devices, Inc.	1,009		29,079
Applied Materials, Inc.	6,013		81,055
Broadcom Corp. Class A	1,980		65,696
Intel Corp.	23,466		522,353
KLA-Tencor Corp.	739		22,850
Linear Technology Corp.	466		13,178
LSI Corp. *	5,716		34,982
MEMC Electronic Materials, Inc. *	1,381		21,171
Microchip Technology, Inc.	466		13,123
Micron Technology, Inc. *	8,614		89,499
National Semiconductor Corp.	1,609		23,250
Novellus Systems, Inc. *	362		9,050
NVIDIA Corp.	4,218		73,309
Teradyne, Inc. *	1,157		12,924
Texas Instruments, Inc.	5,575		136,420
Xilinx, Inc.	971		24,761
Total Semiconductors & Semiconductor Equipment			1,272,700
Software & Services—2.4%
Adobe Systems, Inc. *	1,260		44,566
Akamai Technologies, Inc. *	490		15,391
Autodesk, Inc. *	1,488		43,777
Automatic Data Processing, Inc.	2,968		131,987
BMC Software, Inc. *	614		23,332
CA, Inc.	2,722		63,885
Citrix Systems, Inc. *	606		28,767
Cognizant Technology Solutions Corp. Class A *	1,034		52,713
Computer Sciences Corp. *	4,440		241,936
Compuware Corp. *	1,905		16,002
eBay, Inc. *	5,373		144,802
Electronic Arts, Inc. *	3,883		72,457
Fidelity National Information Services, Inc.	2,064		48,380
Fiserv, Inc. *	1,385		70,303
Google, Inc. Class A *	569		322,629
Intuit, Inc. *	1,521		52,231
Mastercard, Inc. Class A	307		77,978
McAfee, Inc. *	803		32,224
Microsoft Corp.	29,471		862,615
Novell, Inc. *	2,481		14,861
Oracle Corp.	14,998		385,299
Paychex, Inc.	945		29,012
Red Hat, Inc. *	339		9,923
SAIC, Inc.*	1,884		33,347
Salesforce.com, Inc. *	214		15,932
Symantec Corp. *	5,047		85,395
Total System Services, Inc.	1,313		20,562
VeriSign, Inc. *	586		15,242

See notes to schedule of investments

Investments	Shares	Value
Visa, Inc. Class A	97	$	8,830
Western Union Co.	3,648		61,870
Yahoo! Inc. *	6,061		100,188
Total Software & Services			3,126,436
Technology Hardware & Equipment—5.7%
Agilent Technologies, Inc. *	2,348		80,748
Amphenol Corp. Class A	940		39,659
Apple, Inc. *	2,549		598,837
Cisco Systems, Inc. *	22,799		593,458
Corning, Inc.	3,983		80,496
Dell, Inc. *	69,567		1,044,201
EMC Corp.*	12,129		218,807
FLIR Systems, Inc.*	602		16,976
Harris Corp.	1,727		82,015
Hewlett-Packard Co.	33,781		1,795,460
International Business Machines Corp.	10,663		1,367,530
Jabil Circuit, Inc.	12,611		204,172
JDS Uniphase Corp. *	2,523		31,613
Juniper Networks, Inc. *	1,882		57,740
Lexmark International, Inc. Class A *	2,230		80,458
Molex, Inc.	2,316		48,312
Motorola, Inc.*	40,622		285,166
NetApp, Inc. *	1,528		49,752
QLogic Corp. *	458		9,297
QUALCOMM, Inc.	3,485		146,335
SanDisk Corp. *	2,066		71,546
Tellabs, Inc.	4,097		31,014
Teradata Corp.*	800		23,112
Western Digital Corp. *	2,772		108,080
Xerox Corp.	27,914		272,162
Total Technology Hardware & Equipment			7,336,946
Telecommunication Services—3.0%
American Tower Corp. Class A *	577		24,586
AT&T, Inc.	64,149		1,657,610
CenturyTel, Inc.	1,499		53,155
Frontier Communications Corp.	3,876		28,837
MetroPCS Communications, Inc.*	6,933		49,086
Qwest Communications International, Inc.	44,088		230,139
Sprint Nextel Corp. *	118,826		451,539
Verizon Communications, Inc.	45,229		1,403,004
Windstream Corp.	3,542		38,572
Total Telecommunication Services			3,936,528
Transportation—1.7%
C.H. Robinson Worldwide, Inc.	1,872		104,551
CSX Corp.	2,789		141,960
Expeditors International Washington, Inc.	1,758		64,905
FedEx Corp.	6,125		572,075
Norfolk Southern Corp.	2,317		129,497
Ryder System, Inc.	1,872		72,559
Southwest Airlines Co.	14,590		192,880
Union Pacific Corp.	3,282		240,571
United Parcel Service, Inc. Class B	11,359		731,633
Total Transportation			2,250,631
Utilities—3.7%
AES Corp. *	16,154		177,694
Allegheny Energy, Inc.	2,070		47,610
Ameren Corp.	3,872		100,982
American Electric Power Co., Inc.	5,519		188,639
Centerpoint Energy, Inc.	8,994		129,154
CMS Energy Corp.	6,162		95,265
Consolidated Edison, Inc.	4,096		182,436
Constellation Energy Group, Inc.	7,405		259,990
Dominion Resources, Inc.	5,953		244,728

See notes to schedule of investments

Investments	Shares	Value
DTE Energy Co.	2,583	$	115,202
Duke Energy Corp.	10,348		168,879
Edison International	5,064		173,037
Entergy Corp.	1,974		160,585
EQT Corp.	513		21,033
Exelon Corp.	4,954		217,035
FirstEnergy Corp.	4,117		160,934
FPL Group, Inc.	4,173		201,681
Integrys Energy Group, Inc.	3,231		153,085
Nicor, Inc.	957		40,117
NiSource, Inc.	6,642		104,944
Northeast Utilities	3,363		92,953
NRG Energy, Inc. *	8,275		172,948
Oneok, Inc.	1,808		82,535
Pepco Holdings, Inc.	8,058		138,195
PG&E Corp.	4,372		185,460
Pinnacle West Capital Corp.	1,158		43,691
PPL Corp.	3,742		103,691
Progress Energy, Inc.	3,373		132,761
Public Service Enterprise Group, Inc.	5,583		164,810
Questar Corp.	1,045		45,144
SCANA Corp.	1,877		70,556
Sempra Energy	2,113		105,439
Southern Co.	6,790		225,156
TECO Energy, Inc.	3,124		49,640
Wisconsin Energy Corp.	1,296		64,035
Xcel Energy, Inc.	6,652		141,022
Total Utilities			4,761,066
Total Investments—99.7%
(Cost $115,015,128)			128,898,492
Other Assets In Excess of Liabilities—0.3%			424,532
Net Assets—100.0%		$	129,323,024

†	Based on the hierarchy of inputs used in fair value measurement, securities listed are level 1 quoted prices in active markets for identical securities.
*	Non-income producing security.
(a)	Real Estate Investment Trust.

See notes to schedule of investments

SCHEDULE OF INVESTMENTS
REVENUESHARES MID CAP FUND
March 31, 2010 (Unaudited)

Investments	Shares	Value
COMMON STOCKS†—99.7%
Automobiles & Components—0.6%
BorgWarner, Inc.*	12,280	$	468,850
Gentex Corp.	2,830		54,959
Thor Industries, Inc.	6,099		184,251
Total Automobiles & Components			708,060
Banks—2.7%
Associated Banc-Corp.	12,913		178,199
Astoria Financial Corp.	9,896		143,492
BancorpSouth, Inc.	3,896		81,660
Bank of Hawaii Corp.	1,666		74,887
Cathay General Bancorp	8,385		97,685
City National Corp.	2,469		133,252
Commerce Bancshares, Inc.	3,129		128,727
Cullen/Frost Bankers, Inc.	1,908		106,466
First Niagara Financial Group, Inc.	4,369		62,127
FirstMerit Corp.	3,496		75,409
Fulton Financial Corp.	11,283		114,974
International Bancshares Corp.	4,372		100,512
New Alliance Bancshares, Inc.	3,730		47,073
New York Community Bancorp, Inc.	13,203		218,378
PacWest Bancorp	1,572		35,873
Prosperity Bancshares, Inc.	5,400		221,400
SVB Financial Group *	1,409		65,744
Synovus Financial Corp.	91,793		302,000
TCF Financial Corp.	11,358		181,047
Trustmark Corp.	3,559		86,946
Valley National Bancorp	6,004		92,281
Washington Federal, Inc.	3,794		77,094
Webster Financial Corp.	7,541		131,892
Westamerica Bancorp	560		32,284
Wilmington Trust Corp.	6,325		104,805
Total Banks			2,894,207
Capital Goods—13.0%
Aecom Technology Corp. *	24,445		693,505
AGCO Corp. *	23,173		831,216
Alliant Techsystems, Inc. *	5,047		410,321
Ametek, Inc.	5,881		243,826
BE Aerospace, Inc. *	9,310		283,490
Bucyrus International, Inc. Class A	5,504		363,209
Carlisle Cos., Inc.	7,265		276,797
Crane Co.	7,788		276,474
Donaldson Co., Inc.	4,912		221,629
Federal Signal Corp.	14,529		130,906
GATX Corp.	3,802		108,927
Graco, Inc.	2,224		71,168
Granite Construction, Inc.	6,933		209,515
Harsco Corp.	10,184		325,277
Hubbell, Inc. Class B	5,288		266,674
IDEX Corp.	4,373		144,746
Joy Global, Inc.	7,121		403,049
KBR, Inc.	70,611		1,564,741
Kennametal, Inc.	9,858		277,207
Lennox International, Inc.	7,788		345,164
Lincoln Electric Holdings, Inc.	3,486		189,394
MSC Industrial Direct Co. Class A	3,443		174,629

See notes to schedule of investments

Investments	Shares	Value
Nordson Corp.	1,644	$	111,660
Oshkosh Truck Corp.*	15,089		608,690
Pentair, Inc.	8,937		318,336
Regal-Beloit Corp.	3,705		220,114
Shaw Group, Inc. *	25,602		881,221
SPX Corp.	9,391		622,811
Terex Corp. *	32,554		739,301
Thomas & Betts Corp. *	5,558		218,096
Timken Co.	15,441		463,384
Trinity Industries, Inc.	16,257		324,490
United Rentals, Inc. *	26,922		252,528
URS Corp. *	22,983		1,140,187
Valmont Industries, Inc.	2,411		199,703
Wabtec Corp.	3,717		156,560
Woodward Governor Co.	5,940		189,961
Total Capital Goods			14,258,906
Commercial & Professional Services—3.5%
Brink’s Co.	12,341		348,386
Clean Harbors, Inc. *	1,754		97,452
Copart, Inc. *	2,215		78,854
Corporate Executive Board Co.	2,232		59,349
Corrections Corp. of America *	6,727		133,598
Deluxe Corp.	10,152		197,152
FTI Consulting, Inc. *	3,024		118,904
Herman Miller, Inc.	11,322		204,475
HNI Corp.	7,178		191,150
Korn/Ferry International *	4,648		82,037
Manpower, Inc.	29,346		1,676,244
Mine Safety Appliances Co.	3,660		102,334
Navigant Consulting, Inc. *	4,934		59,849
Rollins, Inc.	5,615		121,733
Towers Watson & Co	3,800		180,500
Waste Connections, Inc. *	3,437		116,721
Total Commercial & Professional Services			3,768,738
Consumer Durables & Apparel—3.4%
American Greetings Corp. Class A	8,316		173,305
Fossil, Inc. *	4,761		179,680
Hanesbrands, Inc. *	15,979		444,536
KB Home	19,042		318,954
MDC Holdings, Inc.	3,089		106,910
Mohawk Industries, Inc. *	12,204		663,653
NVR, Inc. *	457		332,011
Phillips-Van Heusen Corp.	6,402		367,219
Ryland Group, Inc.	7,452		167,223
Timberland Co. Class A *	7,752		165,428
Toll Brothers, Inc. *	11,321		235,477
Tupperware Brands Corp.	4,281		206,430
Under Armour, Inc. Class A*	3,140		92,347
Warnaco Group, Inc. *	4,710		224,714
Total Consumer Durables & Apparel			3,677,887
Consumer Services—4.0%
Bally Technologies, Inc.*	10,968		444,643
Bob Evans Farms, Inc.	6,673		206,262
Boyd Gaming Corp. *	20,905		206,541
Brinker International, Inc.	28,115		542,057
Brinks Home Security Holding, Inc. *	1,812		77,101
Burger King Holdings, Inc.	8,660		184,112
Career Education Corp. *	6,615		209,299
Cheesecake Factory *	8,259		223,489
Chipotle Mexican Grill, Inc. Class A*	1,726		194,468
Corinthian Colleges, Inc. *	8,992		158,169
International Speedway Corp. Class A	2,529		65,172
ITT Educational Services, Inc. *	1,391		156,460
Life Time Fitness, Inc. *	3,795		106,640

See notes to schedule of investments

Investments	Shares	Value
Matthews International Corp. Class A	2,357	$	83,674
Panera Bread Co. Class A *	2,119		162,082
Regis Corp.	16,289		304,279
Scientific Games Corp. Class A *	6,950		97,856
Service Corp. International	26,974		247,621
Sotheby’s	2,237		69,548
Strayer Education, Inc.	233		56,740
Wendy’s/Arby’s Group, Inc. Class A	88,090		440,450
WMS Industries, Inc. *	1,810		75,911
Total Consumer Services			4,312,574
Diversified Financials—2.2%
Affiliated Managers Group, Inc. *	1,291		101,989
AmeriCredit Corp. *	11,912		283,029
Eaton Vance Corp.	3,070		102,968
Greenhill & Co., Inc.	13,567		1,113,716
Jefferies Group, Inc.	9,175		217,172
MSCI, Inc. Class A *	1,493		53,897
Raymond James Financial, Inc.	11,768		314,676
SEI Investments Co.	6,015		132,150
Waddell & Reed Financial, Inc. Class A	2,782		100,263
Total Diversified Financials			2,419,860
Energy—3.6%
Arch Coal, Inc.	12,708		290,378
Atwood Oceanics, Inc.*	2,548		88,237
Bill Barrett Corp. *	2,218		68,115
Cimarex Energy Co.	2,127		126,301
Comstock Resources, Inc. *	905		28,779
Exterran Holdings, Inc. *	14,162		342,296
Forest Oil Corp. *	4,263		110,071
Frontier Oil Corp.	39,111		527,998
Helix Energy Solutions Group, Inc. *	16,337		212,871
Mariner Energy, Inc. *	7,093		106,182
Newfield Exploration Co. *	3,133		163,073
Oceaneering International, Inc. *	3,571		226,723
Overseas Shipholding Group, Inc.	3,153		123,692
Patriot Coal Corp. *	16,688		341,436
Patterson-UTI Energy, Inc.	8,065		112,668
Plains Exploration & Production Co. *	4,373		131,146
Pride International, Inc. *	6,500		195,715
Quicksilver Resources, Inc. *	6,323		88,965
Southern Union Co.	11,251		285,438
Superior Energy Services, Inc. *	8,321		174,907
Tidewater, Inc.	3,138		148,333
Unit Corp. *	2,117		89,507
Total Energy			3,982,831
Food & Staples Retailing—1.5%
BJ’s Wholesale Club, Inc. *	30,945		1,144,655
Ruddick Corp.	15,318		484,662
Total Food & Staples Retailing			1,629,317
Food Beverage & Tobacco—3.6%
Corn Products International, Inc.	12,869		446,040
Flowers Foods, Inc.	11,546		285,648
Green Mountain Coffee Roasters, Inc. *	6,138		594,281
Hansen Natural Corp. *	3,129		135,736
Lancaster Colony Corp.	2,142		126,292
Ralcorp Holdings, Inc. *	6,532		442,739
Smithfield Foods, Inc. *	77,245		1,602,062
Tootsie Roll Industries, Inc.	2,012		54,384
Universal Corp.	5,389		283,946
Total Food Beverage & Tobacco			3,971,128

See notes to schedule of investments

Investments	Shares	Value
Health Care Equipment & Services—9.7%
Beckman Coulter, Inc.	4,649	$	291,957
Cerner Corp. *	2,227		189,429
Community Health Systems, Inc. *	38,910		1,436,945
Edwards Lifesciences Corp. *	1,505		148,814
Gen-Probe, Inc. *	1,098		54,900
Health Management Associates, Inc. Class A *	71,958		618,839
Health Net, Inc. *	67,346		1,674,894
Henry Schein, Inc. *	12,571		740,432
Hill-Rom Holdings, Inc. *	6,393		173,954
Hologic, Inc. *	11,777		218,346
IDEXX Laboratories, Inc. *	1,953		112,395
Immucor, Inc. *	1,540		34,481
Kindred Healthcare, Inc. *	27,075		488,704
Kinetic Concepts, Inc. *	5,622		268,788
LifePoint Hospitals, Inc. *	9,931		365,262
Lincare Holdings, Inc. *	4,391		197,068
Masimo Corp.	1,245		33,055
Omnicare, Inc.	27,216		769,941
Owens & Minor, Inc.	19,192		890,316
Psychiatric Solutions, Inc. *	8,891		264,952
ResMed, Inc. *	1,724		109,733
STERIS Corp.	4,606		155,038
Teleflex, Inc.	3,850		246,670
Thoratec Corp. *	1,219		40,776
Universal Health Services, Inc. Class B	9,735		341,601
VCA Antech, Inc. *	5,437		152,399
WellCare Health Plans, Inc. *	18,815		560,687
Total Health Care Equipment & Services			10,580,376
Household & Personal Products—1.0%
Alberto-Culver Co.	5,117		133,810
Church & Dwight Co., Inc.	4,145		277,508
Energizer Holdings, Inc. *	6,752		423,755
NBTY, Inc. *	5,878		282,026
Total Household & Personal Products			1,117,099
Insurance—5.6%
American Financial Group, Inc.	18,323		521,289
Arthur J. Gallagher & Co.	7,690		188,790
Brown & Brown, Inc.	5,502		98,596
Everest Re Group Ltd.	4,845		392,106
Fidelity National Financial, Inc. Class A	39,839		590,414
First American Corp.	18,362		621,370
Hanover Insurance Group, Inc.	6,416		279,802
HCC Insurance Holdings, Inc.	8,838		243,929
Horace Mann Educators Corp.	7,656		115,299
Mercury General Corp.	7,843		342,896
Old Republic International Corp.	34,476		437,156
Protective Life Corp.	16,390		360,416
Reinsurance Group of America, Inc.	14,065		738,693
StanCorp Financial Group, Inc.	6,945		330,790
Transatlantic Holdings, Inc.	1,261		66,581
Unitrin, Inc.	12,794		358,872
W.R. Berkley Corp.	17,477		455,975
Total Insurance			6,142,974
Materials—8.3%
Albemarle Corp.	5,566		237,279
AptarGroup, Inc.	4,986		196,199
Ashland, Inc.	22,103		1,166,374
Cabot Corp.	10,071		306,158
Carpenter Technology Corp.	6,594		241,340
Commercial Metals Co.	50,763		764,491
Cytec Industries, Inc.	7,625		356,393
Greif, Inc. Class A	5,560		305,355
Intrepid Potash, Inc. *	6,600		200,178

See notes to schedule of investments

Investments	Shares	Value
Louisiana-Pacific Corp. *	17,931	$	162,276
Lubrizol Corp.	6,443		590,952
Martin Marietta Materials, Inc.	2,090		174,620
Minerals Technologies, Inc.	1,678		86,988
Olin Corp.	9,342		183,290
Packaging Corp of America	10,040		247,084
Reliance Steel & Aluminum Co.	15,134		745,047
RPM International, Inc.	18,122		386,723
Scotts Miracle-Grow Co. Class A	8,030		372,191
Sensient Technologies Corp.	4,681		136,030
Silgan Holdings, Inc.	1,075		64,747
Sonoco Products Co.	12,050		371,020
Steel Dynamics, Inc.	22,932		400,622
Temple-Inland, Inc.	19,036		388,905
Terra Industries, Inc.	4,597		210,359
Valspar Corp.	11,183		329,675
Worthington Industries, Inc.	25,531		441,431
Total Materials			9,065,727
Media—0.6%
DreamWorks Animation SKG, Inc. Class A *	1,925		75,826
Harte-Hanks, Inc.	8,853		113,850
John Wiley & Sons, Inc. Class A	4,040		174,851
Lamar Advertising Co. Class A *	3,950		135,683
Scholastic Corp.	6,819		190,931
Total Media			691,141
Pharmaceuticals, Biotechnology & Life Science—1.7%
Affymetrix, Inc. *	6,241		45,809
Bio-Rad Laboratories, Inc. Class A *	1,808		187,164
Charles River Laboratories International, Inc. *	3,861		151,776
Covance, Inc. *	3,744		229,845
Endo Pharmaceuticals Holdings, Inc. *	7,192		170,378
Medicis Pharmaceutical Corp. Class A	2,161		54,371
Mettler-Toledo International, Inc. *	1,762		192,410
OSI Pharmaceuticals, Inc. *	1,162		69,197
Perrigo Co.	4,875		286,261
Pharmaceutical Product Development, Inc.	6,708		159,315
Techne Corp.	399		25,412
United Therapeutics Corp. *	734		40,612
Valeant Pharmaceuticals International *	2,418		103,756
Varian, Inc. *	1,759		91,081
Vertex Pharmaceuticals, Inc *	262		10,708
Total Pharmaceuticals, Biotechnology & Life Science			1,818,095
Real Estate—2.0%
Alexandria Real Estate Equities, Inc. (a)	851		57,528
AMB Property Corp. (a)	2,658		72,404
BRE Properties, Inc. (a)	1,135		40,576
Camden Property Trust (a)	1,721		71,645
Corporate Office Properties Trust (a)	2,257		90,573
Cousins Properties, Inc. (a)	2,895		24,057
Duke Realty Corp. (a)	12,676		157,182
Equity One, Inc. (a)	1,617		30,545
Essex Property Trust, Inc. (a)	510		45,875
Federal Realty Investment Trust (a)	817		59,486
Highwoods Properties, Inc. (a)	1,425		45,215
Hospitality Properties Trust (a)	5,167		123,750
Jones Lang LaSalle, Inc.	4,671		340,470
Liberty Property Trust (a)	2,431		82,508
Macerich Co. (a)	2,975		113,972
Mack-Cali Realty Corp. (a)	2,259		79,630
Nationwide Health Properties, Inc. (a)	1,140		40,071
Omega Healthcare Investors, Inc. (a)	1,464		28,533
Potlatch Corp. (a)	1,560		54,662
Rayonier, Inc. (a)	2,897		131,611
Realty Income Corp. (a)	1,235		37,902

See notes to schedule of investments

Investments	Shares	Value
Regency Centers Corp. (a)	1,514	$	56,730
Senior Housing Properties Trust (a)	5,142		113,895
SL Green Realty Corp. (a)	2,252		128,972
UDR, Inc. (a)	4,174		73,629
Weingarten Realty Investors (a)	3,192		68,820
Total Real Estate			2,170,241
Retailing—7.9%
99 Cents Only Stores *	10,535		171,721
Aaron’s, Inc.	6,264		208,842
Advance Auto Parts, Inc.	13,789		578,035
Aeropostale, Inc. *	8,482		244,536
American Eagle Outfitters, Inc.	19,650		363,918
AnnTaylor Stores Corp. *	15,430		319,401
Barnes & Noble, Inc.	25,434		549,883
Carmax, Inc. *	37,440		940,492
Chico’s FAS, Inc.	12,060		173,905
Coldwater Creek, Inc. *	24,840		172,390
Collective Brands, Inc. *	15,916		361,930
Dick’s Sporting Goods, Inc. *	18,545		484,210
Dollar Tree, Inc. *	9,515		563,478
Foot Locker, Inc.	56,065		843,218
Guess?, Inc.	4,747		223,014
J Crew Group, Inc. *	3,369		154,637
LKQ Corp. *	10,714		217,494
NetFlix, Inc. *	2,817		207,726
PetSmart, Inc.	19,251		615,262
Rent-A-Center, Inc. *	15,609		369,153
Saks, Inc. *	53,117		456,806
Williams-Sonoma, Inc.	17,400		457,446
Total Retailing			8,677,497
Semiconductors & Semiconductor Equipment—0.8%
Atmel Corp. *	29,420		147,983
Cree, Inc. *	1,099		77,172
Fairchild Semiconductor International, Inc. *	12,854		136,895
Integrated Device Technology, Inc. *	12,297		75,381
International Rectifier Corp. *	3,908		89,493
Intersil Corp. Class A	4,108		60,634
Lam Research Corp. *	3,891		145,212
RF Micro Devices, Inc. *	20,297		101,079
Semtech Corp. *	1,845		32,158
Silicon Laboratories, Inc. *	930		44,333
Total Semiconductors & Semiconductor Equipment			910,340
Software & Services—4.3%
ACI Worldwide, Inc. *	2,369		48,825
Acxiom Corp.*	11,398		204,480
Advent Software, Inc. *	673		30,117
Alliance Data Systems Corp. *	3,076		196,833
ANSYS, Inc.*	1,242		53,580
Broadridge Financial Solutions, Inc.	9,743		208,305
Cadence Design Systems, Inc. *	14,606		97,276
Convergys Corp. *	93,120		1,141,650
Digital River, Inc. *	1,512		45,814
DST Systems, Inc.	5,124		212,390
Equinix, Inc. *	865		84,199
FactSet Research Systems, Inc.	836		61,337
Fair Isaac Corp.	3,570		90,464
Gartner, Inc. *	6,593		146,628
Global Payments, Inc.	3,049		138,882
Hewitt Associates, Inc. Class A *	7,177		285,501
Informatica Corp. *	2,206		59,253
Jack Henry & Associates, Inc.	3,279		78,893
Lender Processing Services, Inc.	5,525		208,569
Mantech International Corp. Class A *	4,456		217,586
Mentor Graphics Corp. *	10,210		81,884

See notes to schedule of investments

Investments	Shares	Value
MICROS Systems, Inc. *	3,529	$	116,034
NeuStar, Inc. Class A *	2,119		53,399
Parametric Technology Corp. *	6,533		117,921
Quest Software, Inc. *	4,088		72,726
Rovi Corp. *	1,652		61,339
Solera Holdings, Inc.	1,686		65,164
SRA International, Inc. Class A *	8,522		177,172
Sybase, Inc. *	2,746		128,019
Synopsys, Inc. *	6,664		149,074
ValueClick, Inc. *	5,802		58,832
Total Software & Services			4,692,146
Technology Hardware & Equipment—10.8%
3Com Corp. *	18,497		142,242
ADC Telecommunications, Inc. *	18,194		132,998
Adtran, Inc.	2,088		55,019
Arrow Electronics, Inc. *	53,590		1,614,667
Avnet, Inc. *	60,891		1,826,730
Ciena Corp. *	9,839		149,946
CommScope, Inc. *	12,292		344,422
Diebold, Inc.	10,991		349,074
F5 Networks, Inc. *	1,262		77,626
Ingram Micro, Inc. Class A *	173,499		3,044,907
Itron, Inc.	2,639		191,512
National Instruments Corp.	2,346		78,239
NCR Corp. *	48,040		662,952
Palm, Inc. *	7,841		29,482
Plantronics, Inc.	3,330		104,162
Polycom, Inc. *	4,322		132,167
Tech Data Corp. *	56,333		2,360,353
Trimble Navigation Ltd. *	4,807		138,057
Vishay Intertechnology, Inc. *	27,109		277,325
Zebra Technologies Corp. Class A *	3,033		89,777
Total Technology Hardware & Equipment			11,801,657
Telecommunication Services—0.9%
Cincinnati Bell, Inc. *	44,101		150,384
Syniverse Holdings, Inc. *	3,167		61,661
Telephone & Data Systems, Inc.	15,707		531,683
tw Telecom, Inc. *	11,329		205,621
Total Telecommunication Services			949,349
Transportation—2.4%
Airtran Holdings, Inc. *	47,456		241,076
Alaska Air Group, Inc. *	10,491		432,544
Alexander & Baldwin, Inc.	4,366		144,296
Con-way, Inc.	12,379		434,750
JB Hunt Transport Services, Inc.	9,669		346,924
JetBlue Airways Corp. *	57,425		320,432
Kansas City Southern *	5,171		187,035
Kirby Corp. *	3,560		135,814
Landstar System, Inc.	5,398		226,608
Werner Enterprises, Inc.	8,686		201,255
Total Transportation			2,670,734
Utilities—5.6%
AGL Resources, Inc.	6,914		267,226
Alliant Energy Corp.	11,647		387,379
Aqua America, Inc.	3,954		69,472
Atmos Energy Corp.	20,124		574,943
Black Hills Corp.	5,213		158,215
Cleco Corp.	3,392		90,058
DPL, Inc.	5,593		152,074
Dynegy, Inc. Class A *	323,737		407,909
Energen Corp.	3,308		153,921
Great Plains Energy, Inc.	10,480		194,614

See notes to schedule of investments

Investments	Shares	Value
Hawaiian Electric Industries, Inc.	11,983	$	269,018
IDACORP, Inc.	3,319		114,904
MDU Resources Group, Inc.	19,711		425,363
National Fuel Gas Co.	4,711		238,141
NSTAR	9,416		333,515
NV Energy, Inc.	30,207		372,452
OGE Energy Corp.	7,760		302,174
PNM Resources, Inc.	14,199		177,913
UGI Corp.	25,361		673,080
Vectren Corp.	9,171		226,707
Westar Energy, Inc.	8,543		190,509
WGL Holdings, Inc.	8,198		284,061
Total Utilities			6,063,648
Total Investments—99.7%
(Cost $93,391,448)			108,974,532
Other Assets In Excess of Liabilities —0.3%			353,673
Net Assets—100.0%		$	109,328,205

†	Based on the hierarchy of inputs used in fair value measurement, securities listed are level 1 quoted prices in active markets for identical securities.
*	Non-income producing security.
(a)	Real Estate Investment Trust.

See notes to schedule of investments

SCHEDULE OF INVESTMENTS
REVENUESHARES SMALL CAP FUND
March 31, 2010 (Unaudited)

Investments	Shares	Value
COMMON STOCKS†—100.0%
Automobiles & Components—0.4%
Drew Industries, Inc.*	3,198	$	70,420
Spartan Motors, Inc.	16,800		94,080
Standard Motor Products, Inc.*	13,743		136,331
Superior Industries International, Inc.	4,761		76,557
Winnebago Industries, Inc.*	4,254		62,151
Total Automobiles & Components			439,539
Banks—3.3%
Bank Mutual Corp.	4,720		30,680
Bank of the Ozarks, Inc.	1,562		54,967
Boston Private Financial Holdings, Inc.	16,381		120,728
Brookline Bancorp, Inc.	2,578		27,430
City Holding Co.	1,200		41,148
Columbia Banking System, Inc.	2,296		46,632
Community Bank System, Inc.	3,047		69,411
Dime Community Bancshares, Inc.	3,279		41,414
East West Bancorp, Inc.	7,570		131,869
First BanCorp.	97,645		235,324
First Commonwealth Financial Corp.	13,363		89,666
First Financial Bancorp	3,027		53,850
First Financial Bankshares, Inc.	639		32,940
First Midwest Bancorp, Inc.	6,254		84,742
Glacier Bancorp, Inc.	5,038		76,729
Hancock Holding Co.	1,875		78,394
Hanmi Financial Corp.	32,555		78,132
Home Bancshares, Inc.	1,177		31,120
Independent Bank Corp.	2,035		50,183
Nara Bancorp, Inc.*	3,077		26,955
National Penn Bancshares, Inc.	17,033		117,528
NBT Bancorp, Inc.	3,213		73,417
Old National Bancorp.	7,792		93,114
Pinnacle Financial Partners, Inc.*	3,499		52,870
PrivateBancorp, Inc.	9,946		136,260
S&T Bancorp, Inc.	2,498		52,208
Signature Bank*	2,259		83,696
Simmons First National Corp. Class A	1,279		35,262
South Financial Group, Inc.	217,017		150,024
Sterling Bancorp	3,945		39,647
Sterling Bancshares, Inc.	10,944		61,068
Susquehanna Bancshares, Inc.	24,954		244,798
Tompkins Financial Corp.	910		33,197
TrustCo Bank Corp.	4,997		30,831
UMB Financial Corp.	2,943		119,486
Umpqua Holdings Corp.	7,072		93,775
United Bankshares, Inc.	4,096		107,397
United Community Banks, Inc.*	21,201		93,496
Whitney Holding Corp.	13,262		182,883
Wilshire Bancorp, Inc.	4,580		50,517
Wintrust Financial Corp.	4,993		185,790
Total Banks			3,439,578
Capital Goods—12.2%
A.O. Smith Corp.	7,943		417,563
AAON, Inc.	2,446		55,329
AAR Corp.*	12,551		311,516
Actuant Corp. Class A	13,652		266,897
Acuity Brands, Inc.	8,950		377,780
Aerovironment, Inc.*	1,366		35,666
Albany International Corp. Class A	7,569		162,961
American Science & Engineering, Inc.*	588		44,053
Apogee Enterprises, Inc.	11,979		189,388
Applied Industrial Technologies, Inc.	16,715		415,367
Applied Signal Technology, Inc.	1,654		32,385
Astec Industries, Inc.*	5,336		154,531
AZZ, Inc.	1,896		64,180
Badger Meter, Inc.	1,207		46,482
Baldor Electric Co.	10,666		398,908
Barnes Group, Inc.	11,351		220,777
Belden, Inc.	10,929		300,110

See notes to schedule of investments

Investments	Shares	Value
Brady Corp. Class A	7,590	$	236,201
Briggs & Stratton Corp.	19,815		386,393
Cascade Corp.	3,804		122,527
Ceradyne, Inc.*	4,328		98,202
CIRCOR International, Inc.	4,972		165,120
CLARCOR, Inc.	5,003		172,553
Comfort Systems USA, Inc.	17,397		217,289
Cubic Corp.	4,543		163,548
Curtiss-Wright Corp.	10,505		365,574
Dycom Industries, Inc.*	4,527		39,702
EMCOR Group, Inc.*	40,651		1,001,233
Encore Wire Corp.	5,390		112,112
EnPro Industries, Inc.*	7,077		205,799
ESCO Technologies, Inc.	3,274		104,146
Esterline Technologies Corp.*	6,010		297,074
Gardner Denver, Inc.	8,012		352,848
GenCorp, Inc.*	15,596		89,833
Gibraltar Industries, Inc.*	9,908		124,940
Griffon Corp.*	17,620		219,545
II-VI, Inc.*	1,877		63,518
Insituform Technologies, Inc. Class A*	4,904		130,495
John Bean Technologies Corp.	8,441		148,055
Kaman Corp.	8,831		220,863
Kaydon Corp.	2,242		84,299
Lawson Products, Inc.	4,177		64,618
Lindsay Corp.	1,972		81,661
Lydall, Inc.*	7,078		55,562
Magnetek, Inc.*	9,961		16,734
Moog, Inc. Class A*	11,560		409,454
Mueller Industries, Inc.	11,151		298,735
NCI Building Systems, Inc.*	24,303		268,305
Orbital Sciences Corp.*	14,674		278,953
Powell Industries, Inc.*	1,467		47,722
Quanex Building Products Corp.	6,934		114,619
Robbins & Myers, Inc.	5,313		126,556
Simpson Manufacturing Co., Inc.	4,360		121,034
Standex International Corp.	5,515		142,122
Stanley, Inc.*	5,057		143,063
Teledyne Technologies, Inc.*	8,336		344,027
Toro Co.	6,652		327,079
Tredegar Corp.	7,883		134,642
Triumph Group, Inc.	4,471		313,372
Universal Forest Products, Inc.	8,290		319,331
Vicor Corp.*	4,120		56,897
Watsco, Inc.	6,112		347,651
Watts Water Technologies, Inc. Class A	6,899		214,283
Total Capital Goods			12,842,182
Commercial & Professional Services—5.2%
ABM Industries, Inc.	30,455		645,646
Administaff, Inc.	12,243		261,266
ATC Technology Corp.*	3,571		61,278
Bowne & Co., Inc.	17,985		200,713
CDI Corp.	12,376		181,432
Consolidated Graphics, Inc.*	6,475		268,130
Exponent, Inc.*	1,593		45,432
G&K Services, Inc. Class A	6,742		174,483
Geo Group, Inc.*	8,787		174,158
Healthcare Services Group, Inc.	5,677		127,108
Heidrick & Struggles International, Inc.	2,574		72,149
Interface, Inc. Class A	18,975		219,731
Kelly Services, Inc. Class A*	10,589		176,413
Mobile Mini, Inc.*	4,664		72,245
On Assignment, Inc.*	11,072		78,943
School Specialty, Inc.*	7,798		177,093
SFN Group, Inc*	54,698		438,131
Standard Register Co.	23,899		127,860
SYKES Enterprises, Inc.*	5,511		125,871
Tetra Tech, Inc.*	9,075		209,088
TrueBlue, Inc.*	13,232		205,096
United Stationers, Inc.*	14,801		871,039
Viad Corp.	7,546		155,070
Volt Information Sciences, Inc.*	41,906		427,860
Total Commercial & Professional Services			5,496,235
Consumer Durables & Apparel—7.5%
Arctic Cat, Inc.*	15,362		166,678
Blyth, Inc.*	1,386		43,313
Brunswick Corp.	47,025		750,989
Callaway Golf Co.	10,508		92,681
Carter’s, Inc.*	11,277		340,002

See notes to schedule of investments

Investments	Shares	Value
CROCS, Inc.*	21,270	$	186,538
Deckers Outdoor Corp.*	1,332		183,816
Ethan Allen Interiors, Inc.	10,888		224,619
Helen of Troy Ltd.*	5,219		136,007
Iconix Brand Group, Inc.*	3,268		50,196
JAKKS Pacific, Inc.*	13,336		174,035
Kid Brands, Inc*	8,882		76,829
K-Swiss, Inc. Class A*	4,843		50,658
La-Z-Boy, Inc.*	23,840		298,954
Liz Claiborne, Inc.*	116,750		867,452
M/I Homes, Inc.*	9,335		136,758
Maidenform Brands, Inc.*	4,974		108,682
Meritage Homes Corp.*	11,037		231,777
Movado Group, Inc.	9,321		105,141
National Presto Industries, Inc.	859		102,144
Nautilus, Inc.*	23,170		69,973
Oxford Industries, Inc.	6,134		124,704
Perry Ellis International, Inc.*	11,214		253,997
Polaris Industries, Inc.	6,492		332,131
Pool Corp.	14,844		336,068
Quiksilver, Inc.*	213,163		1,008,260
RC2 Corp.*	5,234		78,353
Skechers U.S.A., Inc. Class A*	9,088		330,076
Skyline Corp.	1,966		36,568
Standard-Pacific Corp.*	66,973		302,718
Sturm Ruger & Co., Inc.	4,546		54,507
True Religion Apparel, Inc.*	2,837		86,131
UniFirst Corp.	3,872		199,408
Universal Electronics, Inc.*	2,326		51,963
Volcom, Inc.*	3,204		62,542
Wolverine World Wide, Inc.	7,338		213,976
Total Consumer Durables & Apparel			7,868,644
Consumer Services—5.4%
American Public Education, Inc*	738		34,391
BJ’s Restaurants, Inc.*	4,017		93,596
Buffalo Wild Wings, Inc.*	2,245		108,007
California Pizza Kitchen, Inc.*	8,959		150,422
Capella Education Co.*	747		69,351
CEC Entertainment, Inc.*	4,603		175,328
CKE Restaurants, Inc.	31,847		352,546
Coinstar, Inc.*	8,044		261,430
Cracker Barrel Old Country Store, Inc.	11,095		514,585
DineEquity, Inc.*	11,023		435,739
Hillenbrand, Inc.	5,749		126,421
Interval Leisure Group, Inc.*	5,711		83,152
Jack in the Box, Inc.*	23,123		544,546
Landry’s Restaurants, Inc.*	8,882		159,165
Marcus Corp.	5,207		67,639
Monarch Casino & Resort, Inc.*	3,129		26,722
Multimedia Games, Inc.*	4,465		17,414
O’Charleys, Inc.*	26,034		232,744
P.F. Chang’s China Bistro, Inc.*	5,706		251,806
Papa John’s International, Inc.*	8,853		227,611
Peet’s Coffee & Tea, Inc.*	1,660		65,819
Pinnacle Entertainment, Inc.*	18,189		177,161
Pre-Paid Legal Services, Inc.*	1,996		75,549
Red Robin Gourmet Burgers, Inc.*	9,624		235,211
Ruby Tuesday, Inc.*	34,685		366,620
Ruth’s Hospitality Group, Inc.*	26,446		140,164
Shuffle Master, Inc.*	4,028		32,989
Sonic Corp.*	13,276		146,700
Steak N Shake Co.*	455		173,478
Texas Roadhouse, Inc. Class A*	15,191		211,003
Universal Technical Institute, Inc.*	3,260		74,393
Total Consumer Services			5,631,702
Diversified Financials—1.1%
Cash America International, Inc.	5,823		229,891
Ezcorp, Inc. Class A*	6,096		125,578
First Cash Financial Services, Inc.*	2,923		63,049
Investment Technology Group, Inc.*	6,016		100,407
LaBranche & Co., Inc.*	11,562		60,816
optionsXpress Holdings, Inc.	2,782		45,319
Piper Jaffray Cos.*	1,510		60,853
Portfolio Recovery Associates, Inc.*	1,069		58,656
Rewards Network, Inc.	3,200		42,880
Stifel Financial Corp.*	3,245		174,419
SWS Group, Inc.	7,409		85,426
TradeStation Group, Inc.*	3,508		24,591
World Acceptance Corp.*	2,109		76,093
Total Diversified Financials			1,147,978

See notes to schedule of investments

Investments	Shares	Value
Energy—5.3%		$
Basic Energy Services, Inc.*	15,135		116,691
Bristow Group, Inc.*	5,432		204,949
CARBO Ceramics, Inc.	1,082		67,452
Dril-Quip, Inc.*	1,773		107,869
Gulf Island Fabrication, Inc.	2,665		57,964
Holly Corp.	28,382		792,142
Hornbeck Offshore Services, Inc.*	3,243		60,223
ION Geophysical Corp.*	13,652		67,168
Lufkin Industries, Inc.	1,739		137,642
Matrix Service Co.*	13,703		147,444
Oil States International, Inc.*	12,089		548,115
Penn Virginia Corp.	7,311		179,120
Petroleum Development Corp.*	2,728		63,208
Petroquest Energy, Inc.*	7,413		37,287
Pioneer Drilling Co.*	10,835		76,278
SEACOR Holdings, Inc.*	3,909		315,300
St. Mary Land & Exploration Co.	3,660		127,405
Stone Energy Corp.*	6,684		118,641
Superior Well Services, Inc.*	5,866		78,487
Swift Energy Co.*	2,970		91,298
Tetra Technologies, Inc.*	16,888		206,371
World Fuel Services Corp.	72,041		1,919,172
Total Energy			5,520,226
Food & Staples Retailing—4.4%
Andersons, Inc.	19,106		639,669
Casey’s General Stores, Inc.	28,369		890,787
Great Atlantic & Pacific Tea Co., Inc.*	145,406		1,115,263
Nash Finch Co.	25,872		870,593
Spartan Stores, Inc.	31,831		459,003
United Natural Foods, Inc.*	23,136		650,816
Total Food & Staples Retailing			4,626,131
Food Beverage & Tobacco—2.2%
Alliance One International, Inc.*	83,655		425,805
Boston Beer Co., Inc. Class A*	1,686		88,110
Calavo Growers, Inc.	3,588		65,445
Cal-Maine Foods, Inc.	5,702		193,241
Darling International, Inc.*	17,023		152,526
Diamond Foods, Inc.	3,134		131,753
Hain Celestial Group, Inc.*	12,615		218,870
J&J Snack Foods Corp.	2,997		130,280
Lance, Inc.	6,224		143,961
Sanderson Farms, Inc.	7,145		383,043
TreeHouse Foods, Inc.*	7,625		334,509
Total Food Beverage & Tobacco			2,267,543
Health Care Equipment & Services—10.1%
Abaxis, Inc.*	789		21,453
Air Methods Corp.*	2,625		89,250
Align Technology, Inc.*	3,496		67,613
Almost Family, Inc.*	1,292		48,695
Amedisys, Inc.*	6,111		337,449
American Medical Systems Holdings, Inc.*	4,856		90,224
AMERIGROUP Corp.*	34,269		1,139,102
AMN Healthcare Services, Inc.*	19,110		168,168
Amsurg Corp.*	5,237		113,067
Analogic Corp.	2,002		85,545
Bio-Reference Labs, Inc.*	1,760		77,387
Cantel Medical Corp.	2,519		50,002
Catalyst Health Solutions, Inc.*	13,791		570,672
Centene Corp.*	34,928		839,669
Chemed Corp.	4,399		239,218
Computer Programs & Systems, Inc.	449		17,547
CONMED Corp.*	5,582		132,907
Cooper Co., Inc.	5,142		199,921
Corvel Corp.*	1,627		58,165
Cross Country Healthcare, Inc.*	12,385		125,212
CryoLife, Inc.*	2,970		19,216
Cyberonics*	1,234		23,643
Eclipsys Corp.*	4,649		92,422
Genoptix, Inc.*	843		29,918
Gentiva Health Services, Inc.*	8,028		227,032
Greatbatch, Inc.*	4,926		104,382
Haemonetics Corp.*	1,824		104,242
Hanger Orthopedic Group, Inc.*	9,568		173,946
Healthspring, Inc.*	24,596		432,890
Healthways, Inc.*	7,530		121,007
HMS Holdings Corp.*	803		40,945

See notes to schedule of investments

Investments	Shares	Value
ICU Medical, Inc.*	1,084	$	37,344
Integra Lifesciences Holdings Corp.*	3,385		148,365
Invacare Corp.	11,411		302,848
inVentiv Health, Inc.*	11,693		262,625
IPC The Hospitalist Co., Inc.*	1,765		61,969
Kensy Nash Corp.*	632		14,909
Landauer, Inc.	271		17,675
LCA-Vision, Inc.*	4,342		36,125
LHC Group, Inc.*	2,644		88,653
Magellan Health Services, Inc.*	12,314		535,413
Medcath Corp.*	15,085		157,940
Mednax, Inc.*	3,805		221,413
Meridian Bioscience, Inc.	1,133		23,079
Merit Medical Systems, Inc.*	2,384		36,356
Molina Healthcare, Inc.*	29,090		732,195
MWI Veterinary Supply, Inc.*	4,538		183,335
Natus Medical, Inc.*	1,980		31,502
Neogen Corp.*	1,057		26,531
Odyssey HealthCare, Inc.*	7,998		144,844
Omnicell, Inc.*	3,261		45,752
Osteotech, Inc.*	4,627		18,138
Palomar Medical Technologies, Inc.*	980		10,643
PharMerica Corp.*	21,773		396,704
Phase Forward, Inc.*	2,342		30,610
PSS World Medical, Inc.*	16,574		389,655
Quality Systems, Inc.	666		40,919
RehabCare Group, Inc.*	4,825		131,578
Res-Care, Inc.*	24,790		297,232
SurModics, Inc.*	907		18,993
Symmetry Medical, Inc.*	8,498		85,320
Theragenics Corp.*	9,788		16,248
West Pharmaceutical Services, Inc.	4,432		185,922
Zoll Medical Corp.*	2,456		64,740
Total Health Care Equipment & Services			10,636,484
Household & Personal Products—0.4%
Central Garden & Pet Co. Class A*	29,472		269,963
Mannatech, Inc.	20,857		69,662
WD-40 Co.	1,544		50,690
Total Household & Personal Products			390,315
Insurance—2.3%
American Physicians Capital, Inc.	976		31,183
Amerisafe, Inc.	2,798		45,803
Delphi Financial Group, Inc. Class A	12,212		307,254
eHealth, Inc.*	1,527		24,050
Employers Holdings, Inc.	6,024		89,456
Infinity Property & Casualty Corp.	3,753		170,536
National Financial Partners Corp.*	20,906		294,775
Navigators Group, Inc.*	2,595		102,061
Presidential Life Corp.	3,519		35,084
ProAssurance Corp.*	2,003		117,256
RLI Corp.	1,676		95,566
Safety Insurance Group, Inc.	2,851		107,397
Selective Insurance Group, Inc.	16,656		276,490
Stewart Information Services Corp.	24,326		335,700
Tower Group, Inc.	5,990		132,798
United Fire & Casualty Co.	5,514		99,197
Zenith National Insurance Corp.	3,420		131,054
Total Insurance			2,395,660
Materials—4.9%
A.M. Castle & Co.*	12,130		158,660
AMCOL International Corp.	4,741		128,955
American Vanguard Corp.	5,394		43,961
Arch Chemicals, Inc.	8,668		298,093
Balchem Corp.*	1,715		42,275
Brush Engineered Materials, Inc.*	6,523		147,224
Buckeye Technologies, Inc.*	15,534		203,185
Calgon Carbon Corp.*	4,837		82,809
Century Aluminum Co*	15,847		218,055
Clearwater Paper Corp.*	3,993		196,655
Deltic Timber Corp.	445		19,602
Eagle Materials, Inc.	4,106		108,973
H.B. Fuller Co.	10,009		232,309
Headwaters, Inc.*	25,240		115,852
Myers Industries, Inc.	13,728		143,869
Neenah Paper, Inc.	6,903		109,344
NewMarket Corp.	2,406		247,794
Olympic Steel, Inc.	3,590		117,214

See notes to schedule of investments

Investments	Shares	Value
OM Group, Inc.*	5,269	$	178,514
Penford Corp.*	5,505		56,426
PolyOne Corp.*	50,728		519,454
Quaker Chemical Corp.	3,822		103,614
Rock-Tenn Co. Class A	10,015		456,384
RTI International Metals, Inc.*	4,057		123,049
Schulman A., Inc.	13,476		329,758
Schweitzer-Mauduit International, Inc.	1,997		94,977
Stepan Co.	3,677		205,508
Texas Industries, Inc.	4,693		160,360
Wausau Paper Corp.*	16,712		142,720
Zep, Inc.	5,433		118,874
Total Materials			5,104,467
Media—1.6%
Arbitron, Inc.	3,191		85,072
E.W. Scripps Co.*	26,163		221,077
Live Nation, Inc.*	97,649		1,415,911
Total Media			1,722,060
Pharmaceuticals, Biotechnology & Life Science—1.2%
Arqule, Inc.*	154		887
Cambrex Corp.*	8,022		32,489
Cubist Pharmaceuticals, Inc.*	4,991		112,497
Dionex Corp.*	936		69,994
Emergent Biosolutions, Inc.*	2,809		47,163
Enzo Biochem, Inc.*	2,749		16,549
eResearch Technology, Inc.*	2,874		19,859
Kendle International, Inc.*	6,501		113,637
Martek Biosciences Corp.*	3,468		78,065
Par Pharmaceutical Cos., Inc.*	7,385		183,148
Parexel International Corp.*	17,488		407,646
Regeneron Pharmaceuticals, Inc.*	3,088		81,801
Salix Pharmaceuticals Ltd.*	1,699		63,288
Savient Pharmaceuticals, Inc.*	11		159
Viropharma, Inc.*	6,045		82,393
Total Pharmaceuticals, Biotechnology & Life Science			1,309,575
Real Estate—1.5%
Acadia Realty Trust (a)	1,495		26,701
BioMed Realty Trust, Inc. (a)	4,229		69,948
Cedar Shopping Centers, Inc. (a)	5,419		42,864
Colonial Properties Trust (a)	5,263		67,787
DiamondRock Hospitality Co.* (a)	13,564		137,132
EastGroup Properties, Inc. (a)	753		28,418
Entertainment Properties Trust (a)	1,455		59,844
Extra Space Storage, Inc. (a)	4,293		54,435
Forestar Group, Inc.*	1,367		25,809
Franklin Street Properties Corp. (a)	1,762		25,426
Healthcare Realty Trust, Inc. (a)	1,962		45,695
Home Properties, Inc. (a)	1,958		91,634
Inland Real Estate Corp. (a)	3,877		35,475
Kilroy Realty Corp. (a)	1,605		49,498
Kite Realty Group Trust (a)	6,433		30,428
LaSalle Hotel Properties (a)	5,457		127,148
Lexington Realty Trust (a)	13,740		89,447
LTC Properties, Inc. (a)	377		10,202
Medical Properties Trust, Inc. (a)	2,196		23,014
Mid-America Apartment Communities, Inc. (a)	1,424		73,749
National Retail Properties, Inc. (a)	1,992		45,477
Parkway Properties, Inc. (a)	2,299		43,175
Pennsylvania Real Estate Investment Trust (a)	10,549		131,546
Post Properties, Inc. (a)	2,685		59,124
PS Business Parks, Inc. (a)	1,014		54,148
Sovran Self Storage, Inc. (a)	1,035		36,080
Tanger Factory Outlet Centers, Inc. (a)	1,198		51,706
Urstadt Biddle Properties, Inc. Class A (a)	984		15,557
Total Real Estate			1,551,467
Retailing—12.5%
Audiovox Corp. Class A *	15,484		120,466
Big 5 Sporting Goods Corp.	9,109		138,639
Blue Nile, Inc.*	867		47,702
Brown Shoe Co., Inc.	38,645		598,225
Buckle, Inc.	4,541		166,927
Cabela’s, Inc.*	36,109		631,546
Cato Corp. Class A	7,774		166,675
Childrens Place Retail Stores, Inc. *	9,646		429,729
Christopher & Banks Corp.	15,601		124,808

See notes to schedule of investments

Investments	Shares	Value
Dress Barn, Inc.*	12,242	$	320,251
Finish Line Class A	24,587		401,260
Fred’s, Inc. Class A	33,887		405,966
Genesco, Inc.*	11,412		353,886
Group 1 Automotive, Inc.*	29,734		947,325
Gymboree Corp.*	4,138		213,645
Haverty Furniture Cos., Inc.	8,418		137,382
Hibbett Sports, Inc.*	4,878		124,779
HOT Topic, Inc.*	22,241		144,567
HSN, Inc.*	27,218		801,298
Jo-Ann Stores, Inc.*	10,295		432,184
Jos. A. Bank Clothiers, Inc.*	2,854		155,971
Lithia Motors, Inc. Class A*	40,316		258,022
Lumber Liquidators Holdings, Inc.*	3,385		90,278
MarineMax, Inc.*	13,353		143,678
Men’s Wearhouse, Inc.	16,798		402,144
Midas, Inc.*	4,054		45,729
Monro Muffler, Inc.	3,347		119,689
NutriSystem, Inc.	3,223		57,402
OfficeMax, Inc.*	99,447		1,632,920
PEP Boys-Manny, Moe & Jack	41,007		412,120
PetMed Express, Inc.	1,978		43,852
Sonic Automotive, Inc. Class A*	99,551		1,095,061
Stage Stores, Inc.	22,922		352,770
Stamps.com, Inc.*	1,494		15,089
Stein Mart, Inc.*	24,767		223,646
Tractor Supply Co.	10,924		634,138
Tuesday Morning Corp.*	56,337		371,261
Zale Corp.*	101,299		277,559
Zumiez, Inc.*	5,932		121,547
Total Retailing			13,160,136
Semiconductors & Semiconductor Equipment —1.6%
Actel Corp.*	2,995		41,481
Advanced Energy Industries, Inc.*	2,648		43,851
ATMI, Inc.*	2,532		48,893
Brooks Automation, Inc.*	5,833		51,447
Cabot Microelectronics Corp.*	1,545		58,447
Cohu, Inc.	2,112		29,082
Cymer, Inc.*	1,484		55,353
Cypress Semiconductor Corp.*	11,321		130,192
Diodes, Inc.*	3,613		80,931
DSP Group, Inc.*	6,870		57,227
Exar Corp.*	2,976		20,981
FEI Co.*	4,070		93,244
Hittite Microwave Corp.*	726		31,922
Kopin Corp.*	4,962		18,359
Kulicke & Soffa Industries, Inc.*	7,131		51,700
Micrel, Inc.	4,846		51,658
Microsemi Corp.*	4,954		85,902
MKS Instruments, Inc.*	4,358		85,373
Pericom Semiconductor Corp.*	2,500		26,775
Rudolph Technologies, Inc.*	1,814		15,546
Sigma Designs, Inc.*	3,671		43,061
Skyworks Solutions, Inc.*	10,338		161,273
Standard Microsystems Corp.*	3,269		76,102
Supertex, Inc.*	529		13,537
Tessera Technologies, Inc.*	1,473		29,872
TriQuint Semiconductor, Inc.*	18,950		132,650
Ultratech, Inc.*	998		13,573
Varian Semiconductor Equipment Associates, Inc.*	2,080		68,890
Veeco Instruments, Inc.*	2,021		87,914
Total Semiconductors & Semiconductor Equipment			1,705,236
Software & Services—3.9%
Blackbaud, Inc.	2,433		61,287
CACI International, Inc. Class A*	9,746		476,091
CIBER, Inc.*	59,168		221,288
CommVault Systems, Inc.*	2,046		43,682
comScore, Inc.*	1,326		22,131
Concur Technologies, Inc.*	1,059		43,430
CSG Systems International, Inc.*	4,705		98,617
CyberSource Corp.*	2,410		42,512
DealerTrack Holdings, Inc*	2,125		36,295
Ebix, Inc.*	908		14,501
Epicor Software Corp.*	9,855		94,214
EPIQ Systems, Inc.*	3,317		41,230
Forrester Research, Inc.*	1,679		50,488
Heartland Payment Systems, Inc.	24,368		453,245
Infospace, Inc.*	3,615		39,946
Integral Systems, Inc.*	3,146		30,296

See notes to schedule of investments

Investments	Shares	Value
Interactive Intelligence, Inc.*	4,310	$	80,554
j2 Global Communications, Inc.*	2,181		51,035
JDA Software Group, Inc.*	2,915		81,095
Knot, Inc. *	1,880		14,702
Manhattan Associates, Inc.*	1,890		48,157
MAXIMUS, Inc.	2,647		161,282
NCI, Inc. Class A*	13,545		409,465
Netscout Systems, Inc.*	3,525		52,135
Perficient, Inc.*	4,258		47,988
Phoenix Technologies Ltd.*	3,971		12,787
Progress Software Corp.*	3,511		110,351
Radiant Systems, Inc.*	4,994		71,264
Smith Micro Software, Inc.*	2,472		21,852
Sonic Solutions*	2,370		22,207
StarTek, Inc.*	7,581		52,688
Take-Two Interactive Software, Inc.*	20,891		205,776
Taleo Corp. Class A*	1,694		43,892
TeleTech Holdings, Inc.*	11,128		190,066
THQ, Inc.*	33,955		238,025
Tyler Technologies, Inc.*	2,604		48,799
United Online, Inc.	24,718		184,891
Websense, Inc.*	3,215		73,206
Wright Express Corp.*	1,861		56,053
Total Software & Services			4,047,523
Technology Hardware & Equipment—8.1%
Adaptec, Inc.*	7,020		22,955
Agilysys, Inc.	14,229		158,938
Anixter International, Inc.*	19,455		911,467
Arris Group, Inc.*	17,345		208,313
Avid Technology, Inc.*	9,623		132,605
Bel Fuse, Inc. Class B	1,753		35,323
Benchmark Electronics, Inc.*	19,096		396,051
Black Box Corp.	6,161		189,512
Blue Coat Systems, Inc*	2,762		85,732
Brightpoint, Inc.*	82,798		623,469
Checkpoint Systems, Inc.*	9,270		205,052
Cognex Corp.	1,814		33,541
Compellent Technologies, Inc.*	939		16,479
Comtech Telecommunications Corp.*	2,950		94,371
CTS Corp.	10,226		96,329
Daktronics, Inc.	11,307		86,159
Digi International, Inc.*	3,823		40,677
DTS, Inc.*	435		14,807
Electro Scientific Industries, Inc.*	3,439		44,054
EMS Technologies, Inc.*	5,153		85,540
FARO Technologies, Inc.*	1,311		33,758
Gerber Scientific, Inc.*	20,876		129,640
Harmonic, Inc.*	10,139		63,977
Hutchinson Technology, Inc.*	10,547		65,813
Insight Enterprises, Inc.*	71,106		1,021,083
Intermec, Inc.*	9,608		136,241
Intevac, Inc.*	920		12,714
Keithley Instruments, Inc.	4,263		28,136
Littelfuse, Inc.*	2,518		95,709
LoJack Corp.*	6,098		25,185
Mercury Computer Systems, Inc.*	3,179		43,616
Methode Electronics, Inc.	10,525		104,198
MTS Systems Corp.	2,769		80,384
Netgear, Inc.*	5,104		133,214
Network Equipment Technologies, Inc.*	3,396		18,712
Newport Corp.*	7,876		98,450
Novatel Wireless, Inc.*	6,927		46,619
Park Electrochemical Corp.	1,530		43,972
PC-Tel, Inc.*	1,391		8,596
Plexus Corp.*	10,036		361,597
RadiSys Corp.*	5,766		51,663
Rogers Corp.*	1,740		50,477
Scansource, Inc.*	14,133		406,748
Stratasys, Inc.*	1,107		26,989
Symmetricom, Inc.*	7,412		43,212
Synaptics, Inc.*	2,988		82,499
SYNNEX Corp.*	46,475		1,373,802
Technitrol, Inc.	20,485		108,161
Tekelec*	5,294		96,139
Tollgrade Communications, Inc.*	1,265		7,957
TTM Technologies, Inc.*	9,903		87,939
Viasat, Inc.*	3,423		118,470
Total Technology Hardware & Equipment			8,487,044

See notes to schedule of investments

Investments	Shares	Value
Telecommunication Services—0.4%
Cbeyond Communications, Inc.*	5,022	$	68,701
General Communication, Inc. Class A*	16,387		94,553
Iowa Telecommunications Services, Inc.	2,572		42,952
Neutral Tandem, Inc.*	1,498		23,938
NTELOS Holdings Corp.	6,279		111,704
USA Mobility, Inc.*	5,124		64,921
Total Telecommunication Services			406,769
Transportation—1.5%
Allegiant Travel Co.*	2,171		125,614
Arkansas Best Corp.	9,187		274,508
Forward Air Corp.	3,063		80,557
Heartland Express, Inc.	5,550		91,575
HUB Group, Inc. Class A*	9,522		266,426
Knight Transportation, Inc.	6,327		133,436
Old Dominion Freight Line, Inc.*	7,165		239,239
Skywest, Inc.	28,948		413,377
Total Transportation			1,624,732
Utilities—3.0%
ALLETE, Inc.	3,713		124,311
American States Water Co.	1,761		61,107
Avista Corp.	12,635		261,671
Central Vermont Public Service Corp.	2,852		57,525
CH Energy Group, Inc.	4,550		185,822
El Paso Electric Co.*	7,184		147,990
Laclede Group, Inc.	10,746		362,355
New Jersey Resources Corp.	13,919		522,798
Northwest Natural Gas Co.	4,097		190,920
Piedmont Natural Gas Co., Inc.	11,841		326,575
South Jersey Industries, Inc.	4,126		173,251
Southwest Gas Corp.	11,495		343,930
UIL Holdings Corp.	5,628		154,770
UniSource Energy Corp.	7,670		241,145
Total Utilities			3,154,170
Total Investments—100.0%
(Cost $87,867,958)			104,975,396
Other Assets In Excess of Liabilities—0.0% **			18,960
Net Assets—100.0%		$	104,994,356

†	Based on the hierarchy of inputs used in fair value measurement, securities listed are level 1 quoted prices in active markets for identical securities.
*	Non-income producing security.
**	Represents less than 0.05%.
(a)	Real Estate Investment Trust.

See notes to schedule of investments

SCHEDULE OF INVESTMENTS
REVENUESHARES FINANCIAL SECTOR FUND
March 31, 2010 (Unaudited)

Investments	Shares	Value
COMMON STOCKS†—100.0%
Capital Markets—10.2%
Ameriprise Financial, Inc.	2,056	$	93,260
Bank of New York Mellon Corp.	3,320		102,522
Charles Schwab Corp.	2,793		52,201
E*Trade Financial Corp. *	19,886		32,812
Federated Investors, Inc. Class B	526		13,876
Franklin Resources, Inc.	436		48,352
Goldman Sachs Group, Inc.	2,928		499,604
Invesco Ltd.	1,186		25,985
Janus Capital Group, Inc.	641		9,160
Legg Mason, Inc.	1,574		45,127
Morgan Stanley	10,989		321,868
Northern Trust Corp.	1,047		57,857
State Street Corp.	2,743		123,819
T. Rowe Price Group, Inc.	350		19,226
Total Capital Markets			1,445,669
Commercial Banks—17.9%
BB&T Corp.	4,480		145,107
Comerica, Inc.	1,311		49,870
Fifth Third Bancorp	8,661		117,703
First Horizon National Corp.*	1,959		27,524
Huntington Bancshares, Inc.	9,496		50,994
KeyCorp	11,231		87,040
M&T Bank Corp.	687		54,534
Marshall & Ilsley Corp.	6,622		53,307
PNC Financial Services Group, Inc.	3,515		209,846
Regions Financial Corp.	17,960		140,986
SunTrust Banks, Inc.	5,389		144,371
U.S. Bancorp	9,154		236,906
Wells Fargo & Co.	37,351		1,162,363
Zions Bancorporation	2,827		61,685
Total Commercial Banks			2,542,236
Consumer Finance—4.5%
American Express Co.	7,368		304,004
Capital One Financial Corp.	4,574		189,409
Discover Financial Services	4,306		64,159
SLM Corp.*	5,859		73,355
Total Consumer Finance			630,927
Diversified Financials Services—32.5%
Bank of America Corp.	104,191		1,859,810
Citigroup, Inc.*	300,639		1,217,588
CME Group, Inc.	92		29,082
IntercontinentalExchange, Inc. *	113		12,676
JPMorgan Chase & Co.	30,413		1,360,982
Leucadia National Corp.*	469		11,636
Moody’s Corp.	749		22,283
Nasdaq OMX Group *	2,004		42,324
NYSE Euronext	2,047		60,612
Total Diversified Financials			4,616,993
Insurance—31.8%
Aflac, Inc.	4,239		230,135
Allstate Corp.	12,018		388,302
American International Group, Inc.*	19,849		677,645
AON Corp.	2,178		93,022
Assurant, Inc.	3,252		111,804
Berkshire Hathaway, Inc. Class B *	2,134		173,430
Chubb Corp.	2,873		148,965
Cincinnati Financial Corp.	1,602		46,298
Genworth Financial, Inc. Class A *	9,474		173,753
Hartford Financial Services Group, Inc.	8,598		244,355
Lincoln National Corp.	4,127		126,699
Loews Corp.	4,042		150,686

See notes to schedule of investments

Investments	Shares	Value
Marsh & McLennan Cos., Inc.	5,286	$	129,084
Metlife, Inc.	13,046		565,414
Principal Financial Group, Inc.	4,235		123,704
Progressive Corp.	9,059		172,936
Prudential Financial, Inc.	7,016		424,468
Torchmark Corp.	818		43,771
Travelers Cos., Inc.	5,200		280,488
Unum Group	5,745		142,304
XL Capital Ltd. Class A	3,643		68,853
Total Insurance			4,516,116
Real Estate Investment Trusts—2.4%
Apartment Investment & Management Co. Class A	1,017		18,723
AvalonBay Communities, Inc.	127		10,966
Boston Properties, Inc.	251		18,935
Equity Residential	711		27,836
HCP, Inc.	368		12,144
Health Care REIT, Inc.	140		6,332
Host Hotels & Resorts, Inc.	4,800		70,319
Kimco Realty Corp.	776		12,137
Plum Creek Timber Co., Inc.	461		17,938
ProLogis	1,999		26,387
Public Storage, Inc.	236		21,710
Simon Property Group, Inc.	558		46,816
Ventas, Inc.	234		11,110
Vornado Realty Trust	435		32,930
Total Real Estate Investment Trusts			334,283
Real Estate Management & Development—0.4%
CB Richard Ellis Group, Inc. Class A *	3,785		59,992
Thrifts & Mortgage Finance—0.3%
Hudson City Bancorp, Inc.	2,458		34,805
People’s United Financial, Inc.	736		11,511
Total Thrifts & Mortgage Finance			46,316
Total Investments—100.0%
(Cost $11,292,627)			14,192,532
Other Assets In Excess of Liabilities—0.0%**			5,849
Net Assets—100.0%		$	14,198,381

†	Based on the hierarchy of inputs used in fair value measurement, securities listed are level 1 quoted prices in active markets for identical securities.
*	Non-income producing security.
**	Represents less than 0.05%.

See notes to schedule of investments

SCHEDULE OF INVESTMENTS
REVENUESHARES ADR FUND
March 31, 2010 (Unaudited)

Investments	Shares	Value
COMMON STOCKS†—95.9%
Automobiles & Components—7.2%
Daimler AG (a)	20,473	$	962,436
Honda Motor Co. Ltd. (b)	24,189		853,630
Magna International, Inc. Class A*	2,406		148,811
Toyota Motor Corp. (b)	21,599		1,736,991
Total Automobiles & Components			3,701,868
Banks—11.4%
Banco Bilbao Vizcaya Argentaria SA (b)	29,379		402,199
Banco Bradesco SA (b)	23,316		429,714
Banco de Chile (b)	347		20,077
Banco Santander Chile (b)	401		27,356
Banco Santander SA (b)	35,717		473,965
Bank of Montreal	1,927		116,969
Bank of Nova Scotia	3,695		184,824
Barclays PLC (b)	24,820		539,835
Canadian Imperial Bank of Commerce Ltd.	1,406		102,638
Credicorp Ltd.	239		21,075
HSBC Holdings PLC (b)	15,528		787,113
KB Financial Group, Inc. (b)	97		4,652
Lloyds TSB Group PLC* (b)	158,196		609,055
Mitsubishi UFJ Financial Group, Inc. (b)	74,189		388,008
Mizuho Financial Group, Inc. (b)	58,574		230,782
National Bank of Greece SA* (b)	23,253		94,407
Royal Bank of Canada	4,250		247,988
Royal Bank of Scotland Group PLC* (b)	55,942		740,671
Shinhan Financial Group Co., Ltd (b)	153		12,164
Toronto-Dominion Bank	2,531		188,762
Westpac Banking Corp. (b)	1,733		220,230
Total Banks			5,842,484
Capital Goods—4.1%
ABB Ltd.* (b)	12,708		277,543
Empresa Brasileira de Aeronaut SA* (b)	1,968		47,153
Koninklijke Philips Electronics NV (a)	8,779		281,104
Kubota Corp. (b)	2,067		94,235
Mitsui & Co. Ltd. (b)	1,404		471,337
Siemens AG (b)	9,167		916,424
Tomkins PLC (b)	2,594		36,939
Total Capital Goods			2,124,735
Consumer Durables & Apparel—2.7%
Gildan Activewear, Inc.*	339		8,912
Luxottica Group SpA (b)	2,281		61,085
Panasonic Corp. (b)	42,995		658,684
Sony Corp. (b)	17,139		656,766
Total Consumer Durables & Apparel			1,385,447
Consumer Services—0.3%
Carnival PLC (b)	2,760		112,994
Intercontinental Hotels Group PLC (b)	842		13,169
Tim Hortons, Inc.	524		17,077
Total Consumer Services			143,240
Diversified Financials—5.6%
Credit Suisse Group AG (b)	8,002		411,143
Deutsche Bank AG (a)	6,622		509,033
ING Groep NV * (b)	151,320		1,507,148
Nomura Holdings, Inc. (b)	7,392		54,183
ORIX Corp. (b)	945		41,684
UBS AG * (a)	21,990		357,997
Total Diversified Financials			2,881,188
Energy—26.8%
BP PLC (b)	36,417		2,078,317
Cameco Corp.	633		17,351

See notes to schedule of investments

Investments	Shares	Value
Canadian Natural Resources Ltd.	1,074	$	79,519
Cenvous Energy, Inc.	3,403		89,193
CNOOC Ltd. (b)	738		121,829
Enbridge, Inc.	1,970		94,068
EnCana Corp.	4,885		151,582
Enerplus Resources Fund (c)	344		8,156
ENI SpA (b)	21,480		1,008,056
Imperial Oil Ltd.	3,976		154,547
Nexen, Inc.	1,808		44,676
Penn West Energy Trust (c)	863		18,227
PetroChina Co. Ltd. (b)	11,048		1,295,047
Petroleo Brasilerio SA (b)	20,690		819,117
Repsol YPF SA (b)	23,183		551,292
Royal Dutch Shell PLC (b)	43,693		2,417,533
Royal Dutch Shell PLC (b)	41,817		2,419,531
StatoilHydro ASA (b)	27,812		648,854
Suncor Energy, Inc.	6,090		198,169
Talisman Energy, Inc.	2,958		50,463
Tenaris SA (b)	1,638		70,336
Total SA (b)	23,520		1,364,630
TransCanada Corp.	1,865		68,557
Total Energy			13,769,050
Food & Staples Retailing—0.5%
Delhaize Group SA (b)	2,984		240,182
Food Beverage & Tobacco—3.4%
Anheuser-Busch Inbev NV *, (b)	6,265		316,069
British American Tobacco PLC (b)	2,806		193,333
Diageo PLC (b)	1,913		129,032
Fomento Economico Mexicano SAB De CV (b)	2,678		127,285
Unilever NV (a)	16,117		486,089
Unilever PLC (b)	16,584		485,580
Total Food Beverage & Tobacco			1,737,388
Health Care Equipment & Services—0.2%
Fresenius Medical Care AG & Co. KGaA (b)	1,753		98,449
Smith & Nephew PLC (b)	656		32,839
Total Health Care Equipment & Services			131,288
Insurance—4.9%
Aegon NV* (a)	39,342		267,919
Aviva PLC (b)	69,641		834,996
China Life Insurance Co. Ltd. (b)	3,332		240,037
Manulife Financial Corp.	15,229		299,859
Prudential PLC (b)	40,857		677,409
Sun Life Financial, Inc.	6,468		207,817
Total Insurance			2,528,037
Materials—4.8%
Agnico-Eagle Mines Ltd.	97		5,400
Agrium, Inc.	1,118		78,964
Arcelormittal (b)	12,837		563,672
Barrick Gold Corp.	1,864		71,466
BHP Billiton Ltd. (b)	2,400		192,768
BHP Billiton PLC (b)	2,826		193,383
Cemex SAB de CV * (b)	12,166		124,215
Cia Siderurgica Nacional SA* (b)	1,225		48,914
Cia de Minas Buenaventura SA (b)	248		7,681
CRH PLC (b)	8,404		209,176
Eldorado Gold Corp.*	259		3,129
Fibria Celulose S.A. * (b)	1,240		27,131
Gerdau SA* (b)	7,199		117,344
Goldcorp, Inc.	639		23,784
IAMGOLD Corp.	598		7,906
Kinross Gold Corp.	1,219		20,833
Lihir Gold Ltd. (b)	334		9,405
POSCO (b)	1,555		181,951
Potash Corp. of Saskatchewan Inc.	286		34,134
Rio Tinto PLC (b)	1,523		360,539
Sociedad Quimica y Mera de Chile SA (b)	332		12,413
Southern Copper Corp.	1,012		32,050
Syngenta AG (b)	1,735		96,310
Teck Cominco Ltd. Class B *	1,364		59,416
Yamana Gold, Inc.	1,100		10,835
Total Materials			2,492,819
Media—0.9%

See notes to schedule of investments

Investments	Shares	Value
British Sky Broadcasting Group PLC (b)	2,125	$	77,329
Grupo Televisa SA (b)	1,602		33,674
Pearson PLC (b)	4,901		76,897
Shaw Communications, Inc. Class B	1,259		25,016
Thomson Reuters Corp.	3,105		112,712
WPP PLC (b)	2,299		118,513
Total Media			444,141
Pharmaceuticals, Biotechnology & Life Sciences—3.0%
AstraZeneca PLC (b)	6,376		285,135
Biovail Corp.	422		7,077
Elan Corp. PLC * (b)	819		6,208
GlaxoSmithKline PLC (b)	10,064		387,664
Novartis AG (b)	7,137		386,112
Novo Nordisk A/S (b)	1,071		82,596
QIAGEN NV *	378		8,690
Sanofi-Aventis SA (b)	9,491		354,584
Shire PLC (b)	393		25,922
Total Pharmaceuticals, Biotechnology & Life Sciences			1,543,988
Real Estate—0.2%
Brookfield Asset Management, Inc. Class A	4,111		104,502
Semiconductors & Semiconductor Equipment—0.4%
Advantest Corp. (b)	255		6,395
ARM Holdings PLC (b)	382		4,084
ASML Holding N.V. (a)	558		19,753
STMicroelectronics NV (a)	7,480		73,753
Taiwan Semiconductor Manufacturing Co., Ltd. (b)	7,130		74,794
United Microelectronics Corp. * (b)	6,223		23,398
Total Semiconductors & Semiconductor Equipment			202,177
Software & Services—0.3%
SAP AG (b)	2,700		130,059
Technology Hardware & Equipment—4.5%
Alcatel-Lucent * (b)	57,521		179,466
AU Optronics Corp. (b)	6,911		78,302
Canon, Inc. (b)	6,393		295,421
Hitachi Ltd.* (b)	22,845		849,605
Kyocera Corp. (b)	982		95,470
Nokia OYJ (b)	32,185		500,155
Research In Motion Ltd.*	1,278		94,508
Telefonaktiebolaget LM Ericsson (b)	23,008		239,973
Total Technology Hardware & Equipment			2,332,900
Telecommunication Services—12.1%
America Movil SAB de CV Series L (b)	4,991		251,247
BCE, Inc.	4,576		134,306
BT Group PLC (b)	17,051		319,024
China Mobile Ltd. (b)	11,737		564,784
Chunghwa Telecom Co, Ltd. (b)	2,492		48,420
Deutsche Telekom AG (b)	58,262		786,536
France Telecom SA (b)	23,019		553,147
Hellenic Telecommunications Organization SA (b)	11,597		72,829
Nippon Telegraph & Telephone Corp. (b)	42,829		900,265
NTT DoCoMo, Inc. (b)	25,125		381,900
Portugal Telecom SGPS SA (b)	7,331		81,447
Rogers Communications, Inc. Class B	2,624		89,557
SK Telecom Co., Ltd. (b)	4,710		81,295
Tele Norte Leste Participacoes SA (b)	7,471		131,938
Telecom Corp. of New Zealand, Ltd. (b)	3,787		29,236
Telecom Italia SpA (b)	23,120		331,541
Telefonica SA (b)	9,595		682,205
Telefonos de Mexico SAB de CV Class L (b)	4,908		76,565
TELUS Corp.	2,049		73,395
Vodafone Group PLC (b)	26,162		609,313
Total Telecommunication Services			6,198,950
Transportation—0.3%
Canadian National Railway Co.	920		55,742
Canadian Pacific Railway Ltd.	587		33,013
Lan Airlines SA (b)	1,718		30,323
Ryanair Holdings PLC * (b)	1,345		36,544
Total Transportation			155,622

See notes to schedule of investments

Investments	Shares	Value
Utilities—2.3%
Centrais Eletricas Brasileiras SA (b)	7,952	$	119,280
CIA Energetica de Minas Gerais (b)	3,069		51,068
Empresa Nacional de Electricidad SA (b)	800		37,592
Enersis SA (b)	4,706		94,073
Korea Electric Power Corp.* (b)	13,837		224,713
National Grid PLC (b)	4,275		208,406
TransAlta Corp.	954		21,036
Veolia Environnement (b)	11,913		411,832
Total Utilities			1,168,000
Total Common Stocks
(Cost $46,689,866)			49,258,065
PREFERRED STOCKS—1.5%
Bank—0.8%
Itau Unibanco Banco Mlutiplo SA (b)	19,544		429,773
Food, Beverage & Tobacco—0.2%
Cia de Bebidas das Americas (b)	970		88,910
Materials—0.4%
Vale SA (b)	7,670		212,919
Utilities—0.1%
Cia Paranaense de Energia (b)	1193		24,433
Total Preferred Stocks
(Cost $652,273)			756,035
Total Investments—97.4%
(Cost $47,342,139)			50,014,100
Other Assets in Excess of Liabilities—2.6%			1,359,297
Net Assets—100.0%		$	51,373,397

See notes to schedule of investments

Country	Value		% of Net Assets
Australia	$	412,998	0.8	%
Belgium		556,251	1.1
Brazil		2,547,694	5.0
Britain		9,911,574	19.3
Canada		3,452,181	6.7
Chile		221,835	0.4
China		1,535,084	3.0
Denmark		82,596	0.2
Finland		500,155	1.0
France		2,863,659	5.6
Germany		3,402,938	6.6
Greece		167,236	0.3
Hong Kong		686,613	1.3
Ireland		277,850	0.5
Italy		1,400,682	2.7
Japan		7,715,357	15.0
Luxembourg		634,008	1.2
Mexico		612,986	1.2
Netherlands		7,407,767	14.4
New Zealand		29,236	0.1
Norway		648,854	1.3
Papua N.Guinea		9,405	0.0	††
Peru		28,756	0.1
Portugal		81,447	0.2
South Korea		504,774	1.0
Spain		2,109,659	4.1
Sweden		239,973	0.5
Switzerland		1,602,857	3.1
Taiwan		224,913	0.4
United States		144,762	0.3
Total Investments		50,014,100	97.4
Other Assets in Excess of
Liabilities		1,359,297	2.6
Net Assets	$	51,373,397	100.0	%

†	Based on the hierarchy of inputs used in fair value measurement, securities listed are level 1 quoted prices in active markets for identical securities.
*	Non-income producing security.
(a)	Registered Shares.
(b)	American Depositary Receipt.
(c)	Units.
††	Less than 0.05%.

See notes to schedule of investments

SCHEDULE OF INVESTMENTS
REVENUESHARES NAVELLIER OVERALL A-100 FUND
March 31, 2010 (Unaudited)

Investments	Shares	Value
COMMON STOCKS†—94.8%
Automobiles & Components—9.3%
Ford Motor Co.*	60,755	$	763,691
TRW Automotive Holdings Corp. *	10,416		297,689
Total Automobiles & Components			1,061,380
Banks—1.0%
Bofi Holding, Inc. *	3,338		46,498
CorpBanca SA (a)	1,483		63,769
Total Banks			110,267
Capital Goods—1.8%
Miller Industries, Inc.	3,300		41,019
Oshkosh Corp.*	4,087		164,870
Total Capital Goods			205,889
Commercial & Professional Services—0.5%
51job, Inc. * (a)	1,813		32,670
RINO International Corp. *	1,229		29,164
Total Commercial & Professional Services			61,834
Consumer Durables & Apparel—2.9%
Deer Consumer Products, Inc.	2,428		29,476
Flexsteel Industries	3,994		54,278
La-Z-Boy, Inc.*	5,514		69,146
RG Barry Corp.	4,724		48,185
Skechers U.S.A., Inc. *	2,045		74,274
Steven Madden Ltd. *	1,154		56,315
Total Consumer Durables & Apparel			331,674
Consumer Services—0.8%
Capella Education Co. *	556		51,619
Ctrip.com International Ltd. * (a)	945		37,044
Total Consumer Services			88,663
Diversified Financials—0.6%
Main Street Capital Corp.	1,756		27,411
Nicholas Financial, Inc.	6,231		47,169
Total Diversified Financials			74,580
Energy—1.3%
L&L Energy, Inc. *	3,751		46,062
Oil States International, Inc. *	2,208		100,111
Total Energy			146,173
Food & Staples Retailing—0.4%
G Willi-Food International Ltd.*	7,821		46,613
Food Beverage & Tobacco—3.9%
Del Monte Foods Co.	12,164		177,594
Green Mountain Coffee Roasters, Inc. *	756		73,196
Hormel Foods Corp.	4,694		197,195
Total Food Beverage & Tobacco			447,985
Health Care Equipment & Services—11.6%
Alcon, Inc.	1,375		222,145
Edwards Lifesciences Corp.*	768		75,940
Intuitive Surgical, Inc. *	191		66,493
McKesson Corp.	12,078		793,766
Shamir Optical Industry Ltd.	3,652		35,534
Sirona Dental Systems, Inc. *	1,523		57,920
SXC Health Solutions Corp.*	1,190		80,063
Total Health Care Equipment & Services			1,331,861

See notes to schedule of investments

Investments	Shares	Value
Household & Personal Products—3.7%
Estee Lauder Cos., Inc. Class A	3,220	$	208,882
Medifast, Inc. *	1,063		26,713
NBTY, Inc.*	2,458		117,935
Nu Skin Enterprises, Inc. Class A	2,432		70,771
Total Household & Personal Products			424,301
Materials—5.9%
China Agritech, Inc. *	2,425		60,286
China Green Agriculture, Inc. *	1,891		26,474
Clearwater Paper Corp. *	1,212		59,691
KapStone Paper and Packaging Corp. *	4,971		59,006
KMG Chemicals, Inc.	2,344		41,208
Lubrizol Corp.	1,576		144,551
Omnova Solutions, Inc.*	7,117		55,868
Teck Resourced Ltd. Class B *	5,339		232,566
Total Materials			679,650
Media—0.5%
Liberty Media Corp.-Capital Series A *	1,612		58,628
Pharmaceuticals, Biotechnology & Life Science—3.8%
Hi-Tech Pharmacal Co., Inc. *	1,159		25,660
Impax Laboratories, Inc. *	2,756		49,277
Obagi Medical Products, Inc. *	3,947		48,074
Perrigo Co.	1,569		92,133
Santarus, Inc. *	9,235		49,684
SeraCare Life Sciences, Inc. *	11,421		45,684
Valeant Pharmaceuticals International *	1,452		62,305
Warner Chilcott PLC Class A *	2,643		67,529
Total Pharmaceuticals, Biotechnology & life Science			440,346
Real Estate—1.0%
Annaly Capital Management, Inc. (b)	6,572		112,907
Retailing—3.0%
HSN, Inc. *	3,533		104,012
Kirkland’s, Inc. *	2,164		45,444
priceline.com, Inc. *	409		104,295
Select Comfort Corp. *	7,082		56,444
Winmark Corp.*	1,338		30,720
Total Retailing			340,915
Semiconductors & Semiconductor Equipment—3.5%
Arm Holdings, PLC (a)	5,019		53,653
Cree, Inc. *	855		60,038
Integrated Silicon Solutions, Inc. *	4,473		47,190
Marvell Technology Group Ltd.*	5,204		106,058
Mellanox Technologies Ltd. *	1,520		35,826
Power Integrations, Inc.	1,179		48,575
Volterra Semiconductor Corp. *	1,827		45,858
Total Semiconductors & Semiconductor Equipment			397,198
Software & Services—16.2%
Baidu, Inc * (a)	115		68,655
Check Point Software Technologies *	1,639		57,463
Cognizant Technology Solutions Corp. Class A *	2,726		138,971
Infosys Technologies Ltd. (a)	3,172		186,672
LML Payment Systems, Inc. *	19,082		47,133
Magic Software Enterprises Ltd.	18,333		46,749
Microsoft Corp.	27,102		793,275
MicroStrategy, Inc. Class A *	458		38,962
Patni Computer Systems Ltd. (a)	2,496		59,355
Perfect World Co. Ltd. * (a)	1,337		50,071
PLATO Learning, Inc.*	6,464		35,940
Vanceinfo Technologies, Inc. * (a)	1,607		35,820
VistaPrint NV	842		48,205
WebMD Health Corp. *	1,170		54,265
Wipro Ltd. * (a)	8,377		195,267
Total Software & Services			1,856,803
Technology Hardware & Equipment—21.0%
Acme Packet, Inc. *	2,502		48,239
Apple, Inc. *	3,778		887,565
Bell Microproducts, Inc. *	16,096		112,350
F5 Networks, Inc. *	929		57,143
Littelfuse, Inc. *	1,370		52,074

See notes to schedule of investments

Investments	Shares	Value
Measurement Specialties, Inc. *	3,306	$	48,631
NetApp, Inc. *	4,020		130,891
Seagate Technology	14,316		261,409
Super Micro Computer, Inc. *	3,320		57,370
Tech Data Corp. *	15,957		668,597
Telestone Technologies Corp. *	1,577		27,598
TESSCO Technologies, Inc.	2,360		55,484
Total Technology Hardware & Equipment			2,407,351
Telecommunication Services—2.1%
AboveNet, Inc. *	642		32,569
B Communications Ltd. *	1,496		51,762
Cellcom Israel Ltd.	2,333		79,718
Partner Communications Co. Ltd. (a)	3,323		75,067
Total Telecommunication Services			239,116
Total Common Stocks
(Cost $10,266,226)			10,864,134
PREFERRED STOCK—5.1%
Food, Beverage & Tobacco—2.5%
Cia Brasileira de Distribuicao Grupo Pao de Acucar Class A (a)	4,198		282,232
Media—0.8%
Net Servicos de Comunicacao SA * (a)	6,918		89,589
Telecommunication Services—1.0%
Nortel Inversora SA Class B * (a)	5,553		111,059
Transportation—0.8%
Gol Linhas Aereas Inteligentes SA (a)	7,745		95,961
Total Preferred Stocks			578,841
(Cost $ 599,736)
Total Investments—99.9%
(Cost $10,865,962)			11,442,975
Other Assets In Excess of Liabilities—0.1%			15,116
Net Assets—100.0%		$	11,458,091

†	Based on the hierarchy of inputs used in fair value measurement, securities listed are level 1 quoted prices in active markets for identical securities.
*	Non-income producing security.
(a)	American Depositary Receipt
(b)	Real Estate Investment Trust

See notes to schedule of investments

NOTES TO SCHEDULE OF INVESTMENTS (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 diversified. Operations commenced on February 22, 2008 for the RevenueShares Large Cap Fund, RevenueShares Mid Cap Fund and RevenueShares Small Cap Fund, November 10, 2008 for the RevenueShares Financials Sector Fund, November 18, 2008 for the RevenueShares ADR Fund and January 21, 2009 for the 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™ (“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 Official Closing Price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith and in accordance with procedures adopted by the Trust’s Board of Trustees (the “Board”).

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

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

3. 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
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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 March 31, 2010 in valuing the Funds’ assets carried at fair value:

Fund	Quoted Prices in Active Market (Level 1)		Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
	Common Stock	Preferred Stock
RevenueShares Large Cap Fund	$128,898,492	$            -	-	-	$128,898,492
RevenueShares Mid Cap Fund	108,974,532	-	-	-	108,974,532
RevenueShares Small Cap Fund	104,975,396	-	-	-	104,975,396
RevenueShares Financials Sector Fund	14,192,532	-		-	14,192,532
RevenueShares ADR Fund	49,258,065	756,035	-	-	50,014,100
RevenueShares Navellier Overall A-100 Fund	10,864,134	578,841	-	-	11,442,975

In January 2010, FASB issued Accounting Standards Update No. 2010-06, “Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”). ASU 2010-06 requires new disclosure regarding transfers into and out of Levels 1 and 2 effective for interim and annual periods beginning after December 15, 2009. For the period ended March 31, 2010, there were no material transfers between Levels 1 and 2. ASU 2010-06 will also require additional details regarding Level 3 transaction activity effective for interim and annual periods beginning after December 15, 2010.

At March 31, 2010 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.

4. FEDERAL INCOME TAX

At March 31, 2010, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were substantially the same for book purposes, as indicated below:

Fund	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
RevenueShares Large Cap Fund	$115,015,128	$15,770,437	($1,887,073)	$ 13,883,364
RevenueShares Mid Cap Fund	93,391,448	16,050,781	(467,697)	15,583,084
RevenueShares Small Cap Fund	87,867,958	17,939,426	(831,988)	17,107,438
RevenueShares Financials Sector Fund	11,292,627	2,914,809	(14,904)	2,899,905
RevenueShares ADR Fund	47,342,139	3,198,422	(526,461)	2,671,961
RevenueShares Navellier Overall A-100 Fund	10,865,962	704,930	(127,917)	577,013

5. ADDITIONAL INFORMATION

The schedule of investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Funds’ audited annual report. This report includes additional information about the Funds.

6. SUBSEQUENT EVENTS

Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the report was issued. Management has determined that there were no material events that would require disclosure in this report through this date.

Item 2. Controls and Procedures.

(a)

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

(b)

There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

A separate certification for each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)) is attached hereto.

SIGNATURES

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

(Registrant) RevenueShares ETF Trust
By:	/s/ Vincent T. Lowry Vincent T. Lowry Principal Executive Officer
Date:	May 14, 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.

By:	/s/ Vincent T. Lowry Vincent T. Lowry Principal Executive Officer
Date:	May 14, 2010
By:	/s/ Christopher Lanza Christopher Lanza Principal Financial Officer
Date:	May 14, 2010