gug59756etf1-nq.htm

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)

227 West Monroe Street, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Amy J. Lee

227 West Monroe Street, Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 827-0100

Date of fiscal year end: August 31

Date of reporting period: March 1, 2014 to May 31, 2014

Item 1. Schedule of Investments.

Attached hereto.

EEB Guggenheim BRIC ETF
Portfolio of Investments
May 31, 2014 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 99.7%
		Common Stocks - 82.2%
		Basic Materials - 6.9%
	784,000	Aluminum Corp. of China Ltd. (China)(a)	$280,110
	151,962	Cia Siderurgica Nacional SA, ADR (Brazil)(b)	589,613
	44,133	Fibria Celulose SA, ADR (Brazil)(a) (b)	416,174
	28,797	Mechel, ADR (Russia)(a)	55,578
	114,188	MMC Norilsk Nickel OJSC, ADR (Russia)	2,188,984
	16,585	Novolipetsk Steel OJSC, GDR (Russia)	227,878
	16,130	Phosagro OAO, GDR (Russia)	188,237
	62,395	Sesa Sterlite Ltd., ADR (India)(b)	1,170,530
	35,042	Severstal OAO, GDR (Russia)	299,083
	700,000	Sinopec Shanghai Petrochemical Co. Ltd. (China)	172,451
	64,012	Ultrapar Participacoes SA, ADR (Brazil)	1,545,250
	54,050	Uralkali OJSC, GDR (Russia)	1,206,396
	261,111	Vale SA, ADR (Brazil)(b)	3,329,165
			11,669,449

		Communications - 19.9%
	10,109	21Vianet Group, Inc., ADR (China)(a) (b)	272,539
	54,759	Baidu, Inc., ADR (China)(a)	9,089,994
	3,602	Bitauto Holdings Ltd., ADR (China)(a)	149,987
	1,048,500	China Mobile Ltd. (China)	10,257,866
	2,780,000	China Telecom Corp. Ltd. (China)	1,398,435
	89,832	China Unicom Hong Kong Ltd., ADR (China)(b)	1,343,887
	3,034	ChinaCache International Holdings Ltd., ADR (China)(a) (b)	43,143
	25,940	Ctrip.com International Ltd., ADR (China)(a)	1,437,595
	10,652	E-Commerce China Dangdang, Inc., ADR (China)(a) (b)	106,733
	21,286	Giant Interactive Group, Inc., ADR (China)	250,323
	18,744	Mail.ru Group Ltd., GDR (Russia)(a)	638,046
	18,524	MegaFon OAO, GDR (Russia)	556,276
	101,477	Mobile Telesystems OJSC, ADR (Russia)	1,876,310
	14,437	NetEase, Inc., ADR (China)(b)	1,027,337
	6,726	Perfect World Co. Ltd., ADR (China)	124,566
	6,552	Phoenix New Media Ltd., ADR (China)(a) (b)	64,799
	15,344	Qihoo 360 Technology Co. Ltd., ADR (China)(a) (b)	1,409,040
	4,306	QIWI plc, ADR (Russia)(b)	181,928
	34,817	Sistema JSFC, GDR (Russia)(a)	997,507
	16,515	SouFun Holdings Ltd., ADR (China)	197,685
	31,983	Tim Participacoes SA, ADR (Brazil)	871,217
	38,488	VimpelCom Ltd., ADR (Russia)	322,145
	3,405	Vipshop Holdings Ltd., ADR (China)(a)	553,857
	25,984	Youku Tudou, Inc., ADR (China)(a)	506,688
	2,713	YY, Inc., ADR (China)(a)	176,643
			33,854,546

		Consumer, Cyclical - 1.1%
	368,000	China Eastern Airlines Corp. Ltd. (China)(a)	111,545
	3,738	China Lodging Group Ltd., ADR (China)(a)	93,824
	336,000	China Southern Airlines Co. Ltd. (China)	96,644
	4,376	Home Inns & Hotels Management, Inc., ADR (China)(a)	137,888
	37,684	Tata Motors Ltd., ADR (India)	1,403,352
			1,843,253

		Consumer, Non-cyclical - 9.4%
	1,902	51job, Inc., ADR (China)(a)	118,552
	910,527	AMBEV SA, ADR (Brazil)	6,410,110
	129,410	BRF SA, ADR (Brazil)	2,792,668
	3,221	China Distance Education Holdings Ltd., ADR (China)(b)	57,978
	16,574	Dr Reddy's Laboratories Ltd., ADR (India)	681,357
	57,808	Magnit OJSC, GDR (Russia)	3,364,425
	17,602	Mindray Medical International Ltd., ADR (China)(b)	546,190
	26,349	New Oriental Education & Technology Group, Inc., ADR (China)	680,331
	7,451	O'Key Group SA, GDR (Russia)	68,177
	6,751	TAL Education Group, ADR (China)(a)	155,205
	10,000	WNS Holdings Ltd., ADR (India)(a)	179,600
	14,153	WuXi PharmaTech Cayman, Inc., ADR (China)(a)	472,286
	19,470	X5 Retail Group NV, GDR (Russia)(a)	393,294
			15,920,173

		Energy - 25.8%
	5,112,000	China Petroleum & Chemical Corp. (China)	4,635,314
	3,222,000	CNOOC Ltd. (China)	5,527,264
	9,292	Eurasia Drilling Co. Ltd., GDR (Russia)	277,831
	7,497	Gazprom Neft OAO, ADR (Russia)	151,439
	1,186,276	Gazprom OAO, ADR (Russia)	9,669,336
	6,208	JA Solar Holdings Co. Ltd., ADR (China)(a) (b)	61,769
	3,923	JinkoSolar Holding Co. Ltd., ADR (China)(a) (b)	109,962
	103,996	LUKOIL OAO, ADR (Russia)	5,884,094
	15,823	NOVATEK OAO, GDR (Russia)	1,835,468
	4,230,000	PetroChina Co. Ltd. (China)	5,046,789
	298,353	Petroleo Brasileiro SA, ADR (Brazil)	4,206,777
	40,917	Reliance Industries Ltd., GDR (India)(c)	1,463,601
	15,041	ReneSola Ltd., ADR (China)(a) (b)	38,204
	212,429	Rosneft OAO, GDR (Russia)(a)	1,385,462
	193,345	Surgutneftegas OAO, ADR (Russia)(a)	1,418,185
	48,765	Tatneft OAO, ADR (Russia)	1,743,349
	14,780	Trina Solar Ltd., ADR (China)(a) (b)	202,043
	39,008	Yanzhou Coal Mining Co. Ltd., ADR (China)(b)	305,823
			43,962,710

		Financial - 12.1%
	25,309	Axis Bank Ltd., GDR (India)	791,919
	105,231	Banco Santander Brasil SA, ADR (Brazil)	711,361
	1,491,000	China Life Insurance Co. Ltd. (China)	4,096,286
	23,322	Etalon Group Ltd., GDR (Russia)	109,380
	42,818	Gafisa SA, ADR (Brazil)(b)	127,598
	78,083	HDFC Bank Ltd., ADR (India)	3,516,077
	56,392	ICICI Bank Ltd., ADR (India)	2,800,991
	33,605	LSR Group, GDR (Russia)(a)	132,370
	3,470	Noah Holdings Ltd., ADR (China)(a) (b)	47,400
	8,141	NOMOS-BANK, GDR (Russia)(a)	99,809
	540,859	Sberbank of Russia, ADR (Russia)	5,432,929
	14,963	State Bank of India, GDR (India)(b)	1,282,329
	506,572	VTB Bank OJSC, GDR (Russia)	1,360,652
			20,509,101

		Industrial - 1.5%
	18,201	China Ming Yang Wind Power Group Ltd., ADR (China)(a) (b)	60,791
	32,653	Embraer SA, ADR (Brazil)	1,183,344
	19,083	Globaltrans Investment PLC, GDR (Russia)	208,959
	292,000	Guangshen Railway Co. Ltd. (China)	110,353
	31,286	Larsen & Toubro Ltd., GDR (India)(b)	815,626
	9,739	TMK OAO, GDR (Russia)	91,011
	25,694	Yingli Green Energy Holding Co. Ltd., ADR (China)(a) (b)	86,846
			2,556,930

		Technology - 4.1%
	5,191	AutoNavi Holdings Ltd., ADR (China)(a)	108,129
	2,151	Changyou.com Ltd., ADR (China)(a) (b)	58,077
	96,614	Infosys Ltd., ADR (India)	4,968,858
	6,189	NQ Mobile, Inc., ADR (China)(a) (b)	46,974
	4,956	RDA Microelectronics, Inc., ADR (China)	83,905
	4,485,000	Semiconductor Manufacturing International Corp. (China)(a)	381,803
	13,091	Shanda Games Ltd., ADR (China)(a)	87,317
	118,999	Wipro Ltd., ADR (India)(b)	1,325,649
			7,060,712

		Utilities - 1.4%
	53,724	Centrais Eletricas Brasileiras SA, ADR (Brazil)(b)	160,097
	68,501	Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil)(b)	670,625
	22,043	CPFL Energia SA, ADR (Brazil)	354,231
	632,000	Huaneng Power International, Inc. (China)	667,627
	253,881	RusHydro JSC, ADR (Russia)	486,944
			2,339,524

		Total Common Stocks - 82.2%
		(Cost $160,805,654)	139,716,398

		Preferred Stocks - 17.4%
		Basic Materials - 3.6%
	14,432	Braskem SA, ADR (Brazil)(b)	187,760
	179,174	Gerdau SA, ADR (Brazil)	1,064,293
	422,643	Vale SA, ADR (Brazil)	4,851,942
			6,103,995

		Communications - 0.7%
	58,161	Telefonica Brasil SA, ADR (Brazil)	1,169,618

		Consumer, Cyclical - 0.0%*
	14,270	GOL Linhas Aereas Inteligentes SA, ADR (Brazil)(a) (b)	84,336

		Consumer, Non-cyclical - 0.7%
	26,496	Cia Brasileira de Distribuicao, ADR (Brazil)	1,201,594

		Energy - 3.6%
	409,847	Petroleo Brasileiro SA, ADR (Brazil)	6,119,016

		Financial - 8.0%
	421,652	Banco Bradesco SA, ADR (Brazil)	5,882,045
	503,066	Itau Unibanco Holding SA, ADR (Brazil)	7,797,523
			13,679,568

		Utilities - 0.8%
	144,466	Cia Energetica de Minas Gerais, ADR (Brazil)(b)	1,014,151
	20,367	Cia Paranaense de Energia, ADR (Brazil)(b)	295,729
			1,309,880

		Total Preferred Stocks - 17.4%
		(Cost $54,381,462)	29,668,007

		Exchange Traded Fund - 0.1%
	4,000	Vanguard FTSE Emerging Markets ETF	168,800
		(Cost $161,025)

		Total Long-Term Investments - 99.7%
		(Cost $215,348,141)	169,553,205

	Number
	of Shares	Description	Value
		Investments of Collateral for Securities Loaned - 6.1%
	10,366,885	BNY Mellon Securities Lending Overnight Fund, 0.1251%(d) (e)	10,366,885
		(Cost $10,366,885)

		Total Investments - 105.8%
		(Cost $225,715,026)	179,920,090
		Liabilities in excess of Other Assets - (5.8%)	(9,850,092)
		Net Assets - 100.0%	$ 170,069,998

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

*		Less than 0.1%.
(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at May 31, 2014.
(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 May 31, 2014 these securities amounted to $1,463,601, which represents 0.9% of net assets.
(d)		At May 31, 2014, the total market value of the Fund's securities on loan was $12,667,894 and the total market value of the collateral held by the Fund was $13,033,749, consisting of cash collateral of $10,366,885 and U.S. Government and Agency securities valued at $2,666,864.
(e)		Interest rate shown reflects yield as of May 31, 2014.

See previously submitted notes to financial statements for the period ended February 28, 2014.

Country Breakdown			% of Long-Term Investments
China			31.3%
Brazil			31.3%
Russia			25.3%
India			12.0%
United States			0.1%
Subject to change daily.

At May 31, 2014, 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
$ 229,186,624	$ 14,569,292	$ (63,835,826)	$ (49,266,534)

The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities or other assets.

Valuations of the Fund’s securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Fund’s officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of U.S. business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on such day, the security is valued at the mean of the most recent bid and ask prices on such day.

Open-end investment companies (“Mutual Funds”) are valued at their NAV as of the close of business on the valuation date. Exchange Traded Funds (“ETFs”) and closed-end investment companies are valued at the last quoted sales price.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the NYSE. The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as World Equity Benchmark Securities. In addition, under the Valuation Procedures, the Valuation Committee and the Guggenheim Funds Investment Advisors, LLC (“GFIA” or the “Investment Adviser”) are authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Investment Adviser, subject to review by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” 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).

In accordance with U.S. GAAP, 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. U.S GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The following table summarizes the inputs used to value the Fund's investments at May 31, 2014:

Description	Level 1	Level 2	Level 3	Total
(value in $000s)
Assets:
Common Stocks	$ 139,716	$ -	$ -	$ 139,716
Preferred Stocks	29,668	-	-	29,668
Exchange Traded Fund	169	-	-	169
Investments of Collateral for Securities Loaned	10,367	-	-	10,367
Total	$ 179,920	$ -	$ -	$ 179,920

Independent pricing services are used to value a majority of the Fund’s investments. When values are not available from a pricing service, they will be determined under the valuation policies that have been reviewed and approved by the Board of Trustees. In any event, values are determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. 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.

During the nine months ended May 31, 2014, there were no transfers between levels.

DEF Guggenheim Defensive Equity ETF
Portfolio of Investments
May 31, 2014 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 99.7%
		Common Stocks - 83.9%
		Basic Materials - 4.9%
	15,578	LyondellBasell Industries NV (Netherlands)	$1,551,101
	19,480	POSCO, ADR (South Korea)	1,378,989
	39,362	Potash Corp. of Saskatchewan, Inc. (Canada)	1,429,628
	25,426	Sasol Ltd., ADR (South Africa)	1,431,230
	47,982	Ternium SA, ADR (Luxembourg)	1,364,128
			7,155,076

		Communications - 15.2%
	22,566	BT Group PLC, ADR (United Kingdom)	1,506,958
	41,329	CenturyLink, Inc.	1,556,863
	30,570	China Mobile Ltd., ADR (China)	1,499,764
	28,189	China Telecom Corp. Ltd., ADR (China)	1,429,182
	45,816	Chunghwa Telecom Co. Ltd., ADR (Taiwan)(a)	1,459,240
	62,750	Cisco Systems, Inc.	1,544,905
	241,936	Frontier Communications Corp.	1,400,809
	90,024	KT Corp., ADR (South Korea)	1,338,657
	87,401	Mobile Telesystems OJSC, ADR (Russia)	1,616,045
	77,852	Pearson PLC, ADR (United Kingdom)	1,528,235
	60,764	SK Telecom Co. Ltd., ADR (South Korea)	1,448,006
	35,799	Telekomunikasi Indonesia Persero TBK PT, ADR (Indonesia)	1,563,700
	30,552	Verizon Communications, Inc.	1,526,378
	38,398	Vodafone Group PLC, ADR (United Kingdom)	1,344,314
	157,495	Windstream Holdings, Inc.(a)	1,507,227
			22,270,283

		Consumer, Cyclical - 3.7%
	25,835	Kohl's Corp.	1,406,458
	21,424	PetSmart, Inc.(a)	1,231,237
	23,215	Target Corp.	1,317,683
	18,193	Wal-Mart Stores, Inc.	1,396,677
			5,352,055

		Consumer, Non-cyclical - 12.2%
	36,016	Altria Group, Inc.	1,496,825
	16,067	Clorox Co.	1,439,925
	47,027	ConAgra Foods, Inc.	1,518,972
	25,722	Dr Pepper Snapple Group, Inc.	1,484,159
	27,287	General Mills, Inc.	1,498,875
	26,109	GlaxoSmithKline PLC, ADR (United Kingdom)(a)	1,408,320
	25,613	Kraft Foods Group, Inc.	1,522,949
	24,486	Lorillard, Inc.	1,522,295
	16,858	Philip Morris International, Inc.	1,492,607
	17,570	Procter & Gamble Co.	1,419,480
	25,839	Quest Diagnostics, Inc.	1,547,498
	42,116	Safeway, Inc.	1,446,263
			17,798,168

		Energy - 7.9%
	28,297	BP PLC, ADR (United Kingdom)	1,427,584
	8,746	CNOOC Ltd., ADR (China)	1,497,490
	18,812	ConocoPhillips	1,503,831
	12,485	PetroChina Co. Ltd., ADR (China)	1,484,466
	98,529	Petroleo Brasileiro SA, ADR (Brazil)	1,389,259
	18,121	Royal Dutch Shell PLC, ADR (United Kingdom)	1,424,311
	46,950	Statoil ASA, ADR (Norway)	1,431,975
	20,430	Total SA, ADR (France)	1,418,864
			11,577,780

		Financial - 15.0%
	19,373	Alexandria Real Estate Equities, Inc., REIT	1,474,092
	18,439	Banco de Chile, ADR (Chile)(a)	1,481,020
	65,316	Brixmor Property Group, Inc., REIT	1,420,623
	34,113	Brookfield Asset Management, Inc. (Canada)	1,468,224
	20,720	Camden Property Trust, REIT	1,455,373
	26,655	Digital Realty Trust, Inc., REIT	1,532,663
	34,217	HCP, Inc., REIT	1,428,560
	22,815	Health Care REIT, Inc., REIT	1,442,592
	13,555	PartnerRe Ltd. (Bermuda)	1,455,400
	33,317	Realty Income Corp., REIT	1,442,626
	61,442	Senior Housing Properties Trust, REIT	1,473,379
	59,858	Starwood Property Trust, Inc., REIT	1,459,937
	15,818	Travelers Cos., Inc.	1,478,192
	21,635	Ventas, Inc., REIT	1,445,218
	44,308	Westpac Banking Corp., ADR (Australia)(a)	1,418,742
			21,876,641

		Industrial - 2.0%
	41,225	Republic Services, Inc.	1,459,365
	32,614	Waste Management, Inc.	1,457,193
			2,916,558

		Technology - 4.1%
	2,431	Apple, Inc.	1,538,823
	45,538	Canon, Inc., ADR (Japan)	1,504,120
	54,507	Intel Corp.	1,489,131
	73,372	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	1,508,529
			6,040,603

		Utilities - 18.9%
	27,244	AGL Resources, Inc.	1,454,285
	27,249	American Electric Power Co., Inc.	1,453,734
	59,263	CenterPoint Energy, Inc.	1,429,424
	25,337	Consolidated Edison, Inc.	1,393,788
	18,697	DTE Energy Co.	1,423,216
	26,011	Edison International	1,434,246
	19,926	Entergy Corp.	1,502,819
	40,163	Exelon Corp.	1,479,203
	43,174	FirstEnergy Corp.	1,460,145
	20,357	National Grid PLC, ADR (United Kingdom)	1,521,279
	14,691	NextEra Energy, Inc.	1,430,316
	31,306	Northeast Utilities	1,421,292
	53,353	Pepco Holdings, Inc.	1,477,878
	32,326	PG&E Corp.	1,482,794
	26,646	Pinnacle West Capital Corp.	1,476,721
	42,589	PPL Corp.	1,494,448
	37,012	Public Service Enterprise Group, Inc.	1,441,987
	27,681	SCANA Corp.	1,439,412
	32,581	Southern Co.	1,426,396
			27,643,383

		Total Common Stocks - 83.9%
		(Cost $114,577,195)	122,630,547

		Preferred Stocks - 2.8%
		Basic Materials - 0.9%
	102,969	Braskem SA, ADR (Brazil)(a)	1,339,626

		Communications - 0.9%
	67,236	Telefonica Brasil SA, ADR (Brazil)	1,352,116

		Financial - 1.0%
	25,349	BanColombia SA, ADR (Colombia)(a)	1,412,700

		Total Preferred Stocks - 2.8%
		(Cost $4,341,813)	4,104,442

		Master Limited Partnerships - 13.0%
		Energy - 13.0%
	23,894	Access Midstream Partners, LP	1,505,083
	18,658	Buckeye Partners, LP	1,463,907
	43,126	El Paso Pipeline Partners, LP	1,476,634
	30,763	Energy Transfer Equity, LP	1,567,682
	19,603	Enterprise Products Partners, LP	1,466,696
	19,113	Kinder Morgan Energy Partners, LP	1,453,544
	19,101	Magellan Midstream Partners, LP	1,563,990
	25,426	ONEOK Partners, LP	1,400,973
	25,169	Plains All American Pipeline, LP	1,421,293
	52,156	Plains GP Holdings, LP	1,439,506
	25,584	Spectra Energy Partners, LP	1,341,881
	15,555	Sunoco Logistics Partners, LP	1,431,060
	27,617	Williams Partners, LP	1,466,739
		(Cost $15,330,488)	18,998,988

		Total Long-Term Investments - 99.7%
		(Cost $134,249,496)	145,733,977

		Investments of Collateral for Securities Loaned - 4.4%
	6,344,256	BNY Mellon Securities Lending Overnight Fund, 0.1251%(b) (c)	6,344,256
		(Cost $6,344,256)

		Total Investments - 104.1%
		(Cost $140,593,752)	152,078,233
		Liabilities in excess of Other Assets - (4.1%)	(5,928,957)
		Net Assets - 100.0%	$ 146,149,276

		ADR - American Depositary Receipt
		ASA - Stock Company
		LP - Limited Partnership
		NV - Publicly Traded Company
		OJSC - Open Joint Stock Company
		PLC - Public Limited Company
		PT - Limited Liability Company
		REIT - Real Estate Investment Trust
		SA - Corporation

(a)		Security, or portion thereof, was on loan at May 31, 2014.

(b)		At May 31, 2014, the total market value of the Fund's securities on loan was $6,183,730 and the total market value of the collateral held by the Fund was $6,344,256.

(c)		Interest rate shown reflects yield as of May 31, 2014.

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

See previously submitted notes to financial statements for the period ended February 28, 2014.

	% of Long-Term
Country Breakdown	Investments
United States	67.2%
United Kingdom	7.0%
China	4.0%
South Korea	2.9%
Brazil	2.8%
Taiwan	2.0%
Canada	2.0%
Russia	1.1%
Indonesia	1.1%
Netherlands	1.0%
Japan	1.0%
Chile	1.0%
Bermuda	1.0%
Norway	1.0%
South Africa	1.0%
France	1.0%
Australia	1.0%
Colombia	1.0%
Luxembourg	0.9%

Subject to change daily.

At May 31, 2014, 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
$ 141,374,714	$ 13,972,391	$ (3,268,872)	$ 10,703,519

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sale price as of the close of U.S. business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on such day, the security is valued at the mean of the most recent bid and ask prices on such day.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the GFIA, subject to review by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value”. 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).

Level 1 — quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

The following table summarizes the inputs used to value the Fund's investments at May 31, 2014:

Description	Level 1	Level 2	Level 3	Total
(value in $000s)
Assets:
Common Stocks	$ 122,631	$ -	$ -	$ 122,631
Preferred Stocks	4,104	-		4,104
Master Limited Partnerships	18,999	-	-	18,999
Investments of Collateral for Securities Loaned	6,344	-	-	6,344
Total	$ 152,078	$ -	$ -	$ 152,078

Independent pricing services are used to value a majority of the Fund’s investments. When values are not available from a pricing service, they will be determined under the valuation policies that have been reviewed and approved by the Board of Trustees. In any event, values are determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. 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.

During the nine months ended May 31, 2014, there were no transfers between levels.

NFO Guggenheim Insider Sentiment ETF
Portfolio of Investments
May 31, 2014 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 99.8%
		Common Stocks - 96.4%
		Basic Materials - 6.1%
	159,869	Alcoa, Inc.	$2,175,817
	17,688	Ecolab, Inc.	1,931,353
	143,185	Ferro Corp.(a)	1,832,768
	57,045	Freeport-McMoRan Copper & Gold, Inc.	1,942,382
	72,148	Olin Corp.	1,966,033
	45,218	RPM International, Inc.	1,947,539
			11,795,892

		Communications - 8.7%
	43,245	AOL, Inc.(a)	1,568,929
	233,906	Calix, Inc.(a)	1,908,673
	98,394	Corning, Inc.	2,095,792
	281,978	Entravision Communications Corp.	1,511,402
	25,546	Expedia, Inc.	1,872,522
	73,496	Liquidity Services, Inc.(a) (b)	1,130,368
	29,163	Motorola Solutions, Inc.	1,966,169
	92,598	Perficient, Inc.(a)	1,633,429
	39,187	Ubiquiti Networks, Inc.(a) (b)	1,369,978
	48,974	Yahoo!, Inc.(a)	1,696,949
			16,754,211

		Consumer, Cyclical - 11.9%
	3,556	AutoZone, Inc.(a)	1,893,570
	28,679	Bally Technologies, Inc.(a)	1,692,061
	55,711	Delta Air Lines, Inc.	2,223,426
	39,795	Fastenal Co.	1,940,006
	51,559	General Motors Co.	1,782,910
	22,078	Genuine Parts Co.	1,905,994
	26,694	G-III Apparel(a)	1,957,204
	19,543	Michael Kors Holdings Ltd. (British Virgin Islands)(a)	1,844,468
	393,966	Office Depot, Inc.(a)	2,017,106
	33,486	Oshkosh Corp.	1,809,918
	27,129	Starbucks Corp.	1,986,928
	74,573	Texas Roadhouse, Inc.	1,885,206
			22,938,797

		Consumer, Non-cyclical - 15.1%
	61,923	Adt Corp.	1,993,921
	121,887	Albany Molecular Research, Inc.(a)	1,924,596
	67,872	Aramark	1,790,463
	11,853	Celgene Corp.(a)	1,813,865
	32,547	Eli Lilly & Co.	1,948,263
	19,592	Forest Laboratories, Inc.(a)	1,856,930
	27,012	Global Payments, Inc.	1,851,943
	29,192	Herbalife Ltd. (Cayman Islands) (b)	1,892,517
	15,351	IDEXX Laboratories, Inc.(a)	1,972,296
	29,197	Ingredion, Inc.	2,223,352
	86,819	K12, Inc.(a)	1,993,364
	17,499	Keurig Green Mountain, Inc.	1,973,537
	23,322	Mead Johnson Nutrition Co.	2,086,619
	23,588	Moody's Corp.	2,017,718
	54,940	On Assignment, Inc.(a)	1,936,635
			29,276,019

		Energy - 8.8%
	144,790	Alon USA Energy, Inc.	2,164,610
	75,861	Chesapeake Energy Corp.	2,178,728
	16,902	Chevron Corp.	2,075,397
	19,265	EQT Corp.	2,059,043
	403,837	Hercules Offshore, Inc.(a)	1,833,420
	47,646	Murphy USA, Inc.(a)	2,424,228
	65,486	Sanchez Energy Corp.(a) (b)	2,254,683
	37,388	Tesoro Corp.	2,101,206
			17,091,315

		Financial - 20.9%
	104,281	AG Mortgage Investment Trust, Inc., REIT	1,981,339
	66,797	Altisource Residential Corp., REIT	1,862,968
	57,847	American Assets Trust, Inc., REIT	1,984,152
	85,404	American Capital Agency Corp., REIT	2,026,637
	6,297	BlackRock, Inc.	1,919,955
	149,026	Capstead Mortgage Corp., REIT	1,962,673
	218,081	CYS Investments, Inc., REIT	2,015,069
	98,144	Employers Holdings, Inc.	2,063,968
	87,131	Fifth Third Bancorp	1,802,740
	67,827	Glacier Bancorp, Inc.	1,781,815
	79,049	Healthcare Realty Trust, Inc., REIT	1,970,692
	91,897	Home Loan Servicing Solutions Ltd. (Cayman Islands)	2,049,303
	33,256	JPMorgan Chase & Co.	1,848,036
	144,790	KeyCorp	1,982,175
	37,824	Lincoln National Corp.	1,814,039
	31,304	Macerich Co., REIT	2,067,316
	30,340	MarketAxess Holdings, Inc.	1,618,639
	31,574	Navigators Group, Inc.(a)	1,967,376
	44,915	Ryman Hospitality Properties, Inc., REIT	2,071,929
	25,447	Sovran Self Storage, Inc., REIT	1,954,330
	30,503	UMB Financial Corp.	1,683,766
			40,428,917

		Industrial - 12.9%
	36,638	AGCO Corp.	1,976,986
	35,852	Allegion PLC (Ireland)	1,878,286
	41,306	Fortune Brands Home & Security, Inc.	1,651,414
	74,599	General Electric Co.	1,998,507
	20,437	Honeywell International, Inc.	1,903,707
	44,609	ITT Corp.	1,948,521
	82,452	Masco Corp.	1,756,228
	22,334	Pall Corp.	1,892,583
	15,866	Parker Hannifin Corp.	1,986,899
	26,037	Power Solutions International, Inc.(a)	2,030,626
	64,914	Rexnord Corp.(a)	1,659,851
	77,095	Roadrunner Transportation Systems, Inc.(a)	2,013,721
	26,460	Trinity Industries, Inc.	2,289,584
			24,986,913

		Technology - 8.7%
	125,204	Cadence Design Systems, Inc.(a)	2,089,655
	44,841	Envestnet, Inc.(a)	1,817,854
	56,397	iGATE Corp.(a)	1,966,563
	46,255	Lexmark International, Inc., Class A	2,016,256
	121,429	Logitech International SA (Switzerland) (b)	1,584,648
	293,535	Silicon Image, Inc.(a)	1,535,188
	89,173	Tessera Technologies, Inc.	2,005,501
	63,422	VeriFone Systems, Inc.(a)	2,080,876
	18,813	VMware, Inc., Class A(a)	1,815,455
			16,911,996

		Utilities - 3.3%
	63,881	Exelon Corp.	2,352,737
	42,512	NorthWestern Corp.	2,040,576
	39,249	SCANA Corp.	2,040,948
			6,434,261

		Total Common Stocks - 96.4%
		(Cost $169,739,514)	186,618,321

		Master Limited Partnerships - 3.3%
		Consumer, Cyclical - 1.0%
	37,264	Cedar Fair, LP	1,938,846

		Energy - 2.3%
	34,532	Genesis Energy, LP	1,968,324
	40,951	Phillips 66 Partners, LP	2,479,583
			4,447,907

		Total Master Limited Partnerships - 3.3%
		(Cost $5,061,190)	6,386,753

		Exchange Traded Fund - 0.1%
	2,300	iShares Core S&P Small-Capital ETF	246,790
		(Cost $254,438)

		Total Long-Term Investments - 99.8%
		(Cost $175,055,142)	193,251,864

		Investments of Collateral for Securities Loaned - 3.9%
	7,467,936	BNY Mellon Securities Lending Overnight Fund, 0.1251%(c) (d)	7,467,936
		(Cost $7,467,936)

		Total Investments - 103.7%
		(Cost $182,523,078)	200,719,800
		Liabilities in excess of Other Assets - (3.7%)	(7,179,107)
		Net Assets - 100.0%	$ 193,540,693

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

(a)		Non-income producing security.

(b)		Security, or portion thereof, was on loan at May 31, 2014.

(c)		At May 31, 2014, the total market value of the Fund's securities on loan was $7,457,924 and the total market value of collateral held by the Fund was $7,641,957, consisting of cash collateral of $7,467,936 and U.S. Government and Agency securities valued at $174,021.

(d)		Interest rate shown reflects yield as of May 31, 2014.

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

	% of Long-Term
Country Breakdown	Investments
United States	95.2%
Cayman Islands	2.0%
Ireland	1.0%
British Virgin Islands	1.0%
Switzerland	0.8%

Subject to change daily.

See previously submitted notes to financial statements for the period ended February 28, 2014.

At May 31, 2014, 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
$ 182,703,996	$ 23,346,889	$ (5,331,085)	$ 18,015,804

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sale price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on such day, the security is valued at the mean of the most recent bid and ask prices on such day.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the NYSE. The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as World Equity Benchmark Securities. In addition, under the Valuation Procedures, the Valuation Committee and the Guggenheim Funds Investment Advisors, LLC (“GFIA” or the “Investment Adviser”) are authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the GFIA, subject to review by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” 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).

Level 1 — quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.
The Fund did not have any Level 3 securities at May 31, 2014.

The following table summarizes the inputs used to value the Fund's investments at May 31, 2014:

Description	Level 1	Level 2	Level 3	Total
(value in $000s)
Assets:
Common Stocks	$ 186,618	$ -	$ -	$ 186,618
Master Limited Partnerships	6,387	-	-	6,387
Exchange Traded Fund	247			247
Investments of Collateral for Securities Loaned	7,468	-	-	7,468
Total	$ 200,720	$ -	$ -	$ 200,720

During the nine months ended May 31, 2014, there were no transfers between levels.

CZA Guggenheim Mid-Cap Core ETF
Portfolio of Investments
May 31, 2014 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 99.8%
		Common Stocks - 93.6%
		Basic Materials - 6.5%
	$ 11,683	Cabot Corp.	$ 660,674
	28,068	Celanese Corp., Series A	1,759,863
	14,006	Reliance Steel & Aluminum Co.	1,007,732
	23,955	RPM International, Inc.	1,031,742
	9,020	Sensient Technologies Corp.	494,296
	15,162	Valspar Corp.	1,131,995
	23,911	Westlake Chemical Corp.	1,933,204
			8,019,506

		Communications - 4.5%
	28,272	Amdocs Ltd. (Channel Islands)	1,360,449
	30,258	CDW Corp.	889,888
	33,691	Commscope Holding Co., Inc.(a)	890,790
	83,325	Liberty Interactive Corp., Class A(a)	2,427,257
			5,568,384

		Consumer, Cyclical - 5.0%
	22,697	Copart, Inc.(a)	807,333
	27,612	Ingram Micro, Inc., Class A(a)	766,785
	14,985	Oshkosh Corp.	809,939
	15,787	Ralph Lauren Corp.	2,422,989
	24,153	Tim Hortons, Inc. (Canada)	1,309,334
			6,116,380

		Consumer, Non-cyclical - 16.1%
	41,292	Aramark	1,089,283
	37,243	CareFusion Corp.(a)	1,598,842
	21,807	Equifax, Inc.	1,543,717
	14,694	Fleetcor Technologies, Inc.(a)	1,857,469
	41,063	Genpact Ltd. (Bermuda)(a)	691,912
	21,781	Hillshire Brands Co.	1,160,492
	13,066	Ingredion, Inc.	994,976
	14,211	Manpowergroup, Inc.	1,165,018
	35,199	Mead Johnson Nutrition Co.	3,149,254
	20,791	Pinnacle Foods, Inc.	650,966
	30,339	SEI Investments Co.	999,063
	37,786	Service Corp. International	756,476
	12,503	Towers Watson & Co., Class A	1,406,712
	88,370	Zoetis, Inc.	2,712,959
			19,777,139

		Financial - 27.8%
	20,675	AerCap Holdings NV (Netherlands)(a)	974,620
	18,753	American Campus Communities, Inc., REIT	728,367
	15,888	American Financial Group, Inc.	927,541
	23,660	Arthur J Gallagher & Co.	1,084,338
	19,897	Axis Capital Holdings Ltd. (Bermuda)	915,063
	12,232	BOK Financial Corp.	767,925
	40,640	Brixmor Property Group, Inc., REIT	883,920
	25,854	Brown & Brown, Inc.	780,532
	60,360	CBRE Group, Inc., Class A(a)	1,801,142
	34,848	CIT Group, Inc.	1,550,039
	48,306	CNA Financial Corp.	1,940,935
	13,868	Credicorp Ltd. (Bermuda)	2,166,875
	4,065	Credit Acceptance Corp.(a)	530,889
	25,339	Douglas Emmett, Inc., REIT	719,374
	58,801	Duke Realty Corp., REIT	1,040,778
	25,675	East West Bancorp, Inc.	859,599
	14,988	Equity Lifestyle Properties, Inc., REIT	655,575
	8,160	Erie Indemnity Co., Class A	617,957
	62,576	First Niagara Financial Group, Inc.	538,779
	119,100	Grupo Financiero Santander Mexico SAB de CV, ADR (Mexico)	1,595,940
	17,655	HCC Insurance Holdings, Inc.	829,432
	159,022	KeyCorp	2,177,011
	2,453	Markel Corp.(a)	1,570,460
	52,085	Principal Financial Group, Inc.	2,436,015
	22,678	Rayonier, Inc., REIT	1,079,473
	245,658	Regions Financial Corp.	2,503,255
	61,579	Santander Consumer USA Holdings, Inc.	1,210,027
	31,988	Willis Group Holdings PLC (Ireland)	1,341,577
			34,227,438

		Industrial - 16.4%
	17,795	AECOM Technology Corp.(a)	571,931
	44,033	AMETEK, Inc.	2,337,272
	11,338	Carlisle Cos., Inc.	962,143
	10,544	Crane Co.	781,416
	24,680	Crown Holdings, Inc.(a)	1,205,618
	7,643	FEI Co.	637,808
	17,502	Foster Wheeler AG (Switzerland)	592,618
	9,629	Genesee & Wyoming, Inc., Class A(a)	937,383
	26,142	Gentex Corp.	756,027
	10,977	Graco, Inc.	801,102
	17,644	Hexcel Corp.(a)	724,286
	50,332	Ingersoll-Rand PLC (Ireland)	3,010,860
	16,465	ITT Corp.	719,191
	8,234	Moog, Inc., Class A(a)	593,342
	19,986	Progressive Waste Solutions Ltd. (Canada)	517,637
	13,007	Rock-Tenn Co., Class A	1,314,097
	10,467	Snap-On, Inc.	1,227,465
	25,485	Spirit AeroSystems Holdings, Inc., Class A(a)	826,988
	6,752	Teledyne Technologies, Inc.(a)	639,887
	21,978	Waste Connections, Inc.	1,001,538
			20,158,609

		Technology - 13.3%
	16,401	ANSYS, Inc.(a)	1,204,653
	34,239	Check Point Software Technologies Ltd. (Israel)(a)	2,207,731
	26,171	Computer Sciences Corp.	1,645,894
	51,832	Fidelity National Information Services, Inc.	2,806,703
	45,409	Fiserv, Inc.(a)	2,729,535
	78,726	ON Semiconductor Corp.(a)	684,129
	12,439	Solera Holdings, Inc.	811,645
	15,321	SS&C Technologies Holdings, Inc.(a)	653,441
	27,978	Synopsys, Inc.(a)	1,076,873
	210,978	Xerox Corp.	2,605,578
			16,426,182

		Utilities - 4.0%
	31,966	American Water Works Co., Inc.	1,553,867
	33,397	MDU Resources Group, Inc.	1,131,491
	35,297	OGE Energy Corp.	1,296,459
	20,339	UGI Corp.	989,899
			4,971,716

		Total Common Stocks - 93.6%
		(Cost $107,885,840)	115,265,354

		Master Limited Partnerships - 6.2%
		Consumer, Cyclical - 0.6%
	16,435	AmeriGas Partners, LP	778,690

		Energy - 2.7%
	10,589	Alliance Holdings GP, LP	680,873
	6,556	Alliance Resource Partners, LP	596,268
	42,717	Boardwalk Pipeline Partners, LP	747,120
	38,355	El Paso Pipeline Partners, LP	1,313,275
			3,337,536

		Financial - 2.0%
	22,473	Lazard Ltd.-CL A, Class A (Bermuda)	1,134,887
	26,778	Oaktree Capital Group LLC	1,338,364
			2,473,251

		Utilities - 0.9%
	26,483	Brookfield Infrastructure Partners, LP (Bermuda)	1,077,329

		Total Master Limited Partnerships - 6.2%
		(Cost $6,815,102)	7,666,806

		Total Investments - 99.8%
		(Cost $114,700,942)	122,932,160
		Other Assets in excess of Liabilities - 0.2%	278,766
		Net Assets - 100.0%	$ 123,210,926

		ADR - American Depositary Receipt
		PLC - Public Limited Company
		REIT - Real Estate Investment Trust
		SAB de CV - Publicly Traded Company

(a)		Non-income producing security.

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

See previously submitted notes to financial statements for the period ended February 28, 2014.

				% of Long-Term
Country Breakdown				Investments
United States				84.6%
Bermuda				4.9%
Ireland				3.5%
Israel				1.8%
Canada				1.5%
Mexico				1.3%
Channel Islands				1.1%
Netherlands				0.8%
Switzerland				0.5%

Subject to change daily.

At May 31, 2014, 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
$ 114,803,890	$ 10,384,663	$ (2,256,393)	$ 8,128,270

Level 1 — quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

The following table summarizes the inputs used to value the Fund's investments at May 31, 2014:

Description	Level 1	Level 2	Level 3	Total
(value in $000s)
Assets:
Common Stocks	$ 115,265	$ -	$ -	$ 115,265
Master Limited Partnerships	7,667	-	-	7,667
Total	$ 122,932	$ -	$ -	$ 122,932

During the nine months ended May 31, 2014, there were no transfers between levels.

CVY Guggenheim Multi-Asset Income ETF
Portfolio of Investments
May 31, 2014 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 98.7%
		Convertible Preferred Stocks - 2.0%
		Basic Materials - 0.4%
	352,904	Cliffs Natural Resources, Inc., 7.00%(a)	$6,087,594

		Financial - 1.6%
	6,688	Bank of America Corp., Series L, 7.25%(b)	7,959,121
	11,043	Wells Fargo & Co., Series L, 7.50%(b)	13,604,976
			21,564,097

		Total Convertible Preferred Stocks - 2.0%
		(Cost $27,473,192)	27,651,691

		Common Stocks - 71.8%
		Basic Materials - 6.2%
	141,864	Agrium, Inc. (Canada)	12,752,155
	2,811,182	Cia Siderurgica Nacional SA, ADR (Brazil)(a)	10,907,386
	395,466	Freeport-McMoRan Copper & Gold, Inc.	13,465,617
	153,700	Innophos Holdings, Inc.	8,069,250
	498,432	Olin Corp.	13,582,272
	130,352	Potash Corp. of Saskatchewan, Inc. (Canada)	4,734,385
	279,680	Schweitzer-Mauduit International, Inc.	11,657,062
	390,383	Teck Resources Ltd., Class B (Canada)	8,709,445
			83,877,572

		Communications - 4.7%
	593,398	Cisco Systems, Inc.	14,609,459
	386,752	CTC Media, Inc.	3,933,268
	746,971	Mobile Telesystems OJSC, ADR (Russia)	13,811,494
	2,832,304	Oi SA, ADR (Brazil)	2,388,765
	282,979	Orange SA, ADR (France)	4,541,813
	224,701	Rogers Communications, Inc., Class B (Canada)(a)	9,089,155
	123,230	TELUS Corp. (Canada)	4,654,397
	315,069	Vodafone Group PLC, ADR (United Kingdom)	11,030,566
			64,058,917

		Consumer, Cyclical - 4.9%
	299,705	Cinemark Holdings, Inc.	9,446,702
	43,198	Cracker Barrel Old Country Store, Inc.	4,343,559
	855,412	Ford Motor Co.	14,062,973
	79,036	Hasbro, Inc.	4,244,233
	118,739	Mattel, Inc.	4,610,636
	44,696	McDonald's Corp.	4,533,515
	432,825	MDC Holdings, Inc.(a)	12,383,123
	229,306	Target Corp.	13,015,409
			66,640,150

		Consumer, Non-cyclical - 10.5%
	170,369	AbbVie, Inc.	9,256,148
	303,917	ConAgra Foods, Inc.	9,816,519
	164,605	Dr Pepper Snapple Group, Inc.	9,497,709
	147,709	Eli Lilly & Co.	8,841,861
	172,633	General Mills, Inc.	9,482,731
	143,917	KAR Auction Services, Inc.	4,395,225
	142,053	Kellogg Co.	9,798,816
	154,544	Merck & Co., Inc.	8,941,916
	406,353	Pfizer, Inc.	12,040,239
	55,285	Procter & Gamble Co.	4,466,475
	541,351	Rent-A-Center, Inc.(a)	15,136,174
	77,236	Scotts Miracle-Gro Co., Class A	4,630,298
	239,345	Sysco Corp.	8,982,618
	167,479	Tupperware Brands Corp.	14,021,342
	803,913	Western Union Co.	12,999,273
			142,307,344

		Energy - 9.5%
	295,585	Baytex Energy Corp. (Canada)(a)	12,349,541
	255,742	BP PLC, ADR (United Kingdom)	12,902,184
	112,697	Chevron Corp.	13,838,065
	68,330	China Petroleum & Chemical Corp., ADR (China)	6,170,199
	129,909	ConocoPhillips	10,384,926
	372,950	Ecopetrol SA, ADR (Colombia)(a)	13,616,405
	54,452	Enerplus Corp. (Canada)	1,235,516
	104,792	ENI SpA, ADR (Italy)(a)	5,326,577
	2,711,228	EXCO Resources, Inc.(a)	14,261,059
	1,836,358	Pengrowth Energy Corp. (Canada)(a)	11,624,146
	1,742,721	Penn West Petroleum Ltd. (Canada)	16,207,305
	95,069	PetroChina Co. Ltd., ADR (China)(a)	11,303,704
			129,219,627

		Financial - 20.3%
	647,346	Aircastle Ltd. (Bermuda)	10,862,466
	585,579	American Capital Agency Corp., REIT	13,895,790
	230,060	American Capital Mortgage Investment Corp., REIT	4,700,126
	893,754	American Realty Capital Properties, Inc., REIT	11,091,487
	130,490	Anworth Mortgage Asset Corp., REIT	704,646
	151,798	Bank of Hawaii Corp.	8,464,256
	337,677	Capstead Mortgage Corp., REIT	4,447,206
	228,913	Community Bank System, Inc.	8,128,701
	995,231	CYS Investments, Inc., REIT	9,195,934
	449,071	Fifth Street Finance Corp.	4,171,869
	1,452,897	First Niagara Financial Group, Inc.	12,509,443
	646,683	FirstMerit Corp.	12,073,572
	360,012	FNB Corp.	4,406,547
	180,442	Geo Group, Inc., REIT	6,136,832
	459,646	Hatteras Financial Corp., REIT	9,326,217
	293,670	Hospitality Properties Trust, REIT	8,519,367
	502,991	Invesco Mortgage Capital, Inc., REIT	8,933,120
	702,428	Maiden Holdings Ltd. (Bermuda)	8,597,719
	1,154,929	MFA Financial, Inc., REIT	9,505,066
	464,850	New York Mortgage Trust, Inc., REIT(a)	3,700,206
	244,479	Newcastle Investment Corp., REIT	1,178,389
	896,417	Old National Bancorp	12,128,522
	278,711	Old Republic International Corp.	4,765,958
	610,169	Senior Housing Properties Trust, REIT	14,631,853
	542,484	Starwood Property Trust, Inc., REIT	13,231,185
	342,281	Sun Life Financial, Inc. (Canada)	11,586,212
	1,240,149	Susquehanna Bancshares, Inc.	12,252,672
	332,739	Trustmark Corp.	7,702,908
	1,270,571	Two Harbors Investment Corp., REIT	13,379,113
	255,328	Umpqua Holdings Corp.	4,230,785
	354,885	Validus Holdings Ltd. (Bermuda)	13,247,857
	88,780	Westamerica Bancorporation(a)	4,347,556
	231,880	Western Asset Mortgage Capital Corp., REIT(a)	3,343,709
			275,397,289

		Industrial - 3.3%
	341,920	General Electric Co.	9,160,037
	40,653	Grupo Aeroportuario del Sureste SAB de CV, ADR (Mexico)	5,228,789
	52,820	Lockheed Martin Corp.	8,643,993
	256,595	Republic Services, Inc.	9,083,463
	126,353	Sturm Ruger & Co., Inc.(a)	7,659,519
	96,892	TAL International Group, Inc.(c)	4,245,807
			44,021,608

		Technology - 3.8%
	397,308	CA, Inc.	11,398,766
	350,922	Intel Corp.	9,587,189
	345,246	Microsoft Corp.	14,134,371
	255,649	Seagate Technology PLC (Ireland)	13,736,021
	150,052	Silicon Motion Technology Corp., ADR (Cayman Islands)	2,489,363
			51,345,710

		Utilities - 8.6%
	86,262	American Electric Power Co., Inc.	4,602,078
	188,528	Atmos Energy Corp.	9,445,253
	2,326,671	Cia Energetica de Minas Gerais, ADR (Brazil)(a)	16,333,230
	238,164	CPFL Energia SA, ADR (Brazil)	3,827,295
	284,540	Exelon Corp.	10,479,608
	168,246	Great Plains Energy, Inc.	4,281,861
	234,190	IDACORP, Inc.	12,840,638
	95,616	Laclede Group, Inc.	4,463,355
	186,799	National Grid PLC, ADR (United Kingdom)	13,959,489
	97,270	Northeast Utilities	4,416,058
	78,351	Pinnacle West Capital Corp.	4,342,212
	272,303	Portland General Electric Co.	9,005,060
	78,260	South Jersey Industries, Inc.	4,501,515
	112,679	Vectren Corp.	4,493,639
	98,602	Wisconsin Energy Corp.	4,488,363
	144,006	Xcel Energy, Inc.	4,429,625
			115,909,279

		Total Common Stocks - 71.8%
		(Cost $943,098,300)	972,777,496

		Preferred Stocks - 4.9%
		Financial - 4.9%
	292,916	Barclays Bank PLC, Series 5, 8.13% (United Kingdom)(a) (b)	7,548,445
	553,594	Citigroup, Inc., Series K, 6.88%(b)	14,819,711
	54,152	Citigroup, Inc., Series L, 6.88%(b)	1,414,450
	400,891	Fifth Third Bancorp, Series I, 6.63%(b)	10,683,745
	335,172	HSBC Holdings PLC, Series 2, 8.00% (United Kingdom)(b)	9,073,106
	350,567	JPMorgan Chase & Co., Series O, 5.50%(a) (b)	8,080,569
	64,884	JPMorgan Chase & Co., Series T, 6.70%(b)	1,692,824
	52,210	Morgan Stanley, 6.88%(b)	1,427,944
	455,778	Wells Fargo & Co., 5.85%(b)	11,859,344
		(Cost $65,030,259)	66,600,138

		Master Limited Partnerships - 10.1%
		Energy - 10.1%
	134,364	Buckeye Partners, LP	10,542,199
	455,668	El Paso Pipeline Partners, LP	15,602,072
	474,697	Enbridge Energy Partners, LP	14,715,607
	208,636	Energy Transfer Partners, LP	11,750,380
	104,615	Enterprise Products Partners, LP	7,827,294
	147,533	Kinder Morgan Energy Partners, LP	11,219,885
	439,442	Linn Energy, LLC	12,765,790
	114,606	MarkWest Energy Partners, LP	7,099,842
	278,199	NuStar Energy, LP	16,141,106
	160,377	ONEOK Partners, LP	8,836,773
	139,343	Plains All American Pipeline, LP	7,868,699
	238,158	Williams Partners, LP	12,648,571
		(Cost $118,903,723)	137,018,218

		Closed End Funds - 9.9%
	537,452	AllianceBernstein Global High Income Fund, Inc.	7,798,429
	191,147	Babson Capital Global Short Duration High Yield Fund(a)	4,683,101
	1,005,416	BlackRock Corporate High Yield Fund, Inc.	12,356,563
	33,079	Brookfield Mortgage Opportunity Income Fund, Inc.	585,498
	152,436	Brookfield Total Return Fund, Inc.(a)	3,783,462
	242,539	John Hancock Preferred Income Fund	4,984,176
	191,072	John Hancock Preferred Income Fund II(a)	3,974,298
	275,016	John Hancock Preferred Income Fund III(a)	4,933,787
	940,047	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.	12,671,834
	263,433	Nuveen Long/Short Commodity Total Return Fund	4,257,077
	237,834	Nuveen Preferred & Income Term Fund(a)	5,567,694
	93,440	PIMCO Dynamic Credit Income Fund	2,225,741
	458,056	PIMCO Dynamic Income Fund(a)	14,923,464
	501,375	PIMCO Income Strategy Fund II(a)	5,525,152
	60,646	Prudential Global Short Duration High Yield Fund, Inc.	1,083,138
	356,609	Prudential Short Duration High Yield Fund, Inc.(a)	6,361,905
	37,067	Stone Harbor Emerging Markets Income Fund	759,132
	396,110	Templeton Emerging Markets Income Fund(a)	5,581,190
	1,219,828	Templeton Global Income Fund(a)	9,770,822
	579,070	Wells Fargo Advantage Global Dividend Opportunity Fund(a)	4,916,304
	469,492	Wells Fargo Advantage Income Opportunities Fund(a)	4,493,038
	258,725	Western Asset Global High Income Fund, Inc.(a)	3,340,140
	575,562	Western Asset High Income Fund II, Inc.	5,404,527
	190,585	Western Asset High Yield Defined Opportunity Fund, Inc.(a)	3,373,355
		(Cost $130,534,945)	133,353,827

		Total Long-Term Investments - 98.7%
		(Cost $1,285,040,419)	1,337,401,370

	Number
	of Shares	Description	Value
		Investments of Collateral for Securities Loaned - 6.2%
	84,131,168	BNY Mellon Securities Lending Overnight Fund, 0.1251%(d) (e)	84,131,168
		(Cost $84,131,168)

		Total Investments - 104.9%
		(Cost $1,369,171,587)	1,421,532,538
		Liabilities in excess of Other Assets - (4.9%)	(66,638,278)
		Net Assets - 100.0%	$ 1,354,894,260

		ADR - American Depositary Receipt
		LLC - Limited Liability Company
		LP - Limited Partnership
		OJSC - Open Joint Stock Company
		PLC - Public Limited Company
		REIT - Real Estate Investment Trust
		SA - Corporation
		SpA - Limited Share Company
		SAB de CV - Publicly Traded Company

(a)		Security, or portion thereof, was on loan at May 31, 2014.
(b)		Perpetual maturity.
(c)		Non-income producing security.
(d)		At May 31, 2014, the total market value of the Fund's securities on loan was $81,373,905 and the total market value of the collateral held by the Fund was $84,231,520, consisting of cash collateral of $84,131,168 and U.S. Government and Agency securities valued at $100,352.
(e)		Interest rate shown reflects yield as of May 31, 2014.

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

		See previously submitted notes to financial statements for the period ended February 28, 2014.

Country Breakdown		% of Long-Term Investments
United States		78.3%
Canada		7.0%
United Kingdom		4.1%
Brazil		2.5%
Bermuda		2.5%
China		1.3%
Russia		1.0%
Ireland		1.0%
Columbia		1.0%
Italy		0.4%
Mexico		0.4%
France		0.3%
Cayman Islands		0.2%

Subject to change daily.

At May 31, 2014, 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
$ 1,380,349,286	$ 75,974,375	$ (34,791,123)	$ 41,183,252

Level 1 — quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

The following table summarizes the inputs used to value the Fund's investments at May 31, 2014:

Description	Level 1	Level 2	Level 3	Total
(value in $000s)
Assets:
Convertible Preferred Stocks	$ 27,652	$ -	$ -	$ 27,652
Common Stocks	972,777	-	-	972,777
Preferred Stocks	66,600	-	-	66,600
Master Limited Partnerships	137,018	-	-	137,018
Closed End Funds	133,354	-	-	133,354
Investments of Collateral for Securities Loaned	84,131	-	-	84,131
Total	$ 1,421,532	$ -	$ -	$ 1,421,532

Independent pricing services are used to value a majority of the Fund’s investments. When values are not available from a pricing service, they will be determined under the valuation policies that have been reviewed and approved by the Board of Trustees. In any event, values are determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. 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.

During the nine months ended May 31, 2014, there were no transfers between levels.

RYJ Guggenheim Raymond James SB-1 Equity ETF
Portfolio of Investments
May 31, 2014 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 100.0%
		Common Stocks - 97.9%
		Basic Materials - 0.7%
	15,435	Praxair, Inc.	$2,041,125

		Communications - 11.0%
	67,918	ARRIS Group, Inc.(a)	2,248,765
	218,960	Brightcove, Inc.(a)	2,073,551
	39,230	Comcast Corp., Class A	2,047,806
	36,520	Ctrip.com International Ltd., ADR (Cayman Islands)(a)	2,023,939
	66,373	DigitalGlobe, Inc.(a)	2,015,084
	10,347	Equinix, Inc.(a)	2,056,466
	84,075	Finisar Corp.(a)	1,996,781
	64,523	HomeAway, Inc.(a)	1,987,309
	267,877	Iridium Communications, Inc.(a)	2,121,586
	102,547	KVH Industries, Inc.(a)	1,392,588
	151,007	Premiere Global Services, Inc.(a)	1,964,601
	1,711	Priceline Group, Inc.(a)	2,187,736
	224,325	RF Micro Devices, Inc.(a)	2,110,898
	19,977	SBA Communications Corp., Class A(a)	2,027,666
	62,174	Ubiquiti Networks, Inc.(a)	2,173,603
	48,658	Webmd Health Corp.(a)	2,082,562
			32,510,941

		Consumer, Cyclical - 22.0%
	16,434	Advance Auto Parts, Inc.	2,040,610
	3,766	AutoZone, Inc.(a)	2,005,395
	33,013	Bed Bath & Beyond, Inc.(a)	2,008,841
	95,289	Bloomin' Brands, Inc.(a)	1,985,823
	259,927	Callaway Golf Co.	2,084,615
	309,913	Carrols Restaurant Group, Inc.(a)	2,178,688
	66,925	Cinemark Holdings, Inc.	2,109,476
	14,878	Copa Holdings SA, Class A (Panama)	2,126,513
	64,401	Culp, Inc.	1,187,554
	25,570	DineEquity, Inc.	2,030,002
	195,197	Dixie Group, Inc.(a)	2,293,565
	40,309	Dollar Tree, Inc.(a)	2,137,586
	86,161	Ethan Allen Interiors, Inc.	2,019,614
	54,445	Fiesta Restaurant Group, Inc.(a)	2,192,500
	27,944	Harley-Davidson, Inc.	1,990,731
	19,033	Harman International Industries, Inc.	1,999,036
	76,478	Ingram Micro, Inc., Class A(a)	2,123,794
	61,397	iRobot Corp.(a) (b)	2,169,156
	83,240	La-Z-Boy, Inc.	2,032,721
	102,463	Malibu Boats, Inc., Class A(a)	2,030,817
	69,035	Newell Rubbermaid, Inc.	2,021,345
	13,754	O'Reilly Automotive, Inc.(a)	2,034,904
	116,575	Pier 1 Imports, Inc.	2,052,886
	15,766	Polaris Industries, Inc.	2,032,553
	28,056	Red Robin Gourmet Burgers(a)	2,022,276
	103,784	Regal Entertainment Group, Class A	2,024,826
	108,830	Select Comfort Corp.(a)	2,017,708
	124,965	Steelcase, Inc., Class A	2,048,176
	37,766	Tempur Sealy International(a)	2,075,619
	82,694	Texas Roadhouse, Inc.	2,090,504
	58,799	Toll Brothers, Inc.(a)	2,129,700
	106,191	WCI Communities, Inc.(a)	1,966,657
			65,264,191

		Consumer, Non-cyclical - 8.4%
	57,228	Alere, Inc.(a)	2,047,046
	87,394	Capital Senior Living Corp.(a)	2,074,734
	46,858	CareFusion Corp.(a)	2,011,614
	118,496	Carriage Services, Inc.	2,176,771
	28,170	Covidien PLC (Ireland)	2,059,509
	10,992	McKesson Corp.	2,084,523
	143,785	Merit Medical Systems, Inc.(a)	2,017,303
	110,743	Paylocity Holding Corp.(a)	2,156,166
	39,779	Quintiles Transnational Holdings, Inc.(a)	2,027,933
	104,755	Service Corp. International	2,097,195
	25,920	UnitedHealth Group, Inc.	2,064,010
	92,193	Xoom Corp.(a)	2,046,685
			24,863,489

		Energy - 5.4%
	32,246	Antero Resources Corp.(a)	1,983,129
	28,930	Baker Hughes, Inc.	2,040,143
	31,564	Cameron International Corp.(a)	2,018,518
	16,224	Chevron Corp.	1,992,145
	92,151	Energy XXI Bermuda Ltd. (Bermuda)	1,976,639
	31,889	Halliburton Co.	2,061,305
	73,332	LinnCo, LLC	2,040,096
	60,951	Superior Energy Services, Inc.	2,022,964
			16,134,939

		Financial - 23.5%
	34,482	Allstate Corp.	2,008,921
	110,927	American Residential Properties, Inc., REIT(a)	2,029,964
	22,793	American Tower Corp., REIT	2,042,937
	35,205	Bank of The Ozarks, Inc.	2,078,503
	42,997	Citigroup, Inc.	2,045,367
	141,364	CM Finance, Inc.	1,976,269
	13,558	ConnectOne Bancorp, Inc.(a)	651,597
	26,311	Crown Castle International Corp., REIT	2,018,843
	91,774	CyrusOne, Inc., REIT	2,099,789
	107,839	EverBank Financial Corp.	2,054,333
	116,711	Fidus Investment Corp.(b)	2,145,148
	100,185	Health Insurance Innovations, Inc., Class A(a) (b)	1,007,861
	37,222	JPMorgan Chase & Co.	2,068,427
	169,365	Lakeland Bancorp, Inc.	1,758,009
	56,505	Lakeland Financial Corp.	2,044,351
	41,906	Lincoln National Corp.	2,009,812
	122,013	Manning & Napier, Inc.	2,085,202
	46,667	Meta Financial Group, Inc.	1,748,612
	55,495	NASDAQ OMX Group, Inc.	2,103,261
	132,791	New York Community Bancorp, Inc.(b)	2,029,046
	78,994	Peoples Bancorp, Inc.	1,943,252
	75,560	PrivateBancorp, Inc.	2,018,208
	24,842	Prudential Financial, Inc.	2,041,019
	199,449	Regions Financial Corp.	2,032,385
	39,236	Silvercrest Asset Management Group, Inc., Class A	683,099
	35,647	South State Corp.(a)	2,098,539
	26,440	Sovran Self Storage, Inc., REIT	2,030,592
	18,924	SVB Financial Group(a)	1,995,536
	151,688	Talmer Bancorp, Inc., Class A(a)	2,058,406
	88,624	Trico Bancshares	2,028,603
	130,723	United Community Banks, Inc.	2,005,291
	48,882	US Bancorp	2,062,332
	97,502	VantageSouth Bancshares, Inc.(a) (b)	593,787
	40,556	Wells Fargo & Co.	2,059,434
	66,593	Weyerhaeuser Co., REIT	2,092,352
	46,405	Wintrust Financial Corp.	2,022,330
	106,599	Yadkin Financial Corp.(a)	2,009,391
			69,780,808

		Industrial - 12.1%
	108,361	Advanced Energy Industries, Inc.(a)	2,120,625
	109,778	Applied Optoelectronics, Inc.(a)	2,350,347
	49,373	ArcBest Corp.	2,111,683
	120,050	Control4 Corp.(a) (b)	2,037,248
	107,723	Covanta Holding Corp.	2,056,432
	14,487	FedEx Corp.	2,088,446
	59,616	FLIR Systems, Inc.	2,081,195
	21,001	Genesee & Wyoming, Inc., Class A(a)	2,044,447
	44,478	Hub Group, Inc., Class A(a)	2,091,800
	88,005	Knight Transportation, Inc.	2,144,682
	89,213	Marten Transport Ltd.	2,149,141
	96,385	Masco Corp.	2,053,001
	242,410	PGT, Inc.(a)	2,087,150
	77,928	Progressive Waste Solutions Ltd. (Canada)	2,018,335
	24,367	Ryder System, Inc.	2,114,812
	89,134	Swift Transportation Co.(a)	2,206,958
	10,318	Union Pacific Corp.	2,056,068
			35,812,370

		Technology - 14.1%
	61,043	Altera Corp.	2,022,355
	39,244	Analog Devices, Inc.	2,055,601
	230,221	Applied Micro Circuits Corp.(a)	2,071,989
	59,687	Benefitfocus, Inc.(a) (b)	2,210,806
	68,193	Bottomline Technologies de, Inc.(a)	1,965,322
	76,334	EMC Corp.	2,027,431
	78,109	International Rectifier Corp.(a)	2,094,883
	26,003	Intuit, Inc.	2,061,778
	60,640	Maxim Integrated Products, Inc.	2,076,920
	74,636	Micron Technology, Inc.(a)	2,133,843
	85,611	Microsemi Corp.(a)	2,082,916
	110,440	NVIDIA Corp.	2,098,360
	33,347	NXP Semiconductor NV (Netherlands)(a)	2,070,849
	40,136	salesforce.com, Inc.(a)	2,112,358
	21,726	SanDisk Corp.	2,099,383
	41,646	ServiceNow, Inc.(a)	2,178,502
	48,822	Skyworks Solutions, Inc.	2,114,481
	66,090	Synchronoss Technologies, Inc.(a)	2,098,357
	137,129	Tangoe, Inc.(a)	2,051,450
	21,209	VMware, Inc., Class A(a)	2,046,669
			41,674,253

		Utilities - 0.7%
	109,242	EnerNOC, Inc.(a)	2,096,354

		Total Common Stocks - 97.9%
		(Cost $267,032,748)	290,178,470

		Master Limited Partnerships - 2.1%
		Energy - 1.4%
	27,485	Enterprise Products Partners, LP	2,056,428
	90,699	Memorial Production Partners, LP	2,028,936
			4,085,364

		Financial - 0.7%
	40,466	Lazard Ltd., Class A (Bermuda)	2,043,533

		Total Master Limited Partnerships - 2.1%
		(Cost $4,833,711)	6,128,897

		Total Long-Term Investments - 100%
		(Cost $271,866,549)	296,307,367

	Number
	of Shares	Description	Value
		Investments of Collateral for Securities Loaned - 2.6%
	7,624,953	BNY Mellon Securities Lending Overnight Fund, 0.1251%(b) (c)	$7,624,953
		(Cost $7,624,953)

		Total Investments - 102.6%
		(Cost $279,491,412)	303,932,320
		Liabilities in excess of Other Assets - (2.6%)	(7,733,780)
		Net Assets - 100.0%	$ 296,198,540

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

(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at May 31, 2014.
(b)		At May 31, 2014, the total market value of the Fund's securities on loan was $7,423,292 and the total market value of the collateral held by the Fund was $7,624,953.
(c)		Interest rate shown reflects yield as of May 31, 2014.

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

	% of Long-Term
Country Breakdown	Investments
United States	95.2%
Bermuda	1.3%
Panama	0.7%
Netherlands	0.7%
Ireland	0.7%
Cayman Islands	0.7%
Canada	0.7%

Subject to change daily.

See previously submitted notes to financial statements for the period ended February 28, 2014.

At May 31, 2014, 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
$ 281,221,978	$ 29,735,772	$ (7,025,430)	$ 22,710,342

Level 1 — quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

The following table summarizes the inputs used to value the Fund's investments at May 31, 2014:

Description	Level 1	Level 2	Level 3	Total
(value in $000s)
Assets:
Common Stocks	$ 290,178	$ -	$ -	$ 290,178
Master Limited Partnerships	6,129	-	-	6,129
Investments of Collateral for Securities Loaned	7,625	-	-	7,625
Total	$ 303,932	$ -	$ -	$ 303,932

During the nine months ended May 31, 2014, there were no transfers between levels.

CSD Guggenheim Spin-Off ETF
Portfolio of Investments
May 31, 2014 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 99.9%
		Common Stocks - 94.8%
		Basic Materials - 2.9%
	$ 580,157	NovaCopper, Inc. (Canada)(a)	$ 562,753
	2,057,799	Sibanye Gold Ltd., ADR (South Africa)	20,207,586
			20,770,339

		Communications - 17.6%
	468,909	AMC Networks, Inc., Class A(a)	29,016,089
	201,754	Liberty Media Corp.(a)	25,648,986
	230,739	Lumos Networks Corp.	3,479,544
	1,069,595	Starz(a)	32,729,607
	347,872	TripAdvisor, Inc.(a)	33,802,722
			124,676,948

		Consumer, Cyclical - 8.4%
	803,549	CST Brands, Inc.	26,573,365
	275,880	Fiesta Restaurant Group, Inc.(a)	11,109,688
	384,084	Marriott Vacations Worldwide Corp.(a)	21,758,359
			59,441,412

		Consumer, Non-cyclical - 22.9%
	597,994	AbbVie, Inc.	32,489,014
	730,395	Adt Corp.	23,518,719
	565,063	Kraft Foods Group, Inc.	33,598,646
	482,351	Post Holdings, Inc.(a)	24,103,080
	239,187	Prothena Corp. PLC (Ireland)(a)	4,979,873
	1,384,645	Whitewave Foods Co., Class A(a)	43,602,471
			162,291,803

		Energy - 16.4%
	354,883	Marathon Petroleum Corp.	31,722,991
	426,744	Phillips 66	36,183,624
	747,841	SunCoke Energy, Inc.(a)	15,016,647
	1,598,066	WPX Energy, Inc.(a)	33,847,038
			116,770,300

		Financial - 10.5%
	25,256	Altisource Asset Management Corp. (U.S. Virgin Islands)(a)	24,830,689
	563,484	Altisource Residential Corp., REIT	15,715,569
	2,803,948	New Residential Investment Corp., REIT	17,777,030
	605,598	Rouse Properties, Inc., REIT	9,883,359
	413,866	Silver Bay Realty Trust Corp., REIT	6,568,054
			74,774,701

		Industrial - 15.9%
	216,494	Era Group, Inc.(a)	6,325,955
	1,736,065	Exelis, Inc.	29,651,990
	712,036	Fortune Brands Home & Security, Inc.	28,467,199
	184,290	Hyster-Yale Materials	15,495,103
	880,879	Xylem, Inc.	32,856,787
			112,797,034

		Utilities - 0.2%
	210,810	Genie Energy Ltd., Class B(a)	1,652,750

		Total Common Stocks - 94.8%
		(Cost $633,811,337)	673,175,287

		Master Limited Partnerships - 5.1%
		Energy - 2.6%
	946,181	Atlas Resources Partners, LP	18,743,846

		Financial - 2.5%
	873,583	Brookfield Property Partners, LP (Bermuda)	17,497,867

		Total Master Limited Partnerships - 5.1%
		(Cost $36,087,985)	36,241,713

		Total Long-Term Investments - 99.9%
		(Cost $669,899,322)	709,417,000

	Number
	of Shares	Description	Value
		Investments of Collateral for Securities Loaned - 3.3%
	23,506,519	BNY Mellon Securities Lending Overnight Fund, 0.1251%(c) (d)	23,506,519
		(Cost $23,506,519)

		Total Investments - 103.2%
		(Cost $693,405,841)	732,923,519
		Liabilities in excess of Other Assets - (3.2%)	(22,507,853)
		Net Assets - 100.0%	$ 710,415,666

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

(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at May 31, 2014.
(c)		At May 31, 2014, the total market value of the Fund's securities on loan was $23,787,352 and the total market value of the collateral held by the Fund was $24,278,147, consisting of cash collateral of $23,506,519 and U.S. Government and Agency securities valued at $771,628.
(d)		Interest rate shown reflects yield as of May 31, 2014.

	% of Long-Term
Country Breakdown	Investments
United States	90.4%
U.S. Virgin Islands	3.5%
South Africa	2.8%
Bermuda	2.5%
Ireland	0.7%
Canada	0.1%

Subject to change daily.

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

See previously submitted notes to financial statements for the period ended February 28, 2014.

At May 31, 2014, 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
$ 693,807,986	$ 63,273,653	$ (24,158,120)	$ 39,115,533

Investments for which market quotations are not readily available are fair valued as determined in good faith by the GFIA, subject to review by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” 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).

Level 1 — quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

The following table summarizes the inputs used to value the Fund's investments at May 31, 2014:

Description	Level 1	Level 2	Level 3	Total
(value in $000s)
Assets:
Common Stocks	$ 673,175	$ -	$ -	$ 673,175
Master Limited Partnerships	36,242	-	-	36,242
Investments of Collateral for Securities Loaned	23,507	-	-	23,507
Total	$ 732,924	$ -	$ -	$ 732,924

During the nine months ended May 31, 2014, there were no transfers between levels.

WMCR Wilshire Micro-Cap ETF
Portfolio of Investments
May 31, 2014 (unaudited)

	Number
	of Shares	Description	Value
		Common Stocks - 99.3%
		Basic Materials - 2.1%
	8,364	Charles & Colvard Ltd. (a)	$18,652
	10,764	Codexis, Inc.(a)	15,393
	3,513	Friedman Industries, Inc.	28,947
	33,434	General Moly, Inc.(a)	34,103
	24,413	General Steel Holdings, Inc.(a)	22,094
	17,917	Golden Minerals Co.(a)	10,584
	185	Ikonics Corp.(a) (b)	4,812
	4,333	KMG Chemicals, Inc.	69,761
	10,653	Landec Corp.(a)	127,943
	45,365	Midway Gold Corp. (Canada) (a)	37,653
	19,800	Mines Management, Inc.(a) (b)	19,404
	1,480	Northern Technologies International Corp.(a)	31,302
	2,866	Oil-Dri Corp. of America	93,489
	3,405	Orchids Paper Products Co.	102,661
	4,642	Penford Corp.(a)	55,611
	19,364	Rare Element Resources Ltd. (Canada) (a) (b)	25,173
	3,323	Shiloh Industries, Inc.(a)	60,113
	45,656	Silver Bull Resources, Inc.(a)	12,555
	10,690	Solitario Exploration & Royalty Corp.(a)	12,828
	19,586	U.S. Antimony Corp.(a)	32,904
	3,326	Universal Stainless & Alloy Products, Inc.(a)	100,246
	36,990	Uranerz Energy Corp.(a)	58,074
	37,039	Uranium Energy Corp.(a) (b)	64,818
	10,799	Uranium Resources, Inc.(a)	28,833
	18,329	Verso Paper Corp.(a)	45,639
	41,957	Vista Gold Corp. (Canada) (a)	16,363
	5,255	Xerium Technologies, Inc.(a)	72,414
			1,202,369

		Communications - 7.4%
	7,849	AH Belo Corp., Class A	92,461
	19,826	Alaska Communications Systems Group, Inc. (a)	35,687
	6,272	Alliance Fiber Optic Products, Inc.(b)	127,196
	4,619	Alteva, Inc. (b)	33,026
	4,960	Autobytel, Inc.(a)	64,480
	24,036	Aviat Networks, Inc.(a)	25,478
	6,361	Aware, Inc.(a)	36,449
	5,983	Bridgeline Digital, Inc.(a)	4,859
	1,981	Brightcove, Inc.(a)	18,760
	1,278	BroadVision, Inc.(a)	12,256
	5,252	Chegg, Inc. (a) (b)	29,254
	6,623	Chyronhego Corp. (a)	13,643
	22,787	Cinedigm Corp.(a)	55,600
	7,028	Clearfield, Inc.(a)	119,476
	4,531	ClearOne, Inc.(a)	44,812
	2,537	Communications Systems, Inc.	28,795
	1,890	Covisint Corp. (a) (b)	9,563
	6,097	Crexendo, Inc. (a)	19,266
	7,427	Cyan, Inc. (a) (b)	27,554
	7,226	DEX Media, Inc.(a) (b)	71,682
	3,968	eGain Communications Corp.(a)	26,070
	15,753	Emmis Communications Corp., Class A(a)	43,951
	24,672	Entravision Communications Corp., Class A	132,242
	7,447	Enventis Corp.	101,726
	2,165	Envivio, Inc.(a)	4,806
	2,402	ePlus, Inc.(a)	136,217
	8,980	FAB Universal Corp.(a) (b) (c)	15,535
	12,190	FairPoint Communications, Inc.(a) (b)	171,879
	2,610	Globalscape, Inc.	5,872
	19,739	Gray Television, Inc. (a)	225,814
	4,973	Hawaiian Telcom Holdco, Inc.(a)	138,896
	3,780	HC2 Holdings, Inc.	15,309
	3,730	Hemisphere Media Group, Inc. (a) (b)	42,373
	10,231	Hollywood Media Corp.(a)	13,147
	6,405	ID Systems, Inc.(a)	26,773
	3,359	Internet Patents Corp.(a)	10,883
	8,051	Inuvo, Inc.(a)	6,843
	33,124	Ipass, Inc.(a)	42,730
	5,780	KVH Industries, Inc.(a)	78,492
	2,980	Lantronix, Inc.(a)	5,900
	31,249	Lee Enterprises, Inc.(a)(b)	127,496
	4,614	Lightpath Technologies, Inc., Class A(a)	6,321
	13,928	Local Corp.(a)	24,374
	2,977	Marin Software, Inc.(a)(b)	29,770
	17,806	MeetMe, Inc.(a)(b)	36,502
	8,028	Meru Networks, Inc.(a)(b)	28,740
	8,878	NeoPhotonics Corp.(a)	41,371
	15,981	Novatel Wireless, Inc.(a)	27,008
	8,015	NTN Buzztime, Inc.(a)	4,240
	6,077	Numerex Corp., Class A(a)	68,731
	35,846	Oclaro, Inc.(a)	75,994
	9,552	Onstream Media Corp.(a)	2,158
	5,807	Onvia, Inc.(a) (b)	25,899
	5,807	Optical Cable Corp.	21,341
	18,966	ORBCOMM, Inc.(a)	121,003
	42,791	Parkervision, Inc.(a) (b)	209,248
	8,627	PC-Tel, Inc.	60,389
	818	Preformed Line Products Co.	42,888
	10,890	Radio One, Inc., Class D(a)	48,460
	2,484	Reis, Inc.	45,830
	6,776	RELM Wireless Corp.(a)	26,013
	1,760	Remark Media, Inc.(a) (b)	10,701
	7,520	RF Industries Ltd.	41,962
	2,140	Saga Communications, Inc., Class A	98,847
	6,638	Salem Communications Corp., Class A	56,689
	5,923	Spanish Broadcasting System, Inc., Class A(a) (b)	35,183
	5,698	Spark Networks, Inc.(a) (b)	26,040
	4,287	Straight Path Communications, Inc.(a)	40,598
	24,082	support.com, Inc.(a)	55,389
	37,413	Sycamore Networks, Inc.(a)	21,325
	4,602	Synacor, Inc.(a)	10,447
	18,823	TeleCommunication Systems, Inc., Class A(a)	59,669
	2,779	Tessco Technologies, Inc.	84,787
	2,100	Textura Corp.(a) (b)	43,953
	18,709	TheStreet, Inc.	48,456
	2,890	TigerLogic Corp.(a)	3,584
	29,979	Towerstream Corp.(a)	58,159
	1,590	Tremor Video, Inc.(a) (b)	6,519
	10,423	UniTek Global Services, Inc.(a)	6,671
	10,335	US Auto Parts Network, Inc.(a)	37,309
	7,264	UTStarcom Holdings Corp. (Cayman Islands) (a)	18,814
	20,363	ValueVision Media, Inc., Class A(a)	90,819
	9,156	Vitacost.com, Inc.(a)	60,613
	23,904	Westell Technologies, Inc., Class A(a)	58,804
	3,007	Wireless Telecom Group, Inc.(a)	7,367
	3,918	WPCS International, Inc.(a)	2,312
	1,413	YuMe, Inc.(a) (b)	7,418
	10,507	Zhone Technologies, Inc.(a) (b)	32,572
	36,532	Zix Corp.(a)	120,556
			4,335,094

		Consumer, Cyclical - 10.1%
	1,966	Ambassadors Group, Inc. (a)	7,982
	26,644	American Apparel, Inc.(a)	17,052
	1,128	Ark Restaurants Corp.	25,188
	3,780	Bassett Furniture Industries, Inc.	51,295
	11,045	Beazer Homes USA, Inc.(a)	216,151
	12,592	Black Diamond, Inc.(a)	135,742
	34,417	BlueLinx Holdings, Inc.(a)	44,742
	5,938	Bon-Ton Stores, Inc.	60,805
	4,091	Books-A-Million, Inc.(a)	8,959
	8,059	Build-A-Bear Workshop, Inc.(a)	113,310
	5,414	Cache, Inc.(a)	9,637
	7,518	Carrols Restaurant Group, Inc.(a)	52,852
	27,290	Castle Brands, Inc.(a)	26,471
	8,870	Century Casinos, Inc.(a)	54,462
	4,026	Cherokee, Inc.	54,109
	14,440	Christopher & Banks Corp. (a)	98,481
	2,027	Chuy's Holdings, Inc.(a)	66,222
	5,812	Cobra Electronics Corp.(a)	18,657
	10,455	Cosi, Inc. (a) (b)	13,069
	4,971	Crown Crafts, Inc.	41,458
	1,612	CST Brands, Inc.	53,309
	4,245	Culp, Inc.	78,278
	2,337	Del Frisco's Restaurant Group, Inc.(a)	63,122
	29,868	Delia*s, Inc.(a)	20,531
	2,867	Delta Apparel, Inc. (a)	42,575
	21,499	Destination XL Group, Inc.(a)	113,730
	1,449	Digital Cinema Destinations Corp. (a) (b)	8,375
	2,428	Diversified Restaurant Holdings, Inc.(a)	10,926
	4,207	Dixie Group, Inc. (a)	49,432
	8,545	Douglas Dynamics, Inc.	149,281
	7,261	Dover Downs Gaming & Entertainment, Inc.	10,311
	6,141	Dover Motorsports, Inc.(a)	16,704
	4,400	Educational Development Corp.	16,720
	4,779	Empire Resorts, Inc. (a) (b)	30,108
	3,129	Escalade, Inc.	50,001
	6,652	EveryWare Global, Inc. (a) (b)	7,317
	4,572	Famous Dave's of America, Inc.(a)	146,624
	2,424	Flexsteel Industries, Inc.	80,671
	8,716	Forward Industries, Inc. (a)	11,679
	1,637	Frisch's Restaurants, Inc.	38,158
	11,461	Full House Resorts, Inc.(a)	16,962
	3,802	Gaiam, Inc., Class A(a)	27,907
	1,762	Gaming Partners International Corp.(a)	14,713
	3,891	Gordmans Stores, Inc. (b)	16,731
	6,270	Granite City Food & Brewery Ltd.(a)	9,750
	4,619	Hooker Furniture Corp.	66,052
	3,388	Ignite Restaurant Group, Inc.(a) (b)	52,006
	2,193	Infosonics Corp.(a)	5,219
	2,720	Installed Building Products, Inc.(a)	36,883
	7,861	Jamba, Inc.(a)	84,191
	38,322	Joe's Jeans, Inc.(a)	38,322
	3,482	Johnson Outdoors, Inc., Class A	86,876
	3,636	Kona Grill, Inc.(a)	71,157
	4,245	Lakeland Industries, Inc.(a)	32,559
	8,956	Lakes Entertainment, Inc.(a)	44,332
	10,445	Libbey, Inc.(a)	281,493
	4,726	Lifetime Brands, Inc.	74,245
	9,912	Luby's, Inc.(a)	49,857
	2,564	Malibu Boats, Inc.(a)	50,818
	9,891	MarineMax, Inc.(a)	158,948
	3,901	Miller Industries, Inc.	79,229
	3,764	Monarch Casino & Resort, Inc.(a)	61,617
	6,581	Motorcar Parts of America, Inc.(a)	156,759
	9,678	MTR Gaming Group, Inc.(a)	47,422
	1,390	Nathan's Famous, Inc.(a)	68,277
	14,985	Nautilus, Inc.(a)	162,288
	2,602	New Home Co., Inc.(a)	32,005
	3,154	Norcraft Cos., Inc.(a)	52,356
	10,217	PC Connection, Inc.	213,842
	5,923	PCM, Inc.(a)	58,993
	6,934	Pizza Inn Holdings, Inc.(a) (b)	41,951
	8,003	Reading International, Inc., Class A(a)	70,506
	6,433	Red Lion Hotels Corp.(a)	37,569
	5,744	RG Barry Corp.	108,447
	4,857	Rick's Cabaret International, Inc.(a)	50,998
	3,450	Rocky Brands, Inc.	49,439
	14,222	Ruth's Hospitality Group, Inc.	174,220
	3,065	Skyline Corp.(a)	14,160
	14,598	Spartan Motors, Inc.	72,114
	21,926	Speed Commerce, Inc.(a)	79,153
	7,549	Stanley Furniture Co., Inc.(a)	20,307
	1,090	Strattec Security Corp.	71,940
	432	Superior Uniform Group, Inc.	6,696
	8,032	Supreme Industries, Inc., Class A(a)	46,666
	2,649	Tandy Leather Factory, Inc.(a)	24,636
	10,887	Town Sports International Holdings, Inc.	66,084
	5,835	Trans World Entertainment Corp.	20,364
	16,237	Tuesday Morning Corp.(a)	262,390
	2,787	UCP, Inc.(a)	36,900
	9,247	Unifi, Inc.(a)	215,270
	6,778	Virco Manufacturing Corp.(a)	14,166
	2,620	WCI Communities, Inc.(a)	48,522
	6,962	West Marine, Inc.(a)	69,968
	992	Winmark Corp.	65,760
			5,934,531

		Consumer, Non-cyclical - 25.4%
	4,318	Aastrom Biosciences, Inc. (a) (b)	21,806
	5,409	Accelerate Diagnostics, Inc. (a) (b)	128,896
	11,515	AcelRx Pharmaceuticals, Inc. (a) (b)	105,938
	1,769	Acme United Corp.	28,852
	7,144	Acura Pharmaceuticals, Inc.(a)	7,644
	4,343	Adamis Pharmaceuticals Corp. (a) (b)	24,560
	5,575	Adcare Health Systems, Inc. (a) (b)	22,913
	4,708	Addus HomeCare Corp.(a)	107,154
	2,271	Advaxis, Inc.(a)	6,177
	3,467	Aerie Pharmaceuticals, Inc.(a)	54,328
	13,617	Affymax, Inc.(a)	9,532
	28,392	Agenus, Inc.(a)	85,744
	7,930	Alexza Pharmaceuticals, Inc.(a)	35,764
	1,143	Alico, Inc.	42,851
	4,969	Alimera Sciences, Inc. (a) (b)	29,665
	4,995	Alliance HealthCare Services, Inc.(a)	149,450
	30,803	Alphatec Holdings, Inc.(a)	46,205
	4,518	Ambit Biosciences Corp.(a)	31,219
	1,009	Amedica Corp.(a)	6,044
	3,303	American Caresource Holdings, Inc.(a)	9,248
	3,742	American Shared Hospital Services (a)	9,355
	18,389	Amicus Therapeutics, Inc.(a)	43,582
	21,717	Ampio Pharmaceuticals, Inc. (a) (b)	164,832
	5,170	Ani Pharmaceuticals, Inc.(a)	164,665
	6,059	Anika Therapeutics, Inc.(a)	283,743
	7,832	Anthera Pharmaceuticals, Inc.(a)	24,201
	17,093	Apricus Biosciences, Inc.(a)	40,169
	2,699	Aratana Therapeutics, Inc. (a) (b)	37,948
	10,097	Arca Biopharma, Inc.(a)	14,843
	2,056	Argos Therapeutics, Inc. (a) (b)	16,530
	21,965	Arqule, Inc.(a)	31,410
	12,016	AtriCure, Inc.(a)	198,504
	700	Atrion Corp.	220,780
	3,093	Auspex Pharmaceuticals, Inc.(a)	65,417
	5,430	Avalon Holdings Corp., Class A (a) (b)	22,317
	25,271	AVEO Pharmaceuticals, Inc.(a)	28,051
	4,571	AxoGen, Inc.(a)	11,519
	2,964	Barrett Business Services, Inc.	139,782
	10,456	Baxano Surgical, Inc.(a)	6,901
	7,144	BG Medicine, Inc.(a)	7,215
	1,682	BIND Therapeutics, Inc. (a) (b)	14,297
	23,919	BioCryst Pharmaceuticals, Inc.(a)	238,233
	8,003	Biodel, Inc. (a) (b)	17,046
	14,437	BioDelivery Sciences International, Inc. (a) (b)	138,162
	17,738	Biolase, Inc. (a) (b)	33,170
	2,707	Biospecifics Technologies Corp.(a)	73,035
	14,231	Biota Pharmaceuticals, Inc.(a)	38,281
	12,000	BioTelemetry, Inc.(a)	88,080
	19,946	BioTime, Inc. (a) (b)	57,644
	7,137	Bovie Medical Corp. (a) (b)	34,258
	12,800	BSD Medical Corp.(a)	13,312
	7,971	Cadiz, Inc. (a) (b)	64,804
	553	Cancer Genetics, Inc.(a)	5,663
	4,240	Cara Therapeutics, Inc. (a) (b)	58,427
	18,590	Cardica, Inc.(a)	17,475
	4,057	Cardium Therapeutics, Inc.(a)	1,866
	4,670	Care.Com, Inc. (a) (b)	50,156
	7,658	Carriage Services, Inc.	140,677
	3,030	CAS Medical Systems, Inc.(a)	6,424
	19,518	Catalyst Pharmaceutical Partners, Inc.(a)	42,940
	2,845	CCA Industries, Inc.	9,047
	62,895	Cell Therapeutics, Inc. (a) (b)	184,911
	2,039	Celladon Corp. (a) (b)	18,208
	3,369	Cellular Dynamics International, Inc. (a) (b)	38,036
	28,211	Cel-Sci Corp.(a)	31,032
	7,859	Celsion Corp. (a) (b)	25,463
	18,976	Ceres, Inc.(a)	12,391
	28,626	Cerus Corp. (a) (b)	119,943
	12,491	Cesca Therapeutics, Inc.(a)	21,360
	18,263	Chelsea Therapeutics International Ltd.(a)	119,257
	3,566	Chembio Diagnostics, Inc. (a) (b)	11,411
	5,166	Chimerix, Inc.(a)	95,313
	7,375	Chindex International, Inc.(a)	174,640
	25,903	Cleveland Biolabs, Inc.(a)	15,032
	2,049	Coffee Holding Co., Inc. (b)	15,531
	3,661	Collectors Universe, Inc.	75,709
	4,929	Columbia Laboratories, Inc. (a) (b)	32,876
	4,724	CombiMatrix Corp. (a) (b)	10,582
	5,519	Command Security Corp.(a)	9,934
	2,955	Conatus Pharmaceuticals, Inc.(a) (b)	18,291
	2,398	Concert Pharmaceuticals, Inc.(a)	21,198
	33,811	Corinthian Colleges, Inc.(a)	28,300
	18,259	Coronado Biosciences, Inc.(a) (b)	32,866
	4,049	Craft Brew Alliance, Inc.(a)	44,580
	8,974	Crimson Wine Group Ltd.(a)	79,420
	10,765	Cryo-Cell International, Inc.(a)	26,374
	7,072	Cumberland Pharmaceuticals, Inc.(a) (b)	32,178
	6,961	Cutera, Inc.(a)	68,705
	1,939	Cyanotech Corp.(a) (b)	9,404
	8,776	Cyclacel Pharmaceuticals, Inc.(a) (b)	28,434
	9,572	Cynosure, Inc., Class A(a)	208,478
	14,276	Cytokinetics, Inc.(a)	71,237
	30,837	Cytomedix, Inc.(a)	12,643
	29,334	Cytori Therapeutics, Inc.(a) (b)	70,695
	17,485	CytRx Corp.(a) (b)	73,087
	3,975	DARA Biosciences, Inc.(a) (b)	4,730
	3,779	Delcath Systems, Inc.(a) (b)	10,203
	9,659	Derma Sciences, Inc.(a)	98,329
	17,490	Digirad Corp.	61,740
	31,731	Discovery Laboratories, Inc.(a)	59,337
	2,049	Diversicare Healthcare Services, Inc.	13,462
	22,834	Document Security Systems, Inc. (a) (b)	31,739
	4,553	Durata Therapeutics, Inc.(a) (b)	72,484
	48,516	Durect Corp.(a)	66,467
	2,661	Eagle Pharmaceuticals, Inc.(a) (b)	31,533
	6,053	Edgewater Technology, Inc.(a)	46,850
	3,171	Egalet Corp. (a) (b)	41,984
	3,186	Eleven Biotherapeutics, Inc.(a) (b)	34,409
	4,011	Enanta Pharmaceuticals, Inc.(a) (b)	152,338
	20,206	EnteroMedics, Inc.(a)	42,837
	12,949	EntreMed, Inc.(a)	22,402
	19,540	Enzo Biochem, Inc.(a)	80,309
	17,372	Enzon Pharmaceuticals, Inc.	15,659
	2,931	Esperion Therapeutics, Inc.(a) (b)	44,727
	817	Evoke Pharma, Inc.(a) (b)	5,817
	4,862	Exactech, Inc.(a)	113,236
	3,792	Fate Therapeutics, Inc.(a)	26,506
	13,210	Female Health Co.	77,675
	6,233	Fibrocell Science, Inc.(a) (b)	18,699
	1,925	Five Prime Therapeutics, Inc.(a) (b)	25,006
	24,161	Five Star Quality Care, Inc.(a)	127,570
	2,030	Flexion Therapeutics, Inc.(a)	25,862
	2,489	Fonar Corp. (a) (b)	32,233
	6,864	Franklin Covey Co.(a)	149,292
	5,374	G Willi-Food International Ltd. (Israel) (a)(b)	34,770
	10,523	Galectin Therapeutics, Inc.(a) (b)	136,062
	52,313	Galena Biopharma, Inc.(a) (b)	120,320
	15,308	GenMark Diagnostics, Inc.(a)	168,541
	2,501	Genocea Biosciences, Inc.(a) (b)	47,419
	11,294	GenVec, Inc.(a)	28,009
	3,738	GlycoMimetics, Inc.(a)	26,764
	2,447	Golden Enterprises, Inc.	10,889
	2,341	Griffin Land & Nurseries, Inc.	65,759
	9,350	GTx, Inc. (a) (b)	15,521
	11,943	Hackett Group, Inc.	72,852
	28,078	Hansen Medical, Inc.(a)	41,275
	13,695	Harvard Bioscience, Inc.(a)	56,423
	1,060	Heat Biologics, Inc.(a) (b)	5,109
	88,569	Hemispherx Biopharma, Inc.(a)	29,493
	3,207	Heska Corp. (a)	34,668
	28,197	Hooper Holmes, Inc. (a)	20,088
	14,047	Hudson Global, Inc.(a)	55,767
	4,244	Hyperion Therapeutics, Inc.(a) (b)	124,222
	30,673	Idera Pharmaceuticals, Inc.(a) (b)	88,952
	8,561	IGI Laboratories, Inc.(a)	45,116
	25,040	ImmunoCellular Therapeutics Ltd.(a)	33,554
	11,501	Information Services Group, Inc.(a)	59,000
	6,769	InfuSystems Holdings, Inc.(a)	18,953
	13,218	Innovaro, Inc.(a)	312
	1,676	Inogen, Inc.(a) (b)	28,123
	9,050	Intersections, Inc.	40,092
	6,211	Inventure Foods, Inc.(a)	76,395
	3,601	Iridex Corp.(a)	31,473
	36,977	IsoRay, Inc.(a)(b)	86,526
	3,586	John B Sanfilippo & Son, Inc.	92,160
	18,568	Jones Soda Co.(a)	8,170
	10,472	Kalobios Pharmaceuticals, Inc.(a)	19,687
	9,170	Kips Bay Medical, Inc.(a)	4,569
	953	Learning Tree International, Inc.(a)	2,745
	3,481	LeMaitre Vascular, Inc.	26,212
	51,631	Lifevantage Corp.(a)	68,153
	5,150	Limoneira Co.(b)	120,510
	9,335	Lincoln Educational Services Corp.	35,753
	2,143	LipoScience, Inc.(a)	6,740
	4,517	Lpath, Inc., Class A(a) (b)	17,616
	5,014	Management Network Group, Inc.(a)	21,109
	662	Mannatech, Inc.(a)	9,599
	1,695	Marrone Bio Innovations, Inc.(a)(b)	18,425
	49,036	Mast Therapeutics, Inc.(a)	31,873
	6,497	Medical Action Industries, Inc.(a)	44,829
	7,408	MediciNova, Inc.(a)(b)	14,668
	4,653	MEI Pharma, Inc.(a)(b)	28,616
	29,029	MELA Sciences, Inc.(a)	10,947
	3,624	MGC Diagnostics Corp.(a)	33,051
	4,822	MGP Ingredients, Inc.	34,092
	5,674	Misonix, Inc.(a)(b)	34,044
	10,167	Myrexis, Inc.(a)	1,932
	29,198	Nanosphere, Inc.(a)	39,417
	3,052	Nanostring Technologies, Inc.(a)	45,444
	4,928	National Research Corp., Class A(a)	74,166
	4,685	Natural Alternatives International, Inc.(a)	27,688
	6,209	Nature's Sunshine Products, Inc.	91,459
	17,977	NeoGenomics, Inc.(a)	60,942
	12,186	NeoStem, Inc.(a)(b)	82,987
	767	NephroGenex, Inc.(a)	4,794
	38,257	Neuralstem, Inc.(a) (b)	164,505
	5,629	NeurogesX, Inc.(a)	28
	3,031	NeuroMetrix, Inc.(a)	5,941
	8,835	Newtek Business Services, Inc.(a)	23,943
	13,926	Northwest Biotherapeutics, Inc.(a) (b)	83,277
	19,517	Novabay Pharmaceuticals, Inc.(a)	17,179
	3,491	Nutraceutical International Corp.(a)	83,121
	2,964	Ocera Therapeutics, Inc.(a)	20,985
	3,405	Oculus Innovative Sciences, Inc.(a) (b)	11,645
	38,384	Odyssey Marine Exploration, Inc.(a) (b)	52,970
	8,010	Omega Protein Corp.(a)	115,264
	6,028	Omeros Corp.(a) (b)	70,467
	6,734	OncoGenex Pharmaceutical, Inc.(a) (b)	25,522
	3,719	Onconova Therapeutics, Inc.(a) (b)	18,037
	11,228	Opexa Therapeutics, Inc.(a)	17,853
	2,942	Oragenics, Inc.(a)	6,031
	4,105	OvaScience, Inc.(a) (b)	29,761
	4,702	OXiGENE, Inc.(a) (b)	12,507
	13,906	Palatin Technologies, Inc.(a) (b)	14,740
	5,412	PDI, Inc.(a)	27,168
	3,392	Perceptron, Inc.	38,703
	75,968	Peregrine Pharmaceuticals, Inc.(a)	140,541
	10,117	Pernix Therapeutics Holdings, Inc.(a)	71,932
	8,518	PFSweb, Inc.(a)	70,103
	30,257	PharmAthene, Inc.(a)	49,621
	9,603	Photomedex, Inc.(a) (b)	120,326
	26,308	Premier Exhibitions, Inc.(a)	23,940
	14,642	PRGX Global, Inc.(a)	93,416
	11,907	Primo Water Corp.(a)	48,342
	7,700	ProPhase Labs, Inc.(a)	14,784
	5,957	Providence Service Corp.(a)	239,471
	3,616	Psychemedics Corp.	55,072
	25,337	PURE Bioscience, Inc.(a) (b)	29,138
	6,314	QC Holdings, Inc.	13,891
	15,492	RadNet, Inc.(a)	98,529
	4,726	RCM Technologies, Inc.(a)	30,341
	1,027	Recro Pharma, Inc.(a) (b)	6,727
	5,585	Reed's, Inc.(a) (b)	26,473
	4,951	Regado Biosciences, Inc.(a) (b)	31,043
	6,248	Regulus Therapeutics, Inc.(a) (b)	42,049
	8,804	Reliv International, Inc.	16,640
	15,448	Repligen Corp.(a)	297,220
	11,030	Repros Therapeutics, Inc.(a) (b)	179,238
	12,778	Response Genetics, Inc.(a)	12,139
	3,585	Retractable Technologies, Inc.(a)	10,217
	1,812	Retrophin, Inc.(a) (b)	26,491
	2,622	Revance Therapeutics, Inc.(a) (b)	82,567
	72,733	Rexahn Pharmaceuticals, Inc.(a)	66,987
	17,417	Rockwell Medical Technologies, Inc.(a) (b)	196,115
	3,394	Rocky Mountain Chocolate Factory, Inc.	39,438
	2,308	Seneca Foods Corp.(a)	70,440
	17,813	Senomyx, Inc.(a) (b)	122,197
	7,282	SFX Entertainment, Inc.(a) (b)	53,304
	596	Span-America Medical Systems, Inc.	12,564
	1,773	Standard Register Co.(a) (b)	8,918
	5,064	StarTek, Inc.(a)	36,461
	22,908	StemCells, Inc.(a)	31,957
	4,267	Stemline Therapeutics, Inc.(a) (b)	64,816
	6,558	Stereotaxis, Inc.(a) (b)	23,478
	18,578	Sunesis Pharmaceuticals, Inc.(a)	95,119
	5,718	SunLink Health Systems, Inc.(a)	6,976
	8,601	Supernus Pharmaceuticals, Inc.(a) (b)	76,635
	56,378	Swisher Hygiene, Inc.(a)	20,860
	13,002	Synergetics USA, Inc.(a)	42,387
	15,693	Synergy Pharmaceuticals, Inc.(a) (b)	68,108
	16,274	Synthetic Biologics, Inc.(a) (b)	22,458
	5,814	Synutra International, Inc.(a)	32,617
	4,814	Tandem Diabetes Care, Inc.(a)	78,179
	9,003	Telik, Inc.(a)	13,054
	6,432	TETRAphase Pharmaceuticals, Inc.(a)	67,793
	1,811	Tonix Pharmaceuticals Holding Corp.(a)	17,132
	7,542	Transcept Pharmaceuticals, Inc.	24,059
	1,117	Transgenomic, Inc.(a) (b)	3,965
	2,876	Tree.com, Inc.(a)	72,907
	6,104	Trevena, Inc.(a)	26,797
	1,678	TrovaGene, Inc.(a) (b)	6,343
	1,128	United-Guardian, Inc.	36,096
	2,027	Universal Security Instruments, Inc.(a)	8,738
	13,827	Uroplasty, Inc.(a)	40,237
	5,834	US Physical Therapy, Inc.	195,614
	492	USMD Holdings, Inc.(a) (b)	6,012
	1,148	Utah Medical Products, Inc.	62,922
	8,158	Vascular Solutions, Inc.(a)	167,076
	12,652	Venaxis, Inc.(a)	26,316
	10,569	Ventrus Biosciences, Inc.(a)	13,317
	3,216	Veracyte, Inc.(a)	48,948
	4,444	Verastem, Inc.(a) (b)	41,240
	13,494	Vermillion, Inc.(a) (b)	36,501
	6,756	Versar, Inc.(a)	22,768
	29,223	Vical, Inc.(a)	35,068
	12,294	Vision-Sciences, Inc.(a)	14,138
	6,645	Willamette Valley Vineyards, Inc.(a) (b)	35,883
	7,627	Xencor, Inc.(a) (b)	67,118
	36,555	XOMA Corp.(a)	151,338
	17,299	Zalicus, Inc.(a)	18,856
	53,014	Zogenix, Inc.(a)	121,932
			14,936,629

		Diversified - 0.1%
	8,828	Resource America, Inc., Class A	75,567

		Energy - 4.9%
	1,115	Adams Resources & Energy, Inc.	70,501
	2,115	Apco Oil & Gas International (Cayman Islands) (a)	29,737
	8,733	Arabian American Development Co.(a)	91,260
	8,429	Ascent Solar Technologies, Inc.(a)	3,372
	4,727	Barnwell Industries, Inc. (a)	14,512
	2,227	BioFuel Energy Corp.(a)	12,204
	4,815	Bolt Technology Corp.	86,863
	20,121	Callon Petroleum Co.(a)	212,277
	26,670	Emerald Oil, Inc.(a) (b)	173,355
	12,076	Enphase Energy, Inc.(a) (b)	102,042
	13,021	Equal Energy Ltd. (Canada)	68,621
	7,353	Escalera Resources Co.(a)	19,633
	10,897	Evolution Petroleum Corp.	122,373
	4,528	FieldPoint Petroleum Corp.(a)	24,496
	112,781	Gasco Energy, Inc.(a)	3,372
	27,547	Gastar Exploration, Inc.(a)	204,674
	23,493	Gevo, Inc.(a) (b)	21,663
	8,870	GreenHunter Energy, Inc.(a)	8,693
	27,643	Houston American Energy Corp. (a)	11,983
	9,328	Hyperdynamics Corp.(a) (b)	24,719
	463	Isramco, Inc.(a)(b)	58,894
	14,260	Lucas Energy, Inc.(a)	7,665
	26,849	Magellan Petroleum Corp.(a)	44,569
	17,293	Miller Energy Resources, Inc.(a)(b)	94,074
	5,410	Mitcham Industries, Inc.(a)	72,656
	5,326	Natural Gas Services Group, Inc.(a)	159,993
	10,154	Ocean Power Technologies, Inc.(a) (b)	25,283
	6,211	Pacific Ethanol, Inc.(a) (b)	80,929
	4,201	Panhandle Oil and Gas, Inc., Class A	230,803
	3,178	PostRock Energy Corp.(a)	4,640
	3,954	Pyramid Oil Co.(a)	21,549
	8,786	Quantum Fuel Systems Technologies Worldwide, Inc.(a) (b)	38,219
	10,515	Real Goods Solar, Inc., Class A(a) (b)	25,026
	4,483	Renewable Energy Group, Inc.(a)	44,337
	2,699	REX American Resources Corp.(a)	187,608
	5,171	Royale Energy, Inc.(a)	15,616
	10,604	Saratoga Resources, Inc.(a)	13,149
	5,265	Syntroleum Corp.(a) (b)	17,901
	27,444	Tengasco, Inc.(a)	12,020
	9,809	TGC Industries, Inc.(a)	44,435
	13,154	US Energy Corp.(a)	57,088
	4,681	Vertex Energy, Inc.(a) (b)	45,921
	6,961	Westmoreland Coal Co.(a)	212,102
	48,796	ZaZa Energy Corp.(a)	34,162
	16,939	Zion Oil & Gas, Inc.(a) (b)	32,353
			2,887,342

		Financial - 29.9%
	3,494	Access National Corp.	52,270
	5,569	Agree Realty Corp., REIT	171,748
	4,641	American National Bankshares, Inc.	103,866
	546	American Realty Investors, Inc.(a)	3,516
	4,488	American River Bankshares (a)	40,168
	3,008	American Spectrum Realty, Inc.(c)	5,053
	8,540	Ameris Bancorp (a)	179,425
	8,407	AmeriServ Financial, Inc.	29,172
	9,716	AmREIT, Inc., REIT	172,653
	15,338	Arbor Realty Trust, Inc., REIT	111,507
	13,043	Ares Commercial Real Estate Corp., REIT	163,429
	5,547	Arlington Asset Investment Corp., Class A	153,375
	4,667	Asta Funding, Inc.(a)	39,109
	6,117	Atlanticus Holdings Corp.(a)	16,638
	1,511	Atlas Financial Holdings, Inc. (Cayman Islands) (a) (b)	22,302
	5,061	Banc of California, Inc. (b)	55,165
	3,572	Bank of Kentucky Financial Corp.	125,056
	2,801	Bank of Marin Bancorp	121,171
	2,815	Bar Harbor Bankshares	71,501
	3,566	BBX Capital Corp., Class A (a)	70,678
	1,145	BCB Bancorp, Inc.	15,457
	8,866	Bear State Financial, Inc.(a) (b)	71,726
	13,065	BNC Bancorp	221,582
	4,308	Bridge Bancorp, Inc.	106,020
	5,901	Bridge Capital Holdings(a)	133,599
	5,812	Bryn Mawr Bank Corp.	165,119
	5,812	BSB Bancorp, Inc.(a)	103,105
	1,546	C&F Financial Corp. (b)	53,894
	812	California First National Bancorp	12,391
	5,326	Cape Bancorp, Inc.	57,148
	10,561	Cascade Bancorp(a)	45,835
	4,469	CatchMark Timber Trust, Inc., REIT	59,170
	8,567	Center Bancorp, Inc.	159,004
	15,970	Centerstate Banks, Inc.	169,601
	2,823	Central Valley Community Bancorp	32,041
	1,833	Century Bancorp, Inc., Class A	61,112
	11,212	Chatham Lodging Trust, REIT	252,270
	1,351	Chemung Financial Corp.	38,801
	2,448	Cherry Hill Mortgage Investment Corp., REIT (b)	47,491
	2,759	Chicopee Bancorp, Inc.	46,903
	6,626	CIFC Corp.	57,315
	1,480	CIM Commercial Trust Corp., REIT (b)	34,144
	6,253	Citizens & Northern Corp.	116,743
	2,671	CM Finance, Inc. (b)	37,341
	7,067	CNB Financial Corp.	118,372
	2,405	Codorus Valley Bancorp, Inc.	50,721
	3,095	Colony Bankcorp, Inc. (a)	18,725
	10,856	CommunityOne Bancorp (a) (b)	104,869
	684	ConnectOne Bancorp, Inc.(a)	32,873
	3,242	Consolidated-Tomoka Land Co.	149,942
	10,056	Consumer Portfolio Services, Inc.(a)	73,811
	10,527	CorEnergy Infrastructure Trust, Inc., REIT (b)	75,689
	2,931	CU Bancorp(a)	53,813
	2,696	Customers Bancorp, Inc.(a)	51,224
	1,410	Diamond Hill Investment Group, Inc.	172,034
	3,074	Doral Financial Corp. (Puerto Rico) (a) (b)	12,081
	5,458	Eastern Virginia Bankshares, Inc. (a)	36,569
	3,836	Ellington Residential Mortgage REIT	66,555
	1,932	EMC Insurance Group, Inc.	59,660
	4,245	Enterprise Bancorp, Inc.	82,990
	7,636	Enterprise Financial Services Corp.	133,401
	8,239	ESB Financial Corp.	103,729
	1,930	ESSA Bancorp, Inc.	20,477
	2,115	Evans Bancorp, Inc.	48,645
	3,449	Farmers Capital Bank Corp. (a)	65,910
	4,531	Federal Agricultural Mortgage Corp., Class C	140,552
	6,822	Federated National Holding Co.	159,908
	7,689	Fidelity Southern Corp.	102,879
	5,761	Fidus Investment Corp.	105,887
	6,732	Financial Institutions, Inc.	155,240
	8,976	First Acceptance Corp. (a)	23,786
	5,348	First Bancorp, Inc.	86,424
	3,139	First Citizens Banc Corp.	27,466
	9,244	First Connecticut Bancorp	143,929
	4,421	First Defiance Financial Corp.	124,805
	5,813	First Financial Northwest, Inc.	64,176
	954	First Internet Bancorp	19,366
	6,535	First Marblehead Corp. (a)	27,839
	1,744	First NBC Bank Holding Co.(a)	59,122
	3,163	First Security Group, Inc. (a)	6,516
	5,299	First South Bancorp, Inc.	42,657
	4,617	First United Corp. (a)	40,353
	5,207	Firstbank Corp.	112,419
	1,422	Five Oaks Investment Corp., REIT	17,107
	3,846	Fortegra Financial Corp.(a)	27,499
	3,052	Fox Chase Bancorp, Inc.	48,985
	4,708	Franklin Financial Corp.(a)	94,066
	2,990	Full Circle Capital Corp.	23,053
	6,077	Garrison Capital, Inc. (b)	88,846
	6,758	German American Bancorp, Inc.	182,128
	8,537	Gladstone Capital Corp. (b)	84,858
	6,498	Gladstone Commercial Corp., REIT	116,769
	10,372	Gladstone Investment Corp.(a)	80,176
	1,731	Gladstone Land Corp., REIT(a)	19,353
	3,389	Gleacher & Co., Inc. (a)	39,889
	30,571	Gramercy Property Trust, Inc., REIT (b)	179,452
	10,978	GSV Capital Corp.(a) (b)	101,766
	8,974	Guaranty Bancorp	123,841
	2,428	Gyrodyne Co. of America, Inc., REIT	12,310
	8,259	Hallmark Financial Services, Inc.(a)	80,856
	670	Hamilton Bancorp, Inc./Md (a) (b)	9,078
	2,980	Hampden Bancorp, Inc.	48,306
	17,896	Harris & Harris Group, Inc. (a)	59,236
	1,290	Harvest Capital Credit Corp.	18,705
	1,215	Hawthorn Bancshares, Inc.	16,560
	4,797	HCI Group, Inc.	185,980
	1,976	Health Insurance Innovations, Inc.(a) (b)	19,879
	14,258	Heritage Commerce Corp.	114,919
	15,443	Heritage Financial Corp.(a)	243,227
	3,361	Heritage Financial Group, Inc.(a)	61,506
	14,224	Heritage Oaks Bancorp(a)	104,689
	2,809	HF Financial Corp.	38,483
	2,715	HMN Financial, Inc. (a)	30,001
	3,427	Home Bancorp, Inc.	70,768
	5,880	HomeStreet, Inc.	105,370
	3,626	HopFed Bancorp, Inc.	41,119
	3,361	Horizon Bancorp	71,421
	3,617	Horizon Technology Finance Corp.(a) (b)	49,083
	4,089	IMPAC Mortgage Holdings, Inc., REIT(a) (b)	23,553
	9,094	Imperial Holdings, Inc.(a)(b)	59,202
	3,300	Independence Holding Co.	46,992
	2,160	Independence Realty Trust, Inc., REIT	19,634
	10,150	Independent Bank Corp.	133,878
	2,115	Independent Bank Group, Inc.	98,876
	9,218	Intervest Bancshares Corp., Class A	68,398
	617	Investors Title Co.	42,462
	6,145	JAVELIN Mortgage Investment Corp., REIT	82,527
	4,007	JGWPT Holdings, Inc.(a)	42,715
	3,734	Keating Capital, Inc.	23,412
	9,968	Life Partners Holdings, Inc.	25,119
	5,874	LNB Bancorp, Inc.	64,438
	12,300	Macatawa Bank Corp.	61,500
	10,022	MainSource Financial Group, Inc.	166,866
	5,221	Manning & Napier, Inc.	89,227
	2,324	Marcus & Millichap, Inc.(a)	47,293
	3,847	Marlin Business Services Corp.	80,133
	2,421	Maui Land & Pineapple Co., Inc.(a)	19,513
	8,378	MBT Financial Corp.(a)	42,979
	9,050	Medallion Financial Corp.	122,265
	4,111	Mercantile Bank Corp.	88,099
	2,671	Merchants Bancshares, Inc.	81,332
	2,655	Meta Financial Group, Inc.	99,483
	7,243	Metro Bancorp, Inc.(a)	158,260
	4,794	MicroFinancial, Inc.	37,345
	2,986	Middleburg Financial Corp.	54,494
	5,106	MidSouth Bancorp, Inc.	96,146
	3,714	MidWestOne Financial Group, Inc.	87,613
	616	Moelis & Co.(a)(b)	19,379
	5,503	Monarch Financial Holdings, Inc.	61,854
	4,600	Monroe Capital Corp.(b)	64,032
	2,513	MutualFirst Financial, Inc.	47,747
	2,159	NASB Financial, Inc.(b)	50,046
	3,935	National Bankshares, Inc.(b)	123,952
	1,082	Naugatuck Valley Financial Corp.(a)	8,353
	3,582	New Hampshire Thrift Bancshares, Inc.	52,405
	20,082	New Mountain Finance Corp.	285,566
	33,842	New York Mortgage Trust, Inc., REIT	269,382
	12,000	NewBridge Bancorp(a)	90,000
	8,963	NGP Capital Resources Co.	57,542
	5,500	Nicholas Financial, Inc. (Canada)	80,190
	2,429	North Valley Bancorp(a)	51,835
	3,118	Northrim BanCorp, Inc.	77,015
	1,314	Norwood Financial Corp.	37,646
	697	Ocean Shore Holding Co.	10,281
	7,553	OceanFirst Financial Corp.	123,416
	2,286	OFS Capital Corp.	29,032
	3,249	Old Point Financial Corp.(b)	49,385
	10,831	Old Second Bancorp, Inc.(a)	51,014
	5,238	OmniAmerican Bancorp, Inc.	126,079
	7,155	One Liberty Properties, Inc., REIT	153,832
	3,742	Oneida Financial Corp.	47,598
	5,897	Oppenheimer Holdings, Inc., Class A	135,631
	1,886	Orchid Island Capital, Inc., REIT	24,461
	4,150	Owens Realty Mortgage, Inc., REIT	73,164
	7,607	Pacific Continental Corp.	105,129
	5,414	Pacific Mercantile Bancorp(a)	36,220
	7,474	Pacific Premier Bancorp, Inc.(a)	105,533
	470	Palmetto Bancshares, Inc.(a)	6,326
	1,224	Parke Bancorp, Inc.(a) (b)	13,733
	7,722	Patriot National Bancorp, Inc.(a)	10,116
	4,045	Peapack Gladstone Financial Corp.	80,010
	5,495	PennantPark Floating Rate Capital Ltd. (b)	76,930
	2,537	Penns Woods Bancorp, Inc.	116,880
	510	Peoples Bancorp of North Carolina, Inc.	8,706
	4,488	Peoples Bancorp, Inc.	110,405
	2,367	Phoenix Cos., Inc.(a)	113,450
	5,101	Physicians Realty Trust, REIT	70,445
	2,490	Porter Bancorp, Inc.(a)	2,241
	7,266	Preferred Apartment Communities, Inc., Class A, REIT	61,470
	6,868	Preferred Bank(a)	154,736
	1,158	Premier Financial Bancorp, Inc.	17,046
	4,089	Provident Financial Holdings, Inc.	59,290
	5,814	Pulaski Financial Corp.	64,245
	2,833	QCR Holdings, Inc.	48,529
	950	RCS Capital Corp., Class A (b)	24,700
	3,808	RE/MAX Holdings, Inc.	109,404
	1,107	Regional Management Corp.(a)	15,930
	9,836	Republic First Bancorp, Inc.(a)	49,180
	7,894	Riverview Bancorp, Inc.(a)	29,287
	220	Salisbury Bancorp, Inc.	6,655
	1,513	Saratoga Investment Corp.	22,922
	4,180	SB Financial Group, Inc.	33,942
	9,053	Seacoast Banking Corp. of Florida(a)	96,505
	5,675	Security National Financial Corp.(a)	22,019
	4,510	Shore Bancshares, Inc.(a) (b)	41,537
	3,281	SI Financial Group, Inc.	36,550
	7,441	Sierra Bancorp	117,791
	2,552	Silvercrest Asset Management Group, Inc.	44,430
	2,030	Simplicity Bancorp, Inc.	34,713
	2,561	Sotherly Hotels, Inc., REIT	18,695
	3,052	Southern National Bancorp of Virginia, Inc.	31,832
	7,739	Southwest Bancorp, Inc.	133,111
	5,323	Stellus Capital Investment Corp.	74,948
	4,797	Suffolk Bancorp(a)	108,268
	6,270	Summit Financial Group, Inc.(a)	68,124
	29,311	Sun Bancorp, Inc.(a)	110,502
	5,701	Territorial Bancorp, Inc.	117,612
	3,508	Timberland Bancorp, Inc.	37,711
	4,584	Trade Street Residential, Inc., REIT (b)	36,214
	3,534	TriplePoint Venture Growth BDC Corp.	55,201
	2,633	Tristate Capital Holdings, Inc.(a)	34,703
	13,245	U.S. Global Investors, Inc., Class A	44,106
	8,700	UMH Properties, Inc., REIT	86,304
	21,633	United Community Financial Corp./OH(a)	85,018
	4,765	United Insurance Holdings Corp.	84,102
	4,262	United Security Bancshares(a) (b)	24,080
	3,851	United Security Bancshares, Inc.(a)	31,578
	2,093	Unity Bancorp, Inc.	18,052
	14,309	Universal Insurance Holdings, Inc.	178,719
	11,646	VantageSouth Bancshares, Inc.(a) (b)	70,924
	511	WashingtonFirst Bankshares, Inc.	7,665
	8,545	West Bancorporation, Inc.	123,133
	815	Westbury Bancorp, Inc.(a)	11,638
	1,730	Wheeler Real Estate Investment Trust, Inc., REIT	7,993
	2,895	WhiteHorse Finance, Inc. (b)	40,096
	8,361	Whitestone REIT, Class B, REIT	119,395
	6,101	Yadkin Financial Corp.(a)	115,004
	3,149	ZAIS Financial Corp., REIT (b)	51,675
	11,992	ZipRealty, Inc.	38,374
			17,566,685

		Industrial - 12.0%
	23,419	Active Power, Inc.(a)	62,763
	5,349	Adept Technology, Inc.(a)	62,476
	10,558	Advanced Emissions Solutions(a)	247,163
	1,997	AEP Industries, Inc.(a)	63,644
	1,570	Air T, Inc.	18,432
	1,271	Allied Motion Technologies, Inc.	18,468
	14,902	API Technologies Corp.(a)	41,726
	985	Applied Optoelectronics, Inc.(a)	21,089
	1,216	Argan, Inc.	37,270
	7,018	Arotech Corp.(a) (b)	30,388
	2,139	Art's-Way Manufacturing Co., Inc. (b)	12,620
	4,311	Astrotech Corp.(a) (b)	12,588
	8,804	Ballantyne Strong, Inc.(a)	37,681
	1,717	Breeze-Eastern Corp. (a) (b)	17,050
	8,360	Broadwind Energy, Inc.(a)	93,130
	18,118	Casella Waste Systems, Inc., Class A(a)	99,649
	7,871	Ceco Environmental Corp.	112,713
	3,381	Chase Corp.	103,256
	1,235	Chicago Rivet & Machine Co.	41,434
	6,934	Clean Diesel Technologies, Inc.(a) (b)	17,058
	3,534	Control4 Corp.(a) (b)	59,972
	3,002	Core Molding Technologies, Inc.(a)	36,534
	6,558	Covenant Transportation Group, Inc., Class A(a)	69,777
	5,234	CPI Aerostructures, Inc.(a)	65,373
	5,475	CUI Global, Inc.(a)	45,442
	3,105	CVD Equipment Corp.(a) (b)	39,465
	1,817	CyberOptics Corp.(a)	14,699
	1,238	Digital Ally, Inc.(a) (b)	6,239
	8,012	Eagle Bulk Shipping, Inc. (Marshall Islands) (a) (b)	26,680
	2,337	Eastern Co.	36,200
	705	Ecology and Environment, Inc., Class A	7,762
	690	Elecsys Corp.(a) (b)	8,521
	8,169	Energy Focus, Inc.(a)	4,681
	6,313	ENGlobal Corp.(a)	21,527
	2,111	Erickson Air-Crane, Inc.(a) (b)	34,346
	1,278	Espey Manufacturing & Electronics Corp.	33,151
	2,376	Exone Co.(a) (b)	70,496
	2,139	Frequency Electronics, Inc. (a)	23,957
	6,463	Fuel Tech, Inc.(a)	35,805
	3,328	Gencor Industries, Inc.(a)	33,846
	4,972	Giga-Tronics, Inc.(a)	6,016
	3,438	Global Brass & Copper Holdings, Inc.	55,421
	14,660	Goldfield Corp.(a)	26,681
	5,454	Hardinge, Inc.	69,648
	4,423	Heritage-Crystal Clean, Inc.(a)	73,820
	8,541	Hudson Technologies, Inc.(a) (b)	23,146
	2,535	Hurco Cos., Inc.	70,118
	4,942	Identive Group, Inc.(a)	35,385
	5,762	IEC Electronics Corp.(a)	25,929
	2,139	Image Sensing Systems, Inc.(a)	8,962
	3,758	Innovative Solutions & Support, Inc.(a)	25,141
	5,939	Insignia Systems, Inc.(a)	19,124
	7,526	Insteel Industries, Inc.	147,735
	7,722	Integrated Electrical Services, Inc.(a)	52,201
	8,762	Intellicheck Mobilisa, Inc.(a)	7,139
	2,627	IntriCon Corp.(a)	18,363
	7,813	Iteris, Inc.(a)	13,673
	5,171	Kadant, Inc.	195,981
	910	Key Technology, Inc.(a)	10,574
	22,290	Kratos Defense & Security Solutions, Inc.(a)	189,688
	5,257	Lawson Products, Inc.(a)	86,215
	5,458	LMI Aerospace, Inc.(a)(b)	75,484
	9,811	LoJack Corp.(a)	53,372
	10,765	LRAD Corp.(a)	22,068
	1,303	LS Starrett Co., Class A	19,988
	11,724	LSI Industries, Inc.	93,089
	7,905	Lydall, Inc.(a)	218,099
	2,403	Magnetek, Inc.(a)	53,491
	7,287	Manitex International, Inc.(a)	121,329
	1,387	Mesa Laboratories, Inc.	110,988
	14,903	Metabolix, Inc.(a)	12,226
	15,611	Metalico, Inc.(a)	19,670
	2,868	MFRI, Inc.(a)	28,823
	15,648	Microvision, Inc.(a)	30,044
	2,633	Mocon, Inc.	39,864
	1,671	NACCO Industries, Inc., Class A	90,652
	8,276	Nanophase Technologies Corp.(a)	4,138
	6,183	NAPCO Security Technologies, Inc.(a)	38,211
	1,577	National Presto Industries, Inc.(b)	111,005
	7,657	NN, Inc.	187,826
	936	NVE Corp.(a)	49,767
	953	Omega Flex, Inc.	18,803
	3,464	Orbit International Corp.(a) (b)	10,253
	14,721	Orion Energy Systems, Inc.(a)	64,772
	1,820	P&F Industries, Inc.(a)	13,850
	688	PAM Transportation Services, Inc.(a)	17,840
	4,440	Park-Ohio Holdings Corp.	233,899
	5,171	Patrick Industries, Inc.(a)	195,464
	4,751	Perma-Fix Environmental Services, Inc.(a) (b)	19,242
	9,842	PGT, Inc.(a)	84,740
	6,099	PMFG, Inc.(a) (b)	30,861
	9,058	PowerSecure International, Inc.(a)	73,279
	6,359	Pro-DEX, Inc.(a)	13,036
	865	Providence and Worcester Railroad Co.	15,129
	6,061	Pulse Electronics Corp.(a)	17,456
	10,237	Pure Cycle Corp.(a) (b)	58,556
	6,758	Rand Logistics, Inc.(a) (b)	40,278
	13,160	Research Frontiers, Inc.(a) (b)	77,644
	26,984	Revolution Lighting Technologies, Inc.(a) (b)	62,603
	1,459	SIFCO Industries, Inc.	46,586
	782	Sigmatron International, Inc.(a)	7,812
	1,411	SL Industries, Inc.(a)	42,274
	3,395	Sparton Corp.(a)	99,949
	4,237	Stock Building Supply Holdings, Inc.(a)	81,096
	13,298	Stoneridge, Inc.(a)	127,794
	12,395	STR Holdings, Inc.(a)	16,981
	4,372	Superconductor Technologies, Inc.(a) (b)	11,804
	1,369	Sutron Corp.(a)	6,907
	2,823	Synalloy Corp.	44,236
	4,464	Sypris Solutions, Inc.	20,981
	11,775	TRC Cos., Inc.(a)	62,407
	4,322	Turtle Beach Corp.(a)	44,430
	2,953	UFP Technologies, Inc.(a)	71,758
	11,137	Ultralife Corp.(a)	43,434
	29,582	UQM Technologies, Inc.(a)	56,502
	5,803	US Concrete, Inc.(a)	142,522
	2,315	USA Truck, Inc.(a)	39,123
	1,240	Viasystems Group, Inc.(a)	12,871
	2,649	Video Display Corp.(a) (b)	8,715
	2,552	VSE Corp.	157,994
	4,637	Wells-Gardner Electronics Corp.(a)	7,836
	4,133	Willis Lease Finance Corp.(a)	75,964
	2,956	WSI Industries, Inc. (b)	23,352
	13,123	YRC Worldwide, Inc.(a)	293,824
	9,827	ZAGG, Inc.(a)	44,615
	7,877	ZBB Energy Corp.(a) (b)	13,785
			7,019,422

		Technology - 6.7%
	8,667	Acorn Energy, Inc.(a) (b)	12,567
	10,931	American Software, Inc., Class A	105,047
	8,605	Amtech Systems, Inc.(a)	85,017
	1,434	Astro-Med, Inc.	20,492
	4,475	Asure Software, Inc.(a)	27,790
	5,197	Audience, Inc.(a)	64,495
	14,366	Authentidate Holding Corp.(a)	10,774
	49,366	Axcelis Technologies, Inc.(a)	92,808
	20,357	AXT, Inc.(a)	44,785
	5,803	BSQUARE Corp.(a)	20,136
	17,447	Callidus Software, Inc.(a)	183,368
	5,743	Cascade Microtech, Inc.(a)	68,744
	6,842	Computer Task Group, Inc.	106,188
	4,727	Concurrent Computer Corp.	37,863
	4,003	CSP, Inc.	26,780
	3,958	Daegis, Inc.(a)	4,987
	2,956	Data I/O Corp.(a)	7,833
	8,886	Datalink Corp.(a)	82,462
	2,657	Datawatch Corp.(a)	40,147
	3,528	Digimarc Corp.	112,402
	27,440	Dot Hill Systems Corp.(a)	117,718
	15,177	Echelon Corp.(a)	39,308
	6,455	eMagin Corp.(a)	17,687
	10,934	EMCORE Corp.(a) (b)	46,688
	6,489	eOn Communications Corp.(a) (b)	18,169
	3,293	Evolving Systems, Inc.	26,805
	2,910	Exa Corp.(a)	29,042
	12,684	FalconStor Software, Inc.(a)	19,660
	2,207	Geeknet, Inc.(a)	30,412
	9,199	GigOptix, Inc.(a)	13,431
	32,354	Glu Mobile, Inc.(a) (b)	117,607
	7,700	GSE Systems, Inc.(a)	13,090
	11,826	GSI Technology, Inc.(a)	66,580
	6,761	Guidance Software, Inc.(a)	64,906
	12,706	Hutchinson Technology, Inc.(a)	26,556
	5,260	Icad, Inc.(a)	34,821
	29,989	Ikanos Communications, Inc.(a)	14,065
	11,244	Immersion Corp.(a)	121,548
	21,790	inContact, Inc.(a)	184,561
	14,003	Innodata, Inc.(a)	45,510
	13,419	Integrated Silicon Solution, Inc.(a)	188,403
	7,326	Intermolecular, Inc.(a)	17,875
	7,152	Interphase Corp.(a)	39,837
	7,128	inTEST Corp.(a)	28,013
	4,995	Key Tronic Corp.(a)	52,997
	1,533	Liquid Holdings Group, Inc.(a)	2,269
	47,101	Majesco Entertainment Co.(a)	15,689
	4,436	Mattersight Corp.(a)	22,490
	33,313	Mattson Technology, Inc.(a)	70,624
	10,754	Mitek Systems, Inc.(a)(b)	35,058
	2,662	Model N, Inc.(a)(b)	29,442
	20,386	MoSys, Inc.(a)(b)	67,681
	2,928	NCI, Inc.(a)	28,050
	10,632	Netlist, Inc.(a)	13,290
	6,206	NetSol Technologies, Inc.(a)(b)	24,328
	6,214	Overland Storage, Inc.(a) (b)	23,986
	4,334	PAR Technology Corp.(a)	18,593
	10,503	Pixelworks, Inc.(a)	65,329
	8,976	Planar Systems, Inc.(a)	20,196
	21,539	PLX Technology, Inc.(a)	124,280
	24,362	QuickLogic Corp.(a) (b)	103,782
	4,815	Qumu Corp.(a)	73,429
	15,677	RadiSys Corp.(a)	51,107
	6,336	Rainmaker Systems, Inc.(a)	1,583
	8,854	Richardson Electronics Ltd.	90,134
	3,394	Scientific Learning Corp.(a)	509
	6,183	Simulations Plus, Inc.	37,654
	15,214	Smith Micro Software, Inc.(a)	12,171
	10,142	Streamline Health Solutions, Inc.(a)	51,623
	1,148	Technical Communications Corp.(a)	4,936
	2,553	Transact Technologies, Inc.	26,245
	12,790	Ultra Clean Holdings, Inc.(a)	105,901
	23,147	USA Technologies, Inc.(a)	49,072
	5,569	Violin Memory, Inc.(a)	18,768
	21,897	Vitesse Semiconductor Corp.(a)	82,333
	13,270	Wave Systems Corp., Class A(a)	24,948
	2,972	Wayside Technology Group, Inc.	48,771
	29,137	WidePoint Corp.(a)	46,328
	10,071	Wireless Ronin Technologies, Inc.(a)	7,150
	4,091	XRS Corp.(a)	10,841
			3,938,564

		Utilities - 0.7%
	3,690	Artesian Resources Corp., Class A	82,582
	3,350	Delta Natural Gas Co., Inc.	66,029
	3,780	Gas Natural, Inc.	39,652
	2,184	RGC Resources, Inc.	42,359
	14,519	Synthesis Energy Systems, Inc.(a)	22,795
	55,818	US Geothermal, Inc.(a)	36,025
	7,155	York Water Co.	145,747
			435,189

		Total Common Stocks - 99.3%
		(Cost $54,433,001)	58,331,392

		Exchange Traded Fund - 0.0%*
	250	iShares Russell Microcap Index Fund	18,135
		(Cost $18,867)

		Warrant - 0.0%*
		Consumer, Non-cyclical - 0.0%*
	314	Photomedex, Inc. (a) (c)	27
		(Cost $0)

		Total Long-Term Investments - 99.3%
		(Cost $54,451,868)	58,349,554


		Investments of Collateral for Securities Loaned - 13.4%
	7,900,619	BNY Mellon Securities Lending Overnight Fund, 0.1251%(d) (e)	7,900,619
		(Cost $7,900,619)

		Total Investments - 112.7%
		(Cost $62,352,487)	66,250,173
		Liabilities in excess of Other Assets - (12.7%)	(7,469,799)
		Net Assets - 100.0%	$ 58,780,374

		REIT - Real Estate Investment Trust

(a)		Non-income producing security.

(b)		Security, or portion thereof, was on loan at May 31, 2014.

(c)		Security is valued in accordance with Fair Valuation procedures established in good faith by management and approved by the Board of Trustees. The total market value of such securities is $20,615 which represents less than 0.1% of net assets.

(d)		At May 31, 2014, the total market value of the Fund’s securities on loan was $7,597,778 and the total market value of the collateral held by the Fund was $7,900,619.

(e)		Interest rate shown reflects yield as of May 31, 2014.

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

	% of Long-Term
Country Breakdown	Investments
United States	99.3%
Canada	0.4%
Cayman Islands	0.1%
Israel	0.1%
Marshall Islands	0.1%
Puerto Rico	0.0%*

	Subject to change daily.

* Less than 0.1%

	See previously submitted notes to financial statements for the period ended February 28, 2014.

At May 31, 2014, 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
$ 62,360,820	$ 9,573,784	$ (5,684,431)	$ 3,889,353

Investments for which market quotations are not readily available are fair valued as determined in good faith by the GFIA, subject to review by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” 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).

Level 1 — quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

The following table summarizes the inputs used to value the Fund's investments at May 31, 2014:

Description	Level 1	Level 2		Level 3	Total
(value in $000s)
Assets:
Common Stocks	$ 58,310	$ 5		$ 16	$ 58,331
Exchange Traded Fund	18				18
Warrant	-	-	*	-	0	*
Investments of Collateral for Securities Loaned	7,901	-		-	7,901
Total	$ 66,229	$ 5		$ 16	$ 66,250

* Market value is less than the minimum amount disclosed.
Independent pricing services are used to value a majority of the Fund’s investments. When values are not available from a pricing service, they will be determined under the valuation policies that have been reviewed and approved by the Board of Trustees. In any event, values are determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:

Category	Ending Balance at 5/31/14		Valuation Technique		Unobservable Inputs
Common Stocks	$ 15,535		Last Trade with Adjustment		44% Discount

Significant changes in the discount percentage would generally result in significant changes in the fair value of the security.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. 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 transfers in and out of the valuation levels as of May 31, 2014 compared to the valuation levels at the end of the previous fiscal year are detailed below:

Transfer from Level 1 to Level 2 (in $000s)							$ 5

Transfer from Level 1 to Level 3 (in $000s)							$ 16

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended May 31, 2014:

LEVEL 3- Fair Value measurement	Common Stock
using significant unobservable inputs (in $000s)	Value in $000s
Beginning Balance at 8/31/13	$ -
Net Realized Gain/Loss	-
Change in Unrealized Gain/Loss	-
Purchases	-
Sales	-
Transfers In	16
Transfers Out	-
Ending Balance at 5/31/14	$ 16

WREI Wilshire US REIT ETF
Portfolio of Investments
May 31, 2014 (unaudited)

	Number
	of Shares	Description	Value
		Long-Term Investments - 99.6%
		Common Stocks - 98.8%
		Financial - 98.8%
	1,714	Acadia Realty Trust, REIT	$47,289
	74	Alexander's, Inc., REIT	27,158
	2,024	Alexandria Real Estate Equities, Inc., REIT	154,006
	1,067	American Assets Trust, Inc., REIT	36,598
	3,218	American Campus Communities, Inc., REIT	124,987
	4,292	American Homes 4 Rent, REIT	75,625
	442	American Residential Properties, Inc., REIT(a)	8,089
	622	AmREIT, Inc., REIT	11,053
	4,501	Apartment Investment & Management Co., Class A, REIT	141,692
	741	Ashford Hospitality Prime, Inc., REIT	12,078
	2,474	Ashford Hospitality Trust, Inc., REIT	26,472
	1,774	Associated Estates Realty Corp., REIT	30,672
	3,974	AvalonBay Communities, Inc., REIT	563,672
	5,926	BioMed Realty Trust, Inc., REIT	128,594
	4,699	Boston Properties, Inc., REIT	567,075
	4,834	Brandywine Realty Trust, REIT	73,960
	1,275	Brixmor Property Group, Inc., REIT	27,731
	2,623	Camden Property Trust, REIT	184,240
	1,981	Campus Crest Communities, Inc., REIT	17,571
	5,241	CBL & Associates Properties, Inc., REIT	98,636
	2,431	Cedar Realty Trust, Inc., REIT	14,926
	788	Chatham Lodging Trust, REIT	17,730
	1,266	Chesapeake Lodging Trust, REIT	36,929
	4,140	Columbia Property Trust, Inc., REIT	108,841
	3,652	CommonWealth REIT, REIT	96,084
	655	CoreSite Realty Corp., REIT	20,764
	2,399	Corporate Office Properties Trust, REIT	66,092
	6,202	Cousins Properties, Inc., REIT	74,424
	4,308	CubeSmart, REIT	78,578
	9,958	DCT Industrial Trust, Inc., REIT	78,867
	9,706	DDR Corp., REIT	168,011
	6,030	DiamondRock Hospitality Co., REIT	74,893
	3,944	Digital Realty Trust, Inc., REIT	226,780
	4,399	Douglas Emmett, Inc., REIT	124,888
	10,050	Duke Realty Corp., REIT	177,885
	1,997	DuPont Fabros Technology, Inc., REIT	51,063
	945	EastGroup Properties, Inc., REIT	60,159
	3,542	Education Realty Trust, Inc., REIT	37,049
	2,731	Empire State Realty Trust, Inc., REIT	44,761
	2,571	Equity Lifestyle Properties, Inc., REIT	112,456
	2,018	Equity One, Inc., REIT	46,333
	11,089	Equity Residential, REIT	685,300
	1,893	Essex Property Trust, Inc., REIT	342,557
	1,369	Excel Trust, Inc., REIT	18,071
	3,556	Extra Space Storage, Inc., REIT	186,157
	2,052	Federal Realty Investment Trust, REIT	245,255
	3,547	FelCor Lodging Trust, Inc., REIT	34,903
	3,393	First Industrial Realty Trust, Inc., REIT	62,906
	1,811	First Potomac Realty Trust, REIT	23,688
	2,936	Franklin Street Properties Corp., REIT	36,759
	11,941	General Growth Properties, Inc., REIT	284,554
	4,475	Glimcher Realty Trust, REIT	49,315
	1,395	Government Properties Income Trust, REIT	35,600
	14,040	HCP, Inc., REIT	586,170
	8,933	Health Care REIT, Inc., REIT	564,834
	2,958	Healthcare Realty Trust, Inc., REIT	73,743
	5,211	Healthcare Trust of America, Inc., Class A, REIT	63,053
	6,252	Hersha Hospitality Trust, REIT	39,575
	2,774	Highwoods Properties, Inc., REIT	112,569
	1,755	Home Properties, Inc., REIT	109,126
	4,595	Hospitality Properties Trust, REIT	133,301
	23,240	Host Hotels & Resorts, Inc., REIT	512,907
	2,058	Hudson Pacific Properties, Inc., REIT	48,775
	3,075	Inland Real Estate Corp., REIT	32,657
	3,284	Investors Real Estate Trust, REIT	29,162
	2,522	Kilroy Realty Corp., REIT	152,783
	12,584	Kimco Realty Corp., REIT	288,425
	4,020	Kite Realty Group Trust, REIT	24,964
	3,193	LaSalle Hotel Properties, REIT	105,337
	4,516	Liberty Property Trust, REIT	174,814
	4,316	Macerich Co., REIT	285,029
	2,715	Mack-Cali Realty Corp., REIT	59,051
	2,307	MID-America Apartment Communities, Inc., REIT	166,911
	1,360	Monmouth Real Estate Investment Corp., Class A, REIT	12,879
	954	National Health Investors, Inc., REIT	59,835
	3,042	Parkway Properties, Inc., REIT	60,749
	1,967	Pebblebrook Hotel Trust, REIT	69,907
	2,127	Pennsylvania Real Estate Investment Trust, REIT	38,180
	4,738	Piedmont Office Realty Trust, Inc., Class A, REIT	88,222
	1,672	Post Properties, Inc., REIT	85,523
	15,343	ProLogis, Inc., REIT	636,888
	602	PS Business Parks, Inc., REIT	50,682
	4,440	Public Storage, REIT	765,367
	2,053	Ramco-Gershenson Properties Trust, REIT	34,080
	2,836	Regency Centers Corp., REIT	151,442
	1,817	Retail Opportunity Investments Corp., REIT	28,709
	1,822	Retail Properties of America, Inc., Class A, REIT	27,403
	3,785	RLJ Lodging Trust, REIT	104,882
	1,139	Rouse Properties, Inc., REIT(b)	18,589
	1,309	Ryman Hospitality Properties, Inc., REIT(b)	60,384
	1,186	Sabra Health Care REIT, Inc., REIT	34,726
	361	Saul Centers, Inc., REIT	17,382
	5,779	Senior Housing Properties Trust, REIT	138,580
	1,147	Silver Bay Realty Trust Corp., REIT	18,203
	9,651	Simon Property Group, Inc., REIT	1,606,505
	2,919	SL Green Realty Corp., REIT	319,601
	999	Sovran Self Storage, Inc., REIT	76,723
	6,314	Strategic Hotels & Resorts, Inc., REIT(a)	68,823
	2,623	Summit Hotel Properties, Inc., REIT	26,335
	1,178	Sun Communities, Inc., REIT	57,039
	5,641	Sunstone Hotel Investors, Inc., REIT	82,866
	2,726	Tanger Factory Outlet Centers, Inc., REIT	96,555
	1,939	Taubman Centers, Inc., REIT	145,231
	794	Terreno Realty Corp., REIT	15,404
	7,735	UDR, Inc., REIT	212,867
	379	Universal Health Realty Income Trust, REIT	16,407
	1,007	Urstadt Biddle Properties, Inc., Class A, REIT	20,865
	9,037	Ventas, Inc., REIT	603,672
	5,752	Vornado Realty Trust, REIT	615,924
	4,826	Washington Prime Group, Inc., REIT(a)	95,979
	2,052	Washington Real Estate Investment Trust, REIT	53,003
	3,762	Weingarten Realty Investors, REIT	119,594
		(Cost $14,662,041)	16,378,967

		Exchange Traded Fund - 0.8%
	1,700	Vanguard REIT ETF	126,973
		(Cost $119,904)

		Total Long-Term Investments - 99.6%
		(Cost $14,781,945)	16,505,940

	Number
	of Shares	Description	Value
		Investments of Collateral for Securities Loaned - 0.4%
	64,486	BNY Mellon Securities Lending Overnight Fund, 0.1251%(c) (d)	64,486
		(Cost $64,486)

		Total Investments - 100.0%
		(Cost $14,846,431)	16,570,426
		Liabilities in excess of Other Assets - 0.0%*	(2,295)
		Net Assets - 100.0%	$ 16,568,131

		REIT - Real Estate Investment Trust

*		Less than 0.1%
(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at May 31, 2014.
(c)		At May 31, 2014, the total market value of the Fund's securities on loan was $63,187 and the total market value of the collateral held by the Fund was $64,486.
(d)		Interest rate shown reflects yield as of May 31, 2014.

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

		See previously submitted notes to financial statements for the period ended February 28, 2014.

Country Breakdown			% of Long-Term Investments
United States			100%

Subject to change daily.

At May 31, 2014, 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
$ 14,771,016	$ 1,958,603	$ (159,193)	$ 1,799,410

Level 1 — quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

The following table summarizes the inputs used to value the Fund's investments at May 31, 2014:

Description	Level 1	Level 2	Level 3	Total
(value in $000s)
Assets:
Common Stocks	$ 16,379	$ -	$ -	$ 16,379
Exchange Traded Fund	127	-	-	127
Investments of Collateral for Securities Loaned	64	-	-	64
Total	$ 16,570	$ -	$ -	$ 16,570

There were no transfers between levels for the nine months ended May 31, 2014.

Item 2. Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Investment Company Act”)) as of a date within 90 days of the filing date of this report and have concluded, based on such evaluation, that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

There was no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant’s last fiscal quarter that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting.

Item 3. Exhibits.

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), is attached hereto.

SIGNATURES

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

Claymore Exchange-Traded Fund Trust

By:	/s/ Donald C. Cacciapaglia

Donald C. Cacciapaglia

Chief Executive Officer

Date:

July 30, 2014

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

By:	/s/ Donald C. Cacciapaglia

Donald C. Cacciapaglia

Chief Executive Officer

Date:

July 30, 2014

By:	/s/ John L. Sullivan

John L. Sullivan

Chief Financial Officer, Chief Accounting Officer and Treasurer

Date:

July 30, 2014