FBM Foundation Building Materials Inc

Semiannual Report
April 30, 2012

Table of Contents

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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

Not FDIC Insured  •  No Bank Guarantee  •  May Lose Value

The views in this report were those of the Fund’s manager as of the publication of the report and may not necessarily reflect his views on the date of publication or anytime thereafter. These views are intended to assist shareholders in understanding the Funds’ present investment methodology and do not constitute investment advice.

Foreside Funds Services, LLC, distributor

An investment in the Funds is subject to investment risk, including the possible loss of principal amount invested. The risks associated with the Funds are detailed in the prospectus which include: market risk, index risk, index tracking risk, concentration risk, and non-diversification risk. Sector funds tend to be riskier and more volatile than the broad market because they are less diversified. Investing in mid and small capitalization companies may be more volatile than those of larger companies. Concentrated fund investments will subject the fund to a greater risk of loss as a result of adverse economic, business and other developments than if its investments were diversified across different industry sectors. See prospectus for specified risks factors regarding each sector.

FocusShares Trust

Allocation of Portfolio Holdings & Industries
April 30, 2012 (Unaudited)

Focus Morningstar US Market Index ETF (Ticker: FMU)

The Focus Morningstar US Market Index Fund ETF seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar US Market Index (the “Underlying Index”). The Underlying Index measures the performance of United States (“US”), publicly traded companies as determined by Morningstar Inc.’s (“Morningstar”) proprietary index methodology. The Underlying Index measures the performance of 1,568 stocks issued by large-, mid-, and small-capitalization companies that are domiciled or principally traded in the US. The Morningstar index methodology defines the “US Market” as those stocks that form the top 97% of the market capitalization of the stocks eligible to be included in the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index and may, from time to time, engage in a representative sampling strategy. Due to the use of representative sampling, the fund may or may not hold all of the securities in the index.

Industry Holdings

		% of Total Investments
Information Technology			19.5	%
Financials			15.4	%
Consumer Discretionary			12.0	%
Health Care			11.4	%
Industrials			11.2	%
Energy			10.6	%
Consumer Staples			9.7	%
Materials			3.9	%
Utilities			3.8	%
Telecommunication Services			2.6	%

Focus Morningstar Large Cap Index ETF (Ticker: FLG)

The Focus Morningstar Large Cap Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Large Cap Index (the “Underlying Index”). The Underlying Index measures the performance of stocks issued by large-capitalization companies as determined by Morningstar Inc.’s (“Morningstar”) proprietary index methodology. The Underlying Index measures the performance of stocks issued by large-capitalization companies that are domiciled or principally traded in the United States, as determined by Morningstar’s proprietary index methodology that meet specific criteria developed by Morningstar, and is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index. The Morningstar index methodology defines “large-capitalization” stocks as those stocks that form the top 70% of the market capitalization of the stocks eligible to be included in the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded US stocks).

I

FocusShares Trust

Allocation of Portfolio Holdings & Industries
April 30, 2012 (Unaudited)

Focus Morningstar Mid Cap Index ETF (Ticker: FMM)

The Focus Morningstar Mid Cap Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Mid Cap Index (the “Underlying Index”). The Underlying Index measures the performance of stocks issued by middle-capitalization companies as determined by Morningstar Inc.’s (“Morningstar”) proprietary index methodology. The Underlying Index measures the performance of stocks issued by middle-capitalization companies that are domiciled or principally traded in the United States, as determined by Morningstar’s proprietary index methodology that meet specific criteria developed by Morningstar, and is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index. The Morningstar index methodology defines “middle-capitalization” stocks as those stocks between the bottom 70 ^th and 90 ^th percentile of the market capitalization of the stocks eligible to be included in the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded US stocks).

Industry Holdings

		% of Total Investments
Financials			17.6	%
Consumer Discretionary			17.2	%
Information Technology			14.7	%
Industrials			13.8	%
Health Care			9.7	%
Energy			7.5	%
Consumer Staples			6.5	%
Materials			6.2	%
Utilities			5.6	%
Telecommunication Services			1.2	%

Focus Morningstar Small Cap Index ETF (Ticker: FOS)

The Focus Morningstar Small Cap Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Small Cap Index (the “Underlying Index”). The Underlying Index measures the performance of stocks issued by small-capitalization companies as determined by Morningstar Inc.’s (“Morningstar”) proprietary index methodology. The Underlying Index measures the performance of stocks issued by small-capitalization companies that are domiciled or principally traded in the United States, as determined by Morningstar’s proprietary index methodology that meet specific criteria developed by Morningstar, and is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index. The Underlying Index methodology defines “small-capitalization” stocks as those stocks between the bottom 90 ^th and 97 ^th percentile of the market capitalization of the stocks eligible to be included in the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded US stocks).

II

FocusShares Trust

Allocation of Portfolio Holdings & Industries
April 30, 2012 (Unaudited)

Focus Morningstar Basic Materials Index ETF (Ticker: FBM)

The Focus Morningstar Basic Materials Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Basic Materials Index (the “Underlying Index”). The Underlying Index is a subset of the Morningstar US Market Index and consists of companies that manufacture chemicals, building materials and paper products. This sector also includes companies engaged in commodities exploration and processing. The Morningstar Basic Materials Index is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index and is a subset of the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded companies that are domiciled or principally traded in the United States). The Underlying Index consists of companies that manufacture chemicals, building materials and paper products. This sector also includes companies engaged in commodities exploration and processing that meet specific criteria developed by Morningstar Inc.

Largest Sub-Industry Holdings

		% of Total Investments
Diversified Chemicals			25.1	%
Specialty Chemicals			17.1	%
Fertilizers & Agricultural Chemicals			14.2	%
Diversified Metals & Mining			9.1	%
Steel			6.8	%
Gold			5.7	%
Coal & Consumable Fuels			4.4	%
Paper Products			4.0	%
Industrial Gases			3.3	%
Building Products			2.5	%

Focus Morningstar Communication Services Index ETF (Ticker: FCQ)

The Focus Morningstar Communication Services Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Communication Services Index (the “Underlying Index”). The Underlying Index is a subset of the Morningstar US Market Index and consists of companies that provide communication services using fixed-line networks or those that provide wireless access and services. This sector also includes companies that provide Internet services such as access, navigation and internet related software and services. The Morningstar Communication Services Index is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index and is a subset of the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded companies that are domiciled or principally traded in the United States). The Underlying Index consists of companies that provide Internet services such as access, navigation and internet related software and services that meet specific criteria developed by Morningstar Inc. (“Morningstar”) based on the standard industrial classification (“SIC”) codes attributable to the industries covered by the Underlying Index.

III

FocusShares Trust

Allocation of Portfolio Holdings & Industries
April 30, 2012 (Unaudited)

Focus Morningstar Consumer Cyclical Index ETF (Ticker: FCL)

The Focus Morningstar Consumer Cyclical Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Consumer Cyclical Index (the “Underlying Index”). The Underlying Index is a subset of the Morningstar US Market Index and includes retail stores, auto and auto parts manufacturers, companies engaged in residential construction, lodging facilities, restaurants and entertainment companies. The Morningstar Consumer Cyclical Index is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index and is a subset of the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded companies that are domiciled or principally traded in the United States). The Underlying Index consists of retail stores, auto and auto parts manufacturers, companies engaged in residential construction, lodging facilities, restaurants and entertainment companies that meet specific criteria developed by Morningstar Inc. (“Morningstar”) based on the standard industrial classification (“SIC”) codes attributable to the industries covered by the Underlying Index.

Largest Sub-Industry Holdings

		% of Total Investments
Restaurants			13.8	%
Movies & Entertainment			11.6	%
Internet Retail			8.1	%
Home Improvement Retail			7.5	%
Apparel Retail			6.7	%
Apparel, Accessories & Luxury Goods			4.6	%
Automobile Manufacturers			3.7	%
Hotels, Resorts & Cruise Lines			3.4	%
Specialty Stores			3.2	%
Footwear			3.2	%

Focus Morningstar Consumer Defensive Index ETF (Ticker: FCD)

The Focus Morningstar Consumer Defensive Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Consumer Defensive Index (the “Underlying Index”). The Underlying Index is a subset of the Morningstar US Market Index and consists of companies engaged in the manufacturing of food, beverages, household and personal products, packaging, or tobacco. This sector also includes companies that provide such services as education and training. The Morningstar Consumer Defensive Index is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index and a subset of the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded companies that are domiciled or principally traded in the United States). The Underlying Index consists of companies engaged in the manufacturing of food, beverages, household and personal products, packaging, or tobacco. This sector also includes companies that provide such services as education and training that meet specific criteria developed by Morningstar Inc. (“Morningstar”) based on the standard industrial classification (“SIC”) codes attributable to the industries covered by the Underlying Index.

IV

FocusShares Trust

Allocation of Portfolio Holdings & Industries
April 30, 2012 (Unaudited)

Focus Morningstar Energy Index ETF (Ticker: FEG)

The Focus Morningstar Energy Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Energy Index (the “Underlying Index”). The Underlying Index is a subset of the Morningstar US Market Index and consists of companies that produce or refine oil and gas, oil field services and equipment companies, and pipeline operators. This sector also includes companies engaged in the mining of coal. The Morningstar Energy Index is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index and a subset of the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded companies that are domiciled or principally traded in the United States). The Underlying Index consists of companies that produce or refine oil and gas, oil field services and equipment companies, and pipeline operators. This sector also includes companies engaged in the mining of coal that meet specific criteria developed by Morningstar Inc. (“Morningstar”) based on the standard industrial classification (“SIC”) codes attributable to the industries covered by the Underlying Index.

Largest Equity Holdings

Company		% of Net Assets
Exxon Mobil Corp.			21.6	%
Chevron Corp.			11.6	%
Schlumberger Ltd.			6.0	%
ConocoPhillips			5.4	%
Occidental Petroleum Corp.			4.7	%
Apache Corp.			2.8	%
Anadarko Petroleum Corp.			2.8	%
National Oilwell Varco, Inc.			2.5	%
Halliburton Co.			2.4	%
EOG Resources, Inc.			2.3	%

Sub-Industry Holdings

		% of Total Investments
Integrated Oil & Gas			39.9	%
Oil & Gas Exploration & Production			30.1	%
Oil & Gas Equipment & Services			17.0	%
Oil & Gas Storage & Transportation			5.5	%
Oil & Gas Drilling			4.0	%
Oil & Gas Refining & Marketing			3.9	%
Gas Utilities			0.9	%

Focus Morningstar Financial Services Index ETF (Ticker: FFL)

The Focus Morningstar Financial Services Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Financial Services Index (the “Underlying Index”). The Underlying Index is a subset of the Morningstar US Market Index and consists of companies that provide financial services, which includes banks, savings and loans, asset management companies, credit services, investment brokerage firms, and insurance companies. The Morningstar Financial Services Index is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index and a subset of the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded companies that are domiciled or principally traded in the United States). The Underlying Index consists of companies that provide financial services, which includes banks, savings and loans, asset management companies, credit services, investment brokerage firms, and insurance companies that meet specific criteria developed by Morningstar Inc. (“Morningstar”) based on the standard industrial classification (“SIC”) codes attributable to the industries covered by the Underlying Index.

V

FocusShares Trust

Allocation of Portfolio Holdings & Industries
April 30, 2012 (Unaudited)

Focus Morningstar Health Care Index ETF (Ticker: FHC)

The Focus Morningstar Health Care Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Health Care Index (the “Underlying Index”). The Underlying Index is a subset of the Morningstar US Market Index and consists of companies involved in biotechnology, pharmaceuticals, research services, home health care, hospitals, long-term care facilities, and medical equipment and supplies. The Morningstar Health Care Index is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index and a subset of the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded companies that are domiciled or principally traded in the United States). The Underlying Index consists of companies involved in biotechnology, pharmaceuticals, research services, home health care, hospitals, long-term care facilities, and medical equipment and supplies that meet specific criteria developed by Morningstar Inc. (“Morningstar”) based on the standard industrial classification (“SIC”) codes attributable to the industries covered by the Underlying Index.

Largest Sub-Industry Holdings

		% of Total Investments
Pharmaceuticals			46.3	%
Health Care Equipment			15.5	%
Biotechnology			14.8	%
Managed Health Care			8.7	%
Health Care Services			5.1	%
Health Care Distributors			3.7	%
Life Sciences Tools & Services			3.3	%
Health Care Facilities			1.4	%
Health Care Supplies			1.1	%
Office Services & Supplies			0.1	%

Focus Morningstar Industrials Index ETF (Ticker: FIL)

The Focus Morningstar Industrials Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Industrials Index (the “Underlying Index”). The Underlying Index is a subset of the Morningstar US Market Index and consists of companies that manufacture machinery, hand-held tools and industrial products. This sector also includes aerospace and defense firms, as well as companies engaged in transportations and logistic services. The Morningstar Industrials Index is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index and a subset of the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded companies that are domiciled or principally traded in the United States). The Underlying Index consists of companies that manufacture machinery, hand-held tools and industrial products. This sector also includes aerospace and defense firms, as well as companies engaged in transportations and logistic services that meet specific criteria developed by Morningstar Inc. (“Morningstar”) based on the standard industrial classification (“SIC”) codes attributable to the industries covered by the Underlying Index.

VI

FocusShares Trust

Allocation of Portfolio Holdings & Industries
April 30, 2012 (Unaudited)

Focus Morningstar Real Estate Index ETF (Ticker: FRL)

The Focus Morningstar Real Estate Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Real Estate Index (the “Underlying index”). The Underlying Index is a subset of the Morningstar US Market Index and consists of mortgage companies, property management companies and REITs. The Morningstar Real Estate Index is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index and a subset of the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded companies that are domiciled or principally traded in the United States). The Underlying Index consists of mortgage companies, property management companies and REITs that meet specific criteria developed by Morningstar Inc. (“Morningstar”) based on the standard industrial classification (“SIC”) codes attributable to the industries covered by the Underlying Index.

Largest Sub-Industry Holdings

		% of Total Investments
Specialized REITs			27.4	%
Retail REITs			23.0	%
Residential REITs			15.5	%
Office REITs			13.2	%
Mortgage REITs			7.7	%
Diversified REITs			5.9	%
Industrial REITs			4.3	%
Real Estate Services			1.9	%
Real Estate Operating Companies			0.4	%
Internet Software & Services			0.4	%

Focus Morningstar Technology Index ETF (Ticker: FTQ)

The Focus Morningstar Technology Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Technology Index (the “Underlying Index”). The Underlying Index is a subset of the Morningstar US Market Index and consists of companies engaged in the design, development, and support of computer operating systems and applications. This sector also includes companies that provide computer technology consulting services and companies engaged in the manufacturing of computer equipment, data storage products, networking products, semiconductors, and components. The Morningstar Technology Index is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index and a subset of the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded companies that are domiciled or principally traded in the United States). The Underlying Index consists of companies engaged in the design, development, and support of computer operating systems and applications. This sector also includes companies that provide computer technology consulting services and companies engaged in the manufacturing of computer equipment, data storage products, networking products, semiconductors, and components that meet specific criteria developed by Morningstar Inc. (“Morningstar”) based on the standard industrial classification (“SIC”) codes attributable to the industries covered by the Underlying Index.

VII

FocusShares Trust

Allocation of Portfolio Holdings & Industries
April 30, 2012 (Unaudited)

Focus Morningstar Utilities Index ETF (Ticker: FUI)

The Focus Morningstar Utilities Index ETF (the “Fund”) seeks to provide investment results that correspond, before fees and expenses, generally to the price and yield performance of the Morningstar Utilities Index (the “Underlying Index”). The Underlying Index is a subset of the Morningstar US Market Index and consists of electric, gas, and water utilities. The Morningstar Utilities Index is determined on the basis of capital value of component securities that are publicly held, which typifies a “float adjusted” capitalization index and a subset of the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded companies that are domiciled or principally traded in the United States). The Underlying Index consists of companies that are electric, gas, and water utilities that meet specific criteria developed by Morningstar Inc. (“Morningstar”) based on the standard industrial classification (“SIC”) codes attributable to the industries covered by the Underlying Index.

VIII

FocusShares Trust
Focus Morningstar US Market Index ETF
Summary Schedule of Portfolio Investments
April 30, 2012 (Unaudited)
 

Shares				Percentage of Net Assets		Value
			Common Stocks (continued)
10,135			Microsoft Corp. (Information Technology)				1.6	%		$	324,523
1,101			Occidental Petroleum Corp. (Energy)				0.5	%			100,433
5,252			Oracle Corp. (Information Technology)				0.8	%			154,356
2,123			PepsiCo, Inc. (Consumer Staples)				0.7	%			140,118
10,458			Pfizer, Inc. (Health Care)				1.2	%			239,802
2,370			Philip Morris International, Inc. (Consumer Staples)				1.1	%			212,139
3,715			Procter & Gamble Co./The (Consumer Staples)				1.2	%			236,423
2,268			QUALCOMM, Inc. (Information Technology)				0.7	%			144,789
1,849			Schlumberger Ltd. (Energy)				0.7	%			137,085
2,625			U.S. Bancorp (Financials)				0.4	%			84,446
674			Union Pacific Corp. (Industrials)				0.4	%			75,785
1,040			United Parcel Service, Inc., Class B (Industrials)				0.4	%			81,266
1,078			United Technologies Corp. (Industrials)				0.4	%			88,008
1,451			UnitedHealth Group, Inc. (Health Care)				0.4	%			81,474
3,811			Verizon Communications, Inc. (Telecommunication Services)				0.8	%			153,888
712			Visa, Inc., Class A (Information Technology)				0.4	%			87,562
2,416			Wal-Mart Stores, Inc. (Consumer Staples)				0.7	%			142,327
2,341			Walt Disney Co./The (Consumer Discretionary)				0.5	%			100,921
6,774			Wells Fargo & Co. (Financials)				1.1	%			226,455
326,452			Other Common Stocks				58.0	%			11,676,108
			Total Common Stocks (Cost $18,413,118)				20,139,193
			Total Investment Securities (Cost $18,413,118) – 100.1%				20,139,193
			Liabilities in excess of other assets – (0.1%)								(29,346	)
			Net Assets – 100.0%							$	20,109,847

As of April 30, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation		$	1,953,383
Aggregate gross unrealized depreciation			(280,565)
Net unrealized appreciation		$	1,672,818
Federal income tax cost of investments		$	18,466,375

See accompanying notes to the financial statements.

1

FocusShares Trust
Focus Morningstar US Market Index ETF
Summary Schedule of Portfolio Investments (continued)
April 30, 2012 (Unaudited)
 

Focus Morningstar US Market Index ETF invested, as a percentage of net assets, in the following industries, as of April 30, 2012:

Consumer Discretionary			12.0	%
Consumer Staples			9.7	%
Energy			10.6	%
Financials			15.4	%
Health Care			11.4	%
Industrials			11.2	%
Information Technology			19.5	%
Materials			3.9	%
Telecommunication Services			2.6	%
Utilities			3.8	%
Other 1			(0.1	%)
			100.0	%

See accompanying notes to the financial statements.

2

FocusShares Trust
Focus Morningstar Large Cap Index ETF
Summary Schedule of Portfolio Investments
April 30, 2012 (Unaudited)
 

Shares				Percentage of Net Assets		Value
			Common Stocks (continued)
5,578			Microsoft Corp. (Information Technology)				2.2	%		$	178,608
604			Occidental Petroleum Corp. (Energy)				0.7	%			55,097
2,902			Oracle Corp. (Information Technology)				1.1	%			85,290
1,167			PepsiCo, Inc. (Consumer Staples)				1.0	%			77,022
5,736			Pfizer, Inc. (Health Care)				1.6	%			131,526
1,285			Philip Morris International, Inc. (Consumer Staples)				1.4	%			115,020
2,050			Procter & Gamble Co./The (Consumer Staples)				1.6	%			130,462
1,253			QUALCOMM, Inc. (Information Technology)				1.0	%			79,992
996			Schlumberger Ltd. (Energy)				0.9	%			73,843
1,427			U.S. Bancorp (Financials)				0.6	%			45,907
360			Union Pacific Corp. (Industrials)				0.5	%			40,478
539			United Parcel Service, Inc., Class B (Industrials)				0.5	%			42,117
590			United Technologies Corp. (Industrials)				0.6	%			48,168
803			UnitedHealth Group, Inc. (Health Care)				0.6	%			45,088
2,109			Verizon Communications, Inc. (Telecommunication Services)				1.1	%			85,161
390			Visa, Inc., Class A (Information Technology)				0.6	%			47,962
1,303			Wal-Mart Stores, Inc. (Consumer Staples)				0.9	%			76,760
1,242			Walt Disney Co./The (Consumer Discretionary)				0.7	%			53,543
3,719			Wells Fargo & Co. (Financials)				1.5	%			124,326
77,655			Other Common Stocks				43.0	%			3,474,846
			Total Common Stocks (Cost $7,612,058)								8,105,910
			Total Investment Securities (Cost $7,612,058) – 100.2%								8,105,910
			Liabilities in excess of other assets – (0.2%)								(15,832	)
			Net Assets – 100.0%							$	8,090,078

As of April 30, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation		$	730,973
Aggregate gross unrealized depreciation			(244,039)
Net unrealized appreciation		$	486,934
Federal income tax cost of investments		$	7,618,976

See accompanying notes to the financial statements.

3

FocusShares Trust
Focus Morningstar Large Cap Index ETF
Summary Schedule of Portfolio Investments  (continued)
April 30, 2012 (Unaudited)
 

Focus Morningstar Large Cap Index ETF invested, as a percentage of net assets, in the following industries, as of April 30, 2012:

Consumer Discretionary			10.6	%
Consumer Staples			11.3	%
Energy			12.1	%
Financials			13.9	%
Health Care			12.0	%
Industrials			9.6	%
Information Technology			21.4	%
Materials			3.1	%
Telecommunication Services			3.2	%
Utilities			3.0	%
Other 1			(0.2	%)
			100.0	%

See accompanying notes to the financial statements.

4

FocusShares Trust
Focus Morningstar Mid Cap Index ETF
Summary Schedule of Portfolio Investments
April 30, 2012 (Unaudited)
 

See accompanying notes to the financial statements.

5

FocusShares Trust
Focus Morningstar Mid Cap Index ETF
Summary Schedule of Portfolio Investments  (continued)
April 30, 2012 (Unaudited)
 

As of April 30, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation		$	573,294
Aggregate gross unrealized depreciation			(395,067)
Net unrealized appreciation		$	178,227
Federal income tax cost of investments		$	4,992,444

Focus Morningstar Mid Cap Index ETF invested, as a percentage of net assets, in the following industries, as of April 30, 2012:

Consumer Discretionary			17.2	%
Consumer Staples			6.5	%
Energy			7.5	%
Financials			17.6	%
Health Care			9.7	%
Industrials			13.8	%
Information Technology			14.7	%
Materials			6.2	%
Telecommunication Services			1.2	%
Utilities			5.6	%
Other 1			0.0	%†
			100.0	%

See accompanying notes to the financial statements.

6

FocusShares Trust
Focus Morningstar Small Cap Index ETF
Summary Schedule of Portfolio Investments
April 30, 2012 (Unaudited)
 

See accompanying notes to the financial statements.

7

FocusShares Trust
Focus Morningstar Small Cap Index ETF
Summary Schedule of Portfolio Investments  (continued)
April 30, 2012 (Unaudited)
 

Shares				Value
			Money Market Fund – 0.0%†
84			JPMorgan U.S. Government Money Market Premier, 0.00% (Cost $84)			$	84
			Total Investment Securities (Cost $4,896,260) – 100.0%				5,034,190
			Liabilities in excess of other assets – (0.0%)†				(30	)
			Net Assets – 100.0%			$	5,034,160

REIT  Real Estate Investment Trust

As of April 30, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation		$	553,922
Aggregate gross unrealized depreciation			(429,315)
Net unrealized appreciation		$	124,607
Federal income tax cost of investments		$	4,909,583

Focus Morningstar Small Cap Index ETF invested, as a percentage of net assets, in the following industries, as of April 30, 2012:

Consumer Discretionary			13.4	%
Consumer Staples			3.3	%
Energy			5.4	%
Financials			22.9	%
Health Care			12.2	%
Industrials			16.5	%
Information Technology			17.2	%
Materials			4.8	%
Telecommunication Services			0.5	%
Utilities			3.8	%
Other 1			0.0	%†
			100.0	%

See accompanying notes to the financial statements.

8

FocusShares Trust
Focus Morningstar Basic Materials Index ETF
Schedule of Portfolio Investments
April 30, 2012 (Unaudited)