N-Q 1 e43148_nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number                   811-21993

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

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

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

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

Date of fiscal year end: June 30

Date of reporting period: January 1, 2011 – March 31, 2011

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

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


Item 1. Schedule of Investments

SCHEDULE OF INVESTMENTS
REVENUESHARES LARGE CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
COMMON STOCKS–99.9%         
Automobiles & Components–1.9%        
Ford Motor Co. * 183,381   $ 2,734,211
Goodyear Tire & Rubber Co. * 36,402     545,302
Harley-Davidson, Inc. 3,208     136,308
Johnson Controls, Inc. 20,036     832,896
     
Total Automobiles & Components       4,248,717
     
Banks–2.1%        
BB&T Corp. 9,475     260,089
Comerica, Inc. 1,521     55,851
Fifth Third Bancorp 11,438     158,759
First Horizon National Corp. 3,936     44,123
Hudson City Bancorp, Inc. 5,468     52,930
Huntington Bancshares, Inc. 11,021     73,179
KeyCorp 14,930     132,578
M&T Bank Corp. 1,117     98,821
Marshall & Ilsley Corp. 12,255     97,918
People’s United Financial, Inc. 1,855     23,336
PNC Financial Services Group, Inc. 6,790     427,702
Regions Financial Corp. 28,583     207,513
SunTrust Banks, Inc. 8,237     237,555
U.S. Bancorp 17,848     471,723
Wells Fargo & Co. 71,872     2,278,342
Zions Bancorporation 2,919     67,312
     
Total Banks       4,687,731
     
Capital Goods–9.2%        
3M Co. 7,015     655,902
Boeing Co. 23,615     1,745,857
Caterpillar, Inc. 9,443     1,051,478
Cummins, Inc. 2,701     296,084
Danaher Corp. 6,388     331,537
Deere & Co. 6,644     643,737
Dover Corp. 2,705     177,827
Eaton Corp. 6,180     342,619
Emerson Electric Co. 8,322     486,254
Fastenal Co. 850     55,105
Flowserve Corp. 813     104,714
Fluor Corp. 7,844     577,789
General Dynamics Corp. 10,513     804,875
General Electric Co. 195,413     3,918,031
Goodrich Corp. 1,833     156,776
Honeywell International, Inc. 14,290     853,256
Huntington Ingalls Industries, Inc. * 2,098     87,081
Illinois Tool Works, Inc. 6,939     372,763
Ingersoll-Rand PLC 7,016     338,943
ITT Corp. 5,011     300,911
Jacobs Engineering Group, Inc.* 5,417     278,596
Joy Global, Inc. 1,033     102,071
L-3 Communications Holdings, Inc. 5,121     401,026
Lockheed Martin Corp. 15,390     1,237,356
Masco Corp. 13,394     186,444
Northrop Grumman Corp. 12,590     789,519
PACCAR, Inc. 3,859     202,019
Pall Corp. 1,114     64,178
Parker Hannifin Corp. 2,510     237,647
Precision Castparts Corp. 926     136,289
Quanta Services, Inc. * 4,394     98,557
Raytheon Co. 12,596     640,759
Rockwell Automation, Inc. 1,492     141,218
Rockwell Collins, Inc. 1,831     118,704
Roper Industries, Inc. 676     58,447
Snap-On, Inc. 1,051     63,123
Textron, Inc. 9,857     269,983
Tyco International Ltd. 9,480     424,420
United Technologies Corp. 15,754     1,333,576
W.W. Grainger, Inc. 1,202     165,491
   
Total Capital Goods       20,250,962
   
Commercial & Professional Services–0.6%      
Avery Dennison Corp. 3,545     148,748
Cintas Corp. 2,872     86,935
Dun & Bradstreet Corp. 483     38,756
Equifax, Inc. 1,214     47,164
Iron Mountain, Inc. 2,900     90,567
Monster Worldwide, Inc. * 775     12,322
Pitney Bowes, Inc. 5,231     134,384
R.R. Donnelley & Sons Co. 13,056     247,020
Republic Services, Inc. 6,065     182,193
Robert Half International, Inc. 2,300     70,380
Stericycle, Inc. * 416     36,887
Waste Management, Inc. 7,767     290,020
   
Total Commercial & Professional Services     1,385,376
   
Consumer Durables & Apparel–1.1%      
Coach, Inc. 1,378     71,711
D.R. Horton, Inc. 9,008     104,943
Fortune Brands, Inc. 2,401     148,598
Harman International Industries, Inc. 1,569     73,461
Hasbro, Inc. 1,942     90,963
Leggett & Platt, Inc. 3,374     82,663
Lennar Corp., Class A 4,032     73,060
Mattel, Inc. 5,073     126,470
Newell Rubbermaid, Inc. 7,438     142,289
NIKE, Inc., Class B 4,793     362,830
Polo Ralph Lauren Corp. 1,005     124,268
Pulte Group, Inc. * 16,618     122,973
Stanley Black & Decker, Inc. 2,528     193,645
VF Corp. 1,983     195,385
Whirlpool Corp. 4,881     416,642
   
Total Consumer Durables & Apparel       2,329,901
   
Consumer Services–1.1%        
Apollo Group, Inc., Class A * 2,819     117,580
Carnival Corp. 7,342     281,639
Darden Restaurants, Inc. 3,428     168,418
DeVry, Inc. 925     50,940
H&R Block, Inc. 6,541     109,496
International Game Technology 2,788     45,249
Marriott International, Inc., Class A 6,262     222,802
McDonald’s Corp. 7,086     539,174
Starbucks Corp. 7,310     270,105
Starwood Hotels & Resorts Worldwide, Inc. 1,893     110,021
Wyndham Worldwide Corp. 2,879     91,581
Wynn Resorts Ltd. 862     109,689
Yum! Brands, Inc. 5,168     265,532
   
Total Consumer Services       2,382,226
   
Diversified Financials–6.2%        
American Express Co. 14,534     656,937
Ameriprise Financial, Inc. 4,005     244,625
Bank of America Corp. 252,963     3,371,997
Bank of New York Mellon Corp. 10,903     325,673
Capital One Financial Corp. 10,026     520,951
Charles Schwab Corp. 5,893     106,251

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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES LARGE CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
Diversified Financials–6.2% (continued)        
Citigroup, Inc. * 500,361   $ 2,211,596
CME Group, Inc., Class A 233     70,261
Discover Financial Services 9,157     220,867
E*Trade Financial Corp. * 3,489     54,533
Federated Investors, Inc., Class B 845     22,604
Franklin Resources, Inc. 1,140     142,591
Goldman Sachs Group, Inc. 6,353     1,006,760
IntercontinentalExchange, Inc. * 243     30,020
Invesco Ltd. 3,526     90,125
Janus Capital Group, Inc. 1,836     22,895
JPMorgan Chase & Co. 62,001     2,858,246
Legg Mason, Inc. 1,645     59,368
Leucadia National Corp. 989     37,127
Moody’s Corp. 1,595     54,086
Morgan Stanley 31,016     847,357
NASDAQ OMX Group, Inc. * 3,184     82,275
Northern Trust Corp. 1,714     86,985
NYSE Euronext 3,483     122,497
SLM Corp. * 12,238     187,241
State Street Corp. 5,489     246,676
T. Rowe Price Group, Inc. 838     55,660
   
Total Diversified Financials       13,736,204
   
Energy–14.5%        
Anadarko Petroleum Corp. 3,532     289,342
Apache Corp. 2,227     291,559
Baker Hughes, Inc. 5,188     380,955
Cabot Oil & Gas Corp. 554     29,345
Cameron International Corp. * 2,651     151,372
Chesapeake Energy Corp. 9,805     328,664
Chevron Corp. 48,098     5,167,168
ConocoPhillips 58,512     4,672,768
Consol Energy, Inc. 2,640     141,583
Denbury Resources, Inc. * 1,745     42,578
Devon Energy Corp. 3,076     282,285
Diamond Offshore Drilling, Inc. 1,179     91,608
El Paso Corp. 8,137     146,466
EOG Resources, Inc. 1,426     168,995
EQT Corp. 704     35,130
Exxon Mobil Corp. 103,994     8,749,015
FMC Technologies, Inc. * 1,108     104,684
Halliburton Co. 9,209     458,977
Helmerich & Payne, Inc. 832     57,150
Hess Corp. 10,416     887,547
Marathon Oil Corp. 41,645     2,220,095
Massey Energy Co. 1,331     90,987
Murphy Oil Corp. 7,354     539,931
Nabors Industries Ltd. * 3,700     112,406
National Oilwell Varco, Inc. 4,360     345,617
Newfield Exploration Co. * 2,774     210,852
Noble Corp. 350     15,967
Noble Energy, Inc. 854     82,539
Occidental Petroleum Corp. 4,649     485,774
Peabody Energy Corp. 2,464     177,310
Pioneer Natural Resources Co. 526     53,610
QEP Resources, Inc. 1,423     57,688
Range Resources Corp. 527     30,808
Rowan Cos., Inc. * 1,200     53,016
Schlumberger Ltd. 6,763     630,717
Southwestern Energy Co. * 1,626     69,869
Spectra Energy Corp. 4,441     120,706
Sunoco, Inc. 19,531     890,418
Tesoro Corp. * 26,034     698,492
Valero Energy Corp. 85,563       2,551,489
Williams Cos., Inc. 9,003     280,714
   
Total Energy       32,196,196
   
Food & Staples Retailing–8.9%        
Costco Wholesale Corp. 24,705     1,811,371
CVS Caremark Corp. 66,097     2,268,449
Kroger Co. 81,842     1,961,753
Safeway, Inc. 44,135     1,038,938
SUPERVALU, Inc. 113,384     1,012,519
Sysco Corp. 27,955     774,353
Walgreen Co. 41,686     1,673,276
Wal-Mart Stores, Inc. 170,520     8,875,566
Whole Foods Market, Inc. 4,099     270,124
   
Total Food & Staples Retailing       19,686,349
   
Food, Beverage & Tobacco–4.5%        
Altria Group, Inc. 15,562     405,079
Archer-Daniels-Midland Co. 46,505     1,674,645
Brown-Forman Corp., Class B 823     56,211
Campbell Soup Co. 5,091     168,563
Coca-Cola Co. 11,382     755,196
Coca-Cola Enterprises, Inc. 15,564     424,897
ConAgra Foods, Inc. 12,731     302,361
Constellation Brands, Inc., Class A * 3,628     73,576
Dean Foods Co. * 33,196     331,960
Dr Pepper Snapple Group, Inc. 3,423     127,199
General Mills, Inc. 9,431     344,703
H.J. Heinz Co. 4,750     231,895
Hershey Co. 2,745     149,191
Hormel Foods Corp. 6,034     167,987
J.M. Smucker Co. 1,629     116,294
Kellogg Co. 5,683     306,768
Kraft Foods, Inc., Class A 34,372     1,077,906
Lorillard, Inc. 1,130     107,361
McCormick & Co., Inc. 1,640     78,441
Molson Coors Brewing Co., Class B 1,529     71,695
PepsiCo, Inc. 18,553     1,194,999
Philip Morris International, Inc. 10,522     690,559
Reynolds American, Inc. 6,103     216,840
Sara Lee Corp. 15,351     271,252
Tyson Foods, Inc., Class A 37,666     722,810
   
Total Food, Beverage & Tobacco       10,068,388
   
Health Care Equipment & Services–9.0%      
Aetna, Inc. 25,474     953,492
AmerisourceBergen Corp., Class A 56,071     2,218,169
Baxter International, Inc. 5,838     313,909
Becton Dickinson & Co. 2,089     166,326
Boston Scientific Corp. * 25,397     182,604
C.R. Bard, Inc. 714     70,907
Cardinal Health, Inc. 60,941     2,506,503
CareFusion Corp. * 3,717     104,819
Cerner Corp. * 460     51,152
CIGNA Corp. 12,524     554,563
Coventry Health Care, Inc. * 10,214     325,725
Covidien PLC 945     49,083
DaVita, Inc. * 2,070     177,006
DENTSPLY International, Inc. 1,509     55,818
Edwards Lifesciences Corp. * 2,866     249,342
Express Scripts, Inc. * 17,695     984,019
Hospira, Inc. * 1,651     91,135
Humana, Inc. * 13,469     942,022

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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES LARGE CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares     Value
Health Care Equipment & Services–9.0% (continued)
Intuitive Surgical, Inc. * 131   $ 43,683
Laboratory Corp. of America Holdings * 1,340     123,454
McKesson Corp. 36,872     2,914,732
Medco Health Solutions, Inc. * 23,358     1,311,785
Medtronic, Inc. 9,788     385,158
Patterson Cos., Inc. 2,466     79,381
Quest Diagnostics, Inc. 3,344     193,016
St. Jude Medical, Inc. 2,828     144,963
Stryker Corp. 3,101     188,541
Tenet Healthcare Corp. * 32,261     240,345
UnitedHealth Group, Inc. 57,101     2,580,965
Varian Medical Systems, Inc. * 805     54,450
WellPoint, Inc. 23,697     1,653,814
Zimmer Holdings, Inc. * 1,855     112,283
     
Total Health Care Equipment & Services     20,023,164
     
Household & Personal Products–1.5%      
Avon Products, Inc. 8,558     231,408
Clorox Co. 2,021     141,611
Colgate-Palmolive Co. 4,534     366,166
Estee Lauder Cos., Inc., Class A 2,285     220,183
Kimberly-Clark Corp. 7,325     478,103
Mead Johnson Nutrition Co., Class A 1,127     65,287
Procter & Gamble Co. 28,349     1,746,298
     
Total Household & Personal Products       3,249,056
     
Insurance–5.7%        
ACE Ltd. 5,975     386,582
Aflac, Inc. 8,236     434,696
Allstate Corp. 23,089     733,768
American International Group, Inc. * 41,931     1,473,455
AON Corp. 4,004     212,052
Assurant, Inc. 5,096     196,247
Berkshire Hathaway, Inc., Class B * 37,165     3,108,109
Chubb Corp. 5,126     314,275
Cincinnati Financial Corp. 2,827     92,726
Genworth Financial, Inc., Class A * 17,384     233,989
Hartford Financial Services Group, Inc. 20,333     547,568
Lincoln National Corp. 8,363     251,225
Loews Corp. 8,736     376,434
Marsh & McLennan Cos., Inc. 9,111     271,599
MetLife, Inc. 27,269     1,219,742
Principal Financial Group, Inc. 6,477     207,976
Progressive Corp. 16,414     346,828
Prudential Financial, Inc. 15,742     969,392
Torchmark Corp. 1,297     86,225
Travelers Cos., Inc. 10,487     623,767
Unum Group 9,635     252,919
XL Group PLC, Class A 6,702     164,869
     
Total Insurance       12,504,443
     
Materials–3.5%        
Air Products & Chemicals, Inc. 2,280     205,610
Airgas, Inc. 1,403     93,187
AK Steel Holding Corp. 9,001     142,036
Alcoa, Inc. 33,095     584,127
Allegheny Technologies, Inc. 1,633     110,587
Ball Corp. 5,100     182,835
Bemis Co., Inc. 3,111     102,072
CF Industries Holdings, Inc. 639     87,409
Cliffs Natural Resources, Inc. 1,245     122,359
Dow Chemical Co. 35,078     1,324,195
E.I. du Pont de Nemours & Co. 14,417     792,502
Eastman Chemical Co. 1,797     178,478
Ecolab, Inc. 2,867     146,274
FMC Corp. 871     73,974
Freeport-McMoRan Copper & Gold, Inc. 7,147     397,016
International Flavors & Fragrances, Inc. 1,068     66,536
International Paper Co. 21,083     636,285
MeadWestvaco Corp. 5,430     164,692
Monsanto Co. 3,921     283,331
Newmont Mining Corp. 3,543     193,377
Nucor Corp. 8,031     369,587
Owens-Illinois, Inc. * 5,222     157,652
PPG Industries, Inc. 3,767     358,656
Praxair, Inc. 2,436     247,498
Sealed Air Corp. 4,056     108,133
Sigma-Aldrich Corp. 799     50,848
Titanium Metals Corp. * 1,095     20,345
United States Steel Corp. 6,967     375,800
Vulcan Materials Co. 1,326     60,466
Weyerhaeuser Co. (a) 8,075     198,645
     
Total Materials       7,834,512
     
Media–2.9%        
Cablevision Systems Corp., Class A 1,024     35,441
CBS Corp., Class B 17,502     438,250
Comcast Corp., Class A 40,000     988,800
DIRECTV, Class A * 13,405     627,354
Discovery Communications, Inc., Class A * 2,041     81,436
Gannett Co., Inc. 8,060     122,754
Interpublic Group of Cos., Inc. 13,020     163,661
McGraw-Hill Cos., Inc. 3,827     150,784
News Corp., Class A 51,536     904,972
Omnicom Group, Inc. 6,049     296,764
Scripps Networks Interactive, Inc., Class A 856     42,877
Time Warner Cable, Inc. 6,613     471,771
Time Warner, Inc. 19,066     680,656
Viacom, Inc., Class B 7,909     367,927
Walt Disney Co. 23,590     1,016,493
Washington Post Co., Class B 283     123,830
     
Total Media       6,513,770
     
Pharmaceuticals, Biotechnology & Life Sciences–3.5%
Abbott Laboratories 16,426     805,695
Allergan, Inc. 1,619     114,981
Amgen, Inc. * 6,373     340,637
Biogen IDEC, Inc. * 1,628     119,479
Bristol-Myers Squibb Co. 16,890     446,403
Celgene Corp. * 1,347     77,493
Cephalon, Inc. * 972     73,658
Eli Lilly & Co. 14,917     524,631
Forest Laboratories, Inc. * 2,818     91,021
Genzyme Corp. * 1,386     105,544
Gilead Sciences, Inc. * 4,950     210,078
Johnson & Johnson 23,178     1,373,296
Life Technologies Corp. * 1,518     79,574
Merck & Co., Inc. 27,843     919,097
Mylan, Inc. * 6,174     139,965
PerkinElmer, Inc. 1,677     44,055
Pfizer, Inc. 88,911     1,805,782
Thermo Fisher Scientific, Inc. * 4,496     249,753

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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES LARGE CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares      Value
Pharmaceuticals, Biotechnology & Life Sciences–3.5% (continued)
Waters Corp. * 463   $ 40,235
Watson Pharmaceuticals, Inc. * 1,602     89,728
   
Total Pharmaceuticals, Biotechnology & Life Sciences       7,651,105
   
Real Estate–0.3%        
Apartment Investment & Management Co., Class A (a) 1,050     26,743
AvalonBay Communities, Inc. (a) 183     21,975
Boston Properties, Inc. (a) 421     39,932
CB Richard Ellis Group, Inc., Class A * 5,368     143,326
Equity Residential (a) 913     51,502
HCP, Inc. (a) 818     31,035
Health Care REIT, Inc. (a) 331     17,358
Host Hotels & Resorts, Inc. (a) 5,662     99,708
Kimco Realty Corp. (a) 1,261     23,127
Plum Creek Timber Co., Inc. (a) 679     29,611
ProLogis (a) 1,727     27,597
Public Storage (a) 401     44,475
Simon Property Group, Inc. (a) 920     98,587
Ventas, Inc. (a) 468     25,412
Vornado Realty Trust (a) 788     68,950
   
Total Real Estate       749,338
   
Retailing–5.8%        
Abercrombie & Fitch Co., Class A 1,266     74,314
Amazon.com, Inc. * 4,052     729,887
AutoNation, Inc. * 10,266     363,108
AutoZone, Inc. * 629     172,069
Bed Bath & Beyond, Inc. * 3,614     174,448
Best Buy Co., Inc. 26,230     753,326
Big Lots, Inc. * 3,792     164,686
CarMax, Inc. * 4,670     149,907
Expedia, Inc. 2,815     63,788
Family Dollar Stores, Inc. 3,628     186,189
Gamestop Corp., Class A * 9,434     212,454
Gap, Inc. 15,145     343,186
Genuine Parts Co. 4,906     263,158
Home Depot, Inc. 43,788     1,622,783
JC Penney Co., Inc. 12,359     443,812
Kohl’s Corp. 7,195     381,623
Lowe’s Cos., Inc. 42,996     1,136,384
Ltd. Brands, Inc. 6,331     208,163
Macy’s, Inc. 21,592     523,822
Netflix, Inc. * 1,611     382,339
Nordstrom, Inc. 4,626     207,615
O'Reilly Automotive, Inc. * 1,987     114,173
priceline.com, Inc. * 167     84,575
RadioShack Corp. 5,260     78,953
Ross Stores, Inc. 2,554     181,640
Sears Holdings Corp. * 14,901     1,231,568
Sherwin-Williams Co. 2,212     185,786
Staples, Inc. 24,715     479,965
Target Corp. 25,252     1,262,852
Tiffany & Co. 949     58,307
TJX Cos., Inc. 10,263     510,379
Urban Outfitters, Inc. * 1,163     34,692
   
Total Retailing       12,779,951
   
Semiconductors & Semiconductor Equipment–1.2%
Advanced Micro Devices, Inc. * 18,013     154,912
Altera Corp. 1,096     48,246
Analog Devices, Inc. 1,523     59,976
Applied Materials, Inc. 14,129      220,695
Broadcom Corp., Class A* 3,114     122,629
First Solar, Inc. * 455     73,182
Intel Corp. 45,421     916,142
KLA-Tencor Corp. 914     43,296
Linear Technology Corp. 672     22,599
LSI Corp. * 9,824     66,803
MEMC Electronic Materials, Inc. * 3,374     43,727
Microchip Technology, Inc. 556     21,134
Micron Technology, Inc. * 20,460     234,472
National Semiconductor Corp. 2,178     31,232
Novellus Systems, Inc. * 802     29,778
NVIDIA Corp. * 4,419     81,575
Teradyne, Inc. * 2,557     45,540
Texas Instruments, Inc. 9,396     324,726
Xilinx, Inc. 1,325     43,460
   
Total Semiconductors & Semiconductor Equipment       2,584,124
   
Software & Services–3.6%        
Adobe Systems, Inc. * 2,924     96,960
Akamai Technologies, Inc. * 460     17,480
Autodesk, Inc. * 1,041     45,918
Automatic Data Processing, Inc. 4,377     224,584
BMC Software, Inc. * 952     47,352
CA, Inc. 3,994     96,575
Citrix Systems, Inc. * 597     43,856
Cognizant Technology Solutions Corp., Class A * 1,380     112,332
Computer Sciences Corp. 7,834     381,751
Compuware Corp. * 1,798     20,767
eBay, Inc. * 6,820     211,693
Electronic Arts, Inc. * 5,124     100,072
Fidelity National Information Services, Inc. 4,254     139,063
Fiserv, Inc. * 1,596     100,101
Google, Inc., Class A * 1,063     623,141
International Business Machines Corp. 15,609     2,545,360
Intuit, Inc. * 1,603     85,119
Mastercard, Inc., Class A 491     123,595
Microsoft Corp. 49,975     1,267,366
Novell, Inc. * 3,127     18,543
Oracle Corp. 18,172     606,400
Paychex, Inc. 1,463     45,880
Red Hat, Inc. * 347     15,750
SAIC, Inc. * 15,859     268,334
Salesforce.com, Inc. * 206     27,517
Symantec Corp. * 7,872     145,947
Total System Services, Inc. 2,521     45,428
VeriSign, Inc. 534     19,336
Visa, Inc., Class A 2,264     166,676
Western Union Co. 6,276     130,353
Yahoo!, Inc. * 8,939     148,834
   
Total Software & Services       7,922,083
   
Technology Hardware & Equipment–4.4%      
Agilent Technologies, Inc. * 3,002     134,430
Amphenol Corp., Class A 1,448     78,757
Apple, Inc. * 4,069     1,417,843
Cisco Systems, Inc. 44,067     755,749
Corning, Inc. 7,577     156,313
Dell, Inc. * 88,098     1,278,302
EMC Corp. * 16,495     437,942
F5 Networks, Inc. * 446     45,746

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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES LARGE CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares     Value
Technology Hardware & Equipment–4.4% (continued)
FLIR Systems, Inc. 1,006   $ 34,818
Harris Corp. 2,547     126,331
Hewlett-Packard Co. 67,992     2,785,632
Jabil Circuit, Inc. 16,883     344,920
JDS Uniphase Corp. * 2,053     42,785
Juniper Networks, Inc. * 2,440     102,675
Lexmark International, Inc.,        
Class A * 2,581     95,600
Molex, Inc. 2,667     66,995
Motorola Mobility Holdings, Inc. * 990     24,156
Motorola Solutions, Inc. * 13,961     623,917
NetApp, Inc. * 1,517     73,089
QUALCOMM, Inc. 5,025     275,521
SanDisk Corp. * 2,189     100,891
Tellabs, Inc. 5,489     28,762
Teradata Corp. * 1,027     52,069
Western Digital Corp. * 6,041     225,269
Xerox Corp. 38,160     406,404
     
Total Technology Hardware & Equipment     9,714,916
     
Telecommunication Services–3.2%        
American Tower Corp., Class A* 884     45,809
AT&T, Inc. 98,519     3,014,681
CenturyLink, Inc. 3,625     150,619
Frontier Communications Corp. 7,227     59,406
MetroPCS Communications, Inc. * 7,172     116,473
Sprint Nextel Corp. * 167,878     778,954
Verizon Communications, Inc. 71,964     2,773,493
Windstream Corp. 5,599     72,059
     
Total Telecommunication Services       7,011,494
     
Transportation–1.6%        
CH Robinson Worldwide, Inc. 2,633     195,184
CSX Corp. 3,666     288,148
Expeditors International of Washington, Inc. 2,324     116,525
FedEx Corp. 8,078     755,697
Norfolk Southern Corp. 3,447     238,774
Ryder System, Inc. 2,506     126,804
Southwest Airlines Co. 20,857     263,424
Union Pacific Corp. 4,062     399,416
United Parcel Service, Inc., Class B 15,294     1,136,650
     
Total Transportation       3,520,622
     
Utilities–3.6%        
AES Corp. * 32,356     420,628
Ameren Corp. 6,005     168,560
American Electric Power Co., Inc. 9,060     318,368
CenterPoint Energy, Inc. 12,853     225,699
CMS Energy Corp. 7,703     151,287
Consolidated Edison, Inc. 6,289     318,978
Constellation Energy Group, Inc. 11,602     361,170
Dominion Resources, Inc. 8,035     359,165
DTE Energy Co. 4,223     206,758
Duke Energy Corp. 18,156     329,531
Edison International 7,379     269,998
Entergy Corp. 3,716     249,752
Exelon Corp. 10,288     424,277
FirstEnergy Corp. 8,358     309,998
Integrys Energy Group, Inc. 2,564     129,508
NextEra Energy, Inc. 6,867     378,509
Nicor, Inc. 1,282       68,843
NiSource, Inc. 8,386     160,844
Northeast Utilities 3,595     124,387
NRG Energy, Inc. * 11,189     241,011
Oneok, Inc. 5,696     380,949
Pepco Holdings, Inc. 10,216     190,528
PG&E Corp. 6,697     295,873
Pinnacle West Capital Corp. 1,844     78,905
PPL Corp. 7,547     190,939
Progress Energy, Inc. 5,339     246,342
Public Service Enterprise Group, Inc. 8,967     282,550
SCANA Corp. 2,575     101,378
Sempra Energy 4,088     218,708
Southern Co. 10,341     394,096
TECO Energy, Inc. 4,612     86,521
Wisconsin Energy Corp. 3,258     99,369
Xcel Energy, Inc. 10,043     239,927
     
Total Utilities       8,023,356
     
Total Investments–99.9%        
     (Cost $186,935,406)       221,053,984
     
Other Assets in Excess of Liabilities–0.1%       284,676
     
Net Assets–100.0%     $ 221,338,660
     

*      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
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
COMMON STOCKS–100.0%        
Automobiles & Components–0.9%        
BorgWarner, Inc. * 11,770     $ 937,951
Gentex Corp. 3,933     118,973
Thor Industries, Inc. 9,815     327,527
   
Total Automobiles & Components       1,384,451
     
Banks–2.2%        
Associated Banc-Corp. 11,739     174,324
Astoria Financial Corp. 10,691     153,630
BancorpSouth, Inc. 8,426     130,182
Bank of Hawaii Corp. 2,407     115,103
Cathay General Bancorp 4,744     80,885
City National Corp. 2,772     158,143
Commerce Bancshares, Inc. 4,313     174,418
Cullen/Frost Bankers, Inc. 2,291     135,215
East West Bancorp, Inc. 7,783     170,915
First Niagara Financial Group, Inc. 9,376     127,326
FirstMerit Corp. 5,529     94,325
Fulton Financial Corp. 14,695     163,261
International Bancshares Corp. 5,127     94,029
New York Community Bancorp, Inc. 18,760     323,798
NewAlliance Bancshares, Inc. 4,273     63,411
PacWest Bancorp 2,538     55,202
Prosperity Bancshares, Inc. 1,769     75,660
SVB Financial Group * 1,953     111,184
Synovus Financial Corp. 102,963     247,111
TCF Financial Corp. 14,613     231,762
Trustmark Corp. 3,535     82,790
Valley National Bancorp 8,175     114,123
Washington Federal, Inc. 7,160     124,154
Webster Financial Corp. 7,589     162,632
Westamerica Bancorporation 787     40,428
   
Total Banks       3,404,011
     
Capital Goods–13.1%        
Acuity Brands, Inc. 3,992     233,492
Aecom Technology Corp. * 33,160     919,527
AGCO Corp. * 20,264     1,113,912
Alliant Techsystems, Inc. 9,191     649,528
AMETEK, Inc. 8,580     376,405
BE Aerospace, Inc. * 7,577     269,211
Bucyrus International, Inc., Class A 5,077     464,292
Carlisle Cos., Inc. 9,272     413,068
Crane Co. 8,140     394,220
Donaldson Co., Inc. 4,538     278,134
Gardner Denver, Inc. 3,834     299,167
GATX Corp. 4,770     184,408
Graco, Inc. 2,607     118,592
Granite Construction, Inc. 9,118     256,216
Harsco Corp. 16,463     580,979
Hubbell, Inc., Class B 6,057     430,229
Huntington Ingalls Industries, Inc. * 9,371     388,896
IDEX Corp. 5,412     236,234
KBR, Inc. 53,445     2,018,618
Kennametal, Inc. 6,690     260,910
Lennox International, Inc. 9,678     508,869
Lincoln Electric Holdings, Inc. 4,464     338,907
MSC Industrial Direct Co., Class A 3,651     249,984
Nordson Corp. 1,681     193,416
Oshkosh Corp. * 38,318     1,355,691
Pentair, Inc. 12,297     464,704
Regal-Beloit Corp. 4,795       354,015
Shaw Group, Inc. * 30,309     1,073,242
SPX Corp. 10,122     803,585
Terex Corp. * 22,589     836,696
Thomas & Betts Corp. * 6,099     362,707
Timken Co. 11,668     610,236
Trinity Industries, Inc. 12,016     440,627
United Rentals, Inc. * 14,335     477,069
URS Corp. * 30,378     1,398,907
Valmont Industries, Inc. 3,096     323,129
Wabtec Corp. 4,143     281,020
Watsco, Inc. 6,362     443,495
Woodward, Inc. 5,509     190,391
   
Total Capital Goods       20,592,728
     
Commercial & Professional Services–3.7%      
Brink’s Co. 17,469     578,399
Clean Harbors, Inc. * 3,106     306,438
Copart, Inc. * 3,261     141,299
Corporate Executive Board Co. 1,709     68,992
Corrections Corp. of America * 10,085     246,074
Deluxe Corp. 9,457     250,989
FTI Consulting, Inc. * 5,726     219,477
Herman Miller, Inc. 8,373     230,174
HNI Corp. 7,944     250,713
Korn/Ferry International * 3,527     78,546
Manpower, Inc. 42,582     2,677,556
Mine Safety Appliances Co. 4,443     162,925
Rollins, Inc. 8,479     172,124
Towers Watson & Co., Class A 5,689     315,512
Waste Connections, Inc. 7,014     201,933
   
Total Commercial & Professional Services     5,901,151
   
Consumer Durables & Apparel–3.6%      
American Greetings Corp., Class A 10,822     255,399
Deckers Outdoor Corp. * 1,695     146,024
Eastman Kodak Co. * 60,170     194,349
Fossil, Inc. * 3,756     351,749
Hanesbrands, Inc. * 23,658     639,712
KB Home 21,214     263,902
MDC Holdings, Inc. 5,601     141,985
Mohawk Industries, Inc. * 13,771     842,097
NVR, Inc. * 653     493,668
Phillips-Van Heusen Corp. 5,130     333,604
Polaris Industries, Inc. 3,555     309,356
Ryland Group, Inc. 11,373     180,831
Timberland Co., Class A * 7,869     324,911
Toll Brothers, Inc. * 12,430     245,741
Tupperware Brands Corp. 7,067     421,971
Under Armour, Inc., Class A * 2,440     166,042
Warnaco Group, Inc. * 5,813     332,446
   
Total Consumer Durables & Apparel       5,643,787
     
Consumer Services–3.0%        
Bally Technologies, Inc. * 2,720     102,952
Bob Evans Farms, Inc. 7,509     244,793
Boyd Gaming Corp. * 30,061     281,672
Brinker International, Inc. 20,880     528,264
Career Education Corp. * 15,302     347,661
Cheesecake Factory, Inc. * 7,470     224,772
Chipotle Mexican Grill, Inc., Class A * 1,140     310,502
International Speedway Corp., Class A 3,818     113,776
ITT Educational Services, Inc. * 3,707     267,460

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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES MID CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
Consumer Services–3.0% (continued)      
Life Time Fitness, Inc. * 3,212   $ 119,840
Matthews International Corp., Class A 3,453     133,113
Panera Bread Co., Class A * 2,136     271,272
Regis Corp. 18,867     334,701
Scientific Games Corp., Class A * 14,622     127,796
Service Corp. International 37,796     418,024
Sotheby’s 2,236     117,614
Strayer Education, Inc. 576     75,162
Wendy’s/Arby’s Group, Inc., Class A 107,707     541,766
WMS Industries, Inc. * 2,420     85,547
   
Total Consumer Services       4,646,687
     
Diversified Financials–1.1%        
Affiliated Managers Group, Inc. * 1,807     197,632
Apollo Investment Corp. 5,571     67,186
Eaton Vance Corp. 5,097     164,327
Greenhill & Co., Inc. 528     34,737
Jefferies Group, Inc. 14,903     371,681
MSCI, Inc., Class A * 2,290     84,318
Raymond James Financial, Inc. 13,520     517,005
SEI Investments Co. 5,887     140,582
Waddell & Reed Financial, Inc., Class A 4,404     178,846
   
Total Diversified Financials       1,756,314
     
Energy–4.2%        
Arch Coal, Inc. 14,115     508,705
Atwood Oceanics, Inc. * 2,433     112,964
Bill Barrett Corp. * 2,525     100,773
Cimarex Energy Co. 2,640     304,234
Comstock Resources, Inc. * 2,150     66,521
Dril-Quip, Inc. * 1,027     81,164
Exterran Holdings, Inc. * 15,540     368,764
Forest Oil Corp. * 3,768     142,543
Frontier Oil Corp. 46,739     1,370,387
Helix Energy Solutions Group, Inc. * 11,867     204,112
Northern Oil And Gas, Inc. * 3,270     87,309
Oceaneering International, Inc. * 3,813     341,073
Overseas Shipholding Group, Inc. 4,381     140,805
Patriot Coal Corp. * 17,396     449,339
Patterson-UTI Energy, Inc. 7,796     229,124
Plains Exploration & Production Co. * 7,483     271,109
Pride International, Inc. * 6,255     268,652
Quicksilver Resources, Inc. * 9,303     133,126
SM Energy Co. 4,368     324,062
Southern Union Co. 14,409     412,386
Superior Energy Services, Inc. * 6,419     263,179
Tidewater, Inc. 3,575     213,964
Unit Corp. * 2,639     163,486
   
Total Energy       6,557,781
     
Food & Staples Retailing–1.4%        
BJ’s Wholesale Club, Inc. * 32,350     1,579,327
Ruddick Corp. 16,721     645,263
   
Total Food & Staples Retailing       2,224,590
     
Food, Beverage & Tobacco–3.1%        
Corn Products International, Inc. 12,295     637,127
Flowers Foods, Inc. 15,000     408,450
Green Mountain Coffee Roasters, Inc. * 5,515     356,324
Hansen Natural Corp. * 3,847     231,705
Lancaster Colony Corp. 2,820     170,892
Ralcorp Holdings, Inc. * 9,202     629,693
Smithfield Foods, Inc. * 82,125     1,975,927
Tootsie Roll Industries, Inc. 2,796     79,295
Universal Corp. 9,118     396,998
   
Total Food, Beverage & Tobacco       4,886,411
     
Health Care Equipment & Services–10.6%      
Allscripts Healthcare Solutions, Inc. * 7,933     166,514
Beckman Coulter, Inc. 7,748     643,626
Community Health Systems, Inc. * 54,166     2,166,098
Cooper Cos., Inc. 3,489     242,311
Gen-Probe, Inc. * 1,467     97,335
Health Management Associates, Inc., Class A * 81,048     883,423
Health Net, Inc. * 77,654     2,539,286
Henry Schein, Inc. * 18,284     1,282,988
Hill-Rom Holdings, Inc. 5,175     196,547
Hologic, Inc. * 14,000     310,800
IDEXX Laboratories, Inc. * 2,302     177,760
Immucor, Inc. * 2,431     48,085
Kindred Healthcare, Inc. * 37,771     901,972
Kinetic Concepts, Inc. * 7,172     390,300
LifePoint Hospitals, Inc. * 12,836     515,750
Lincare Holdings, Inc. 9,336     276,906
Masimo Corp. 1,879     62,195
Mednax, Inc. * 3,100     206,491
Omnicare, Inc. 37,570     1,126,724
Owens & Minor, Inc. 42,693     1,386,669
ResMed, Inc. * 4,666     139,980
STERIS Corp. 5,113     176,603
Teleflex, Inc. 5,140     298,017
Thoratec Corp. * 2,185     56,657
Universal Health Services, Inc., Class B 19,455     961,272
VCA Antech, Inc. * 8,675     218,437
WellCare Health Plans, Inc. * 29,859     1,252,585
   
Total Health Care Equipment & Services     16,725,331
   
Household & Personal Products–0.8%      
Alberto-Culver Co., Class B 6,175     230,142
Church & Dwight Co., Inc. 5,749     456,126
Energizer Holdings, Inc. * 8,942     636,313
   
Total Household & Personal Products       1,322,581
     
Insurance–6.0%        
American Financial Group, Inc. 20,317     711,501
Arthur J. Gallagher & Co. 9,230     280,684
Aspen Insurance Holdings Ltd. 8,118     223,732
Brown & Brown, Inc. 5,911     152,504
Everest Re Group Ltd. 7,947     700,766
Fidelity National Financial, Inc., Class A 59,073     834,701
First American Financial Corp. 37,440     617,760
Hanover Insurance Group, Inc. 9,492     429,513
HCC Insurance Holdings, Inc. 11,971     374,812
Mercury General Corp. 9,358     366,179
Old Republic International Corp. 43,390       550,619


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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES MID CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
Insurance–6.0% (continued)        
Protective Life Corp. 17,614   $ 467,652
Reinsurance Group of America, Inc., Class A 21,901     1,374,945
StanCorp Financial Group, Inc. 8,896     410,284
Transatlantic Holdings, Inc. 12,570     611,782
Unitrin, Inc. 15,619     482,315
W.R. Berkley Corp. 25,396     818,005
   
Total Insurance       9,407,754
     
Materials–8.9%        
Albemarle Corp. 6,228     372,248
Aptargroup, Inc. 6,459     323,790
Ashland, Inc. 25,028     1,445,617
Cabot Corp. 10,941     506,459
Carpenter Technology Corp. 4,172     178,186
Commercial Metals Co. 51,411     887,868
Compass Minerals International, Inc. 1,745     163,210
Cytec Industries, Inc. 9,457     514,177
Greif, Inc., Class A 7,813     511,048
Intrepid Potash, Inc. * 1,551     54,006
Louisiana-Pacific Corp. * 20,930     219,765
Lubrizol Corp. 7,478     1,001,753
Martin Marietta Materials, Inc. 2,790     250,179
Minerals Technologies, Inc. 2,359     161,639
NewMarket Corp. 2,073     327,990
Olin Corp. 11,292     258,813
Packaging Corp. of America 12,973     374,790
Reliance Steel & Aluminum Co. 17,869     1,032,471
Rock-Tenn Co., Class A 7,869     545,715
RPM International, Inc. 23,248     551,675
Scotts Miracle-Gro Co., Class A 9,310     538,584
Sensient Technologies Corp. 5,371     192,497
Silgan Holdings, Inc. 13,059     498,070
Sonoco Products Co. 17,528     635,039
Steel Dynamics, Inc. 52,016     976,340
Temple-Inland, Inc. 24,251     567,473
Valspar Corp. 13,544     529,570
Worthington Industries, Inc. 15,123     316,373
   
Total Materials       13,935,345
     
Media–0.8%        
DreamWorks Animation SKG, Inc., Class A * 3,441     96,107
Harte-Hanks, Inc. 9,388     111,717
John Wiley & Sons, Inc., Class A 5,344     271,689
Lamar Advertising Co., Class A * 4,236     156,478
Meredith Corp. 6,259     212,305
New York Times Co., Class A * 11,812       111,860
Scholastic Corp. 9,178     248,173
   
Total Media       1,208,329
     
Pharmaceuticals, Biotechnology & Life Sciences–1.5%
Bio-Rad Laboratories, Inc., Class A * 2,737     328,823
Charles River Laboratories International, Inc. * 4,946     189,827
Covance, Inc. * 6,131     335,488
Endo Pharmaceuticals Holdings, Inc. * 6,530     249,185
Medicis Pharmaceutical Corp., Class A 3,769     120,759
Mettler-Toledo International, Inc. * 1,780     306,160
Perrigo Co. 4,807     382,253
Pharmaceutical Product Development, Inc. 8,129     225,255
Techne Corp. 645     46,182
United Therapeutics Corp. * 1,303     87,327
Vertex Pharmaceuticals, Inc. * 488     23,390
   
Total Pharmaceuticals, Biotechnology & Life Sciences       2,294,649
     
Real Estate–2.0%        
Alexandria Real Estate Equities, Inc. (a) 1,007     78,516
AMB Property Corp. (a) 2,971     106,867
BRE Properties, Inc. (a) 1,205     56,852
Camden Property Trust (a) 1,750     99,435
Corporate Office Properties Trust (a) 2,590     93,602
Cousins Properties, Inc. (a) 4,499     37,567
Duke Realty Corp. (a) 18,939     265,335
Equity One, Inc. (a) 2,403     45,104
Essex Property Trust, Inc. (a) 541     67,084
Federal Realty Investment Trust (a) 1,070     87,269
Highwoods Properties, Inc. (a) 2,294     80,313
Hospitality Properties Trust (a) 7,066     163,578
Jones Lang LaSalle, Inc. 5,081     506,779
Liberty Property Trust (a) 3,653     120,184
Macerich Co. (a) 2,483     122,983
Mack-Cali Realty Corp. (a) 3,852     130,583
Nationwide Health Properties, Inc. (a) 1,799     76,511
Omega Healthcare Investors, Inc. (a) 1,646     36,772
Potlatch Corp. (a) 2,297     92,339
Rayonier, Inc. (a) 3,699     230,485
Realty Income Corp. (a) 1,467     51,272
Regency Centers Corp. (a) 1,777     77,264
Senior Housing Properties Trust (a) 2,244     51,702
SL Green Realty Corp. (a) 2,484     186,797
Taubman Centers, Inc. (a) 1,815     97,248
UDR, Inc. (a) 3,972     96,797
Weingarten Realty Investors (a) 3,498     87,660
   
Total Real Estate       3,146,898
     
Retailing–6.5%        
99 Cents Only Stores * 12,460     244,216
Aaron’s, Inc. 13,188     334,448
Advance Auto Parts, Inc. 12,623     828,321
Aeropostale, Inc. * 13,139     319,540
American Eagle Outfitters, Inc. 27,872     442,886
ANN, Inc. * 10,330     300,706
Ascena Retail Group, Inc. * 11,931     386,684
Barnes & Noble, Inc. 60,968     560,296
Chico’s FAS, Inc. 20,471     305,018
Collective Brands, Inc. * 23,700     511,446
Dick’s Sporting Goods, Inc. * 17,560     702,049
Dollar Tree, Inc. * 13,404     744,190
Foot Locker, Inc. 37,829     745,988
Guess?, Inc. 6,418     252,548
LKQ Corp. * 15,212     366,609
Office Depot, Inc. * 59,405     275,045
PetSmart, Inc. 19,906     815,151
Rent-A-Center, Inc., Class A 13,480     470,587


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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES MID CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
Retailing–6.5% (continued)        
Saks, Inc. * 34,143   $ 386,157
Tractor Supply Co. 10,786     645,650
Williams-Sonoma, Inc. 12,689     513,905
   
Total Retailing       10,151,440
     
Semiconductors & Semiconductor Equipment–1.5%
Atmel Corp. * 18,370     250,383
Cree, Inc. * 1,575     72,702
Cypress Semiconductor Corp. * 27,135     525,876
Fairchild Semiconductor International, Inc., Class A * 14,837     270,033
Integrated Device Technology, Inc. * 10,527     77,584
International Rectifier Corp. * 3,888     128,537
Intersil Corp., Class A 7,884     98,156
Lam Research Corp. * 4,700     266,302
RF Micro Devices, Inc. * 16,701     107,054
Semtech Corp. * 1,596     39,932
Silicon Laboratories, Inc. * 1,618     69,914
Skyworks Solutions, Inc. * 5,391     174,776
Varian Semiconductor Equipment Associates, Inc. * 4,481     218,090
   
Total Semiconductors & Semiconductor Equipment       2,299,339
     
Software & Services–4.0%        
ACI Worldwide, Inc. * 2,187     71,734
Acxiom Corp. * 9,148     131,274
Advent Software, Inc. * 1,506     43,177
Alliance Data Systems Corp. * 5,543     476,088
ANSYS, Inc. * 1,613     87,409
AOL, Inc. * 15,215     297,149
Broadridge Financial Solutions, Inc. 14,170     321,517
Cadence Design Systems, Inc. * 16,109     157,063
Concur Technologies, Inc. * 2,106     116,778
Convergys Corp. * 25,604     367,673
CoreLogic, Inc. * 7,687     142,210
Digital River, Inc. * 1,460     54,648
DST Systems, Inc. 7,562     399,425
Equinix, Inc. * 1,964     178,920
Factset Research Systems, Inc. 971     101,693
Fair Isaac Corp. 3,699     116,925
Gartner, Inc. * 5,597     233,227
Global Payments, Inc. 5,335     260,988
Informatica Corp. * 2,030     106,027
Jack Henry & Associates, Inc. 4,061     137,627
Lender Processing Services, Inc. 11,892     382,804
Mantech International Corp., Class A * 9,176     389,062
Mentor Graphics Corp. * 9,970     145,861
MICROS Systems, Inc. * 2,867     141,716
NeuStar, Inc., Class A * 2,922     74,745
Parametric Technology Corp. * 6,382     143,531
Quest Software, Inc. * 4,010     101,814
Rackspace Hosting, Inc. * 3,452     147,918
Rovi Corp. * 1,401     75,164
Solera Holdings, Inc. 1,794     91,673
SRA International, Inc., Class A * 11,729     332,635
Synopsys, Inc. * 7,396     204,499
TIBCO Software, Inc. * 5,041     137,367
ValueClick, Inc. * 3,607     52,157
   
Total Software & Services       6,222,498
     
Technology Hardware & Equipment–12.1%      
ADTRAN, Inc. 2,444        103,772
Arrow Electronics, Inc. * 77,366     3,240,088
Avnet, Inc. * 79,707     2,717,212
Ciena Corp. * 7,667     199,035
Diebold, Inc. 13,179     467,327
Ingram Micro, Inc., Class A * 266,227     5,598,754
Itron, Inc. * 5,614     316,854
National Instruments Corp. 5,048     165,423
NCR Corp. * 46,718     880,167
Plantronics, Inc. 2,301     84,263
Polycom, Inc. * 4,358     225,962
QLogic Corp. * 25,865     479,796
Riverbed Technology, Inc. * 2,076     78,162
Tech Data Corp. * 70,577     3,589,546
Trimble Navigation Ltd. * 4,434     224,094
Vishay Intertechnology, Inc. * 26,149     463,883
Zebra Technologies Corp., Class A * 3,548     139,224
   
Total Technology Hardware & Equipment     18,973,562
   
Telecommunication Services–0.6%        
Telephone & Data Systems, Inc. 20,507     691,086
tw Telecom, Inc., Class A * 11,227     215,558
   
Total Telecommunication Services       906,644
     
Transportation–2.8%        
AirTran Holdings, Inc. * 51,262     381,902
Alaska Air Group, Inc. * 9,748     618,218
Alexander & Baldwin, Inc. 6,035     275,498
Con-Way, Inc. 20,303     797,705
JB Hunt Transport Services, Inc. 13,517     613,942
JetBlue Airways Corp. * 80,075     502,070
Kansas City Southern * 5,396     293,812
Kirby Corp. * 3,593     205,843
Landstar System, Inc. 8,805     402,213
Werner Enterprises, Inc. 11,587     306,708
   
Total Transportation       4,397,911
     
Utilities–5.6%        
AGL Resources, Inc. 9,683     385,771
Alliant Energy Corp. 13,839     538,752
Aqua America, Inc. 4,796     109,781
Atmos Energy Corp. 22,082     752,996
Black Hills Corp. 6,423     214,785
Cleco Corp. 5,247     179,920
DPL, Inc. 10,415     285,475
Energen Corp. 5,013     316,421
Great Plains Energy, Inc. 17,301     346,366
Hawaiian Electric Industries, Inc. 17,143     425,146
IDACORP, Inc. 4,179     159,220
MDU Resources Group, Inc. 28,328     650,694
National Fuel Gas Co. 3,973     294,002
NSTAR 10,310     477,044
NV Energy, Inc. 36,164     538,482
OGE Energy Corp. 12,055     609,501
PNM Resources, Inc. 19,623     292,775
Questar Corp. 18,794     327,955
UGI Corp. 25,937     853,327
Vectren Corp. 12,377     336,654
Westar Energy, Inc. 11,995     316,908
WGL Holdings, Inc. 10,919     425,841
   
Total Utilities       8,837,816
     


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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES MID CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
Total Investments–100.0%        
   (Cost $123,036,073)     $ 156,828,008
     
Other Assets in Excess of Liabilities–0.0%**       67,650
     
Net Assets–100.0%     $ 156,895,658
       

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

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


 

SCHEDULE OF INVESTMENTS
REVENUESHARES SMALL CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares     Value
COMMON STOCKS–100.0%        
Automobiles & Components–0.5%        
Drew Industries, Inc. 5,724   $ 127,817
Spartan Motors, Inc. 17,533     120,276
Standard Motor Products, Inc. 13,251     183,261
Superior Industries International, Inc. 7,492     192,095
Winnebago Industries, Inc. * 7,072     94,553
   
Total Automobiles & Components       718,002
     
Banks–2.8%        
Bank Mutual Corp. 7,183     30,384
Bank of The Ozarks, Inc. 1,085     47,425
Boston Private Financial Holdings, Inc. 14,649     103,568
Brookline Bancorp, Inc. 2,894     30,474
City Holding Co. 1,131     39,992
Columbia Banking System, Inc. 2,516     48,232
Community Bank System, Inc. 2,913     70,699
Dime Community Bancshares 3,417     50,435
First BanCorp * 48,023     240,115
First Commonwealth Financial Corp. 11,065     75,795
First Financial Bancorp 5,568     92,930
First Financial Bankshares, Inc. 886     45,514
First Midwest Bancorp, Inc. 9,237     108,904
Glacier Bancorp, Inc. 6,144     92,467
Hancock Holding Co. 3,313     108,799
Hanmi Financial Corp. * 40,985     50,821
Home Bancshares, Inc. 1,879     42,747
Independent Bank Corp. 2,075     56,046
Nara Bancorp, Inc. * 4,223     40,625
National Penn Bancshares, Inc. 14,707     113,832
NBT Bancorp, Inc. 3,307     75,367
Old National Bancorp 9,829     105,367
Pinnacle Financial Partners, Inc. * 5,040     83,362
PrivateBancorp, Inc., Class A 9,478     144,919
Provident Financial Services, Inc. 5,007     74,104
S&T Bancorp, Inc. 2,328     50,215
Signature Bank * 2,442     137,729
Simmons First National Corp., Class A 1,457     39,470
Sterling Bancorp, Class N 3,469     34,725
Sterling Bancshares, Inc. 8,557     73,676
Susquehanna Bancshares, Inc. 20,761     194,115
Texas Capital Bancshares, Inc. * 3,262     84,779
Tompkins Financial Corp. 1,120     46,536
Trustco Bank Corp. 6,868     40,727
UMB Financial Corp. 3,861     144,228
Umpqua Holdings Corp. 10,600     121,264
United Bankshares, Inc. 3,429     90,937
United Community Banks, Inc. * 47,727     113,113
Whitney Holding Corp. 12,775     173,995
Wilmington Trust Corp. 15,583     70,435
Wilshire Bancorp, Inc.* 5,538     27,136
Wintrust Financial Corp. 5,245     192,754
   
Total Banks       3,608,757
     
Capital Goods–11.1%        
A.O. Smith Corp. 11,608     514,699
AAON, Inc. 1,847     60,766
AAR Corp. * 11,445     317,255
Actuant Corp., Class A 10,133     293,857
Aerovironment, Inc. * 1,950     68,191
Albany International Corp., Class A 8,449     210,380
American Science & Engineering, Inc. 646     59,665
Apogee Enterprises, Inc. 13,525     178,395
Applied Industrial Technologies, Inc. 13,002     432,446
Astec Industries, Inc. * 5,323     198,495
AZZ, Inc. 2,229     101,642
Badger Meter, Inc. 1,383     56,993
Barnes Group, Inc. 12,400     258,912
Belden, Inc. 10,082     378,579
Brady Corp., Class A 8,477     302,544
Briggs & Stratton Corp. 22,029     498,957
Cascade Corp. 1,620     72,220
Ceradyne, Inc. * 2,947     132,851
CIRCOR International, Inc. 3,471     163,206
CLARCOR, Inc. 5,156     231,659
Comfort Systems USA, Inc. 19,598     275,744
Cubic Corp. 5,304     304,980
Curtiss-Wright Corp. 13,075     459,455
Dycom Industries, Inc. * 15,490     268,597
EMCOR Group, Inc. * 39,930     1,236,632
Encore Wire Corp. 7,514     182,891
EnPro Industries, Inc. * 5,140     186,685
ESCO Technologies, Inc. 3,488     133,067
Esterline Technologies Corp. * 5,146     363,925
Federal Signal Corp. 26,709     173,876
GenCorp, Inc. * 37,244     222,719
Gibraltar Industries, Inc. * 13,978     166,757
Griffon Corp. * 23,662     310,682
II-VI, Inc. * 1,516     75,421
Insituform Technologies, Inc., Class A * 7,614     203,674
John Bean Technologies Corp. 9,657     185,704
Kaman Corp. 9,545     335,984
Kaydon Corp. 2,739     107,341
Lawson Products, Inc. 3,485     80,294
Lindsay Corp. 1,115     88,107
Lydall, Inc. * 8,803     78,259
Moog, Inc., Class A * 11,923     547,385
Mueller Industries, Inc. 13,861     507,590
NCI Building Systems, Inc. * 18,018     228,288
Orbital Sciences Corp. * 16,017     303,042
Orion Marine Group, Inc. * 4,917     52,809
Powell Industries, Inc. * 4,174     164,623
Quanex Building Products Corp. 9,596     188,369
Robbins & Myers, Inc. 3,644     167,588
Simpson Manufacturing Co., Inc. 4,586     135,104
Standex International Corp. 4,272     161,866
Teledyne Technologies, Inc. * 9,339     482,920
Toro Co. 6,005     397,651
Tredegar Corp. 8,514     183,732
Triumph Group, Inc. 3,179     281,183
Universal Forest Products, Inc. 11,452     419,716
Vicor Corp. 3,040     50,130
Watts Water Technologies, Inc., Class A 8,374     319,803
   
Total Capital Goods       14,564,305
     
Commercial & Professional Services–5.7%      
ABM Industries, Inc. 30,813     782,342
CDI Corp. 10,659     157,647


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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES SMALL CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares     Value
Commercial & Professional Services–5.7% (continued)
Consolidated Graphics, Inc. * 4,497   $ 245,671
Dolan Co. * 4,735     57,483
Exponent, Inc. * 1,373     61,250
G&K Services, Inc., Class A 6,359     211,437
Geo Group, Inc. * 11,185     286,783
Healthcare Services Group, Inc. 10,601     186,366
Heidrick & Struggles International, Inc. 4,076     113,435
Insperity, Inc. 13,251     402,565
Interface, Inc., Class A 13,201     244,086
Kelly Services, Inc., Class A * 57,117     1,240,010
Mobile Mini, Inc. * 3,909     93,894
Navigant Consulting, Inc. * 6,685     66,783
On Assignment, Inc. * 11,233     106,264
School Specialty, Inc. * 17,003     243,143
SFN Group, Inc. * 46,926     661,187
Standard Register Co. 48,303     160,366
SYKES Enterprises, Inc. * 11,835     233,978
Tetra Tech, Inc. * 12,659     312,551
TrueBlue, Inc. * 13,401     225,003
United Stationers, Inc. 17,076     1,213,250
Viad Corp. 7,092     169,782
   
Total Commercial & Professional Services     7,475,276
   
Consumer Durables & Apparel–5.5%      
Arctic Cat, Inc. * 6,888     107,108
Blyth, Inc. 5,894     191,496
Brunswick Corp. 42,614     1,083,674
Callaway Golf Co. 27,570     188,028
Carter’s, Inc. * 12,203     349,372
CROCS, Inc. * 9,596     171,193
Ethan Allen Interiors, Inc. 6,567     143,817
Helen of Troy Ltd. * 5,023     147,676
Iconix Brand Group, Inc. * 3,569     76,662
Jakks Pacific, Inc. * 8,758     169,467
Kid Brands, Inc. * 6,432     47,275
K-Swiss, Inc., Class A * 4,070     45,869
La-Z-Boy, Inc., Class Z * 30,410     290,416
Liz Claiborne, Inc. * 80,681     434,871
M/I Homes, Inc. * 11,296     169,327
Maidenform Brands, Inc. * 4,789     136,822
Meritage Homes Corp. * 10,655     257,105
Movado Group, Inc. * 5,121     75,176
National Presto Industries, Inc. 891     100,398
Oxford Industries, Inc. 7,764     265,451
Perry Ellis International, Inc. * 6,535     179,843
Pool Corp. 16,155     389,497
Quiksilver, Inc. * 81,377     359,686
RC2 Corp. * 4,257     119,622
Skechers U.S.A., Inc., Class A * 19,995     410,697
Skyline Corp. 1,178     23,619
Standard Pacific Corp. * 61,688     230,096
Steven Madden Ltd. * 3,065     143,841
Sturm Ruger & Co., Inc. 3,669     84,277
True Religion Apparel, Inc. * 3,608     84,680
Unifirst Corp. 4,299     227,890
Universal Electronics, Inc. * 2,440     72,126
Volcom, Inc. 3,689     68,357
Wolverine World Wide, Inc. 8,534     318,148
   
Total Consumer Durables & Apparel       7,163,582
     
Consumer Services–4.1%        
American Public Education, Inc. * 1,249     50,522
Biglari Holdings, Inc. * 378     160,102
BJ’s Restaurants, Inc. * 2,955     116,220
Buffalo Wild Wings, Inc. * 2,968     161,548
California Pizza Kitchen, Inc. * 8,526     143,919
Capella Education Co. * 1,488     74,087
CEC Entertainment, Inc. 4,793     180,840
Coinstar, Inc. * 4,990     229,141
Corinthian Colleges, Inc. * 45,687     201,937
Cracker Barrel Old Country Store, Inc. 10,126     497,592
DineEquity, Inc. * 5,964     327,901
Hillenbrand, Inc. 8,066     173,419
Interval Leisure Group, Inc. * 5,521     90,268
Jack in the Box, Inc. * 25,099     569,245
Marcus Corp. 5,963     64,997
Monarch Casino & Resort, Inc. * 2,539     26,406
Multimedia Games, Inc. * 5,440     31,171
O'Charleys, Inc. * 27,198     162,372
Papa John’s International, Inc. * 9,861     312,298
Peet’s Coffee & Tea, Inc. * 1,911     91,900
PF Chang’s China Bistro, Inc. 5,654     261,158
Pinnacle Entertainment, Inc. * 17,676     240,747
Pre-Paid Legal Services, Inc. * 1,689     111,474
Red Robin Gourmet Burgers, Inc. * 9,668     260,069
Ruby Tuesday, Inc. * 20,470     268,362
Ruth’s Hospitality Group, Inc. * 15,905     82,070
Shuffle Master, Inc. * 4,013     42,859
Sonic Corp. * 13,366     120,962
Texas Roadhouse, Inc., Class A 12,785     217,217
Universal Technical Institute, Inc. 4,643     90,306
   
Total Consumer Services       5,361,109
     
Diversified Financials–1.6%        
Cash America International, Inc. 7,564     348,322
Ezcorp, Inc., Class A * 5,749     180,461
First Cash Financial Services, Inc. * 3,083     119,004
Interactive Brokers Group, Inc., Class A 13,326     211,750
Investment Technology Group, Inc. * 8,467     154,015
LaBranche & Co., Inc. * 4,482     17,614
OptionsXpress Holdings, Inc. 2,666     48,815
Piper Jaffray Cos. * 3,566     147,739
Portfolio Recovery Associates, Inc. * 1,095     93,217
Prospect Capital Corp. 11,352     138,608
Stifel Financial Corp. * 5,069     363,904
SWS Group, Inc. 23,532     142,839
TradeStation Group, Inc. * 4,589     32,215
World Acceptance Corp. * 1,904     124,141
   
Total Diversified Financials       2,122,644
     
Energy–8.7%        
Basic Energy Services, Inc. * 9,560     243,876
Bristow Group, Inc. * 5,669     268,144
CARBO Ceramics, Inc. 981     138,439
Contango Oil & Gas Co. * 610     38,576
Georesources, Inc. * 418     13,071
Gulf Island Fabrication, Inc. 2,153     69,262
Gulfport Energy Corp. * 1,174     42,440
Holly Corp. 46,714     2,838,343


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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES SMALL CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
Energy–8.7% (continued)        
Hornbeck Offshore Services, Inc. * 4,486     $ 138,393
ION Geophysical Corp. * 11,152     141,519
Lufkin Industries, Inc. 2,274     212,551
Matrix Service Co. * 11,788     163,853
Oil States International, Inc. * 8,063     613,917
Penn Virginia Corp. 7,765     131,694
Petroleum Development Corp. * 1,970     94,580
Petroquest Energy, Inc. * 5,613     52,538
Pioneer Drilling Co. * 12,662     174,735
SEACOR Holdings, Inc. 5,763     532,847
Stone Energy Corp. * 6,925     231,087
Swift Energy Co. * 2,490     106,273
Tetra Technologies, Inc. * 17,238     265,465
World Fuel Services Corp. 118,651     4,818,417
   
Total Energy       11,330,020
     
Food & Staples Retailing–3.5%        
Andersons, Inc. 20,267     987,408
Casey’s General Stores, Inc. 23,911     932,529
Nash Finch Co. 30,879     1,171,549
Spartan Stores, Inc. 34,271     506,868
United Natural Foods, Inc. * 22,608     1,013,291
   
Total Food & Staples Retailing       4,611,645
     
Food, Beverage & Tobacco–2.3%        
Alliance One International, Inc. * 124,868     501,969
B&G Foods, Inc., Class A 2,304     43,246
Boston Beer Co., Inc., Class A * 1,231     114,015
Calavo Growers, Inc. 3,639     79,512
Cal-Maine Foods, Inc. 6,237     183,992
Darling International, Inc. * 11,220     172,452
Diamond Foods, Inc. 2,678     149,432
Hain Celestial Group, Inc. * 7,765     250,654
J&J Snack Foods Corp. 3,234     152,224
Sanderson Farms, Inc. 10,022     460,210
Seneca Foods Corp., Class A * 11,953     357,036
Snyders-Lance, Inc. 9,004     178,730
TreeHouse Foods, Inc. * 7,478     425,274
   
Total Food, Beverage & Tobacco       3,068,746
     
Health Care Equipment & Services–11.4%      
Abaxis, Inc. * 957     27,600
Air Methods Corp. * 2,402     161,535
Align Technology, Inc. * 4,690     96,051
Almost Family, Inc. * 2,177     81,942
Amedisys, Inc. * 13,605     476,175
American Medical Systems Holdings, Inc. * 6,572     142,218
AMERIGROUP Corp. * 28,727     1,845,710
AMN Healthcare Services, Inc. * 23,533     203,796
Amsurg Corp., Class A * 7,846     199,602
Analogic Corp. 1,943     109,877
Bio-Reference Labs, Inc. * 4,745     106,478
Cantel Medical Corp. 2,710     69,782
Catalyst Health Solutions, Inc. * 16,914     946,000
Centene Corp. * 41,662     1,374,013
Chemed Corp. 4,543     302,609
Computer Programs & Systems, Inc. 680     43,710
CONMED Corp. * 6,603     173,527
Cooper Cos., Inc. 59     4,098
Corvel Corp. * 1,576     83,812
Cross Country Healthcare, Inc. * 13,707     107,326
CryoLife, Inc. * 4,850     29,585
Cyberonics, Inc. * 1,236     39,317
Ensign Group, Inc. 6,426     205,182
Gentiva Health Services, Inc. * 13,246     371,285
Greatbatch, Inc. * 5,072     134,205
Haemonetics Corp. * 2,304     151,004
Hanger Orthopedic Group, Inc. * 8,593     223,676
Healthspring, Inc. * 24,557     917,695
Healthways, Inc. * 15,261     234,562
HMS Holdings Corp. * 987     80,786
ICU Medical, Inc. * 1,752     76,703
Integra Lifesciences Holdings Corp. * 3,443     163,267
Invacare Corp. 13,537     421,271
IPC The Hospitalist Co., Inc. * 2,241     101,764
Kensey Nash Corp. * 641     15,967
Landauer, Inc. 403     24,793
LCA-Vision, Inc. * 4,149     28,006
LHC Group, Inc. * 5,533     165,990
Magellan Health Services, Inc. * 14,720     722,458
Medcath Corp. * 9,449     131,814
Meridian Bioscience, Inc. 1,461     35,049
Merit Medical Systems, Inc. * 4,268     83,738
Molina Healthcare, Inc. * 36,244     1,449,760
MWI Veterinary Supply, Inc. * 4,230     341,276
Natus Medical, Inc. * 3,236     54,365
Neogen Corp. * 763     31,573
Omnicell, Inc. * 3,600     54,864
Palomar Medical Technologies, Inc. * 1,139     16,914
PharMerica Corp. * 36,786     420,832
PSS World Medical, Inc. * 21,305     578,431
Quality Systems, Inc. 945     78,756
RehabCare Group, Inc. * 13,702     505,193
SurModics, Inc. * 1,625     20,312
Symmetry Medical, Inc. * 8,343     81,761
West Pharmaceutical Services, Inc. 6,364     284,916
Zoll Medical Corp. * 2,657     119,060
   
Total Health Care Equipment & Services     14,951,991
   
Household & Personal Products–0.5%      
Central Garden and Pet Co., Class A * 35,634     328,189
Medifast, Inc. * 1,910     37,722
Prestige Brands Holdings, Inc. * 18,764     215,786
WD-40 Co. 1,787     75,662
   
Total Household & Personal Products       657,359
     
Insurance–2.8%        
AMERISAFE, Inc. * 3,077     68,032
Delphi Financial Group, Inc., Class A 13,133     403,314
eHealth, Inc. * 2,111     28,076
Employers Holdings, Inc. 5,570     115,076
Horace Mann Educators Corp. 12,531     210,521
Infinity Property & Casualty Corp. 3,438     204,527
Meadowbrook Insurance Group, Inc. 59,980     620,793
National Financial Partners Corp. * 17,472     257,712


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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES SMALL CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares     Value
Insurance–2.8% (continued)        
Navigators Group, Inc. * 3,389   $ 174,533
Presidential Life Corp. 6,668     63,546
ProAssurance Corp. * 2,559     162,164
RLI Corp. 2,157     124,351
Safety Insurance Group, Inc. 2,941     135,610
Selective Insurance Group, Inc. 19,549     338,198
Stewart Information Services Corp. 35,320     370,154
Tower Group, Inc. 11,445     275,023
United Fire & Casualty Co. 6,032     121,907
   
Total Insurance       3,673,537
     
Materials–5.2%        
A. Schulman, Inc. 14,080     348,058
A.M. Castle & Co. * 11,923     225,106
AMCOL International Corp. 6,128     220,485
American Vanguard Corp. 6,843     59,397
Arch Chemicals, Inc. 9,022     375,225
Balchem Corp. 1,660     62,283
Buckeye Technologies, Inc. 7,942     216,261
Calgon Carbon Corp. * 6,793     107,873
Century Aluminum Co. * 15,898     296,975
Clearwater Paper Corp. * 3,908     318,111
Deltic Timber Corp. 566     37,831
Eagle Materials, Inc. 4,054     122,674
H.B. Fuller Co. 14,299     307,143
Headwaters, Inc. * 32,764     193,308
Kaiser Aluminum Corp. 4,700     231,475
KapStone Paper and Packaging Corp. * 11,444     196,494
Koppers Holdings, Inc. 7,087     302,615
LSB Industries, Inc. * 5,317     210,766
Materion Corp. * 6,738     274,910
Myers Industries, Inc. 15,654     155,444
Neenah Paper, Inc. 7,618     167,367
Olympic Steel, Inc. 6,349     208,311
OM Group, Inc. * 6,715     245,366
PolyOne Corp. 45,118     641,127
Quaker Chemical Corp. 2,989     120,068
RTI International Metals, Inc. * 3,444     107,281
Schweitzer-Mauduit International, Inc. 2,874     145,453
Stepan Co. 4,327     313,708
STR Holdings, Inc. * 3,946     75,684
Texas Industries, Inc. 3,410     154,234
Wausau Paper Corp. 29,235     223,355
Zep, Inc. 6,469     112,625
   
Total Materials       6,777,013
     
Media–0.9%        
Arbitron, Inc. 2,302     92,149
E.W. Scripps Co., Class A * 18,090     179,091
Live Nation Entertainment, Inc. * 90,420     904,200
   
Total Media       1,175,440
     
Pharmaceuticals, Biotechnology & Life Sciences–1.2%
Affymetrix, Inc. * 16,023     83,480
Arqule, Inc. * 1,156     8,277
Cambrex Corp. * 9,448     51,964
Cubist Pharmaceuticals, Inc. * 6,763     170,698
Dionex Corp. * 792     93,496
Emergent Biosolutions, Inc. * 2,690     64,990
Enzo Biochem, Inc. * 4,491     18,817
eResearchTechnology, Inc. * 4,027     27,263
Hi-Tech Pharmacal Co., Inc. * 1,476     29,712
Kendle International, Inc. * 11,870     127,128
Par Pharmaceutical Cos., Inc. * 6,507     202,238
Parexel International Corp. * 15,004     373,600
Questcor Pharmaceuticals, Inc. * 2,232     32,163
Regeneron Pharmaceuticals, Inc. * 3,141     141,156
Salix Pharmaceuticals Ltd. * 1,521     53,281
Savient Pharmaceuticals, Inc. * 57     604
Viropharma, Inc. * 5,546     110,365
   
Total Pharmaceuticals, Biotechnology & Life Sciences       1,589,232
     
Real Estate–1.5%        
Acadia Realty Trust (a) 1,923     36,383
BioMed Realty Trust, Inc. (a) 4,773     90,782
Cedar Shopping Centers, Inc. (a) 6,191     37,332
Colonial Properties Trust (a) 4,658     89,666
DiamondRock Hospitality Co. (a) 12,068     134,800
EastGroup Properties, Inc. (a) 936     41,156
Entertainment Properties Trust (a) 1,463     68,498
Extra Space Storage, Inc. (a) 3,642     75,426
Forestar Group, Inc. * 1,381     26,267
Franklin Street Properties Corp. (a) 2,270     31,939
Getty Realty Corp. (a) 1,843     42,168
Healthcare Realty Trust, Inc. (a) 2,859     64,899
Home Properties, Inc. (a) 2,120     124,974
Inland Real Estate Corp. (a) 4,282     40,850
Kilroy Realty Corp. (a) 1,919     74,515
Kite Realty Group Trust (a) 4,379     23,252
LaSalle Hotel Properties (a) 5,414     146,178
Lexington Realty Trust (a) 9,698     90,676
LTC Properties, Inc. (a) 616     17,457
Medical Properties Trust, Inc. (a) 2,849     32,963
Mid-America Apartment Communities, Inc. (a) 1,431     91,870
National Retail Properties, Inc. (a) 1,988     51,946
Parkway Properties, Inc. (a) 3,376     57,392
Pennsylvania Real Estate Investment Trust (a) 7,425     105,955
Post Properties, Inc. (a) 1,859     72,966
PS Business Parks, Inc. (a) 1,156     66,979
Saul Centers, Inc. (a) 851     37,912
Sovran Self Storage, Inc. (a) 1,198     47,381
Tanger Factory Outlet Centers (a) 2,507     65,784
Universal Health Realty Income Trust (a) 189     7,660
Urstadt Biddle Properties, Inc., Class A (a) 988     18,792
   
Total Real Estate       1,914,818
     
Retailing–10.0%        
Audiovox Corp., Class A * 15,215     121,720
Big 5 Sporting Goods Corp. 14,186     169,097
Blue Nile, Inc. * 1,301     70,241
Brown Shoe Co., Inc. 35,327     431,696
Buckle, Inc. 5,089     205,596
Cabela’s, Inc. * 27,082     677,321
Cato Corp., Class A 7,012     171,794


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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES SMALL CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
Retailing–10.0% (continued)        
Childrens Place Retail Stores, Inc. * 7,170     $ 357,281
Christopher & Banks Corp. 19,473     126,185
Coldwater Creek, Inc. * 92,296     243,661
Finish Line, Inc., Class A 14,107     280,024
Fred’s, Inc., Class A 29,896     398,215
Genesco, Inc. * 9,674     388,895
Group 1 Automotive, Inc. 29,062     1,243,854
Haverty Furniture Cos., Inc. 11,047     146,483
Hibbett Sports, Inc. * 3,598     128,844
HOT Topic, Inc. 28,047     159,868
HSN, Inc. * 22,487     720,259
JOS A. Bank Clothiers, Inc. * 4,239     215,680
Kirkland’s, Inc. * 6,810     105,146
Lithia Motors, Inc., Class A 34,764     506,859
Lumber Liquidators Holdings, Inc. * 5,984     149,540
MarineMax, Inc. * 14,390     141,885
Men’s Wearhouse, Inc. 18,163     491,491
Midas, Inc. * 4,638     35,574
Monro Muffler Brake, Inc. 3,525     116,255
Nutrisystem, Inc. 5,927     85,882
OfficeMax, Inc. * 92,745     1,200,120
PEP Boys-Manny Moe & Jack 32,203     409,300
PetMed Express, Inc. 2,979     47,247
Sonic Automotive, Inc., Class A 118,282     1,657,131
Stage Stores, Inc. 20,559     395,144
Stamps.com, Inc. 1,410     18,824
Stein Mart, Inc. 31,014     313,552
Tuesday Morning Corp. * 33,907     166,144
Vitamin Shoppe, Inc. * 12,927     437,320
Zale Corp. * 108,257     431,945
Zumiez, Inc. * 3,072     81,193
   
Total Retailing       13,047,266
     
Semiconductors & Semiconductor Equipment–2.0%
Advanced Energy Industries, Inc. * 6,943     113,518
ATMI, Inc. * 3,968     74,916
Brooks Automation, Inc. * 12,115     166,339
Cabot Microelectronics Corp. * 2,168     113,278
Ceva, Inc. * 426     11,387
Cohu, Inc. 4,013     61,640
Cymer, Inc. * 2,441     138,112
Diodes, Inc. * 4,856     165,395
DSP Group, Inc. * 6,523     50,227
Exar Corp. * 3,862     23,249
FEI Co. * 5,453     183,875
Hittite Microwave Corp. * 813     51,845
Kopin Corp. * 6,273     28,793
Kulicke & Soffa Industries, Inc. * 18,579     173,714
Micrel, Inc. 4,755     64,097
Microsemi Corp. * 4,475     92,677
MKS Instruments, Inc. * 8,144     271,195
Monolithic Power Systems, Inc. * 2,928     41,548
Pericom Semiconductor Corp. * 2,804     29,078
Power Integrations, Inc. 1,644     63,015
Rudolph Technologies, Inc. * 4,637     50,729
Sigma Designs, Inc. * 3,190     41,311
Standard Microsystems Corp. * 2,157     53,192
Supertex, Inc. * 590     13,145
Tessera Technologies, Inc. * 3,074     56,131
TriQuint Semiconductor, Inc. * 15,414     198,995
Ultratech, Inc. * 1,390     40,866
Veeco Instruments, Inc. * 3,835       194,971
Volterra Semiconductor Corp. * 1,492     37,046
   
Total Semiconductors & Semiconductor Equipment       2,604,284
     
Software & Services–4.2%        
Blackbaud, Inc. 2,599     70,797
Bottomline Technologies, Inc. * 1,691     42,512
CACI International, Inc., Class A * 13,025     798,693
Cardtronics, Inc. * 12,495     254,273
Ciber, Inc. * 64,023     428,954
CommVault Systems, Inc. * 1,871     74,615
comScore, Inc. * 1,569     46,301
CSG Systems International, Inc. * 6,209     123,807
DealerTrack Holdings, Inc. * 2,643     60,683
Ebix, Inc. * 1,251     29,586
Epicor Software Corp. * 9,534     105,541
EPIQ Systems, Inc. 3,941     56,593
Forrester Research, Inc. 1,743     66,739
Heartland Payment Systems, Inc. 25,661     449,837
iGate Corp. 2,726     51,167
Infospace, Inc. * 7,299     63,209
Integral Systems, Inc. * 3,965     48,254
Interactive Intelligence, Inc. * 1,239     47,962
j2 Global Communications, Inc. * 1,874     55,302
JDA Software Group, Inc. * 4,571     138,318
Knot, Inc. * 2,446     29,474
Liquidity Services, Inc. * 4,096     73,155
LogMeIn, Inc. * 443     18,677
Manhattan Associates, Inc. * 2,073     67,829
MAXIMUS, Inc. 2,829     229,630
MicroStrategy, Inc., Class A * 1,096     147,390
NCI, Inc., Class A * 5,472     133,353
Netscout Systems, Inc. * 2,487     67,945
Perficient, Inc. * 3,964     47,608
Progress Software Corp. * 4,329     125,931
Radiant Systems, Inc. * 3,793     67,136
RightNow Technologies, Inc. * 1,643     51,426
Smith Micro Software, Inc. * 1,813     16,970
Sourcefire, Inc. * 1,136     31,251
StarTek, Inc. * 13,048     65,762
Synchronoss Technologies, Inc. * 1,174     40,797
Take-Two Interactive Software, Inc. * 21,644     332,668
Taleo Corp., Class A * 1,623     57,860
TeleTech Holdings, Inc. * 11,856     229,769
THQ, Inc. * 35,316     161,041
Tyler Technologies, Inc. * 3,111     73,762
United Online, Inc. 31,756     200,222
Websense, Inc. * 3,476     79,844
Wright Express Corp. * 1,829     94,815
   
Total Software & Services       5,457,458
     
Technology Hardware & Equipment–9.2%      
Agilysys, Inc. * 26,607     152,724
Anixter International, Inc. 20,737     1,449,309
Arris Group, Inc. * 23,778     302,932
Avid Technology, Inc. * 8,522     190,041
Bel Fuse, Inc., Class B 2,695     59,317
Benchmark Electronics, Inc. * 31,420     596,037
Black Box Corp. 5,579     196,102


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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES SMALL CAP FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
Technology Hardware & Equipment–9.2% (continued)
Blue Coat Systems, Inc. * 3,752     $ 105,656
Brightpoint, Inc. * 86,353     936,067
Checkpoint Systems, Inc. * 9,237     207,648
Cognex Corp. 1,925     54,381
Comtech Telecommunications Corp. 5,263     143,048
CTS Corp. 11,296     121,997
Daktronics, Inc. 6,123     65,822
DG FastChannel, Inc. * 1,856     59,800
Digi International, Inc. * 3,807     40,202
DTS, Inc. * 383     17,859
Electro Scientific Industries, Inc. * 1,610     27,950
EMS Technologies, Inc. * 4,231     83,160
FARO Technologies, Inc. * 1,323     52,920
Gerber Scientific, Inc. * 13,134     122,934
Harmonic, Inc. * 11,145     104,540
Hutchinson Technology, Inc. * 26,030     73,405
Insight Enterprises, Inc. * 78,834     1,342,543
Intermec, Inc. * 12,272     132,415
Intevac, Inc. * 3,191     39,664
Littelfuse, Inc. 2,777     158,567
LoJack Corp. * 4,981     23,361
Mercury Computer Systems, Inc. * 2,134     45,155
Methode Electronics, Inc. 6,437     77,759
MTS Systems Corp. 2,192     99,846
Netgear, Inc. * 5,786     187,698
Network Equipment Technologies, Inc. * 3,681     13,877
Newport Corp. * 6,032     107,551
Novatel Wireless, Inc. * 7,497     40,934
Oplink Communications, Inc. * 1,544     30,093
OSI Systems, Inc. * 3,699     138,823
Park Electrochemical Corp. 1,202     38,765
PC-Tel, Inc. * 2,429     18,630
Plexus Corp. * 15,135     530,633
Pulse Electronics Corp. 23,761     143,754
RadiSys Corp. * 7,319     63,383
Rofin-Sinar Technologies, Inc. * 2,711     107,085
Rogers Corp. * 2,343     105,576
Scansource, Inc. * 14,008     532,164
Stratasys, Inc. * 793     37,271
Super Micro Computer, Inc. * 12,302     197,324
Symmetricom, Inc. * 7,411     45,429
Synaptics, Inc. * 3,702     100,028
SYNNEX Corp. * 61,917     2,026,543
Tekelec * 9,119     74,046
Tollgrade Communications, Inc. * 1,229     12,388
TTM Technologies, Inc. * 14,884     270,293
Viasat, Inc. * 3,364     134,022
   
Total Technology Hardware & Equipment     12,039,471
   
Telecommunication Services–0.4%        
Atlantic Tele-Network, Inc. 3,353     124,698
Cbeyond, Inc. * 7,146     83,394
Cincinnati Bell, Inc. * 19,365     51,898
General Communication, Inc., Class A * 11,679     127,768
Neutral Tandem, Inc. * 2,664     39,294
NTELOS Holdings Corp. 6,491     119,499
USA Mobility, Inc. 2,975     43,108
   
Total Telecommunication Services       589,659
     
Transportation–1.7%        
Allegiant Travel Co., Class A 2,866     125,559
Arkansas Best Corp. 12,957     335,845
Forward Air Corp. 3,641     111,524
Heartland Express, Inc. 6,774     118,951
HUB Group, Inc., Class A * 11,357     411,010
Knight Transportation, Inc. 8,162     157,119
Old Dominion Freight Line, Inc. * 10,496     368,305
Skywest, Inc. 36,088     610,609
   
Total Transportation       2,238,922
     
Utilities–3.2%        
Allete, Inc. 5,575     217,258
American States Water Co. 2,492     89,363
Avista Corp. 16,319     377,459
Central Vermont Public Service Corp. 3,622     84,356
CH Energy Group, Inc. 4,049     204,637
El Paso Electric Co. * 7,335     222,984
Laclede Group, Inc. 10,654     405,917
New Jersey Resources Corp. 12,830     551,049
Northwest Natural Gas Co. 4,176     192,639
NorthWestern Corp. 8,961     271,518
Piedmont Natural Gas Co., Inc. 12,349     374,792
South Jersey Industries, Inc. 3,744     209,552
Southwest Gas Corp. 11,890     463,353
UIL Holdings Corp. 6,442     196,610
Unisource Energy Corp. 8,842     319,461
   
Total Utilities       4,180,948
     
Total Investments–100.0%        
   (Cost $102,946,746)       130,921,484
     
Other Assets in Excess of Liabilities–0.0%**       57,651
     
Net Assets–100.0%     $ 130,979,135
     


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

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


SCHEDULE OF INVESTMENTS
REVENUESHARES FINANCIALS SECTOR FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
COMMON STOCKS–100.0%          
Capital Markets–10.4%        
Ameriprise Financial, Inc. 2,592   $ 158,319
Bank of New York Mellon Corp. 7,174     214,287
Charles Schwab Corp. 3,872     69,812
E*Trade Financial Corp. * 2,266     35,418
Federated Investors, Inc., Class B 552     14,766
Franklin Resources, Inc. 731     91,433
Goldman Sachs Group, Inc. 4,126     653,847
Invesco Ltd. 2,276     58,175
Janus Capital Group, Inc. 1,209     15,076
Legg Mason, Inc. 1,096     39,555
Morgan Stanley 20,371     556,536
Northern Trust Corp. 1,122     56,941
State Street Corp. 3,588     161,245
T. Rowe Price Group, Inc. 547     36,332
   
Total Capital Markets       2,161,742
     
Commercial Banks–14.5%        
BB&T Corp. 6,219     170,712
Comerica, Inc. 994     36,500
Fifth Third Bancorp 7,503     104,142
First Horizon National Corp. 2,603     29,180
Huntington Bancshares, Inc. 7,216     47,914
KeyCorp 9,792     86,953
M&T Bank Corp. 699     61,840
Marshall & Ilsley Corp. 8,037     64,216
PNC Financial Services Group, Inc. 4,448     280,179
Regions Financial Corp. 18,729     135,972
SunTrust Banks, Inc. 5,403     155,822
U.S. Bancorp 11,728     309,971
Wells Fargo & Co. 47,138     1,494,275
Zions Bancorporation 1,888     43,537
   
Total Commercial Banks       3,021,213
     
Consumer Finance–5.0%        
American Express Co. 9,506     429,671
Capital One Financial Corp. 6,564     341,065
Discover Financial Services 6,038     145,637
SLM Corp. * 8,022     122,737
   
Total Consumer Finance       1,039,110
     
Diversified Financial Services–27.7%      
Bank of America Corp. 165,826     2,210,460
Citigroup, Inc. * 327,994     1,449,733
CME Group, Inc., Class A 139     41,915
IntercontinentalExchange, Inc. * 143     17,666
JPMorgan Chase & Co. 40,596     1,871,476
Leucadia National Corp. 681     25,565
Moody’s Corp. 1,071     36,318
NASDAQ OMX Group, Inc. * 2,108     54,471
NYSE Euronext 2,293     80,645
   
Total Diversified Financial Services       5,788,249
     
Insurance–39.2%        
ACE Ltd. 3,914     253,236
Aflac, Inc. 5,389     284,431
Allstate Corp. 15,169     482,071
American International Group, Inc. * 27,548     968,037
AON Corp. 2,617     138,596
Assurant, Inc. 3,357     129,278
Berkshire Hathaway, Inc., Class B * 24,329     2,034,634
Chubb Corp. 3,360     206,001
Cincinnati Financial Corp. 1,862     61,074
Genworth Financial, Inc., Class A * 11,395     153,377
Hartford Financial Services        
Group, Inc. 13,359     359,758
Lincoln National Corp. 5,490     164,920
Loews Corp. 5,715     246,259
Marsh & McLennan Cos., Inc. 5,978     178,204
MetLife, Inc. 17,847     798,296
Principal Financial Group, Inc. 4,261     136,821
Progressive Corp. 10,777     227,718
Prudential Financial, Inc. 10,308     634,767
Torchmark Corp. 821     54,580
Travelers Cos., Inc. 6,858     407,914
Unum Group 6,316     165,795
XL Group PLC, Class A 4,413     108,560
   
Total Insurance       8,194,327
     
Paper & Forest Products–0.6%        
Weyerhaeuser Co. (a) 5,316     130,774
   
Real Estate Investment Trusts–1.9%        
Apartment Investment & Management Co., Class A (a) 700     17,829
AvalonBay Communities, Inc. (a) 121     14,530
Boston Properties, Inc. (a) 281     26,653
Equity Residential (a) 590     33,282
HCP, Inc. (a) 565     21,436
Health Care REIT, Inc. (a) 216     11,327
Host Hotels & Resorts, Inc. (a) 3,710     65,333
Kimco Realty Corp. (a) 791     14,507
Plum Creek Timber Co., Inc. (a) 453     19,755
ProLogis (a) 1,092     17,450
Public Storage (a) 249     27,617
Simon Property Group, Inc. (a) 587     62,903
Ventas, Inc. (a) 303     16,453
Vornado Realty Trust (a) 523     45,762
   
Total Real Estate Investment Trusts       394,837
     
Real Estate Management & Development–0.5%      
CB Richard Ellis Group, Inc., Class A * 3,531     94,278
   
Thrifts & Mortgage Finance–0.2%        
Hudson City Bancorp, Inc. 3,614     34,983
People’s United Financial, Inc. 1,212     15,247
   
Total Thrifts & Mortgage Finance       50,230
     
Total Investments–100.0%        
   (Cost $20,800,766)       20,874,760
     
Other Assets in Excess of Liabilities–0.0%**       3,084
     
Net Assets–100.0%     $ 20,877,844
     


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

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


 

SCHEDULE OF INVESTMENTS
REVENUESHARES ADR FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
COMMON STOCKS–98.4%        
Automobiles & Components–5.0%        
Honda Motor Co. Ltd. (a) 24,282   $ 910,818
Magna International, Inc., Class A 4,795     229,728
Toyota Motor Corp. (a) 25,164     2,019,411
   
Total Automobiles & Components       3,159,957
     
Banks–12.9%        
Banco Bilbao Vizcaya Argentaria SA (a) 21,174     254,088
Banco Bradesco SA (a) 34,151     708,633
Banco de Chile (a) 367     30,898
Banco Santander Chile (a) 434     37,649
Banco Santander SA (a) 45,655     535,076
Bank of Montreal 2,319     150,689
Bank of Nova Scotia 3,751     230,274
Barclays PLC (a) 41,890     759,885
Canadian Imperial Bank of Commerce 1,683     145,361
Credicorp Ltd. 247     25,918
HSBC Holdings PLC (a) 19,844     1,027,919
Itau Unibanco Holding SA (a) 25,124     604,232
KB Financial Group, Inc. (a) 6     313
Lloyds Banking Group PLC * (a) 246,696     912,775
Mitsubishi UFJ Financial Group,  Inc. (a) 103,686     476,956
Mizuho Financial Group, Inc. * (a) 74,431     247,111
National Bank of Greece SA (a) 48,336     85,555
Royal Bank of Canada 4,869     301,732
Royal Bank of Scotland Group PLC * (a) 48,725     642,195
Shinhan Financial Group Co., Ltd. (a) 197     17,842
Sumitomo Mitsui Financial Group, Inc. (a) 43,467     271,669
Toronto-Dominion Bank 2,790     247,166
Westpac Banking Corp. (a) 2,940     367,794
   
Total Banks       8,081,730
     
Capital Goods–3.8%        
ABB Ltd. * (a) 13,156     318,244
Embraer SA (a) 1,522     51,291
Koninklijke Philips Electronics NV 10,498     337,721
Kubota Corp. (a) 1,952     91,959
Mitsui & Co. Ltd. (a) 1,179     423,850
Nidec Corp. (a) 2,811     60,802
Siemens AG (a) 7,751     1,064,522
   
Total Capital Goods       2,348,389
     
Consumer Durables & Apparel–2.7%      
Gildan Activewear, Inc. 411     13,469
Luxottica Group SpA (a) 2,399     78,639
Panasonic Corp. (a) 65,113     819,773
Sony Corp. (a) 23,999     763,888
   
Total Consumer Durables & Apparel       1,675,769
     
Consumer Services–0.3%        
Carnival PLC (a) 3,605     142,794
Intercontinental Hotels Group PLC (a) 776     16,086
Tim Hortons, Inc. 532     24,105
   
Total Consumer Services       182,985
     
Diversified Financials–4.9%        
Credit Suisse Group AG (a) 11,108     472,979
Deutsche Bank AG 10,351     611,434
ING Groep NV * (a) 109,751     1,394,935
Nomura Holdings, Inc. (a) 26,491     137,753
ORIX Corp. * (a) 848     39,491
UBS AG * 23,888     431,178
   
Total Diversified Financials       3,087,770
     
Energy–32.6%        
BP PLC (a) 63,204     2,789,825
Cameco Corp. 664     19,947
Canadian Natural Resources Ltd. 2,554     126,244
Cenovus Energy, Inc. 3,310     130,348
China Petroleum & Chemical Corp. (a) 24,760     2,490,361
CNOOC Ltd. (a) 885     223,940
Enbridge, Inc. 2,427     149,139
Encana Corp. 2,418     83,494
Enerplus Corp. 337     10,669
ENI SpA (a) 26,453     1,299,636
Imperial Oil Ltd. 4,550     232,368
Nexen, Inc. 2,426     60,456
Penn West Petroleum Ltd. 870     24,099
PetroChina Co. Ltd. (a) 29,678     4,518,475
Petroleo Brasileiro SA, Class A (a) 34,596     1,229,542
Royal Dutch Shell PLC, Class A (a) 25,368     1,848,312
Royal Dutch Shell PLC, Class B (a) 25,329     1,855,096
Statoil ASA (a) 31,095     859,466
Suncor Energy, Inc. * 7,356     329,843
Talisman Energy, Inc. 2,843     70,222
Tenaris SA (a) 1,631     80,669
Total SA (a) 30,698     1,871,657
TransCanada Corp. 1,935     78,426
   
Total Energy       20,382,234
     
Food & Staples Retailing–0.4%        
Delhaize Group SA (a) 3,363     274,724
   
Food, Beverage & Tobacco–2.4%        
Anheuser-Busch InBev NV (a) 6,294     359,828
British American Tobacco PLC (a) 2,916     236,167
Diageo PLC (a) 2,040     155,489
Fomento Economico Mexicano SAB de CV (a) 2,372     139,236
Unilever NV 9,466     296,854
Unilever PLC (a) 9,689     296,677
   
Total Food, Beverage & Tobacco       1,484,251
     
Health Care Equipment & Services–0.3%      
Fresenius Medical Care AG & Co. KGaA (a) 1,777     119,983
Smith & Nephew PLC (a) 714     40,277
   
Total Health Care Equipment & Services     160,260
   
Insurance–5.3%        
Aegon NV, Class G * 64,318     482,385
Aviva PLC (a) 63,522     896,931
China Life Insurance Co. Ltd. (a) 11,611     650,796
Manulife Financial Corp. 20,165     356,719
Prudential PLC (a) 31,209     709,068
Sun Life Financial, Inc. 7,511     236,071
   
Total Insurance         3,331,970
     


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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES ADR FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares     Value
Materials–5.8%        
Agnico-Eagle Mines Ltd. 206   $ 13,668
Agrium, Inc. 1,173     108,221
ArcelorMittal 21,469     776,104
Barrick Gold Corp. 2,108     109,426
BHP Billiton Ltd. (a) 3,404     326,376
BHP Billiton PLC (a) 4,073     324,211
Cemex SAB de CV * (a) 15,554     138,897
Cia de Minas Buenaventura SA (a) 236     10,141
Cia Siderurgica Nacional SA (a) 4,866     81,068
CRH PLC (a) 9,862     228,996
Eldorado Gold Corp. 488     7,935
Fibria Celulose SA * (a) 2,271     37,290
Gerdau SA (a) 14,318     178,975
Goldcorp, Inc. 774     38,545
IAMGOLD Corp. 506     11,142
Kinross Gold Corp. 1,819     28,649
POSCO (a) 2,515     287,439
Potash Corp. of Saskatchewan, Inc., Class W 1,165     68,653
Rio Tinto PLC (a) 8,214     584,180
Sociedad Quimica y Minera de Chile SA (a) 337     18,623
Southern Copper Corp. 1,221     49,170
Syngenta AG (a) 1,772     115,481
Teck Resources Ltd., Class B 1,652     87,589
Yamana Gold, Inc. 1,332     16,397
   
Total Materials       3,647,176
     
Media–0.7%        
Grupo Televisa SA * (a) 1,905     46,730
Pearson PLC (a) 4,993     88,875
Shaw Communications, Inc., Class B 1,695     35,714
Thomson Reuters Corp. 3,370     132,239
WPP PLC (a) 2,341     144,580
   
Total Media       448,138
     
Pharmaceuticals, Biotechnology & Life Sciences–3.0%
AstraZeneca PLC (a) 7,175     330,911
Elan Corp. PLC * (a) 1,921     13,216
GlaxoSmithKline PLC (a) 11,615     446,132
Novartis AG (a) 9,108     495,020
Novo Nordisk A/S (a) 874     109,451
QIAGEN NV * 551     11,048
Sanofi-Aventis SA (a) 11,639     409,926
Shire PLC (a) 390     33,969
Valeant Pharmaceuticals International, Inc. 261     13,000
   
Total Pharmaceuticals, Biotechnology & Life Sciences       1,862,673
     
Real Estate–0.2%        
Brookfield Asset Management, Inc., Class A 4,306     139,773
   
Semiconductors & Semiconductor Equipment–0.6%
Advantest Corp. (a) 328     5,894
ARM Holdings PLC (a) 241     6,789
ASML Holding NV, Class G * 1,380     61,410
STMicroelectronics NV, Class Y 8,997     111,743
Taiwan Semiconductor Manufacturing Co. Ltd. (a) 10,492     127,792
United Microelectronics Corp. (a) 13,964     38,122
   
Total Semiconductors & Semiconductor Equipment       351,750
     
Software & Services–0.3%        
SAP AG (a) 2,751     168,801
   
Technology Hardware & Equipment–4.5%      
Alcatel-Lucent * (a) 39,636     230,285
AU Optronics Corp. * (a) 16,093     141,297
Canon, Inc. (a) 9,335     404,672
Hitachi Ltd. (a) 18,148     936,981
Kyocera Corp. (a) 1,185     119,508
Nokia OYJ (a) 66,422     565,251
Research In Motion Ltd. * 2,324     131,469
Telefonaktiebolaget LM Ericsson (a) 22,506     289,427
   
Total Technology Hardware & Equipment     2,818,890
   
Telecommunication Services–10.1%        
America Movil SAB de CV, Series R (a) 8,499     493,792
BCE, Inc. 4,852     176,322
BT Group PLC (a) 11,249     338,370
China Mobile Ltd. (a) 15,728     727,263
Chunghwa Telecom Co. Ltd. (a) 1,956     60,949
France Telecom SA (a) 27,015     608,108
Nippon Telegraph & Telephone Corp. (a) 47,391     1,065,824
NTT DoCoMo, Inc. (a) 25,207     443,391
Portugal Telecom SGPS SA (a) 5,821     67,698
Rogers Communications, Inc., Class B 3,299     120,084
Tele Norte Leste Participacoes SA (a) 9,959     174,581
Telecom Italia SpA (a) 23,482     361,153
Telefonica SA (a) 31,707     799,650
Telefonos de Mexico SAB de CV (a) 5,174     94,477
TELUS Corp., Class A 1,992     96,592
Vodafone Group PLC (a) 24,679     709,521
   
 
Total Telecommunication Services       6,337,775
     
Transportation–0.3%        
Canadian National Railway Co. 1,091     82,120
Canadian Pacific Railway Ltd. 766     49,284
Lan Airlines SA (a) 1,682     43,042
Ryanair Holdings PLC (a) 1,532     42,590
   
Total Transportation       217,036
     
Utilities–2.3%        
Centrais Eletricas Brasileiras SA, Class C (a) 9,607     149,005
Cia Energetica de Minas Gerais (a) 3,660     70,528
Empresa Nacional de Electricidad SA (a) 861     47,889
Enersis SA (a) 6,446     134,206
Korea Electric Power Corp. * (a) 28,348     346,979
National Grid PLC (a) 4,668     224,251
TransAlta Corp. 1,290     27,154
Veolia Environnement SA (a) 14,611     455,425
   
Total Utilities       1,455,437
     
Total Common Stocks        
   (Cost $53,589,825)       61,617,488
     
PREFERRED STOCKS–1.1%        
Food, Beverage & Tobacco–0.2%        
Cia de Bebidas das Americas (a) 5,232     148,118
   


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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES ADR FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares     Value
Materials–0.8%        
Vale SA, Class B (a) 16,081   $ 474,711
   
Utilities–0.1%        
Cia Paranaense de Energia-Copel Preference B (a) 1,266     35,182
   
Total Preferred Stocks        
   (Cost $568,908)       658,011
     
Total Investments–99.5%        
   (Cost $54,158,733)       62,275,499
     
Other Assets in Excess of        
   Liabilities–0.5%       319,830
     
Net Assets–100.0%     $ 62,595,329
     
      % of Net
Country Value   Assets
Australia $ 694,170   1.1 %
Belgium   634,552   1.0  
Brazil   3,943,156   6.4  
Canada   4,612,306   7.2  
Chile   312,307   0.6  
China   5,169,271   8.2  
Denmark   109,451   0.2  
Finland   565,251   0.9  
France   3,575,401   5.8  
Germany   1,964,740   3.2  
Greece   85,555   0.1  
Hong Kong   3,441,564   5.6  
Ireland   318,771   0.5  
Italy   1,739,428   2.9  
Japan   9,239,751   14.7  
Jersey Islands   144,580   0.2  
Luxembourg   856,773   1.3  
Mexico   913,132   1.4  
Netherlands   6,287,761   10.1  
Norway   859,466   1.4  
Peru   36,059   — †
Portugal   67,698   0.1  
South Korea   652,573   1.1  
Spain   1,588,814   2.6  
Sweden   289,427   0.5  
Switzerland   1,944,645   3.1  
Taiwan   368,160   0.6  
United Kingdom   11,679,328   18.4  
United States   181,409   0.3  
 
 
 
Total Investments   62,275,499     99.5  
Other Assets in Excess of Liabilities   319,830   0.5  
 
 
 
Net Assets   62,595,329   100.0  
 
 
 

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

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


 

SCHEDULE OF INVESTMENTS
REVENUESHARES NAVELLIER OVERALL A-100 FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
COMMON STOCKS–95.4%          
Automobiles & Components–11.0%        
BorgWarner, Inc. * 4,907   $ 391,039
Dorman Products, Inc. * 1,167     49,119
Magna International, Inc., Class A 13,864     664,224
   
Total Automobiles & Components       1,104,382
     
Banks–3.5%        
Banco de Chile (a) 2,466     207,613
Corpbanca (a) 2,747     61,505
Grupo Financiero Galicia SA * (a) 6,862     85,295
   
Total Banks       354,413
     
Capital Goods–19.1%        
3D Systems Corp. * 829     40,248
AMETEK, Inc. 2,083     91,381
Astronics Corp. * 1,191     29,977
CAI International, Inc. * 686     17,740
Caterpillar, Inc. 6,337     705,625
Cummins, Inc. 6,174     676,794
Global Power Equipment Group, Inc. * 2,027     55,742
Sauer-Danfoss, Inc. * 3,647     185,742
Titan International, Inc. 1,631     43,401
Trimas Corp. * 2,142     46,053
Twin Disc, Inc. 1,081     34,830
   
Total Capital Goods       1,927,533
     
Commercial & Professional Services–1.0%      
51job, Inc. * (a) 339     21,672
Acacia Research - Acacia Technologies * 1,005     34,391
AT Cross Co., Class A * 2,502     26,672
Food Technology Service, Inc. * 4,225     18,801
   
Total Commercial & Professional Services     101,536
   
Consumer Durables & Apparel–4.3%      
Fossil, Inc. * 1,777     166,416
Lululemon Athletica, Inc. * 809     72,041
Polaris Industries, Inc. 1,681     146,281
Under Armour, Inc., Class A * 721     49,064
   
Total Consumer Durables & Apparel       433,802
     
Consumer Services–2.8%        
Chipotle Mexican Grill, Inc., Class A * 274     74,629
Pre-Paid Legal Services, Inc. * 446     29,436
Stonemor Partners LP 951     26,904
Tim Hortons, Inc. 1,958     88,717
Weight Watchers International, Inc. 909     63,721
   
Total Consumer Services       283,407
     
Diversified Financials–0.2%        
Nicholas Financial, Inc. * 1,447     17,639
   
Energy–6.0%        
Frontier Oil Corp. 6,610     193,805
Gulfport Energy Corp. * 596     21,546
Holly Corp. 4,369     265,461
OYO Geospace Corp. * 252     24,842
RPC, Inc. 3,807     96,393
   
Total Energy       602,047
     
Food, Beverage & Tobacco–2.2%        
B&G Foods, Inc., Class A 1,608     30,182
Boston Beer Co., Inc., Class A * 459     42,513
Embotelladora Andina SA, Class B (a) 4,481     131,114
Omega Protein Corp. * 1,452     19,587
   
Total Food, Beverage & Tobacco       223,396
     
Health Care Equipment & Services–3.3%      
Air Methods Corp. * 508     34,163
AMERIGROUP Corp. * 3,110     199,818
Cooper Cos., Inc. 738     51,254
Medidata Solutions, Inc. * 1,056     27,002
         
Mediware Information Systems * 1,912     23,747
   
Total Health Care Equipment & Services     335,984
   
Household & Personal Products–2.1%      
Herbalife Ltd. 2,631     214,058
   
Materials–6.5%        
Fuwei Films Holdings Co. Ltd. * 5,248     21,202
Handy & Harman Ltd. * 4,129     49,631
Innospec, Inc. * 2,724     87,004
Kronos Worldwide, Inc. 2,435     142,326
LSB Industries, Inc. * 867     34,368
Material Sciences Corp. * 3,824     27,571
Mercer International, Inc. * 10,237     138,711
Silver Wheaton Corp. 651     28,227
TPC Group, Inc. * 4,278     123,506
   
Total Materials       652,546
     
Media–0.7%        
Global Traffic Network, Inc. * 2,411     30,065
Liberty Media Corp. - Capital, Series A * 496     36,541
   
Total Media       66,606
     
Pharmaceuticals, Biotechnology & Life Sciences–3.9%
Akorn, Inc. * 3,495     20,166
Columbia Laboratories, Inc. * 8,288     31,246
Illumina, Inc. * 1,050     73,573
Jazz Pharmaceuticals, Inc. * 708     22,550
Medicines Co. * 1,796     29,257
Perrigo Co. 2,654     211,046
   
Total Pharmaceuticals, Biotechnology & Life Sciences       387,838
     
Real Estate–0.6%        
American Capital Agency Corp. (b) 905     26,372
Newcastle Investment Corp. * (b) 5,742     34,681
   
Total Real Estate       61,053
     
Retailing–9.2%        
Advance Auto Parts, Inc. 5,903     387,355
Destination Maternity Corp. 2,616     60,351
Dollar Tree, Inc. * 6,830     379,202
Netflix, Inc. * 347     82,353
Winmark Corp. 402     18,544
   
Total Retailing       927,805
     
Semiconductors & Semiconductor Equipment–4.4%  
Amtech Systems, Inc. * 820     20,697
Atmel Corp. * 8,278     112,829
Avago Technologies Ltd. 5,329     165,732
MIPS Technologies, Inc., Class A * 1,353     14,193
Omnivision Technologies, Inc. * 2,005     71,238
Silicon Image, Inc. * 3,440     30,857

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


SCHEDULE OF INVESTMENTS - continued
REVENUESHARES NAVELLIER OVERALL A-100 FUND
MARCH 31, 2011 (UNAUDITED)

Investments Shares   Value
Semiconductors & Semiconductor Equipment–4.4% (continued)
Spreadtrum Communications, Inc. * (a) 1,673   $ 31,034  
   
 
Total Semiconductors & Semiconductor Equipment       446,580  
     
 
Software & Services–6.9%          
Baidu, Inc. * (a) 746     102,806  
Bsquare Corp. * 2,576     18,393  
Cimatron Ltd. * 6,888     25,830  
Cognizant Technology Solutions Corp., Class A * 3,676     299,226  
Dice Holdings, Inc. * 1,507     22,771  
LogMeIn, Inc. * 419     17,665  
OpenTable, Inc. * 273     29,034  
Opnet Technologies, Inc. 902     35,169  
Travelzoo, Inc. * 436     29,033  
VeriFone Systems, Inc. * 2,037     111,933  
   
 
Total Software & Services       691,860  
     
 
Technology Hardware & Equipment–4.7%        
ADTRAN, Inc. 1,602     68,021  
DDI Corp. 2,627     27,767  
EchoStar Corp., Class A * 2,303     87,169  
Hypercom Corp. * 5,200     62,556  
IPG Photonics Corp. * 420     24,226  
Kemet Corp. * 5,276     78,243  
Loral Space & Communications, Inc. * 652     50,563  
Riverbed Technology, Inc. * 850     32,002  
Silicom Ltd. * 929     17,084  
Westell Technologies, Inc., Class A * 8,622     30,177  
   
 
Total Technology Hardware & Equipment     477,808  
   
 
Transportation–3.0%          
Lan Airlines SA (a) 9,311     238,268  
Old Dominion Freight Line, Inc. * 1,741     61,092  
   
 
Total Transportation       299,360  
     
 
Total Common Stocks          
   (Cost $8,694,895)       9,609,653  
     
 
PREFERRED STOCK–4.8%          
Food, Beverage & Tobacco–4.8%          
Cia de Bebidas das Americas (a) 16,961     480,166  
     
 
Total Preferred Stocks          
   (Cost $454,385)       480,166  
     
 
Total Investments–100.2%          
   (Cost $9,149,281)       10,089,819  
     
 
Liabilities in Excess of Other Assets–(0.2)%       (22,570 )
     
 
Net Assets–100.0%     $ 10,067,249  
       
 

*      Non-income producing security
(a)      American Depositary Receipt
(b)      Real Estate Investment Trust

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 March 31, 2011 in valuing the Funds’ assets carried at fair value:

  Quoted Prices in Active Market
(Level 1) 		Other
Significant
Observable
Inputs (Level 2)		 Significant
Unobservable
Inputs (Level
3)		 Total
Fund Common Stocks Preferred Stocks
RevenueShares Large Cap Fund $221,053,984 $                 - - $221,053,984
RevenueShares Mid Cap Fund 156,828,008 - - - 156,828,008
RevenueShares Small Cap Fund 130,921,484 - - - 130,921,484
RevenueShares Financials Sector Fund 20,874,760 - - - 20,874,760
RevenueShares ADR Fund 61,617,488 658,011 - - 62,275,499
RevenueShares Navellier Overall A-100 Fund 9,609,653 480,166 - - 10,089,819

At March 31, 2011 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.

The Funds’ policy is to disclose significant transfers between Levels based on valuations at the beginning of the reporting period. There were no significant transfers between Level 1, 2, or 3 as of March 31, 2011, based on the valuation input Levels on June 30, 2010.

4. FEDERAL INCOME TAX

At March 31, 2011, 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 $186,935,406 $37,070,906 ($2,952,328) $34,118,578
RevenueShares Mid Cap Fund 123,036,073 35,176,482 (1,384,547) 33,791,935
RevenueShares Small Cap Fund 102,946,746 29,972,986 (1,998,248) 27,974,738
RevenueShares Financials Sector Fund 20,800,766 1,041,414 (967,420) 73,994
RevenueShares ADR Fund 54,158,733 8,737,887 (621,121) 8,116,766
RevenueShares Navellier Overall A-100 Fund 9,149,281 1,047,078 (106,540) 940,538

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: May 20, 2011

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

By: /s/ Vincent T. Lowry
Vincent T. Lowry
Principal Executive Officer
   
Date: May 20, 2011
   
By: /s/ Charles S. Todd
Charles S. Todd
Chief Financial Officer
   
Date: May 20, 2011