N-Q

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number                   811-21993

RevenueShares ETF Trust

(Exact name of registrant as specified in charter)

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

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

(Name and address of agent for service)

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

Date of fiscal year end: June 30

Date of reporting period: July 1, 2011 – September 30, 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
September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–100.0%
Automobiles & Components–2.1%
Ford Motor Co. *		220,184	$	2,129,179
Goodyear Tire & Rubber Co. *		30,359		306,323
Harley-Davidson, Inc.		2,266		77,792
Johnson Controls, Inc.		20,390		537,684
Total Automobiles & Components				3,050,978
Banks–2.2%
BB&T Corp.		8,787		187,427
Comerica, Inc.		1,956		44,929
Fifth Third Bancorp		12,125		122,463
First Horizon National Corp.		5,124		30,539
Hudson City Bancorp, Inc.		8,752		49,536
Huntington Bancshares, Inc.		11,452		54,970
KeyCorp		15,623		92,644
M&T Bank Corp.		941		65,776
People's United Financial, Inc.		1,551		17,681
PNC Financial Services Group, Inc.		6,174		297,525
Regions Financial Corp.		39,236		130,656
SunTrust Banks, Inc.		9,515		170,794
U.S. Bancorp		14,499		341,306
Wells Fargo & Co.		65,901		1,589,532
Zions Bancorporation		3,236		45,531
Total Banks				3,241,309
Capital Goods–8.7%
3M Co.		5,797		416,167
Boeing Co.		18,159		1,098,801
Caterpillar, Inc.		8,392		619,665
Cummins, Inc.		2,382		194,514
Danaher Corp.		4,901		205,548
Deere & Co.		5,780		373,215
Dover Corp.		2,404		112,026
Eaton Corp.		6,244		221,662
Emerson Electric Co.		8,132		335,933
Fastenal Co.		1,037		34,511
Flowserve Corp.		902		66,748
Fluor Corp.		6,887		320,590
General Dynamics Corp.		9,344		531,580
General Electric Co.		162,722		2,479,883
Goodrich Corp.		919		110,905
Honeywell International, Inc.		12,562		551,597
Illinois Tool Works, Inc.		5,961		247,978
Ingersoll-Rand PLC		7,266		204,102
ITT Corp.		4,320		181,440
Jacobs Engineering Group, Inc. *		4,933		159,287
Joy Global, Inc.		870		54,271
L-3 Communications Holdings, Inc.		4,275		264,922
Lockheed Martin Corp.		10,492		762,139
Masco Corp.		17,867		127,213
Northrop Grumman Corp.		11,302		589,512
PACCAR, Inc.		4,577		154,794
Pall Corp.		926		39,262
Parker Hannifin Corp.		2,486		156,941
Precision Castparts Corp.		572		88,923
Quanta Services, Inc. *		3,293		61,876
Raytheon Co.		10,447		426,969
Rockwell Automation, Inc.		1,439		80,584
Rockwell Collins, Inc.		1,459		76,977
Roper Industries, Inc.		532		36,660
Snap-On, Inc.		946		42,002
Textron, Inc.		9,921		175,006
Tyco International Ltd.		6,511		265,323
United Technologies Corp.		12,796		900,327
W.W. Grainger, Inc.		746		111,557
Total Capital Goods				12,881,410
Commercial & Professional Services–0.6%
Avery Dennison Corp.		4,069		102,050
Cintas Corp.		2,037		57,321
Dun & Bradstreet Corp.		443		27,138
Equifax, Inc.		1,012		31,109
Iron Mountain, Inc.		1,673		52,900
Monster Worldwide, Inc. *		1,865		13,391
Pitney Bowes, Inc.		4,767		89,620
R.R. Donnelley & Sons Co.		11,718		165,458
Republic Services, Inc.		4,785		134,267
Robert Half International, Inc.		2,473		52,477
Stericycle, Inc. *		278		22,440
Waste Management, Inc.		6,585		214,408
Total Commercial & Professional Services				962,579
Consumer Durables & Apparel–1.1%
Beam, Inc.		1,932		104,483
Coach, Inc.		995		51,571
D.R. Horton, Inc.		8,037		72,655
Harman International Industries, Inc.		1,728		49,386
Hasbro, Inc.		1,957		63,818
Leggett & Platt, Inc.		2,779		54,996
Lennar Corp., Class A		3,839		51,980
Mattel, Inc.		3,656		94,654
Newell Rubbermaid, Inc.		8,211		97,465
NIKE, Inc., Class B		3,461		295,950
Pulte Group, Inc. *		20,775		82,061
Ralph Lauren Corp., Class A		547		70,946
Stanley Black & Decker, Inc.		2,268		111,359
VF Corp.		985		119,697
Whirlpool Corp.		5,984		298,661
Total Consumer Durables & Apparel				1,619,682
Consumer Services–1.1%
Apollo Group, Inc., Class A *		1,890		74,863
Carnival Corp.		7,312		221,554
Chipotle Mexican Grill, Inc., Class A *		90		27,266
Darden Restaurants, Inc.		2,580		110,295
DeVry, Inc.		793		29,309
H&R Block, Inc.		4,700		62,557
International Game Technology		2,444		35,511
Marriott International, Inc., Class A		6,919		188,474
McDonald's Corp.		4,488		394,136
Starbucks Corp.		4,373		163,069
Starwood Hotels & Resorts Worldwide, Inc.		2,076		80,590
Wyndham Worldwide Corp.		2,094		59,700
Wynn Resorts Ltd.		446		51,326
Yum! Brands, Inc.		3,549		175,285
Total Consumer Services				1,673,935
Diversified Financials–6.5%
American Express Co.		10,400		466,960
Ameriprise Financial, Inc.		3,992		157,125
Bank of America Corp.		361,360		2,211,523
Bank of New York Mellon Corp.		12,456		231,557
BlackRock, Inc., Class A		857		126,845
Capital One Financial Corp.		7,418		293,975
Charles Schwab Corp.		6,267		70,629

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

Schedule of Investments - continued

RevenueShares Large Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Diversified Financials–6.5% (continued)
Citigroup, Inc.		69,255	$	1,774,313
CME Group, Inc., Class A		188		46,323
Discover Financial Services		4,989		114,448
E*Trade Financial Corp. *		4,117		37,506
Federated Investors, Inc., Class B		927		16,250
Franklin Resources, Inc.		953		91,145
Goldman Sachs Group, Inc.		8,040		760,182
IntercontinentalExchange, Inc. *		151		17,857
Invesco Ltd.		3,710		57,542
Janus Capital Group, Inc.		2,716		16,296
JPMorgan Chase & Co.		62,414		1,879,910
Legg Mason, Inc.		1,670		42,936
Leucadia National Corp. *		894		20,276
Moody's Corp.		1,058		32,216
Morgan Stanley		43,838		591,813
NASDAQ OMX Group, Inc. *		2,162		50,029
Northern Trust Corp.		1,949		68,176
NYSE Euronext		3,001		69,743
SLM Corp.		8,754		108,987
State Street Corp.		5,755		185,081
T. Rowe Price Group, Inc.		804		38,407
Total Diversified Financials				9,578,050
Energy–13.3%
Alpha Natural Resources, Inc. *		3,079		54,467
Anadarko Petroleum Corp.		2,639		166,389
Apache Corp.		2,243		179,978
Baker Hughes, Inc.		4,118		190,087
Cabot Oil & Gas Corp.		232		14,363
Cameron International Corp. *		2,178		90,474
Chesapeake Energy Corp.		6,208		158,614
Chevron Corp.		33,538		3,102,936
ConocoPhillips		43,975		2,784,497
Consol Energy, Inc.		2,420		82,111
Denbury Resources, Inc. *		2,101		24,161
Devon Energy Corp.		2,944		163,215
Diamond Offshore Drilling, Inc.		962		52,660
El Paso Corp.		4,622		80,793
EOG Resources, Inc.		1,256		89,189
EQT Corp.		388		20,704
Exxon Mobil Corp.		77,909		5,658,531
FMC Technologies, Inc. *		1,777		66,815
Halliburton Co.		8,570		261,556
Helmerich & Payne, Inc.		620		25,172
Hess Corp.		10,715		562,109
Marathon Oil Corp.		47,364		1,022,115
Marathon Petroleum Corp.		29,731		804,521
Murphy Oil Corp.		8,349		368,692
Nabors Industries Ltd. *		4,338		53,184
National Oilwell Varco, Inc.		3,745		191,819
Newfield Exploration Co. *		924		36,674
Noble Corp. *		1,634		47,958
Noble Energy, Inc.		710		50,268
Occidental Petroleum Corp.		4,318		308,737
Peabody Energy Corp.		2,951		99,980
Pioneer Natural Resources Co.		469		30,846
QEP Resources, Inc.		1,418		38,385
Range Resources Corp.		273		15,960
Rowan Cos., Inc. *		903		27,262
Schlumberger Ltd.		6,484		387,289
Southwestern Energy Co. *		1,244		41,462
Spectra Energy Corp.		3,275		80,336
Sunoco, Inc.		17,010		527,480
Tesoro Corp. *		16,949		329,997
Valero Energy Corp.		67,842		1,206,231
Williams Cos., Inc.		6,260		152,368
Total Energy				19,650,385
Food & Staples Retailing–9.5%
Costco Wholesale Corp.		15,035		1,234,674
CVS Caremark Corp.		46,976		1,577,454
Kroger Co.		57,019		1,252,137
Safeway, Inc.		41,934		697,363
SUPERVALU, Inc.		105,052		699,646
Sysco Corp.		22,880		592,592
Walgreen Co.		31,237		1,027,385
Wal-Mart Stores, Inc.		130,578		6,776,998
Whole Foods Market, Inc.		2,108		137,674
Total Food & Staples Retailing				13,995,923
Food, Beverage & Tobacco–4.6%
Altria Group, Inc.		10,758		288,422
Archer-Daniels-Midland Co.		40,822		1,012,794
Brown-Forman Corp., Class B		603		42,294
Campbell Soup Co.		4,044		130,904
Coca-Cola Co.		7,841		529,738
Coca-Cola Enterprises, Inc.		11,707		291,270
ConAgra Foods, Inc.		8,622		208,825
Constellation Brands, Inc., Class A *		3,166		56,988
Dean Foods Co. *		22,603		200,489
Dr Pepper Snapple Group, Inc.		2,483		96,291
General Mills, Inc.		6,278		241,515
H.J. Heinz Co.		3,402		171,733
Hershey Co.		1,558		92,296
Hormel Foods Corp.		4,181		112,971
J.M. Smucker Co.		1,020		74,348
Kellogg Co.		3,890		206,909
Kraft Foods, Inc., Class A		22,665		761,091
Lorillard, Inc.		616		68,191
McCormick & Co., Inc.		1,157		53,407
Molson Coors Brewing Co., Class B		1,362		53,949
PepsiCo, Inc.		14,444		894,083
Philip Morris International, Inc.		6,932		432,418
Reynolds American, Inc.		3,865		144,860
Sara Lee Corp.		10,275		167,996
Tyson Foods, Inc., Class A		28,220		489,899
Total Food, Beverage & Tobacco				6,823,681
Health Care Equipment & Services–8.4%
Aetna, Inc.		14,668		533,182
AmerisourceBergen Corp., Class A		33,525		1,249,477
Baxter International, Inc.		3,943		221,360
Becton Dickinson & Co.		1,672		122,591
Boston Scientific Corp. *		22,513		133,052
C.R. Bard, Inc.		514		44,996
Cardinal Health, Inc.		38,795		1,624,735
CareFusion Corp. *		2,802		67,108
Cerner Corp. *		432		29,601
CIGNA Corp.		7,964		334,010
Coventry Health Care, Inc. *		6,746		194,352
Covidien PLC		3,737		164,802
DaVita, Inc. *		1,542		96,637
DENTSPLY International, Inc.		1,169		35,877
Edwards Lifesciences Corp. *		309		22,025
Express Scripts, Inc. *		17,801		659,883
Hospira, Inc. *		1,750		64,750
Humana, Inc.		7,075		514,565
Intuitive Surgical, Inc. *		59		21,492

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

Schedule of Investments - continued

RevenueShares Large Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Health Care Equipment & Services–8.4% (continued)
Laboratory Corp. of America Holdings *		1,007	$	79,603
McKesson Corp.		24,282		1,765,301
Medco Health Solutions, Inc. *		22,063		1,034,534
Medtronic, Inc.		7,688		255,549
Patterson Cos., Inc.		1,884		53,939
Quest Diagnostics, Inc.		2,531		124,930
St. Jude Medical, Inc.		2,178		78,822
Stryker Corp.		2,551		120,229
Tenet Healthcare Corp. *		35,982		148,606
UnitedHealth Group, Inc.		31,763		1,464,909
Varian Medical Systems, Inc. *		774		40,372
WellPoint, Inc.		15,269		996,760
Zimmer Holdings, Inc. *		1,289		68,961
Total Health Care Equipment & Services				12,367,010
Household & Personal Products–1.6%
Avon Products, Inc.		9,081		177,988
Clorox Co.		1,291		85,632
Colgate-Palmolive Co.		2,899		257,083
Estee Lauder Cos., Inc., Class A		1,321		116,037
Kimberly-Clark Corp.		4,621		328,137
Mead Johnson Nutrition Co., Class A		675		46,460
Procter & Gamble Co.		20,975		1,325,201
Total Household & Personal Products				2,336,538
Insurance–6.2%
ACE Ltd.		4,374		265,064
Aflac, Inc.		10,476		366,136
Allstate Corp.		22,664		536,910
American International Group, Inc. *		55,306		1,213,967
AON Corp.		3,157		132,531
Assurant, Inc.		4,175		149,465
Berkshire Hathaway, Inc., Class B *		32,275		2,292,816
Chubb Corp.		3,789		227,302
Cincinnati Financial Corp.		2,565		67,537
Genworth Financial, Inc., Class A *		32,186		184,748
Hartford Financial Services Group, Inc.		23,306		376,159
Lincoln National Corp.		10,910		170,523
Loews Corp.		7,040		243,232
Marsh & McLennan Cos., Inc.		6,570		174,368
MetLife, Inc.		32,030		897,160
Principal Financial Group, Inc.		6,481		146,924
Progressive Corp.		14,383		255,442
Prudential Financial, Inc.		14,590		683,687
Torchmark Corp.		1,624		56,613
Travelers Cos., Inc.		8,810		429,311
Unum Group		8,004		167,764
XL Group PLC, Class A		5,555		104,434
Total Insurance				9,142,093
Materials–3.4%
Air Products & Chemicals, Inc.		1,888		144,187
Airgas, Inc.		982		62,671
AK Steel Holding Corp.		14,351		93,856
Alcoa, Inc.		33,968		325,074
Allegheny Technologies, Inc.		1,681		62,180
Ball Corp.		4,046		125,507
Bemis Co., Inc.		2,518		73,803
CF Industries Holdings, Inc.		365		45,037
Cliffs Natural Resources, Inc.		1,162		59,459
Dow Chemical Co.		36,579		821,564
E.I. du Pont de Nemours & Co.		12,409		495,988
Eastman Chemical Co.		1,559		106,838
Ecolab, Inc.		2,039		99,687
FMC Corp.		724		50,072
Freeport-McMoRan Copper & Gold, Inc.		9,142		278,374
International Flavors & Fragrances, Inc.		754		42,390
International Paper Co.		16,190		376,417
MeadWestvaco Corp.		4,022		98,780
Monsanto Co.		2,696		161,868
Mosaic Co. (The)		1,851		90,643
Newmont Mining Corp.		2,489		156,558
Nucor Corp.		7,779		246,128
Owens-Illinois, Inc. *		7,139		107,942
PPG Industries, Inc.		3,146		222,296
Praxair, Inc.		1,753		163,870
Sealed Air Corp.		4,180		69,806
Sigma-Aldrich Corp.		616		38,063
Titanium Metals Corp.		932		13,961
United States Steel Corp.		12,156		267,554
Vulcan Materials Co.		1,459		40,210
Weyerhaeuser Co. (a)		6,541		101,713
Total Materials				5,042,496
Media–2.8%
Cablevision Systems Corp., Class A		7,268		114,326
CBS Corp., Class B		10,479		213,562
Comcast Corp., Class A		28,659		598,973
DIRECTV, Class A *		9,185		388,066
Discovery Communications, Inc., Class A *		1,538		57,860
Gannett Co., Inc.		9,926		94,595
Interpublic Group of Cos., Inc.		14,362		103,406
McGraw-Hill Cos., Inc.		2,340		95,940
News Corp., Class A		33,020		510,819
Omnicom Group, Inc.		5,529		203,688
Scripps Networks Interactive, Inc., Class A		777		28,881
Time Warner Cable, Inc.		4,722		295,928
Time Warner, Inc.		14,527		435,374
Viacom, Inc., Class B		5,465		211,714
Walt Disney Co.		21,059		635,140
Washington Post Co., Class B		243		79,454
Total Media				4,067,726
Pharmaceuticals, Biotechnology & Life Sciences–3.6%
Abbott Laboratories		10,972		561,108
Allergan, Inc.		969		79,826
Amgen, Inc.		4,485		246,451
Biogen IDEC, Inc. *		810		75,451
Bristol-Myers Squibb Co.		10,334		324,281
Celgene Corp. *		870		53,870
Cephalon, Inc. *		531		42,852
Eli Lilly & Co.		10,409		384,821
Forest Laboratories, Inc. *		2,139		65,860
Gilead Sciences, Inc. *		3,417		132,580
Johnson & Johnson		16,692		1,063,447
Life Technologies Corp. *		1,529		58,759
Merck & Co., Inc.		23,304		762,274
Mylan, Inc. *		4,827		82,059
PerkinElmer, Inc.		1,607		30,870
Pfizer, Inc.		62,958		1,113,097
Thermo Fisher Scientific, Inc. *		3,503		177,392
Waters Corp. *		348		26,271

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

Schedule of Investments - continued

RevenueShares Large Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences–3.6% (continued)
Watson Pharmaceuticals, Inc. *		791	$	53,986
Total Pharmaceuticals, Biotechnology & Life Sciences				5,335,255
Real Estate–0.3%
Apartment Investment & Management Co., Class A (a)		827		18,293
AvalonBay Communities, Inc. (a)		123		14,028
Boston Properties, Inc. (a)		275		24,503
CB Richard Ellis Group, Inc., Class A *		5,857		78,835
Equity Residential (a)		622		32,263
HCP, Inc. (a)		567		19,879
Health Care REIT, Inc. (a)		224		10,483
Host Hotels & Resorts, Inc. (a)		6,664		72,904
Kimco Realty Corp. (a)		1,035		15,556
Plum Creek Timber Co., Inc. (a)		515		17,876
ProLogis, Inc. (a)		677		16,417
Public Storage (a)		236		26,279
Simon Property Group, Inc. (a)		565		62,139
Ventas, Inc. (a)		333		16,450
Vornado Realty Trust (a)		589		43,951
Total Real Estate				469,856
Retailing–5.9%
Abercrombie & Fitch Co., Class A		787		48,448
Amazon.com, Inc. *		2,264		489,545
AutoNation, Inc. *		5,987		196,254
AutoZone, Inc. *		366		116,823
Bed Bath & Beyond, Inc. *		2,158		123,675
Best Buy Co., Inc.		32,563		758,718
Big Lots, Inc. *		2,282		79,482
CarMax, Inc. *		4,847		115,601
Expedia, Inc.		1,960		50,470
Family Dollar Stores, Inc.		2,325		118,249
Gamestop Corp., Class A *		6,610		152,691
Gap, Inc.		14,163		230,007
Genuine Parts Co.		3,619		183,845
Home Depot, Inc.		32,302		1,061,767
JC Penney Co., Inc.		11,446		306,524
Kohl's Corp.		5,959		292,587
Lowe's Cos., Inc.		39,196		758,051
Ltd. Brands, Inc.		3,488		134,323
Macy's, Inc.		15,136		398,379
Netflix, Inc. *		256		28,969
Nordstrom, Inc.		3,026		138,228
O'Reilly Automotive, Inc. *		1,252		83,421
priceline.com, Inc. *		93		41,800
Ross Stores, Inc.		1,435		112,920
Sears Holdings Corp. *		13,798		793,661
Sherwin-Williams Co.		1,724		128,128
Staples, Inc.		29,917		397,896
Target Corp.		21,671		1,062,746
Tiffany & Co.		599		36,431
TJX Cos., Inc.		5,736		318,176
Urban Outfitters, Inc. *		1,305		29,127
Total Retailing				8,786,942
Semiconductors & Semiconductor Equipment–1.1%
Advanced Micro Devices, Inc. *		17,306		87,914
Altera Corp.		815		25,697
Analog Devices, Inc.		1,283		40,094
Applied Materials, Inc.		12,719		131,642
Broadcom Corp., Class A		2,961		98,572
First Solar, Inc. *		608		38,432
Intel Corp.		31,723		676,652
KLA-Tencor Corp.		672		25,724
Linear Technology Corp.		580		16,037
LSI Corp. *		7,226		37,431
MEMC Electronic Materials, Inc. *		4,700		24,628
Microchip Technology, Inc.		421		13,097
Micron Technology, Inc. *		18,035		90,896
Novellus Systems, Inc. *		695		18,946
NVIDIA Corp. *		3,370		42,125
Teradyne, Inc. *		2,239		24,651
Texas Instruments, Inc.		8,125		216,531
Xilinx, Inc.		966		26,507
Total Semiconductors & Semiconductor Equipment				1,635,576
Software & Services–3.9%
Accenture PLC, Class A		7,429		391,360
Adobe Systems, Inc. *		2,346		56,703
Akamai Technologies, Inc. *		772		15,347
Autodesk, Inc. *		1,014		28,169
Automatic Data Processing, Inc.		3,098		146,071
BMC Software, Inc. *		804		31,002
CA, Inc.		3,525		68,420
Citrix Systems, Inc. *		556		30,319
Cognizant Technology Solutions Corp., Class A *		1,101		69,033
Computer Sciences Corp.		10,110		271,453
Compuware Corp. *		1,935		14,822
eBay, Inc. *		4,631		136,568
Electronic Arts, Inc. *		2,737		55,972
Fidelity National Information Services, Inc.		3,555		86,458
Fiserv, Inc. *		1,364		69,250
Google, Inc., Class A *		863		443,910
International Business Machines Corp.		9,528		1,667,686
Intuit, Inc. *		1,174		55,695
Mastercard, Inc., Class A		264		83,730
Microsoft Corp.		39,086		972,850
Oracle Corp.		13,761		395,491
Paychex, Inc.		1,255		33,094
Red Hat, Inc. *		279		11,790
SAIC, Inc. *		14,569		172,060
Salesforce.com, Inc. *		170		19,428
Symantec Corp. *		5,951		97,001
Total System Services, Inc.		1,643		27,816
VeriSign, Inc.		504		14,419
Visa, Inc., Class A		1,430		122,580
Western Union Co.		5,610		85,777
Yahoo!, Inc. *		7,304		96,121
Total Software & Services				5,770,395
Technology Hardware & Equipment–4.4%
Agilent Technologies, Inc. *		2,614		81,687
Amphenol Corp., Class A		1,325		54,020
Apple, Inc. *		2,323		885,481
Cisco Systems, Inc.		39,770		616,037
Corning, Inc.		8,523		105,344
Dell, Inc. *		58,752		831,341
EMC Corp. *		12,945		271,716
F5 Networks, Inc. *		178		12,647
FLIR Systems, Inc.		815		20,416
Harris Corp.		2,335		79,787
Hewlett-Packard Co.		87,091		1,955,193

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

Schedule of Investments - continued

RevenueShares Large Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Technology Hardware & Equipment–4.4% (continued)
Jabil Circuit, Inc.		12,477	$	221,966
JDS Uniphase Corp. *		1,768		17,627
Juniper Networks, Inc. *		3,337		57,597
Lexmark International, Inc., Class A *		2,446		66,115
Molex, Inc.		2,170		44,203
Motorola Mobility Holdings, Inc. *		4,417		166,874
Motorola Solutions, Inc.		5,268		220,729
NetApp, Inc. *		1,704		57,834
QUALCOMM, Inc.		3,509		170,643
SanDisk Corp. *		1,848		74,567
Tellabs, Inc.		6,172		26,478
Teradata Corp. *		581		31,101
Western Digital Corp. *		5,845		150,333
Xerox Corp.		46,051		320,975
Total Technology Hardware & Equipment				6,540,711
Telecommunication Services–3.2%
American Tower Corp., Class A *		593		31,903
AT&T, Inc.		73,182		2,087,151
CenturyLink, Inc.		3,529		116,880
Frontier Communications Corp.		7,753		47,371
MetroPCS Communications, Inc. *		7,103		61,867
Sprint Nextel Corp. *		166,209		505,275
Verizon Communications, Inc.		49,177		1,809,714
Windstream Corp.		4,663		54,371
Total Telecommunication Services				4,714,532
Transportation–1.7%
CH Robinson Worldwide, Inc.		2,232		152,825
CSX Corp.		8,665		161,776
Expeditors International of Washington, Inc.		2,290		92,859
FedEx Corp.		8,105		548,546
Norfolk Southern Corp.		2,488		151,818
Ryder System, Inc.		2,143		80,384
Southwest Airlines Co.		22,971		184,687
Union Pacific Corp.		3,228		263,631
United Parcel Service, Inc., Class B		12,869		812,677
Total Transportation				2,449,203
Utilities–3.8%
AES Corp. *		26,840		261,958
Ameren Corp.		4,107		122,265
American Electric Power Co., Inc.		6,270		238,385
CenterPoint Energy, Inc.		7,792		152,879
CMS Energy Corp.		5,324		105,362
Consolidated Edison, Inc.		3,902		222,492
Constellation Energy Group, Inc.		6,185		235,401
Dominion Resources, Inc.		4,839		245,676
DTE Energy Co.		2,886		141,472
Duke Energy Corp.		11,585		231,584
Edison International		5,492		210,069
Entergy Corp.		2,887		191,379
Exelon Corp.		7,082		301,764
FirstEnergy Corp.		4,767		214,086
Integrys Energy Group, Inc.		1,888		91,795
NextEra Energy, Inc.		4,757		256,973
Nicor, Inc.		829		45,603
NiSource, Inc.		4,954		105,917
Northeast Utilities		2,423		81,534
NRG Energy, Inc. *		6,935		147,091
Oneok, Inc.		3,425		226,187
Pepco Holdings, Inc.		7,245		137,076
PG&E Corp.		5,257		222,424
Pinnacle West Capital Corp.		1,256		53,933
PPL Corp.		4,874		139,104
Progress Energy, Inc.		3,260		168,607
Public Service Enterprise Group, Inc.		6,008		200,487
SCANA Corp.		1,882		76,127
Sempra Energy		2,988		153,882
Southern Co.		6,668		282,523
TECO Energy, Inc.		3,357		57,506
Wisconsin Energy Corp.		2,207		69,057
Xcel Energy, Inc.		6,902		170,410
Total Utilities				5,561,008
Total Investments–100.0% (Cost $155,557,725)				147,697,273
Other Assets in Excess of Liabilities–0.0%				53,988
Net Assets–100.0%			$	147,751,261

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

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

Schedule of Investments

RevenueShares Mid Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–100.0%
Automobiles & Components–0.9%
BorgWarner, Inc. *		9,150	$	553,850
Gentex Corp.		3,524		84,752
Thor Industries, Inc.		11,535		255,500
Total Automobiles & Components				894,102
Banks–2.3%
Associated Banc-Corp		14,298		132,972
Astoria Financial Corp.		13,267		102,023
BancorpSouth, Inc.		10,287		90,320
Bank of Hawaii Corp.		2,258		82,191
Cathay General Bancorp		5,068		57,674
City National Corp.		3,162		119,397
Commerce Bancshares, Inc.		3,640		126,490
Cullen/Frost Bankers, Inc.		2,213		101,488
East West Bancorp, Inc.		8,239		122,844
First Niagara Financial Group, Inc.		9,540		87,291
FirstMerit Corp.		7,348		83,473
Fulton Financial Corp.		13,357		102,181
Hancock Holding Co.		2,104		56,345
International Bancshares Corp.		5,797		76,231
New York Community Bancorp, Inc.		20,619		245,366
Prosperity Bancshares, Inc.		1,503		49,118
SVB Financial Group *		1,936		71,632
Synovus Financial Corp.		146,371		156,617
TCF Financial Corp.		18,370		168,269
Trustmark Corp.		3,501		63,543
Valley National Bancorp		8,443		89,411
Washington Federal, Inc.		6,020		76,695
Webster Financial Corp.		6,540		100,062
Westamerica Bancorporation		826		31,652
Total Banks				2,393,285
Capital Goods–13.3%
Acuity Brands, Inc.		4,476		161,315
Aecom Technology Corp. *		37,157		656,564
AGCO Corp. *		18,168		628,068
Alliant Techsystems, Inc.		9,680		527,657
AMETEK, Inc.		7,043		232,208
BE Aerospace, Inc. *		6,418		212,500
Carlisle Cos., Inc.		8,146		259,694
Crane Co.		6,413		228,880
Donaldson Co., Inc.		3,475		190,430
Esterline Technologies Corp. *		2,200		114,048
Gardner Denver, Inc.		2,763		175,589
GATX Corp.		4,076		126,315
General Cable Corp. *		21,897		511,295
Graco, Inc.		2,191		74,801
Granite Construction, Inc.		10,120		189,952
Harsco Corp.		16,044		311,093
Hubbell, Inc., Class B		5,214		258,302
Huntington Ingalls Industries, Inc. *		26,502		644,794
IDEX Corp.		4,929		153,588
KBR, Inc.		44,469		1,050,802
Kennametal, Inc.		5,818		190,481
Lennox International, Inc.		12,214		314,877
Lincoln Electric Holdings, Inc.		7,000		203,070
MSC Industrial Direct Co., Class A		2,952		166,670
Nordson Corp.		2,568		102,052
Oshkosh Corp. *		58,547		921,530
Pentair, Inc.		9,906		317,091
Regal-Beloit Corp.		4,452		202,032
Shaw Group, Inc. *		35,551		772,879
SPX Corp.		11,139		504,708
Terex Corp. *		38,351		393,481
Thomas & Betts Corp. *		5,452		217,589
Timken Co.		12,109		397,417
Trinity Industries, Inc.		9,585		205,215
Triumph Group, Inc.		2,871		139,933
United Rentals, Inc. *		14,352		241,688
URS Corp. *		32,061		950,929
Valmont Industries, Inc.		2,258		175,988
Wabtec Corp.		2,908		153,746
Watsco, Inc.		5,581		285,189
Woodward, Inc.		5,474		149,988
Total Capital Goods				13,714,448
Commercial & Professional Services–3.9%
Brink's Co.		13,906		324,149
Clean Harbors, Inc. *		3,390		173,907
Copart, Inc. *		2,219		86,807
Corporate Executive Board Co.		1,603		47,769
Corrections Corp. of America *		8,059		182,859
Deluxe Corp.		7,853		146,066
FTI Consulting, Inc. *		4,317		158,909
Herman Miller, Inc.		8,892		158,811
HNI Corp.		10,038		192,027
Korn/Ferry International *		4,516		55,050
Manpower, Inc.		56,840		1,910,961
Mine Safety Appliances Co.		3,676		99,105
Rollins, Inc.		6,457		120,810
Towers Watson & Co., Class A		3,740		223,577
Waste Connections, Inc.		4,344		146,914
Total Commercial & Professional Services				4,027,721
Consumer Durables & Apparel–3.5%
American Greetings Corp., Class A		9,156		169,386
Deckers Outdoor Corp. *		1,019		95,032
Eastman Kodak Co. *		335,100		261,412
Fossil, Inc. *		2,072		167,956
Hanesbrands, Inc. *		17,292		432,473
KB Home		32,343		189,530
MDC Holdings, Inc.		6,213		105,248
Mohawk Industries, Inc. *		13,944		598,337
NVR, Inc. *		525		317,089
Polaris Industries, Inc.		3,816		190,686
Pvh Corp.		4,098		238,668
Ryland Group, Inc.		12,617		134,371
Toll Brothers, Inc. *		11,347		163,737
Tupperware Brands Corp.		4,344		233,447
Under Armour, Inc., Class A *		1,457		96,759
Warnaco Group, Inc. *		4,982		229,620
Total Consumer Durables & Apparel				3,623,751
Consumer Services–2.6%
Bally Technologies, Inc. *		3,077		83,017
Bob Evans Farms, Inc.		6,567		187,291
Brinker International, Inc.		15,122		316,352
Career Education Corp. *		15,978		208,513
Cheesecake Factory, Inc. *		7,000		172,550
International Speedway Corp., Class A		3,213		73,385
ITT Educational Services, Inc. *		2,775		159,784
Life Time Fitness, Inc. *		2,629		96,879
Matthews International Corp., Class A		2,944		90,557
Panera Bread Co., Class A *		1,435		149,154

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

Schedule of Investments - continued

RevenueShares Mid Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Consumer Services–2.6% (continued)
Regis Corp.		19,651	$	276,883
Scientific Games Corp., Class A *		13,446		95,736
Service Corp. International		25,015		229,137
Sotheby's		2,136		58,890
Strayer Education, Inc.		830		63,636
Wendy's Co. (The)		76,998		353,421
WMS Industries, Inc. *		4,407		77,519
Total Consumer Services				2,692,704
Diversified Financials–1.2%
Affiliated Managers Group, Inc. *		1,595		124,490
Apollo Investment Corp.		6,372		47,917
Eaton Vance Corp.		5,309		118,231
Greenhill & Co., Inc.		1,084		30,992
Jefferies Group, Inc.		22,237		275,961
MSCI, Inc., Class A *		2,087		63,299
Raymond James Financial, Inc.		12,324		319,931
SEI Investments Co.		6,812		104,769
Waddell & Reed Financial, Inc., Class A		3,909		97,764
Total Diversified Financials				1,183,354
Energy–3.6%
Arch Coal, Inc.		20,794		303,176
Atwood Oceanics, Inc. *		1,806		62,054
Bill Barrett Corp. *		1,804		65,377
CARBO Ceramics, Inc.		327		33,527
Cimarex Energy Co.		2,708		150,836
Comstock Resources, Inc. *		2,267		35,048
Dresser-Rand Group, Inc. *		4,743		192,234
Dril-Quip, Inc. *		1,008		54,341
Exterran Holdings, Inc. *		28,060		272,743
Forest Oil Corp. *		5,743		82,699
Helix Energy Solutions Group, Inc. *		7,872		103,123
Hollyfrontier Corp.		27,012		708,255
Northern Oil and Gas, Inc. *		218		4,227
Oceaneering International, Inc.		5,199		183,733
Oil States International, Inc. *		4,193		213,508
Overseas Shipholding Group, Inc.		7,265		99,821
Patriot Coal Corp. *		21,664		183,277
Patterson-UTI Energy, Inc.		6,529		113,213
Plains Exploration & Production Co. *		6,529		148,274
Quicksilver Resources, Inc. *		11,648		88,292
SM Energy Co.		1,327		80,483
Southern Union Co.		6,381		258,877
Superior Energy Services, Inc. *		4,957		130,072
Tidewater, Inc.		2,537		106,681
Unit Corp. *		2,057		75,944
Total Energy				3,749,815
Food & Staples Retailing–0.5%
Ruddick Corp.		11,706		456,417
Food, Beverage & Tobacco–3.3%
Corn Products International, Inc.		10,013		392,910
Flowers Foods, Inc.		15,456		300,774
Green Mountain Coffee Roasters, Inc. *		4,722		438,863
Hansen Natural Corp. *		1,528		133,379
Lancaster Colony Corp.		1,971		120,251
Ralcorp Holdings, Inc. *		5,604		429,883
Smithfield Foods, Inc. *		67,045		1,307,377
Tootsie Roll Industries, Inc.		2,380		57,405
Universal Corp.		7,171		257,152
Total Food, Beverage & Tobacco				3,437,994
Health Care Equipment & Services–10.1%
Allscripts Healthcare Solutions, Inc. *		5,710		102,894
AMERIGROUP Corp. *		14,343		559,520
Catalyst Health Solutions, Inc. *		6,356		366,678
Community Health Systems, Inc. *		80,862		1,345,544
Cooper Cos., Inc.		1,532		121,258
Gen-Probe, Inc. *		983		56,277
Health Management Associates, Inc., Class A *		80,631		557,967
Health Net, Inc. *		62,221		1,475,260
Henry Schein, Inc. *		12,450		772,025
Hill-Rom Holdings, Inc.		5,358		160,847
Hologic, Inc. *		11,472		174,489
IDEXX Laboratories, Inc. *		1,622		111,869
Kindred Healthcare, Inc. *		47,360		408,243
Kinetic Concepts, Inc. *		3,310		218,096
LifePoint Hospitals, Inc. *		9,871		361,673
Lincare Holdings, Inc.		8,859		199,327
Masimo Corp.		1,990		43,083
Mednax, Inc. *		2,369		148,394
Omnicare, Inc.		23,991		610,091
Owens & Minor, Inc.		30,612		871,830
ResMed, Inc. *		4,008		115,390
STERIS Corp.		4,850		141,960
Teleflex, Inc.		3,809		204,810
Thoratec Corp. *		1,395		45,533
Universal Health Services, Inc., Class B		16,277		553,418
VCA Antech, Inc. *		9,240		147,655
WellCare Health Plans, Inc. *		15,204		577,448
Total Health Care Equipment & Services				10,451,579
Household & Personal Products–0.7%
Church & Dwight Co., Inc.		6,548		289,422
Energizer Holdings, Inc. *		6,785		450,795
Total Household & Personal Products				740,217
Insurance–6.5%
American Financial Group, Inc.		15,809		491,186
Arthur J. Gallagher & Co.		7,448		195,882
Aspen Insurance Holdings Ltd.		10,458		240,952
Brown & Brown, Inc.		5,781		102,902
Everest Re Group Ltd.		6,455		512,398
Fidelity National Financial, Inc., Class A		39,620		601,432
First American Financial Corp.		31,265		400,192
Hanover Insurance Group, Inc.		9,559		339,344
HCC Insurance Holdings, Inc.		9,661		261,330
Kemper Corp.		12,725		304,891
Mercury General Corp.		8,302		318,382
Old Republic International Corp.		46,765		417,144
Protective Life Corp.		22,019		344,157
Reinsurance Group of America, Inc., Class A		18,424		846,583
StanCorp Financial Group, Inc.		11,485		316,641
Transatlantic Holdings, Inc.		10,410		505,093

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

Schedule of Investments - continued

RevenueShares Mid Cap Fund
September 30, 2011 (Unaudited)
 

Investments	Shares		Value
Insurance–6.5% (continued)
W.R. Berkley Corp.		18,133	$	538,369
Total Insurance				6,736,878
Materials–8.4%
Albemarle Corp.		5,811		234,764
Aptargroup, Inc.		4,766		212,897
Ashland, Inc.		20,023		883,815
Cabot Corp.		10,656		264,056
Carpenter Technology Corp.		2,343		105,177
Commercial Metals Co.		61,940		589,049
Compass Minerals International, Inc.		1,593		106,380
Cytec Industries, Inc.		9,785		343,845
Domtar Corp.		8,504		579,718
Greif, Inc., Class A		7,768		333,169
Intrepid Potash, Inc. *		1,185		29,471
Louisiana-Pacific Corp. *		26,006		132,631
Martin Marietta Materials, Inc.		2,995		189,344
Minerals Technologies, Inc.		2,137		105,290
NewMarket Corp.		1,200		182,244
Olin Corp.		9,113		164,125
Packaging Corp. of America		10,020		233,466
Reliance Steel & Aluminum Co.		17,966		611,024
Rock-Tenn Co., Class A		6,126		298,214
RPM International, Inc.		19,792		370,110
Scotts Miracle-Gro Co., Class A		7,953		354,704
Sensient Technologies Corp.		4,141		134,789
Silgan Holdings, Inc.		9,358		343,813
Sonoco Products Co.		14,343		404,903
Steel Dynamics, Inc.		57,655		571,938
Temple-Inland, Inc.		12,845		402,948
Valspar Corp.		10,961		342,093
Worthington Industries, Inc.		13,848		193,457
Total Materials				8,717,434
Media–1.3%
AMC Networks, Inc., Class A *		3,198		102,176
DreamWorks Animation SKG, Inc., Class A *		4,072		74,029
John Wiley & Sons, Inc., Class A		4,041		179,501
Lamar Advertising Co., Class A *		6,389		108,805
Meredith Corp.		6,765		153,159
New York Times Co., Class A *		42,544		247,181
Scholastic Corp.		7,866		220,484
Valassis Communications, Inc. *		12,489		234,044
Total Media				1,319,379
Pharmaceuticals, Biotechnology & Life Sciences–1.4%
Bio-Rad Laboratories, Inc., Class A *		2,299		208,680
Charles River Laboratories International, Inc. *		4,216		120,662
Covance, Inc. *		4,698		213,524
Endo Pharmaceuticals Holdings, Inc. *		6,186		173,146
Medicis Pharmaceutical Corp., Class A		2,058		75,076
Mettler-Toledo International, Inc. *		1,428		199,863
Perrigo Co.		2,452		238,114
Pharmaceutical Product Development, Inc.		5,948		152,626
Techne Corp.		422		28,700
United Therapeutics Corp. *		1,481		55,523
Vertex Pharmaceuticals, Inc. *		229		10,199
Total Pharmaceuticals, Biotechnology & Life Sciences				1,476,113
Real Estate–2.9%
Alexandria Real Estate Equities, Inc. (a)		819		50,278
American Campus Communities, Inc. (a)		948		35,275
BRE Properties, Inc. (a)		854		36,158
Camden Property Trust (a)		1,208		66,754
Corporate Office Properties Trust (a)		2,741		59,699
Cousins Properties, Inc. (a)		4,400		25,740
Duke Realty Corp. (a)		14,492		152,166
Equity One, Inc. (a)		1,934		30,673
Essex Property Trust, Inc. (a)		349		41,894
Federal Realty Investment Trust (a)		710		58,511
Highwoods Properties, Inc. (a)		1,783		50,388
Home Properties, Inc. (a)		18,891		1,072,253
Hospitality Properties Trust (a)		5,203		110,460
Jones Lang LaSalle, Inc.		5,608		290,551
Liberty Property Trust (a)		2,706		78,772
Macerich Co. (a)		1,875		79,931
Mack-Cali Realty Corp. (a)		3,053		81,668
Omega Healthcare Investors, Inc. (a)		1,520		24,214
Potlatch Corp. (a)		1,711		53,931
Rayonier, Inc. (a)		3,731		137,264
Realty Income Corp. (a)		1,092		35,206
Regency Centers Corp. (a)		1,480		52,288
Senior Housing Properties Trust (a)		1,618		34,852
SL Green Realty Corp. (a)		1,849		107,519
Taubman Centers, Inc. (a)		1,322		66,510
UDR, Inc. (a)		2,831		62,678
Weingarten Realty Investors (a)		2,813		59,551
Total Real Estate				2,955,184
Retailing–8.5%
99 Cents Only Stores *		7,470		137,597
Aaron's, Inc.		7,796		196,849
Advance Auto Parts, Inc.		10,568		614,001
Aeropostale, Inc. *		23,827		257,570
American Eagle Outfitters, Inc.		28,447		333,399
ANN, Inc. *		8,726		199,302
Ascena Retail Group, Inc. *		8,908		241,140
Barnes & Noble, Inc.		60,431		714,899
Chico's FAS, Inc.		14,208		162,397
Collective Brands, Inc. *		28,259		366,237
Dick's Sporting Goods, Inc. *		13,835		462,919
Dollar Tree, Inc. *		7,254		544,848
Foot Locker, Inc.		25,872		519,768
Guess?, Inc.		7,388		210,484
LKQ Corp. *		10,472		253,004
Office Depot, Inc. *		589,367		1,214,096
PetSmart, Inc.		13,368		570,145
RadioShack Corp.		40,637		472,202
Rent-A-Center, Inc., Class A		10,914		299,589
Saks, Inc. *		30,931		270,646
Tractor Supply Co.		5,717		357,598

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

Schedule of Investments - continued

RevenueShares Mid Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Retailing–8.5% (continued)
Williams-Sonoma, Inc.		10,378	$	319,539
Total Retailing				8,718,229
Semiconductors & Semiconductor Equipment–1.1%
Atmel Corp. *		17,167		138,538
Cree, Inc. *		2,569		66,743
Cypress Semiconductor Corp. *		5,332		79,820
Fairchild Semiconductor International, Inc., Class A *		13,418		144,914
Integrated Device Technology, Inc. *		9,729		50,104
International Rectifier Corp. *		4,164		77,534
Intersil Corp., Class A		8,043		82,763
Lam Research Corp. *		4,733		179,759
RF Micro Devices, Inc. *		13,561		85,977
Semtech Corp. *		1,261		26,607
Silicon Laboratories, Inc. *		1,563		52,376
Skyworks Solutions, Inc. *		4,909		88,067
Varian Semiconductor Equipment Associates, Inc. *		1,214		74,236
Total Semiconductors & Semiconductor Equipment				1,147,438
Software & Services–3.9%
ACI Worldwide, Inc. *		1,536		42,301
Acxiom Corp. *		11,866		126,254
Advent Software, Inc. *		1,385		28,877
Alliance Data Systems Corp. *		2,911		269,850
ANSYS, Inc. *		1,204		59,044
AOL, Inc. *		24,270		291,240
Broadridge Financial Solutions, Inc.		11,594		233,503
Cadence Design Systems, Inc. *		10,394		96,041
Concur Technologies, Inc. *		818		30,446
Convergys Corp. *		26,830		251,665
CoreLogic, Inc. *		9,267		98,879
Digital River, Inc. *		1,868		38,724
DST Systems, Inc.		5,753		252,154
Equinix, Inc. *		1,291		114,680
Factset Research Systems, Inc.		750		66,727
Fair Isaac Corp.		2,943		64,246
Gartner, Inc. *		3,738		130,344
Global Payments, Inc.		4,125		166,609
Informatica Corp. *		1,610		65,929
Jack Henry & Associates, Inc.		3,015		87,375
Lender Processing Services, Inc.		18,266		250,062
Mantech International Corp., Class A		8,616		270,370
Mentor Graphics Corp. *		8,886		85,483
MICROS Systems, Inc. *		2,070		90,894
NeuStar, Inc., Class A *		2,237		56,238
Parametric Technology Corp. *		6,970		107,199
Quest Software, Inc. *		5,253		83,418
Rackspace Hosting, Inc. *		2,233		76,235
Rovi Corp. *		1,329		57,120
Solera Holdings, Inc.		1,303		65,801
Synopsys, Inc. *		5,948		144,893
TIBCO Software, Inc. *		3,608		80,783
ValueClick, Inc. *		2,710		42,168
VeriFone Systems, Inc. *		2,710		94,904
Total Software & Services				4,020,456
Technology Hardware & Equipment–10.9%
ADTRAN, Inc.		2,080		55,037
Arrow Electronics, Inc. *		63,060		1,751,807
Avnet, Inc. *		71,799		1,872,518
Ciena Corp. *		9,007		100,878
Diebold, Inc.		10,865		298,896
Ingram Micro, Inc., Class A *		213,875		3,449,804
Itron, Inc. *		6,807		200,806
National Instruments Corp.		3,701		84,605
NCR Corp. *		29,407		496,684
Plantronics, Inc.		2,147		61,082
Polycom, Inc. *		6,179		113,508
QLogic Corp. *		4,303		54,562
Riverbed Technology, Inc. *		2,501		49,920
Tech Data Corp. *		50,407		2,179,095
Trimble Navigation Ltd. *		3,914		131,315
Vishay Intertechnology, Inc. *		31,343		262,027
Zebra Technologies Corp., Class A *		3,286		101,669
Total Technology Hardware & Equipment				11,264,213
Telecommunication Services–0.6%
Telephone & Data Systems, Inc.		24,810		527,212
tw Telecom, Inc., Class A *		8,090		133,647
Total Telecommunication Services				660,859
Transportation–2.9%
Alaska Air Group, Inc. *		7,318		411,930
Alexander & Baldwin, Inc.		4,467		163,180
Con-Way, Inc.		22,685		502,019
JB Hunt Transport Services, Inc.		11,055		399,307
JetBlue Airways Corp. *		96,156		394,240
Kansas City Southern *		3,822		190,947
Kirby Corp. *		2,201		115,861
Landstar System, Inc.		6,758		267,346
UTi Worldwide, Inc.		28,050		365,772
Werner Enterprises, Inc.		9,104		189,636
Total Transportation				3,000,238
Utilities–5.7%
AGL Resources, Inc.		6,340		258,292
Alliant Energy Corp.		9,576		370,400
Aqua America, Inc.		3,717		80,176
Atmos Energy Corp.		15,690		509,140
Black Hills Corp.		4,685		143,548
Cleco Corp.		3,441		117,476
DPL, Inc.		6,591		198,653
Energen Corp.		3,944		161,270
Great Plains Energy, Inc.		12,743		245,940
Hawaiian Electric Industries, Inc.		11,710		284,319
IDACORP, Inc.		3,011		113,756
MDU Resources Group, Inc.		21,373		410,148
National Fuel Gas Co.		3,477		169,260
NSTAR		7,061		316,403
NV Energy, Inc.		26,014		382,666
OGE Energy Corp.		8,327		397,947
PNM Resources, Inc.		12,806		210,403
Questar Corp.		13,276		235,118
UGI Corp.		21,865		574,393
Vectren Corp.		8,552		231,588
Westar Energy, Inc.		8,383		221,479
WGL Holdings, Inc.		7,400		289,118
Total Utilities				5,921,493
Total Investments–100.0% (Cost $109,820,963)				103,303,301
Liabilities  in Excess of Other Assets–(0.0)%				(37,403	)

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

Schedule of Investments - continued

RevenueShares Mid Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Net Assets–100.0%		$	103,265,898

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

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

Schedule of Investments

RevenueShares Small Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–100.1%
Automobiles & Components–0.6%
Drew Industries, Inc.		5,501	$	109,910
Spartan Motors, Inc.		20,106		83,038
Standard Motor Products, Inc.		11,230		145,653
Superior Industries International, Inc.		8,165		126,149
Winnebago Industries, Inc. *		10,513		72,750
Total Automobiles & Components				537,500
Banks–3.0%
Bank Mutual Corp.		11,479		29,960
Bank of The Ozarks, Inc.		1,718		35,958
Boston Private Financial Holdings, Inc.		11,885		69,884
Brookline Bancorp, Inc.		3,236		24,950
City Holding Co.		1,205		32,523
Columbia Banking System, Inc.		2,628		37,633
Community Bank System, Inc.		2,754		62,488
Dime Community Bancshares		4,064		41,168
First BanCorp *		67,723		189,624
First Commonwealth Financial Corp.		15,919		58,900
First Financial Bancorp		5,966		82,331
First Financial Bankshares, Inc.		1,401		36,650
First Midwest Bancorp, Inc.		10,191		74,598
FNB Corp./PA		10,830		92,813
Glacier Bancorp, Inc.		7,374		69,094
Hanmi Financial Corp. *		38,572		32,015
Home Bancshares, Inc.		1,609		34,143
Independent Bank Corp.		2,130		46,306
Nara Bancorp, Inc. *		5,416		32,875
National Penn Bancshares, Inc.		13,072		91,635
NBT Bancorp, Inc.		3,524		65,617
Northwest Bancshares, Inc.		4,442		52,904
Old National Bancorp		9,666		90,087
Oritani Financial Corp.		1,502		19,316
PacWest Bancorp		4,097		57,112
Pinnacle Financial Partners, Inc. *		4,114		45,007
PrivateBancorp, Inc., Class A		13,642		102,588
Provident Financial Services, Inc.		5,302		56,997
S&T Bancorp, Inc.		2,627		42,452
Signature Bank *		1,951		93,121
Simmons First National Corp., Class A		1,746		37,888
Sterling Bancorp, Class N		3,687		26,768
Susquehanna Bancshares, Inc.		25,033		136,931
Texas Capital Bancshares, Inc. *		2,448		55,937
Tompkins Financial Corp.		1,020		36,496
Trustco Bank Corp.		7,796		34,770
UMB Financial Corp.		3,701		118,728
Umpqua Holdings Corp.		11,234		98,747
United Bankshares, Inc./wv		3,725		74,835
United Community Banks, Inc./GA *		8,745		74,245
Wilshire Bancorp, Inc. *		13,162		36,064
Wintrust Financial Corp.		4,925		127,114
Total Banks				2,659,272
Capital Goods–11.5%
A.O. Smith Corp.		11,064		354,380
AAON, Inc.		2,711		42,698
AAR Corp.		13,666		227,812
Actuant Corp., Class A		11,328		223,728
Aerovironment, Inc. *		1,466		41,268
Albany International Corp., Class A		8,986		163,994
American Science & Engineering, Inc.		669		40,842
Apogee Enterprises, Inc.		16,575		142,379
Applied Industrial Technologies, Inc.		11,404		309,733
Astec Industries, Inc. *		4,322		126,548
AZZ, Inc.		1,642		63,660
Badger Meter, Inc.		1,521		44,003
Barnes Group, Inc.		10,040		193,270
Belden, Inc.		10,542		271,878
Brady Corp., Class A		8,201		216,752
Briggs & Stratton Corp.		25,154		339,831
Cascade Corp.		1,758		58,700
Ceradyne, Inc. *		2,798		75,238
CIRCOR International, Inc.		4,108		120,652
CLARCOR, Inc.		4,312		178,431
Comfort Systems USA, Inc.		21,931		182,466
Cubic Corp.		5,197		203,047
Curtiss-Wright Corp.		12,628		364,065
Dycom Industries, Inc. *		10,017		153,260
EMCOR Group, Inc.		47,548		966,651
Encore Wire Corp.		7,275		149,720
EnPro Industries, Inc. *		5,195		154,188
ESCO Technologies, Inc.		3,833		97,742
Federal Signal Corp.		30,210		133,528
GenCorp, Inc. *		40,013		179,658
Gibraltar Industries, Inc. *		15,486		125,746
Griffon Corp. *		29,474		241,097
II-VI, Inc. *		3,033		53,077
Insituform Technologies, Inc., Class A *		12,470		144,403
John Bean Technologies Corp.		10,806		154,094
Kaman Corp.		7,771		216,422
Kaydon Corp.		2,961		84,921
Lawson Products, Inc.		4,650		62,868
Lindsay Corp.		1,161		62,462
Lydall, Inc. *		7,062		62,852
Moog, Inc., Class A *		11,703		381,752
Mueller Industries, Inc.		8,394		323,924
NCI Building Systems, Inc. *		19,705		148,970
Orbital Sciences Corp. *		17,468		223,590
Orion Marine Group, Inc. *		10,315		59,518
Powell Industries, Inc. *		3,289		101,860
Quanex Building Products Corp.		13,182		144,343
Robbins & Myers, Inc.		2,412		83,721
Simpson Manufacturing Co., Inc.		4,286		106,850
Standex International Corp.		3,236		100,737
Teledyne Technologies, Inc. *		6,682		326,483
Tennant Co.		3,303		116,827
Toro Co.		5,807		286,111
Tredegar Corp.		9,009		133,603
Universal Forest Products, Inc.		13,666		328,667
Vicor Corp.		4,493		39,314
Watts Water Technologies, Inc., Class A		8,636		230,149
Total Capital Goods				10,164,483
Commercial & Professional Services–6.0%
ABM Industries, Inc.		34,039		648,783
CDI Corp.		15,729		167,986
Consolidated Graphics, Inc. *		5,170		188,860
Dolan Co. *		6,487		58,318
Exponent, Inc. *		1,081		44,678

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

Schedule of Investments - continued

RevenueShares Small Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Commercial & Professional Services–6.0% (continued)
G&K Services, Inc., Class A		5,645	$	144,173
Geo Group, Inc. *		11,576		214,851
Healthcare Services Group, Inc.		8,803		142,080
Heidrick & Struggles International, Inc.		5,310		87,350
Insperity, Inc.		14,713		327,364
Interface, Inc., Class A		14,226		168,720
Kelly Services, Inc., Class A		73,792		841,229
Mobile Mini, Inc. *		3,799		62,456
Navigant Consulting, Inc. *		12,761		118,294
On Assignment, Inc. *		11,074		78,293
Resources Connection, Inc.		9,481		92,724
School Specialty, Inc. *		20,867		148,782
Standard Register Co.		49,108		124,243
SYKES Enterprises, Inc. *		13,286		198,626
Tetra Tech, Inc. *		13,642		255,651
TrueBlue, Inc. *		17,129		194,072
United Stationers, Inc.		31,134		848,402
Viad Corp.		8,289		140,747
Total Commercial & Professional Services				5,296,682
Consumer Durables & Apparel–5.8%
Arctic Cat, Inc. *		5,613		81,332
Blyth, Inc.		2,764		153,264
Brunswick Corp.		43,086		604,927
Callaway Golf Co.		30,961		160,068
Carter's, Inc. *		9,974		304,606
CROCS, Inc. *		5,001		118,374
Ethan Allen Interiors, Inc.		7,322		99,652
Helen of Troy Ltd. *		4,456		111,935
Iconix Brand Group, Inc. *		3,349		52,914
iRobot Corp. *		2,795		70,322
Jakks Pacific, Inc.		6,808		129,012
Kid Brands, Inc. *		16,396		43,286
K-Swiss, Inc., Class A *		8,829		37,523
La-Z-Boy, Inc., Class Z *		28,728		212,875
Liz Claiborne, Inc. *		77,729		388,645
M/I Homes, Inc. *		17,335		104,183
Maidenform Brands, Inc. *		4,277		100,125
Meritage Homes Corp. *		11,491		173,974
Movado Group, Inc.		4,972		60,559
National Presto Industries, Inc.		1,019		88,561
Oxford Industries, Inc.		3,854		132,192
Perry Ellis International, Inc. *		6,783		127,520
Pool Corp.		10,789		282,456
Quiksilver, Inc. *		98,652		300,889
Skechers U.S.A., Inc., Class A *		23,203		325,538
Skyline Corp.		2,615		24,973
Standard Pacific Corp. *		78,942		194,987
Steven Madden Ltd. *		3,325		100,083
Sturm Ruger & Co., Inc.		1,505		39,100
True Religion Apparel, Inc. *		2,141		57,721
Unifirst Corp.		4,020		182,066
Universal Electronics, Inc. *		3,680		60,315
Wolverine World Wide, Inc.		5,956		198,037
Total Consumer Durables & Apparel				5,122,014
Consumer Services–5.2%
American Public Education, Inc. *		923		31,382
Biglari Holdings, Inc. *		408		120,927
BJ's Restaurants, Inc. *		2,013		88,793
Boyd Gaming Corp. *		66,065		323,719
Buffalo Wild Wings, Inc. *		1,753		104,829
Capella Education Co. *		2,478		70,326
CEC Entertainment, Inc.		5,590		159,147
Coinstar, Inc. *		5,923		236,920
Corinthian Colleges, Inc. *		162,914		254,146
Cracker Barrel Old Country Store, Inc.		10,795		432,664
DineEquity, Inc. *		6,535		251,532
Hillenbrand, Inc.		6,779		124,734
Interval Leisure Group, Inc. *		6,013		80,093
Jack in the Box, Inc. *		20,798		414,296
Lincoln Educational Services Corp.		13,943		112,799
Marcus Corp.		6,533		65,003
Monarch Casino & Resort, Inc. *		2,699		26,396
Multimedia Games Holding Co., Inc. *		5,308		21,444
O'Charleys, Inc. *		28,586		169,801
Papa John's International, Inc. *		7,035		213,864
Peet's Coffee & Tea, Inc. *		1,155		64,264
PF Chang's China Bistro, Inc.		8,227		224,104
Pinnacle Entertainment, Inc. *		18,680		169,614
Red Robin Gourmet Burgers, Inc. *		6,159		148,370
Ruby Tuesday, Inc. *		31,022		222,118
Ruth's Hospitality Group, Inc. *		13,851		59,421
Shuffle Master, Inc. *		4,287		36,054
Sonic Corp. *		14,070		99,475
Texas Roadhouse, Inc., Class A		13,238		175,006
Universal Technical Institute, Inc. *		5,549		75,411
Total Consumer Services				4,576,652
Diversified Financials–1.5%
Calamos Asset Management, Inc., Class A		3,426		34,294
Cash America International, Inc.		3,907		199,882
Encore Capital Group, Inc. *		2,962		64,720
Ezcorp, Inc., Class A *		3,884		110,849
Financial Engines, Inc. *		1,001		18,128
First Cash Financial Services, Inc. *		1,521		63,806
Interactive Brokers Group, Inc., Class A		12,656		176,298
Investment Technology Group, Inc. *		10,071		98,595
Piper Jaffray Cos. *		4,916		88,144
Portfolio Recovery Associates, Inc. *		1,045		65,020
Prospect Capital Corp.		859		7,224
Stifel Financial Corp. *		9,133		242,573
SWS Group, Inc.		16,239		76,161
World Acceptance Corp. *		1,308		73,183
Total Diversified Financials				1,318,877
Energy–5.3%
Approach Resources, Inc. *		471		8,002
Basic Energy Services, Inc. *		7,319		103,637
Bristow Group, Inc.		4,908		208,246
Contango Oil & Gas Co. *		505		27,629
Georesources, Inc. *		831		14,784
Gulf Island Fabrication, Inc.		2,357		48,743
Gulfport Energy Corp. *		782		18,909
Hornbeck Offshore Services, Inc. *		2,637		65,688
ION Geophysical Corp. *		13,017		61,570
Lufkin Industries, Inc.		1,691		89,978
Matrix Service Co. *		11,918		101,422
OYO Geospace Corp. *		346		19,476

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

Schedule of Investments - continued

RevenueShares Small Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Energy–5.3% (continued)
Penn Virginia Corp.		17,167	$	95,620
Petroleum Development Corp. *		2,618		50,763
Petroquest Energy, Inc. *		5,209		28,650
Pioneer Drilling Co. *		7,897		56,700
SEACOR Holdings, Inc.		5,266		422,386
Stone Energy Corp. *		5,761		93,386
Swift Energy Co. *		2,696		65,621
Tetra Technologies, Inc. *		17,677		136,466
World Fuel Services Corp.		91,188		2,977,288
Total Energy				4,694,964
Food & Staples Retailing–3.7%
Andersons, Inc.		15,810		532,164
Casey's General Stores, Inc.		17,709		772,998
Nash Finch Co.		32,134		865,369
Spartan Stores, Inc.		31,003		479,926
United Natural Foods, Inc. *		17,444		646,126
Total Food & Staples Retailing				3,296,583
Food, Beverage & Tobacco–2.7%
Alliance One International, Inc. *		160,227		390,954
B&G Foods, Inc., Class A		5,419		90,389
Boston Beer Co., Inc., Class A *		1,093		79,461
Calavo Growers, Inc.		3,497		71,758
Cal-Maine Foods, Inc.		5,264		165,448
Darling International, Inc. *		8,263		104,031
Diamond Foods, Inc.		1,212		96,705
Hain Celestial Group, Inc. *		5,436		166,070
J&J Snack Foods Corp.		2,624		126,083
Sanderson Farms, Inc.		8,204		389,690
Seneca Foods Corp., Class A *		11,490		227,502
Snyders-Lance, Inc.		8,448		176,141
TreeHouse Foods, Inc. *		5,337		330,040
Total Food, Beverage & Tobacco				2,414,272
Health Care Equipment & Services–8.4%
Abaxis, Inc. *		874		20,023
Air Methods Corp. *		1,599		101,808
Align Technology, Inc. *		4,398		66,718
Almost Family, Inc. *		3,715		61,780
Amedisys, Inc. *		22,102		327,552
AMN Healthcare Services, Inc. *		26,354		105,680
Amsurg Corp., Class A *		6,042		135,945
Analogic Corp.		1,562		70,930
Bio-Reference Labs, Inc. *		4,340		79,899
Cantel Medical Corp.		2,258		47,689
Centene Corp. *		25,993		745,219
Chemed Corp.		4,270		234,679
Computer Programs & Systems, Inc.		376		24,872
CONMED Corp. *		6,044		139,072
Corvel Corp. *		1,399		59,458
Cross Country Healthcare, Inc. *		20,823		87,040
CryoLife, Inc. *		4,570		20,519
Cyberonics, Inc. *		1,060		29,998
Ensign Group, Inc.		5,454		126,042
Gentiva Health Services, Inc. *		41,401		228,534
Greatbatch, Inc. *		4,946		98,970
Haemonetics Corp. *		2,010		117,545
Hanger Orthopedic Group, Inc. *		8,324		157,240
Healthspring, Inc. *		15,297		557,729
Healthways, Inc. *		12,087		118,815
HMS Holdings Corp. *		2,042		49,804
ICU Medical, Inc. *		1,372		50,490
Integra LifeSciences Holdings Corp. *		3,560		127,341
Invacare Corp.		12,852		296,110
IPC The Hospitalist Co., Inc. *		1,691		60,352
Kensey Nash Corp. *		580		14,210
Landauer, Inc.		418		20,708
LCA-Vision, Inc. *		8,007		17,135
LHC Group, Inc. *		6,678		113,927
Magellan Health Services, Inc. *		11,380		549,654
Medcath Corp. *		7,565		105,002
Meridian Bioscience, Inc.		1,638		25,782
Merit Medical Systems, Inc. *		3,705		48,684
Molina Healthcare, Inc. *		45,962		709,653
MWI Veterinary Supply, Inc. *		2,974		204,671
Natus Medical, Inc. *		3,741		35,577
Neogen Corp. *		717		24,894
NuVasive, Inc. *		3,009		51,364
Omnicell, Inc. *		2,701		37,220
Palomar Medical Technologies, Inc. *		1,367		10,772
PharMerica Corp. *		22,703		323,972
PSS World Medical, Inc. *		18,320		360,721
Quality Systems, Inc.		539		52,283
Sonosite, Inc. *		1,492		45,267
SurModics, Inc. *		1,401		12,749
Symmetry Medical, Inc. *		8,296		64,045
West Pharmaceutical Services, Inc.		5,314		197,149
Zoll Medical Corp. *		2,174		82,047
Total Health Care Equipment & Services				7,455,339
Household & Personal Products–0.6%
Central Garden and Pet Co., Class A *		40,026		283,384
Inter Parfums, Inc.		4,018		62,078
Medifast, Inc. *		2,621		42,329
Prestige Brands Holdings, Inc. *		6,079		55,015
WD-40 Co.		1,566		62,390
Total Household & Personal Products				505,196
Insurance–3.0%
AMERISAFE, Inc. *		2,406		44,295
Delphi Financial Group, Inc., Class A		14,015		301,603
eHealth, Inc. *		1,990		27,183
Employers Holdings, Inc.		6,370		81,281
Horace Mann Educators Corp.		15,764		179,867
Infinity Property & Casualty Corp.		3,546		186,094
Meadowbrook Insurance Group, Inc.		14,783		131,717
National Financial Partners Corp. *		15,548		170,095
Navigators Group, Inc. *		3,261		140,875
Presidential Life Corp.		6,289		51,696
ProAssurance Corp.		1,769		127,403
RLI Corp.		1,688		107,323
Safety Insurance Group, Inc.		2,996		113,339
Selective Insurance Group, Inc.		21,438		279,766
Stewart Information Services Corp.		36,417		321,926
Tower Group, Inc.		10,914		249,494
United Fire & Casualty Co.		6,593		116,630
Total Insurance				2,630,587
Materials–5.8%
A. Schulman, Inc.		15,137		257,178
A.M. Castle & Co. *		14,733		161,179
AMCOL International Corp.		5,850		140,342

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

Schedule of Investments - continued

RevenueShares Small Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Materials–5.8% (continued)
American Vanguard Corp.		3,657	$	40,812
Arch Chemicals, Inc.		5,388		252,805
Balchem Corp.		1,123		41,899
Buckeye Technologies, Inc.		5,108		123,154
Calgon Carbon Corp. *		6,003		87,464
Century Aluminum Co. *		20,294		181,428
Clearwater Paper Corp. *		7,123		242,040
Deltic Timber Corp.		476		28,408
Eagle Materials, Inc.		5,214		86,813
H.B. Fuller Co.		12,149		221,355
Hawkins, Inc.		1,487		47,346
Haynes International, Inc.		1,450		63,002
Headwaters, Inc. *		68,720		98,957
Kaiser Aluminum Corp.		4,019		177,961
KapStone Paper and Packaging Corp. *		9,938		138,039
Koppers Holdings, Inc.		7,862		201,346
Kraton Performance Polymers, Inc. *		12,571		203,399
LSB Industries, Inc. *		3,033		86,956
Materion Corp. *		8,905		201,965
Myers Industries, Inc.		13,033		132,285
Neenah Paper, Inc.		8,224		116,616
Olympic Steel, Inc.		7,670		129,930
OM Group, Inc. *		7,502		194,827
PolyOne Corp.		43,551		466,431
Quaker Chemical Corp.		3,557		92,197
RTI International Metals, Inc. *		3,246		75,697
Schweitzer-Mauduit International, Inc.		2,313		129,227
Stepan Co.		3,638		244,401
STR Holdings, Inc. *		7,059		57,248
Texas Industries, Inc.		3,229		102,488
Wausau Paper Corp.		30,158		192,710
Zep, Inc.		6,586		98,922
Total Materials				5,116,827
Media–1.4%
Arbitron, Inc.		2,001		66,193
E.W. Scripps Co., Class A *		20,156		141,092
Harte-Hanks, Inc.		19,035		161,417
Live Nation Entertainment, Inc. *		104,549		837,437
Total Media				1,206,139
Pharmaceuticals, Biotechnology & Life Sciences–1.1%
Affymetrix, Inc. *		11,559		56,639
Arqule, Inc. *		1,023		5,166
Cambrex Corp. *		7,983		40,234
Cubist Pharmaceuticals, Inc. *		3,307		116,803
Emergent Biosolutions, Inc. *		2,672		41,229
Enzo Biochem, Inc. *		7,031		18,070
eResearchTechnology, Inc. *		4,844		21,604
Hi-Tech Pharmacal Co., Inc. *		878		29,501
Medicines Co. *		3,085		45,905
Par Pharmaceutical Cos., Inc. *		7,307		194,512
Parexel International Corp. *		12,162		230,227
Questcor Pharmaceuticals, Inc. *		757		20,636
Regeneron Pharmaceuticals, Inc. *		1,084		63,089
Salix Pharmaceuticals Ltd. *		1,958		57,957
Savient Pharmaceuticals, Inc. *		169		693
Viropharma, Inc. *		4,077		73,671
Total Pharmaceuticals, Biotechnology & Life Sciences				1,015,936
Real Estate–1.5%
Acadia Realty Trust (a)		1,416		26,479
BioMed Realty Trust, Inc. (a)		4,035		66,860
Cedar Shopping Centers, Inc. (a)		9,865		30,680
Colonial Properties Trust (a)		3,412		61,962
DiamondRock Hospitality Co. (a)		15,401		107,653
EastGroup Properties, Inc. (a)		782		29,825
Entertainment Properties Trust (a)		1,419		55,313
Extra Space Storage, Inc. (a)		2,524		47,022
Forestar Group, Inc. *		1,800		19,638
Franklin Street Properties Corp. (a)		2,033		22,993
Getty Realty Corp. (a)		1,009		14,550
Healthcare Realty Trust, Inc. (a)		2,698		45,461
Inland Real Estate Corp. (a)		4,124		30,105
Kilroy Realty Corp. (a)		1,602		50,143
Kite Realty Group Trust (a)		5,151		18,853
LaSalle Hotel Properties (a)		6,123		117,562
Lexington Realty Trust (a)		9,459		61,862
LTC Properties, Inc. (a)		492		12,457
Medical Properties Trust, Inc. (a)		2,423		21,686
Mid-America Apartment Communities, Inc. (a)		1,141		68,711
National Retail Properties, Inc. (a)		1,568		42,132
Parkway Properties, Inc. (a)		3,995		43,985
Pennsylvania Real Estate Investment Trust (a)		10,064		77,795
Post Properties, Inc. (a)		1,317		45,753
PS Business Parks, Inc. (a)		1,003		49,689
Saul Centers, Inc. (a)		936		31,646
Sovran Self Storage, Inc. (a)		939		34,903
Tanger Factory Outlet Centers (a)		1,857		48,300
Universal Health Realty Income Trust (a)		162		5,445
Urstadt Biddle Properties, Inc., Class A (a)		949		15,155
Total Real Estate				1,304,618
Retailing–11.4%
Audiovox Corp., Class A *		16,417		90,129
Big 5 Sporting Goods Corp.		25,546		155,320
Blue Nile, Inc. *		1,703		60,082
Brown Shoe Co., Inc.		60,881		433,473
Buckle, Inc.		4,202		161,609
Cabela's, Inc. *		22,955		470,348
Cato Corp., Class A		6,887		155,371
Childrens Place Retail Stores, Inc. *		6,660		309,890
Christopher & Banks Corp.		18,586		65,609
Coldwater Creek, Inc. *		147,171		183,964
Finish Line, Inc., Class A		10,952		218,931
Fred's, Inc., Class A		29,317		312,519
Genesco, Inc. *		5,616		289,393
Group 1 Automotive, Inc.		26,648		947,336
Haverty Furniture Cos., Inc.		11,785		117,732
Hibbett Sports, Inc. *		3,032		102,755
HOT Topic, Inc.		17,475		133,334
HSN, Inc. *		15,413		510,633
JOS A. Bank Clothiers, Inc. *		2,689		125,388
Kirkland's, Inc. *		8,020		73,543
Lithia Motors, Inc., Class A		23,309		335,183
Lumber Liquidators Holdings, Inc. *		7,063		106,651

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

Schedule of Investments - continued

RevenueShares Small Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Retailing–11.4% (continued)
MarineMax, Inc. *		16,904	$	109,369
Men's Wearhouse, Inc.		12,717		331,659
Midas, Inc. *		4,302		35,276
Monro Muffler Brake, Inc.		2,622		86,447
Nutrisystem, Inc.		8,800		106,568
OfficeMax, Inc. *		261,662		1,269,061
PEP Boys-Manny Moe & Jack		37,113		366,305
PetMed Express, Inc.		4,674		42,066
Select Comfort Corp. *		6,695		93,529
Sonic Automotive, Inc., Class A		107,098		1,155,587
Stage Stores, Inc.		19,661		272,698
Stamps.com, Inc.		706		14,431
Stein Mart, Inc.		36,407		227,544
Tuesday Morning Corp. *		42,066		148,072
Vitamin Shoppe, Inc. *		3,400		127,296
Zale Corp. *		80,927		230,642
Zumiez, Inc. *		4,199		73,525
Total Retailing				10,049,268
Semiconductors & Semiconductor Equipment–2.0%
Advanced Energy Industries, Inc. *		7,450		64,219
ATMI, Inc. *		3,863		61,113
Brooks Automation, Inc.		10,510		85,657
Cabot Microelectronics Corp. *		1,991		68,471
Ceva, Inc. *		289		7,026
Cirrus Logic, Inc. *		2,168		31,956
Cohu, Inc.		4,916		48,570
Cymer, Inc. *		2,152		80,011
Diodes, Inc. *		5,820		104,294
DSP Group, Inc. *		6,935		40,917
Entropic Communications, Inc. *		7,425		30,665
Exar Corp. *		3,676		20,990
Gt Advanced Technologies, Inc. *		10,924		76,686
Hittite Microwave Corp. *		756		36,817
Kopin Corp. *		6,322		21,684
Kulicke & Soffa Industries, Inc. *		13,394		99,919
Micrel, Inc.		5,119		48,477
Microsemi Corp. *		5,156		82,393
MKS Instruments, Inc.		6,348		137,815
Monolithic Power Systems, Inc. *		3,593		36,577
Nanometrics, Inc. *		1,963		28,464
Pericom Semiconductor Corp. *		3,448		25,550
Power Integrations, Inc.		1,661		50,843
Rubicon Technology, Inc. *		883		9,651
Rudolph Technologies, Inc. *		4,866		32,554
Sigma Designs, Inc. *		4,091		32,073
Standard Microsystems Corp. *		2,384		46,250
Supertex, Inc. *		608		10,518
Tessera Technologies, Inc. *		3,928		46,900
TriQuint Semiconductor, Inc. *		27,399		137,543
Ultratech, Inc. *		1,138		19,517
Veeco Instruments, Inc. *		5,611		136,908
Volterra Semiconductor Corp. *		1,356		26,076
Total Semiconductors & Semiconductor Equipment				1,787,104
Software & Services–4.0%
Blackbaud, Inc.		2,497		55,608
Bottomline Technologies, Inc. *		1,383		27,854
CACI International, Inc., Class A *		11,164		557,530
Cardtronics, Inc. *		4,205		96,379
Ciber, Inc. *		60,875		184,451
CommVault Systems, Inc. *		1,241		45,991
comScore, Inc. *		1,710		28,848
CSG Systems International, Inc. *		7,253		91,678
DealerTrack Holdings, Inc. *		2,595		40,664
Ebix, Inc.		1,495		21,977
EPIQ Systems, Inc.		3,460		43,354
Forrester Research, Inc.		1,367		44,441
Heartland Payment Systems, Inc.		15,725		310,097
iGate Corp.		4,005		46,218
Infospace, Inc. *		5,217		43,614
Interactive Intelligence Group *		931		25,277
j2 Global Communications, Inc.		1,478		39,758
JDA Software Group, Inc. *		4,181		98,003
Liquidity Services, Inc. *		1,706		54,711
LivePerson, Inc. *		1,659		16,507
LogMeIn, Inc. *		540		17,933
Manhattan Associates, Inc. *		1,518		50,215
MAXIMUS, Inc.		4,546		158,655
MicroStrategy, Inc., Class A *		663		75,628
Monotype Imaging Holdings, Inc. *		1,557		18,886
NCI, Inc., Class A *		7,391		88,175
Netscout Systems, Inc. *		3,908		44,629
Perficient, Inc. *		4,862		35,590
Progress Software Corp. *		5,010		87,926
RightNow Technologies, Inc. *		976		32,257
Smith Micro Software, Inc. *		14,083		21,406
Sourcefire, Inc. *		795		21,274
Synchronoss Technologies, Inc. *		1,093		27,227
Take-Two Interactive Software, Inc. *		15,379		195,621
Taleo Corp., Class A *		1,502		38,631
TeleTech Holdings, Inc. *		13,094		199,553
THQ, Inc. *		90,901		157,259
Tyler Technologies, Inc. *		2,138		54,049
United Online, Inc.		31,375		164,091
Virtusa Corp. *		2,062		27,218
Websense, Inc. *		3,344		57,851
Wright Express Corp. *		1,660		63,146
XO Group, Inc. *		2,399		19,600
Total Software & Services				3,529,780
Technology Hardware & Equipment–9.3%
Agilysys, Inc. *		14,307		102,009
Anixter International, Inc.		17,864		847,468
Arris Group, Inc. *		19,283		198,615
Avid Technology, Inc. *		13,455		104,142
Bel Fuse, Inc., Class B		3,346		52,164
Benchmark Electronics, Inc. *		34,091		443,524
Black Box Corp.		7,981		170,394
Blue Coat Systems, Inc. *		5,593		77,631
Brightpoint, Inc. *		65,046		599,074
Checkpoint Systems, Inc. *		10,720		145,578
Cognex Corp.		1,660		45,003
Comtech Telecommunications Corp.		4,274		120,057
CTS Corp.		11,615		94,430
Daktronics, Inc.		8,223		70,553
DG FastChannel, Inc. *		2,213		37,510
Digi International, Inc. *		2,721		29,931
DTS, Inc. *		548		13,607
Electro Scientific Industries, Inc. *		1,517		18,037
FARO Technologies, Inc. *		921		29,058

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

Schedule of Investments - continued

RevenueShares Small Cap Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Technology Hardware & Equipment–9.3% (continued)
FEI Co. *		3,492	$	104,620
Harmonic, Inc. *		15,244		64,939
Insight Enterprises, Inc. *		54,374		823,222
Intermec, Inc. *		17,776		115,900
Intevac, Inc. *		5,482		38,319
Littelfuse, Inc.		2,673		107,481
LoJack Corp. *		8,495		26,929
Mercury Computer Systems, Inc. *		2,656		30,544
Methode Electronics, Inc.		8,968		66,632
MTS Systems Corp.		2,095		64,191
Netgear, Inc. *		5,842		151,249
Network Equipment Technologies, Inc. *		5,477		10,625
Newport Corp. *		7,160		77,400
Novatel Wireless, Inc. *		17,712		53,490
Oplink Communications, Inc. *		1,515		22,937
OSI Systems, Inc. *		3,028		101,499
Park Electrochemical Corp.		1,336		28,550
PC-Tel, Inc. *		1,949		11,986
Plexus Corp. *		14,541		328,917
Pulse Electronics Corp.		29,176		83,443
Radisys Corp. *		8,573		52,467
Rofin-Sinar Technologies, Inc. *		3,436		65,971
Rogers Corp. *		1,458		57,052
Scansource, Inc. *		12,220		361,223
Stratasys, Inc. *		1,031		19,115
Super Micro Computer, Inc. *		9,209		115,389
Symmetricom, Inc. *		9,117		39,568
Synaptics, Inc. *		3,815		91,179
SYNNEX Corp. *		61,414		1,609,047
Tekelec *		13,327		80,495
TTM Technologies, Inc. *		16,522		157,124
Viasat, Inc. *		3,360		111,922
Total Technology Hardware & Equipment				8,272,210
Telecommunication Services–0.8%
Atlantic Tele-Network, Inc.		2,934		96,470
Cbeyond, Inc. *		10,443		73,727
Cincinnati Bell, Inc. *		79,621		246,029
General Communication, Inc., Class A *		14,620		119,884
Neutral Tandem, Inc. *		3,400		32,912
NTELOS Holdings Corp.		5,631		99,838
USA Mobility, Inc.		3,189		42,095
Total Telecommunication Services				710,955
Transportation–1.9%
Allegiant Travel Co., Class A *		2,549		120,134
Arkansas Best Corp.		15,624		252,328
Forward Air Corp.		3,017		76,783
Heartland Express, Inc.		6,498		88,113
HUB Group, Inc., Class A *		11,693		330,561
Knight Transportation, Inc.		9,640		128,308
Old Dominion Freight Line, Inc. *		8,547		247,607
Skywest, Inc.		39,846		458,627
Total Transportation				1,702,461
Utilities–3.6%
Allete, Inc.		4,175		152,930
American States Water Co.		2,116		71,796
Avista Corp.		12,054		287,488
Central Vermont Public Service Corp.		1,772		62,392
CH Energy Group, Inc.		3,047		158,962
El Paso Electric Co.		5,141		164,975
Laclede Group, Inc.		8,085		313,294
New Jersey Resources Corp.		10,124		430,979
Northwest Natural Gas Co.		3,633		160,215
NorthWestern Corp.		6,258		199,880
Piedmont Natural Gas Co., Inc.		9,869		285,115
South Jersey Industries, Inc.		3,178		158,105
Southwest Gas Corp.		9,275		335,477
UIL Holdings Corp.		4,830		159,052
Unisource Energy Corp.		6,973		251,656
Total Utilities				3,192,316
Total Common Stocks (Cost $95,356,515)				88,560,035
RIGHT–0.0%†
–0.0%†
First BanCorp, Expires 11/1/2011 at $3.5		44,719		447
Total Investments–100.1% (Cost $95,356,515)				88,560,482
Liabilities  in Excess of Other Assets–(0.1)%				(59,185	)
Net Assets–100.0%			$	88,501,297

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

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

Schedule of Investments

RevenueShares Financials Sector Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–100.1%
Capital Markets–11.0%
Ameriprise Financial, Inc.		1,534	$	60,378
Bank of New York Mellon Corp.		4,853		90,217
BlackRock, Inc., Class A		346		51,211
Charles Schwab Corp.		2,545		28,682
E*Trade Financial Corp. *		1,568		14,285
Federated Investors, Inc., Class B		384		6,732
Franklin Resources, Inc.		343		32,805
Goldman Sachs Group, Inc.		3,149		297,738
Invesco Ltd.		1,390		21,559
Janus Capital Group, Inc.		1,070		6,420
Legg Mason, Inc.		662		17,020
Morgan Stanley		17,516		236,466
Northern Trust Corp.		772		27,005
State Street Corp.		2,277		73,228
T. Rowe Price Group, Inc.		311		14,856
Total Capital Markets				978,602
Commercial Banks–14.3%
BB&T Corp.		3,509		74,847
Comerica, Inc.		780		17,917
Fifth Third Bancorp		4,912		49,611
First Horizon National Corp.		2,028		12,087
Huntington Bancshares, Inc.		4,547		21,826
KeyCorp		6,052		35,888
M&T Bank Corp.		383		26,772
PNC Financial Services Group, Inc.		2,465		118,788
Regions Financial Corp.		14,962		49,823
SunTrust Banks, Inc.		3,689		66,217
U.S. Bancorp		5,922		139,404
Wells Fargo & Co.		26,501		639,204
Zions Bancorporation		1,253		17,630
Total Commercial Banks				1,270,014
Consumer Finance–4.4%
American Express Co.		4,033		181,082
Capital One Financial Corp.		2,955		117,106
Discover Financial Services		2,005		45,995
SLM Corp.		3,447		42,915
Total Consumer Finance				387,098
Diversified Financial Services–27.2%
Bank of America Corp.		143,844		880,325
Citigroup, Inc.		27,284		699,016
CME Group, Inc., Class A		76		18,727
IntercontinentalExchange, Inc. *		61		7,214
JPMorgan Chase & Co.		24,500		737,940
Leucadia National Corp.		334		7,575
Moody's Corp.		407		12,393
NASDAQ OMX Group, Inc. *		873		20,201
NYSE Euronext		1,162		27,005
Total Diversified Financial Services				2,410,396
Insurance–40.3%
ACE Ltd.		1,746		105,808
Aflac, Inc.		3,999		139,765
Allstate Corp.		8,995		213,092
American International Group, Inc. *		21,522		472,408
AON Corp.		1,236		51,887
Assurant, Inc.		1,709		61,182
Berkshire Hathaway, Inc., Class B *		12,826		911,159
Chubb Corp.		1,535		92,085
Cincinnati Financial Corp.		1,014		26,699
Genworth Financial, Inc., Class A *		12,324		70,740
Hartford Financial Services Group, Inc.		9,097		146,826
Lincoln National Corp.		4,037		63,098
Loews Corp.		2,764		95,496
Marsh & McLennan Cos., Inc.		2,616		69,429
MetLife, Inc.		11,911		333,627
Principal Financial Group, Inc.		2,562		58,080
Progressive Corp.		5,746		102,049
Prudential Financial, Inc.		5,644		264,478
Torchmark Corp.		654		22,798
Travelers Cos., Inc.		3,469		169,044
Unum Group		3,179		66,632
XL Group PLC, Class A		2,153		40,476
Total Insurance				3,576,858
Paper & Forest Products–0.4%
Weyerhaeuser Co. (a)		2,481		38,580
Real Estate Investment Trusts–1.8%
Apartment Investment & Management Co., Class A (a)		323		7,145
AvalonBay Communities, Inc. (a)		49		5,588
Boston Properties, Inc. (a)		108		9,623
Equity Residential (a)		255		13,227
HCP, Inc. (a)		226		7,924
Health Care REIT, Inc. (a)		88		4,118
Host Hotels & Resorts, Inc. (a)		2,609		28,542
Kimco Realty Corp. (a)		411		6,177
Plum Creek Timber Co., Inc. (a)		204		7,081
ProLogis, Inc. (a)		260		6,305
Public Storage (a)		93		10,356
Simon Property Group, Inc. (a)		228		25,075
Ventas, Inc. (a)		130		6,422
Vornado Realty Trust (a)		235		17,536
Total Real Estate Investment Trusts				155,119
Real Estate Management & Development–0.4%
CB Richard Ellis Group, Inc., Class A *		2,380		32,035
Thrifts & Mortgage Finance–0.3%
Hudson City Bancorp, Inc.		3,622		20,501
People's United Financial, Inc.		623		7,102
Total Thrifts & Mortgage Finance				27,603
Total Investments–100.1% (Cost $13,180,796)				8,876,305
Liabilities  in Excess of Other Assets–(0.1)%				(9,557	)
Net Assets–100.0%			$	8,866,748

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

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

Schedule of Investments

RevenueShares ADR Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–98.6%
Automobiles & Components–5.7%
Honda Motor Co. Ltd. (a)		24,008	$	699,833
Magna International, Inc., Class A		5,759		189,875
Toyota Motor Corp. (a)		22,789		1,555,577
Total Automobiles & Components				2,445,285
Banks–13.0%
Banco Bilbao Vizcaya Argentaria SA (a)		24,335		197,844
Banco Bradesco SA (a)		37,537		555,172
Banco de Chile (a)		347		24,238
Banco Santander Chile (a)		410		30,127
Banco Santander SA (a)		51,472		413,835
Bancolombia SA (a)		490		27,293
Bank of Montreal		2,039		113,878
Bank of Nova Scotia		3,494		175,224
Barclays PLC (a)		47,623		465,753
Canadian Imperial Bank of Commerce		1,531		106,895
Credicorp Ltd.		227		20,929
HSBC Holdings PLC (a)		14,851		564,932
Itau Unibanco Holding SA (a)		30,798		477,985
Lloyds Banking Group PLC * (a)		218,445		456,550
Mitsubishi UFJ Financial Group, Inc. (a)		83,859		373,173
Mizuho Financial Group, Inc. (a)		69,866		199,118
National Bank of Greece SA (a)		85,442		66,636
Royal Bank of Canada		4,889		223,525
Royal Bank of Scotland Group PLC * (a)		55,143		393,170
Shinhan Financial Group Co., Ltd. (a)		253		17,315
Sumitomo Mitsui Financial Group, Inc. (a)		43,470		237,781
Toronto-Dominion Bank		2,572		182,483
Westpac Banking Corp. (a)		2,953		283,665
Total Banks				5,607,521
Capital Goods–3.1%
ABB Ltd. * (a)		14,414		246,191
Embraer SA * (a)		1,479		37,522
Koninklijke Philips Electronics NV		13,254		237,777
Kubota Corp. (a)		1,776		70,898
Nidec Corp. (a)		2,543		51,038
Siemens AG (a)		7,822		702,337
Total Capital Goods				1,345,763
Consumer Durables & Apparel–3.0%
Gildan Activewear, Inc.		386		9,974
Luxottica Group SpA (a)		2,139		53,860
Panasonic Corp. (a)		68,794		654,919
Sony Corp. (a)		29,671		563,749
Total Consumer Durables & Apparel				1,282,502
Consumer Services–0.3%
Carnival PLC (a)		3,331		102,562
Intercontinental Hotels Group PLC (a)		730		11,738
Tim Hortons, Inc.		388		17,957
Total Consumer Services				132,257
Diversified Financials–6.1%
Credit Suisse Group AG (a)		14,353		376,623
Deutsche Bank AG		14,833		513,370
ING Groep NV * (a)		182,378		1,285,765
Nomura Holdings, Inc. (a)		27,451		97,725
ORIX Corp. (a)		846		32,766
UBS AG *		27,475		314,039
Total Diversified Financials				2,620,288
Energy–29.0%
BP PLC (a)		58,682		2,116,660
Cameco Corp.		734		13,447
Canadian Natural Resources Ltd.		2,930		85,761
Cenovus Energy, Inc.		3,133		96,214
China Petroleum & Chemical Corp. (a)		21		2,012
CNOOC Ltd. (a)		1,527		244,778
Ecopetrol SA (a)		4,858		195,729
Enbridge, Inc.		3,872		123,633
Encana Corp.		2,384		45,797
Enerplus Corp.		308		7,558
ENI SpA (a)		29,250		1,027,553
Imperial Oil Ltd.		5,050		182,356
Nexen, Inc.		2,770		42,907
Penn West Petroleum Ltd.		1,196		17,665
PetroChina Co. Ltd. (a)		15,451		1,861,691
Petroleo Brasileiro SA, Class A (a)		43,868		908,945
Royal Dutch Shell PLC, Class A (a)		23,689		1,457,347
Royal Dutch Shell PLC, Class B (a)		23,291		1,445,207
Statoil ASA (a)		32,109		691,949
Suncor Energy, Inc.		10,048		255,621
Talisman Energy, Inc.		4,218		51,755
Tenaris SA (a)		2,356		59,960
Total SA (a)		34,720		1,523,166
TransCanada Corp.		1,464		59,277
Total Energy				12,516,988
Food & Staples Retailing–0.4%
Delhaize Group SA (a)		3,419		199,806
Food, Beverage & Tobacco–2.7%
Anheuser-Busch InBev NV (a)		5,072		268,715
BRF - Brasil Foods SA * (a)		5,869		102,884
British American Tobacco PLC (a)		1,955		165,647
Diageo PLC (a)		1,444		109,643
Fomento Economico Mexicano SAB de CV (a)		1,610		104,360
Unilever NV		6,860		216,021
Unilever PLC (a)		6,891		214,930
Total Food, Beverage & Tobacco				1,182,200
Health Care Equipment & Services–0.3%
Fresenius Medical Care AG & Co. KGaA (a)		1,260		85,088
Smith & Nephew PLC (a)		639		28,557
Total Health Care Equipment & Services				113,645
Insurance–5.5%
Aegon NV, Class G *		80,758		327,070
Aviva PLC (a)		69,267		647,646
China Life Insurance Co. Ltd. (a)		11,932		423,705
Manulife Financial Corp.		20,641		233,863
Prudential PLC (a)		33,856		577,583
Sun Life Financial, Inc.		6,225		148,093
Total Insurance				2,357,960

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

Schedule of Investments - continued

RevenueShares ADR Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Materials–6.3%
Agnico-Eagle Mines Ltd.		191	$	11,368
Agrium, Inc.		1,293		86,191
ArcelorMittal		38,081		605,869
Barrick Gold Corp.		1,812		84,530
BHP Billiton Ltd. (a)		3,640		241,842
BHP Billiton PLC (a)		4,543		241,142
Cemex SAB de CV * (a)		28,535		90,170
Cia de Minas Buenaventura SA (a)		236		8,907
Cia Siderurgica Nacional SA (a)		7,773		61,718
CRH PLC (a)		11,222		174,053
Eldorado Gold Corp.		348		5,965
Gerdau SA (a)		17,996		128,311
Goldcorp, Inc.		715		32,633
IAMGOLD Corp.		508		10,048
Kinross Gold Corp.		1,618		23,914
POSCO (a)		2,887		219,441
Potash Corp. of Saskatchewan, Inc., Class W		1,186		51,259
Rio Tinto PLC (a)		8,945		394,296
Silver Wheaton Corp.		126		3,711
Sociedad Quimica y Minera de Chile SA (a)		293		14,008
Southern Copper Corp.		1,616		40,384
Syngenta AG * (a)		1,673		86,778
Teck Resources Ltd., Class B		2,407		70,260
Yamana Gold, Inc.		1,021		13,947
Total Materials				2,700,745
Media–0.7%
Grupo Televisa SAB (a)		1,800		33,102
Pearson PLC (a)		3,568		62,475
Shaw Communications, Inc., Class B		1,370		27,674
Thomson Reuters Corp.		3,344		90,422
WPP PLC (a)		2,257		103,935
Total Media				317,608
Pharmaceuticals, Biotechnology & Life Sciences–3.2%
AstraZeneca PLC (a)		5,325		236,217
Elan Corp. PLC * (a)		1,047		11,025
GlaxoSmithKline PLC (a)		7,344		303,234
Novartis AG (a)		7,129		397,584
Novo Nordisk A/S (a)		815		81,109
QIAGEN NV *		565		7,814
Sanofi (a)		9,227		302,645
Shire PLC (a)		290		27,240
Valeant Pharmaceuticals International, Inc.		341		12,658
Total Pharmaceuticals, Biotechnology & Life Sciences				1,379,526
Real Estate–0.3%
Brookfield Asset Management, Inc., Class A		4,206		115,875
Semiconductors & Semiconductor Equipment–0.6%
Advantest Corp. (a)		640		6,835
ARM Holdings PLC (a)		182		4,641
ASML Holding NV, Class G		1,517		52,397
STMicroelectronics NV, Class Y		11,398		74,087
Taiwan Semiconductor Manufacturing Co. Ltd. (a)		8,329		95,201
United Microelectronics Corp. (a)		14,596		27,878
Total Semiconductors & Semiconductor Equipment				261,039
Software & Services–0.3%
SAP AG (a)		2,577		130,448
Technology Hardware & Equipment–4.7%
Alcatel-Lucent * (a)		53,404		151,133
Canon, Inc. (a)		6,998		316,729
Hitachi Ltd. (a)		14,599		721,482
Kyocera Corp. (a)		1,123		93,535
Nokia OYJ (a)		73,948		418,546
Research In Motion Ltd. *		5,436		110,351
Telefonaktiebolaget LM Ericsson (a)		23,705		226,383
Total Technology Hardware & Equipment				2,038,159
Telecommunication Services–10.6%
America Movil SAB de CV, Series R (a)		16,300		359,904
BCE, Inc.		3,412		127,814
BT Group PLC (a)		8,474		225,747
China Mobile Ltd. (a)		10,687		520,564
Chunghwa Telecom Co. Ltd. (a)		1,335		44,055
France Telecom SA (a)		27,469		449,668
Nippon Telegraph & Telephone Corp. (a)		32,634		781,584
NTT DoCoMo, Inc. (a)		17,311		316,099
Portugal Telecom SGPS SA (a)		5,816		42,166
Rogers Communications, Inc., Class B		2,432		83,199
Tele Norte Leste Participacoes SA (a)		11,494		109,538
Telecom Italia SpA (a)		26,250		283,762
Telefonica SA (a)		32,011		612,050
Telefonos de Mexico SAB de CV (a)		4,042		60,428
TELUS Corp., Class A		1,454		67,233
Vodafone Group PLC (a)		19,580		502,227
Total Telecommunication Services				4,586,038
Transportation–0.4%
Canadian National Railway Co.		904		60,188
Canadian Pacific Railway Ltd.		728		35,010
Lan Airlines SA (a)		1,458		30,108
Ryanair Holdings PLC * (a)		1,250		32,187
Total Transportation				157,493
Utilities–2.4%
Centrais Eletricas Brasileiras SA, Class C (a)		13,470		118,132
Cia Energetica de Minas Gerais (a)		3,601		53,439
Empresa Nacional de Electricidad SA (a)		811		35,149
Enersis SA (a)		5,653		95,592
Korea Electric Power Corp. * (a)		28,764		244,494
National Grid PLC (a)		3,159		156,687
TransAlta Corp.		921		20,050
Veolia Environnement SA (a)		23,020		335,171
Total Utilities				1,058,714
Total Common Stocks (Cost $51,099,680)				42,549,860
PREFERRED STOCKS–1.2%
Food, Beverage & Tobacco–0.2%
Cia de Bebidas das Americas (a)		3,423		104,915
Materials–0.9%
Vale SA, Class B (a)		17,996		377,916

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

Schedule of Investments - continued

RevenueShares ADR Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Utilities–0.1%
Cia Paranaense de Energia-Copel Preference B (a)		1,494	$	27,206
Total Preferred Stocks (Cost $616,535)				510,037
Total Investments–99.8% (Cost $51,716,215)				43,059,897
Other Assets in Excess of Liabilities–0.2%				70,051
Net Assets–100.0%			$	43,129,948

Country	Value		% of Net Assets
Australia	$	525,507		1.3	%
Belgium		468,521		1.1
Brazil		3,063,683		7.2
Canada		3,437,636		8.0
Chile		229,222		0.5
China		2,285,396		5.3
Colombia		223,022		0.5
Denmark		81,109		0.2
Finland		418,546		1.0
France		2,761,783		6.3
Germany		1,431,243		3.3
Greece		66,636		0.1
Hong Kong		767,354		1.8
Ireland		244,505		0.6
Italy		1,365,175		3.3
Japan		6,772,841		15.6
Jersey Islands		103,935		0.2
Luxembourg		665,829		1.5
Mexico		647,964		1.4
Netherlands		5,029,398		11.7
Norway		691,949		1.6
Peru		29,836		—	†
Portugal		42,166		0.1
South Korea		481,250		1.1
Spain		1,223,729		2.9
Sweden		226,383		0.5
Switzerland		1,495,302		3.5
Taiwan		167,134		0.4
United Kingdom		7,982,037		18.5
United States		130,806		0.3
Total Investments		43,059,897		99.8
Other Assets in Excess of Liabilities		70,051		0.2
Net Assets		43,129,948		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
September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–93.6%
Automobiles & Components–3.8%
BorgWarner, Inc. *		7,287	$	441,082
Banks–0.1%
Enterprise Financial Services Corp.		550		7,475
Capital Goods–3.7%
Coleman Cable, Inc. *		1,810		15,313
Colfax Corp. *		733		14,851
Dycom Industries, Inc. *		2,235		34,195
Global Power Equipment Group, Inc. *		815		18,965
Mastec, Inc. *		5,516		97,137
Miller Industries, Inc.		816		14,158
Primoris Services Corp.		4,628		48,409
Sauer-Danfoss, Inc. *		5,198		150,222
Twin Disc, Inc.		1,599		42,645
Total Capital Goods				435,895
Commercial & Professional Services–1.5%
51job, Inc. * (a)		510		20,349
Acacia Research - Acacia Technologies *		1,499		53,949
AT Cross Co., Class A *		4,065		45,853
Food Technology Service, Inc. *		6,012		37,755
Multi-Color Corp.		618		13,961
Total Commercial & Professional Services				171,867
Consumer Durables & Apparel–5.9%
CROCS, Inc. *		1,031		24,404
Fossil, Inc. *		2,542		206,054
Lululemon Athletica, Inc. *		2,104		102,360
Polaris Industries, Inc.		5,002		249,950
Tempur-Pedic International, Inc. *		803		42,246
Under Armour, Inc., Class A *		1,072		71,191
Total Consumer Durables & Apparel				696,205
Consumer Services–5.1%
BJ's Restaurants, Inc. *		345		15,218
Chipotle Mexican Grill, Inc., Class A *		369		111,789
Krispy Kreme Doughnuts, Inc. *		1,403		9,568
Melco Crown Entertainment Ltd., Class Participation Certificate * (a)		11,782		97,908
Tim Hortons, Inc.		2,686		124,308
Town Sports International Holdings, Inc. *		2,245		16,299
Weight Watchers International, Inc.		1,346		78,405
Wynn Resorts Ltd.		1,227		141,203
Total Consumer Services				594,698
Diversified Financials–2.3%
Dfc Global Corp. *		1,309		28,602
Discover Financial Services		9,559		219,283
First Cash Financial Services, Inc. *		356		14,934
Marketaxess Holdings, Inc.		281		7,312
Total Diversified Financials				270,131
Energy–13.4%
CARBO Ceramics, Inc.		102		10,458
CVR Energy, Inc. *		5,569		117,729
Delek US Holdings, Inc.		14,377		162,029
Hollyfrontier Corp.		13,221		346,654
Precision Drilling Corp. *		5,874		48,695
RPC, Inc.		5,371		87,655
Tesoro Corp. *		40,810		794,571
Total Energy				1,567,791
Food, Beverage & Tobacco–3.3%
B&G Foods, Inc., Class A		2,459		41,016
Darling International, Inc. *		1,393		17,538
Diamond Foods, Inc.		269		21,463
Green Mountain Coffee Roasters, Inc. *		478		44,425
Hansen Natural Corp. *		509		44,431
Hormel Foods Corp.		7,411		200,245
Omega Protein Corp. *		2,409		21,874
Total Food, Beverage & Tobacco				390,992
Health Care Equipment & Services–11.8%
Air Methods Corp. *		697		44,378
Computer Programs & Systems, Inc.		100		6,615
Cooper Cos., Inc.		1,071		84,770
Coventry Health Care, Inc. *		10,653		306,913
Healthspring, Inc. *		2,283		83,238
Humana, Inc.		11,683		849,704
Transcend Services, Inc. *		209		4,711
Total Health Care Equipment & Services				1,380,329
Household & Personal Products–5.1%
Estee Lauder Cos., Inc., Class A		2,257		198,255
Herbalife Ltd.		7,222		387,099
Nature's Sunshine Products, Inc. *		930		13,094
Total Household & Personal Products				598,448
Insurance–0.3%
Amtrust Financial Services, Inc.		1,446		32,188
Materials–3.0%
CF Industries Holdings, Inc.		914		112,778
Endeavour Silver Corp. *		451		4,050
Futurefuel Corp.		1,015		10,556
Fuwei Films Holdings Co. Ltd. *		8,356		19,052
Innospec, Inc. *		4,117		99,673
LSB Industries, Inc. *		1,388		39,794
Valhi, Inc.		1,312		71,071
Total Materials				356,974
Media–0.1%
Liberty Media Corp. - Liberty Capital, Class A *		195		12,893
Pharmaceuticals, Biotechnology & Life Sciences–4.2%
Akorn, Inc. *		4,747		37,074
Aveo Pharmaceuticals, Inc. *		491		7,557
Columbia Laboratories, Inc. *		15,451		30,129
Hi-Tech Pharmacal Co., Inc. *		270		9,072
Jazz Pharmaceuticals, Inc. *		932		38,697
Perrigo Co.		3,814		370,378
Spectrum Pharmaceuticals, Inc. *		788		6,012
Total Pharmaceuticals, Biotechnology & Life Sciences				498,919
Real Estate–1.3%
American Capital Agency Corp. (b)		1,424		38,590

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

Schedule of Investments - continued

RevenueShares Navellier Overall A-100 Fund
September 30, 2011 (Unaudited)

Investments	Shares		Value
Real Estate–1.3% (continued)
Annaly Capital Management, Inc. (b)		7,216	$	120,002
Total Real Estate				158,592
Retailing–9.5%
Dollar Tree, Inc. *		9,542		716,700
Lithia Motors, Inc., Class A		5,848		84,094
priceline.com, Inc. *		255		114,612
Sally Beauty Holdings, Inc. *		6,851		113,727
Select Comfort Corp. *		1,600		22,352
Stamps.com, Inc. *		212		4,333
Ulta Salon Cosmetics & Fragrance, Inc. *		880		54,762
Total Retailing				1,110,580
Semiconductors & Semiconductor Equipment–0.0%†
Ceva, Inc. *		112		2,723
Cvd Equipment Corp. *		139		1,876
Total Semiconductors & Semiconductor Equipment				4,599
Software & Services–1.3%
Broadsoft, Inc. *		132		4,006
Cimatron Ltd.		9,923		31,555
Easylink Services International Corp., Class A *		855		3,711
Internet Initiative Japan, Inc. (a)		4,016		45,822
j2 Global Communications, Inc.		387		10,410
Keynote Systems, Inc.		199		4,205
NIC, Inc.		528		6,046
Opnet Technologies, Inc.		1,313		45,837
Total Software & Services				151,592
Technology Hardware & Equipment–0.3%
Datalink Corp. *		1,612		10,962
IPG Photonics Corp. *		568		24,674
Total Technology Hardware & Equipment				35,636
Telecommunication Services–10.0%
BT Group PLC (a)		30,676		817,209
Tim Participacoes SA (a)		15,163		357,240
Total Telecommunication Services				1,174,449
Transportation–0.5%
Copa Holdings SA, Class A		906		55,511
Utilities–7.1%
National Grid PLC (a)		16,926		839,530
Total Common Stocks (Cost $11,560,630)				10,986,376
PREFERRED STOCK–6.4%
Food, Beverage & Tobacco–6.4%
Cia de Bebidas das Americas (a)		24,561		752,795
Total Preferred Stocks (Cost $710,220)				752,795
Total Investments–100.0% (Cost $12,270,850)				11,739,171
Other Assets in Excess of Liabilities–0.0%				279
Net Assets–100.0%			$	11,739,450

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

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

NOTES TO SCHEDULES 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 for financial reporting purposes. 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 Topic 820, establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. Furthermore, Topic 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The Funds utilized various inputs in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels as follows:

Level 1 — quoted prices in active markets for identical securities
Level 2 — other significant observable inputs (including quoted prices for similar securities, the intrinsic value of securities such as rights, warrants or options, etc.)

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of September 30, 2011 in valuing the Funds’ assets carried at fair value:

	Quoted Prices  in Active Markets  (Level 1)		Other  Significant Observable	Significant Observable	Total
Fund	Common Stock	Preferred Stock	Inputs (Level 2)	Inputs (Level 3)
RevenueShares Large Cap Fund	147,697,273	–	–	–	147,697,273
RevenueShares Mid Cap Fund	103,303,301	–	–	–	103,303,301
RevenueShares Small Cap Fund	88,560,035	–	447	–	88,560,482
RevenueShares Financials Sector Fund	8,876,305	–	–	–	8,876,305
RevenueShares ADR Fund	42,549,860	510,037	–	–	43,059,897
RevenueShares Navellier Overall A-100 Fund	10,986,376	752,795	–	–	11,739,171

At September 30, 2011, the Funds did not hold any Level 3 securities. Please refer to each Fund’s 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 September 30, 2011, based on the valuation input Levels assigned to securities on June 30, 2011.

4. FEDERAL INCOME TAX

At September 30, 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	$155,557,725	10,083,320	(17,943,772)	(7,860,452)
RevenueShares Mid Cap Fund	109,820,963	7,303,286	(13,820,948)	(6,517,662)
RevenueShares Small Cap Fund	95,356,515	5,889,052	(12,685,085)	(6,796,033)
RevenueShares Financials Sector Fund	13,180,796	56,842	(4,361,333)	(4,304,491)
RevenueShares ADR Fund	51,716,215	991,332	(9,647,650)	(8,656,318)
RevenueShares Navellier Overall A-100 Fund	12,270,850	438,434	(970,113)	(531,679)

5. ADDITIONAL INFORMATION

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

6. SUBSEQUENT EVENTS

Management has evaluated events and transactions for potential recognition or disclosure in this report through the date the report was issued. Management has determined that there were no material events that would require disclosure in this report through this date.

Item 2. Controls and Procedures.

(a)

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

(b)

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

Item 3. Exhibits.

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

SIGNATURES

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

(Registrant) RevenueShares ETF Trust
By:	/s/ Vincent T. Lowry Vincent T. Lowry Principal Executive Officer
Date:	November 28, 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:	November 28, 2011
By:	/s/ Charles S. Todd Charles S. Todd Chief Financial Officer
Date:	November 28, 2011

EX-99.CERT

CERTIFICATIONS

I, Vincent T. Lowry, certify that:

1.	I have reviewed this report on Form N-Q of RevenueShares ETF Trust;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
4.	The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d)	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.      The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	November 28, 2011
		/s/ Vincent T. Lowry Vincent T. Lowry Principal Executive Officer

CERTIFICATIONS

I, Charles S. Todd, certify that:

1.	I have reviewed this report on Form N-Q of RevenueShares ETF Trust;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
4.	The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d)	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.      The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	November 28, 2011
		/s/ Charles S. Todd Charles S. Todd Chief Financial Officer