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 811-21910

Claymore Exchange-Traded Fund Trust 2
(Exact name of registrant as specified in charter)

2455 Corporate West Drive, Lisle, IL 60532
(Address of principal executive offices) (Zip code)

Nicholas Dalmaso

2455 Corporate West Drive, Lisle, IL 60532
(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: February 29, 2008

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. SCHEDULE OF INVESTMENTS.
Attached hereto. 

TAO | CLAYMORE/ALPHASHARES CHINA REAL ESTATE ETF
PORTFOLIO OF INVESTMENTS
FEBRUARY 29, 2008 (UNAUDITED)
NUMBER OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------------------------------
 COMMON STOCKS - 100.1%
 CHINA - 99.2%
 496,000 Agile Property Holdings Ltd. $ 705,052
 288,000 Beijing Capital Land Ltd. - Class H 144,358
 224,000 Beijing North Star Co. - Class H 114,006
 404,000 Champion - REIT 220,676
 111,000 Cheung Kong Holdings Ltd. 1,697,673
 990,000 China Overseas Land & Investment Ltd. 1,969,656
 480,000 China Resources Land Ltd. 904,397
 378,000 Chinese Estates Holdings Ltd. 564,524
 872,000 Country Garden Holdings Co. (a) 827,098
 8,418 E-House China Holdings Ltd. - ADR (a) 136,877
 348,000 Far East Consortium 156,542
 512,000 Franshion Properties China Ltd. (a) 207,942
 105,000 Great Eagle Holdings Ltd. 323,880
 205,000 Greentown China Holdings Ltd. 251,354
 1,154,000 Guangzhou Investment Co. Ltd. 277,352
 100,000 Guangzhou R&F Properties Co. Ltd. - Class H 312,956
 265,000 Hang Lung Group Ltd. 1,239,742
 456,000 Hang Lung Properties Ltd. 1,684,949
 221,000 Henderson Land Development Co. Ltd. 1,758,195
 275,200 HKR International Ltd. 214,341
 385,000 Hongkong Land Holdings Ltd. 1,686,300
 142,000 Hopson Development Holdings Ltd. 243,095
 193,000 Hysan Development Co. Ltd. 541,992
 314,000 K Wah International Holdings Ltd. 146,898
 187,500 Kerry Properties Ltd. 1,279,617
 145,000 Kowloon Development Co. Ltd. 329,111
 310,000 KWG Property Holding Ltd. (a) 312,365
 676,500 Link (The) - REIT 1,674,589
 190,000 Midland Holdings Ltd. 261,289
 99,000 Miramar Hotel & Investment 150,651
 210,000 Neo-China Land Group Holdings Ltd. 137,649
 354,000 New World China Land Ltd. 245,231
 567,000 New World Development Ltd. 1,563,128
 326,000 Shanghai Forte Land Co. - Class H 142,456
 512,000 Shenzhen Investment Ltd. 280,984
 437,000 Shimao Property Holdings Ltd. 900,886
 613,000 Shui On Land Ltd. 597,192
 344,000 Shun Tak Holdings Ltd. 515,515
 560,000 Sino Land Co. 1,438,029
 566,000 Sino-Ocean Land Holdings Ltd. (a) 606,690
 96,000 Sun Hung Kai Properties Ltd. 1,715,024
 148,500 Swire Pacific Ltd. - Class A 1,722,494
 312,500 Swire Pacific Ltd. - Class B 702,865
 225,000 Tian An China Investment 227,005
 1,032,000 United Energy Group Ltd. (a) 157,838
 368,000 Wharf Holdings Ltd. 1,913,156
 263,000 Wheelock & Co. Ltd. 782,512
 165,000 Wheelock Properties Ltd. 148,445
 ------------------
 34,134,576
 ------------------
 SINGAPORE - 0.9%
 161,000 Yanlord Land Group Ltd. 293,273
 ------------------

 TOTAL INVESTMENTS - 100.1%
 (Cost $39,339,192) 34,427,849
 Liabilities in excess of Other Assets - (0.1%) (19,731)
 ------------------
 NET ASSETS - 100.0% $ 34,408,118
 ==================


ADR - American Depositary Receipt
Ltd. - Limited
REIT - Real Estate Investment Trust

(a) Non-income producing security.

 ---------------------------------------------------------------------------
 SUMMARY OF INVESTMENTS BY SECTOR CLASSIFICATION
 ---------------------------------------------------------------------------
 SECTOR* % OF TOTAL INVESTMENTS
 Financials 100.0%
 ---------------------------------------------------------------------------


 * Subject to change daily. Securities are classified by sectors that
 represent broad groupings of related industries.

 Equity securities are valued at the last reported sale price on the
 principal exchange on which such securities are traded, as of the close of
 regular trading on the NYSE on the day the securities are being valued or,
 if there are no sales, at the mean of the most recent bid and asked
 prices. Equity securities that are traded in OTC markets are valued at the
 NASDAQ Official Closing Price as of the close of regular trading in the
 NYSE on the day the securities are valued or, if there are no sales, at
 the mean of the most recent bid and asked prices. Debt securities are
 valued at the mean between tha last available bid ans asked prices for
 such securities or, if such prices are not available, at prices for
 securities of comparable maturity, quality, and type. Securities for which
 market quotations are not readily availabe, including restricted
 securities, are valued by a method that the Trustees believe accurately
 reflects fair value. Securities will be valued at fair value when market
 quotations are not readily available or are deemed unrealiable, such as
 when a security's value or meaningful portion of the Fund's portfolio is
 believed to have been materially affected by a significant event. Such
 events may include a natural disaster, an economic event like bankruptcy
 filing, a trading halt in security, an unscheduled early market close or a
 substantial fluctuation in domestic and foreign markets that has occured
 between the close of the principal exchange and the NYSE. In such a case,
 the value for a security is likely to be different from the last quoted
 market price. In addition, due to the subjective and variable nature of
 fair market value pricing, it is possible that the value determined for a
 particular asset may be materially different from the value realized upon
 such asset's sale. Short-term securities with maturities of 60 days or
 less at time of purchase are valued at amortized cost, which appoximates
 market value.

 See previously submitted prospectus


HAO | CLAYMORE/ALPHASHARES CHINA SMALL CAP INDEX ETF
PORTFOLIO OF INVESTMENTS
FEBRUARY 29, 2008 (UNAUDITED)
NUMBER OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------------------------------
 COMMON STOCKS - 99.5%
 CONSUMER DISCRETIONARY - 12.4%
 184,000 AviChina Industry & Technology Co. $ 47,533
 328,000 Brilliance China Automotive Holdings Ltd. 66,185
 160,000 China Hongxing Sports Ltd. 75,731
 58,000 China Sky Chemical Fibre Co. Ltd. 56,985
 88,000 FibreChem Technologies Ltd. 49,857
 36,000 FU JI Food and Catering Services Holdings Ltd. 63,851
 74,000 Golden Eagle Retail Group Ltd. 77,323
 23,000 Great Wall Motor Co. Ltd. 27,077
 2,840 Home Inns & Hotels Management, Inc., ADR (a) 77,191
 92,000 Intime Department Store Group Co. Ltd. (a) 82,651
 60,000 Minth Group Ltd. 66,010
 55,000 Ports Design Ltd. 165,057
 117,000 Samson Holding Ltd. 27,368
 462,000 Shanghai Jin Jiang International Hotels Group Co. Ltd. 179,916
 24,000 Sichuan Xinhua Winshare Chainstore Co. Ltd. (a) 10,117
 532,000 TCL Multimedia Technology Holdings Ltd. (a) 31,111
 61,000 Weiqiao Textile Co. 85,612
 125 Xinhua Finance Ltd. (a) 16,270
 5,021 Xinhua Finance Media Ltd., ADR (a) 20,385
 80,000 Xinyu Hengdeli Holdings Ltd. 41,436
 ------------------
 1,267,666
 ------------------

 CONSUMER STAPLES - 13.7%
 8,976 American Oriental Bioengineering, Inc. (a) 89,580
 60,000 Celestial Nutrifoods Ltd. 27,324
 272,000 Chaoda Modern Agriculture 310,082
 224,000 China Agri-Industries Holdings Ltd. (a) 166,403
 24,000 China Fishery Group Ltd. 29,604
 104,000 China Foods Ltd. 64,560
 72,000 China Green Holdings Ltd. 83,654
 75,000 China Huiyuan Juice Group Ltd. (a) 61,210
 56,000 China Milk Products Group Ltd. 34,337
 104,000 China Yurun Food Group Ltd. 130,858
 200,000 Global Bio-Chem Technology Group Co. Ltd. 83,541
 10,000 Lianhua Supermarket Holdings Co. Ltd. 14,112
 88,000 People's Food Holdings Ltd. 68,158
 151,000 Pine Agritech Ltd. 21,117
 112,000 Synear Food Holdings Ltd. 54,618
 48,000 Tsingtao Brewery Co. Ltd. 142,507
 30,000 Wumart Stores, Inc. 23,905
 ------------------
 1,405,570
 ------------------

 ENERGY - 2.1%
 360,000 Cnpc Hong Kong Ltd. 204,045
 72,000 Shandong Molong Petroleum Machinery Co. Ltd. 11,937
 ------------------
 215,982
 ------------------

 FINANCIALS - 11.9%
 136,000 Beijing Capital Land Ltd. 68,169
 104,000 Beijing North Star Co. 52,931
 66,000 China Properties Group Ltd. 30,877
 3,935 E-House China Holdings Ltd., ADR (a) 63,983
 144,000 First Shanghai Investments Ltd. 38,125
 240,000 Franshion Properties China Ltd. (a) 97,473
 96,000 Greentown China Holdings Ltd. 117,708
 538,000 Guangzhou Investment Co. Ltd. 129,303
 145,000 KWG Property Holding Ltd. (a) 146,106
 132,000 Ming An Holdings Co. Ltd. 33,421
 156,000 Shanghai Forte Land Co. 68,169
 236,000 Shenzhen Investment Ltd. 129,516
 186,000 Silver Grant International 32,033
 482,000 United Energy Group Ltd. (a) 73,719
 76,000 Yanlord Land Group Ltd. (Singapore) 138,440
 ------------------
 1,219,973
 ------------------

 HEALTH CARE - 4.9%
 2,599 China Medical Technologies, Inc., ADR 119,554
 110,000 China Pharmaceutical Group Ltd. (a) 33,789
 24,000 Guangzhou Pharmaceutical Co. Ltd. 20,451
 1,996 Mindray Medical International Ltd., ADR 73,253
 16,000 Shandong Weigao Group Medical Polymer Co. Ltd. 24,882
 4,475 Simcere Pharmaceutical Group., ADR (a) 46,853
 7,475 WuXi PharmaTech Cayman, Inc.., ADR (a) 179,400
 ------------------
 498,182
 ------------------

 INDUSTRIALS - 26.5%
 72,000 Anhui Expressway Co. 60,704
 16,000 Baoye Group Co. Ltd. 13,161
 68,000 Beijing Enterprises Holdings Ltd. 287,097
 84,000 Bio-Treat Technology Ltd. 35,542
 83,800 Byd Co. Ltd. 158,754
 204,000 China Eastern Airlines Corp. Ltd. 132,143
 80,000 China Infrastructure Machinery Holdings Ltd. 127,085
 496,000 China Shipping Container Lines Co. Ltd. 227,580
 174,000 China Southern Airlines Co. Ltd. (a) 177,116
 28,000 China State Construction International Holdings Ltd. 51,173
 304,000 Citic Resources Holdings Ltd. (a) 139,094
 56,000 Dalian Port PDA Co. Ltd. 33,828
 28,000 Dongfang Electric Corp. Ltd. 170,937
 56,000 Enric Energy Equipment Holdings Ltd. (a) 62,617
 212,000 Guangshen Railway Co. Ltd. 140,323
 24,000 Guangzhou Shipyard International Co. Ltd. (a) 97,010
 80,000 GZI Transportation Ltd. 42,156
 180,000 Jiangsu Expressway Co. Ltd. 172,813
 52,000 Shanghai Prime Machinery Co. Ltd. 16,842
 112,000 Shenzhen Expressway Co. Ltd. 106,665
 1,130,000 Shenzhen International Holdings 127,804
 132,000 Sichuan Expressway Co. Ltd. 55,476
 76,000 Sinotrans Ltd. 24,224
 72,000 Tianjin Development Holdings 66,349
 52,000 Wasion Meters Group Ltd. 27,936
 20,000 Weichai Power Co. Ltd. 102,305
 48,000 Xiamen International Port Co. Ltd. 15,731
 28,000 Zhuzhou CSR Times Electric Co. Ltd. 34,907
 ------------------
 2,707,372
 ------------------

 INFORMATION TECHNOLOGY - 10.5%
 96,000 AAC Acoustic Technologies Holdings, Inc. (a) 92,290
 11,086 Actions Semiconductor Co. Ltd., ADR (a) 40,464
 3,897 AsiaInfo Holdings, Inc. (a) 43,296
 4,267 Comtech Group, Inc. (a) 44,633
 78,000 Digital China Holdings Ltd. 59,848
 10,174 Netease.com, ADR (a) 218,232
 2,882 Shanda Interactive Entertainment Ltd., ADR (a) 95,337
 4,007 Sohu.com, Inc. (a) 180,636
 1,599 The9 Ltd., ADR (a) 34,410
 172,000 TPV Technology Ltd. 104,562
 32,000 Travelsky Technology Ltd. 27,144
 23,600 ZTE Corp. 131,033
 ------------------
 1,071,885
 ------------------

 MATERIALS - 11.7%
 100,000 China BlueChemical Ltd. 65,033
 148,000 China Nickel Resources Holding Co. Ltd. 57,826
 62,000 China Oriental Group Co. Ltd. 47,891
 76,000 Chongqing Iron & Steel Co. Ltd. 32,038
 78,000 FerroChina Ltd. 78,873
 240,000 Hunan Non-Ferrous Metal Corp. Ltd. 125,542
 16,000 Lingbao Gold Co. Ltd. 10,961
 256,000 Maanshan Iron & Steel 163,853
 4,111 ShengdaTech, Inc. (a) 43,494
 288,000 Sinofert Holdings Ltd. 293,528
 344,000 Sinopec Shanghai Petrochemical Co. Ltd. 166,680
 204,000 Sinopec Yizheng Chemical Fibre Co. Ltd. 61,352
 10,000 Zhaojin Mining Industry Co. Ltd. 45,947
 ------------------
 1,193,018
 ------------------

 TELECOMMUNICATION SERVICES - 1.9%
 216,000 China Communications Services Corp. Ltd. (a) 190,442
 ------------------


 UTILITIES - 3.9%
 238,000 China Power International Development Ltd. 92,072
 22,000 Epure International Ltd. 28,715
 344,000 Guangdong Investment Ltd. 186,133
 212,000 Huadian Power International Co. 72,750
 22,000 Sino-Environment Technology Group Ltd. (Singapore) (a) 20,037
 ------------------
 399,707
 ------------------

 TOTAL INVESTMENTS - 99.5%
 (Cost $9,906,068) 10,169,797
 Other Assets in excess of Liabilities - 0.5% 45,987
 ------------------
 NET ASSETS - 100.0% $ 10,215,784
 ==================

ADR - American Depositary Receipt

(a) Non-income producing security.

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

-----------------------------------------------------------------------
Country Allocation*
-----------------------------------------------------------------------
China 98.4%
Singapore 1.6%
-----------------------------------------------------------------------

* Subject to change daily. Based on total investments.

Equity securities are valued at the last reported sale price on the principal exchange on which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Equity securities that are traded in OTC markets are valued at the NASDAQ Official Closing Price as of the close of regular trading on the NYSE on the day the securities are valued or, if there are no sales, at the mean of the most recent bid and asked prices. Debt securities are valued at the bid price for such securities or, if such prices are not available, at prices for securities of comparable maturity, quality, and type. Securities for which market quotations are not readily available, including restricted securities, are valued by a method that the Trustees believe accurately reflects fair value. Securities will be valued at fair value when market quotations are not readily available or are deemed unreliable, such as when a security's value or meaningful portion of the Fund's portfolio is believed to have been materially affected by a significant event. Such events may include a natural disaster, an economic event like a bankruptcy filing, a trading halt in a security, an unscheduled early market close or a substantial fluctuation in domestic and foreign markets that has occurred between the close of the principal exchange and the NYSE. In such a case, the value for a security is likely to be different from the last quoted market price. In addition, due to the subjective and variable nature of fair market value pricing, it is possible that the value determined for a particular asset may be materially different from the value realized upon such asset's sale.

See previously submitted prospectus. 

EXB | CLAYMORE/CLEAR GLOBAL EXCHANGES, BROKERS & ASSET MANAGERS INDEX ETF
PORTFOLIO OF INVESTMENTS
FEBRUARY 29, 2008 (UNAUDITED)
NUMBER OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------------------------------
 LONG-TERM INVESTMENTS - 100.0%
 COMMON STOCKS - 99.1%
 AUSTRALIA - 3.0%
 22,491 ASX Ltd. $ 884,441
 14,540 Macquarie Group Ltd. 729,135
 ------------------
 1,613,576
 ------------------
 BERMUDA - 0.1%
 24,000 Emperor Capital Group Ltd. 3,146
 125,000 Rexcapital Financial Holdings Ltd. (a) 16,869
 ------------------
 20,015
 ------------------
 CANADA - 1.1%
 2,744 DundeeWealth, Inc. 36,086
 2,318 GMP Capital Trust 44,968
 3,225 Montreal Exchange, Inc. 117,192
 8,729 TSX Group, Inc. 394,650
 ------------------
 592,896
 ------------------
 CAYMAN ISLANDS - 0.1%
 126,000 Get Nice Holdings Ltd. 10,526
 ------------------

 GERMANY - 5.8%
 2,543 AWD Holding AG 115,314
 18,280 Deutsche Boerse AG 2,910,789
 5,376 MLP AG 76,063
 ------------------
 3,102,166
 ------------------
 HONG KONG - 4.4%
 38,000 Allied Properties HK Ltd. 8,840
 119,500 Hong Kong Exchanges and Clearing Ltd. 2,325,294
 15,000 Shenyin Wanguo HK Ltd. 13,881
 ------------------
 2,348,015
 ------------------
 ITALY - 1.1%
 10,629 Azimut Holding SpA 122,633
 22,765 Mediobanca SpA 441,325
 ------------------
 563,958
 ------------------
 JAPAN - 6.2%
 39 Asset Managers Co. Ltd. 35,589
 76,000 Daiwa Securities Group, Inc. 722,002
 2 GCA Holdings Corp. 6,960
 30 kabu.com Securities Co. Ltd. 36,886
 2,900 Marusan Securities Co. Ltd. 26,798
 6,300 Matsui Securities Co. Ltd. 42,664
 20,000 Mizuho Investors Securities Co. Ltd. 28,049
 65 Monex Beans Holdings, Inc. 37,400
 105,600 Nomura Holdings, Inc. 1,709,197
 34 Osaka Securities Exchange Co. Ltd. 178,320
 80 SBI E*trade Securities Co. Ltd. 70,390
 1,019 SBI Holdings, Inc. 256,157
 32,000 Shinko Securities Co. Ltd. 112,194
 11,000 Tokai Tokyo Securities Co. Ltd. 47,020
 ------------------
 3,309,626
 ------------------
 NETHERLANDS - 0.1%
 4,155 BinckBank NV 53,931
 ------------------

 SINGAPORE - 1.2%
 109,000 Singapore Exchange Ltd. 655,845
 ------------------

 SPAIN - 0.9%
 9,695 Bolsas y Mercados Espanoles 489,814
 ------------------

 SWEDEN - 0.1%
 4,100 D Carnegie AB 70,937
 ------------------

 SWITZERLAND - 3.3%
 5,625 EFG International 189,692
 21,066 Julius Baer Holding AG 1,568,144
 ------------------
 1,757,836
 ------------------
 UNITED KINGDOM - 7.5%
 59,346 Aberdeen Asset Management PLC 158,779
 4,503 Climate Exchange PLC (a) 113,669
 10,950 Evolution Group PLC 25,376
 17,168 F&C Asset Management PLC 60,190
 68,358 Henderson Group PLC 138,357
 27,581 ICAP PLC 346,467
 8,125 Intermediate Capital Group PLC 243,242
 28,881 London Stock Exchange Group PLC 780,746
 161,798 Man Group PLC 1,786,258
 27,562 RAB Capital PLC (b) 32,622
 11,730 Schroders PLC 223,650
 11,445 Tullett Prebon PLC 114,970
 ------------------
 4,024,326
 ------------------
 UNITED STATES - 64.2%
 2,822 Affiliated Managers Group, Inc. (a) 271,900
 18,091 American Capital Strategies Ltd. 656,522
 21,881 Ameriprise Financial, Inc. 1,108,054
 68,578 Bank of New York Mellon Corp. (The) 3,008,517
 6,205 Bear Stearns Cos., Inc. (The) 495,531
 1,873 BlackRock, Inc. 361,957
 50,337 Charles Schwab Corp. (The) 987,109
 4,811 CME Group, Inc. 2,469,486
 24,815 E*Trade Financial Corp. (a) 105,960
 11,662 Eaton Vance Corp. 371,435
 1,257 FCStone Group, Inc. (a) 58,626
 8,159 Federated Investors, Inc. 331,092
 1,961 Fortress Investment Group LLC 27,454
 15,259 Franklin Resources, Inc. 1,439,992
 872 GFI Group, Inc. (a) 66,752
 8,417 GLG Partners, Inc. 109,505
 16,345 Goldman Sachs Group, Inc. (The) 2,772,602
 975 Greenhill & Co., Inc. 63,385
 9,161 IntercontinentalExchange, Inc. (a) 1,193,678
 2,357 Investment Technology Group, Inc. (a) 109,789
 14,476 Janus Capital Group, Inc. 350,609
 6,006 Jefferies Group, Inc. 106,607
 1,579 KBW, Inc. (a) 33,901
 5,234 Knight Capital Group, Inc. (a) 83,901
 2,868 LaBranche & Co., Inc. (a) 13,308
 12,670 Legg Mason, Inc. 836,727
 28,483 Lehman Brothers Holdings, Inc. 1,452,348
 46,001 Merrill Lynch & Co., Inc. 2,279,810
 57,027 Morgan Stanley 2,401,977
 18,313 Nasdaq OMX Group (The) (a) 760,173
 18,055 Northern Trust Corp. 1,221,060
 12,231 Nymex Holdings, Inc. 1,208,300
 34,899 NYSE Euronext 2,291,817
 2,377 optionsXpress Holdings, Inc. 55,051
 943 Piper Jaffray Cos. (a) 36,522
 5,097 Raymond James Financial, Inc. 114,530
 11,920 SEI Investments Co. 298,119
 36,441 State Street Corp. 2,862,441
 817 Stifel Financial Corp. (a) 35,613
 1,191 SWS Group, Inc. 13,565
 24,915 T Rowe Price Group, Inc. 1,258,955
 12,158 TD Ameritrade Holding Corp. (a) 222,491
 1,443 Thomas Weisel Partners Group, Inc. (a) 12,698
 1,522 TradeStation Group, Inc. (a) 14,611
 7,874 Waddell & Reed Financial, Inc. 246,771
 ------------------
 34,221,251
 ------------------

 TOTAL COMMON STOCKS - 99.1% 52,834,718
 (Cost $61,852,680) ------------------

 INVESTMENT COMPANY - 0.1%
 UNITED STATES - 0.1%
 645 iShares S&P Global Financials Sector Index Fund 45,292
 ------------------
 TOTAL INVESTMENT COMPANY
 (Cost $52,228)

 MASTER LIMITED PARTNERSHIPS - 0.8%
 UNITED STATES - 0.8%
 3,335 AllianceBernstein Holding LP 206,937
 14,407 Blackstone Group LP (The) 237,715
 ------------------
 TOTAL MASTER LIMITED PARTNERSHIPS 444,652
 (Cost $583,604) ------------------

 TOTAL LONG-TERM INVESTMENTS - 100.0%
 (Cost $62,488,512) 53,324,662
 ------------------

 SHORT-TERM INVESTMENTS - 0.1%
 INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.1%
 MONEY MARKET FUNDS - 0.1%
 28,350 UBS Private Money Market Fund LLC, 3.55% (c)
 (Cost $28,350) 28,350
 ------------------

 TOTAL INVESTMENTS - 100.1%
 (Cost $62,516,862) 53,353,012
 Liabilities in excess of Other Assets - (0.1%) (17,817)
 ------------------
 NET ASSETS - 100.0% $ 53,335,195
 ==================

LP - Limited Partnership
PLC - Public Limited Company
AG - Corporation
SpA - Joint Stock Company

(a) Non-income producing security.

(b) Security, or portion thereof, was on loan at February 29, 2008.

(c) At February 29, 2008, the total market value of the Fund's securities on
 loan was $26,010 and the total market value of the collateral held by the
 Fund was $28,350.


 ------------------------------------------------------------------------
 SECTOR BREAKDOWN*
 ------------------------------------------------------------------------
 Financials 100.0%
 ------------------------------------------------------------------------

 * Subject to change daily. Based on long-term investments.

See previously submitted notes to financial statements for the period ending
November 30, 2007.


CUT | CLAYMORE/CLEAR GLOBAL TIMBER INDEX ETF
PORTFOLIO OF INVESTMENTS
FEBRUARY 29, 2008 (UNAUDITED)
NUMBER OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------------------------------
 COMMON STOCKS - 84.8%
 AUSTRALIA - 8.5%
 509,053 Great Southern Ltd. $ 809,486
 628,414 Gunns Ltd. 1,928,045
 493,905 Timbercorp Ltd. 577,499
 ------------------
 3,315,030
 ------------------
 BERMUDA - 3.4%
 8,694,000 China Grand Forestry Resources Group Ltd. (a) 1,329,691
 ------------------

 CANADA - 8.3%
 50,962 Canfor Corp. (a) 416,271
 95,842 Sino-Forest Corp. (a) 1,857,342
 29,575 West Fraser Timber Co., Ltd. 966,608
 ------------------
 3,240,221
 ------------------
 IRELAND - 4.6%
 125,161 Smurfit Kappa Group PLC (a) 1,805,066
 ------------------

 JAPAN - 12.7%
 229,500 Hokuetsu Paper Mills Ltd. 1,022,890
 417,000 OJI Paper Co., Ltd. 1,766,457
 272,600 Sumitomo Forestry Co., Ltd. 2,155,034
 ------------------
 4,944,381
 ------------------
 SOUTH AFRICA - 4.4%
 140,853 Sappi Ltd., ADR 1,732,492
 ------------------

 SPAIN - 3.5%
 158,911 Grupo Empresarial Ence SA 1,379,909
 ------------------

 SWEDEN - 9.7%
 54,000 Holmen AB 1,868,588
 114,800 Svenska Cellulosa AB 1,897,859
 ------------------
 3,766,447
 ------------------
 UNITED STATES - 29.7%
 20,336 Deltic Timber Corp. 966,773
 61,621 International Paper Co. 1,953,386
 63,294 MeadWestvaco Corp. 1,624,124
 42,996 Plum Creek Timber Co., Inc. - REIT 1,749,507
 44,424 Potlatch Corp. - REIT 1,833,379
 42,298 Rayonier, Inc. - REIT 1,799,780
 27,476 Weyerhaeuser Co. 1,681,531
 ------------------
 11,608,480
 ------------------

 TOTAL COMMON STOCKS - 84.8%
 (Cost $35,755,910) 33,121,717
 ------------------

 PREFERRED STOCK - 10.3%
 BRAZIL - 10.3%
 27,013 Aracruz Celulose SA, ADR 1,956,822
 66,022 Votorantim Celulose e Papel SA , ADR 2,077,052
 ------------------
 (Cost $4,020,797) 4,033,874
 ------------------

 INCOME TRUST - 4.8%
 CANADA - 4.8%
 134,769 TimberWest Forest Corp. 1,886,546
 (Cost $1,928,508) ------------------

 TOTAL INVESTMENTS - 99.9%
 (Cost $41,705,215) 39,042,137
 Other Assets in excess of Liabilities - 0.1% 35,120
 ------------------
 NET ASSETS - 100.0% $ 39,077,257
 ==================

AB - Corporation
ADR - American Depositary Receipt
Ltd. - Limited
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SA - Corporation


(a) Non-income producing security.

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

 -------------------------------------------------------------------------
 SECTOR BREAKDOWN* % of Total Investments
 -------------------------------------------------------------------------
 Materials 80.7%
 Financials 13.8%
 Consumer Discretionary 5.5%
 -------------------------------------------------------------------------
 * Subject to change daily. Based on total investments.

See previously submitted notes to financial statements for the period ended November 30, 2007. 

ROB | CLAYMORE/ROBB REPORT GLOBAL LUXURY ETF
PORTFOLIO OF INVESTMENTS
FEBRUARY 29, 2008 (UNAUDITED)
NUMBER OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------------------------------
 COMMON STOCKS - 96.2%
 BERMUDA - 3.6%
 21,000 Mandarin Oriental International, Ltd. $ 39,690
 1,303 Orient-Express Hotels, Ltd. 70,584
 62,000 Shangri-La Asia, Ltd. 191,642
 ------------------
 301,916
 ------------------
 BRAZIL - 2.1%
 3,994 Empresa Brasileira de Aeronautica SA, ADR 177,014
 ------------------

 CANADA - 0.4%
 1,258 Harry Winston Diamond Corp. 33,075
 ------------------

 DENMARK - 0.2%
 240 Bang & Olufsen A/S 16,308
 ------------------

 FRANCE - 27.3%
 3,918 Christian Dior SA 430,094
 218 Dassault Aviation SA 185,992
 2,281 Hermes International 268,920
 4,485 LVMH Moet Hennessy Louis Vuitton SA 464,556
 4,647 Pernod-Ricard SA 496,645
 2,770 PPR 381,785
 995 Remy Cointreau SA 63,019
 268 Rodriguez Group 6,156
 ------------------
 2,297,167
 ------------------
 GERMANY - 10.6%
 7,740 Bayerische Motoren Werke AG 425,119
 5,507 Daimler AG 466,414
 ------------------
 891,533
 ------------------
 ITALY - 4.8%
 6,455 Bulgari SpA 72,515
 6,960 Ducati Motor Holding SpA (a) 17,571
 9,955 Luxottica Group SpA 276,713
 656 Tod's SpA 40,602
 ------------------
 407,401
 ------------------
 JAPAN - 3.3%
 9,000 Shiseido Co., Ltd. 206,618
 8,000 TOTO, Ltd. 67,931
 ------------------
 274,549
 ------------------
 SINGAPORE - 0.2%
 17,000 Banyan Tree Holdings, Ltd. 15,849
 ------------------

 SWITZERLAND - 19.5%
 8,156 Compagnie Financiere Richemont SA 475,077
 6,691 Credit Suisse Group 333,332
 4,801 Julius Baer Holding AG 357,384
 681 Swatch Group AG 201,273
 8,357 UBS AG 275,097
 ------------------
 1,642,163
 ------------------
 UNITED KINGDOM - 0.9%
 9,303 Burberry Group PLC 77,954
 ------------------

 UNITED STATES - 23.3%
 7,916 Coach Inc. (a) 240,013
 2,284 Goldman Sachs Group, Inc. (The) 387,435
 4,991 Nordstrom, Inc. 184,817
 4,730 Northern Trust Corp. 319,890
 2,184 Polo Ralph Lauren Corp. 135,823
 3,048 Saks, Inc. (a) 47,427
 1,427 Sotheby's 48,118
 4,283 Starwood Hotels & Resorts Worldwide, Inc. 202,714
 2,731 Tiffany & Co. 102,795
 1,478 Wilmington Trust Corp. 45,522
 2,459 Wynn Resorts Ltd. 247,621
 ------------------
 1,962,175
 ------------------

 TOTAL COMMON STOCKS - 96.2% 8,097,104
 (Cost $9,735,779) ------------------

 PREFERRED STOCK - 3.8%
 GERMANY - 3.8%
 188 Porsche Automobil Holding SE 324,024
 (Cost $389,515) ------------------

 SHORT TERM INVESTMENTS - 1.7%
 INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.7%
 MONEY MARKET FUNDS - 1.7%
 141,365 UBS Private Money Market Fund LLC, 3.55% 141,365
 (Cost $141,365) ------------------

 TOTAL INVESTMENTS - 101.7%
 (Cost - $10,266,659) 8,562,493
 Liabilities in Excess of Other Assets - (1.7)% (145,756)
 ------------------
 NET ASSETS - 100.0% $ 8,416,737
 ==================



ADR - American Depositary Receipt
AG - Corporation
PLC - Public Limited Company
SA - Corporation
SpA - Joint Stock Company

 (a) Non-income producing security.

 ----------------------------------------------------------------------
 Sector* % of Long-term Investments
 ----------------------------------------------------------------------
 Consumer Discretionary 65.0%
 Financials 20.4%
 Consumer Staples 9.1%
 Industrials 5.1%
 Materials 0.4%
 ----------------------------------------------------------------------
 * Subject to change daily. Based on long-term investments.

See previously submitted notes to financial statements for the period ended
November 30, 2007.


ENY | CLAYMORE/SWM CANADIAN ENERGY INCOME INDEX ETF
PORTFOLIO OF INVESTMENTS
FEBRUARY 29, 2008 (UNAUDITED)
NUMBER OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------------------------------
 COMMON STOCKS - 59.1.%
 CANADA - 59.1%
 17,092 Canadian Natural Resources Ltd. $ 1,287,223
 343,256 Connacher Oil and Gas Ltd. (a) 1,223,161
 17,116 EnCana Corp. 1,311,225
 22,582 Husky Energy, Inc. 961,476
 34,651 Imperial Oil Ltd. 1,958,273
 25,461 Nexen, Inc. 798,094
 67,242 OPTI Canada, Inc. (a) 1,187,754
 32,596 Petrobank Energy & Resources Ltd. (a) 1,929,334
 11,285 Petro-Canada 542,818
 22,008 Suncor Energy, Inc. 2,280,796
 139,481 Synenco Energy, Inc. - Class A (a) 999,752
 249,628 UTS Energy Corp. (a) 1,483,393
 ------------------
 TOTAL COMMON STOCKS
 (Cost $15,241,151) 15,963,299
 ------------------

 INCOME TRUSTS - 39.5%
 CANADA - 39.5%
 24,485 ARC Energy Trust 589,000
 36,977 Advantage Energy Income Fund 400,578
 18,324 Baytex Energy Trust 397,201
 15,067 Bonavista Energy Trust 449,056
 53,462 Canadian Oil Sands Trust 2,276,256
 16,665 Crescent Point Energy Trust 461,971
 29,739 Enerplus Resources Fund 1,288,968
 26,620 Harvest Energy Trust 654,764
 30,878 NAL Oil & Gas Trust 413,640
 26,937 Pengrowth Energy Trust 504,691
 60,745 Penn West Energy Trust 1,722,990
 17,860 Peyto Energy Trust 361,795
 27,621 Progress Energy Trust 366,626
 35,806 Provident Energy Trust 393,742
 43,540 Trilogy Energy Trust 377,874
 ------------------
 TOTAL INCOME TRUSTS
 (Cost $10,147,240) 10,659,152
 ------------------

 ROYALTY TRUSTS - 1.1%
 CANADA - 1.1%
 18,202 Freehold Royalty Trust
 (Cost $260,477) 299,030
 ------------------

 TOTAL INVESTMENTS - 99.7%
 (Cost $25,648,868) 26,921,481
 Other Assets in excess of Liabilities - 0.3% 72,424
 ------------------
 NET ASSETS - 100.0% $ 26,993,905
 ==================


 (a) Non-income producing security.

See previously submitted notes to financial statements for the period ended
November 30, 2007.

 -----------------------------------------------------------
 SECTOR* % OF TOTAL INVESTMENTS
 -----------------------------------------------------------
 Energy 100.0%
 -----------------------------------------------------------
 * Subject to change daily. Securities are classified by
 sectors that represent broad groupings of related industries.


CRO | CLAYMORE/ZACKS COUNTRY ROTATION ETF
PORTFOLIO OF INVESTMENTS
FEBRUARY 29, 2008 (UNAUDITED)
NUMBER OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------------------------------
 Common Stocks - 99.9%
 AUSTRIA - 2.3%
 1,218 Erste Bank der Oesterreichischen Sparkassen AG $ 71,188
 1,241 OMV AG 90,242
 2,431 Telekom Austria AG 55,247
 ------------------
 216,677
 ------------------
 BELGIUM - 4.7%
 1,036 Belgacom SA 49,927
 1,974 Dexia SA 46,959
 3,934 Fortis 87,672
 423 Groupe Bruxelles Lambert SA 51,058
 812 InBev NV 73,962
 636 KBC Groep NV 80,466
 363 Solvay SA 45,877
 ------------------
 435,921
 ------------------
 FRANCE - 14.6%
 431 Accor SA 30,909
 369 Air Liquide 52,629
 4,455 Alcatel-Lucent 26,444
 162 Alstom 34,566
 1,725 AXA SA 58,869
 626 BNP Paribas 56,611
 407 Bouygues 28,076
 691 Carrefour SA 48,968
 543 Cie de Saint-Gobain 43,046
 582 Cie Generale d'Optique Essilor International SA 34,723
 306 Compagnie Generale des Etablissements Michelin 30,478
 1,035 Credit Agricole SA 28,345
 1,857 France Telecom SA 62,810
 607 Groupe Danone 47,899
 229 Lafarge SA 39,972
 385 L'Oreal SA 46,009
 441 LVMH Moet Hennessy Louis Vuitton SA 45,679
 328 Pernod-Ricard SA 35,055
 469 Peugeot SA 35,998
 217 PPR 29,909
 368 Renault SA 39,777
 744 Sanofi-Aventis SA 55,107
 260 Schneider Electric SA 29,887
 485 Societe Generale 52,349
 1,064 Suez SA 68,180
 1,084 Total SA 82,265
 160 Unibail-Rodamco - REIT (a) 39,301
 128 Vallourec 26,868
 579 Veolia Environnement 51,746
 674 Vinci SA 47,026
 1,161 Vivendi 46,213
 ------------------
 1,355,714
 ------------------
 ITALY - 6.0%
 797 Assicurazioni Generali SpA 34,447
 963 Atlantia SpA 30,993
 1,627 Banco Popolare SC (a) 30,973
 3,052 Enel SpA 33,058
 1,988 ENI SpA 69,172
 1,332 Fiat SpA 28,451
 1,226 Finmeccanica SpA 37,950
 8,918 Intesa Sanpaolo SpA 60,246
 1,625 Mediobanca SpA 31,502
 16,921 Telecom Italia SpA 42,667
 14,637 Telecom Italia SpA - RNC 28,464
 9,348 Terna Rete Elettrica Nazionale SpA 40,622
 8,345 UniCredit SpA 61,886
 1,283 Unione di Banche Italiane SCPA 30,287
 ------------------
 560,718
 ------------------
 JAPAN - 30.4%
 3,000 Asahi Glass Co. Ltd. 34,667
 1,100 Astellas Pharma, Inc. 48,605
 1,800 Bridgestone Corp. 30,171
 1,000 Canon, Inc. 46,299
 3 Central Japan Railway Co. 28,817
 1,200 Chubu Electric Power Co., Inc. 30,431
 1,600 Daiichi Sankyo Co. Ltd. 50,103
 700 Daikin Industries Ltd. 32,141
 4,000 Daiwa Securities Group, Inc. 38,000
 1,200 Denso Corp. 45,531
 6 East Japan Railway Co. 48,355
 400 Eisai Co. Ltd. 14,524
 300 Fanuc Ltd. 28,586
 1,100 FUJIFILM Holdings Corp. 41,948
 5,000 Fujitsu Ltd. 36,213
 7,000 Hitachi Ltd. 51,506
 1,500 Honda Motor Co. Ltd. 46,972
 1,000 HOYA Corp. 25,743
 200 Ibiden Co. Ltd. 9,759
 3,000 ITOCHU Corp. 32,477
 9 Japan Tobacco, Inc. 45,906
 900 JFE Holdings, Inc. 40,978
 1,200 Kansai Electric Power Co., Inc. (The) 29,509
 2,000 Kao Corp. 61,861
 5 KDDI Corp. 30,738
 1,600 Komatsu Ltd. 41,958
 400 Kyocera Corp. 33,236
 2,000 Marubeni Corp. 15,580
 3,000 Matsushita Electric Industrial Co. Ltd. 64,406
 1,500 Millea Holdings, Inc. 56,481
 1,800 Mitsubishi Corp. 56,539
 5,000 Mitsubishi Electric Corp. 46,828
 2,000 Mitsubishi Estate Co. Ltd. 50,142
 7,000 Mitsubishi Heavy Industries Ltd. 33,553
 5,400 Mitsubishi UFJ Financial Group, Inc. 49,070
 3,000 Mitsui & Co. Ltd. 67,144
 2,000 Mitsui Fudosan Co. Ltd. 41,881
 3,000 Mitsui OSK Lines Ltd. 40,084
 3,000 Mitsui Sumitomo Insurance Co. Ltd. 32,189
 9 Mizuho Financial Group, Inc. 38,557
 600 Murata Manufacturing Co. Ltd. 33,197
 1,000 NGK Insulators Ltd. 23,294
 1,000 Nikon Corp. 28,673
 100 Nintendo Co. Ltd. 51,294
 4,000 Nippon Oil Corp. 27,741
 9,000 Nippon Steel Corp. 48,413
 11 Nippon Telegraph & Telephone Corp. 47,971
 4,700 Nissan Motor Co. Ltd. 43,521
 2,900 Nomura Holdings, Inc. 46,938
 33 NTT DoCoMo, Inc. 49,450
 1,000 Olympus Corp. 29,778
 160 ORIX Corp. 24,652
 2,000 Ricoh Co. Ltd. 32,851
 300 Secom Co. Ltd. 15,331
 2,000 Seven & I Holdings Co. Ltd. 50,526
 2,000 Sharp Corp. 37,040
 900 Shin-Etsu Chemical Co. Ltd. 49,623
 1,400 Softbank Corp. 27,905
 900 Sony Corp. 43,139
 4,000 Sumitomo Chemical Co. Ltd. 28,049
 2,300 Sumitomo Corp. 34,023
 2,300 Sumitomo Electric Industries Ltd. 34,664
 12,000 Sumitomo Metal Industries Ltd. 52,101
 2,000 Sumitomo Metal Mining Co. Ltd. 43,322
 6 Sumitomo Mitsui Financial Group, Inc. 44,493
 1,000 Sumitomo Realty & Development Co. Ltd. 17,559
 600 T&D Holdings, Inc. 31,238
 800 Takeda Pharmaceutical Co. Ltd. 45,031
 300 TDK Corp. 21,786
 1,800 Tokyo Electric Power Co., Inc. (The) 46,597
 3,000 Tokyo Gas Co. Ltd. 13,602
 6,000 Toshiba Corp. 45,934
 900 Toyota Motor Corp. 49,709
 ------------------
 2,816,933
 ------------------
 LUXEMBOURG - 0.8%
 957 ArcelorMittal 73,614
 ------------------

 NETHERLANDS - 0.6%
 1,134 European Aeronautic Defence and Space Co NV 30,006
 2,381 STMicroelectronics NV 28,863
 ------------------
 58,869
 ------------------
 NEW ZEALAND - 1.0%
 5,919 Fletcher Building Ltd. 45,518
 16,234 Telecom Corp of New Zealand Ltd. 50,380
 ------------------
 95,898
 ------------------
 SPAIN - 8.4%
 1,601 Abertis Infraestructuras SA 50,894
 158 Acciona SA 40,536
 834 ACS Actividades de Construccion y Servicios SA 42,946
 3,555 Banco Bilbao Vizcaya Argentaria SA 74,261
 4,017 Banco Popular Espanol SA 63,482
 4,921 Banco Santander SA 89,124
 1,181 Gamesa Corp Tecnologica SA 48,677
 872 Gas Natural SDG SA 53,203
 4,298 Iberdrola SA 62,638
 772 Inditex SA 40,257
 1,924 Repsol YPF SA 66,741
 3,144 Telefonica SA 91,831
 780 Union Fenosa SA 51,687
 ------------------
 776,277
 ------------------
 SWITZERLAND - 7.3%
 1,843 ABB Ltd 47,002
 785 Compagnie Financiere Richemont SA - Class A 45,725
 898 Credit Suisse Group 44,736
 501 Holcim Ltd 51,358
 184 Nestle SA 88,051
 1,253 Novartis AG 61,762
 374 Roche Holding AG 73,417
 726 Swiss Reinsurance 58,494
 96 Swisscom AG 36,628
 218 Syngenta AG 62,603
 1,410 UBS AG 46,415
 185 Zurich Financial Services AG 58,178
 ------------------
 674,369
 ------------------
 UNITED KINGDOM - 23.4%
 1,057 Anglo American PLC 67,998
 1,497 AstraZeneca PLC 56,370
 3,859 Aviva PLC 46,941
 5,685 BAE Systems PLC 54,592
 6,141 Barclays PLC 58,299
 3,396 BG Group PLC 80,523
 2,160 BHP Billiton PLC 70,036
 8,715 BP PLC 94,654
 1,833 British American Tobacco PLC 69,096
 12,101 BT Group PLC 54,642
 2,864 Cadbury Schweppes PLC 32,074
 7,231 Centrica PLC 46,460
 3,164 Diageo PLC 65,078
 3,336 GlaxoSmithKline PLC 73,128
 4,333 HBOS PLC 52,017
 6,196 HSBC Holdings PLC 94,410
 1,044 Imperial Tobacco Group PLC 48,595
 9,520 International Power PLC 72,009
 4,055 J Sainsbury PLC 28,655
 13,753 Legal & General Group PLC 34,087
 7,010 Lloyds TSB Group PLC 63,237
 3,208 Man Group PLC 35,416
 3,058 Marks & Spencer Group PLC 24,499
 3,195 National Grid PLC 46,618
 10,580 Old Mutual PLC 26,370
 3,877 Prudential PLC 47,083
 912 Reckitt Benckiser Group PLC 49,526
 2,522 Reed Elsevier PLC 31,957
 2,993 Reuters Group PLC 35,573
 615 Rio Tinto PLC 69,976
 3,376 Rolls-Royce Group PLC 29,179
 7,560 Royal Bank of Scotland Group PLC 57,898
 2,186 Royal Dutch Shell PLC 78,619
 1,778 Royal Dutch Shell PLC 62,990
 1,282 SABMiller PLC 26,853
 1,122 Scottish & Southern Energy PLC 32,965
 7,244 Tesco PLC 57,711
 1,472 Unilever PLC 46,732
 23,684 Vodafone Group PLC 76,652
 768 Xstrata PLC 60,497
 ------------------
 2,160,015
 ------------------
 UNITED STATES - 0.4%
 292 Synthes Inc 41,039
 ------------------

 TOTAL COMMON STOCKS - 99.9%
 (Cost - $10,147,414) 9,266,044
 ------------------

 PREFERRED STOCKS - 0.3%
 ITALY - 0.3%
 11,463 Unipol Gruppo Finanziario SpA
 TOTAL PREFERRED STOCKS
 (Cost - $35,471) 30,419
 ------------------

 TOTAL INVESTMENTS - 100.2%
 (Cost $10,182,885) 9,296,463
 Liabilities in excess of Other Assets - (0.2%) (17,592)
 ------------------
 NET ASSETS - 100.0% $ 9,278,871
 ==================


AG - Corporation
PLC - Public Limited Company
SA - Corporation
SpA - Limited Share Company
REIT -Real Estate Investment Trust
RNC - Riparmio Non-Convertible

 (a) Non-income producing security.

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

 ---------------------------------------------------------------------------
 Sector Breakdown*
 ---------------------------------------------------------------------------
 Financials 24.5%
 Industrials 13.0%
 Consumer Staples 9.9%
 Materials 9.7%
 Consumer Discretionary 9.2%
 Telecommunication Services 7.9%
 Utilities 7.3%
 Energy 7.0%
 Health Care 6.3%
 Information Technology 5.2%
 ---------------------------------------------------------------------------
 * Subject to change daily. Based on total investments.


See previously submitted notes to financial statements for the period ended
November 30, 2007.


HGI | CLAYMORE/ZACKS INTERNATIONAL YIELD HOG INDEX ETF
PORTFOLIO OF INVESTMENTS
FEBRUARY 29, 2008 (UNAUDITED)
NUMBER OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------------------------------
 COMMON STOCKS - 81.5%
 AUSTRALIA - 7.4%
 14,605 Amcor Ltd. $ 96,724
 461,951 Atlas South Sea Pearl Ltd. 162,041
 3,667 Australia & New Zealand Banking Group Ltd. 75,463
 2,593 National Australia Bank Ltd. 69,976
 35,410 Telstra Corp. Ltd. 161,307
 4,021 Westpac Banking Corp. 87,712
 ------------------
 653,223
 ------------------
 AUSTRIA - 0.8%
 3,273 Telekom Austria AG 74,382
 ------------------

 BELGIUM - 0.9%
 3,617 Fortis 80,498
 ------------------

 BERMUDA - 2.0%
 2,000 Jardine Strategic Holdings Ltd. 32,600
 400,000 SCMP Group Ltd. 141,376
 ------------------
 173,976
 ------------------
 BRAZIL - 1.6%
 706 CPFL Energia SA - ADR 45,353
 3,923 Telecomunicacoes Brasileiras SA - ADR 92,583
 ------------------
 137,936
 ------------------
 CANADA - 0.3%
 207 EnCana Corp. 15,858
 483 Talisman Energy, Inc. 8,251
 ------------------
 24,109
 ------------------
 CHILE - 5.1%
 1,738 Banco de Chile - ADR 98,319
 1,004 Banco Santander Chile SA - ADR 51,967
 3,510 Cia Cervecerias Unidas SA - ADR 116,602
 2,185 CorpBanca SA - ADR 71,821
 2,875 Distribucion y Servicio D&S SA - ADR 74,204
 2,681 Lan Airlines SA - ADR 35,872
 ------------------
 448,785
 ------------------
 CHINA - 4.0%
 2,500 China Mobile Ltd. 38,557
 153 China Netcom Group Corp Hong Kong Ltd. - ADR 9,368
 262 China Petroleum & Chemical Corp. - ADR 28,673
 512 China Telecom Corp. Ltd. - ADR 37,586
 18,500 HongKong Electric Holdings 105,570
 841 Huaneng Power International, Inc. - ADR 27,333
 30,000 Lenovo Group Ltd. 20,821
 581 PetroChina Co. Ltd. - ADR 85,302
 ------------------
 353,210
 ------------------
 DENMARK - 0.3%
 400 Novo Nordisk A/S - Class B 27,466
 ------------------

 FINLAND - 1.0%
 1,115 Nokia OYJ 40,794
 3,906 Stora Enso OYJ - R Shares 49,217
 ------------------
 90,011
 ------------------
 FRANCE - 5.9%
 1,767 AXA SA 60,302
 653 BNP Paribas 59,053
 3,556 France Telecom SA 120,276
 123 L'Oreal SA 14,699
 719 Publicis Groupe 26,185
 709 Sanofi-Aventis SA 52,514
 3,523 SCOR SE 80,491
 585 Sodexho Alliance SA 33,135
 914 Total SA 69,363
 ------------------
 516,018
 ------------------
 GERMANY - 7.6%
 223 Allianz SE 39,778
 476 BASF AG 60,685
 481 Bayer Schering Pharma AG 76,044
 1,175 Commerzbank AG 35,818
 689 Deutsche Bank AG 77,674
 2,228 Deutsche Lufthansa AG 52,392
 5,585 Deutsche Telekom AG 106,576
 534 Fresenius Medical Care AG & Co. KGaA 28,106
 765 Pfeiffer Vacuum Technology AG 67,672
 758 RWE AG 91,908
 432 SAP AG 20,730
 78 Volkswagen AG 17,761
 ------------------
 675,144
 ------------------
 INDIA - 0.6%
 3,098 Tata Motors Ltd. - ADR 54,277
 ------------------

 INDONESIA - 0.4%
 876 Telekomunikasi Indonesia Tbk PT - ADR 37,370
 ------------------

 IRELAND - 1.5%
 2,996 Allied Irish Banks PLC 61,856
 4,874 Bank of Ireland 69,183
 ------------------
 131,039
 ------------------
 ISRAEL - 2.1%
 922 Blue Square-Israel Ltd. - ADR 9,681
 3,663 Teva Pharmaceutical Industries Ltd. - ADR 179,743
 ------------------
 189,424
 ------------------
 ITALY - 3.8%
 4,139 Benetton Group SpA 55,074
 12,201 Enel SpA 132,157
 951 Luxottica Group SpA 26,434
 47,343 Telecom Italia SpA - ADR 119,378
 ------------------
 333,043
 ------------------
 JAPAN - 4.4%
 1,000 Bridgestone Corp. 16,762
 200 FUJIFILM Holdings Corp. 7,627
 2,000 Fujitsu Ltd. 14,485
 3,000 Hitachi Ltd. 22,074
 1,400 Honda Motor Co. Ltd. 43,840
 4,000 Kubota Corp. 27,242
 200 Kyocera Corp. 16,618
 2,000 Matsushita Electric Industrial Co. Ltd. 42,937
 2,100 Mitsubishi UFJ Financial Group, Inc. 19,083
 6,000 NEC Corp. 26,454
 200 Nidec Corp. 13,525
 100 Nintendo Co. Ltd. 51,294
 29 NTT DoCoMo, Inc. 43,456
 2,000 Shiseido Co. Ltd. 45,915
 ------------------
 391,312
 ------------------
 LUXEMBOURG - 0.7%
 438 ArcelorMittal 33,692
 355 Quilmes Industrial SA - ADR 29,248
 ------------------
 62,940
 ------------------
 MEXICO - 6.9%
 3,733 America Movil SAB de CV - ADR 225,697
 8,957 Gruma SAB de CV - ADR 103,901
 2,115 Grupo Casa Saba SA de CV - ADR 78,234
 1,528 Industrias Bachoco SAB de CV - ADR 44,770
 3,500 Kimberly-Clark de Mexico SAB de CV - Class A 14,237
 414 Telefonos de Mexico SAB de CV - ADR 13,745
 24,437 Vitro SAB de CV - ADR 125,606
 ------------------
 606,190
 ------------------
 NETHERLANDS - 3.8%
 4,960 Aegon NV 74,997
 2,295 ING Groep NV 77,520
 9,048 James Hardie Industries NV 50,781
 2,011 STMicroelectronics NV 24,377
 457 TNT NV 18,114
 2,789 Unilever NV 86,924
 ------------------
 332,713
 ------------------
 NORWAY - 0.2%
 1,200 Norsk Hydro ASA 17,185
 ------------------

 SOUTH AFRICA - 1.2%
 4,171 Sappi Ltd. - ADR 51,303
 705 Sasol Ltd. - ADR 36,103
 306 Telkom SA Ltd. - ADR 21,891
 ------------------
 109,297
 ------------------
 SPAIN - 0.5%
 1,242 Repsol YPF SA 43,083
 ------------------

 SWEDEN - 1.2%
 2,400 Atlas Copco AB - A Shares 37,732
 3,000 SKF AB - A Shares 55,674
 900 Volvo AB - B Shares 13,529
 ------------------
 106,935
 ------------------
 SWITZERLAND - 0.3%
 159 Roche Holding AG 31,212
 ------------------

 TAIWAN - 0.7%
 3,155 Siliconware Precision Industries Co. - ADR 25,808
 3,427 Taiwan Semiconductor Manufacturing Co. Ltd. - ADR 33,379
 ------------------
 59,187
 ------------------
 TURKEY - 0.5%
 1,667 Turkcell Iletisim Hizmet AS - ADR 42,058
 ------------------

 UNITED KINGDOM - 15.6%
 759 Anglo American PLC 48,827
 6,113 Anglo American PLC - ADR 193,904
 1,456 AstraZeneca PLC 54,826
 6,737 BP PLC 73,171
 10,868 BT Group PLC 49,074
 1,276 Carnival PLC 50,790
 35,436 DSG International PLC 44,761
 2,853 GlaxoSmithKline PLC 62,541
 5,460 HBOS PLC 65,546
 5,269 HSBC Holdings PLC 80,285
 24,104 Kingfisher PLC 62,859
 9,599 Ladbrokes PLC 58,094
 5,217 Pearson PLC 69,115
 497 Rio Tinto PLC 56,550
 1,848 Royal Dutch Shell PLC - A Shares 66,517
 219 Shire PLC 4,313
 38,663 Signet Group PLC 47,106
 1,635 Smith & Nephew PLC 21,319
 6,792 Tate & Lyle PLC 70,931
 24,458 Tomkins PLC 82,708
 2,655 Unilever PLC 84,290
 2,193 WPP Group PLC 26,021
 ------------------
 1,373,548
 ------------------
 UNITED STATES - 0.2%
 431 News Corp. - Class B 8,236
 323 Virgin Media, Inc. 4,845
 ------------------
 13,081
 ------------------

 TOTAL COMMON STOCK - 81.5%
 (Cost $7,911,247) 7,188,652
 ------------------

 CLOSED END FUNDS - 9.6%
 UNITED STATES - 9.6%
 4,225 AllianceBernstein Global High Income Fund, Inc. 56,488
 2,793 BlackRock Preferred Income Strategies Fund, Inc. 45,526
 3,589 Clough Global Equity Fund 66,684
 11,370 DWS High Income Trust 55,827
 6,234 DWS Multi-Market Income Trust 49,934
 1,759 Eaton Vance Tax-Advantaged Global Dividend Income Fund 40,475
 3,592 Eaton Vance Tax-Managed Buy-Write Opportunities Fund 59,340
 3,556 Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund 58,923
 2,861 Evergreen International Balanced Income Fund 58,078
 3,940 Global High Income Fund, Inc. 58,785
 1,037 India Fund, Inc. 52,576
 3,324 ING Global Equity Dividend & Premium Opportunity Fund 57,638
 6,858 MFS Multimarket Income Trust 39,228
 5,540 Nuveen Global Government Enhanced Income Fund 97,338
 2,684 Western Asset Emerging Markets Debt Fund, Inc. 48,768
 ------------------
 TOTAL CLOSED END FUNDS 845,608
 (Cost $916,531) ------------------

 INCOME TRUSTS - 5.6%
 CANADA - 5.0%
 11,445 Advantage Energy Income Fund 122,576
 2,450 Enerplus Resources Fund 105,497
 4,087 Penn West Energy Trust 115,458
 9,042 Provident Energy Trust 99,372
 ------------------
 442,903
 ------------------
 MEXICO - 0.6%
 1,337 Fomento Economico Mexicano SAB de CV - ADR 53,480
 ------------------
 TOTAL INCOME TRUSTS 496,383
 (Cost $552,662) ------------------

 ROYALTY TRUSTS - 2.7%
 UNITED STATES - 2.7%
 1,395 BP Prudhoe Bay Royalty Trust 120,458
 3,138 San Juan Basin Royalty Trust 120,970
 ------------------
 TOTAL ROYALTY TRUSTS 241,428
 (Cost $208,487) ------------------

 PREFERRED STOCKS - 0.9%
 COLOMBIA - 0.6%
 1,506 BanColombia SA - ADR 50,828
 ------------------

 GERMANY - 0.3%
 552 Henkel KGaA 24,478
 ------------------
 TOTAL PREFERRED STOCKS 75,306
 (Cost $79,148) ------------------

 TOTAL INVESTMENTS - 100.3%
 (Cost $9,668,075) 8,847,377
 Liabilities in excess of Other Assets - (0.3%) (21,812)
 ------------------
 NET ASSETS - 100.0% $ 8,825,565
 ==================


A/S - Limited Liability Stock Company
AB - Stock Company
ADR - American Depositary Receipt
AG - Stock Corporation
ASA - Stock Company
Ltd - Limited
KGaA- Limited Partnership
NV - Publicly-Traded Company
OYJ - Publicly-Traded Company
PLC - Public Limited Company
PT - Limited Liability Company
SA - Corporation
SAB de CV - Variable Capital Company
SE - Stock Corporation
SpA - Limited Share Company

 --------------------------------------------------------------------------
 SUMMARY OF INVESTMENTS BY SECTOR CLASSIFICATION
 --------------------------------------------------------------------------
 SECTOR* % OF TOTAL INVESTMENTS
 --------------------------------------------------------------------------
 Financials 16.1%
 Telecommunication Services 13.5%
 Energy 12.5%
 Consumer Discretionary 10.6%
 Materials 8.9%
 Consumer Staples 8.7%
 Health Care 7.0%
 Industrials 5.0%
 Utilities 4.5%
 Information Technology 3.6%
 --------------------------------------------------------------------------
 Total Common Stocks, Income Trusts, Royalty Trusts &
 Preferred Stocks 90.4%
 Closed-End Funds 9.6%
 --------------------------------------------------------------------------
 Total Investments 100.0%
 --------------------------------------------------------------------------
 * Subject to change daily. Securities are classified by sectors that
 represent broad groupings of related industries.

 See previously submitted notes to financial statements for the period
 ended November 30, 2007.

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) 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 of 1940, as amended) that occurred during the registrant's last fiscal quarter that may have 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, as amended (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 2 
By: /s/ Nicholas Dalmaso
 ---------------------------------------------------------------------------
 Nicholas Dalmaso
 Chief Legal and Executive Officer

Date: April 29, 2008
 --------------------------------------------------------------------------

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/ Nicholas Dalmaso
 ---------------------------------------------------------------------------
 Nicholas Dalmaso
 Chief Legal and Executive Officer

Date: April 29, 2008
 --------------------------------------------------------------------------

By: /s/ Steven M. Hill
 ---------------------------------------------------------------------------
 Steven M. Hill
 Treasurer and Chief Financial Officer

Date: April 29, 2008
 --------------------------------------------------------------------------

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