N-Q

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number                   811-21993                   

RevenueShares ETF Trust

(Exact name of registrant as specified in charter)

One Commerce Square

2005 Market Street, Suite 2020

Philadelphia, PA 19103

(Address of principal executive offices) (Zip code)

Vincent T. Lowry

One Commerce Street

2005 Market Street, Suite 2020

Philadelphia, PA 19103

(Name and address of agent for service)

Registrant's telephone number, including area code:          1-888-854-8181       

Date of fiscal year end:        June 30     

Date of reporting period:   September 30, 2014  

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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

Schedule of Investments

RevenueShares Large Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–99.9%
Automobiles & Components - 3.5%
BorgWarner, Inc.		3,376	$	177,611
Delphi Automotive PLC		6,222		381,658
Ford Motor Co.		217,477		3,216,485
General Motors Co.		113,187		3,615,193
Goodyear Tire & Rubber Co.		18,816		424,959
Harley-Davidson, Inc.		2,456		142,939
Johnson Controls, Inc.		22,656		996,864
Total Automobiles & Components				8,955,709
Banks - 4.4%
Bank of America Corp.		144,720		2,467,476
BB&T Corp.		6,414		238,665
Citigroup, Inc.		42,060		2,179,549
Comerica, Inc.		1,246		62,126
Fifth Third Bancorp		7,929		158,739
Hudson City Bancorp, Inc.		3,203		31,133
Huntington Bancshares, Inc.		7,018		68,285
JPMorgan Chase & Co.		41,663		2,509,779
KeyCorp		7,657		102,068
M&T Bank Corp.		919		113,303
People's United Financial, Inc.		2,194		31,747
PNC Financial Services Group, Inc.		4,617		395,123
Regions Financial Corp.		13,065		131,173
SunTrust Banks, Inc.		5,238		199,201
U.S. Bancorp		12,092		505,808
Wells Fargo & Co.		40,504		2,100,942
Zions Bancorporation		1,864		54,168
Total Banks				11,349,285
Capital Goods - 8.3%
3M Co.		5,294		750,054
Allegion PLC		1,005		47,878
AMETEK, Inc.		1,794		90,077
Boeing Co.		16,942		2,158,072
Caterpillar, Inc.		12,998		1,287,192
Cummins, Inc.		3,226		425,768
Danaher Corp.		6,081		462,034
Deere & Co.		10,857		890,165
Dover Corp.		2,425		194,800
Eaton Corp. PLC		8,258		523,309
Emerson Electric Co.		9,320		583,246
Fastenal Co.		1,871		84,008
Flowserve Corp.		1,633		115,159
Fluor Corp.		8,299		554,290
General Dynamics Corp.		5,862		745,002
General Electric Co.		134,818		3,454,037
Honeywell International, Inc.		10,239		953,456
Illinois Tool Works, Inc.		3,981		336,076
Ingersoll-Rand PLC		5,362		302,202
Jacobs Engineering Group, Inc.*		5,783		282,326
Joy Global, Inc.		1,762		96,100
L-3 Communications Holdings, Inc.		2,582		307,051
Lockheed Martin Corp.		6,140		1,122,269
Masco Corp.		8,384		200,545
Northrop Grumman Corp.		4,459		587,518
PACCAR, Inc.		7,322		416,439
Pall Corp.		782		65,453
Parker Hannifin Corp.		2,742		312,999
Pentair PLC		2,681		175,579
Precision Castparts Corp.		924		218,877
Quanta Services, Inc.*		4,693		170,309
Raytheon Co.		5,486		557,487
Rockwell Automation, Inc.		1,376		151,195
Rockwell Collins, Inc.		1,506		118,221
Roper Industries, Inc.		562		82,215

Investments	Shares		Value
Snap-on, Inc.		658	$	79,671
Stanley Black & Decker, Inc.		2,969		263,618
Textron, Inc.		8,492		305,627
United Rentals, Inc.*		1,087		120,766
United Technologies Corp.		14,536		1,535,002
W.W. Grainger, Inc.		946		238,061
Xylem, Inc./NY		2,558		90,783
Total Capital Goods				21,454,936
Commercial & Professional Services - 0.6%
ADT Corp. (The)		2,224		78,863
Cintas Corp.		1,634		115,344
Dun & Bradstreet Corp.		348		40,880
Equifax, Inc.		737		55,083
Nielsen NV		3,344		148,240
Pitney Bowes, Inc.		3,657		91,388
Republic Services, Inc.		5,367		209,420
Robert Half International, Inc.		2,133		104,517
Stericycle, Inc.*		489		56,998
Tyco International Ltd.		5,763		256,857
Waste Management, Inc.		7,275		345,781
Total Commercial & Professional Services				1,503,371
Consumer Durables & Apparel - 1.3%
Coach, Inc.		3,291		117,192
D.R. Horton, Inc.		7,661		157,204
Fossil Group, Inc.*		850		79,815
Garmin Ltd.(a)		1,273		66,183
Harman International Industries, Inc.		1,085		106,373
Hasbro, Inc.		1,893		104,105
Leggett & Platt, Inc.		2,600		90,792
Lennar Corp., Class A		3,959		153,728
Mattel, Inc.		4,535		138,998
Michael Kors Holdings Ltd.*		840		59,968
Mohawk Industries, Inc.*		1,328		179,041
Newell Rubbermaid, Inc.		4,069		140,014
NIKE, Inc., Class B		7,895		704,234
PulteGroup, Inc.		7,119		125,722
PVH Corp.		1,380		167,187
Ralph Lauren Corp.		998		164,401
Under Armour, Inc., Class A*		941		65,023
VF Corp.		4,350		287,230
Whirlpool Corp.		2,984		434,620
Total Consumer Durables & Apparel				3,341,830
Consumer Services - 1.1%
Carnival Corp.		9,619		386,395
Chipotle Mexican Grill, Inc.*		136		90,656
Darden Restaurants, Inc.		3,960		203,782
H&R Block, Inc.		2,231		69,183
Marriott International, Inc., Class A		4,488		313,711
McDonald's Corp.		7,406		702,163
Starbucks Corp.		5,085		383,714
Starwood Hotels & Resorts  Worldwide, Inc.		1,761		146,533
Wyndham Worldwide Corp.		1,559		126,684
Wynn Resorts Ltd.		781		146,110
Yum! Brands, Inc.		4,587		330,172
Total Consumer Services				2,899,103
Diversified Financials - 4.2%
Affiliated Managers Group, Inc.*		281		56,301
American Express Co.		9,766		854,916
Ameriprise Financial, Inc.		2,293		282,910
Bank of New York Mellon Corp.		9,177		355,425
Berkshire Hathaway, Inc., Class B*		33,102		4,572,710
BlackRock, Inc.		795		261,014
Capital One Financial Corp.		6,996		571,013

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

Schedule of Investments- continued

RevenueShares Large Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Diversified Financials (continued)
Charles Schwab Corp.		4,744	$	139,426
CME Group, Inc.		885		70,760
Discover Financial Services		3,610		232,448
E*TRADE Financial Corp.*		2,054		46,400
Franklin Resources, Inc.		3,628		198,125
Goldman Sachs Group, Inc.		5,331		978,612
Intercontinental Exchange, Inc.		384		74,899
Invesco Ltd.		2,969		117,216
Legg Mason, Inc.		1,294		66,201
Leucadia National Corp.		10,678		254,564
McGraw Hill Financial, Inc.		1,429		120,679
Moody's Corp.		802		75,789
Morgan Stanley		25,698		888,380
NASDAQ OMX Group, Inc.		1,906		80,853
Navient Corp.		8,012		141,893
Northern Trust Corp.		1,549		105,378
State Street Corp.		3,388		249,391
T. Rowe Price Group, Inc.		1,160		90,944
Total Diversified Financials				10,886,247
Energy - 13.5%
Anadarko Petroleum Corp.		3,734		378,777
Apache Corp.		3,777		354,547
Baker Hughes, Inc.		8,443		549,302
Cabot Oil & Gas Corp.		1,427		46,649
Cameron International Corp.*		3,612		239,765
Chesapeake Energy Corp.		18,932		435,247
Chevron Corp.		41,376		4,936,984
Cimarex Energy Co.		416		52,636
ConocoPhillips		17,040		1,303,901
CONSOL Energy, Inc.		2,403		90,978
Denbury Resources, Inc.		3,814		57,324
Devon Energy Corp.		4,934		336,400
Diamond Offshore Drilling, Inc.(a)		1,798		61,617
Ensco PLC, Class A		2,654		109,637
EOG Resources, Inc.		3,730		369,345
EQT Corp.		553		50,622
Exxon Mobil Corp.		98,710		9,283,675
FMC Technologies, Inc.*		3,322		180,418
Halliburton Co.		11,275		727,350
Helmerich & Payne, Inc.		826		80,841
Hess Corp.		4,032		380,298
Kinder Morgan, Inc./DE(a)		10,024		384,320
Marathon Oil Corp.		8,027		301,735
Marathon Petroleum Corp.		26,356		2,231,562
Murphy Oil Corp.		2,897		164,868
Nabors Industries Ltd.		6,430		146,347
National Oilwell Varco, Inc.		6,957		529,428
Newfield Exploration Co.*		1,295		48,006
Noble Corp. PLC		4,706		104,567
Noble Energy, Inc.		1,782		121,817
Occidental Petroleum Corp.		6,228		598,822
ONEOK, Inc.		4,990		327,094
Phillips 66		45,315		3,684,563
Pioneer Natural Resources Co.		494		97,303
QEP Resources, Inc.		2,520		77,566
Range Resources Corp.		655		44,416
Schlumberger Ltd.		11,088		1,127,539
Southwestern Energy Co.*		2,559		89,437
Spectra Energy Corp.		3,505		137,606
Tesoro Corp.		16,789		1,023,793
Transocean Ltd.(a)		6,727		215,062
Valero Energy Corp.		70,645		3,268,744
Williams Cos., Inc.		2,877		159,242
Total Energy				34,910,150

Investments	Shares		Value
Food & Staples Retailing - 9.2%
Costco Wholesale Corp.		20,959	$	2,626,582
CVS Health Corp.		39,313		3,128,922
Kroger Co.		46,192		2,401,984
Safeway, Inc.		25,983		891,217
Sysco Corp.		29,296		1,111,783
Walgreen Co.		28,494		1,688,839
Wal-Mart Stores, Inc.		151,741		11,603,634
Whole Foods Market, Inc.		8,451		322,068
Total Food & Staples Retailing				23,775,029
Food, Beverage & Tobacco - 4.5%
Altria Group, Inc.		9,734		447,180
Archer-Daniels-Midland Co.		41,940		2,143,134
Brown-Forman Corp., Class B		781		70,462
Campbell Soup Co.		4,616		197,242
Coca-Cola Co.		27,188		1,159,840
Coca-Cola Enterprises, Inc.		4,484		198,910
ConAgra Foods, Inc.		13,237		437,350
Constellation Brands, Inc., Class A*		1,012		88,206
Dr Pepper Snapple Group, Inc.		2,338		150,357
General Mills, Inc.		8,712		439,520
Hershey Co.		1,895		180,840
Hormel Foods Corp.		4,341		223,084
J.M. Smucker Co.		1,428		141,358
Kellogg Co.		5,706		351,490
Keurig Green Mountain, Inc.		814		105,926
Kraft Foods Group, Inc.		7,726		435,746
Lorillard, Inc.		2,061		123,475
McCormick & Co., Inc.		1,516		101,420
Mead Johnson Nutrition Co.		1,086		104,495
Molson Coors Brewing Co., Class B		1,337		99,526
Mondelez International, Inc., Class A		24,212		829,624
Monster Beverage Corp.*		636		58,302
PepsiCo, Inc.		17,541		1,632,892
Philip Morris International, Inc.		8,772		731,585
Reynolds American, Inc.		3,548		209,332
Tyson Foods, Inc., Class A		22,560		888,187
Total Food, Beverage & Tobacco				11,549,483
Health Care Equipment & Services - 8.6%
Abbott Laboratories		12,313		512,098
Aetna, Inc.		16,110		1,304,910
AmerisourceBergen Corp.		33,265		2,571,384
Baxter International, Inc.		5,511		395,524
Becton Dickinson & Co.		1,761		200,419
Boston Scientific Corp.*		14,463		170,808
C.R. Bard, Inc.		533		76,064
Cardinal Health, Inc.		31,588		2,366,573
CareFusion Corp.*		1,874		84,798
Cerner Corp.*		1,319		78,573
Cigna Corp.		8,659		785,285
Covidien PLC		2,787		241,103
DaVita HealthCare Partners, Inc.*		4,064		297,241
DENTSPLY International, Inc.		1,554		70,862
Edwards Lifesciences Corp.*		510		52,096
Express Scripts Holding Co.*		33,271		2,349,931
Humana, Inc.		8,208		1,069,420
Intuitive Surgical, Inc.*		107		49,415
Laboratory Corp. of America Holdings*		1,348		137,159
McKesson Corp.		15,874		3,090,192
Medtronic, Inc.		6,218		385,205
Patterson Cos., Inc.		2,265		93,839
Quest Diagnostics, Inc.		2,798		169,783
St. Jude Medical, Inc.		2,155		129,580
Stryker Corp.		2,708		218,671
Tenet Healthcare Corp.*		5,603		332,762
UnitedHealth Group, Inc.		35,462		3,058,598

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

Schedule of Investments- continued

RevenueShares Large Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Health Care Equipment & Services (continued)
Universal Health Services, Inc., Class B		1,655	$	172,948
Varian Medical Systems, Inc.*		888		71,147
WellPoint, Inc.		14,700		1,758,414
Zimmer Holdings, Inc.		1,096		110,203
Total Health Care Equipment & Services				22,405,005
Household & Personal Products - 1.4%
Avon Products, Inc.		17,255		217,413
Clorox Co.		1,538		147,709
Colgate-Palmolive Co.		6,543		426,734
Estee Lauder Cos., Inc., Class A		3,405		254,422
Kimberly-Clark Corp.		4,859		522,683
Procter & Gamble Co.		24,543		2,055,231
Total Household & Personal Products				3,624,192
Insurance - 4.1%
ACE Ltd.		4,509		472,859
Aflac, Inc.		9,720		566,190
Allstate Corp.		13,796		846,661
American International Group, Inc.		28,220		1,524,444
Aon PLC		3,340		292,818
Assurant, Inc.		3,641		234,116
Chubb Corp.		3,704		337,360
Cincinnati Financial Corp.		2,411		113,438
Genworth Financial, Inc., Class A*		17,538		229,748
Hartford Financial Services Group, Inc.		13,552		504,812
Lincoln National Corp.		5,658		303,156
Loews Corp.		8,614		358,859
Marsh & McLennan Cos., Inc.		5,815		304,357
MetLife, Inc.		31,060		1,668,543
Principal Financial Group, Inc.		4,543		238,371
Progressive Corp.		18,033		455,874
Prudential Financial, Inc.		12,731		1,119,564
Torchmark Corp.		1,765		92,433
Travelers Cos., Inc.		6,975		655,231
Unum Group		7,063		242,826
XL Group PLC		5,321		176,498
Total Insurance				10,738,158
Materials - 3.7%
Air Products & Chemicals, Inc.		1,918		249,685
Airgas, Inc.		1,109		122,711
Alcoa, Inc.		34,039		547,688
Allegheny Technologies, Inc.		2,296		85,182
Avery Dennison Corp.		3,210		143,326
Ball Corp.		3,250		205,628
Bemis Co., Inc.		3,106		118,090
CF Industries Holdings, Inc.		482		134,584
Dow Chemical Co.		25,990		1,362,916
E.I. du Pont de Nemours & Co.		12,484		895,852
Eastman Chemical Co.		2,743		221,881
Ecolab, Inc.		2,927		336,107
FMC Corp.		1,604		91,733
Freeport-McMoRan, Inc.		15,999		522,367
International Flavors & Fragrances, Inc.		749		71,814
International Paper Co.		14,545		694,378
LyondellBasell Industries NV, Class A		9,990		1,085,513
Martin Marietta Materials, Inc.		439		56,605
MeadWestvaco Corp.		3,214		131,581
Monsanto Co.		3,322		373,758
Mosaic Co. (The)		4,453		197,758
Newmont Mining Corp.		7,622		175,687
Nucor Corp.		8,569		465,125
Owens-Illinois, Inc.*		5,977		155,701
PPG Industries, Inc.		1,868		367,510
Praxair, Inc.		2,248		289,992

Investments	Shares		Value
Sealed Air Corp.		5,195	$	181,202
Sherwin-Williams Co. (The)		1,208		264,540
Sigma-Aldrich Corp.		650		88,407
Vulcan Materials Co.		1,105		66,554
Total Materials				9,703,875
Media - 2.9%
Cablevision Systems Corp., Class A		8,076		141,411
CBS Corp., Class B		6,283		336,140
Comcast Corp., Class A		28,869		1,552,575
DIRECTV*		9,106		787,851
Discovery Communications, Inc., Class C*		3,688		137,489
Discovery Communications, Inc., Class A*		3,635		137,403
Gannett Co., Inc.		4,158		123,368
Interpublic Group of Cos., Inc.		9,624		176,312
News Corp., Class A*		12,390		202,576
Omnicom Group, Inc.		5,195		357,728
Scripps Networks Interactive, Inc., Class A		822		64,190
Time Warner Cable, Inc.		3,545		508,672
Time Warner, Inc.		9,474		712,539
Twenty-First Century Fox, Inc., Class A		21,045		721,633
Viacom, Inc., Class B		4,222		324,841
Walt Disney Co.		12,765		1,136,468
Total Media				7,421,196
Pharmaceuticals, Biotechnology & Life Sciences - 3.2%
AbbVie, Inc.		7,907		456,708
Actavis PLC*		1,045		252,138
Agilent Technologies, Inc.		2,818		160,570
Alexion Pharmaceuticals, Inc.*		291		48,254
Allergan, Inc.		971		173,023
Amgen, Inc.		3,385		475,457
Biogen Idec, Inc.*		626		207,087
Bristol-Myers Squibb Co.		7,796		398,999
Celgene Corp.*		1,866		176,859
Eli Lilly & Co.		7,875		510,694
Gilead Sciences, Inc.*		4,112		437,722
Hospira, Inc.*		1,961		102,031
Johnson & Johnson		16,951		1,806,807
Mallinckrodt PLC*		623		56,163
Merck & Co., Inc.		17,800		1,055,184
Mylan, Inc.*		3,635		165,356
PerkinElmer, Inc.		1,218		53,105
Perrigo Co. PLC		638		95,821
Pfizer, Inc.		40,589		1,200,217
Regeneron Pharmaceuticals, Inc.*		170		61,288
Thermo Fisher Scientific, Inc.		2,948		358,772
Vertex Pharmaceuticals, Inc.*		217		24,371
Waters Corp.*		465		46,091
Zoetis, Inc.		3,080		113,806
Total Pharmaceuticals, Biotechnology & Life Sciences				8,436,523
Real Estate Investment Trusts - 0.5%
American Tower Corp.		963		90,166
Apartment Investment & Management Co., Class A		743		23,642
AvalonBay Communities, Inc.		270		38,062
Boston Properties, Inc.		482		55,796
Crown Castle International Corp.		1,027		82,704
Equity Residential		1,002		61,703
Essex Property Trust, Inc.		100		17,875
General Growth Properties, Inc.		2,592		61,042
HCP, Inc.		1,295		51,424

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

Schedule of Investments- continued

RevenueShares Large Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Real Estate Investment Trusts (continued)
Health Care REIT, Inc.		1,229	$	76,653
Host Hotels & Resorts, Inc.		5,893		125,698
Iron Mountain, Inc.		2,112		68,957
Kimco Realty Corp.		1,091		23,904
Macerich Co. (The)		401		25,596
Plum Creek Timber Co., Inc.		835		32,573
Prologis, Inc.		1,110		41,847
Public Storage		306		50,747
Simon Property Group, Inc.		764		125,617
Ventas, Inc.		1,164		72,110
Vornado Realty Trust		636		63,574
Weyerhaeuser Co.		6,238		198,743
Total Real Estate Investment Trusts				1,388,433
Real Estate Management & Development - 0.1%
CBRE Group, Inc., Class A*		6,454		191,942
Retailing - 5.8%
Amazon.com, Inc.*		6,177		1,991,712
AutoNation, Inc.*		8,563		430,805
AutoZone, Inc.*		428		218,135
Bed Bath & Beyond, Inc.*		4,364		287,282
Best Buy Co., Inc.		30,455		1,022,984
CarMax, Inc.*(a)		5,500		255,475
Dollar General Corp.*		6,465		395,076
Dollar Tree, Inc.*		3,348		187,722
Expedia, Inc.		1,505		131,868
Family Dollar Stores, Inc.		3,200		247,168
GameStop Corp., Class A(a)		4,772		196,606
Gap, Inc.		9,068		378,045
Genuine Parts Co.		4,053		355,489
Home Depot, Inc.		20,937		1,920,760
Kohl's Corp.		7,686		469,077
L Brands, Inc.		3,987		267,049
Lowe's Cos., Inc.		23,595		1,248,647
Macy's, Inc.		11,256		654,874
Netflix, Inc.*		264		119,112
Nordstrom, Inc.		4,395		300,486
O'Reilly Automotive, Inc.*		1,095		164,644
PetSmart, Inc.		2,389		167,445
Priceline Group, Inc. (The)*		158		183,056
Ross Stores, Inc.		3,278		247,751
Staples, Inc.		45,146		546,267
Target Corp.		28,608		1,793,149
Tiffany & Co.		954		91,880
TJX Cos., Inc.		10,933		646,906
Tractor Supply Co.		2,167		133,292
TripAdvisor, Inc.*		272		24,866
Urban Outfitters, Inc.*		1,902		69,803
Total Retailing				15,147,431
Semiconductors & Semiconductor Equipment - 1.2%
Altera Corp.		1,236		44,224
Analog Devices, Inc.		1,320		65,327
Applied Materials, Inc.		9,276		200,454
Avago Technologies Ltd.		780		67,860
Broadcom Corp., Class A		4,926		199,109
First Solar, Inc.*		1,205		79,301
Intel Corp.		37,727		1,313,654
KLA-Tencor Corp.		863		67,987
Lam Research Corp.		1,288		96,214
Linear Technology Corp.		712		31,606
Microchip Technology, Inc.(a)		911		43,026
Micron Technology, Inc.*		10,188		349,041
NVIDIA Corp.		5,422		100,036
Texas Instruments, Inc.		6,348		302,736

Investments	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Xilinx, Inc.		1,236	$	52,345
Total Semiconductors & Semiconductor Equipment				3,012,920
Software & Services - 5.1%
Accenture PLC, Class A		9,401		764,489
Adobe Systems, Inc.*		1,493		103,301
Akamai Technologies, Inc.*		691		41,322
Alliance Data Systems Corp.*		466		115,694
Autodesk, Inc.*		1,019		56,147
Automatic Data Processing, Inc.		3,448		286,460
CA, Inc.		3,916		109,413
Citrix Systems, Inc.*		1,044		74,479
Cognizant Technology Solutions Corp., Class A*		5,247		234,908
Computer Sciences Corp.		5,572		340,728
eBay, Inc.*		8,034		454,965
Electronic Arts, Inc.*		2,534		90,236
Facebook, Inc., Class A*		3,207		253,481
Fidelity National Information Services, Inc.		2,668		150,208
Fiserv, Inc.*		1,861		120,286
Google, Inc., Class A*		2,603		1,531,631
Google, Inc., Class C*		2,644		1,526,540
International Business Machines Corp.		12,477		2,368,509
Intuit, Inc.		1,199		105,092
MasterCard, Inc., Class A		2,856		211,115
Microsoft Corp.		43,902		2,035,297
Oracle Corp.		22,342		855,252
Paychex, Inc.		1,377		60,863
Red Hat, Inc.*		571		32,062
salesforce.com, Inc.*		1,479		85,087
Symantec Corp.		6,878		161,702
Teradata Corp.*		1,514		63,467
Total System Services, Inc.		1,849		57,245
VeriSign, Inc.*		434		23,922
Visa, Inc., Class A		1,395		297,651
Western Union Co.		8,068		129,411
Xerox Corp.		37,409		494,921
Yahoo!, Inc.*		2,657		108,273
Total Software & Services				13,344,157
Technology Hardware & Equipment - 4.6%
Amphenol Corp., Class A		1,164		116,237
Apple, Inc.		42,421		4,273,916
Cisco Systems, Inc.		46,492		1,170,204
Corning, Inc.		10,392		200,981
EMC Corp.		19,599		573,467
F5 Networks, Inc.*		310		36,809
FLIR Systems, Inc.		1,083		33,941
Harris Corp.		1,747		116,001
Hewlett-Packard Co.		74,640		2,647,481
Jabil Circuit, Inc.		19,456		392,427
Juniper Networks, Inc.		5,212		115,446
Motorola Solutions, Inc.		3,088		195,409
NetApp, Inc.		3,646		156,632
QUALCOMM, Inc.		8,301		620,666
SanDisk Corp.		1,588		155,544
Seagate Technology PLC		5,796		331,937
TE Connectivity Ltd.		5,396		298,345
Western Digital Corp.		3,819		371,665
Total Technology Hardware & Equipment				11,807,108
Telecommunication Services - 2.7%
AT&T, Inc.		91,126		3,211,280
CenturyLink, Inc.		11,002		449,872
Frontier Communications Corp.		17,519		114,049
Verizon Communications, Inc.		61,500		3,074,385

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

Schedule of Investments- concluded

RevenueShares Large Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Telecommunication Services (continued)
Windstream Holdings, Inc.		12,860	$	138,631
Total Telecommunication Services				6,988,217
Transportation - 2.2%
C.H. Robinson Worldwide, Inc.		4,715		312,699
CSX Corp.		9,299		298,126
Delta Air Lines, Inc.		24,580		888,567
Expeditors International of Washington, Inc.		3,621		146,940
FedEx Corp.		6,868		1,108,839
Kansas City Southern		503		60,964
Norfolk Southern Corp.		2,506		279,670
Ryder System, Inc.		1,726		155,288
Southwest Airlines Co.		12,903		435,734
Union Pacific Corp.		5,106		553,592
United Parcel Service, Inc., Class B		13,927		1,368,885
Total Transportation				5,609,304
Utilities - 3.2%
AES Corp.		27,701		392,800
AGL Resources, Inc.		2,528		129,788
Ameren Corp.		3,777		144,772
American Electric Power Co., Inc.		7,640		398,884
CenterPoint Energy, Inc.		8,912		218,077
CMS Energy Corp.		5,897		174,905
Consolidated Edison, Inc.		5,604		317,523
Dominion Resources, Inc.		4,629		319,818
DTE Energy Co.		3,689		280,659
Duke Energy Corp.		8,365		625,451
Edison International		5,413		302,695
Entergy Corp.		3,918		302,979
Exelon Corp.		18,850		642,596
FirstEnergy Corp.		10,839		363,865
Integrys Energy Group, Inc.		2,609		169,115
NextEra Energy, Inc.		4,040		379,275
NiSource, Inc.		3,934		161,215
Northeast Utilities		4,096		181,453
NRG Energy, Inc.		10,727		326,959
Pepco Holdings, Inc.		4,393		117,557
PG&E Corp.		8,482		382,029
Pinnacle West Capital Corp.		1,472		80,430
PPL Corp.		7,353		241,473
Public Service Enterprise Group, Inc.		6,683		248,875
SCANA Corp.		2,318		114,996
Sempra Energy		2,495		262,923
Southern Co.		10,141		442,655
TECO Energy, Inc.		3,996		69,450
Wisconsin Energy Corp.		2,721		117,003
Xcel Energy, Inc.		8,962		272,445
Total Utilities				8,182,665
Total Common Stocks
(Cost $193,261,052)				258,626,269
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–0.4%
Dreyfus Institutional Preferred Money Market Fund - Shares, 0.07% (b) (Cost $884,219)		884,219		884,219
Total Investments–100.3% (Cost $194,145,271)				259,510,488
Liabilities in Excess of Other Assets–(0.3)%				(657,219	)
Net Assets–100.0%			$	258,853,269

PLC - Public Limited Company

REIT - Real Estate Investment Trust

*	Non-income producing security
(a)	All or a portion of the security was on loan. The aggregate market value of the securities on loan was $852,327; total market value of the collateral held by the fund was $884,219.
(b)	Rate shown represents annualized 7-day yield as of September 30, 2014.

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

Schedule of Investments

RevenueShares Mid Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–99.8%
Automobiles & Components - 0.3%
Gentex Corp.		7,300	$	195,421
Thor Industries, Inc.		10,237		527,206
Total Automobiles & Components				722,627
Banks - 1.9%
Associated Banc-Corp.		9,159		159,550
Astoria Financial Corp.		7,276		90,150
BancorpSouth, Inc.		5,587		112,522
Bank of Hawaii Corp.		1,654		93,964
Cathay General Bancorp		2,937		72,926
City National Corp.		2,667		201,812
Commerce Bancshares, Inc.		3,910		174,562
Cullen/Frost Bankers, Inc.		2,018		154,397
East West Bancorp, Inc.		4,998		169,932
First Horizon National Corp.		16,882		207,311
First Niagara Financial Group, Inc.		29,130		242,653
FirstMerit Corp.		10,312		181,491
Fulton Financial Corp.		10,989		121,758
Hancock Holding Co.		4,732		151,661
International Bancshares Corp.		3,566		87,955
New York Community Bancorp, Inc.(a)		19,050		302,323
PacWest Bancorp		1,799		74,173
Prosperity Bancshares, Inc.		2,046		116,970
Signature Bank*		1,259		141,083
SVB Financial Group*		2,358		264,308
Synovus Financial Corp.		7,948		187,891
TCF Financial Corp.		13,140		204,064
Trustmark Corp.		4,173		96,125
Umpqua Holdings Corp.		6,683		110,069
Valley National Bancorp(a)		11,848		114,807
Washington Federal, Inc.		4,275		87,039
Webster Financial Corp.		4,927		143,573
Total Banks				4,065,069
Capital Goods - 11.8%
A.O. Smith Corp.		7,475		353,418
Acuity Brands, Inc.		2,996		352,659
AECOM Technology Corp.*		35,644		1,202,985
AGCO Corp.		37,345		1,697,704
Alliant Techsystems, Inc.		5,434		693,596
B/E Aerospace, Inc.*		7,454		625,689
Carlisle Cos., Inc.		6,408		515,075
CLARCOR, Inc.		3,379		213,147
Crane Co.		6,812		430,586
Donaldson Co., Inc.		9,890		401,831
Esterline Technologies Corp.*		2,978		331,362
Exelis, Inc.		40,835		675,411
Fortune Brands Home & Security, Inc.		16,574		681,357
GATX Corp.		3,531		206,104
Graco, Inc.		2,571		187,632
Granite Construction, Inc.		11,217		356,813
Harsco Corp.		16,922		362,300
Hubbell, Inc., Class B		4,354		524,788
Huntington Ingalls Industries, Inc.		10,706		1,115,672
IDEX Corp.		4,645		336,159
ITT Corp.		9,143		410,886
KBR, Inc.		55,807		1,050,846
Kennametal, Inc.		10,159		419,668
Lennox International, Inc.		6,663		512,185
Lincoln Electric Holdings, Inc.		6,412		443,294
MSC Industrial Direct Co., Inc., Class A		4,926		420,976
Nordson Corp.		3,350		254,834
NOW, Inc.*(a)		24,169		734,979
Oshkosh Corp.		25,412		1,121,940

Investments	Shares		Value
Regal-Beloit Corp.		7,558	$	485,601
SPX Corp.		7,722		725,327
Terex Corp.		37,007		1,175,712
Timken Co.		15,004		636,020
Trinity Industries, Inc.		18,118		846,473
Triumph Group, Inc.		9,221		599,826
URS Corp.		28,941		1,667,291
Valmont Industries, Inc.		3,828		516,512
Vectrus, Inc.*		2,268		44,294
Wabtec Corp.		5,490		444,910
Watsco, Inc.		7,143		615,584
Woodward, Inc.		6,356		302,673
Total Capital Goods				24,694,119
Commercial & Professional Services - 3.9%
Civeo Corp.		6,426		74,606
Clean Harbors, Inc.*		10,169		548,312
Copart, Inc.*		5,378		168,412
Corporate Executive Board Co.		2,172		130,472
Deluxe Corp.		4,656		256,825
FTI Consulting, Inc.*		7,632		266,815
Herman Miller, Inc.		9,816		293,007
HNI Corp.		8,861		318,907
Manpowergroup, Inc.		45,481		3,188,218
MSA Safety, Inc.		3,467		171,270
R.R. Donnelley & Sons Co.		105,169		1,731,082
Rollins, Inc.		7,557		221,269
Towers Watson & Co., Class A		5,372		534,514
Waste Connections, Inc.		6,680		324,114
Total Commercial & Professional Services				8,227,823
Consumer Durables & Apparel - 3.3%
Brunswick Corp.		14,589		614,780
Carter’s, Inc.		5,723		443,647
Deckers Outdoor Corp.*(a)		2,801		272,201
Hanesbrands, Inc.		7,534		809,453
Jarden Corp.*		20,952		1,259,425
Kate Spade & Co.*		7,988		209,525
KB Home(a)		20,812		310,931
MDC Holdings, Inc.(a)		9,977		252,618
NVR, Inc.*		616		696,092
Polaris Industries, Inc.		4,598		688,734
Tempur Sealy International, Inc.*		7,850		440,935
Toll Brothers, Inc.*		15,954		497,127
Tupperware Brands Corp.		6,039		416,933
Total Consumer Durables & Apparel				6,912,401
Consumer Services - 2.3%
Apollo Education Group, Inc.*		20,778		522,567
Bally Technologies, Inc.*		2,190		176,733
Brinker International, Inc.		9,271		470,874
Cheesecake Factory, Inc.		7,005		318,727
DeVry Education Group, Inc.		7,198		308,146
Domino’s Pizza, Inc.		4,075		313,612
Graham Holdings Co., Class B		797		557,573
International Game Technology		22,333		376,758
International Speedway Corp., Class A		3,167		100,204
Life Time Fitness, Inc.*(a)		4,126		208,115
Panera Bread Co., Class A*		2,591		421,608
Service Corp. International		21,093		445,906
Sotheby’s		4,062		145,095
Wendy’s Co. (The)		46,351		382,859
Total Consumer Services				4,748,777
Diversified Financials - 1.3%
CBOE Holdings, Inc.		1,750		93,669
Eaton Vance Corp.		6,145		231,851

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

Schedule of Investments- continued

RevenueShares Mid Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Diversified Financials (continued)
Federated Investors, Inc., Class B		4,616	$	135,526
Janus Capital Group, Inc.(a)		12,979		188,715
MSCI, Inc.*		3,668		172,469
Raymond James Financial, Inc.		14,152		758,264
SEI Investments Co.		5,344		193,239
SLM Corp.		83,107		711,396
Waddell & Reed Financial, Inc., Class A		4,666		241,185
Total Diversified Financials				2,726,314
Energy - 7.8%
Atwood Oceanics, Inc.*		4,258		186,032
Bill Barrett Corp.*(a)		3,730		82,209
CARBO Ceramics, Inc.(a)		1,184		70,128
Dresser-Rand Group, Inc.*		6,372		524,161
Dril-Quip, Inc.*		1,621		144,917
Energen Corp.		3,646		263,387
Gulfport Energy Corp.*		1,068		57,031
Helix Energy Solutions Group, Inc.*		6,613		145,883
HollyFrontier Corp.		73,408		3,206,461
Oceaneering International, Inc.		8,947		583,076
Oil States International, Inc.*		6,548		405,321
Patterson-UTI Energy, Inc.		14,469		470,677
Peabody Energy Corp.		81,163		1,004,798
Rosetta Resources, Inc.*		3,351		149,321
Rowan Cos. PLC, Class A		9,650		244,242
SM Energy Co.		4,772		372,216
Superior Energy Services, Inc.		22,077		725,671
Tidewater, Inc.		4,883		190,583
Unit Corp.*		3,941		231,140
World Fuel Services Corp.		168,241		6,716,181
WPX Energy, Inc.*		20,958		504,249
Total Energy				16,277,684
Food & Staples Retailing - 1.8%
SUPERVALU, Inc.*		294,557		2,633,340
United Natural Foods, Inc.*		16,881		1,037,506
Total Food & Staples Retailing				3,670,846
Food, Beverage & Tobacco - 2.2%
Dean Foods Co.(a)		101,068		1,339,151
Flowers Foods, Inc.		33,236		610,213
Hain Celestial Group, Inc.*		3,150		322,402
Ingredion, Inc.		12,507		947,906
Lancaster Colony Corp.		2,124		181,135
Post Holdings, Inc.*(a)		5,958		197,686
Tootsie Roll Industries, Inc.		3,195		89,428
Universal Corp.		8,846		392,674
WhiteWave Foods Co.*		13,487		489,983
Total Food, Beverage & Tobacco				4,570,578
Health Care Equipment & Services - 7.9%
Align Technology, Inc.*		2,209		114,161
Allscripts Healthcare Solutions, Inc.*		15,898		213,272
Centene Corp.*		27,532		2,277,172
Community Health Systems, Inc.*		45,189		2,475,905
Cooper Cos., Inc.		1,740		271,005
Health Net, Inc.*		42,603		1,964,424
Henry Schein, Inc.*		14,086		1,640,597
Hill-Rom Holdings, Inc.		6,338		262,583
HMS Holdings Corp.*		3,695		69,651
Hologic, Inc.*		16,763		407,844
IDEXX Laboratories, Inc.*		1,985		233,893
LifePoint Hospitals, Inc.*		8,846		612,055
MEDNAX, Inc.*		6,973		382,260
Omnicare, Inc.		16,551		1,030,465
Owens & Minor, Inc.(a)		44,369		1,452,641
ResMed, Inc.(a)		4,968		244,773

Investments	Shares		Value
Sirona Dental Systems, Inc.*		2,453	$	188,096
STERIS Corp.		4,619		249,241
Teleflex, Inc.		2,706		284,238
Thoratec Corp.*		3,169		84,707
VCA, Inc.*		7,358		289,390
WellCare Health Plans, Inc.*		29,199		1,761,868
Total Health Care Equipment & Services				16,510,241
Household & Personal Products - 0.6%
Church & Dwight Co., Inc.		7,612		534,058
Energizer Holdings, Inc.		5,845		720,162
Total Household & Personal Products				1,254,220
Insurance - 5.8%
Alleghany Corp.*		1,997		835,046
American Financial Group, Inc.		15,203		880,102
Arthur J. Gallagher & Co.		13,960		633,226
Aspen Insurance Holdings Ltd.		9,998		427,614
Brown & Brown, Inc.		7,403		238,006
Everest Re Group Ltd.		5,761		933,340
First American Financial Corp.		27,322		740,973
Hanover Insurance Group, Inc.		13,263		814,614
HCC Insurance Holdings, Inc.		8,711		420,654
Kemper Corp.		10,937		373,499
Mercury General Corp.		10,130		494,445
Old Republic International Corp.		60,857		869,038
Primerica, Inc.		4,424		213,325
Protective Life Corp.		10,329		716,936
Reinsurance Group of America, Inc.		21,184		1,697,474
RenaissanceRe Holdings Ltd.		2,360		235,976
StanCorp Financial Group, Inc.		7,268		459,192
W.R. Berkley Corp.		23,543		1,125,355
Total Insurance				12,108,815
Materials - 9.6%
Albemarle Corp.		6,664		392,510
AptarGroup, Inc.		7,053		428,117
Ashland, Inc.		10,675		1,111,268
Cabot Corp.		10,787		547,656
Carpenter Technology Corp.		6,995		315,824
Cliffs Natural Resources, Inc.(a)		56,211		583,470
Commercial Metals Co.		61,344		1,047,142
Compass Minerals International, Inc.		2,200		185,416
Cytec Industries, Inc.		6,465		305,730
Domtar Corp.		24,089		846,247
Eagle Materials, Inc.		1,289		131,259
Greif, Inc., Class A		15,557		681,552
Louisiana-Pacific Corp.*		21,885		297,417
Minerals Technologies, Inc.		3,190		196,855
NewMarket Corp.		973		370,732
Olin Corp.		14,976		378,144
Packaging Corp. of America		12,714		811,408
PolyOne Corp.		18,485		657,696
Rayonier Advanced Materials, Inc.(a)		4,837		159,186
Reliance Steel & Aluminum Co.		22,526		1,540,778
Rock-Tenn Co., Class A		32,352		1,539,308
Royal Gold, Inc.		577		37,470
RPM International, Inc.		15,030		688,073
Scotts Miracle-Gro Co., Class A		8,424		463,320
Sensient Technologies Corp.		4,436		232,225
Silgan Holdings, Inc.		13,009		611,423
Sonoco Products Co.		20,021		786,625
Steel Dynamics, Inc.		51,375		1,161,589
United States Steel Corp.(a)		62,891		2,463,440
Valspar Corp.		8,906		703,485
Worthington Industries, Inc.		11,741		437,000
Total Materials				20,112,365

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

Schedule of Investments- continued

RevenueShares Mid Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Media - 1.7%
AMC Networks, Inc., Class A*		5,106	$	298,292
Cinemark Holdings, Inc.		12,940		440,478
DreamWorks Animation SKG, Inc., Class A*(a)		4,476		122,060
John Wiley & Sons, Inc., Class A		5,143		288,574
Lamar Advertising Co., Class A		4,085		201,186
Live Nation Entertainment, Inc.*		45,791		1,099,900
Meredith Corp.		5,311		227,311
New York Times Co., Class A		22,203		249,118
Time, Inc.*		24,958		584,766
Total Media				3,511,685
Pharmaceuticals, Biotechnology & Life Sciences - 1.2%
Bio-Rad Laboratories, Inc., Class A*		3,035		344,169
Charles River Laboratories International, Inc.*		3,355		200,428
Covance, Inc.*		5,234		411,916
Cubist Pharmaceuticals, Inc.*		2,809		186,349
Endo International PLC*		6,372		435,462
Mettler-Toledo International, Inc.*		1,522		389,830
Salix Pharmaceuticals Ltd.*(a)		1,318		205,924
Techne Corp.		585		54,727
United Therapeutics Corp.*		1,551		199,536
Total Pharmaceuticals, Biotechnology & Life Sciences				2,428,341
Real Estate - 0.0%†
Alexander & Baldwin, Inc.		2,179		78,379
Real Estate Investment Trusts - 1.8%
Alexandria Real Estate Equities, Inc.		1,483		109,371
American Campus Communities, Inc.		3,093		112,740
BioMed Realty Trust, Inc.		5,175		104,535
Camden Property Trust		1,985		136,032
Corporate Office Properties Trust		3,385		87,062
Corrections Corp. of America		7,755		266,462
Duke Realty Corp.		10,812		185,750
Equity One, Inc.		2,610		56,454
Extra Space Storage, Inc.		1,888		97,364
Federal Realty Investment Trust		912		108,035
Highwoods Properties, Inc.		2,423		94,255
Home Properties, Inc.		1,857		108,152
Hospitality Properties Trust		9,535		256,015
Kilroy Realty Corp.		1,340		79,650
LaSalle Hotel Properties		4,847		165,961
Liberty Property Trust		3,555		118,239
Mack-Cali Realty Corp.		5,441		103,977
Mid-America Apartment Communities, Inc.		2,114		138,784
National Retail Properties, Inc.		1,954		67,550
Omega Healthcare Investors, Inc.(a)		2,159		73,816
Potlatch Corp.		2,357		94,775
Rayonier, Inc.		7,457		232,211
Realty Income Corp.		3,382		137,952
Regency Centers Corp.		1,548		83,329
Senior Housing Properties Trust		6,055		126,671
SL Green Realty Corp.		2,384		241,547
Taubman Centers, Inc.		1,672		122,056
UDR, Inc.		4,667		127,176
Washington Prime Group, Inc.		6,244		109,145
Weingarten Realty Investors		2,642		83,223
Total Real Estate Investment Trusts				3,828,289
Real Estate Management & Development - 0.4%
Jones Lang LaSalle, Inc.		6,335		800,364

Investments	Shares		Value
Retailing - 10.0%
Aaron’s, Inc.		15,238	$	370,588
Abercrombie & Fitch Co., Class A		17,809		647,179
Advance Auto Parts, Inc.		10,206		1,329,842
American Eagle Outfitters, Inc.		40,737		591,501
ANN, Inc.*		9,745		400,812
Ascena Retail Group, Inc.*(a)		46,698		621,083
Big Lots, Inc.		19,134		823,719
Cabela’s, Inc.*(a)		9,593		565,028
Chico’s FAS, Inc.		28,227		416,913
CST Brands, Inc.		58,183		2,091,679
Dick’s Sporting Goods, Inc.		21,758		954,741
Foot Locker, Inc.		18,372		1,022,402
Guess?, Inc.		19,055		418,638
HSN, Inc.		9,637		591,423
JC Penney Co., Inc.*(a)		183,412		1,841,456
LKQ Corp.*		35,596		946,498
Murphy USA, Inc.*		60,623		3,216,656
Office Depot, Inc.*		412,895		2,122,280
Rent-A-Center, Inc.		17,914		543,690
Signet Jewelers Ltd.		5,827		663,754
Williams-Sonoma, Inc.		10,278		684,206
Total Retailing				20,864,088
Semiconductors & Semiconductor Equipment - 1.6%
Advanced Micro Devices, Inc.*(a)		256,340		874,120
Atmel Corp.*		26,962		217,853
Cree, Inc.*(a)		6,003		245,823
Cypress Semiconductor Corp.*		11,305		111,637
Fairchild Semiconductor International, Inc.*		14,214		220,744
Integrated Device Technology, Inc.*		4,693		74,853
International Rectifier Corp.*		4,360		171,086
Intersil Corp., Class A		6,266		89,040
RF Micro Devices, Inc.*		16,417		189,452
Semtech Corp.*		3,835		104,120
Silicon Laboratories, Inc.*		2,335		94,894
Skyworks Solutions, Inc.		5,658		328,447
SunEdison, Inc.*		18,905		356,926
Teradyne, Inc.		12,658		245,439
Total Semiconductors & Semiconductor Equipment				3,324,434
Software & Services - 4.2%
ACI Worldwide, Inc.*		8,495		159,366
Acxiom Corp.*		9,902		163,878
Advent Software, Inc.		2,008		63,373
ANSYS, Inc.*		1,876		141,957
AOL, Inc.*		9,569		430,127
Broadridge Financial Solutions, Inc.		9,848		409,972
Cadence Design Systems, Inc.*(a)		14,103		242,713
CommVault Systems, Inc.*		1,703		85,831
Compuware Corp.		13,123		139,235
Concur Technologies, Inc.*		973		123,396
Convergys Corp.		21,338		380,243
Conversant, Inc.*(a)		2,884		98,777
CoreLogic, Inc.*		8,149		220,593
DST Systems, Inc.		5,036		422,621
Equinix, Inc.*		1,762		374,390
FactSet Research Systems, Inc.(a)		1,199		145,714
Fair Isaac Corp.		2,095		115,435
Fortinet, Inc.*		4,337		109,574
Gartner, Inc.*		4,195		308,207
Global Payments, Inc.		5,737		400,902
Informatica Corp.*		5,032		172,296
Jack Henry & Associates, Inc.		3,403		189,411
Leidos Holdings, Inc.		32,652		1,120,943
Mentor Graphics Corp.		8,156		167,157
NeuStar, Inc., Class A*(a)		5,843		145,082

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

Schedule of Investments- concluded

RevenueShares Mid Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Software & Services (continued)
PTC, Inc.*		5,746	$	212,027
Rackspace Hosting, Inc.*		8,517		277,228
Rovi Corp.*		4,474		88,339
Science Applications International Corp.		17,436		771,194
SolarWinds, Inc.*		1,462		61,477
Solera Holdings, Inc.		2,510		141,464
Synopsys, Inc.*		8,131		322,760
TIBCO Software, Inc.*		8,745		206,644
Ultimate Software Group, Inc.*		523		74,010
VeriFone Systems, Inc.*		7,813		268,611
WEX, Inc.*		1,132		124,882
Total Software & Services				8,879,829
Technology Hardware & Equipment - 11.6%
3D Systems Corp.*(a)		1,935		89,726
ADTRAN, Inc.		4,893		100,453
ARRIS Group, Inc.*		26,692		756,852
Arrow Electronics, Inc.*		60,093		3,326,148
Avnet, Inc.		100,552		4,172,908
Belden, Inc.		4,999		320,036
Ciena Corp.*(a)		19,260		322,027
Cognex Corp.*		1,487		59,881
Diebold, Inc.		12,994		458,948
FEI Co.		1,904		143,600
Ingram Micro, Inc., Class A*		257,322		6,641,481
InterDigital, Inc./PA		1,868		74,384
Itron, Inc.*		8,131		319,630
JDS Uniphase Corp.*		20,875		267,200
Knowles Corp.*		6,953		184,254
Lexmark International, Inc., Class A		12,961		550,842
National Instruments Corp.		6,132		189,663
NCR Corp.*		30,519		1,019,640
Plantronics, Inc.		2,613		124,849
Polycom, Inc.*		16,963		208,390
Riverbed Technology, Inc.*		9,296		172,394
Tech Data Corp.*		63,970		3,765,274
Trimble Navigation Ltd.*		12,595		384,148
Vishay Intertechnology, Inc.		26,398		377,227
Zebra Technologies Corp., Class A*		2,510		178,135
Total Technology Hardware & Equipment				24,208,090
Telecommunication Services - 0.5%
Telephone & Data Systems, Inc.		30,937		741,251
tw telecom, Inc.*		6,456		268,634
Total Telecommunication Services				1,009,885
Transportation - 2.6%
Alaska Air Group, Inc.		19,325		841,410
Con-Way, Inc.		18,602		883,595
Genesee & Wyoming, Inc., Class A*		2,641		251,714
JB Hunt Transport Services, Inc.		13,161		974,572
JetBlue Airways Corp.*(a)		83,882		890,827
Kirby Corp.*		3,155		371,817
Landstar System, Inc.		6,632		478,764
Old Dominion Freight Line, Inc.*		5,896		416,493
Werner Enterprises, Inc.		13,534		341,057
Total Transportation				5,450,249
Utilities - 3.7%
Alliant Energy Corp.		9,839		545,179
Aqua America, Inc.		5,284		124,333
Atmos Energy Corp.		15,885		757,714
Black Hills Corp.		4,436		212,396
Cleco Corp.		3,552		171,029
Great Plains Energy, Inc.		16,845		407,144
Hawaiian Electric Industries, Inc.(a)		21,208		563,072
IDACORP, Inc.		3,879		207,953

Investments	Shares		Value
MDU Resources Group, Inc.		26,320	$	731,959
National Fuel Gas Co.		4,699		328,883
OGE Energy Corp.		11,027		409,212
ONE Gas, Inc.		10,438		357,502
PNM Resources, Inc.		8,851		220,478
Questar Corp.		8,714		194,235
UGI Corp.		38,512		1,312,874
Vectren Corp.		10,551		420,985
Westar Energy, Inc.		11,799		402,582
WGL Holdings, Inc.		10,526		443,355
Total Utilities				7,810,885
Total Common Stocks
(Cost $179,982,460)				208,796,397
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–3.9%
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.07% (b) (Cost $8,140,292)		8,140,292		8,140,292
Total Investments–103.7% (Cost $188,122,752)				216,936,689
Liabilities in Excess of Other Assets–(3.7)%				(7,826,291	)
Net Assets–100.0%			$	209,110,398

PLC-	Public Limited Company
*	Non-income producing security
†	Less than 0.05%
(a)	All or a portion of the security was on loan. The aggregate market value of the securities on loan was $8,040,328; total market value of the collateral held by the fund was $8,383,184. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $242,892.
(b)	Rate shown represents annualized 7-day yield as of September 30, 2014.

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

Schedule of Investments

RevenueShares Small Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–99.8%
Automobiles & Components - 0.7%
Dorman Products, Inc.*(a)		8,482	$	339,789
Drew Industries, Inc.(a)		10,699		451,391
Standard Motor Products, Inc.		12,890		443,803
Superior Industries International, Inc.		18,548		325,146
Winnebago Industries, Inc.*		16,215		353,000
Total Automobiles & Components				1,913,129
Banks - 2.5%
Bank Mutual Corp.		7,149		45,825
Bank of the Ozarks, Inc.		4,211		132,731
Banner Corp.		2,610		100,407
BBCN Bancorp, Inc.		10,478		152,874
BofI Holding, Inc.*		1,072		77,945
Boston Private Financial Holdings, Inc.		12,207		151,245
Brookline Bancorp, Inc.		11,570		98,923
Cardinal Financial Corp.		3,832		65,412
City Holding Co.		2,081		87,672
Columbia Banking System, Inc.		6,356		157,692
Community Bank System, Inc.		5,133		172,417
CVB Financial Corp.		8,102		116,264
Dime Community Bancshares		5,420		78,048
F.N.B. Corp.		22,384		268,384
First BanCorp*		64,319		305,515
First Commonwealth Financial Corp.		13,725		115,153
First Financial Bancorp		8,407		133,083
First Financial Bankshares, Inc.		3,989		110,854
First Midwest Bancorp, Inc.		11,587		186,435
Glacier Bancorp, Inc.		6,407		165,685
Hanmi Financial Corp.		3,454		69,633
Home BancShares, Inc.		4,909		144,374
Independent Bank Corp.		3,481		124,341
MB Financial, Inc.		7,078		195,919
National Penn Bancshares, Inc.		17,295		167,934
NBT Bancorp, Inc.		7,405		166,761
Northwest Bancshares, Inc.		14,050		170,005
Old National Bancorp		17,805		230,931
Oritani Financial Corp.		4,318		60,841
Pinnacle Financial Partners, Inc.		2,973		107,325
PrivateBancorp, Inc.		9,357		279,868
Provident Financial Services, Inc.		8,108		132,728
S&T Bancorp, Inc.		3,717		87,201
Simmons First National Corp., Class A		2,378		91,601
Sterling Bancorp		7,644		97,767
Susquehanna Bancshares, Inc.		35,710		357,100
Texas Capital Bancshares, Inc.*		4,256		245,486
Tompkins Financial Corp.		2,606		114,872
TrustCo Bank Corp.		11,641		74,968
UMB Financial Corp.		7,013		382,559
United Bankshares, Inc.		5,947		183,941
United Community Banks, Inc.		7,899		130,017
ViewPoint Financial Group, Inc.		2,854		68,325
Westamerica Bancorporation		1,880		87,458
Wilshire Bancorp, Inc.		8,834		81,538
Wintrust Financial Corp.		8,243		368,215
Total Banks				6,944,272
Capital Goods - 13.2%
AAON, Inc.		8,289		140,996
AAR Corp.		34,670		837,281
Aceto Corp.		11,370		219,668
Actuant Corp., Class A		18,891		576,553
Aegion Corp., Class A*		23,816		529,906
Aerovironment, Inc.*		3,071		92,345
Albany International Corp., Class A		9,329		317,559
American Science & Engineering, Inc.		1,413		78,252
American Woodmark Corp.*		8,051		296,760

Investments	Shares		Value
Apogee Enterprises, Inc.		8,471	$	337,146
Applied Industrial Technologies, Inc.		23,513		1,073,369
Astec Industries, Inc.		10,802		393,949
AZZ, Inc.		6,870		286,960
Barnes Group, Inc.		16,445		499,106
Briggs & Stratton Corp.		42,659		768,715
CIRCOR International, Inc.		5,537		372,806
Comfort Systems USA, Inc.		43,073		583,639
Cubic Corp.		13,951		652,907
Curtiss-Wright Corp.		16,598		1,094,140
DXP Enterprises, Inc.*		7,925		583,914
Dycom Industries, Inc.*		25,575		785,408
EMCOR Group, Inc.		66,944		2,675,082
Encore Wire Corp.		13,420		497,748
EnerSys		16,731		981,106
Engility Holdings, Inc.*		18,751		584,469
EnPro Industries, Inc.*		8,127		491,927
ESCO Technologies, Inc.		6,518		226,696
Federal Signal Corp.		27,510		364,232
Franklin Electric Co., Inc.		12,427		431,714
GenCorp, Inc.*(a)		42,489		678,549
General Cable Corp.		141,424		2,132,674
Gibraltar Industries, Inc.*		25,415		347,931
Griffon Corp.		71,525		814,670
Hillenbrand, Inc.		22,783		703,767
John Bean Technologies Corp.		14,525		408,588
Kaman Corp.		19,647		772,127
Lindsay Corp.(a)		4,081		305,055
Lydall, Inc.*		7,365		198,929
Moog, Inc., Class A*		17,423		1,191,733
Mueller Industries, Inc.		34,576		986,799
National Presto Industries, Inc.(a)		2,985		181,219
Orbital Sciences Corp.*		21,875		608,125
Orion Marine Group, Inc.*		16,521		164,880
PGT, Inc.*		11,792		109,902
Powell Industries, Inc.		6,176		252,351
Quanex Building Products Corp.		19,508		352,900
Simpson Manufacturing Co., Inc.		10,405		303,306
Standex International Corp.		4,316		319,988
TASER International, Inc.*(a)		3,968		61,266
Teledyne Technologies, Inc.*		10,915		1,026,119
Tennant Co.		5,172		346,990
Titan International, Inc.		70,740		836,147
Toro Co.		16,232		961,421
Universal Forest Products, Inc.		25,065		1,070,526
Veritiv Corp.*		71,733		3,590,954
Vicor Corp.*(a)		11,123		104,556
Watts Water Technologies, Inc., Class A		10,984		639,818
Total Capital Goods				36,245,643
Commercial & Professional Services - 6.3%
ABM Industries, Inc.		81,732		2,099,695
Brady Corp., Class A		24,511		550,027
Brink's Co. (The)		69,820		1,678,473
CDI Corp.		32,766		475,762
Exponent, Inc.		1,849		131,057
G&K Services, Inc., Class A		7,319		405,326
Healthcare Services Group, Inc.		20,182		577,407
Heidrick & Struggles International, Inc.		10,224		210,001
Insperity, Inc.		37,438		1,023,555
Interface, Inc.		26,853		433,407
Kelly Services, Inc., Class A		149,353		2,340,361
Korn/Ferry International*		14,874		370,363
Matthews International Corp., Class A		9,556		419,413
Mobile Mini, Inc.		5,016		175,410

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

Schedule of Investments- continued

RevenueShares Small Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Commercial & Professional Services (continued)
Navigant Consulting, Inc.*		24,945	$	346,985
On Assignment, Inc.*		28,483		764,769
Resources Connection, Inc.		17,455		243,323
Tetra Tech, Inc.		34,679		866,281
TrueBlue, Inc.*		30,116		760,730
UniFirst Corp.		6,330		611,415
United Stationers, Inc.		57,977		2,178,196
Viad Corp.		21,110		435,921
WageWorks, Inc.*		2,344		106,722
Total Commercial & Professional Services				17,204,599
Consumer Durables & Apparel - 4.3%
Arctic Cat, Inc.		8,450		294,229
Callaway Golf Co.		53,245		385,494
Crocs, Inc.*		41,202		518,321
Ethan Allen Interiors, Inc.		13,047		297,472
G-III Apparel Group Ltd.*		7,904		654,925
Helen of Troy Ltd.*		10,905		572,731
Iconix Brand Group, Inc.*(a)		5,116		188,985
iRobot Corp.*(a)		7,408		225,574
La-Z-Boy, Inc., Class Z		29,036		574,622
M/I Homes, Inc.*		24,379		483,192
Meritage Homes Corp.*		22,319		792,324
Movado Group, Inc.		6,819		225,436
Oxford Industries, Inc.		6,241		380,639
Perry Ellis International, Inc.*		20,763		422,527
Quiksilver, Inc.*(a)		417,884		718,760
Ryland Group, Inc.(a)		28,336		941,889
Skechers U.S.A., Inc., Class A*		16,407		874,657
Standard Pacific Corp.*(a)		123,030		921,495
Steven Madden Ltd.*		17,987		579,721
Sturm Ruger & Co., Inc.(a)		6,360		309,668
Universal Electronics, Inc.*		4,851		239,494
Wolverine World Wide, Inc.		46,494		1,165,140
Total Consumer Durables & Apparel				11,767,295
Consumer Services - 4.9%
American Public Education, Inc.*		5,359		144,639
Biglari Holdings, Inc.*		1,021		346,895
BJ's Restaurants, Inc.*(a)		10,019		360,584
Bob Evans Farms, Inc.(a)		13,621		644,818
Boyd Gaming Corp.*		121,584		1,235,294
Buffalo Wild Wings, Inc.*		4,530		608,243
Capella Education Co.		3,013		188,614
Career Education Corp.*		85,916		436,453
Cracker Barrel Old Country Store, Inc.		12,099		1,248,496
DineEquity, Inc.		3,626		295,845
Interval Leisure Group, Inc.		12,088		230,276
ITT Educational Services, Inc.*(a)		63,824		273,805
Jack in the Box, Inc.		10,834		738,771
Marcus Corp.		11,025		174,195
Marriott Vacations Worldwide Corp.*		12,868		815,960
Monarch Casino & Resort, Inc.*		6,615		78,785
Multimedia Games Holding Co., Inc.*		2,715		97,767
Papa John's International, Inc.		17,101		683,869
Pinnacle Entertainment, Inc.*		35,525		891,322
Red Robin Gourmet Burgers, Inc.*		8,836		502,768
Regis Corp.		52,779		842,353
Ruby Tuesday, Inc.*		88,970		524,033
Ruth's Hospitality Group, Inc.		16,326		180,239
Scientific Games Corp., Class A*(a)		51,924		559,222
Sonic Corp.*		11,519		257,565
Strayer Education, Inc.*		3,549		212,514
Texas Roadhouse, Inc.		25,844		719,497
Universal Technical Institute, Inc.		16,461		153,910
Total Consumer Services				13,446,732

Investments	Shares		Value
Diversified Financials - 2.3%
Calamos Asset Management, Inc., Class A		9,752	$	109,905
Cash America International, Inc.		19,179		840,040
Encore Capital Group, Inc.*(a)		10,141		449,348
Evercore Partners, Inc., Class A		7,201		338,447
Ezcorp, Inc., Class A*		42,155		417,756
Financial Engines, Inc.		3,329		113,902
First Cash Financial Services, Inc.*		5,678		317,854
FXCM, Inc., Class A(a)		12,463		197,539
Green Dot Corp., Class A*		14,190		299,977
Greenhill & Co., Inc.		2,129		98,977
HFF, Inc., Class A		6,017		174,192
Interactive Brokers Group, Inc.,       Class A		22,886		571,006
Investment Technology Group, Inc.*		14,485		228,284
MarketAxess Holdings, Inc.		1,949		120,565
Piper Jaffray Cos.*		5,593		292,178
Portfolio Recovery Associates, Inc.*		6,475		338,189
Stifel Financial Corp.*(a)		20,799		975,265
SWS Group, Inc.*(a)		20,037		138,055
Virtus Investment Partners, Inc.		1,077		187,075
World Acceptance Corp.*(a)		3,812		257,310
Total Diversified Financials				6,465,864
Energy - 4.6%
Approach Resources, Inc.*(a)		6,628		96,106
Arch Coal, Inc.(a)		485,612		1,029,497
Basic Energy Services, Inc.*		26,270		569,796
Bristow Group, Inc.		10,328		694,042
C&J Energy Services, Inc.*		19,899		607,914
Carrizo Oil & Gas, Inc.*		4,770		256,721
Cloud Peak Energy, Inc.*		47,170		595,285
Comstock Resources, Inc.		11,154		207,688
Contango Oil & Gas Co.*		2,730		90,745
Era Group, Inc.*		6,181		134,437
Exterran Holdings, Inc.		28,941		1,282,376
Forest Oil Corp.*		95,964		112,278
Geospace Technologies Corp.*		3,497		122,920
Green Plains, Inc.		35,490		1,326,971
Gulf Island Fabrication, Inc.		14,282		245,650
GulfMark Offshore, Inc., Class A		6,255		196,094
Hornbeck Offshore Services, Inc.*		6,839		223,841
ION Geophysical Corp.*		82,863		231,188
Matrix Service Co.*		17,382		419,254
Newpark Resources, Inc.*		37,960		472,222
Northern Oil and Gas, Inc.*(a)		11,323		161,013
Paragon Offshore PLC*(a)		125,281		770,478
PDC Energy, Inc.*		4,684		235,558
Penn Virginia Corp.*		16,583		210,770
PetroQuest Energy, Inc.*		17,730		99,643
Pioneer Energy Services Corp.*		31,246		438,069
SEACOR Holdings, Inc.*(a)		7,636		571,173
Stone Energy Corp.*		13,195		413,795
Swift Energy Co.*(a)		26,530		254,688
Synergy Resources Corp.*		2,447		29,829
Tesco Corp.		11,773		233,694
TETRA Technologies, Inc.*		37,217		402,688
Total Energy				12,736,423
Food & Staples Retailing - 3.0%
Andersons, Inc.		35,245		2,216,206
Casey's General Stores, Inc.		49,223		3,529,289
SpartanNash Co.		123,762		2,407,171
Total Food & Staples Retailing				8,152,666
Food, Beverage & Tobacco - 3.1%
Alliance One International, Inc.*		524,768		1,033,793

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

Schedule of Investments- continued

RevenueShares Small Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Food, Beverage & Tobacco (continued)
Annie's, Inc.*(a)		1,860	$	85,374
B&G Foods, Inc., Class A		12,822		353,246
Boston Beer Co., Inc. (The), Class A*(a)		1,726		382,758
Calavo Growers, Inc.		8,200		370,148
Cal-Maine Foods, Inc.		7,017		626,829
Darling Ingredients, Inc.*(a)		68,967		1,263,475
Diamond Foods, Inc.*		14,272		408,322
J&J Snack Foods Corp.		4,230		395,759
Sanderson Farms, Inc.		13,994		1,230,772
Seneca Foods Corp., Class A*		19,934		570,112
Snyder's-Lance, Inc.		28,707		760,736
TreeHouse Foods, Inc.*		14,292		1,150,506
Total Food, Beverage & Tobacco				8,631,830
Health Care Equipment & Services - 8.1%
Abaxis, Inc.		1,656		83,976
Abiomed, Inc.*(a)		3,081		76,501
Air Methods Corp.*(a)		8,002		444,511
Almost Family, Inc.*		7,084		192,472
Amedisys, Inc.*		27,302		550,681
AMN Healthcare Services, Inc.*		28,821		452,490
Amsurg Corp.*		9,824		491,691
Analogic Corp.		3,714		237,548
Anika Therapeutics, Inc.*		1,102		40,399
Bio-Reference Laboratories, Inc.*(a)		12,309		345,391
Cantel Medical Corp.		5,830		200,435
Chemed Corp.(a)		6,234		641,479
Computer Programs & Systems, Inc.		1,551		89,167
CONMED Corp.		9,011		331,965
CorVel Corp.*		5,987		203,857
Cross Country Healthcare, Inc.*		25,014		232,380
CryoLife, Inc.		6,666		65,793
Cyberonics, Inc.*		2,341		119,766
Cynosure, Inc., Class A*		5,418		113,778
Ensign Group, Inc.		12,526		435,905
Gentiva Health Services, Inc.*		48,463		813,209
Greatbatch, Inc.*		6,943		295,841
Haemonetics Corp.*		12,238		427,351
Hanger, Inc.*		21,985		451,132
HealthStream, Inc.*		2,735		65,667
Healthways, Inc.*(a)		19,739		316,219
ICU Medical, Inc.*		2,308		148,127
Integra LifeSciences Holdings Corp.*		8,051		399,652
Invacare Corp.		46,802		552,732
IPC The Hospitalist Co., Inc.*		6,576		294,539
Kindred Healthcare, Inc.		117,670		2,282,798
Landauer, Inc.		2,021		66,713
LHC Group, Inc.*		13,087		303,618
Magellan Health, Inc.*		31,327		1,714,527
Masimo Corp.*		12,015		255,679
MedAssets, Inc.*		14,744		305,496
Medidata Solutions, Inc.*		3,118		138,096
Meridian Bioscience, Inc.		4,736		83,780
Merit Medical Systems, Inc.*		17,702		210,300
Molina Healthcare, Inc.*		79,347		3,356,378
MWI Veterinary Supply, Inc.*		8,386		1,244,482
Natus Medical, Inc.*		5,567		164,282
Neogen Corp.*		2,554		100,883
NuVasive, Inc.*		9,061		315,957
Omnicell, Inc.*		7,010		191,583
PharMerica Corp.*		30,991		757,110
Providence Service Corp.*		12,904		624,296
Quality Systems, Inc.		14,419		198,550
SurModics, Inc.*		1,393		25,297
Symmetry Medical, Inc.*		19,608		197,845

Investments	Shares		Value
West Pharmaceutical Services, Inc.		14,618	$	654,302
Total Health Care Equipment & Services				22,306,626
Household & Personal Products - 0.5%
Central Garden and Pet Co., Class A*		89,223		717,353
Inter Parfums, Inc.		7,666		210,815
Medifast, Inc.*		4,537		148,950
WD-40 Co.		2,558		173,841
Total Household & Personal Products				1,250,959
Insurance - 2.1%
AMERISAFE, Inc.		4,522		176,855
eHealth, Inc.*		3,294		79,484
Employers Holdings, Inc.		17,787		342,400
HCI Group, Inc.		2,978		107,178
Horace Mann Educators Corp.		16,317		465,198
Infinity Property & Casualty Corp.		9,590		613,856
Meadowbrook Insurance Group, Inc.		58,818		344,085
Navigators Group, Inc.*		7,082		435,543
ProAssurance Corp.		7,983		351,811
RLI Corp.		7,764		336,104
Safety Insurance Group, Inc.		6,496		350,199
Selective Insurance Group, Inc.		39,025		864,014
Stewart Information Services Corp.		26,418		775,368
United Fire Group, Inc.		14,798		410,941
Universal Insurance Holdings, Inc.		11,139		144,027
Total Insurance				5,797,063
Materials - 7.2%
A. Schulman, Inc.		27,587		997,546
A.M. Castle & Co.*(a)		46,629		398,212
AK Steel Holding Corp.*(a)		255,632		2,047,612
American Vanguard Corp.		11,568		129,562
Balchem Corp.		3,150		178,196
Boise Cascade Co.*		50,016		1,507,482
Calgon Carbon Corp.*		12,445		241,184
Century Aluminum Co.*		28,408		737,756
Clearwater Paper Corp.*		13,547		814,310
Deltic Timber Corp.		1,539		95,911
Flotek Industries, Inc.*		7,046		183,689
FutureFuel Corp.		14,389		171,085
Globe Specialty Metals, Inc.		16,625		302,409
H.B. Fuller Co.		21,668		860,220
Hawkins, Inc.		4,517		162,431
Haynes International, Inc.		4,012		184,512
Headwaters, Inc.*		25,937		325,250
Innophos Holdings, Inc.		6,672		367,560
Intrepid Potash, Inc.*(a)		9,987		154,299
Kaiser Aluminum Corp.		7,474		569,668
KapStone Paper and Packaging Corp.*		34,282		958,868
Koppers Holdings, Inc.		18,263		605,601
Kraton Performance Polymers, Inc.*		31,257		556,687
LSB Industries, Inc.*		8,733		311,855
Materion Corp.		15,508		475,630
Myers Industries, Inc.		18,567		327,522
Neenah Paper, Inc.		7,030		375,964
Olympic Steel, Inc.		26,705		549,322
OM Group, Inc.		17,946		465,699
PH Glatfelter Co.		34,668		760,963
Quaker Chemical Corp.		4,574		327,910
RTI International Metals, Inc.*		12,963		319,668
Schweitzer-Mauduit International, Inc.		8,469		349,854
Stepan Co.		19,188		851,563
Stillwater Mining Co.*		26,624		400,159
SunCoke Energy, Inc.*		30,070		675,072
Tredegar Corp.		22,136		407,524
U.S. Silica Holdings, Inc.		4,346		271,668

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

Schedule of Investments- continued

RevenueShares Small Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Materials (continued)
Wausau Paper Corp.		19,223	$	152,438
Zep, Inc.		21,761		305,089
Total Materials				19,877,950
Media - 0.5%
E.W. Scripps Co., Class A*(a)		18,824		307,019
Harte-Hanks, Inc.		39,284		250,239
Scholastic Corp.		24,050		777,296
Sizmek, Inc.*		8,896		68,855
Total Media				1,403,409
Pharmaceuticals, Biotechnology & Life Sciences - 1.2%
Acorda Therapeutics, Inc.*		5,494		186,137
Affymetrix, Inc.*(a)		18,756		149,673
Akorn, Inc.*(a)		5,136		186,283
Albany Molecular Research, Inc.*(a)		5,160		113,881
Cambrex Corp.*		7,136		133,300
Depomed, Inc.*		6,796		103,231
Emergent Biosolutions, Inc.*		7,280		155,137
Impax Laboratories, Inc.*		10,021		237,598
Lannett Co., Inc.*		2,173		99,263
Ligand Pharmaceuticals, Inc., Class B*		488		22,931
Luminex Corp.*		5,113		99,704
Medicines Co.*		13,019		290,584
Momenta Pharmaceuticals, Inc.*		1,822		20,661
PAREXEL International Corp.*		16,042		1,012,090
Prestige Brands Holdings, Inc.*		8,879		287,413
Repligen Corp.*		1,554		30,940
Sagent Pharmaceuticals, Inc.*		4,130		128,443
Spectrum Pharmaceuticals, Inc.*(a)		9,789		79,682
Total Pharmaceuticals, Biotechnology & Life Sciences				3,336,951
Real Estate Investment Trusts - 1.7%
Acadia Realty Trust		2,976		82,078
Agree Realty Corp.		794		21,740
American Assets Trust, Inc.		3,490		115,065
Associated Estates Realty Corp.		4,980		87,200
Aviv REIT, Inc.		2,603		68,589
Capstead Mortgage Corp.		7,808		95,570
Cedar Realty Trust, Inc.		10,815		63,809
Chesapeake Lodging Trust		7,080		206,382
CoreSite Realty Corp.		3,393		111,528
Cousins Properties, Inc.		10,917		130,458
DiamondRock Hospitality Co.		28,915		366,642
EastGroup Properties, Inc.		1,574		95,369
Education Realty Trust, Inc.		8,795		90,413
EPR Properties		3,019		153,003
Franklin Street Properties Corp.		9,773		109,653
Geo Group, Inc. (The)		19,404		741,621
Getty Realty Corp.		2,724		46,308
Government Properties Income Trust		4,706		103,108
Healthcare Realty Trust, Inc.		6,861		162,468
Inland Real Estate Corp.		9,371		92,867
Kite Realty Group Trust		2,776		67,290
Lexington Realty Trust		18,698		183,053
LTC Properties, Inc.		1,344		49,580
Medical Properties Trust, Inc.		9,761		119,670
Parkway Properties, Inc.		8,531		160,212
Pennsylvania Real Estate Investment Trust		10,023		199,859
Post Properties, Inc.		3,327		170,808
PS Business Parks, Inc.		2,198		167,356
Retail Opportunity Investments Corp.		4,066		59,770
Sabra Health Care REIT, Inc.		2,684		65,275
Saul Centers, Inc.		1,998		93,387
Sovran Self Storage, Inc.		1,829		136,004
Tanger Factory Outlet Centers, Inc.		5,556		181,792

Investments	Shares		Value
Universal Health Realty Income Trust		601	$	25,050
Urstadt Biddle Properties, Inc., Class A		2,193		44,518
Total Real Estate Investment Trusts				4,667,495
Real Estate Management & Development - 0.1%
Forestar Group, Inc.*		8,347		147,909
Retailing - 10.8%
Aeropostale, Inc.*(a)		282,168		928,333
Barnes & Noble, Inc.*		134,127		2,647,667
Big 5 Sporting Goods Corp.		43,831		410,696
Blue Nile, Inc.*		7,168		204,646
Brown Shoe Co., Inc.		40,456		1,097,571
Buckle, Inc.		10,968		497,838
Cato Corp., Class A		12,276		423,031
Children's Place, Inc. (The)		15,988		761,988
Christopher & Banks Corp.*		19,163		189,522
Finish Line, Inc., Class A		22,248		556,867
Francesca's Holdings Corp.*		10,720		149,330
Fred's, Inc., Class A		61,062		854,868
FTD Cos., Inc.*		8,233		280,828
Genesco, Inc.*		15,382		1,149,804
Group 1 Automotive, Inc.		54,967		3,996,651
Haverty Furniture Cos., Inc.		14,600		318,134
Hibbett Sports, Inc.*(a)		8,978		382,732
Kirkland's, Inc.*		12,307		198,266
Lithia Motors, Inc., Class A		24,310		1,840,024
Lumber Liquidators Holdings, Inc.*(a)		7,826		449,056
MarineMax, Inc.*		14,077		237,197
Men's Wearhouse, Inc.		22,704		1,072,083
Monro Muffler Brake, Inc.		7,249		351,794
Nutrisystem, Inc.		10,874		167,133
Outerwall, Inc.*(a)		17,819		999,646
Pep Boys-Manny, Moe & Jack*		97,822		871,594
PetMed Express, Inc.(a)		7,735		105,196
Pool Corp.		17,942		967,433
Select Comfort Corp.*		21,090		441,203
Sonic Automotive, Inc., Class A		170,094		4,169,004
Stage Stores, Inc.		44,394		759,581
Stein Mart, Inc.		47,272		545,992
Tuesday Morning Corp.*(a)		20,079		389,633
Vitamin Shoppe, Inc.*		12,110		537,563
VOXX International Corp., Class A*		34,265		318,664
Zumiez, Inc.*		10,978		308,482
Total Retailing				29,580,050
Semiconductors & Semiconductor Equipment - 1.7%
Advanced Energy Industries, Inc.*		14,106		265,052
Brooks Automation, Inc.		20,337		213,742
Cabot Microelectronics Corp.*		4,548		188,515
CEVA, Inc.*		1,510		20,294
Cirrus Logic, Inc.*(a)		17,405		362,894
Cohu, Inc.		10,127		121,220
Diodes, Inc.*		15,684		375,161
DSP Group, Inc.*		7,194		63,811
Entropic Communications, Inc.*		34,278		91,180
Exar Corp.*		6,194		55,436
GT Advanced Technologies, Inc.*(a)		6,063		65,662
Kopin Corp.*		2,603		8,850
Kulicke & Soffa Industries, Inc.*		16,090		228,961
Micrel, Inc.		8,938		107,524
Microsemi Corp.*		18,423		468,128
MKS Instruments, Inc.		10,408		347,419
Monolithic Power Systems, Inc.		2,564		112,944
Nanometrics, Inc.*		5,285		79,804
Pericom Semiconductor Corp.*		5,751		56,015

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

Schedule of Investments- continued

RevenueShares Small Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Power Integrations, Inc.		2,884	$	155,477
Rubicon Technology, Inc.*(a)		4,436		18,853
Rudolph Technologies, Inc.*		8,304		75,151
Synaptics, Inc.*		4,631		338,989
Tessera Technologies, Inc.		3,555		94,492
TriQuint Semiconductor, Inc.*		21,881		417,271
Ultratech, Inc.*		2,336		53,144
Veeco Instruments, Inc.*(a)		4,653		162,622
Total Semiconductors & Semiconductor Equipment				4,548,611
Software & Services - 4.6%
Blackbaud, Inc.		6,191		243,244
Blucora, Inc.*		18,417		280,675
Bottomline Technologies (de), Inc.*(a)		4,587		126,555
CACI International, Inc., Class A*		22,612		1,611,557
Cardtronics, Inc.*		13,056		459,571
Ciber, Inc.*		106,276		364,527
comScore, Inc.*		3,631		132,205
CSG Systems International, Inc.		12,914		339,380
Dealertrack Technologies, Inc.*(a)		6,390		277,390
Dice Holdings, Inc.*		13,034		109,225
Digital River, Inc.*		11,192		162,508
Ebix, Inc.(a)		6,368		90,298
EPIQ Systems, Inc.		12,921		226,893
Exlservice Holdings, Inc.*		8,697		212,294
Forrester Research, Inc.		3,696		136,235
Heartland Payment Systems, Inc.		20,776		991,431
iGATE Corp.*		15,574		571,877
Interactive Intelligence Group, Inc.*		3,515		146,927
j2 Global, Inc.		4,942		243,937
Liquidity Services, Inc.*(a)		15,399		211,736
LivePerson, Inc.*		6,855		86,304
LogMeIn, Inc.*		1,889		87,026
Manhattan Associates, Inc.*		6,426		214,757
ManTech International Corp., Class A		31,325		844,209
MAXIMUS, Inc.		17,375		697,259
MicroStrategy, Inc., Class A*		1,938		253,568
Monotype Imaging Holdings, Inc.		2,793		79,098
Monster Worldwide, Inc.*		64,640		355,520
NetScout Systems, Inc.*		3,633		166,391
NIC, Inc.		6,541		112,636
Perficient, Inc.*		12,847		192,576
Progress Software Corp.*		6,469		154,674
QuinStreet, Inc.*		30,064		124,766
Stamps.com, Inc.*		1,918		60,916
Sykes Enterprises, Inc.*		28,954		578,501
Synchronoss Technologies, Inc.*		4,112		188,247
Take-Two Interactive Software, Inc.*		20,117		464,099
Tangoe, Inc.*		6,947		94,132
TeleTech Holdings, Inc.*		21,507		528,642
Tyler Technologies, Inc.*		2,351		207,828
VASCO Data Security International, Inc.*		4,393		82,501
Virtusa Corp.*		4,736		168,412
XO Group, Inc.*		5,324		59,682
Total Software & Services				12,740,209
Technology Hardware & Equipment - 9.2%
Agilysys, Inc.*		3,825		44,867
Anixter International, Inc.		32,597		2,765,529
Badger Meter, Inc.(a)		3,166		159,725
Bel Fuse, Inc., Class B		6,833		169,048
Benchmark Electronics, Inc.*		52,996		1,177,041
Black Box Corp.		19,307		450,239
CalAmp Corp.*(a)		4,908		86,479
Checkpoint Systems, Inc.*		23,838		291,539
Coherent, Inc.*		5,657		347,170

Investments	Shares		Value
Comtech Telecommunications Corp.		3,825	$	142,099
CTS Corp.		12,669		201,310
Daktronics, Inc.		18,651		229,221
Digi International, Inc.*		10,966		82,245
DTS, Inc.*		2,702		68,226
Electro Scientific Industries, Inc.		11,203		76,068
Electronics For Imaging, Inc.*		7,849		346,690
Fabrinet*		19,916		290,774
FARO Technologies, Inc.*		2,643		134,132
Harmonic, Inc.*		32,113		203,596
II-VI, Inc.*		22,402		263,672
Insight Enterprises, Inc.*		93,496		2,115,814
Ixia*		24,033		219,662
Littelfuse, Inc.		4,042		344,298
Measurement Specialties, Inc.*		2,003		171,477
Mercury Systems, Inc.*		8,757		96,415
Methode Electronics, Inc.		7,147		263,510
MTS Systems Corp.		3,851		262,869
NETGEAR, Inc.*(a)		19,869		620,906
Newport Corp.*		15,058		266,828
Oplink Communications, Inc.		4,925		82,839
OSI Systems, Inc.*		6,128		389,005
Park Electrochemical Corp.		3,007		70,815
Plexus Corp.*		26,270		970,151
Procera Networks, Inc.*(a)		3,570		34,201
QLogic Corp.*		21,905		200,650
Rofin-Sinar Technologies, Inc.*		10,411		240,078
Rogers Corp.*		4,563		249,870
Sanmina Corp.*		115,631		2,412,063
ScanSource, Inc.*		35,436		1,225,731
Super Micro Computer, Inc.*		20,501		603,139
SYNNEX Corp.*		90,718		5,863,104
TTM Technologies, Inc.*		81,436		554,579
ViaSat, Inc.*(a)		10,133		558,531
Total Technology Hardware & Equipment				25,346,205
Telecommunication Services - 0.6%
8x8, Inc.*		7,270		48,564
Atlantic Tele-Network, Inc.		2,559		137,930
Cincinnati Bell, Inc.*		156,187		526,350
Consolidated Communications Holdings, Inc.(a)		11,083		277,629
General Communication, Inc., Class A*		36,501		398,226
Lumos Networks Corp.		6,457		104,926
NTELOS Holdings Corp.(a)		18,362		195,372
Spok Holdings, Inc.		6,525		84,890
Total Telecommunication Services				1,773,887
Transportation - 3.8%
Allegiant Travel Co.		3,902		482,521
ArcBest Corp.		31,189		1,163,350
Atlas Air Worldwide Holdings, Inc.*		21,963		725,218
Celadon Group, Inc.		14,822		288,288
Forward Air Corp.		6,865		307,758
Heartland Express, Inc.		14,428		345,695
Hub Group, Inc., Class A*		39,232		1,590,073
Knight Transportation, Inc.		17,349		475,189
Matson, Inc.		27,523		688,901
Roadrunner Transportation Systems, Inc.*		28,034		638,895
Saia, Inc.*		10,520		521,371
SkyWest, Inc.		171,068		1,330,909
UTi Worldwide, Inc.*		181,368		1,927,942
Total Transportation				10,486,110
Utilities - 2.8%
ALLETE, Inc.		10,605		470,756

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

Schedule of Investments- concluded

RevenueShares Small Cap Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Utilities (continued)
American States Water Co.		6,714	$	204,240
Avista Corp.		23,031		703,136
El Paso Electric Co.		11,395		416,487
Laclede Group, Inc.		14,101		654,286
New Jersey Resources Corp.		35,754		1,805,935
Northwest Natural Gas Co.		8,162		344,844
NorthWestern Corp.		11,900		539,784
Piedmont Natural Gas Co., Inc.(a)		19,224		644,581
South Jersey Industries, Inc.		7,027		374,961
Southwest Gas Corp.		17,908		869,971
UIL Holdings Corp.		20,482		725,063
Total Utilities				7,754,044
Total Common Stocks
(Cost $257,077,410)				274,525,931
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–5.6%
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.07% (b) (Cost $15,269,203)		15,269,203		15,269,203
Total Investments–105.4% (Cost $272,346,613)				289,795,134
Liabilities in Excess of Other Assets–(5.4)%				(14,830,514	)
Net Assets–100.0%			$	274,964,620

PLC	-	Public Limited Company
REIT	-	Real Estate Investment Trust

*	Non-income producing security
(a)	All or a portion of security was on loan. The aggregate market value of the securities on loan was $14,388,913; total market value of the collateral held by the fund was $15,649,692. The total market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $380,489.
(b)	Rate shown represents annualized 7-day yield as of September 30, 2014.

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

Schedule of Investments

RevenueShares Financials Sector Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–99.7%
Banks - 32.6%
Bank of America Corp.		139,806	$	2,383,692
BB&T Corp.		6,195		230,516
Citigroup, Inc.		40,631		2,105,499
Comerica, Inc.		1,205		60,081
Fifth Third Bancorp		7,660		153,353
Huntington Bancshares, Inc.		6,780		65,970
JPMorgan Chase & Co.		40,247		2,424,479
KeyCorp		7,397		98,602
M&T Bank Corp.		887		109,358
PNC Financial Services Group, Inc.		4,462		381,858
Regions Financial Corp.		12,622		126,725
SunTrust Banks, Inc.		5,060		192,432
U.S. Bancorp		11,682		488,658
Wells Fargo & Co.		39,130		2,029,673
Zions Bancorporation		1,800		52,308
Total Banks				10,903,204
Capital Markets - 11.1%
Affiliated Managers Group, Inc.*		272		54,498
Ameriprise Financial, Inc.		2,216		273,410
Bank of New York Mellon Corp.		8,867		343,419
BlackRock, Inc.		767		251,821
Charles Schwab Corp.		4,584		134,724
E*TRADE Financial Corp.*		1,986		44,864
Franklin Resources, Inc.		3,505		191,408
Goldman Sachs Group, Inc.		5,149		945,202
Invesco Ltd.		2,869		113,268
Legg Mason, Inc.		1,253		64,103
Morgan Stanley		24,825		858,200
Northern Trust Corp.		1,495		101,705
State Street Corp.		3,274		240,999
T. Rowe Price Group, Inc.		1,119		87,730
Total Capital Markets				3,705,351
Consumer Finance - 5.2%
American Express Co.		9,433		825,765
Capital One Financial Corp.		6,758		551,588
Discover Financial Services		3,485		224,399
Navient Corp.		7,738		137,040
Total Consumer Finance				1,738,792
Diversified Financial Services - 15.2%
Berkshire Hathaway, Inc., Class B*		31,979		4,417,579
CME Group, Inc.		853		68,202
Intercontinental Exchange, Inc.		370		72,168
Leucadia National Corp.		10,315		245,910
McGraw Hill Financial, Inc.		1,377		116,288
Moody's Corp.		775		73,237
NASDAQ OMX Group, Inc.		1,842		78,138
Total Diversified Financial Services				5,071,522
Insurance - 31.0%
ACE Ltd.		4,354		456,604
Aflac, Inc.		9,391		547,026
Allstate Corp.		13,326		817,817
American International Group, Inc.		27,261		1,472,639
AON PLC		3,226		282,823
Assurant, Inc.		3,518		226,207
Chubb Corp.		3,576		325,702
Cincinnati Financial Corp.		2,329		109,579
Genworth Financial, Inc., Class A*		16,944		221,966
Hartford Financial Services Group, Inc.		13,091		487,640
Lincoln National Corp.		5,466		292,868
Loews Corp.		8,322		346,695

Investments	Shares		Value
Marsh & McLennan Cos., Inc.		5,619	$	294,099
MetLife, Inc.		30,005		1,611,869
Principal Financial Group, Inc.		4,388		230,238
Progressive Corp.		17,421		440,403
Prudential Financial, Inc.		12,298		1,081,486
Torchmark Corp.		1,705		89,291
Travelers Cos., Inc.		6,737		632,874
Unum Group		6,821		234,506
XL Group PLC		5,138		170,427
Total Insurance				10,372,759
Real Estate Investment Trusts - 3.8%
American Tower Corp.		932		87,263
Apartment Investment & Management Co., Class A		716		22,783
AvalonBay Communities, Inc.		261		36,793
Boston Properties, Inc.		464		53,713
Crown Castle International Corp.		991		79,805
Equity Residential		970		59,733
Essex Property Trust, Inc.		95		16,981
General Growth Properties, Inc.		2,505		58,993
HCP, Inc.		1,250		49,638
Health Care REIT, Inc.		1,188		74,096
Host Hotels & Resorts, Inc.		5,692		121,410
Kimco Realty Corp.		1,054		23,093
Macerich Co. (The)		387		24,702
Plum Creek Timber Co., Inc.		808		31,520
Prologis, Inc.		1,074		40,490
Public Storage		297		49,254
Simon Property Group, Inc.		737		121,178
Ventas, Inc.		1,123		69,570
Vornado Realty Trust		613		61,275
Weyerhaeuser Co.		6,028		192,052
Total Real Estate Investment Trusts				1,274,342
Real Estate Management & Development - 0.6%
CBRE Group, Inc., Class A*		6,235		185,429
Thrifts & Mortgage Finance - 0.2%
Hudson City Bancorp, Inc.		3,093		30,064
People's United Financial, Inc.		2,121		30,691
Total Thrifts & Mortgage Finance				60,755
Total Investments - 99.7% (Cost $28,514,888)				33,312,154
Other Assets in Excess of Liabilities - 0.3%				112,574
Net Assets–100.0%			$	33,424,728

PLC	-	Public Limited Company
REIT	-	Real Estate Investment Trust

* Non-income producing security

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

Schedule of Investments

RevenueShares ADR Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–95.4%
Automobiles & Components - 6.8%
Honda Motor Co. Ltd.(a)		12,687	$	434,910
Magna International, Inc.		1,218		115,601
Toyota Motor Corp.(a)		7,978		937,654
Total Automobiles & Components				1,488,165
Banks - 11.7%
Banco Bilbao Vizcaya Argentaria SA(a)(b)		8,335		100,020
Banco Bradesco SA(a)		16,663		237,448
Banco de Chile(a)		240		17,753
Banco Santander Chile(a)		780		17,230
Banco Santander SA(a)(b)		20,175		191,662
Bancolombia SA(a)(b)		382		21,667
Bank of Ireland*(a)(b)		1,945		30,789
Bank of Montreal		938		69,056
Bank of Nova Scotia		1,535		94,940
Barclays PLC(a)		10,306		152,632
Canadian Imperial Bank of Commerce		619		55,617
Credicorp Ltd.		113		17,333
HSBC Holdings PLC(a)		4,975		253,128
ING Groep NV*(a)		12,552		178,113
KB Financial Group, Inc.(a)		16		579
Lloyds Banking Group PLC*(a)(b)		33,625		169,470
Mitsubishi UFJ Financial Group, Inc.(a)		32,872		184,412
Mizuho Financial Group, Inc.(a)		31,550		112,633
Royal Bank of Canada		1,693		120,965
Royal Bank of Scotland Group PLC*(a)(b)		12,687		151,356
Shinhan Financial Group Co. Ltd.(a)		76		3,455
Sumitomo Mitsui Financial Group, Inc.(a)		17,566		144,041
Toronto-Dominion Bank		2,141		105,744
Westpac Banking Corp.(a)		4,387		123,319
Total Banks				2,553,362
Capital Goods - 1.5%
ABB Ltd.*(a)(b)		6,608		148,085
Embraer SA(a)(b)		606		23,767
Koninklijke Philips NV		3,706		117,517
Nidec Corp.(a)(b)		1,943		32,876
Total Capital Goods				322,245
Consumer Durables & Apparel - 1.5%
Gildan Activewear, Inc.		149		8,153
Luxottica Group S.p.A.(a)		700		36,456
Sony Corp.(a)		15,143		273,180
Total Consumer Durables & Apparel				317,789
Consumer Services - 0.4%
Carnival PLC(a)		1,449		57,887
Intercontinental Hotels Group PLC(a)		177		6,843
Tim Hortons, Inc.		143		11,270
Total Consumer Services				76,000
Diversified Financials - 2.8%
Credit Suisse Group AG*(a)		5,208		143,949
Deutsche Bank AG		6,091		212,333
Nomura Holdings, Inc.(a)		13,253		78,325
ORIX Corp.(a)		313		21,597
UBS AG*		8,286		143,928
Total Diversified Financials				600,132
Energy - 34.6%
BP PLC(a)		24,223		1,064,601
Cameco Corp.(b)		435		7,682
Canadian Natural Resources Ltd.		1,522		59,114
Cenovus Energy, Inc.		2,318		62,308

Investments	Shares		Value
China Petroleum & Chemical Corp.(a)(b)		12,207	$	1,066,404
CNOOC Ltd.(a)		922		159,082
Ecopetrol SA(a)(b)		4,010		125,393
Enbridge, Inc.		2,621		125,493
Encana Corp.		1,024		21,719
Enerplus Corp.(b)		256		4,856
ENI S.p.A.(a)		11,429		540,020
Imperial Oil Ltd.		2,299		108,559
Pembina Pipeline Corp.		434		18,289
Penn West Petroleum Ltd.(b)		1,151		7,769
PetroChina Co. Ltd.(a)(b)		8,145		1,046,714
Royal Dutch Shell PLC, Class A(a)		10,479		797,766
Royal Dutch Shell PLC, Class B(a)		10,058		795,789
Statoil ASA(a)(b)		13,524		367,312
Suncor Energy, Inc.		3,610		130,502
Talisman Energy, Inc.		1,957		16,928
Tenaris SA(a)		812		36,987
Total SA(a)		12,755		822,060
TransCanada Corp.		616		31,742
Ultrapar Participacoes SA(a)		4,433		93,625
Total Energy				7,510,714
Food & Staples Retailing - 0.8%
Cencosud SA(a)(b)		7,801		70,287
Delhaize Group SA(a)		6,136		106,092
Total Food & Staples Retailing				176,379
Food, Beverage & Tobacco - 3.3%
Ambev SA(a)		8,678		56,841
Anheuser-Busch InBev NV(a)		1,494		165,610
BRF SA(a)		2,027		48,222
British American Tobacco PLC(a)		730		82,548
Diageo PLC(a)		506		58,392
Fomento Economico Mexicano SAB de CV(a)		778		71,615
Unilever NV		2,982		118,326
Unilever PLC(a)		2,822		118,242
Total Food, Beverage & Tobacco				719,796
Health Care Equipment & Services - 0.6%
Catamaran Corp.*		1,447		60,991
Fresenius Medical Care AG & Co. KGaA(a)		1,569		54,444
Smith & Nephew PLC(a)		188		15,828
Total Health Care Equipment & Services				131,263
Insurance - 5.6%
Aegon NV, Class G		24,672		202,804
Aviva PLC(a)(b)		13,892		235,330
China Life Insurance Co. Ltd.(a)(b)		5,521		230,226
Manulife Financial Corp.		6,681		128,609
Prudential PLC(a)		7,868		350,205
Sun Life Financial, Inc.		1,947		70,618
Total Insurance				1,217,792
Materials - 5.8%
Agnico-Eagle Mines Ltd.		195		5,661
Agrium, Inc.(b)		635		56,515
ArcelorMittal(b)		19,763		270,555
Barrick Gold Corp.		2,463		36,108
BHP Billiton Ltd.(a)		1,938		114,109
BHP Billiton PLC(a)		2,090		116,058
Cemex SAB de CV*(a)		4,324		56,385
Cia de Minas Buenaventura SA(a)		353		4,088
Cia Siderurgica Nacional SA(a)(b)		7,034		24,971
CRH PLC(a)		3,901		88,982
Eldorado Gold Corp.		519		3,498

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

Schedule of Investments- continued

RevenueShares ADR Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Materials (continued)
Gerdau SA(a)		12,525	$	60,120
Goldcorp, Inc.		545		12,551
James Hardie Industries PLC(a)		93		4,863
Kinross Gold Corp.*		3,453		11,395
POSCO(a)		1,203		91,308
Potash Corp. of Saskatchewan, Inc.		684		23,639
Randgold Resources Ltd.(a)(b)		60		4,055
Rio Tinto PLC(a)(b)		3,534		173,802
Silver Wheaton Corp.		105		2,093
Sociedad Quimica y Minera de Chile SA(a)		279		7,293
Southern Copper Corp.		654		19,391
Syngenta AG(a)		801		50,759
Teck Resources Ltd., Class B(b)		1,432		27,051
Yamana Gold, Inc.(b)		865		5,190
Total Materials				1,270,440
Media - 1.0%
Grupo Televisa SAB(a)		571		19,346
Pearson PLC(a)(b)		1,460		29,229
Reed Elsevier NV(a)		379		17,127
Reed Elsevier PLC(a)(b)		266		17,138
Shaw Communications, Inc., Class B(b)		707		17,300
Thomson Reuters Corp.		1,252		45,585
WPP PLC(a)		649		65,186
Total Media				210,911
Pharmaceuticals, Biotechnology & Life Sciences - 3.3%
AstraZeneca PLC(a)		1,297		92,658
GlaxoSmithKline PLC(a)		3,102		142,599
Novartis AG(a)		2,197		206,803
Novo Nordisk A/S(a)		1,156		55,049
QIAGEN NV*		206		4,691
Sanofi(a)		2,882		162,631
Shire PLC(a)		76		19,688
Valeant Pharmaceuticals International, Inc.*		227		29,782
Total Pharmaceuticals, Biotechnology & Life Sciences				713,901
Real Estate - 0.3%
Brookfield Asset Management, Inc., Class A		1,541		69,283
Semiconductors & Semiconductor Equipment - 0.6%
ARM Holdings PLC(a)		95		4,150
ASML Holding NV, Class G		307		30,338
STMicroelectronics NV, Class Y(b)		3,487		26,815
Taiwan Semiconductor Manufacturing Co. Ltd.(a)		3,533		71,296
Total Semiconductors & Semiconductor Equipment				132,599
Software & Services - 0.5%
CGI Group, Inc., Class A*		1,019		34,411
SAP SE(a)		1,104		79,665
Total Software & Services				114,076
Technology Hardware & Equipment - 2.2%
Alcatel-Lucent*(a)		20,624		62,491
BlackBerry Ltd.*		3,340		33,200
Canon, Inc.(a)		4,133		134,694
Kyocera Corp.(a)		1,157		54,020
Nokia OYJ(a)		8,535		72,206
Telefonaktiebolaget LM Ericsson(a)		9,849		123,999
Total Technology Hardware & Equipment				480,610
Telecommunication Services - 10.1%
America Movil SAB de CV, Series L(a)		8,479		213,671
BCE, Inc.		1,634		69,870

Investments	Shares		Value
BT Group PLC(a)		1,655	$	101,749
China Mobile Ltd.(a)		5,942		349,093
Chunghwa Telecom Co. Ltd.(a)(b)		790		23,676
Nippon Telegraph & Telephone Corp.(a)		13,112		407,914
NTT DoCoMo, Inc.(a)		10,056		168,337
Orange SA(a)		13,427		197,914
Portugal Telecom SGPS SA(a)		5,425		11,338
Rogers Communications, Inc., Class B		1,080		40,414
Telecom Italia S.p.A.*(a)		8,490		97,126
Telefonica SA(a)		17,050		262,059
TELUS Corp.(b)		1,127		38,521
Vodafone Group PLC(a)		6,736		221,547
Total Telecommunication Services				2,203,229
Transportation - 0.6%
Canadian National Railway Co.		521		36,970
Canadian Pacific Railway Ltd.		104		21,577
Latam Airlines Group SA*(a)(b)		3,919		44,559
Ryanair Holdings PLC*(a)		430		24,265
Total Transportation				127,371
Utilities - 1.4%
Cia Energetica de Minas Gerais(a)		4,030		25,107
CPFL Energia SA(a)(b)		1,428		22,205
Empresa Nacional de Electricidad SA(a)		320		14,067
Enersis SA(a)		2,588		40,839
National Grid PLC(a)		1,196		85,968
TransAlta Corp.		768		8,064
Veolia Environnement SA(a)		6,183		108,512
Total Utilities				304,762
Total Common Stocks
(Cost $19,548,796)				20,740,819
PREFERRED STOCKS–3.5%
Banks - 0.9%
Itau Unibanco Holding SA(a)		13,739		190,697
Energy - 1.9%
Petroleo Brasileiro SA, Class A(a)		27,598		410,934
Materials - 0.7%
Vale SA, Class A(a)		15,112		146,738
Total Preferred Stocks
(Cost $1,101,130)				748,369
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–15.1%
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.07%(c) (Cost $3,277,513)		3,277,513		3,277,513
Total Investments–114.0% (Cost $23,927,439)				24,766,701
Liabilities in Excess of Other Assets–(14.0)%				(3,032,089	)
Net Assets–100.0%			$	21,734,612

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

Schedule of Investments- concluded

RevenueShares ADR Fund
September 30, 2014 (Unaudited)

Country	Value			% of Net Assets
Australia	$	237,428			1.1	%
Belgium		271,702			1.3
Brazil		1,340,675			6.2
Canada		2,019,618			9.3
Chile		212,028			1.0
China		1,276,940			5.9
Colombia		147,060			0.7
Denmark		55,049			0.3
Finland		72,206			0.3
France		1,353,608			6.2
Germany		346,442			1.6
Hong Kong		1,574,579			7.2
Ireland		168,587			0.8
Italy		673,602			3.1
Japan		2,984,593			13.7
Jersey Islands		4,055			0.0	†
Luxembourg		307,542			1.4
Mexico		361,017			1.7
Netherlands		2,262,471			10.4
Norway		367,312			1.7
Peru		21,421			0.1
Portugal		11,338			0.1
South Korea		95,342			0.4
Spain		553,741			2.5
Sweden		123,999			0.6
Switzerland		720,339			3.3
Taiwan		94,972			0.4
United Kingdom		3,766,546			17.3
United States		3,342,489			15.4
Total Investments		24,766,701			114.0
Liabilities  in Excess of Other Assets		(3,032,089	)		(14.0	)
Net Assets	$	21,734,612			100.0	%

PLC – Public Limited Company

* †	Non-income producing security Less than 0.05%
(a)	American Depositary Receipt
(b)	All or a portion of security was on loan. The aggregate market value of the securities on loan was $3,188,747; total market value of the collateral held by the fund was $3,277,513.
(c)	Rate shown represents annualized 7-day yield as of September 30, 2014.

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

Schedule of Investments

RevenueShares Navellier Overall A-100 Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–100.0%
Automobiles & Components - 8.1%
Gentherm, Inc.*		491	$	20,735
Motorcar Parts of America, Inc.*		611		16,625
Strattec Security Corp.		224		18,222
Tata Motors Ltd.(a)		11,623		508,041
Visteon Corp.*		1,054		102,502
Total Automobiles & Components				666,125
Banks - 4.8%
Banco Macro SA(a)		1,012		40,085
BBVA Banco Frances SA(a)		3,058		39,510
HDFC Bank Ltd.(a)		2,662		123,996
Shinhan Financial Group Co. Ltd.(a)		4,248		193,114
Total Banks				396,705
Capital Goods - 8.0%
Alliant Techsystems, Inc.		587		74,925
American Railcar Industries, Inc.		326		24,098
Argan, Inc.		494		16,490
Astronics Corp.*		376		17,928
Douglas Dynamics, Inc.		915		17,842
FreightCar America, Inc.		539		17,949
Greenbrier Cos., Inc.(b)		548		40,212
Huntington Ingalls Industries, Inc.		1,002		104,418
Nidec Corp.(a)		8,216		139,015
Patrick Industries, Inc.*		551		23,340
Spirit AeroSystems Holdings, Inc., Class A*		2,606		99,184
Trinity Industries, Inc.		1,728		80,732
Total Capital Goods				656,133
Consumer Durables & Apparel - 2.4%
Hanesbrands, Inc.		745		80,043
Harman International Industries, Inc.		802		78,628
Skechers U.S.A., Inc., Class A*		715		38,117
Total Consumer Durables & Apparel				196,788
Consumer Services - 0.7%
Jack in the Box, Inc.		545		37,164
TAL Education Group*(a)		530		18,518
Total Consumer Services				55,682
Energy - 3.4%
Basic Energy Services, Inc.*		1,389		30,127
Green Plains, Inc.		1,463		54,702
Navigator Holdings Ltd.*		582		16,197
Pacific Ethanol, Inc.*		1,704		23,788
REX American Resources Corp.*		268		19,532
Targa Resources Corp.		894		121,736
Vertex Energy, Inc.*		2,279		15,862
Total Energy				281,944
Food & Staples Retailing - 1.2%
Pantry, Inc.*		5,074		102,647
Food, Beverage & Tobacco - 3.6%
Calavo Growers, Inc.		572		25,820
Cal-Maine Foods, Inc.		372		33,231
Dr Pepper Snapple Group, Inc.		1,519		97,687
MGP Ingredients, Inc.		1,732		22,637
Pilgrim's Pride Corp.*		3,974		121,445
Total Food, Beverage & Tobacco				300,820
Health Care Equipment & Services - 17.1%
ExamWorks Group, Inc.*		700		22,925
HCA Holdings, Inc.*		6,617		466,631
Health Net, Inc.*		3,721		171,575
LifePoint Hospitals, Inc.*		914		63,240
McKesson Corp.		3,062		596,080

Investments	Shares		Value
Team Health Holdings, Inc.*		1,247	$	72,313
Zeltiq Aesthetics, Inc.*		660		14,936
Total Health Care Equipment & Services				1,407,700
Insurance - 1.6%
Federated National Holding Co.		698		19,607
PartnerRe Ltd.		892		98,022
United Insurance Holdings Corp.		1,157		17,355
Total Insurance				134,984
Materials - 2.2%
Ball Corp.		2,036		128,818
Century Aluminum Co.*		1,380		35,838
U.S. Silica Holdings, Inc.		331		20,691
Total Materials				185,347
Media - 0.2%
Journal Communications, Inc., Class A*		1,900		16,017
Pharmaceuticals, Biotechnology & Life Sciences - 7.0%
Cambrex Corp.*		856		15,990
Charles River Laboratories International, Inc.*		507		30,288
China Biologic Products, Inc.*(b)		318		17,159
Gilead Sciences, Inc.*		2,369		252,180
Hospira, Inc.*		1,354		70,449
ICON PLC*		597		34,166
Illumina, Inc.*		204		33,440
Medivation, Inc.*		196		19,378
Pacira Pharmaceuticals, Inc.*		155		15,023
Shire PLC(a)		336		87,041
Total Pharmaceuticals, Biotechnology & Life Sciences				575,114
Real Estate - 3.4%
Brookfield Asset Management, Inc., Class A		5,738		257,980
New York Mortgage Trust, Inc.(b)		2,550		18,437
Total Real Estate				276,417
Real Estate Management & Development - 1.0%
Jones Lang LaSalle, Inc.		628		79,341
Retailing - 2.8%
Expedia, Inc.		996		87,269
Foot Locker, Inc.		1,887		105,012
Vipshop Holdings Ltd.*(a)		226		42,716
Total Retailing				234,997
Semiconductors & Semiconductor Equipment - 7.6%
Advanced Semiconductor Engineering, Inc.(a)		19,302		114,075
Canadian Solar, Inc.*		1,080		38,632
Micron Technology, Inc.*		6,695		229,371
NXP Semiconductor NV*		1,152		78,831
OmniVision Technologies, Inc.*		1,247		32,996
RF Micro Devices, Inc.*		2,489		28,723
Silicon Motion Technology Corp.(a)		651		17,538
Skyworks Solutions, Inc.		730		42,376
TriQuint Semiconductor, Inc.*		1,335		25,458
Xcerra Corp.*		1,759		17,221
Total Semiconductors & Semiconductor Equipment				625,221
Software & Services - 3.0%
Bitauto Holdings Ltd.*(a)		218		17,004
Facebook, Inc., Class A*		1,951		154,207
NetScout Systems, Inc.*		437		20,015
Open Text Corp.		632		35,025

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

Schedule of Investments- concluded

RevenueShares Navellier Overall A-100 Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
Software & Services (continued)
VASCO Data Security International, Inc.*		914	$	17,165
Total Software & Services				243,416
Technology Hardware & Equipment - 4.7%
ARRIS Group, Inc.*		2,637		74,772
Cognex Corp.*		452		18,202
Comtech Telecommunications Corp.		487		18,092
Dolby Laboratories, Inc., Class A*		625		26,119
Super Micro Computer, Inc.*		1,181		34,745
Western Digital Corp.		2,205		214,591
Total Technology Hardware & Equipment				386,521
Transportation - 12.0%
Alaska Air Group, Inc.		1,805		78,590
Delta Air Lines, Inc.		13,811		499,268
Grupo Aeroportuario del Pacifico S.A.B. de CV(a)		299		20,164
Hawaiian Holdings, Inc.*		2,929		39,395
Old Dominion Freight Line, Inc.*		676		47,752
P.A.M. Transportation Services, Inc.*		559		20,264
Southwest Airlines Co.		7,395		249,729
Spirit Airlines, Inc.*		543		37,543
Total Transportation				992,705
Utilities - 5.2%
AGL Resources, Inc.		1,664		85,430
National Grid PLC(a)		4,801		345,096
Total Utilities				430,526
Total Common Stocks
(Cost $7,952,079)				8,245,150
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–0.9%
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.07% (c) (Cost $71,303)		71,303		71,303
Total Investments–100.9% (Cost $8,023,382)				8,316,453
Liabilities in Excess of Other Assets–(0.9)%				(71,731	)
Net Assets–100.0%			$	8,244,722

PLC – Public Limited Company

*	Non-income producing security
(a)	American Depositary Receipt
(b)	All or a portion of security was on loan. The aggregate market value of the securities on loan was $68,265; total market value of the collateral held by the fund was $71,303.
(c)	Rate shown represents annualized 7-day yield as of September 30, 2014.

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

Schedule of Investments

RevenueShares Ultra Dividend Fund
September 30, 2014 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–99.6%
Banks - 0.9%
New York Community Bancorp, Inc.(a)		7,382	$	117,152
People's United Financial, Inc.		5,783		83,680
Valley National Bancorp		4,592		44,497
Total Banks				245,329
Consumer Durables & Apparel - 3.7%
Leggett & Platt, Inc.		6,853		239,307
VF Corp.		11,459		756,638
Total Consumer Durables & Apparel				995,945
Consumer Services - 2.0%
Darden Restaurants, Inc.		10,433		536,882
Diversified Financials - 0.7%
CME Group, Inc.		2,326		185,975
Energy - 10.1%
Diamond Offshore Drilling, Inc.(a)		4,741		162,474
Ensco PLC, Class A		6,988		288,674
HollyFrontier Corp.		28,451		1,242,740
Kinder Morgan, Inc.(a)		26,034		998,144
Total Energy				2,692,032
Food, Beverage & Tobacco - 11.4%
Altria Group, Inc.		25,637		1,177,764
Philip Morris International, Inc.		15,959		1,330,980
Reynolds American, Inc.		9,349		551,591
Total Food, Beverage & Tobacco				3,060,335
Insurance - 2.0%
Mercury General Corp.		3,925		191,579
Old Republic International Corp.		23,587		336,823
Total Insurance				528,402
Materials - 1.7%
Newmont Mining Corp.		20,069		462,591
Real Estate Investment Trusts - 4.9%
BioMed Realty Trust, Inc.		1,350		27,270
Camden Property Trust		768		52,631
Corporate Office Properties Trust		1,313		33,770
Corrections Corp. of America		3,005		103,252
Equity One, Inc.		1,012		21,890
HCP, Inc.		3,409		135,371
Health Care REIT, Inc.		3,239		202,016
Highwoods Properties, Inc.		940		36,566
Home Properties, Inc.		720		41,933
Hospitality Properties Trust		3,696		99,238
Liberty Property Trust		1,378		45,832
Mack-Cali Realty Corp.		2,109		40,303
National Retail Properties, Inc.		758		26,204
Omega Healthcare Investors, Inc.(a)		837		28,617
Rayonier, Inc.		2,889		89,963
Realty Income Corp.		1,311		53,476
Senior Housing Properties Trust		2,348		49,120
Ventas, Inc.		3,062		189,691
Weingarten Realty Investors		1,023		32,225
Total Real Estate Investment Trusts				1,309,368
Retailing - 4.7%
Staples, Inc.		103,904		1,257,238
Semiconductors & Semiconductor Equipment - 0.2%
Cypress Semiconductor Corp.*		4,382		43,272

Investments	Shares		Value
Software & Services - 0.2%
Compuware Corp.		5,087	$	53,973
Technology Hardware & Equipment - 5.0%
Apple, Inc.		13,339		1,343,904
Telecommunication Services - 17.1%
AT&T, Inc.		38,690		1,363,436
CenturyLink, Inc.		28,971		1,184,624
Frontier Communications Corp.		45,953		299,154
Verizon Communications, Inc.		27,534		1,376,425
Windstream Holdings, Inc.		33,862		365,032
Total Telecommunication Services				4,588,671
Utilities - 35.0%
Ameren Corp.		9,590		367,585
Consolidated Edison, Inc.		14,755		836,018
Duke Energy Corp.		18,236		1,363,506
Entergy Corp.		10,319		797,968
FirstEnergy Corp.		28,539		958,054
Hawaiian Electric Industries, Inc.(a)		8,219		218,215
Integrys Energy Group, Inc.		6,877		445,767
Pepco Holdings, Inc.		11,565		309,479
PG&E Corp.		22,337		1,006,059
PPL Corp.		19,360		635,782
Public Service Enterprise Group, Inc.		17,597		655,312
SCANA Corp.		6,109		303,068
Southern Co.		26,711		1,165,935
TECO Energy, Inc.		10,522		182,872
Westar Energy, Inc.		4,187		142,861
Total Utilities				9,388,481
Total Common Stocks
(Cost $26,242,292)				26,692,398
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED–5.2%
Dreyfus Institutional Preferred Money Market Fund - Prime Shares, 0.07% (b) (Cost $1,397,056)		1,397,056		1,397,056
Total Investments–104.8% (Cost $27,639,348)				28,089,454
Liabilities in Excess of Other Assets–(4.8)%				(1,290,423	)
Net Assets–100.0%			$	26,799,031

PLC – Public Limited Company

REIT – Real Estate Investment Trust

*	Non-income producing security
(a)	All or a portion of the security was on loan. The aggregate market value of the securities on loan was $1,355,680; total market value of the collateral held by the fund was $1,397,056.
(b)	Rate shown represents annualized 7-day yield as of September 30, 2014.

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

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, as of the date of this report, is comprised of seven 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, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend 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, January 21, 2009 for the RevenueShares Navellier Overall A-100 Fund and September 30, 2013 for the RevenueShares Ultra Dividend Fund.

The objective of the RevenueShares Large Cap Fund is to outperform the total return performance of the S&P 500 Index. The objective of the RevenueShares Mid Cap Fund is to outperform the total return performance of the S&P MidCap 400 Index. The objective of the RevenueShares Small Cap Fund is to outperform the total return performance of the S&P SmallCap 600 Index. The objective of the RevenueShares Financials Sector Fund is to outperform the total return performance of the S&P 500 Financials Index. The objective of the RevenueShares ADR Fund is to outperform the total return performance of the S&P ADR Index. The objective of the RevenueShares Navellier Overall A-100 Fund is to outperform the total return performance of the Navellier Overall A-100 Index. The objective of the RevenueShares Ultra Dividend Fund is to outperform the total return performance of the S&P 900 Index.

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 — Securities 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 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.

Securities Lending — Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of U.S. dollar cash and/or U.S. government securities is maintained at all times. The cash collateral can be invested in

a certain money market mutual fund, which may also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash invested in the money market mutual fund or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The dividend and interest income earned on the securities loaned is accounted for inthe same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. Lending securities could result in a loss or delay in recovering the Fund’s securities if the borrower defaults.

The value of loaned securities and related collateral outstanding at September 30, 2014 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of September 30, 2014, the collateral consisted of an institutional money market fund and U.S. Treasury Notes.

3. FAIR VALUE MEASUREMENT

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

Level 1 — quoted prices in active markets for identical securities

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of September 30, 2014 in valuing the Funds’ assets carried at fair value:

	Quoted Prices in Active Markets (Level 1)						Other
Fund	Common Stock		Preferred Stock		Money Market Funds		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
RevenueShares Large Cap Fund	$	258,626,269	$	-	$	884,219	$	-	$	-	$	259,510,488
RevenueShares Mid Cap Fund		208,796,397		-		8,140,292		-		-		216,936,689
RevenueShares Small Cap Fund		274,525,931		-		15,269,203		-		-		289,795,134
RevenueShares Financials Sector Fund		33,312,154		-		-		-		-		33,312,154
RevenueShares ADR Fund		20,740,819		748,369		3,277,513		-		-		24,766,701
RevenueShares Navellier Overall A-100 Fund		8,245,150		-		71,303		-		-		8,316,453
RevenueShares Ultra Dividend Fund		26,692,398		-		1,397,056		-		-		28,089,454

At September 30, 2014, the Funds did not hold any Level 2 or Level 3 securities during the period. Please refer to each Fund’s Schedule of Investments to view equity securities segregated by industry type.

The Funds’ policy is to disclose transfers between Levels based on valuations at the beginning of the reporting period. At September 30, 2014, there were no transfers between Levels 1, 2, or 3, based on the valuation input Levels assigned to securities on June 30, 2014.

4.FEDERAL INCOME TAX

At September 30, 2014, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were substantially the same for book purposes, as indicated below:

			Gross		Gross			Net
			Unrealized		Unrealized			Unrealized
Fund	Cost		Appreciation		Depreciation			Appreciation
RevenueShares Large Cap Fund	$	194,145,271	$	65,971,167	$	(605,950	)	$	65,365,217
RevenueShares Mid Cap Fund		188,122,752		32,525,860		(3,711,923	)		28,813,937
RevenueShares Small Cap Fund		272,346,613		30,795,663		(13,347,142	)		17,448,521
RevenueShares Financials Sector Fund		28,514,888		4,875,888		(78,622	)		4,797,266
RevenueShares ADR Fund		23,927,439		2,572,354		(1,733,092	)		839,262
RevenueShares Navellier Overall A-100 Fund		8,023,382		532,942		(239,871	)		293,071
RevenueShares Ultra Dividend Fund		27,639,348		977,710		(527,604	)		450,106

5.RISKS

Concentration Risk

Each of the RevenueShares Financials Sector Fund, RevenueShares ADR Fund, RevenueShares Navellier Overall A-100 Fund and RevenueShares Ultra Dividend Fund will concentrate in industries to the same extent as its Underlying Index. Each Fund may be adversely affected by the performance of the securities in a particular industry or group of industries and may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class than may be the case for a fund that was not concentrated in a particular industry or group of industries.

Non-Diversification Risk

Each of the RevenueShares Financials Sector, RevenueShares ADR, RevenueShares Navellier Overall A-100 and RevenueShares Ultra Dividend Funds are non-diversified and, as a result, may have greater volatility than other diversified funds. Because a non-diversified fund may invest a larger percentage of its assets in securities of a single company than diversified funds, the performance of that company can have a substantial impact on a Fund’s Share price. Each Fund intends to maintain the required level of diversification so as to qualify as a “regulated investment company” for purposes of the Internal Revenue Code in order to avoid liability for Federal income tax to the extent that its earnings are distributed to shareholders. Compliance with diversification requirements of the Internal Revenue Code could limit the investment flexibility of a Fund.

Financials Sector Risk

The RevenueShares Financials Sector Fund is subject to financials sector risk. Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Government regulation may also adversely affect the scope of their activities and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition and/or rate regulation and may be adversely affected by natural disasters. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITs).

Foreign Securities Risk

The RevenueShares ADR Fund is subject to foreign securities risk. Investments in the securities of foreign companies may be more volatile because of economic or political developments, public health and safety issues, demographic changes, market inefficiencies, lack of regulatory oversight, or a higher risk that essential investment information may be incomplete, unavailable, or inaccurate. Restrictions on currency trading may be imposed by foreign countries, which may adversely affect the value of the Fund’s portfolio securities. Certain of the risks associated with foreign investments are heightened for investments in emerging market countries.

Focus Risk

To the extent the RevenueShares ADR Fund focuses on companies in a specific country or region, the Fund is subject to greater risks of adverse developments in that country or region and/or the surrounding countries or regions than a fund that is more broadly diversified geographically. Political, social or economic disruptions in the country or region, even in countries in which the Fund is not invested, may adversely affect the value of securities values held by the Fund.

Depositary Receipts Risk

The RevenueShares ADR Fund is subject to depositary receipts risk. Changes in foreign currency exchange rates affect the value of ADRs and global shares and, therefore, the value of the Fund’s portfolio. In addition, although the ADRs and global shares in which the Fund invests may be listed on major U.S. exchanges, there can be no assurance that a market for these securities will be made or maintained or that any such market will be or remain liquid. There is also no guarantee that a financial institution will continue to sponsor an ADR. As a result, the Fund may have difficulty selling securities, or selling them quickly and efficiently at the prices at which they have been valued.

Foreign Market Risk

The RevenueShares ADR Fund is subject to foreign market risk. Because global shares and the underlying securities of ADRs in the Fund’s portfolio trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the global shares or ADRs representing those underlying securities may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for Shares.

Energy Industry Risk

The RevenueShares ADR Fund is subject to energy industry risk. Stock prices for energy companies are affected by supply and demand both for their specific product or service and for energy products in general. The price of oil and gas, exploration and production spending, government regulation, world events and economic conditions will likewise affect the performance of these companies. Energy companies may incur large cleanup and litigation costs relating to environmental damage such as oil spills.

Utilities Industry Risk

The RevenueShares Ultra Dividend Fund is subject to utilities industry risk. The utilities industry is subject to significant government regulation and oversight. Companies in the utilities industry may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with regulations, among other factors.

6.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.

7.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 Rules 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 control 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.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are 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 (Signature and Title)*	/s/ Vincent T. Lowry
	Vincent T. Lowry
	Principal Executive Officer

Date November 24, 2014

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 (Signature and Title)*	/s/ Vincent T. Lowry
	Vincent T. Lowry
	Principal Executive Officer

Date November 24, 2014

By (Signature and Title)*	/s/ Michael Gompers
	Michael Gompers
	Chief Financial Officer

Date November 24, 2014

^* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

Exhibit 99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Vincent T. Lowry, certify that:

1. I have reviewed this report on Form N-Q of RevenueShares ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:   November 24, 2014	/s/ Vincent T. Lowry
	Vincent T. Lowry
	Principal Executive Officer

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Michael Gompers, certify that:

1. I have reviewed this report on Form N-Q of RevenueShares ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:   November 24, 2014	/s/  Michael Gompers
	Michael Gompers
	Chief Financial Officer