N-Q 1 e48218nq.htm QUARTERLY REPORT

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number                   811-21993

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

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

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

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

Date of fiscal year end: June 30

Date of reporting period: January 1, 2012 – March 31, 2012

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

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

 
 

Item 1. Schedule of Investments

Schedule of Investments

RevenueShares Large Cap Fund
March 31, 2012 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS–99.9%          
Automobiles & Components - 2.1%          
BorgWarner, Inc. *   1,347   $113,606 
Ford Motor Co.   180,189    2,250,560 
Goodyear Tire & Rubber Co. *   30,624    343,601 
Harley-Davidson, Inc.   1,773    87,019 
Johnson Controls, Inc.   20,114    653,303 
Total Automobiles & Components        3,448,089 
Banks - 1.9%          
BB&T Corp.   5,425    170,291 
Comerica, Inc.   1,315    42,553 
Fifth Third Bancorp   8,005    112,470 
First Horizon National Corp.   2,593    26,915 
Hudson City Bancorp, Inc.   5,636    41,199 
Huntington Bancshares, Inc.   7,932    51,161 
KeyCorp   9,687    82,339 
M&T Bank Corp.   850    73,848 
People's United Financial, Inc.   1,648    21,820 
PNC Financial Services Group, Inc.   4,320    278,597 
Regions Financial Corp.   20,898    137,718 
SunTrust Banks, Inc.   6,868    166,000 
U.S. Bancorp   11,198    354,753 
Wells Fargo & Co.   44,092    1,505,301 
Zions Bancorporation   2,089    44,830 
Total Banks        3,109,795 
Capital Goods - 8.4%          
3M Co.   5,486    489,406 
Boeing Co.   14,691    1,092,570 
Caterpillar, Inc.   8,243    878,044 
Cooper Industries PLC, Class A   1,394    89,146 
Cummins, Inc.   2,275    273,091 
Danaher Corp.   4,586    256,816 
Deere & Co.   6,096    493,166 
Dover Corp.   2,111    132,866 
Eaton Corp.   5,165    257,372 
Emerson Electric Co.   7,547    393,802 
Fastenal Co.   850    45,985 
Flowserve Corp.   629    72,656 
Fluor Corp.   6,005    360,540 
General Dynamics Corp.   7,408    543,599 
General Electric Co.   120,970    2,427,868 
Goodrich Corp.   1,032    129,454 
Honeywell International, Inc.   10,034    612,576 
Illinois Tool Works, Inc.   5,078    290,055 
Ingersoll-Rand PLC   5,994    247,852 
Jacobs Engineering Group, Inc. *   3,584    159,022 
Joy Global, Inc.   862    63,357 
L-3 Communications Holdings, Inc.   3,648    258,169 
Lockheed Martin Corp.   8,859    796,070 
Masco Corp.   9,441    126,226 
Northrop Grumman Corp.   7,269    443,990 
PACCAR, Inc.   5,165    241,877 
Pall Corp.   739    44,067 
Parker Hannifin Corp.   2,185    184,742 
Precision Castparts Corp.   585    101,146 
Quanta Services, Inc. *   3,230    67,507 
Raytheon Co.   8,159    430,632 
Rockwell Automation, Inc.   1,138    90,699 
Rockwell Collins, Inc.   1,370    78,857 
Roper Industries, Inc.   462    45,812 
Snap-On, Inc.   799    48,715 
Textron, Inc.   6,818    189,745 
Tyco International Ltd.   5,378    302,136 
United Technologies Corp.   11,422    947,341 
W.W. Grainger, Inc.   613    131,679 
Xylem, Inc./NY   2,261    62,743 
Total Capital Goods        13,901,396 
Commercial & Professional Services - 0.6%          
Avery Dennison Corp.   3,679    110,848 
Cintas Corp.   1,549    60,597 
Dun & Bradstreet Corp.   334    28,300 
Equifax, Inc.   722    31,956 
Iron Mountain, Inc.   1,763    50,774 
Pitney Bowes, Inc.   4,974    87,443 
R.R. Donnelley & Sons Co.   13,555    167,946 
Republic Services, Inc.   4,512    137,887 
Robert Half International, Inc.   2,002    60,661 
Stericycle, Inc. *   312    26,096 
Waste Management, Inc.   6,348    221,926 
Total Commercial & Professional Services        984,434 
Consumer Durables & Apparel - 1.0%          
Coach, Inc.   880    68,006 
D.R. Horton, Inc.   3,656    55,462 
Harman International Industries, Inc.   1,253    58,653 
Hasbro, Inc.   2,007    73,697 
Leggett & Platt, Inc.   2,589    59,573 
Lennar Corp., Class A   1,899    51,615 
Mattel, Inc.   3,170    106,702 
Newell Rubbermaid, Inc.   5,338    95,070 
NIKE, Inc., Class B   3,049    330,634 
Pultegroup, Inc. *   7,344    64,994 
Ralph Lauren Corp., Class A   527    91,872 
Stanley Black & Decker, Inc.   2,103    161,847 
VF Corp.   987    144,082 
Whirlpool Corp.   4,111    315,971 
Total Consumer Durables & Apparel        1,678,178 
Consumer Services - 1.2%          
Apollo Group, Inc., Class A *   1,922    74,266 
Carnival Corp.   8,109    260,137 
Chipotle Mexican Grill, Inc., Class A *   93    38,874 
Darden Restaurants, Inc.   2,360    120,738 
DeVry, Inc.   995    33,701 
H&R Block, Inc.   3,265    53,775 
International Game Technology   1,946    32,673 
Marriott International, Inc., Class A   5,405    204,579 
McDonald's Corp.   4,543    445,668 
Starbucks Corp.   3,634    203,104 
Starwood Hotels & Resorts Worldwide,
Inc.		   1,629    91,892 
Wyndham Worldwide Corp.   1,557    72,416 
Wynn Resorts Ltd.   684    85,418 
Yum! Brands, Inc.   2,967    211,191 
Total Consumer Services        1,928,432 
Diversified Financials - 5.8%          
American Express Co.   9,455    547,066 
Ameriprise Financial, Inc.   3,011    172,018 
Bank of America Corp.   195,616    1,872,045 
Bank of New York Mellon Corp.   10,897    262,945 
BlackRock, Inc., Class A   772    158,183 
Capital One Financial Corp.   5,726    319,167 
Charles Schwab Corp.   5,385    77,382 
Citigroup, Inc.   47,704    1,743,581 
CME Group, Inc., Class A   193    55,841 
Discover Financial Services   4,381    146,063 
E*Trade Financial Corp. *   3,643    39,891 
Federated Investors, Inc., Class B   686    15,373 
Franklin Resources, Inc.   936    116,092 
Goldman Sachs Group, Inc.   5,353    665,753 
The accompanying notes are an integral part of these financial statements.
 

Schedule of Investments - continued

RevenueShares Large Cap Fund
March 31, 2012 (Unaudited)

Investments   Shares    Value 
IntercontinentalExchange, Inc. *   162   $22,262 
Invesco Ltd.   2,676    71,369 
JPMorgan Chase & Co.   43,763    2,012,223 
Legg Mason, Inc.   1,587    44,325 
Leucadia National Corp.   1,117    29,154 
Moody's Corp.   898    37,806 
Morgan Stanley   35,917    705,410 
NASDAQ OMX Group, Inc. *   2,137    55,348 
Northern Trust Corp.   1,471    69,799 
NYSE Euronext   2,578    77,366 
SLM Corp.   5,791    91,266 
State Street Corp.   3,706    168,623 
T. Rowe Price Group, Inc.   708    46,232 
Total Diversified Financials        9,622,583 
Energy - 14.7%          
Alpha Natural Resources, Inc. *   5,830    88,674 
Anadarko Petroleum Corp.   2,639    206,739 
Apache Corp.   2,466    247,685 
Baker Hughes, Inc.   6,478    271,687 
Cabot Oil & Gas Corp.   470    14,650 
Cameron International Corp. *   2,138    112,951 
Chesapeake Energy Corp.   8,017    185,754 
Chevron Corp.   35,006    3,754,043 
ConocoPhillips   48,482    3,685,117 
Consol Energy, Inc.   2,883    98,310 
Denbury Resources, Inc. *   1,893    34,509 
Devon Energy Corp.   2,355    167,488 
Diamond Offshore Drilling, Inc.   792    52,866 
El Paso Corp.   2,663    78,692 
EOG Resources, Inc.   1,175    130,543 
EQT Corp.   523    25,214 
Exxon Mobil Corp.   81,575    7,075,000 
FMC Technologies, Inc. *   1,509    76,084 
Halliburton Co.   11,155    370,234 
Helmerich & Payne, Inc.   680    36,686 
Hess Corp.   10,141    597,812 
Marathon Oil Corp.   14,772    468,272 
Marathon Petroleum Corp.   27,208    1,179,739 
Murphy Oil Corp.   8,254    464,453 
Nabors Industries Ltd. *   4,574    79,999 
National Oilwell Varco, Inc.   2,730    216,953 
Newfield Exploration Co. *   1,196    41,477 
Noble Corp.   1,054    39,493 
Noble Energy, Inc.   586    57,299 
Occidental Petroleum Corp.   3,838    365,493 
Peabody Energy Corp.   3,832    110,975 
Pioneer Natural Resources Co.   348    38,833 
QEP Resources, Inc.   1,485    45,293 
Range Resources Corp.   288    16,744 
Rowan Cos., Inc. *   467    15,378 
Schlumberger Ltd.   8,240    576,223 
Southwestern Energy Co. *   1,401    42,871 
Spectra Energy Corp.   2,781    87,741 
Sunoco, Inc.   17,674    674,263 
Tesoro Corp. *   15,782    423,589 
Valero Energy Corp.   68,004    1,752,463 
Williams Cos., Inc.   5,345    164,680 
Wpx Energy, Inc. *   3,440    61,954 
Total Energy        24,234,923 
Food & Staples Retailing - 9.0%          
Costco Wholesale Corp.   15,771    1,432,007 
CVS Caremark Corp.   38,519    1,725,651 
Kroger Co.   55,671   1,348,908 
Safeway, Inc.   32,475    656,320 
SUPERVALU, Inc.   101,108    577,327 
Sysco Corp.   22,262    664,743 
Walgreen Co.   34,925    1,169,638 
Wal-Mart Stores, Inc.   115,783    7,085,920 
Whole Foods Market, Inc.   1,944    161,741 
Total Food & Staples Retailing        14,822,255 
Food, Beverage & Tobacco - 4.7%          
Altria Group, Inc.   9,185    283,541 
Archer-Daniels-Midland Co.   38,852    1,230,054 
Beam, Inc.   1,693    99,159 
Brown-Forman Corp., Class B   531    44,280 
Campbell Soup Co.   3,909    132,320 
Coca-Cola Co.   11,019    815,516 
Coca-Cola Enterprises, Inc.   4,946    141,456 
ConAgra Foods, Inc.   7,729    202,963 
Constellation Brands, Inc., Class A *   2,454    57,890 
Dean Foods Co. *   18,070    218,828 
Dr Pepper Snapple Group, Inc.   2,552    102,616 
General Mills, Inc.   6,395    252,283 
H.J. Heinz Co.   3,316    177,572 
Hershey Co.   1,676    102,789 
Hormel Foods Corp.   4,591    135,526 
J.M. Smucker Co.   1,013    82,418 
Kellogg Co.   4,166    223,422 
Kraft Foods, Inc., Class A   23,407    889,700 
Lorillard, Inc.   571    73,933 
McCormick & Co., Inc.   1,158    63,030 
Molson Coors Brewing Co., Class B   1,330    60,182 
PepsiCo, Inc.   16,815    1,115,675 
Philip Morris International, Inc.   5,967    528,736 
Reynolds American, Inc.   3,470    143,797 
Sara Lee Corp.   6,300    135,639 
Tyson Foods, Inc., Class A   26,491    507,303 
Total Food, Beverage & Tobacco        7,820,628 
Health Care Equipment & Services - 8.4%          
Aetna, Inc.   12,198    611,852 
AmerisourceBergen Corp., Class A   34,880    1,384,038 
Baxter International, Inc.   3,877    231,767 
Becton Dickinson & Co.   1,646    127,812 
Boston Scientific Corp. *   21,355    127,703 
C.R. Bard, Inc.   484    47,781 
Cardinal Health, Inc.   40,550    1,748,111 
CareFusion Corp. *   2,284    59,224 
Cerner Corp. *   456    34,729 
CIGNA Corp.   7,884    388,287 
Coventry Health Care, Inc.   6,010    213,776 
Covidien PLC   3,480    190,286 
DaVita, Inc. *   1,285    115,868 
DENTSPLY International, Inc.   1,001    40,170 
Edwards Lifesciences Corp. *   386    28,074 
Express Scripts, Inc. *   14,018    759,495 
Hospira, Inc. *   1,826    68,274 
Humana, Inc.   6,994    646,805 
Intuitive Surgical, Inc. *   63    34,130 
Laboratory Corp. of America Holdings *   1,018    93,188 
McKesson Corp.   21,091    1,851,157 
Medco Health Solutions, Inc. *   16,261    1,143,148 
Medtronic, Inc.   6,662    261,084 
Patterson Cos., Inc.   1,737    58,016 
Quest Diagnostics, Inc.   2,095    128,109 
St. Jude Medical, Inc.   2,200    97,482 
Stryker Corp.   2,462    136,592 
The accompanying notes are an integral part of these financial statements.
 

Schedule of Investments - continued

RevenueShares Large Cap Fund
March 31, 2012 (Unaudited)

Investments  Shares  Value
Tenet Healthcare Corp. *   28,684   $152,312 
UnitedHealth Group, Inc.   30,227    1,781,579 
Varian Medical Systems, Inc. *   602    41,514 
WellPoint, Inc.   14,981    1,105,598 
Zimmer Holdings, Inc.   1,158    74,436 
Total Health Care Equipment & Services        13,782,397 
Household & Personal Products - 1.5%          
Avon Products, Inc.   10,132    196,156 
Clorox Co.   1,276    87,725 
Colgate-Palmolive Co.   2,933    286,789 
Estee Lauder Cos., Inc., Class A   2,267    140,418 
Kimberly-Clark Corp.   4,781    353,268 
Mead Johnson Nutrition Co., Class A   752    62,025 
Procter & Gamble Co.   20,150    1,354,281 
Total Household & Personal Products        2,480,662 
Insurance - 5.8%          
ACE Ltd.   3,899    285,407 
Aflac, Inc.   7,704    354,307 
Allstate Corp.   16,717    550,324 
American International Group, Inc. *   40,792    1,257,617 
AON Corp., Class W *   3,844    188,587 
Assurant, Inc.   3,484    141,102 
Berkshire Hathaway, Inc., Class B *   29,418    2,387,271 
Chubb Corp.   3,345    231,173 
Cincinnati Financial Corp.   1,789    61,738 
Genworth Financial, Inc., Class A *   18,984    157,947 
Hartford Financial Services Group, Inc.   17,060    359,625 
Lincoln National Corp.   6,735    177,535 
Loews Corp.   6,114    243,765 
Marsh & McLennan Cos., Inc.   5,814    190,641 
MetLife, Inc.   28,995    1,082,963 
Principal Financial Group, Inc.   5,199    153,422 
Progressive Corp.   11,461    265,666 
Prudential Financial, Inc.   11,977    759,222 
Torchmark Corp.   1,108    55,234 
Travelers Cos., Inc.   7,212    426,950 
Unum Group   7,060    172,829 
XL Group PLC, Class A   5,000    108,450 
Total Insurance        9,611,775 
Materials - 3.6%          
Air Products & Chemicals, Inc.   1,800    165,240 
Airgas, Inc.   819    72,866 
Alcoa, Inc.   39,250    393,285 
Allegheny Technologies, Inc.   1,920    79,046 
Ball Corp.   3,481    149,265 
Bemis Co., Inc.   2,805    90,573 
CF Industries Holdings, Inc.   513    93,699 
Cliffs Natural Resources, Inc.   1,530    105,968 
Dow Chemical Co.   28,405    983,949 
E.I. du Pont de Nemours & Co.   11,631    615,280 
Eastman Chemical Co.   2,234    115,476 
Ecolab, Inc.   1,826    112,701 
FMC Corp.   552    58,435 
Freeport-McMoRan Copper & Gold, Inc.   9,729    370,091 
International Flavors & Fragrances, Inc.   814    47,700 
International Paper Co.   12,379    434,503 
MeadWestvaco Corp.   3,259    102,952 
Monsanto Co.   2,435    194,216 
Mosaic Co. (The)   2,612    144,418 
Newmont Mining Corp.   3,171    162,577 
Nucor Corp.   7,238    310,872 
Owens-Illinois, Inc. *   5,045    117,750 
PPG Industries, Inc.   2,644    253,295 
Praxair, Inc.   1,682    192,825 
Sealed Air Corp.   3,968   76,622 
Sigma-Aldrich Corp.   571    41,717 
Titanium Metals Corp.   1,203    16,313 
United States Steel Corp.   10,940    321,308 
Vulcan Materials Co.   932    39,824 
Weyerhaeuser Co. (a)   4,790    104,997 
Total Materials        5,967,763 
Media - 2.9%          
Cablevision Systems Corp., Class A   7,862    115,414 
CBS Corp., Class B   7,641    259,106 
Comcast Corp., Class A   28,784    863,808 
DIRECTV, Class A *   9,341    460,885 
Discovery Communications, Inc.,
Class A *		   1,447    73,218 
Gannett Co., Inc.   5,853    89,726 
Interpublic Group of Cos., Inc.   9,884    112,776 
McGraw-Hill Cos., Inc.   2,215    107,361 
News Corp., Class A   27,343    538,384 
Omnicom Group, Inc.   4,572    231,572 
Scripps Networks Interactive, Inc.,
Class A		   726    35,349 
Time Warner Cable, Inc.   4,129    336,514 
Time Warner, Inc.   13,382    505,171 
Viacom, Inc., Class B   5,008    237,680 
Walt Disney Co.   15,647    685,026 
Washington Post Co., Class B   185    69,110 
Total Media        4,721,100 
Pharmaceuticals, Biotechnology & Life Sciences - 3.5%          
Abbott Laboratories   10,873    666,406 
Allergan, Inc.   963    91,899 
Amgen, Inc.   3,845    261,422 
Biogen IDEC, Inc. *   692    87,171 
Bristol-Myers Squibb Co.   10,587    357,311 
Celgene Corp. *   1,028    79,691 
Eli Lilly & Co.   10,212    411,237 
Forest Laboratories, Inc. *   2,148    74,514 
Gilead Sciences, Inc. *   2,943    143,766 
Johnson & Johnson   16,626    1,096,651 
Life Technologies Corp. *   1,329    64,882 
Merck & Co., Inc.   21,146    812,006 
Mylan, Inc. *   4,429    103,860 
PerkinElmer, Inc.   1,139    31,505 
Perrigo Co.   443    45,766 
Pfizer, Inc.   52,118    1,180,994 
Thermo Fisher Scientific, Inc.   3,283    185,096 
Waters Corp. *   328    30,392 
Watson Pharmaceuticals, Inc. *   1,141    76,515 
Total Pharmaceuticals, Biotechnology & Life Sciences        5,801,084 
Real Estate Investment Trusts - 0.4%          
American Tower Corp., Class A   620    39,073 
Apartment Investment & Management
Co., Class A		   708    18,698 
AvalonBay Communities, Inc.   109    15,407 
Boston Properties, Inc.   263    27,613 
Cbre Group, Inc., Class A *   4,674    93,293 
Equity Residential   542    33,940 
HCP, Inc.   671    26,478 
Health Care REIT, Inc.   373    20,500 
Host Hotels & Resorts, Inc.   5,079    83,397 
Kimco Realty Corp.   786    15,138 
Plum Creek Timber Co., Inc.   477    19,824 
ProLogis, Inc.   707    25,466 
Public Storage   213    29,430 
Simon Property Group, Inc.   508    74,006 
Ventas, Inc.   432    24,667 
The accompanying notes are an integral part of these financial statements.
 

Schedule of Investments - continued

RevenueShares Large Cap Fund
March 31, 2012 (Unaudited)

Investments  Shares   Value 
Vornado Realty Trust   571   $48,078 
Total Real Estate Investment Trusts        595,008 
Retailing - 5.9%          
Abercrombie & Fitch Co., Class A   1,042    51,694 
Amazon.com, Inc. *   3,960    801,940 
AutoNation, Inc. *   6,483    222,432 
AutoZone, Inc. *   366    136,079 
Bed Bath & Beyond, Inc. *   2,163    142,260 
Best Buy Co., Inc.   33,305    788,662 
Big Lots, Inc. *   1,811    77,909 
CarMax, Inc. *   4,203    145,634 
Dollar Tree, Inc. *   1,034    97,703 
Expedia, Inc.   1,862    62,265 
Family Dollar Stores, Inc.   2,482    157,061 
Gamestop Corp., Class A   6,638    144,974 
Gap, Inc.   9,622    251,519 
Genuine Parts Co.   3,271    205,255 
Home Depot, Inc.   23,109    1,162,614 
JC Penney Co., Inc.   8,165    289,286 
Kohl's Corp.   6,017    301,031 
Lowe's Cos., Inc.   26,808    841,235 
Ltd. Brands, Inc.   3,302    158,496 
Macy's, Inc.   10,399    413,152 
Netflix, Inc. *   447    51,423 
Nordstrom, Inc.   2,872    160,028 
O'Reilly Automotive, Inc. *   1,077    98,384 
priceline.com, Inc. *   102    73,185 
Ross Stores, Inc.   2,320    134,792 
Sears Holdings Corp. *   8,842    585,782 
Sherwin-Williams Co.   1,354    147,139 
Staples, Inc.   25,114    406,345 
Target Corp.   19,253    1,121,872 
Tiffany & Co.   732    50,603 
TJX Cos., Inc.   9,555    379,429 
Tripadvisor, Inc. *   299    10,665 
Urban Outfitters, Inc. *   1,318    38,367 
Total Retailing        9,709,215 
Semiconductors & Semiconductor Equipment - 1.3%          
Advanced Micro Devices, Inc. *   13,376    107,275 
Altera Corp.   901    35,878 
Analog Devices, Inc.   1,285    51,914 
Applied Materials, Inc.   14,711    183,005 
Broadcom Corp., Class A   3,340    131,262 
First Solar, Inc. *   1,569    39,303 
Intel Corp.   31,256    878,606 
KLA-Tencor Corp.   918    49,958 
Linear Technology Corp.   727    24,500 
LSI Corp. *   3,803    33,010 
Microchip Technology, Inc.   638    23,734 
Micron Technology, Inc. *   17,419    141,094 
Novellus Systems, Inc. *   505    25,204 
NVIDIA Corp. *   4,189    64,469 
Teradyne, Inc. *   1,421    24,001 
Texas Instruments, Inc.   7,033    236,379 
Xilinx, Inc.   1,042    37,960 
Total Semiconductors & Semiconductor Equipment        2,087,552 
Software & Services - 4.0%          
Accenture PLC, Class A   6,872    443,244 
Adobe Systems, Inc. *   2,023    69,409 
Akamai Technologies, Inc. *   503    18,460 
Autodesk, Inc. *   772    32,671 
Automatic Data Processing, Inc.   2,917    160,989 
BMC Software, Inc. *   857    34,417 
CA, Inc.   2,701    74,440 
Citrix Systems, Inc. *   453    35,746 
Cognizant Technology Solutions Corp.,
Class A *		   1,256    96,649 
Computer Sciences Corp.   8,531    255,418 
eBay, Inc. *   4,801    177,109 
Electronic Arts, Inc. *   3,348    55,175 
Fidelity National Information Services,
Inc.		   2,876    95,253 
Fiserv, Inc. *   1,033    71,680 
Google, Inc., Class A *   962    616,873 
International Business Machines Corp.   8,685    1,812,125 
Intuit, Inc.   1,059    63,678 
Mastercard, Inc., Class A   257    108,079 
Microsoft Corp.   35,375    1,140,844 
Oracle Corp.   19,485    568,183 
Paychex, Inc.   1,086    33,655 
Red Hat, Inc. *   271    16,230 
SAIC, Inc. *   13,895    183,414 
Salesforce.com, Inc. *   173    26,730 
Symantec Corp. *   5,578    104,309 
Total System Services, Inc.   1,308    30,176 
VeriSign, Inc.   316    12,115 
Visa, Inc., Class A   1,285    151,630 
Western Union Co.   5,044    88,774 
Yahoo!, Inc. *   5,741    87,378 
Total Software & Services        6,664,853 
Technology Hardware & Equipment - 5.1%          
Agilent Technologies, Inc.   2,381    105,978 
Amphenol Corp., Class A   1,147    68,556 
Apple, Inc. *   2,880    1,726,474 
Cisco Systems, Inc.   35,963    760,617 
Corning, Inc.   9,111    128,283 
Dell, Inc. *   58,974    978,968 
EMC Corp. *   11,241    335,881 
F5 Networks, Inc. *   133    17,950 
FLIR Systems, Inc.   1,007    25,487 
Harris Corp.   2,162    97,463 
Hewlett-Packard Co.   88,122    2,099,947 
Jabil Circuit, Inc.   10,089    253,436 
JDS Uniphase Corp. *   2,038    29,531 
Juniper Networks, Inc. *   3,543    81,064 
Lexmark International, Inc., Class A   2,021    67,178 
Molex, Inc.   2,126    59,783 
Motorola Mobility Holdings, Inc. *   5,579    218,920 
Motorola Solutions, Inc.   2,737    139,122 
NetApp, Inc. *   1,874    83,899 
QUALCOMM, Inc.   3,545    241,131 
SanDisk Corp. *   1,810    89,758 
TE Connectivity Ltd.   6,111    224,579 
Teradata Corp. *   551    37,551 
Western Digital Corp. *   4,175    172,803 
Xerox Corp.   45,732    369,514 
Total Technology Hardware & Equipment        8,413,873 
Telecommunication Services - 3.0%          
AT&T, Inc.   66,816    2,086,664 
CenturyLink, Inc.   5,341    206,430 
Crown Castle International Corp. *   646    34,458 
Frontier Communications Corp.   20,645    86,090 
MetroPCS Communications, Inc. *   7,779    70,166 
Sprint Nextel Corp. *   193,421    551,250 
Verizon Communications, Inc.   46,227    1,767,258 
Windstream Corp.   5,640    66,044 
Total Telecommunication Services        4,868,360 
Transportation - 1.7%          
CH Robinson Worldwide, Inc.   2,583    169,161 
CSX Corp.   8,768    188,687 
The accompanying notes are an integral part of these financial statements.
 

Schedule of Investments - continued

RevenueShares Large Cap Fund
March 31, 2012 (Unaudited)

Investments  Shares  Value
Expeditors International of Washington Inc.   2,286   $106,322 
FedEx Corp.   6,802    625,512 
Norfolk Southern Corp.   2,623    172,672 
Ryder System, Inc.   1,767    93,298 
Southwest Airlines Co.   29,659    244,390 
Union Pacific Corp.   2,801    301,051 
United Parcel Service, Inc., Class B   11,224    906,001 
Total Transportation        2,807,094 
Utilities - 3.4%          
AES Corp. *   21,930    286,625 
AGL Resources, Inc.   952    37,337 
Ameren Corp.   4,091    133,285 
American Electric Power Co., Inc.   6,555    252,892 
CenterPoint Energy, Inc.   7,406    146,046 
CMS Energy Corp.   5,096    112,112 
Consolidated Edison, Inc.   3,824    223,398 
Dominion Resources, Inc.   4,992    255,640 
DTE Energy Co.   2,716    149,461 
Duke Energy Corp.   11,651    244,788 
Edison International   5,051    214,718 
Entergy Corp.   2,791    187,555 
Exelon Corp.   8,402    329,442 
FirstEnergy Corp.   5,864    267,340 
Integrys Energy Group, Inc.   1,542    81,711 
NextEra Energy, Inc.   4,160    254,093 
NiSource, Inc.   4,471    108,869 
Northeast Utilities   2,123    78,806 
NRG Energy, Inc. *   8,782    137,614 
Oneok, Inc.   2,892    236,161 
Pepco Holdings, Inc.   5,449    102,932 
PG&E Corp.   5,731    248,783 
Pinnacle West Capital Corp.   1,158    55,468 
PPL Corp.   6,163    174,166 
Progress Energy, Inc.   2,976    158,055 
Public Service Enterprise Group, Inc.   6,243    191,098 
SCANA Corp.   1,699    77,491 
Sempra Energy   2,799    167,828 
Southern Co.   6,721    301,975 
TECO Energy, Inc.   3,189    55,967 
Wisconsin Energy Corp.   2,172    76,411 
Xcel Energy, Inc.   6,782    179,520 
Total Utilities        5,527,587 
Total Investments–99.9%
(Cost $138,688,553)		        164,589,036 
Other Assets in Excess of Liabilities–0.1%        131,292 
Net Assets–100.0%       $164,720,328 
           

 

REIT   - Real Estate Investment Trust

 

*     Non-income producing security
The accompanying notes are an integral part of these financial statements.
 

Schedule of Investments

RevenueShares Mid Cap Fund
March 31, 2012 (Unaudited)

Investments  Shares  Value
COMMON STOCKS–100.0%          
Automobiles & Components - 0.3%          
Gentex Corp.   5,008   $122,696 
Thor Industries, Inc.   10,396    328,098 
Total Automobiles & Components        450,794 
Banks - 2.0%          
Associated Banc-Corp.   9,369    130,791 
Astoria Financial Corp.   10,596    104,477 
BancorpSouth, Inc.   7,790    104,931 
Bank of Hawaii Corp.   1,735    83,887 
Cathay General Bancorp   3,731    66,039 
City National Corp.   2,799    146,864 
Commerce Bancshares, Inc.   3,573    144,778 
Cullen/Frost Bankers, Inc.   1,947    113,296 
East West Bancorp, Inc.   6,045    139,579 
First Niagara Financial Group, Inc.   15,391    151,447 
FirstMerit Corp.   5,796    97,721 
Fulton Financial Corp.   10,959    115,070 
Hancock Holding Co.   2,390    84,869 
International Bancshares Corp.   3,922    82,950 
New York Community Bancorp, Inc.   20,152    280,314 
Prosperity Bancshares, Inc.   1,191    54,548 
Signature Bank *   1,202    75,774 
SVB Financial Group *   1,798    115,683 
Synovus Financial Corp.   94,449    193,620 
TCF Financial Corp.   15,198    180,704 
Trustmark Corp.   2,920    72,942 
Valley National Bancorp   7,998    103,574 
Washington Federal, Inc.   5,112    85,984 
Webster Financial Corp.   4,912    111,355 
Westamerica Bancorporation   723    34,704 
Total Banks        2,875,901 
Capital Goods - 15.1%          
Acuity Brands, Inc.   3,552    223,172 
Aecom Technology Corp. *   43,410    971,082 
AGCO Corp. *   21,026    992,637 
Alliant Techsystems, Inc.   11,474    575,077 
AMETEK, Inc.   7,741    375,516 
BE Aerospace, Inc. *   6,439    299,220 
Carlisle Cos., Inc.   7,836    391,173 
CLARCOR, Inc.   2,765    135,734 
Crane Co.   6,729    326,357 
Donaldson Co., Inc.   7,790    278,337 
Esterline Technologies Corp. *   3,173    226,743 
Exelis, Inc.   61,546    770,556 
Fortune Brands Home & Security, Inc. *   20,156    444,843 
Gardner Denver, Inc.   4,192    264,180 
GATX Corp.   3,635    146,491 
General Cable Corp. *   24,712    718,625 
Graco, Inc.   2,168    115,034 
Granite Construction, Inc.   8,285    238,111 
Harsco Corp.   17,769    416,861 
Hubbell, Inc., Class B   4,537    356,517 
Huntington Ingalls Industries, Inc. *   22,585    908,820 
IDEX Corp.   5,372    226,322 
ITT Corp.   52,125    1,195,747 
KBR, Inc.   32,799    1,166,004 
Kennametal, Inc.   6,209    276,487 
Lennox International, Inc.   10,217    411,745 
Lincoln Electric Holdings, Inc.   7,074    320,594 
MSC Industrial Direct Co., Inc., Class A   3,038    253,005 
Nordson Corp.   2,768    150,884 
Oshkosh Corp. *   41,261   956,017 
Pentair, Inc.   10,887    518,330 
Regal-Beloit Corp.   4,980    326,439 
Shaw Group, Inc. *   25,626    812,600 
SPX Corp.   8,760    679,163 
Terex Corp. *   29,498    663,705 
Thomas & Betts Corp. *   4,009    288,287 
Timken Co.   11,919    604,770 
Trinity Industries, Inc.   10,325    340,209 
Triumph Group, Inc.   4,710    295,129 
United Rentals, Inc. *   7,496    321,503 
URS Corp.   28,266    1,201,870 
Valmont Industries, Inc.   2,800    328,748 
Wabtec Corp.   3,055    230,255 
Watsco, Inc.   5,171    382,861 
Woodward, Inc.   4,837    207,169 
Total Capital Goods        21,332,929 
Commercial & Professional Services - 4.2%          
Brink's Co.   19,261    459,760 
Clean Harbors, Inc. *   3,489    234,914 
Copart, Inc. *   4,150    108,191 
Corporate Executive Board Co.   1,436    61,762 
Corrections Corp. of America *   8,532    233,009 
Deluxe Corp.   7,580    177,524 
FTI Consulting, Inc. *   5,066    190,076 
Herman Miller, Inc.   9,221    211,714 
HNI Corp.   8,504    235,986 
Korn/Ferry International *   5,941    99,512 
Manpower, Inc.   60,604    2,870,812 
Mine Safety Appliances Co.   3,703    152,119 
Monster Worldwide, Inc. *   14,204    138,489 
Rollins, Inc.   7,411    157,706 
Towers Watson & Co., Class A   6,155    406,661 
Waste Connections, Inc.   5,789    188,316 
Total Commercial & Professional Services        5,926,551 
Consumer Durables & Apparel - 3.4%          
American Greetings Corp., Class A   12,778    196,014 
Carter's, Inc. *   5,410    269,256 
Deckers Outdoor Corp. *   2,298    144,889 
Fossil, Inc. *   2,516    332,062 
Hanesbrands, Inc. *   20,945    618,715 
KB Home   13,076    116,376 
MDC Holdings, Inc.   4,234    109,195 
Mohawk Industries, Inc. *   10,894    724,560 
NVR, Inc. *   475    345,007 
Polaris Industries, Inc.   4,854    350,216 
PVH Corp.   5,596    499,891 
Toll Brothers, Inc. *   7,614    182,660 
Tupperware Brands Corp.   5,278    335,153 
Under Armour, Inc., Class A *   1,885    177,190 
Warnaco Group, Inc. *   5,643    329,551 
Total Consumer Durables & Apparel        4,730,735 
Consumer Services - 2.1%          
Bally Technologies, Inc. *   2,095    97,941 
Bob Evans Farms, Inc.   5,809    219,115 
Brinker International, Inc.   12,585    346,717 
Cheesecake Factory, Inc. *   7,052    207,258 
International Speedway Corp., Class A   3,156    87,579 
ITT Educational Services, Inc. *   3,076    203,447 
Life Time Fitness, Inc. *   2,520    127,436 
Matthews International Corp., Class A   3,556    112,512 
Panera Bread Co., Class A *   1,409    226,736 
Regis Corp.   16,850    310,546 
Scientific Games Corp., Class A *   10,102    117,789 
Service Corp. International   26,776    301,498 
The accompanying notes are an integral part of these financial statements.
 

Schedule of Investments - continued

RevenueShares Mid Cap Fund
March 31, 2012 (Unaudited)

Investments  Shares  Value
Sotheby's   2,873   $113,024 
Strayer Education, Inc.   832    78,441 
Wendy's Co. (The)   61,285    307,038 
WMS Industries, Inc. *   4,592    108,968 
Total Consumer Services        2,966,045 
Diversified Financials - 1.3%          
Affiliated Managers Group, Inc. *   1,975    220,825 
Apollo Investment Corp.   4,044    28,995 
CBOE Holdings, Inc.   2,338    66,446 
Eaton Vance Corp.   5,681    162,363 
Greenhill & Co., Inc.   737    32,163 
Janus Capital Group, Inc.   14,342    127,787 
Jefferies Group, Inc.   24,075    453,573 
MSCI, Inc., Class A *   3,048    112,197 
Raymond James Financial, Inc.   11,613    424,223 
SEI Investments Co.   5,671    117,333 
Waddell & Reed Financial, Inc., Class A   4,730    153,299 
Total Diversified Financials        1,899,204 
Energy - 6.4%          
Arch Coal, Inc.   40,694    435,833 
Atwood Oceanics, Inc. *   1,678    75,325 
Bill Barrett Corp. *   3,197    83,154 
CARBO Ceramics, Inc.   705    74,342 
Cimarex Energy Co.   2,756    207,995 
Dresser-Rand Group, Inc. *   5,272    244,568 
Dril-Quip, Inc. *   1,083    70,417 
Forest Oil Corp. *   7,249    87,858 
Helix Energy Solutions Group, Inc. *   9,040    160,912 
Hollyfrontier Corp.   45,750    1,470,862 
Northern Oil and Gas, Inc. *   693    14,373 
Oceaneering International, Inc.   4,945    266,486 
Oil States International, Inc. *   4,966    387,646 
Patriot Coal Corp. *   41,323    257,856 
Patterson-UTI Energy, Inc.   16,125    278,801 
Plains Exploration & Production Co. *   5,189    221,311 
Quicksilver Resources, Inc. *   20,905    105,361 
SM Energy Co.   2,026    143,380 
Superior Energy Services, Inc. *   8,817    232,416 
Tidewater, Inc.   2,467    133,267 
Unit Corp. *   3,131    133,882 
World Fuel Services Corp.   95,182    3,902,462 
Total Energy        8,988,507 
Food & Staples Retailing - 0.4%          
Ruddick Corp. *   14,001    561,440 
Food, Beverage & Tobacco - 3.1%          
Corn Products International, Inc.   14,078    811,597 
Flowers Foods, Inc.   17,326    352,930 
Green Mountain Coffee Roasters, Inc. *   5,833    273,218 
Lancaster Colony Corp.   2,157    143,354 
Monster Beverage Corp. *   3,510    217,936 
Post Holdings, Inc. *   4,098    134,947 
Ralcorp Holdings, Inc. *   8,089    599,314 
Smithfield Foods, Inc. *   68,038    1,498,877 
Tootsie Roll Industries, Inc.   3,026    69,326 
Universal Corp.   6,863    319,816 
Total Food, Beverage & Tobacco        4,421,315 
Health Care Equipment & Services - 9.1%          
Allscripts Healthcare Solutions, Inc. *   9,941    165,021 
AMERIGROUP Corp. *   12,227    822,632 
Catalyst Health Solutions, Inc. *   10,251    653,296 
Community Health Systems, Inc. *   72,059    1,602,592 
Cooper Cos., Inc.   2,052    167,669 
Gen-Probe, Inc. *   1,064   70,660 
Health Management Associates, Inc., Class A *   102,081    685,984 
Health Net, Inc. *   41,750    1,658,310 
Henry Schein, Inc. *   13,962    1,056,644 
Hill-Rom Holdings, Inc.   5,641    188,466 
HMS Holdings Corp. *   1,481    46,222 
Hologic, Inc. *   10,532    226,965 
IDEXX Laboratories, Inc. *   1,833    160,296 
LifePoint Hospitals, Inc. *   11,565    456,124 
Lincare Holdings, Inc.   8,478    219,411 
Masimo Corp. *   2,559    59,829 
Mednax, Inc. *   2,679    199,237 
Omnicare, Inc.   23,710    843,365 
Owens & Minor, Inc.   36,548    1,111,425 
ResMed, Inc. *   4,900    151,459 
STERIS Corp.   4,691    148,329 
Teleflex, Inc.   3,304    202,040 
Thoratec Corp. *   1,556    52,453 
Universal Health Services, Inc., Class B   21,024    881,116 
VCA Antech, Inc. *   8,410    195,196 
WellCare Health Plans, Inc. *   11,182    803,762 
Total Health Care Equipment & Services        12,828,503 
Household & Personal Products - 0.7%          
Church & Dwight Co., Inc.   7,157    352,053 
Energizer Holdings, Inc. *   7,677    569,480 
Total Household & Personal Products        921,533 
Insurance - 5.6%          
Alleghany Corp. *   365    120,121 
American Financial Group, Inc.   15,715    606,285 
Arthur J. Gallagher & Co.   7,317    261,510 
Aspen Insurance Holdings Ltd.   9,804    273,924 
Brown & Brown, Inc.   5,338    126,938 
Everest Re Group Ltd.   6,535    604,618 
Fidelity National Financial, Inc., Class A   39,569    713,429 
First American Financial Corp.   32,007    532,276 
Hanover Insurance Group, Inc.   11,600    476,992 
HCC Insurance Holdings, Inc.   9,710    302,661 
Kemper Corp.   11,109    336,380 
Mercury General Corp.   7,916    346,246 
Old Republic International Corp.   54,333    573,213 
Protective Life Corp.   15,250    451,705 
Reinsurance Group of America, Inc., Class A   19,437    1,155,918 
StanCorp Financial Group, Inc.   8,883    363,670 
W.R. Berkley Corp.   18,356    663,019 
Total Insurance        7,908,905 
Materials - 8.2%          
Albemarle Corp.   5,572    356,162 
Aptargroup, Inc.   5,503    301,399 
Ashland, Inc.   12,832    783,522 
Cabot Corp.   8,881    379,041 
Carpenter Technology Corp.   3,916    204,533 
Commercial Metals Co.   68,689    1,017,971 
Compass Minerals International, Inc.   2,094    150,224 
Cytec Industries, Inc.   6,370    387,232 
Domtar Corp.   7,320    698,182 
Greif, Inc., Class A   10,139    566,973 
Intrepid Potash, Inc. *   2,275    55,351 
Louisiana-Pacific Corp. *   17,768    166,131 
Martin Marietta Materials, Inc.   2,594    222,124 
Minerals Technologies, Inc.   2,072    135,529 
NewMarket Corp.   1,481    277,539 
Olin Corp.   11,371    247,319 
The accompanying notes are an integral part of these financial statements.
 

Schedule of Investments - continued

RevenueShares Mid Cap Fund
March 31, 2012 (Unaudited)

Investments  Shares   Value 
Packaging Corp. of America   11,313   $334,752 
Reliance Steel & Aluminum Co.   17,352    980,041 
Rock-Tenn Co., Class A   7,081    478,392 
RPM International, Inc.   17,346    454,292 
Scotts Miracle-Gro Co., Class A   6,929    375,275 
Sensient Technologies Corp.   4,988    189,544 
Silgan Holdings, Inc.   9,913    438,155 
Sonoco Products Co.   17,191    570,741 
Steel Dynamics, Inc.   66,138    961,646 
Valspar Corp.   10,136    489,467 
Worthington Industries, Inc.   17,238    330,625 
Total Materials        11,552,162 
Media - 1.1%          
AMC Networks, Inc., Class A *   3,396    151,564 
DreamWorks Animation SKG, Inc., Class A *   5,403    99,685 
John Wiley & Sons, Inc., Class A   4,731    225,148 
Lamar Advertising Co., Class A *   4,481    145,229 
Meredith Corp.   5,428    176,193 
New York Times Co., Class A *   43,905    298,115 
Scholastic Corp.   6,798    239,834 
Valassis Communications, Inc. *   12,267    282,141 
Total Media        1,617,909 
Pharmaceuticals, Biotechnology & Life Sciences - 1.2%          
Bio-Rad Laboratories, Inc., Class A *   2,553    264,721 
Charles River Laboratories International, Inc. *   3,979    143,602 
Covance, Inc. *   5,847    278,493 
Endo Pharmaceuticals Holdings, Inc. *   8,714    337,493 
Medicis Pharmaceutical Corp., Class A   2,530    95,103 
Mettler-Toledo International, Inc. *   1,587    293,198 
Regeneron Pharmaceuticals, Inc. *   513    59,826 
Techne Corp.   515    36,101 
United Therapeutics Corp. *   1,928    90,867 
Vertex Pharmaceuticals, Inc. *   2,756    113,023 
Total Pharmaceuticals, Biotechnology & Life Sciences        1,712,427 
Real Estate Investment Trusts - 1.5%          
Alexandria Real Estate Equities, Inc.   998    72,984 
American Campus Communities, Inc.   1,135    50,757 
BRE Properties, Inc.   965    48,781 
Camden Property Trust   1,336    87,842 
Corporate Office Properties Trust   3,023    70,164 
Duke Realty Corp.   12,361    177,257 
Equity One, Inc.   2,053    41,512 
Essex Property Trust, Inc.   405    61,362 
Federal Realty Investment Trust   739    71,528 
Highwoods Properties, Inc.   1,870    62,308 
Home Properties, Inc.   1,240    75,652 
Hospitality Properties Trust   5,939    157,205 
Liberty Property Trust   2,581    92,193 
Macerich Co.   1,817    104,932 
Mack-Cali Realty Corp.   3,315    95,538 
National Retail Properties, Inc.   1,222    33,226 
Omega Healthcare Investors, Inc.   1,756    37,333 
Potlatch Corp.   2,207    69,167 
Rayonier, Inc.   4,104    180,945 
Realty Income Corp.   1,367    52,944 
Regency Centers Corp.   1,461    64,985 
Senior Housing Properties Trust   2,391    52,722 
SL Green Realty Corp.   1,991    154,402 
Taubman Centers, Inc.   1,180    86,081 
UDR, Inc.   3,484    93,058 
Weingarten Realty Investors   2,703    71,440 
Total Real Estate Investment Trusts        2,166,318 
Real Estate Management & Development - 0.3%          
Jones Lang LaSalle, Inc.   5,051    420,799 
           
Retailing - 8.0%          
Aaron's, Inc.   9,822    254,390 
Advance Auto Parts, Inc.   9,001    797,218 
Aeropostale, Inc. *   14,998    324,257 
American Eagle Outfitters, Inc.   23,730    407,919 
ANN, Inc. *   9,078    259,994 
Ascena Retail Group, Inc. *   8,652    383,457 
Barnes & Noble, Inc. *   64,059    848,782 
Chico's FAS, Inc.   16,040    242,204 
Collective Brands, Inc. *   24,110    474,003 
Dick's Sporting Goods, Inc.   12,812    616,001 
Foot Locker, Inc.   21,726    674,592 
Guess?, Inc.   9,455    295,469 
HSN, Inc.   10,961    416,847 
LKQ Corp. *   12,496    389,500 
Office Depot, Inc. *   422,151    1,456,421 
PetSmart, Inc.   12,688    726,007 
RadioShack Corp.   84,380    524,844 
Rent-A-Center, Inc., Class A   10,741    405,473 
Saks, Inc. *   30,878    358,493 
Signet Jewelers Ltd.   8,848    418,333 
Tractor Supply Co.   6,092    551,691 
Williams-Sonoma, Inc.   11,869    444,850 
Total Retailing        11,270,745 
Semiconductors & Semiconductor Equipment - 1.6%          
Atmel Corp. *   24,411    240,692 
Cree, Inc. *   4,246    134,301 
Cypress Semiconductor Corp.   8,028    125,478 
Fairchild Semiconductor International, Inc., Class A *   14,788    217,384 
Integrated Device Technology, Inc. *   10,834    77,463 
International Rectifier Corp. *   6,559    151,316 
Intersil Corp., Class A   9,081    101,707 
Lam Research Corp. *   9,529    425,184 
MEMC Electronic Materials, Inc. *   88,433    319,243 
RF Micro Devices, Inc. *   29,003    144,435 
Semtech Corp. *   1,928    54,871 
Silicon Laboratories, Inc. *   1,475    63,425 
Skyworks Solutions, Inc. *   6,146    169,937 
Total Semiconductors & Semiconductor Equipment        2,225,436 
Software & Services - 4.1%          
ACI Worldwide, Inc. *   1,542    62,096 
Acxiom Corp. *   10,073    147,872 
Advent Software, Inc. *   1,596    40,858 
Alliance Data Systems Corp. *   3,200    403,072 
ANSYS, Inc. *   1,305    84,851 
AOL, Inc. *   15,911    301,832 
Broadridge Financial Solutions, Inc.   11,368    271,809 
Cadence Design Systems, Inc. *   11,470    135,805 
Compuware Corp. *   12,516    115,022 
Concur Technologies, Inc. *   729    41,830 
Convergys Corp. *   22,664    302,564 
CoreLogic, Inc. *   11,346    185,167 
DST Systems, Inc.   5,533    300,055 
Equinix, Inc. *   1,391    219,013 
Factset Research Systems, Inc.   916    90,721 
Fair Isaac Corp.   1,853    81,347 
Gartner, Inc. *   4,379    186,721 
Global Payments, Inc.   4,335    205,782 
Informatica Corp. *   1,895    100,245 

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

Schedule of Investments - continued

RevenueShares Mid Cap Fund
March 31, 2012 (Unaudited)

Investments  Shares  Value
Jack Henry & Associates, Inc.   3,623   $123,617 
Lender Processing Services, Inc.   11,501    299,026 
Mantech International Corp., Class A   10,940    376,992 
Mentor Graphics Corp. *   7,227    107,393 
MICROS Systems, Inc. *   2,302    127,278 
NeuStar, Inc., Class A *   2,142    79,789 
Parametric Technology Corp. *   5,094    142,326 
Quest Software, Inc. *   4,383    101,992 
Rackspace Hosting, Inc. *   2,198    127,022 
Rovi Corp. *   2,642    85,997 
Solera Holdings, Inc.   1,817    83,382 
Synopsys, Inc. *   6,495    199,137 
TIBCO Software, Inc. *   3,704    112,972 
ValueClick, Inc. *   3,248    64,116 
VeriFone Systems, Inc. *   3,052    158,307 
Wright Express Corp. *   5,091    329,540 
Total Software & Services        5,795,548 
Technology Hardware & Equipment - 12.0%          
ADTRAN, Inc.   2,996    93,445 
Arrow Electronics, Inc. *   66,578    2,794,279 
Avnet, Inc. *   89,944    3,273,062 
Ciena Corp. *   13,817    223,697 
Diebold, Inc.   9,310    358,621 
Ingram Micro, Inc., Class A *   254,242    4,718,731 
Itron, Inc. *   7,004    318,052 
National Instruments Corp.   4,675    133,331 
NCR Corp. *   31,790    690,161 
Plantronics, Inc.   2,266    91,229 
Polycom, Inc. *   9,930    189,365 
QLogic Corp. *   4,413    78,375 
Riverbed Technology, Inc. *   3,233    90,783 
Tech Data Corp. *   56,522    3,066,884 
Tellabs, Inc.   44,575    180,529 
Trimble Navigation Ltd. *   3,652    198,742 
Vishay Intertechnology, Inc. *   29,216    355,267 
Zebra Technologies Corp., Class A *   3,064    126,175 
Total Technology Hardware & Equipment        16,980,728 
Telecommunication Services - 0.6%          
Telephone & Data Systems, Inc.   27,345    633,037 
tw Telecom, Inc., Class A *   7,826    173,424 
Total Telecommunication Services        806,461 
Transportation - 3.0%          
Alaska Air Group, Inc. *   15,723    563,198 
Alexander & Baldwin, Inc.   4,701    227,764 
Con-Way, Inc.   19,935    650,080 
JB Hunt Transport Services, Inc.   10,302    560,120 
JetBlue Airways Corp. *   107,451    525,435 
Kansas City Southern   3,554    254,786 
Kirby Corp. *   2,991    196,778 
Landstar System, Inc.   5,679    327,792 
UTi Worldwide, Inc.   35,379    609,580 
Werner Enterprises, Inc.   9,963    247,680 
Total Transportation        4,163,213 
Utilities - 4.7%          
Alliant Energy Corp.   10,911    472,664 
Aqua America, Inc.   4,266    95,089 
Atmos Energy Corp.   18,460    580,752 
Black Hills Corp.   5,773    193,569 
Cleco Corp.   3,812    151,146 
Energen Corp.   3,876    190,505 
Great Plains Energy, Inc.   14,854    301,090 
Hawaiian Electric Industries, Inc.   15,819    401,012 
IDACORP, Inc.   3,267    134,339 
MDU Resources Group, Inc.   23,498    526,120 
National Fuel Gas Co.   4,614   222,026 
NSTAR   8,000    389,040 
NV Energy, Inc.   24,540    395,585 
OGE Energy Corp.   9,447    505,414 
PNM Resources, Inc.   12,334    225,712 
Questar Corp.   7,952    153,155 
UGI Corp.   27,995    762,864 
Vectren Corp.   10,210    296,703 
Westar Energy, Inc.   10,034    280,250 
WGL Holdings, Inc.   8,878    361,335 
Total Utilities        6,638,370 
Total Investments–100.0%
(Cost $114,392,423)		        141,162,478 
Other Assets in Excess of Liabilities–0.0%†        42,767 
Net Assets–100.0%       $141,205,245 
           

 

* Non-income producing security
† Less than 0.05%
The accompanying notes are an integral part of these financial statements.
 

Schedule of Investments

RevenueShares Small Cap Fund
March 31, 2012 (Unaudited)

Investments  Shares  Value
COMMON STOCKS–100.0%          
Automobiles & Components - 0.6%          
Drew Industries, Inc. *   5,582   $152,444 
Spartan Motors, Inc.   19,866    105,091 
Standard Motor Products, Inc.   11,466    203,407 
Superior Industries International, Inc.   10,207    199,445 
Winnebago Industries, Inc. *   12,111    118,688 
Total Automobiles & Components        779,075 
Banks - 2.7%          
Bank Mutual Corp.   6,635    26,805 
Bank of The Ozarks, Inc.   1,962    61,332 
BBCN Bancorp, Inc. *   3,831    42,639 
Boston Private Financial Holdings, Inc.   8,631    85,533 
Brookline Bancorp, Inc.   3,687    34,547 
City Holding Co.   1,197    41,560 
Columbia Banking System, Inc.   2,575    58,659 
Community Bank System, Inc.   3,087    88,844 
CVB Financial Corp.   11,428    134,165 
Dime Community Bancshares   3,776    55,167 
First BanCorp *   53,332    234,661 
First Commonwealth Financial Corp.   11,201    68,550 
First Financial Bancorp   6,630    114,699 
First Financial Bankshares, Inc.   1,473    51,864 
First Midwest Bancorp, Inc.   8,512    101,974 
FNB Corp.   10,168    122,830 
Glacier Bancorp, Inc.   5,828    87,070 
Hanmi Financial Corp. *   3,745    37,899 
Home Bancshares, Inc.   1,957    52,076 
Independent Bank Corp.   2,180    62,631 
National Penn Bancshares, Inc.   12,285    108,722 
NBT Bancorp, Inc.   3,648    80,548 
Northwest Bancshares, Inc.   8,303    105,448 
Old National Bancorp   9,405    123,582 
Oritani Financial Corp.   2,165    31,782 
PacWest Bancorp   3,357    81,575 
Pinnacle Financial Partners, Inc. *   3,148    57,766 
PrivateBancorp, Inc., Class A   9,762    148,090 
Provident Financial Services, Inc.   5,275    76,646 
S&T Bancorp, Inc.   2,441    52,945 
Simmons First National Corp., Class A   1,774    45,823 
Sterling Bancorp, Class N   3,702    35,502 
Susquehanna Bancshares, Inc.   18,535    183,126 
Texas Capital Bancshares, Inc. *   2,379    82,361 
Tompkins Financial Corp.   1,151    46,109 
TrustCo Bank Corp.   7,740    44,195 
UMB Financial Corp.   4,112    183,950 
Umpqua Holdings Corp.   11,109    150,638 
United Bankshares, Inc.   3,125    90,188 
United Community Banks, Inc. *   9,709    94,663 
ViewPoint Financial Group   2,493    38,342 
Wilshire Bancorp, Inc. *   7,960    38,447 
Wintrust Financial Corp.   5,304    189,830 
Total Banks        3,653,783 
Capital Goods - 11.5%          
A.O. Smith Corp.   8,752    393,402 
AAON, Inc.   3,302    66,667 
AAR Corp.   18,947    345,783 
Actuant Corp., Class A   11,642    337,502 
Aegion Corp., Class A *   12,415    221,359 
Aerovironment, Inc. *   2,597    69,626 
Albany International Corp., Class A   10,023    230,028 
American Science & Engineering, Inc.   1,001    67,117 
Apogee Enterprises, Inc.   10,955    141,867 
Applied Industrial Technologies, Inc.   13,177    541,970 
Astec Industries, Inc. *   5,851   213,445 
AZZ, Inc.   1,738    89,750 
Barnes Group, Inc.   11,270    296,514 
Belden, Inc.   12,243    464,132 
Brady Corp., Class A   9,860    318,971 
Briggs & Stratton Corp.   30,155    540,679 
Cascade Corp.   1,686    84,502 
Ceradyne, Inc.   4,310    140,334 
CIRCOR International, Inc.   6,011    199,986 
Comfort Systems USA, Inc.   28,352    309,320 
Cubic Corp.   6,981    330,062 
Curtiss-Wright Corp.   13,367    494,713 
Dycom Industries, Inc. *   10,821    252,779 
EMCOR Group, Inc.   48,228    1,336,880 
Encore Wire Corp.   9,875    293,584 
EnerSys *   13,141    455,336 
EnPro Industries, Inc. *   6,739    276,973 
ESCO Technologies, Inc.   4,987    183,372 
Federal Signal Corp. *   31,707    176,291 
Franklin Electric Co., Inc.   3,934    193,041 
GenCorp, Inc. *   35,008    248,557 
Gibraltar Industries, Inc. *   12,106    183,406 
Griffon Corp.   39,109    418,466 
II-VI, Inc. *   5,025    118,841 
John Bean Technologies Corp.   15,119    244,928 
Kaman Corp.   10,882    369,444 
Kaydon Corp.   3,050    77,806 
Lawson Products, Inc.   5,194    78,481 
Lindsay Corp.   1,749    115,906 
Lydall, Inc. *   10,042    102,328 
Moog, Inc., Class A *   13,673    586,435 
Mueller Industries, Inc.   12,973    589,623 
NCI Building Systems, Inc. *   19,102    219,864 
Orbital Sciences Corp. *   24,927    327,790 
Orion Marine Group, Inc. *   9,773    70,659 
Powell Industries, Inc. *   3,841    131,554 
Quanex Building Products Corp.   12,262    216,179 
Robbins & Myers, Inc.   3,716    193,418 
Simpson Manufacturing Co., Inc.   4,589    147,995 
Standex International Corp.   3,781    155,739 
Teledyne Technologies, Inc. *   7,849    494,879 
Tennant Co.   4,306    189,464 
Toro Co.   6,512    463,068 
Universal Forest Products, Inc.   12,882    444,171 
Vicor Corp.   8,444    67,552 
Watts Water Technologies, Inc., Class A   8,364    340,833 
Total Capital Goods        15,663,371 
Commercial & Professional Services - 6.3%          
ABM Industries, Inc.   43,083    1,046,917 
CDI Corp.   15,125    271,191 
Consolidated Graphics, Inc. *   5,533    250,368 
Dolan Co. *   8,113    73,909 
Encore Capital Group, Inc. *   4,924    111,036 
Exponent, Inc. *   1,386    67,249 
G&K Services, Inc., Class A   6,268    214,366 
Geo Group, Inc. *   21,749    413,449 
Healthcare Services Group, Inc.   10,281    218,677 
Heidrick & Struggles International, Inc.   6,356    140,023 
Insperity, Inc.   16,123    494,009 
Interface, Inc., Class A   20,612    287,537 
Kelly Services, Inc., Class A   89,250    1,427,108 
Mobile Mini, Inc. *   4,057    85,684 
Navigant Consulting, Inc. *   14,128    196,521 
On Assignment, Inc. *   9,906    173,058 
Portfolio Recovery Associates, Inc. *   1,559    111,811 

 

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

Schedule of Investments - continued

RevenueShares Small Cap Fund
March 31, 2012 (Unaudited)

Investments  Shares   Value 
Resources Connection, Inc.   10,325   $145,066 
Standard Register Co.   125,983    157,479 
Sykes Enterprises, Inc. *   19,969    315,510 
Tetra Tech, Inc. *   18,034    475,376 
TrueBlue, Inc. *   18,456    329,993 
United Stationers, Inc.   41,311    1,281,880 
Viad Corp.   12,793    248,568 
Total Commercial & Professional Services        8,536,785 
Consumer Durables & Apparel - 5.3%          
Arctic Cat, Inc. *   2,958    126,691 
Blyth, Inc.   2,681    200,619 
Brunswick Corp.   34,937    899,628 
Callaway Golf Co.   31,686    214,197 
Crocs, Inc. *   12,757    266,876 
Ethan Allen Interiors, Inc.   6,045    153,059 
Helen of Troy Ltd. *   5,240    178,212 
Iconix Brand Group, Inc. *   5,155    89,594 
iRobot Corp. *   4,092    111,548 
Jakks Pacific, Inc.   11,182    195,126 
K-Swiss, Inc., Class A *   14,357    58,864 
La-Z-Boy, Inc., Class Z *   19,472    291,301 
Liz Claiborne, Inc. *   39,330    525,449 
M/I Homes, Inc. *   9,991    123,489 
Maidenform Brands, Inc. *   6,652    149,737 
Meritage Homes Corp. *   7,314    197,917 
Movado Group, Inc.   4,182    102,668 
National Presto Industries, Inc.   1,437    109,011 
Oxford Industries, Inc.   3,190    162,116 
Perry Ellis International, Inc. *   10,842    202,420 
Pool Corp.   12,051    450,948 
Quiksilver, Inc. *   113,033    456,653 
Ryland Group, Inc.   10,586    204,098 
Skechers U.S.A., Inc., Class A *   32,707    416,033 
Standard Pacific Corp. *   42,471    189,421 
Steven Madden Ltd. *   4,866    208,022 
Sturm Ruger & Co., Inc.   1,739    85,385 
True Religion Apparel, Inc. *   3,986    109,216 
UniFirst Corp.   4,586    282,268 
Universal Electronics, Inc. *   5,860    117,083 
Wolverine World Wide, Inc.   8,881    330,196 
Total Consumer Durables & Apparel        7,207,845 
Consumer Services - 5.3%          
American Public Education, Inc. *   1,522    57,836 
Biglari Holdings, Inc. *   424    170,808 
BJ's Restaurants, Inc. *   2,986    150,345 
Boyd Gaming Corp. *   69,240    542,842 
Buffalo Wild Wings, Inc. *   2,101    190,540 
Capella Education Co. *   2,836    101,954 
Career Education Corp. *   58,452    471,123 
CEC Entertainment, Inc.   5,397    204,600 
Coinstar, Inc. *   6,914    439,385 
Corinthian Colleges, Inc. *   107,173    443,696 
Cracker Barrel Old Country Store, Inc.   10,755    600,129 
DineEquity, Inc. *   5,407    268,187 
Hillenbrand, Inc.   9,370    215,041 
Interval Leisure Group, Inc.   6,232    108,437 
Jack in the Box, Inc. *   22,827    547,163 
Lincoln Educational Services Corp.   17,287    136,740 
Marcus Corp.   7,492    94,025 
Monarch Casino & Resort, Inc. *   3,538    36,441 
Multimedia Games Holding Co., Inc. *   2,774    30,403 
O'Charleys, Inc. *   20,975    206,394 
Papa John's International, Inc. *   8,036    302,636 
Peet's Coffee & Tea, Inc. *   1,298    95,663 
PF Chang's China Bistro, Inc.   7,596    300,194 
Pinnacle Entertainment, Inc. *   26,211    301,689 
Red Robin Gourmet Burgers, Inc. *   6,070    225,743 
Ruby Tuesday, Inc. *   37,609    343,370 
Ruth's Hospitality Group, Inc. *   12,886    97,805 
Shuffle Master, Inc. *   3,083    54,261 
Sonic Corp. *   17,124    131,512 
Texas Roadhouse, Inc., Class A   16,062    267,272 
Universal Technical Institute, Inc.   8,549    112,761 
Total Consumer Services        7,248,995 
Diversified Financials - 1.6%          
Calamos Asset Management, Inc., Class A   7,162    93,894 
Cash America International, Inc.   7,659    367,096 
Ezcorp, Inc., Class A *   6,685    216,962 
Financial Engines, Inc. *   1,536    34,345 
First Cash Financial Services, Inc. *   2,843    121,936 
Interactive Brokers Group, Inc., Class A   19,500    331,500 
Investment Technology Group, Inc. *   12,609    150,804 
Piper Jaffray Cos. *   5,226    139,116 
Prospect Capital Corp.   4,053    44,502 
Stifel Financial Corp. *   9,838    372,270 
SWS Group, Inc.   17,187    98,309 
Virtus Investment Partners, Inc. *   583    50,010 
World Acceptance Corp. *   1,869    114,476 
Total Diversified Financials        2,135,220 
Energy - 3.0%          
Approach Resources, Inc. *   658    24,313 
Basic Energy Services, Inc. *   14,927    258,984 
Bristow Group, Inc.   6,236    297,644 
Cloud Peak Energy, Inc. *   21,313    339,516 
Comstock Resources, Inc. *   5,902    93,429 
Contango Oil & Gas Co. *   775    45,655 
Exterran Holdings, Inc. *   45,749    603,429 
GeoResources, Inc. *   863    28,255 
Gulf Island Fabrication, Inc.   2,149    62,901 
Gulfport Energy Corp. *   1,486    43,272 
Hornbeck Offshore Services, Inc. *   2,097    88,137 
ION Geophysical Corp. *   17,650    113,843 
Lufkin Industries, Inc.   2,640    212,916 
Matrix Service Co. *   10,908    152,821 
Overseas Shipholding Group, Inc.   20,007    252,688 
OYO Geospace Corp. *   394    41,500 
Penn Virginia Corp.   13,988    63,645 
Petroleum Development Corp. *   2,277    84,454 
Petroquest Energy, Inc. *   6,298    38,670 
Pioneer Drilling Co. *   18,317    161,190 
SEACOR Holdings, Inc. *   5,469    523,821 
Stone Energy Corp. *   6,423    183,634 
Swift Energy Co. *   4,341    126,019 
Tetra Technologies, Inc. *   23,172    218,280 
Total Energy        4,059,016 
Food & Staples Retailing - 4.0%          
Andersons, Inc.   23,280    1,133,503 
Casey's General Stores, Inc.   25,134    1,393,932 
Nash Finch Co.   41,882    1,190,287 
Spartan Stores, Inc.   35,599    645,054 
United Natural Foods, Inc. *   23,387    1,091,237 
Total Food & Staples Retailing        5,454,013 
Food, Beverage & Tobacco - 2.8%          
Alliance One International, Inc. *   140,813    530,865 
B&G Foods, Inc., Class A   5,885    132,471 
Boston Beer Co., Inc., Class A *   1,215    129,750 
Calavo Growers, Inc.   4,442    118,957 
Cal-Maine Foods, Inc.   5,542    212,037 

 

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

Schedule of Investments - continued

RevenueShares Small Cap Fund
March 31, 2012 (Unaudited)

Investments  Shares   Value 
Darling International, Inc. *   22,535   $392,560 
Diamond Foods, Inc.   8,945    204,125 
Hain Celestial Group, Inc. *   6,173    270,439 
J&J Snack Foods Corp.   3,569    187,230 
Sanderson Farms, Inc.   8,969    475,626 
Seneca Foods Corp., Class A *   11,476    302,278 
Snyders-Lance, Inc.   15,565    402,355 
TreeHouse Foods, Inc. *   8,683    516,638 
Total Food, Beverage & Tobacco        3,875,331 
Health Care Equipment & Services - 8.5%          
Abaxis, Inc. *   1,266    36,879 
Air Methods Corp. *   1,715    149,634 
Align Technology, Inc. *   4,084    112,514 
Almost Family, Inc. *   3,312    86,145 
Amedisys, Inc. *   26,036    376,480 
AMN Healthcare Services, Inc. *   40,704    246,666 
Amsurg Corp., Class A *   6,921    193,650 
Analogic Corp.   1,749    118,127 
Bio-Reference Labs, Inc. *   5,848    137,486 
Cantel Medical Corp.   3,223    80,865 
Centene Corp. *   27,484    1,345,891 
Chemed Corp.   5,382    337,344 
Computer Programs & Systems, Inc.   735    41,542 
CONMED Corp.   6,126    182,984 
Corvel Corp. *   2,204    87,917 
Cross Country Healthcare, Inc. *   23,588    118,176 
CryoLife, Inc. *   5,243    27,631 
Cyberonics, Inc. *   1,198    45,680 
Ensign Group, Inc.   6,829    185,476 
Gentiva Health Services, Inc. *   54,377    475,255 
Greatbatch, Inc. *   5,808    142,412 
Haemonetics Corp. *   2,479    172,737 
Hanger Orthopedic Group, Inc. *   9,915    216,742 
Healthways, Inc. *   22,724    167,249 
ICU Medical, Inc. *   1,558    76,591 
Integra LifeSciences Holdings Corp. *   5,472    189,824 
Invacare Corp.   25,294    419,122 
IPC The Hospitalist Co., Inc. *   2,916    107,629 
Kensey Nash Corp.   758    22,179 
Kindred Healthcare, Inc. *   125,180    1,081,555 
Landauer, Inc.   559    29,638 
LHC Group, Inc. *   8,169    151,372 
Magellan Health Services, Inc. *   14,997    732,004 
Medidata Solutions, Inc. *   1,809    48,192 
Meridian Bioscience, Inc.   2,109    40,872 
Merit Medical Systems, Inc. *   7,007    87,027 
Molina Healthcare, Inc. *   34,552    1,161,984 
MWI Veterinary Supply, Inc. *   4,458    392,304 
Natus Medical, Inc. *   4,835    57,681 
Neogen Corp. *   1,161    45,360 
NuVasive, Inc. *   7,752    130,544 
Omnicell, Inc. *   4,124    62,726 
Palomar Medical Technologies, Inc. *   2,558    23,892 
PharMerica Corp. *   41,634    517,511 
PSS World Medical, Inc. *   19,777    501,149 
Quality Systems, Inc.   1,901    83,131 
SurModics, Inc. *   1,059    16,277 
Symmetry Medical, Inc. *   13,536    95,699 
West Pharmaceutical Services, Inc.   7,049    299,794 
Zoll Medical Corp. *   1,323    122,549 
Total Health Care Equipment & Services        11,582,088 
Household & Personal Products - 0.6%          
Central Garden and Pet Co., Class A *   42,603    410,267 
Inter Parfums, Inc.   8,476    132,988 
Medifast, Inc. *   4,369    76,283 
Prestige Brands Holdings, Inc. *   4,417    77,209 
WD-40 Co.   1,846    83,716 
Total Household & Personal Products        780,463 
Insurance - 2.8%          
AMERISAFE, Inc. *   2,802    69,321 
Delphi Financial Group, Inc., Class A   10,443    467,533 
eHealth, Inc. *   2,506    40,873 
Employers Holdings, Inc.   6,426    113,804 
Horace Mann Educators Corp.   13,989    246,486 
Infinity Property & Casualty Corp.   4,832    252,859 
Meadowbrook Insurance Group, Inc.   21,149    197,320 
National Financial Partners Corp. *   16,476    249,447 
Navigators Group, Inc. *   4,112    194,251 
Presidential Life Corp.   6,342    72,489 
ProAssurance Corp.   1,978    174,282 
RLI Corp.   2,166    155,172 
Safety Insurance Group, Inc.   3,882    161,647 
Selective Insurance Group, Inc.   22,564    397,352 
Stewart Information Services Corp.   29,879    424,581 
Tower Group, Inc.   19,203    430,723 
United Fire Group, Inc.   8,525    152,512 
Total Insurance        3,800,652 
Materials - 7.6%          
A. Schulman, Inc.   19,434    525,107 
A.M. Castle & Co. *   24,243    306,674 
AK Steel Holding Corp.   192,931    1,458,558 
AMCOL International Corp.   8,215    242,260 
American Vanguard Corp.   3,545    76,891 
Balchem Corp.   2,452    74,173 
Buckeye Technologies, Inc.   6,125    208,066 
Calgon Carbon Corp. *   8,443    131,795 
Century Aluminum Co. *   35,355    313,953 
Clearwater Paper Corp. *   13,181    437,741 
Deltic Timber Corp.   488    30,886 
Eagle Materials, Inc.   3,287    114,223 
H.B. Fuller Co.   11,845    388,871 
Hawkins, Inc.   1,817    67,593 
Haynes International, Inc.   1,981    125,496 
Headwaters, Inc. *   37,224    155,596 
Kaiser Aluminum Corp.   6,351    300,148 
KapStone Paper and Packaging Corp. *   9,963    196,271 
Koppers Holdings, Inc.   9,734    375,343 
Kraton Performance Polymers, Inc. *   12,644    335,951 
LSB Industries, Inc. *   4,732    184,170 
Materion Corp. *   13,892    399,117 
Myers Industries, Inc.   13,744    202,724 
Neenah Paper, Inc.   5,778    171,838 
Olympic Steel, Inc.   12,668    304,032 
OM Group, Inc. *   12,083    332,403 
PolyOne Corp.   51,818    746,179 
Quaker Chemical Corp.   4,240    167,268 
RTI International Metals, Inc. *   5,354    123,463 
Schweitzer-Mauduit International, Inc.   2,776    191,711 
Stepan Co.   5,112    448,834 
SunCoke Energy, Inc. *   27,441    389,937 
Texas Industries, Inc.   4,119    144,206 
Tredegar Corp.   9,425    184,636 
Wausau Paper Corp.   28,010    262,734 
Zep, Inc.   10,608    152,755 
Total Materials        10,271,603 
Media - 1.4%          
Arbitron, Inc.   2,867    106,022 
Digital Generation, Inc. *   6,885    70,296 
E.W. Scripps Co., Class A *   19,165    189,158 

 

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

Schedule of Investments - continued

RevenueShares Small Cap Fund
March 31, 2012 (Unaudited)

Investments  Shares  Value
Harte-Hanks, Inc.   23,867   $215,996 
Live Nation Entertainment, Inc. *   145,020    1,363,188 
Total Media        1,944,660 
Pharmaceuticals, Biotechnology & Life Sciences - 1.2%          
Affymetrix, Inc. *   15,721    67,129 
Akorn, Inc. *   2,351    27,507 
Arqule, Inc. *   1,264    8,861 
Cambrex Corp. *   9,409    65,769 
Cubist Pharmaceuticals, Inc. *   3,998    172,913 
Emergent Biosolutions, Inc. *   4,319    69,104 
Enzo Biochem, Inc. *   8,808    23,694 
eResearchTechnology, Inc. *   6,410    50,126 
Hi-Tech Pharmacal Co., Inc. *   1,222    43,906 
Medicines Co. *   5,711    114,620 
Momenta Pharmaceuticals, Inc. *   4,985    76,370 
Par Pharmaceutical Cos., Inc. *   6,076    235,323 
Parexel International Corp. *   13,277    358,081 
Questcor Pharmaceuticals, Inc. *   1,159    43,602 
Salix Pharmaceuticals Ltd. *   2,408    126,420 
Savient Pharmaceuticals, Inc. *   449    979 
ViroPharma, Inc. *   4,407    132,518 
Total Pharmaceuticals, Biotechnology & Life Sciences        1,616,922 
Real Estate Investment Trusts - 1.4%          
Acadia Realty Trust    1,704    38,408 
BioMed Realty Trust, Inc.    5,631    106,876 
Cedar Realty Trust, Inc.    7,075    36,224 
Colonial Properties Trust    4,498    97,742 
Cousins Properties, Inc.    6,361    48,216 
DiamondRock Hospitality Co.    16,483    169,610 
EastGroup Properties, Inc.    865    43,440 
Entertainment Properties Trust    1,613    74,811 
Extra Space Storage, Inc.    2,790    80,324 
Franklin Street Properties Corp.    3,290    34,874 
Getty Realty Corp.    1,800    28,044 
Healthcare Realty Trust, Inc.    3,421    75,262 
Inland Real Estate Corp.    4,949    43,898 
Kilroy Realty Corp.    1,963    91,495 
Kite Realty Group Trust    4,610    24,295 
LaSalle Hotel Properties    6,220    175,031 
Lexington Realty Trust    9,030    81,180 
LTC Properties, Inc.    670    21,440 
Medical Properties Trust, Inc.    3,638    33,761 
Mid-America Apartment Communities, Inc.    1,675    112,275 
Parkway Properties, Inc.    5,621    58,908 
Pennsylvania Real Estate Investment Trust    7,379    112,677 
Post Properties, Inc.    1,654    77,506 
PS Business Parks, Inc.    1,153    75,568 
Saul Centers, Inc.    1,074    43,347 
Sovran Self Storage, Inc.    1,038    51,724 
Tanger Factory Outlet Centers    2,534    75,336 
Universal Health Realty Income Trust    177    7,014 
Urstadt Biddle Properties, Inc., Class A    1,163    22,958 
Total Real Estate Investment Trusts        1,942,244 
Real Estate Management & Development - 0.0%†          
Forestar Group, Inc. *   1,631    25,101 
      
Retailing - 10.6%          
Big 5 Sporting Goods Corp.   28,061    219,998 
Blue Nile, Inc. *   2,600    85,748 
Brown Shoe Co., Inc.   65,562    605,137 
Buckle, Inc.   4,739   226,998 
Cabela's, Inc. *   18,375    701,006 
Cato Corp., Class A   8,142    225,045 
Children's Place Retail Stores, Inc. *   8,309    429,326 
Christopher & Banks Corp.   50,148    93,275 
Coldwater Creek, Inc. *   213,504    247,665 
Finish Line, Inc., Class A   12,628    267,966 
Fred's, Inc., Class A   32,508    474,942 
Genesco, Inc. *   5,869    420,514 
Group 1 Automotive, Inc.   26,603    1,494,291 
Haverty Furniture Cos., Inc.   12,732    141,325 
Hibbett Sports, Inc. *   3,122    170,305 
HOT Topic, Inc.   18,259    185,329 
JOS A. Bank Clothiers, Inc. *   3,841    193,625 
Kirkland's, Inc. *   6,083    98,423 
Lithia Motors, Inc., Class A   25,371    664,720 
Lumber Liquidators Holdings, Inc. *   6,867    172,430 
MarineMax, Inc. *   15,449    127,145 
Men's Wearhouse, Inc.   12,901    500,172 
Midas, Inc. *   4,059    46,597 
Monro Muffler Brake, Inc.   3,681    152,725 
Nutrisystem, Inc.   9,205    103,372 
OfficeMax, Inc. *   310,423    1,775,620 
Pep Boys-Manny, Moe & Jack   32,647    487,093 
PetMed Express, Inc.   4,905    60,724 
rue21, Inc. *   5,484    160,901 
Select Comfort Corp. *   5,529    179,084 
Sonic Automotive, Inc., Class A   107,745    1,929,713 
Stage Stores, Inc.   21,994    357,183 
Stamps.com, Inc. *   866    24,144 
Stein Mart, Inc. *   46,489    306,827 
Tuesday Morning Corp. *   56,849    218,300 
Vitamin Shoppe, Inc. *   4,832    213,623 
Voxx International Corp., Class A *   10,859    147,248 
Zale Corp. *   123,839    382,663 
Zumiez, Inc. *   3,272    118,152 
Total Retailing        14,409,354 
Semiconductors & Semiconductor Equipment - 2.5%          
Advanced Energy Industries, Inc. *   10,598    139,046 
ATMI, Inc. *   4,176    97,301 
Brooks Automation, Inc.   15,250    188,032 
Cabot Microelectronics Corp.   2,824    109,797 
Ceva, Inc. *   620    14,080 
Cirrus Logic, Inc. *   3,501    83,324 
Cohu, Inc.   7,307    83,081 
Cymer, Inc. *   3,084    154,200 
Diodes, Inc. *   6,726    155,909 
DSP Group, Inc. *   7,761    51,688 
Entropic Communications, Inc. *   10,307    60,090 
Exar Corp. *   4,883    41,017 
GT Advanced Technologies, Inc. *   24,383    201,647 
Hittite Microwave Corp. *   1,257    68,268 
Kopin Corp. *   8,868    36,093 
Kulicke & Soffa Industries, Inc. *   19,023    236,456 
Micrel, Inc.   6,622    67,942 
Microsemi Corp. *   8,817    189,036 
MKS Instruments, Inc.   7,322    216,219 
Monolithic Power Systems, Inc. *   2,567    50,493 
Nanometrics, Inc. *   3,145    58,214 
Pericom Semiconductor Corp. *   5,336    43,168 
Power Integrations, Inc.   2,018    74,908 
Rubicon Technology, Inc. *   3,372    35,170 
Rudolph Technologies, Inc. *   4,575    50,828 
Sigma Designs, Inc. *   12,437    64,424 
Standard Microsystems Corp. *   3,890    100,634 
STR Holdings, Inc. *   15,741    76,186 

 

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

Schedule of Investments - continued

RevenueShares Small Cap Fund
March 31, 2012 (Unaudited)

Investments  Shares   Value 
Supertex, Inc. *   1,189   $21,485 
Tessera Technologies, Inc. *   4,152    71,622 
TriQuint Semiconductor, Inc. *   34,772    239,753 
Ultratech, Inc. *   1,788    51,816 
Veeco Instruments, Inc. *   8,226    235,264 
Volterra Semiconductor Corp. *   1,214    41,780 
Total Semiconductors & Semiconductor Equipment        3,408,971 
Software & Services - 3.9%          
Blackbaud, Inc.   2,785    92,546 
Bottomline Technologies, Inc. *   1,539    43,000 
CACI International, Inc., Class A *   13,930    867,700 
Cardtronics, Inc. *   5,412    142,065 
CIBER, Inc. *   60,318    255,748 
CommVault Systems, Inc. *   1,473    73,120 
comScore, Inc. *   2,377    50,844 
CSG Systems International, Inc. *   10,981    166,252 
DealerTrack Holdings, Inc. *   2,635    79,735 
Digital River, Inc. *   5,372    100,510 
Ebix, Inc.   1,720    39,835 
EPIQ Systems, Inc.   5,685    68,789 
Forrester Research, Inc.   2,156    69,854 
Heartland Payment Systems, Inc.   16,709    481,888 
Higher One Holdings, Inc. *   2,419    36,164 
iGate Corp. *   8,290    138,940 
InfoSpace, Inc. *   4,147    53,123 
Interactive Intelligence Group, Inc. *   1,720    52,477 
j2 Global, Inc.   2,614    74,970 
JDA Software Group, Inc. *   6,160    169,277 
Liquidity Services, Inc. *   1,837    82,298 
LivePerson, Inc. *   1,885    31,611 
LogMeIn, Inc. *   813    28,642 
Manhattan Associates, Inc. *   1,630    77,474 
MAXIMUS, Inc.   5,218    212,216 
MicroStrategy, Inc., Class A *   1,031    144,340 
Monotype Imaging Holdings, Inc. *   2,010    29,949 
NCI, Inc., Class A *   22,350    142,817 
Netscout Systems, Inc. *   3,488    70,946 
Opnet Technologies, Inc.   1,181    34,249 
Perficient, Inc. *   5,034    60,458 
Progress Software Corp. *   5,691    134,421 
Sourcefire, Inc. *   792    38,119 
Synchronoss Technologies, Inc. *   1,659    52,955 
Take-Two Interactive Software, Inc. *   14,889    229,067 
Taleo Corp., Class A *   1,581    72,615 
TeleTech Holdings, Inc. *   17,548    282,523 
Tyler Technologies, Inc. *   1,998    76,743 
United Online, Inc.   46,568    227,718 
Virtusa Corp. *   3,316    57,267 
Websense, Inc. *   4,392    92,627 
XO Group, Inc. *   3,287    30,865 
Total Software & Services        5,266,757 
Technology Hardware & Equipment - 9.8%          
Agilysys, Inc. *   10,387    93,379 
Anixter International, Inc. *   21,333    1,547,282 
Arris Group, Inc. *   23,824    269,211 
Avid Technology, Inc. *   15,990    175,890 
Badger Meter, Inc.   2,046    69,544 
Bel Fuse, Inc., Class B   4,386    77,501 
Benchmark Electronics, Inc. *   34,441    567,932 
Black Box Corp.   10,152    258,977 
Brightpoint, Inc. *   141,444    1,138,624 
Checkpoint Systems, Inc. *   18,583    209,616 
Cognex Corp.   1,853    78,493 
Comtech Telecommunications Corp.   5,568    181,405 
CTS Corp.   15,174    159,630 
Daktronics, Inc.   11,884    105,649 
Digi International, Inc. *   4,647    51,071 
DTS, Inc. *   835    25,234 
Electro Scientific Industries, Inc.   4,210    63,192 
FARO Technologies, Inc. *   1,073    62,588 
FEI Co. *   4,342    213,236 
Harmonic, Inc. *   25,025    136,887 
Insight Enterprises, Inc. *   61,085    1,339,594 
Intermec, Inc. *   26,256    202,959 
Intevac, Inc. *   3,106    26,401 
Littelfuse, Inc.   2,843    178,256 
Measurement Specialties, Inc. *   1,935    65,209 
Mercury Computer Systems, Inc. *   4,221    55,928 
Methode Electronics, Inc.   11,199    103,927 
MTS Systems Corp.   2,139    113,559 
NETGEAR, Inc. *   7,559    288,754 
Newport Corp. *   7,590    134,495 
Novatel Wireless, Inc. *   30,639    102,641 
Oplink Communications, Inc. *   2,868    49,043 
OSI Systems, Inc. *   2,644    162,077 
Park Electrochemical Corp.   1,748    52,842 
PC-Tel, Inc.   2,738    18,208 
Plexus Corp. *   15,495    542,170 
Pulse Electronics Corp.   36,875    92,556 
Radisys Corp. *   10,542    78,011 
Rofin-Sinar Technologies, Inc. *   5,389    142,108 
Rogers Corp. *   3,353    129,929 
ScanSource, Inc. *   17,087    637,687 
Stratasys, Inc. *   981    35,826 
Super Micro Computer, Inc. *   13,086    228,482 
Symmetricom, Inc. *   8,494    49,010 
Synaptics, Inc. *   4,160    151,882 
SYNNEX Corp. *   59,178    2,257,049 
TTM Technologies, Inc. *   30,290    348,032 
ViaSat, Inc. *   4,297    207,158 
Total Technology Hardware & Equipment        13,279,134 
Telecommunication Services - 0.8%          
Atlantic Tele-Network, Inc.   5,151    187,290 
Cbeyond, Inc. *   15,029    120,232 
Cincinnati Bell, Inc. *   90,085    362,142 
General Communication, Inc., Class A *   16,294    142,084 
Lumos Networks Corp.   4,851    52,197 
Neutral Tandem, Inc. *   6,126    74,676 
NTELOS Holdings Corp.   6,702    138,731 
USA Mobility, Inc.   4,394    61,208 
Total Telecommunication Services        1,138,560 
Transportation - 2.3%          
Allegiant Travel Co., Class A *   3,672    200,124 
Arkansas Best Corp.   24,777    466,055 
Forward Air Corp.   3,714    136,192 
Heartland Express, Inc.   8,748    126,496 
HUB Group, Inc., Class A *   17,121    616,870 
Knight Transportation, Inc.   11,482    202,772 
Old Dominion Freight Line, Inc. *   9,382    447,240 
SkyWest, Inc.   79,717    880,873 
Total Transportation        3,076,622 
Utilities - 3.5%          
ALLETE, Inc.   5,568    231,016 
American States Water Co.   2,884    104,228 
Avista Corp.   15,525    397,129 
Central Vermont Public Service Corp.   2,514    88,493 
CH Energy Group, Inc.   3,723    248,436 
El Paso Electric Co.   7,068    229,639 
Laclede Group, Inc.   10,126    395,116 

 

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

Schedule of Investments - continued

RevenueShares Small Cap Fund
March 31, 2012 (Unaudited)

Investments  Shares  Value
New Jersey Resources Corp.   16,606   $740,129 
Northwest Natural Gas Co.   4,647    210,974 
NorthWestern Corp.   8,095    287,049 
Piedmont Natural Gas Co., Inc.   11,344    352,458 
South Jersey Industries, Inc.   4,467    223,529 
Southwest Gas Corp.   10,671    456,079 
UIL Holdings Corp.   11,213    389,764 
UniSource Energy Corp.   10,444    381,937 
Total Utilities        4,735,976 
Total Investments–100.0%
(Cost $114,608,004)		        135,892,541 
Other Assets in Excess of Liabilities–0.0%†        18,021 
Net Assets–100.0%       $135,910,562 
           

 

* Non-income producing security
† Less than 0.05%

 

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

Schedule of Investments

RevenueShares Financials Sector Fund
March 31, 2012 (Unaudited)

 

Investments  Shares  Value
COMMON STOCKS–100.1%          
Capital Markets - 11.3%          
Ameriprise Financial, Inc.   1,194   $68,213 
Bank of New York Mellon Corp.   4,327    104,411 
BlackRock, Inc., Class A   306    62,699 
Charles Schwab Corp.   2,135    30,680 
E*Trade Financial Corp. *   1,444    15,812 
Federated Investors, Inc., Class B   272    6,096 
Franklin Resources, Inc.   371    46,015 
Goldman Sachs Group, Inc.   2,130    264,908 
Invesco Ltd.   1,061    28,297 
Legg Mason, Inc.   629    17,568 
Morgan Stanley   14,270    280,263 
Northern Trust Corp.   583    27,663 
State Street Corp.   1,470    66,885 
T. Rowe Price Group, Inc.   283    18,480 
Total Capital Markets        1,037,990 
Commercial Banks - 13.2%          
BB&T Corp.   2,151    67,520 
Comerica, Inc.   521    16,859 
Fifth Third Bancorp   3,173    44,581 
First Horizon National Corp.   1,028    10,671 
Huntington Bancshares, Inc.   3,144    20,279 
KeyCorp   3,840    32,640 
M&T Bank Corp.   337    29,278 
PNC Financial Services Group, Inc.   1,725    111,245 
Regions Financial Corp.   8,295    54,664 
SunTrust Banks, Inc.   2,723    65,815 
U.S. Bancorp   4,447    140,881 
Wells Fargo & Co.   17,515    597,962 
Zions Bancorporation   828    17,769 
Total Commercial Banks        1,210,164 
Consumer Finance - 4.8%          
American Express Co.   3,756    217,322 
Capital One Financial Corp.   2,278    126,976 
Discover Financial Services   1,737    57,911 
SLM Corp.   2,296    36,185 
Total Consumer Finance        438,394 
Diversified Financial Services - 25.7%          
Bank of America Corp.   77,700    743,589 
Citigroup, Inc.   18,949    692,586 
CME Group, Inc., Class A   77    22,279 
IntercontinentalExchange, Inc. *   62    8,520 
JPMorgan Chase & Co.   17,385    799,362 
Leucadia National Corp.   443    11,562 
Moody's Corp.   357    15,030 
NASDAQ OMX Group, Inc. *   847    21,937 
NYSE Euronext   1,022    30,670 
Total Diversified Financial Services        2,345,535 
Insurance - 41.8%          
ACE Ltd.   1,553    113,680 
Aflac, Inc.   3,062    140,821 
Allstate Corp.   6,636    218,457 
American International Group, Inc. *   16,205    499,600 
AON Corp., Class W   1,524    74,767 
Assurant, Inc.   1,381    55,930 
Berkshire Hathaway, Inc., Class B *   11,691    948,725 
Chubb Corp.   1,327    91,709 
Cincinnati Financial Corp.   709    24,468 
Genworth Financial, Inc., Class A *   7,536    62,700 
Hartford Financial Services Group, Inc.   6,772   142,754 
Lincoln National Corp.   2,670    70,381 
Loews Corp.   2,431    96,924 
Marsh & McLennan Cos., Inc.   2,317    75,974 
MetLife, Inc.   11,522    430,347 
Principal Financial Group, Inc.   2,061    60,820 
Progressive Corp.   4,551    105,492 
Prudential Financial, Inc.   4,756    301,483 
Torchmark Corp.   439    21,884 
Travelers Cos., Inc.   2,867    169,726 
Unum Group   2,799    68,520 
XL Group PLC, Class A   1,982    42,990 
Total Insurance        3,818,152 
Paper & Forest Products - 0.4%          
Weyerhaeuser Co. (a)   1,899    41,626 
      
Real Estate Investment Trusts - 2.2%          
American Tower Corp., Class A   246    15,503 
Apartment Investment & Management
Co., Class A		   287    7,580 
AvalonBay Communities, Inc.   46    6,502 
Boston Properties, Inc.   107    11,234 
Equity Residential   221    13,839 
HCP, Inc.   266    10,496 
Health Care REIT, Inc.   148    8,134 
Host Hotels & Resorts, Inc.   2,013    33,053 
Kimco Realty Corp.   311    5,990 
Plum Creek Timber Co., Inc.   194    8,063 
ProLogis, Inc.   281    10,122 
Public Storage   85    11,744 
Simon Property Group, Inc.   200    29,136 
Ventas, Inc.   172    9,821 
Vornado Realty Trust   229    19,282 
Total Real Estate Investment Trusts        200,499 
      
Real Estate Management & Development - 0.4%          
Cbre Group, Inc., Class A *   1,853    36,986 
         
Thrifts & Mortgage Finance - 0.3%          
Hudson City Bancorp, Inc.   2,235    16,338 
People's United Financial, Inc.   653    8,646 
Total Thrifts & Mortgage Finance           24,984 
Total Investments–100.1%
(Cost $10,071,765)		        9,154,330 
Liabilities  in Excess of Other Assets–(0.1)%        (12,989)
Net Assets–100.0%       $9,141,341 

 

REIT - Real Estate Investment Trust

 

*      Non-income producing security
   

 

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

Schedule of Investments

RevenueShares ADR Fund
March 31, 2012 (Unaudited)

Investments  Shares  Value
COMMON STOCKS–98.5%          
Automobiles & Components - 5.4%          
Honda Motor Co. Ltd. (a)   16,502   $634,172 
Magna International, Inc., Class A   3,658    174,633 
Toyota Motor Corp. (a)   16,066    1,394,850 
Total Automobiles & Components        2,203,655 
Banks - 12.0%          
Banco Bilbao Vizcaya Argentaria SA (a)   19,565    156,324 
Banco Bradesco SA (a)   29,368    513,940 
Banco de Chile (a)   258    24,492 
Banco Santander Chile (a)   341    29,357 
Banco Santander SA (a)   45,676    350,335 
Bancolombia SA (a)   440    28,450 
Bank of Montreal   1,893    112,482 
Bank of Nova Scotia   2,993    167,728 
Barclays PLC (a)   22,047    334,012 
Canadian Imperial Bank of Commerce   1,315    100,584 
Credicorp Ltd.   164    21,618 
HSBC Holdings PLC (a)   11,480    509,597 
Itau Unibanco Holding SA (a)   22,514    432,044 
Lloyds Banking Group PLC * (a)   150,886    319,878 
Mitsubishi UFJ Financial Group, Inc. (a)   60,202    299,806 
Mizuho Financial Group, Inc. (a)   52,905    170,883 
National Bank of Greece SA * (a)   19,256    51,414 
Royal Bank of Canada   3,531    204,975 
Royal Bank of Scotland Group PLC * (a)   39,907    352,778 
Shinhan Financial Group Co., Ltd. (a)   128    9,869 
Sumitomo Mitsui Financial Group, Inc. (a)   29,770    197,673 
Toronto-Dominion Bank   2,057    174,742 
Westpac Banking Corp. (a)   2,425    275,844 
Total Banks        4,838,825 
Capital Goods - 3.0%          
ABB Ltd. * (a)   11,219    228,980 
Embraer SA (a)   1,134    36,265 
Koninklijke Philips Electronics NV   9,064    184,452 
Kubota Corp. (a)   1,377    66,647 
Nidec Corp. (a)   2,238    51,049 
Siemens AG (a)   6,207    625,914 
Total Capital Goods        1,193,307 
Consumer Durables & Apparel - 2.9%          
Gildan Activewear, Inc.   362    9,973 
Luxottica Group SpA (a)   1,500    54,105 
Panasonic Corp. (a)   68,380    632,515 
Sony Corp. (a)   23,857    495,510 
Total Consumer Durables & Apparel        1,192,103 
Consumer Services - 0.3%          
Carnival PLC (a)   3,010    96,411 
Intercontinental Hotels Group PLC (a)   442    10,263 
Tim Hortons, Inc.   324    17,347 
Total Consumer Services        124,021 
Diversified Financials - 3.7%          
Credit Suisse Group AG (a)   10,088    287,609 
Deutsche Bank AG   8,012    398,917 
ING Groep NV * (a)   49,230    409,594 
Nomura Holdings, Inc. (a)   21,112    93,104 
ORIX Corp. (a)   634    30,590 
UBS AG *   19,741    276,769 
Total Diversified Financials        1,496,583 
Energy - 33.9%          
BP PLC (a)   49,543    2,229,435 
Cameco Corp.   632   13,582 
Canadian Natural Resources Ltd.   2,391    79,333 
Cenovus Energy, Inc.   2,611    93,839 
China Petroleum & Chemical Corp. (a)   17,519    1,904,666 
CNOOC Ltd. (a)   968    197,753 
Ecopetrol SA (a)   3,687    225,239 
Enbridge, Inc.   3,150    122,378 
Encana Corp.   2,470    48,536 
Enerplus Corp.   266    5,964 
ENI SpA (a)   19,337    905,358 
Imperial Oil Ltd.   3,928    178,292 
Nexen, Inc.   2,068    37,948 
Penn West Petroleum Ltd.   911    17,828 
PetroChina Co. Ltd. (a)   10,946    1,538,241 
Petroleo Brasileiro SA, Class A (a)   33,645    859,966 
Royal Dutch Shell PLC, Class A (a)   20,326    1,425,462 
Royal Dutch Shell PLC, Class B (a)   20,092    1,419,098 
Statoil ASA (a)   25,339    686,940 
Suncor Energy, Inc. *   7,469    244,236 
Talisman Energy, Inc.   3,769    47,490 
Tenaris SA (a)   1,471    56,236 
Total SA (a)   25,870    1,322,474 
TransCanada Corp.   1,287    55,341 
Total Energy        13,715,635 
Food & Staples Retailing - 0.4%          
Delhaize Group SA (a)   3,453    181,628 
              
Food, Beverage & Tobacco - 2.7%          
Anheuser-Busch InBev NV (a)   3,352    243,758 
BRF - Brasil Foods SA (a)   4,237    84,782 
British American Tobacco PLC (a)   1,454    147,174 
Diageo PLC (a)   1,074    103,641 
Fomento Economico Mexicano SAB de CV (a)   1,327    109,172 
Unilever NV   5,847    198,973 
Unilever PLC (a)   6,039    199,589 
Total Food, Beverage & Tobacco        1,087,089 
Health Care Equipment & Services - 0.3%          
Fresenius Medical Care AG & Co. KGaA (a)   1,155    81,601 
Smith & Nephew PLC (a)   527    26,613 
Total Health Care Equipment & Services        108,214 
Insurance - 4.8%          
Aegon NV, Class G *   37,339    207,605 
Aviva PLC (a)   41,073    436,195 
China Life Insurance Co. Ltd. (a)   9,083    353,056 
Manulife Financial Corp.   22,738    308,100 
Prudential PLC (a)   20,504    492,711 
Sun Life Financial, Inc.   5,974    141,524 
Total Insurance        1,939,191 
Materials - 6.3%          
Agnico-Eagle Mines Ltd.   341    11,383 
Agrium, Inc.   1,109    95,784 
ArcelorMittal   27,967    535,009 
Barrick Gold Corp.   2,008    87,308 
BHP Billiton Ltd. (a)   3,119    225,816 
BHP Billiton PLC (a)   3,605    221,275 
Cemex SAB de CV * (a)   12,897    100,081 
Cia de Minas Buenaventura SA (a)   240    9,674 
Cia Siderurgica Nacional SA (a)   5,667    53,610 
CRH PLC (a)   6,701    137,437 
Eldorado Gold Corp.   487    6,691 
Gerdau SA (a)   12,280    118,256 
Goldcorp, Inc.   757    34,110 
The accompanying notes are an integral part of these financial statements.
 

Schedule of Investments - continued

RevenueShares ADR Fund
March 31, 2012 (Unaudited)

Investments  Shares   Value 
IAMGOLD Corp.   764   $10,153 
Kinross Gold Corp.   2,438    23,868 
POSCO (a)   2,477    207,325 
Potash Corp. of Saskatchewan, Inc.   1,169    53,412 
Randgold Resources Ltd. (a)   69    6,071 
Rio Tinto PLC (a)   6,571    365,282 
Silver Wheaton Corp.   129    4,283 
Sociedad Quimica y Minera de Chile SA (a)   225    13,201 
Southern Copper Corp.   1,316    41,730 
Syngenta AG * (a)   1,263    86,932 
Teck Resources Ltd., Class B   1,921    68,503 
Yamana Gold, Inc.   851    13,293 
Total Materials        2,530,487 
Media - 0.7%          
Grupo Televisa SAB (a)   1,475    31,093 
Pearson PLC (a)   2,876    53,896 
Shaw Communications, Inc., Class B   1,413    29,885 
Thomson Reuters Corp.   2,892    83,579 
WPP PLC (a)   1,388    94,898 
Total Media        293,351 
Pharmaceuticals, Biotechnology & Life Sciences - 3.1%          
AstraZeneca PLC (a)   4,600    204,654 
Elan Corp. PLC * (a)   590    8,856 
GlaxoSmithKline PLC (a)   6,000    269,460 
Novartis AG (a)   6,604    365,928 
Novo Nordisk A/S (a)   536    74,348 
QIAGEN NV *   480    7,473 
Sanofi (a)   7,385    286,169 
Shire PLC (a)   256    24,256 
Valeant Pharmaceuticals International, Inc. *   284    15,248 
Total Pharmaceuticals, Biotechnology & Life Sciences        1,256,392 
Real Estate - 0.3%          
Brookfield Asset Management, Inc., Class A   3,294    103,992 
           
Semiconductors & Semiconductor Equipment - 0.6%          
Advantest Corp. (a)   472    7,566 
ARM Holdings PLC (a)   177    5,007 
ASML Holding NV, Class G   1,013    50,792 
STMicroelectronics NV, Class Y   7,282    59,640 
Taiwan Semiconductor Manufacturing Co. Ltd. (a)   5,946    90,855 
United Microelectronics Corp. (a)   8,502    20,830 
Total Semiconductors & Semiconductor Equipment        234,690 
Software & Services - 0.3%          
SAP AG (a)   1,699    118,624 
           
Technology Hardware & Equipment - 4.7%          
Alcatel-Lucent * (a)   54,261    123,172 
Canon, Inc. (a)   5,843    278,477 
Hitachi Ltd. (a)   11,272    729,186 
Kyocera Corp. (a)   1,019    93,962 
Nokia OYJ (a)   62,314    342,104 
Research In Motion Ltd. *   8,550    125,770 
Telefonaktiebolaget LM Ericsson (a)   21,564    222,325 
Total Technology Hardware & Equipment        1,914,996 
Telecommunication Services - 10.4%          
America Movil SAB de CV, Series R (a)   13,664    339,277 
BCE, Inc.   3,029    121,342 
BT Group PLC (a)   5,668    204,955 
China Mobile Ltd. (a)   9,432    519,515 
Chunghwa Telecom Co. Ltd. (a)   1,302    40,049 
France Telecom SA (a)   26,090    387,436 
Nippon Telegraph & Telephone Corp. (a)   32,317    731,010 
NTT DoCoMo, Inc. (a)   18,067    301,177 
Portugal Telecom SGPS SA (a)   8,568    46,353 
Rogers Communications, Inc., Class B   1,996    79,241 
Tele Norte Leste Participacoes SA (a)   9,642    109,437 
Telecom Italia SpA (a)   22,364    265,461 
Telefonica SA (a)   32,049    525,924 
TELUS Corp., Class A   1,147    65,195 
Vodafone Group PLC (a)   16,710    462,366 
Total Telecommunication Services        4,198,738 
Transportation - 0.4%          
Canadian National Railway Co.   709    56,316 
Canadian Pacific Railway Ltd.   414    31,443 
Lan Airlines SA (a)   1,186    34,501 
Ryanair Holdings PLC * (a)   870    31,564 
Total Transportation        153,824 
Utilities - 2.3%          
Centrais Eletricas Brasileiras SA, Class C (a)   11,161    104,467 
Cia Energetica de Minas Gerais (a)   2,311    54,956 
CPFL Energia SA (a)   1,464    44,286 
Empresa Nacional de Electricidad SA (a)   561    30,283 
Enersis SA (a)   3,927    79,286 
Korea Electric Power Corp. * (a)   23,550    229,141 
National Grid PLC (a)   2,767    139,678 
TransAlta Corp.   858    16,105 
Veolia Environnement SA (a)   15,108    249,433 
Total Utilities        947,635 
Total Common Stocks          
(Cost $40,286,166)        39,832,980 
           
PREFERRED STOCKS–1.2%          
Food, Beverage & Tobacco - 0.2%          
Cia de Bebidas das Americas (a)   2,431    100,449 
Materials - 0.9%          
Vale SA, Class B (a)   16,493    374,226 
Utilities - 0.1%          
Cia Paranaense de Energia-Copel Preference B (a)   1,097    25,791 
Total Preferred Stocks          
(Cost $533,189)        500,466 
Total Investments–99.7%
(Cost $40,819,355)		        40,333,446 
Other Assets in Excess of Liabilities–0.3%        106,084 
Net Assets–100.0%       $40,439,530 
The accompanying notes are an integral part of these financial statements.
 

Schedule of Investments - continued

RevenueShares ADR Fund
March 31, 2012 (Unaudited)

Country  Value  % of Net
Assets
Australia  $501,659    1.2%
Belgium   425,385    1.1 
Brazil   2,912,475    7.2 
Canada   3,410,179    8.4 
Chile   211,119    0.5 
China   1,891,298    4.7 
Colombia   253,689    0.6 
Denmark   74,349    0.2 
Finland   342,104    0.8 
France   2,368,685    5.9 
Germany   1,225,056    3.0 
Greece   51,414    0.1 
Hong Kong   2,621,933    6.5 
Ireland   202,113    0.5 
Italy   1,224,924    3.0 
Japan   6,208,177    15.4 
Jersey Islands   100,968    0.2 
Luxembourg   591,245    1.5 
Mexico   579,624    1.4 
Netherlands   3,903,450    9.7 
Norway   686,940    1.7 
Peru   31,293    0.1 
Portugal   46,353    0.1 
South Korea   446,335    1.1 
Spain   1,032,583    2.6 
Sweden   222,325    0.5 
Switzerland   1,305,857    3.2 
Taiwan   151,734    0.4 
United Kingdom   7,184,871    17.8 
United States   125,309    0.3 
Total Investments   40,333,446    99.7 
Other Assets in Excess of Liabilities   106,084    0.3 
Net Assets  $40,439,530    100.0%

 

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

 

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

Schedule of Investments

RevenueShares Navellier Overall A-100 Fund
March 31, 2012 (Unaudited)

Investments  Shares  Value
COMMON STOCKS–99.8%          
Banks - 0.5%          
Bank of The Ozarks, Inc.   562   $17,568 
Texas Capital Bancshares, Inc. *   668    23,126 
Total Banks           40,694 
Capital Goods - 6.7%          
Chart Industries, Inc. *   522    38,278 
DXP Enterprises, Inc. *   408    17,744 
Edac Technologies Corp. *   1,193    15,592 
Generac Holdings, Inc. *   1,081    26,539 
Goodrich Corp.   518    64,978 
Primoris Services Corp.   3,300    52,998 
Transdigm Group, Inc. *   447    51,745 
W.W. Grainger, Inc.   1,245    267,438 
Total Capital Goods        535,312 
Commercial & Professional Services - 1.4%          
Copart, Inc. *   1,481    38,610 
Mistras Group, Inc. *   774    18,437 
Verisk Analytics, Inc., Class A *   1,125    52,841 
Total Commercial & Professional Services        109,888 
Consumer Durables & Apparel - 6.0%          
Arctic Cat, Inc. *   389    16,661 
Lululemon Athletica, Inc. *   763    56,981 
Polaris Industries, Inc.   1,337    96,465 
Smith & Wesson Holding Corp. *   2,141    16,593 
Sturm Ruger & Co., Inc.   565    27,741 
VF Corp.   1,825    266,413 
Total Consumer Durables & Apparel        480,854 
Consumer Services - 4.5%          
Advance America Cash Advance Centers, Inc.   2,979    31,250 
Cedar Fair LP   1,714    50,717 
Domino's Pizza, Inc.   1,598    58,007 
Melco Crown Entertainment Ltd., Class Participation Certificate * (a)   11,689    159,087 
Papa John's International, Inc. *   1,141    42,970 
Shuffle Master, Inc. *   769    13,535 
Total Consumer Services        355,566 
Diversified Financials - 1.1%          
Credit Acceptance Corp. *   263    26,565 
Main Street Capital Corp.   582    14,335 
Marketaxess Holdings, Inc.   510    19,018 
Ocwen Financial Corp. *   1,628    25,446 
Total Diversified Financials        85,364 
Energy - 3.5%          
BP Prudhoe Bay Royalty Trust   108    13,523 
Ecopetrol SA (a)   3,945    241,000 
Mitcham Industries, Inc. *   603    13,543 
Rex American Resources Corp. *   466    14,306 
Total Energy        282,372 
Food & Staples Retailing - 2.1%          
Susser Holdings Corp. *   6,458    165,777 
              
Food, Beverage & Tobacco - 7.7%          
British American Tobacco PLC (a)   5,342    540,717 
Monster Beverage Corp. *   1,118    69,417 
Total Food, Beverage & Tobacco       610,134 
Health Care Equipment & Services - 11.2%          
Healthstream, Inc. *   698    16,187 
Humana, Inc.   6,013    556,082 
Intuitive Surgical, Inc. *   126    68,260 
Mediware Information Systems *   900    13,221 
WellCare Health Plans, Inc. *   3,257    234,113 
Total Health Care Equipment & Services        887,863 
Household & Personal Products - 6.3%          
Estee Lauder Cos., Inc., Class A   4,893    303,072 
Herbalife Ltd.   1,906    131,171 
Nu Skin Enterprises, Inc., Class A   1,145    66,307 
Total Household & Personal Products        500,550 
Insurance - 0.8%          
Amtrust Financial Services, Inc.   1,723    46,314 
ProAssurance Corp.   188    16,565 
Total Insurance        62,879 
Materials - 2.4%          
American Vanguard Corp.   698    15,140 
Arabian American Development Co. *   1,532    14,217 
H.B. Fuller Co.   716    23,506 
Schweitzer-Mauduit International, Inc.   246    16,989 
Terra Nitrogen Co. LP   193    48,443 
U.S. Lime & Minerals, Inc. *   233    13,954 
Valhi, Inc.   1,097    58,196 
Total Materials        190,445 
Pharmaceuticals, Biotechnology & Life Sciences - 5.5%          
Akorn, Inc. *   1,292    15,116 
Alexion Pharmaceuticals, Inc. *   453    42,066 
Biogen IDEC, Inc. *   1,303    164,139 
Hi-Tech Pharmacal Co., Inc. *   411    14,767 
Jazz Pharmaceuticals PLC *   471    22,829 
Medicines Co. *   1,210    24,285 
Questcor Pharmaceuticals, Inc. *   333    12,527 
Shire PLC (a)   1,180    111,805 
Spectrum Pharmaceuticals, Inc. *   1,036    13,085 
Viropharma, Inc. *   526    15,817 
Total Pharmaceuticals, Biotechnology & Life Sciences        436,436 
Real Estate - 0.8%          
Altisource Portfolio Solutions SA *   395    23,953 
Simon Property Group, Inc. (b)   285    41,519 
Total Real Estate        65,472 
Retailing - 19.2%          
America's Car-Mart, Inc. *   501    22,034 
AutoZone, Inc. *   705    262,119 
Bed Bath & Beyond, Inc. *   4,130    271,630 
Dillard's, Inc., Class A   846    53,315 
Genesco, Inc. *   360    25,794 
Lithia Motors, Inc., Class A   3,525    92,355 
Macy's, Inc.   4,632    184,029 
O'Reilly Automotive, Inc. *   2,058    187,998 
Sally Beauty Holdings, Inc. *   5,079    125,959 
Select Comfort Corp. *   1,554    50,334 
Stamps.com, Inc. *   518    14,442 
Tractor Supply Co.   1,656    149,968 
Ulta Salon Cosmetics & Fragrance, Inc.   793    73,662 
Voxx International Corp., Class A *   1,230    16,679 
Total Retailing        1,530,318 

 

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

Schedule of Investments - continued

RevenueShares Navellier Overall A-100 Fund
March 31, 2012 (Unaudited)

Investments  Shares  Value
Semiconductors & Semiconductor Equipment - 0.2%          
Silicon Motion Technology Corp. * (a)   736   $14,256 
              
Software & Services - 6.5%          
Alliance Data Systems Corp. *   928    116,891 
Cardtronics, Inc. *   1,024    26,880 
Fair Isaac Corp.   738    32,398 
IAC/InterActiveCorp   508    24,938 
InfoSpace, Inc. *   1,021    13,079 
Liquidity Services, Inc. *   478    21,414 
Manhattan Associates, Inc. *   425    20,200 
Mastercard, Inc., Class A   503    211,532 
NeuStar, Inc., Class A *   753    28,049 
Solarwinds, Inc. *   513    19,828 
Total Software & Services        515,209 
Technology Hardware & Equipment - 9.0%          
Apple, Inc. *   917    549,714 
FARO Technologies, Inc. *   353    20,590 
FEI Co. *   834    40,958 
Globecomm Systems, Inc. *   1,433    20,750 
Seagate Technology PLC   3,285    88,531 
Total Technology Hardware & Equipment        720,543 
Transportation - 1.3%          
Copa Holdings SA, Class A   312    24,710 
Dollar Thrifty Automotive Group, Inc. *   273    22,089 
Kirby Corp. *   849    55,856 
Total Transportation        102,655 
Utilities - 3.1%          
CenterPoint Energy, Inc.   12,439    245,297 
      
Total Investments–99.8%
(Cost $6,958,941)		        7,937,884 
Other Assets in Excess of Liabilities–0.2%        13,509 
Net Assets–100.0%       $7,951,393 
           

 

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

 

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

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

 
 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of March 31, 2012 in valuing the Funds’ assets carried at fair value:

Quoted Prices in
Active Markets
(Level 1)		 Other
Significant
Observable		 Significant
Observable
Fund Common Stock Preferred Stock Inputs
(Level 2)		 Inputs
(Level 3)		 Total
RevenueShares Large Cap Fund $ 164,589,036 $            - $               - $              - $ 164,589,036
RevenueShares Mid Cap Fund 141,162,478 - - - 141,162,478
RevenueShares Small Cap Fund 135,892,541 - - - 135,892,541
RevenueShares Financials Sector Fund 9,154,330 - - - 9,154,330
RevenueShares ADR Fund 39,832,980 500,466 - - 40,333,446
RevenueShares Navellier Overall A-100 Fund 7,937,884 - - - 7,937,884

At March 31, 2012, 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 March 31, 2012, based on the valuation input Levels assigned to securities on June 30, 2011.

4. FEDERAL INCOME TAX

At March 31, 2012, 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 $ 138,688,553 $ 29,393,498 $ (3,493,015) $25,900,483
RevenueShares Mid Cap Fund 114,392,423 28,709,431 (1,939,376) 26,770,055
RevenueShares Small Cap Fund 114,608,004 25,058,586 (3,774,049) 21,284,537
RevenueShares Financials Sector Fund 10,071,765 390,989 (1,308,424) (917,435)
RevenueShares ADR Fund 40,819,355 3,238,843 (3,724,752) (485,909)
RevenueShares Navellier Overall A-100 Fund 6,958,941 1,001,066 (22,123) 978,943

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: May 24, 2012

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

By: /s/ Vincent T. Lowry
Vincent T. Lowry
Principal Executive Officer
   
Date: May 24, 2012
   
By: /s/ Michael Gompers
Michael Gompers
Chief Financial Officer
   
Date: May 24, 2012