N-Q 1 gug60949etf1-nq.htm ETF TRUST 1 gug60949etf1-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: September 1, 2014 to November 30, 2014                                                                                                                                          
 
 
 
 
 
 
 
Item 1.                      Schedule of Investments.
Attached hereto.
 
Guggenheim BRIC ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 83.8%
        
Communications - 24.2%
        
China Mobile Ltd.
955,950
  
$
11,778,339
Baidu, Inc. ADR*
47,494
    
11,641,254
China Telecom Corporation Ltd. — Class H
2,415,480
    
1,463,927
Ctrip.com International Ltd. ADR*
22,513
    
1,217,503
China Unicom Hong Kong Ltd.
792,000
    
1,205,106
Vipshop Holdings Ltd. ADR*
48,173
    
1,101,234
Mobile Telesystems OJSC ADR
88,072
    
1,076,240
Qihoo 360 Technology Company Ltd. ADR*,1
13,999
    
1,040,546
Tim Participacoes S.A. ADR1
27,582
    
671,622
Youku Tudou, Inc. ADR*,1
22,855
    
422,818
JD.com, Inc. ADR*,1
16,937
    
398,358
Bitauto Holdings Ltd. ADR*
4,190
    
386,150
Mail.ru Group Ltd. GDR*
16,266
    
377,046
YY, Inc. ADR*,1
4,827
    
369,024
MegaFon OAO GDR
16,074
    
331,928
SouFun Holdings Ltd. ADR
34,110
    
298,121
VimpelCom Ltd. ADR1
33,403
    
175,366
Sistema JSFC GDR
30,027
    
172,956
58.com, Inc. ADR*,1
3,264
    
159,251
21Vianet Group, Inc. ADR*,1
8,049
    
151,482
QIWI plc ADR1
5,361
    
149,250
Rostelecom OJSC ADR
10,370
    
133,255
E-Commerce China Dangdang, Inc. — Class A ADR*,1
9,529
    
105,677
Weibo Corp ADR*,1
2,918
    
52,377
Phoenix New Media Ltd. ADR*,1
5,704
    
50,709
Leju Holdings Ltd. ADR*,1
2,983
    
39,018
iDreamsky Technology Ltd ADR*,1
1,332
    
28,292
Tuniu Corp ADR*,1
1,376
    
18,177
Zhaopin Ltd ADR*,1
1,165
    
17,615
Xunlei Ltd ADR*,1
1,213
    
10,517
Total Communications
      
35,043,158
Energy - 21.2%
        
Gazprom OAO ADR
1,029,570
    
6,017,836
Lukoil OAO ADR
90,259
    
4,200,653
CNOOC Ltd.
2,795,060
    
4,087,167
PetroChina Company Ltd. — Class H
3,671,414
    
3,981,508
China Petroleum & Chemical Corp. — Class H
4,436,574
    
3,632,785
Petroleo Brasileiro S.A. ADR
258,940
    
2,516,897
NovaTek OAO GDR
13,733
    
1,297,769
Tatneft OAO ADR
42,321
    
1,297,562
Reliance Industries Ltd. GDR2
36,091
    
1,149,498
Surgutneftegas OAO ADR
167,804
    
987,527
Rosneft OAO GDR
184,368
    
872,982
Eurasia Drilling Company Ltd. GDR
11,934
    
214,812
Trina Solar Ltd. ADR*,1
15,154
    
151,994
Gazprom Neft OAO ADR
6,560
    
106,666
JinkoSolar Holding Company Ltd. ADR*,1
3,455
    
79,085
JA Solar Holdings Company Ltd. ADR*,1
6,395
    
55,509
Total Energy
      
30,650,250
 
Shares
    
Value
COMMON STOCKS† - 83.8% (continued)
        
Financial - 11.6%
        
China Life Insurance Company Ltd. — Class H
1,293,933
  
$
4,496,647
HDFC Bank Ltd. ADR
67,768
    
3,611,356
Sberbank of Russia ADR
469,413
    
2,887,360
ICICI Bank Ltd. ADR
48,944
    
2,882,312
State Bank of India GDR
17,738
    
911,733
VTB Bank OJSC GDR
436,875
    
806,908
Axis Bank Ltd. GDR
13,772
    
529,533
Pik Group GDR
69,568
    
243,488
Banco Santander Brasil S.A. ADR1
29,096
    
169,339
Gafisa S.A. ADR1
37,644
    
79,430
LSR Group GDR
31,169
    
72,156
Noah Holdings Ltd. ADR
3,553
    
68,679
TCS Group Holding plc GDR
15,350
    
50,732
Etalon Group Ltd. GDR
16,316
    
46,337
Total Financial
      
16,856,010
Consumer, Non-cyclical - 9.8%
        
AMBEV S.A. ADR
791,772
    
5,186,107
BRF S.A. ADR
115,349
    
3,000,227
Magnit PJSC GDR
50,172
    
2,902,450
Dr Reddy's Laboratories Ltd. ADR1
14,296
    
834,744
New Oriental Education & Technology Group ADR*
22,724
    
502,655
Mindray Medical International Ltd. ADR
15,339
    
461,244
WuXi PharmaTech Cayman, Inc. ADR*
12,366
    
424,277
X5 Retail Group N.V. GDR*
16,903
    
297,493
Ranbaxy Laboratories Ltd. GDR*,1
21,943
    
213,505
TAL Education Group ADR*
6,756
    
207,544
51job, Inc. ADR*
3,478
    
127,817
China Distance Education Holdings Ltd. ADR
3,391
    
60,902
O'Key Group S.A. GDR
7,905
    
42,608
Global Ports Investments plc GDR
6,604
    
34,341
Total Consumer, Non-cyclical
      
14,295,914
Technology - 6.5%
        
Infosys Ltd. ADR1
83,852
    
5,856,225
NetEase, Inc. ADR
12,757
    
1,348,032
Wipro Ltd. ADR1
94,588
    
1,220,185
Semiconductor Manufacturing International Corp.*
4,937,000
    
509,297
WNS Holdings Ltd. ADR*
8,877
    
181,357
Perfect World Company Ltd. ADR
5,836
    
106,507
Shanda Games Ltd. ADR*,1
16,181
    
105,985
NQ Mobile, Inc. ADR*,1
8,821
    
61,923
Changyou.com Ltd. ADR*,1
2,004
    
46,493
Cheetah Mobile Inc ADR*,1
2,309
    
40,523
Total Technology
      
9,476,527
Basic Materials - 5.5%
        
Vale S.A. ADR1
257,447
    
2,319,598
MMC Norilsk Nickel OJSC ADR
85,339
    
1,515,621
Ultrapar Participacoes S.A. ADR
50,427
    
1,070,061
Sesa Sterlite Ltd. ADR
38,780
    
571,617
 
 
 
 
 
 
 
Guggenheim BRIC ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 83.8% (continued)
        
Basic Materials - 5.5% (continued)
        
Fibria Celulose S.A. ADR*,1
38,302
  
$
452,347
Uralkali OJSC GDR
33,443
    
446,129
Aluminum Corp. of China Ltd. — Class H*,1
680,000
    
295,500
Cia Siderurgica Nacional S.A. ADR1
124,724
    
290,607
Severstal OAO GDR
30,411
    
279,477
Tata Steel Ltd. GDR
31,725
    
242,062
Sinopec Shanghai Petrochemical Company Ltd. — Class H
608,000
    
188,946
Novolipetsk Steel OJSC GDR
14,502
    
176,489
PhosAgro OAO GDR
14,105
    
156,566
Mechel ADR
23,745
    
18,231
Total Basic Materials
      
8,023,251
Consumer, Cyclical - 1.8%
        
Tata Motors Ltd. ADR
32,705
    
1,493,309
Mahindra & Mahindra Ltd. GDR
18,003
    
384,364
Home Inns & Hotels Management, Inc. ADR*
5,249
    
161,984
China Eastern Airlines Corp. Ltd. — Class H*,1
322,000
    
161,104
China Southern Airlines Co. Ltd. — Class H
294,000
    
133,826
Lenta Ltd GDR*
16,363
    
127,959
China Lodging Group Ltd. ADR*
4,830
    
120,702
Qunar Cayman Islands Ltd. ADR*,1
2,152
    
56,124
Jumei International Holding Ltd. ADR*,1
1,893
    
35,021
Total Consumer, Cyclical
      
2,674,393
Industrial - 1.7%
        
Embraer S.A. ADR
28,016
    
1,034,630
Larsen & Toubro Ltd. GDR1
38,615
    
1,021,367
Globaltrans Investment plc GDR
16,682
    
116,774
Guangshen Railway Company Ltd. — Class H
256,000
    
110,587
Yingli Green Energy Holding Company Ltd. ADR*,1
22,311
    
61,801
TMK OAO GDR
9,013
    
45,516
China Ming Yang Wind Power Group Ltd. ADR*,1
15,588
    
39,126
Total Industrial
      
2,429,801
Utilities - 1.5%
        
CPFL Energia S.A. ADR
48,241
    
741,464
Huaneng Power International, Inc. — Class H
606,000
    
710,321
 
Shares
    
Value
COMMON STOCKS† - 83.8% (continued)
        
Utilities - 1.5% (continued)
        
Cia de Saneamento Basico do Estado de Sao Paulo ADR1
59,077
  
$
437,170
RusHydro JSC ADR
157,979
    
195,262
Centrais Eletricas Brasileiras S.A. ADR
46,976
    
112,273
Total Utilities
      
2,196,490
Total Common Stocks
        
(Cost $142,278,146)
      
121,645,794
PREFERRED STOCKS† - 16.0%
        
Financials – 8.9%
        
Itau Unibanco Holding S.A. ADR
480,186
    
7,231,601
Banco Bradesco S.A. ADR
365,951
    
5,664,921
Total Financial
      
12,896,522
Energy – 2.5%
        
Petroleo Brasileiro S.A. ADR
355,708
    
3,631,779
Basic Materials – 2.5%
        
Vale S.A. ADR
352,643
    
2,740,036
Gerdau S.A. ADR
154,520
    
644,348
Braskem S.A. ADR
13,118
    
196,639
Total Basic Materials
      
3,581,023
Consumer, Non-Cyclical – 0.8%
        
Cia Brasileira de Distribuicao ADR
28,746
    
1,210,494
Utilities – 0.6%
        
Cia Energetica de Minas Gerais
124,589
    
687,732
Cia Paranaense de Energia ADR
17,563
    
243,774
Total Utiltiies
      
931,506
Communications – 0.6%
        
Telefonica Brasil S.A ADR
45,300
    
931,368
Consumer, Cyclical – 0.1%
        
Gol Linhas Aereas Inteligentes ADR1
15,872
    
91,264
Total Preferred Stocks
        
(Cost $46,924,001)
      
23,273,956
 
Shares
    
Value
SECURITIES LENDING COLLATERAL†,3 - 9.2%
        
BNY Mellon Securities Lending Overnight Fund, 0.1308%
13,410,770
    
13,410,770
Total Securities Lending Fund
        
(Cost $13,410,770)
      
13,410,770
Total Investments - 109.0%
        
(Cost $202,612,917)
    
$
158,330,520
Other Assets & Liabilities, net - (9.0)%
      
(13,029,674)
Total Net Assets - 100.0%
    
$
145,300,846
 
*
Non-income producing security.
†
Value determined based on Level 1 inputs —See Note 2.
1
All or portion of this security is on loan at November 30, 2014 - See Note 4.
2
Security is a 144A or Section 4(a)(2) security.  The total market value of 144A or Section 4(a)(2) securities is $1,149,498 (cost $1,087,300), or 0.8% of total net assets.
3
Securities lending collateral - See Note 4.
 
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
plc
Public Limited Company
 
 
 
 
 
 
 
Guggenheim Defensive Equity ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 97.1%
        
Financial - 23.6%
        
Starwood Property Trust, Inc.
92,320
  
$
2,221,219
Travelers Companies, Inc.
20,893
    
2,182,274
Ventas, Inc.1
30,375
    
2,173,331
Digital Realty Trust, Inc.
30,860
    
2,168,533
Iron Mountain, Inc.
56,979
    
2,165,772
Health Care REIT, Inc.
29,289
    
2,157,428
Brookfield Asset Management, Inc. — Class A
42,969
    
2,153,606
Alexandria Real Estate Equities, Inc.
24,923
    
2,141,384
Mid-America Apartment Communities, Inc.
29,028
    
2,138,202
Apartment Investment & Management Co. — Class A
57,339
    
2,135,878
HCP, Inc.
47,515
    
2,128,672
PartnerRe Ltd.
18,126
    
2,111,860
Boston Properties, Inc.
16,227
    
2,103,668
Duke Realty Corp.
107,978
    
2,099,092
Arthur J Gallagher & Co.
43,570
    
2,089,182
Omega Healthcare Investors, Inc.1
54,596
    
2,086,659
WP Carey, Inc.
30,535
    
2,080,655
Realty Income Corp.
44,498
    
2,067,377
Brixmor Property Group, Inc.
85,445
    
2,066,060
Camden Property Trust
26,818
    
2,056,404
Banco de Chile ADR1
28,201
    
2,045,983
Westpac Banking Corp.1
69,217
    
1,919,387
Mizuho Financial Group, Inc. ADR
552,456
    
1,905,973
Total Financial
      
48,398,599
Consumer, Non-cyclical - 20.0%
        
Dr Reddy's Laboratories Ltd. ADR1
40,059
    
2,339,044
Dr Pepper Snapple Group, Inc.
30,034
    
2,222,516
Unilever N.V. — Class Y
54,596
    
2,218,781
ConAgra Foods, Inc.
60,618
    
2,213,770
Kraft Foods Group, Inc.
36,772
    
2,212,571
Quest Diagnostics, Inc.
33,622
    
2,195,853
British American Tobacco plc ADR
18,534
    
2,190,163
Kimberly-Clark Corp.
18,753
    
2,186,412
PepsiCo, Inc.
21,792
    
2,181,379
Procter & Gamble Co.
23,899
    
2,161,187
Kellogg Co.
32,579
    
2,158,359
Pfizer, Inc.
69,171
    
2,154,677
Altria Group, Inc.
42,688
    
2,145,499
Campbell Soup Co.
47,108
    
2,133,050
GlaxoSmithKline plc ADR
45,906
    
2,132,334
Clorox Co.
20,918
    
2,125,687
Lorillard, Inc.
33,617
    
2,122,577
Safeway, Inc.
60,077
    
2,093,083
Philip Morris International, Inc.
23,414
    
2,035,379
Total Consumer, Non-cyclical
      
41,222,321
Utilities - 19.3%
        
NextEra Energy, Inc.
20,715
    
2,162,438
SCANA Corp.
37,606
    
2,144,669
Northeast Utilities
42,120
    
2,132,957
Pinnacle West Capital Corp.
33,547
    
2,121,177
Southern Co.
44,650
    
2,117,750
 
Shares
    
Value
COMMON STOCKS† - 97.1% (continued)
        
Utilities - 19.3% (continued)
        
PPL Corp.
59,428
  
$
2,111,477
Pepco Holdings, Inc.
76,326
    
2,098,965
Edison International
33,022
    
2,098,878
Public Service Enterprise Group, Inc.
50,175
    
2,096,312
Entergy Corp.
24,905
    
2,089,530
Exelon Corp.
57,370
    
2,075,073
Consolidated Edison, Inc.
32,835
    
2,073,530
PG&E Corp.
40,995
    
2,070,248
National Grid plc ADR1
28,343
    
2,057,702
FirstEnergy Corp.
55,762
    
2,056,503
DTE Energy Co.
25,221
    
2,054,503
American Electric Power Company, Inc.
35,606
    
2,049,125
AGL Resources, Inc.
38,672
    
2,022,932
CenterPoint Energy, Inc.
83,934
    
2,009,380
Total Utilities
      
39,643,149
Communications - 16.1%
        
BT Group plc ADR
35,533
    
2,272,690
Telefonica S.A. ADR
139,591
    
2,233,456
Thomson Reuters Corp.
56,182
    
2,224,807
Pearson plc1
112,576
    
2,173,843
China Unicom Hong Kong Ltd. ADR
141,387
    
2,144,841
Telekomunikasi Indonesia Persero Tbk PT ADR
46,427
    
2,140,285
Verizon Communications, Inc.
41,442
    
2,096,551
SK Telecom Company Ltd. ADR
73,948
    
2,094,946
China Mobile Ltd. ADR
33,791
    
2,085,581
Chunghwa Telecom Company Ltd. ADR1
68,581
    
2,063,602
CenturyLink, Inc.
49,947
    
2,036,339
America Movil SAB de CV — Class L ADR
85,621
    
2,030,074
Windstream Holdings, Inc.1
197,661
    
1,998,353
NTT DOCOMO, Inc. ADR
122,985
    
1,919,796
Mobile Telesystems OJSC ADR
145,830
    
1,782,043
Nippon Telegraph & Telephone Corp. ADR1
66,274
    
1,778,131
Total Communications
      
33,075,338
Energy - 7.4%
        
Total S.A. ADR
35,931
    
1,998,841
Royal Dutch Shell plc — Class A ADR
29,820
    
1,980,346
China Petroleum & Chemical Corp. ADR1
24,442
    
1,976,136
CNOOC Ltd. ADR1
13,559
    
1,951,547
BP plc ADR
49,182
    
1,933,836
PetroChina Company Ltd. ADR1
17,231
    
1,844,062
Diamond Offshore Drilling, Inc.1
60,147
    
1,766,518
Ensco plc — Class A
52,064
    
1,759,763
Kinder Morgan, Inc.
1
    
43
Total Energy
      
15,211,092
Industrial - 4.2%
        
Republic Services, Inc. — Class A
54,854
    
2,172,766
ABB Ltd. ADR*,1
95,749
    
2,146,693
Deere & Co.
24,568
    
2,128,080
 
 
 
 
 
 
 
Guggenheim Defensive Equity ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
  
 
Value
COMMON STOCKS† - 97.1% (continued)
        
Industrial - 4.2% (continued)
        
Waste Management, Inc.
42,960
  
$
2,093,441
Total Industrial
      
8,540,980
Consumer, Cyclical - 3.4%
        
Wal-Mart Stores, Inc.
27,377
    
2,396,582
Staples, Inc.
162,513
    
2,284,933
Kohl's Corp.
38,003
    
2,265,739
Total Consumer, Cyclical
      
6,947,254
Basic Materials - 2.1%
        
Potash Corporation of Saskatchewan, Inc.
62,995
    
2,189,706
Agrium, Inc.
21,654
    
2,109,533
Total Basic Materials
      
4,299,239
Technology - 1.0%
        
Canon, Inc. ADR1
67,169
    
2,143,363
Total Common Stocks
        
(Cost $188,607,857)
      
199,481,335
 
Shares
    
Value
MASTER LIMITED PARTNERSHIPS† - 2.9%
        
Energy - 2.9%
        
Spectra Energy Partners, LP
38,494
  
$
2,077,521
Buckeye Partners, LP — Class B
26,725
    
2,054,351
ONEOK Partners, LP1
40,947
    
1,804,944
Total Energy
      
5,936,816
Total Master Limited Partnerships
        
(Cost $5,559,226)
      
5,936,816
 
Shares
    
Value
SECURITIES LENDING COLLATERAL†,2 - 8.7%
        
BNY Mellon Securities Lending Overnight Fund, 0.1308%
17,968,902
    
17,968,902
Total Securities Lending Fund
        
(Cost $17,968,902)
      
17,968,902
Total Investments - 108.7%
        
(Cost $212,135,985)
    
$
223,387,053
Other Assets & Liabilities, net - (8.7)%
      
(17,789,371)
Total Net Assets - 100.0%
    
$
205,597,682

*
Non-income producing security.
†
Value determined based on Level 1 inputs —See Note 2.
1
All or portion of this security is on loan at November 30, 2014 - See Note 4.
2
Securities lending collateral - See Note 4.
 
ADR
American Depositary Receipt
plc
Public Limited Company
REIT
Real Estate Investment Trust
 
 
 
 
 
 
 
Guggenheim Insider Sentiment ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 99.8%
        
Consumer, Non-cyclical - 21.4%
        
NuVasive, Inc.*
46,619
  
$
2,047,973
Celgene Corp.*
17,448
    
1,983,663
Global Payments, Inc.
22,771
    
1,966,504
Regeneron Pharmaceuticals, Inc.*
4,657
    
1,937,824
IDEXX Laboratories, Inc.*
12,955
    
1,934,829
Enanta Pharmaceuticals, Inc.*
40,530
    
1,902,477
Endo International plc*
25,998
    
1,902,274
CR Bard, Inc.
10,970
    
1,835,830
Mallinckrodt plc*
19,462
    
1,794,786
Keurig Green Mountain, Inc.
12,447
    
1,769,217
Moody's Corp.
17,411
    
1,758,685
Catamaran Corp.*
34,447
    
1,754,730
Mead Johnson Nutrition Co. — Class A
16,885
    
1,753,338
Ingredion, Inc.
20,703
    
1,723,111
On Assignment, Inc.*
55,587
    
1,708,189
HCA Holdings, Inc.*
24,071
    
1,677,508
Ligand Pharmaceuticals, Inc. — Class B*,1
30,920
    
1,665,042
ADT Corp.1
44,433
    
1,552,489
Herbalife Ltd.1
33,246
    
1,437,890
Albany Molecular Research, Inc.*
85,615
    
1,392,956
Total Consumer, Non-cyclical
      
35,499,315
Consumer, Cyclical - 20.8%
        
Michaels Companies, Inc.*
94,450
    
2,272,467
Texas Roadhouse, Inc. — Class A
61,907
    
2,046,645
United Continental Holdings, Inc.*
32,501
    
1,990,036
Delta Air Lines, Inc.
41,709
    
1,946,559
Office Depot, Inc.*
291,582
    
1,933,189
Genuine Parts Co.
18,653
    
1,917,156
Tuesday Morning Corp.*
89,206
    
1,900,088
Marriott International, Inc. — Class A
23,235
    
1,830,686
Signet Jewelers Ltd.
13,929
    
1,824,142
Brown Shoe Company, Inc.
55,156
    
1,806,911
Hanesbrands, Inc.
15,284
    
1,768,664
AutoZone, Inc.*
3,061
    
1,768,370
Starbucks Corp.
21,236
    
1,724,576
Sonic Automotive, Inc. — Class A
66,157
    
1,706,189
G-III Apparel Group Ltd.*
18,910
    
1,673,346
Meritor, Inc.*
117,806
    
1,658,708
Chipotle Mexican Grill, Inc. — Class A*
2,407
    
1,597,333
Fastenal Co.
34,742
    
1,570,338
Oshkosh Corp.
33,111
    
1,503,239
Total Consumer, Cyclical
      
34,438,642
Financial - 19.0%
        
Macerich Co.
24,829
    
1,963,477
American Assets Trust, Inc.
46,553
    
1,829,533
MB Financial, Inc.
57,639
    
1,815,628
BlackRock, Inc. — Class A
4,938
    
1,773,137
Sovran Self Storage, Inc.
20,843
    
1,772,072
Ryman Hospitality Properties, Inc.1
33,905
    
1,765,772
 
Shares
    
Value
COMMON STOCKS† - 99.8% (continued)
        
Financial - 19.0% (continued)
        
Vornado Realty Trust
15,332
  
$
1,710,438
Western Asset Mortgage Capital Corp.1
108,882
    
1,704,004
Lincoln National Corp.
30,041
    
1,701,222
Home Properties, Inc.
25,789
    
1,681,185
Air Lease Corp. — Class A
43,465
    
1,652,974
AG Mortgage Investment Trust, Inc.
83,395
    
1,647,051
WP Carey, Inc.
24,016
    
1,636,450
American International Group, Inc.
29,669
    
1,625,861
Fifth Third Bancorp
80,250
    
1,614,630
KeyCorp
119,440
    
1,612,440
UMB Financial Corp.
28,367
    
1,574,085
Government Properties Income Trust
68,507
    
1,556,479
RCS Capital Corp. — Class A1
73,483
    
731,156
Total Financial
      
31,367,594
Industrial - 11.6%
        
Old Dominion Freight Line, Inc.*
23,482
    
1,902,980
Garmin Ltd.1
31,250
    
1,790,625
Littelfuse, Inc.
17,874
    
1,718,228
Honeywell International, Inc.
17,253
    
1,709,255
Fortune Brands Home & Security, Inc.
37,386
    
1,679,379
General Electric Co.
63,124
    
1,672,155
Masco Corp.
69,028
    
1,670,478
Avnet, Inc.
37,026
    
1,621,369
Cognex Corp.*
38,384
    
1,562,613
Roadrunner Transportation Systems, Inc.*
63,223
    
1,423,150
ITT Corp.
33,851
    
1,401,430
Trinity Industries, Inc.1
33,633
    
1,078,274
Total Industrial
      
19,229,936
Technology - 8.0%
        
Envestnet, Inc.*
35,021
    
1,791,325
Silicon Image, Inc.*
323,213
    
1,787,368
Microsoft Corp.
36,208
    
1,731,104
Cadence Design Systems, Inc.*
90,736
    
1,712,188
VeriFone Systems, Inc.*
46,752
    
1,667,176
iGATE Corp.*
43,157
    
1,594,651
VMware, Inc. — Class A*
17,024
    
1,497,431
Lexmark International, Inc. — Class A
33,246
    
1,424,924
Total Technology
      
13,206,167
Energy - 5.9%
        
Tesoro Corp.
24,930
    
1,910,137
Core Laboratories N.V.
10,335
    
1,331,458
Chesapeake Energy Corp.
62,955
    
1,275,468
Matador Resources Co.*
63,171
    
1,111,178
EXCO Resources, Inc.1
358,575
    
1,054,210
EP Energy Corp. — Class A*,1
92,844
    
992,502
Callon Petroleum Co.*
162,408
    
797,423
Swift Energy Co.*,1
154,739
    
696,326
Hercules Offshore, Inc.*,1
516,937
    
641,002
Total Energy
      
9,809,704
Communications - 5.1%
        
Entravision Communications Corp. — Class A
366,598
    
2,368,222
 
 
 
 
 
 
 
Guggenheim Insider Sentiment ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 99.8% (continued)
        
Communications - 5.1% (continued)
        
AOL, Inc.*
38,260
  
$
1,766,082
Corning, Inc.
77,590
    
1,630,942
Calix, Inc.*
151,590
    
1,606,854
Ubiquiti Networks, Inc.1
35,983
    
1,039,909
Total Communications
      
8,412,009
Basic Materials - 4.7%
        
RPM International, Inc.
34,754
    
1,657,766
Alcoa, Inc.
95,831
    
1,656,918
Ferro Corp.*
126,636
    
1,629,805
Ecolab, Inc.
14,262
    
1,553,845
Freeport-McMoRan, Inc.
46,528
    
1,249,277
Total Basic Materials
      
7,747,611
Utilities - 3.3%
        
SCANA Corp.
31,722
    
1,809,106
 
Shares
    
Value
COMMON STOCKS† - 99.8% (continued)
        
Utilities - 3.3% (continued)
        
NorthWestern Corp.
33,898
  
$
1,804,391
Exelon Corp.
48,844
    
1,766,687
Total Utilities
      
5,380,184
Total Common Stocks
        
(Cost $148,877,177)
      
165,091,162
 
Shares
    
Value
SECURITIES LENDING COLLATERAL†,2 - 6.8%
        
BNY Mellon Securities Lending Overnight Fund, 0.1308%
11,294,072
    
11,294,072
Total Securities Lending Fund
        
(Cost $11,294,072)
      
11,294,072
Total Investments - 106.6%
        
(Cost $160,171,249)
    
$
176,385,234
Other Assets & Liabilities, net - (6.6)%
      
(10,973,016)
Total Net Assets - 100.0%
    
$
165,412,218
 
*
Non-income producing security.
†
Value determined based on Level 1 inputs —See Note 2.
1
All or portion of this security is on loan at November 30, 2014 - See Note 4.
2
Securities lending collateral - See Note 4.
 
plc
Public Limited Company
 
 
 
 
 
 
 
Guggenheim Mid-Cap Core ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 89.4%
        
Financial - 23.4%
        
Progressive Corp.
103,668
  
$
2,823,916
Regions Financial Corp.
245,688
    
2,474,078
KeyCorp
156,087
    
2,107,174
Affiliated Managers Group, Inc.*
9,910
    
2,017,577
CBRE Group, Inc. — Class A*
58,948
    
1,988,906
CNA Financial Corp.
47,633
    
1,844,350
XL Group plc — Class A
46,705
    
1,658,962
CIT Group, Inc.
32,890
    
1,605,032
Huntington Bancshares, Inc.
145,657
    
1,472,592
Willis Group Holdings plc
31,539
    
1,347,030
Arthur J Gallagher & Co.
28,015
    
1,343,319
SVB Financial Group*
9,095
    
956,340
American Financial Group, Inc.
15,719
    
949,270
East West Bancorp, Inc.
25,442
    
935,502
HCC Insurance Holdings, Inc.
17,561
    
931,962
Axis Capital Holdings Ltd.
18,545
    
928,177
Ares Capital Corp.
55,769
    
917,400
Brown & Brown, Inc.
25,599
    
824,288
Springleaf Holdings, Inc.*
20,244
    
802,675
Genworth Financial, Inc. — Class A*
86,417
    
785,531
LPL Financial Holdings, Inc.
18,054
    
770,364
Equity LifeStyle Properties, Inc.
14,887
    
738,544
Erie Indemnity Co. — Class A
8,236
    
718,426
American Capital Ltd.*
47,736
    
715,563
Healthcare Trust of America, Inc. — Class A
42,489
    
542,160
Total Financial
      
32,199,138
Industrial - 22.7%
        
Parker-Hannifin Corp.
26,430
    
3,410,263
Amphenol Corp. — Class A
55,978
    
3,002,100
Rockwell Automation, Inc.
24,889
    
2,872,439
Roper Industries, Inc.
17,783
    
2,806,513
AMETEK, Inc.
43,443
    
2,213,855
L-3 Communications Holdings, Inc.
15,312
    
1,907,875
CNH Industrial N.V.1
239,923
    
1,869,000
Wabtec Corp.
17,191
    
1,521,232
Rock-Tenn Co. — Class A
25,630
    
1,456,040
Flowserve Corp.
24,635
    
1,450,263
Snap-on, Inc.
10,345
    
1,399,989
Xylem, Inc.
32,950
    
1,263,303
IDEX Corp.
14,315
    
1,099,535
Waste Connections, Inc.
21,974
    
1,037,393
Chicago Bridge & Iron Company N.V.
19,501
    
975,635
Graco, Inc.
10,753
    
861,315
ITT Corp.
16,370
    
677,718
Progressive Waste Solutions Ltd.
19,952
    
611,130
Regal-Beloit Corp.
7,962
    
575,812
Total Industrial
      
31,011,410
Technology - 14.1%
        
Fiserv, Inc.*
44,217
    
3,161,073
Fidelity National Information Services, Inc.
50,599
    
3,096,153
Xerox Corp.
208,003
    
2,903,722
Check Point Software Technologies Ltd.*,1
33,573
    
2,595,529
 
Shares
    
Value
COMMON STOCKS† - 89.4% (continued)
        
Technology - 14.1% (continued)
        
IMS Health Holdings, Inc.*
59,100
  
$
1,477,500
Amdocs Ltd.
28,329
    
1,380,897
ANSYS, Inc.*
16,497
    
1,377,829
Synopsys, Inc.*
27,377
    
1,187,888
Informatica Corp.*
19,808
    
720,615
DST Systems, Inc.
7,098
    
704,477
Genpact Ltd.*
38,852
    
700,113
Total Technology
      
19,305,796
Consumer, Non-cyclical - 12.2%
        
FleetCor Technologies, Inc.*
14,691
    
2,231,415
CareFusion Corp.*
35,958
    
2,127,635
Coca-Cola Enterprises, Inc.
43,303
    
1,902,734
Verisk Analytics, Inc. — Class A*
29,742
    
1,843,409
Aramark
42,118
    
1,280,386
SEI Investments Co.
29,756
    
1,179,230
Quanta Services, Inc.*
38,059
    
1,160,800
Total System Services, Inc.
32,830
    
1,083,062
Global Payments, Inc.
12,031
    
1,038,997
Manpowergroup, Inc.
14,338
    
958,639
Pinnacle Foods, Inc.
20,496
    
697,479
Bruker Corp.*
30,365
    
582,401
Catalent, Inc.*
20,069
    
577,787
Total Consumer, Non-cyclical
      
16,663,974
Basic Materials - 4.6%
        
Celanese Corp. — Class A
27,501
    
1,651,986
Westlake Chemical Corp.
23,960
    
1,523,856
RPM International, Inc.
23,703
    
1,130,633
Reliance Steel & Aluminum Co.
14,149
    
904,687
Compass Minerals International, Inc.
6,001
    
522,387
Cabot Corp.
11,655
    
502,097
Total Basic Materials
      
6,235,646
Utilities - 4.5%
        
AES Corp.
130,628
    
1,811,810
American Water Works Company, Inc.
31,533
    
1,672,826
OGE Energy Corp.
33,823
    
1,207,143
MDU Resources Group, Inc.
34,716
    
851,236
Vectren Corp.
14,675
    
648,782
Total Utilities
      
6,191,797
Consumer, Cyclical - 3.9%
        
Starwood Hotels & Resorts Worldwide, Inc.
33,415
    
2,639,786
Allison Transmission Holdings, Inc.
31,727
    
1,043,501
Copart, Inc.*
23,392
    
850,065
Ingram Micro, Inc. — Class A*
27,731
    
760,661
Total Consumer, Cyclical
      
5,294,013
Communications - 3.3%
        
Scripps Networks Interactive, Inc. — Class A
24,701
    
1,930,877
CDW Corp.
30,450
    
1,068,186
Markit Ltd.*
32,026
    
814,421
CommScope Holding Company, Inc.*
32,783
    
727,783
Total Communications
      
4,541,267
Energy - 0.7%
        
Vermilion Energy, Inc.1
18,826
    
892,164
 
 
 
 
 
 
 
Guggenheim Mid-Cap Core ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 89.4% (continued)
        
Total Common Stocks
        
(Cost $113,088,784)
      
122,335,205
MASTER LIMITED PARTNERSHIPS† - 10.2%
        
Energy - 5.9%
        
Spectra Energy Partners, LP
50,154
    
2,706,811
ONEOK Partners, LP1
44,023
    
1,940,533
Enable Midstream Partners, LP
38,125
    
767,075
Boardwalk Pipeline Partners, LP
43,047
    
710,276
Alliance Holdings GP, LP
10,568
    
708,373
Alliance Resource Partners, LP
14,078
    
648,433
CVR Refining, LP
25,837
    
575,907
Total Energy
      
8,057,408
Financial - 2.5%
        
Icahn Enterprises, LP
21,155
    
2,283,259
Lazard Ltd. — Class A
22,878
    
1,178,675
Total Financial
      
3,461,934
 
Shares
    
Value
MASTER LIMITED PARTNERSHIPS† - 10.2% (continued)
        
Utilities - 1.4%
        
Brookfield Infrastructure Partners, LP
27,411
  
$
1,137,556
AmeriGas Partners, LP
16,726
    
772,574
Total Utilities
      
1,910,130
Industrial - 0.4%
        
Teekay LNG Partners, LP
13,550
    
488,071
Total Master Limited Partnerships
        
(Cost $13,541,941)
      
13,917,543
 
Shares
    
Value
SECURITIES LENDING COLLATERAL†,2 - 0.8%
        
BNY Mellon Securities Lending Overnight Fund, 0.1308%
1,028,913
    
1,028,913
Total Securities Lending Fund
        
(Cost $1,028,913)
      
1,028,913
Total Investments - 100.4%
        
(Cost $127,659,638)
    
$
137,281,661
Other Assets & Liabilities, net - (0.4)%
      
(548,271)
Total Net Assets - 100.0%
    
$
136,733,390
 
*
Non-income producing security.
†
Value determined based on Level 1 inputs — See Note 2.
1
All or portion of this security is on loan at November 30, 2014 - See Note 4.
2
Securities lending collateral - See Note 4.
 
plc
Public Limited Company
 
 
 
 
 
 
 
Guggenheim Multi-Asset Income ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 74.2%
        
Financial - 15.9%
        
Two Harbors Investment Corp.
1,278,658
  
$
13,438,696
American Capital Agency Corp.
576,219
    
13,296,253
Annaly Capital Management, Inc.
1,141,714
    
13,152,545
Banco Santander S.A. ADR
1,370,563
    
12,198,010
MFA Financial, Inc.
1,199,489
    
10,051,718
American Realty Capital Properties, Inc.
1,030,495
    
9,686,653
Government Properties Income Trust
405,503
    
9,213,028
Hatteras Financial Corp.
474,643
    
9,094,160
Royal Bank of Canada
122,913
    
8,991,086
Bank of Montreal1
120,593
    
8,886,498
Toronto-Dominion Bank
171,573
    
8,662,721
CYS Investments, Inc.
925,120
    
8,538,858
Bank of Nova Scotia
136,427
    
8,463,931
Newcastle Investment Corp.1
1,718,704
    
8,438,837
Chimera Investment Corp.
2,282,457
    
7,714,705
Invesco Mortgage Capital, Inc.
441,380
    
7,296,011
New Residential Investment Corp.
439,479
    
5,695,648
Susquehanna Bancshares, Inc.
431,913
    
5,688,294
First American Financial Corp.
159,659
    
5,110,685
Select Income REIT
214,784
    
4,961,510
Sun Life Financial, Inc.
121,097
    
4,521,762
Canadian Imperial Bank of Commerce1
47,196
    
4,407,634
Western Asset Mortgage Capital Corp.1
276,788
    
4,331,732
American Capital Mortgage Investment Corp.
207,521
    
4,164,946
RCS Capital Corp. — Class A1
205,367
    
2,043,402
Total Financial
      
198,049,323
Energy - 13.3%
        
Kinder Morgan, Inc.1
326,748
    
13,511,030
BP Prudhoe Bay Royalty Trust1
160,678
    
12,324,003
Williams Companies, Inc.
230,125
    
11,908,969
Chevron Corp.
105,596
    
11,496,236
Total S.A. ADR
205,517
    
11,432,910
ConocoPhillips
168,122
    
11,107,820
BP plc ADR
281,058
    
11,051,201
Noble Corporation plc
487,084
    
8,762,641
Enerplus Corp.1
671,238
    
8,759,656
TransCanada Corp.
171,479
    
8,258,429
Transocean Ltd.1
351,536
    
7,385,771
ONEOK, Inc.
131,912
    
7,144,354
Penn West Petroleum Ltd.1
2,021,031
    
7,134,239
Cenovus Energy, Inc.1
290,736
    
6,425,266
Seadrill Ltd.1
359,448
    
5,269,508
Pengrowth Energy Corp.1
1,513,117
    
5,084,073
Precision Drilling Corp.
667,813
    
4,300,716
Pembina Pipeline Corp.
100,577
    
3,480,970
Eni SpA ADR
73,959
    
2,898,453
Ecopetrol S.A. ADR1
131,057
    
2,659,147
Baytex Energy Corp.
103,998
    
2,312,916
Energy XXI Bermuda Ltd.1
549,788
    
2,204,650
North Atlantic Drilling Ltd.1
441,208
    
1,072,135
Total Energy
      
165,985,093
 
Shares
    
Value
COMMON STOCKS† - 74.2% (continued)
        
Consumer, Non-cyclical - 11.9%
        
AbbVie, Inc.
242,876
  
$
16,807,018
ConAgra Foods, Inc.
424,892
    
15,517,056
Procter & Gamble Co.
162,411
    
14,686,827
Pfizer, Inc.
463,589
    
14,440,797
AstraZeneca plc ADR
183,634
    
13,620,134
Merck & Company, Inc.
224,924
    
13,585,410
General Mills, Inc.
255,571
    
13,481,370
KAR Auction Services, Inc.
299,924
    
10,392,367
Clorox Co.
101,509
    
10,315,345
Macquarie Infrastructure Company LLC
127,889
    
8,990,597
British American Tobacco plc ADR
54,454
    
6,434,829
Rent-A-Center, Inc.
169,729
    
5,855,651
B&G Foods, Inc.
153,215
    
4,385,013
Total Consumer, Non-cyclical
      
148,512,414
Consumer, Cyclical - 8.1%
        
Target Corp.
223,063
    
16,506,662
Coach, Inc.
364,203
    
13,519,215
General Motors Co.
388,545
    
12,989,059
GameStop Corp. — Class A1
316,615
    
11,971,213
Hasbro, Inc.
172,849
    
10,232,661
Tupperware Brands Corp.
122,340
    
8,227,365
Copa Holdings S.A. — Class A
72,313
    
8,092,548
Guess?, Inc.
349,492
    
7,922,984
SeaWorld Entertainment, Inc.
441,001
    
7,360,307
MDC Holdings, Inc.1
156,032
    
4,105,202
Total Consumer, Cyclical
      
100,927,216
Communications - 7.1%
        
Cisco Systems, Inc.
545,789
    
15,085,608
Vodafone Group plc ADR
397,572
    
14,531,257
Telefonica Brasil S.A. ADR
468,828
    
9,639,104
BCE, Inc.
202,588
    
9,505,429
Mobile Telesystems OJSC ADR
626,485
    
7,655,647
QIWI plc ADR1
226,074
    
6,293,900
Meredith Corp.
96,912
    
5,115,015
Shaw Communications, Inc. (Cl.B) — Class B1
181,990
    
4,928,289
West Corp.
155,478
    
4,857,133
TELUS Corp.
125,973
    
4,786,974
VimpelCom Ltd. ADR
735,971
    
3,863,848
Pearson plc ADR
105,608
    
2,039,290
Total Communications
      
88,301,494
Utilities - 6.9%
        
Entergy Corp.
181,824
    
15,255,033
Southern Co.
310,991
    
14,750,303
Wisconsin Energy Corp.
204,835
    
10,118,849
Questar Corp.
395,595
    
9,490,324
CenterPoint Energy, Inc.
367,556
    
8,799,291
Cia Energetica de Minas Gerais ADR
1,369,572
    
7,560,037
WGL Holdings, Inc.
105,575
    
5,159,450
New Jersey Resources Corp.
87,629
    
5,073,719
IDACORP, Inc.
81,114
    
5,037,991
El Paso Electric Co.
117,843
    
4,458,001
Total Utilities
      
85,702,998
Basic Materials - 5.9%
        
International Paper Co.
283,230
    
15,243,439
 
 
 
 
 
 
 
Guggenheim Multi-Asset Income ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 74.2% (continued)
        
Basic Materials - 5.9% (continued)
        
Potash Corporation of Saskatchewan, Inc.
385,026
  
$
13,383,503
Freeport-McMoRan, Inc.
372,090
    
9,990,617
Domtar Corp.
240,346
    
9,782,082
Agrium, Inc.
95,666
    
9,319,782
Olin Corp.
328,507
    
8,265,236
Schweitzer-Mauduit International, Inc.
106,369
    
4,549,402
Sociedad Quimica y Minera de Chile S.A. ADR
117,453
    
2,959,816
Total Basic Materials
      
73,493,877
Industrial - 5.1%
        
Lockheed Martin Corp.
76,671
    
14,687,097
General Electric Co.
520,608
    
13,790,906
Garmin Ltd.1
157,118
    
9,002,861
Scorpio Tankers, Inc.1
958,318
    
7,906,124
Sonoco Products Co.
111,444
    
4,682,877
CNH Industrial N.V.1
507,147
    
3,950,675
Ship Finance International Ltd.
231,224
    
3,838,318
Sturm Ruger & Company, Inc.1
88,443
    
3,368,794
Knightsbridge Tankers Ltd.1
368,175
    
2,102,279
Total Industrial
      
63,329,931
Total Common Stocks
        
(Cost $1,000,255,532)
      
924,302,346
PREFERRED STOCKS† - 5.0%
        
Financial - 5.0%
        
Goldman Sachs Group, Inc.
        
6.38%2,3
475,317
    
12,234,660
5.50%2,3
332,191
    
8,029,056
Wells Fargo & Co.
        
5.85%2,3
565,918
    
14,606,344
Citigroup, Inc.
        
6.88%2,3
379,247
    
10,038,668
JPMorgan Chase & Co.
        
6.70%3
342,845
    
8,975,682
Regions Financial Corp.
        
6.38%2,3
343,321
    
8,696,321
Total Financial
        
(Cost $61,955,219)
      
62,580,731
CONVERTIBLE PREFERRED STOCKS† - 0.7%
        
Wells Fargo & Co.
        
7.50%3
7,444
    
9,083,541
Total Convertible Preferred Stocks
        
(Cost $8,667,400)
      
9,083,541
MASTER LIMITED PARTNERSHIPS† - 9.4%
        
Energy - 7.9%
        
Energy Transfer Partners, LP
218,720
    
14,253,981
Enbridge Energy Partners, LP
326,939
    
12,260,213
NuStar Energy, LP
194,938
    
10,916,528
Buckeye Partners, LP — Class B
141,809
    
10,900,858
Regency Energy Partners, LP
368,854
    
10,508,650
Linn Energy LLC1
563,738
    
10,288,219
MarkWest Energy Partners, LP
115,696
    
8,221,358
ONEOK Partners, LP1
175,601
    
7,740,492
Plains All American Pipeline, LP
140,876
    
7,248,070
Targa Resources Partners, LP
113,378
    
6,216,516
Total Energy
      
98,554,885
 
Shares
    
Value
MASTER LIMITED PARTNERSHIPS† - 9.4% (continued)
        
Utilities - 1.2%
        
AmeriGas Partners, LP
322,214
  
$
14,883,065
Consumer, Non-cyclical - 0.3%
        
Emerge Energy Services
55,826
    
3,581,238
Total Master Limited Partnerships
        
(Cost $117,100,899)
      
117,019,188
CLOSED-END FUNDS† - 10.5%
        
PIMCO Dynamic Income Fund1
461,140
    
15,222,232
PIMCO Dynamic Credit Income Fund1
649,289
    
14,349,286
BlackRock Corporate High Yield Fund, Inc.1
1,234,036
    
14,327,159
AllianceBernstein Global High Income Fund, Inc.1
748,327
    
10,087,448
Prudential Global Short Duration High Yield Fund, Inc.1
450,536
    
7,240,114
Prudential Short Duration High Yield Fund, Inc.
430,011
    
7,047,880
Wells Fargo Advantage Income Opportunities Fund1
709,404
    
6,420,106
Western Asset High Income Fund II, Inc.
750,654
    
6,373,053
Babson Capital Global Short Duration High Yield Fund
286,552
    
6,301,278
PIMCO Income Strategy Fund II1
536,932
    
5,712,956
Wells Fargo Advantage Global Dividend Opportunity Fund1
611,078
    
4,931,399
Nuveen Long/Short Commodity Total Return Fund
337,711
    
4,836,022
Nuveen Preferred & Income Term Fund
184,871
    
4,290,856
John Hancock Preferred Income Fund
202,719
    
4,261,153
PIMCO Income Opportunity Fund1
141,315
    
3,879,097
Stone Harbor Emerging Markets Income Fund
214,145
    
3,811,781
Western Asset Global High Income Fund, Inc.1
302,486
    
3,536,061
John Hancock Preferred Income Fund III1
185,878
    
3,410,861
Brookfield Total Return Fund, Inc.1
120,038
    
3,060,969
John Hancock Preferred Income Fund II
105,369
    
2,190,622
Total Closed-End Funds
        
(Cost $136,196,779)
      
131,290,333
SECURITIES LENDING COLLATERAL†,4 - 8.3%
        
BNY Mellon Securities Lending Overnight Fund, 0.1308%
104,131,514
    
104,131,514
Total Securities Lending Fund
        
(Cost $104,131,514)
      
104,131,514
Total Investments - 108.1%
        
(Cost $1,428,307,343)
    
$
1,348,407,653
Other Assets & Liabilities, net - (8.1)%
      
(100,471,552)
Total Net Assets - 100.0%
    
$
1,247,936,101
 
 
 
 
 
 
 
OTHER INFORMATION (Unaudited)
  
 
†
Value determined based on Level 1 inputs —See Note 2.
1
All or portion of this security is on loan at November 30, 2014 - See Note 4.
2
Variable rate security.  Rate indicated is rate effective at November 30, 2014.
3
Perpetual maturity.
4
Securities lending collateral - See Note 4.
 
ADR
American Depositary Receipt
plc
Public Limited Company
REIT
Real Estate Investment Trust
 
 
 
 
 
 
 
Guggenheim Raymond James SB-1 Equity ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 96.4%
        
Financial - 24.8%
        
Capital Senior Living Corp.*
66,937
  
$
1,703,547
Kite Realty Group Trust
62,184
    
1,696,380
American Tower Corp. — Class A
16,069
    
1,687,406
Weyerhaeuser Co.
47,365
    
1,672,458
Sovran Self Storage, Inc.
19,640
    
1,669,793
CyrusOne, Inc.
60,444
    
1,659,188
Yadkin Financial Corp.*
87,137
    
1,656,475
ConnectOne Bancorp, Inc.
89,546
    
1,654,810
NASDAQ OMX Group, Inc.
36,832
    
1,654,125
Wells Fargo & Co.
30,358
    
1,653,904
American Residential Properties, Inc.*
92,990
    
1,652,432
Apartment Investment & Management Co. — Class A
44,343
    
1,651,777
Bank of the Ozarks, Inc.
45,426
    
1,644,421
Allstate Corp.
24,045
    
1,638,667
Voya Financial, Inc.
39,090
    
1,637,089
Prudential Financial, Inc.
19,250
    
1,635,865
PrivateBancorp, Inc. — Class A
51,903
    
1,632,349
EverBank Financial Corp.
86,487
    
1,629,415
Citigroup, Inc.
30,188
    
1,629,246
Lincoln National Corp.
28,768
    
1,629,132
Synovus Financial Corp.
63,006
    
1,628,075
New York Community Bancorp, Inc.1
102,330
    
1,626,024
First Republic Bank
31,430
    
1,619,587
Fidus Investment Corp.
97,937
    
1,615,961
Talmer Bancorp, Inc. — Class A
116,120
    
1,615,228
American Homes 4 Rent — Class A
93,852
    
1,614,254
Signature Bank*
13,311
    
1,614,225
Wintrust Financial Corp.
36,021
    
1,609,778
JPMorgan Chase & Co.
26,731
    
1,608,137
Peoples Bancorp, Inc.
66,199
    
1,602,678
Lakeland Financial Corp.
40,206
    
1,591,756
Zions Bancorporation
56,482
    
1,584,885
Wilshire Bancorp, Inc.
164,289
    
1,573,889
SVB Financial Group*
14,884
    
1,565,053
Texas Capital Bancshares, Inc.*
28,012
    
1,544,302
Health Insurance Innovations, Inc. — Class A*,1
196,089
    
1,441,255
Lakeland Bancorp, Inc.
96,685
    
1,066,436
Meta Financial Group, Inc.
29,615
    
1,042,448
Alcentra Capital Corp.
77,419
    
1,007,221
C1 Financial, Inc.*,1
50,097
    
913,268
CM Finance, Inc.
61,547
    
781,031
Silvercrest Asset Management Group, Inc. — Class A
46,927
    
673,402
Total Financial
      
64,027,372
Consumer, Cyclical - 21.6%
        
Dollar Tree, Inc.*
25,864
    
1,768,063
La-Z-Boy, Inc.
67,551
    
1,755,650
iRobot Corp.*
47,393
    
1,726,053
Texas Roadhouse, Inc. — Class A
51,688
    
1,708,804
Mohawk Industries, Inc.*
11,098
    
1,704,542
Malibu Boats, Inc. — Class A*
91,005
    
1,703,613
Bloomin' Brands, Inc.*
74,239
    
1,690,421
DineEquity, Inc.
17,011
    
1,689,703
 
Shares
    
Value
COMMON STOCKS† - 96.4% (continued)
        
Consumer, Cyclical - 21.6% (continued)
        
Ethan Allen Interiors, Inc.
56,958
  
$
1,686,526
Brunswick Corp.
33,853
    
1,681,817
Ingram Micro, Inc. — Class A*
61,105
    
1,676,110
Toll Brothers, Inc.*
47,854
    
1,674,412
Tempur Sealy International, Inc.*
29,320
    
1,672,706
Bed Bath & Beyond, Inc.*
22,691
    
1,664,839
O'Reilly Automotive, Inc.*
9,091
    
1,661,289
Cinemark Holdings, Inc.
45,708
    
1,659,658
Tractor Supply Co.
21,507
    
1,654,534
Regal Entertainment Group — Class A
71,645
    
1,654,283
Newell Rubbermaid, Inc.
45,528
    
1,653,122
WCI Communities, Inc.*
88,859
    
1,652,777
Pier 1 Imports, Inc.
119,726
    
1,652,219
Advance Auto Parts, Inc.
11,191
    
1,645,972
AutoZone, Inc.*
2,849
    
1,645,896
Fiesta Restaurant Group, Inc.*
29,314
    
1,643,343
Red Robin Gourmet Burgers, Inc.*
24,390
    
1,642,667
Select Comfort Corp.*
62,088
    
1,635,398
Steelcase, Inc. — Class A
92,990
    
1,629,185
Harman International Industries, Inc.
14,988
    
1,626,648
Polaris Industries, Inc.
10,373
    
1,625,553
Rush Enterprises, Inc. — Class A*
46,190
    
1,620,345
MarineMax, Inc.*
87,278
    
1,615,516
Callaway Golf Co.
213,988
    
1,585,651
Carrols Restaurant Group, Inc.*
210,649
    
1,581,974
Culp, Inc.
43,535
    
815,846
Total Consumer, Cyclical
      
55,705,135
Technology - 13.8%
        
Benefitfocus, Inc.*,1
72,123
    
1,953,812
Micron Technology, Inc.*
49,147
    
1,766,835
Analog Devices, Inc.
31,919
    
1,744,055
NXP Semiconductor N.V.*
22,190
    
1,726,604
Skyworks Solutions, Inc.
25,387
    
1,712,861
SanDisk Corp.
16,522
    
1,709,366
Cavium, Inc.*
30,182
    
1,708,301
Altera Corp.
45,344
    
1,705,841
Semtech Corp.*
66,716
    
1,698,589
NVIDIA Corp.
80,954
    
1,697,605
Applied Micro Circuits Corp.*
286,198
    
1,691,431
Diodes, Inc.*
63,055
    
1,676,632
Maxim Integrated Products, Inc.
56,285
    
1,664,347
Microsemi Corp.*
61,174
    
1,663,933
Intuit, Inc.
17,720
    
1,663,376
EMC Corp.
54,122
    
1,642,603
BroadSoft, Inc.*
60,715
    
1,637,484
ServiceNow, Inc.*
25,422
    
1,625,991
Nimble Storage, Inc.*,1
60,921
    
1,606,487
salesforce.com, Inc.*
26,547
    
1,589,369
Envestnet, Inc.*
30,809
    
1,575,880
Total Technology
      
35,461,402
Industrial - 10.9%
        
Swift Transportation Co. — Class A*
61,993
    
1,802,137
Knight Transportation, Inc.
52,339
    
1,741,319
 
 
 
 
 
 
 
Guggenheim Raymond James SB-1 Equity ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 96.4% (continued)
        
Industrial - 10.9% (continued)
        
SBA Communications Corp. — Class A*
14,184
  
$
1,725,767
Advanced Energy Industries, Inc.*
83,241
    
1,700,614
Covanta Holding Corp.
67,495
    
1,692,100
ArcBest Corp.
38,865
    
1,687,518
FedEx Corp.
9,436
    
1,681,306
Masco Corp.
69,197
    
1,674,567
PGT, Inc.*
176,843
    
1,664,093
Progressive Waste Solutions Ltd.
53,444
    
1,636,990
Genesee & Wyoming, Inc. — Class A*
16,530
    
1,629,693
Republic Services, Inc. — Class A
41,135
    
1,629,357
FLIR Systems, Inc.
50,908
    
1,615,311
Control4 Corp.*,1
106,924
    
1,612,414
Union Pacific Corp.
13,443
    
1,569,739
Teekay Corp.
29,728
    
1,478,076
Applied Optoelectronics, Inc.*,1
131,377
    
1,425,440
Total Industrial
      
27,966,441
Communications - 10.0%
        
Palo Alto Networks, Inc.*
15,092
    
1,856,316
RF Micro Devices, Inc.*,1
116,622
    
1,703,847
Comcast Corp. — Class A
29,788
    
1,699,108
United States Cellular Corp.*
44,127
    
1,698,448
Equinix, Inc.
7,437
    
1,689,463
HomeAway, Inc.*
53,674
    
1,683,217
ARRIS Group, Inc.*
56,432
    
1,679,981
Iridium Communications, Inc.*,1
174,745
    
1,668,814
ORBCOMM, Inc.*
256,718
    
1,663,533
Finisar Corp.*
96,912
    
1,652,350
Telephone & Data Systems, Inc.
64,409
    
1,646,294
Priceline Group, Inc.*
1,400
    
1,624,266
DigitalGlobe, Inc.*
60,130
    
1,624,111
Ubiquiti Networks, Inc.1
54,800
    
1,583,720
WebMD Health Corp. — Class A*,1
42,629
    
1,557,664
KVH Industries, Inc.*
60,209
    
735,754
Total Communications
      
25,766,886
Consumer, Non-cyclical - 7.7%
        
Paylocity Holding Corp.*
59,929
    
1,743,335
Amsurg Corp. — Class A*
32,475
    
1,674,736
STERIS Corp.
26,047
    
1,660,496
McKesson Corp.
7,854
    
1,655,309
UnitedHealth Group, Inc.
16,724
    
1,649,488
ICU Medical, Inc.*
19,707
    
1,649,279
Civitas Solutions, Inc.*,1
96,078
    
1,645,816
Service Corporation International
72,608
    
1,640,942
Alere, Inc.*
41,114
    
1,640,037
 
Shares
    
Value
COMMON STOCKS† - 96.4% (continued)
        
Consumer, Non-cyclical - 7.7% (continued)
        
Quintiles Transnational Holdings, Inc.*
28,064
  
$
1,622,660
Carriage Services, Inc. — Class A
84,149
    
1,616,502
Xoom Corp.*,1
110,647
    
1,550,164
Total Consumer, Non-cyclical
      
19,748,764
Energy - 6.4%
        
Targa Resources Corp.
13,678
    
1,561,206
National Oilwell Varco, Inc.
22,659
    
1,519,060
Chevron Corp.
13,909
    
1,514,273
Memorial Resource Development Corp.*
69,493
    
1,501,049
Baker Hughes, Inc.
25,506
    
1,453,841
Antero Resources Corp.*
30,973
    
1,453,253
Cameron International Corp.*
27,876
    
1,429,481
Halliburton Co.
33,448
    
1,411,506
LinnCo LLC1
79,096
    
1,297,965
Superior Energy Services, Inc.
66,689
    
1,287,765
Oasis Petroleum, Inc.*
62,665
    
1,151,783
Energy XXI Bermuda Ltd.1
237,869
    
953,855
Total Energy
      
16,535,037
Basic Materials - 0.6%
        
Praxair, Inc.
12,629
    
1,621,311
 
–
    
–
Utilities - 0.6%
        
EnerNOC, Inc.*
109,378
    
1,595,825
*
–
    
–
Total Common Stocks
        
(Cost $230,584,730)
      
248,428,173
MASTER LIMITED PARTNERSHIPS† - 3.6%
        
Energy - 3.6%
        
Tesoro Logistics, LP
28,671
    
1,641,988
Alliance Holdings GP, LP
24,102
    
1,615,557
Enterprise Products Partners, LP
41,999
    
1,568,243
EV Energy Partners, LP
52,355
    
1,483,217
Compressco Partners, LP*
70,986
    
1,450,244
Memorial Production Partners, LP
102,720
    
1,413,427
Total Energy
      
9,172,676
Total Master Limited Partnerships
        
(Cost $9,892,665)
      
9,172,676
 
Shares
    
Value
SECURITIES LENDING COLLATERAL†,2 - 4.2%
        
BNY Mellon Securities Lending Overnight Fund, 0.1308%
10,825,671
    
10,825,671
Total Securities Lending Fund
        
(Cost $10,825,671)
      
10,825,671
Total Investments - 104.2%
        
(Cost $251,303,066)
    
$
268,426,520
Other Assets & Liabilities, net - (4.2)%
      
(10,795,202)
Total Net Assets - 100.0%
    
$
257,631,318
 
*
Non-income producing security.
†
Value determined based on Level 1 inputs — See Note 2.
1
All or portion of this security is on loan at November 30, 2014 - See Note 4.
2
Securities lending collateral - See Note 4.
 
 
 
 
 
 
 
Guggenheim Spin-Off ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 92.3%
        
Consumer, Non-cyclical - 36.8%
        
Zoetis, Inc.
830,246
  
$
37,302,953
AbbVie, Inc.
474,578
    
32,840,798
Mallinckrodt plc*
348,899
    
32,175,466
WhiteWave Foods Co. — Class A*
814,021
    
29,817,589
ADT Corp.1
794,313
    
27,753,296
Kraft Foods Group, Inc.
445,116
    
26,782,630
Post Holdings, Inc.*,1
419,450
    
16,778,000
Prothena Corporation plc*,1
199,914
    
4,845,915
Harvard Apparatus Regenerative Technology, Inc.*
66,691
    
225,416
Total Consumer, Non-cyclical
      
208,522,063
Energy - 12.0%
        
Murphy USA, Inc.*
448,573
    
28,583,071
Phillips 66
314,225
    
22,944,710
WPX Energy, Inc.*
1,213,323
    
16,464,793
Total Energy
      
67,992,574
Communications - 10.2%
        
News Corp. — Class A*
1,481,045
    
22,985,819
TripAdvisor, Inc.*
254,723
    
18,760,349
Liberty Media Corp. — Class A*
199,575
    
7,338,373
FTD Companies, Inc.*
177,070
    
6,137,246
Straight Path Communications, Inc. — Class B*
112,698
    
2,283,261
Total Communications
      
57,505,048
Financial - 9.8%
        
New Residential Investment Corp.
1,335,634
    
17,309,816
Altisource Residential Corp.
545,869
    
11,070,223
Altisource Asset Management Corp.*,1
21,557
    
10,670,715
Rouse Properties, Inc.1
545,640
    
9,979,756
Silver Bay Realty Trust Corp.
366,130
    
6,088,742
Total Financial
      
55,119,252
Consumer, Cyclical - 8.0%
        
CST Brands, Inc.
715,463
    
31,237,115
 
Shares
    
Value
COMMON STOCKS† - 92.3% (continued)
        
Consumer, Cyclical - 8.0% (continued)
        
Fiesta Restaurant Group, Inc.*
252,855
  
$
14,175,051
Total Consumer, Cyclical
      
45,412,166
Industrial - 7.4%
        
Allegion plc
483,229
    
26,021,882
Hyster-Yale Materials Handling, Inc.
156,171
    
11,464,513
Era Group, Inc.*
191,736
    
4,036,043
Total Industrial
      
41,522,438
Technology - 5.4%
        
Science Applications International Corp.
464,272
    
23,506,091
Engility Holdings, Inc.*
164,361
    
6,911,380
Total Technology
      
30,417,471
Basic Materials - 2.7%
        
Sibanye Gold Ltd. ADR1
2,136,906
    
14,680,544
NovaCopper, Inc.*
528,315
    
316,989
Total Basic Materials
      
14,997,533
Total Common Stocks
        
(Cost $506,290,704)
      
521,488,545
MASTER LIMITED PARTNERSHIPS† - 7.5%
        
Financial - 5.5%
        
Brookfield Property Partners, LP
1,295,369
    
30,609,569
Energy - 2.0%
        
Atlas Resource Partners, LP
757,842
    
11,526,777
Total Master Limited Partnerships
        
(Cost $40,417,601)
      
42,136,346
 
Shares
    
Value
SECURITIES LENDING COLLATERAL†,2 - 8.4%
        
BNY Mellon Securities Lending Overnight Fund, 0.1308%
47,264,257
    
47,264,257
Total Securities Lending Fund
        
(Cost $47,264,257)
      
47,264,257
Total Investments - 108.2%
        
(Cost $593,972,562)
    
$
610,889,148
Other Assets & Liabilities, net - (8.2)%
      
(46,150,704)
Total Net Assets - 100.0%
    
$
564,738,444
 
*
Non-income producing security.
†
Value determined based on Level 1 inputs — See Note 2.
1
All or portion of this security is on loan at November 30, 2014 - See Note 4.
2
Securities lending collateral - See Note 4.
 
ADR
American Depositary Receipt
plc
Public Limited Company
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 99.9%
        
Financial - 30.2%
        
Chatham Lodging Trust
3,091
  
$
82,715
Universal Insurance Holdings, Inc.
3,472
    
67,357
Ameris Bancorp
2,665
    
67,024
Centerstate Banks, Inc.
5,384
    
60,193
AmREIT, Inc.
2,219
    
59,092
Arlington Asset Investment Corp. — Class A1
1,904
    
53,026
HCI Group, Inc.
1,247
    
50,416
Heritage Financial Corp.
2,788
    
47,200
Diamond Hill Investment Group, Inc.
345
    
46,810
BNC Bancorp1
2,743
    
46,549
Yadkin Financial Corp.*
2,328
    
44,255
Agree Realty Corp.
1,417
    
43,658
German American Bancorp, Inc.
1,526
    
43,125
Federated National Holding Co.
1,688
    
42,639
Preferred Bank/Los Angeles CA
1,609
    
41,062
Bear State Financial, Inc.*,1
3,886
    
40,688
Metro Bancorp, Inc.*
1,623
    
40,657
Phoenix Companies, Inc.*
667
    
40,588
MainSource Financial Group, Inc.
2,233
    
39,792
Consolidated-Tomoka Land Co.
724
    
38,741
Gladstone Commercial Corp.
2,130
    
37,659
Financial Institutions, Inc.
1,584
    
37,558
Mercantile Bank Corp.
1,959
    
37,554
Enterprise Financial Services Corp.
1,971
    
37,449
Independent Bank Corp.
3,027
    
36,778
Guaranty Bancorp
2,448
    
36,279
NewBridge Bancorp*
4,477
    
36,174
RE/MAX Holdings, Inc. — Class A
1,069
    
35,758
Bridge Bancorp, Inc.
1,397
    
35,610
ConnectOne Bancorp, Inc.
1,911
    
35,315
Southwest Bancorp, Inc.
2,084
    
35,220
Bank of Kentucky Financial Corp.
754
    
35,144
Federal Agricultural Mortgage Corp. — Class C
1,144
    
34,789
One Liberty Properties, Inc.1
1,510
    
34,624
Whitestone REIT — Class B
2,313
    
34,371
Bryn Mawr Bank Corp.
1,153
    
33,933
Fidelity Southern Corp.
2,137
    
32,653
ESB Financial Corp.
1,807
    
32,454
OmniAmerican Bancorp, Inc.
1,191
    
32,002
CNB Financial Corp.
1,802
    
31,823
Ares Commercial Real Estate Corp.
2,657
    
31,751
Oppenheimer Holdings, Inc. — Class A
1,370
    
31,359
Pacific Premier Bancorp, Inc.*
1,949
    
31,009
Bank of Marin Bancorp
610
    
30,988
First Defiance Financial Corp.
1,016
    
30,551
United Insurance Holdings Corp.
1,622
    
30,413
Independent Bank Group, Inc.
708
    
30,373
CommunityOne Bancorp*,1
2,911
    
30,333
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Financial - 30.2% (continued)
        
United Community Financial Corp.
5,766
  
$
29,522
West Bancorporation, Inc.
1,861
    
29,069
Arbor Realty Trust, Inc.
4,182
    
28,898
Garrison Capital, Inc.1
1,904
    
28,749
Medallion Financial Corp.1
2,856
    
28,530
Banc of California, Inc.
2,593
    
28,523
Bridge Capital Holdings*
1,218
    
28,063
Penns Woods Bancorp, Inc.
606
    
26,906
Physicians Realty Trust
1,732
    
26,777
Hallmark Financial Services, Inc.*
2,257
    
26,610
Peoples Bancorp, Inc.
1,089
    
26,365
HomeStreet, Inc.
1,608
    
26,226
GSV Capital Corp.*,1
2,656
    
26,135
Fidus Investment Corp.
1,571
    
25,922
MidWestOne Financial Group, Inc.
942
    
25,914
Suffolk Bancorp
1,247
    
25,800
MidSouth Bancorp, Inc.
1,453
    
25,733
Manning & Napier, Inc. — Class A
1,675
    
25,644
Pacific Continental Corp.
1,849
    
25,627
Enterprise Bancorp, Inc.
1,095
    
25,601
First Connecticut Bancorp, Inc.
1,710
    
25,582
Meta Financial Group, Inc.
726
    
25,555
Peapack Gladstone Financial Corp.
1,429
    
25,350
OceanFirst Financial Corp.
1,558
    
25,099
Citizens & Northern Corp.
1,284
    
24,999
CU Bancorp*
1,250
    
24,500
CatchMark Timber Trust, Inc. — Class A
2,196
    
24,376
UMH Properties, Inc.
2,507
    
24,017
Sierra Bancorp
1,513
    
24,011
JAVELIN Mortgage Investment Corp.
1,866
    
23,811
Intervest Bancshares Corp. — Class A
2,407
    
23,806
First Bancorp, Inc.
1,355
    
23,672
Gladstone Capital Corp.1
2,559
    
23,645
Horizon Bancorp
968
    
23,590
Farmers Capital Bank Corp.*
1,032
    
23,519
Consumer Portfolio Services, Inc.*
3,181
    
23,285
PennantPark Floating Rate Capital Ltd.
1,629
    
23,115
American National Bankshares, Inc.
952
    
22,420
National Bankshares, Inc.1
743
    
22,312
Owens Realty Mortgage, Inc.1
1,514
    
22,301
Gladstone Investment Corp.
3,007
    
22,162
Seacoast Banking Corporation of Florida*
1,746
    
22,139
Territorial Bancorp, Inc.
1,040
    
21,653
Bar Harbor Bankshares
706
    
21,526
EMC Insurance Group, Inc.
721
    
21,464
Stellus Capital Investment Corp.
1,554
    
21,290
Heritage Commerce Corp.
2,565
    
21,136
LNB Bancorp, Inc.
1,311
    
20,950
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Financial - 30.2% (continued)
        
CIFC Corp.
2,369
  
$
20,942
Marlin Business Services Corp.
1,117
    
20,821
Preferred Apartment Communities, Inc. — Class A
2,338
    
20,761
Ellington Residential Mortgage REIT1
1,155
    
20,651
Northrim BanCorp, Inc.
750
    
20,520
Macatawa Bank Corp.
4,048
    
20,483
C&F Financial Corp.
517
    
20,385
Sun Bancorp, Inc.*
1,098
    
20,368
Monarch Financial Holdings, Inc.
1,474
    
19,870
CorEnergy Infrastructure Trust, Inc.1
2,936
    
19,583
BBX Capital Corp. — Class A*
1,182
    
19,491
NASB Financial, Inc.1
794
    
19,354
Heritage Financial Group, Inc.
915
    
19,242
Monroe Capital Corp.1
1,323
    
19,131
BSB Bancorp, Inc.*,1
1,010
    
19,089
Merchants Bancshares, Inc.
665
    
18,959
MutualFirst Financial, Inc.
862
    
18,507
Old Second Bancorp, Inc.*
3,917
    
18,488
Access National Corp.
1,051
    
18,371
Home Bancorp, Inc.
794
    
18,262
ZAIS Financial Corp.
1,011
    
18,218
Franklin Financial Corp.*
911
    
18,102
OHA Investment Corp.,1
2,821
    
17,969
Shore Bancshares, Inc.*
1,895
    
17,889
Nicholas Financial, Inc.*
1,432
    
17,785
TriplePoint Venture Growth BDC Corp.
1,229
    
17,784
SI Financial Group, Inc.
1,572
    
17,599
QCR Holdings, Inc.
979
    
17,573
Pulaski Financial Corp.
1,478
    
17,352
Heritage Oaks Bancorp
2,354
    
17,114
New Hampshire Thrift Bancshares, Inc.
1,093
    
16,920
WashingtonFirst Bankshares, Inc.
1,086
    
16,719
Chemung Financial Corp.1
591
    
16,563
Imperial Holdings, Inc.*
2,484
    
16,444
Westfield Financial, Inc.
2,242
    
16,434
Heritage Insurance Holdings, Inc.*
947
    
16,430
Independence Holding Co.
1,189
    
16,396
Cherry Hill Mortgage Investment Corp.
867
    
16,386
First Financial Northwest, Inc.
1,372
    
16,121
Square 1 Financial, Inc. — Class A*
739
    
15,800
Republic First Bancorp, Inc.*
4,028
    
15,266
Medley Management, Inc.
914
    
15,264
Horizon Technology Finance Corp.
1,085
    
15,244
BCB Bancorp, Inc.
1,210
    
14,956
Investors Title Co.
206
    
14,914
Norwood Financial Corp.1
509
    
14,863
Southern Missouri Bancorp, Inc.,1
392
    
14,818
Century Bancorp, Inc. — Class A
375
    
14,595
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Financial - 30.2% (continued)
        
Provident Financial Holdings, Inc.
984
  
$
14,563
Southern National Bancorp of Virginia, Inc.
1,239
    
14,521
ESSA Bancorp, Inc.
1,283
    
14,498
JG Wentworth Co.*
1,502
    
14,314
Premier Financial Bancorp, Inc.
904
    
14,274
Harris & Harris Group, Inc.*
4,888
    
14,224
BRT Realty Trust*,1
1,968
    
14,209
Riverview Bancorp, Inc.*
3,335
    
14,040
Middleburg Financial Corp.
749
    
13,782
Codorus Valley Bancorp, Inc.
691
    
13,734
HF Financial Corp.
993
    
13,703
Hampden Bancorp, Inc.
679
    
13,634
MBT Financial Corp.*
2,782
    
13,632
Summit Financial Group, Inc.*
1,181
    
13,558
Evans Bancorp, Inc.
579
    
13,317
Peoples Bancorp of North Carolina, Inc.
735
    
13,304
American River Bankshares*
1,401
    
13,239
Customers Bancorp, Inc.*
735
    
13,230
HopFed Bancorp, Inc.
1,121
    
13,116
First NBC Bank Holding Co.*
350
    
12,740
Atlas Financial Holdings, Inc.*
863
    
12,669
Southern First Bancshares, Inc.*
774
    
12,570
MicroFinancial, Inc.
1,445
    
12,543
Central Valley Community Bancorp
1,162
    
12,445
Chicopee Bancorp, Inc.
785
    
12,442
Union Bankshares, Inc.1
513
    
12,440
Asta Funding, Inc.*
1,454
    
12,432
CM Finance, Inc.1
978
    
12,411
Trade Street Residential, Inc.1
1,622
    
12,262
First South Bancorp, Inc.
1,528
    
12,239
Ocean Shore Holding Co.
876
    
12,238
OFS Capital Corp.
995
    
12,189
Two River Bancorp
1,400
    
11,788
Westbury Bancorp, Inc.*,1
774
    
11,687
First Citizens Banc Corp.
1,129
    
11,629
Independence Realty Trust, Inc.
1,227
    
11,583
Fortegra Financial Corp.*
1,159
    
11,486
Pacific Mercantile Bancorp*
1,687
    
11,472
Cape Bancorp, Inc.
1,214
    
11,302
Eastern Virginia Bankshares, Inc.*
1,737
    
11,238
First United Corp.*
1,300
    
11,206
Timberland Bancorp, Inc.
1,044
    
11,108
Parke Bancorp, Inc.1
988
    
11,075
United Security Bancshares*
2,054
    
11,051
AmeriServ Financial, Inc.
3,643
    
10,965
Patriot National Bancorp, Inc.*
6,185
    
10,947
Bank of South Carolina Corp.
740
    
10,941
Harvest Capital Credit Corp.
882
    
10,937
Old Point Financial Corp.
744
    
10,888
Orchid Island Capital, Inc.
769
    
10,605
First Internet Bancorp
597
    
10,603
Silvercrest Asset Management Group, Inc. — Class A
734
    
10,533
Ameriana Bancorp*
624
    
10,424
WhiteHorse Finance, Inc.1
826
    
10,284
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Financial - 30.2% (continued)
        
Salisbury Bancorp, Inc.1
361
  
$
10,205
United Security Bancshares, Inc.1
1,160
    
10,144
BDCA Venture, Inc.1
1,911
    
9,880
Palmetto Bancshares, Inc.1
628
    
9,860
Colony Bankcorp, Inc.*
1,244
    
9,741
Sotherly Hotels, Inc.
1,294
    
9,705
Poage Bankshares, Inc.
653
    
9,658
Bluerock Residential Growth REIT, Inc.1
742
    
9,535
Southcoast Financial Corp.*
1,372
    
9,343
Hamilton Bancorp, Inc.*,1
719
    
9,203
Full Circle Capital Corp.
1,615
    
9,141
Naugatuck Valley Financial Corp.*
1,084
    
9,095
United Bancorp, Inc. 1
1,100
    
9,031
TriState Capital Holdings, Inc.*
871
    
8,797
Fox Chase Bancorp, Inc.
531
    
8,788
Bankwell Financial Group, Inc.*
456
    
8,712
Unity Bancorp, Inc.
937
    
8,667
HMN Financial, Inc.*
638
    
8,087
First Acceptance Corp.*
2,916
    
7,436
C1 Financial, Inc.*,1
392
    
7,146
Urstadt Biddle Properties, Inc.
364
    
6,810
Simplicity Bancorp, Inc.
402
    
6,669
Trupanion, Inc.*,1
1,090
    
6,616
RCS Capital Corp. — Class A1
577
    
5,741
Regional Management Corp.*
419
    
5,682
Hawthorn Bancshares, Inc.
344
    
4,902
American Spectrum Realty, Inc.*,†††,3
2,734
    
–
Total Financial
      
4,879,064
Consumer, Non-cyclical - 27.8%
        
Repligen Corp.*
3,499
    
80,022
ANI Pharmaceuticals, Inc.*
1,465
    
79,270
Amicus Therapeutics, Inc.*
8,911
    
70,665
Providence Service Corp.*
1,801
    
70,473
Anika Therapeutics, Inc.*
1,707
    
69,798
AtriCure, Inc.*
3,551
    
66,511
Atrion Corp.
204
    
66,302
Cynosure, Inc. — Class A*
2,390
    
65,893
XOMA Corp.*,1
10,326
    
58,755
US Physical Therapy, Inc.
1,442
    
56,051
Vascular Solutions, Inc.*
2,159
    
55,529
Chimerix, Inc.*
1,468
    
51,733
GenMark Diagnostics, Inc.*,1
4,387
    
49,836
Tetraphase Pharmaceuticals, Inc.*
1,792
    
47,309
John B Sanfilippo & Son, Inc.
1,106
    
46,253
Rockwell Medical, Inc.*,1
5,154
    
46,128
Coca-Cola Bottling Company Consolidated1
484
    
45,767
Cerus Corp.*,1
9,159
    
41,490
Limoneira Co.
1,616
    
41,451
Omeros Corp.*,1
1,844
    
41,176
OvaScience, Inc.*
1,618
    
40,871
Tree.com, Inc.*
844
    
38,199
CTI BioPharma Corp.*,1
16,597
    
36,347
Carriage Services, Inc. — Class A
1,831
    
35,174
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Consumer, Non-cyclical - 27.8% (continued)
        
RadNet, Inc.*
4,151
  
$
34,951
Auspex Pharmaceuticals, Inc.*,1
1,401
    
33,946
IGI Laboratories, Inc.*
3,173
    
33,221
Peregrine Pharmaceuticals, Inc.*,1
22,171
    
32,813
BioTelemetry, Inc.*
3,278
    
32,354
Alliance HealthCare Services, Inc.*
1,436
    
32,339
Addus HomeCare Corp.*
1,401
    
32,335
Neuralstem, Inc.*,1
11,409
    
32,059
Supernus Pharmaceuticals, Inc.*
3,504
    
31,045
Pernix Therapeutics Holdings, Inc.*
2,973
    
30,830
Avalanche Biotechnologies, Inc.*,1
779
    
30,763
Senomyx, Inc.*,1
5,250
    
30,555
Franklin Covey Co.*
1,605
    
30,302
Idera Pharmaceuticals, Inc.*,1
9,565
    
29,747
K2M Group Holdings, Inc.*
1,538
    
29,084
Northwest Biotherapeutics, Inc.*,1
5,381
    
28,841
Xencor, Inc.*
2,550
    
28,586
Exactech, Inc.*
1,281
    
28,413
Aerie Pharmaceuticals, Inc.*
1,055
    
27,820
Civitas Solutions, Inc.*,1
1,548
    
26,518
Galena Biopharma, Inc.*,1
14,885
    
26,495
Derma Sciences, Inc.*,1
3,171
    
26,034
Inventure Foods, Inc.*
1,861
    
25,700
AcelRx Pharmaceuticals, Inc.*,1
3,831
    
25,514
Smart & Final Stores, Inc.*
1,615
    
25,292
Nature's Sunshine Products, Inc.
1,670
    
24,917
Repros Therapeutics, Inc.*
2,909
    
24,901
Enzo Biochem, Inc.*
5,471
    
24,838
BioTime, Inc.*,1
7,675
    
24,714
Crimson Wine Group Ltd.*
2,672
    
23,968
Five Star Quality Care, Inc.*
5,437
    
23,923
Ampio Pharmaceuticals, Inc.*,1
7,015
    
23,851
Vitae Pharmaceuticals, Inc.*,1
1,163
    
23,667
NeoGenomics, Inc.*
5,573
    
23,630
Agenus, Inc.*
7,950
    
23,532
Omega Protein Corp.*
2,314
    
23,487
Ardelyx, Inc.*,1
867
    
23,210
Cadiz, Inc.*,1
2,024
    
22,951
Esperion Therapeutics, Inc.*
712
    
22,521
Versartis, Inc.*,1
1,247
    
22,471
BioSpecifics Technologies Corp.*
590
    
22,373
Hyperion Therapeutics, Inc.*
1,059
    
21,699
Lifevantage Corp.*
15,855
    
21,404
Tandem Diabetes Care, Inc.*,1
1,502
    
21,223
Griffin Land & Nurseries, Inc.
763
    
21,196
National Research Corp. — Class A*
1,457
    
20,631
Utah Medical Products, Inc.
354
    
20,557
Catalyst Pharmaceutical Partners, Inc.*
7,720
    
20,457
LDR Holding Corp.*
623
    
20,328
Cytokinetics, Inc.*
4,301
    
20,086
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Consumer, Non-cyclical - 27.8% (continued)
        
Adeptus Health, Inc. — Class A*
656
  
$
19,969
Regulus Therapeutics, Inc.*,1
1,065
    
19,958
Otonomy, Inc.*
831
    
19,952
PFSweb, Inc.*
1,826
    
19,940
Collectors Universe, Inc.
896
    
19,721
Zafgen, Inc.*,1
825
    
19,478
MacroGenics, Inc.*
687
    
19,415
INC Research Holdings, Inc.*
796
    
19,414
Cutera, Inc.*
1,903
    
19,297
Seneca Foods Corp. — Class A*
709
    
19,178
Paratek Pharmaceuticals, Inc.*
1,046
    
19,121
Zogenix, Inc.*
16,694
    
19,031
Harvard Bioscience, Inc.*
3,849
    
18,937
Craft Brew Alliance, Inc.*
1,387
    
18,780
Willdan Group, Inc.*
1,029
    
18,748
AAC Holdings, Inc.*
649
    
18,730
Barrett Business Services, Inc.
852
    
18,591
Inogen, Inc.*
761
    
18,485
Stemline Therapeutics, Inc.*,1
1,241
    
18,466
Nevro Corp.*
681
    
18,380
Dermira, Inc.*
1,057
    
18,233
Immune Design Corp.*,1
566
    
18,004
Alico, Inc.
499
    
17,839
NeoStem, Inc.*,1
4,506
    
17,754
Hackett Group, Inc.
1,957
    
17,398
Ocular Therapeutix, Inc.*,1
1,000
    
16,920
Nutraceutical International Corp.*
790
    
16,732
Rexahn Pharmaceuticals, Inc.*
24,513
    
16,527
Biolase, Inc.*
6,360
    
16,345
Sunesis Pharmaceuticals, Inc.*,1
6,958
    
16,282
Information Services Group, Inc.*
4,110
    
16,276
Odyssey Marine Exploration, Inc.*,1
13,752
    
16,227
PRGX Global, Inc.*
3,079
    
16,011
Discovery Laboratories, Inc.*
10,168
    
15,964
Alimera Sciences, Inc.*,1
2,579
    
15,139
Five Prime Therapeutics, Inc.*
727
    
14,947
Lifeway Foods, Inc.*
805
    
14,909
CytRx Corp.*,1
5,870
    
14,734
LeMaitre Vascular, Inc.
1,990
    
14,726
Synergy Pharmaceuticals, Inc.*,1
4,940
    
14,721
Kindred Biosciences, Inc.*
1,526
    
14,680
MGP Ingredients, Inc.
980
    
14,582
Care.com, Inc.*
1,683
    
14,306
Alder Biopharmaceuticals, Inc.*,1
874
    
14,264
StarTek, Inc.*
1,694
    
14,213
PharmAthene, Inc.*
8,264
    
14,049
Durect Corp.*
14,382
    
13,663
Revance Therapeutics, Inc.*
829
    
13,629
Ocera Therapeutics, Inc.*
1,716
    
13,625
RCM Technologies, Inc.*
1,685
    
13,598
Intersections, Inc.1
3,337
    
13,415
Tokai Pharmaceuticals, Inc.*,1
910
    
13,350
Newtek Business Services, Inc.*
923
    
13,180
T2 Biosystems, Inc.*,1
732
    
13,117
Atara Biotherapeutics, Inc.*
482
    
13,014
Verastem, Inc.*
1,399
    
13,011
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Consumer, Non-cyclical - 27.8% (continued)
        
GlycoMimetics, Inc.*
1,338
  
$
12,952
Vital Therapies, Inc.*,1
625
    
12,944
EnteroMedics, Inc.*
9,298
    
12,924
Lincoln Educational Services Corp.
4,001
    
12,923
Iridex Corp.*
1,527
    
12,903
Female Health Co.
3,020
    
12,865
Cara Therapeutics, Inc.*
1,384
    
12,788
Galectin Therapeutics, Inc.*,1
3,190
    
12,664
Alphatec Holdings, Inc.*
9,855
    
12,614
SFX Entertainment, Inc.*,1
2,897
    
12,602
IsoRay, Inc.*
7,863
    
12,581
NanoString Technologies, Inc.*
830
    
12,375
Synergetics USA, Inc.*
3,548
    
12,347
Psychemedics Corp.
815
    
12,290
TriVascular Technologies, Inc.*
909
    
12,244
Heska Corp.*
784
    
12,223
Flexion Therapeutics, Inc.*
710
    
12,177
Perceptron, Inc.
1,203
    
12,090
Synthetic Biologics, Inc.*
7,021
    
12,076
Applied Genetic Technologies Corp.*,1
589
    
11,892
Eagle Pharmaceuticals, Inc.*
942
    
11,879
ArQule, Inc.*
8,991
    
11,868
Aratana Therapeutics, Inc.*
895
    
11,859
Intersect ENT, Inc.*
685
    
11,851
Coronado Biosciences, Inc.*,1
4,986
    
11,617
Fonar Corp.*
979
    
11,601
Trevena, Inc.*
2,211
    
11,541
Edgewater Technology, Inc.*
1,498
    
11,460
Acme United Corp.
630
    
11,309
Targacept, Inc.*
4,629
    
11,248
StemCells, Inc.*
9,850
    
11,229
SIGA Technologies, Inc.*
6,581
    
11,188
Rocky Mountain Chocolate Factory, Inc.
882
    
11,140
Amphastar Pharmaceuticals, Inc.*
1,066
    
11,118
Assembly Biosciences, Inc.*,1
1,312
    
10,890
Biota Pharmaceuticals, Inc.*
4,872
    
10,767
Concert Pharmaceuticals, Inc.*
854
    
10,760
Vical, Inc.*
9,775
    
10,655
Digirad Corp.
2,885
    
10,646
EPIRUS Biopharmaceuticals, Inc.*,1
2,082
    
10,577
Celladon Corp.*
855
    
10,499
MEI Pharma, Inc.*
1,628
    
10,403
Misonix, Inc.*,1
963
    
10,381
Columbia Laboratories, Inc.*,1
1,719
    
10,211
Reed's, Inc.*,1
1,523
    
9,915
Cyclacel Pharmaceuticals, Inc.*
3,289
    
9,735
MediciNova, Inc.*,1
3,221
    
9,695
Hudson Global, Inc.*
3,435
    
9,635
Akebia Therapeutics, Inc.*,1
795
    
9,604
Vermillion, Inc.*,1
6,045
    
9,551
Bovie Medical Corp.*,1
2,447
    
9,445
Vericel Corp.*,1
3,437
    
9,349
Argos Therapeutics, Inc.*
1,095
    
9,198
Primo Water Corp.*
2,088
    
9,145
AdCare Health Systems, Inc.*,1
2,291
    
9,072
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Consumer, Non-cyclical - 27.8% (continued)
        
TetraLogic Pharmaceuticals Corp.*,1
1,856
  
$
8,983
Eleven Biotherapeutics, Inc.*
777
    
8,842
Span-America Medical Systems, Inc.
453
    
8,693
Mast Therapeutics, Inc.*
18,664
    
8,681
Conatus Pharmaceuticals, Inc.*,1
1,015
    
8,638
Cellular Dynamics International, Inc.*,1
1,307
    
8,626
Agile Therapeutics, Inc.*,1
1,412
    
8,458
United-Guardian, Inc.
409
    
8,438
Achaogen, Inc.*
898
    
8,280
G Willi-Food International Ltd.*,1
1,129
    
8,208
Cumberland Pharmaceuticals, Inc.*
1,586
    
8,200
Celsion Corp.*,1
3,049
    
8,141
Uroplasty, Inc.*
3,407
    
8,109
Veracyte, Inc.*
1,236
    
8,059
AVEO Pharmaceuticals, Inc.*
8,986
    
8,042
OncoGenex Pharmaceutical, Inc.*
3,800
    
8,018
InfuSystems Holdings, Inc.*
2,880
    
7,949
Loxo Oncology, Inc.*
771
    
7,941
Cerulean Pharma, Inc.*
1,570
    
7,929
Pfenex, Inc.*
1,000
    
7,825
KaloBios Pharmaceuticals, Inc.*
4,324
    
7,783
Apricus Biosciences, Inc.*
6,483
    
7,650
Cesca Therapeutics, Inc.*
7,068
    
7,633
Casi Pharmaceuticals, Inc.*
4,593
    
7,624
Hemispherx Biopharma, Inc.*,1
29,086
    
7,562
Corium International, Inc.*
1,365
    
7,460
Cardica, Inc.*
11,992
    
7,225
Diversicare Healthcare Services, Inc.
719
    
7,183
Coherus Biosciences, Inc.*
519
    
7,126
Hansen Medical, Inc.*
8,467
    
7,078
Cel-Sci Corp.*
11,510
    
6,993
Genocea Biosciences, Inc.*
764
    
6,929
Fibrocell Science, Inc.*,1
2,564
    
6,923
Retrophin, Inc.*,1
680
    
6,868
Synutra International, Inc.*
1,250
    
6,650
ImmunoCellular Therapeutics Ltd.*
11,032
    
6,619
Sientra, Inc.*
379
    
6,583
PhotoMedex, Inc.*,1
2,934
    
5,046
Rock Creek Pharmaceuticals, Inc.*
28,320
    
4,466
Nanosphere, Inc.*
11,116
    
4,223
Versar, Inc.*
1,365
    
4,068
Roka Bioscience, Inc.*,1
811
    
3,212
Ambit Biosciences Corp.*,†††,3
1,155
    
693
MabVax Therapeutics Holdings, Inc.*
1
    
1
Total Consumer, Non-cyclical
      
4,473,243
Consumer, Cyclical - 11.6%
        
Libbey, Inc.*
2,724
    
81,855
Motorcar Parts of America, Inc.*
2,321
    
78,334
Biglari Holdings, Inc.*
184
    
68,348
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Consumer, Cyclical - 11.6% (continued)
        
Beazer Homes USA, Inc.*
3,140
  
$
62,612
Unifi, Inc.*
2,190
    
62,371
Ruth's Hospitality Group, Inc.
4,201
    
55,201
MarineMax, Inc.*
2,877
    
53,253
PC Connection, Inc.
2,273
    
50,847
Nautilus, Inc.*
3,811
    
48,895
Douglas Dynamics, Inc.
1,998
    
46,014
Build-A-Bear Workshop, Inc. — Class A*
1,800
    
37,044
Reading International, Inc. — Class A*
2,692
    
32,008
Black Diamond, Inc.*,1
3,495
    
31,770
Christopher & Banks Corp.*
4,315
    
31,240
Kona Grill, Inc.*
1,203
    
30,483
Nathan's Famous, Inc.*
400
    
30,072
Green Brick Partners, Inc.*,1
3,525
    
29,962
America's Car-Mart, Inc.*
576
    
29,578
UCP, Inc. — Class A*
2,526
    
28,771
NACCO Industries, Inc. — Class A
490
    
28,440
Carrols Restaurant Group, Inc.*
3,707
    
27,840
Bassett Furniture Industries, Inc.
1,400
    
27,440
Destination XL Group, Inc.*
5,133
    
26,538
Culp, Inc.
1,401
    
26,255
Jamba, Inc.*
2,091
    
25,907
Johnson Outdoors, Inc. — Class A
831
    
25,196
Zoe's Kitchen, Inc.*,1
744
    
23,533
Lifetime Brands, Inc.
1,508
    
22,530
Winmark Corp.
277
    
22,373
Town Sports International Holdings, Inc.
3,263
    
22,058
Famous Dave's of America, Inc.*
856
    
21,828
Miller Industries, Inc.
1,195
    
21,414
West Marine, Inc.*
1,958
    
21,401
CST Brands, Inc.
474
    
20,695
Speed Commerce, Inc.*
6,861
    
20,377
Installed Building Products, Inc.*,1
1,169
    
19,873
Hooker Furniture Corp.
1,259
    
19,376
Escalade, Inc.
1,454
    
19,338
Flexsteel Industries, Inc.
596
    
18,905
Malibu Boats, Inc. — Class A*
1,004
    
18,795
Noodles & Co.*,1
767
    
18,776
Del Frisco's Restaurant Group, Inc.*
845
    
18,776
Castle Brands, Inc.*
11,247
    
18,558
Monarch Casino & Resort, Inc.*
1,108
    
18,348
Rocky Brands, Inc.
1,190
    
17,898
Norcraft Companies, Inc.*
975
    
17,618
Cherokee, Inc.
955
    
17,142
Century Casinos, Inc.*
3,090
    
16,037
BlueLinx Holdings, Inc.*
13,609
    
15,923
Chuy's Holdings, Inc.*
715
    
15,308
Gaiam, Inc. — Class A*
2,025
    
14,884
WCI Communities, Inc.*
797
    
14,824
Empire Resorts, Inc.*,1
2,169
    
14,771
Dixie Group, Inc.*
1,923
    
14,730
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Consumer, Cyclical - 11.6% (continued)
        
Superior Uniform Group, Inc.
597
  
$
14,459
New Home Company, Inc.*
975
    
13,894
RCI Hospitality Holdings, Inc.*
1,430
    
13,842
Bon-Ton Stores, Inc.
1,585
    
13,346
Luby's, Inc.*
2,710
    
13,198
Supreme Industries, Inc. — Class A
1,822
    
13,082
Pacific Sunwear of California, Inc.*
7,285
    
12,239
Tandy Leather Factory, Inc.
1,305
    
12,163
Frisch's Restaurants, Inc.
446
    
12,118
Red Lion Hotels Corp.*
2,045
    
12,106
PCM, Inc.*
1,230
    
11,870
Sportsman's Warehouse Holdings, Inc.*,1
1,608
    
11,336
Century Communities, Inc.*,1
652
    
11,286
Crown Crafts, Inc.
1,470
    
10,922
Delta Apparel, Inc.*
991
    
10,703
Lakes Entertainment, Inc.*
1,541
    
10,348
American Apparel, Inc.*
16,293
    
10,020
Pizza Inn Holdings, Inc.*,1
1,404
    
9,463
Papa Murphy's Holdings, Inc.*
878
    
8,806
Ark Restaurants Corp.
357
    
7,808
Trans World Entertainment Corp.
2,405
    
7,768
Ignite Restaurant Group, Inc.*,1
924
    
6,976
Lakeland Industries, Inc.*
579
    
6,687
Ambassadors Group, Inc.*
2,607
    
5,814
Joe's Jeans, Inc.*
9,618
    
5,771
Total Consumer, Cyclical
      
1,868,388
Industrial - 10.7%
        
Patrick Industries, Inc.*
1,367
    
60,954
Advanced Emissions Solutions, Inc.*
2,823
    
56,460
Lydall, Inc.*
1,975
    
52,475
Kadant, Inc.
1,292
    
51,550
US Concrete, Inc.*
1,625
    
45,858
NN, Inc.
2,144
    
45,388
Insteel Industries, Inc.
1,967
    
42,940
Stoneridge, Inc.*
3,411
    
37,043
CECO Environmental Corp.1
2,538
    
35,938
Covenant Transportation Group, Inc. — Class A*
1,213
    
31,878
Kratos Defense & Security Solutions, Inc.*
6,084
    
31,271
Sparton Corp.*
1,203
    
29,931
PowerSecure International, Inc.*
2,906
    
29,118
National Presto Industries, Inc.1
495
    
29,037
NVE Corp.*
407
    
28,726
Stock Building Supply Holdings, Inc.*
1,740
    
27,857
Chase Corp.
809
    
27,466
VSE Corp.
500
    
26,910
Mesa Laboratories, Inc.
351
    
25,872
Hurco Companies, Inc.
727
    
25,241
AEP Industries, Inc.*
563
    
25,183
ZAGG, Inc.*
4,201
    
23,946
Integrated Electrical Services, Inc.*
2,994
    
22,934
PGT, Inc.*
2,379
    
22,386
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Industrial - 10.7% (continued)
        
LSI Industries, Inc.
3,258
  
$
21,959
Xerium Technologies, Inc.*
1,521
    
21,629
Heritage-Crystal Clean, Inc.*
1,305
    
21,533
Hardinge, Inc.
1,723
    
21,107
LMI Aerospace, Inc.*,1
1,490
    
20,920
Casella Waste Systems, Inc. — Class A*
5,123
    
20,185
Manitex International, Inc.*,1
1,765
    
19,433
Magnetek, Inc.*
465
    
19,432
Allied Motion Technologies, Inc.
891
    
19,406
USA Truck, Inc.*
935
    
18,690
SIFCO Industries, Inc.
565
    
18,306
Synalloy Corp.
1,067
    
18,299
TRC Companies, Inc.*
2,657
    
18,174
Control4 Corp.*,1
1,189
    
17,930
ExOne Co.*,1
764
    
17,832
Lawson Products, Inc.*
778
    
17,723
Adept Technology, Inc.*
2,021
    
17,421
PAM Transportation Services, Inc.*
374
    
16,995
Pure Cycle Corp.*,1
3,164
    
16,769
Global Brass & Copper Holdings, Inc.
1,346
    
16,489
UFP Technologies, Inc.*,1
725
    
15,834
PMFG, Inc.*
2,407
    
15,694
Willis Lease Finance Corp.*
720
    
15,689
Broadwind Energy, Inc.*
2,219
    
15,444
SL Industries, Inc.*
400
    
15,396
Research Frontiers, Inc.*,1
3,035
    
15,387
Breeze-Eastern Corp.*,1
1,508
    
15,306
Identiv, Inc.*
1,290
    
14,900
CPI Aerostructures, Inc.*
1,125
    
13,658
Core Molding Technologies, Inc.*
1,035
    
13,352
Omega Flex, Inc.
444
    
13,271
LRAD Corp.*
4,620
    
12,705
Hudson Technologies, Inc.*
3,756
    
12,695
CUI Global, Inc.*
1,707
    
12,649
CVD Equipment Corp.*,1
882
    
12,630
Aspen Aerogels, Inc.*,1
1,555
    
12,596
MOCON, Inc.
720
    
12,276
Providence and Worcester Railroad Co.
651
    
12,252
Revolution Lighting Technologies, Inc.*,1
9,580
    
11,688
Eastern Co.
682
    
11,471
Viasystems Group, Inc.*
733
    
11,457
LS Starrett Co. — Class A
787
    
11,396
Frequency Electronics, Inc.*
1,064
    
11,332
Fuel Tech, Inc.*
2,676
    
11,293
Orion Energy Systems, Inc.*
2,480
    
11,110
Key Technology, Inc.*
877
    
11,072
Imprivata, Inc.*,1
730
    
10,811
Argan, Inc.
334
    
10,611
MicroVision, Inc.*
5,713
    
10,312
Iteris, Inc.*
4,915
    
9,486
MFRI, Inc.*
1,124
    
9,464
Ballantyne Strong, Inc.*
2,307
    
9,274
IEC Electronics Corp.*
1,744
    
9,243
Gencor Industries, Inc.*
910
    
9,082
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Industrial - 10.7% (continued)
        
Ultralife Corp.*
3,041
  
$
8,880
CyberOptics Corp.*
958
    
8,670
API Technologies Corp.*,1
4,070
    
8,567
UQM Technologies, Inc.*,1
8,547
    
8,547
Arotech Corp.*,1
3,730
    
8,430
Turtle Beach Corp.*
2,182
    
8,335
NAPCO Security Technologies, Inc.*
1,815
    
8,276
Rand Logistics, Inc.*,1
1,846
    
7,993
LoJack Corp.*
2,677
    
7,281
Sypris Solutions, Inc.
2,531
    
6,834
Erickson, Inc.*,1
575
    
6,072
Applied Optoelectronics, Inc.*,1
506
    
5,490
Total Industrial
      
1,730,805
Communications - 7.3%
        
Gray Television, Inc.*
5,879
    
61,083
Entravision Communications Corp. — Class A
7,587
    
49,012
FairPoint Communications, Inc.*
3,135
    
47,181
EVine Live, Inc.*
6,811
    
41,820
ePlus, Inc.*
567
    
39,032
ORBCOMM, Inc.*
5,439
    
35,245
AH Belo Corp. — Class A
2,228
    
26,736
Hawaiian Telcom Holdco, Inc.*
1,005
    
26,130
Lee Enterprises, Inc.*
7,359
    
26,124
Straight Path Communications, Inc. — Class B*
1,249
    
25,306
Saga Communications, Inc. — Class A
627
    
25,093
Zix Corp.*
7,555
    
23,874
Alliance Fiber Optic Products, Inc.1
1,772
    
22,469
Oclaro, Inc.*
12,122
    
21,820
Clearfield, Inc.*,1
1,634
    
21,405
Tessco Technologies, Inc.
761
    
21,247
Numerex Corp. — Class A*
1,934
    
21,235
TeleCommunication Systems, Inc. — Class A*
6,719
    
20,627
Dex Media, Inc.*,1
2,386
    
20,424
KVH Industries, Inc.*
1,652
    
20,187
Reis, Inc.
790
    
19,876
Q2 Holdings, Inc.*,1
1,029
    
19,129
HC2 Holdings, Inc.*
2,380
    
19,040
Cinedigm Corp. — Class A*
10,294
    
18,323
Support.com, Inc.*
8,399
    
17,302
Preformed Line Products Co.
356
    
16,796
Textura Corp.*
690
    
16,532
Hemisphere Media Group, Inc.*,1
1,278
    
16,116
PC-Telephone, Inc.
1,924
    
15,835
Novatel Wireless, Inc.*
4,835
    
15,085
TubeMogul, Inc.*,1
910
    
14,524
Autobytel, Inc.*
1,353
    
14,382
ParkerVision, Inc.*,1
13,893
    
14,309
Towerstream Corp.*
8,923
    
14,277
Salem Communications Corp. — Class A
1,813
    
14,250
Rubicon Project, Inc.*
1,002
    
14,088
UTStarcom, Inc.*,1
5,077
    
13,759
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Communications - 7.3% (continued)
        
Chegg, Inc.*,1
2,002
  
$
13,534
Sycamore Networks, Inc.*
37,068
    
13,344
iPass, Inc.*
9,610
    
13,262
Aviat Networks, Inc.*
8,471
    
12,791
Emmis Communications Corp. — Class A*
6,057
    
12,599
NeoPhotonics Corp.*
3,437
    
11,583
Townsquare Media, Inc. — Class A*,1
925
    
11,544
TheStreet.com, Inc.
5,109
    
11,342
Meru Networks, Inc.*,1
3,055
    
11,304
MeetMe, Inc.*
6,399
    
11,102
Aware, Inc.1
2,483
    
10,950
ID Systems, Inc.*
1,689
    
10,793
Alaska Communications Systems Group, Inc.*
8,297
    
10,620
Yodlee, Inc.*,1
885
    
10,470
ClearOne, Inc.*
1,070
    
10,026
Cyan, Inc.*,1
3,950
    
9,994
Marin Software, Inc.*,1
1,111
    
9,577
Rocket Fuel, Inc.*,1
580
    
9,483
Communications Systems, Inc.
826
    
9,482
Zhone Technologies, Inc.*
4,253
    
9,229
RELM Wireless Corp.*
1,848
    
9,148
ChyronHego Corp.*
3,266
    
9,145
Spark Networks, Inc.*,1
2,342
    
9,040
eGain Corp.*,1
1,658
    
8,522
Westell Technologies, Inc. — Class A*
6,203
    
8,126
Alteva, Inc.*
1,080
    
7,598
Borderfree, Inc.*,1
730
    
7,307
Radio One, Inc. — Class D*
4,283
    
7,238
US Auto Parts Network, Inc.*
2,568
    
6,471
Local Corp.*
4,270
    
6,405
Total Communications
      
1,171,702
Technology - 7.0%
        
Callidus Software, Inc.*
5,884
    
93,968
Integrated Silicon Solution, Inc.
3,465
    
50,139
inContact, Inc.*
5,405
    
44,645
Glu Mobile, Inc.*,1
11,826
    
43,224
Dot Hill Systems Corp.*
7,408
    
34,521
Vitesse Semiconductor Corp.*
8,562
    
28,426
Datalink Corp.*
2,234
    
27,299
Ultra Clean Holdings, Inc.*
3,139
    
27,277
Mattson Technology, Inc.*
10,300
    
26,985
Axcelis Technologies, Inc.*
11,904
    
25,594
Immersion Corp.*
2,941
    
25,498
Planar Systems, Inc.*
3,144
    
23,486
Digimarc Corp.
966
    
23,348
QuickLogic Corp.*,1
7,416
    
22,396
Cascade Microtech, Inc.*
1,515
    
20,983
American Software, Inc. — Class A
2,104
    
19,084
Icad, Inc.*
1,864
    
18,696
SunEdison, Inc.*,1
986
    
18,537
Computer Task Group, Inc.
1,866
    
17,391
Mitek Systems, Inc.*,1
4,721
    
16,335
Pixelworks, Inc.*,1
3,246
    
15,646
Emcore Corp.*
2,984
    
15,517
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Technology - 7.0% (continued)
        
WidePoint Corp.*
10,111
  
$
15,369
Qumu Corp.*
1,088
    
15,042
Richardson Electronics Ltd.
1,478
    
14,957
GSI Technology, Inc.*
2,836
    
14,775
Hutchinson Technology, Inc.*
4,074
    
14,422
Guidance Software, Inc.*
2,360
    
13,759
AXT, Inc.*
5,322
    
13,678
QAD, Inc. — Class B
755
    
13,545
Imation Corp.*
4,265
    
13,520
Violin Memory, Inc.*
2,548
    
13,352
MoSys, Inc.*
7,166
    
13,257
Everyday Health, Inc.*
1,007
    
13,031
Radisys Corp.*
5,396
    
12,950
ANADIGICS, Inc.*
16,115
    
12,918
Evolving Systems, Inc.
1,287
    
12,561
Wayside Technology Group, Inc.
679
    
12,059
Amtech Systems, Inc.*
1,353
    
12,001
Overland Storage, Inc.*,1
3,195
    
11,982
HubSpot, Inc.*,1
338
    
11,962
Amber Road, Inc.*
1,008
    
11,894
Key Tronic Corp.*
1,422
    
11,689
Exa Corp.*
1,039
    
11,481
Streamline Health Solutions, Inc.*
2,766
    
11,285
Innodata, Inc.*
3,825
    
11,016
NCI, Inc. — Class A*
885
    
10,611
Model N, Inc.*
1,018
    
10,485
Mattersight Corp.*,1
1,744
    
10,342
Simulations Plus, Inc.
1,623
    
10,322
Datawatch Corp.*
1,122
    
10,221
Echelon Corp.*
5,590
    
10,118
Concurrent Computer Corp.
1,334
    
9,631
BSQUARE Corp.*
2,198
    
9,122
PAR Technology Corp.*
1,612
    
9,108
USA Technologies, Inc.*
5,629
    
8,894
Geeknet, Inc.*
987
    
8,587
Wave Systems Corp. — Class A*,1
8,260
    
8,508
Five9, Inc.*,1
1,902
    
8,388
eMagin Corp.*
3,268
    
7,974
Transact Technologies, Inc.
1,432
    
7,804
A10 Networks, Inc.*
1,892
    
7,719
Astro-Med, Inc.
479
    
6,922
FalconStor Software, Inc.*
6,575
    
6,838
Audience, Inc.*
1,526
    
5,310
Silver Spring Networks, Inc.*,1
735
    
5,270
Total Technology
      
1,123,674
Energy - 2.6%
        
Enphase Energy, Inc.*,1
3,631
    
38,161
Natural Gas Services Group, Inc.*
1,629
    
37,727
Pacific Ethanol, Inc.*,1
2,987
    
34,739
Trecora Resources*
2,601
    
31,967
Evolution Petroleum Corp.
3,920
    
30,810
Panhandle Oil and Gas, Inc. — Class A
1,729
    
30,500
Callon Petroleum Co.*
6,022
    
29,568
Gastar Exploration, Inc.*
7,925
    
23,379
Isramco, Inc.*
148
    
20,131
Renewable Energy Group, Inc.*
1,609
    
15,318
 
Shares
    
Value
COMMON STOCKS† - 99.9% (continued)
        
Energy - 2.6% (continued)
        
Adams Resources & Energy, Inc.
343
  
$
15,191
Emerald Oil, Inc.*,1
7,476
    
14,354
Miller Energy Resources, Inc.*,1
5,856
    
13,586
Mitcham Industries, Inc.*
1,440
    
10,973
Apco Oil and Gas International, Inc.*
775
    
10,788
Quantum Fuel Systems Technologies Worldwide, Inc.*,1
3,023
    
9,886
Zion Oil & Gas, Inc.*,1
6,029
    
9,828
TGC Industries, Inc.*
3,346
    
8,951
US Energy Corp.*
4,334
    
7,194
Vertex Energy, Inc.*,1
1,944
    
7,115
Magellan Petroleum Corp.*
6,469
    
5,951
Real Goods Solar, Inc. — Class A*,1
7,466
    
5,898
Cal Dive International, Inc.*
5,704
    
553
Syntroleum Corp.*,†††,1,3
4,787
    
–
Total Energy
      
412,568
Basic Materials - 1.8%
        
Landec Corp.*
2,779
    
36,516
Penford Corp.*
1,561
    
29,565
Orchids Paper Products Co.
1,059
    
28,762
Universal Stainless & Alloy Products, Inc.*
848
    
20,674
Uranium Energy Corp.*,1
11,796
    
20,407
Shiloh Industries, Inc.*
1,229
    
19,910
Oil-Dri Corporation of America
675
    
18,259
KMG Chemicals, Inc.
909
    
16,916
Ryerson Holding Corp.*
1,508
    
16,271
Uranerz Energy Corp.*,1
12,120
    
15,030
Northern Technologies International Corp.*
604
    
14,369
Friedman Industries, Inc.
1,490
    
12,144
Midway Gold Corp.*
13,519
    
9,767
Verso Paper Corp.*
2,674
    
8,236
US Antimony Corp.*
8,300
    
7,637
General Moly, Inc.*
12,900
    
7,095
Charles & Colvard Ltd.*
3,850
    
6,160
Total Basic Materials
      
287,718
Utilities - 0.8%
        
York Water Co.
1,576
    
31,836
Artesian Resources Corp. — Class A
1,051
    
22,575
Delta Natural Gas Company, Inc.
916
    
19,648
Gas Natural, Inc.
1,507
    
17,331
RGC Resources, Inc.
670
    
14,432
Synthesis Energy Systems, Inc.*
10,134
    
9,323
US Geothermal, Inc.*
17,744
    
8,428
Spark Energy, Inc. — Class A
447
    
6,262
Total Utilities
      
129,835
Diversified - 0.1%
        
Resource America, Inc. — Class A
2,229
    
19,771
Total Common Stocks
        
(Cost $18,511,408)
      
16,096,768
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
WARRANT - 0.0%**
        
PhotoMedex, Inc.
        
Expires 12/13/14†††,3
314
  
$
–
Total Warrant
        
(Cost $0)
      
–
RIGHT - 0.0%**
        
Chelsea Therapeutics International
        
Expires 12/31/17†††,3
16,603
    
1,328
Total Right
        
(Cost $1,328)
      
1,328
 
Shares
    
Value
SECURITIES LENDING COLLATERAL†,2 - 14.2%
        
BNY Mellon Securities Lending Overnight Fund, 0.1308%
2,283,773
  
$
2,283,773
Total Securities Lending Fund
        
(Cost $2,283,773)
      
2,283,773
Total Investments - 114.1%
        
(Cost $20,796,509)
    
$
18,381,869
Other Assets & Liabilities, net - (14.1)%
      
(2,269,996)
Total Net Assets - 100.0%
    
$
16,111,873
 
*
Non-income producing security.
**
Less than 0.1%
†
Value determined based on Level 1 inputs, unless otherwise stated —See Note 2.
†††
Value determined based on Level 3 inputs —See Note 2.
1
All or portion of this security is on loan at November 30, 2014 - See Note 4.
2
Securities lending collateral - See Note 4.
3
Security was fair valued by the Valuation Committee at November 30, 2014. The total market value of fair valued securities amounts to $2,021 (cost $35,454) or less then 0.1% of total net assets.
 
REIT
Real Estate Investment Trust
 
 
 
 
 
 
 
Wilshire US REIT ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 99.6%
        
Financial – 99.6%
        
Simon Property Group, Inc.
9,412
  
$
1,701,691
Public Storage
4,392
    
824,071
Equity Residential
10,956
    
776,123
Health Care REIT, Inc.*
9,320
    
686,511
Prologis, Inc.
15,143
    
640,246
AvalonBay Communities, Inc.
3,973
    
638,819
Ventas, Inc.1
8,915
    
637,868
Vornado Realty Trust
5,684
    
634,107
HCP, Inc.
13,897
    
622,586
Boston Properties, Inc.
4,637
    
601,141
Host Hotels & Resorts, Inc.
22,914
    
532,521
Essex Property Trust, Inc.
1,923
    
389,234
Macerich Co.
4,262
    
337,039
SL Green Realty Corp.
2,895
    
336,225
Kimco Realty Corp.
12,450
    
316,853
General Growth Properties, Inc.
11,778
    
315,179
Digital Realty Trust, Inc.
4,104
    
288,388
Federal Realty Investment Trust
2,054
    
272,484
UDR, Inc.
7,623
    
234,636
Extra Space Storage, Inc.
3,514
    
208,275
Duke Realty Corp.
10,332
    
200,854
Camden Property Trust
2,594
    
198,908
DDR Corp.
9,692
    
177,654
Kilroy Realty Corp.
2,518
    
172,936
Regency Centers Corp.
2,797
    
171,960
Alexandria Real Estate Equities, Inc.
1,978
    
169,950
Mid-America Apartment Communities, Inc.
2,277
    
167,724
Apartment Investment & Management Co. — Class A
4,428
    
164,943
Liberty Property Trust
4,511
    
159,599
Taubman Centers, Inc.
1,917
    
152,382
Senior Housing Properties Trust
6,172
    
139,055
Hospitality Properties Trust
4,537
    
138,833
Weingarten Realty Investors
3,702
    
134,753
RLJ Lodging Trust
3,999
    
131,687
LaSalle Hotel Properties
3,152
    
127,246
American Campus Communities, Inc.
3,178
    
127,120
Equity LifeStyle Properties, Inc.
2,547
    
126,357
BioMed Realty Trust, Inc.
5,882
    
126,169
Douglas Emmett, Inc.
4,389
    
122,190
Highwoods Properties, Inc.
2,754
    
118,863
Home Properties, Inc.
1,746
    
113,822
CBL & Associates Properties, Inc.
5,203
    
101,198
Tanger Factory Outlet Centers, Inc.
2,752
    
100,668
Sunstone Hotel Investors, Inc.
6,222
    
99,614
Equity Commonwealth
3,903
    
99,253
Strategic Hotels & Resorts, Inc.*
7,388
    
98,113
Post Properties, Inc.
1,660
    
97,243
CubeSmart
4,500
    
96,930
Columbia Property Trust, Inc.
3,785
    
95,382
DiamondRock Hospitality Co.
5,980
    
89,281
Piedmont Office Realty Trust, Inc. — Class A
4,713
    
88,604
Pebblebrook Hotel Trust
2,038
    
87,980
 
Shares
    
Value
COMMON STOCKS† - 99.6% (continued)
        
Financial – 99.6% (continued)
        
Sovran Self Storage, Inc.
1,008
  
$
85,700
DCT Industrial Trust, Inc.
2,489
    
84,949
Brandywine Realty Trust
5,333
    
82,448
Cousins Properties, Inc.
6,665
    
81,580
Washington Prime Group, Inc.
4,700
    
80,981
Sun Communities, Inc.
1,370
    
80,679
Ryman Hospitality Properties, Inc.1
1,545
    
80,464
Healthcare Realty Trust, Inc.
2,934
    
77,487
American Homes 4 Rent — Class A
4,291
    
73,805
Healthcare Trust of America, Inc. — Class A*
5,645
    
72,030
Kite Realty Group Trust
2,533
    
69,100
Corporate Office Properties Trust
2,398
    
67,408
First Industrial Realty Trust, Inc.
3,366
    
66,815
DuPont Fabros Technology, Inc.
1,996
    
65,050
Parkway Properties, Inc.
3,318
    
64,635
EastGroup Properties, Inc.
956
    
64,262
National Health Investors, Inc.
954
    
63,231
Glimcher Realty Trust
4,434
    
61,012
New York REIT, Inc.
5,388
    
57,921
Hudson Pacific Properties, Inc.
2,049
    
57,618
Acadia Realty Trust
1,753
    
56,026
Washington Real Estate Investment Trust
2,036
    
54,707
Mack-Cali Realty Corp.
2,708
    
52,048
Education Realty Trust, Inc.*
4,227
    
49,202
Pennsylvania Real Estate Investment Trust
2,100
    
49,077
Equity One, Inc.
2,018
    
48,896
PS Business Parks, Inc.
600
    
48,834
Sabra Health Care REIT, Inc.
1,613
    
45,664
Hersha Hospitality Trust
6,135
    
45,460
American Assets Trust, Inc.
1,115
    
43,820
Government Properties Income Trust
1,916
    
43,532
Chesapeake Lodging Trust
1,253
    
42,427
Ramco-Gershenson Properties Trust
2,312
    
41,385
Associated Estates Realty Corp.
1,760
    
39,459
Empire State Realty Trust, Inc. — Class A
2,203
    
36,922
FelCor Lodging Trust, Inc.
3,529
    
36,772
Franklin Street Properties Corp.
2,909
    
34,966
Inland Real Estate Corp.
3,048
    
32,888
Brixmor Property Group, Inc.
1,336
    
32,304
Summit Hotel Properties, Inc.
2,613
    
30,311
Retail Opportunity Investments Corp.
1,801
    
29,644
Alexander's, Inc.
73
    
29,354
Retail Properties of America, Inc. — Class A
1,808
    
29,055
Investors Real Estate Trust
3,276
    
26,732
Ashford Hospitality Trust, Inc.
2,542
    
26,640
Chatham Lodging Trust
963
    
25,770
CoreSite Realty Corp.
655
    
24,929
Excel Trust, Inc.
1,758
    
23,047
First Potomac Realty Trust
1,796
    
22,234
 
 
 
 
 
 
 
Wilshire US REIT ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2014
 
 
Shares
    
Value
COMMON STOCKS† - 99.6% (continued)
        
Financial – 99.6% (continued)
        
Urstadt Biddle Properties, Inc. — Class A
1,002
  
$
22,224
Rouse Properties, Inc.1
1,139
    
20,832
Terreno Realty Corp.
979
    
20,373
Saul Centers, Inc.
359
    
19,648
Silver Bay Realty Trust Corp.
1,130
    
18,792
Monmouth Real Estate Investment Corp.
1,676
    
18,788
Universal Health Realty Income Trust
371
    
17,934
Cedar Realty Trust, Inc.
2,421
    
16,439
Campus Crest Communities, Inc.
1,977
    
15,183
AmREIT, Inc.
550
    
14,647
Ashford Hospitality Prime, Inc.
740
    
12,987
 
Shares
    
Value
COMMON STOCKS† - 99.6% (continued)
        
Financial – 99.6% (continued)
        
American Residential Properties, Inc.*
423
  
$
7,517
Ashford, Inc.*
29
    
3,444
Total Financial
      
17,939,356
Total Common Stocks
        
(Cost $15,177,336)
      
17,939,356
 
Shares
    
Value
SECURITIES LENDING COLLATERAL†,2 – 4.0%
        
BNY Mellon Securities Lending Overnight Fund, 0.1308%
718,804
    
718,804
Total Securities Lending Fund
        
(Cost $718,804)
      
718,804
Total Investments – 103.6%
        
(Cost $15,896,140)
    
$
18,658,160
Other Assets & Liabilities, net – (3.6)%
      
(642,381)
Total Net Assets - 100.0%
    
$
18,015,779
 
*
Non-income producing security.
†
Value determined based on Level 1 inputs —See Note 2.
1
All or portion of this security is on loan at November 30, 2014 - See Note 4.
2
Securities lending collateral - See Note 4.
 
REIT
Real Estate Investment Trust
 
 
 
 
 
 
 
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)  
                                                      
For information on the Claymore Exchange–Traded Fund Trust’s (the “Trust”) policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent semiannual or annual shareholder report.

1.  
Significant Accounting Policies
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. All time references are based on Eastern Time.

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ 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 Funds’ securities or other assets.

Valuations of the Funds’ 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 Funds’ 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.

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker/dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition and repurchase agreements are valued at amortized cost, which approximates market value. Money market funds are valued at net asset value.

Typically loans are valued using information provided by an independent third party pricing service which uses broker quotes. If the pricing service cannot or does not provide a valuation for a particular loan or such valuation is deemed unreliable, such loan is fair valued by the Valuation Committee.

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 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).

2.  
Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Funds 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 tables summarize the inputs used to value the Funds’ investments as of November 30, 2014:

 
Level 1
Investments
In Securities
Level 2
Investments
In Securities
Level 3
Investments
In Securities
Total
Assets
        
Guggenheim BRIC ETF
$158,330,520
$-
$-
$158,330,520
Guggenheim Defensive Equity ETF
223,387,053
-
-
223,387,053
Guggenheim Insider Sentiment ETF
176,385,234
-
-
176,385,234
Guggenheim Mid-Cap Core ETF
137,281,661
-
-
137,281,661
Guggenheim Multi-Asset Income ETF
1,348,407,653
-
-
1,348,407,653
Guggenheim Raymond James SB-1 Equity ETF
268,426,520
-
-
268,426,520
Guggenheim Spin-Off ETF
610,889,148
-
-
610,889,148
Wilshire Micro-Cap ETF
18,379,848
-
2,021
18,381,869
Wilshire US REIT ETF
18,658,160
-
-
18,658,160

Independent pricing services are used to value a majority of the Funds’ 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:
 
 
 
 
 

 
Fund
Category
Ending Balance
at 11/30/14
Valuation Technique
Unobservable Inputs
Wilshire Micro-Cap ETF
Common Stock
$693
Discount to last Trade
96%  Discount
Wilshire Micro-Cap ETF
Right
1,328
Model Price
Trade Price

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 November 30, 2014 compared to the valuation levels at the end of the previous fiscal year are detailed below:

Wilshire Micro-Cap ETF
Transfer from Level 2 into Level 3
$1,328
Transfer from Level 1 to Level 3 $693

During the period ended November 30, 2014, a security transferred to Level 3 from Level 2 as a result of contingent value rights not traded on a primary exchange. During the period ended November 30, 2014, a security transferred to  Level 3 from Level 1 as a result of being halted on a primary exchange.
 
Except for Wilshire Micro-Cap ETF, there were no transfers between levels for these Funds for the period ended November 30, 2014.

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 November 30, 2014:

Level 3 – Fair value measurement using significant unobservable inputs
Wilshire Micro-Cap ETF
  
Beginning Balance
$3,089
Change in Unrealized Gain/Loss
(3,089)
Transfers Into Level 3
2,021
Ending Balance
$2,021

3.  
Federal Income Taxes
At November 30, 2014, 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
(Depreciation)
Guggenheim BRIC ETF
$204,350,252
$20,857,624
$(66,877,356)
$(46,019,732)
Guggenheim Defensive Equity ETF
213,848,028
16,196,495
(6,657,470)
9,539,025
Guggenheim Insider Sentiment ETF
161,132,756
25,653,520
(10,401,042)
15,252,478
Guggenheim Mid-Cap Core ETF
128,258,857
12,975,249
(3,952,445)
9,022,804
Guggenheim Multi-Asset Income ETF
1,447,271,881
57,176,383
(156,040,611)
(98,864,228)
Guggenheim Raymond James SB-1 Equity ETF
255,469,073
31,748,221
(18,790,774)
12,957,447
Guggenheim Spin-Off ETF
598,692,634
64,886,546
(52,690,032)
12,196,514
Wilshire Micro-Cap ETF
20,740,306
1,241,614
(3,600,051)
(2,358,437)
Wilshire US REIT ETF
15,803,235
2,970,068
(115,143)
2,854,925

4.  
Portfolio Securities Loaned
The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, Bank of New York Mellon (“BNY”) acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with BNY, cash collateral is invested in one or
 
 
 
 
 

more joint repurchase agreements collateralized by obligations of the U.S. Treasury or Government Agencies and cash. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand.

As of November 30, 2014, the Funds participated in securities lending as follows:

 
Value of
Securities
Loaned
Cash
Collateral
Non-cash
Collateral
Total
Collateral
Guggenheim BRIC ETF
$13,224,533
$13,410,770
$244,081
$13,654,851
Guggenheim Defensive Equity ETF
17,806,811
17,968,902
276,664
18,245,566
Guggenheim Insider Sentiment ETF
11,550,011
11,294,072
572,273
11,866,345
Guggenheim Mid-Cap Core ETF
1,007,644
1,028,913
-
1,028,913
Guggenheim Multi-Asset Income ETF
101,635,975
104,131,514
-
104,131,514
Guggenheim Raymond James SB-1 Equity ETF
10,556,979
10,825,671
-
10,825,671
Guggenheim Spin-Off ETF
42,206,109
47,264,257
-
47,264,257
Wilshire Micro-Cap ETF
2,171,226
2,283,773
-
2,283,773
Wilshire US REIT ETF
704,400
718,804
-
718,804

 
 
 
 
 
 
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:
 January 29, 2015

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:
 January 29, 2015

By:
 /s/ John L. Sullivan
  John L. Sullivan
  Chief Financial Officer, Chief Accounting Officer and Treasurer

Date:
 January 29, 2015