gug62370etf1-nq.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

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

227 West Monroe Street, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Amy J. Lee

227 West Monroe Street, Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: March 1, 2015 to May 31, 2015

Item 1. Schedule of Investments.

Attached hereto.

Guggenheim BRIC ETF
SCHEDULE OF INVESTMENTS (Unaudited)	May 31, 2015

	Shares		Value
COMMON STOCKS† - 88.4%
Communications - 28.2%
China Mobile Ltd.	732,950	$	9,654,095
Baidu, Inc. ADR*	36,256		7,156,935
Alibaba Group Holding Ltd. ADR*	49,071		4,383,022
Ctrip.com International Ltd. ADR*	17,958		1,434,305
JD.com, Inc. ADR*	39,549		1,332,010
China Telecom Corporation Ltd. — Class H	1,839,480		1,250,596
China Unicom Hong Kong Ltd.	604,000		1,019,192
Vipshop Holdings Ltd. ADR*,1	37,478		935,826
Mobile Telesystems OJSC ADR	67,189		702,797
Qihoo 360 Technology Company Ltd. ADR*	10,680		555,894
Youku Tudou, Inc. ADR*,1	17,437		470,276
Tim Participacoes S.A. ADR	21,206		315,121
Mail.ru Group Ltd. GDR*	12,488		285,975
YY, Inc. ADR*,1	4,069		263,834
Bitauto Holdings Ltd. ADR*	3,326		201,356
SouFun Holdings Ltd. ADR	26,660		198,084
MegaFon OAO GDR	12,342		189,450
Sistema JSFC GDR	23,052		175,195
VimpelCom Ltd. ADR	25,646		159,262
58.com, Inc. ADR*	2,123		159,246
Autohome, Inc. ADR*	2,571		117,212
21Vianet Group, Inc. ADR*,1	6,176		111,539
51job, Inc. ADR*,1	2,670		82,877
E-Commerce China Dangdang, Inc. — Class A ADR*,1	7,420		62,105
Total Communications			31,216,204
Energy - 21.7%
Gazprom OAO ADR	785,444		4,215,478
CNOOC Ltd.	2,133,060		3,335,164
PetroChina Company Ltd. — Class H	2,799,414		3,318,899
Lukoil OAO ADR	68,857		3,302,382
China Petroleum & Chemical Corp. — Class H	3,384,574		2,982,196
Petroleo Brasileiro S.A. ADR*,1	197,541		1,649,467
Reliance Industries Ltd. GDR2	39,849		1,107,802
Tatneft OAO ADR	32,288		1,082,294
NovaTek OAO GDR	10,477		1,057,129
Surgutneftegas OAO ADR	128,015		779,611
Rosneft OAO GDR	140,651		644,041
Yanzhou Coal Mining Company Ltd. — Class H	258,000		228,659
Trina Solar Ltd. ADR*,1	11,859		146,696
JinkoSolar Holding Company Ltd. ADR*,1	2,680		77,050
JA Solar Holdings Company Ltd. ADR*,1	5,081		43,036
Total Energy			23,969,904
Financial - 13.1%
China Life Insurance Company Ltd. — Class H	986,933		4,742,697
HDFC Bank Ltd. ADR	54,306		3,237,723
Sberbank of Russia ADR	358,107		2,023,304
ICICI Bank Ltd. ADR	186,692		1,971,468
VTB Bank OJSC GDR	335,405		997,830

	Shares		Value
COMMON STOCKS† - 88.4% (continued)
Financial - 13.1% (continued)
State Bank of India GDR	16,086	$	707,784
Axis Bank Ltd. GDR	10,621		489,097
Banco Santander Brasil S.A. ADR	22,225		110,458
Noah Holdings Ltd. ADR*,1	2,729		86,509
E-House China Holdings Ltd. ADR	9,342		51,942
CNinsure, Inc. ADR*,1	6,107		49,406
Gafisa S.A. ADR*	25,087		37,631
Total Financial			14,505,849
Consumer, Non-cyclical - 8.7%
Ambev S.A. ADR	604,678		3,476,898
Magnit PJSC GDR	38,276		1,996,092
BRF S.A. ADR	87,999		1,778,460
Dr Reddy's Laboratories Ltd. ADR	10,975		608,344
New Oriental Education & Technology Group ADR*	17,446		415,738
WuXi PharmaTech Cayman, Inc. ADR*	9,493		408,389
Mindray Medical International Ltd. ADR1	11,774		317,545
X5 Retail Group N.V. GDR*	12,970		252,267
TAL Education Group ADR*	5,189		187,946
QIWI plc ADR1	4,119		124,476
China Distance Education Holdings Ltd. ADR	2,604		40,805
EHi Car-Services, Ltd. ADR*	1,880		28,708
Total Consumer, Non-cyclical			9,635,668
Technology - 6.5%
Infosys Ltd. ADR	127,939		4,077,416
NetEase, Inc. ADR	9,733		1,376,343
Wipro Ltd. ADR	67,042		809,197
Semiconductor Manufacturing International Corp.*	3,904,000		448,241
WNS Holdings Ltd. ADR*	6,815		179,848
Perfect World Company Ltd. ADR*	4,533		89,663
Shanda Games Ltd. ADR*	12,559		87,348
Cheetah Mobile Inc ADR*,1	1,775		56,516
Changyou.com Ltd. ADR*	1,538		47,955
Momo, Inc. ADR*,1	2,256		40,743
Total Technology			7,213,270
Basic Materials - 5.5%
Ultrapar Participacoes S.A. ADR	57,597		1,245,824
Vale S.A. ADR1	196,402		1,237,332
MMC Norilsk Nickel OJSC ADR	65,103		1,146,789
Fibria Celulose S.A. ADR1	29,405		406,671
Uralkali PJSC GDR	25,717		350,523
Vedanta Resources plc ADR	25,751		320,857
Aluminum Corporation of China Ltd. — Class H*	522,000		314,484
Severstal PAO GDR	23,347		282,032
Sinopec Shanghai Petrochemical Company Ltd. — Class H	464,000		227,464
Cia Siderurgica Nacional S.A. ADR	95,754		182,890

	Shares		Value
COMMON STOCKS† - 88.4% (continued)
Basic Materials - 5.5% (continued)
Novolipetsk Steel OJSC GDR	11,135	$	157,004
PhosAgro OAO GDR	10,829		143,484
Total Basic Materials			6,015,354
Consumer, Cyclical - 2.1%
Tata Motors Ltd. ADR	24,950		955,585
Mahindra & Mahindra Ltd. GDR	29,336		588,187
China Southern Airlines Company Ltd. — Class H*	228,000		233,837
China Eastern Airlines Corporation Ltd. — Class H*	248,000		193,241
Homeinns Hotel Group ADR*	4,027		108,326
Lenta Ltd. GDR*	12,562		106,777
China Lodging Group Ltd. ADR*,1	3,710		91,934
Qunar Cayman Islands Ltd. ADR*,1	1,679		74,027
Total Consumer, Cyclical			2,351,914
Utilities - 1.5%
Huaneng Power International, Inc. — Class H*	462,000		618,658
CPFL Energia S.A. ADR1	38,217		458,604
Cia de Saneamento Basico do Estado de Sao Paulo ADR	45,355		263,513
RusHydro JSC ADR	162,418		181,908
Centrais Eletricas Brasileiras S.A. ADR*,1	36,066		72,493
Total Utilities			1,595,176
Industrial - 1.1%
Embraer S.A. ADR1	21,373		643,755
Larsen & Toubro Ltd. GDR	14,348		378,070
Guangshen Railway Company Ltd. — Class H*	190,000		125,498
Globaltrans Investment plc GDR	12,810		73,401
Yingli Green Energy Holding Company Ltd. ADR*	17,126		17,297
Total Industrial			1,238,021
Total Common Stocks
(Cost $113,128,372)			97,741,360
PREFERRED STOCKS† - 11.4%
Financial - 6.2%
Itau Unibanco Holding S.A. ADR	366,392		3,920,394

	Shares		Value
PREFERRED STOCKS† - 11.4% (continued)
Financial - 6.2% (continued)
Banco Bradesco S.A. ADR	335,015	$	2,948,132
Total Financial			6,868,526
Energy - 1.9%
Petroleo Brasileiro S.A. ADR*	271,363		2,097,636
Basic Materials - 1.7%
Vale S.A. ADR1	269,025		1,423,142
Gerdau S.A. ADR	118,632		328,611
Braskem S.A. ADR	10,073		81,793
Total Basic Materials			1,833,546
Communications - 0.6%
Telefonica Brasil S.A. ADR1	34,559		486,245
Oi S.A. ADR*,1	50,129		112,289
Total Communications			598,534
Consumer, Non-cyclical - 0.5%
Cia Brasileira de Distribuicao ADR	21,930		587,943
Utilities - 0.5%
Cia Energetica de Minas Gerais ADR	95,652		432,347
Cia Paranaense de Energia ADR	13,485		138,761
Total Utilities			571,108
Consumer, Cyclical - 0.0%**
Gol Linhas Aereas Inteligentes S.A. ADR1	12,573		31,055
Total Preferred Stocks
(Cost $35,115,040)			12,588,348

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 – 6.3%

BNY Mellon Separately Managed Cash Collateral Account, 0.1047%	7,034,691		7,034,691
Total Securities Lending Collateral
(Cost $7,034,691)			7,034,691
Total Investments - 106.1%
(Cost $155,278,103)		$	117,364,399
Other Assets & Liabilities, net - (6.1)%			(6,761,768	)
Total Net Assets - 100.0%		$	110,602,631

*	Non-income producing security.
**	Less than 0.1%
†	Value determined based on Level 1 inputs — See Note 2.
1	All or portion of this security is on loan at May 31, 2015 — See Note 2.
2	Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2) securities is $1,107,802, or 1.0% of total net assets. These securities have been determined to be liquid under guidelines established by the Board of Trustees.
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)	May 31, 2015

	Shares		Value
COMMON STOCKS† - 89.1%
Financial - 23.1%
Iron Mountain, Inc.	65,388	$	2,384,700
Axis Capital Holdings Ltd.	43,234		2,379,599
Brixmor Property Group, Inc.	95,541		2,367,506
Lamar Advertising Co. — Class A	38,860		2,355,694
Mitsubishi UFJ Financial Group, Inc. ADR	318,649		2,348,443
Digital Realty Trust, Inc.	35,284		2,330,155
PartnerRe Ltd.	17,634		2,317,637
Mid-America Apartment Communities, Inc.	29,678		2,267,103
Camden Property Trust	30,178		2,262,746
Macerich Co.	27,424		2,251,785
Alexandria Real Estate Equities, Inc.	24,228		2,246,662
Omega Healthcare Investors, Inc.	62,343		2,246,218
Starwood Property Trust, Inc.	93,721		2,238,995
Santander Consumer USA Holdings, Inc.*	91,116		2,232,342
Brookfield Asset Management, Inc. — Class A1	62,659		2,216,875
Banco de Chile ADR*,1	31,982		2,203,880
Health Care REIT, Inc.	31,309		2,199,770
National Retail Properties, Inc.1	58,627		2,199,098
Realty Income Corp.	48,136		2,193,558
Ventas, Inc.	32,628		2,170,415
HCP, Inc.	55,725		2,157,672
Bancolombia S.A. ADR1	50,354		2,050,918
Westpac Banking Corp.1	78,042		1,992,412
Total Financial			51,614,183
Utilities - 19.2%
National Grid plc ADR	33,473		2,399,345
Pepco Holdings, Inc.	86,749		2,363,911
Public Service Enterprise Group, Inc.	53,918		2,298,525
PPL Corp.	66,172		2,296,830
Eversource Energy	46,275		2,279,044
Pinnacle West Capital Corp.	37,408		2,278,895
NextEra Energy, Inc.	22,207		2,272,664
Consolidated Edison, Inc.	36,692		2,269,033
PG&E Corp.	42,296		2,261,567
AGL Resources, Inc.	44,748		2,253,957
SCANA Corp.	42,327		2,250,103
Exelon Corp.	66,308		2,243,200
Entergy Corp.	29,310		2,241,336
DTE Energy Co.	28,252		2,238,406
Edison International	36,763		2,235,558
American Electric Power Company, Inc.	39,670		2,233,024
FirstEnergy Corp.	62,411		2,226,824
Southern Co.	50,478		2,205,384
CenterPoint Energy, Inc.	107,428		2,188,308
Total Utilities			43,035,914
Communications - 14.7%
Vodafone Group plc ADR	64,770		2,527,973
Telekomunikasi Indonesia Persero Tbk PT ADR	54,793		2,370,345
Nippon Telegraph & Telephone Corp. ADR1	66,211		2,295,536

	Shares		Value
COMMON STOCKS† - 89.1% (continued)
Communications - 14.7% (continued)
NTT DOCOMO, Inc. ADR	127,460	$	2,286,632
AT&T, Inc.	65,730		2,270,314
Pearson plc	111,066		2,235,759
Verizon Communications, Inc.	44,880		2,218,867
BT Group plc ADR1	32,321		2,213,989
Chunghwa Telecom Company Ltd. ADR1	69,849		2,212,118
Thomson Reuters Corp.	54,847		2,191,686
CenturyLink, Inc.	62,602		2,080,890
China Mobile Ltd. ADR	31,409		2,064,828
China Unicom Hong Kong Ltd. ADR1	118,949		2,022,133
Mobile Telesystems OJSC ADR	189,007		1,977,013
SK Telecom Company Ltd. ADR	76,407		1,867,387
Total Communications			32,835,470
Consumer, Non-cyclical - 11.3%
Campbell Soup Co.	49,669		2,400,999
Western Union Co.	106,467		2,336,951
Lorillard, Inc.	32,214		2,334,871
Macquarie Infrastructure Company LLC	27,410		2,319,982
Pfizer, Inc.	66,385		2,306,879
Clorox Co.	21,305		2,293,696
Dr Pepper Snapple Group, Inc.	29,780		2,282,339
Unilever plc ADR	51,618		2,278,935
Kraft Foods Group, Inc.	26,719		2,256,420
Philip Morris International, Inc.	27,130		2,253,689
Unilever N.V. — Class Y	51,819		2,212,671
Total Consumer, Non-cyclical			25,277,432
Energy - 6.8%
HollyFrontier Corp.	56,973		2,372,924
Valero Energy Corp.	38,411		2,275,468
Tesoro Corp.	25,163		2,226,926
BP plc ADR	52,334		2,169,768
Total S.A. ADR	41,650		2,102,909
China Petroleum & Chemical Corp. ADR	23,845		2,090,491
Marathon Oil Corp.	73,527		1,999,199
Total Energy			15,237,685
Consumer, Cyclical - 4.9%
Macy's, Inc.	34,769		2,327,785
China Southern Airlines Company, Ltd. ADR1	45,854		2,280,319
Staples, Inc.	137,033		2,256,248
Wal-Mart Stores, Inc.	28,784		2,137,788
Kohl's Corp.	30,953		2,027,112
Total Consumer, Cyclical			11,029,252
Basic Materials - 4.1%
Syngenta AG ADR	29,035		2,643,055
Potash Corporation of Saskatchewan, Inc.	69,549		2,189,403
International Paper Co.	41,873		2,170,278
Huntsman Corp.	96,684		2,169,589
Total Basic Materials			9,172,325
Technology – 3.0%
Siliconware Precision Industries Company Ltd. ADR	273,569		2,235,059
Canon, Inc. ADR1	62,915		2,172,455

	Shares		Value
COMMON STOCKS† - 89.1% (continued)
Technology – 3.0% (continued)
CA, Inc.	71,033	$	2,162,955
Total Technology			6,570,469
Industrial - 2.0%
Republic Services, Inc. — Class A	56,209		2,264,660
Waste Management, Inc.	45,167		2,242,542
Total Industrial			4,507,202
Total Common Stocks
(Cost $187,917,626)			199,279,932
PREFERRED STOCKS† - 0.8%
Basic Materials - 0.8%
Gerdau S.A. ADR 1
(Cost $2,332,692)	669,352		1,854,105
MASTER LIMITED PARTNERSHIPS† - 9.8%
Energy - 5.7%
Targa Resources Partners, LP1	49,636		2,145,764
Plains GP Holdings, LP — Class A	76,666		2,143,582
Spectra Energy Partners, LP1	41,889		2,136,339
ONEOK Partners, LP1	54,542		2,129,865
Plains All American Pipeline, LP	45,167		2,120,591
NuStar Energy, LP1	33,925		2,117,259
Total Energy			12,793,400
Financial - 4.1%
Oaktree Capital Group LLC1	42,438		2,324,329
KKR & Company, LP	100,018		2,295,413

	Shares		Value
MASTER LIMITED PARTNERSHIPS† - 9.8% (continued)
Financial - 4.1% (continued)
Carlyle Group, LP	73,360	$	2,261,689
Icahn Enterprises, LP1	24,637		2,229,895
Total Financial			9,111,326
Total Master Limited Partnerships
(Cost $22,999,887)			21,904,726
RIGHTS†††- 0.0%**
Safeway Casa Ley SA de CV
Expires 01/17/19	64,285		9,643
Safeway Property Development Centers LLC
Expires 01/17/17	64,285		4,500
Total Rights
(Cost $65,401)			14,143
SECURITIES LENDING COLLATERAL†,2 - 11.0%
BNY Mellon Separately Managed Cash Collateral Account, 0.1070%	24,608,777		24,608,777
Total Securities Lending Collateral
(Cost $24,608,777)			24,608,777
Total Investments - 110.7%
(Cost $237,924,383)		$	247,661,683
Other Assets & Liabilities, net - (10.7)%			(23,859,967	)
Total Net Assets - 100.0%		$	223,801,716

*	Non-income producing security.
**	Less than 0.1%
†	Value determined based on Level 1 inputs —See Note 2.
†††	Value determined based on Level 3 inputs —See Note 2.
1	All or portion of this security is on loan at May 31, 2015 - 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)	May 31, 2015

	Shares		Value
COMMON STOCKS† - 96.3%
Financial - 20.8%
Pinnacle Financial Partners, Inc.	36,165	$	1,790,529
MGIC Investment Corp.*	162,165		1,759,490
Beneficial Bancorp, Inc.*	134,445		1,646,951
JPMorgan Chase & Co.	24,431		1,607,071
MB Financial, Inc.	49,717		1,601,882
FS Investment Corp.1	153,942		1,594,839
Fifth Third Bancorp	78,728		1,593,455
KeyCorp	109,198		1,592,107
Lamar Advertising Co. — Class A	25,775		1,562,481
Huntington Bancshares, Inc.	140,284		1,561,361
Aon plc	15,234		1,541,985
UMB Financial Corp.	29,410		1,523,144
BlackRock, Inc. — Class A	4,112		1,504,087
AG Mortgage Investment Trust, Inc.	79,470		1,497,215
Lincoln National Corp.	26,156		1,491,154
Piedmont Office Realty Trust, Inc. — Class A	83,125		1,428,919
WP Carey, Inc.	22,081		1,406,339
Ryman Hospitality Properties, Inc.	24,838		1,368,822
Healthcare Realty Trust, Inc.	54,996		1,310,005
Government Properties Income Trust	65,708		1,282,620
Enova International, Inc.*	64,617		1,260,032
Total Financial			31,924,488
Consumer, Cyclical - 16.3%
Starbucks Corp.	32,620		1,694,935
G-III Apparel Group Ltd.*	28,997		1,648,770
Penske Automotive Group, Inc.	31,110		1,605,587
Fastenal Co.	38,118		1,582,278
AutoZone, Inc.*	2,326		1,566,840
American Eagle Outfitters, Inc.	95,103		1,556,836
Michaels Companies, Inc.*	56,552		1,547,263
Hanesbrands, Inc.	46,963		1,496,241
Caleres, Inc.	48,263		1,492,775
Genuine Parts Co.	16,140		1,460,186
Texas Roadhouse, Inc. — Class A	41,506		1,453,540
Delta Air Lines, Inc.	33,618		1,442,885
Marriott International, Inc. — Class A	18,255		1,423,707
Ethan Allen Interiors, Inc.	56,701		1,423,195
Chipotle Mexican Grill, Inc. — Class A*	2,286		1,407,079
United Continental Holdings, Inc.*	22,104		1,206,657
Tuesday Morning Corp.*	82,989		1,063,919
Total Consumer, Cyclical			25,072,693
Consumer, Non-cyclical - 15.7%
Mylan N.V.*	27,298		1,982,654
Ligand Pharmaceuticals, Inc. — Class B*	22,470		1,979,831
Enanta Pharmaceuticals, Inc.*,1	42,854		1,751,872
Moody's Corp.	15,965		1,725,816
Global Payments, Inc.	16,497		1,721,957
HCA Holdings, Inc.*	20,257		1,657,630
AmerisourceBergen Corp. — Class A	14,669		1,651,143

	Shares		Value
COMMON STOCKS† - 96.3% (continued)
Consumer, Non-cyclical - 15.7% (continued)
Tyson Foods, Inc. — Class A	36,663	$	1,556,344
Spectrum Brands Holdings, Inc.	15,987		1,545,144
CR Bard, Inc.	9,054		1,542,077
McGraw Hill Financial, Inc.	14,801		1,535,604
Celgene Corp.*	12,694		1,452,701
ADT Corp.	39,589		1,444,207
Lannett Company, Inc.*	24,372		1,355,814
IDEXX Laboratories, Inc.*	9,633		1,306,235
Total Consumer, Non-cyclical			24,209,029
Industrial - 12.6%
General Electric Co.	59,154		1,613,129
AZZ, Inc.	33,641		1,612,414
Oshkosh Corp.	32,125		1,611,390
Sealed Air Corp.	32,586		1,586,938
ITT Corp.	36,478		1,556,881
Masco Corp.	57,322		1,551,707
Honeywell International, Inc.	14,730		1,534,866
Parker-Hannifin Corp.	12,495		1,504,773
Avnet, Inc.	32,538		1,431,997
Briggs & Stratton Corp.	74,441		1,421,079
Garmin Ltd.	30,777		1,399,738
Old Dominion Freight Line, Inc.*	19,548		1,329,459
Corning, Inc.	61,328		1,282,982
Total Industrial			19,437,353
Basic Materials - 7.6%
Newmont Mining Corp.	60,255		1,641,346
Commercial Metals Co.	101,734		1,634,865
RPM International, Inc.	30,339		1,517,860
Ecolab, Inc.	13,065		1,497,902
Platform Specialty Products Corp.*	57,063		1,493,339
Air Products & Chemicals, Inc.	9,809		1,439,569
Alcoa, Inc.	104,034		1,300,425
Cliffs Natural Resources, Inc.1	225,873		1,199,386
Total Basic Materials			11,724,692
Technology - 6.4%
Lexmark International, Inc. — Class A	37,330		1,716,433
DST Systems, Inc.	14,263		1,688,738
VeriFone Systems, Inc.*	43,856		1,673,984
IGATE Corp.*	34,782		1,652,493
Cadence Design Systems, Inc.*	82,358		1,629,865
VMware, Inc. — Class A*	17,633		1,539,714
Total Technology			9,901,227
Communications - 6.2%
AOL, Inc.*	36,029		1,801,810
Stamps.com, Inc.*	25,866		1,740,523
Entravision Communications Corp. — Class A	230,678		1,557,077
Time Warner, Inc.	18,271		1,543,534
ViaSat, Inc.*	23,431		1,475,919
Calix, Inc.*	181,781		1,454,248
Total Communications			9,573,111
Energy - 5.8%
FMSA Holdings, Inc.*,1	237,167		2,117,901
EP Energy Corp. — Class A*,1	146,371		1,924,779
MRC Global, Inc.*	116,222		1,779,359
Callon Petroleum Co.*	203,741		1,601,404

	Shares		Value
COMMON STOCKS† - 96.3% (continued)
Energy - 5.8% (continued)
Tesoro Corp.	16,922	$	1,497,597
Total Energy			8,921,040
Utilities - 4.9%
Exelon Corp.	46,531		1,574,144
IDACORP, Inc.	24,874		1,479,257
California Water Service Group	61,852		1,477,644
NorthWestern Corp.	28,371		1,475,859
SCANA Corp.	27,507		1,462,272
Total Utilities			7,469,176
Total Common Stocks
(Cost $130,073,473)			148,232,809
MASTER LIMITED PARTNERSHIPS† - 3.4%
Energy - 3.4%
Energy Transfer Equity, LP	23,570		1,618,552
NuStar Energy, LP	24,190		1,509,698
EV Energy Partners, LP	97,548		1,378,353

	Shares		Value
MASTER LIMITED PARTNERSHIPS† - 3.4% (continued)
Energy - 3.4% (continued)
Natural Resource Partners, LP1	193,853	$	794,797
Total Energy			5,301,400
Total Master Limited Partnerships
(Cost $6,388,925)			5,301,400
SECURITIES LENDING COLLATERAL†,2 - 3.8%
BNY Mellon Separately Managed Cash Collateral Account, 0.1070%
(Cost $5,815,902)	5,815,902		5,815,902
Total Investments - 103.5%
(Cost $142,278,300)		$	159,350,111
Other Assets & Liabilities, net - (3.5)%			(5,396,148	)
Total Net Assets - 100.0%		$	153,953,963

*	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 May 31, 2015 - See Note 4.
2	Securities lending collateral - See Note 4.

plc	Public Limited Company

Guggenheim Mid-Cap Core ETF
SCHEDULE OF INVESTMENTS (Unaudited)	May 31, 2015

	Shares		Value
COMMON STOCKS† - 90.6%
Financial - 25.0%
Invesco Ltd.	84,810	$	3,377,982
Northern Trust Corp.	45,115		3,363,323
Fifth Third Bancorp	156,748		3,172,581
Regions Financial Corp.	261,994		2,643,519
CBRE Group, Inc. — Class A*	64,759		2,476,385
KeyCorp	166,864		2,432,877
CNA Financial Corp.	51,859		2,004,869
Unum Group	48,328		1,689,547
Arch Capital Group Ltd.*	24,073		1,538,024
Jones Lang LaSalle, Inc.	8,781		1,521,133
Brixmor Property Group, Inc.	58,200		1,442,196
Duke Realty Corp.	67,637		1,322,980
WP Carey, Inc.	20,494		1,305,263
Grupo Financiero Santander Mexico SAB de CV ADR	130,158		1,231,295
East West Bancorp, Inc.	27,737		1,189,917
HCC Insurance Holdings, Inc.	18,557		1,061,089
American Financial Group, Inc.	16,660		1,057,910
Axis Capital Holdings Ltd.	18,945		1,042,733
Equity LifeStyle Properties, Inc.	16,693		914,609
American Campus Communities, Inc.	22,135		863,486
Douglas Emmett, Inc.	28,301		831,483
Erie Indemnity Co. — Class A	9,053		736,280
Mercury General Corp.	10,688		595,108
GEO Group, Inc.	14,498		549,909
Total Financial			38,364,498
Industrial - 18.4%
Ingersoll-Rand plc	50,162		3,450,143
Roper Technologies, Inc.	19,016		3,327,039
Tyco International plc	79,983		3,228,114
Agilent Technologies, Inc.	65,624		2,703,053
L-3 Communications Holdings, Inc.	16,030		1,888,494
Snap-on, Inc.	11,105		1,725,717
Packaging Corporation of America	19,379		1,340,639
Xylem, Inc.	35,661		1,304,123
Huntington Ingalls Industries, Inc.	9,416		1,167,490
Waste Connections, Inc.	23,871		1,158,460
Keysight Technologies, Inc.*	33,487		1,100,383
Gentex Corp.	57,613		989,791
Lincoln Electric Holdings, Inc.	14,682		986,777
Graco, Inc.	11,302		820,412
ITT Corp.	17,558		749,376
Crane Co.	10,999		665,769
Curtiss-Wright Corp.	9,128		658,038
Progressive Waste Solutions Ltd.	21,265		593,931
Moog, Inc. — Class A*	7,588		520,764
Total Industrial			28,378,513
Technology - 13.8%
Fiserv, Inc.*	46,044		3,690,426
Fidelity National Information Services, Inc.	54,440		3,413,388
Check Point Software Technologies Ltd.*	35,866		3,038,568
Xerox Corp.	214,619		2,450,949

	Shares		Value
COMMON STOCKS† - 90.6% (continued)
Technology - 13.8% (continued)
IMS Health Holdings, Inc.*	63,657	$	1,894,432
Amdocs Ltd.	29,483		1,617,142
Genpact Ltd.*	43,050		968,195
PTC, Inc.*	22,415		925,067
SS&C Technologies Holdings, Inc.	15,697		925,024
DST Systems, Inc.	7,132		844,429
Syntel, Inc.*	15,969		758,687
Leidos Holdings, Inc.	15,531		660,068
Total Technology			21,186,375
Consumer, Non-cyclical - 12.0%
ConAgra Foods, Inc.	80,740		3,117,371
Universal Health Services, Inc. — Class B	18,870		2,445,175
Coca-Cola Enterprises, Inc.	43,457		1,922,103
Quintiles Transnational Holdings, Inc.*	23,764		1,656,588
Coty, Inc. — Class A*	63,941		1,594,049
SEI Investments Co.	32,172		1,539,108
Aramark	46,044		1,443,479
ManpowerGroup, Inc.	15,130		1,280,755
Spectrum Brands Holdings, Inc.	10,324		997,815
Pinnacle Foods, Inc.	21,644		912,295
VCA, Inc.*	16,128		846,075
Booz Allen Hamilton Holding Corp.	28,794		729,928
Total Consumer, Non-cyclical			18,484,741
Consumer, Cyclical - 8.2%
Genuine Parts Co.	29,895		2,704,600
Starwood Hotels & Resorts Worldwide, Inc.	32,203		2,665,120
Newell Rubbermaid, Inc.	51,554		2,037,930
Signet Jewelers Ltd.	14,109		1,824,717
Allison Transmission Holdings, Inc.	34,815		1,065,339
Copart, Inc.*	24,506		847,908
Dolby Laboratories, Inc. — Class A	19,983		782,334
Columbia Sportswear Co.	13,272		743,896
Total Consumer, Cyclical			12,671,844
Utilities - 7.1%
NiSource, Inc.	61,227		2,888,690
American Water Works Company, Inc.	34,866		1,843,365
UGI Corp.	34,077		1,274,480
OGE Energy Corp.	38,957		1,227,146
AGL Resources, Inc.	23,355		1,176,391
Atmos Energy Corp.	19,685		1,063,384
Questar Corp.	34,052		772,980
Vectren Corp.	16,051		683,291
Total Utilities			10,929,727
Communications - 3.7%
Interpublic Group of Companies, Inc.	78,876		1,610,649
CommScope Holding Company, Inc.*	38,090		1,187,265
Yandex N.V. — Class A*	57,647		1,039,375
Markit Ltd.*	34,799		932,961

	Shares		Value
COMMON STOCKS† - 90.6% (continued)
Communications - 3.7% (continued)
EchoStar Corp. — Class A*	17,682	$	885,868
Total Communications			5,656,118
Basic Materials - 2.4%
Celanese Corp. — Class A	29,953		2,062,264
Israel Chemicals Ltd.*,1	237,526		1,700,686
Total Basic Materials			3,762,950
Total Common Stocks
(Cost $129,234,005)			139,434,766
MASTER LIMITED PARTNERSHIPS† - 9.0%
Energy - 6.8%
Magellan Midstream Partners, LP1	42,837		3,414,966
Spectra Energy Partners, LP1	55,700		2,840,700
Buckeye Partners, LP	23,785		1,839,294
Genesis Energy, LP	16,980		825,737
Enable Midstream Partners, LP1	44,877		798,811
Boardwalk Pipeline Partners, LP	45,019		721,204
Total Energy			10,440,712
Financial - 1.2%
Lazard Ltd. — Class A	23,293		1,294,159

	Shares		Value
MASTER LIMITED PARTNERSHIPS† - 9.0% (continued)
Financial - 1.2% (continued)
AllianceBernstein Holding, LP1	19,464	$	610,391
Total Financial			1,904,550
Utilities - 0.6%
AmeriGas Partners, LP1	17,365		856,095
Consumer, Cyclical - 0.4%
Cedar Fair, LP	10,722		646,644
Total Master Limited Partnerships
(Cost $13,012,456)			13,848,001
SECURITIES LENDING COLLATERAL†,2 - 3.9%
BNY Mellon Separately Managed Cash Collateral Account, 0.1070%	5,998,211		5,998,211
Total Securities Lending Collateral
(Cost $5,998,211)			5,998,211
Total Investments - 103.5%
(Cost $148,244,672)		$	159,280,978
Other Assets & Liabilities, net - (3.5)%			(5,391,403	)
Total Net Assets - 100.0%		$	153,889,575

*	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 May 31, 2015 – See Note 4.
2	Securities lending collateral – See Note 4.

ADR	American Depositary Receipt
plc	Public Limited Company

Guggenheim Multi-Asset Income ETF
SCHEDULE OF INVESTMENTS (Unaudited)	May 31, 2015

	Shares		Value
COMMON STOCKS† - 70.9%
Financial - 16.2%
HSBC Holdings plc ADR	184,090	$	8,744,275
Prudential Financial, Inc.	101,681		8,603,230
Banco Santander S.A. ADR1	1,159,579		8,233,011
Starwood Property Trust, Inc. REIT	341,473		8,157,790
Annaly Capital Management, Inc. REIT	778,463		8,127,154
American Capital Agency Corp. REIT	380,643		7,940,213
Senior Housing Properties Trust REIT	370,773		7,419,168
Two Harbors Investment Corp. REIT	668,944		7,151,011
Manulife Financial Corp.	313,678		5,755,991
PacWest Bancorp	120,867		5,425,720
Hancock Holding Co.	185,768		5,411,422
Waddell & Reed Financial, Inc. — Class A	107,971		5,158,854
MFA Financial, Inc. REIT	645,991		5,129,169
Lexington Realty Trust REIT	447,630		4,109,244
New Residential Investment Corp. REIT	240,436		4,101,838
CYS Investments, Inc. REIT	455,120		4,073,324
Hatteras Financial Corp. REIT	221,846		3,984,354
Select Income REIT	168,492		3,949,452
ARMOUR Residential REIT, Inc.	1,248,769		3,733,819
Government Properties Income Trust REIT	168,158		3,282,444
Aircastle Ltd.	118,955		2,885,848
National Penn Bancshares, Inc.	257,078		2,750,735
Old National Bancorp	194,455		2,646,533
Artisan Partners Asset Management, Inc. — Class A	59,620		2,629,838
American Capital Mortgage Investment Corp. REIT	136,586		2,386,157
Total Financial			131,790,594
Energy - 11.9%
Helmerich & Payne, Inc.	123,203		8,992,587
Occidental Petroleum Corp.	103,956		8,128,320
Spectra Energy Corp.	229,483		8,070,917
Chevron Corp.	76,785		7,908,854
Suncor Energy, Inc.	270,230		7,898,823
Exxon Mobil Corp.	92,693		7,897,444
BP Prudhoe Bay Royalty Trust1	115,450		7,703,979
National Oilwell Varco, Inc.	151,625		7,458,434
Sasol Ltd. ADR	176,783		6,270,493
Western Refining, Inc.	128,182		5,637,444
PBF Energy, Inc. — Class A	175,984		4,719,891
China Petroleum & Chemical Corp. ADR1	41,755		3,660,661
Alon USA Energy, Inc.	204,265		3,601,192
Frank's International N.V.	167,690		3,323,615
RPC, Inc.	213,071		3,081,007
ONEOK, Inc.	57,784		2,422,305
Total Energy			96,775,966
Consumer, Cyclical - 8.4%
McDonald's Corp.	87,300		8,374,689
General Motors Co.	219,614		7,899,516
Ford Motor Co.	506,765		7,687,625

	Shares		Value
COMMON STOCKS† - 70.9% (continued)
Consumer, Cyclical - 8.4% (continued)
Las Vegas Sands Corp.	147,630	$	7,504,033
Gaming and Leisure Properties, Inc. REIT	199,643		7,306,934
GameStop Corp. — Class A1	148,831		6,460,754
Wynn Resorts Ltd.	56,400		5,678,916
Cracker Barrel Old Country Store, Inc.	37,893		5,345,944
Copa Holdings S.A. — Class A1	46,505		3,966,411
Six Flags Entertainment Corp.	58,414		2,854,108
Guess?, Inc.1	158,190		2,774,653
DineEquity, Inc.	24,312		2,372,851
Total Consumer, Cyclical			68,226,434
Utilities - 8.0%
American Electric Power Company, Inc.	139,855		7,872,439
AES Corp.	456,017		6,201,831
Atmos Energy Corp.	103,612		5,597,121
Great Plains Energy, Inc.	199,816		5,209,203
Ameren Corp.	128,542		5,171,245
OGE Energy Corp.	162,154		5,107,851
CenterPoint Energy, Inc.	250,749		5,107,757
MDU Resources Group, Inc.	237,597		4,975,281
Laclede Group, Inc.	52,428		2,805,422
New Jersey Resources Corp.	86,555		2,602,709
Vectren Corp.	60,676		2,582,977
South Jersey Industries, Inc.	97,262		2,566,744
IDACORP, Inc.	43,026		2,558,756
PNM Resources, Inc.	95,636		2,542,961
Empire District Electric Co.	106,342		2,482,022
Cia Paranaense de Energia ADR1	165,381		1,701,770
Total Utilities			65,086,089
Consumer, Non-cyclical - 7.0%
Kraft Foods Group, Inc.	129,361		10,924,536
Merck & Company, Inc.	142,061		8,650,095
AstraZeneca plc ADR	119,618		8,080,196
Baxter International, Inc.	120,046		7,996,264
GlaxoSmithKline plc ADR	173,828		7,712,748
KAR Auction Services, Inc.	149,759		5,580,020
Sysco Corp.	139,779		5,194,188
Rent-A-Center, Inc.	97,913		2,961,868
Total Consumer, Non-cyclical			57,099,915
Industrial - 6.0%
General Electric Co.	326,526		8,904,363
Emerson Electric Co.	141,621		8,541,163
Caterpillar, Inc.	98,113		8,371,001
Lockheed Martin Corp.	40,113		7,549,267
Gentex Corp.	312,099		5,361,861
Tidewater, Inc.	193,635		4,751,803
CNH Industrial N.V.1	325,122		2,883,832
American Railcar Industries, Inc.1	50,076		2,692,587
Total Industrial			49,055,877
Basic Materials - 6.0%
LyondellBasell Industries N.V. — Class A	90,785		9,178,365
Dow Chemical Co.	166,462		8,667,676
Rio Tinto plc ADR1	167,763		7,342,987
BHP Billiton plc ADR1	162,147		6,860,440

	Shares		Value
COMMON STOCKS† - 70.9% (continued)
Basic Materials - 6.0% (continued)
Domtar Corp.	126,178	$	5,453,413
Innophos Holdings, Inc.	49,153		2,561,363
Cia Siderurgica Nacional S.A. ADR1	1,264,624		2,415,431
Schweitzer-Mauduit International, Inc.	59,551		2,403,478
Ternium S.A. ADR	86,305		1,684,674
Braskem S.A. ADR1	198,195		1,609,343
South 32 Ltd. ADR*	65,209		539,278
Total Basic Materials			48,716,448
Technology - 3.9%
Seagate Technology plc	136,555		7,597,920
Lexmark International, Inc. — Class A	126,712		5,826,218
Pitney Bowes, Inc.	239,700		5,237,445
CA, Inc.	169,014		5,146,476
KLA-Tencor Corp.	83,383		4,974,630
Computer Programs & Systems, Inc.1	52,101		2,726,445
Total Technology			31,509,134
Communications - 3.5%
Vodafone Group plc ADR	238,182		9,296,243
Verizon Communications, Inc.	180,605		8,929,112
VimpelCom Ltd. ADR	670,916		4,166,388
Orange S.A. ADR	228,057		3,591,898
Inteliquent, Inc.	159,208		2,806,837
Total Communications			28,790,478
Total Common Stocks
(Cost $599,962,333)			577,050,935
PREFERRED STOCKS† - 7.1%
Financial - 7.1%
State Street Corp. 6.00%2	353,755		8,893,401
Bank of America Corp. 6.63%2	325,639		8,320,076
Citigroup, Inc. 6.88%1,2,3	269,439		7,266,770
Capital One Financial Corp. 6.70%2	268,624		7,005,714
Capital One Financial Corp. 6.25%1,2	229,935		5,849,546
Morgan Stanley 6.38%2,3	202,392		5,284,455
Wells Fargo & Co. 6.00%2	204,233		5,160,968
Goldman Sachs Group, Inc. 6.38%1,2,3	191,955		5,077,210
Barclays Bank plc 8.13%1,2	183,239		4,767,879
Total Financial			57,626,019
Total Preferred Stocks
(Cost $58,230,731)			57,626,019
CONVERTIBLE PREFERRED STOCKS† - 1.9%
Financial - 1.9%
Wells Fargo & Co.	7,403		8,948,968
7.50%2
Bank of America Corp.	5,816		6,662,228
7.25%2
Total Financial			15,611,196
Total Convertible Preferred Stocks
(Cost $15,675,379)			15,611,196
MASTER LIMITED PARTNERSHIPS† - 9.2%
Energy - 8.3%
BreitBurn Energy Partners, LP1	1,736,067		9,235,876

	Shares		Value
MASTER LIMITED PARTNERSHIPS† - 9.2% (continued)
Energy - 8.3% (continued)
NuStar Energy, LP1	116,994	$	7,301,597
Targa Resources Partners, LP1	159,146		6,879,881
ONEOK Partners, LP1	167,226		6,530,176
Energy Transfer Partners, LP	114,083		6,414,887
MarkWest Energy Partners, LP	98,636		6,374,845
Buckeye Partners, LP	80,719		6,242,000
Enbridge Energy Partners, LP	156,244		5,795,090
Plains All American Pipeline, LP	103,794		4,873,128
Enterprise Products Partners, LP	131,072		4,249,354
Western Gas Partners, LP	57,762		3,956,697
Total Energy			67,853,531
Consumer, Non-cyclical - 0.9%
Emerge Energy Services, LP1	186,459		7,380,047
1	–		–
Total Master Limited Partnerships
(Cost $83,728,370)			75,233,578
CLOSED-END FUNDS† - 9.9%
PIMCO Dynamic Credit Income Fund1	442,495		9,168,497
PIMCO Dynamic Income Fund1	275,355		8,235,868
First Trust Intermediate Duration Preferred & Income Fund1	331,891		7,527,288
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.1	803,711		7,345,918
Prudential Global Short Duration High Yield Fund, Inc.1	374,856		5,862,748
AllianceBernstein Global High Income Fund, Inc.	430,094		5,324,564
Templeton Global Income Fund1	683,364		4,968,056
Prudential Short Duration High Yield Fund, Inc.	267,119		4,207,124
Babson Capital Global Short Duration High Yield Fund	195,744		4,001,007
Western Asset High Income Fund II, Inc.	491,793		3,929,426
Wells Fargo Advantage Income Opportunities Fund	342,546		2,997,278
PIMCO Income Opportunity Fund1	102,393		2,671,433
Nuveen Long/Short Commodity Total Return Fund	158,130		2,645,515
John Hancock Preferred Income Fund	104,311		2,150,893
Western Asset Global High Income Fund, Inc.	190,685		2,080,373
Nuveen Quality Preferred Income Fund1	236,368		1,961,854
Wells Fargo Advantage Global Dividend Opportunity Fund	257,361		1,914,766
John Hancock Preferred Income Fund III1	84,367		1,502,576
Brookfield Total Return Fund, Inc.	53,731		1,249,246
John Hancock Preferred Income Fund II	56,273		1,159,787
Total Closed-End Funds
(Cost $88,768,184)			80,904,217

	Shares		Value
SECURITIES LENDING COLLATERAL†,4 - 8.5%
BNY Mellon Separately Managed Cash Collateral Account, 0.1047%	69,299,734	$	69,299,734
Total Securities Lending Collateral
(Cost $69,299,734)			69,299,734
Total Investments - 107.5%
(Cost $915,664,731)		$	875,725,679
Other Assets & Liabilities, net - (7.5)%			(61,565,318	)
Total Net Assets - 100.0%		$	814,160,361

*	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 May 31, 2015 — See Note 4.
2	Perpetual maturity.
3	Variable rate security. Rate indicated is rate effective at May 31, 2015.
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)	May 31, 2015

	Shares		Value
COMMON STOCKS† - 95.7%
Consumer, Cyclical - 22.1%
Carrols Restaurant Group, Inc.*	202,762	$	2,031,675
Advance Auto Parts, Inc.	12,972		1,987,570
Malibu Boats, Inc. — Class A*	94,301		1,977,493
Spirit Airlines, Inc.*	31,052		1,973,975
Alaska Air Group, Inc.	30,401		1,965,121
Ingram Micro, Inc. — Class A*,1	73,155		1,961,286
Rush Enterprises, Inc. — Class A*	73,572		1,954,808
MarineMax, Inc.*	81,495		1,949,360
United Continental Holdings, Inc.*	35,652		1,946,243
WCI Communities, Inc.*	83,669		1,945,304
Bed Bath & Beyond, Inc.*	27,219		1,941,259
Arctic Cat, Inc.	58,639		1,939,778
Bloomin' Brands, Inc.	86,115		1,934,143
DineEquity, Inc.	19,817		1,934,139
Select Comfort Corp.*	61,926		1,928,995
Mohawk Industries, Inc.*	10,319		1,925,938
La-Z-Boy, Inc.	72,528		1,924,168
O'Reilly Automotive, Inc.*	8,746		1,920,009
Delta Air Lines, Inc.	44,577		1,913,245
Dollar Tree, Inc.*	25,498		1,912,095
Jarden Corp.*	36,036		1,912,070
Regal Entertainment Group — Class A	91,077		1,908,974
AutoZone, Inc.*	2,827		1,904,324
Cinemark Holdings, Inc.	46,957		1,903,167
Ethan Allen Interiors, Inc.	75,808		1,902,781
Tractor Supply Co.	21,627		1,884,577
Polaris Industries, Inc.	13,149		1,880,964
Pier 1 Imports, Inc.	147,982		1,880,851
Steelcase, Inc. — Class A	108,691		1,869,485
Red Robin Gourmet Burgers, Inc.*	22,340		1,862,933
Harman International Industries, Inc.	15,366		1,851,910
Total Consumer, Cyclical			59,728,640
Financial - 19.7%
Genworth Financial, Inc. — Class A*	251,551		1,997,315
CyrusOne, Inc.	60,728		1,959,693
Bank of the Ozarks, Inc.	44,456		1,954,730
Peoples Bancorp, Inc.	84,287		1,946,187
Meta Financial Group, Inc.	48,431		1,943,536
NASDAQ OMX Group, Inc.	37,517		1,941,505
EverBank Financial Corp.	105,278		1,941,326
Talmer Bancorp, Inc. — Class A	122,141		1,940,820
ConnectOne Bancorp, Inc.	99,462		1,934,536
SVB Financial Group*	14,331		1,933,395
Renasant Corp.	65,648		1,932,677
PrivateBancorp, Inc. — Class A	50,651		1,931,322
Zions Bancorporation	66,798		1,929,126
American Homes 4 Rent — Class A	115,536		1,928,296
Prudential Financial, Inc.	22,705		1,921,071
Wintrust Financial Corp.	38,217		1,914,672
American Tower Corp. — Class A	20,615		1,912,866
Regions Financial Corp.	189,522		1,912,277
Federated National Holding Co.	74,302		1,908,075

	Shares		Value
COMMON STOCKS† - 95.7% (continued)
Financial - 19.7% (continued)
Allstate Corp.	28,292	$	1,904,617
American Residential Properties, Inc.*	102,611		1,903,434
Yadkin Financial Corp.*	96,310		1,902,123
Argo Group International Holdings Ltd.	36,056		1,898,348
CubeSmart	79,627		1,894,326
Lincoln National Corp.	32,830		1,871,638
Fidus Investment Corp.1	105,247		1,736,576
Alcentra Capital Corp.1	74,103		1,015,952
Health Insurance Innovations, Inc. — Class A*,1	186,926		940,238
CM Finance, Inc.	59,022		817,455
C1 Financial, Inc.*,1	34,946		632,173
Total Financial			53,300,305
Technology - 15.5%
NXP Semiconductor N.V.*	18,900		2,121,525
Benefitfocus, Inc.*,1	59,066		2,119,288
Applied Micro Circuits Corp.*	323,542		2,067,434
Skyworks Solutions, Inc.	18,744		2,049,845
NVIDIA Corp.	92,419		2,045,232
Micron Technology, Inc.*	73,128		2,042,465
Altera Corp.	41,664		2,035,286
BroadSoft, Inc.*	55,684		2,033,023
Microsemi Corp.*	55,732		2,028,087
Salesforce.com, Inc.*	27,715		2,016,266
Cavium, Inc.*	28,465		2,003,082
Analog Devices, Inc.	29,382		1,996,801
Maxim Integrated Products, Inc.	56,773		1,991,029
Qorvo, Inc.*	23,962		1,968,478
Intuit, Inc.	18,809		1,958,957
Texas Instruments, Inc.	34,953		1,954,572
ServiceNow, Inc.*	25,106		1,923,371
EMC Corp.	72,991		1,922,583
Manhattan Associates, Inc.*	34,879		1,913,113
Nimble Storage, Inc.*,1	73,822		1,910,513
Envestnet, Inc.*	42,539		1,863,634
Total Technology			41,964,584
Communications - 11.4%
ORBCOMM, Inc.*	313,627		2,145,209
Palo Alto Networks, Inc.*	12,267		2,079,134
Finisar Corp.*,1	90,483		1,981,578
Comcast Corp. — Class A	33,776		1,974,545
Zayo Group Holdings, Inc.*	74,473		1,957,894
United States Cellular Corp.*	50,038		1,956,486
LinkedIn Corp. — Class A*	10,034		1,955,928
Iridium Communications, Inc.*,1	188,968		1,955,819
GrubHub, Inc.*	48,346		1,949,311
Telephone & Data Systems, Inc.	65,229		1,936,649
WebMD Health Corp. — Class A*,1	42,089		1,931,885
Equinix, Inc.	7,204		1,931,176
ARRIS Group, Inc.*	58,009		1,914,877
Priceline Group, Inc.*	1,609		1,885,812
DigitalGlobe, Inc.*	62,084		1,862,520
KVH Industries, Inc.*	105,733		1,318,491
Total Communications			30,737,314

	Shares		Value
COMMON STOCKS† - 95.7% (continued)
Industrial - 10.6%
Applied Optoelectronics, Inc.*,1	128,264	$	2,290,795
Advanced Energy Industries, Inc.*	67,704		1,930,918
Republic Services, Inc. — Class A	47,870		1,928,682
PGT, Inc.*	160,040		1,914,078
Progressive Waste Solutions Ltd.	68,444		1,911,641
Teekay Corp.	41,540		1,903,363
Saia, Inc.*	46,408		1,899,944
Union Pacific Corp.	18,828		1,899,933
FedEx Corp.	10,953		1,897,279
Covanta Holding Corp.	85,812		1,896,445
SBA Communications Corp. — Class A*	16,953		1,895,515
Kansas City Southern	20,775		1,880,138
Genesee & Wyoming, Inc. — Class A*	22,745		1,872,823
ArcBest Corp.	54,422		1,860,688
Swift Transportation Co. — Class A*	78,281		1,821,599
Total Industrial			28,803,841
Consumer, Non-cyclical - 10.0%
Civitas Solutions, Inc.*	89,856		1,993,006
Capital Senior Living Corp.*	77,009		1,983,752
Alere, Inc.*	38,406		1,980,981
Quintiles Transnational Holdings, Inc.*	28,259		1,969,935
Paylocity Holding Corp.*	58,586		1,961,459
Service Corporation International	67,283		1,955,245
Becton Dickinson and Co.	13,754		1,932,575
UnitedHealth Group, Inc.	16,039		1,928,048
ICU Medical, Inc.*	19,862		1,926,614
Carriage Services, Inc. — Class A	76,766		1,909,938
Merit Medical Systems, Inc.*	92,816		1,908,297
McKesson Corp.	8,041		1,907,566
Amsurg Corp. — Class A*	27,986		1,884,577
STERIS Corp.	27,688		1,850,389
Total Consumer, Non-cyclical			27,092,382
Energy - 5.0%
Superior Energy Services, Inc.	85,963		1,984,885

	Shares		Value
COMMON STOCKS† - 95.7% (continued)
Energy - 5.0% (continued)
Occidental Petroleum Corp.	25,379	$	1,984,384
Halliburton Co.	43,239		1,963,051
Baker Hughes, Inc.	30,260		1,950,560
Patterson-UTI Energy, Inc.	93,172		1,882,074
LinnCo LLC1	179,381		1,878,119
Targa Resources Corp.	19,745		1,815,553
Total Energy			13,458,626
Basic Materials - 0.7%
Praxair, Inc.	16,007		1,966,620
Utilities - 0.7%
EnerNOC, Inc.*	196,215		1,887,588
Total Common Stocks
(Cost $228,447,390)			258,939,900
MASTER LIMITED PARTNERSHIPS† - 4.2%
Energy - 3.6%
Antero Midstream Partners, LP	73,294		2,088,879
CSI Compressco, LP	99,820		1,986,418
Tesoro Logistics, LP1	34,060		1,969,009
Energy Transfer Equity, LP	28,320		1,944,734
Enterprise Products Partners, LP	57,666		1,869,532
Total Energy			9,858,572
Diversified - 0.6%
Landmark Infrastructure Partners, LP	94,503		1,573,475
Total Master Limited Partnerships
(Cost $10,799,737)			11,432,047
SECURITIES LENDING COLLATERAL†,2 - 4.6%
BNY Mellon Separately Managed Cash Collateral Account, 0.1047%	12,555,617		12,555,617
Total Securities Lending Collateral
(Cost $12,555,617)			12,555,617
Total Investments - 104.5%
(Cost $251,802,744)		$	282,927,564
Other Assets & Liabilities, net - (4.5)%			(12,314,664	)
Total Net Assets - 100.0%		$	270,612,900

*	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 May 31, 2015 – See Note 4.
2	Securities lending collateral – See Note 4.

Guggenheim Spin-Off ETF
SCHEDULE OF INVESTMENTS (Unaudited)	May 31, 2015

	Shares		Value
COMMON STOCKS† - 95.7%
Consumer, Non-cyclical - 33.2%
Kraft Foods Group, Inc.	378,112	$	31,931,558
WhiteWave Foods Co. — Class A*	653,919		31,407,730
Mallinckrodt plc*	240,014		31,067,413
Zoetis, Inc.	513,030		25,533,504
ADT Corp.1	656,775		23,959,152
AbbVie, Inc.	324,470		21,606,457
Prothena Corporation plc*,1	210,766		8,312,611
Theravance Biopharma, Inc.*,1	219,104		3,056,501
Civeo Corp.	715,951		2,863,804
Harvard Apparatus Regenerative Technology, Inc.*	62,660		115,294
Total Consumer, Non-cyclical			179,854,024
Financial - 17.2%
Navient Corp.	1,084,214		20,892,804
New Residential Investment Corp.	1,223,959		20,880,741
WP GLIMCHER, Inc.	1,220,967		17,179,006
Blackhawk Network Holdings, Inc.*	355,531		12,230,266
Altisource Residential Corp.	379,099		6,793,454
Starwood Waypoint Residential Trust	249,275		6,286,715
Silver Bay Realty Trust Corp.	250,218		3,863,366
CareTrust REIT, Inc.	220,510		2,875,450
Altisource Asset Management Corp.*	14,395		2,452,764
Total Financial			93,454,566
Communications - 12.0%
Liberty Media Corp. — Class A*	616,759		23,631,121
News Corp. — Class A*	1,436,877		21,768,687
New Media Investment Group, Inc.	298,967		6,583,253
Lands' End, Inc.*,1	209,324		6,156,219
FTD Companies, Inc.*	129,182		3,556,380
Straight Path Communications, Inc. — Class B*,1	79,150		2,277,146
Sizmek, Inc.*	201,851		1,410,938
Total Communications			65,383,744
Technology - 9.4%
Cheetah Mobile Inc ADR*,1	979,083		31,174,003

	Shares		Value
COMMON STOCKS† - 95.7% (continued)
Technology - 9.4% (continued)
Science Applications International Corp.	319,251	$	16,920,303
Engility Holdings, Inc.	118,058		3,296,179
Total Technology			51,390,485
Industrial - 8.9%
Allegion plc	413,508		25,819,439
Knowles Corp.*,1	602,999		11,668,031
Hyster-Yale Materials Handling, Inc.	111,157		7,887,701
Era Group, Inc.*	136,653		2,869,713
Total Industrial			48,244,884
Energy - 6.4%
Murphy USA, Inc.*	311,181		18,120,069
NOW, Inc.*,1	726,422		16,794,877
Total Energy			34,914,946
Consumer, Cyclical - 3.8%
CST Brands, Inc.	523,011		20,800,147
Utilities - 2.8%
ONE Gas, Inc.	349,420		15,489,789
Basic Materials - 2.0%
Sibanye Gold Ltd. ADR1	1,535,740		10,903,754
Total Common Stocks
(Cost $468,925,174)			520,436,339
MASTER LIMITED PARTNERSHIPS† - 4.1%
Financial - 4.1%
Brookfield Property Partners, LP*,1	970,896		22,340,317
Total Master Limited Partnerships
(Cost $19,542,630)			22,340,317
SECURITIES LENDING COLLATERAL†,2 - 10.2%
BNY Mellon Separately Managed Cash Collateral Account, 0.1070%	55,637,831		55,637,831
Total Securities Lending Collateral
(Cost $55,637,831)			55,637,831
Total Investments - 110.0%
(Cost $544,105,635)		$	598,414,487
Other Assets & Liabilities, net - (10.0)%			(54,277,559	)
Total Net Assets - 100.0%		$	544,136,928

*	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 May 31, 2015 – See Note 4.
2	Securities lending collateral – See Note 4.

ADR	American Depositary Receipt
plc	Public Limited Company
REIT	Real Estate Investment Trust

Wilshire Micro-Cap ETF
SCHEDULE OF INVESTMENTS (Unaudited)	May 31, 2015

	Shares		Value
COMMON STOCKS† - 99.8%
Financial - 30.2%
BNC Bancorp	4,526	$	84,002
CenterState Banks, Inc.	6,455		79,977
Yadkin Financial Corp.*	3,896		76,946
Diamond Hill Investment Group, Inc.	402		76,903
Independent Bank Group, Inc.	1,798		72,891
Arlington Asset Investment Corp. — Class A	3,354		69,394
Heritage Financial Corp.	4,025		68,869
HCI Group, Inc.	1,445		62,467
HomeStreet, Inc.*	2,691		62,000
Peoples Bancorp, Inc.	2,642		61,005
Agree Realty Corp.	1,979		59,983
Banc of California, Inc.	4,588		59,506
MainSource Financial Group, Inc.	2,964		59,339
Bryn Mawr Bank Corp.	2,041		58,943
Enterprise Financial Services Corp.	2,567		54,215
German American Bancorp, Inc.	1,861		54,006
Preferred Bank/Los Angeles CA	1,945		53,643
Seacoast Banking Corporation of Florida*	3,477		52,016
Federated National Holding Co.	1,914		49,152
Independent Bank Corp.	3,612		48,870
Guaranty Bancorp	2,926		48,220
Southwest Bancorp, Inc.	2,704		47,861
Bank of Kentucky Financial Corp.	966		47,633
Metro Bancorp, Inc.	1,839		47,557
Gladstone Commercial Corp.1	2,736		47,414
Mercantile Bank Corp.	2,342		46,863
Financial Institutions, Inc.	1,997		46,071
Consolidated-Tomoka Land Co.	821		45,640
CorEnergy Infrastructure Trust, Inc.	6,856		45,592
ConnectOne Bancorp, Inc.	2,338		45,474
Federal Agricultural Mortgage Corp. — Class C	1,438		45,398
CU Bancorp*	2,111		44,732
Peapack Gladstone Financial Corp.	2,183		44,228
Oppenheimer Holdings, Inc. — Class A	1,695		43,968
Bear State Financial, Inc.*,1	4,410		41,674
Bridge Capital Holdings*	1,492		41,582
Bridge Bancorp, Inc.	1,654		40,870
NewBridge Bancorp	5,206		40,867
First Defiance Financial Corp.	1,151		40,630
RE/MAX Holdings, Inc. — Class A	1,211		40,508
Fidus Investment Corp.1	2,445		40,342
West Bancorporation, Inc.	2,171		39,675
One Liberty Properties, Inc.1	1,773		39,361
CommunityOne Bancorp*	3,854		38,771
Fidelity Southern Corp.	2,422		37,444
CNB Financial Corp.	2,214		36,797
Whitestone REIT — Class B	2,622		36,787
Meta Financial Group, Inc.	914		36,679

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Financial - 30.2% (continued)
Ares Commercial Real Estate Corp.	3,103	$	36,150
United Community Financial Corp.	6,535		35,616
Suffolk Bancorp	1,475		35,577
Arbor Realty Trust, Inc.	4,993		35,400
Pacific Premier Bancorp, Inc.*	2,209		34,792
Independence Realty Trust, Inc.	3,904		34,473
Garrison Capital, Inc.	2,289		34,266
Trade Street Residential, Inc.1	4,683		34,093
Horizon Bancorp	1,419		34,056
GSV Capital Corp.*,1	3,173		34,015
Medallion Financial Corp.1	3,438		33,314
Heritage Financial Group, Inc.	1,198		32,430
Bank of Marin Bancorp	691		32,401
Marlin Business Services Corp.	1,799		32,148
Farmers Capital Bank Corp.*	1,169		32,136
Preferred Apartment Communities, Inc. — Class A	2,792		31,996
CatchMark Timber Trust, Inc. — Class A	2,651		31,547
Penns Woods Bancorp, Inc.	738		31,299
MidWestOne Financial Group, Inc.	1,068		31,143
OceanFirst Financial Corp.	1,766		30,552
EMC Insurance Group, Inc.	859		30,477
First Connecticut Bancorp, Inc.	2,059		30,020
UMH Properties, Inc.	3,025		29,857
Sun Bancorp, Inc.*	1,537		29,679
Bar Harbor Bankshares	801		29,637
Easterly Government Properties, Inc.	1,900		29,507
Orchid Island Capital, Inc.1	2,159		29,449
Citizens & Northern Corp.	1,517		29,415
Sierra Bancorp	1,715		28,915
American National Bankshares, Inc.	1,271		28,814
Pacific Continental Corp.	2,227		28,661
Enterprise Bancorp, Inc.	1,383		28,504
Hallmark Financial Services, Inc.*	2,559		28,405
United Insurance Holdings Corp.	1,950		28,119
CM Finance, Inc.1	2,023		28,019
PennantPark Floating Rate Capital Ltd.1	1,978		27,989
Old Second Bancorp, Inc.*	4,440		27,484
Territorial Bancorp, Inc.	1,178		27,165
LNB Bancorp, Inc.	1,486		26,837
MidSouth Bancorp, Inc.	1,899		26,301
Heritage Commerce Corp.	2,907		26,221
First Bancorp, Inc.	1,536		26,204
Merchants Bancshares, Inc.	875		26,110
BSB Bancorp, Inc.*	1,145		25,843
Gladstone Investment Corp.	3,408		25,833
Access National Corp.	1,191		25,642
National Bankshares, Inc.1	913		25,400
Gladstone Capital Corp.1	3,153		25,161
BBX Capital Corp. — Class A*,1	1,562		25,054
Owens Realty Mortgage, Inc.1	1,847		24,528
Northrim BanCorp, Inc.	991		24,230

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Financial - 30.2% (continued)
Bluerock Residential Growth REIT, Inc.	1,756	$	23,969
QCR Holdings, Inc.	1,110		23,909
Ellington Residential Mortgage REIT	1,501		23,700
Five Oaks Investment Corp.	2,372		23,673
Macatawa Bank Corp.	4,588		23,261
Manning & Napier, Inc. — Class A	2,080		23,005
Stellus Capital Investment Corp.	1,872		22,726
Consumer Portfolio Services, Inc.*	3,858		22,724
Heritage Insurance Holdings, Inc.*	1,074		22,554
Monroe Capital Corp.1	1,500		22,275
CIFC Corp.1	2,858		22,092
Square 1 Financial, Inc. — Class A*	838		21,889
Heritage Oaks Bancorp	2,811		21,813
ZAIS Financial Corp.	1,228		21,564
C&F Financial Corp.	586		21,506
MutualFirst Financial, Inc.	977		21,494
WashingtonFirst Bankshares, Inc.	1,231		21,444
Nicholas Financial, Inc.*,1	1,623		21,261
Pulaski Financial Corp.	1,676		21,168
Customers Bancorp, Inc.*	833		20,908
SI Financial Group, Inc.	1,782		20,778
OHA Investment Corp.	3,561		20,547
Monarch Financial Holdings, Inc.	1,671		20,353
Home Bancorp, Inc.	900		20,043
Republic First Bancorp, Inc.*,1	5,694		20,043
Shore Bancshares, Inc.*	2,148		19,783
Provident Financial Holdings, Inc.	1,115		19,457
Higher One Holdings, Inc.*	6,825		19,383
TriplePoint Venture Growth BDC Corp.	1,393		18,945
JG Wentworth Co. — Class A*,1	2,015		18,901
Westfield Financial, Inc.	2,541		18,829
Impac Mortgage Holdings, Inc.*,1	1,076		18,669
ESSA Bancorp, Inc.	1,455		18,580
MBT Financial Corp.*	3,153		18,508
Atlas Financial Holdings, Inc.*	978		18,396
New Hampshire Thrift Bancshares, Inc.*	1,239		18,325
First NBC Bank Holding Co.*	538		18,287
Entegra Financial Corp.*	1,106		18,238
First Financial Northwest, Inc.	1,555		18,038
Chemung Financial Corp.	670		17,795
Horizon Technology Finance Corp.	1,230		17,355
Norwood Financial Corp.1	577		17,310
Investors Title Co.	241		17,232
Southern Missouri Bancorp, Inc.	888		17,076
Berkshire Hills Bancorp, Inc.	622		17,055
Cherry Hill Mortgage Investment Corp.	982		16,998

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Financial - 30.2% (continued)
Imperial Holdings, Inc.*	2,816	$	16,924
BCB Bancorp, Inc.	1,371		16,767
Codorus Valley Bancorp, Inc.	784		16,660
Southern National Bancorp of Virginia, Inc.	1,404		16,511
HopFed Bancorp, Inc.	1,271		16,510
HF Financial Corp.	1,125		16,313
Century Bancorp, Inc. — Class A	425		16,307
First Internet Bancorp	677		16,126
Central Valley Community Bancorp	1,438		15,962
Evans Bancorp, Inc.	656		15,908
Independence Holding Co.	1,348		15,826
JAVELIN Mortgage Investment Corp.	2,115		15,778
Middleburg Financial Corp.	849		15,749
Riverview Bancorp, Inc.	3,780		15,649
BRT Realty Trust*	2,231		15,617
Premier Financial Bancorp, Inc.	1,025		15,560
Westbury Bancorp, Inc.*	877		15,409
Peoples Bancorp of North Carolina, Inc.	833		15,327
Union Bankshares, Inc.1	582		15,278
Ocean Shore Holding Co.	992		15,267
Summit Financial Group, Inc.1	1,339		15,184
Southern First Bancshares, Inc.*	877		15,119
American River Bankshares*	1,588		14,959
Two River Bancorp	1,587		14,680
Chicopee Bancorp, Inc.	890		14,587
Harris & Harris Group, Inc.*,1	5,540		14,515
Silvercrest Asset Management Group, Inc. — Class A	1,104		14,352
Harvest Capital Credit Corp.	1,000		14,120
Parke Bancorp, Inc.1	1,120		14,045
Phoenix Companies, Inc.*	808		13,986
Pacific Mercantile Bancorp*	1,912		13,843
AmeriServ Financial, Inc.	4,129		13,832
First South Bancorp, Inc.	1,732		13,821
OFS Capital Corp.	1,128		13,818
WhiteHorse Finance, Inc.	1,048		13,760
Asta Funding, Inc.*	1,648		13,645
Civista Bancshares, Inc.	1,280		13,440
Bank of South Carolina Corp.	839		13,348
Southcoast Financial Corp.*,1	1,555		13,295
Cape Bancorp, Inc.	1,376		13,182
Palmetto Bancshares, Inc.1	712		13,129
First United Corp.*	1,474		12,898
Old Point Financial Corp.	843		12,662
Salisbury Bancorp, Inc.1	409		12,556
Timberland Bancorp, Inc.	1,183		12,481
Triumph Bancorp, Inc.*	975		12,119
Great Ajax Corp.1	885		12,045
Medley Management, Inc. — Class A	1,036		11,997
Hawthorn Bancshares, Inc.	873		11,995
United Security Bancshares*,1	2,375		11,970
Ameriana Bancorp	707		11,934
FXCM, Inc. — Class A1	8,272		11,912
Colony Bankcorp, Inc.*	1,410		11,844
Sotherly Hotels, Inc.	1,467		11,809

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Financial - 30.2% (continued)
Eastern Virginia Bankshares, Inc.	1,969	$	11,696
TriState Capital Holdings, Inc.*	987		11,499
Naugatuck Valley Financial Corp.*	1,229		11,491
Poage Bankshares, Inc.	740		11,489
Patriot National Bancorp, Inc.*,1	701		11,202
Hamilton Bancorp, Inc.*,1	815		11,084
BDCA Venture, Inc.	2,166		10,938
Royal Bancshares of Pennsylvania, Inc. — Class A*	5,842		10,925
United Security Bancshares, Inc.1	1,315		10,783
First Acceptance Corp.*	3,305		10,642
Trupanion, Inc.*,1	1,236		10,358
United Bancorp, Inc.	1,247		10,288
HMN Financial, Inc.*	885		10,248
Unity Bancorp, Inc.	1,062		9,792
Fox Chase Bancorp, Inc.	602		9,783
First Marblehead Corp.*,1	1,529		9,480
Bankwell Financial Group, Inc.*	517		9,378
SB Financial Group, Inc.	815		9,307
Security National Financial Corp. — Class A*	1,388		8,855
Oneida Financial Corp.	443		8,798
Investar Holding Corp.	564		8,742
Regional Management Corp.*	475		8,275
Fifth Street Asset Management, Inc.1	825		8,184
C1 Financial, Inc.*,1	444		8,032
Full Circle Capital Corp.	2,082		7,391
Urstadt Biddle Properties, Inc.1	413		7,007
Total Financial			5,943,505
Consumer, Non-cyclical - 26.9%
Cynosure, Inc. — Class A*	2,770		98,889
AtriCure, Inc.*	4,257		97,655
Atrion Corp.	252		94,469
Vascular Solutions, Inc.*	2,619		85,458
Eagle Pharmaceuticals, Inc.*	1,168		84,833
US Physical Therapy, Inc.	1,634		81,471
Rockwell Medical, Inc.*,1	7,269		80,468
Agenus, Inc.*	9,011		73,709
Anika Therapeutics, Inc.*	2,176		73,395
Xencor, Inc.*	3,885		70,474
Advaxis, Inc.*	2,713		68,258
Cerus Corp.*,1	13,527		67,364
John B Sanfilippo & Son, Inc.	1,254		63,465
Idera Pharmaceuticals, Inc.*,1	16,168		62,085
LendingTree, Inc.*	1,028		60,919
Supernus Pharmaceuticals, Inc.*	4,114		58,502
Northwest Biotherapeutics, Inc.*,1	6,643		55,801
Inogen, Inc.*	1,436		53,678
Carriage Services, Inc. — Class A	2,117		52,671
Retrophin, Inc.*,1	1,662		52,586
BioTime, Inc.*,1	10,862		50,834
Paratek Pharmaceuticals, Inc.	1,689		50,331
CTI BioPharma Corp.*	25,508		49,486

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Consumer, Non-cyclical - 26.9% (continued)
GenMark Diagnostics, Inc.*,1	5,174	$	47,446
Five Prime Therapeutics, Inc.*	1,839		47,152
Catalyst Pharmaceutical Partners, Inc.*,1	11,355		44,853
Addus HomeCare Corp.*	1,588		44,480
Durect Corp.*	17,071		44,385
Aduro Biotech, Inc.*	1,300		43,914
XOMA Corp.*,1	12,460		43,859
Limoneira Co.1	1,973		42,696
Assembly Biosciences, Inc.*	2,369		39,469
Omega Protein Corp.*	2,845		39,118
Civitas Solutions, Inc.*	1,755		38,926
Franklin Covey Co.*	1,921		38,401
Tandem Diabetes Care, Inc.*	3,180		38,383
Senomyx, Inc.*,1	6,747		38,255
Peregrine Pharmaceuticals, Inc.*	26,544		37,427
RadNet, Inc.*	5,661		36,854
Zogenix, Inc.*	21,220		36,074
BioTelemetry, Inc.*	3,716		35,859
NeoGenomics, Inc.*	6,711		35,769
Exactech, Inc.*	1,663		35,555
Barrett Business Services, Inc.	965		34,749
Aratana Therapeutics, Inc.*	2,515		34,129
Versartis, Inc.*,1	2,138		33,225
Cutera, Inc.*	2,157		31,988
BioSpecifics Technologies Corp.*	669		31,871
Alliance HealthCare Services, Inc.*	1,719		31,612
Cytokinetics, Inc.*,1	4,875		31,054
Alico, Inc.	627		30,936
Flexion Therapeutics, Inc.*	1,549		30,841
PFSweb, Inc.*	2,069		30,601
Five Star Quality Care, Inc.*	6,527		30,220
Concert Pharmaceuticals, Inc.*	1,868		29,869
Nature's Sunshine Products, Inc.	2,285		29,317
Stemline Therapeutics, Inc.*	2,121		29,206
Galena Biopharma, Inc.*	18,396		28,882
AAC Holdings, Inc.*,1	735		28,562
Pernix Therapeutics Holdings, Inc.*	4,475		28,506
IGI Laboratories, Inc.*,1	4,372		28,418
Crimson Wine Group Ltd.*	3,029		28,200
Heska Corp.*	889		28,181
Griffin Land & Nurseries, Inc.	865		28,043
Bellicum Pharmaceuticals, Inc.*,1	1,116		27,610
CytRx Corp.*,1	6,653		27,344
Applied Genetic Technologies Corp.*	1,352		27,108
Hackett Group, Inc.	2,218		26,239
Tonix Pharmaceuticals Holding Corp.*	3,584		25,984
Vitae Pharmaceuticals, Inc.*	2,081		25,513
Derma Sciences, Inc.*	3,797		24,908
Harvard Bioscience, Inc.*	4,363		24,433
Synergy Pharmaceuticals, Inc.*,1	5,599		24,076
Revance Therapeutics, Inc.*	939		24,038

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Consumer, Non-cyclical - 26.9% (continued)
Repros Therapeutics, Inc.*,1	3,297	$	23,771
Verastem, Inc.*,1	2,722		23,545
AVEO Pharmaceuticals, Inc.*	11,586		23,520
Collectors Universe, Inc.	1,097		23,454
Sunesis Pharmaceuticals, Inc.*,1	9,887		23,432
National Research Corp. — Class A	1,651		23,081
LeMaitre Vascular, Inc.	2,255		22,866
Nutraceutical International Corp.*	1,037		22,752
Seneca Foods Corp. — Class A*	804		22,673
Anthera Pharmaceuticals, Inc.*	3,984		22,231
Utah Medical Products, Inc.	401		21,947
Corium International, Inc.*	1,547		21,813
Pfenex, Inc.*	1,133		21,504
Neuralstem, Inc.*,1	13,770		21,206
Inventure Foods, Inc.*	2,221		21,100
ArQule, Inc.*	11,491		20,799
EPIRUS Biopharmaceuticals, Inc.*,1	3,798		20,471
Rexahn Pharmaceuticals, Inc.*	27,783		20,398
Cleveland BioLabs, Inc.*,1	7,015		20,273
Information Services Group, Inc.	5,183		19,799
Cadiz, Inc.*,1	2,294		19,751
MGP Ingredients, Inc.	1,111		19,598
Synutra International, Inc.*	2,935		19,547
Ampio Pharmaceuticals, Inc.*,1	7,951		19,082
BIND Therapeutics, Inc.*	3,201		19,078
Newtek Business Services Corp.	1,046		18,650
Patriot National, Inc.*	1,156		18,554
Sientra, Inc.*	823		18,542
Amphastar Pharmaceuticals, Inc.*	1,208		18,531
Enzo Biochem, Inc.*	7,591		18,446
Synthetic Biologics, Inc.*	9,701		18,432
Intersect ENT, Inc.*	776		18,422
Dermira, Inc.*	1,198		17,970
PharmAthene, Inc.*,1	10,458		17,883
Synergetics USA, Inc.*	4,021		17,773
SFX Entertainment, Inc.*,1	3,648		17,766
Neff Corp. — Class A*	1,730		17,750
Trevena, Inc.*	2,506		17,442
Biota Pharmaceuticals, Inc.*	7,922		17,428
Entellus Medical, Inc.*,1	745		17,396
Proteon Therapeutics, Inc.*	1,016		17,170
Alimera Sciences, Inc.*,1	4,011		16,967
Craft Brew Alliance, Inc.*	1,572		16,915
Willdan Group, Inc.*	1,166		16,744
Veracyte, Inc.*,1	1,594		16,737
AcelRx Pharmaceuticals, Inc.*,1	4,757		16,650
Fortress Biotech, Inc.*,1	5,651		16,614
StemCells, Inc.*	24,364		16,568
Lifeway Foods, Inc.*	912		16,288
Cytori Therapeutics, Inc.*	24,532		16,218
Alphatec Holdings, Inc.*	11,981		16,174
IsoRay, Inc.*,1	8,912		16,042
TrovaGene, Inc.*	1,438		15,760
Alliance One International, Inc.*	11,513		15,658
Juniper Pharmaceuticals, Inc.*	1,949		15,650
Symmetry Surgical, Inc.*	1,770		15,629

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Consumer, Non-cyclical - 26.9% (continued)
Vermillion, Inc.*,1	7,521	$	15,493
Vital Therapies, Inc.*	708		15,364
Perceptron, Inc.*	1,363		15,361
Agile Therapeutics, Inc.*	1,600		15,136
Aerie Pharmaceuticals, Inc.*,1	1,357		15,103
Mast Therapeutics, Inc.*	27,835		15,031
Cara Therapeutics, Inc.*	1,569		14,937
Primo Water Corp.*	2,367		14,936
PRGX Global, Inc.*	3,490		14,833
Biolase, Inc.*	8,671		14,741
MediciNova, Inc.*,1	3,650		14,527
Iridex Corp.*	1,731		14,506
Targacept, Inc.*	5,247		14,482
Immune Design Corp.*,1	642		14,015
T2 Biosystems, Inc.*	830		13,936
Vericel Corp.*	4,396		13,672
Psychemedics Corp.	924		13,620
Fibrocell Science, Inc.*,1	2,906		13,426
NanoString Technologies, Inc.*	940		13,198
Digirad Corp.	3,270		13,178
Intersections, Inc.*,1	3,782		13,161
Care.com, Inc.*	2,100		12,936
Acme United Corp.	714		12,852
iRadimed Corp.*	664		12,809
NeoStem, Inc.*,1	5,984		12,746
EnteroMedics, Inc.*,1	10,538		12,540
Kindred Biosciences, Inc.*,1	1,943		12,532
Invitae Corp.*,1	1,006		12,525
Pain Therapeutics, Inc.*	6,254		12,320
Apricus Biosciences, Inc.*,1	7,348		12,271
Cumberland Pharmaceuticals, Inc.*	1,798		12,154
GlycoMimetics, Inc.*	1,517		12,090
Edgewater Technology, Inc.*	1,698		12,073
Lifevantage Corp.*	17,970		12,038
Fonar Corp.*	1,110		12,010
Misonix, Inc.*,1	1,092		11,903
Tokai Pharmaceuticals, Inc.*,1	1,032		11,734
Genocea Biosciences, Inc.*,1	1,089		11,554
Hansen Medical, Inc.*,1	12,493		11,291
Lincoln Educational Services Corp.	4,534		11,244
Diversicare Healthcare Services, Inc.	815		11,231
Avinger, Inc.*,1	945		11,038
AdCare Health Systems, Inc.1	2,831		10,984
RCM Technologies, Inc.	1,910		10,944
Loxo Oncology, Inc.*	874		10,785
Ardelyx, Inc.*	982		10,753
CEL-SCI Corp.*	14,372		10,668
Cerulean Pharma, Inc.*	1,779		10,585
Vical, Inc.*	11,079		10,526
Reed's, Inc.*,1	1,726		10,511
AxoGen, Inc.*	3,428		10,490
United-Guardian, Inc.	463		10,376
InfuSystems Holdings, Inc.*	3,265		10,317
Celladon Corp.*	4,392		10,146
Argos Therapeutics, Inc.*,1	1,242		9,948
Hudson Global, Inc.*	4,429		9,921
Galectin Therapeutics, Inc.*,1	3,910		9,814

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Consumer, Non-cyclical - 26.9% (continued)
Discovery Laboratories, Inc.*,1	11,525	$	9,664
Span-America Medical Systems, Inc.	513		9,506
MEI Pharma, Inc.*	4,950		9,405
OncoGenex Pharmaceuticals, Inc.*	4,307		9,131
TriVascular Technologies, Inc.*,1	1,604		8,742
Bellerophon Therapeutics, Inc.*	935		8,677
Celsion Corp.*	3,456		8,536
Hemispherx Biopharma, Inc.*	37,501		8,475
ImmunoCellular Therapeutics Ltd.*	16,773		8,148
Female Health Co.*,1	3,423		8,147
Akebia Therapeutics, Inc.*	1,025		8,057
Bovie Medical Corp.*,1	2,773		8,014
Odyssey Marine Exploration, Inc.*,1	17,731		7,842
Cesca Therapeutics, Inc.*	9,113		7,837
Marinus Pharmaceuticals, Inc.*,1	966		7,834
CASI Pharmaceuticals, Inc.*	5,921		7,757
Ocera Therapeutics, Inc.*,1	1,945		7,313
GenVec, Inc.*	3,048		7,193
Histogenics Corp.*,1	835		6,972
Adamis Pharmaceuticals Corp.*,1	1,629		6,956
Neothetics, Inc.*,1	1,147		6,882
Tracon Pharmaceuticals, Inc.*,1	604		6,861
Achaogen, Inc.*	1,158		6,855
Cardica, Inc.*	15,462		6,341
Conatus Pharmaceuticals, Inc.*	1,150		6,268
G Willi-Food International Ltd.*,1	1,280		6,221
KaloBios Pharmaceuticals, Inc.*	8,600		5,435
TetraLogic Pharmaceuticals Corp.*,1	2,103		4,879
Eleven Biotherapeutics, Inc.*	1,084		3,046
Syntroleum Corp.*,†††,1,2	4,787		–
Total Consumer, Non-cyclical			5,292,108
Industrial - 11.6%
Patrick Industries, Inc.*,1	1,590		95,083
Kadant, Inc.	1,556		73,288
NN, Inc.	2,602		70,904
US Concrete, Inc.*	1,842		69,609
Lydall, Inc.*	2,470		67,702
Covenant Transportation Group, Inc. — Class A*	1,828		56,504
PowerSecure International, Inc.*	3,435		51,148
Insteel Industries, Inc.	2,421		48,057
Advanced Emissions Solutions, Inc.*	3,437		47,087
Stoneridge, Inc.*	3,866		46,121
ZAGG, Inc.*	4,894		45,563
Kratos Defense & Security Solutions, Inc.*	7,410		44,385
National Presto Industries, Inc.1	623		43,299
Sparton Corp.*	1,515		40,163
Chase Corp.	968		39,427
Heritage-Crystal Clean, Inc.*	2,635		37,443

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Industrial - 11.6% (continued)
Mesa Laboratories, Inc.	419	$	36,981
VSE Corp.	567		35,397
LSI Industries, Inc.	3,693		34,973
PGT, Inc.*	2,848		34,062
NVE Corp.	461		33,114
Stock Building Supply Holdings, Inc.*	1,972		32,952
CECO Environmental Corp.	2,877		32,654
Casella Waste Systems, Inc. — Class A*	5,806		31,933
AEP Industries, Inc.*	638		31,919
Allied Motion Technologies, Inc.	1,010		31,593
TRC Companies, Inc.*	3,012		30,903
Core Molding Technologies, Inc.*	1,173		30,510
PAM Transportation Services, Inc.*	495		29,982
Xerium Technologies, Inc.*	1,724		29,480
Global Brass & Copper Holdings, Inc.	1,607		27,689
Hurco Companies, Inc.	824		27,546
Integrated Electrical Services, Inc.*	3,526		27,538
USA Truck, Inc.*	1,060		24,422
Revolution Lighting Technologies, Inc.*	18,171		22,714
Layne Christensen Co.*,1	2,665		21,693
MicroVision, Inc.*,1	6,475		20,914
Hardinge, Inc.	1,953		20,897
Applied Optoelectronics, Inc.*,1	1,147		20,485
Lawson Products, Inc.*	882		20,409
Research Frontiers, Inc.*,1	3,439		20,290
Breeze-Eastern Corp.*,1	1,709		19,705
PMFG, Inc.*	3,013		19,464
Pure Cycle Corp.*,1	3,586		18,791
Manitex International, Inc.*,1	2,275		17,631
Synalloy Corp.	1,209		17,506
Magnetek, Inc.*	527		17,386
UFP Technologies, Inc.*	873		17,312
SL Industries, Inc.*	453		17,221
Hudson Technologies, Inc.*	4,257		16,985
LMI Aerospace, Inc.*	1,689		16,822
Omega Flex, Inc.	503		16,282
Willis Lease Finance Corp.*	887		16,232
LS Starrett Co. — Class A	892		16,154
Frequency Electronics, Inc.*	1,206		15,557
Viasystems Group, Inc.*	831		15,182
Argan, Inc.	420		15,028
Eastern Co.	773		14,958
Control4 Corp.*,1	1,590		14,469
Ultralife Corp.*	3,447		14,236
CPI Aerostructures, Inc.*	1,275		14,216
Adept Technology, Inc.*	2,290		14,106
LRAD Corp.*	5,874		13,863
MOCON, Inc.	816		13,391
Providence and Worcester Railroad Co.	738		13,232
Imprivata, Inc.*	828		13,082
Energous Corp.*	1,579		12,679
Key Technology, Inc.*	994		12,554

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Industrial - 11.6% (continued)
LoJack Corp.*	3,429	$	12,379
Patriot Transportation Holding, Inc.*	473		12,199
Ballantyne Strong, Inc.*	2,615		12,186
Aspen Aerogels, Inc.*	1,763		12,165
Orion Energy Systems, Inc.*	4,412		11,824
Espey Manufacturing & Electronics Corp.	443		11,682
Sterling Construction Company, Inc.*	2,946		11,666
CUI Global, Inc.*,1	2,158		11,653
CyberOptics Corp.*	1,086		11,370
Napco Security Technologies, Inc.*	2,057		11,211
SIFCO Industries, Inc.	728		10,869
CVD Equipment Corp.*,1	1,000		10,760
Broadwind Energy, Inc.*	2,768		10,491
Arotech Corp.*,1	4,228		10,232
Gencor Industries, Inc.*	1,032		10,145
UQM Technologies, Inc.*,1	11,188		10,069
API Technologies Corp.*	4,613		9,918
Iteris, Inc.*	5,571		9,916
Identiv, Inc.*,1	1,645		9,722
International Shipholding Corp.	1,186		9,500
MFRI, Inc.*	1,449		9,143
IEC Electronics Corp.*	1,977		8,699
Fuel Tech, Inc.*	3,450		8,280
Rand Logistics, Inc.*,1	2,092		7,113
American Superconductor Corp.*,1	1,125		6,964
Goldfield Corp.*	4,012		5,537
Sypris Solutions, Inc.	3,264		4,896
Axion Power International, Inc.*	40,500		1,256
Total Industrial			2,282,722
Consumer, Cyclical - 11.4%
Nautilus, Inc.*	4,319		91,217
Unifi, Inc.*	2,543		82,698
MarineMax, Inc.*	3,402		81,376
Motorcar Parts of America, Inc.*	2,702		77,736
Beazer Homes USA, Inc.*	3,952		72,401
Ruth's Hospitality Group, Inc.	4,761		70,129
PC Connection, Inc.	2,748		68,480
Douglas Dynamics, Inc.	2,396		48,639
Bassett Furniture Industries, Inc.	1,587		45,008
Culp, Inc.	1,690		44,532
Green Brick Partners, Inc.*,1	4,560		44,368
Reading International, Inc. — Class A*	3,162		42,276
Carrols Restaurant Group, Inc.*	4,202		42,104
Jamba, Inc.*,1	2,712		41,521
Black Diamond, Inc.*	4,073		37,716
America's Car-Mart, Inc.*	704		37,354
Hooker Furniture Corp.	1,427		36,060
Installed Building Products, Inc.*	1,668		35,762
Build-A-Bear Workshop, Inc. — Class A*	2,202		35,430
Malibu Boats, Inc. — Class A*	1,682		35,272
Destination XL Group, Inc.*	7,137		34,615

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Consumer, Cyclical - 11.4% (continued)
NACCO Industries, Inc. — Class A	556	$	31,814
Christopher & Banks Corp.*	5,476		31,432
Kona Grill, Inc.*	1,525		30,987
Escalade, Inc.	1,648		30,125
Freshpet, Inc.*,1	1,488		29,522
Winmark Corp.	314		28,866
Zoe's Kitchen, Inc.*,1	904		28,639
Boot Barn Holdings, Inc.*	1,166		28,520
Flexsteel Industries, Inc.	746		28,176
Lifetime Brands, Inc.	1,921		27,912
Miller Industries, Inc.	1,354		27,771
Superior Uniform Group, Inc.	1,415		26,744
Cherokee, Inc.*	1,083		25,884
Rocky Brands, Inc.	1,349		25,860
Sportsman's Warehouse Holdings, Inc.*	2,628		25,465
Monarch Casino & Resort, Inc.*	1,256		24,341
WCI Communities, Inc.*	1,027		23,878
Chuy's Holdings, Inc.*	902		23,443
UCP, Inc. — Class A*	2,863		23,391
Johnson Outdoors, Inc. — Class A	942		22,580
Century Casinos, Inc.*	3,502		21,397
Dixie Group, Inc.*	2,180		21,146
West Marine, Inc.*	2,219		21,125
Famous Dave's of America, Inc.*,1	1,012		21,060
Rave Restaurant Group, Inc.*,1	1,591		20,731
Strattec Security Corp.	300		20,703
Frisch's Restaurants, Inc.	597		20,334
Del Frisco's Restaurant Group, Inc.*	1,089		20,255
RCI Hospitality Holdings, Inc.*	1,620		19,732
Castle Brands, Inc.*	12,747		19,121
Nathan's Famous, Inc.	453		17,694
New Home Company, Inc.*	1,105		17,304
Papa Murphy's Holdings, Inc.*	995		17,094
Red Lion Hotels Corp.*	2,317		16,937
BlueLinx Holdings, Inc.*	15,424		16,812
Supreme Industries, Inc. — Class A	2,065		16,520
Luby's, Inc.*	3,072		15,944
Peak Resorts, Inc.1	2,222		15,665
Delta Apparel, Inc.*	1,123		15,554
Bon-Ton Stores, Inc.	2,632		15,397
Lakes Entertainment, Inc.*	1,747		15,356
Century Communities, Inc.*	739		15,260
Gaiam, Inc. — Class A*	2,295		15,101
Flex Pharma, Inc.*,1	836		14,923
New York & Company, Inc.*	5,851		14,862
Noodles & Co.*,1	940		13,649
PCM, Inc.*	1,394		13,508
Crown Crafts, Inc.	1,667		13,369
Pacific Sunwear of California, Inc.*	8,257		12,798
Tandy Leather Factory, Inc.*	1,479		12,586
Cosi, Inc.*,1	5,258		12,567
Town Sports International Holdings, Inc.*	3,699		12,429

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Consumer, Cyclical - 11.4% (continued)
Empire Resorts, Inc.*,1	2,458	$	11,528
Lakeland Industries, Inc.*	1,120		11,424
Ark Restaurants Corp.	405		10,931
American Apparel, Inc.*	18,467		10,711
Trans World Entertainment Corp.*	2,726		10,550
Ambassadors Group, Inc.*,1	2,955		7,417
Ignite Restaurant Group, Inc.*,1	1,048		3,878
Total Consumer, Cyclical			2,253,416
Technology - 7.1%
Glu Mobile, Inc.*,1	16,520		107,049
Integrated Silicon Solution, Inc.	4,160		85,363
Dot Hill Systems Corp.*	8,891		62,593
inContact, Inc.*	6,127		59,554
Mattson Technology, Inc.*	11,675		45,532
Immersion Corp.*,1	3,757		45,422
SunEdison, Inc.*	1,818		43,959
Axcelis Technologies, Inc.*	13,492		43,174
Digimarc Corp.*,1	1,095		33,825
Cascade Microtech, Inc.*	1,868		29,907
Datalink Corp.*	2,855		26,380
Ultra Clean Holdings, Inc.*	4,042		26,152
MoSys, Inc.*	10,599		23,530
Imation Corp.*	4,834		22,381
Geeknet, Inc.*,1	1,119		22,267
Amtech Systems, Inc.*	1,947		21,786
EMCORE Corp.*	3,382		21,543
American Software, Inc. — Class A	2,385		20,964
USA Technologies, Inc.*	6,380		20,799
WidePoint Corp.*	13,647		20,471
Guidance Software, Inc.*,1	2,878		19,628
Computer Task Group, Inc.	2,609		19,385
Radisys Corp.*	6,673		19,352
Key Tronic Corp.*	1,611		18,382
Pixelworks, Inc.*,1	3,680		18,326
QAD, Inc. — Class B	856		17,882
Mitek Systems, Inc.*,1	5,351		17,658
BSQUARE Corp.*	2,491		17,163
GSI Technology, Inc.*	3,214		16,231
ANADIGICS, Inc.*	18,265		15,852
Mattersight Corp.*	2,612		15,568
Planar Systems, Inc.*	3,563		15,428
AXT, Inc.*	6,032		15,261
Model N, Inc.*	1,313		15,178
Workiva, Inc.*,1	1,126		14,897
Wayside Technology Group, Inc.	769		14,419
Ikanos Communications, Inc.*,1	7,788		14,408
Richardson Electronics Ltd.	1,676		14,397
Everyday Health, Inc.*	1,141		14,148
Exa Corp.*	1,177		13,559
Evolving Systems, Inc.	1,459		12,971
QuickLogic Corp.*,1	8,406		12,777
Five9, Inc.*	2,452		12,481
Datawatch Corp.*,1	1,726		12,203
StarTek, Inc.*	1,920		12,192
ExOne Co.*,1	967		12,136
Innodata, Inc.*	4,336		11,924
Astro-Med, Inc.	825		11,773

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Technology - 7.1% (continued)
Hutchinson Technology, Inc.*,1	5,586	$	11,675
eMagin Corp.*	3,704		11,668
Concurrent Computer Corp.	1,875		11,569
Silver Spring Networks, Inc.*	833		11,387
Simulations Plus, Inc.	1,839		10,850
FalconStor Software, Inc.*	7,453		10,732
NCI, Inc. — Class A1	1,004		10,642
TransAct Technologies, Inc.	1,623		10,566
Amber Road, Inc.*,1	1,425		10,175
Icad, Inc.*	2,235		9,856
Violin Memory, Inc.*	2,888		9,675
Qumu Corp.*	1,234		9,317
NetSol Technologies, Inc.*	1,740		9,274
Smith Micro Software, Inc.*	8,145		9,204
Audience, Inc.*,1	1,730		8,287
PAR Technology Corp.*	1,827		7,436
Echelon Corp.*	8,043		7,351
Wave Systems Corp. — Class A*	10,650		7,029
Streamline Health Solutions, Inc.*	3,135		7,022
Total Technology			1,391,945
Communications - 7.0%
FairPoint Communications, Inc.*	3,553		71,699
Entravision Communications Corp. — Class A	8,893		60,028
ePlus, Inc.*	643		49,929
ORBCOMM, Inc.*	6,165		42,169
Straight Path Communications, Inc. — Class B*,1	1,415		40,709
Textura Corp.*,1	1,356		39,474
Zix Corp.*	8,563		39,304
Alliance Fiber Optic Products, Inc.1	2,008		38,875
HC2 Holdings, Inc.*	3,412		38,112
Oclaro, Inc.*	14,559		37,853
NeoPhotonics Corp.*	3,896		32,337
TubeMogul, Inc.*,1	1,836		31,083
Clearfield, Inc.*,1	2,014		30,593
Saga Communications, Inc. — Class A	741		29,284
Hawaiian Telcom Holdco, Inc.*	1,139		28,828
Lee Enterprises, Inc.*	9,168		27,596
NTELOS Holdings Corp.*	3,137		27,135
Autobytel, Inc.*	1,534		25,709
EVINE Live, Inc.*	7,720		25,553
KVH Industries, Inc.*	1,964		24,491
TeleCommunication Systems, Inc. — Class A*	7,615		24,368
Yodlee, Inc.*	1,698		24,349
Novatel Wireless, Inc.*	5,480		23,948
Cyan, Inc.*	4,477		23,684
Alaska Communications Systems Group, Inc.*	9,404		22,758
Towerstream Corp.*,1	10,114		21,341
Numerex Corp. — Class A*	2,364		20,236
Rubicon Project, Inc.*	1,136		19,596
Reis, Inc.	895		19,439
Connecture, Inc.*,1	1,529		19,372
Radio One, Inc. — Class D*,1	5,261		18,519

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Communications - 7.0% (continued)
Chegg, Inc.*,1	2,432	$	18,508
Tessco Technologies, Inc.	982		18,079
Hemisphere Media Group, Inc.*,1	1,449		17,779
Preformed Line Products Co.	445		16,892
ClearOne, Inc.1	1,212		16,156
PC-Telephone, Inc.	2,181		16,139
Sycamore Networks, Inc.*	42,013		15,755
A H Belo Corp. — Class A	2,525		14,670
A10 Networks, Inc.*	2,409		14,574
Townsquare Media, Inc. — Class A*,1	1,049		13,710
Support.com, Inc.*	9,520		13,708
Unwired Planet, Inc.*	20,296		13,643
ID Systems, Inc.*	1,915		12,562
UTStarcom, Inc.*	5,754		12,026
Aware, Inc.*	2,815		11,936
RELM Wireless Corp.*	2,094		11,622
iPass, Inc.*	10,892		11,546
TheStreet.com, Inc.	5,791		11,292
MeetMe, Inc.*	7,253		11,097
Cinedigm Corp. — Class A*	12,518		10,961
Aviat Networks, Inc.*	9,601		10,945
Salem Media Group, Inc. — Class A	2,268		10,660
Communications Systems, Inc.	936		10,633
MaxPoint Interactive, Inc.*	1,076		9,921
Alteva, Inc.*	1,225		9,616
Emmis Communications Corp. — Class A*	7,665		9,428
Marin Software, Inc.*	1,643		9,349
Globalscape, Inc.	2,566		8,111
Spark Networks, Inc.*,1	2,655		8,045
Westell Technologies, Inc. — Class A*	7,031		7,242
US Auto Parts Network, Inc.*	2,911		6,550
ParkerVision, Inc.*,1	17,647		6,529
Rocket Fuel, Inc.*,1	747		6,193
Dex Media, Inc.*	4,076		3,424
Total Communications			1,377,672
Energy - 3.1%
Callon Petroleum Co.*	8,726		68,585
Panhandle Oil and Gas, Inc. — Class A	2,463		49,777
Natural Gas Services Group, Inc.*	1,908		46,078
Trecora Resources*	3,140		43,143
Enphase Energy, Inc.*,1	4,297		40,693
Pacific Ethanol, Inc.*,1	3,507		40,366
Gastar Exploration, Inc.*,1	13,000		39,650
Evolution Petroleum Corp.	4,443		30,657
PostRock Energy Corp.*,1	7,426		23,466
Isramco, Inc.*	168		20,573
Renewable Energy Group, Inc.*	1,823		19,378
Hercules Offshore, Inc.*	29,085		18,673
Resolute Energy Corp.*	15,515		18,153
Dawson Geophysical Co.*	3,347		18,107
Nuverra Environmental Solutions, Inc.*,1	3,438		17,706

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Energy - 3.1% (continued)
Adams Resources & Energy, Inc.	389	$	16,688
Quantum Fuel Systems Technologies Worldwide, Inc.*	5,481		15,566
Zion Oil & Gas, Inc.*	6,834		13,531
Vantage Drilling Co.*	36,005		12,278
Swift Energy Co.*,1	5,600		11,872
Warren Resources, Inc.*	14,407		10,086
FX Energy, Inc.*	9,430		8,771
Vertex Energy, Inc.*,1	2,506		6,892
Mitcham Industries, Inc.*	1,632		6,773
Miller Energy Resources, Inc.*,1	9,008		5,080
Emerald Oil, Inc.*,1	785		4,726
Total Energy			607,268
Basic Materials - 1.6%
Landec Corp.*	3,483		49,772
Uranium Energy Corp.*,1	13,370		39,976
KMG Chemicals, Inc.	1,031		30,631
Orchids Paper Products Co.	1,262		28,395
Oil-Dri Corporation of America	765		23,776
Universal Stainless & Alloy Products, Inc.*	1,153		20,812
Ryerson Holding Corp.*,1	2,072		17,198
Uranerz Energy Corp.*	13,737		15,386
Shiloh Industries, Inc.*	1,545		15,141
Codexis, Inc.*	3,619		14,983
Northern Technologies International Corp.*	685		11,645
Friedman Industries, Inc.	1,689		11,316
US Antimony Corp.*	11,774		9,419
Rare Element Resources Ltd.*	12,600		7,560
Golden Minerals Co.*	12,400		5,704
Verso Corp.*	4,924		3,988
Midway Gold Corp.*	39,811		3,583
Total Basic Materials			309,285
Utilities - 0.8%
York Water Co.	1,786		39,935
Artesian Resources Corp. — Class A	1,191		25,392
Delta Natural Gas Company, Inc.	1,039		21,424
Gas Natural, Inc.	1,708		17,080
RGC Resources, Inc.	759		15,696
Synthesis Energy Systems, Inc.*	11,486		15,276
US Geothermal, Inc.*	20,112		10,358
Spark Energy, Inc. — Class A	506		7,003
Total Utilities			152,164
Diversified - 0.1%
Resource America, Inc. — Class A	2,910		23,222
Total Common Stocks
(Cost $20,646,209)			19,633,307
RIGHTS††† - 0.0%**
Chelsea Therapeutics International
Expires 12/31/172	16,603		1,328
Ambit Biosciences Corp.
Expires 12/31/162	1,155		693
Summit Financial Group, Inc.
Expires 06/29/151,2	1,339		–

	Shares		Value
RIGHTS††† - 0.0%** (continued)
Imperial Holdings, Inc.
Expires 07/18/152	704	$	–
Total Rights
(Cost $2,021)			2,021

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 14.4%
BNY Mellon Separately Managed Cash Collateral Account, 0.1046%
(Cost $2,823,536)	2,823,536	$	2,823,536
Total Investments - 114.2%
(Cost $23,471,766)		$	22,458,864
Other Assets & Liabilities, net - (14.2)%			(2,792,322	)
Total Net Assets - 100.0%		$	19,666,542

*	Non-income producing security.
**	Less than 0.1%.
†	Value determined based on Level 1 inputs, or as otherwise noted —See Note 2.
†††	Value determined based on Level 3 inputs —See Note 2.
1	All or portion of this security is on loan at May 31, 2015 - See Note 4.
2	Security was fair valued by the Valuation Committee at May 31, 2015. The total market value of fair valued securities amounts to $2,021 or less than 0.1% of total net assets.
3	Securities lending collateral - See Note 4.

REIT	Real Estate Investment Trust

Wilshire US REIT ETF
SCHEDULE OF INVESTMENTS (Unaudited)	May 31, 2015

	Shares		Value
COMMON STOCKS† - 99.3%
Financial - 99.3%
Simon Property Group, Inc.	10,311	$	1,870,415
Public Storage	4,761		921,443
Equity Residential	11,931		886,712
Health Care REIT, Inc.	11,341		796,818
Ventas, Inc.	10,850		721,742
AvalonBay Communities, Inc.	4,331		721,112
Prologis, Inc.	16,797		664,993
Boston Properties, Inc.	5,024		653,270
Vornado Realty Trust	6,162		615,522
HCP, Inc.	15,112		585,137
Host Hotels & Resorts, Inc.	24,844		494,893
Essex Property Trust, Inc.	2,136		475,516
Macerich Co.	5,187		425,905
SL Green Realty Corp.	3,235		383,864
General Growth Properties, Inc.	12,777		361,972
Kimco Realty Corp.	13,531		324,203
Federal Realty Investment Trust	2,252		302,826
Digital Realty Trust, Inc.	4,227		279,151
UDR, Inc.	8,487		276,337
Extra Space Storage, Inc.	3,817		267,305
Duke Realty Corp.	11,307		221,165
Camden Property Trust	2,844		213,243
Alexandria Real Estate Equities, Inc.	2,197		203,728
Kilroy Realty Corp.	2,833		195,675
Regency Centers Corp.	3,087		194,913
Apartment Investment & Management Co. — Class A	5,125		194,391
Mid-America Apartment Communities, Inc.	2,470		188,683
DDR Corp.	10,533		178,218
Liberty Property Trust1	4,883		170,612
Senior Housing Properties Trust	7,707		154,217
Taubman Centers, Inc.	2,077		153,760
Equity LifeStyle Properties, Inc.	2,763		151,385
American Campus Communities, Inc.	3,679		143,518
Hospitality Properties Trust	4,672		141,048
Home Properties, Inc.	1,895		140,836
Douglas Emmett, Inc.	4,765		139,996
BioMed Realty Trust, Inc.	6,681		136,226
Weingarten Realty Investors	4,018		135,527
LaSalle Hotel Properties	3,703		135,011
RLJ Lodging Trust	4,327		130,805
CubeSmart	5,436		129,322
Highwoods Properties, Inc.	3,047		127,822
Paramount Group, Inc.	6,322		115,946
Equity Commonwealth*	4,255		109,566
Strategic Hotels & Resorts, Inc.*	9,012		108,865
Columbia Property Trust, Inc.	4,103		106,678
Sun Communities, Inc.	1,683		106,214
Sovran Self Storage, Inc.	1,160		105,804
Sunstone Hotel Investors, Inc.	6,839		104,363
Pebblebrook Hotel Trust	2,352		100,854
Tanger Factory Outlet Centers, Inc.	2,944		99,007
CBL & Associates Properties, Inc.	5,584		98,558
Post Properties, Inc.	1,701		96,634

	Shares		Value
COMMON STOCKS† - 99.3% (continued)
Financial - 99.3% (continued)
DCT Industrial Trust, Inc.	2,894	$	94,663
Ryman Hospitality Properties, Inc.	1,674		92,254
American Homes 4 Rent — Class A	5,463		91,177
Piedmont Office Realty Trust, Inc. — Class A	5,062		87,016
DiamondRock Hospitality Co.	6,575		86,593
WP GLIMCHER, Inc.	6,071		85,419
Brandywine Realty Trust	5,894		82,988
National Health Investors, Inc.	1,232		81,484
Hudson Pacific Properties, Inc.	2,619		79,853
Healthcare Trust of America, Inc. — Class A	3,202		79,378
Healthcare Realty Trust, Inc.	3,260		77,653
Brixmor Property Group, Inc.	3,120		77,314
Kite Realty Group Trust	2,739		74,090
Corporate Office Properties Trust	2,792		71,671
First Industrial Realty Trust, Inc.	3,631		70,841
Urban Edge Properties	3,255		70,308
DuPont Fabros Technology, Inc.	2,167		69,863
Acadia Realty Trust	2,235		69,330
Cousins Properties, Inc.	7,098		68,496
Parkway Properties, Inc.	3,645		62,658
EastGroup Properties, Inc.	1,047		58,245
Equity One, Inc.	2,336		57,886
Washington Real Estate Investment Trust	2,234		55,962
Chesapeake Lodging Trust	1,769		54,963
Associated Estates Realty Corp.	1,893		54,121
New York REIT, Inc.	5,783		53,608
Monogram Residential Trust, Inc.	5,538		52,999
Education Realty Trust, Inc.	1,576		51,913
Sabra Health Care REIT, Inc.	1,943		51,490
Pennsylvania Real Estate Investment Trust	2,263		50,510
Mack-Cali Realty Corp.	2,922		49,382
Retail Opportunity Investments Corp.	2,999		48,974
American Assets Trust, Inc.	1,243		48,912
PS Business Parks, Inc.	639		46,711
Empire State Realty Trust, Inc. — Class A	2,564		46,357
Government Properties Income Trust	2,307		45,033
Ramco-Gershenson Properties Trust	2,556		44,014
Hersha Hospitality Trust	6,521		41,474
CyrusOne, Inc.	1,267		40,886
FelCor Lodging Trust, Inc.	3,768		40,468
Summit Hotel Properties, Inc.	2,820		37,675
Franklin Street Properties Corp.	3,122		36,246
Chatham Lodging Trust	1,255		35,065
CoreSite Realty Corp.	708		33,418
Inland Real Estate Corp.	3,293		33,391
Alexander's, Inc.	78		31,500
Excel Trust, Inc.	1,977		31,415

	Shares		Value
COMMON STOCKS† - 99.3% (continued)
Financial - 99.3% (continued)
Retail Properties of America, Inc. — Class A	1,940	$	29,100
Terreno Realty Corp.	1,400		28,490
Investors Real Estate Trust1	3,759		27,215
Ashford Hospitality Trust, Inc.	3,086		26,540
Urstadt Biddle Properties, Inc. — Class A	1,168		23,500
Rouse Properties, Inc.1	1,220		21,069
Saul Centers, Inc.	387		19,493
First Potomac Realty Trust	1,912		19,311
Universal Health Realty Income Trust	398		19,064
Cedar Realty Trust, Inc.	2,761		18,637
Monmouth Real Estate Investment Corp.	1,793		17,285
QTS Realty Trust, Inc. — Class A	464		17,275
Silver Bay Realty Trust Corp.	1,111		17,154
Ashford Hospitality Prime, Inc.	833		13,111

	Shares		Value
COMMON STOCKS† - 99.3% (continued)
Financial - 99.3% (continued)
Campus Crest Communities, Inc.	2,118	$	11,988
American Residential Properties, Inc.*	449		8,329
Total Financial			19,884,954
Total Common Stocks
(Cost $17,695,077)			19,884,954

	Shares		Value
SECURITIES LENDING COLLATERAL†,2 - 0.2%

BNY Mellon Separately Managed Cash Collateral Account, 0.1384%	52,023		52,023
Total Securities Lending Collateral
(Cost $52,023)			52,023
Total Investments - 99.5%
(Cost $17,747,100)		$	19,936,977
Other Assets & Liabilities, net - 0.5%			92,717
Total Net Assets - 100.0%		$	20,029,694

*	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 May 31, 2015 — 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 ("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 sale price as of the close of U.S. business on the NYSE, usually 4:00 p.m. Eastern time 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 securities with remaining maturities of 60 days or less are valued at market price, or if a market price is not available, at amortized cost, provided such amount approximates market value. Money market funds are valued at net asset value.

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. Eastern time. 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 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. 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 May 31, 2015:

	Level 1 Investments In Securities		Level 2 Investments In Securities		Level 3 Investments In Securities		Total
Assets
Guggenheim BRIC ETF	$	117,364,399	$	-	$	-	$	117,364,399
Guggenheim Defensive Equity ETF		247,647,540		-		14,143		247,661,683
Guggenheim Insider Sentiment ETF		159,350,111		-		-		159,350,111
Guggenheim Mid-Cap Core ETF		159,280,978		-		-		159,280,978
Guggenheim Multi-Asset Income ETF		875,725,679		-		-		875,725,679
Guggenheim Raymond James SB-1 Equity ETF		282,927,564		-		-		282,927,564
Guggenheim Spin-Off ETF		598,414,487		-		-		598,414,487
Wilshire Micro-Cap ETF		22,456,843		-		2,021		22,458,864
Wilshire US REIT ETF		19,936,977		-		-		19,936,977

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. 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 5/31/15	Valuation Technique	Unobservable Inputs
Guggenheim Defensive Equity ETF	Rights	$14,143	Model Price	Trade Price
Wilshire Micro-Cap ETF	Common Stocks	0	Discount to Last Trade	100% Discount
	Rights	2,021	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 May 31, 2015 compared to the valuation levels at the end of the previous fiscal year are detailed below:

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

During the period ended May 31, 2015, a security transferred to Level 3 from Level 2 as a result of contingent value rights not traded on a primary exchange.

Except for Wilshire Micro-Cap ETF, there were no transfers between levels for these Funds for the period ended May 31, 2015.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended May 31, 2015:

Level 3 – Fair value measurement using significant unobservable inputs
Guggenheim Defensive Equity ETF
Beginning Balance	$	-
Purchases		14,143
Ending Balance	$	14,143
Wilshire Micro-Cap ETF
Beginning Balance	$	3,089
Realized Gain/Loss		(5,103	)
Change in Unrealized Gain/Loss		(24,948	)
Acquired through corporate actions		-
Purchases		28,339
Sales		(684	)
Transfers Into Level 3		1,328
Ending Balance	$	2,021

3. Federal Income Taxes

As of May 31, 2015, 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	$	157,015,438	$	16,417,593	$	(56,068,632	)	$	(39,651,039	)
Guggenheim Defensive Equity ETF		239,636,426		14,888,340		(6,863,083	)		8,025,257
Guggenheim Insider Sentiment ETF		143,239,807		20,982,755		(4,872,451	)		16,110,304
Guggenheim Mid-Cap Core ETF		148,843,891		13,373,431		(2,936,344	)		10,437,087
Guggenheim Multi-Asset Income ETF		934,629,269		22,011,253		(80,914,843	)		(58,903,590	)
Guggenheim Raymond James SB-1 Equity ETF		255,968,750		36,797,707		(9,838,893	)		26,958,814
Guggenheim Spin-Off ETF		548,825,707		93,899,729		(44,310,949	)		49,588,780
Wilshire Micro-Cap ETF		23,415,563		2,207,648		(3,164,347	)		(956,699	)
Wilshire US REIT ETF		17,654,195		2,639,470		(356,688	)		2,282,782

4. Portfolio Securities Loaned

Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. The loans are collateralized at all times by cash and/or high grade debt obligations in an amount at least equal to 102% of the market value of domestic securities loaned and 105% of foreign

securities loaned as determined at the close of business on the preceding business day. The cash collateral received is held in a separately managed account established for each respective Fund and maintained by the lending agent exclusively for the investment of securities lending cash collateral on behalf of each Fund. The separately managed accounts invest in short-term investments valued at amortized cost, which approximates market value. Each Fund receives compensation for lending securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees paid to the lending agent. Such compensation is accrued daily and payable to the Fund monthly. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. These payments from the borrower are not eligible for reduced tax rates as “qualified dividend income” under the Jobs and Growth Tax Reconciliation Act of 2003. The Funds retain all or a portion of the interest received on investment of cash collateral or receives a fee from the borrower. Lending portfolio securities could result in a loss or delay in recovering each Fund’s securities if the borrower defaults.

As of May 31, 2015, the Funds participated in securities lending as follows:

	Value of Securities Loaned		Cash Collateral		Non-cash Collateral		Total Collateral
Guggenheim BRIC ETF	$	7,389,149	$	7,034,691	$	595,616	$	7,630,307
Guggenheim Defensive Equity ETF		24,515,908		24,608,777		433,624		25,042,401
Guggenheim Insider Sentiment ETF		5,622,040		5,815,902		-		5,815,902
Guggenheim Mid-Cap Core ETF		5,853,405		5,998,211		-		5,998,211
Guggenheim Multi-Asset Income ETF		68,114,339		69,299,734		546,239		69,845,973
Guggenheim Raymond James SB-1 Equity ETF		12,194,050		12,555,617		-		12,555,617
Guggenheim Spin-Off ETF		54,156,625		55,637,831		-		55,637,831
Wilshire Micro-Cap ETF		2,703,320		2,823,536		-		2,823,536
Wilshire US REIT ETF		50,800		52,023		-		52,023

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

President and Chief Executive Officer

Date:

July 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

President and Chief Executive Officer

Date:

July 29, 2015

By:	/s/ John L. Sullivan

John L. Sullivan

Chief Financial Officer, Chief Accounting Officer and Treasurer

Date:

July 29, 2015