gug58383etf1-nq.htm

Cost of Investments for Tax Purposes

Gross Tax Unrealized Appreciation

Gross Tax Unrealized Depreciation

Net Tax Unrealized Appreciation on Investments

$ 1,248,277,483

$ 110,344,762

$ (50,736,274)

$ 59,608,488

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number	811-21906
Claymore Exchange-Traded Fund Trust
(Exact name of registrant as specified in charter)

2455 Corporate West Drive, Lisle, IL 60532

(Address of principal executive offices) (Zip code)

Amy J. Lee

2455 Corporate West Drive, Lisle, IL 60532

(Name and address of agent for service)

Registrant’s telephone number, including area code: (630) 505-3700

Date of fiscal year end: August 31

Date of reporting period: September 1, 2013 to November 30, 2013

Item 1. Schedule of Investments.

Attached hereto.

EEB Guggenheim BRIC ETF
Portfolio of Investments
November 30, 2013 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 99.9%
		Common Stocks - 82.3%
		Basic Materials - 7.0%
	1,064,000	Aluminum Corp. of China Ltd. (China)(a) (b)	$396,633
	204,776	Cia Siderurgica Nacional SA, ADR (Brazil)(a)	1,068,931
	59,847	Fibria Celulose SA, ADR (Brazil)(a) (b)	722,353
	39,423	Mechel, ADR (Russia)(a)	82,788
	153,775	MMC Norilsk Nickel OJSC, ADR (Russia)	2,318,927
	22,650	Novolipetsk Steel OJSC, GDR (Russia)(a)	369,422
	22,023	Phosagro OAO, GDR (Russia)	216,376
	84,079	Sesa Sterlite Ltd., ADR (India)	971,108
	47,486	Severstal OAO, GDR (Russia)(a)	434,497
	946,000	Sinopec Shanghai Petrochemical Co. Ltd. (China)	279,432
	82,751	Ultrapar Participacoes SA, ADR (Brazil)	2,048,915
	91,776	Uralkali OJSC, GDR (Russia)	2,309,084
	350,981	Vale SA, ADR (Brazil)	5,377,029
			16,595,495

		Communications - 20.0%
	12,782	21Vianet Group, Inc., ADR (China)(b)	228,159
	72,868	Baidu, Inc., ADR (China)(b)	12,137,623
	4,782	Bitauto Holdings Ltd., ADR (China)(a) (b)	150,633
	1,407,500	China Mobile Ltd. (China)	15,159,494
	3,750,000	China Telecom Corp. Ltd. (China)	2,026,726
	121,051	China Unicom Hong Kong Ltd., ADR (China)(a)	1,913,816
	34,958	Ctrip.com International Ltd., ADR (China)(b)	1,670,293
	15,098	E-Commerce China Dangdang, Inc., ADR (China)(a) (b)	140,562
	29,079	Giant Interactive Group, Inc., ADR (China)	326,557
	6,282	KongZhong Corp., ADR (China)(b)	49,188
	25,400	Mail.ru Group Ltd., GDR (Russia)	1,050,290
	25,103	MegaFon OAO, GDR (Russia)	809,823
	136,995	Mobile Telesystems OJSC, ADR (Russia)	2,887,855
	19,455	NetEase, Inc., ADR (China)	1,397,064
	8,949	Perfect World Co. Ltd., ADR (China)	169,762
	8,895	Phoenix New Media Ltd., ADR (China)(b)	87,705
	20,678	Qihoo 360 Technology Co. Ltd., ADR (China)(b)	1,685,671
	5,891	QIWI PLC, ADR (Cyprus)	275,581
	32,907	Renren, Inc., ADR (China)(a) (b)	98,063
	27,440	Rostelecom OJSC, ADR (Russia)	529,043
	46,887	Sistema JSFC, GDR (Russia)	1,286,110
	4,389	SouFun Holdings Ltd., ADR (China)	285,066
	43,098	Tim Participacoes SA, ADR (Brazil)(a)	1,067,968
	52,289	VimpelCom Ltd., ADR (Russia)	642,109
	4,619	Vipshop Holdings Ltd., ADR (China)(a) (b)	383,885
	34,636	Youku Tudou, Inc., ADR (China)(a) (b)	976,042
	2,423	YY, Inc., ADR (China)(b)	122,071
			47,557,159

		Consumer, Cyclical - 1.3%
	510,000	China Eastern Airlines Corp. Ltd. (China)(b)	203,930
	5,188	China Lodging Group Ltd., ADR (China)(b)	136,392
	470,000	China Southern Airlines Co. Ltd. (China)	206,729
	5,820	Home Inns & Hotels Management, Inc., ADR (China)(a) (b)	233,557
	41,351	Mahindra & Mahindra Ltd., GDR (India)	634,738
	50,782	Tata Motors Ltd., ADR (India)	1,648,892
			3,064,238

		Consumer, Non-cyclical - 9.2%
	2,597	51job, Inc., ADR (China)(b)	191,347
	1,018,077	AMBEV SA, ADR (Brazil)	7,696,662
	173,951	BRF SA, ADR (Brazil)(a)	3,861,712
	22,337	Dr Reddy's Laboratories Ltd., ADR (India)(a)	910,233
	16,071	Global Ports Investments PLC, GDR (Cyprus)	223,387
	77,852	Magnit OJSC, GDR (Russia)	5,130,447
	23,719	Mindray Medical International Ltd., ADR (China)(a)	944,253
	35,508	New Oriental Education & Technology Group, Inc., ADR (China)	1,054,233
	10,168	O'Key Group SA, GDR (Luxembourg)	127,914
	11,016	Pharmstandard OJSC, GDR (Russia)(b)	136,268
	9,226	TAL Education Group, ADR (China)	181,752
	13,665	WNS Holdings Ltd., ADR (India)(b)	273,573
	19,195	WuXi PharmaTech Cayman, Inc., ADR (China)(b)	635,930
	26,392	X5 Retail Group NV, GDR (Russia)(b)	448,664
			21,816,375

		Energy - 26.7%
	6,874,000	China Petroleum & Chemical Corp. (China)	5,905,186
	4,330,000	CNOOC Ltd. (China)	8,869,277
	12,687	Eurasia Drilling Co. Ltd., GDR (Cyprus)	553,153
	10,239	Gazprom Neft OAO, ADR (Russia)	231,094
	1,597,548	Gazprom OAO, ADR (Russia)	13,786,839
	8,247	JA Solar Holdings Co. Ltd., ADR (China)(a) (b)	77,934
	140,052	Lukoil OAO, ADR (Russia)	8,683,224
	21,310	NOVATEK OAO, GDR (Russia)	2,802,265
	5,686,000	PetroChina Co. Ltd. (China)	6,725,522
	401,043	Petroleo Brasileiro SA, ADR (Brazil)	6,392,626
	67,542	Reliance Industries Ltd., GDR (India) (c)	1,846,598
	19,974	ReneSola Ltd., ADR (China)(a) (b)	90,283
	286,076	Rosneft OAO, GDR (Russia)	2,054,026
	260,375	Surgutneftegas OAO, ADR (Russia)	2,145,490
	65,672	Tatneft OAO, ADR (Russia)	2,442,998
	20,047	Trina Solar Ltd., ADR (China)(a) (b)	280,658
	52,896	Yanzhou Coal Mining Co. Ltd., ADR (China)(a)	579,740
			63,466,913

		Financial - 11.3%
	22,037	Axis Bank Ltd., GDR (India)(a)	418,262
	141,802	Banco Santander Brasil SA, ADR (Brazil)(a)	916,041
	2,005,000	China Life Insurance Co. Ltd. (China)	6,465,531
	17,798	E-House China Holdings Ltd., ADR (China)	190,083
	31,848	Etalon Group Ltd., GDR (Guernsey)(b)	167,202
	58,509	Gafisa SA, ADR (Brazil)(a) (b)	174,357
	105,221	HDFC Bank Ltd., ADR (India)	3,491,233
	75,993	ICICI Bank Ltd., ADR (India)	2,725,109
	45,888	LSR Group, GDR (Russia)	173,273
	4,743	Noah Holdings Ltd., ADR (China)(a)	95,287
	728,370	Sberbank of Russia, ADR (Russia)	9,075,490
	18,431	State Bank of India, GDR (India)(a)	1,068,998
	682,195	VTB Bank OJSC, GDR (Russia)	1,908,782
	13,340	Xinyuan Real Estate Co. Ltd., ADR (China)	73,770
			26,943,418

		Industrial - 1.3%
	44,002	Embraer SA, ADR (Brazil)	1,364,502
	26,055	Globaltrans Investment PLC, GDR (Cyprus)	394,733
	388,000	Guangshen Railway Co. Ltd. (China)	191,181
	52,309	Larsen & Toubro Ltd., GDR (India)(a)	862,052
	13,286	TMK OAO, GDR (Russia)	151,461
	28,456	Yingli Green Energy Holding Co. Ltd., ADR (China)(a) (b)	149,394
			3,113,323

		Technology - 4.3%
	7,095	AutoNavi Holdings Ltd., ADR (China)(b)	107,702
	2,936	Changyou.com Ltd., ADR (China)(b)	82,678
	129,869	Infosys Ltd., ADR (India)	7,015,523
	8,201	NQ Mobile, Inc., ADR (China)(a) (b)	107,105
	19,878	Pactera Technology International Ltd., ADR (China)(b)	139,941
	6,774	RDA Microelectronics, Inc., ADR (China)	119,358
	6,066,000	Semiconductor Manufacturing International Corp. (China)(b)	500,763
	17,808	Shanda Games Ltd., ADR (China)(b)	72,301
	11,061	Spreadtrum Communications, Inc., ADR (China)	338,577
	159,845	Wipro Ltd., ADR (India)(a)	1,865,391
			10,349,339

		Utilities - 1.2%
	73,404	Centrais Eletricas Brasileiras SA, ADR (Brazil)(a)	187,914
	92,307	Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil)(a)	983,070
	29,891	CPFL Energia SA, ADR (Brazil)	495,294
	856,000	Huaneng Power International, Inc. (China)	818,167
	282,940	RusHydro JSC, ADR (Russia)	474,773
			2,959,218

		Total Common Stocks - 82.3%
		(Cost $212,856,231)	195,865,478

		Preferred Stocks - 17.5%
		Basic Materials - 4.3%
	19,504	Braskem SA, ADR (Brazil)(b)	347,952
	241,445	Gerdau SA, ADR (Brazil)	1,868,784
	568,109	Vale SA, ADR (Brazil)	7,970,569
			10,187,305

		Communications - 0.8%
	223,288	Oi SA, ADR (Brazil)(a)	352,795
	78,375	Telefonica Brasil SA, ADR (Brazil)	1,525,178
			1,877,973

		Consumer, Cyclical - 0.0%*
	18,960	GOL Linhas Aereas Inteligentes SA, ADR (Brazil)(a) (b)	82,855

		Consumer, Non-cyclical - 0.7%
	35,388	Cia Brasileira de Distribuicao Grupo Pao de Acucar, ADR (Brazil)(a)	1,666,067

		Energy - 3.8%
	550,913	Petroleo Brasileiro SA, ADR (Brazil)	9,112,101

		Financial - 7.2%
	566,779	Banco Bradesco SA, ADR (Brazil)	7,521,157
	676,215	Itau Unibanco Holding SA, ADR (Brazil)	9,514,345
			17,035,502

		Utilities - 0.7%
	146,370	Cia Energetica de Minas Gerais, ADR (Brazil)(a)	1,222,190
	27,444	Cia Paranaense de Energia, ADR (Brazil)(a)	370,494
			1,592,684

		Total Preferred Stocks - 17.5%
		(Cost $71,317,471)	41,554,487

		Exchange Traded Fund - 0.1%
	7,500	Vanguard FTSE Emerging Markets ETF (United States)	311,100
		(Cost $303,010)

		Total Long-Term Investments - 99.9%
		(Cost $284,476,712)	237,731,065

	Number
	of Shares	Description	Value
		Investments of Collateral for Securities Loaned - 7.2%
	17,026,692	BNY Mellon Securities Lending Overnight Fund, 0.1079%(d) (e)	17,026,692
		(Cost $17,026,692)

		Total Investments - 107.1%
		(Cost $301,503,404)	254,757,757
		Liabilities in excess of Other Assets - (7.1%)	(16,884,864)
		Net Assets - 100.0%	$ 237,872,893

ADR - American Depositary Receipt
GDR - Global Depositary Receipt
JSC - Joint Stock Company
NV - Publicly Traded Company
OJSC - Open Joint Stock Company
PLC - Public Limited Company
SA - Corporation

*	Less than 0.1%.
(a)	Security, or portion thereof, was on loan at November 30, 2013.
(b)	Non-income producing security.
(c)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2013 these securities amounted to $1,846,598, which represents 0.8% of net assets.
(d)	At November 30, 2013, the total market value of the Fund's securities on loan was $17,070,104 and the total market value of the collateral held by the Fund was $17,598,842, consisting of cash collateral of $17,026,692 and U.S. Government and Agency securities valued at $572,150.
(e)	Interest rate shown reflects yield as of November 30, 2013.

See previously submitted notes to financial statements for the period ended August 31, 2013.

Country Breakdown		% of Long-Term Investments
China		31.7%
Brazil		31.1%
Russia		26.3%
India		10.0%
Cyprus		0.6%
United States		0.1%
Guernsey		0.1%
Luxembourg		0.1%

Subject to change daily.

At November 30, 2013, the cost and related gross unrealized appreciation and depreciation on investments for tax purposes are as follows:

Cost of Investments for Tax Purposes		Gross Tax Unrealized Appreciation		Gross Tax Unrealized Depreciation		Net Tax Unrealized Depreciation on Investments
$ 304,975,002		$ 18,755,445		$ (68,972,690)		$ (50,217,245)

Securities listed on an exchange are valued at the last reported sale price on the principal exchange or on the principal over-the-counter market on which such securities are traded, as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Equity securities that are traded primarily on the NASDAQ Stock Market are valued at the NASDAQ Official Closing Price. Debt securities are valued at the mean of the last available bid and ask prices for such securities or, if such prices are not available, at prices for securities of comparable maturity, quality and type. If sufficient market activity is limited or does not exist, the pricing providers or broker-dealers may utilize proprietary valuation models which consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, or other unique security features in order to estimate relevant cash flows, which are then discounted to calculate a security’s fair value. Short-term securities with maturities of 60 days or less at time of purchase are valued at amortized cost, which approximates market value. Money market funds are valued at net asset value.

For those securities where quotations or prices are not available, the valuations are determined in accordance with procedures established in good faith by management and approved by the Board of Trustees of the Trust (“Board of Trustees”). A valuation committee consisting of representatives from investment management, fund administration, legal and compliance is responsible for the oversight of the valuation process of the Fund and convenes monthly, or more frequently as needed. The valuation committee reviews monthly Level 3 fair valued securities methodology, price overrides, broker quoted securities, price source changes, illiquid securities, unchanged priced securities, halted securities, price challenges, fair valued securities sold and back testing trade prices in relation to prior day closing prices. On a quarterly basis, the valuations and methodologies of all Level 3 fair valued securities are presented to the Board of Trustees.

Valuations in accordance with these procedures are intended to reflect each security’s (or asset’s) “fair value.” Fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security).

There are three different categories for valuations. Level 1 valuations are those based upon quoted prices in active markets. Level 2 valuations are those based upon quoted prices in inactive markets or based upon significant observable inputs (e.g. yield curves; benchmark interest rates; indices). Level 3 valuations are those based upon unobservable inputs (e.g. discounted cash flow analysis; non-market based methods used to determine fair valuation).

The Fund values Level 1 securities using readily available market quotations in active markets. The Fund values Level 2 fixed income securities using independent pricing providers who employ matrix pricing models utilizing market prices, broker quotes and prices of securities with comparable maturities and qualities. The Fund values Level 2 equity securities using various observable market inputs as described above. The fair value estimates for the Level 3 securities are determined in accordance with the Trust’s valuation procedures. The Fund did not have any Level 3 securities at November 30, 2013.

Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

The following table represents the Fund's investments carried by caption and by level within the fair value hierarchy as of November 30, 2013.

Description	Level 1		Level 2		Level 3		Total
(value in $000s)
Assets:
Common Stocks	$	195,866	$	-	$	-	$	195,866
Preferred Stocks		41,554		-		-		41,554
Exchange Traded Fund		311		-		-		311
Investments of Collateral for Securities Loaned		17,027		-		-		17,027
Total	$	254,758	$	-	$	-	$	254,758

During the three months ended November 30, 2013, there were no transfers between levels.

DEF Guggenheim Defensive Equity ETF
Portfolio of Investments
November 30, 2013 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 99.8%
		Common Stocks - 82.6%
		Basic Materials - 3.0%
	17,837	LyondellBasell Industries NV (Netherlands)	$ 1,376,660
	26,923	Sasol Ltd., ADR (South Africa)	1,333,765
	48,826	Ternium SA, ADR (Luxembourg)	1,304,143
			4,014,568

		Communications - 16.9%
	37,431	AT&T, Inc.	1,317,946
	39,563	CenturyLink, Inc.	1,214,584
	25,398	China Mobile Ltd., ADR (China)	1,377,588
	26,156	China Telecom Corp. Ltd., ADR (China)(a)	1,409,285
	42,578	Chunghwa Telecom Co. Ltd., ADR (Taiwan)(a)	1,325,027
	57,593	Cisco Systems, Inc.	1,223,851
	283,461	Frontier Communications Corp.(a)	1,326,598
	87,347	KT Corp., ADR (South Korea)(a)	1,368,728
	59,431	Mobile Telesystems OJSC, ADR (Russia)	1,252,805
	101,882	Orange SA, ADR (France)	1,322,428
	63,877	Pearson PLC, ADR (United Kingdom)(a)	1,412,320
	56,311	SK Telecom Co. Ltd., ADR (South Korea)(a)	1,344,707
	11,154	Time Warner Cable, Inc.	1,541,706
	26,492	Verizon Communications, Inc.	1,314,533
	99,316	VimpelCom Ltd., ADR (Bermuda)	1,219,600
	36,081	Vodafone Group PLC, ADR (United Kingdom)	1,338,244
	154,823	Windstream Holdings, Inc.(a)	1,249,422
			22,559,372

		Consumer, Cyclical - 5.0%
	36,916	Carnival Corp. (Panama)	1,333,037
	23,093	Kohl's Corp.	1,276,581
	18,347	PetSmart, Inc.	1,359,696
	20,407	Target Corp.	1,304,619
	17,154	Wal-Mart Stores, Inc.	1,389,646
			6,663,579

		Consumer, Non-cyclical - 14.3%
	25,264	AstraZeneca PLC, ADR (United Kingdom)	1,444,848
	20,507	Baxter International, Inc.	1,403,704
	20,485	Church & Dwight Co., Inc.	1,336,646
	28,073	Dr Pepper Snapple Group, Inc.	1,354,803
	26,213	General Mills, Inc.	1,321,922
	25,141	GlaxoSmithKline PLC, ADR (United Kingdom)	1,330,462
	13,985	Humana, Inc.	1,454,300
	11,985	JM Smucker Co.	1,249,317
	25,879	Lorillard, Inc.	1,328,369
	17,209	Novartis AG, ADR (Switzerland)	1,361,576
	15,468	PepsiCo, Inc.	1,306,427
	16,191	Procter & Gamble Co.	1,363,606
	21,245	Quest Diagnostics, Inc.	1,294,670
	36,316	Teva Pharmaceutical Industries Ltd., ADR (Israel)	1,480,240
			19,030,890

		Energy - 6.9%
	28,637	BP PLC, ADR (United Kingdom)	1,346,226
	28,865	Ecopetrol SA, ADR (Colombia)(a)	1,178,558
	71,891	EnCana Corp. (Canada)	1,379,588
	27,119	ENI SpA, ADR (Italy)	1,297,915
	19,997	Royal Dutch Shell PLC, ADR (United Kingdom)	1,333,800
	56,406	Statoil ASA, ADR (Norway)	1,271,391
	22,228	Total SA, ADR (France)	1,340,793
			9,148,271

		Financial - 7.0%
	28,316	Arthur J Gallagher & Co.	1,317,827
	14,653	Banco de Chile, ADR (Chile)(a)	1,271,587
	49,005	Fidelity National Financial, Inc., Class A	1,424,575
	29,046	Marsh & McLennan Cos., Inc.	1,378,233
	13,265	PartnerRe Ltd. (Bermuda)	1,364,969
	55,381	Senior Housing Properties Trust, REIT	1,254,380
	15,325	Travelers Cos., Inc.	1,390,590
			9,402,161

		Industrial - 5.2%
	16,391	Deere & Co.	1,380,778
	9,796	Lockheed Martin Corp.	1,387,799
	12,231	Northrop Grumman Corp.	1,378,189
	39,112	Republic Services, Inc.	1,365,400
	30,625	Waste Management, Inc.	1,398,950
			6,911,116

		Technology - 5.0%
	42,578	Canon, Inc., ADR (Japan)(a)	1,418,699
	55,312	Intel Corp.	1,318,638
	45,838	Maxim Integrated Products, Inc.	1,305,466
	27,656	Seagate Technology PLC (Ireland)	1,356,250
	73,387	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	1,301,152
			6,700,205

		Utilities - 19.3%
	27,892	AGL Resources, Inc.	1,298,094
	28,686	American Electric Power Co., Inc.	1,349,963
	53,524	CenterPoint Energy, Inc.	1,254,067
	48,649	CMS Energy Corp.	1,291,144
	19,102	DTE Energy Co.	1,274,868
	27,021	Edison International	1,248,640
	20,659	Entergy Corp.	1,278,586
	35,182	FirstEnergy Corp.	1,147,989
	21,285	National Grid PLC, ADR (United Kingdom)	1,348,618
	15,176	NextEra Energy, Inc.	1,283,738
	31,217	Northeast Utilities	1,282,394
	56,477	NV Energy, Inc.	1,335,681
	35,311	OGE Energy Corp.	1,215,405
	69,326	Pepco Holdings, Inc.	1,322,740
	31,363	PG&E Corp.	1,266,124
	23,891	Pinnacle West Capital Corp.	1,274,824
	43,702	PPL Corp.	1,342,088
	39,691	Public Service Enterprise Group, Inc.	1,297,499
	28,014	SCANA Corp.	1,321,420
	32,099	Southern Co.	1,304,182
			25,738,064

		Total Common Stocks - 82.6%
		(Cost $104,634,277)	110,168,226

		Preferred Stocks - 0.9%
		Communications - 0.9%
	65,149	Telefonica Brasil SA, ADR (Brazil)	1,267,800
		(Cost $1,557,009)

		Master Limited Partnerships - 16.2%
		Consumer, Cyclical - 1.0%
	10,901	Icahn Enterprises, LP	1,319,784

		Energy - 14.2%
	25,403	Access Midstream Partners, LP	1,426,887
	46,880	Boardwalk Pipeline Partners, LP	1,234,819
	19,319	Buckeye Partners, LP, Class B	1,315,431
	32,614	El Paso Pipeline Partners, LP	1,356,090
	44,119	Enbridge Energy Partners, LP	1,327,541
	19,474	Energy Transfer Equity, LP	1,456,071
	21,336	Enterprise Products Partners, LP	1,343,528
	16,561	Kinder Morgan Energy Partners, LP	1,357,505
	21,980	Magellan Midstream Partners, LP	1,365,837
	25,071	ONEOK Partners, LP	1,342,803
	25,602	Plains All American Pipeline, LP	1,320,295
	30,150	Spectra Energy Partners, LP(a)	1,355,544
	19,389	Sunoco Logistics Partners, LP	1,372,353
	26,864	Williams Partners, LP	1,380,541
			18,955,245

		Financial - 1.0%
	23,399	Oaktree Capital Group LLC	1,303,792

		Total Master Limited Partnerships - 16.2%
		(Cost $17,999,418)	21,578,821

		Exchange Traded Fund - 0.1%
	2,135	iShares S&P 500 Value Index Fund	179,447
		(Cost $179,799)

		Total Long-Term Investments - 99.8%
		(Cost $124,370,503)	133,194,294

		Investments of Collateral for Securities Loaned - 5.9%
	7,876,334	BNY Mellon Securities Lending Overnight Fund, 0.1079%(b) (c)	7,876,334
		(Cost $7,876,334)

		Total Investments - 105.7%
		(Cost $132,246,837)	141,070,628
		Liabilities in excess of Other Assets - (5.7%)	(7,633,739)
		Net Assets - 100.0%	$ 133,436,889

ADR - American Depositary Receipt
AG - Stock Corporation
ASA - Stock Company
LLC - Limited Liability Company
LP - Limited Partnership
NV - Publicly Traded Company
OJSC - Open Joint Stock Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SA - Corporation
S&P - Standard & Poor's
SpA - Limited Share Company

(a)	Security, or portion thereof, was on loan at November 30, 2013.

(b)	At November 30, 2013, the total market value of the Fund's securities on loan was $7,668,974 and the total market value of the collateral held by the Fund was $7,885,890, consisting of cash collateral of $7,876,334 and U.S. Government and Agency securities valued at $9,556.

(c)	Interest rate shown reflects yield as of November 30, 2013.

	Securities are classified by sectors that represent broad groupings of related industries.

	% of Long-Term
Country Breakdown	Investments
United States	67.9%
United Kingdom	7.2%
China	2.1%
South Korea	2.0%
France	2.0%
Taiwan	2.0%
Bermuda	1.9%
Israel	1.1%
Japan	1.1%
Canada	1.0%
Netherlands	1.0%
Switzerland	1.0%
Ireland	1.0%
South Africa	1.0%
Panama	1.0%
Luxembourg	1.0%
Italy	1.0%
Chile	1.0%
Norway	1.0%
Brazil	0.9%
Russia	0.9%
Colombia	0.9%

Subject to change daily.

See previously submitted notes to financial statements for the period ended August 31, 2013.

At November 30, 2013, the cost and related gross unrealized appreciation and depreciation on
investments for tax purposes are as follows:

Cost of Investments for Tax Purposes	Gross Tax Unrealized Appreciation	Gross Tax Unrealized Depreciation	Net Tax Unrealized Appreciation on Investments
$ 133,027,798	$ 11,098,289	$ (3,055,460)	$ 8,042,829

Securities listed on an exchange are valued at the last reported sale price on the principal exchange or on the principal over-the-counter market on which such securities are traded, as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Equity securities that are traded primarily on the NASDAQ Stock Market are valued at the NASDAQ Official Closing Price. Debt securities are valued at the mean of the last available bid and ask prices for such securities or, if such prices are not available, at prices for securities of comparable maturity, quality and type. If sufficient market activity is limited or does not exist, the pricing providers or broker-dealers may utilize proprietary valuation models which consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, or other unique security features in order to estimate relevant cash flows, which are then discounted to calculate a security’s fair value. Short-term securities with maturities of 60 days or less at time of purchase are valued at amortized cost, which approximates market value. Money market funds are valued at net asset value.

For those securities where quotations or prices are not available, the valuations are determined in accordance with procedures established in good faith by management and approved by the Board of Trustees of the Trust (“Board of Trustees”). A valuation committee consisting of representatives from investment management, fund administration, legal and compliance is responsible for the oversight of the valuation process of the Funds and convenes monthly, or more frequently as needed. The valuation committee reviews monthly Level 3 fair valued securities methodology, price overrides, broker quoted securities, price source changes, illiquid securities, unchanged priced securities, halted securities, price challenges, fair valued securities sold and back testing trade prices in relation to prior day closing prices. On a quarterly basis, the valuations and methodologies of all Level 3 fair valued securities are presented to the Board of Trustees.

Valuations in accordance with these procedures are intended to reflect each security’s (or asset’s) “fair value.” Fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security).

There are three different categories for valuations. Level 1 valuations are those based upon quoted prices in active markets. Level 2 valuations are those based upon quoted prices in inactive markets or based upon significant observable inputs (e.g. yield curves; benchmark interest rates; indices). Level 3 valuations are those based upon unobservable inputs (e.g. discounted cash flow analysis; non-market based methods used to determine fair valuation).

The Fund values Level 1 securities using readily available market quotations in active markets. The Fund values Level 2 fixed income securities using independent pricing providers who employ matrix pricing models utilizing market prices, broker quotes and prices of securities with comparable maturities and qualities. The Fund values Level 2 equity securities using various observable market inputs as described above. The fair value estimates for the Level 3 securities are determined in accordance with the Trust’s valuation procedures. The Fund did not have any Level 3 securities at November 30, 2013.

Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

The following table represents the Fund's investments carried by caption and by level within the fair value hierarchy as of November 30, 2013:

Description	Level 1		Level 2		Level 3		Total
(value in $000s)
Assets:
Common Stocks	$	110,168	$	-	$	-	$	110,168
Preferred Stocks		1,268		-				1,268
Master Limited Partnerships		21,579		-		-		21,579
Exchange Traded Fund		180						180
Investments of Collateral for Securities Loaned		7,876		-		-		7,876
Total	$	141,071	$	-	$	-	$	141,071

During the three months ended November 30, 2013, there were no transfers between levels.

NFO Guggenheim Insider Sentiment ETF
Portfolio of Investments
November 30, 2013 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 100.1%
		Common Stocks - 96.9%
		Basic Materials - 5.4%
	218,867	Alcoa, Inc.	$ 2,103,312
	354,510	Allied Nevada Gold Corp.(a) (b)	1,176,973
	18,470	Ecolab, Inc.	1,979,430
	214,606	Ferro Corp.(b)	2,989,462
	76,276	Olin Corp.	1,893,933
			10,143,110

		Communications - 8.2%
	54,235	AOL, Inc.(b)	2,417,796
	134,286	Calix, Inc.(b)	1,375,089
	118,562	Corning, Inc.	2,025,039
	322,695	Entravision Communications Corp.	2,133,014
	255,352	Iridium Communications, Inc.(a) (b)	1,570,415
	30,714	Motorola Solutions, Inc.	2,023,438
	27,993	Time Warner, Inc.	1,839,420
	59,765	Yahoo!, Inc.(b)	2,210,110
			15,594,321

		Consumer, Cyclical - 17.5%
	32,965	AutoNation, Inc.(b)	1,616,604
	26,645	Cabela's, Inc.(a) (b)	1,632,006
	31,866	Children's Place Retail Stores, Inc.(b)	1,752,630
	43,560	Choice Hotels International, Inc.	2,034,688
	77,857	Delta Air Lines, Inc.	2,256,296
	35,053	Fastenal Co.	1,631,016
	47,621	General Motors Co.(b)	1,844,361
	21,773	Genuine Parts Co.	1,803,675
	32,067	G-III Apparel(b)	1,932,037
	87,963	International Game Technology	1,538,473
	25,091	Lithia Motors, Inc., Class A	1,658,013
	39,956	Marriott Vacations Worldwide Corp.(b)	2,087,301
	55,494	Norwegian Cruise Line Holdings Ltd. (Bermuda)(b)	1,892,345
	37,474	Oshkosh Corp.	1,826,858
	52,939	Six Flags Entertainment Corp.	1,969,860
	23,743	Starbucks Corp.	1,934,105
	70,563	Texas Roadhouse, Inc.	1,974,353
	31,460	Williams-Sonoma, Inc.	1,859,915
			33,244,536

		Consumer, Non-cyclical - 14.8%
	251,705	ACCO Brands Corp.(b)	1,515,264
	43,501	Adt Corp.	1,764,400
	11,845	Celgene Corp.(b)	1,916,166
	67,526	CoreLogic, Inc.(b)	2,378,941
	24,433	Edwards Lifesciences Corp.(b)	1,601,094
	39,875	ENDO Health Solutions, Inc.(b)	2,679,201
	21,031	Green Mountain Coffee Roasters, Inc.(a)	1,417,069
	26,020	Herbalife Ltd. (Cayman Islands)(a)	1,813,074
	27,643	Ingredion, Inc.	1,911,790
	52,007	Insys Therapeutics, Inc.(b)	2,293,509
	23,535	Mead Johnson Nutrition Co.	1,988,943
	26,227	Moody's Corp.	1,957,321
	53,330	On Assignment, Inc.(b)	1,814,820
	132,276	ServiceSource International, Inc.(b)	1,284,400
	59,032	Tyson Foods, Inc., Class A	1,870,724
			28,206,716

		Energy - 10.5%
	157,877	Alon USA Energy, Inc.	2,178,703
	100,284	BreitBurn Energy Partners, LP	1,896,370
	66,898	Chesapeake Energy Corp.	1,797,549
	20,545	EQT Corp.	1,748,585
	22,643	Hess Corp.	1,837,026
	352,380	Midstates Petroleum Co., Inc.(a) (b)	2,117,804
	86,204	Rex Energy Corp.(b)	1,653,393
	105,506	SunCoke Energy, Inc.(b)	2,391,821
	151,893	Swift Energy Co.(a) (b)	2,021,696
	38,353	Tesoro Corp.	2,248,636
			19,891,583

		Financial - 19.9%
	102,972	AG Mortgage Investment Trust, Inc., REIT	1,631,077
	59,320	American Assets Trust, Inc., REIT	1,850,191
	153,477	Annaly Capital Management, Inc., REIT	1,559,326
	138,734	Ares Commercial Real Estate Corp., REIT	1,820,190
	6,614	BlackRock, Inc.	2,002,389
	227,047	CYS Investments, Inc., REIT	1,816,376
	62,022	Employers Holdings, Inc.	2,024,398
	34,650	Endurance Specialty Holdings Ltd. (Bermuda)	1,971,585
	95,241	Fifth Third Bancorp	1,935,297
	140,165	Genworth Financial, Inc., Class A(b)	2,117,893
	119,205	Hercules Technology Growth Capital, Inc.	2,034,830
	75,619	Home Loan Servicing Solutions Ltd. (Cayman Islands)	1,759,654
	32,824	JPMorgan Chase & Co.	1,878,189
	39,173	Lincoln National Corp.	2,010,750
	30,746	Macerich Co., REIT	1,750,677
	32,262	MarketAxess Holdings, Inc.	2,270,277
	11,845	Simon Property Group, Inc., REIT	1,774,973
	71,157	SLM Corp.	1,896,334
	31,819	UMB Financial Corp.	2,040,234
	61,472	Weingarten Realty Investors, REIT	1,754,411
			37,899,051

		Industrial - 11.9%
	29,916	AGCO Corp.	1,743,504
	96,541	Calgon Carbon Corp.(b)	1,999,364
	185,654	Flextronics International Ltd. (Singapore)(b)	1,407,257
	43,085	Fortune Brands Home & Security, Inc.	1,878,506
	73,810	General Electric Co.	1,967,775
	18,574	Genesee & Wyoming, Inc., Class A(b)	1,786,819
	20,945	Honeywell International, Inc.	1,853,842
	27,183	Ingersoll-Rand PLC (Ireland)	1,941,410
	6,814	Ingersoll-Rand PLC (Ireland)(b)	389,420
	23,501	JB Hunt Transport Services, Inc.	1,767,040
	85,040	Masco Corp.	1,906,597
	16,651	Parker Hannifin Corp.	1,962,154
	38,970	Trinity Industries, Inc.	2,022,933
			22,626,621

		Technology - 4.9%
	130,411	Cadence Design Systems, Inc.(b)	1,727,946
	68,061	iGATE Corp.(b)	2,278,682
	51,507	Lexmark International, Inc., Class A	1,821,803
	75,713	VeriFone Systems, Inc.(b)	1,939,010
	19,853	VMware, Inc., Class A(b)	1,600,747
			9,368,188

		Utilities - 3.8%
	41,081	American Electric Power Co., Inc.	1,933,272
	53,249	El Paso Electric Co.	1,918,561
	57,332	Exelon Corp.	1,542,804
	42,504	NorthWestern Corp.	1,869,326
			7,263,963

		Total Common Stocks - 96.9%
		(Cost $160,614,605)	184,238,089

		Master Limited Partnerships - 2.9%
		Consumer, Cyclical - 1.0%
	40,262	Cedar Fair, LP	2,005,048

		Energy - 1.0%
	35,592	Genesis Energy, LP	1,846,513

		Industrial - 0.9%
	39,230	Martin Midstream Partners, LP	1,761,819

		Total Master Limited Partnerships - 2.9%
		(Cost $4,529,042)	5,613,380

		Exchange Traded Fund - 0.3%
	5,800	iShares Core S&P Small-Capital ETF(a)	626,400
		(Cost $589,677)

		Total Long-Term Investments - 100.1%
		(Cost $165,733,324)	190,477,869

		Investments of Collateral for Securities Loaned - 5.1%
	9,664,297	BNY Mellon Securities Lending Overnight Fund, 0.1079%(c) (d)	9,664,297
		(Cost $9,664,297)

		Total Investments - 105.2%
		(Cost $175,397,621)	200,142,166
		Liabilities in excess of Other Assets - (5.2%)	(9,938,291)
		Net Assets - 100.0%	$ 190,203,875

LP - Limited Partnership
PLC - Public Limited Company
REIT - Real Estate Investment Trust
S&P - Standard & Poor's

(a)	Security, or portion thereof, was on loan at November 30, 2013.

(b)	Non-income producing security.

(c)	At November 30, 2013, the total market value of the Fund's securities on loan was $9,422,972 and the total market value of the collateral held by the Fund was $9,664,297.

(d)	Interest rate shown reflects yield as of November 30, 2013.

	Securities are classified by sectors that represent broad groupings of related industries.

		% of Long-Term
Country Breakdown		Investments
United States		94.1%
Bermuda		2.0%
Cayman Islands		1.9%
Ireland		1.2%
Singapore		0.8%

Subject to change daily.

See previously submitted notes to financial statements for the period ended August 31, 2013.

At November 30, 2013, the cost and related gross unrealized appreciation and depreciation on
investments for tax purposes are as follows:

Cost of Investments for Tax Purposes	Gross Tax Unrealized Appreciation	Gross Tax Unrealized Depreciation	Net Tax Unrealized Appreciation on Investments
$ 175,578,539	$ 27,966,594	$ (3,402,967)	$ 24,563,627

Securities listed on an exchange are valued at the last reported sale price on the principal exchange or on the principal over-the-counter market on which such securities are traded, as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Equity securities that are traded primarily on the NASDAQ Stock Market are valued at the NASDAQ Official Closing Price. Debt securities are valued at the mean of the last available bid and ask prices for such securities or, if such prices are not available, at prices for securities of comparable maturity, quality and type. If sufficient market activity is limited or does not exist, the pricing providers or broker-dealers may utilize proprietary valuation models which consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, or other unique security features in order to estimate relevant cash flows, which are then discounted to calculate a security’s fair value. Short-term securities with maturities of 60 days or less at time of purchase are valued at amortized cost, which approximates market value. Money market funds are valued at net asset value.

For those securities where quotations or prices are not available, the valuations are determined in accordance with procedures established in good faith by management and approved by the Board of Trustees of the Trust (“Board of Trustees”). A valuation committee consisting of representatives from investment management, fund administration, legal and compliance is responsible for the oversight of the valuation process of the Funds and convenes monthly, or more frequently as needed. The valuation committee reviews monthly Level 3 fair valued securities methodology, price overrides, broker quoted securities, price source changes, illiquid securities, unchanged priced securities, halted securities, price challenges, fair valued securities sold and back testing trade prices in relation to prior day closing prices. On a quarterly basis, the valuations and methodologies of all Level 3 fair valued securities are presented to the Board of Trustees.

Valuations in accordance with these procedures are intended to reflect each security’s (or asset’s) “fair value.” Fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security).

There are three different categories for valuations. Level 1 valuations are those based upon quoted prices in active markets. Level 2 valuations are those based upon quoted prices in inactive markets or based upon significant observable inputs (e.g. yield curves; benchmark interest rates; indices). Level 3 valuations are those based upon unobservable inputs (e.g. discounted cash flow analysis; non-market based methods used to determine fair valuation).

The Fund values Level 1 securities using readily available market quotations in active markets. The Fund values Level 2 fixed income securities using independent pricing providers who employ matrix pricing models utilizing market prices, broker quotes and prices of securities with comparable maturities and qualities. The Fund values Level 2 equity securities using various observable market inputs as described above. The fair value estimates for the Level 3 securities are determined in accordance with the Trust’s valuation procedures. The Fund did not have any Level 3 securities at November 30, 2013.

Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

The following table represents the Fund's investments carried by caption and by level within the fair value hierarchy as of November 30, 2013:

Description	Level 1		Level 2		Level 3		Total
(value in $000s)
Assets:
Common Stocks	$	184,238	$	-	$	-	$	184,238
Master Limited Partnerships		5,613		-		-		5,613
Exchange Traded Fund		627						627
Investments of Collateral for Securities Loaned		9,664		-		-		9,664
Total	$	200,142	$	-	$	-	$	200,142

During the three months ended November 30, 2013, there were no transfers between levels.

CZA Guggenheim Mid-Cap Core ETF
Portfolio of Investments
November 30, 2013 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 100.0%
		Common Stocks - 86.0%
		Basic Materials - 7.0%
	11,604	Airgas, Inc.	$ 1,260,543
	24,854	Celanese Corp., Series A	1,395,055
	13,099	International Flavors & Fragrances, Inc.	1,157,297
	12,553	Reliance Steel & Aluminum Co.	923,022
	20,921	RPM International, Inc.	828,472
	13,712	Valspar Corp.	968,204
	10,542	Westlake Chemical Corp.	1,186,818
			7,719,411

		Communications - 3.6%
	25,727	Amdocs Ltd. (Channel Islands)	1,040,914
	26,316	CDW Corp.	586,847
	83,577	Liberty Interactive Corp., Class A(a)	2,346,842
			3,974,603

		Consumer, Cyclical - 3.6%
	29,124	Allison Transmission Holdings, Inc.	792,755
	17,740	Brookfield Residential Properties, Inc. (Canada)(a)	383,361
	22,108	Copart, Inc.(a)	761,179
	23,728	Ingram Micro, Inc., Class A(a)	556,184
	24,068	Tim Hortons, Inc. (Canada)	1,403,887
			3,897,366

		Consumer, Non-cyclical - 15.7%
	26,128	Beam, Inc.	1,764,424
	24,323	Booz Allen Hamilton Holding Corp.	425,409
	34,314	Brown-Forman Corp., Class B	2,574,236
	26,595	Bruker Corp.(a)	514,347
	34,701	CareFusion Corp.(a)	1,382,835
	15,409	CoreLogic, Inc.(a)	542,859
	36,580	Genpact Ltd. (Bermuda)(a)	654,782
	12,262	Ingredion, Inc.	848,040
	18,388	Pinnacle Foods, Inc.	507,325
	20,068	Quintiles Transnational Holdings, Inc.(a)	866,737
	27,207	SEI Investments Co.	913,611
	33,467	Service Corp. International	604,749
	8,365	Spectrum Brands Holdings, Inc.	590,402
	10,848	Towers Watson & Co., Class A	1,221,485
	15,432	Universal Health Services, Inc., Class B	1,272,060
	80,683	Zoetis, Inc.	2,513,275
			17,196,576

		Energy - 0.5%
	16,067	MRC Global, Inc.(a)	491,490

		Financial - 20.8%
	5,363	Allied World Assurance Co. Holdings AG (Switzerland)	604,142
	14,005	American Financial Group, Inc.	807,528
	18,188	Axis Capital Holdings Ltd. (Bermuda)	893,576
	10,956	BOK Financial Corp.	693,515
	23,154	Brown & Brown, Inc.	732,129
	42,623	CNA Financial Corp.	1,769,707
	12,562	Credicorp Ltd. (Bermuda)	1,614,217
	3,680	Credit Acceptance Corp.(a)	475,272
	13,452	Equity Lifestyle Properties, Inc., REIT	477,546
	8,129	Erie Indemnity Co., Class A	593,336
	20,949	First Republic Bank	1,070,494
	15,778	HCC Insurance Holdings, Inc.	725,472
	36,840	Healthcare Trust of America, Inc., Class A, REIT	373,926
	22,699	Liberty Property Trust, REIT	735,221
	16,519	LPL Financial Holdings, Inc.	708,170
	2,227	Markel Corp.(a)	1,241,063
	8,646	Mercury General Corp.	415,613
	9,921	ProAssurance Corp.	477,002
	217,802	Regions Financial Corp.	2,119,213
	11,070	Reinsurance Group of America, Inc.	830,029
	19,446	RLJ Lodging Trust, REIT	469,426
	92,135	Weyerhaeuser Co., REIT	2,776,028
	27,989	Willis Group Holdings PLC (Ireland)	1,253,347
	21,399	WR Berkley Corp.	937,062
			22,793,034

		Industrial - 15.1%
	15,789	AECOM Technology Corp.(a)	458,828
	25,068	Amphenol Corp., Class A	2,130,780
	10,004	Carlisle Cos., Inc.	735,394
	17,100	Chicago Bridge & Iron Co. NV (Netherlands)	1,311,228
	9,179	Crane Co.	571,943
	22,569	Crown Holdings, Inc.(a)	996,196
	15,820	Hexcel Corp.(a)	694,973
	18,570	Progressive Waste Solutions Ltd. (Canada)	480,592
	7,109	Regal-Beloit Corp.	523,080
	57,708	Republic Services, Inc.	2,014,586
	22,022	Rockwell Automation, Inc.	2,501,259
	27,594	Sensata Technologies Holding NV (Netherlands)(a)	1,075,614
	5,948	Teledyne Technologies, Inc.(a)	551,558
	15,219	Timken Co.	787,735
	8,068	Triumph Group, Inc.	596,548
	15,431	Wabtec Corp.	1,064,739
			16,495,053

		Technology - 15.6%
	93,199	Broadcom Corp., Class A	2,487,481
	72,988	CA, Inc.	2,408,604
	32,429	Check Point Software Technologies Ltd. (Israel)(a)	2,006,058
	46,333	Fidelity National Information Services, Inc.	2,348,156
	20,676	Fiserv, Inc.(a)	2,272,086
	46,260	Maxim Integrated Products, Inc.	1,317,485
	70,444	ON Semiconductor Corp.(a)	499,448
	10,904	Solera Holdings, Inc.	727,842
	24,582	Synopsys, Inc.(a)	900,439
	190,843	Xerox Corp.	2,171,793
			17,139,392

		Utilities - 4.1%
	51,944	Edison International	2,400,332
	24,487	Great Plains Energy, Inc.	581,321
	31,818	OGE Energy Corp.	1,095,176
	13,198	Vectren Corp.	457,707
			4,534,536

		Total Common Stocks - 86.0%
		(Cost $86,626,111)	94,241,461

		Master Limited Partnerships - 13.8%
		Consumer, Cyclical - 3.0%
	14,932	AmeriGas Partners, LP(b)	645,361
	8,988	Cedar Fair, LP	447,602
	18,155	Icahn Enterprises, LP	2,198,026
			3,290,989

		Energy - 9.1%
	9,427	Alliance Holdings GP, LP	518,391
	5,983	Alliance Resource Partners, LP	438,374
	38,305	Boardwalk Pipeline Partners, LP	1,008,954
	13,806	DCP Midstream Partners, LP	665,173
	35,656	El Paso Pipeline Partners, LP	1,482,576
	36,372	Magellan Midstream Partners, LP	2,260,156
	37,596	ONEOK Partners, LP	2,013,642
	9,681	Suburban Propane Partners, LP	444,261
	16,154	Sunoco Logistics Partners, LP	1,143,380
			9,974,907

		Financial - 0.9%
	22,052	Lazard Ltd., Class A (Bermuda)	920,230

		Utilities - 0.8%
	23,610	Brookfield Infrastructure Partners, LP (Bermuda)	903,791

		Total Master Limited Partnerships - 13.8%
		(Cost $12,873,955)	15,089,917

		Exchange Traded Fund - 0.2%
	1,090	iShares Russell Midcap Index Fund	159,511
		(Cost $159,567)

		Total Long-Term Investments - 100.0%
		(Cost $99,659,633)	109,490,889

		Investments of Collateral for Securities Loaned - 0.0%*
	8,900	BNY Mellon Securities Lending Overnight Fund, 0.1079%(c) (d)	8,900
		(Cost $8,900)

		Total Investments - 100.0%
		(Cost $99,668,533)	109,499,789
		Other Assets in excess of Liabilities - 0.0%*	34,632
		Net Assets - 100.0%	$ 109,534,421

AG - Stock Corporation
LP - Limited Partnership
NV - Publicly Traded Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust

*	Less than 0.1%.
(a)	Non-income producing security.
(b)	Security, or portion thereof, was on loan at November 30, 2013.
(c)	At November 30, 2013, the total market value of the Fund's securities on loan was $8,680 and the total market value of the collateral held by the Fund was $8,900.
(d)	Interest rate shown reflects yield as of November 30, 2013.

	Securities are classified by sectors that represent broad groupings of related industries.

		% of Long-Term
Country Breakdown		Investments
United States		86.7%
Bermuda		4.6%
Netherlands		2.2%
Canada		2.1%
Israel		1.8%
Ireland		1.1%
Channel Islands		0.9%
Switzerland		0.6%
Subject to change daily.

See previously submitted notes to financial statements for the period ended August 31, 2013.

At November 30, 2013, the cost and related gross unrealized appreciation and depreciation on investments

for tax purposes are as follows:

Cost of Investments for Tax Purposes	Gross Tax Unrealized Appreciation	Gross Tax Unrealized Depreciation	Net Tax Unrealized Appreciation on Investments
$ 99,771,481	$ 10,499,573	$ (771,265)	$ 9,728,308

Securities listed on an exchange are valued at the last reported sale price on the principal exchange or on the principal over-the-counter market on which such securities are traded, as of

the close of regular trading on the New York Stock Exchange ("NYSE") on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked

prices. Equity securities that are traded primarily on the NASDAQ Stock Market are valued at the NASDAQ Official Closing Price. Debt securities are valued at the mean of the last

available bid and ask prices for such securities or, if such prices are not available, at prices for securities of comparable maturity, quality and type. If sufficient market activity is limited or

does not exist, the pricing providers or broker-dealers may utilize proprietary valuation models which consider market characteristics such as benchmark yield curves, option-adjusted

spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, or other unique security features in order to estimate

relevant cash flows, which are then discounted to calculate a security's fair value. Short-term securities with maturities of 60 days or less at time of purchase are valued at amortized cost,

which approximates market value. Money market funds are valued at net asset value.

For those securities where quotations or prices are not available, the valuations are determined in accordance with procedures established in good faith by management and approved by

the Board of Trustees of the Trust (“Board of Trustees”). A valuation committee consisting of representatives from investment management, fund administration, legal and compliance

is responsible for the oversight of the valuation process of the Fund and convenes monthly, or more frequently as needed. The valuation committee reviews monthly Level 3 fair valued

securities methodology, price overrides, broker quoted securities, price source changes, illiquid securities, unchanged priced securities, halted securities, price challenges, fair valued

securities sold and back testing trade prices in relation to prior day closing prices. On a quarterly basis, the valuations and methodologies of all Level 3 fair valued securities are

presented to the Board of Trustees.

Valuations in accordance with these procedures are intended to reflect each security’s (or asset’s) “fair value.” Fair value is defined as the price that the Fund would receive to sell an

investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market

for the investment or liability. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such

factors may include, but are not limited to: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the

price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi)

information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an

evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender

offers that might affect the value of the security).

There are three different categories for valuations. Level 1 valuations are those based upon quoted prices in active markets. Level 2 valuations are those based upon quoted prices in

inactive markets or based upon significant observable inputs (e.g. yield curves; benchmark interest rates; indices). Level 3 valuations are those based upon unobservable inputs (e.g.

discounted cash flow analysis; non-market based methods used to determine fair valuation).

The Fund values Level 1 securities using readily available market quotations in active markets. The Fund values Level 2 fixed income securities using independent pricing providers who

employ matrix pricing models utilizing market prices, broker quotes and prices of securities with comparable maturities and qualities. The Fund values Level 2 equity securities using

various observable market inputs as described above. The fair value estimates for Level 3 securities are determined in accordance with the Trust's valuation procedures. The Fund did

not have any Level 3 securities at November 30, 2013.

Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current

fiscal period.

The following table represents the Funds investments carried by caption and by level within the fair value hierarchy as of November 30, 2013:

Description	Level 1		Level 2		Level 3		Total
(value in $000s)
Assets:
Common Stocks	$	94,241	$	-	$	-	$	94,241
Master Limited Partnership		15,090		-		-		15,090
Exchange Traded Fund		160		-		-		160
Investments of Collateral for Securities Loaned		9		-		-		9
Total	$	109,500	$	-	$	-	$	109,500

During the three months ended November 30, 2013, there were no transfers between levels.

CVY Guggenheim Multi-Asset Income ETF
Portfolio of Investments
November 30, 2013 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 99.3%
		Convertible Preferred Stocks - 2.6%
		Basic Materials - 0.6%
	309,914	Cliffs Natural Resources, Inc., 7.00%(a)	$ 6,805,712

		Financial - 2.0%
	11,101	Bank of America Corp., Series L, 7.25%(b)	11,933,575
	10,313	Wells Fargo & Co., Series L, 7.50%(b)	11,615,016
			23,548,591

		Total Convertible Preferred Stocks - 2.6%
		(Cost $30,321,205)	30,354,303

		Common Stocks - 74.3%
		Basic Materials - 6.0%
	1,937,827	Cia Siderurgica Nacional SA, ADR (Brazil)(a)	10,115,457
	106,377	Domtar Corp.	9,096,297
	236,385	Freeport-McMoRan Copper & Gold, Inc.	8,200,196
	1,687,410	IAMGOLD Corp. (Canada)	7,357,107
	3,328,241	Nevsun Resources Ltd. (Canada)	10,883,348
	480,092	Olin Corp.(a)	11,920,684
	280,797	Pan American Silver Corp. (Canada)	3,029,800
	424,827	Teck Resources Ltd., Class B (Canada)	10,285,062
			70,887,951

		Communications - 8.8%
	331,804	CTC Media, Inc.	4,197,321
	445,222	Gannett Co., Inc.	12,047,707
	537,385	Giant Interactive Group, Inc., ADR (Cayman Islands)	6,034,834
	1,478,210	Inteliquent, Inc.	17,132,454
	194,044	KT Corp., ADR (South Korea)	3,040,669
	312,251	Orange SA, ADR (France)	4,053,018
	122,657	Pearson PLC, ADR (United Kingdom)(a)	2,711,946
	184,810	Rogers Communications, Inc., Class B (Canada)	8,285,032
	150,700	Shaw Communications, Inc., Class B (Canada)	3,506,789
	138,830	SouFun Holdings Ltd., ADR (Cayman Islands)	9,017,009
	549,927	Telefonica Brasil SA, ADR (Brazil)(a)	10,701,579
	118,264	TELUS Corp. (Canada)	4,185,363
	396,067	VimpelCom Ltd., ADR (Bermuda)	4,863,703
	369,803	Vodafone Group PLC, ADR (United Kingdom)	13,715,993
			103,493,417

		Consumer, Cyclical - 4.8%
	742,648	American Eagle Outfitters, Inc.	12,082,883
	77,846	Darden Restaurants, Inc.	4,151,527
	158,761	Hasbro, Inc.	8,544,517
	178,597	Mattel, Inc.	8,263,683
	76,272	McDonald's Corp.	7,426,605
	380,973	MDC Holdings, Inc.	11,513,004
	107,228	Six Flags Entertainment Corp.	3,989,954
			55,972,173

		Consumer, Non-cyclical - 9.9%
	254,519	AbbVie, Inc.	12,331,446
	216,135	AstraZeneca PLC, ADR (United Kingdom)	12,360,761
	159,466	Dr Pepper Snapple Group, Inc.	7,695,829
	141,084	Eli Lilly & Co.	7,085,239
	209,620	GlaxoSmithKline PLC, ADR (United Kingdom)	11,093,090
	153,546	Merck & Co., Inc.	7,651,197
	1,371,688	PDL BioPharma, Inc.(a)	13,401,392
	387,641	Pfizer, Inc.	12,299,849
	43,006	Philip Morris International, Inc.	3,678,733
	115,180	Quad Graphics, Inc.	3,000,439
	75,381	Reynolds American, Inc.	3,802,971
	1,276,476	Select Medical Holdings Corp.	11,054,282
	392,549	Valassis Communications, Inc.(a)	11,525,239
			116,980,467

		Energy - 8.3%
	163,792	Baytex Energy Corp. (Canada)(a)	6,613,921
	261,637	BP PLC, ADR (United Kingdom)	12,299,555
	91,326	Chevron Corp.	11,181,955
	109,562	ConocoPhillips	7,976,114
	251,860	CVR Energy, Inc.	9,943,433
	174,260	Ecopetrol SA, ADR (Colombia)(a)	7,115,036
	708,360	Enerplus Corp. (Canada)	13,055,075
	1,474,237	Pengrowth Energy Corp. (Canada)(a)	9,155,012
	1,049,701	Penn West Petroleum Ltd. (Canada)	8,922,458
	194,934	Total SA, ADR (France)(a)	11,758,419
			98,020,978

		Financial - 19.2%
	655,588	Aircastle Ltd. (Bermuda)	12,272,607
	472,771	American Capital Agency Corp., REIT	9,635,073
	301,609	American Capital Mortgage Investment Corp., REIT	5,697,394
	940,212	Annaly Capital Management, Inc., REIT	9,552,554
	1,743,627	ARMOUR Residential REIT, Inc., REIT	6,817,582
	651,743	Banco Bilbao Vizcaya Argentaria SA, ADR (Spain)	7,749,224
	680,257	Brookfield Office Properties, Inc. (Canada)	13,060,934
	141,662	Canadian Imperial Bank of Commerce (Canada)	12,184,349
	1,724,800	Chimera Investment Corp., REIT	5,088,160
	227,823	Colony Financial, Inc., REIT	4,606,581
	808,479	CYS Investments, Inc., REIT	6,467,832
	249,083	Hercules Technology Growth Capital, Inc.(a)	4,251,847
	157,179	Home Loan Servicing Solutions Ltd. (Cayman Islands)	3,657,555
	223,917	Hospitality Properties Trust, REIT	6,083,825
	485,215	Invesco Mortgage Capital, Inc., REIT	7,326,747
	1,297,857	Janus Capital Group, Inc.	14,120,684
	124,795	Main Street Capital Corp.(a)	4,111,995
	849,994	MFA Financial, Inc., REIT	6,196,456
	725,512	National Penn Bancshares, Inc.	8,191,031
	344,744	Omega Healthcare Investors, Inc., REIT	11,269,681
	253,446	People's United Financial, Inc.	3,837,172
	248,645	Redwood Trust, Inc., REIT	4,619,824
	1,091,204	Spirit Realty Capital, Inc., REIT	10,835,656
	435,569	Starwood Property Trust, Inc., REIT(a)	12,139,308
	234,395	TCP Capital Corp.	4,055,034
	237,270	THL Credit, Inc.	4,026,472
	285,112	Trustmark Corp.	7,997,392
	221,205	Umpqua Holdings Corp.	4,072,384
	313,224	Validus Holdings Ltd. (Bermuda)	12,544,621
	187,916	Western Asset Mortgage Capital Corp., REIT(a)	3,049,877
			225,519,851

		Industrial - 6.5%
	312,054	General Electric Co.	8,319,360
	297,426	Hillenbrand, Inc.	8,357,671
	58,737	Lockheed Martin Corp.	8,321,271
	123,646	Molex, Inc.	4,777,681
	1,492,442	NAM TAI Electronics, Inc. (British Virgin Islands)	10,924,675
	191,363	Sonoco Products Co.	7,666,002
	207,382	Sturm Ruger & Co., Inc.(a)	15,953,897
	82,269	TAL International Group, Inc.(a)	4,495,178
	207,441	Textainer Group Holdings Ltd. (Bermuda)(a)	8,054,934
			76,870,669

		Technology - 5.6%
	369,052	CA, Inc.	12,178,716
	66,189	Computer Programs & Systems, Inc.	4,071,947
	326,270	Intel Corp.	7,778,277
	132,306	KLA-Tencor Corp.	8,450,384
	93,844	Microchip Technology, Inc.(a)	4,062,507
	644,303	Pitney Bowes, Inc.	14,928,500
	281,966	Seagate Technology PLC (Ireland)	13,827,613
			65,297,944

		Utilities - 5.2%
	84,567	American Electric Power Co., Inc.	3,979,723
	157,860	Cleco Corp.	7,215,780
	53,819	DTE Energy Co.	3,591,880
	236,696	Exelon Corp.	6,369,489
	89,202	NextEra Energy, Inc.	7,545,597
	253,088	Portland General Electric Co.	7,544,553
	162,840	Questar Corp.	3,667,157
	86,773	Southern Co.	3,525,587
	84,742	WGL Holdings, Inc.	3,376,969
	177,632	Wisconsin Energy Corp.	7,419,689
	261,041	Xcel Energy, Inc.	7,314,369
			61,550,793

		Total Common Stocks - 74.3%
		(Cost $806,642,648)	874,594,243

		Preferred Stocks - 2.5%
		Financial - 2.5%
	258,706	HSBC Holdings PLC, Series 2, 8.00% (United Kingdom)(b)	6,972,127
	206,742	JPMorgan Chase & Co., Series P, 5.45%(a) (b)	4,300,234
	287,575	JPMorgan Chase & Co., Series O, 5.50%(b)	5,987,311
	574,080	PartnerRe Ltd., Series F, 5.88% (Bermuda)(b)	11,711,232
		(Cost $31,585,011)	28,970,904

		Master Limited Partnerships - 9.7%
		Energy - 8.6%
	312,374	Boardwalk Pipeline Partners, LP	8,227,931
	115,769	Buckeye Partners, LP, Class B	7,882,711
	321,823	Enbridge Energy Partners, LP	9,683,654
	173,415	Energy Transfer Partners, LP	9,392,156
	101,585	Enterprise Products Partners, LP	6,396,808
	101,779	Kinder Morgan Energy Partners, LP	8,342,825
	95,276	MarkWest Energy Partners, LP	6,580,713
	821,653	Northern Tier Energy, LP	20,869,986
	156,855	ONEOK Partners, LP	8,401,154
	116,138	Plains All American Pipeline, LP	5,989,237
	188,468	Williams Partners, LP(a)	9,685,371
			101,452,546

		Financial - 1.1%
	423,149	Apollo Global Management, LLC	12,774,868

		Total Master Limited Partnerships - 9.7%
		(Cost $104,633,732)	114,227,414

		Royalty Trust - 0.8%
		Energy - 0.8%
	123,255	BP Prudhoe Bay Royalty Trust(a)	9,372,310
		(Cost $10,047,207)

		Closed End Funds - 9.4%
	639,005	AllianceBernstein Global High Income Fund, Inc.	9,565,905
	2,260,952	Alpine Total Dynamic Dividend Fund	9,315,122
	360,034	BlackRock Corporate High Yield Fund VI, Inc.	4,226,799
	265,912	BlackRock Limited Duration Income Trust(a)	4,432,753
	176,000	Cohen & Steers Select Preferred and Income Fund, Inc.(a)	4,172,960
	407,161	Flaherty & Crumrine Preferred Securities Income Fund, Inc.(a)	7,166,034
	221,087	John Hancock Preferred Income Fund	4,074,633
	171,689	John Hancock Preferred Income Fund II(a)	3,165,945
	246,832	John Hancock Preferred Income Fund III	3,922,161
	874,819	Nuveen Credit Strategies Income Fund	8,205,802
	416,817	Nuveen Floating Rate Income Opportunity Fund(a)	4,960,122
	193,310	PIMCO Income Opportunity Fund(a)	5,462,941
	663,775	PIMCO Income Strategy Fund II(a)	6,750,592
	389,765	Templeton Emerging Markets Income Fund(a)	5,647,695
	804,753	Templeton Global Income Fund(a)	6,574,832
	406,262	Wells Fargo Advantage Global Dividend Opportunity Fund(a)	3,038,840
	606,415	Wells Fargo Advantage Income Opportunities Fund(a)	5,445,607
	361,021	Western Asset Global High Income Fund, Inc.(a)	4,491,101
	785,540	Western Asset High Income Fund II, Inc.(a)	7,116,992
	201,448	Western Asset High Yield Defined Opportunity Fund, Inc.	3,543,470
		(Cost $114,783,490)	111,280,306

		Total Long-Term Investments - 99.3%
		(Cost $1,098,013,293)	1,168,799,480

		Investments of Collateral for Securities Loaned - 11.8%
	139,086,491	BNY Mellon Securities Lending Overnight Fund, 0.1079%(c) (d)	139,086,491
		(Cost $139,086,491)

		Total Investments - 111.1%
		(Cost $1,237,099,784)	1,307,885,971
		Liabilities in excess of Other Assets - (11.1%)	(130,681,651)
		Net Assets - 100.0%	$ 1,177,204,320

ADR - American Depositary Receipt
LLC - Limited Liability Company
LP - Limited Partnership
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SA - Corporation

(a)	Security, or portion thereof, was on loan at November 30, 2013.
(b)	Perpetual maturity.
(c)	At November 30, 2013, the total market value of the Fund's securities on loan was $135,394,255 and the total market value of the collateral held by the Fund was $139,086,491.
(d)	Interest rate shown reflects yield as of November 30, 2013.

Securities are classified by sectors that represent broad groupings of related industries.

See previously submitted notes to financial statements for the period ended August 31, 2013.

Country Breakdown		% of Long-Term Investments
United States		72.9%
Canada		9.4%
United Kingdom		5.1%
Bermuda		4.2%
Brazil		1.8%
Cayman Islands		1.6%
France		1.3%
Ireland		1.2%
British Virgin Islands		0.9%
Spain		0.7%
Columbia		0.6%
South Korea		0.3%

Subject to change daily.

At November 30, 2013, the cost and related gross unrealized appreciation and depreciation on investments for tax purposes are as follows:

Securities listed on an exchange are valued at the last reported sale price on the principal exchange or on the principal over-the-counter market on which such securities are traded, as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Equity securities that are traded primarily on the NASDAQ Stock Market are valued at the NASDAQ Official Closing Price. Debt securities are valued at the mean of the last available bid and ask prices for such securities or, if such prices are not available, at prices for securities of comparable maturity, quality and type. If sufficient market activity is limited or does not exist, the pricing providers or broker-dealers may utilize proprietary valuation models which consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, or other unique security features in order to estimate relevant cash flows, which are then discounted to calculate a security’s fair value. Short-term securities with maturities of 60 days or less at time of purchase are valued at amortized cost, which approximates market value. Money market funds are valued at net asset value.

For those securities where quotations or prices are not available, the valuations are determined in accordance with procedures established in good faith by management and approved by the Board of Trustees of the Trust (“Board of Trustees”). A valuation committee consisting of representatives from investment management, fund administration, legal and compliance is responsible for the oversight of the valuation process of the Fund and convenes monthly, or more frequently as needed. The valuation committee reviews monthly Level 3 fair valued securities methodology, price overrides, broker quoted securities, price source changes, illiquid securities, unchanged priced securities, halted securities, price challenges, fair valued securities sold and back testing trade prices in relation to prior day closing prices. On a quarterly basis, the valuations and methodologies of all Level 3 fair valued securities are presented to the Board of Trustees.

Valuations in accordance with these procedures are intended to reflect each security’s (or asset’s) “fair value.” Fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security).

There are three different categories for valuations. Level 1 valuations are those based upon quoted prices in active markets. Level 2 valuations are those based upon quoted prices in inactive markets or based upon significant observable inputs (e.g. yield curves; benchmark interest rates; indices). Level 3 valuations are those based upon unobservable inputs (e.g. discounted cash flow analysis; non-market based methods used to determine fair valuation).

The Fund values Level 1 securities using readily available market quotations in active markets. The Fund values Level 2 fixed income securities using independent pricing providers who employ matrix pricing models utilizing market prices, broker quotes and prices of securities with comparable maturities and qualities. The Fund values Level 2 equity securities using various observable market inputs as described above. The fair value estimates for the Level 3 securities are determined in accordance with the Trust’s valuation procedures. The Fund did not have any Level 3 securities at November 30, 2013.

Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

The following table represents the Fund's investments carried by caption and by level within the fair value hierarchy as of November 30, 2013.

Description	Level 1		Level 2		Level 3		Total
(value in $000s)
Assets:
Convertible Preferred Stocks	$	30,354	$	-	$	-	$	30,354
Common Stocks		874,594		-		-		874,594
Preferred Stocks		28,971		-		-		28,971
Master Limited Partnerships		114,228		-		-		114,228
Royalty Trusts		9,372		-		-		9,372
Closed End Funds		111,280		-		-		111,280
Investments of Collateral for Securities Loaned		139,087		-		-		139,087
Total	$	1,307,886	$	-	$	-	$	1,307,886

During the three months ended November 30, 2013, there were no transfers between levels.

RYJ Guggenheim Raymond James SB-1 Equity ETF
Portfolio of Investments
November 30, 2013 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 100.1%
		Common Stocks - 97.5%
		Basic Materials - 0.8%
	13,802	Praxair, Inc.	$ 1,742,641

		Communications - 11.5%
	4,739	Amazon.com, Inc.(a)	1,865,365
	123,442	Brightcove, Inc.(a)	1,756,580
	36,590	Comcast Corp., Class A	1,824,743
	22,934	Crown Castle International Corp.(a)	1,702,391
	35,679	Ctrip.com International Ltd., ADR (Cayman Islands)(a)	1,704,743
	80,445	CyrusOne, Inc., REIT	1,643,491
	47,323	DigitalGlobe, Inc.(a)	1,873,991
	10,698	Equinix, Inc.(a)	1,719,169
	47,091	HomeAway, Inc.(a)	1,718,821
	51,962	KVH Industries, Inc.(a)	734,743
	39,070	Palo Alto Networks, Inc.(a)	1,951,546
	348,544	RF Micro Devices, Inc.(a)	1,840,312
	19,858	SBA Communications Corp., Class A(a)	1,691,306
	44,253	WebMD Health Corp.(a) (b)	1,711,264
			23,738,465

		Consumer, Cyclical - 20.0%
	17,593	Advance Auto Parts, Inc.	1,777,069
	31,334	Arctic Cat, Inc.	1,763,164
	3,725	AutoZone, Inc.(a)	1,719,460
	22,499	Bed Bath & Beyond, Inc.(a)	1,755,597
	52,565	Cinemark Holdings, Inc.	1,734,119
	11,568	Copa Holdings SA, Class A (Panama)	1,751,627
	38,001	Culp, Inc.	768,760
	119,694	Dixie Group, Inc.(a)	1,553,628
	29,164	Dollar Tree, Inc.(a)	1,622,977
	59,458	Ethan Allen Interiors, Inc.	1,837,252
	25,804	Harley-Davidson, Inc.	1,729,384
	107,462	Latam Airlines Group SA, ADR (Chile) (b)	1,731,213
	64,069	La-Z-Boy, Inc.	1,874,659
	49,734	Lennar Corp., Class A	1,778,488
	12,330	Mohawk Industries, Inc.(a)	1,726,447
	57,953	Newell Rubbermaid, Inc.	1,758,874
	79,625	Pier 1 Imports, Inc.	1,774,841
	13,144	Polaris Industries, Inc.	1,754,330
	88,528	Regal Entertainment Group, Class A	1,724,525
	39,258	Ryanair Holdings PLC, ADR (Ireland) (a)	1,885,365
	36,521	Tempur Sealy International, Inc.(a)	1,863,301
	51,709	Toll Brothers, Inc.(a)	1,763,277
	24,097	Tractor Supply Co.	1,764,141
	93,539	WCI Communities, Inc.(a)	1,819,334
			41,231,832

		Consumer, Non-cyclical - 10.1%
	52,661	Alere, Inc.(a)	1,723,068
	81,825	Capital Senior Living Corp.(a)	1,827,152
	44,321	CareFusion Corp.(a)	1,766,192
	93,033	Carriage Services, Inc.	1,746,229
	25,890	Covidien PLC (Ireland)	1,767,251
	35,096	Fresh Market, Inc.(a)	1,428,758
	50,155	HealthSouth Corp.	1,795,048
	106,266	Merit Medical Systems, Inc.(a)	1,739,575
	42,013	PAREXEL International Corp.(a)	1,731,776
	40,073	Quintiles Transnational Holdings, Inc.(a)	1,730,753
	97,190	Service Corp. International	1,756,223
	23,873	UnitedHealth Group, Inc.	1,778,061
			20,790,086

		Energy - 3.4%
	32,624	Antero Resources Corp.(a)	1,791,058
	31,373	Cameron International Corp.(a)	1,737,750
	18,149	Exxon Mobil Corp.	1,696,568
	40,805	Valero Energy Corp.	1,865,605
			7,090,981

		Financial - 23.2%
	32,017	Allstate Corp.	1,737,563
	93,235	American Residential Properties, Inc., REIT(a)	1,637,207
	21,934	American Tower Corp., REIT	1,705,807
	33,845	Citigroup, Inc.	1,791,077
	111,652	Everbank Financial Corp.	1,905,900
	28,141	First Financial Holdings, Inc.	1,853,648
	79,621	Health Insurance Innovations, Inc., Class A(a)	953,859
	75,332	Hilltop Holdings, Inc.(a)	1,786,122
	194,821	Huntington Bancshares, Inc.	1,788,457
	30,630	JPMorgan Chase & Co.	1,752,649
	125,387	Lakeland Bancorp, Inc.	1,581,130
	47,533	Lakeland Financial Corp.	1,822,890
	36,755	Meta Financial Group, Inc.	1,426,094
	44,655	NASDAQ OMX Group, Inc.	1,754,495
	105,939	New York Community Bancorp, Inc.	1,750,112
	39,150	Post Properties, Inc., REIT	1,677,969
	65,335	PrivateBancorp, Inc.	1,811,739
	19,331	Prudential Financial, Inc.	1,715,819
	178,805	Regions Financial Corp.	1,739,773
	73,208	Silvercrest Asset Management Group, Inc., Class A	1,164,007
	32,451	Texas Capital Bancshares, Inc.(a)	1,822,773
	102,402	United Community Banks, Inc.(a)	1,879,077
	44,355	US Bancorp	1,739,603
	42,862	VantageSouth Bancshares, Inc.(a)	227,169
	8,673	Visa, Inc., Class A	1,764,608
	60,123	Webster Financial Corp.	1,772,426
	39,392	Wells Fargo & Co.	1,734,036
	58,907	Weyerhaeuser Co., REIT	1,774,868
	39,178	Wintrust Financial Corp.	1,777,114
			47,847,991

		Industrial - 10.3%
	137,465	Applied Optoelectronics, Inc.(a)	1,813,163
	54,137	Arkansas Best Corp.	1,761,618
	59,089	FLIR Systems, Inc.	1,753,171
	17,961	Genesee & Wyoming, Inc., Class A(a)	1,727,848
	88,848	Jabil Circuit, Inc.	1,800,949
	14,180	Kansas City Southern	1,716,064
	98,471	Knight Transportation, Inc.	1,759,677
	94,778	Marten Transport	1,841,537
	176,419	PGT, Inc.(a)	1,764,190
	67,253	Roadrunner Transportation Systems, Inc.(a)	1,841,387
	25,344	Ryder System, Inc.	1,770,025
	78,176	Swift Transportation Co.(a) (b)	1,809,774
			21,359,403

		Technology - 17.4%
	54,811	Altera Corp.	1,767,655
	35,011	Analog Devices, Inc.	1,688,230
	3,337	Apple, Inc.	1,855,606
	163,183	Applied Micro Circuits Corp.(a)	2,047,947
	42,064	Benefitfocus, Inc.(a)	2,032,112
	51,019	Bottomline Technologies de, Inc.(a)	1,763,727
	71,987	EMC Corp.	1,716,890
	141,575	Fairchild Semiconductor International, Inc.(a)	1,802,250
	74,098	International Rectifier Corp.(a)	1,773,906
	23,493	Intuit, Inc.	1,743,885
	216,140	LSI Corp.	1,744,250
	91,400	Micron Technology, Inc.(a)	1,928,540
	74,450	Microsemi Corp.(a)	1,818,813
	112,899	NVIDIA Corp.	1,761,224
	24,192	QUALCOMM, Inc.	1,780,047
	32,052	Salesforce.com, Inc.(a)	1,669,589
	58,347	Semtech Corp.(a)	1,734,073
	33,594	ServiceNow, Inc.(a)	1,784,177
	66,939	Skyworks Solutions, Inc.(a)	1,779,908
	112,750	Tangoe, Inc.(a)	1,774,685
			35,967,514

		Utilities - 0.8%
	99,096	EnerNOC, Inc.(a)	1,699,496

		Total Common Stocks - 97.5%
		(Cost $176,376,944)	201,468,409

		Master Limited Partnerships - 2.6%
		Energy - 2.6%
	24,470	Alliance Resource Partners, LP	1,792,917
	27,995	Enterprise Products Partners, LP	1,762,845
	88,254	Memorial Production Partners, LP	1,760,667
		(Cost $4,631,396)	5,316,429

		Right - 0.0%*
	12,626	Latam Airlines Group SA, ADR, 01/12/2014 (Chile) (b)	11,237
		(Cost $0)

		Total Long-Term Investments - 100.1%
		(Cost $181,008,340)	206,796,075

		Investments of Collateral for Securities Loaned - 2.3%
	4,840,591	BNY Mellon Securities Lending Overnight Fund, 0.1079%(c) (d)	4,840,591
		(Cost $4,840,591)

		Total Investments - 102.4%
		(Cost $185,848,931)	211,636,666
		Liabilities in excess of Other Assets - (2.4%)	(4,985,031)
		Net Assets - 100.0%	$ 206,651,635

ADR - American Depositary Receipt
LP - Limited Partnership
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SA - Corporation

*	Less than 0.1%.
(a)	Non-income producing security.
(b)	Security, or portion thereof, was on loan at November 30, 2013.
(c)	At November 30, 2013, the total market value of the Fund's securities on loan was $4,719,356 and the total market value of the collateral held by the Fund was $4,840,591.
(d)	Interest rate shown reflects yield as of November 30, 2013.

	Securities are classified by sectors that represent broad groupings of related industries.

		% of Long-Term
Country Breakdown		Investments
United States		95.7%
Ireland		1.8%
Panama		0.9%
Chile		0.8%
Cayman Islands		0.8%

Subject to change daily.

	See previously submitted notes to financial statements for the period ended August 31, 2013.

At November 30, 2013, the cost and related gross unrealized appreciation and depreciation on investments

for tax purposes are as follows:

Cost of Investments for Tax Purposes		Gross Tax Unrealized Appreciation		Gross Tax Unrealized Depreciation		Net Tax Unrealized Appreciation on Investments
$ 187,579,497		$ 27,044,542		$ (2,987,373)		$ 24,057,169