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: July 1, 2010 – September 30, 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
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
COMMON STOCKS–99.9%
Automobiles & Components–2.3%
Ford Motor Co.*	220,516	$	2,699,116
Goodyear Tire & Rubber Co.*	19,356		208,077
Harley-Davidson, Inc.	3,492		99,312
Johnson Controls, Inc.	19,951		608,506
Total Automobiles & Components			3,615,011
Banks–2.3%
BB&T Corp.	7,249		174,556
Comerica, Inc.	2,138		79,427
Fifth Third Bancorp	14,043		168,937
First Horizon National Corp.*	3,249		37,071
Hudson City Bancorp, Inc.	3,945		48,366
Huntington Bancshares, Inc.	15,392		87,273
KeyCorp	18,208		144,936
M&T Bank Corp.	1,120		91,627
Marshall & Ilsley Corp.	10,738		75,595
People’s United Financial, Inc.	1,155		15,119
PNC Financial Services Group, Inc.	5,714		296,614
Regions Financial Corp.	29,067		211,317
SunTrust Banks, Inc.	8,734		225,599
U.S. Bancorp	14,803		320,041
Wells Fargo & Co.	60,547		1,521,546
Zions Bancorporation	4,567		97,551
Total Banks			3,595,575
Capital Goods–9.8%
3M Co.	4,979		431,729
Boeing Co.	20,429		1,359,346
Caterpillar, Inc.	11,725		922,523
Cummins, Inc.	4,125		373,643
Danaher Corp.	5,556		225,629
Deere & Co.	8,497		592,921
Dover Corp.	2,618		136,686
Eaton Corp.	3,392		279,806
Emerson Electric Co.	9,538		502,271
Fastenal Co.	923		49,094
Flowserve Corp.	832		91,037
Fluor Corp.	10,027		496,637
General Dynamics Corp.	8,383		526,536
General Electric Co.	183,230		2,977,487
Goodrich Corp.	1,995		147,091
Honeywell International, Inc.	13,954		613,139
Illinois Tool Works, Inc.	5,069		238,344
ITT Corp.	3,847		180,155
Jacobs Engineering Group, Inc.*	6,234		241,256
L-3 Communications Holdings, Inc.	3,363		243,044
Lockheed Martin Corp.	10,306		734,612
Masco Corp.	10,398		114,482
Northrop Grumman Corp.	11,448		694,092
PACCAR, Inc.	4,292		206,660
Pall Corp.	1,265		52,675
Parker Hannifin Corp.	3,802		266,368
Precision Castparts Corp.	1,140		145,179
Quanta Services, Inc.*	3,090		58,957
Raytheon Co.	8,303		379,530
Rockwell Automation, Inc.	1,802		111,237
Rockwell Collins, Inc.	1,467		85,453
Roper Industries, Inc.	700		45,626
Snap-On, Inc.	1,154		53,673
Textron, Inc.	10,017		205,950
Tyco International Ltd.	6,113		224,530
United Technologies Corp.	14,009		997,861
W.W. Grainger, Inc.	1,132		134,833
Total Capital Goods			15,140,092
Commercial & Professional Services–0.6%
Avery Dennison Corp.	2,811		104,344
Cintas Corp.	2,401		66,147
Dun & Bradstreet Corp.	400		29,656
Equifax, Inc.	1,074		33,509
Iron Mountain, Inc.	2,234		49,908
Monster Worldwide, Inc.*	1,039		13,465
Pitney Bowes, Inc.	4,402		94,115
R.R. Donnelley & Sons Co.	8,114		137,613
Republic Services, Inc.	4,536		138,303
Robert Half International, Inc.	2,270		59,020
Stericycle, Inc.*	358		24,874
Waste Management, Inc.	6,358		227,235
Total Commercial & Professional Services			978,189
Consumer Durables & Apparel–1.4%
Coach, Inc.	1,617		69,466
D.R. Horton, Inc.	7,906		87,915
Eastman Kodak Co.*	30,385		127,617
Fortune Brands, Inc.	2,799		137,795
Harman International Industries, Inc.*	1,622		54,191
Hasbro, Inc.	2,297		102,239
Leggett & Platt, Inc.	2,838		64,593
Lennar Corp., Class A	5,316		81,760
Mattel, Inc.	4,807		112,772
Newell Rubbermaid, Inc.	6,755		120,307
NIKE, Inc., Class B	5,568		446,220
Polo Ralph Lauren Corp.	1,135		101,991
Pulte Group, Inc.*	8,012		70,185
Stanley Black & Decker, Inc.	1,412		86,527
VF Corp.	1,796		145,512
Whirlpool Corp.	3,921		317,444
Total Consumer Durables & Apparel			2,126,534
Consumer Services–1.4%
Apollo Group, Inc., Class A*	1,196		61,414
Carnival Corp.	7,341		280,500
Darden Restaurants, Inc.	3,928		168,040
DeVry, Inc.	424		20,865
H&R Block, Inc.	3,524		45,636
International Game Technology	2,177		31,458
Marriott International, Inc., Class A	7,464		267,435
McDonald’s Corp.	6,526		486,252
Starbucks Corp.	7,855		200,931
Starwood Hotels & Resorts Worldwide, Inc.	2,572		135,158
Wyndham Worldwide Corp.	3,323		91,283
Wynn Resorts Ltd.	821		71,238
Yum! Brands, Inc.	5,646		260,055
Total Consumer Services			2,120,265
Diversified Financials–6.0%
American Express Co.	11,959		502,637
Ameriprise Financial, Inc.	3,349		158,508
Bank of America Corp.	168,904		2,214,331
Bank of New York Mellon Corp.	5,372		140,370
Capital One Financial Corp.	7,431		293,896
Charles Schwab Corp.	4,536		63,050
Citigroup, Inc.*	487,360		1,900,704
CME Group, Inc., Class A	159		41,412
Discover Financial Services	6,961		116,110

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES LARGE CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
E*Trade Financial Corp.*	3,177	$	46,194
Federated Investors, Inc., Class B	840		19,118
Franklin Resources, Inc.	728		77,823
Goldman Sachs Group, Inc.	4,761		688,345
IntercontinentalExchange, Inc.*	173		18,117
Invesco Ltd.	1,851		39,297
Janus Capital Group, Inc.	1,039		11,377
JPMorgan Chase & Co.	49,369		1,879,478
Legg Mason, Inc.	2,554		77,412
Leucadia National Corp.*	715		16,888
Moody’s Corp.	1,163		29,052
Morgan Stanley	17,843		440,365
NASDAQ OMX Group, Inc.*	3,249		63,128
Northern Trust Corp.	1,706		82,297
NYSE Euronext	3,348		95,652
SLM Corp.*	9,459		109,252
State Street Corp.	4,473		168,453
T. Rowe Price Group, Inc.	594		29,739
Total Diversified Financials			9,323,005
Energy–11.2%
Anadarko Petroleum Corp.	2,541		144,964
Apache Corp.	1,514		148,009
Baker Hughes, Inc.	4,776		203,458
Cabot Oil & Gas Corp.	417		12,556
Cameron International Corp.*	2,509		107,787
Chesapeake Energy Corp.	6,502		147,270
Chevron Corp.	35,669		2,890,973
ConocoPhillips	48,189		2,767,494
Consol Energy, Inc.	1,795		66,343
Denbury Resources, Inc.*	1,044		16,589
Devon Energy Corp.	2,368		153,304
Diamond Offshore Drilling, Inc.	705		47,778
El Paso Corp.	9,111		112,794
EOG Resources, Inc.	799		74,283
EQT Corp.	574		20,698
Exxon Mobil Corp.	66,196		4,090,251
FMC Technologies, Inc.*	1,476		100,796
Halliburton Co.	10,063		332,783
Helmerich & Payne, Inc.	994		40,217
Hess Corp.	9,039		534,386
Marathon Oil Corp.	26,783		886,517
Massey Energy Co.	1,370		42,497
Murphy Oil Corp.	5,885		364,399
Nabors Industries Ltd.*	3,781		68,285
National Oilwell Varco, Inc.	5,452		242,451
Noble Energy, Inc.	569		42,726
Occidental Petroleum Corp.	3,488		273,110
Peabody Energy Corp.	2,639		129,337
Pioneer Natural Resources Co.	724		47,082
QEP Resources, Inc.	2,046		61,667
Range Resources Corp.	338		12,888
Rowan Cos., Inc.*	1,515		45,995
Schlumberger Ltd.	6,914		425,972
Southwestern Energy Co.*	862		28,825
Spectra Energy Corp.	3,986		89,884
Sunoco, Inc.	19,907		726,606
Tesoro Corp.	22,628		302,310
Valero Energy Corp.	73,290		1,283,308
Williams Cos., Inc.	7,561		144,491
Total Energy			17,231,083
Food & Staples Retailing–9.7%
Costco Wholesale Corp.	21,915		1,413,299
CVS Caremark Corp.	54,945		1,729,119
Kroger Co.	67,514		1,462,353
Safeway, Inc.	34,881		738,082
SUPERVALU, Inc.	59,357		684,386
Sysco Corp.	23,114		659,211
Walgreen Co.	28,948		969,758
Wal-Mart Stores, Inc.	131,354		7,030,066
Whole Foods Market, Inc.*	5,417		201,025
Total Food & Staples Retailing			14,887,299
Food, Beverage & Tobacco–5.2%
Altria Group, Inc.	15,110		362,942
Archer-Daniels-Midland Co.	43,523		1,389,254
Brown-Forman Corp., Class B	870		53,627
Campbell Soup Co.	3,984		142,428
Coca-Cola Co.	9,325		545,699
Coca-Cola Enterprises, Inc.	19,577		606,887
ConAgra Foods, Inc.	10,015		219,729
Constellation Brands, Inc., Class A*	4,253		75,236
Dean Foods Co.*	11,712		119,579
Dr Pepper Snapple Group, Inc.	3,555		126,274
General Mills, Inc.	7,536		275,365
H.J. Heinz Co.	4,308		204,070
Hershey Co.	2,648		126,018
Hormel Foods Corp.	3,120		139,152
J.M. Smucker Co.	979		59,259
Kellogg Co.	4,248		214,566
Kraft Foods, Inc., Class A	26,819		827,634
Lorillard, Inc.	832		66,818
McCormick & Co., Inc.	1,574		66,171
Molson Coors Brewing Co., Class B	1,166		55,059
PepsiCo, Inc.	12,307		817,677
Philip Morris International, Inc.	8,928		500,147
Reynolds American, Inc.	2,872		170,568
Sara Lee Corp.	18,479		248,173
Tyson Foods, Inc., Class A	37,694		603,858
Total Food, Beverage & Tobacco			8,016,190
Health Care Equipment & Services–8.4%
Aetna, Inc.	18,819		594,869
AmerisourceBergen Corp., Class A	49,976		1,532,264
Baxter International, Inc.	3,761		179,437
Becton Dickinson & Co.	1,646		121,969
Boston Scientific Corp.*	16,563		101,531
C.R. Bard, Inc.	543		44,217
Cardinal Health, Inc.	53,209		1,758,025
CareFusion Corp.*	2,671		66,348
Cerner Corp.*	1,262		105,995
CIGNA Corp.	9,325		333,649
Coventry Health Care, Inc.*	10,331		222,426
DaVita, Inc.*	1,812		125,082
DENTSPLY International, Inc.	1,084		34,656
Express Scripts, Inc.*	8,966		436,644
Hospira, Inc.*	1,405		80,099
Humana, Inc.*	13,079		657,089
Intuitive Surgical, Inc.*	63		17,876
Laboratory Corp. of America Holdings*	1,137		89,175
McKesson Corp.	30,481		1,883,116
Medco Health Solutions, Inc.*	15,788		821,923
Medtronic, Inc.	6,021		202,185
Patterson Cos., Inc.	2,057		58,933
Quest Diagnostics, Inc.	2,236		112,851
St. Jude Medical, Inc.*	2,177		85,643

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES LARGE CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
Stryker Corp.	2,301	$	115,165
Tenet Healthcare Corp.*	32,847		155,038
UnitedHealth Group, Inc.	50,489		1,772,669
Varian Medical Systems, Inc.*	834		50,457
WellPoint, Inc.*	18,960		1,073,894
Zimmer Holdings, Inc.*	1,214		63,529
Total Health Care Equipment & Services			12,896,754
Household & Personal Products–1.6%
Avon Products, Inc.	5,372		172,495
Clorox Co.	1,569		104,747
Colgate-Palmolive Co.	3,233		248,488
Estee Lauder Cos., Inc., Class A	2,839		179,510
Kimberly-Clark Corp.	5,177		336,764
Mead Johnson Nutrition Co., Class A	162		9,219
Procter & Gamble Co.	23,109		1,385,847
Total Household & Personal Products			2,437,070
Insurance–4.6%
ACE Ltd.	823		47,940
Aflac, Inc.	6,886		356,075
Allstate Corp.	19,511		615,572
American International Group, Inc.*	32,223		1,259,919
AON Corp.	3,524		137,824
Assurant, Inc.	5,310		216,117
Berkshire Hathaway, Inc., Class B*	1,817		150,230
Berkshire Hathaway, Inc., Class A*	1		124,500
Chubb Corp.	4,649		264,946
Cincinnati Financial Corp.	2,627		75,789
Genworth Financial, Inc., Class A*	15,336		187,406
Hartford Financial Services Group, Inc.	13,876		318,454
Lincoln National Corp.	6,684		159,881
Loews Corp.	6,569		248,965
Marsh & McLennan Cos., Inc.	8,534		205,840
MetLife, Inc.	21,175		814,179
Principal Financial Group, Inc.	6,792		176,049
Progressive Corp.	14,661		305,975
Prudential Financial, Inc.	11,393		617,273
Torchmark Corp.	1,337		71,048
Travelers Cos., Inc.	8,451		440,297
Unum Group	9,333		206,726
XL Group PLC, Class A	5,906		127,924
Total Insurance			7,128,929
Materials–3.3%
Air Products & Chemicals, Inc.	1,929		159,760
Airgas, Inc.	1,697		115,311
AK Steel Holding Corp.	3,683		50,862
Alcoa, Inc.	23,317		282,369
Allegheny Technologies, Inc.	1,674		77,757
Ball Corp.	2,507		147,537
Bemis Co., Inc.	2,048		65,024
CF Industries Holdings, Inc.	670		63,985
Cliffs Natural Resources, Inc.	859		54,907
Dow Chemical Co.	28,880		793,045
E.I. Du Pont de Nemours & Co.	14,382		641,725
Eastman Chemical Co.	1,518		112,332
Ecolab, Inc.	2,283		115,839
FMC Corp.	935		63,963
Freeport-McMoRan Copper & Gold, Inc.	2,872		245,240
International Flavors & Fragrances, Inc.	985		47,792
International Paper Co.	16,486		358,570
MeadWestvaco Corp.	3,744		91,279
Monsanto Co.	2,553		122,365
Newmont Mining Corp.	2,268		142,453
Nucor Corp.	5,269		201,276
Owens-Illinois, Inc.*	3,755		105,365
Pactiv Corp.*	2,547		84,000
PPG Industries, Inc.	3,721		270,889
Praxair, Inc.	1,952		176,188
Sealed Air Corp.	3,390		76,207
Sigma-Aldrich Corp.	718		43,353
Titanium Metals Corp.*	1,456		29,062
United States Steel Corp.	4,726		207,188
Vulcan Materials Co.	1,093		40,354
Weyerhaeuser Co.	2,514		39,621
Total Materials			5,025,618
Media–3.2%
CBS Corp., Class B Non-Voting	16,816		266,702
Comcast Corp., Class A	35,798		647,228
DIRECTV, Class A*	11,338		472,001
Discovery Communications, Inc., Class A*	7,633		332,417
Gannett Co., Inc.	8,113		99,222
Interpublic Group of Cos., Inc.*	15,200		152,456
McGraw-Hill Cos., Inc.	3,133		103,577
Meredith Corp.	875		29,146
New York Times Co., Class A*	4,914		38,034
News Corp., Class A	44,579		582,202
Omnicom Group, Inc.	5,698		224,957
Scripps Networks Interactive, Inc., Class A	661		31,450
Time Warner Cable, Inc.	7,383		398,608
Time Warner, Inc.	19,438		595,775
Viacom, Inc., Class B	7,960		288,072
Walt Disney Co.	20,355		673,954
Washington Post Co., Class B	201		80,282
Total Media			5,016,083
Pharmaceuticals, Biotechnology & Life Sciences–3.1%
Abbott Laboratories	9,877		515,974
Allergan, Inc.	1,283		85,358
Amgen, Inc.*	4,633		255,325
Biogen Idec, Inc.*	1,596		89,568
Bristol-Myers Squibb Co.	14,759		400,116
Celgene Corp.*	858		49,429
Cephalon, Inc.*	674		42,085
Eli Lilly & Co.	10,755		392,880
Forest Laboratories, Inc.*	2,205		68,201
Genzyme Corp.*	1,665		117,865
Gilead Sciences, Inc.*	2,470		87,957
Johnson & Johnson	16,668		1,032,749
King Pharmaceuticals, Inc.*	2,530		25,199
Life Technologies Corp.*	1,051		49,071
Merck & Co., Inc.	11,099		408,554
Mylan, Inc.*	4,843		91,097
PerkinElmer, Inc.	1,619		37,464
Pfizer, Inc.	44,465		763,464
Thermo Fisher Scientific, Inc.*	3,653		174,906
Waters Corp.*	440		31,143
Watson Pharmaceuticals, Inc.*	1,248		52,803
Total Pharmaceuticals, Biotechnology & Life Sciences			4,771,208

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES LARGE CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares		Value
Real Estate–0.4%
Apartment Investment &
Management Co., Class A(a)	1,608		$	34,379
AvalonBay Communities, Inc.(a)	214			22,241
Boston Properties, Inc.(a)	412			34,245
CB Richard Ellis Group, Inc., Class A*	6,103			111,563
Equity Residential(a)	1,167			55,514
HCP, Inc.(a)	595			21,408
Health Care REIT, Inc.(a)	244			11,551
Host Hotels & Resorts, Inc.(a)	7,706			111,583
Kimco Realty Corp.(a)	1,250			19,687
Plum Creek Timber Co., Inc.(a)	755			26,652
ProLogis(a)	3,200			37,696
Public Storage(a)	392			38,040
Simon Property Group, Inc.(a)	928			86,063
Ventas, Inc.(a)	410			21,144
Vornado Realty Trust(a)	716			61,239
Total Real Estate				693,005
Retailing–7.0%
Abercrombie & Fitch Co., Class A	1,918			75,416
Amazon.com, Inc.*	2,880			452,333
AutoNation, Inc.*	10,454			243,056
AutoZone, Inc.*	785			179,694
Bed Bath & Beyond, Inc.*	3,361			145,901
Best Buy Co., Inc.	18,038			736,492
Big Lots, Inc.*	2,956			98,287
CarMax, Inc.*	7,240			201,706
Expedia, Inc.	1,935			54,586
Family Dollar Stores, Inc.	4,705			207,773
GameStop Corp., Class A*	6,802			134,067
Gap, Inc.	12,700			236,728
Genuine Parts Co.	4,770			212,694
Home Depot, Inc.	47,363			1,500,460
JC Penney Co., Inc.	12,032			327,030
Kohl’s Corp.*	5,414			285,210
Lowe’s Cos., Inc.	37,451			834,783
Ltd. Brands, Inc.	9,013			241,368
Macy’s, Inc.	28,248			652,246
Nordstrom, Inc.	4,266			158,695
Office Depot, Inc.*	32,973			151,676
O'Reilly Automotive, Inc.*	2,279			121,243
priceline.com, Inc.*	212			73,848
RadioShack Corp.	3,921			83,635
Ross Stores, Inc.	1,168			63,796
Sears Holdings Corp.*	11,841			854,210
Sherwin-Williams Co.	2,081			156,366
Staples, Inc.	16,351			342,063
Target Corp.	25,307			1,352,406
Tiffany & Co.	1,339			62,920
TJX Cos., Inc.	8,953			399,572
Urban Outfitters, Inc.*	3,935			123,716
Total Retailing		10,763,976
Semiconductors & Semiconductor Equipment–0.9%
Advanced Micro Devices, Inc.*	10,208			72,579
Altera Corp.	888			26,782
Analog Devices, Inc.	1,232			38,660
Applied Materials, Inc.	7,350			85,848
Broadcom Corp., Class A	2,427			85,891
First Solar, Inc.*	294			43,321
Intel Corp.	28,972			557,132
KLA-Tencor Corp.	913			32,165
Linear Technology Corp.	671			20,620
LSI Corp.*	6,944			31,665
MEMC Electronic Materials, Inc.*	1,705			20,324
Microchip Technology, Inc.	629			19,782
Micron Technology, Inc.*	10,060			72,533
National Semiconductor Corp.	1,860			23,752
Novellus Systems, Inc.*	418			11,110
NVIDIA Corp.*	4,792			55,970
Teradyne, Inc.*	1,355			15,095
Texas Instruments, Inc.	6,744			183,032
Xilinx, Inc.	1,395			37,121
Total Semiconductors & Semiconductor Equipment				1,433,382
Software & Services–3.5%
Adobe Systems, Inc.*	1,544			40,376
Akamai Technologies, Inc.*	598			30,008
Autodesk, Inc.*	1,843			58,921
Automatic Data Processing, Inc.	3,708			155,847
BMC Software, Inc.*	880			35,622
CA, Inc.	3,343			70,604
Citrix Systems, Inc.*	741			50,566
Cognizant Technology Solutions Corp., Class A*	1,277			82,328
Computer Sciences Corp.	5,486			252,356
Compuware Corp.*	2,959			25,240
eBay, Inc.*	6,615			161,406
Electronic Arts, Inc.*	4,801			78,881
Fidelity National Information Services, Inc.	2,524			68,476
Fiserv, Inc.*	1,582			85,143
Google, Inc., Class A*	704			370,156
International Business Machines Corp.	13,176			1,767,429
Intuit, Inc.*	1,899			83,195
Mastercard, Inc., Class A	388			86,912
McAfee, Inc.*	852			40,266
Microsoft Corp.	36,413			891,754
Novell, Inc.*	3,970			23,701
Oracle Corp.	18,581			498,900
Paychex, Inc.	1,156			31,779
Red Hat, Inc.*	404			16,564
SAIC, Inc.*	2,638			42,155
Salesforce.com, Inc.*	278			31,080
Symantec Corp.*	6,208			94,175
Total System Services, Inc.	1,737			26,472
VeriSign, Inc.*	821			26,059
Visa, Inc., Class A	123			9,134
Western Union Co.	4,714			83,296
Yahoo!, Inc.*	7,465			105,779
Total Software & Services				5,424,580
Technology Hardware & Equipment–4.5%
Agilent Technologies, Inc.*	2,880			96,106
Amphenol Corp., Class A	1,156			56,621
Apple, Inc.*	3,143			891,826
Cisco Systems, Inc.*	28,156			616,616
Corning, Inc.	4,801			87,762
Dell, Inc.*	85,690			1,110,543
EMC Corp.*	14,937			303,371
FLIR Systems, Inc.*	669			17,193
Harris Corp.	2,142			94,869
Hewlett-Packard Co.	41,690			1,753,898
Jabil Circuit, Inc.	15,375			221,554
JDS Uniphase Corp.*	3,021			37,430
Juniper Networks, Inc.*	2,179			66,133

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES LARGE CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
Lexmark International, Inc.,
Class A*	2,785	$	124,267
Molex, Inc.	2,502		52,367
Motorola, Inc.*	49,376		421,177
NetApp, Inc.*	1,879		93,556
QLogic Corp.*	566		9,984
QUALCOMM, Inc.	4,334		195,550
SanDisk Corp.*	2,505		91,808
Tellabs, Inc.	4,921		36,662
Teradata Corp.*	972		37,480
Western Digital Corp.*	3,320		94,255
Xerox Corp.	34,644		358,565
Total Technology Hardware & Equipment			6,869,593
Telecommunication Services–3.6%
American Tower Corp., Class A*	751		38,496
AT&T, Inc.	79,167		2,264,176
CenturyLink, Inc.	1,872		73,869
Frontier Communications Corp.	4,836		39,510
MetroPCS Communications, Inc.*	8,448		88,366
Qwest Communications International, Inc.	54,469		341,521
Sprint Nextel Corp.*	145,036		671,517
Verizon Communications, Inc.	59,722		1,946,340
Windstream Corp.	4,889		60,086
Total Telecommunication Services			5,523,881
Transportation–1.9%
CH Robinson Worldwide, Inc.	2,335		163,263
CSX Corp.	3,437		190,135
Expeditors International of Washington, Inc.	2,297		106,190
FedEx Corp.	7,605		650,228
Norfolk Southern Corp.	2,857		170,020
Ryder System, Inc.	2,182		93,324
Southwest Airlines Co.	18,040		235,783
Union Pacific Corp.	4,058		331,944
United Parcel Service, Inc., Class B	14,124		941,930
Total Transportation			2,882,817
Utilities–4.0%
AES Corp.*	19,799		224,719
Allegheny Energy, Inc.	2,556		62,673
Ameren Corp.	4,845		137,598
American Electric Power Co., Inc.	6,870		248,900
CenterPoint Energy, Inc.	11,073		174,068
CMS Energy Corp.	7,568		136,375
Consolidated Edison, Inc.	5,098		245,826
Constellation Energy Group, Inc.	9,180		295,963
Dominion Resources, Inc.	7,420		323,957
DTE Energy Co.	3,340		153,406
Duke Energy Corp.	12,826		227,149
Edison International	6,296		216,519
Entergy Corp.	2,464		188,570
Exelon Corp.	6,187		263,443
FirstEnergy Corp.	5,147		198,365
Integrys Energy Group, Inc.	4,007		208,604
NextEra Energy, Inc.	5,182		281,849
Nicor, Inc.	1,242		56,909
NiSource, Inc.	8,181		142,349
Northeast Utilities	4,007		118,487
NRG Energy, Inc.*	10,065		209,553
Oneok, Inc.	2,213		99,674
Pepco Holdings, Inc.	9,996		185,926
PG&E Corp.	5,443		247,221
Pinnacle West Capital Corp.	1,591		65,661
PPL Corp.	4,675		127,300
Progress Energy, Inc.	4,208		186,919
Public Service Enterprise Group, Inc.	6,942		229,641
SCANA Corp.	2,157		86,970
Sempra Energy	2,609		140,364
Southern Co.	8,462		315,125
TECO Energy, Inc.	3,726		64,534
Wisconsin Energy Corp.	1,622		93,752
Xcel Energy, Inc.	8,191		188,147
Total Utilities			6,146,516
Total Investments–99.9%
(Cost $148,928,576)			154,046,655
Other Assets in Excess of
Liabilities–0.1%			87,014
Net Assets–100.0%		$	154,133,669

*	Non-income producing security
(a)	Real Estate Investment Trust

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

SCHEDULE OF INVESTMENTS
REVENUESHARES MID CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
COMMON STOCKS–100.0%
Automobiles & Components–0.8%
BorgWarner, Inc.*	12,107	$	637,070
Gentex Corp.	2,745		53,555
Thor Industries, Inc.	5,912		197,461
Total Automobiles & Components			888,086
Banks–2.4%
Associated Banc-Corp.	12,881		169,900
Astoria Financial Corp.	9,865		134,460
Bancorpsouth, Inc.	3,871		54,891
Bank of Hawaii Corp.	1,662		74,657
Cathay General Bancorp	8,380		99,638
City National Corp.	2,458		130,446
Commerce Bancshares, Inc.	3,104		116,679
Cullen/Frost Bankers, Inc.	1,903		102,515
First Niagara Financial Group, Inc.	4,347		50,643
FirstMerit Corp.	3,484		63,827
Fulton Financial Corp.	11,236		101,798
International Bancshares Corp.	4,352		73,505
New York Community Bancorp, Inc.	13,132		213,395
NewAlliance Bancshares, Inc.	3,715		46,883
PacWest Bancorp	1,568		29,886
Prosperity Bancshares, Inc.	5,371		174,396
SVB Financial Group*	1,402		59,333
Synovus Financial Corp.	91,786		225,794
TCF Financial Corp.	11,291		182,801
Trustmark Corp.	3,107		67,546
Valley National Bancorp	6,266		80,832
Washington Federal, Inc.	3,766		57,469
Webster Financial Corp.	7,502		131,735
Westamerica Bancorporation	553		30,133
Wilmington Trust Corp.	6,301		56,583
Total Banks			2,529,745
Capital Goods–14.0%
Acuity Brands, Inc.	17,759		785,658
Aecom Technology Corp.*	24,306		589,664
AGCO Corp.*	22,950		895,280
Alliant Techsystems, Inc.*	5,026		378,960
AMETEK, Inc.	5,840		278,977
Baldor Electric Co.	3,900		157,560
BE Aerospace, Inc.*	9,063		274,700
Bucyrus International, Inc., Class A	5,423		376,085
Carlisle Cos., Inc.	7,178		214,981
Crane Co.	7,662		290,696
Donaldson Co., Inc.	4,891		230,513
Gardner Denver, Inc.	908		48,741
GATX Corp.	3,774		110,654
Graco, Inc.	2,088		66,252
Granite Construction, Inc.	6,907		157,065
Harsco Corp.	10,079		247,742
Hubbell, Inc., Class B	5,237		265,778
IDEX Corp.	4,320		153,403
Joy Global, Inc.	7,035		494,701
KBR, Inc.	69,997		1,724,726
Kennametal, Inc.	9,780		302,495
Lennox International, Inc.	7,754		323,264
Lincoln Electric Holdings, Inc.	3,459		199,999
MSC Industrial Direct Co., Class A	3,412		184,384
Nordson Corp.	1,606		118,346
Oshkosh Corp.*	14,373		395,258
Pentair, Inc.	8,849		297,592
Regal-Beloit Corp.	3,701		217,212
Shaw Group, Inc.*	25,396		852,290
SPX Corp.	9,308		589,010
Terex Corp.*	32,138		736,603
Thomas & Betts Corp.*	5,467		224,256
Timken Co.	15,160		581,538
Trinity Industries, Inc.	16,074		357,968
United Rentals, Inc.*	26,587		394,551
URS Corp.*	22,846		867,691
Valmont Industries, Inc.	2,348		169,995
Wabtec Corp.	3,702		176,919
Woodward Governor Co.	5,909		191,570
Total Capital Goods			14,923,077
Commercial & Professional Services–3.4%
Brink’s Co.	12,252		281,796
Clean Harbors, Inc.*	1,763		119,443
Copart, Inc.*	2,188		72,138
Corporate Executive Board Co.	2,205		69,590
Corrections Corp. of America*	6,676		164,764
Deluxe Corp.	10,071		192,658
FTI Consulting, Inc.*	3,006		104,278
Herman Miller, Inc.	11,239		221,184
HNI Corp.	7,034		202,298
Korn/Ferry International*	4,610		76,250
Manpower, Inc.	28,836		1,505,239
Mine Safety Appliances Co.	3,639		98,617
Navigant Consulting, Inc.*	4,910		57,103
Rollins, Inc.	5,580		130,461
Towers Watson & Co., Class A	3,707		182,310
Waste Connections, Inc.*	3,414		135,399
Total Commercial & Professional Services			3,613,528
Consumer Durables & Apparel–3.3%
American Greetings Corp., Class A	8,157		151,639
Fossil, Inc.*	4,614		248,187
Hanesbrands, Inc.*	15,677		405,407
KB Home	19,124		216,675
MDC Holdings, Inc.	3,050		88,542
Mohawk Industries, Inc.*	12,099		644,877
NVR, Inc.*	459		297,216
Phillips-Van Heusen Corp.	6,323		380,392
Ryland Group, Inc.	7,852		140,708
Timberland Co., Class A*	7,714		152,814
Toll Brothers, Inc.*	11,215		213,309
Tupperware Brands Corp.	4,165		190,590
Under Armour, Inc., Class A*	3,125		140,750
Warnaco Group, Inc.*	4,599		235,147
Total Consumer Durables & Apparel			3,506,253
Consumer Services–3.7%
Bally Technologies, Inc.*	11,257		393,432
Bob Evans Farms, Inc.	6,614		185,655
Boyd Gaming Corp.*	20,603		149,372
Brinker International, Inc.	27,818		524,647
Burger King Holdings, Inc.	9,491		226,645
Career Education Corp.*	6,553		140,693
Cheesecake Factory, Inc.*	8,073		213,692
Chipotle Mexican Grill, Inc., Class A*	1,723		296,356
Corinthian Colleges, Inc.*	8,970		62,969
International Speedway Corp., Class A	2,509		61,220
ITT Educational Services, Inc.*	1,384		97,254
Life Time Fitness, Inc.*	3,610		142,487
Matthews International Corp., Class A	2,342		82,813
Panera Bread Co., Class A*	2,107		186,701
Regis Corp.	16,139		308,739

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES MID CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
Scientific Games Corp., Class A*	6,912	$	67,046
Service Corp. International	26,730		230,413
Sotheby’s	2,158		79,458
Strayer Education, Inc.	251		43,799
Wendy’s/Arby’s Group, Inc., Class A	88,008		398,676
WMS Industries, Inc.*	1,796		68,374
Total Consumer Services			3,960,441
Diversified Financials–1.9%
Affiliated Managers Group, Inc.*	1,264		98,605
Eaton Vance Corp.	3,030		87,991
Greenhill & Co., Inc.	14,163		1,123,409
Jefferies Group, Inc.	9,061		205,594
MSCI, Inc., Class A*	1,326		44,036
Raymond James Financial, Inc.	11,664		295,449
SEI Investments Co.	5,958		121,186
Waddell & Reed Financial, Inc., Class A	2,708		74,091
Total Diversified Financials			2,050,361
Energy–3.6%
Arch Coal, Inc.	12,593		336,359
Atwood Oceanics, Inc.*	2,626		79,962
Bill Barrett Corp.*	2,191		78,876
Cimarex Energy Co.	2,060		136,331
Comstock Resources, Inc.*	793		17,835
Exterran Holdings, Inc.*	14,175		321,914
Forest Oil Corp.*	4,199		124,710
Frontier Oil Corp.	38,817		520,148
Helix Energy Solutions Group, Inc.*	16,142		179,822
Mariner Energy, Inc.*	6,998		169,561
Newfield Exploration Co.*	3,030		174,043
Oceaneering International, Inc.*	3,509		188,995
Overseas Shipholding Group, Inc.	3,145		107,936
Patriot Coal Corp.*	16,583		189,212
Patterson-UTI Energy, Inc.	7,921		135,291
Plains Exploration & Production Co.*	4,280		114,148
Pride International, Inc.*	6,396		188,234
Quicksilver Resources, Inc.*	6,220		78,372
Southern Union Co.	11,086		266,729
Superior Energy Services, Inc.*	8,246		220,086
Tidewater, Inc.	3,130		140,255
Unit Corp.*	2,068		77,116
Total Energy			3,845,935
Food & Staples Retailing–1.7%
BJ’s Wholesale Club, Inc.*	30,812		1,278,698
Ruddick Corp.	15,227		528,072
Total Food & Staples Retailing			1,806,770
Food, Beverage & Tobacco–3.3%
Corn Products International, Inc.	12,794		479,775
Flowers Foods, Inc.	11,500		285,660
Green Mountain Coffee Roasters, Inc.*	18,345		572,181
Hansen Natural Corp.*	3,108		144,895
Lancaster Colony Corp.	2,129		101,127
Ralcorp Holdings, Inc.*	6,516		381,056
Smithfield Foods, Inc.*	76,509		1,287,646
Tootsie Roll Industries, Inc.	2,004		49,860
Universal Corp.	5,354		214,642
Total Food, Beverage & Tobacco			3,516,842
Health Care Equipment & Services–9.3%
Allscripts Healthcare Solutions, Inc.*	1,448		26,745
Beckman Coulter, Inc.	4,580		223,458
Community Health Systems, Inc.*	38,388		1,188,876
Edwards Lifesciences Corp.*	2,993		200,681
Gen-Probe, Inc.*	1,104		53,500
Health Management Associates, Inc., Class A*	69,288		530,746
Health Net, Inc.*	66,372		1,804,655
Henry Schein, Inc.*	12,479		731,020
Hill-Rom Holdings, Inc.	6,347		227,794
Hologic, Inc.*	11,723		187,685
IDEXX Laboratories, Inc.*	1,933		119,305
Immucor, Inc.*	1,492		29,586
Kindred Healthcare, Inc.*	26,861		349,730
Kinetic Concepts, Inc.*	5,564		203,531
LifePoint Hospitals, Inc.*	9,854		345,481
Lincare Holdings, Inc.	6,525		163,712
Masimo Corp.	1,244		33,974
Mednax, Inc.*	3,351		178,608
Omnicare, Inc.	27,073		646,503
Owens & Minor, Inc.	28,602		814,013
Psychiatric Solutions, Inc.*	8,859		297,219
ResMed, Inc.*	3,416		112,079
STERIS Corp.	4,579		152,114
Teleflex, Inc.	3,820		216,900
Thoratec Corp.*	1,204		44,524
Universal Health Services, Inc., Class B	9,022		350,595
VCA Antech, Inc.*	5,392		113,717
WellCare Health Plans, Inc.*	18,460		534,602
Total Health Care Equipment & Services			9,881,353
Household & Personal Products–1.1%
Alberto-Culver Co., Class B	5,071		190,923
Church & Dwight Co., Inc.	4,130		268,202
Energizer Holdings, Inc.*	6,700		450,441
NBTY, Inc.*	5,772		317,345
Total Household & Personal Products			1,226,911
Insurance–5.2%
American Financial Group, Inc.	18,219		557,137
Arthur J. Gallagher & Co.	7,657		201,915
Brown & Brown, Inc.	5,471		110,460
Everest Re Group Ltd.	4,821		416,872
Fidelity National Financial, Inc., Class A	39,669		623,200
First American Financial Corp.	7,999		119,505
Hanover Insurance Group, Inc.	6,375		299,625
HCC Insurance Holdings, Inc.	8,793		229,409
Mercury General Corp.	7,823		319,726
Old Republic International Corp.	34,300		475,055
Protective Life Corp.	16,225		353,056
Reinsurance Group of America, Inc., Class A	13,997		675,915
StanCorp Financial Group, Inc.	6,904		262,352
Transatlantic Holdings, Inc.	1,332		67,692
Unitrin, Inc.	12,691		309,534
W.R. Berkley Corp.	17,391		470,774
Total Insurance			5,492,227
Materials–8.3%
Albemarle Corp.	5,451		255,161
Aptargroup, Inc.	4,956		226,340
Ashland, Inc.	21,396		1,043,483
Cabot Corp.	9,957		324,299
Carpenter Technology Corp.	6,528		220,059

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES MID CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
Commercial Metals Co.	50,328	$	729,253
Cytec Industries, Inc.	7,499		422,794
Greif, Inc., Class A	5,493		323,208
Intrepid Potash, Inc.*	6,545		170,628
Louisiana-Pacific Corp.*	17,034		128,947
Lubrizol Corp.	6,358		673,757
Martin Marietta Materials, Inc.	2,088		160,713
Minerals Technologies, Inc.	1,688		99,457
NewMarket Corp.	1,285		146,079
Olin Corp.	9,298		187,448
Packaging Corp. of America	9,918		229,800
Reliance Steel & Aluminum Co.	14,855		616,928
Rock-Tenn Co., Class A	1,728		86,072
RPM International, Inc.	17,971		357,982
Scotts Miracle-Gro Co., Class A	7,990		413,323
Sensient Technologies Corp.	4,646		141,656
Silgan Holdings, Inc.	2,251		71,357
Sonoco Products Co.	11,940		399,274
Steel Dynamics, Inc.	22,279		314,357
Temple-Inland, Inc.	18,145		338,586
Valspar Corp.	11,164		355,573
Worthington Industries, Inc.	25,426		382,153
Total Materials			8,818,687
Media–0.6%
DreamWorks Animation SKG,
Inc., Class A*	1,912		61,012
Harte-Hanks, Inc.	8,725		101,821
John Wiley & Sons, Inc., Class A	4,003		163,562
Lamar Advertising Co., Class A*	3,871		123,175
Scholastic Corp.	6,741		187,535
Total Media			637,105
Pharmaceuticals, Biotechnology & Life Sciences–1.4%
Bio-Rad Laboratories, Inc., Class A*	1,793		162,284
Charles River Laboratories International, Inc.*	3,825		126,799
Covance, Inc.*	3,729		174,480
Endo Pharmaceuticals Holdings, Inc.*	7,170		238,331
Medicis Pharmaceutical Corp., Class A	2,135		63,303
Mettler-Toledo International, Inc.*	1,757		218,641
Perrigo Co.	4,850		311,467
Pharmaceutical Product Development, Inc.	7,077		175,439
Techne Corp.	394		24,321
United Therapeutics Corp.*	730		40,887
Vertex Pharmaceuticals, Inc.*	259		8,954
Total Pharmaceuticals, Biotechnology & Life Sciences			1,544,906
Real Estate–2.1%
Alexandria Real Estate Equities, Inc.(a)	871		60,970
AMB Property Corp.(a)	2,638		69,828
BRE Properties, Inc.(a)	1,122		46,563
Camden Property Trust(a)	1,707		81,885
Corporate Office Properties Trust SBI Md(a)	2,163		80,702
Cousins Properties, Inc.(a)	2,881		20,570
Duke Realty Corp.(a)	12,602		146,057
Equity One, Inc.(a)	1,597		26,957
Essex Property Trust, Inc.(a)	514		56,252
Federal Realty Investment Trust(a)	812		66,308
Highwoods Properties, Inc.(a)	1,408		45,718
Hospitality Properties Trust(a)	5,105		113,995
Jones Lang LaSalle, Inc.	4,606		397,360
Liberty Property Trust(a)	2,418		77,134
Macerich Co.(a)	2,833		121,677
Mack-Cali Realty Corp.(a)	2,264		74,056
Nationwide Health Properties, Inc.(a)	1,125		43,504
Omega Healthcare Investors, Inc.(a)	1,080		24,246
Potlatch Corp.(a)	1,477		50,218
Rayonier, Inc.(a)	2,877		144,195
Realty Income Corp.(a)	1,292		43,566
Regency Centers Corp.(a)	1,515		59,797
Senior Housing Properties Trust(a)	5,100		119,850
SL Green Realty Corp.(a)	2,249		142,429
UDR, Inc.(a)	4,153		87,711
Weingarten Realty Investors(a)	3,174		69,257
Total Real Estate			2,270,805
Retailing–7.7%
99 Cents Only Stores*	10,473		197,730
Aaron’s, Inc.	9,401		173,449
Advance Auto Parts, Inc.	13,708		804,385
Aeropostale, Inc.*	8,402		195,347
American Eagle Outfitters, Inc.	19,478		291,391
AnnTaylor Stores Corp.*	15,049		304,592
Barnes & Noble, Inc.	26,760		433,780
Chico’s FAS, Inc.	11,591		121,937
Coldwater Creek, Inc.*	25,012		131,813
Collective Brands, Inc.*	15,720		253,721
Dick’s Sporting Goods, Inc.*	18,386		515,543
Dollar Tree, Inc.*	14,195		692,148
Dress Barn, Inc.*	7,103		168,696
Foot Locker, Inc.	55,639		808,435
Guess?, Inc.	4,629		188,076
J. Crew Group, Inc.*	3,249		109,231
LKQ Corp.*	10,624		220,979
NetFlix, Inc.*	2,813		456,156
PetSmart, Inc.	19,095		668,325
Rent-A-Center, Inc., Class A	15,492		346,711
Saks, Inc.*	52,671		452,971
Tractor Supply Co.	1,990		78,923
Williams-Sonoma, Inc.	17,371		550,661
Total Retailing			8,165,000
Semiconductors & Semiconductor Equipment–1.1%
Atmel Corp.*	29,373		233,809
Cree, Inc.*	1,074		58,308
Fairchild Semiconductor International, Inc., Class A*	12,558		118,045
Integrated Device Technology, Inc.*	12,217		71,470
International Rectifier Corp.*	3,831		80,796
Intersil Corp., Class A	4,051		47,356
Lam Research Corp.*	3,788		158,528
RF Micro Devices, Inc.*	19,009		116,715
Semtech Corp.*	1,841		37,170
Silicon Laboratories, Inc.*	919		33,681
Skyworks Solutions, Inc.*	9,183		189,904
Total Semiconductors & Semiconductor Equipment			1,145,782
Software & Services–5.3%
ACI Worldwide, Inc.*	2,352		52,661
Acxiom Corp.*	11,287		179,012
Advent Software, Inc.*	704		36,742
Alliance Data Systems Corp.*	3,054		199,304
ANSYS, Inc.*	1,235		52,179

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES MID CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
Broadridge Financial Solutions, Inc.	9,628	$	220,192
Cadence Design Systems, Inc.*	14,095		107,545
Convergys Corp.*	92,391		965,486
CoreLogic, Inc.	31,934		611,855
Digital River, Inc.*	1,509		51,366
DST Systems, Inc.	5,092		228,325
Equinix, Inc.*	820		83,927
Factset Research Systems, Inc.	826		67,013
Fair Isaac Corp.	3,540		87,296
Gartner, Inc.*	6,549		192,803
Global Payments, Inc.	3,022		129,614
Hewitt Associates, Inc., Class A*	7,091		357,599
Informatica Corp.*	1,999		76,782
Jack Henry & Associates, Inc.	3,256		83,028
Lender Processing Services, Inc.	5,488		182,366
Mantech International Corp., Class A*	4,432		175,507
Mentor Graphics Corp.*	10,123		107,000
MICROS Systems, Inc.*	3,172		134,271
NeuStar, Inc., Class A*	2,093		52,032
Parametric Technology Corp.*	6,477		126,561
Quest Software, Inc.*	4,072		100,130
Rackspace Hosting, Inc.*	10,871		282,429
Rovi Corp.*	1,570		79,144
Solera Holdings, Inc.	1,560		68,890
SRA International, Inc., Class A*	8,474		167,107
Synopsys, Inc.*	6,621		164,002
TIBCO Software, Inc.*	5,797		102,839
ValueClick, Inc.*	5,663		74,072
Total Software & Services			5,599,079
Technology Hardware & Equipment–10.4%
ADC Telecommunications, Inc.*	18,011		228,199
ADTRAN, Inc.	2,139		75,507
Arrow Electronics, Inc.*	52,897		1,413,937
Avnet, Inc.*	60,288		1,628,379
Ciena Corp.*	10,210		158,970
CommScope, Inc.*	12,103		287,325
Diebold, Inc.	10,930		339,814
F5 Networks, Inc.*	1,239		128,620
Ingram Micro, Inc., Class A*	171,830		2,897,054
Itron, Inc.*	2,568		157,239
National Instruments Corp.	2,334		76,228
NCR Corp.*	47,841		652,073
Plantronics, Inc.	3,272		110,528
Polycom, Inc.*	4,300		117,304
Tech Data Corp.*	55,310		2,228,993
Trimble Navigation Ltd.*	4,772		167,211
Vishay Intertechnology, Inc.*	29,495		285,511
Zebra Technologies Corp., Class A*	3,001		100,954
Total Technology Hardware & Equipment			11,053,846
Telecommunication Services–0.9%
Cincinnati Bell, Inc.*	43,014		114,847
Syniverse Holdings, Inc.*	2,814		63,794
Telephone & Data Systems, Inc.	15,616		512,205
tw Telecom, Inc., Class A*	11,921		221,373
Total Telecommunication Services			912,219
Transportation–2.7%
AirTran Holdings, Inc.*	47,076		346,009
Alaska Air Group, Inc.*	10,415		531,477
Alexander & Baldwin, Inc.	4,412		153,714
Con-Way, Inc.	12,215		378,543
JB Hunt Transport Services, Inc.	9,582		332,495
JetBlue Airways Corp.*	57,127		382,180
Kansas City Southern*	5,089		190,380
Kirby Corp.*	3,446		138,047
Landstar System, Inc.	5,386		208,007
Werner Enterprises, Inc.	8,600		176,214
Total Transportation			2,837,066
Utilities–5.8%
AGL Resources, Inc.	6,860		263,150
Alliant Energy Corp.	11,585		421,115
Aqua America, Inc.	3,936		80,294
Atmos Energy Corp.	20,090		587,633
Black Hills Corp.	5,205		162,396
Cleco Corp.	3,389		100,382
DPL, Inc.	5,546		144,917
Dynegy, Inc., Class A*	64,403		313,643
Energen Corp.	3,275		149,733
Great Plains Energy, Inc.	10,407		196,692
Hawaiian Electric Industries, Inc.	11,912		268,496
IDACORP, Inc.	3,306		118,752
MDU Resources Group, Inc.	19,584		390,701
National Fuel Gas Co.	4,662		241,538
NSTAR	9,379		369,064
NV Energy, Inc.	29,998		394,474
OGE Energy Corp.	7,635		304,407
PNM Resources, Inc.	14,091		160,496
Questar Corp.	5,406		94,767
UGI Corp.	25,227		721,744
Vectren Corp.	9,127		236,116
Westar Energy, Inc.	8,488		205,664
WGL Holdings, Inc.	8,159		308,247
Total Utilities			6,234,421
Total Investments–100.0%
(Cost $96,320,250)			106,460,445
Other Assets in Excess of
Liabilities–0.0%†			38,154
Net Assets–100.0%		$	106,498,599

*	Non-income producing security
(a)	Real Estate Investment Trust
†	Less than 0.05%

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

SCHEDULE OF INVESTMENTS
REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
COMMON STOCKS–100.0%
Automobiles & Components–0.4%
Drew Industries, Inc.*	3,283	$	68,483
Spartan Motors, Inc.	16,851		78,189
Standard Motor Products, Inc.	13,806		145,377
Superior Industries International, Inc.	4,789		82,754
Winnebago Industries, Inc.*	4,009		41,774
Total Automobiles & Components			416,577
Banks–2.6%
Bank Mutual Corp.	4,899		25,426
Bank of The Ozarks, Inc.	1,451		53,818
Boston Private Financial Holdings, Inc.	16,890		110,461
Brookline Bancorp, Inc.	2,657		26,517
City Holding Co.	1,060		32,510
Columbia Banking System, Inc.	2,127		41,796
Community Bank System, Inc.	3,159		72,689
Dime Community Bancshares	3,368		46,647
East West Bancorp, Inc.	7,815		127,228
First BanCorp.*	101,936		28,542
First Commonwealth Financial Corp.	13,905		75,782
First Financial Bancorp	3,111		51,891
First Financial Bankshares, Inc.	657		30,872
First Midwest Bancorp, Inc.	6,484		74,760
Glacier Bancorp, Inc.	5,215		76,139
Hancock Holding Co.	1,937		58,246
Hanmi Financial Corp.*	43,125		55,200
Home Bancshares, Inc.	1,325		26,924
Independent Bank Corp.	2,039		45,918
Nara Bancorp, Inc.*	3,160		22,310
National Penn Bancshares, Inc.	17,738		110,862
NBT Bancorp, Inc.	3,182		70,227
Old National Bancorp	8,072		84,756
Pinnacle Financial Partners, Inc.*	3,544		32,569
PrivateBancorp, Inc., Class A	10,371		118,126
S&T Bancorp, Inc.	2,568		44,735
Signature Bank*	2,347		91,157
Simmons First National Corp., Class A	1,315		37,175
Sterling Bancorp, Class N	4,055		35,238
Sterling Bancshares, Inc.	11,295		60,654
Susquehanna Bancshares, Inc.	25,988		219,339
Tompkins Financial Corp.	941		37,320
Trustco Bank Corp.	5,185		28,829
UMB Financial Corp.	3,052		108,376
Umpqua Holdings Corp.	7,275		82,498
United Bankshares, Inc.	4,244		105,633
United Community Banks, Inc.*	22,087		49,475
Whitney Holding Corp.	13,776		112,550
Wilshire Bancorp, Inc.	4,705		30,771
Wintrust Financial Corp.	5,131		166,296
Total Banks			2,710,262
Capital Goods–11.5%
A.O. Smith Corp.	8,168		472,846
AAON, Inc.	2,390		56,213
AAR Corp.*	12,953		241,703
Actuant Corp., Class A	14,275		327,754
Aerovironment, Inc.*	1,404		31,239
Albany International Corp., Class A	7,724		146,138
American Science & Engineering, Inc.	552		40,655
Apogee Enterprises, Inc.	12,316		112,691
Applied Industrial Technologies, Inc.	17,250		527,850
Applied Signal Technology, Inc.	1,700		42,296
Astec Industries, Inc.*	5,514		157,314
AZZ, Inc.	1,969		84,352
Badger Meter, Inc.	1,239		50,155
Barnes Group, Inc.	11,670		205,275
Belden, Inc.	11,179		294,902
Brady Corp., Class A	7,798		227,468
Briggs & Stratton Corp.	20,409		387,975
Cascade Corp.	3,938		125,228
Ceradyne, Inc.*	4,455		104,024
CIRCOR International, Inc.	5,006		158,190
CLARCOR, Inc.	5,173		199,833
Comfort Systems USA, Inc.	17,748		190,436
Cubic Corp.	4,688		191,270
Curtiss-Wright Corp.	10,864		329,179
Dycom Industries, Inc.*	6,543		65,365
EMCOR Group, Inc.*	41,853		1,029,165
Encore Wire Corp.	5,616		115,184
EnPro Industries, Inc.*	7,288		227,969
ESCO Technologies, Inc.	3,362		111,820
Esterline Technologies Corp.*	6,218		355,856
Federal Signal Corp.	1,556		8,387
GenCorp, Inc.*	15,723		77,357
Gibraltar Industries, Inc.*	10,130		90,967
Griffon Corp.*	18,111		220,773
II-VI, Inc.*	1,929		72,010
Insituform Technologies, Inc., Class A*	5,064		122,448
John Bean Technologies Corp.	8,565		137,982
Kaman Corp.	9,107		238,694
Kaydon Corp.	2,315		80,099
Lawson Products, Inc.	4,300		65,661
Lindsay Corp.	2,059		89,196
Lydall, Inc.*	7,635		56,194
Moog, Inc., Class A*	11,968		424,984
Mueller Industries, Inc.	11,392		301,774
NCI Building Systems, Inc.*	25,384		241,910
Orbital Sciences Corp.*	15,197		232,514
Orion Marine Group, Inc.*	18,213		226,023
Powell Industries, Inc.*	1,549		48,205
Quanex Building Products Corp.	7,020		121,235
Robbins & Myers, Inc.	5,459		146,192
Simpson Manufacturing Co., Inc.	4,480		115,494
Standex International Corp.	5,701		137,907
Teledyne Technologies, Inc.*	8,652		344,523
Toro Co.	6,863		385,907
Tredegar Corp.	8,139		154,478
Triumph Group, Inc.	4,634		345,650
Universal Forest Products, Inc.	8,416		246,168
Vicor Corp.	3,964		57,914
Watsco, Inc.	6,313		351,508
Watts Water Technologies, Inc., Class A	7,096		241,619
Total Capital Goods			11,994,118
Commercial & Professional Services–5.2%
ABM Industries, Inc.	31,454		679,092
Administaff, Inc.	12,612		339,641

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
ATC Technology Corp.*	3,669	$	90,771
Bowne & Co., Inc.	18,257		206,852
CDI Corp.	12,672		163,722
Consolidated Graphics, Inc.*	6,667		276,347
Dolan Co.*	24,655		280,328
Exponent, Inc.*	1,489		50,016
G&K Services, Inc., Class A	6,952		158,923
Geo Group, Inc.*	9,075		211,901
Healthcare Services Group, Inc.	5,833		132,934
Heidrick & Struggles International, Inc.	2,594		50,531
Interface, Inc., Class A	19,375		275,706
Kelly Services, Inc., Class A*	13,477		158,085
Mobile Mini, Inc.*	4,826		74,031
On Assignment, Inc.*	11,249		59,057
School Specialty, Inc.*	8,012		104,236
SFN Group, Inc.*	52,210		313,782
Standard Register Co.	24,785		72,372
SYKES Enterprises, Inc.*	5,669		76,985
Tetra Tech, Inc.*	9,322		195,482
TrueBlue, Inc.*	13,453		183,634
United Stationers, Inc.*	15,218		814,315
Viad Corp.	7,803		150,910
Volt Information Sciences, Inc.*	43,062		310,047
Total Commercial & Professional Services			5,429,700
Consumer Durables & Apparel–7.5%
Arctic Cat, Inc.*	15,784		161,786
Blyth, Inc.	1,763		72,706
Brunswick Corp.	47,865		728,505
Callaway Golf Co.	15,318		107,226
Carter’s, Inc.*	11,640		306,481
CROCS, Inc.*	20,820		270,868
Deckers Outdoor Corp.*	4,160		207,834
Ethan Allen Interiors, Inc.	11,246		196,355
Helen of Troy Ltd.*	5,178		130,952
Iconix Brand Group, Inc.*	3,358		58,765
Jakks Pacific, Inc.*	13,848		244,279
Kid Brands, Inc.*	8,505		73,143
K-Swiss, Inc., Class A*	4,977		63,457
La-Z-Boy, Inc., Class Z*	23,462		198,019
Liz Claiborne, Inc.*	119,052		723,836
M/I Homes, Inc.*	9,590		99,448
Maidenform Brands, Inc.*	5,110		147,424
Meritage Homes Corp.*	11,197		219,685
Movado Group, Inc.*	9,577		104,198
National Presto Industries, Inc.	883		94,013
Nautilus, Inc.*	23,970		31,880
Oxford Industries, Inc.	5,939		141,229
Perry Ellis International, Inc.*	11,586		253,154
Polaris Industries, Inc.	6,667		434,022
Pool Corp.	15,298		307,031
Quiksilver, Inc.*	219,707		859,054
RC2 Corp.*	5,326		111,580
Skechers U.S.A., Inc., Class A*	9,243		217,118
Skyline Corp.	2,020		40,925
Standard Pacific Corp.*	67,783		269,099
Steven Madden Ltd.*	7,922		325,277
Sturm Ruger & Co., Inc.	4,672		63,726
True Religion Apparel, Inc.*	2,915		62,206
Unifirst Corp.	3,987		176,026
Universal Electronics, Inc.*	2,390		49,832
Volcom, Inc.*	3,190		60,993
Wolverine World Wide, Inc.	7,540		218,735
Total Consumer Durables & Apparel			7,830,867
Consumer Services–5.3%
American Public Education, Inc.*	758		24,908
Biglari Holdings, Inc.*	470		154,465
BJ’s Restaurants, Inc.*	4,192		118,047
Buffalo Wild Wings, Inc.*	2,315		110,865
California Pizza Kitchen, Inc.*	9,205		157,037
Capella Education Co.*	784		60,854
CEC Entertainment, Inc.*	4,760		163,411
Coinstar, Inc.*	8,352		359,052
Cracker Barrel Old Country Store, Inc.	11,324		574,806
DineEquity, Inc.*	11,269		506,880
Hillenbrand, Inc.	5,907		127,060
Interval Leisure Group, Inc.*	5,764		77,641
Jack in the Box, Inc.*	23,899		512,395
Landry’s Restaurants, Inc.*	9,024		220,998
Marcus Corp.	5,351		63,409
Monarch Casino & Resort, Inc.*	3,215		36,040
Multimedia Games, Inc.*	4,191		15,507
O'Charleys, Inc.*	26,158		188,076
Papa John’s International, Inc.*	9,121		240,612
Peet’s Coffee & Tea, Inc.*	1,711		58,568
PF Chang’s China Bistro, Inc.	5,877		271,517
Pinnacle Entertainment, Inc.*	18,696		208,460
Pre-Paid Legal Services, Inc.*	2,071		129,417
Red Robin Gourmet Burgers, Inc.*	9,942		194,963
Ruby Tuesday, Inc.*	33,950		402,986
Ruth’s Hospitality Group, Inc.*	27,660		110,917
Shuffle Master, Inc.*	4,228		35,557
Sonic Corp.*	13,741		111,027
Texas Roadhouse, Inc., Class A*	15,616		219,561
Universal Technical Institute, Inc.	3,350		65,493
Total Consumer Services			5,520,529
Diversified Financials–1.1%
Cash America International, Inc.	6,015		210,525
Ezcorp, Inc., Class A*	6,264		125,531
First Cash Financial Services, Inc.*	3,003		83,333
Interactive Brokers Group, Inc., Class A*	3,690		63,505
Investment Technology Group, Inc.*	6,182		87,908
LaBranche & Co., Inc.*	11,932		46,535
OptionsXpress Holdings, Inc.*	2,858		43,899
Piper Jaffray Cos.*	1,552		45,210
Portfolio Recovery Associates, Inc.*	1,099		71,050
Rewards Network, Inc.	3,288		47,183
Stifel Financial Corp.*	3,362		155,627
SWS Group, Inc.	7,690		55,137
TradeStation Group, Inc.*	3,604		23,714
World Acceptance Corp.*	2,167		95,695
Total Diversified Financials			1,154,852
Energy–5.3%
Basic Energy Services, Inc.*	15,656		133,389
Bristow Group, Inc.*	5,603		202,156
CARBO Ceramics, Inc.	1,110		89,910

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
Dril-Quip, Inc.*	1,821	$	113,102
Gulf Island Fabrication, Inc.	2,687		48,903
Holly Corp.	28,944		832,140
Hornbeck Offshore Services, Inc.*	3,340		65,097
ION Geophysical Corp.*	13,625		70,033
Lufkin Industries, Inc.	3,587		157,469
Matrix Service Co.*	14,150		123,813
Oil States International, Inc.*	12,345		574,660
Penn Virginia Corp.	7,552		121,134
Petroleum Development Corp.*	2,904		80,150
Petroquest Energy, Inc.*	7,617		46,388
Pioneer Drilling Co.*	11,090		70,754
SEACOR Holdings, Inc.*	4,058		345,579
SM Energy Co.	3,650		136,729
Stone Energy Corp.*	6,825		100,532
Swift Energy Co.*	3,050		85,644
Tetra Technologies, Inc.*	17,241		175,858
World Fuel Services Corp.	73,692		1,916,729
Total Energy			5,490,169
Food & Staples Retailing–4.7%
Andersons, Inc.	19,521		739,846
Casey’s General Stores, Inc.	29,271		1,222,064
Great Atlantic & Pacific Tea Co.*	150,005		594,020
Nash Finch Co.	26,835		1,141,561
Spartan Stores, Inc.	33,079		479,646
United Natural Foods, Inc.*	23,817		789,295
Total Food & Staples Retailing			4,966,432
Food, Beverage & Tobacco–2.2%
Alliance One International, Inc.*	85,550		355,032
Boston Beer Co., Inc., Class A*	1,748		116,889
Calavo Growers, Inc.	3,745		81,192
Cal-Maine Foods, Inc.	5,889		170,663
Darling International, Inc.*	16,955		144,457
Diamond Foods, Inc.	3,248		133,135
Hain Celestial Group, Inc.*	13,082		313,706
J&J Snack Foods Corp.	3,110		130,402
Lance, Inc.	6,430		136,959
Sanderson Farms, Inc.	7,396		320,173
TreeHouse Foods, Inc.*	7,876		363,084
Total Food, Beverage & Tobacco			2,265,692
Health Care Equipment & Services–9.8%
Abaxis, Inc.*	811		18,734
Air Methods Corp.*	2,697		112,141
Align Technology, Inc.*	3,007		58,877
Almost Family, Inc.*	1,346		39,882
Amedisys, Inc.*	6,363		151,439
American Medical Systems Holdings, Inc.*	4,938		96,686
AMERIGROUP Corp.*	35,524		1,508,704
AMN Healthcare Services, Inc.*	19,643		100,965
Amsurg Corp., Class A*	5,425		94,829
Analogic Corp.	2,073		93,036
Bio-Reference Labs, Inc.*	3,620		75,513
Cantel Medical Corp.	2,349		38,054
Catalyst Health Solutions, Inc.*	14,201		500,017
Centene Corp.*	36,118		852,024
Chemed Corp.	4,560		259,783
Computer Programs & Systems, Inc.	470		20,008
CONMED Corp.*	5,777		129,463
Cooper Cos., Inc.	5,180		239,420
Corvel Corp.*	1,764		74,882
Cross Country Healthcare, Inc.*	12,734		91,557
CryoLife, Inc.*	3,052		18,526
Cyberonics, Inc.*	1,268		33,830
Ensign Group, Inc.	11,330		203,374
Genoptix, Inc.*	815		11,573
Gentiva Health Services, Inc.*	8,290		181,137
Greatbatch, Inc.*	5,119		118,710
Haemonetics Corp.*	1,901		111,266
Hanger Orthopedic Group, Inc.*	9,735		141,547
Healthspring, Inc.*	25,478		658,352
Healthways, Inc.*	7,686		89,465
HMS Holdings Corp.*	830		48,920
ICU Medical, Inc.*	1,114		41,541
Integra LifeSciences Holdings Corp.*	3,512		138,584
Invacare Corp.	11,723		310,777
IPC The Hospitalist Co., Inc.*	1,673		45,706
Kensey Nash Corp.*	650		18,779
Landauer, Inc.	279		17,474
LCA-Vision, Inc.*	4,358		24,274
LHC Group, Inc.*	2,718		63,030
Magellan Health Services, Inc.*	12,764		602,971
Medcath Corp.*	15,645		157,545
Meridian Bioscience, Inc.	1,165		25,490
Merit Medical Systems, Inc.*	2,450		38,931
Molina Healthcare, Inc.*	30,080		811,859
MWI Veterinary Supply, Inc.*	4,703		271,457
Natus Medical, Inc.*	2,034		29,635
Neogen Corp.*	632		21,393
Omnicell, Inc.*	3,351		43,831
Osteotech, Inc.*	6,135		39,632
Palomar Medical Technologies, Inc.*	1,177		12,158
PharMerica Corp.*	22,493		214,358
PSS World Medical, Inc.*	17,130		366,239
Quality Systems, Inc.	693		45,953
RehabCare Group, Inc.*	4,957		100,231
Res-Care, Inc.*	25,693		340,946
SurModics, Inc.*	933		11,121
Symmetry Medical, Inc.*	8,794		84,774
West Pharmaceutical Services, Inc.	4,590		157,483
Zoll Medical Corp.*	2,524		81,450
Total Health Care Equipment & Services			10,290,336
Household & Personal Products–0.8%
Central Garden and Pet Co., Class A*	30,061		311,432
Mannatech, Inc.*	21,488		44,050
Medifast, Inc.*	14,338		388,990
WD-40 Co.	1,586		60,300
Total Household & Personal Products			804,772
Insurance–2.2%
American Physicians Capital, Inc.	1,002		41,543
AMERISAFE, Inc.*	2,883		54,143
Delphi Financial Group, Inc., Class A	12,555		313,749
eHealth, Inc.*	1,569		20,272
Employers Holdings, Inc.	6,296		99,288
Horace Mann Educators Corp.	682		12,126
Infinity Property & Casualty Corp.	3,893		189,862

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
National Financial Partners Corp.*	21,011	$	266,209
Navigators Group, Inc.*	2,700		120,501
Presidential Life Corp.	3,615		35,427
ProAssurance Corp.*	2,072		119,326
RLI Corp.	1,740		98,519
Safety Insurance Group, Inc.	2,953		124,085
Selective Insurance Group, Inc.	17,253		281,051
Stewart Information Services Corp.	25,212		285,400
Tower Group, Inc.	6,224		145,330
United Fire & Casualty Co.	5,720		121,321
Total Insurance			2,328,152
Materials–5.0%
A. Schulman, Inc.	13,846		278,997
A.M. Castle & Co.*	12,353		163,677
AMCOL International Corp.	4,871		127,571
American Vanguard Corp.	5,594		34,571
Arch Chemicals, Inc.	8,942		313,775
Balchem Corp.	1,788		55,178
Brush Engineered Materials, Inc.*	6,651		189,154
Buckeye Technologies, Inc.	15,673		230,550
Calgon Carbon Corp.*	4,971		72,079
Century Aluminum Co.*	16,115		212,235
Clearwater Paper Corp.*	4,132		314,363
Deltic Timber Corp.	465		20,832
Eagle Materials, Inc.	4,218		99,967
H.B. Fuller Co.	10,283		204,323
Headwaters, Inc.*	26,135		94,086
Kaiser Aluminum Corp.	3,286		140,608
LSB Industries, Inc.*	28,927		537,174
Myers Industries, Inc.	14,105		121,162
Neenah Paper, Inc.	6,998		106,370
Olympic Steel, Inc.	3,586		82,442
OM Group, Inc.*	5,311		159,967
Penford Corp.*	5,657		26,079
PolyOne Corp.*	50,710		613,084
Quaker Chemical Corp.	3,926		127,831
RTI International Metals, Inc.*	3,993		122,266
Schweitzer-Mauduit International, Inc.	1,999		116,562
Stepan Co.	3,793		224,204
Texas Industries, Inc.	4,858		153,124
Wausau Paper Corp.*	17,222		142,770
Zep, Inc.	5,583		97,367
Total Materials			5,182,368
Media–1.2%
Arbitron, Inc.	3,113		87,071
E.W. Scripps Co., Class A*	24,030		189,356
Live Nation Entertainment, Inc.*	99,642		984,463
Total Media			1,260,890
Pharmaceuticals, Biotechnology & Life Sciences–2.1%
Affymetrix, Inc.*	24,124		110,006
Arqule, Inc.*	1,049		5,402
Cambrex Corp.*	8,242		35,029
Cubist Pharmaceuticals, Inc.*	5,194		121,488
Dionex Corp.*	962		83,155
Emergent Biosolutions, Inc.*	2,928		50,537
Enzo Biochem, Inc.*	2,825		10,735
eResearchTechnology, Inc.*	2,954		22,096
Hi-Tech Pharmacal Co., Inc.*	33,429		676,603
Kendle International, Inc.*	6,729		62,714
Martek Biosciences Corp.*	3,606		81,604
Par Pharmaceutical Cos., Inc.*	7,629		221,851
Parexel International Corp.*	17,981		415,901
Regeneron Pharmaceuticals, Inc.*	3,174		86,968
Salix Pharmaceuticals Ltd.*	1,745		69,311
Savient Pharmaceuticals, Inc.*	13		297
Viropharma, Inc.*	6,277		93,590
Total Pharmaceuticals, Biotechnology & Life Sciences			2,147,287
Real Estate–2.0%
Acadia Realty Trust(a)	1,537		29,203
BioMed Realty Trust, Inc.(a)	4,345		77,862
Cedar Shopping Centers, Inc.(a)	5,569		33,860
Colonial Properties Trust(a)	5,407		87,539
DiamondRock Hospitality Co.*(a)	13,732		130,317
EastGroup Properties, Inc.(a)	791		29,568
Entertainment Properties Trust(a)	1,506		65,029
Extra Space Storage, Inc.(a)	4,411		70,752
Forestar Group, Inc.*	1,303		22,216
Franklin Street Properties Corp.(a)	1,708		21,213
Healthcare Realty Trust, Inc.(a)	2,016		47,154
Home Properties, Inc.(a)	2,024		107,070
Inland Real Estate Corp.(a)	3,985		33,115
Kilroy Realty Corp.(a)	1,649		54,648
Kite Realty Group Trust(a)	6,661		29,575
LaSalle Hotel Properties(a)	5,555		129,931
Lexington Realty Trust(a)	14,125		101,135
LTC Properties, Inc.(a)	448		11,433
Medical Properties Trust, Inc.(a)	2,256		22,876
Mid-America Apartment Communities, Inc.(a)	1,467		85,497
National Retail Properties, Inc.(a)	2,045		51,350
Parkway Properties, Inc.(a)	2,363		34,972
Pennsylvania Real Estate Investment Trust(a)	10,796		128,041
Post Properties, Inc.(a)	2,759		77,031
PS Business Parks, Inc.(a)	1,049		59,342
Sovran Self Storage, Inc.(a)	1,063		40,288
Tanger Factory Outlet Centers(a)	1,246		58,736
Universal Health Realty Income Trust(a)	12,711		437,386
Urstadt Biddle Properties, Inc., Class A(a)	1,012		18,297
Total Real Estate			2,095,436
Retailing–11.2%
Audiovox Corp., Class A*	16,184		110,699
Big 5 Sporting Goods Corp.	9,140		122,659
Blue Nile, Inc.*	891		39,641
Brown Shoe Co., Inc.	39,668		454,992
Buckle, Inc.	4,738		125,746
Cabela’s, Inc.*	37,362		709,131
Cato Corp., Class A	8,060		215,686
Childrens Place Retail Stores, Inc.*	9,997		487,554
Christopher & Banks Corp.	16,159		127,818
Finish Line, Inc., Class A	25,366		352,841
Fred’s, Inc., Class A	35,225		415,655

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
Genesco, Inc.*	11,746	$	350,970
Group 1 Automotive, Inc.*	29,622		885,105
Gymboree Corp.*	4,287		178,082
Haverty Furniture Cos., Inc.	8,711		95,037
Hibbett Sports, Inc.*	5,085		126,871
HOT Topic, Inc.	23,277		139,429
HSN, Inc.*	26,657		797,044
Jo-Ann Stores, Inc.*	10,452		465,637
JOS A. Bank Clothiers, Inc.*	4,465		190,254
Kirkland’s, Inc.*	11,543		159,986
Lithia Motors, Inc., Class A	40,165		385,182
Lumber Liquidators Holdings, Inc.*	3,567		87,641
MarineMax, Inc.*	13,249		93,273
Men’s Wearhouse, Inc.	17,298		411,519
Midas, Inc.*	4,345		33,065
Monro Muffler Brake, Inc.	2,859		131,828
NutriSystem, Inc.	3,261		62,742
OfficeMax, Inc.*	100,804		1,319,524
PEP Boys-Manny Moe & Jack	41,501		439,081
PetMed Express, Inc.	2,114		36,995
Sonic Automotive, Inc., Class A*	99,623		979,294
Stage Stores, Inc.	23,511		305,643
Stamps.com, Inc.*	1,687		21,931
Stein Mart, Inc.*	23,280		205,562
Tuesday Morning Corp.*	57,588		274,695
Zale Corp.*	105,029		220,561
Zumiez, Inc.*	6,207		131,340
Total Retailing			11,690,713
Semiconductors & Semiconductor Equipment–1.8%
Actel Corp.*	3,077		49,078
Advanced Energy Industries, Inc.*	2,670		34,870
ATMI, Inc.*	2,443		36,303
Brooks Automation, Inc.*	5,847		39,233
Cabot Microelectronics Corp.*	1,596		51,359
Cohu, Inc.	2,170		27,320
Cymer, Inc.*	1,524		56,510
Cypress Semiconductor Corp.*	10,736		135,059
Diodes, Inc.*	3,579		61,165
DSP Group, Inc.*	7,067		49,469
Exar Corp.*	3,058		18,317
FEI Co.*	4,182		81,842
Hittite Microwave Corp.*	748		35,642
Kopin Corp.*	4,625		16,419
Kulicke & Soffa Industries, Inc.*	6,087		37,679
Micrel, Inc.	4,980		49,103
Microsemi Corp.*	5,090		87,294
MKS Instruments, Inc.*	4,248		76,379
Monolithic Power Systems, Inc.*	25,875		422,539
Pericom Semiconductor Corp.*	2,276		19,778
Rudolph Technologies, Inc.*	1,765		14,667
Sigma Designs, Inc.*	3,823		43,926
Standard Microsystems Corp.*	3,359		76,619
Supertex, Inc.*	543		12,011
Tessera Technologies, Inc.*	1,463		27,065
TriQuint Semiconductor, Inc.*	19,255		184,848
Ultratech, Inc.*	1,245		21,290
Varian Semiconductor Equipment Associates, Inc.*	2,034		58,539
Veeco Instruments, Inc.*	1,933		67,404
Volterra Semiconductor Corp.*	2,035		43,793

Total Semiconductors & Semiconductor Equipment		1,935,520
Software & Services–3.8%
Blackbaud, Inc.	2,499	60,076
CACI International, Inc., Class A*	10,118	457,941
Ciber, Inc.*	61,270	184,423
CommVault Systems, Inc.*	1,881	48,962
comScore, Inc.*	1,362	32,034
Concur Technologies, Inc.*	1,093	54,038
CSG Systems International, Inc.*	4,835	88,142
DealerTrack Holdings, Inc.*	2,185	37,320
Ebix, Inc.*	941	22,066
Epicor Software Corp.*	10,043	87,374
EPIQ Systems, Inc.	3,409	41,794
Forrester Research, Inc.*	1,623	53,689
Heartland Payment Systems, Inc.	25,295	384,990
Infospace, Inc.*	3,715	32,172
Integral Systems, Inc.*	3,241	23,918
Interactive Intelligence, Inc.*	4,489	79,006
j2 Global Communications, Inc.*	2,241	53,313
JDA Software Group, Inc.*	2,951	74,837
Knot, Inc.*	1,932	17,639
Liquidity Services, Inc.*	4,079	65,305
Manhattan Associates, Inc.*	1,949	57,203
MAXIMUS, Inc.	2,739	168,668
MicroStrategy, Inc., Class A*	2,506	217,045
NCI, Inc., Class A*	14,506	274,453
Netscout Systems, Inc.*	3,672	75,313
Perficient, Inc.*	4,324	39,521
Phoenix Technologies Ltd.*	4,081	15,916
Progress Software Corp.*	3,624	119,954
Radiant Systems, Inc.*	5,028	85,979
Smith Micro Software, Inc.*	2,540	25,248
Sonic Solutions, Inc.*	2,192	24,945
Sourcefire, Inc.*	894	25,783
StarTek, Inc.*	7,665	32,040
Take-Two Interactive Software, Inc.*	21,593	218,953
Taleo Corp., Class A*	1,740	50,443
TeleTech Holdings, Inc.*	11,306	167,781
THQ, Inc.*	35,040	140,861
Tyler Technologies, Inc.*	2,676	53,948
United Online, Inc.	25,662	146,787
Websense, Inc.*	3,332	59,110
Wright Express Corp.*	1,911	68,242
Total Software & Services		3,967,232
Technology Hardware & Equipment–8.7%
Agilysys, Inc.*	14,543	94,530
Anixter International, Inc.	19,894	1,074,077
Arris Group, Inc.*	17,778	173,691
Avid Technology, Inc.*	9,887	129,619
Bel Fuse, Inc., Class B	1,801	37,497
Benchmark Electronics, Inc.*	19,525	320,210
Black Box Corp.	6,364	204,030
Blue Coat Systems, Inc.*	2,837	68,258
Brightpoint, Inc.*	83,812	585,846
Checkpoint Systems, Inc.*	9,524	193,813
Cogent, Inc.*	42,332	450,413
Cognex Corp.	1,812	48,598
Compellent Technologies, Inc.*	965	17,544

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES SMALL CAP FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
Comtech Telecommunications Corp.	3,064	$	83,800
CTS Corp.	10,449		100,519
Daktronics, Inc.	11,713		115,022
DG FastChannel, Inc.*	3,113		67,708
Digi International, Inc.*	3,929		37,286
DTS, Inc.*	447		17,062
Electro Scientific Industries, Inc.*	3,483		38,696
EMS Technologies, Inc.*	5,364		99,931
FARO Technologies, Inc.*	1,347		29,378
Gerber Scientific, Inc.*	21,404		132,063
Harmonic, Inc.*	10,426		71,731
Hutchinson Technology, Inc.*	10,503		36,445
Insight Enterprises, Inc.*	71,784		1,122,702
Intermec, Inc.*	9,965		122,171
Intevac, Inc.*	894		8,949
Keithley Instruments, Inc.	4,491		96,601
Littelfuse, Inc.*	2,586		113,008
LoJack Corp.*	6,266		23,936
Mercury Computer Systems, Inc.*	3,165		38,075
Methode Electronics, Inc.	10,872		98,718
MTS Systems Corp.	2,845		88,195
Netgear, Inc.*	5,142		138,885
Network Equipment Technologies, Inc.*	4,466		15,408
Newport Corp.*	8,092		91,763
Novatel Wireless, Inc.*	6,944		54,719
OSI Systems, Inc.*	1,685		61,199
Park Electrochemical Corp.	1,572		41,407
PC-Tel, Inc.*	1,838		11,285
Plexus Corp.*	10,387		304,858
RadiSys Corp.*	5,822		54,843
Rogers Corp.*	1,788		56,286
Scansource, Inc.*	14,535		403,201
Stratasys, Inc.*	1,169		32,405
Symmetricom, Inc.*	7,616		43,564
Synaptics, Inc.*	3,089		86,924
SYNNEX Corp.*	47,393		1,333,639
Technitrol, Inc.	20,520		90,493
Tekelec*	5,440		70,502
Tollgrade Communications, Inc.*	1,461		10,709
TTM Technologies, Inc.*	10,014		98,037
Viasat, Inc.*	3,517		144,584
Total Technology Hardware & Equipment			9,084,833
Telecommunication Services–0.4%
Cbeyond, Inc.*	4,976		63,842
General Communication, Inc., Class A*	17,000		169,490
Neutral Tandem, Inc.*	1,364		16,300
NTELOS Holdings Corp.	6,659		112,670
USA Mobility, Inc.	5,355		85,841
Total Telecommunication Services			448,143
Transportation–1.5%
Allegiant Travel Co., Class A	2,062		87,264
Arkansas Best Corp.	9,439		228,707
Forward Air Corp.	3,147		81,822
Heartland Express, Inc.	5,702		84,789
HUB Group, Inc., Class A*	9,791		286,485
Knight Transportation, Inc.	6,501		125,664
Old Dominion Freight Line, Inc.*	11,041		280,662

Skywest, Inc.	29,820		416,287
Total Transportation			1,591,680
Utilities–3.7%
Allete, Inc.	3,815		138,981
American States Water Co.	1,830		65,477
Avista Corp.	13,035		272,171
Central Vermont Public Service Corp.	2,929		59,078
CH Energy Group, Inc.	4,707		207,861
El Paso Electric Co.*	7,389		175,710
Laclede Group, Inc.	11,144		383,577
New Jersey Resources Corp.	14,371		563,631
Northwest Natural Gas Co.	4,252		201,757
NorthWestern Corp.	12,896		367,536
Piedmont Natural Gas Co., Inc.	12,247		355,163
South Jersey Industries, Inc.	4,277		211,583
Southwest Gas Corp.	11,843		397,806
UIL Holdings Corp.	5,818		163,835
Unisource Energy Corp.	7,913		264,532
Total Utilities			3,828,698
Total Investments–100.0%
(Cost $98,272,998)			104,435,258
Liabilities in Excess of Other
Assets–(0.0)% †			(5,505	)
Net Assets–100.0%		$	104,429,753

*	Non-income producing security
(a)	Real Estate Investment Trust
†	Less than 0.05%

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

SCHEDULE OF INVESTMENTS
REVENUESHARES FINANCIALS SECTOR FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
COMMON STOCKS–100.0%
Capital Markets–9.8%
Ameriprise Financial, Inc.	3,419	$	161,821
Bank of New York Mellon Corp.	5,523		144,316
Charles Schwab Corp.	4,667		64,871
E*Trade Financial Corp.*	3,299		47,968
Federated Investors, Inc., Class B	874		19,892
Franklin Resources, Inc.	729		77,930
Goldman Sachs Group, Inc.	4,876		704,972
Invesco Ltd.	1,973		41,887
Janus Capital Group, Inc.	1,067		11,684
Legg Mason, Inc.	2,620		79,412
Morgan Stanley	18,279		451,126
Northern Trust Corp.	1,738		83,841
State Street Corp.	4,576		172,332
T. Rowe Price Group, Inc.	609		30,490
Total Capital Markets			2,092,542
Commercial Banks–17.1%
BB&T Corp.	7,454		179,492
Comerica, Inc.	2,181		81,024
Fifth Third Bancorp	14,398		173,208
First Horizon National Corp.*	3,346		38,178
Huntington Bancshares, Inc.	15,787		89,512
KeyCorp	18,673		148,637
M&T Bank Corp.	1,148		93,918
Marshall & Ilsley Corp.	11,007		77,489
PNC Financial Services Group, Inc.	5,850		303,674
Regions Financial Corp.	29,872		217,170
SunTrust Banks, Inc.	8,966		231,592
U.S. Bancorp	15,244		329,575
Wells Fargo & Co.	62,155		1,561,955
Zions Bancorporation	4,703		100,456
Total Commercial Banks			3,625,880
Consumer Finance–4.9%
American Express Co.	12,271		515,750
Capital One Financial Corp.	7,608		300,896
Discover Financial Services	7,154		119,329
SLM Corp.*	9,738		112,474
Total Consumer Finance			1,048,449
Diversified Financial Services–30.2%
Bank of America Corp.	173,378		2,272,986
Citigroup, Inc.*	500,278		1,951,084
CME Group, Inc., Class A	149		38,807
IntercontinentalExchange, Inc.*	163		17,069
JPMorgan Chase & Co.	50,609		1,926,685
Leucadia National Corp.*	799		18,872
Moody’s Corp.	1,242		31,025
NASDAQ OMX Group, Inc.*	3,374		65,557
NYSE Euronext	3,429		97,967
Total Diversified Financial Services			6,420,052
Insurance–34.4%
ACE Ltd.	819		47,707
Aflac, Inc.	7,051		364,607
Allstate Corp.	20,009		631,284
American International Group, Inc.*	33,031		1,291,512
AON Corp.	3,605		140,992
Assurant, Inc.	5,438		221,327
Berkshire Hathaway, Inc., Class B*	3,558		294,175
Chubb Corp.	4,759		271,215
Cincinnati Financial Corp.	2,690		77,606
Genworth Financial, Inc., Class A*	15,750		192,465
Hartford Financial Services Group, Inc.	14,315		328,529
Lincoln National Corp.	6,867		164,259
Loews Corp.	6,724		254,840
Marsh & McLennan Cos., Inc.	8,822		212,787
MetLife, Inc.	21,713		834,865
Principal Financial Group, Inc.	7,047		182,658
Progressive Corp.	15,086		314,845
Prudential Financial, Inc.	11,682		632,931
Torchmark Corp.	1,364		72,483
Travelers Cos., Inc.	8,663		451,342
Unum Group	9,595		212,529
XL Group PLC, Class A*	6,050		131,043
Total Insurance			7,326,001
Real Estate Investment Trusts–2.8%
Apartment Investment & Management Co., Class A(a)	1,704		36,432
AvalonBay Communities, Inc.(a)	214		22,241
Boston Properties, Inc.(a)	419		34,827
Equity Residential(a)	1,185		56,370
HCP, Inc.(a)	603		21,696
Health Care REIT, Inc.(a)	231		10,936
Host Hotels & Resorts, Inc.(a)	7,974		115,463
Kimco Realty Corp.(a)	1,298		20,443
Plum Creek Timber Co., Inc.(a)	767		27,075
ProLogis(a)	3,315		39,051
Public Storage(a)	392		38,040
Simon Property Group, Inc.(a)	913		84,672
Ventas, Inc.(a)	390		20,112
Vornado Realty Trust(a)	730		62,437
Total Real Estate Investment Trusts			589,795
Real Estate Management & Development–0.5%
CB Richard Ellis Group, Inc., Class A*	6,290		114,981
Thrifts & Mortgage Finance–0.3%
Hudson City Bancorp, Inc.	4,090		50,143
People’s United Financial, Inc.	1,228		16,075
Total Thrifts & Mortgage Finance			66,218
Total Investments–100.0%
(Cost $23,239,579)			21,283,918
Liabilities in Excess of Other
Assets–(0.0)% †			(7,832	)
Net Assets–100.0%		$	21,276,086

*	Non-income producing security
(a)	Real Estate Investment Trust
†	Less than 0.05%

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

SCHEDULE OF INVESTMENTS
REVENUESHARES ADR FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS–98.8%
Automobiles & Components–4.9%
Honda Motor Co. Ltd.(a)	22,152	$	788,390
Magna International, Inc., Class A	2,515		206,884
Toyota Motor Corp.(a)	21,743		1,556,364
Total Automobiles & Components			2,551,638
Banks–12.1%
Banco Bilbao Vizcaya
Argentaria SA(a)	18,999		256,107
Banco Bradesco SA(a)	27,302		556,415
Banco de Chile(a)	280		25,161
Banco Santander Chile(a)	310		29,930
Banco Santander SA(a)	38,972		493,386
Bank of Montreal	2,168		125,202
Bank of Nova Scotia	3,798		202,433
Barclays PLC(a)	27,100		510,835
Canadian Imperial Bank of Commerce	1,662		120,395
Credicorp Ltd.	170		19,363
HSBC Holdings PLC(a)	14,379		727,434
Itau Unibanco Holding SA(a)	25,126		607,547
KB Financial Group, Inc.(a)	95		4,073
Lloyds Banking Group PLC(a)	123,874		571,059
Mitsubishi UFJ Financial Group, Inc.(a)	84,622		391,800
Mizuho Financial Group, Inc.(a)	73,644		211,358
National Bank of Greece SA*(a)	34,604		78,551
Royal Bank of Canada	5,100		265,863
Royal Bank of Scotland Group PLC*(a)	43,748		648,783
Shinhan Financial Group Co., Ltd.(a)	171		13,112
Toronto-Dominion Bank	2,821		203,845
Westpac Banking Corp.(a)	2,470		277,381
Total Banks			6,340,033
Capital Goods–4.1%
ABB Ltd.* (a)	13,107		276,820
Empresa Brasileira de Aeronautica SA(a)	1,621		46,020
Koninklijke Philips Electronics NV	9,887		309,661
Kubota Corp.(a)	2,085		96,056
Mitsui & Co. Ltd.(a)	1,411		423,300
Nidec Corp.(a)	2,144		47,704
Siemens AG(a)	8,783		925,728
Total Capital Goods			2,125,289
Consumer Durables & Apparel–2.6%
Gildan Activewear, Inc.*	351		9,860
Luxottica Group SpA(a)	2,507		68,391
Panasonic Corp.(a)	47,316		642,551
Sony Corp.(a)	20,870		645,300
Total Consumer Durables & Apparel			1,366,102
Consumer Services–0.3%
Carnival PLC(a)	3,073		121,568
Intercontinental Hotels Group PLC(a)	734		13,168
Tim Hortons, Inc.	574		20,899
Total Consumer Services			155,635
Diversified Financials–5.5%
Credit Suisse Group AG(a)	9,358		398,276
Deutsche Bank AG	8,317		456,853
ING Groep NV* (a)	153,461		1,579,114
Nomura Holdings, Inc.(a)	16,428		78,361
ORIX Corp.(a)	1,046		40,020
UBS AG*	20,762		353,577
Total Diversified Financials			2,906,201
Energy–30.9%
BP PLC(a)	65,130		2,681,402
Cameco Corp.	622		17,248
Canadian Natural Resources Ltd.	3,041		105,219
Cenovus Energy, Inc.	4,053		116,605
China Petroleum & Chemical Corp.(a)	26,203		2,313,201
CNOOC Ltd.(a)	1,010		196,243
Enbridge, Inc.	2,243		117,309
Encana Corp.	4,046		122,310
Enerplus Resources Fund	359		9,244
ENI SpA(a)	25,859		1,116,592
Imperial Oil Ltd.	5,022		189,932
Nexen, Inc.	2,617		52,602
Penn West Energy Trust(b)	1,040		20,873
PetroChina Co. Ltd.(a)	14,992		1,745,369
Petroleo Brasileiro SA, Class A(a)	31,421		1,031,237
Repsol YPF SA(a)	22,428		577,072
Royal Dutch Shell PLC, Class A(a)	24,749		1,492,365
Royal Dutch Shell PLC, Class B(a)	25,407		1,493,677
Statoil ASA(a)	35,700		748,986
Suncor Energy, Inc.	8,291		269,872
Talisman Energy, Inc.	3,455		60,428
Tenaris SA(a)	1,730		66,466
Total SA(a)	31,141		1,606,876
TransCanada Corp.	1,895		70,342
Total Energy			16,221,470
Food & Staples Retailing–0.5%
Delhaize Group SA(a)	3,463		250,583
Food, Beverage & Tobacco–3.6%
Anheuser-Busch InBev NV(a)	5,775		339,281
British American Tobacco PLC(a)	2,756		205,901
Diageo PLC(a)	2,014		138,986
Fomento Economico Mexicano SAB de CV(a)	2,533		128,499
Unilever NV	17,778		531,207
Unilever PLC(a)	18,099		526,681
Total Food, Beverage & Tobacco			1,870,555
Health Care Equipment & Services–0.3%
Fresenius Medical Care AG & Co. KGaA(a)	1,745		107,736
Smith & Nephew PLC(a)	786		35,685
Total Health Care Equipment & Services			143,421
Insurance–5.7%
Aegon NV, Class G*	75,670		453,263
Aviva PLC(a)	54,790		690,354
China Life Insurance Co. Ltd.(a)	9,268		551,261
Manulife Financial Corp.	26,122		329,921
Prudential PLC* (a)	37,505		748,225
Sun Life Financial, Inc.	8,286		215,767
Total Insurance			2,988,791
Materials–5.5%
Agnico-Eagle Mines Ltd.	125		8,879
Agrium, Inc.	1,115		83,614
ArcelorMittal	19,953		658,050
Barrick Gold Corp.	1,812		83,877
BHP Billiton Ltd.(a)	3,168		241,782

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES ADR FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares		Value
BHP Billiton PLC(a)	3,789	$	242,193
Cemex SAB de CV* (a)	14,203		120,725
Cia de Minas Buenaventura SA(a)	221		9,985
Cia Siderurgica Nacional SA(a)	3,840		67,853
CRH PLC(a)	11,830		196,851
Eldorado Gold Corp.	227		4,197
Fibria Celulose SA* (a)	1,872		32,367
Gerdau SA(a)	9,760		132,834
Goldcorp, Inc.	623		27,113
IAMGOLD Corp.	418		7,403
Kinross Gold Corp.	1,167		21,928
POSCO(a)	1,969		224,427
Potash Corp. of Saskatchewan, Inc.	320		46,093
Rio Tinto PLC(a)	7,588		445,643
Sociedad Quimica y Minera de Chile SA(a)	298		14,375
Southern Copper Corp.	1,245		43,724
Syngenta AG(a)	1,919		95,547
Teck Resources Ltd., Class B	1,839		75,693
Yamana Gold, Inc.	1,118		12,745
Total Materials			2,897,898
Media–0.9%
Grupo Televisa SA(a)	1,941		36,724
Pearson PLC(a)	4,917		76,312
Reed Elsevier NV(a)	3,162		79,651
Shaw Communications, Inc., Class B	1,309		28,811
Thomson Reuters Corp.	3,035		113,903
WPP PLC(a)	2,027		112,843
Total Media			448,244
Pharmaceuticals, Biotechnology & Life Sciences–3.1%
AstraZeneca PLC(a)	5,753		291,677
Elan Corp. PLC* (a)	1,703		9,792
GlaxoSmithKline PLC(a)	10,177		402,195
Novartis AG(a)	7,559		435,928
Novo Nordisk A/S(a)	956		94,109
QIAGEN NV*	453		8,036
Sanofi-Aventis SA(a)	11,037		366,980
Shire PLC(a)	414		27,854
Valeant Pharmaceuticals International, Inc.	282		7,064
Total Pharmaceuticals, Biotechnology & Life Sciences			1,643,635
Real Estate–0.2%
Brookfield Asset Management, Inc., Class A	3,931		111,522
Semiconductors & Semiconductor Equipment–0.5%
Advantest Corp.(a)	198		3,984
ARM Holdings PLC(a)	214		4,015
ASML Holding NV, Class G	1,235		36,716
STMicroelectronics NV, Class Y	11,161		85,158
Taiwan Semiconductor Manufacturing Co. Ltd.(a)	10,197		103,398
United Microelectronics Corp.(a)	11,341		31,528
Total Semiconductors & Semiconductor Equipment			264,799
Software & Services–0.3%
SAP AG(a)	2,822		139,153
Technology Hardware & Equipment–4.7%
Alcatel-Lucent* (a)	60,155		203,324
AU Optronics Corp.* (a)	12,789		133,773
Canon, Inc.(a)	7,298		340,963
Hitachi Ltd.* (a)	18,596		814,133
Kyocera Corp.(a)	925		88,069
Nokia OYJ(a)	51,705		518,601
Research In Motion Ltd. *	2,478		120,654
Telefonaktiebolaget LM Ericsson(a)	22,288		244,499
Total Technology Hardware & Equipment			2,464,016
Telecommunication Services–10.4%
America Movil SAB de CV,
Series R(a)	5,393		287,609
BCE, Inc.	4,580		148,850
BT Group PLC(a)	13,155		288,358
China Mobile Ltd.(a)	11,799		603,283
Chunghwa Telecom Co. Ltd.(a)	2,344		52,552
France Telecom SA(a)	28,355		610,483
Nippon Telegraph & Telephone Corp.(a)	42,719		936,400
NTT DoCoMo, Inc.(a)	23,429		391,733
Portugal Telecom SGPS SA(a)	6,893		91,194
Rogers Communications, Inc., Class B	2,672		100,013
Tele Norte Leste Participacoes SA(a)	10,425		146,784
Telecom Corp. of New Zealand Ltd.(a)	3,971		29,862
Telecom Italia SpA(a)	23,573		328,372
Telefonica SA(a)	9,810		727,412
Telefonos de Mexico SAB de CV(a)	5,368		80,144
TELUS Corp., Class A	1,979		83,811
Vodafone Group PLC(a)	22,514		558,572
Total Telecommunication Services			5,465,432
Transportation–0.3%
Canadian National Railway Co.	1,015		64,981
Canadian Pacific Railway Ltd.	625		38,081
Lan Airlines SA(a)	1,207		35,534
Ryanair Holdings PLC(a)	1,047		32,258
Total Transportation			170,854
Utilities–2.4%
Centrais Eletricas Brasileiras SA, Class C(a)	10,818		139,011
Cia Energetica de Minas Gerais(a)	3,570		58,512
Empresa Nacional de Electricidad SA(a)	719		38,848
Enersis SA(a)	4,245		99,800
Korea Electric Power Corp.* (a)	20,901		270,250
National Grid PLC(a)	4,551		194,510
TransAlta Corp.	1,054		22,534
Veolia Environnement(a)	15,878		418,544
Total Utilities			1,242,009
Total Common Stocks
(Cost $49,308,977)			51,767,280
PREFERRED STOCKS–0.8%
Food, Beverage & Tobacco–0.2%
Cia de Bebidas das Americas(a)	976		120,809
Materials–0.6%
Vale SA, Class B(a)	10,971		304,445
Utilities–0.0%†
Cia Paranaense de Energia-Copel Preference B(a)	1,254		27,902
Total Preferred Stocks
(Cost $368,262)			453,156

RIGHTS–0.1%
Diversified Financials–0.1%
Deutsche Bank AG*
(Cost $0)	8,890	$	36,627
Total Investments–99.7%
(Cost $49,677,239)			52,257,063
Other Assets in Excess of
Liabilities–0.3%			146,754
Net Assets–100.0%		$	52,403,817

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES ADR FUND
SEPTEMBER 30, 2010 (UNAUDITED)

			% of Net
Country	Value		Assets
Australia	$	519,163	1.0	%
Belgium		589,864	1.1
Brazil		3,271,736	6.2
Canada		3,950,916	7.5
Chile		243,648	0.5
China		2,296,630	4.4
Denmark		94,109	0.2
Finland		518,601	1.0
France		3,206,207	6.1
Germany		1,666,097	3.2
Greece		78,551	0.2
Hong Kong		3,112,727	5.9
Ireland		379,599	0.7
Italy		1,513,355	2.9
Japan		7,496,486	14.3
Luxembourg		724,516	1.4
Mexico		653,701	1.2
Netherlands		5,983,690	11.4
New Zealand		29,862	0.1
Norway		748,986	1.4
Peru		29,348	0.1
Portugal		91,194	0.2
South Korea		511,862	1.0
Spain		2,053,977	3.9
Sweden		244,499	0.5
Switzerland		1,645,306	3.1
Taiwan		321,251	0.6
United Kingdom		10,123,555	19.3
United States		157,627	0.3
Total Investments		52,257,063	99.7
Other Assets in Excess of Liabilities		146,754	0.3
Net Assets		52,403,817	100.0

*	Non-income producing security
(a)	American Depositary Receipt
(b)	Units
†	Less than 0.05%

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

SCHEDULE OF INVESTMENTS
REVENUESHARES NAVELLIER OVERALL A-100 FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares		Value
COMMON STOCKS–100.5%
Automobiles & Components–16.2%
Autoliv, Inc.	2,170	$	141,766
Dorman Products, Inc.*	1,408		43,395
Ford Motor Co.*	57,693		706,162
Magna International, Inc., Class A	4,744		390,242
TRW Automotive Holdings Corp.*	8,265		343,493
Total Automobiles & Components			1,625,058
Banks–3.7%
Banco de Chile(a)	881		79,167
Banco Macro SA(a)	1,878		83,646
BBVA Banco Frances SA(a)	5,534		54,787
Corpbanca SA(a)	1,155		85,331
Credicorp Ltd.	636		72,440
Total Banks			375,371
Capital Goods–5.8%
Cummins, Inc.	2,461		222,918
Polypore International, Inc.*	1,492		44,999
Tata Motors Ltd.(a)	10,483		267,421
Trimas Corp.*	3,325		49,376
Total Capital Goods			584,714
Commercial & Professional Services–1.0%
51job, Inc.* (a)	1,585		59,390
Industrial Services of America, Inc.*	2,555		39,296
Total Commercial & Professional Services			98,686
Consumer Durables & Apparel–6.1%
CTI Industries Corp.	6,149		42,674
Deckers Outdoor Corp.*	747		37,320
Flexsteel Industries	2,867		43,980
G-III Apparel Group Ltd.*	1,577		49,486
Hasbro, Inc.	4,447		197,936
Kingold Jewelry, Inc.*	4,831		43,769
Lululemon Athletica, Inc.*	500		22,360
Polaris Industries, Inc.	1,222		79,552
Steven Madden Ltd.*	1,405		57,690
Tempur-Pedic International, Inc.*	1,202		37,262
Total Consumer Durables & Apparel			612,029
Diversified Financials–0.5%
Nicholas Financial, Inc.*	5,005		46,396
TICC Capital Corp.	391		4,047
Total Diversified Financials			50,443
Energy–6.8%
BP Prudhoe Bay Royalty Trust	375		38,756
Ecopetrol SA(a)	8,465		353,414
Newpark Resources, Inc.*	5,364		45,058
OYO Geospace Corp.*	668		38,664
Permian Basin Royalty Trust	1,844		36,364
Pioneer Natural Resources Co.	1,204		78,296
RPC, Inc.	2,259		47,800
Teekay Offshore Partners LP	1,846		42,716
Total Energy			681,068
Food, Beverage & Tobacco–6.4%
Boston Beer Co., Inc., Class A*	315		21,064
Coca-Cola Femsa SAB de CV(a)	5,599		437,954
Hormel Foods Corp.	4,156		185,357
Total Food, Beverage & Tobacco			644,375
Health Care Equipment & Services–5.6%
Edwards Lifesciences Corp.*	1,235		82,807
Hill-Rom Holdings, Inc.	1,658		59,506
Magellan Health Services, Inc.*	1,725		81,489
Shamir Optical Industry Ltd.	3,510		37,697
SXC Health Solutions Corp.*	2,255		82,240
Universal American Corp.	14,808		218,418
Total Health Care Equipment & Services			562,157
Household & Personal Products–3.1%
Estee Lauder Cos., Inc., Class A	2,799		176,981
Herbalife Ltd.	1,296		78,213
Nu Skin Enterprises, Inc., Class A	2,090		60,192
Total Household & Personal Products			315,386
Insurance–2.7%
Arch Capital Group Ltd.*	2,050		171,790
Erie Indemnity Co., Class A	1,839		103,094
Total Insurance			274,884
Materials–3.9%
Allied Nevada Gold Corp.*	1,377		36,490
Kronos Worldwide, Inc.*	2,890		115,138
Lubrizol Corp.	1,499		158,849
Mesabi Trust	943		34,231
WHX Corp.*	5,576		46,615
Total Materials			391,323
Media–2.0%
Cinemark Holdings, Inc.	6,144		98,918
Valassis Communications, Inc.*	2,938		99,569
Total Media			198,487
Pharmaceuticals, Biotechnology & Life Sciences–2.1%
Impax Laboratories, Inc.*	2,363		46,787
Perrigo Co.	1,401		89,972
Warner Chilcott PLC, Class A	3,401		76,319
Total Pharmaceuticals, Biotechnology & Life Sciences			213,078
Real Estate–0.8%
Altisource Portfolio Solutions SA*	1,269		39,517
China HGS Real Estate, Inc.*	8,978		37,528
Total Real Estate			77,045
Retailing–7.1%
DSW, Inc., Class A*	2,874		82,484
Ltd. Brands, Inc.	16,624		445,191
priceline.com, Inc.*	225		78,377
Ulta Salon Cosmetics & Fragrance, Inc.*	2,222		64,882
Winmark Corp.	1,226		40,997
Total Retailing			711,931
Semiconductors & Semiconductor Equipment–2.4%
Amtech Systems, Inc.*	2,031		36,477
ARM Holdings PLC(a)	4,287		80,424
AXT, Inc.*	1,023		6,772
Cirrus Logic, Inc.*	588		10,490
Integrated Silicon Solution, Inc.*	4,466		38,452
Mindspeed Technologies, Inc.*	4,583		35,610
MIPS Technologies, Inc., Class A*	3,729		36,283
Total Semiconductors & Semiconductor Equipment			244,508
Software & Services–5.0%
Baidu, Inc.* (a)	886		90,921
Cognizant Technology Solutions Corp., Class A*	2,355		151,827
ePlus, Inc.*	2,209		47,383
iGate Corp.	832		15,093
LML Payment Systems, Inc.*	18,574		28,790

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

SCHEDULE OF INVESTMENTS - continued
REVENUESHARES NAVELLIER OVERALL A-100 FUND
SEPTEMBER 30, 2010 (UNAUDITED)

Investments	Shares	Value
LogMeIn, Inc.*	984	$	35,404
Magic Software Enterprises Ltd.	17,262		43,155
Travelzoo, Inc.*	1,416		36,476
WebMD Health Corp., Class A*	1,054		52,563
Total Software & Services			501,612
Technology Hardware & Equipment–15.9%
Acme Packet, Inc.*	1,958		74,287
Apple, Inc.*	2,476		702,565
Coherent, Inc.*	618		24,726
DDI Corp.	1,187		10,968
F5 Networks, Inc.*	821		85,228
Isilon Systems, Inc.*	1,697		37,809
Keithley Instruments, Inc.	1,739		37,406
Lexmark International, Inc.,
Class A*	4,882		217,835
Littelfuse, Inc.*	1,262		55,149
NetApp, Inc.*	3,333		165,950
Power-One, Inc.*	2,868		26,070
SanDisk Corp.*	3,430		125,710
Transact Technologies, Inc.*	4,624		36,992
Total Technology Hardware & Equipment			1,600,695
Telecommunication Services–1.5%
8x8, Inc.*	17,901		38,487
Nortel Inversora SA* (a)	4,648		111,599
Total Telecommunication Services			150,086
Transportation–1.9%
Dollar Thrifty Automotive
Group, Inc.*	1,713		85,890
Lan Airlines SA(a)	3,446		101,450
Total Transportation			187,340
Total Investments–100.5%
(Cost $8,756,016)			10,100,276
Liabilities in Excess of Other Assets–(0.5)%			(53,481	)
Net Assets–100.0%			$10,046,795

*	Non-income producing security
(a)	American Depositary Receipt

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

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. 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, 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, the intrinsic value of securities such as rights, warrants or options, 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 September 30, 2010 in valuing the Funds’ assets carried at fair value:

	Quoted Prices in Active Markets (Level 1)			Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Fund	Common Stocks	Preferred Stocks	Rights
RevenueShares Large Cap Fund	$154,046,655	$           -	$           -	-	-	$154,046,655
RevenueShares Mid Cap Fund	106,460,445	-	-	-	-	106,460,445
RevenueShares Small Cap Fund	104,435,258	-	-	-	-	104,435,258
RevenueShares Financials Sector Fund	21,283,918	-	-	-	-	21,283,918
RevenueShares ADR Fund	51,767,280	453,156	36,627	-	-	52,257,063
RevenueShares Navellier Overall A-100 Fund	10,100,276	-	-	-	-	10,100,276

At September 30, 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.

In January 2010, the Financial Accounting Standards Board (“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. The Funds disclose significant transfers between levels based on valuations at the end of the reporting period. For the period ended September 30, 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. Management is currently evaluating the effect that this additional requirement will have on the Funds’ financial statements.

4. FEDERAL INCOME TAX

At September 30, 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/ (Depreciation)
RevenueShares Large Cap Fund	$148,928,576	$10,965,490	($5,847,411)	$5,118,079
RevenueShares Mid Cap Fund	96,320,250	13,052,549	(2,912,354)	10,140,195
RevenueShares Small Cap Fund	98,272,998	11,576,241	(5,413,981)	6,162,260
RevenueShares Financials Sector Fund	23,239,579	392,835	(2,348,496)	(1,955,661)
RevenueShares ADR Fund	49,677,239	4,025,684	(1,445,860)	2,579,824
RevenueShares Navellier Overall A-100 Fund	8,756,016	1,396,321	(52,061)	1,344,260

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

Management has evaluated events and transactions for potential recognition or disclosure in 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:	November 15, 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:	November 15, 2010
By:	/s/ Charles S. Todd Charles S. Todd Chief Financial Officer
Date:	November 15, 2010