JADE LJ International, Inc. (MM)

DEF Guggenheim Defensive Equity ETF

Portfolio of Investments

May 31, 2013 (unaudited)

 

Number
of Shares		Description	Value
		Long-Term Investments - 99.8%
		Common Stocks - 82.8%
		Communications - 13.8%
32,431		AT&T, Inc.	$  1,134,761
32,466		CenturyLink, Inc.	1,108,714
21,902		China Mobile Ltd., ADR (China)	1,134,524
37,240		Chunghwa Telecom Co. Ltd., ADR (Taiwan)(a)	1,167,846
294,096		Frontier Communications Corp.(a)	1,217,557
69,449		KT Corp., ADR (South Korea)	1,170,910
49,297		Nippon Telegraph & Telephone Corp., ADR (Japan)	1,220,594
74,113		NTT DoCoMo, Inc., ADR (Japan)	1,087,979
16,185		Philippine Long Distance Telephone Co., ADR (Philippines)	1,164,996
58,053		SK Telecom Co. Ltd., ADR (South Korea)	1,178,476
97,713		Telefonaktiebolaget LM Ericsson, ADR (Sweden)	1,140,311
25,567		Telekomunikasi Indonesia Persero TBK PT, ADR (Indonesia)	1,155,628
12,500		Time Warner Cable, Inc.	1,193,875
23,110		Verizon Communications, Inc.	1,120,373
			16,196,544
		Consumer, Cyclical - 7.3%
9,276		Copa Holdings SA, Class A (Panama)	1,218,124
24,935		Kohl's Corp.	1,281,908
19,555		Magna International, Inc. (Canada)	1,302,754
17,702		PetSmart, Inc.	1,194,885
18,449		Ross Stores, Inc.	1,186,271
17,176		Target Corp.	1,193,732
15,259		Wal-Mart Stores, Inc.	1,141,984
			8,519,658
		Consumer, Non-cyclical - 20.2%
33,552		Abbott Laboratories	1,230,352
23,302		AstraZeneca PLC, ADR (United Kingdom)	1,194,227
28,276		Avery Dennison Corp.	1,230,006
30,056		Bristol-Myers Squibb Co.	1,382,877
25,985		Campbell Soup Co.	1,112,418
19,114		Church & Dwight Co., Inc.	1,162,322
36,285		Cia Cervecerias Unidas SA, ADR (Chile)	967,721
7,473		Coca-Cola Femsa SAB de CV, ADR (Mexico)	1,093,599
33,950		ConAgra Foods, Inc.	1,143,775
24,256		General Mills, Inc.	1,141,972
23,576		GlaxoSmithKline PLC, ADR (United Kingdom)	1,220,529
16,607		HJ Heinz Co.	1,201,682
11,729		JM Smucker Co.	1,184,160
22,529		Kraft Foods Group, Inc.	1,242,024
34,865		Kroger Co.	1,173,905
28,243		Lorillard, Inc.	1,198,633
16,489		Novartis AG, ADR (Switzerland)	1,183,251
15,471		Procter & Gamble Co.	1,187,554
31,398		Teva Pharmaceutical Industries Ltd., ADR (Israel)	1,199,404
76,469		Western Union Co.	1,252,562
			23,702,973
		Energy - 3.0%
27,356		BP PLC, ADR (United Kingdom)	1,173,846
19,332		ConocoPhillips	1,185,825
9,532		PetroChina Co. Ltd., ADR (China)	1,102,662
			3,462,333
		Financial - 8.9%
38,689		Apartment Investment & Management Co., Class A, REIT	1,170,729
27,406		Arthur J Gallagher & Co.	1,197,094
168,940		Banco Santander Brasil SA, ADR (Brazil)	1,204,542
44,239		Banco Santander Chile, ADR (Chile)	1,077,220
17,560		Digital Realty Trust, Inc., REIT	1,069,579
31,057		Marsh & McLennan Cos., Inc.	1,242,901
12,881		PartnerRe Ltd. (Bermuda)	1,167,663
41,621		Senior Housing Properties Trust, REIT	1,075,903
14,100		Travelers Cos., Inc.	1,180,452
			10,386,083
		Industrial - 4.2%
11,771		Lockheed Martin Corp.	1,245,725
19,099		Raytheon Co.	1,272,757
34,694		Republic Services, Inc.	1,183,066
29,274		Waste Management, Inc.	1,227,459
			4,929,007
		Technology - 6.1%
80,837		Activision Blizzard, Inc.	1,166,478
90,508		Dell, Inc.	1,208,281
50,307		Intel Corp.	1,221,454
37,957		Maxim Integrated Products, Inc.	1,119,352
28,660		Seagate Technology PLC (Ireland)	1,234,673
61,527		Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	1,148,094
			7,098,332
		Utilities - 19.3%
27,494		AGL Resources, Inc.	1,163,821
23,838		American Electric Power Co., Inc.	1,092,257
49,746		CenterPoint Energy, Inc.	1,153,112
41,521		CMS Energy Corp.	1,118,991
19,178		Consolidated Edison, Inc.	1,094,488
16,833		DTE Energy Co.	1,121,246
23,343		Edison International	1,072,377
17,400		Entergy Corp.	1,198,512
27,226		FirstEnergy Corp.	1,062,086
14,924		NextEra Energy, Inc.	1,128,553
26,970		Northeast Utilities	1,123,840
16,709		OGE Energy Corp.	1,134,040
54,576		Pepco Holdings, Inc.	1,133,544
25,868		PG&E Corp.	1,161,732
19,826		Pinnacle West Capital Corp.	1,119,773
37,613		PPL Corp.	1,117,106
33,950		Public Service Enterprise Group, Inc.	1,121,708
48,018		Questar Corp.	1,167,318
22,471		SCANA Corp.	1,133,437
25,724		Southern Co.	1,129,284
			22,547,225
		Total Common Stocks - 82.8%
		(Cost $92,898,687)	96,842,155
		Preferred Stocks - 2.8%
		Communications - 0.9%
44,983		Telefonica Brasil SA, ADR (Brazil)	1,111,530
		Consumer, Non-cyclical - 1.9%
21,587		Cia Brasileira de Distribuicao Grupo PAO de Acucar, ADR (Brazil)(a)	1,061,217
29,195		Cia de Bebidas das Americas, ADR (Brazil)	1,111,453
			2,172,670
		Total Preferred Stocks - 2.8%
		(Cost $3,402,507)	3,284,200
		Master Limited Partnerships - 14.2%
		Consumer, Cyclical - 2.0%
25,924		AmeriGas Partners, LP(a)	1,218,428
15,096		Icahn Enterprises, LP(a)	1,170,393
			2,388,821
		Energy - 11.2%
39,206		Boardwalk Pipeline Partners, LP(a)	1,160,498
18,055		Buckeye Partners, LP, Class B	1,194,158
41,592		Enbridge Energy Partners, LP	1,227,380
20,474		Energy Transfer Equity, LP	1,170,294
19,836		Enterprise Products Partners, LP	1,178,060
13,755		Kinder Morgan Energy Partners, LP	1,147,167
23,298		Magellan Midstream Partners, LP	1,211,263
23,498		ONEOK Partners, LP(a)	1,216,256
21,007		Plains All American Pipeline, LP	1,180,173
20,018		Sunoco Logistics Partners, LP	1,211,890
25,991		Targa Resources Partners, LP	1,208,841
			13,105,980
		Financial - 1.0%
22,168		Oaktree Capital Group LLC	1,156,061
		Total Master Limited Partnerships - 14.2%
		(Cost $14,617,347)	16,650,862
		Total Long-Term Investments - 99.8%
		(Cost $110,918,541)	116,777,217
		Investments of Collateral for Securities Loaned - 5.7%
6,732,063		BNY Mellon Securities Lending Overnight Fund, 0.0730%(b) (c)	6,732,063
		(Cost $6,732,063)
		Total Investments - 105.5%
		(Cost $117,650,604)	123,509,280
		Liabilities in excess of Other Assets - (5.5%)	(6,479,007)
		Net Assets  - 100.0%	$117,030,273

Description		Level 1				Level 2				Level 3				Total
(value in $000s)
Assets:
Common Stocks		$	96,842			$	-			$	-			$	96,842
Preferred Stocks			3,284				-								3,284
Master Limited Partnerships			16,651				-				-				16,651
Investments of Collateral for Securities Loaned			6,732				-				-				6,732
Total		$	123,509			$	-			$	-			$	123,509

NFO Guggenheim Insider Sentiment ETF
Portfolio of Investments
May 31, 2013 (unaudited)
Number
of Shares		Description	Value
		Long-Term Investments - 100.0%
		Common Stocks - 96.7%
		Basic Materials - 5.4%
123,107		Alcoa, Inc.	$  1,046,409
33,856		American Vanguard Corp.	1,031,254
5,118		CF Industries Holdings, Inc.	977,333
63,932		Commercial Metals Co.	985,831
75,440		Resolute Forest Products, Inc.(a)	1,148,197
17,025		Stepan Co.	919,861
			6,108,885
		Communications - 4.2%
83,394		Corning, Inc.	1,281,766
167,451		Iridium Communications, Inc.(a) (b)	1,193,926
16,888		Motorola Solutions, Inc.	978,828
46,285		Yahoo!, Inc.(a)	1,217,295
			4,671,815
		Consumer, Cyclical - 21.8%
33,887		ANN, Inc.(a)	1,039,653
23,718		AutoNation, Inc.(a)	1,098,855
26,715		Beacon Roofing Supply, Inc.(a)	1,101,192
19,238		Cabela's, Inc.(a)	1,290,100
21,942		Children's Place Retail Stores, Inc.(a)	1,170,167
27,020		Choice Hotels International, Inc.	1,066,750
20,276		CVS Caremark Corp.	1,167,492
13,149		Dillard's, Inc., Class A	1,213,258
20,568		Fastenal Co.	1,073,238
32,323		Foot Locker, Inc.	1,109,325
37,857		General Motors Co.(a)	1,282,974
14,338		Genuine Parts Co.	1,114,636
62,353		International Game Technology	1,114,872
23,543		Lithia Motors, Inc., Class A	1,226,355
24,870		Marriott Vacations Worldwide Corp.(a)	1,100,498
34,983		Norwegian Cruise Line Holdings Ltd. (Bermuda)(a)	1,075,727
26,579		Oshkosh Corp.(a)	1,058,376
37,952		Rue21, Inc.(a)	1,593,605
22,245		Susser Holdings Corp.(a)	1,053,078
54,054		Texas Roadhouse, Inc.	1,278,377
22,899		Williams-Sonoma, Inc.	1,235,630
			24,464,158
		Consumer, Non-cyclical - 15.9%
62,610		ABIOMED, Inc.(a) (b)	1,350,498
136,241		ACCO Brands Corp.(a)	974,123
22,139		ADT Corp.	898,622
46,348		Alkermes PLC (Ireland)(a)	1,448,375
9,520		Celgene Corp.(a)	1,177,148
39,014		CoreLogic, Inc.(a)	1,022,167
35,145		DeVry, Inc.	1,097,578
25,542		Herbalife Ltd. (Cayman Islands)(b)	1,192,045
15,407		Ingredion, Inc.	1,049,525
17,469		Life Technologies Corp.(a)	1,294,453
20,804		Moody's Corp.	1,382,218
34,184		Questcor Pharmaceuticals, Inc.(b)	1,168,067
41,102		Smithfield Foods, Inc.(a)	1,353,900
44,167		Tyson Foods, Inc., Class A	1,104,175
28,510		VistaPrint NV (Netherlands)(a) (b)	1,310,034
			17,822,928
		Energy - 6.6%
54,432		Alon USA Energy, Inc.	996,650
74,595		Basic Energy Services, Inc.(a)	995,843
8,939		Chevron Corp.	1,097,262
15,257		Hess Corp.	1,028,474
73,916		Rex Energy Corp.(a)	1,227,745
71,376		Swift Energy Co.(a)	967,859
18,146		Tesoro Corp.	1,118,701
			7,432,534
		Financial - 20.1%
40,863		AG Mortgage Investment Trust, Inc., REIT	935,354
32,646		American Capital Agency Corp., REIT	842,267
40,608		American Capital Mortgage Investment Corp., REIT	855,611
4,268		BlackRock, Inc.	1,191,626
88,333		CYS Investments, Inc., REIT	908,063
96,627		Fifth Street Finance Corp.	1,014,583
64,871		Fifth Third Bancorp	1,180,652
95,147		First Horizon National Corp.	1,092,288
107,717		Genworth Financial, Inc., Class A(a)	1,164,421
45,553		Home Loan Servicing Solutions Ltd. (Cayman Islands)	1,040,430
21,117		JPMorgan Chase & Co.	1,152,777
32,120		Lincoln National Corp.	1,145,399
26,565		MarketAxess Holdings, Inc.	1,151,858
102,411		National Penn Bancshares, Inc.	1,011,821
22,650		ProAssurance Corp.	1,137,030
31,384		Protective Life Corp.	1,213,933
55,550		SLM Corp.	1,318,757
22,920		UMB Financial Corp.	1,216,823
102,710		Valley National Bancorp(b)	957,257
12,583		Vornado Realty Trust, REIT	1,006,011
34,636		Weingarten Realty Investors, REIT	1,104,196
			22,641,157
		Industrial - 10.7%
33,916		Actuant Corp., Class A	1,153,144
19,636		AGCO Corp.	1,089,209
11,158		Energizer Holdings, Inc.	1,067,932
44,593		General Electric Co.	1,039,909
11,495		Genesee & Wyoming, Inc., Class A(a)	1,023,630
24,004		HEICO Corp.	1,214,122
19,519		Ingersoll-Rand PLC (Ireland)	1,122,928
15,294		JB Hunt Transport Services, Inc.	1,126,556
53,158		Masco Corp.	1,117,381
33,141		RTI International Metals, Inc.(a)	961,421
14,259		Triumph Group, Inc.	1,107,211
			12,023,443
		Technology - 8.2%
31,641		Broadcom Corp., Class A	1,136,228
73,201		Cadence Design Systems, Inc.(a)	1,107,531
28,672		Guidewire Software, Inc.(a)	1,174,405
53,748		iGATE Corp.(a)	779,884
44,797		Lexmark International, Inc., Class A	1,366,757
22,812		Salesforce.com, Inc.(a)	965,632
203,445		SunEdison, Inc.(a)	1,641,801
14,216		VMware, Inc., Class A(a)	1,011,042
			9,183,280
		Utilities - 3.8%
22,322		American Electric Power Co., Inc.	1,022,794
31,329		El Paso Electric Co.	1,121,265
32,987		Exelon Corp.	1,033,813
26,870		NorthWestern Corp.	1,105,969
			4,283,841
		Total Common Stocks - 96.7%
		(Cost $94,460,304)	108,632,041
		Exchange Traded Fund - 0.3%
3,800		iShares Core S&P Small-Capital ETF(b)	344,584
		(Cost $330,561)
		Master Limited Partnerships - 3.0%
		Energy - 1.0%
22,256		Genesis Energy, LP	1,116,139
		Financial - 0.9%
93,306		KKR Financial Holdings, LLC	981,579
		Industrial - 1.1%
29,956		Martin Midstream Partners, LP(b)	1,229,993
		Total Master Limited Partnerships - 3.0%
		(Cost $2,567,708)	3,327,711
		Total Long-Term Investments - 100.0%
		(Cost $97,358,573)	112,304,336
		Investments of Collateral for Securities Loaned - 5.5%
6,228,342		BNY Mellon Securities Lending Overnight Fund, 0.0730%(c) (d)	6,228,342
		(Cost $6,228,342)
		Total Investments - 105.5%
		(Cost $103,586,915)	118,532,678
		Liabilities in excess of Other Assets - (5.5%)	(6,187,213)
		Net Assets  - 100.0%	$112,345,465

CZA Guggenheim Mid-Cap Core ETF
Portfolio of Investments
May 31, 2013 (unaudited)
Number
of Shares		Description	Value
		Long-Term Investments - 99.9%
		Common Stocks - 90.3%
		Basic Materials - 5.2%
9,854		Albemarle Corp.	$659,430
5,262		Cytec Industries, Inc.	376,075
9,099		International Flavors & Fragrances, Inc.	730,559
20,114		MeadWestvaco Corp.	703,990
15,003		RPM International, Inc.	497,049
10,439		Valspar Corp.	748,163
			3,715,266
		Communications - 4.7%
18,015		Amdocs Ltd. (Channel Islands)	643,135
59,376		Liberty Interactive Corp., Class A(a)	1,332,991
40,950		Nielsen Holdings NV (Netherlands)	1,388,615
			3,364,741
		Consumer, Cyclical - 6.1%
11,991		Arrow Electronics, Inc.(a)	476,762
16,836		Ingram Micro, Inc., Class A(a)	321,736
38,567		Mattel, Inc.	1,725,873
10,227		Ralph Lauren Corp.	1,790,646
			4,315,017
		Consumer, Non-cyclical - 18.8%
14,208		Actavis, Inc.(a)	1,751,704
17,974		Beam, Inc.	1,165,434
3,166		Bio-Rad Laboratories, Inc., Class A(a)	359,911
145,810		Boston Scientific Corp.(a)	1,347,284
18,671		Bruker Corp.(a)	308,632
25,028		CareFusion Corp.(a)	919,779
46,027		ConAgra Foods, Inc.	1,550,650
20,354		Constellation Brands, Inc., Class A(a)	1,078,965
10,866		CoreLogic, Inc.(a)	284,689
9,308		CR Bard, Inc.	959,562
25,100		Genpact Ltd. (Bermuda)	485,685
8,538		Ingredion, Inc.	581,609
15,478		KAR Auction Services, Inc.	362,959
5,252		Macquarie Infrastructure Co., LLC	286,129
19,426		SEI Investments Co.	594,630
6,113		Sirona Dental Systems, Inc.(a)	433,656
7,557		Team Health Holdings, Inc.(a)	295,252
8,119		Towers Watson & Co., Class A	630,684
			13,397,214
		Financial - 18.8%
3,866		Allied World Assurance Co. Holdings AG (Switzerland)	345,659
10,063		American Financial Group, Inc.	488,659
13,992		Arthur J Gallagher & Co.	611,171
13,813		Axis Capital Holdings Ltd. (Bermuda)	601,694
7,761		BOK Financial Corp.	505,241
16,078		Brown & Brown, Inc.	518,837
36,681		CBRE Group, Inc., Class A(a)	850,266
22,936		CIT Group, Inc.(a)	1,056,891
30,295		CNA Financial Corp.	1,035,180
8,711		Credicorp Ltd. (Bermuda)	1,198,808
2,820		Credit Acceptance Corp.(a)	321,085
5,250		Erie Indemnity Co., Class A	398,528
12,496		Extra Space Storage, Inc., REIT	523,457
11,161		HCC Insurance Holdings, Inc.	478,249
49,006		Invesco Ltd. (Bermuda)	1,653,462
12,110		LPL Financial Holdings, Inc.	449,039
39,987		MFA Financial, Inc., REIT	351,086
57,599		Newcastle Investment Corp., REIT	291,451
6,879		ProAssurance Corp.	345,326
8,261		Reinsurance Group of America, Inc.	544,317
4,964		RenaissanceRe Holdings Ltd. (Bermuda)	426,705
12,227		Validus Holdings Ltd. (Bermuda)	441,517
			13,436,628
		Industrial - 14.8%
11,939		AECOM Technology Corp.(a)	367,602
27,199		AMETEK, Inc.	1,173,637
17,762		Amphenol Corp., Class A	1,383,660
15,316		Avnet, Inc.(a)	523,195
12,891		Berry Plastics Group, Inc.(a)	270,840
6,600		Crane Co.	394,350
15,857		Crown Holdings, Inc.(a)	671,544
73,797		Flextronics International Ltd. (Singapore)(a)	550,526
37,716		Graphic Packaging Holding Co.(a)	290,036
6,770		Hubbell, Inc., Class B	679,911
12,992		PerkinElmer, Inc.	406,909
12,993		Progressive Waste Solutions Ltd. (Canada)	302,347
40,673		Republic Services, Inc.	1,386,949
7,676		Rock-Tenn Co., Class A	758,235
7,390		Silgan Holdings, Inc.	345,630
6,497		Textainer Group Holdings Ltd. (Bermuda)	243,573
5,338		Wabtec Corp.	587,233
5,645		Zebra Technologies Corp., Class A(a)	257,751
			10,593,928
		Technology - 10.9%
27,765		Avago Technologies Ltd. (Singapore)	1,047,018
32,497		Fidelity National Information Services, Inc.	1,459,116
58,524		Marvell Technology Group Ltd. (Bermuda)	634,400
32,269		Maxim Integrated Products, Inc.	951,613
18,127		NCR Corp.(a)	605,442
28,213		NXP Semiconductor NV (Netherlands)(a)	870,371
7,631		Solera Holdings, Inc.	417,950
16,645		Synopsys, Inc.(a)	606,710
138,737		Xerox Corp.	1,219,498
			7,812,118
		Utilities - 11.0%
83,467		AES Corp.	1,018,297
12,329		Alliant Energy Corp.	607,327
26,926		Ameren Corp.	916,561
19,793		American Water Works Co., Inc.	790,532
47,433		CenterPoint Energy, Inc.	1,099,497
17,063		Great Plains Energy, Inc.	385,112
20,819		MDU Resources Group, Inc.	538,379
34,964		Northeast Utilities	1,456,950
12,198		Pinnacle West Capital Corp.	688,943
9,237		Vectren Corp.	317,199
			7,818,797
		Total Common Stocks - 90.3%
		(Cost $59,568,939)	64,453,709
		Master Limited Partnerships - 9.3%
		Consumer, Cyclical - 0.7%
10,343		AmeriGas Partners, LP(b)	486,121
		Energy - 6.6%
25,503		Boardwalk Pipeline Partners, LP(b)	754,889
10,851		Buckeye Partners, LP, Class B	717,685
23,966		El Paso Pipeline Partners, LP	984,763
24,674		Magellan Midstream Partners, LP	1,282,801
6,437		Suburban Propane Partners, LP	304,084
11,567		Sunoco Logistics Partners, LP	700,266
			4,744,488
		Financial - 0.9%
11,803		AllianceBernstein Holding, LP(b)	298,616
53,701		Fortress Investment Group, LLC	362,482
			661,098
		Utilities - 1.1%
20,629		Brookfield Infrastructure Partners, LP (Bermuda)	749,245
		Total Master Limited Partnerships - 9.3%
		(Cost $5,565,291)	6,640,952
		Exchange Traded Fund - 0.3%
1,700		iShares Russell Midcap Index Fund	$223,975
		(Cost $221,020)
		Total Long-Term Investments - 99.9%
		(Cost $65,355,250)	71,318,636
		Investments of Collateral for Securities Loaned - 2.2%
1,533,648		BNY Mellon Securities Lending Overnight Fund, 0.0730%(c) (d)	$1,533,648
		(Cost $1,533,648)
		Total Investments - 102.1%
		(Cost $66,888,898)	72,852,284
		Liabilities in excess of Other Assets - (2.1%)	(1,480,164)
		Net Assets  - 100.0%	$    71,372,120

Country Allocation**
United States				83.8%
Bermuda				9.0%
Netherlands				3.2%
Singapore				2.2%
Channel Islands				0.9%
Switzerland				0.5%
Canada				0.4%
** Subject to change daily.  Based on long-term investments.

CVY Guggenheim Multi-Asset Income ETF
Portfolio of Investments
May 31, 2013 (unaudited)
Number
of Shares		Description	Value
		Long-Term Investments - 98.9%
		Convertible Preferred Stocks - 3.3%
		Consumer, Cyclical - 1.2%
269,277		General Motors Co., Series B, 4.75%, 12/01/2013(a)	$13,143,411
		Financial - 2.1%
6,948		Bank of America Corp., Series L, 7.25%(b)	8,254,224
43,118		Fifth Third Bancorp, Series G, 8.50%(b)	6,925,613
5,291		Wells Fargo & Co., Series L, 7.50%(b)	6,640,205
			21,820,042
		Total Convertible Preferred Stocks - 3.3%
		(Cost $32,994,005)	34,963,453
		Common Stocks - 72.3%
		Basic Materials - 6.5%
1,598,533		Cia Siderurgica Nacional SA, ADR (Brazil)(a)	5,035,379
293,165		Dow Chemical Co.	10,102,466
205,151		EI du Pont de Nemours & Co.	11,445,374
688,761		Freeport-McMoRan Copper & Gold, Inc.	21,386,029
212,007		Gold Resource Corp.	2,035,267
238,985		Newmont Mining Corp.	8,192,406
178,475		Olin Corp.	4,449,382
338,393		Tronox Ltd., Class A (Australia)(a)	7,810,110
			70,456,413
		Communications - 7.3%
322,515		Belo Corp., Class A	3,618,618
384,754		France Telecom SA, ADR (France)	3,886,016
645,024		Gannett Co., Inc.	13,868,016
252,131		Giant Interactive Group, Inc., ADR (Cayman Islands)(a)	2,133,028
116,861		Meredith Corp.	4,788,964
829,878		Oi SA, ADR (Brazil)(a)	1,551,872
111,947		Shaw Communications, Inc., Class B (Canada)	2,496,418
320,344		Sinclair Broadcast Group, Inc., Class A	8,658,898
453,467		Verizon Communications, Inc.	21,984,080
360,695		VimpelCom Ltd., ADR (Bermuda)	3,588,915
406,720		Vodafone Group PLC, ADR (United Kingdom)	11,774,544
			78,349,369
		Consumer, Cyclical - 1.9%
69,136		Darden Restaurants, Inc.	3,581,245
67,443		Hasbro, Inc.(a)	2,999,865
91,214		Mattel, Inc.	4,081,826
126,695		Six Flags Entertainment Corp.	9,447,646
			20,110,582
		Consumer, Non-cyclical - 12.2%
225,020		AstraZeneca PLC, ADR (United Kingdom)	11,532,275
194,210		B&G Foods, Inc.	5,589,364
111,612		Lorillard, Inc.	4,736,813
63,715		Macquarie Infrastructure Co., LLC	3,471,193
509,885		Merck & Co., Inc.	23,811,630
101,968		Meridian Bioscience, Inc.	2,203,528
110,065		Paychex, Inc.	4,097,720
1,132,743		Pfizer, Inc.	30,844,592
96,202		Quad Graphics, Inc.	2,241,507
109,593		Sysco Corp.	3,704,243
87,627		Universal Corp.	5,137,571
209,751		Valassis Communications, Inc.(a)	5,451,429
1,216,484		Warner Chilcott PLC, Class A (Ireland)	23,356,493
342,803		Western Union Co.	5,615,113
			131,793,471
		Energy - 10.0%
253,093		BP PLC, ADR (United Kingdom)	10,860,221
240,833		ConocoPhillips	14,772,696
116,311		Ecopetrol SA, ADR (Colombia)(a)	5,042,082
829,461		Enerplus Corp. (Canada)(a)	12,923,002
224,622		ENI SpA, ADR (Italy)	10,177,623
183,933		Kinder Morgan, Inc.	6,985,775
1,157,144		Penn West Petroleum Ltd. (Canada)(a)	11,791,297
151,841		Royal Dutch Shell PLC, Class B, ADR (United Kingdom)	10,451,216
196,222		Spectra Energy Corp.	5,998,507
204,418		Total SA, ADR (France)	10,190,237
225,661		Williams Cos., Inc.	7,938,754
			107,131,410
		Financial - 17.3%
101,019		AG Mortgage Investment Trust, Inc., REIT	2,312,325
227,539		Aircastle Ltd. (Bermuda)	3,599,667
322,353		American Capital Agency Corp., REIT	8,316,707
220,526		American Capital Mortgage Investment Corp., REIT	4,646,483
660,109		Annaly Capital Management, Inc., REIT(a)	8,964,280
281,012		Banco Bilbao Vizcaya Argentaria SA, ADR (Spain)	2,621,842
91,614		Banco Latinoamericano de Comercio Exterior SA (Panama)	2,100,709
61,637		Bank of Hawaii Corp.	3,105,272
201,704		Capstead Mortgage Corp., REIT	2,476,925
3,422,950		Chimera Investment Corp., REIT	10,439,997
99,894		Community Bank System, Inc.	2,932,888
412,686		Federated Investors, Inc., Class B(a)	11,419,022
139,624		First Financial Bancorp	2,151,606
848,054		First Niagara Financial Group, Inc.	8,285,488
260,973		FirstMerit Corp.	4,924,561
444,461		FNB Corp.	5,111,301
141,035		Government Properties Income Trust, REIT	3,428,561
226,738		Hatteras Financial Corp., REIT	5,854,375
263,466		Home Loan Servicing Solutions Ltd. (Cayman Islands)	6,017,563
100,304		Homeowners Choice, Inc.	3,486,567
203,768		Hospitality Properties Trust, REIT	5,945,950
486,445		Invesco Mortgage Capital, Inc., REIT	9,072,199
241,829		KCAP Financial, Inc.(a)	2,662,537
159,347		Mack-Cali Realty Corp., REIT	4,222,696
185,751		Main Street Capital Corp.(a)	5,386,779
418,900		Manulife Financial Corp. (Canada)	6,618,620
403,473		National Penn Bancshares, Inc.	3,986,313
1,954,479		Newcastle Investment Corp., REIT	9,889,664
124,408		Oritani Financial Corp.	1,907,175
130,648		PacWest Bancorp(a)	3,766,582
118,468		Provident Financial Services, Inc.	1,803,083
256,140		Starwood Property Trust, Inc., REIT	6,498,272
193,618		Sun Life Financial, Inc. (Canada)(a)	5,667,199
159,727		Trustmark Corp.	4,071,441
854,398		Two Harbors Investment Corp., REIT	9,424,010
147,625		Western Asset Mortgage Capital Corp., REIT(a)	2,708,919
			185,827,578
		Industrial - 2.6%
109,335		Golar LNG Ltd. (Bermuda)(a)	3,717,390
82,717		Lockheed Martin Corp.	8,753,940
194,379		NAM TAI Electronics, Inc. (British Virgin Islands)	1,457,843
68,494		Raytheon Co.	4,564,440
103,257		Sonoco Products Co.	3,616,060
64,864		TAL International Group, Inc.	2,741,153
80,352		Textainer Group Holdings Ltd. (Bermuda)	3,012,396
			27,863,222
		Technology - 6.7%
150,825		CA, Inc.	4,119,031
60,140		Computer Programs & Systems, Inc.	3,011,811
1,665,602		Intel Corp.	40,440,817
356,999		Lexmark International, Inc., Class A	10,892,039
311,469		Seagate Technology PLC (Ireland)	13,418,085
			71,881,783
		Utilities - 7.8%
99,634		Atmos Energy Corp.	4,206,548
477,674		CMS Energy Corp.	12,873,314
125,345		CPFL Energia SA, ADR (Brazil)	2,668,595
109,651		Duke Energy Corp.	7,338,942
258,045		Entergy Corp.	17,774,140
205,199		Great Plains Energy, Inc.	4,631,341
67,503		Laclede Group, Inc.	3,194,917
152,580		National Grid PLC, ADR (United Kingdom)	9,087,665
393,535		NV Energy, Inc.	9,224,460
87,863		PG&E Corp.	3,945,927
158,883		Pinnacle West Capital Corp.	8,973,712
			83,919,561
		Total Common Stocks - 72.3%
		(Cost $736,725,255)	777,333,389
		Preferred Stocks - 2.8%
		Financial - 2.8%
371,783		Goldman Sachs Group, Inc., 5.95%(b)	9,432,134
211,040		HSBC Holdings PLC, Series 2, 8.00% (United Kingdom)(b)	5,888,016
237,588		Regions Financial Corp., Series A, 6.38%(b)	6,018,104
360,488		Royal Bank of Scotland Group PLC, Series T, 7.25% (United Kingdom)(b)	9,019,410
		(Cost $29,788,140)	30,357,664
		Royalty Trust - 1.2%
		Energy - 1.2%
140,295		BP Prudhoe Bay Royalty Trust(a)	12,496,076
		(Cost $11,510,181)
		Closed End Funds - 9.4%
2,811,866		Alpine Total Dynamic Dividend Fund	11,641,125
481,299		BlackRock Build America Bond Trust(a)	10,102,466
230,989		BlackRock Corporate High Yield Fund VI, Inc.	2,903,532
538,411		BlackRock Income Trust, Inc.	3,822,718
788,377		Calamos Strategic Total Return Fund	8,451,401
338,407		Clough Global Opportunities Fund(a)	4,422,979
422,714		Eaton Vance Tax-Advantaged Dividend Income Fund	7,955,477
557,184		Eaton Vance Tax-Advantaged Global Dividend Income Fund(a)	8,848,082
252,604		First Trust High Income Long/Short Fund	4,594,867
245,398		Invesco Municipal Trust(a)	3,263,793
135,092		John Hancock Preferred Income Fund III(a)	2,553,239
931,696		Liberty All Star Equity Fund	4,937,989
352,025		MFS Multimarket Income Trust(a)	2,502,898
569,372		Nuveen Preferred Income Opportunities Fund(a)	5,670,945
344,762		Nuveen Quality Preferred Income Fund	2,958,058
545,559		Nuveen Quality Preferred Income Fund II	4,959,131
411,885		Wells Fargo Advantage Global Dividend Opportunity Fund(a)	3,245,654
219,025		Wells Fargo Advantage Multi-Sector Income Fund	3,438,693
101,551		Western Asset Global Corporate Defined Opportunity Fund, Inc.	1,939,624
176,952		Western Asset High Yield Defined Opportunity Fund, Inc.(a)	3,252,378
		(Cost $101,209,505)	101,465,049
		Master Limited Partnerships - 9.7%
		Energy - 7.1%
140,019		Buckeye Partners, LP, Class B	9,260,857
285,663		Enbridge Energy Partners, LP(a)	8,429,915
93,582		Energy Transfer Equity, LP	5,349,147
160,343		Energy Transfer Partners, LP(a)	7,794,273
84,570		Enterprise Products Partners, LP(a)	5,022,612
69,244		Kinder Morgan Energy Partners, LP	5,774,950
201,002		Linn Energy, LLC(a)	6,612,966
102,632		MarkWest Energy Partners, LP	6,757,291
623,242		Northern Tier Energy, LP	14,801,997
131,539		Williams Partners, LP(a)	6,562,481
			76,366,489
		Financial - 2.6%
473,654		Blackstone Group, LP	10,368,286
877,953		KKR & Co., LP	17,102,524
			27,470,810
		Total Master Limited Partnerships - 9.7%
		(Cost $98,766,052)	103,837,299
		Exchange Traded Fund - 0.2%
12,050		SPDR S&P 500 ETF Trust	1,967,042
		(Cost $1,993,492)
		Total Long-Term Investments - 98.9%
		(Cost $1,012,986,630)	1,062,419,972
Number
of Shares		Description	Value
		Investments of Collateral for Securities Loaned - 6.9%
73,949,714		BNY Mellon Securities Lending Overnight Fund, 0.0730%(c) (d)	73,949,714
		(Cost $73,949,714)
		Total Investments - 105.8%
		(Cost $1,086,936,344)	1,136,369,686
		Liabilities in excess of Other Assets - (5.8%)	(61,918,980)
		Net Assets  - 100.0%	$1,074,450,706

Description		Level 1				Level 2				Level 3				Total
(value in $000s)
Assets:
Convertible Preferred Stocks		$	34,964			$	-			$	-			$	34,964
Common Stocks			777,333				-				-				777,333
Preferred Stocks			30,358				-				-				30,358
Royalty Trusts			12,496				-				-				12,496
Closed End Funds			101,465				-				-				101,465
Master Limited Partnerships			103,837				-				-				103,837
Exchange Traded Funds			1,967				-				-				1,967
Investments of Collateral for Securities Loaned			73,950				-				-				73,950
Total		$	1,136,370			$	-			$	-			$	1,136,370

RYJ Guggenheim Raymond James SB-1 Equity ETF
Portfolio of Investments
May 31, 2013 (unaudited)
Number
of Shares		Description	Value
		Long-Term Investments - 100.0%
		Common Stocks - 96.2%
		Communications - 10.7%
40,182		Angie's List, Inc.(a)	$942,670
127,731		Brightcove, Inc.(a)	955,428
12,787		Crown Castle International Corp.(a)	911,074
29,927		Ctrip.com International Ltd., ADR (Cayman Islands)(a)	932,226
33,419		DigitalGlobe, Inc.(a)	1,010,256
4,404		Equinix, Inc.(a)	892,426
40,808		ExactTarget, Inc.(a) (b)	938,992
38,762		Facebook, Inc., Class A(a)	943,855
130,743		Iridium Communications, Inc.(a) (b)	932,198
29,460		KVH Industries, Inc.(a)	388,577
17,997		Palo Alto Networks, Inc.(a)	873,214
85,696		Premiere Global Services, Inc.(a)	1,032,637
12,066		SBA Communications Corp., Class A(a)	908,208
32,996		WebMD Health Corp.(a)	974,042
			12,635,803
		Consumer, Cyclical - 20.8%
11,305		Advance Auto Parts, Inc.	921,584
10,101		Allegiant Travel Co.	934,443
20,044		Arctic Cat, Inc.	939,863
2,267		AutoZone, Inc.(a)	926,818
13,717		Bed Bath & Beyond, Inc.(a)	936,185
9,972		Buffalo Wild Wings, Inc.(a)	956,913
53,408		Carmike Cinemas, Inc.(a)	946,390
90,633		Carrols Restaurant Group, Inc.(a)	516,608
31,183		Cinemark Holdings, Inc.	914,909
33,247		Culp, Inc.	573,511
50,168		Del Frisco's Restaurant Group, Inc.(a)	932,623
13,269		DineEquity, Inc.	960,543
26,738		Dixie Group, Inc.(a)	198,396
17,322		Dollar General Corp.(a)	914,602
18,763		Dollar Tree, Inc.(a)	901,374
29,954		Ethan Allen Interiors, Inc.	939,657
27,734		Fiesta Restaurant Group, Inc.(a)	986,498
17,003		Harley-Davidson, Inc.	927,344
49,665		La-Z-Boy, Inc.	917,313
34,416		Newell Rubbermaid, Inc.	930,609
8,512		O'Reilly Automotive, Inc.(a)	927,042
39,311		Pier 1 Imports, Inc.	911,622
10,234		Polaris Industries, Inc.	977,449
18,224		Red Robin Gourmet Burgers, Inc.(a)	956,942
50,653		Regal Entertainment Group, Class A	896,558
21,881		Tempur-Pedic International, Inc.(a)	925,129
25,651		Toll Brothers, Inc.(a)	876,495
8,477		Tractor Supply Co.	949,254
			24,596,674
		Consumer, Non-cyclical - 10.3%
36,895		Alere, Inc.(a)	943,774
17,317		AmerisourceBergen Corp.	936,503
35,680		Capital Senior Living Corp.(a)	936,600
27,423		CareFusion Corp.(a)	1,007,795
54,743		Carriage Services, Inc.	1,036,285
14,464		Covidien PLC (Ireland)	919,911
20,449		Fresh Market, Inc.(a)	1,013,044
31,380		HealthSouth Corp.(a)	919,120
28,141		ICON PLC (Ireland)(a)	966,362
17,637		McGraw Hill Financial, Inc., Inc.	962,098
52,898		Service Corp. International	951,106
42,342		TMS International Corp., Class A	642,328
15,190		UnitedHealth Group, Inc.	951,350
			12,186,276
		Energy - 1.6%
24,859		LinnCo, LLC(b)	902,257
23,531		Valero Energy Corp.	956,065
			1,858,322
		Financial - 31.0%
19,346		Allstate Corp.	933,251
59,852		American Equity Investment Life Holding Co.	969,602
71,197		Bank of America Corp.	972,551
28,722		BB&T Corp.	945,528
164,801		BGC Partners, Inc.	908,054
62,059		Cardinal Financial Corp.	939,573
18,659		Citigroup, Inc.	970,082
32,020		Community Bank System, Inc.	940,107
14,957		Digital Realty Trust, Inc., REIT	911,031
59,213		EverBank Financial Corp.	929,644
49,665		Fidus Investment Corp.	944,628
87,935		Fifth Street Finance Corp.	923,318
97,684		Health Insurance Innovations, Inc.(a)	980,747
125,020		Huntington Bancshares, Inc.	968,905
71,076		Lakeland Bancorp, Inc.	704,363
30,038		Lakeland Financial Corp.	828,448
27,340		Lincoln National Corp.	974,944
21,453		MarketAxess Holdings, Inc.	930,202
23,338		Marsh & McLennan Cos., Inc.	933,987
94,265		National Penn Bancshares, Inc.	931,338
69,672		New York Community Bancorp, Inc.	911,310
52,925		Pacific Premier Bancorp, Inc.(a)	625,044
18,827		Post Properties, Inc., REIT	899,931
25,327		Principal Financial Group, Inc.	958,627
48,218		PrivateBancorp, Inc.	933,501
36,523		Progressive Corp.	930,971
24,900		Protective Life Corp.	963,132
14,161		Prudential Financial, Inc.	976,684
16,210		Rayonier, Inc., REIT	898,034
103,589		Regions Financial Corp.	945,768
18,759		SCBT Financial Corp.	938,888
41,992		StellarOne Corp.	657,175
21,641		Texas Capital Bancshares, Inc.(a)	955,667
26,621		US Bancorp	933,332
5,224		Visa, Inc., Class A	930,603
40,719		Webster Financial Corp.	950,789
23,426		Wells Fargo & Co.	949,924
29,700		Weyerhaeuser Co., REIT	885,654
24,932		Wintrust Financial Corp.	940,934
34,304		Zions Bancorporation	962,227
			36,688,498
		Industrial - 10.5%
48,716		Celadon Group	950,449
45,469		Covanta Holding Corp.	929,841
10,718		Genesee & Wyoming, Inc., Class A(a)	954,438
48,969		Jabil Circuit, Inc.	982,318
8,464		Kansas City Southern	936,965
54,902		Knight Transportation, Inc.	941,020
40,063		Marten Transport	961,111
117,391		PGT, Inc.(a)	968,476
34,353		Roadrunner Transportation Systems, Inc.(a)	951,578
15,049		Ryder System, Inc.	948,689
19,838		Saia, Inc.(a)	947,959
56,010		Swift Transportation Co.(a)	943,209
10,856		United Parcel Service, Inc., Class B	932,530
			12,348,583
		Technology - 11.3%
28,617		Altera Corp.	949,798
20,778		Analog Devices, Inc.	954,333
40,474		Diodes, Inc.(a)	955,186
39,859		EMC Corp.	986,909
67,525		Fairchild Semiconductor International, Inc.(a)	979,788
78,424		Greenway Medical Technologies(a)	941,088
130,561		LSI Corp.(a)	966,151
53,959		MedAssets, Inc.(a)	884,928
81,335		Micron Technology, Inc.(a)	949,993
43,562		Microsemi Corp.(a)	955,315
64,832		NVIDIA Corp.	939,416
14,669		QUALCOMM, Inc.	931,188
26,487		Semtech Corp.(a)	967,835
66,431		Tangoe, Inc.(a)	990,486
			13,352,414
		Total Common Stocks - 96.2%
		(Cost $97,893,566)	113,666,570
		Master Limited Partnerships - 3.8%
		Energy - 3.8%
14,600		Alliance Holdings GP, LP	$930,458
12,380		Alliance Resource Partners, LP	894,827
15,126		Enterprise Products Partners, LP	898,333
26,887		Linn Energy, LLC	884,582
48,490		Memorial Production Partners, LP	912,097
		(Cost $3,891,214)	4,520,297
		Total Long-Term Investments - 100.0%
		(Cost $101,784,780)	118,186,867
		Investments of Collateral for Securities Loaned - 0.8%
956,147		BNY Mellon Securities Lending Overnight Fund, 0.0730%(c) (d)	956,147
		(Cost $956,147)
		Total Investments - 100.8%
		(Cost $102,740,927)	119,143,014
		Liabilities in excess of Other Assets - (0.8%)	(901,085)
		Net Assets  - 100.0%	$118,241,929

CSD Guggenheim Spin-Off ETF
Portfolio of Investments
May 31, 2013 (unaudited)
Number
of Shares		Description	Value
		Long-Term Investments - 99.9%
		Common Stocks - 96.1%
		Basic Materials - 1.1%
952,470		NovaCopper, Inc. (Canada)(a) (b)	$  1,657,298
		Communications - 19.0%
102,339		AMC Networks, Inc., Class A(b)	6,551,743
469,229		Lumos Networks Corp.	6,447,207
1,687,284		Phoenix New Media Ltd., ADR (Cayman Islands)(a) (b)	7,862,743
131,978		TripAdvisor, Inc.(b)	8,511,261
			29,372,954
		Consumer, Cyclical - 13.0%
387,323		Fiesta Restaurant Group, Inc.(b)	13,777,079
134,123		Marriott Vacations Worldwide Corp.(b)	5,934,943
136,610		Orchard Supply Hardware Stores Corp., Class A(a) (b)	323,766
			20,035,788
		Consumer, Non-cyclical - 4.2%
155,955		Post Holdings, Inc.(b)	6,579,741
		Energy - 21.2%
1,870,875		Lone Pine Resources, Inc.(b)	1,249,370
87,912		Marathon Petroleum Corp.	7,252,740
101,799		Phillips 66	6,776,759
181,798		QEP Resources, Inc.	5,155,791
359,240		SunCoke Energy, Inc.(b)	5,568,220
346,544		WPX Energy, Inc.(b)	6,674,438
			32,677,318
		Financial - 9.3%
73,957		Howard Hughes Corp.(b)	7,366,117
349,020		Rouse Properties, Inc., REIT(a)	7,018,792
			14,384,909
		Industrial - 25.5%
212,656		Babcock & Wilcox Co.	6,311,630
467,874		Exelis, Inc.	5,684,669
187,736		Fortune Brands Home & Security, Inc.	7,937,478
131,560		Huntington Ingalls Industries, Inc.	7,264,743
135,922		Parametric Sound Corp.(a) (b)	2,271,257
291,197		Vishay Precision Group, Inc.(b)	4,210,709
202,752		Xylem, Inc.	5,705,441
			39,385,927
		Utilities - 2.8%
501,493		Genie Energy Ltd., Class B	4,307,825
		Total Common Stocks - 96.1%
		(Cost $127,613,022)	148,401,760
		Master Limited Partnership - 3.6%
		Energy - 3.6%
245,534		Atlas Resources Partners, LP(a)	$5,580,988
		(Cost $5,427,284)
		Exchange Traded Fund - 0.2%
2,800		Vanguard MID-Capital ETF	$269,584
		(Cost $270,774)
		Total Long-Term Investments - 99.9%
		(Cost $133,311,080)	154,252,332
		Investments of Collateral for Securities Loaned - 4.0%
6,217,731		BNY Mellon Securities Lending Overnight Fund, 0.0730%(c) (d)	6,217,731
		(Cost $6,217,731)
		Total Investments - 103.9%
		(Cost $139,528,811)	160,470,063
		Liabilities in excess of Other Assets - (3.9%)	(6,068,533)
		Net Assets  - 100.0%	$154,401,530

WMCR Wilshire Micro-Cap ETF
Portfolio of Investments
May 31, 2013 (unaudited)
Number
of Shares		Description	Value
		Long-Term Investments - 99.9%
		Common Stocks - 99.7%
		Basic Materials - 2.7%
4,540		American Pacific Corp.(a)	$126,212
6,079		Charles & Colvard Ltd.(a)	27,052
4,225		Codexis, Inc.(a)	9,717
2,552		Friedman Industries, Inc.	24,780
17,744		General Steel Holdings, Inc.(a)	17,567
13,027		Golden Minerals Co.(a) (b)	22,797
3,149		KMG Chemicals, Inc.	69,939
7,365		Landec Corp.(a)	103,405
89,036		Liquidmetal Technologies, Inc.(a)	7,212
2,215		Material Sciences Corp.(a) (b)	21,707
32,972		Midway Gold Corp. (Canada)(a)	35,610
14,389		Mines Management, Inc.(a) (b)	9,784
741		Northern Technologies International Corp.(a)	7,958
2,083		Oil-Dri Corp. of America	56,720
2,248		Orchids Paper Products Co.	56,245
2,974		Penford Corp.(a)	35,301
530		Shiloh Industries, Inc.	5,268
23,698		Silver Bull Resources, Inc.(a)	9,479
5,454		Solitario Exploration & Royalty Corp.(a)	6,436
6,526		Timberline Resources Corp.(a)	1,259
14,235		U.S. Antimony Corp.(a)	20,356
2,419		Universal Stainless & Alloy Products, Inc.(a)	76,658
26,882		Uranerz Energy Corp.(a) (b)	34,947
26,921		Uranium Energy Corp.(a)	57,611
7,847		Uranium Resources, Inc.(a) (b)	23,149
38,443		USEC, Inc.(a)	14,205
13,321		Verso Paper Corp.(a)	15,186
30,512		Vista Gold Corp. (Canada)(a)	44,853
3,819		Xerium Technologies, Inc.(a)	37,693
			979,106
		Communications - 8.3%
5,046		AH Belo Corp., Class A	34,565
14,417		Alaska Communications Systems Group, Inc.(a)	23,644
2,279		Alliance Fiber Optic Products, Inc.	47,745
3,357		Alteva, Inc.	31,959
3,608		Autobytel, Inc.(a)	17,787
4,011		Aware, Inc.	21,860
929		BroadVision, Inc.(a) (b)	8,231
9,115		CalAmp Corp.(a)	120,044
4,813		Chyronhego Corp.(a)	6,497
9,289		Cinedigm Digital Cinema Corp., Class A(a)	14,305
5,112		Clearfield, Inc.(a)	43,145
3,293		ClearOne, Inc.(a)	30,954
1,844		Communications Systems, Inc.	18,753
4,431		Crexendo, Inc.	12,274
2,887		eGain Communications Corp.(a)	23,183
11,447		Emmis Communications Corp., Class A(a)	19,002
17,403		Entravision Communications Corp., Class A	80,576
1,746		ePlus, Inc.	86,829
8,447		FAB Universal Corp.(a) (b)	29,396
8,860		Fairpoint Communications, Inc.(a) (b)	75,310
10,400		FiberTower Corp.(a)	177
13,440		Gray Television, Inc.(a)	79,968
20,935		Harris Interactive, Inc.(a)	38,730
3,615		Hawaiian Telcom Holdco, Inc.(a)	93,159
5,415		HickoryTech Corp.	56,749
7,434		Hollywood Media Corp.(a)	10,631
4,655		ID Systems, Inc.(a)	23,787
2,440		Internet Patents Corp.(a)	8,638
5,850		Inuvo, Inc.(a)	5,791
24,075		Ipass, Inc.(a)	40,927
3,932		KVH Industries, Inc.(a)	51,863
2,167		Lantronix, Inc.(a)	3,662
22,710		Lee Enterprises, Inc.(a)	38,607
3,352		Lightpath Technologies, Inc., Class A(a)	4,223
10,122		Local Corp.(a) (b)	16,398
6,047		Media General, Inc., Class A(a)	49,888
12,940		MeetMe, Inc.(a) (b)	19,410
5,837		Meru Networks, Inc.(a)	23,932
5,164		Multiband Corp.(a)	16,576
5,692		NeoPhotonics Corp.(a)	36,600
4,397		Nexstar Broadcasting Group, Inc., Class A	123,116
11,615		Novatel Wireless, Inc.(a)	39,723
4,419		Numerex Corp., Class A(a)	48,609
6,941		Onstream Media Corp.(a)	2,602
4,219		Onvia, Inc.(a) (b)	19,407
4,219		Optical Cable Corp.	19,618
12,763		ORBCOMM, Inc.(a)	50,031
29,528		Parkervision, Inc.(a) (b)	128,742
6,274		PC-Tel, Inc.	45,988
3,580		Performance Technologies, Inc.(a)	4,618
2,910		Phazar Corp.(a)	3,376
67,297		Powerwave Technologies, Inc.(a)	808
7,004		Radio One, Inc., Class D(a)	16,319
1,806		Reis, Inc.(a)	33,573
4,924		Relm Wireless Corp.(a)	16,052
5,463		RF Industries Ltd.	36,930
3,069		RigNet, Inc.(a)	76,541
1,556		Saga Communications, Inc., Class A	71,654
4,461		Salem Communications Corp., Class A	33,279
2,800		Selectica, Inc.(a)	24,080
884		Shutterstock, Inc.(a)	41,849
4,305		Spanish Broadcasting System, Inc., Class A(a)	17,823
4,141		Spark Networks, Inc.(a)	33,791
17,503		support.com, Inc.(a)	83,664
27,206		Sycamore Networks, Inc.	11,563
1,929		Synacor, Inc.(a) (b)	7,272
5,988		Telular Corp.	75,089
2,020		Tessco Technologies, Inc.	46,177
13,601		TheStreet, Inc.(a)	26,930
2,101		TigerLogic Corp.(a)	3,950
21,789		Towerstream Corp.(a) (b)	55,998
1,463		Trulia, Inc.(a)	44,973
7,574		UniTek Global Services, Inc.(a)	14,391
7,510		US Auto Parts Network, Inc.(a)	9,312
20,534		Valuevision Media, Inc., Class A(a)	103,697
6,654		Vitacost.com, Inc.(a)	54,430
1,685		Voltari Corp.(a) (b)	7,330
17,372		Westell Technologies, Inc., Class A(a)	38,045
672		WPCS International, Inc.(a)	2,359
6,830		Zhone Technologies, Inc.(a)	6,010
26,552		Zix Corp.(a)	105,942
			2,951,436
		Consumer, Cyclical - 11.0%
19,363		American Apparel, Inc.(a)	37,758
821		Ark Restaurants Corp.	17,446
2,747		Bassett Furniture Industries, Inc.	37,799
8,031		Beazer Homes USA, Inc.(a) (b)	166,242
9,153		Black Diamond, Inc.(a)	82,102
17,860		BlueLinx Holdings, Inc.(a)	43,936
6,659		Bon-Ton Stores, Inc.	141,770
2,974		Books-A-Million, Inc.(a)	8,952
5,858		Build-A-Bear Workshop, Inc.(a)	38,194
2,767		Cache, Inc.(a)	11,649
6,977		Carmike Cinemas, Inc.(a)	123,633
4,637		Carrols Restaurant Group, Inc.(a)	26,431
6,447		Century Casinos, Inc.(a)	21,920
2,927		Cherokee, Inc.	39,573
1,667		Chuy's Holdings, Inc.(a)	58,095
4,224		Cobra Electronics Corp.(a)	12,925
8,184		Coldwater Creek, Inc.(a) (b)	30,199
1,864		Comstock Holding Companies, Inc.(a) (b)	4,940
7,604		Cosi, Inc.(a)	15,512
3,613		Crown Crafts, Inc.	21,497
3,085		Culp, Inc.	53,216
1,699		Del Frisco's Restaurant Group, Inc.(a)	31,584
10,689		dELiA*s, Inc.(a)	10,155
2,084		Delta Apparel, Inc.(a)	30,593
15,624		Destination XL Group, Inc.(a)	77,495
2,248		Dixie Group, Inc.(a)	16,680
6,212		Douglas Dynamics, Inc.	86,844
5,277		Dover Downs Gaming & Entertainment, Inc.	9,024
4,463		Dover Motorsports, Inc.	9,417
3,198		Educational Development Corp.	11,257
2,471		Empire Resorts, Inc.(a) (b)	6,598
852		Escalade, Inc.	5,248
3,322		Famous Dave's of America, Inc.(a)	39,897
1,762		Flexsteel Industries, Inc.	40,050
6,335		Forward Industries, Inc.(a)	12,100
1,192		Frisch's Restaurants, Inc.	19,942
8,329		Full House Resorts, Inc.(a)	24,904
3,580		Furniture Brands International, Inc.(a)	23,413
2,763		Gaiam, Inc., Class A(a)	11,190
1,281		Gaming Partners International Corp.	10,376
369		Gentherm, Inc.(a)	6,797
2,828		Gordmans Stores, Inc.(a)	36,227
4,556		Granite City Food & Brewery Ltd.(a)	10,251
3,357		Hooker Furniture Corp.	58,748
1,570		Ignite Restaurant Group, Inc.(a)	28,731
28,572		Jamba, Inc.(a)	85,430
27,861		Joe's Jeans, Inc.(a)	47,921
2,531		Johnson Outdoors, Inc., Class A(a)	62,642
2,645		Kona Grill, Inc.(a)	27,111
3,085		Lakeland Industries, Inc.(a)	12,278
6,509		Lakes Entertainment, Inc.(a)	23,758
7,590		Libbey, Inc.(a)	160,604
3,434		Lifetime Brands, Inc.	46,222
7,205		Luby's, Inc.(a)	61,098
6,643		MarineMax, Inc.(a)	76,328
2,838		Miller Industries, Inc.	46,458
2,737		Monarch Casino & Resort, Inc.(a)	42,177
9,698		Motorcar Parts of America, Inc.(a) (b)	60,225
7,031		MTR Gaming Group, Inc.(a)	26,648
1,011		Nathan's Famous, Inc.(a)	51,692
10,890		Nautilus, Inc.(a)	87,011
9,349		Navarre Corp.(a)	22,064
1,956		Orchard Supply Hardware Stores Corp., Class A(a) (b)	4,636
7,426		PC Connection, Inc.	124,683
4,305		PCM, Inc.(a)	32,976
5,040		Pizza Inn Holdings, Inc.(a)	24,242
5,038		Reading International, Inc., Class A(a)	30,631
4,677		Red Lion Hotels Corp.(a)	29,091
3,920		Rentrak Corp.(a)	90,709
4,177		RG Barry Corp.	59,856
3,531		Rick's Cabaret International, Inc.(a)	29,272
2,507		Rocky Brands, Inc.	36,652
10,337		Ruth's Hospitality Group, Inc.	115,774
2,228		Skyline Corp.(a)	9,068
6,222		SMF Energy Corp.(a)	790
10,609		Spartan Motors, Inc.	64,185
5,486		Stanley Furniture Co., Inc.(a)	22,438
3,161		Steinway Musical Instruments, Inc.(a)	88,160
580		Strattec Security Corp.	22,069
5,841		Supreme Industries, Inc., Class A(a)	29,731
1,926		Tandy Leather Factory, Inc.(a) (b)	15,138
7,911		Town Sports International Holdings, Inc.	87,179
11,799		Tuesday Morning Corp.(a)	105,129
6,725		Unifi, Inc.(a)	126,296
4,926		Virco Manufacturing Corp.(a)	10,394
5,064		West Marine, Inc.(a)	58,641
721		Winmark Corp.	43,094
12,662		Zale Corp.(a)	97,751
			3,909,562
		Consumer, Non-cyclical - 23.1%
17,560		Aastrom Biosciences, Inc.(a)	10,041
16,872		ACADIA Pharmaceuticals, Inc.(a) (b)	237,389
2,000		Accelerate Diagnostics, Inc.(a) (b)	17,580
5,040		AcelRx Pharmaceuticals, Inc.(a) (b)	44,906
1,288		Acme United Corp.	16,480
5,192		Acura Pharmaceuticals, Inc.(a) (b)	11,734
4,065		Adcare Health Systems, Inc.(a)	18,618
8,056		Addus HomeCare Corp.(a)	144,927
9,169		Agenus, Inc.(a)	36,951
5,765		Alexza Pharmaceuticals, Inc.(a) (b)	26,000
3,613		Alimera Sciences, Inc.(a)	15,680
2,619		Alliance HealthCare Services, Inc.(a)	42,454
596		Altair Nanotechnologies, Inc.(a)	1,478
274		Amcon Distributing Co.	20,173
2,400		American Caresource Holdings, Inc.(a)	4,728
2,721		American Shared Hospital Services(a)	5,524
9,497		Amicus Therapeutics, Inc.(a) (b)	31,625
13,466		Ampio Pharmaceuticals, Inc.(a) (b)	76,487
8,983		Anacor Pharmaceuticals, Inc.(a) (b)	49,137
4,322		Anika Therapeutics, Inc.(a)	63,793
45,544		Anthera Pharmaceuticals, Inc.(a)	26,643
12,422		Apricus Biosciences, Inc.(a) (b)	34,161
4,693		Arca Biopharma, Inc.(a) (b)	7,603
8,306		Arrowhead Research Corp.(a) (b)	18,273
38,142		Astex Pharmaceuticals(a)	184,989
3,117		AT Cross Co., Class A(a)	43,638
6,048		AtriCure, Inc.(a)	54,734
3,946		Avalon Holdings Corp., Class A(a)	14,442
1,942		Barrett Business Services, Inc.	113,277
7,599		Baxano Surgical, Inc.(a)	15,654
5,192		BG Medicine, Inc.(a) (b)	9,346
15,030		BioCryst Pharmaceuticals, Inc.(a) (b)	25,701
1,199		Biodel, Inc.(a)	5,599
10,498		BioDelivery Sciences International, Inc.(a) (b)	46,191
12,663		Biolase, Inc.(a)	60,023
22,564		Biosante Pharmaceuticals, Inc.(a) (b)	27,528
1,968		Biospecifics Technologies Corp.(a)	31,272
6,941		Biota Pharmaceuticals, Inc.	25,126
14,835		Biotime, Inc.(a) (b)	70,466
534		Blackstone Mortgage Trust, Inc., REIT(b)	14,082
37,609		Bovie Medical Corp.(a)	124,486
742		Bridgford Foods Corp.	5,788
5,751		BSD Medical Corp.(a) (b)	7,246
5,794		Cadiz, Inc.(a) (b)	34,069
13,510		Cardica, Inc.(a)	17,428
7,582		CardioNet, Inc.(a)	21,154
7,846		Cardiovascular Systems, Inc.(a)	161,235
59,045		Cardium Therapeutics, Inc.(a)	5,196
5,565		Carriage Services, Inc.	105,345
12,304		Catalyst Pharmaceutical Partners, Inc.(a)	10,842
2,068		CCA Industries, Inc.	7,093
45,736		Cell Therapeutics, Inc.(a) (b)	56,255
92,503		Cel-Sci Corp.(a)	22,710
13,030		Celsion Corp.(a) (b)	22,021
225		Ceres, Inc.(a)	486
17,768		Cerus Corp.(a) (b)	91,328
13,273		Chelsea Therapeutics International Ltd.(a)	25,617
5,361		Chindex International, Inc.(a)	86,848
18,836		Cleveland Biolabs, Inc.(a) (b)	29,478
1,489		Coffee Holding Co., Inc.(b)	10,423
2,662		Collectors Universe	34,713
23,380		Columbia Laboratories, Inc.(a)	14,755
2,371		CombiMatrix Corp.(a) (b)	7,374
4,011		Command Security Corp.(a)	6,498
8,540		Coronado Biosciences, Inc.(a)	84,375
2,944		Craft Brew Alliance, Inc.(a)	22,316
5,628		Crimson Wine Group Ltd.(a) (b)	49,358
7,823		Cryo-Cell International, Inc.(a)	16,819
5,144		Cumberland Pharmaceuticals, Inc.(a) (b)	24,948
4,525		Cutera, Inc.(a)	42,580
1,409		Cyanotech Corp.(a) (b)	8,074
4,893		Cyclacel Pharmaceuticals, Inc.(a) (b)	16,538
5,064		Cynosure, Inc., Class A(a)	126,144
49,552		Cytokinetics, Inc.(a)	59,462
15,926		Cytomedix, Inc.(a)	8,202
21,320		Cytori Therapeutics, Inc.(a)	52,447
11,703		CytRx Corp.(a) (b)	28,087
14,450		DARA Biosciences, Inc.(a) (b)	9,898
996		Daxor Corp.	7,430
27,330		Delcath Systems, Inc.(a) (b)	11,725
3,483		Derma Sciences, Inc.(a) (b)	46,463
12,710		Digirad Corp.(a)	29,487
12,293		Discovery Laboratories, Inc.(a)	22,004
1,489		Diversicare Healthcare Services, Inc.	6,849
5,840		Document Security Systems, Inc.(a) (b)	17,170
2,547		Durata Therapeutics, Inc.(a)	18,720
31,560		Durect Corp.(a)	26,504
4,399		Edgewater Technology, Inc.(a)	17,200
13,026		EnteroMedics, Inc.(a)	17,194
9,418		Entremed, Inc.(a)	16,952
12,176		Enzo Biochem, Inc.(a)	28,492
3,534		Exactech, Inc.(a)	64,319
5,409		Feihe International, Inc.(a)	39,756
9,602		Female Health Co.	89,395
17,560		Five Star Quality Care, Inc.(a)	90,083
1,629		Fonar Corp.(a)	10,751
4,988		Franklin Covey Co.(a)	68,785
2,908		Furiex Pharmaceuticals, Inc.(a)	107,509
3,908		G Willi-Food International Ltd. (Israel)(a)	26,692
7,650		Galectin Therapeutics, Inc.(a) (b)	32,742
28,690		Galena Biopharma, Inc.(a) (b)	67,422
7,914		GenMark Diagnostics, Inc.(a)	117,919
2,814		GenVec, Inc.(a)	1,168
1,779		Golden Enterprises, Inc.	6,315
1,732		Graymark Healthcare, Inc.(a)	537
1,303		Griffin Land & Nurseries, Inc.	38,803
8,681		Hackett Group, Inc.	43,752
20,404		Hansen Medical, Inc.(a) (b)	34,891
9,955		Harvard Bioscience, Inc.(a)	50,571
44,395		Hemispherx Biopharma, Inc.(a)	9,767
1,473		Heska Corp.	11,048
10,211		Hudson Global, Inc.(a)	23,587
2,564		Hyperion Therapeutics, Inc.(a)	51,460
8,448		Idera Pharmaceuticals, Inc.(a)	6,167
6,222		IGI Laboratories, Inc.(a)	9,209
18,208		ImmunoCellular Therapeutics Ltd.(a)	44,428
7,047		Information Services Group, Inc.(a)	13,812
9,604		Innovaro, Inc.(a)	480
61,911		Inovio Pharmaceuticals, Inc.(a)	42,223
8,591		Insmed, Inc.(a)	115,291
1,720		Intercept Pharmaceuticals, Inc.(a)	57,517
6,579		Intersections, Inc.	60,724
3,962		Inventure Foods, Inc.(a)	29,794
26,875		IsoRay, Inc.(a)	19,081
1,623		John B Sanfilippo & Son, Inc.	31,438
6,113		Jones Soda Co.(a)	3,546
1,839		Kalobios Pharmaceuticals, Inc.(a)	10,409
7,638		Kid Brands, Inc.(a)	12,221
8,951		LCA-Vision, Inc.(a)	28,912
694		Learning Tree International, Inc.(a)	2,089
3,794		LifeLock, Inc.(a)	39,154
3,547		Limoneira Co.	68,918
1,715		Mac-Gray Corp.	24,096
3,644		Management Network Group, Inc.(a)	10,604
35,639		Mast Therapeutics, Inc.(a)	25,304
5,322		Maxygen, Inc.	12,613
4,725		Medical Action Industries, Inc.(a)	39,690
5,386		MediciNova, Inc.(a) (b)	16,158
21,110		MELA Sciences, Inc.(a)	23,221
2,633		MGC Diagnostics Corp.(b)	20,063
3,506		MGP Ingredients, Inc.	18,757
4,123		Misonix, Inc.(a)	22,264
7,390		Myrexis, Inc.	588
13,974		Nanosphere, Inc.(a)	58,551
3,075		National Research Corp., Class A(a)	50,276
512		National Research Corp., Class B	17,469
3,405		Natural Alternatives International, Inc.(a)	15,867
4,513		Nature's Sunshine Products, Inc.	69,410
51,719		Neostem, Inc.(a) (b)	28,963
22,566		Neuralstem, Inc.(a) (b)	34,300
4,091		NeurogesX, Inc.(a)	55
2,801		NewLink Genetics Corp.(a) (b)	45,684
6,661		Northwest Biotherapeutics, Inc.(a) (b)	23,980
14,192		Novabay Pharmaceuticals, Inc.(a) (b)	18,733
3,746		NuPathe, Inc.(a) (b)	12,025
2,536		Nutraceutical International Corp.	50,111
767		Oculus Innovative Sciences, Inc.(a)	2,823
27,899		Odyssey Marine Exploration, Inc.(a) (b)	91,509
5,821		Omega Protein Corp.(a)	63,565
2,756		Omeros Corp.(a) (b)	14,607
4,894		OncoGenex Pharmaceutical, Inc.(a)	50,408
5,209		Opexa Therapeutics, Inc.(a) (b)	9,168
2,893		Overhill Farms, Inc.(a)	14,320
4,938		Palatin Technologies, Inc.(a)	3,057
3,934		PDI, Inc.(a)	17,113
2,467		Perceptron, Inc.	17,442
45,304		Peregrine Pharmaceuticals, Inc.(a) (b)	74,752
5,483		Pernix Therapeutics Holdings(a) (b)	19,794
6,191		Pfsweb, Inc.(a)	26,559
21,991		PharmAthene, Inc.(a)	39,144
6,980		Photomedex, Inc.(a) (b)	113,844
19,123		Premier Exhibitions, Inc.(a)	38,246
10,643		PRGX Global, Inc.(a)	58,324
8,655		Primo Water Corp.(a)	14,454
5,595		ProPhase Labs, Inc.(a)	8,896
10,900		Prospect Global Resources, Inc.(a)	2,425
3,823		Providence Service Corp.(a)	100,774
2,629		Psychemedics Corp.	29,340
18,423		PURE Bioscience, Inc.(a)	8,290
1,876		QC Holdings, Inc.	5,647
11,259		RadNet, Inc.(a)	29,273
3,434		RCM Technologies, Inc.	19,127
4,059		Reed's, Inc.(a) (b)	19,686
4,542		Regulus Therapeutics, Inc.(a)	40,696
6,399		Reliv International, Inc.	8,511
11,227		Repligen Corp.(a)	92,960
6,846		Repros Therapeutics, Inc.(a) (b)	118,573
3,262		Response Genetics, Inc.(a)	4,926
39,286		Rexahn Pharmaceuticals, Inc.(a)	13,239
3,419		Rochester Medical Corp.(a)	48,652
7,734		Rockwell Medical Technologies, Inc.(a) (b)	31,941
2,467		Rocky Mountain Chocolate Factory, Inc.	32,219
20,643		Savient Pharmaceuticals, Inc.(a)	11,354
12,949		Senomyx, Inc.(a)	26,804
21,997		Solta Medical, Inc.(a)	47,294
423		Standard Register Co.(a)	1,294
3,085		StarTek, Inc.(a)	14,870
16,648		StemCells, Inc.(a) (b)	29,300
903		Stemline Therapeutics, Inc.(a)	15,378
2,429		Stereotaxis, Inc.(a) (b)	4,251
10,475		Strategic Diagnostics, Inc.(a)	10,894
11,868		Sunesis Pharmaceuticals, Inc.(a)	63,969
4,155		SunLink Health Systems, Inc.(a)	3,033
3,903		Supernus Pharmaceuticals, Inc.(a) (b)	26,970
9,449		Synergetics USA, Inc.(a)	30,709
8,844		Synergy Pharmaceuticals, Inc.(a) (b)	45,104
6,367		Synthetic Biologics, Inc.(a)	9,105
2,587		Synutra International, Inc.(a)	12,159
18,377		Talon Therapeutics, Inc.(a)	7,443
6,548		Telik, Inc.(a)	9,167
2,988		TESARO, Inc.(a)	102,219
2,233		Theragenics Corp.(a)	4,533
5,483		Transcept Pharmaceuticals, Inc.(a)	16,230
19,465		Tranzyme, Inc.(a)	11,290
1,894		Tree.com, Inc.	37,331
11,370		Trius Therapeutics, Inc.(a)	87,208
821		United-Guardian, Inc.	21,309
1,473		Universal Security Instruments, Inc.(a) (b)	7,645
10,051		Uroplasty, Inc.(a)	26,635
4,240		US Physical Therapy, Inc.	119,144
693		Utah Medical Products, Inc.	32,065
5,613		Vascular Solutions, Inc.(a)	85,149
9,199		Venaxis, Inc.(a)	12,235
7,684		Ventrus Biosciences, Inc.(a)	19,825
1,746		Verastem, Inc.(a) (b)	16,692
8,030		Vermillion, Inc.(a) (b)	32,441
4,910		Versar, Inc.(a)	20,671
6,321		Vision-Sciences, Inc.(a)	6,763
4,829		Willamette Valley Vineyards, Inc.(a)	21,006
2,041		Wright Medical Group, Inc.(a)	51,086
24,383		XOMA Corp.(a)	102,409
42,593		Zalicus, Inc.(a)	26,727
28,814		Zogenix, Inc.(a)	42,933
			8,206,694
		Diversified - 0.3%
16,627		Horizon Pharma, Inc.(a) (b)	39,406
710		OBA Financial Services, Inc.(a) (b)	13,000
6,417		Resource America, Inc., Class A	61,667
			114,073
		Energy - 3.7%
658		Adams Resources & Energy, Inc.	41,217
6,348		Arabian American Development Co.(a)	46,975
6,126		Ascent Solar Technologies, Inc.(a)	4,766
3,435		Barnwell Industries, Inc.(a)	12,984
1,619		BioFuel Energy Corp.(a) (b)	6,638
3,499		Bolt Technology Corp.	57,034
14,626		Callon Petroleum Co.(a)	54,409
12,949		Crimson Exploration, Inc.(a)	37,293
5,345		Double Eagle Petroleum Co.(a)	22,021
5,023		Edgen Group, Inc.(a)	33,102
8,564		Emerald Oil, Inc.(a)	52,326
7,757		Enphase Energy, Inc.(a) (b)	59,884
7,477		Evolution Petroleum Corp.(a)	79,331
3,290		FieldPoint Petroleum Corp.(a)	13,357
81,992		Gasco Energy, Inc.(a)	2,050
13,241		Gastar Exploration Ltd. (Canada)(a)	32,838
5,531		Gevo, Inc.(a)	9,901
2,310		GMX Resources, Inc.(a) (b)	487
6,447		GreenHunter Energy, Inc.(a)	7,285
67		HKN, Inc.(a) (b)	5,494
20,091		Houston American Energy Corp.(a)	8,036
290		Isramco, Inc.(a) (b)	28,348
10,365		Lucas Energy, Inc.(a)	13,889
19,520		Magellan Petroleum Corp.(a)	19,715
11,183		Miller Energy Resources, Inc.(a) (b)	45,068
3,932		Mitcham Industries, Inc.(a)	61,379
3,313		Natural Gas Services Group, Inc.(a)	74,476
7,381		Ocean Power Technologies, Inc.(a) (b)	11,514
2,460		Pacific Ethanol, Inc.(a) (b)	10,799
3,053		Panhandle Oil and Gas, Inc., Class A	89,148
72,910		Plug Power, Inc.(a)	27,720
2,311		PostRock Energy Corp.(a)	3,143
435		PrimeEnergy Corp.(a)	16,060
2,873		Pyramid Oil Co.(a)	11,636
25,557		Quantum Fuel Systems Technologies Worldwide, Inc.(a)	15,171
2,595		Renewable Energy Group, Inc.(a)	35,110
1,795		REX American Resources Corp.(a)	50,116
3,759		Royale Energy, Inc.(a) (b)	10,300
7,709		Saratoga Resources, Inc.(a)	17,499
3,829		Syntroleum Corp.(a)	26,114
19,952		Tengasco, Inc.(a)	11,373
7,128		TGC Industries, Inc.	60,089
9,559		US Energy Corp.(a)	17,302
4,413		Verenium Corp.(a)	9,885
4,677		Westmoreland Coal Co.(a)	56,124
12,308		Zion Oil & Gas, Inc.(a) (b)	21,047
			1,330,453
		Financial - 30.1%
1,908		Access National Corp.	24,670
3,872		Agree Realty Corp., REIT	129,054
3,373		American National Bankshares, Inc.	73,160
38,117		American Realty Capital Properties, Inc., REIT	580,141
3,262		American River Bankshares(a)	27,107
3,483		American Safety Insurance Holdings Ltd. (Bermuda)(a)	83,453
2,185		American Spectrum Realty, Inc.(a)	6,446
8,399		Ameris Bancorp(a)	138,751
6,110		AmeriServ Financial, Inc.	18,574
7,583		Arbor Realty Trust, Inc., REIT	51,413
3,758		Ares Commercial Real Estate Corp., REIT	60,917
3,837		Arlington Asset Investment Corp., Class A	104,597
3,393		Asta Funding, Inc.	31,182
4,445		Atlanticus Holdings Corp.(a)	17,380
12,710		Bancorp, Inc.(a)	182,643
2,597		Bank of Kentucky Financial Corp.	67,392
2,036		Bank of Marin Bancorp	79,323
1,011		Bar Harbor Bankshares	36,335
6,116		BBX Capital Corp., Class A(a) (b)	75,533
3,644		Bofi Holding, Inc.(a)	170,612
3,130		Bridge Bancorp, Inc.	67,013
4,289		Bridge Capital Holdings(a)	65,150
4,224		Bryn Mawr Bank Corp.	95,800
4,224		BSB Bancorp, Inc.(a)	57,615
435		C&F Financial Corp.	20,880
3,759		Camco Financial Corp.(a)	12,705
2,627		Cape Bancorp, Inc.	24,615
6,228		Center Bancorp, Inc.	80,839
11,606		Centerstate Banks, Inc.	99,579
2,052		Central Valley Community Bancorp	19,330
1,185		Century Bancorp, Inc., Class A	42,056
2,117		CFS Bancorp, Inc.	22,123
5,338		Chatham Lodging Trust, REIT	99,020
2,006		Chicopee Bancorp, Inc.	34,864
1,942		CIFC Corp.(a)	14,934
4,545		Citizens & Northern Corp.	88,627
1,521		Citizens Holding Co.	29,370
5,137		CNB Financial Corp.	85,069
1,666		Codorus Valley Bancorp, Inc.	28,489
2,248		Colony Bankcorp, Inc.(a)	16,051
2,357		Consolidated-Tomoka Land Co.	86,030
3,565		Consumer Portfolio Services, Inc.(a)	27,700
8,464		Crescent Financial Bancshares, Inc.(a) (b)	35,379
1,025		Diamond Hill Investment Group, Inc.	83,835
22,530		Doral Financial Corp. (Puerto Rico)(a)	22,755
7,466		Eagle Bancorp, Inc.(a)	168,060
2,763		Eastern Insurance Holdings, Inc.	50,922
17,420		Eastern Virginia Bankshares, Inc.(a)	92,326
2,275		Enterprise Bancorp, Inc.	37,651
5,549		Enterprise Financial Services Corp.	84,733
5,990		ESB Financial Corp.	75,174
1,537		Evans Bancorp, Inc.	27,128
5,070		Farmers Capital Bank Corp.(a)	108,701
2,847		Federal Agricultural Mortgage Corp., Class C	85,609
4,958		Federated National Holding Co.	44,622
2,678		Fidus Investment Corp.	50,936
4,892		Financial Institutions, Inc.	95,443
6,523		First Acceptance Corp.(a)	8,610
3,888		First Bancorp, Inc.	61,975
9,000		First California Financial Group, Inc.(a)	76,500
2,280		First Citizens Banc Corp.	16,849
6,718		First Connecticut Bancorp	95,664
3,008		First Defiance Financial Corp.	66,056
6,443		First Federal Bancshares of Arkansas, Inc.(a)	62,819
13,021		First Financial Northwest, Inc.	129,429
3,726		First M&F Corp.	56,859
1,524		First Pactrust Bancorp, Inc.	20,071
807		First Security Group, Inc.(a)	3,430
3,851		First South Bancorp, Inc.(a)	25,340
3,355		First United Corp.(a)	24,961
4,862		Firstbank Corp.	65,880
1,570		FNB Corp.	18,055
7,890		FNB United Corp.(a) (b)	67,223
2,795		Fortegra Financial Corp.(a)	20,431
1,926		Fox Chase Bancorp, Inc.	31,914
6,341		Franklin Financial Corp.	115,026
4,912		German American Bancorp, Inc.	107,376
4,305		Gladstone Commercial Corp., REIT	84,120
1,258		Gladstone Land Corp., REIT	19,235
1,310		Gleacher & Co., Inc.(a)	18,003
15,352		Gramercy Property Trust, Inc., REIT(a)	69,391
7,982		GSV Capital Corp.(a)	64,973
5,711		Guaranty Bancorp	61,679
484		Gyrodyne Co. of America, Inc., REIT	35,405
6,004		Hallmark Financial Services, Inc.(a)	54,576
2,167		Hampden Bancorp, Inc.	32,570
758		Harleysville Savings Financial Corp.	15,160
13,014		Harris & Harris Group, Inc.(a)	45,549
850		Hawthorn Bancshares, Inc.	10,115
1,436		Health Insurance Innovations, Inc.(a)	14,417
10,361		Heritage Commerce Corp.(a)	69,937
6,244		Heritage Financial Corp.	86,230
1,092		Heritage Financial Group, Inc.	15,605
10,337		Heritage Oaks Bancorp(a)	61,195
8,030		HF Financial Corp.	104,631
1,974		HMN Financial, Inc.(a)	14,509
902		Home Bancorp, Inc.(a)	15,803
4,577		Home Federal Bancorp, Inc.	55,794
2,876		Homeowners Choice, Inc.	99,970
2,891		HomeStreet, Inc.	66,088
9,023		HopFed Bancorp, Inc.	97,539
1,250		Horizon Bancorp	24,475
2,972		IMPAC Mortgage Holdings, Inc., REIT(a) (b)	35,070
6,611		Imperial Holdings, Inc.(a)	45,418
5,677		Intervest Bancshares Corp., Class A(a)	36,900
449		Investors Title Co.	32,166
2,612		JAVELIN Mortgage Investment Corp., REIT	40,199
4,240		Life Partners Holdings, Inc.	15,434
4,268		LNB Bancorp, Inc.	40,418
4,792		Macatawa Bank Corp.(a)	26,356
7,285		MainSource Financial Group, Inc.	101,261
3,036		Manning & Napier, Inc.	60,386
2,612		Marlin Business Services Corp.	61,069
4,795		MBT Financial Corp.(a)	18,413
4,935		Medallion Financial Corp.	73,334
3,678		Mercantile Bancorp, Inc.(a)	1,526
2,988		Mercantile Bank Corp.	50,168
1,942		Merchants Bancshares, Inc.	55,095
5,265		Metro Bancorp, Inc.(a)	101,667
3,837		MetroCorp Bancshares, Inc.(a)	37,526
3,484		MicroFinancial, Inc.	25,259
1,894		Middleburg Financial Corp.	36,081
3,265		MidSouth Bancorp, Inc.	48,322
1,057		MidWestOne Financial Group, Inc.	25,051
2,089		Monarch Financial Holdings, Inc.	22,937
1,041		Monmouth Real Estate Investment Corp., Class A, REIT	10,681
22,955		MPG Office Trust, Inc., REIT(a)	71,849
1,826		MutualFirst Financial, Inc.	28,193
2,860		National Bankshares, Inc.	95,495
4,294		NBT Bancorp, Inc.	85,365
1,400		New Hampshire Thrift Bancshares, Inc.	18,382
6,483		New Mountain Finance Corp.	98,736
24,609		New York Mortgage Trust, Inc., REIT(b)	166,357
2,133		NewBridge Bancorp(a)	12,670
4,000		Nicholas Financial, Inc. (Canada)	59,360
865		North Valley Bancorp(a)	15,458
741		Northrim BanCorp, Inc.	16,502
955		Norwood Financial Corp.	29,844
5,490		OceanFirst Financial Corp.	76,036
2,360		Old Point Financial Corp.(b)	31,081
7,871		Old Second Bancorp, Inc.(a) (b)	44,943
3,104		OmniAmerican Bancorp, Inc.(a)	69,126
5,201		One Liberty Properties, Inc., REIT	137,566
2,721		Oneida Financial Corp.(b)	36,489
4,285		Oppenheimer Holdings, Inc., Class A	85,100
1,371		Orchid Island Capital, Inc., REIT	16,479
5,528		Pacific Continental Corp.	61,914
2,649		Pacific Mercantile Bancorp(a)	14,675
3,676		Pacific Premier Bancorp, Inc.(a)	43,414
5,611		Patriot National Bancorp, Inc.(a)	7,575
2,376		Peapack Gladstone Financial Corp.	36,448
1,844		Penns Woods Bancorp, Inc.	74,848
2,769		Peoples Bancorp, Inc.	55,491
1,894		Peoples Financial Corp.	24,717
3,117		PMC Commercial Trust, REIT	26,401
1,809		Porter Bancorp, Inc.(a)	1,520
2,211		Preferred Apartment Communities, Inc., Class A, REIT(b)	18,793
4,992		Preferred Bank(a)	80,721
7,865		Princeton National Bancorp, Inc.(a)	122
2,705		Provident Financial Holdings, Inc.	41,170
3,214		Pulaski Financial Corp.	33,040
6,415		PVF Capital Corp.(a) (b)	24,634
1,746		QCR Holdings, Inc.	27,150
28,566		Republic First Bancorp, Inc.(a)	87,983
5,735		Riverview Bancorp, Inc.(a)	13,649
3,038		SB Financial Group, Inc.(b)	25,550
32,907		Seacoast Banking Corp. of Florida(a)	69,434
2,705		Shore Bancshares, Inc.(a)	19,746
5,409		Sierra Bancorp	74,157
1,476		Simplicity Bancorp, Inc.	20,738
1,110		Southern National Bancorp of Virginia, Inc.	11,377
4,493		Southwest Bancorp, Inc.(a)	60,026
2,976		Suffolk Bancorp(a)	44,819
4,556		Summit Financial Group, Inc.(a) (b)	36,539
21,301		Sun Bancorp, Inc.(a)	65,607
755		Teche Holding Co.	31,997
4,144		Territorial Bancorp, Inc.	95,892
9,570		Thomas Properties Group, Inc.	51,774
2,551		Timberland Bancorp, Inc.	20,893
497		Trustmark Corp.	12,669
9,625		U.S. Global Investors, Inc., Class A	26,084
6,325		UMH Properties, Inc., REIT	66,665
2,919		United Community Financial Corp./OH(a)	11,939
3,225		United Insurance Holdings Corp.	20,801
2,996		United Security Bancshares(a)	12,823
2,800		United Security Bancshares, Inc.(a)	24,136
1,521		Unity Bancorp, Inc.	10,632
10,154		Universal Insurance Holdings, Inc.	67,727
9,586		Virginia Commerce Bancorp, Inc.(a)	130,370
5,597		Washington Banking Co.	76,343
2,117		Waterstone Financial, Inc.(a)	16,809
6,212		West Bancorporation, Inc.	71,935
6,080		Whitestone REIT, Class B, REIT	99,773
2,149		Yadkin Financial Corp.(a)	26,927
2,080		ZAIS Financial Corp., REIT	37,190
8,716		ZipRealty, Inc.(a)	24,841
			10,687,499
		Industrial - 11.8%
17,025		Active Power, Inc.(a)	73,207
3,839		ADA-ES, Inc.(a)	143,387
1,143		Air T, Inc.	11,716
10,831		API Technologies Corp.(a)	30,002
885		Argan, Inc.	14,381
5,100		Arotech Corp.(a)	8,364
1,555		Art's-Way Manufacturing Co., Inc.(b)	11,554
6,399		Ballantyne Strong, Inc.(a)	25,724
1,248		Breeze-Eastern Corp.(a) (b)	10,546
6,075		Broadwind Energy, Inc.(a) (b)	28,978
13,176		Casella Waste Systems, Inc., Class A(a)	52,836
2,992		Ceco Environmental Corp.	36,113
2,456		Chase Corp.	48,506
898		Chicago Rivet & Machine Co.	24,426
5,040		Clean Diesel Technologies, Inc.(a) (b)	10,584
5,746		Coleman Cable, Inc.	106,876
2,183		Core Molding Technologies, Inc.(a)	20,433
4,766		Covenant Transportation Group, Inc., Class A(a)	26,880
3,806		CPI Aerostructures, Inc.(a)	37,527
3,981		CUI Global, Inc.(a)	23,209
2,258		CVD Equipment Corp.(a) (b)	21,767
901		Digital Ally, Inc.(a) (b)	5,631
5,823		Eagle Bulk Shipping, Inc. (Marshall Islands)(a) (b)	25,447
1,699		Eastern Co.	25,111
513		Ecology and Environment, Inc., Class A	6,597
5,519		Engility Holdings, Inc.(a)	141,121
4,587		ENGlobal Corp.(a)	2,936
790		Erickson Air-Crane, Inc.(a) (b)	19,647
929		Espey Manufacturing & Electronics Corp.	23,736
790		Exone Co.(a) (b)	39,200
19,219		Flow International Corp.(a)	76,299
1,555		Frequency Electronics, Inc.	15,892
3,118		Frozen Food Express Industries(a)	4,833
2,419		Gencor Industries, Inc.(a)	17,054
3,614		Giga-Tronics, Inc.(a)	5,782
10,655		Goldfield Corp.(a)	27,810
3,923		GSE Holding, Inc.(a)	25,068
3,964		Hardinge, Inc.	50,541
3,215		Heritage-Crystal Clean, Inc.(a)	48,386
6,210		Hudson Technologies, Inc.(a)	22,604
1,842		Hurco Cos., Inc.(a)	52,865
35,936		Identive Group, Inc.(a)	31,947
4,187		IEC Electronics Corp.(a)	14,654
1,555		Image Sensing Systems, Inc.(a)	7,899
1,473		Innovative Solutions & Support, Inc.	11,327
4,315		Insignia Systems, Inc.(a)	8,587
5,469		Insteel Industries, Inc.	97,950
5,611		Integrated Electrical Services, Inc.(a) (b)	31,365
6,369		Intellicheck Mobilisa, Inc.(a)	3,248
1,910		IntriCon Corp.(a)	7,678
5,678		Iteris, Inc.(a)	9,539
3,759		Kadant, Inc.	112,469
16,199		Kratos Defense & Security Solutions, Inc.(a)	94,116
3,821		Lawson Products, Inc.	56,933
4,958		Lime Energy Co.(a)	3,718
3,968		LMI Aerospace, Inc.(a)	75,313
7,128		LoJack Corp.(a)	24,093
7,823		LRAD Corp.(a)	7,510
948		LS Starrett Co., Class A	9,717
8,520		LSI Industries, Inc.	69,438
5,746		Lydall, Inc.(a)	83,087
1,747		Magnetek, Inc.(a)	29,018
5,297		Manitex International, Inc.(a)	57,472
3,869		Meade Instruments Corp.(a) (b)	13,309
4,716		MEMSIC, Inc.(a)	19,241
1,008		Mesa Laboratories, Inc.	53,364
10,838		Metabolix, Inc.(a)	17,774
11,354		Metalico, Inc.(a)	16,350
6,052		Met-Pro Corp.	81,278
2,085		Mfri, Inc.(a)	16,034
11,377		Microvision, Inc.(a) (b)	34,017
1,912		Mocon, Inc.	26,080
6,015		Nanophase Technologies Corp.(a)	3,549
4,493		NAPCO Security Technologies, Inc.(a)	19,500
7,028		NCI Building Systems, Inc.(a)	101,555
5,564		NN, Inc.(a)	51,523
534		Omega Flex, Inc.	7,193
2,519		Orbit International Corp.(a)	8,590
10,698		Orion Energy Systems, Inc.(a)	24,819
1,323		P&F Industries, Inc.(a)	11,087
3,226		Park-Ohio Holdings Corp.(a)	119,975
3,759		Patrick Industries, Inc.(a)	73,263
12,229		Perma-Fix Environmental Services(a)	8,193
7,153		PGT, Inc.(a)	59,012
4,433		PMFG, Inc.(a)	28,327
5,132		PowerSecure International, Inc.(a)	69,179
4,621		Pro-DEX, Inc.(a)	8,780
630		Providence and Worcester Railroad Co.	10,401
3,271		Pulse Electronics Corp.(a) (b)	10,794
5,710		Pure Cycle Corp.(a)	37,800
4,912		Rand Logistics, Inc.(a)	27,507
9,565		Research Frontiers, Inc.(a) (b)	35,104
36,483		Revolution Lighting Technologies, Inc.(a) (b)	139,365
741		SIFCO Industries, Inc.	11,389
1,026		SL Industries, Inc.	24,275
2,135		Sparton Corp.(a)	35,484
9,666		Stoneridge, Inc.(a)	108,356
9,015		STR Holdings, Inc.(a)	27,225
3,178		Superconductor Technologies, Inc.(a) (b)	12,108
996		Sutron Corp.(a)	5,767
2,052		Synalloy Corp.	30,144
3,244		Sypris Solutions, Inc.	10,705
8,559		TRC Cos., Inc.(a)	50,669
2,146		UFP Technologies, Inc.(a)	41,182
8,095		Ultralife Corp.(a)	30,761
2,408		Universal Power Group, Inc.(a)	4,118
21,500		UQM Technologies, Inc.(a) (b)	18,275
3,177		US Concrete, Inc.(a)	50,991
1,416		USA Truck, Inc.(a)	9,162
1,926		Video Display Corp.(a)	7,781
1,855		VSE Corp.	62,922
3,369		Wells-Gardner Electronics Corp.(a)	6,772
3,004		Willis Lease Finance Corp.(a)	39,803
2,149		WSI Industries, Inc.	11,605
7,250		XPO Logistics, Inc.(a) (b)	120,568
3,791		YRC Worldwide, Inc.(a) (b)	75,403
			4,179,082
		Technology - 7.9%
6,300		Acorn Energy, Inc.(b)	55,755
1,645		Ambarella, Inc. (Cayman Islands)(a)	26,600
7,943		American Software, Inc., Class A	67,515
6,258		Amtech Systems, Inc.(a)	32,854
785		Analysts International Corp.(a)	3,203
1,043		Astro-Med, Inc.	10,680
3,253		Asure Software, Inc.(a)	19,355
2,596		Audience, Inc.(a)	36,344
35,881		Axcelis Technologies, Inc.(a)	57,410
14,804		AXT, Inc.(a)	42,043
4,218		Bsquare Corp.(a)	12,106
11,958		Callidus Software, Inc.(a) (b)	71,868
4,174		Cascade Microtech, Inc.(a)	27,507
4,972		Computer Task Group, Inc.	110,975
3,435		Concurrent Computer Corp.	25,900
2,910		CSP, Inc.	23,629
2,877		Daegis, Inc.(a)	3,222
2,149		Data I/O Corp.(a)	4,319
6,113		Datalink Corp.(a)	70,055
816		Dataram Corp.(a)	3,525
1,425		Datawatch Corp.(a)	20,962
2,565		Digimarc Corp.	59,021
19,946		Dot Hill Systems Corp.(a)	38,895
2,440		Dynamics Research Corp.(a)	12,200
20,868		DynaVox, Inc., Class A(a)	4,174
1,570		E2open, Inc.(a)	22,938
4,693		eMagin Corp.	18,256
7,950		EMCORE Corp.(a) (b)	27,189
4,715		Eon Communications Corp.(a)	3,937
2,392		Evolving Systems, Inc.	15,620
2,115		Exa Corp.(a)	17,724
1,605		Geeknet, Inc.(a)	23,305
4,428		GigOptix, Inc.(a)	7,837
21,239		Glu Mobile, Inc.(a) (b)	57,558
5,595		GSE Systems, Inc.(a)	9,120
8,596		GSI Technology, Inc.(a)	48,138
4,529		Guidance Software, Inc.(a)	41,757
9,241		Hutchinson Technology, Inc.(a)	53,043
2,903		Icad, Inc.(a)	17,389
6,451		Ikanos Communications, Inc.(a)	8,709
8,176		Immersion Corp.(a)	125,583
15,837		inContact, Inc.(a)	114,977
10,179		Innodata, Inc.(a)	32,166
9,757		Integrated Silicon Solution, Inc.(a)	105,571
5,324		Intermolecular, Inc.(a)	45,467
5,198		Interphase Corp.(a)	12,787
5,180		inTEST Corp.	17,508
192		j2 Global, Inc.	7,851
3,631		Key Tronic Corp.(a)	41,248
34,253		Majesco Entertainment Co.(a)	22,514
7,730		Market Leader, Inc.(a)	82,711
2,705		Mattersight Corp.(a) (b)	8,440
24,212		Mattson Technology, Inc.(a)	47,698
14,000		Mindspeed Technologies, Inc.(a) (b)	45,500
7,814		Mitek Systems, Inc.(a) (b)	49,463
14,819		MoSys, Inc.(a)	67,426
2,129		NCI, Inc.(a)	10,070
7,727		Netlist, Inc.(a)	4,791
4,510		NetSol Technologies, Inc.(a)	46,408
24,142		OCZ Technology Group, Inc.(a)	35,247
3,515		Official Payments Holdings, Inc.(a)	22,672
10,315		Overland Storage, Inc.(a)	11,965
3,150		PAR Technology Corp.(a)	12,568
7,634		Pixelworks, Inc.(a)	22,978
6,523		Planar Systems, Inc.(a)	11,350
15,654		PLX Technology, Inc.(a)	70,756
3,310		Qualstar Corp.(a)	5,296
2,435		Qualys, Inc.(a)	34,090
14,921		QuickLogic Corp.(a) (b)	35,213
11,402		RadiSys Corp.(a)	57,010
4,604		Rainmaker Systems, Inc.(a)	2,003
6,437		Richardson Electronics Ltd.	76,986
3,499		Rimage Corp.	28,307
2,467		Scientific Learning Corp.(a)	1,875
4,493		Simulations Plus, Inc.	19,724
3,678		SmartPros Ltd.	6,124
9,257		Smith Micro Software, Inc.(a)	11,941
7,369		Streamline Health Solutions, Inc.(a)	49,741
835		Technical Communications Corp.	6,171
1,110		Transact Technologies, Inc.	8,924
12,486		Transwitch Corp.(a)	6,369
9,297		Ultra Clean Holdings(a)	54,016
16,825		USA Technologies, Inc.(a)	30,790
13,934		Vitesse Semiconductor Corp.(a)	32,187
38,268		Wave Systems Corp., Class A(a)	14,542
2,161		Wayside Technology Group, Inc.	25,284
7,322		Wireless Ronin Technologies, Inc.(a)	6,663
2,974		XRS Corp.(a)	6,662
			2,808,270
		Utilities - 0.8%
2,681		Artesian Resources Corp., Class A	59,277
2,435		Delta Natural Gas Co., Inc.	52,912
2,263		Gas Natural, Inc.	23,264
1,588		RGC Resources, Inc.	32,363
40,581		US Geothermal, Inc.(a)	15,624
5,201		York Water Co.	99,235
			282,675
		Total Common Stocks - 99.7%
		(Cost $33,262,788)	35,448,850
		Exchange Traded Fund - 0.2%
900		iShares Russell Microcap Index Fund(b)	55,170
		(Cost $55,497)
		Rights - 0.0%*
		Consumer, Non-cyclical - 0.0%
8,185		Prospect Global Resources, Inc., 07/20/2013 (a) (c) (d)	20
		Financial - 0.0%
17,420		Eastern Virginia Bankshares, Inc., 07/14/2013 (a) (c) (d)	2,365
807		First Security Group, Inc., 06/01/2013 (a) (c) (d)	4,439
			6,804
		Total Rights - 0.0%
		(Cost $1,868)	6,824
		Warrant - 0.0%*
		Consumer, Non-cyclical - 0.0%
314		Photomedex, Inc., 12/13/2014(a) (c) (d)	752
		(Cost $0)
		Total Long-Term Investments - 99.9%
		(Cost $33,320,153)	35,511,596
		Investments of Collateral for Securities Loaned - 10.7%
3,797,575		BNY Mellon Securities Lending Overnight Fund, 0.0730%(e) (f)	3,797,575
		(Cost $3,797,575)
		Total Investments - 110.6%
		(Cost $37,117,728)	39,309,171
		Liabilities in excess of Other Assets - (10.6%)	(3,760,468)
		Net Assets  - 100.0%	$35,548,703

WREI Wilshire US REIT ETF
Portfolio of Investments
May 31, 2013 (Unaudited)
Number
of Shares		Description	Value
		Long-Term Investments - 99.9%
		Common Stocks - 99.9%
		Financial - 99.9%
2,205		Acadia Realty Trust, REIT	$57,154
111		Alexander's, Inc., REIT	33,787
2,748		Alexandria Real Estate Equities, Inc., REIT	188,238
1,403		American Assets Trust, Inc., REIT	45,177
4,304		American Campus Communities, Inc., REIT	175,732
5,998		Apartment Investment & Management Co., Class A, REIT	181,499
2,818		Ashford Hospitality Trust, Inc., REIT	37,226
2,075		Associated Estates Realty Corp., REIT	34,092
5,310		AvalonBay Communities, Inc., REIT	704,425
7,661		BioMed Realty Trust, Inc., REIT	160,345
6,225		Boston Properties, Inc., REIT	663,460
5,845		Brandywine Realty Trust, REIT	82,765
3,164		BRE Properties, Inc., REIT	158,168
3,468		Camden Property Trust, REIT	240,159
2,525		Campus Crest Communities, Inc., REIT	31,941
6,309		CBL & Associates Properties, Inc., REIT	145,044
2,574		Cedar Realty Trust, Inc., REIT	14,801
681		Chatham Lodging Trust, REIT	12,633
1,644		Chesapeake Lodging Trust, REIT	37,072
3,638		Colonial Properties Trust, REIT	80,436
4,680		CommonWealth REIT, REIT	95,659
877		Coresite Realty Corp., REIT	28,169
3,035		Corporate Office Properties Trust, REIT	80,822
4,670		Cousins Properties, Inc., REIT	48,194
5,495		CubeSmart, REIT	85,997
11,553		DCT Industrial Trust, Inc., REIT	85,261
11,917		DDR Corp., REIT	208,071
8,058		DiamondRock Hospitality Co., REIT	76,632
5,138		Digital Realty Trust, Inc., REIT	312,956
5,390		Douglas Emmett, Inc., REIT	137,391
13,206		Duke Realty Corp., REIT	218,823
2,718		DuPont Fabros Technology, Inc., REIT	65,857
1,234		EastGroup Properties, Inc., REIT	72,522
4,695		Education Realty Trust, Inc., REIT	49,110
1,714		Equity Lifestyle Properties, Inc., REIT	132,269
2,641		Equity One, Inc., REIT	61,615
14,782		Equity Residential, REIT	835,922
1,556		Essex Property Trust, Inc., REIT	244,510
1,808		Excel Trust, Inc., REIT	24,155
4,554		Extra Space Storage, Inc., REIT	190,767
2,665		Federal Realty Investment Trust, REIT	287,154
4,709		FelCor Lodging Trust, Inc., REIT(a)	29,007
4,166		First Industrial Realty Trust, Inc., REIT	70,364
2,373		First Potomac Realty Trust, REIT	32,463
3,785		Franklin Street Properties Corp., REIT	51,552
16,968		General Growth Properties, Inc., REIT	348,353
5,889		Glimcher Realty Trust, REIT	68,784
1,843		Government Properties Income Trust, REIT	44,803
18,613		HCP, Inc., REIT	881,884
10,692		Health Care REIT, Inc., REIT	727,377
3,654		Healthcare Realty Trust, Inc., REIT	97,233
4,167		Healthcare Trust of America, Inc., Class A, REIT	47,879
7,539		Hersha Hospitality Trust, REIT	43,123
3,213		Highwoods Properties, Inc., REIT	117,017
2,119		Home Properties, Inc., REIT	128,772
5,660		Hospitality Properties Trust, REIT	165,159
29,834		Host Hotels & Resorts, Inc., REIT	530,747
1,973		Hudson Pacific Properties, Inc., REIT	42,597
4,086		Inland Real Estate Corp., REIT	41,963
3,865		Investors Real Estate Trust, REIT	34,785
3,049		Kilroy Realty Corp., REIT	161,323
15,741		Kimco Realty Corp., REIT	348,663
3,782		Kite Realty Group Trust, REIT	22,957
3,930		LaSalle Hotel Properties, REIT	103,752
4,909		Liberty Property Trust, REIT	199,207
5,639		Macerich Co., REIT	366,027
3,616		Mack-Cali Realty Corp., REIT	95,824
1,742		MID-America Apartment Communities, Inc., REIT	118,404
1,624		Monmouth Real Estate Investment Corp., Class A, REIT	16,662
940		National Health Investors, Inc., REIT	58,534
2,760		Parkway Properties, Inc., REIT	47,417
2,526		Pebblebrook Hotel Trust, REIT	66,282
2,736		Pennsylvania Real Estate Investment Trust, REIT	54,419
6,890		Piedmont Office Realty Trust, Inc., Class A, REIT	130,841
2,244		Post Properties, Inc., REIT	107,263
19,000		ProLogis, Inc., REIT	765,700
760		PS Business Parks, Inc., REIT	57,996
5,922		Public Storage, REIT	898,960
2,412		Ramco-Gershenson Properties Trust, REIT	37,651
3,717		Regency Centers Corp., REIT	191,797
2,384		Retail Properties of America, Inc., Class A, REIT	36,380
4,318		RLJ Lodging Trust, REIT	100,005
1,218		Rouse Properties, Inc., REIT	24,494
1,821		Ryman Hospitality Properties, REIT	69,671
1,526		Sabra Health Care REIT, Inc., REIT	41,278
510		Saul Centers, Inc., REIT	22,843
7,720		Senior Housing Properties Trust, REIT	199,562
12,889		Simon Property Group, Inc., REIT	2,145,245
3,747		SL Green Realty Corp., REIT	325,914
1,258		Sovran Self Storage, Inc., REIT	81,606
7,077		Strategic Hotels & Resorts, Inc., REIT(a)	56,899
2,667		Summit Hotel Properties, Inc., REIT	26,323
1,404		Sun Communities, Inc., REIT	70,158
6,547		Sunstone Hotel Investors, Inc., REIT(a)	78,957
3,597		Tanger Factory Outlet Centers, REIT	124,025
2,445		Taubman Centers, Inc., REIT	197,018
706		Terreno Realty Corp., REIT	13,435
10,271		UDR, Inc., REIT	250,304
492		Universal Health Realty Income Trust, REIT	22,224
1,339		Urstadt Biddle Properties, Inc., Class A, REIT	28,199
11,986		Ventas, Inc., REIT	855,441
7,666		Vornado Realty Trust, REIT	612,897
2,735		Washington Real Estate Investment Trust, REIT	76,088
4,997		Weingarten Realty Investors, REIT	159,304
		(Cost $17,263,998)	19,397,821
		Total Investments - 99.9%
		(Cost $17,263,998)	19,397,821
		Other Assets in excess of Liabilities - 0.1%	16,107
		Net Assets  - 100.0%	$19,413,928